Audited Financial Report

Aura Energy Limited

27 September 2024

Aura Energy Limited

("Aura" or the "Company")

Audited Financial Report for the Year ended 30 June 2024

Aura Energy Limited (ASX: AEE, AIM: AURA) ("Aura", the "Company") is pleased to announce that it has released its Audited Financial Report for the year ended 30 June 2024 (the "Financial Report").

A full version of the Financial Report can be viewed at:

http://www.rns-pdf.londonstockexchange.com/rns/0602G_1-2024-9-27.pdf

The Financial Report is also available on the Company's website at: https://auraenergy.com.au/investor-centre/financial-reports/

Information regarding the Company's forthcoming Annual General Meeting will be announced shortly.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

For Further Information, please contact:

Andrew Grove

Managing Director and CEO

Aura Energy Limited

agrove@auraee.com

+61 414 011 383

Paul Ryan

Sodali & Co

Investor & Media Relations

paul.ryan@sodali.com

+61 409 296 511

SP Angel Corporate Finance LLP

Nominated Advisor and Broker

David Hignell

Adam Cowl

Devik Mehta

Grant Barker

+44 203 470 0470

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 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.

IMPORTANT NOTICE

These Financial Statements are an extract from the full published Aura Energy Limited Annual Report dated 27 September 2024.

Copies of the full report, including the Chairman's Letter, Directors Report, signed Directors Declaration and the Independent Auditor's Report can be viewed in the PDF version of the Annual Report.

Letter from the Chairman

Dear Fellow Shareholder

Thank you for your ongoing support as our Company continues to advance its key projects.

Aura Energy Ltd ("Aura" or the "Company") is in a great position to catch the new wave of clean energy demand. The Company is now uniquely positioned with a near term, low-cost uranium development at Tiris Project ("Tiris") in Mauritania, and a Tier One polymetallic resource in Europe's leading mining jurisdiction at Häggån Project ("Häggån") in Sweden - in a market that is increasingly hungry for cleaner energy solutions.

This year we made substantial progress at both Tiris and Häggån, and we are focussed on moving Tiris into construction and production by the end of 2026.

Demand for uranium continues to grow

Globally, 152 nuclear reactors are currently either under construction or planned to be constructed. During the year, key government decisions were taken to support the production of nuclear energy, uranium mining and uranium conversion.

These include developments in Sweden, the United Kingdom's plans to quadruple its nuclear energy capacity by 2050, and the US, Canada, Japan and France collectively investing in new uranium enrichment and conversion capacity.

Of course, China's development of its nuclear energy capacity continues apace. These developments underpinned uranium prices, which have stabilised at around US$85/lb. It is clear that global uranium stocks continue to be drawn down and demand is growing as the world brings more nuclear power online to provide reliable, baseload energy to complement renewables and phase out fossil fuels.

We are not alone in our optimism about the long-term direction of uranium markets. The World Nuclear Association's Nuclear Fuel Report projects a 28% increase in demand for uranium by 2030 and a further 51% increase in demand between 2031 and 2040.

Tiris Uranium Project

The Tiris Uranium Project is fully permitted and construction ready following the Mauritanian Government's granting of its final material permit for the construction and operation of the project. The Front End Engineering and Design ("FEED") study for Tiris, completed during the year and production target updated in September 2024, demonstrating the outstanding economics of Tiris with an NPV of US$499 million, an internal rate of return ("IRR") of 39 per cent, and a 2.25 year payback period.

In June, Aura appointed Orimco Pty Ltd to arrange debt funding for Tiris, and also appointed Macquarie Capital (Australia) Limited to identify and engage with strategic investors for a potential investment in Tiris and Aura. We are pleased to have secured these high-quality advisors to manage the significant interest we have received to date, and look forward to finalising these arrangements prior to Financial Investment Decision ('FID") which we are targeting to achieve by early 2025.

We are now in the process of procuring funding for Tiris, with production intended to commence late in 2026.

This year, we also conducted a successful exploration campaign which led to a 55% increase in Tiris' global Mineral Resources by 91.3 Mlbs U3O8, up from 58.9Mlbs U3O8. Our exploration efforts in Mauritania are very cost effective, delivered at a discovery cost of only US$0.14 per lb U3O8. We are highly confident that there is room for significant further growth in Tiris' resource base.

Häggån Project

In Sweden, where our substantial Häggån resource is located, we continued our engagement with local communities, and the national Government as it works through the process of implementing its policy to roll back the ban on uranium mining. Sweden, like the rest of Europe, sees nuclear energy as critical to providing energy security with zero carbon emissions.

We released a Scoping Study on Häggån that confirmed the significant strength of the project, with an NPV in the range of US$380 million to US$1,231 million and a post-tax of IRR estimated at between 26 and 47 per cent.

The Scoping Study was based on less than 3% of Häggån's 2 billion tonnes mineral resource and excluded uranium - which underlines why we are so excited about Häggån's long-term potential.

Exploitation Permit Application and Exploration Permit Application were applied for in August 2024.

Our Company

Aura ended the year in a strong financial position, following a A$16.2 million (gross) placement and an oversubscribed Share Purchase Plan that raised an additional A$2 million. As part of the placement, we welcomed a number of highly credentialled investors to Aura's register.

The funding is helping us accelerate the Tiris Uranium Project towards FID, whilst unlocking the very significant value within Tiris along with future expansion opportunities in both the resource potential and project scale.

Furthermore, Aura and Curzon Uranium Limited ("Curzon") agreed to restructure the historical uranium offtake agreement, materially increasing the price receivable for planned uranium production and releasing significant value for Tiris.

Essentially, our average fixed contract price pursuant to the Curzon offtake arrangements increases 70% to US$74.75/lb from US$44.09/lb subject to FID by early 2025, and total contracted volumes reduce from 2.6Mlbs to 2.1Mlbs over same 7-year term, delivering US$41 million of additional potential revenue to Tiris at a uranium price of US$80/lb.

This year, we were excited to welcome Andrew Grove who joined Aura as Managing Director and CEO. For over 30 years, Andrew has been responsible for the financing, development and successful operation of numerous West African projects. Andrew was most recently Managing Director of Senegal-focussed Chesser Resources Limited until the successful acquisition by Fortuna Mines.

Andrew has the leadership skills and technical and financial experience to see our Company through this exciting phase of our development, and we are delighted to have him on board.

The capacity of the team to develop Tiris has been further strengthened with a number of key appointments. These include Mark Somlyay, CFO with extensive experience in West Africa, Jan Booyse and Project EQ who will undertake the pre-development planning and owners team function for Tiris development. Further appointments are underway to ensure the team has the capacity to successfully bring Tiris into production in late 2026.

In late January, Aura also announced the resignation of David Woodall as Managing Director and CEO. On behalf of the Board, I want to express our sincere thanks to David for his contributions, particularly in advancing the Tiris Enhanced Definitive Feasibility Study and the Häggån Scoping Study.

Board

I wish to thank my fellow Directors for their active and important participation throughout the year in Board meetings, Board committees and strategy workshops.

During 2024, we have significantly increased the oversight that the board has provided through our committees.

Bryan has led the Audit and Risk Committee, and reviewed the Committee Charter to ensure it remains relevant to the company's needs. The Committee has focussed its efforts on the company's formal accounting records, including regular engagement with the auditor, the Company's access to cash, compliance systems and has undertaken a comprehensive risk review and reviewed the same.

The Remuneration and Nomination Committee has responded to the 2023 Remuneration Report "first strike" with vigour. Working closely with our independent advisor, the Remuneration and Nomination Committee has developed a comprehensive approach which we understand both conforms with industry best practice and appropriately encourages and incentivises our leadership team to push the company forward to delivery of strong returns for shareholders.

Outlook

Next year will be a defining year for Aura as we ready ourselves for a final investment decision for the Tiris Project. With compelling economics, a stable and supportive Government and local community in Mauritania, Tiris is poised to be a near term producer

coming into a uranium market that is being driven by the convergence of growing global energy demand and the global push to meet Net Zero targets. Our focus in the coming months will be to finalise Tiris' funding requirements as we approach FID.

In Sweden, we are building relationships with key stakeholders as we move through the required approval processes to continue the development of the Häggån Project. At the same time, we are closely watching developments as the national Government moves through its legislative processes to rescind the country's ban on uranium mining.

Conclusion

Tiris is a low-cost, near-term uranium project that is development-ready, with the necessary stakeholder support, and opportunities for further resource upside. In Sweden, we have one of the world's great polymetallic resources in the heart of a huge energy and resource-hungry market.

The dedicated team at Aura continues to deliver results. I would like to thank Andrew and his executive team, and our people in Australia, Mauritania and Sweden for their continued professionalism and commitment to improving and delivering our projects.

Thank you again for your support of Aura in 2024. I look forward to reporting to you during the new financial year as we move from planning and developing to building of the world's next major uranium projects.

