Auranova and Kenorland Commence Phase 4 Drill Program at the South Uchi Project, Ontario

Auranova Resources Inc. and partner Kenorland Minerals have commenced the Phase 4 diamond drill program at the South Uchi Project in Ontario's Red Lake District. The program plans approximately 5,000 metres of drilling targeting the North Papa trend within the Papaonga area, with completion expected by mid-November 2026.

Finishing this phase will allow Auranova to earn a 70% interest in the project, having already exceeded C$15 million in qualifying expenditures. The drilling follows Phase 3 results which identified a large intrusion-related gold system with broad low-grade intercepts (e.g., 122.8 m @ >0.28 g/t Au) and localized high-grade intervals (up to 9.09 g/t Au over 1.45 m).

The North Papa target extends over 1 km of strike length, with the broader Papaonga target footprint expanded to ~7 km.

Auranova Resources Inc. (AURA) has commenced Phase 4 of its exploration program, a logical follow-up to the Phase 3 results announced in June 2026. This development is not considered a surprise or a fundamental change in the project's status, but rather an incremental step advancing the exploration program toward the C$3.3 million spend threshold required to earn an additional 19% interest, which would bring total ownership to 70%.

The company’s $4 million financing, which closed in September 2026, provides the necessary capital to fund this phase and general working capital, mitigating immediate dilution concerns. While Phase 3 intercepts demonstrated a large footprint, the grades remain broadly low, averaging sub-1 g/t Au over wide intervals. Phase 4 will test for grade concentration and continuity, which is critical for economic viability. The market has already priced in the exploration progression, making this a routine operational update.

Auranova Resources Inc. (AURA) is a pre-revenue junior explorer focused on the South Uchi Project in the Red Lake District, Ontario, a world-class gold mining camp. The company’s flagship Papaonga target hosts an intrusion-related gold system characterized by quartz feldspar porphyry, intense silica-sericite-albite alteration, and disseminated sulphides. Management compares this alteration style to the Great Bear deposit operated by Kinross Gold, highlighting the regional prospectivity.

Auranova holds a 51% interest in the project and can earn up to 70% by spending an additional C$3.3 million. Kenorland Minerals retains a 30% carried interest and a 2% NSR royalty.