Aurion Resources

Aurion offers a compelling investment opportunity trading at a significant valuation discount to peers while controlling one of Finland's most prospective gold exploration portfolios. With a market capitalization of C$187.8 million, Aurion trades substantially below peer valuations ranging from C$293.5 million to C$3.0 billion despite having multiple high-grade discoveries and district-scale land holdings. 

The company's 70/30 B2Gold joint venture has delivered the Helmi discovery with 2.05 g/t Au over 77.50m, intersected along 2 km strike to at least 500m depth, plus multiple additional prospects. 

Additionally, the KoBold Metals partnership brings US$537 million in backing from investors including Bill Gates and Jeff Bezos to explore for critical minerals while Aurion retains full gold and silver rights. The emerging gold camp has seen over 20 discoveries since 2016, with neighboring Rupert Resources' Ikkari project commanding a C$1.4 billion market capitalization with 3.49 Moz reserves. New discoveries in comparable jurisdictions have generated shareholder returns of 700-1,500%.​

Aurion Resources is led by a seasoned management team with deep expertise in Finnish exploration, project development, and capital markets. CEO and Director Matti Talikka, M.Sc., FAusIMM(CP)Geo, brings extensive global experience from Outotec where he served as Director Geometallurgy and Project Evaluation, and previously as General Manager Exploration at Dragon Mining focusing on Finland and Sweden. Talikka has served as a non-executive director since 2015 before becoming CEO in July 2020. 

Chairman David Lotan, CPA, CA, is President of LHI, an investment company focused on natural resources, and previously founded Polar Structured Products while serving as portfolio manager for Ontario Teachers' Pension Plan. 

Director Kerry E. Sparkes, M.Sc., P.Geo, contributes over 30 years of exploration experience, having delineated and developed two major Canadian gold deposits that were subsequently acquired, and currently serves as Vice President of Geology for Franco-Nevada. CFO Mark Serdan, CPA, CA, CFA, brings over 20 years of investment management and banking experience, earning multiple Lipper awards for precious metals performance.​

Aurion is executing a multi-pronged growth strategy focused on systematic exploration, strategic partnerships, and resource expansion across its Finnish land package. The company is advancing its 100%-owned Risti property through aggressive drilling at Kaaresselkä/Vanha, where 2022-2025 drilling totaling 14,655.30m has defined a 1,400+ meter strike length open in multiple directions. The B2Gold joint venture continues to expand the Helmi discovery and test multiple prospects across the 293 km² land package. 

Aurion's partnership with KoBold Metals leverages AI and machine learning to explore for critical minerals while the company retains full ownership of gold and silver discoveries. Metallurgical testing demonstrates free-milling gold with excellent recoveries of 93.6-99.9%, confirming conventional processing viability. The company completed a C$5 million royalty repurchase on major properties in 2023, with B2Gold contributing C$3.5 million, demonstrating partner commitment. Aurion remains open to strategic partnerships, joint ventures, or asset sales to maximize value while maintaining a disciplined approach to exploration and development.​

As of December 2025, Aurion maintains a strong financial position with a market capitalization of C$187.8 million and working capital of approximately C$12.1 million as of September 30, 2025. The company has 161.9 million shares outstanding with 10.3 million options and 6.7 million warrants. Major institutional ownership includes 49.2% held by institutions, with Kinross as a strategic 9.7% shareholder and Adrian Day Asset Management, Franklin Templeton, and Konwave AG among key investors. The company is well-funded for its exploration programs across the Risti property and joint venture contributions. 

Aurion's capital structure provides flexibility for future growth, with analyst coverage from Haywood Securities, Red Cloud Securities, and Ventum Financial. The company's valuation discount to peers, combined with its strong cash position and partner-funded programs, positions it to advance multiple high-priority targets without immediate dilution concerns.​

Aurion Resources represents a unique investment opportunity in one of the world's most underexplored Tier-1 mining jurisdictions. With multiple high-grade discoveries across a district-scale land package, strategic partnerships with industry leaders B2Gold and KoBold Metals, and a significant valuation discount to peers, Aurion is positioned for substantial value creation. The company's 100%-owned Risti property hosts exceptional intercepts including 789.06 g/t Au over 2.90m at Aamurusko and a growing mineralized system at Kaaresselkä/Vanha with 1,400+ meters of strike length. 

The B2Gold joint venture's Helmi discovery and multiple additional prospects provide near-term catalysts, while the KoBold partnership unlocks critical minerals value. Backed by a seasoned management team with deep Finnish exploration expertise and strong institutional support, Aurion is executing a disciplined strategy to discover the next major gold camp. For investors seeking exposure to high-impact exploration in a stable jurisdiction with multiple value drivers, Aurion Resources presents an attractive, de-risked opportunity with significant discovery potential.​