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RNS Number : 5675W  Aura Energy Limited  13 March 2026

 

 

13 March 2026

Half Year Report

 

Aura Energy Limited (ASX: AEE, AIM: AURA) ("Aura", the "Company") is pleased
to announce that it has released its Interim Financial Report for the
Half-Year ended 31 December 2025.

A full version of the Interim Financial report can also be viewed
here:http://www.rns-pdf.londonstockexchange.com/rns/5675W_1-2026-3-13.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5675W_1-2026-3-13.pdf)

The Interim Financial Report is also available on the Company's website
at: www.auraenergy.com.au (http://www.auraenergy.com.au/)

 

Directors' Report

Your directors present their report on the consolidated entity consisting of
Aura Energy Limited and the entities it controlled at the end of, or during,
the half-year ended 31 December 2025.

Directors

The following persons were Directors of the Company during the whole of the
Period and up to the date of this report, unless otherwise stated:

Mr Philip Mitchell, Executive Chair

Mr Warren Mundine, Non-Executive Director

Mr Patrick Mutz, Non-Executive Director

Mr Ousmane M. Kane, Non-Executive Director (appointed 10 July 2025)

Ms Michelle Ash, Non-Executive Director (appointed 16 September 2025)

Mr Andrew Grove, Managing Director and Chief Executive Officer (resigned 20
October 2025)

Mr Bryan Dixon, Non-Executive Director (resigned 25 November 2025)

Principal activities

The principal activities of the consolidated entity during the course of the
Period were the development, exploration and evaluation of uranium in
Mauritania, and exploration and evaluation of polymetallics in Sweden which
also includes significant uranium resources.

There was no significant change in the nature of these activities during the
Period.

Operations Review

Aura, an ASX and AIM-listed minerals exploration and development company,
continued to advance its portfolio of uranium and polymetallic projects during
the Period. The Company focused on progressing the development of the Tiris
Uranium Project in Mauritania and the Häggån Polymetallic Project in Sweden,
achieving key milestones outlined below. Aura remains dedicated to delivering
shareholder value through responsible project development, operational
efficiency, and disciplined capital management.

Tiris Uranium Project

On 1 August 2025, Aura announced a long-term offtake agreement with a major
U.S. nuclear utility, covering approximately 10% of projected Tiris output
(2028-2031). This is the first long term offtake agreement with a nuclear
utility and is a landmark for the project and sign of confidence from the
industry. The contract is market related with a price collar.

The Company and the major U.S. nuclear utility customer acknowledged that the
condition precedent in the agreement, which required FID by 31 December 2025,
was not going to be fulfilled. The parties are nevertheless mindful of the
strategic value of the contract to each party and met in London to discuss how
they can best work collaboratively to enable the contract to remain effective.

A master spot sales agreement with an international trading group was also
signed, enabling Aura to benefit from short-term pricing opportunities.

These arrangements complement the existing Curzon offtake agreement,
strengthening Aura's uranium sales portfolio and reinforcing Mauritania's
credibility as a uranium investment jurisdiction.

In September, a delegation led by Philip Mitchell, Executive Chair
participated in the Mauritanides 2025 - Mauritanian Mining & Energy
Conference. Aura Energy Limited also hosted an exhibition booth during the
Conference, showcasing information about the Tiris Project and the company's
broader activities. The booth was honoured by a visit from H.E. the President
of Mauritania, who showed keen interest in the project and its ongoing
developments.

On 6 September 2025, the President of the Islamic Republic of Mauritania, H.E.
Mr. Mohamed Ould Cheikh El Ghazouani, received a delegation from Aura Energy
Limited led by Philip Mitchell. The Minister's Chief of Staff and the Minister
of Mines and Industry were present at the meeting.

During the meeting, the Executive Chair presented an overview of the project's
current status. The President reaffirmed the Government of Mauritania's full
support for the project, emphasizing that the Government stands ready to
assist whenever required.

