Quarterly Report for Period Ended 30 June 2024

Aura Energy Limited

31 July 2024

 

 

                                                                                                                                     31 July 2024  

Quarterly Activities Report for the period ended 30 June 2024

Aura Energy Limited (ASX: AEE, AIM: AURA) ("Aura" or the "Company") is pleased to provide its quarterly activities report for the period ended 30 June 2024 to accompany the Company's Appendix 5B. To view the Appendix 5B, please click here: http://www.rns-pdf.londonstockexchange.com/rns/5532Y_1-2024-7-31.pdf The team at Aura remains focussed on its key priorities being the development of the Tiris Uranium Project in Mauritania ("Tiris") as its progresses towards a Final Investment Decision ("FID") and the advancement of the Häggån Polymetallic Project in Sweden ("Häggån"). Following the reporting period, AEE informed the market Tiris was fully permitted for development and operation after receiving the authorisation to develop, mine and produce Uranium Oxide Concentrate ("UOC") issued by the Mauritanian Government's National Authority for Radiation Protection, Safety and Nuclear Security on 12 July 2024. HIGHLIGHTS: Tiris' Mineral Resources increased by 55% to 91.3 Mlbs U3O8[1] The drilling program undertaken at Tiris in 2024 has delivered a major increase to its Global Mineral Resources:  •     Global Mineral Resources increased by 55% to 91.3 Mlbs U3O8, up from 58.9 Mlbs U3O8[2] (includes Tiris East and Oum Ferkik Project areas) •     The 15,262m drill program delivered a significant 28.9 Mlbs U3O8 increase in the Tiris East Mineral Resources, totalling 76.6 Mlbs U3O8, at a discovery cost of only US$0.14 per lb U3O8 •     Measured and Indicated Mineral Resources increased by 35% adding 10.3 Mlbs U3O8 providing further confidence to the Front-End Engineering Design ("FEED")[3] production schedule •     The substantial increase in the Tiris Mineral Resources reinforces Aura's commitment to progress Tiris towards a development decision by Q1 2025, offering: o  significant potential to materially enhance the already excellent FEED economics of NPV8 US$388 million and IRR 36% after tax[4],[5],, and o  opportunities to boost scale beyond the current 17-year mine life at 2 Mlbs pa U3O8 production Positive drilling results and the increase in Mineral Resources reaffirms the exciting future resource growth potential at Tiris from ongoing exploration activities. Additional Mineral Resources were defined from extensions to known mineralisation and exhibit the same characteristics as the current shallow free digging mineralisation that has proven exceptional beneficiation characteristics. Tiris project funding and strategic investor processes commenced Aura has engaged highly regarded firm Orimco Pty Ltd ("Orimco") to arrange debt funding for Tiris, leveraging Orimco's extensive West African, and diverse commodity and project experience. AEE has also engaged Macquarie Capital (Australia) Limited ("Macquarie") to progress a process to identify and engage with potential strategic investors in relation to a potential strategic investment in Tiris and Aura. Restructure of the Curzon offtake agreement[6] The restructured offtake agreement materially increased the price receivable for planned uranium production and released significant value for Tiris: •     Average fixed price contract price increases 70% to US$74.75/lb U3O8 from US$44.09/lb U3O8 subject to FID by 31 March 2025 •     Total contracted volumes (fixed and variable priced contracts) reduce from 2.6 Mlbs to 2.1 Mlbs over same 7-year term •     Additional revenue of US$41 million delivered to the Tiris Project cash flows at a uranium price of US$80/lb U3O8 •     Project NPV8 increases US$22 million to US$388 million and IRR improves 2% to 36% compared to Front End Engineering Design ("FEED") study economics[7] delivered in March 2024 Balance Sheet As of 30 June 2024, the Company had cash of A$16.5 million. Further near-term funding is expected to be received from the completion of the previously announced USD3.5 million (A$5.4 million) Curzon placement6a, 6b. Activities and milestones after the reporting period •     A Tiris project update was delivered on 4 July 2024, outlining five key steps that have commenced supporting Aura's objective of finalising a mine development decision by Q1 2025, including: o  Appointment of experienced West African project director Jan Booyse and his company, Project EQ, to lead the project development at Tiris o  Appointment of Kenmore Mine Consulting to complete a mine plan optimisation review o  Appointment of Lycopodium to oversee an optimisation and project enhancement study o  Knight Piésold Consulting appointed to oversee water resource drilling in the abundant and proximate Taoudeni Basin o  Highly credentialled, Bruce Harvey appointed to review and update the Companies Environment Social Governance ("ESG") framework •     Tiris is now fully permitted for development and operation after receiving the authorisation to develop, mine and produce Uranium Oxide Concentrate ("UOC") issued by the National Authority for Radiation Protection, Safety and Nuclear Security on the 12 July 2024 Aura MD and CEO, Andrew Grove commented: "Our team at Aura, and our key partners, have continued to work hard over the June quarter and together we've made significant advances towards the development of our exciting Tiris Uranium Project into what we believe will be a globally significant uranium mine. We are focussed on advancing the project on multiple fronts in order to meet our commitment to progress Tiris towards a Final Investment Decision in early 2025. We look forward to keeping our valued shareholders and diverse stakeholders informed of our progress throughout the remainder of 2024 and into next year."