Philip Mitchell

Non-Executive Chair

Consolidated Statement of Profit or Loss & Other Comprehensive Income for the Year Ended 30 June 2024

	Notes	30 Jun 2024 30 Jun 2023 $ *restated $
Expenses
FX gains (losses)		(61,786)	41,333
Employee benefits		(2,324,134)	(1,244,278)
Corporate and administrative expenses	5(a)	(3,533,257)	(3,184,224)
Share based payment expenses	9	(585,368)	(2,472,578)
Operating loss		(6,504,545)	(6,859,747)
Finance income	5(b)	274,711	64,233
Finance expense	5(b)	(380,185)	-
Net finance income/(expenses)		(105,474)	64,233
Loss before income tax benefit		(6,610,019)	(6,795,514)
Income tax benefit	6	-	-
Loss after income tax benefit for the year attributable to the
owners of Aura Energy Limited		(6,610,019)	(6,795,514)
Loss is attributable to:
Owners of Aura Energy Limited		(6,589,231)	(6,492,350)
Non-controlling interests		(20,788)	(303,164)
Non-controlling interests		(6,610,019)	(6,795,514)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations		(77,014)	(1,371,500)
Total comprehensive loss for the year, net of tax		(77,014)	(1,371,500)
Loss after income tax for the year attributable to equity holders
of the Company		(6,687,033)	(8,167,014)
Total comprehensive income for the year is attributable to:
Owners of Aura Energy Limited		(6,656,994)	(7,855,170)
Non-controlling interests		(30,039)	(311,844)
Non-controlling interests		(6,687,033)	(8,167,014)
From continuing operations attributable to the ordinary equity		Cents	Cents
holders of the company
Basic and diluted loss per share	7	(1.01)	(1.19)

*During this period, the Company determined that the Tasiast Group no longer met the criteria for a disposal group under AASB 5 and was reclassified accordingly. Refer to note 21 for more details.

The above Consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the notes to the consolidated financial statements.

Consolidated Statement of Financial Position As at 30 June 2024

	Notes	30 Jun 2024 30 Jun 2023 $ *restated $
Assets
Current assets
Cash and cash equivalents	10	16,470,818	11,276,307
Receivables	11	88,196	63,203
Other current assets	11	134,445	29,732
Total current assets		16,693,459	11,369,242
Non-current assets
Security deposits	11	57,401	50,380
Plant and equipment		10,412	5,158
Right of use assets	12	218,421	-
Exploration and evaluation	13	41,894,715	29,946,359
Total non-current assets		42,180,949	30,001,897
Total assets		58,874,408	41,371,139
Liabilities
Current liabilities
Trade and other payables	14	2,163,578	1,443,562
Provision for employee benefits	8	166,841	121,021
Other current liabilities		5,960	667
Short term loans	15	1,202,004	-
Lease liabilities	12	111,018	-
Total current liabilities		3,649,401	1,565,250
Non-current liabilities
Provision for employee benefits	8	5,870	3,594
Lease liabilities	12	150,717	-
Total non-current liabilities		156,587	3,594
Total liabilities		3,805,988	1,568,844
Net assets		55,068,420	39,802,295
Equity
Share capital	16	104,536,636	81,832,301
Other equity		314,346	314,346
Other reserves	17	3,645,166	4,464,106
Accumulated losses		(53,322,418)	(46,733,187)
Capital and reserves attributable to owners of parent		55,173,730	39,877,566
Non-controlling interests		(105,310)	(75,271)
Total equity		55,068,420	39,802,295

*During this period, the Company determined that the Tasiast Group no longer met the criteria for a disposal group under AASB 5 and was reclassified accordingly. Refer to note 21 for more details.

The above Consolidated statement of financial position should be read in conjunction with the notes to the consolidated financial statements.

			Attributable to owners of Aura Energy Limited
Non- Share capital Other Other Accumulated controlling Total Notes $ equity reserves losses Total interests equity $ $ $ $ $ $
Balance at 1 July 2023		81,832,301		314,346	4,464,106	(46,733,187)	39,877,566	(75,271)	39,802,295
Loss after income tax expense for the half year		-		-	-	(6,589,231)	(6,589,231)	(20,788)	(6,610,019)
Other comprehensive income for the half year, net of tax		-		-	(67,763)	-	(67,763)	(9,251)	(77,014)
Total comprehensive loss for the year		-		-	(67,763)	(6,589,231)	(6,656,994)	(30,039)	(6,687,033)
Transactions with owners in their capacity
as owners
Contributions of equity, net of transaction costs and tax	16	16,734,430		-	-		16,734,430	-	16,734,430
Options exercised	16	4,633,360		-	-	-	4,633,360	-	4,633,360
Transfer from reserves on exercise of options	17	1,336,545			(1,336,545)	-	-	-	-
Loan funded securities	9	-		-	585,368	-	585,368	-	585,368
Balance at 30 June 2024		104,536,636		314,346	3,645,166	(53,322,418)	55,173,730	(105,310)	55,068,420

The above Consolidated statement of changes in equity should be read in conjunction with the notes to the consolidated financial statements.

Notes		Attributable to owners of Aura Energy Limited
Notes		Non- Share Other Other Accumulated controlling Total capital equity reserves losses Total interests equity $ $ $ $ $ $ $
Balance at 1 July 2022		69,357,543	314,346	3,946,825	(40,240,837)	33,377,877	236,573	33,614,450
Loss after income tax expense for the half year		-	-	-	(6,492,350)	(6,492,350)	(303,164)	(6,795,514)
Other comprehensive income for the half year, net of tax		-	-	(1,362,820)	-	(1,362,820)	(8,680)	(1,371,500)
Total comprehensive loss for the half year		-	-	(1,362,820)	(6,492,350)	(7,855,170)	(311,844)	(8,167,014)
Transactions with owners in their capacity
as owners
Contributions of equity, net of transaction costs and tax	16	9,936,597	-	-	-	9,936,597	-	9,936,597
Options exercised	16	1,702,684	-	-	-	1,702,684	-	1,702,684
Transfer from reserves on exercise of options	17	592,477	-	(592,477)	-	-	-	-
Loan funded securities	9	-	-	2,472,578	-	2,472,578	-	2,472,578
Shares issued in lieu of payment		243,000	-	-	-	243,000	-	243,000
Balance at 30 June 2023		81,832,301	314,346	4,464,106	(46,733,187)	39,877,566	(75,271)	39,802,295

The above Consolidated statement of changes in equity should be read in conjunction with the Notes to the consolidated financial statements.

Consolidated Statement of Cash Flows for the Year Ended 30 June 2024

	Notes	30 Jun 2024 2022 $ $
Operating activities
Loss after income tax expense for the year		(6,610,019)	(6,795,514)
Adjustments for:
Depreciation expense		148,131	1,856
Exchange fluctuations		(28,405)	249,017
Share based payments	9	585,368	2,715,579
Finance costs	12,15	380,185	-
Change in operating assets and liabilities:
Decrease/(increase) in other receivables		(24,993)	(36,030)
Decrease/(increase) in other operating assets		(59,877)	69,462
Increase/(decrease) in trade and other payables		720,018	168,743
Increase/(decrease) in employee benefits		48,096	106,074
Increase/(decrease) in other operating liabilities		5,293	-
Net cash flows used in operating activities		(4,836,203)	(3,520,813)
Investing activities
Payments for plant and equipment		(67,229)	(2,457)
Payments for exploration and evaluation		(11,990,026)	(7,259,757)
Payments for security deposits		(10,998)	-
Net cash used in investing activities		(12,068,253)	(7,262,214)
Financing activities
Proceeds from issue of shares from placement,
net of capital raising costs	16	16,874,476	9,936,596
Net proceeds from options funding agreement	16	3,691,070	-
Repayment of options funding agreement	15	(1,952,365)	-
Exercise of options	16	3,551,098	1,702,284
Finance leases	12	(48,475)	-
Net cash from financing activities		22,115,804	11,638,880
Net decrease in cash and cash equivalents		5,211,348	855,853
Cash and cash equivalents, beginning of year		11,276,307	10,706,700
Effects of exchange rate changes on cash
and cash equivalents		(16,837)	(286,246)
Cash and cash equivalents, end of the year	10	16,470,818	11,276,307

The above Consolidated statement of cash flows should be read in conjunction with the Notes to the consolidated financial statements.

Basis of Preparation

This section of the financial report sets out the Group's (being Aura Energy Limited and its controlled entities) accounting policies that relate to the financial statements as a whole. Where an accounting policy is specific to one Note, the policy is described in the Note to which it relates.

The Notes include information which is required to understand the financial statements and is material and relevant to the operations and the financial position and performance of the Group.

Information is considered relevant and material if:

• The amount is significant due to its size or nature.

• The amount is important in understanding the results of the Group.

• It helps to explain the impact of significant changes in the Group's business.

• It relates to an aspect of the Group's operations that is important to its future performance.

1. Corporate Information

The financial statements of Aura Energy Limited for the year ended 30 June 2024 was authorised for issue, in accordance with a resolution of directors, on 27 September 2024. The directors have the power to amend and reissue the financial statements.

Aura Energy Limited is a public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is:

Level 30

35 Collins Street

Melbourne VIC 3000 AUSTRALIA

All press releases, financial reports and other information are available at our Shareholders' Centre on our website: www.auraenergy.com.au

The nature of the operations and principal activities are disclosed in the Directors' Report

2. Reporting Entity

The financial statements are for the Group consisting of Aura Energy Limited and its subsidiaries. A list of the Group's subsidiaries is provided at note 18.

3. Basis of preparation

These general purpose financial statements have been prepared in accordance with the Corporations Act 2001 and Australian Accounting Standards, which include Australian equivalents to International Financial Reporting Standards ('AIFRS'). Compliance with AIFRS ensures that the financial report, comprising the financial statements and notes thereto, complies with International Financial Reporting Standards ('IFRS').