As discussed during the Chairman's Address - 2025 at the Annual General
Meeting ("AGM") on 25 November 2025, the Basic Engineering study was placed
on hold pending the completion of test work to identify the optimal processing
approach following dissolution of uranium in the leach plant. In particular,
the test work is focused on the separation of the uranium-bearing pregnant
leach solution from the solid, clay-rich residues generated by the plant
(dewatering).

Aura continues to advance its Tiris Uranium Project, with the objectives of
achieving FID in Q3 2026. Shortly thereafter, formal conditions precedent will
be finalised enabling construction of the project to commence.

Engineering and Development Activities

During the period, Basic Engineering continued to be undertaken by Wood.
Shortlisted western EPCM contractors submitted proposals and completed site
visits in late September and early October.  Additionally, engineering
contracting partner proposals, including alternative execution pathways, were
sought from reputable engineering firms in China and Turkey. Once appointed,
the selected engineering contractor will assume control of the flowsheet, cost
estimates, development schedule, and finalise subcontracting arrangements.

Aura currently anticipates the Basic Engineering study will be completed in Q2
2026. Potential strategic investors and financiers are aware of the revised
test work program outlined above and continue to see the development of Tiris
as potentially marking the emergence of a new, strategically important African
uranium province to rival Niger and Namibia.

The key aspect of the test work that needs to be completed relates to the
dewatering of the slurry once it has been leached and before the uranium is
harvested in the ion exchange plan.  Four options are being investigated with
detailed test work underway:

o  Centrifuge;

o  Counter Current Decantation ("CCD"); and

o  The use of polymers to agglomerate fine and coarse particles
facilitating.

 

·      Ongoing Flowsheet Test work:

The flow sheet consists of five key stages

 Activity                                                                  Status                                                                          Commentary
 Beneficiation including screening and thickening                          Screening - testing completed                                                   Screening tests achieved design specifications.

 

                                                                           Thickening - Phase 1 complete. Additional variability testing to be completed   Thickening densities achieved using flocculants. Variability in results
                                                                           in Q1 2026.                                                                     undergoing additional testing.
 Solid Liquid Separation (dewatering of slurry) both before and after the  Current test work program                                                       Optimisation of this process and the associated productivity and cost
 leaching process                                                                                                                                          management continues to be refined. See detail above.
 Leach                                                                     No outstanding test work                                                        No material change from FEED study assumptions

 
 Ion exchange                                                              No outstanding test work                                                        No material change from FEED study assumptions
 Calcination                                                               No outstanding test work                                                        No material change from FEED study assumptions
 Packaging                                                                 No outstanding test work                                                        No material change from FEED study assumptions

 

The Company visited the Port of Tanger Authority in Morocco to discuss the
potential to transship Tiris production through the port to the world market.
The Port Authority is reviewing the application for transshipment of class 7
materials. While the port of Tanger is the preferred route, other shipment
options are being explored by the Company.

Funding and Investment Partners

As Aura moves closer to FID, the Company is seeking to progress funding
arrangements that reflect three principles:

1.   They must offer fair value for shareholders

2.   The financing terms should reflect the long life of the resource

3.   They should represent the lowest available cost of capital

Aura is following a structured and disciplined financing process that ensures
the Company will enter project development from a position of stability and
confidence and continues to engage with potential strategic partners around
the world.

U.S. International Development Finance Corporation ("DFC")

·      Discussions with the DFC for potential project debt funding
advanced toward a credit determination in the period.

·      The Environmental and Social Impact Assessment ("ESIA") was
published on the DFC website, and the public comment period is complete.

·      DFC's new Chief Executive Officer Ben Black was confirmed by the
U.S. Senate with bipartisan support in October 2025.

·      In December 2025, DFC received a six-year reauthorisation with
expanded authorities, which included an investment cap increase by over 300%
to US$205 billion and the authority to make substantial minority equity
investments (up to 40% ownership).

·      DFC's credit determination requires the Project to be execution
ready, including finalised construction and supply contracts (such as the
Engineering Procurement Construction Management ("EPCM") contract) and
detailed construction and operating plans.