Tiris Uranium Project, Mauritania

The Tiris Uranium Project[8] located in Mauritania is a potential near-term, low-cost, long-life uranium mine producing 2Mlbs pa U₃O₈ over the currently defined 17-year mine life with production expected to commence in 2026/27. 

During the June quarter, important activities continued to progress Tiris towards a Final Investment Decision ("FID") in early 2025 and, ultimately, the development of Mauritania's first uranium mine, including:

•     Completion of the exploration drilling program

•     Update to the Mineral Resources at Tiris

•     Restructure and enhancement of the Curzon offtake contract

•     Funding activities commenced

Tiris Uranium Project Mineral Resource update

The drilling program undertaken in 2024 has delivered a major increase to the Project's Global Mineral Resources ("MRE") totalling 184 Mt at 225ppm for 91.3 Mlbs U₃O₈ at a 100ppm cut-off grade.  This is a 55% increase in the contained U₃O₈ from the previous MRE, reported in 2023, of 113 Mt at 236ppm for 58.9 Mlbs[9] U₃O₈.

This drilling program was aimed at assessing additional resource potential at Tiris East and delivered a 10.3 Mlbs or 35% increase of Measured and Indicated ("M&I") Resources, which stands at 83 Mt @ 219ppm for 39.9 Mlbs U₃O_8, and a 76% increase in total Inferred Resource, which stands at 102 Mt @ 229ppm for 51.4 Mlbs U₃O₈. The detail of the upgraded resource across the project areas and the previous resources are shown in Table 1 and Figure 1.

In April 2024[10], Aura completed an air core ("AC") drilling program of 2,995 holes for 15,263 metres, a 37% increase in the total number of holes available for resource calculations, to evaluate a previously announced exploration target of between 8 Mlbs and 32 Mlbs[11]. The Mineral Resource increase of 32.4 Mlbs U₃O₈ exceeded the upper end of the exploration target range, providing strong support to Aura's exploration methodology, and is a strong indication to the mineralisation potential that may be available in regional leases that are currently under application[12].    

In addition to targeting extensions to known mineralisation, and testing previously un-drilled radiometric anomalies around Tiris East, the program considered several conceptual targets over low-level radiometric anomalies. Several of these conceptual targets returned very positive results, further increasing exploration potential of the area. This is a major change from previous exploration in the area.

Mineral Resource estimates were undertaken utilising Multiple Indicator Kriging ("MIK") estimation methodology and recoverable Mineral Resources reported using a 10x10x1m Selective Mining Unit ("SMU"). The Competent Person for the 2024 Tiris Mineral Resource Estimates is Mr Arnold van der Heyden of H&S Consulting Pty Limited ("HSC").

Tiris Exploration

The 15,263m drill program which commenced in December 2023 was completed in April 2024 and the final two set of results were released during the quarter.