The financial statements have been prepared under the historical cost convention, except for, where applicable, the initial recognition of financial instruments at fair value.

(a) Basis of consolidation

Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

The acquisition method of accounting is used to account for business combinations by the Group.

Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of the subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

(b) Key estimates and judgements

Critical accounting estimates

In the process of applying the Group's accounting policies, management has made a number of judgements and applied estimates of future events. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in the following notes:

• Note 6: Income tax

• Note 9: Share-based payments

• Note 12: Right-of-use assets and lease liabilities

• Note 13: Exploration and evaluation assets

The financial statements are presented in Australian dollars, which is the functional currency of the entities in the Group.

Foreign currency transactions

Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognised in profit or loss.

Functional operations

The assets and liabilities of foreign operations are translated into Australian dollars using the exchange rates at the reporting date. The revenues and expenses of foreign operations are translated into Australian dollars using the average exchange rates, which approximate the rates at the dates of the transactions, for the period. All resulting foreign exchange differences are recognised in other comprehensive income through the foreign currency reserve in equity.

The foreign currency reserve is recognised in profit or loss when the foreign operation or net investment is disposed of.

(d) Going concern

The financial statements have been prepared on a going concern basis, which contemplates the continuity of normal business activity and the realisation of assets and the settlement of liabilities in the ordinary course of business.

The Group incurred a loss for the year of $6,610,019 (2023: $6,795,514) and a net cash outflow from operating activities of $4,836,203 (2023: $3,520,813) and investing activities of $12,068,253 (2023: $7,262,214).

As at 30 June 2024, the Group had surplus working capital of $13,044,058 (2023: $9,803,992).

Based upon cash flow forecasts and other factors referred to above, the directors are satisfied that the going concern basis of preparation is appropriate, including the meeting of exploration commitments. In addition, given the Group's history of raising funds to date, the directors are confident of the Group's ability to raise additional funds as and when they are required.

Performance for the Year

This section provides additional information about those individual line items in the Statement of Comprehensive Income that the directors consider most relevant in the context of the operations of the entity

4. Segment Information

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (CODM). The CODM is responsible for allocating resources and assessing performance of the operating segments and has been identified as the Board.

The Group's operating segments are as follows:

• Uranium - Project consists of the Tiris Uranium Project located in Mauritania of which Aura holds an 85% interest in the Project.

• Vanadium - Project consists of the Häggån Polymetallic Project is located in Berg municipality in the province of Jämtland in central Sweden. Aura holds a 100% direct interest in the deposit.

• Gold and Base Metals - Project consists of the Tasiast South Gold and Base Metals Project located in Mauritania. The Project comprises of three tenements, including the Nomads Joint Venture, where Aura has a right to earn a 70% interest.

• Corporate - corporate expenses and share-based payments are examples of items that are not allocated to operating segments as they are not considered part of the core operation of any segment.

The segment information for the reportable segments for the year ended 30 June 2024 and 30 June 2023 is as follows:

Uranium Vanadium Gold and Corporate Total $ $ base $ $ metals $
30 June 2024
Total income	-	-	-	224,009	224,009
Operating expenses	(113,576)	(115,969)	(510,977)	(5,052,814)	(5,793,336)
Share based payments	-	-	-	(585,368)	(585,368)
Finance costs	(19,505)	-	-	(360,107)	(379,612)
Other expenses	(11,656)	(687)	(63,369)	-	(75,712)
Loss for the year	(144,737)	(116,656)	(574,346)	(5,774,280)	(6,610,019)
30 June 2024
30 June 2024	30,257,419	9,386,889	2,623,463	16,606,634	58,874,405
Total segment assets	30,257,419	9,386,889	2,623,463	16,606,634	58,874,405
Total current liabilities	401,952	342,730	33,967	3,027,339	3,805,988
30 June 2023
Total income	-	-	-	11,076	11,076
Operating expenses	(687)	(88,411)	(368,840)	(3,938,966)	(4,396,904)
Finance (costs) income	(763,833)	(544,760)	-	1,371,485	62,892
Share based payments	-	-	-	(2,472,578)	(2,472,578)
Loss for the year	(764,520)	(633,171)	(368,840)	(5,028,983)	(6,795,514)
30 June 2023
Total segment assets	20,155,913	7,092,387	2,698,059	11,424,780	41,371,139
Total current liabilities	-	-	-	1,568,844	1,568,844

5. Other Income and Expenses

(a) Corporate and administrative expenses

30 Jun 2024 30 Jun 2023 $ $
Accounting and audit	(62,534)	(591,372)
Computers and communication	(134,073)	(110,207)
Consultants & Advisors	(960,718)	(1,096,284)
Depreciation	(148,131)	(1,856)
General & Administrative	(164,012)	(219,647)
Insurance	(132,704)	(185,809)
Investor relations	(413,693)	(181,515)
Legal	(744,826)	(70,508)
Listing and share registry	(212,945)	(216,448)
Travel and marketing	(559,621)	(510,578)
Total Corporate and administrative expenses	(3,533,257)	(3,184,224)

(b) Net finance income/(expenses)

30 Jun 2024 30 Jun 2023 $ $
Interest income	274,141	64,233
Interest expense - lease liabilities	(19,505)	-
Amortisation of options funding loan agreements	(360,110)	-
Net finance income/(expenses)	(105,474)	64,233

6. Income tax

(a) Numerical reconciliation of income tax expense and tax at the statutory rate

30 Jun 2024 30 Jun 2023 $ $
Loss before tax	(6,610,019)	(6,795,514)
Income tax benefit using the statutory tax rate of 25% (2023:25%)	(1,652,505)	(1,698,879)
Tax effect of amounts which are not deductible (taxable) in
calculating taxable income:
Share-based payments	146,342	618,145
Unrealised currency (gains)/losses	10,688	330,730
Superannuation liability	11,212	284
Employee leave obligations	3,437	24,295
Other	12,922	76,383
Subtotal	(1,467,904)	(649,042)
Difference in overseas tax rates	2,767	7,410
Current and deferred tax expense not recognised	1,465,137	641,632
Income tax benefit	-	-

(b) Tax losses

30 Jun 2024 30 Jun 2023

$ $

Unrecognised tax losses

Potential tax benefit @ 25% (2023: 25%)

30,011,869

24,929,202

7,502,967

6,232,301

The potential tax benefit for tax losses has not been recognised in the statement of financial position. These tax losses can only be utilised in the future if the continuity of ownership test is passed, or failing that, the same business test is passed.

Accounting Policy

The income tax expense or benefit for the period is the tax payable or receivable on the current period's taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

The current income tax charge is calculated on the basis of the tax laws enacted or substantially enacted at the end of the reporting period in the country where the company's subsidiaries operate and generate taxable income. Provisions are established where appropriate on the basis of amounts expected to be paid to the tax authorities.

Current tax liabilities for the current period and prior periods are measured at the amount expected to be recovered from or paid to taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantially enacted by the balance date.

Deferred income tax is provided on all temporary differences at reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

Income taxes relating to items recognised directly in equity are recognised in equity and not profit or loss. Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.

Significant Judgements and Estimates

Deferred tax assets are recognised for deductible temporary differences and carry forward losses only if the Group considers it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

Balances disclosed in the financial statements and the notes thereto, related to taxation, are based on the best estimates of directors. These estimates take into account both the financial performance and position of the Group as they pertain to current income taxation legislation, and the directors understanding thereof. No adjustment has been made for pending or future taxation legislation. The current income tax position represents the directors' best estimate, pending an assessment by tax authorities in relevant jurisdictions.

7. Loss per share

The calculation of basic and diluted loss per share at 30 June 2024 was based on the loss attributable to ordinary shareholders of $6,589,231 (2023: $6,492,350).

The weighted average number of ordinary shares outstanding during the financial year comprised the following:

30 Jun 2024 30 Jun 2023

$ $

Ordinary shares on issue at beginning of year Effect of share issues

Weighted average number of ordinary shares on issue at the end of the year

Basic and diluted loss per share (cents) (1)

545,890,060

107,305,924

428,181,481

117,708,579

653,195,984

545,890,060

(1.01)

(1.19)

(1) Due to the fact that the Group made a loss, potential ordinary shares from the exercise of options and performance rights have been excluded due to their anti-dilutive effect.

Employee Benefits

This section of the Notes includes information that must be disclosed to comply with accounting standards and other pronouncements relating to the remuneration of employees and consultants of the Group, but that is not immediately related to individual line items in the Financial Statements.

8. Provision for employee benefits

30 Jun 2024 30 Jun 2023 $ $
Annual leave	166,841	121,021
Long service leave	5,870	3,594
	172,711	124,615

9. Share based payment expenses

30 Jun 2024 30 Jun 2023 $ $
Loan funded shares - vesting	1,209,397	2,472,578
Loan funded shares - lapsed	(624,029)	-
	585,368	2,472,578

(a) Loan Funded Shares

Aura Energy Limited operates a loan funded equity scheme for directors, executives and senior consultants of the Group. In accordance with the provisions of the plan, as approved by shareholders at a previous annual general meeting, directors, executives and senior consultants may be granted loan funded securities.