Aura continues to advance these requirements; however, additional time will be
required. As a result, DFC funding and the associated Final Investment
Decision ("FID") are now expected in Q3 2026.

Häggån Polymetallic Project

On 5 November 2025, the Parliament of Sweden voted to overturn the historic
uranium mining ban, effective 1 January 2026. Uranium has now been
reclassified as a concessional mineral under the Minerals Act allowing
exploration and extraction permits under existing mining laws, signaling the
rebirth of Sweden's uranium mining industry.  Sweden hosts some of the
world's largest undeveloped uranium resources. This reclassification aligns
with and supports the country's strategic objective to increase its nuclear
electricity generating capacity and energy security.

Aura's subsidiary, Vanadis Battery Metals ("Vanadis"), applied for an
Exploitation Concession and during the period submitted additional
information, addressing questions raised by the County Administrative Board
("CAB"), in support of the Häggån's Exploitation Concession application.
 The CAB raised further queries relating to the project in December.

With the uranium mining ban lifted at the start of the year, Vanadis has now
notified the Swedish Mines Inspectorate that it will seek to have the Häggån
exploitation licence application amended to include uranium exploitation
within its existing tenure. The process to amend the application is being
discussed with the Mines Inspectorate and the CAB, and the CAB's additional
queries of December will be addressed in this phase.

On 24 November 2025, Sweden's Mining Inspectorate "Bergsstaten" granted
Vanadis an exploration permit for the Gräsmyråsen nr 1 tenement in Jamtland
with validity to 20 November 2028. The Gräsmyråsen tenement covers 1012.12
hectares, lies to the west of, and adjacent to, Vanadis' existing Häggån nr
1 tenement. The new exploration permit will supplement the Company's existing
assets and adds coordination benefits, making exploration work more efficient
and cost effective in this high potential area.

 

Häggån is a substantial polymetallic deposit, hosting uranium, vanadium,
nickel, molybdenum, zinc, and sulphate of potash - all essential to the energy
transition sector. Vanadium is also classified by the European Union as a
critical raw material under the Economic Union's Critical Raw Materials Act.

The Häggån Project uranium Mineral Resource is currently being updated and
converted to a Mineral Resource estimate in accordance with the JORC Code
(2012 Edition). The updated JORC 2012 compliant Mineral Resource estimate,
including the relevant JORC Tables and Competent Person validation, will be
announced once finalised.

Post-balance date, a valuation of C$50 million (A$55 million) was established
for the Häggån project as MMCAP International Inc. SPC and other strategic
investors agreed to provide funding of C$10 million for a 19.7% interest in
the Häggån Project.

Aura has entered into a binding agreement to transfer 100% of the Häggån
project to SIU Metals Corp ("SIU Metals"), an unlisted Canadian public
company, in consideration for acquiring shares in SIU Metals. The agreement
will result in SIU Metals being the 100% owner of the Häggån project.

Aura will retain 78.7% ownership of SIU Metals, the strategic investors will
own 19.7% after contributing C$10 million via a private placement, and other
investors will own 0.6%. SIU Metals' existing shareholders will retain 1%. SIU
Metals intends to seek a stock market listing on the TSX Venture Exchange in
connection with the transaction.

Aura will rename SIU Metals and appoint new officers and directors on closure
of the transaction, which is expected in June 2026. Funds committed by the
strategic investors will be used for the advancement of the Häggån project,
including permitting and resource expansion through continued exploration
including on surrounding tenements.

On 5(th) February 2026, the Swedish government issued a press release
confirming that it intends to amend the Nuclear Activities Act so that uranium
mining would not be considered a nuclear facility, which currently entails a
municipal veto. It is anticipated that amendments to the Act will be put
before Parliament around the end of Q1 2026, and new legislation enacted in
July 2026. This policy change has been well-flagged and supports the
government's nuclear agenda.