The drill programme was designed to demonstrate the excellent Mineral Resource growth potential in the Tiris area and to further enhance the Project value through either extending mine life and/or expanding production capacity in the future. The results of which resulted in a 55% increase in the Mineral Resources to 91.3 Mlbs U₃O₈[13] reported during the quarter.

Drilling defined two significant new areas of shallow and high-grade mineralisation at Hippolyte South and Sadi, as well as extensions to numerous other previously defined mineralised areas over the Tiris Project area.

•     Hippolyte South: High-grade shallow mineralisation over 8km strike length that remains open in serval directions, Figure 2

•     Sadi: Mineralisation extended over 2km further south from the existing 9km mineralised trend and remains open to the south, Figure 3

During the June quarter results from 1,376 holes including 5,978m of drilling was released.

Tiris Global Mineral Resource Estimate as at June 2024
Area	Class	Mt	Grade ppm U3O8	Mlbs U3O8
Tiris East	Measured	34	230	17.3
	Indicated	48	212	22.6
	Inferred	79	210	36.7
	Total	162	215	76.6
Oum Ferkik	Inferred	22	294	14.6
Total Mineral Resources	Measured	34	230	17.3
	Indicated	48	212	22.6
	Inferred	102	229	51.4
	Total	184	225	91.3

Table 1 -Tiris Global Mineral Resource Estimate reported using a 100ppm U₃O₈ cut-off grade

 Figure 1 - shows radiometrics, tenement boundaries, Prospect locations, resource boundaries reported in 2024 and 2023, along with drilling completed during the current and prior programs

Figure 2 - Hippolyte South: showing grade*thickness from this program along with those from previous drilling in relation to airborne U-radiometric anomalies and current resource outlines. Drilling has confirmed significant new mineralisation over at least an 8km strike length

Figure 3 - Sadi: showing grade*thickness from this program along with those from previous drilling in relation to airborne U-radiometric anomalies and current resource outlines. Drilling has confirmed significant mineralisation over 2km further south of the 9km mineralised trend.  Significant intercepts occur on low strength radiometric anomalies, highlighting the opportunity to further extend mineralisation and mineralisation remains open to the south

Curzon offtake restructure

During the quarter Aura and Curzon signed an agreement replacing the previous contractual arrangements between Aura and a subsidiary of Curzon, with a new take or pay offtake contract. The new agreement provides Aura, and its subsidiary Tiris Ressources SA, with materially higher realised uranium prices that will enhance shareholder returns and third-party financing opportunities, while giving Curzon certainty about its supply arrangements.

The new contract will provide for a fixed volume of 300,000lbs per annum of uranium concentrate to be delivered over seven years, totalling 2.1Mlbs U₃O₈.

This new contract means 150,000lbs of the annual volume will be priced based on the prevailing uranium spot price at time of delivery ("Market Price") less a discount, and 150,000lbs of the annual volume will be priced on a fixed basis ("Fixed Price") to be determined as follows: 

•     Case A: If an investment decision on the Tiris project is made by 31 March 2025, Curzon will pay an average Fixed Price of US$74.75/lb U₃O₈, Market Price subject to a 4% discount

•     Case B: If an investment decision is made by 30 September 2025, Curzon will pay an average Fixed Price of US$72.25/lb U₃O₈, Market Price subject to a 4% discount

•     Case C: If an investment decision is made between 1^st October 2025 and 15 August 2030, Curzon will pay an average Fixed Price of US$65.25/lb U₃O₈, with a further US$1.25/lb U₃O₈ decline in Fixed Price for each year of delay in the investment decision post 2025, Market Price subject to a 5% discount

•     Case D: If an investment decision is made after 15 August 2030, there will be no offtake agreement and Curzon will be paid a 1% royalty on net revenues up to total value of US$30M

A restructuring fee of US$3.5 million will be paid to Curzon either in cash or in Company's shares, Curzon elected to take the restructuring fees in Aura shares on 9 May 2024, priced at A$0.18 per Aura share. These shares will be subject to escrow until first production from the Project.