Each loan funded share converts into one ordinary share of the Group on issue. The loan funded shares rank equally with all other fully paid ordinary shares on issue in the capital of the Group. The number of loan funded shares granted is approved by shareholders at the annual general meeting of the Group.

No Loan Funded Shares were granted during the year ended 30 June 2024.

2021 Loan Funded Shares

At the AGM on 21 December 2021, the shareholders approved the issue of loan funded shares to directors, executives and senior consultants (2021 Loan Funded Shares). The 2021 Loan Funded Shares were issued at

$0.25 and have the following vesting conditions:

Tranche Vesting conditions
Tranches 1, 2 and 3	• Continuous employment/engagement with the Group
Tranche 1	• when the daily volume weighted average price (VWAP) of the Group's Shares meets the share price performance hurdle of $0.50 on 10 days on any 20 sequential trading days; and • eligible to vest 12 months after grant date;
Tranche 2	• when the daily VWAP of the Group's shares meets the share price performance hurdle of $0.75 on 10 days on any 20 sequential trading days; and • eligible to vest 24 months after grant date
Tranche 3	• when the daily VWAP of the Group's shares meets the share price performance hurdle of $1.00 on 10 days on any 20 sequential trading days; and • eligible to vest 36 months after grant date.

The loan funded shares granted have been valued using a Monte Carlo Simulation, taking into account the terms and conditions upon which the loan funded shares were granted. The valuation of 2021 Loan Funded Shares for Key Management Personnel and consultants is summarised as follows:

Key Management Personnel	Tranche 1	Tranche 2	Tranche 3
Share price hurdle	$0.50	$0.75	$1.00
Share price at grant date	$0.245	$0.245	$0.245
Grant date	21 December 2021	21 December 2021	21 December 2021
Expected volatility	145.6%	145.6%	145.6%
Expiry date	21 December 2026	21 December 2026	21 December 2026
Expected dividends	-	-	-
Risk Free interest rate	1.35%	1.35%	1.35%
Value per loan share	$0.2313	$0.2273	$0.1987
Number of loan shares	2,800,000	4,200,000	7,000,000
Consultants	Tranche 1	Tranche 2	Tranche 3
Share price hurdle	$0.50	$0.75	$1.00
Share price at grant date	$0.245	$0.245	$0.245
Grant date	21 December 2021	21 December 2021	21 December 2021
Expected volatility	145.6%	145.6%	145.6%
Expiry date	21 December 2026	21 December 2026	21 December 2026
Expected dividends	-	-	-
Risk Free interest rate	1.35%	1.35%	1.35%
Value per loan share	$0.2313	$0.2273	$0.1987
Number of loan shares	1,200,000	1,800,000	3,000,000

As of 30 June 2024, the conditional rights to securities associated with 4,000,000 of the 2021 Loan Funded Shares lapsed, as the conditions have not been met or can no longer be fulfilled.

2022 Loan Funded Shares

At the AGM on 29 November 2022 the shareholders approved the issue of loan funded shares to directors (2022 Loan Funded Shares). The 2022 Loan Funded Shares were issued at $0.30 and have the following vesting conditions:

Tranche Vesting conditions
Tranches 1, 2 and 3	• Continuous employment/engagement with the Group
Tranche 1	• when the daily volume weighted average price (VWAP) of the Group's Shares meets the share price performance hurdle of $0.50 on 10 days on any 20 sequential trading days; and • eligible to vest 12 months after grant date;
Tranche 2	• when the daily VWAP of the Group's shares meets the share price performance hurdle of $0.75 on 10 days on any 20 sequential trading days; and • eligible to vest 24 months after grant date
Tranche 3	• when the daily VWAP of the Group's shares meets the share price performance hurdle of $1.00 on 10 days on any 20 sequential trading days; and • eligible to vest 36 months after grant date.

	Tranche 1	Tranche 2	Tranche 3
Share price hurdle	$0.50	$0.75	$1.00
Share price at grant date	$0.25	$0.25	$0.25
Grant date	29 November 2022	29 November 2022	29 November 2022
Expected volatility	82%	82%	82%
Expiry date	29 November 2027	29 November 2027	29 November 2027
Expected dividends	-	-	-
Risk Free interest rate	3.18%	3.18%	3.24%
Value per loan share	$0.0765	$0.0874	$0.0991
Number of loan shares	8,800,000	6,600,000	6,600,000

As of 30 June 2024, the conditional rights to securities associated with 16,000,000 of the 2022 Loan Funded Shares lapsed, as the conditions have not been met or can no longer be fulfilled.

Assets

This section provides additional information about those individual line items in the Statement of Financial Position that the directors consider most relevant in the context of the operations of the entity.

10. Cash and cash equivalents

30 Jun 2024 30 Jun 2023

$ $

Cash and cash equivalents

16,470,818

11,276,307

16,470,818

11,276,307

11. Trade and other receivables

30 Jun 2024 30 Jun 2023

$ $

Current

Value Added Tax receivables

Sundry debtors Prepayments Rental deposit

Total other receivables

Non-current

Security deposits

88,196

56,543

76,486

1,416

63,203

- 28,340

1,392

134,445

29,732

57,401

50,380

12. Right of use assets and lease liabilities

30 Jun 2024 30 Jun 2023

$ $

Right of use assets Opening balance Additions Depreciation Exchange differences Closing balance

Lease liabilities Opening balance Initial recognition Interest

Principal

Exchange differences

Disclosed as:

Current liability Non-current liability

Amounts recognised in the statement of comprehensive loss

Depreciation charge of right-in-use assets Interest expense

- 302,429

(86,154)

2,145

218,421

- 302,429

19,505

(48,471)

(11,728)

261,735

111,018

150,717

261,735

86,154

19,505

105,659

The Group entered into an office lease in Mauritania on 14 September 2023 with a 3 year term.

Accounting Policy

Right of use assets

A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or before the commencement date net of any lease incentives received, any initial direct costs incurred.

Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated useful life of the asset, whichever is the shorter. Right-of use assets are subject to impairment or adjusted for any remeasurement of lease liabilities.

Leases

With the exception of short-term leases and leases of low value underlying assets, each lease is reflected on the statement of financial position as a right-of-use asset and a lease liability.

Where a lease has an extension option the Group has used its judgement to determine whether or not an option would be reasonably certain to be exercised. The Group considers all facts and circumstances including any significant improvements, current stage of projects, location, and their past practice to help them determine the lease term. The Group have included all current extension options in determining the lease term. The lease has a term of 3 years.

Lease liabilities were measured at the present value of the remaining lease payments, discounted using the lessee's incremental borrowing rate at commencement date of the lease.

The weighted average incremental borrowing rate applied to lease liabilities was 8%

In the consolidated statement of cash flows, the Group has recognised cash payments for the principal portion of the lease liability within financing activities, cash payments for the interest portion of the lease liability as interest paid within operating activities and short-term lease payments and payments for lease of low-value assets within operating activities

Short-term leases

The Group has elected not to recognise a right-of-use asset and corresponding lease liability for short-term leases with terms of 12 months or less and leases of low-value assets. Lease payments on these assets are expensed to profit or loss as incurred.

13. Exploration and evaluation assets

30 Jun 2024 30 Jun 2023 $ $
Opening net book value	29,946,359	24,020,873
Expenditure capitalised during the half year	11,990,025	7,113,062
Exchange differences	(41,669)	(1,187,576)
Closing net book value	41,894,715	29,946,359

The expenditure above relates principally to exploration and evaluation activities. The carrying value as at 30 June 2024 represents the Directors' view of the recoverable value of these assets. The recoverability of the carrying amount is dependent on successful development and commercial exploitation (or alternatively, through sale of the respective interest).

The Group's exploration properties may be subjected to claim(s) under Native Title (or jurisdictional equivalent), or contain sacred sites, or sites of significance to the Indigenous people of Sweden and Mauritania. As a result, exploration properties or areas within the tenements may be subject to exploration restrictions, mining restrictions and/or claims for compensation. At this time, it is not possible to quantify whether such claims exist, or the quantum of such claims.

Significant Judgements and Estimates

Exploration and evaluation costs are carried forward where it is considered likely to be recoverable or where the activities have not reached a stage which permits a reasonable assessment of the existence of reserves. While there are certain areas of interest from which no reserves have been extracted, the Directors are of the continued belief that such expenditure should not be written off since feasibility studies in such areas have not yet concluded.

The Group assesses impairment at each reporting date by evaluating conditions specific to the Group that may lead to impairment of assets. Where an impairment trigger exists, the recoverable amount of the asset is determined.

Oum Ferkik - exploitation application

The Company has lodged and is awaiting granting of an exploitation application for its Oum Ferkik tenement. It has received confirmation from the Ministry of Petroleum, Mines and Energy that the tenement application has been registered, that all fees due have been paid and in good standing and that the application is expected to be issued in due course. On this basis, the Directors consider that the exploration and evaluation costs relating to tenement not impaired. As of 30 June 2024, the carrying value of the exploration and evaluation assets for the Oum Ferkik tenement was $277,779 (30 June 2023:

$120,721).