At the same time, the government announced that it would hold an enquiry into
the mining of alum shale, and whether a veto should be applicable relating to
that geology specifically. The previous government in 2020 held a similar
enquiry into the mining of alum shale, and concluded that no special veto
rights should apply given Sweden's existing rigorous permitting requirements.

The Company is engaging with the government of Sweden to discuss the terms of
reference and timing of the enquiry. The Company welcomes the opportunity to
contribute technically to the enquiry, to demonstrate the safety of alum
shale, and the certainty that this will bring to the permitting process while
addressing local communities' concerns.

A review of market conditions subsequent to the government's announcement, and
discussions with SIU Metals and feedback from the strategic investors indicate
that the industrial logic of the transaction remains unchanged however the
timing of the transaction is no longer optimal for a listing on the TSX
Venture Exchange. The parties to the transaction have therefore agreed that it
should be deferred until there is greater legislative certainty in Sweden.

As a consequence of the deferral, Aura continues to own 100% of the Häggån
deposit and will continue to fund ongoing costs from the corporate treasury.
The board will continue to work with Aura's shareholders and other strategic
investors to look for opportunities to highlight the value of the enormous
optionality which Häggån represents.

Corporate

During the period two key board appointments were made:

·      Mr Ousmane Mamoudou Kane (appointed 10 July 2025)

Former Finance Minister and Minister of Economic Affairs of Mauritania, and
past Governor of the Central Bank. Mr Kane's experience spans public policy,
development finance, and leadership roles including CEO of SNIM and
Vice-President of the African Development Bank.

·      Ms Michelle Ash (appointed 16 September 2025)

Global mining executive with leadership roles at BHP, Barrick Gold, OZ
Minerals, and Dassault Systèmes. Ms Ash is a Fellow of the Australasian
Institute of Mining and Metallurgy ("AusIMM"), a Graduate of the Australian
Institute of Company Directors ("GAICD") and holds an MBA.

Former Managing Director and CEO Andrew Grove resigned as Managing Director
and CEO during the half and Executive Chair Phil Mitchell assumed
accountability for day-to-day operational management ensuring continuity,
specifically regarding critical current workflows including funding
discussions with the U.S. International Development Finance Corporation and
potential strategic partners.

A process has commenced to appoint a Lead Independent Director from amongst
the Non-Executive Directors for the period that Mr Mitchell acts in the role
of Executive Chairman.

My Bryan Dixon advised the Company that he would not stand for re-election at
the AGM in November and resigned as a Non-Executive Director and Chair of the
Audit and Risk Committee effective at the conclusion of the AGM.

Ross Kennedy resigned as Company Secretary and Mindy Ku was appointed into the
role on 22 December 2025. Ms Ku has over 20 years' experience in governance,
compliance reporting, board reporting and company secretarial services in
Australia and other jurisdictions.

Financial Review

The Group's consolidated net loss for the half year ended 31 December 2025
after providing for income tax amounted to $6,586,455 (31 December 2024:
$11,247,222).

The loss for the period is primarily driven by:

§ Employee benefits of $2,441,188 (2024: $721,729)

§ Corporate & administrative expenses of $3,312,046 (2024: $2,363,435)

§ Share based payment expenses of $892,252 (2024: $5,791,240)

§ No impairment expenses of the Group's Tasiast South Gold Exploration and
Evaluation assets (2024: $2,630,088)

The Group held net assets of $56,378,976 as at 31 December 2025 (30 June 2025:
$60,828,033), including cash and cash equivalents of $4,195,326 (30 June 2025:
$11,740,860).

Refer to the preceding "Operations Review" section for further details on the
operations of the Company.

Key Risks

Management of the business and the execution of the Board's strategy are
subject to a number of key risks and uncertainties, our approach to managing
these is detailed below:

Health and safety

Exploration and mining include safety risks from both internal and external
factors and require necessary precautions to be put in place to minimise
adverse outcomes. The most prominent risk, due to the geological spread of
exploration activities, is associated with the transportation of personnel to
and from project sites, particularly the risk of road injuries and fatalities.
The Company has in place an OH&S policy that is required to be adhered to
at all times by its employees and contractors and will implement additional
policies and protocols as activity ramps up, including transportation
standards policies, vehicle safety checks and establishing emergency response
protocols.