Curzon has also agreed to an equity placement in Aura of US$3.5 million priced at A$0.18 per Aura share ("Curzon Placement"). 50% of these shares will be held in escrow until the earlier of Final Investment Decision ("FID") for the Tiris Project or 30 June 2025.

The Curzon Placement and settlement of the first 50% of shares will take place at the conclusion of final documentation.

These arrangements cancel and replace all previous agreements between Aura and the Curzon entities[14].

Updating the FEED[15] economics with the new offtake pricing results in a significant increase in revenue of US$41 M and increases the NPV₈ to US$388 M from US$366 million, IRR also increases by 2% to 36%, Table 2. All other inputs into the FEED economics remain unchanged.

	Units	FEED	FEED
		Base Case	New Contract Pricing
Uranium Price	US$/lbs U3O8	$80	$80
Avg Annual Production	Mlbs pa U3O8	2	2
Post-tax NPV8	US$ million	366	388
Post-tax IRR	%	34%	36%
Average All-in Sustaining Costs	US$/lbs U3O8	34.5	34.5
Life of Mine Revenue	US$ million	2,354	2,395
Initial Life of Mine	Years	17	17
Capital Expenditure	US$ million	230	230
Payback period	Years	2.5	2.5

Table 2: Comparison between FEED economics as published 29 March 2024 and impact of new offtake pricing.

Tiris funding commenced

On 3 June 2024, Aura appointed Orimco Pty Ltd ("Orimco") to arrange debt funding for Tiris and also engaged Macquarie Capital (Australia) Limited ("Macquarie") to progress a process to identify and engage with potential strategic investors in relation to a potential strategic investment in Tiris and Aura.

Aura has received strong inbound interest from both highly credentialled debt providers and strategic investors who recognise the potential undeveloped future value at Tiris. The aim of this funding process is to deliver the optimal funding package, de-risk the development of Tiris, optimising equity requirements and to maximise the value of Tiris for Aura shareholders.

The team at Orimco has extensive experience in arranging bespoke debt programs for West African resources projects and has significant and valuable exposure working across a broad range of commodities, projects and locations including Mauritania.

Macquarie has been engaged to assist with managing the strategic process with its role complementary to Aura's debt adviser, Orimco, with the objective of achieving an integrated funding solution for Tiris.

Other Tiris Activities

During the quarter various activities undertaken aimed at progressing FID at Tiris included:

•     Continued strong engagement with Mauritanian government on the Projects progress and licensing

•     Sourcing project director and owners' team for the development of Tiris

•     Engaging with Lycopodium to oversee an optimisation and project enhancement study

•     Preparation for water development activities

•     Commencing an update and enhancement of the Companies Environment Social Governance ("ESG")

Häggån Project Update

The Häggån Polymetallic Project, located in the municipality of Berg in the county of Jämtland, hosts a globally significant 2 billion tonne polymetallic Mineral Resource[16]  which includes 800 Mlbs of U₃O₈[17]_. The primary metals and minerals are vanadium, sulphate of potash ("SOP") and uranium, with nickel, molybdenum and zinc also present. 

Approximately 14 percent of the known value of the asset is uranium. Including uranium into the previously published scoping study[18]  increased the Project NPV by 37% at a uranium price of US$65/lb U₃O₈ from the previously stated range of between US$456 million to US$1,307 million.

The Swedish Government announced on 23 February 2024 the launch of an inquiry into overturning the existing ban on mining uranium, which has been in place since 2018. The inquiry will investigate the regulatory changes needed to make uranium extraction legal and analyse whether mining of uranium should be allowed. The inquiry was presented to the government but as yet has not been made public. Once the results of the inquiry are published, the Government can choose to go forward with a legislative proposal to Parliament.

In late June, Aura executives attended the annual Almedalen week and held discussions with various government representatives and officials to express support for the overturning of the uranium mining ban and gather support for our activities at Häggån.

Aura continues to prepare its submission for an exploitation permit for the Häggån project, which will provide a 25-year tenure.

Corporate Activities

Option Funding Agreements

On 25 January 2024, the Company announced that it had entered into an option funding agreements with investors who have agreed to prepay the Company approximately A$4.3 million, equal to the exercise monies for all remaining options expiring 30 June 2024.