Häggån K no 1 - exploitation application

On 5 September 2024, the Company announced that it had lodged the Exploitation permit application for Häggån K no 1 and a new exploration application lodged for Häggån no 2, covering the areas of the original Häggån no 1 concession, with the Swedish Mining Inspectorate. If granted, the Exploitation Permit will secure the tenure over the Häggån Project and be valid for 25 years, pending approval from the Swedish government. While the Swedish Mining Inspectorate considers the Häggån K no 1 Exploitation Permit application the Häggån no 1 exploration license will remain valid and after the determination the Häggån no 2 exploration license application may be considered. Refer to note 26 for more details.

Environment issues

Balances disclosed in the financial statements and notes thereto are not adjusted for any pending or enacted environmental legislation, and the directors understanding thereof. At the current stage of the Group's development and its current environmental impact, the directors believe such treatment is reasonable and appropriate.

Equity and Liabilities

14. Trade and other payables

30 Jun 2024 30 Jun 2023 $ $
Trade payables	1,174,682	120,574
Accrued expenses	906,347	1,279,152
Payroll tax and other statutory liabilities	82,549	42,362
Other payables	-	1,474
	2,163,578	1,443,562

15. Short term loans

30 Jun 2024 30 Jun 2023

$ $

Options funding loans at amortised cost, net of borrowing costs

1,202,004

Options funding loans

On 25 January 2024, the Company announced that it had entered into Option Funding Agreements with certain investors, who prepaid $4.3 million, equivalent to the exercise monies for all remaining options expiring on 30 June 2024. The loan maturity date was 31 July 2024 and was secured over proceeds from the exercise of the outstanding options.

The funds were repaid with proceeds from option exercise monies from current Option holders. The Options were listed and had an expiry date of 30 June 2024 and an exercise price of $0.052 each, and on issue converted into ordinary fully paid shares in the Company.

Additionally, the Company entered into an underwriting agreement with PAC Partners Securities Pty Limited for 20 million options. The Underwriter will receive shares equal to the number of unexercised Underwritten Options by the Expiry Date "Shortfall Shares".

As of 30 June 2024, 1,543,958 options remained unexercised, with an options funding loan balance of approximately A$80,000. On 10 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.

16. Issued capital

30 Jun 2024

No. of shares

30 Jun 2023

No. of shares

30 Jun 2024 30 Jun 2023

$ $

Ordinary shares - fully paid

787,089,409

616,484,204

104,536,636

81,832,301

(a) Movement in ordinary shares on issue:

	Date	No. of shares	$
Opening balance 1 Jul 2022		503,825,028	69,357,543
Shares issued at $0.052 on exercise of options	19-Jul-22	7,692	400
Shares issued at $0.052 in lieu payment of services	19-Jul-22	1,500,000	78,000
Shares issued at $0.052 in lieu payment of services	19-Jul-22	660,000	165,000
Shares issued at $0.052 on exercise of options	12-Sep-22	385,865	20,065
Shares issued at $0.052 on exercise of options	30-Sep-22	5,600,583	291,230
Shares issued at $0.052 on exercise of options	04-Oct-22	6,999,930	363,996
Shares issued at $0.052 on exercise of options	14-Oct-22	11,569,585	601,618
Shares issued at $0.052 on exercise of options	04-Nov-22	869,563	45,217
Shares issued at $0.052 on exercise of options	18-Nov-22	505,000	26,260
Directors loan funded shares issued	21-Dec-22	22,000,000	-
Shares issued at $0.052 on exercise of options	07-Dec-22	707,641	36,797
Shares issued at $0.052 on exercise of options	13-Jan-23	247,594	12,875
Shares issued at $0.052 on exercise of options	13-Jan-23	1,923,076	200,000
Shares issued at $0.052 on exercise of options	03-Feb-23	466,823	24,275
Shares issued at $0.052 on exercise of options	20-Feb-23	1,183,128	61,523
Shares issued at $0.052 on exercise of options	06-Mar-23	13,332	693
Shares issued at $0.052 on exercise of options	20-Mar-23	332,692	17,300
Shares issued pursuant to Private Placement	10-May-23	54,054,055	10,000,000
Shares issued at $0.052 on exercise of options	25-May-23	847	45
Shares issued at $0.052 on exercise of options	02-Jun-23	7,499	390
Shares issued pursuant to Share Purchase Plan (SPP)	20-Jun-23	3,624,271	670,490
Transfer from reserves on exercise of options		-	592,478
Transaction costs arising on share issues		-	(733,894)
Balance at 30 June 2023		616,484,204	81,832,301

	Date	No. of shares	$
Opening balance 1 Jul 2023		616,484,204	81,832,301
Shares issued at $0.052 on exercise of options	27-Jul-23	352,000	18,304
Shares issued at $0.052 on exercise of options	17-Aug-23	302,000	15,704
Shares issued at $0.052 on exercise of options	31-Aug-23	387,000	20,124
Shares issued at $0.052 on exercise of options	18-Sep-23	249,687	12,984
Shares issued at $0.052 on exercise of options	19-Sep-23	100,000	5,200
Shares issued at $0.052 on exercise of options	19-Sep-23	300,000	15,600
Shares issued at $0.052 on exercise of options	26-Sep-23	421,153	21,900

	Date	No. of shares	$
Shares issued at $0.052 on exercise of options	10-Oct-23	70,010	3,641
Shares issued at $0.052 on exercise of options	10-Oct-23	2,476	129
Shares issued at $0.052 on exercise of options	10-Oct-23	274,000	14,248
Shares issued at $0.052 on exercise of options	13-Oct-23	100,000	5,200
Shares issued at $0.052 on exercise of options	30-Oct-23	40,000	2,080
Shares issued at $0.052 on exercise of options	30-Oct-23	318,000	16,536
Shares issued at $0.052 on exercise of options	30-Oct-23	46,733	2,430
Shares issued at $0.052 on exercise of options	08-Nov-23	26,666	1,387
Shares issued at $0.052 on exercise of options	08-Nov-23	30,000	1,560
Shares issued at $0.052 on exercise of options	16-Nov-23	1,163,034	60,478
Shares issued at $0.052 on exercise of options	16-Nov-23	116,666	6,067
Shares issued at $0.052 on exercise of options	21-Nov-23	275,000	14,300
Shares issued at $0.052 on exercise of options	21-Nov-23	8,461	440
Shares issued at $0.052 on exercise of options	13-Dec-23	250,000	13,000
Shares issued at $0.052 on exercise of options	13-Dec-23	2,166	113
Shares issued at $0.052 on exercise of options	15-Dec-23	1,465,098	76,185
Shares issued at $0.052 on exercise of options	21-Dec-23	360,000	18,720
Shares issued at $0.052 on exercise of options	03-Jan-24	46,153	2,400
Shares issued at $0.052 on exercise of options	09-Jan-24	250,000	13,000
Cancellation of Loan Funded Shares	09-Jan-24	(2,000,000)	-
Shares issued at $0.052 on exercise of options	09-Jan-24	16,666	867
Shares issued at $0.052 on exercise of options	12-Jan-24	200,000	10,400
Shares issued at $0.052 on exercise of options	22-Jan-24	265,000	13,780
Shares issued at $0.052 on exercise of options	22-Jan-24	286,647	14,906
Shares issued at $0.052 on exercise of options	22-Jan-24	445	23
Shares issued at $0.052 on exercise of options	05-Feb-24	123,498	6,422
Shares issued at $0.052 on exercise of options	05-Feb-24	43,300	2,252
Shares issued at $0.052 on exercise of options	09-Feb-24	285,000	14,820
Shares issued at $0.052 on exercise of options	09-Feb-24	3,409	177
Shares issued at $0.052 on exercise of options	09-Feb-24	615	32
Shares issued at $0.052 on exercise of options	09-Feb-24	10,000	520
Shares issued at $0.052 on exercise of options	09-Feb-24	6,666	347
Shares issued at $0.052 on exercise of options	19-Feb-24	4,688,893	243,822
Shares issued at $0.052 on exercise of options	01-Mar-24	1,923,077	100,000
Cancellation of Loan Funded Shares	01-Mar-24	(2,000,000)	-
Shares issued at $0.052 on exercise of options	06-Mar-24	3,190,946	165,929
Shares issued at $0.052 on exercise of options	20-Mar-24	668,624	34,768
Placement of shares	26-Mar-24	89,668,896	16,140,401
Shares issued at $0.052 on exercise of options	08-Apr-24	322,392	16,764
Shares issued at $0.052 on exercise of options	09-Apr-24	6,000,000	312,000
Shares issued at $0.052 on exercise of options	17-Apr-24	371,896	19,339
Shares issued at $0.052 on exercise of options	30-Apr-24	1,019,401	53,009
Shares issued at $0.052 on exercise of options	09-May-24	11,615,666	604,015
Shares issued at $0.052 on exercise of options	22-May-24	614,109	31,934
Shares issued at $0.052 on exercise of options	29-May-24	384,616	20,000
Shares issued at $0.052 on exercise of options	29-May-24	1,696,112	88,198
Issue of SPP Shares	30-May-24	11,111,063	1,999,991
Issue of Placement Tranche 2 Shares	31-May-24	722,222	130,000

	Date	No. of shares	$
Shares issued at $0.052 on exercise of options	13-Jun-24	5,334,080	277,372
Shares issued at $0.052 on exercise of options	17-Jun-24	3,929,096	204,313
Shares issued at $0.052 on exercise of options	21-Jun-24	6,871,103	357,297
Shares issued at $0.052 on exercise of options	24-Jun-24	8,944,850	465,132
Shares issued at $0.052 on exercise of options	27-Jun-24	16,174,721	841,085
Cancellation of Loan Funded Shares	30-Jun-24	(16,000,000)	-
Shares issued at $0.052 on exercise of options	30-Jun-24	7,155,893	372,106
Transfer from reserves on exercise of options			1,336,545
Transaction costs arising on share issues			(1,535,961)
Closing balance 30 June 2024		787,089,409	104,536,636

Ordinary shares are classified as equity and incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds.

