Auric Minerals Corp.

Multiple management failures in quick succession. Founding CEO Dimitri Lakutin (largest disclosed insider at 3.24%) resigned December 20, 2024, concurrent with the CURC acquisition. Board member Jaime Zafra (0.9638% ownership) resigned May 22, 2025. Acting CEO Christopher Huggins, appointed December 20, 2024, holds approximately 53,571 shares (C$15,000 worth at $0.28) — negligible economic alignment. Huggins simultaneously serves as CEO of Collective Metals Inc. (CSE:COMT) and director of Troubadour Resources Inc. (TSXV:TR), raising serious time commitment questions. CFO Kirill Samokhin is an independent contractor also serving another company (Clara Technologies Corp.) with no dedicated mining finance background. Director Scott Hayduk (CFA, ex-BMO/Orion/Macquarie) has capital markets depth but no operations experience. No qualified person is employed; geological work is contracted to Hardline Exploration. The 'acting' CEO designation has persisted beyond five months with no permanent appointment announced. Geological consultant engagement (Hardline Exploration) announced January 2025 effectively confirms the company has no in-house technical capability.

No NI 43-101 mineral resource estimate on any property. All properties are at the grassroots or early-stage exploration phase with no drill results published by Auric. Land portfolio: Route 500 (11,025 ha, CMB Labrador), BUB (7,949 ha, CMB Labrador), Portage (CMB Labrador, adjacent to Atha Energy's CMB claims), English Lake (7,375 ha), Otter Lake (7,125 ha), Kan (4,025 ha), plus Quebec uranium option (Manic/Kawip/Caboose) and BC gold (Goodeye). Best historical data: Kan North channel sampling returned up to 6.9% U3O8 (not Auric's work — historical, unverified); Quebec Kawip returned up to 2.17% U3O8 (also historical). Auric's own Phase 1 work on BUB (60 lake-bottom sediment + 9 rock samples, spring 2025) produced results that were expected by Q3 2025 but have not been prominently published as of available data — a concerning delay. The CMB (Labrador) address is legitimate (proximity to Paladin's Michelin deposit at 90+ Mlb U3O8, Atha Energy CMB discoveries) but the land package has not generated any Auric-originated technical results to date.

Approximately 57.4 million shares outstanding (Eulerpool, April 12, 2026). Known warrant tranches: 3,000,000 CURC acquisition warrants @ C$0.18 (expiry December 11, 2027); 650,000 convertible debenture warrants @ C$1.25 (expiry approximately February 2028, deeply out-of-the-money); 8,000,000 Bellview property warrants @ C$0.315 (expiry December 31, 2028 — in-the-money at current prices around C$0.28, creating dilution pressure on recovery). LIFE offering (April 2026, up to 9,523,810 units at C$0.21/unit with warrants) is pending close, potentially adding another ~9.5M warrants at an undisclosed strike. Convertible debenture ($650K principal at $0.95/share conversion price) is deeply out-of-the-money. Estimated minimum fully diluted approximately 70 million shares (ex-LIFE). The 22 million Bellview vendor shares are subject to extended hold (release contingent on technical report and Q1 2026 financials filing), representing a ~38% overhang of the current float. Multiple simultaneous property option payments are due across the portfolio over the next 24 months.

No drill program has been initiated on any Auric property. BUB Phase 1 assay results (60 lake-bottom sediment + 9 rock samples, collected spring 2025) were expected in Q3 2025 but their publication status is unclear from available sources — a significant delay. The primary near-term event is the close of the LIFE offering (~C$2M raise) which is financial, not technical, and provides only modest exploration runway. 2026 summer field season would be the next opportunity for fieldwork. The company is effectively in a capital-raise-and-permitting phase across multiple properties with no material technical catalyst imminent. No resource estimate is expected on any timescale without first completing a drill program.

Market cap approximately C$12–16M (at C$0.21–0.28 per share on ~57.4M shares). Implied land value approximately C$340–430/ha for ~37,500+ ha of CMB uranium land — toward the high end for truly grassroots exploration with zero NI 43-101 resources and no Auric-generated drill results. The CMB address carries genuine strategic optionality: the Portage property is contiguous with Atha Energy's CMB discoveries, and the Kan North historical channel samples (6.9% U3O8) are extraordinary if ever verified by systematic drilling. However, no P/NAV calculation is possible with zero resources, and Auric has not generated any technical work product that validates the historical data. At similar market caps, other CSE uranium juniors with actual NI 43-101 inferred resources represent better risk-adjusted exposure to the uranium thesis.