As of 30 June 2024, 1,543,958 options remained unexercised, with an options funding loan balance of approximately A$80,000. On 9 July 2024, the Company issued the shortfall shares to the underwriter at the option exercise price of A$0.052 each. The options funding loans were fully repaid with proceeds received from options holders and the issue of shortfall shares to the underwriters.

Private Placement and Share Purchase Plan

On 18 March 2024, the Company announced a placement to professional and sophisticated investors to raise approximately A$16.2 million through the issue of approximately 90.2 million fully paid ordinary shares at A$0.18 per share. The Company also offered eligible shareholders on 15 March 2024, the opportunity to participate in a Share Purchase Plan ("SPP") of up to A$2 million through the issue of approximately 11.1 million fully paid ordinary shares subject to shareholder approval.

Participants in the new share issues pursuant to the placement and the SPP will also receive three new options for every four shares subscribed. The options are intended to be listed subject to satisfying the quotation requirements of ASX and will have an exercise price of A$0.30 and expiry of two years. Approximately 67.7 million options are anticipated to be issued in connection with the placement and up to 8.3 million options through the SPP.

The first tranche of the placement raised approximately A$16.1 million before costs via the placement of 89,668,896 Shares at A$0.18 was completed on the 25 March 2024.

The SPP closed was heavily oversubscribed on the 30 May 2024.

At the general meeting held on the 21 May 2024 shareholders unanimously approved the issue of the shares and options under the tranche 2 placement, SPP shares, SPP options and directors' participation in the placement.

Directors participated in A$130,000 to the placement.

Cash and Cash Forecast

The Company's cash position as of 30 June 2024 was A$16.5 million. The Company's major cashflow movements for the quarter included:

•     Investments in the Company's exploration and evaluation assets of A$3.9 million

•     Proceeds from exercise of options of A$2.5 million

•     Net proceeds from the SSP of A$1.7 million

•     Repayment of options funding loans of A$1.4 million

•     Admin and corporate costs of A$0.9 million

•     Staff costs of A$0.3 million

The forecasted net operating cashflow and investment in the Company's exploration and evaluation assets for the coming quarter is A$5.4 million. With a closing cash balance of A$16.5 million, the company has enough cash for 3.1 quarters.

Remuneration Consultant

The Remuneration and Nomination Committee has continued to engage with remuneration consultants to provide guidance on a competitive, market related remuneration program for senior executives and non-executive directors.

September Quarter Planned Activities

At Tiris the next steps in progressing towards the construction and development of the Project that will be undertaken or commenced during the next quarter include:

•     Continue Project development funding activities

•     Optimisation of mine plan and review potential Project scale on the based upon the enhanced 91.3Mlbs U₃O₈ Mineral Resource[19]

•     Offtake contract negotiations

•     Water targeting and drilling to confirm and develop water infrastructure sufficient to support future operations

•     Review of engineering and capital cost optimisation

•     Geometallurgy, engineering and design work to support development activities

•     Baseline environmental and radiation monitoring

•     Development of Environment Social Governance ("ESG") framework

At Häggån the planned activities include:

•     Continued preparation for exploitation permit licence submission by the end of August

June 2024 Quarter ASX and AIM Announcements

This Quarterly Activities Report contains information extracted from ASX and AIM market announcements reported in accordance with the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" ("2012 JORC Code"). Further details (including 2012 JORC Code reporting tables where applicable) of exploration results referred to in this Quarterly Activities Report can be found in the following announcements lodged on the ASX:

•     Tiris drilling continues to grow existing Mineral Resources                           10 April 2024

•     Update to Curzon Offtake Agreement                                                           16 April 2024

•     Tiris extensional drill programme completed                                                  29 April 2024

•     Curzon Elects to Receive Restructuring Fees in Shares                                9 May 2024

•     Results of General Meeting                                                                             21 May 2024

•     Oversubscribed Share Purchase Plan                                                            30 May 2024

•     Aura commences strategic development funding process                               3 June 2024

•     Aura increases Tiris Mineral Resources by 55% to 91.3 Mlbs                         12 June 2024

These announcements are available for viewing on the Company's website auraenergy.com.au. Aura confirms that it is not aware of any new information or data that materially affects the information included in any original ASX announcement.