Ordinary shares

Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportion to the number of and amounts paid on the shares held. The ordinary shares have no par value and the Company does not have a limited amount of authorised capital. On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.

Share buy-back

There is no current on-market share buy-back.

(b) Options

Information relating to options issued, exercised, lapsed and outstanding during and at the end of the current and comparative financial year is set out below:

Grant date	Expiry date Exercise price		Balance at start of year	Granted during the period (1)	Expired during the year	Exercised during the period	Balance at the end of the period	Vested and exercisable at the end of the period
30 June 2024
28-May-21	30-Jun-24	$0.052	384,616	-	-	(384,616)	-	-
15-Nov-21	30-Jun-24	$0.052	90,262,366	-	(1,543,958)	(88,718,408)	-	-
30-May-24	30-May-26	$0.300	-	76,126,478	-	-	76,126,478	76,126,478
			90,646,982	76,126,478	(1,543,958)	(89,103,024)	76,126,478	76,126,478
Weighted average exercise price			$ 0.05				$ 0.30	$ 0.30
Weighted average remaining contractual life:								1.9 years
30 June 2023
17-Mar-21	31-Mar-23	$0.104	3,039,528	-	(1,116,452)	(1,923,076)	-	-
17-Mar-21	30-Jun-24	$0.052	384,616	-	-	-	384,616	384,616
28-May-21	30-Jun-24	$0.052	8,038,461	-	-	(8,038,461)	-	-
15-Nov-21	30-Jun-24	$0.052
15-Nov-21	30-Jun-24	$0.052	122,584,284	-	(1,116,452)	(30,820,850)	90,646,982	90,646,982
Weighted average exercise price Weighted average remaining contractual life:			$ 0.05				$ 0.05	$ 0.05 1.0 years

1. These options were exercisable immediately on grant date.

17. Other Reserves

	Share based Foreign currency payments translation $ $		Total other reserves $
At 1 July 2022	3,146,839	799,986	3,946,825
Currency translation differences	-	(1,362,820)	(1,362,820)
Other comprehensive income	-	(1,362,820)	(1,362,820)
Transactions with owners in their capacity as owners
Transfer from reserves on exercise of options	(592,477)	-	(592,477)
Share based payments	2,472,578	-	2,472,578
At 30 June 2023	5,026,940	(562,834)	4,464,106
At 1 July 2023	5,026,940	(562,834)	4,464,106
Currency translation differences	-	(67,763)	(67,763)
Other comprehensive income	-	(67,763)	(67,763)
Transactions with owners in their capacity as owners
Transfer from reserves on exercise of options	(1,336,545)	-	(1,336,545)
Share based payments	585,368	-	585,368
At 30 June 2024	4,275,763	(630,597)	3,645,166

Share-based payments

The share-based payment reserve records items recognised as expenses on valuation of share options and loan funded shares issued to key management personnel, other employees and eligible contractors. Refer to note 9 for more details.

Foreign currency translation

Exchange differences arising on translation of the foreign controlled entity are recognised in other comprehensive income as described in note and accumulated in a separate reserve within equity. The cumulative amount is reclassified to profit or loss when the net investment is disposed of.

Financial Instruments

This section of the Notes discusses the Group's exposure to various risks and shows how these could affect the Group's financial position and performance.

(a) Capital risk management

The Board policy is to maintain a capital base to maintain investor, creditor and market confidence and to sustain future development of the business. Capital consists of ordinary shares and retained earnings (or accumulated losses) as disclosed in notes 16 and 17. The Board manages the capital of the Group to ensure that the Group can fund its operations and continue as a going concern.

There are no externally imposed capital requirements

(b) Market risk

Market risk is the risk that changes in market prices such as foreign exchange rates, equity prices and interest rates will affect the Group's income or value of its holdings of financial instruments.

The Group is exposed to the financial risk related to the fluctuation of foreign exchange rates against the Group's functional currency, which is the Australian dollar ("AUD"). The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the Mauritanian Ouguiya ("MRU"), Swedish Krona ("SEK"), Euro ("EUR") and Great British Pounds ("GBP").

Foreign exchange risk arises from commercial transactions and recognised assets and liabilities denominated in a currency that is not the entity's functional currency.

The risk is measured using sensitivity analysis and cash flow forecasting. The Group is also exposed to foreign exchange risk arising from the translation of its foreign operations.

The Group's exposure to foreign currency risk at the end of the reporting year, expressed in Australian dollar, was as follows:

USD MRU GBP SEK EUR CAD $ $ $ $ $ $
At 30 June 2024
Cash and cash equivalents	30,987	40,548	179,562	29,030	458,117	10,965
Trade payables	215,709	125,005	129,712	192,926	-	-
At 30 June 2023
Cash and cash equivalents	50,135	49,785	8,552	79,905	60,554	-
Trade payables	6,021	-	-	11,130	-	-

The Group has conducted a sensitivity analysis of its exposure to foreign currency risk. The sensitivity analysis is conducted on a currency-by-currency basis using the sensitivity analysis variable, which has been set as 10% change in the respective exchange rates for the year ended 30 June 2024, keeping all the other variables constant.

Estimated impact on profit before tax for the year ending	30 Jun 2024 30 Jun 2023 $ $
USD/AUD exchange rate - increase 10%*	(18,472)	4,411
MRU/AUD exchange rate - increase 10%*	(8,446)	4,979
GBP/AUD exchange rate - increase 10%*	4,985	855
SEK/AUD exchange rate - increase 10%*	(16,390)	6,878
EUR/AUD exchange rate - increase 10%*	45,812	6,055
CAD/AUD exchange rate - increase 10%*	(1,096)	-

(d) Interest rate risk

Exposure to interest rate risk arises on cash and term deposits recognised at reporting date whereby a future change in interest rates will affect future cash flows or the fair value of fixed rate financial instruments.

The Group's exposure to interest rates primarily relates to its cash and cash equivalents. The Group has no interest bearing loans or borrowings.

At reporting date, the Group had the following exposure to variable interest rate risk:

30 Jun 2024 30 Jun 2023

$ $

Cash and cash equivalents

2,970,818

11,238,716

The following sensitivity analysis is based on the interest rate risk exposure in existence at the reporting date. The 1% sensitivity (2023: 1%) is based on reasonably possible changes over a financial year, using the observed range of actual historical rates for the preceding five year period.

At 30 June 2024, an increase/(decrease) of 100 basis points in interest rates on cash and cash equivalents over the reporting period would have increased/(decreased) the Group's loss and equity by $2,971 (2023: $11,239). The analysis assumes that all other variables remain constant.

(e) Credit risk

Credit risk is the risk of potential loss to the Group if a counterparty to a financial instrument fails to meet its contractual obligations. The Group's credit risk is primarily attributable to its liquid financial assets, including cash, receivables, and balances receivable from the government.

The group limits its exposure to credit risk in relation to cash and cash equivalents and other financial assets by investing surplus funds in banks and financial institutions with high credit ratings.

(f) Liquidity risk

Liquidity risk arises from the possibility that the Group might encounter difficulty in settling its debts or otherwise meeting its obligations related to financial liabilities.

The Group manages liquidity risk by monitoring forecast cash flows, only investing surplus cash with major financial institutions; and comparing the maturity profile of financial liabilities with the realisation profile of financial assets.

The Board meets on a regular basis to analyse financial risk exposure and evaluate treasury management strategies in the context of the most recent economic conditions and forecasts. The Board's overall risk management strategy seeks to assist the Group in managing its cash flows.

Financial liabilities are expected to be settled on the following basis:

Weighted Less than Between Between Over Total Carrying average 1 year 1 and 2 2 and 5 5 years contractual amount of interest rate $ years years $ flows liabilities % $ $ $ $
As at 30 June 2024
Payables	-	2,163,578	-	-	-	2,163,578	2,163,578
Short term loans	-	1,202,004	-	-	-	1,202,004	1,202,004
Lease liabilities	8.0%	127,499	157,499	-	-	284,998	261,735
		3,493,081	157,499	-	-	3,650,580	3,627,317
As at 30 June 2023
Trade and other payables	-	1,310,087	-	-	-	1,310,087	1,310,087
Lease liabilities	-	-	-	-	-	-	-
		1,310,087	-	-	-	1,310,087	1,310,087

The directors have assessed that the fair value of cash and short-term deposits, trade receivables, trade payables and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.

Group Composition

This section of the Notes includes information that must be disclosed to comply with accounting standards and other pronouncements relating to the structure of the Group, but that is not immediately related to individual line items in the Financial Statements.

18. List of subsidiaries

Name of entity	Place of business/country of incorporation	Ownership interest held 30 Jun 2024 30 Jun 2024 % %
Vanadis Battery Metals AB	Sweden	100	100
Aura Energy Mauritania Pty Ltd	Australia	100	100
Tiris Ressources SA	Mauritania	85	85
Tiris International Mining Company Sarl	Mauritania	100	100
Archaean Greenstone Gold Limited	Australia	100	100
Tiris Zemmour Resources Pty Ltd	Australia	100	100
North-East Resources Pty Ltd	Australia	100	100
Mauritanian Services Suarl *	Mauritania	100	-

*Mauritanian Services Suarl was incorporated on 13 September 2023.

19. Parent entity information

The financial information for the parent entity, Aura Energy Limited, has been prepared on the same basis as the consolidated financial statements, except as set out below.

(a) Investments in subsidiaries, associates and joint venture entities

Investments in subsidiaries, associates and joint venture entities are accounted for at cost in the parent entity's financial statements.

(b) Guarantees entered into by the parent entity in relation to the debts of its subsidiaries

There are cross guarantees given by Aura Energy Limited, Archaean Greenstone Gold Limited, Aura Energy Mauritania Pty Ltd, Tiris Zemmour Resources Pty Ltd and North East Resources Pty Ltd as described in note 20. No deficiencies of assets exists in any of these companies.

The parent entity had no contingent liabilities as at 30 June 2024 (2023: nil) other than those disclosed in note 24.

(d) Capital commitments - Property, plant and equipment

The parent entity had no capital commitments for property, plant and equipment as at 30 June 2024 (2023: nil).

30 Jun 2024 30 Jun 2023 $ $
Results of the parent entity
Loss after income tax	(6,687,033)	(8,167,014)
Total comprehensive loss	(6,687,037)	(8,167,014)
Statement of Financial Position
Current assets	16,541,346	11,178,873
Non-current assets	41,554,414	30,021,283
Total assets	58,095,760	41,200,156
Current liabilities	3,021,470	1,396,014
Non-current liabilities	5,870	1,847
Total Liabilities	3,027,340	1,397,861
Total Liabilities
Net assets	55,068,420	39,802,295
Equity
Contributed equity	104,536,636	81,832,301
Other equity	314,346	314,346
Reserves	4,275,762	5,026,940
Accumulated losses	(54,058,324)	(47,371,292)
Total equity	55,068,420	39,802,295

The accounting policies of the parent entity are consistent with those of the Group.

20. Deed of cross guarantee

Pursuant to ASIC Corporations (Wholly-owned Companies) Instrument 2016/785, relief has been granted to these controlled entities of Aura Energy Limited from the Corporations Act 2001 requirements for preparation, audit and publication of accounts.

As a condition of the Class Order, Aura Energy Limited and the controlled entities subject to the Class Order, entered into a deed of indemnity on 28 June 2024. The effect of the deed is that Aura Energy Limited has guaranteed to pay any deficiency in the event of winding up of these controlled entities. The controlled entities have also given a similar guarantee in the event that Aura Energy Limited is wound up. By entering into the deed, these specific wholly-owned entities have been relieved from the requirement to prepare a financial report and directors' report under Class Order 2016/785 (as amended) issued by the Australian Securities and Investments Commission.

The consolidated income statement of the entities that are members of the 'Deed' are as follows:

30 Jun 2024 30 Jun 2023 $ $
Consolidated Income Statement and Comprehensive Income
Expenses
FX gains (losses)	(50,130)	35,260
Employee benefits	(2,324,098)	(1,244,278)
Corporate & administrative expenses	(3,253,379)	(3,153,203)
Other expenses	(968,429)	(3,433,936)
Share based payment expenses	(585,368)	(2,472,578)
Operating loss	(7,181,404)	(10,268,735)
Finance income	274,141	1,393,722
Finance expense	(360,107)	-
Net finance income/(expenses)	(85,966)	1,393,722
Loss before income tax expense	(7,267,370)	(8,875,013)
Summary of movement in accumulated losses
Accumulated losses at beginning of year	(48,393,586)	(39,518,569)
Net profit	(7,267,370)	(8,875,017)
Accumulated losses at end of year	(55,660,956)	(48,393,586)

The consolidated statement of financial position of the entities that are members of the 'Deed' are as follows:

30 Jun 2024 30 Jun 2023 $ $
Assets
Current assets
Cash and cash equivalents	16,376,303	11,115,217
Receivables	32,573	59,634
Other current assets	133,029	28,340
Total current assets	16,541,905	11,203,191
Non-current assets
Security deposits	54,878	11,983
Plant and equipment	10,410	5,158
Other financial assets	7,995,048	7,099,157
Exploration and evaluation	31,915,886	22,031,456
Total non-current assets	39,976,222	29,147,754
Total assets	56,518,127	40,350,945
Liabilities
Current liabilities
Trade and other payables	1,671,665	1,445,661
Employee benefits	166,841	121,021
Other current liabilities	5,960	667
Short term loans	1,202,004	-
Total current liabilities	3,046,470	1,567,349
Non-current liabilities
Employee benefits	5,869	3,594
Total non-current liabilities	5,869	3,594
Total liabilities	3,052,339	1,570,943
Net assets	53,465,788	38,780,002
Equity
Share capital	104,536,636	81,832,301
Other equity	314,346	314,346
Other reserves	4,275,762	5,026,940
Accumulated losses	(55,660,956)	(48,393,585)
Total equity	53,465,788	38,780,002

21. Reclassification of Tasiast South Project from disposal Group

During the financial year, the Board and Management assessed its near term options for Archaean Greenstone Gold Limited ("Archaean"), Tiris International Mining Company SARL ("TIMCO") and the Nomads Joint Venture ("Tasiast South Project") in relation to maximising the commercial outcomes for its Tasiast South Project in Mauritania. The Tasiast South Project was reclassified from a held for sale and disposal group as it was determined that the criteria for classification as a disposal group was no longer met. Exploration works on the properties are ongoing.

Other Information

This section of the Notes includes other information that must be disclosed to comply with accounting standards and other pronouncements, but that is not immediately related to individual line items in the Financial Statements.

22. Commitments

Minimum exploration commitments

In order to maintain current rights of tenure to exploration tenements, the Group is required to perform exploration work to meet the minimum expenditure requirements specified by various governments. These amounts are subject to negotiation when application for a lease application and renewal is made and at other times. These amounts are not provided for in the financial report and are payable.

30 Jun 2024 30 Jun 2023 $ $
Within one year	338,063	73,146
One to five years	676,126	-
Total exploration commitments	1,014,189	73,146

To the extent that expenditure commitments are not met, tenement areas may be reduced and other arrangements made in negotiation with the relevant government departments on renewal of tenements to defer expenditure commitments or partially exempt the Company. Where the group decides to relinquish a tenement, the commitment will be reduced accordingly.

23. Remuneration of auditors

30 Jun 2024 30 Jun 2023 $ $
Audit services - Hall Chadwick WA Audit Pty Ltd
Audit and review of the financial statements	56,943	54,763
Taxation services
Tax compliance services	2,695	14,101
Total remuneration of Hall Chadwick WA Audit Pty Ltd	59,638	68,864

24. Contingent liabilities

Tiris International Mining Company sarl

On 25 June 2016, the Group, Tiris International Mining Company sarl ("TIMCO") and Sid Ahmed Mohamed Lemine Sidi Reyoug executed the Tasiast South sale and purchase agreement. TIMCO holds tenements 2457 (Hadeibet Bellaa) and 2458 (Touerig Taet), granted by the Ministry of Petroleum, Energy and Mines.

Under the terms and conditions of the agreement, if the Group proves up an 'Indicated Resource' greater than one million ounces of gold, it will be required to pay Sid Ahmed Mohamed US$250,000 and, on commencement of production, US$5/ounce of gold and a 0.4% net sales revenue royalty on other commodities with total royalty payments capped to a maximum of US$5 million.

25. Related party transactions

(a) KMP disclosures

The following were key management personnel of the Group at any time during the reporting period and unless otherwise indicated were key management personnel for the entire period:

Mr Philip Mitchell Mr Warren Mundine Mr Bryan Dixon

Mr Patrick Mutz

Mr Andrew Grove (appointed 30 January 2024)

Mr David Woodall (resigned 30 January 2024)

Mr Will Goodall

Mr Mark Somlyay (appointed 22 April 2024)

The key management personnel compensation is as follows:

30 Jun 2024 30 Jun 2023 $ $
Short term employee benefits	1,242,351	944,966
Consulting fees	95,875	30,500
Post employment benefits	78,970	32,810
Long-term benefits	-	526
Termination benefits	85,000	-
Share based payments	895,834	1,937,188
Total	2,398,030	2,945,990

Information regarding individual directors and executive's compensation and some equity instruments disclosures as required by Corporations Regulations 2M.3.03 is provided in the Remuneration Report section of the Directors' Report on pages 31 to 43.

Apart from the details disclosed in this note and in the Remuneration Report, no director has entered into a material contract with the Company since the end of the previous financial year and there were no material contracts involving directors' interests existing at the end of the current period.

(b) Receivable from and payable to related parties

The outstanding balance due to Philip Mitchell for Director fees as at 30 June 2024 was $15,000 (2023: $nil).

Transactions with related parties are made on terms equivalent to those that prevail in arm's length transactions. Outstanding balances at year-end are unsecured and interest-free and settlement occurs in cash and are presented as part of trade payables.