Tenement Summary

The Company holds the following interest in mining tenements, farm-in and farm-out agreements at the end of the Quarter:

Tenement No.	Name	Grant / Application Date	Expiry	Km2	Holder	Equity
Mauritania
2491C4	Ain Sder	8/02/2019	7/02/2049	207	Tiris Ressources SA	85%
2492C4	Oued El Foule	8/02/2019	7/02/2049	190	Tiris Ressources SA	85%
2490C4 (formerly 561)	Oum Ferkik	19/05/2017	Pending approval of application for Exploitation License	60	Aura Energy Limited	100%
2365B4	Oued El Foule Sud	04/12/2023	03/08/2026	166	Aura Energy Limited	100%
2457B2	Hadeibet Belaa	08/12/2023	07/08/2026	41	Tiris International Mining Co.	100%
2458B2	Touerig Taet	08/12/2023	07/8/2026	134	Tiris International Mining Co.	100%
Sweden
2007-243	Häggån nr 1	28/08/2007	28/08/2024	18	Vanadis Battery Metals AB	100%
2016:9	Möckelåsen nr 1	21/01/2016	21/01/202	18	Vanadis Battery Metals AB	100%
2016:7	Skallböle nr 1	20/01/2016	20/01/2028	8	Vanadis Battery Metals AB	100%

Table 3 - Tenement Summary

Farm-in agreement with Nomads Mining Company sarl, Mauritania, Aura, through subsidiary Archean Greenstone Gold has earned a 70% interest in Nomads 100%-owned exploration permit in Mauritania (refer to ASX announcement 11 June 2019).

ENDS

The Board of Aura Energy Ltd has approved this announcement.

This Announcement contains inside information for the purposes of the UK version of the market abuse regulation (EU No. 596/2014) as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").

For further information, please contact:

Andrew Grove Managing Director and CEO Aura Energy Limited [e-mail] [phone]

Paul Ryan Sodali & Co Investor & Media Relations [e-mail] [phone]

SP Angel Corporate Finance LLP Nominated Advisor and Broker David Hignell Adam Cowl Grant Barker [phone]

About Aura Energy (ASX: AEE, AIM: AURA)  

Aura Energy is an Australian-based mineral company with major uranium and polymetallic projects in Africa and Europe.

The Company is focused on developing a uranium mine at the Tiris Uranium Project, a major greenfield uranium discovery in Mauritania. The February 2024 FEED study demonstrated Tiris to be a near-term low-cost 2Mlbs U3O8 pa near term uranium mine with a 17-year mine life with excellent economics and optionality to expand to accommodate future resource growth.  In mid-June 2024, Aura announced the Tiris' global mineral resources increased by 55% to 91.3Mlbs U3O8, up from 58.9Mlbs U3O8.

Aura plans to transition from a uranium explorer to a uranium producer to capitalise on the rapidly growing demand for nuclear power as the world shifts towards a decarbonised energy sector.

Beyond the Tiris Project, Aura owns 100% of the Häggån Project in Sweden. Häggån contains a global-scale 2.5Bt vanadium, sulphate of potash ("SOP") and uranium resource. Utilising only 3% of the resource, a 2023 Scoping Study outlined a 27-year mine life based on mining 3.5Mtpa.

Disclaimer Regarding Forward-Looking Statements 

This ASX announcement (Announcement) contains various forward-looking statements. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are inherently subject to uncertainties in that they may be affected by a variety of known and unknown risks, variables and factors which could cause actual values or results, performance or achievements to differ materially from the expectations described in such forward-looking statements. The Company does not give any assurance or guarantee that the anticipated results, performance or achievements expressed or implied in those forward-looking statements will be achieved.