26. Events after the reporting period

Quotation of securities

On 10 July 2024, the Company issued 1,543,958 Shares to the Underwriter at the option exercise price of 5.2c each. The Options Funding Loans were fully repaid with proceeds received from options holders and the issue of Shortfall Shares to the Underwriter.

Authorisation to develop, mine and produce Uranium Oxide Concentrate ("UOC") for Tiris Uranium Project

On 15 July 2024, the Company announced that it had received from the Mauritanian Government the last outstanding material permit to allow the construction and operation of the Tiris Uranium Project. The authorisation to develop, mine and produce UOC was issued by the National Authority for Radiation Protection, Safety and Nuclear Security (L'Autorité Nationale de Radioprotection de Sûreté et de Sécurité Nucléaire ("ARSN")) on the 12 July 2024. This is the last material license required to commence construction, mine and produce uranium from Tiris and is a very significant step towards achieving a Final Investment Decision ("FID") by Q1 2025.

Curzon restructure and placement

On 15 August 2024, the Company announced the restructure of its uranium offtake agreement with Curzon Uranium Ltd ("Curzon"), significantly increasing the price receivable for planned uranium production at the Tiris Uranium Project and unlocking substantial value for the Project. As part of this, Curzon received a restructuring fee of US$3.5M (A$5.4M) in 29,914,530 shares, priced at A$0.18 per share, issued on 16 August 2024. These shares will be escrowed until the first production from the Project.

Additionally, on 19 August 2024 the Company completed a private placement to Curzon, issuing 29,914,530 shares valued at US$3.5M (A$5.4M) at A$0.18 per share. Half of these shares will be escrowed until the earlier of 30 June 2025 or the Final Investment Decision on the Project. The Company also issued 5,982,906 unlisted options to Curzon, priced at A$0.20 per option and expiring on 1 September 2025.

Häggån Project exploitation permit submission

Additionally, the Company has applied for a new exploration license, Häggån no 2, covering some of the areas of the original Häggån no 1 exploration license. The application also includes a request for an exception to the prohibition year, which where normally no parties may apply for the expired tenure for a period of 12 months. Given the substantial work undertaken on the Project to date, the Company believes that these applications are likely to be considered favourably.

While the Swedish Mining Inspectorate considers the Häggån K no 1 Exploitation Permit application the Häggån no 1 exploration license will remain valid and after the determination the Häggån no 2 exploration license application may be considered. However, there is no guarantee either application with be granted.

There were no other matters or circumstances which have occurred subsequent to balance date that have or may significantly affect the operations or state of affairs of the Group in subsequent financial years.

Accounting Policies

This section of the Notes includes information that must be disclosed to comply with accounting standards and other pronouncements relating to new and revised accounting standards and their impact.

27. Changes in Accounting Policies

In the year ended 30 June 2024, the directors have reviewed all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board that are relevant to the Group and effective for the current annual reporting period.

The directors have determined that there is no material impact of the new and revised Standards and Interpretations on the Group and therefore no change is necessary to the Group's accounting policies.

28. New Accounting Standards and Interpretations

Australian Accounting Standards and Interpretations most relevant to the Group that have recently been issued or amended but are not yet effective and have not been adopted by the Group for the year ended 30 June 2024 are outlined below.

There are no standards that are not yet effective and that would be expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.

29. Other material accounting policies

(a) Current and non-current classification

Assets and liabilities are presented in the statement of financial position based on current and non-current classification.

An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the Group's normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current.

A liability is classified as current when: it is either expected to be settled in the Group's normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current.

(b) Investments and other financial assets

Investments and other financial assets are initially measured at fair value. Transaction costs are included as part of the initial measurement, except for financial assets at fair value through profit or loss. Such assets are subsequently measured at either amortised cost or fair value depending on their classification. Classification is determined based on both the business model within which such assets are held and the contractual cash flow characteristics of the financial asset unless an accounting mismatch is being avoided.

Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. When there is no reasonable expectation of recovering part or all of a financial asset, its carrying value is written off.

Financial assets at amortised cost

A financial asset is measured at amortised cost only if both of the following conditions are met: (i) it is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and (ii) the contractual terms of the financial asset represent contractual cash flows that are solely payments of principal and interest.

Impairment of financial assets

The carrying amounts of the Group's non-financial assets, other than deferred tax assets (Note 3 Income tax expense) and exploration and evaluation assets (Note 5(a) Exploration and evaluation) are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated.

An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount.

A cash-generating unit is the smallest identifiable asset group that generates cash flows that largely are independent from other assets and groups. Impairment losses are recognised in the income statement, unless the asset has previously been revalued, in which case the impairment loss is recognised as a reversal to the extent of that previous revaluation with any excess recognised through the income statement. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit on a pro rata basis. The recoverable amount of an asset or cash-generating unit is the greater of its fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs.

Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation and amortisation, if no impairment loss had been recognised.

Non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount.

Recoverable amount is the higher of an asset's fair value less costs of disposal and value-in-use. The value-in-use is the present value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or cash-generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to form a cash-generating unit.

(d) Plant and equipment

Recognition and Measurement

Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Costs include expenditures that are directly attributable to the acquisition of the asset.

Subsequent Costs

Subsequent expenditure is only capitalised when it is probable that the future economic benefits associated with the expenditure will flow to the Group. Ongoing repairs and maintenance are expensed as incurred.

Depreciation

Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. The expected useful lives in the current and comparative period are as follows:

• IT equipment 2 - 3 years

• Plant and equipment 2 - 3 years

• Motor vehicle 5 years

The estimated useful lives, depreciation methods and residual values are reviewed at the end of each reporting period.

Name of entity	Type of entity	Trustee, partner or participant in JV	% of share capital	Place of Incorporation	Australian resident or foreign resident (3)	Foreign jurisdiction(s) of foreign residents
Aura Energy Limited (1)	Body Corporate	-	n/a	Australia	Australian	n/a *
Vanadis Battery Metals AB	Body Corporate	-	100	Sweden	Foreign	Sweden
Aura Energy Mauritania Pty Ltd	Body Corporate	-	100	Australia	Australia	n/a
Tiris Ressources SA	Body Corporate	-	85	Mauritania	Foreign	Mauritania
Tiris International Mining Company Sarl	Body Corporate	-	100	Mauritania	Foreign	Mauritania
Archaean Greenstone Gold Limited	Body Corporate	-	100	Australia	Australia	n/a
Tiris Zemmour Resources Pty Ltd	Body Corporate	-	100	Australia	Australia	n/a
North-East Resources Pty Ltd	Body Corporate	-	100	Australia	Australia	n/a
Mauritanian Services Suarl (2)	Body Corporate	-	100	Mauritania	Australia	n/a

(1) Aura Energy Ltd has a branch in Mauritania which is subject to tax in Mauritania.

(2) On the basis Mauritanian Services Suarl has limited activity for the period up to and including 30 June 2024, the directors and officers of Aura Energy Ltd do not have sufficient evidence or a basis to represent to the required true and correct standard that this entity has not carried on business in Australia through the exercise of central management and control in Australia.

(3) The proposed disclosure is made solely for the purposes of the 30 June 2024 CEDS disclosures and are not representative, conclusive or determinative of the residency of these entities for Australian tax purposes.

Basis of preparation

This consolidated entity disclosure statement (CEDS) has been prepared in accordance with the Corporations Act 2001 and includes information for each entity that was part of the consolidated entity as at the end of the financial year in accordance with AASB 10 Consolidated Financial Statements.

Determination of tax residency

Section 295 (3A)(vi) of the Corporation Act 2001 defines tax residency as having the meaning in the Income Tax Assessment Act 1997. The determination of tax residency involves judgement as there are different interpretations that could be adopted, and which could give rise to a different conclusion on residency.

In determining tax residency, the consolidated entity has applied the following interpretations:

• Australian tax residency

The consolidated entity has applied current legislation and judicial precedent, including having regard to the Tax Commissioner's public guidance in Tax Ruling TR 2018/5.

• Foreign tax residency

Where necessary, the consolidated entity has used independent tax advisers in foreign jurisdictions to assist in its determination of tax residency to ensure applicable foreign tax legislation has been complied with (see section 295(3A)(vii) of the Corporations Act 2001).

Partnerships and trusts

Australian tax law generally does not contain corresponding residency tests for partnerships and trusts and these entities are typically taxed on a flow-through basis.

Additional disclosures on the tax status of partnerships and trusts have been provided where relevant.

Directors' Declaration

In the directors' opinion:

(a) the financial statements and notes set out on pages 48 to 86 are in accordance with the Corporations Act 2001, including:

(i) complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements, and

(ii) (ii) giving a true and fair view of the consolidated entity's financial position as at 30 June 2024 and of its performance for the financial year ended on that date, and

(b) there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable

(d) at the date of this declaration, there are reasonable grounds to believe that the members of the closed group identified in note 20 will be able to meet any obligations or liabilities to which they are or may become subject to, by virtue of the Deed of Cross Guarantee.

Note 3 confirms that the financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board.

The directors have been given the declarations by the chief executive officer and chief financial officer required by section 295A of the Corporations Act 2001.

This declaration is made in accordance with a resolution of the directors.

Andrew Grove

Managing Director & CEO

27 September 2024

Melbourne

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

Companies

Aura Energy Limited NPV (DI) (AURA)

Full Archive

UK 100

Latest directors dealings

All directors dealings today