Competent Persons Statement

The Competent Person for the calculation of significant intercepts is Mr Arnold van der Heyden of H&S Consultants Pty Ltd. The information in the report to which this statement is attached that relates to the 2024 Mineral Resource Estimate is based on information compiled by Mr van der Heyden. Mr van der Heyden has sufficient experience that is relevant to the resource estimation to qualify Mr van der Heyden as a Competent Person as defined in the 2012 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr van der Heyden is an employee of H&S Consultants Pty Ltd, a Sydney based geological consulting firm. Mr van der Heyden is a Member and Chartered Professional of The Australasian Institute of Mining and Metallurgy (AusIMM) and consents to the inclusion in the report of the matters based on his information.

The Competent Person for drill hole data is Dr Michael Fletcher. The information in the report to which this statement is attached that relates to compiling resource estimates and to drill hole data is based on information compiled by Dr Michael Fletcher. Dr Fletcher has sufficient relevant experience in the preparation and compilation of exploration data across a broad range of deposits to qualify as a Competent Person as defined in the 2012 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Dr Fletcher is a consultant to Aura Energy and a full-time employee of GeoEndeavours Pty Ltd. Dr Fletcher is a Member of the Australasian Institute of Geoscientists and consents to the inclusion in the report of this information.

The Competent Person for interpreting downhole gamma information, disequilibrium analysis and assay results is Mr David Wilson. Mr Wilson has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Wilson is a consultant to Aura Energy and is a full-time employee of 3D Exploration. Mr Wilson is a Member of the Australasian Institute of Geoscientists and consents to the inclusion in the report of the matters based on his information.

The Tiris Uranium Resource Estimate was reported in 2024 under the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". The Mineral Resource Estimate was detailed in ASX and AIM announcement: "Aura increases Tiris Mineral Resources by 55% to 91.3 Mlbs" 12th June 2024.  Aura confirms that it is not aware of any new information or data that materially affects the information included in this announcement regarding the mineral resources and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.

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[1] ASX and AIM Release: 12 June 2024 - Aura increases Tiris Mineral Resources by 55% to 91.3 Mlbs

[2] ASX and AIM Release: 14 Feb 2023 - Major Resource Upgrade at Aura Energy's Tiris Project

[3] ASX and AIM Release: 28 Feb 2024 - FEED study confirms excellent economics for the Tiris Uranium Project

[4] ASX and AIM Release: 28 Feb 2024 - FEED study confirms excellent economics for the Tiris Uranium Project

[5] ASX and AIM Release: 16 April 2024 - Offtake restructure delivers significant value

[6]^a ASX and AIM Release: 16 April 2024 - Offtake restructure delivers significant value

^6b ASX and AIM Release: 9 May 2024 - Curzon elects to receive restructuring fee in shares

[7] ASX Release: "FEED study confirms excellent economics for the Tiris Uranium Project" 28 Feb 2024

[8] ASX and AIM Release: 28 Feb 2024 - FEED study confirms excellent economics for the Tiris Uranium Project

[9] ASX and AIM Release: 14 Feb 2023 - Major Resource Upgrade at Aura Energy's Tiris Project

[10] ASX and AIM Release: 29 April 2024 - Tiris extensional drill programme completed

[11] ASX and AIM Release: 17 Oct 2023 - New Uranium Exploration Target identified at Tiris Project

[12] ASX and AIM Release: 29 Nov 2023 - New Tiris Project Tenements Applications

[13] ASX and AIM Release: 12 June 2024 - Aura increases Tiris Mineral Resources by 55% to 91.3 Mlbs

[14] ASX Releases: "US$10m Offtake Financing Agreement for Tiris Uranium Project" 7 October 2021 and "Aura Concludes Offtake Agreement" 29 January 2019

[15] ASX Release: "FEED study confirms excellent economics for the Tiris Uranium Project" 28 February 2024

[16] ASX Release: 5 Sept 2023 - Scoping Study Confirms Scale and Optionality of Häggån

[17] ASX Release: 22 Aug 2012 - Outstanding Häggån Uranium Resource Expands to 800 Million Pounds. This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

[18] ASX Release: 5 Sept 2023 - Scoping Study Confirms Scale and Optionality of Häggån

[19] ASX and AIM Release: 12 June 2024 - Aura increases Tiris Mineral Resources by 55% to 91.3 Mlbs

 

END