Tenure Risks

Mining and exploration tenements are subject to periodic renewal, and there is
no guarantee that the Company's current or future tenements or applications
will be approved. The Company's tenements in Mauritania and Sweden must comply
with the respective mining acts, and maintaining, renewing, or obtaining
additional exploration or mining licenses depends on securing the necessary
statutory approvals and fulfilling the required conditions of the permits,
such as development obligations and milestones.

The Mauritanian Mining Code requires the permit holder to initiate mining
exploitation work or project development within 24 months of the granting of
the operating permits. While the commencement date of this period is open to
interpretation, it is understood that the Ministry may consider it to have
expired in January 2025. The Mining Code permits the Minister to extend the
development period under specific conditions or to issue a default notice if
development does not occur within the specified timeframe.

The Tiris exploitation permits are also subject to timing requirements under
related agreements, including a previously agreed 36-month extension to the
development schedule for the Tiris Uranium Project, which contemplates project
construction and commencement of production by early 2027. The Company's
current development timetable reflects the deferral of the Final Investment
Decision, now targeted for Q3 2026.

Under these laws and agreements, the Minister has discretion to extend
development timeframes, and the agreements provide for a process of good-faith
consultation with the Government if project timing requires adjustment.

The Company continues to progress project financing, technical, and
engineering activities, and maintains ongoing engagement with the Ministry,
including recent correspondence updating progress and the revised schedule.
Based on external legal advice, the exploitation permits remain valid and in
full force. As at the reporting date, no default notice has been received. The
Company intends to formalise an updated development timetable as project
milestones are further defined.

At Häggån an Exploitation Permit application for Häggån K nr 1 was
submitted to the Swedish Mining Inspectorate in August 2024. While the Swedish
Mining Inspectorate considers the Exploitation Permit application the Häggån
no 1 exploration license remains valid. The Company believes these
applications will be considered favourably due to the considerable expenditure
and work undertaken over the Project to date.

There is no assurance that the renewals or applications will be granted on a
timely basis or without any new conditions, such as increased expenditure or
work commitments. The imposition of new conditions or the inability to meet
those conditions may adversely affect the operations, financial position
and/or the performance of the Company. Additionally, the Company cannot
guarantee that tenement applications or renewals will be granted in full, in
part, or on a timely basis.

Exploration and Development Risks

Mineral exploration and development activities are inherently risky. There is
a risk that the feasibility study and associated technical work may not
achieve the expected results and that a failure to develop and operate
projects in accordance with expectations could negatively impact results of
operations and the company's financial position. Risks to the Company's
development projects include the ability to acquire and/or obtain appropriate
access to property, regulatory approvals, supply chain risks, construction and
commissioning risks.

Community/Social Risk

The Group's operations take place amidst varying cultural practices. The
evolving expectations of these communities are managed through active
community engagement, development and implementation of community relations
strategies based on stakeholder concerns and maintaining strong relationships
with communities and delivering on its commitments.

Regulatory and Compliance Risk

The company faces challenges related to new or evolving regulations and
standards that are beyond its control. These regulations are often complex and
challenging to predict. Opportunities for growth and development may be at
risk due to changes to fiscal or regulatory frameworks, adverse changes in
tax or other law, differences in sustainability standards and practices, or
shifts in existing political, judicial, or administrative policies, as well as
evolving community expectations.

Anti-Bribery and Corruption Risk

Aura has a clear policy alongside internal controls and procedures aimed at
mitigating risks associated with Anti-Bribery and Corruption, includes
providing training and compliance programs to both employees and contractors.
These programs address various risks and associated scenarios, including
unauthorised payments or offers of payments involving employees, agents, or
distributors, which could potentially violate relevant anti-corruption laws.

Operations in Foreign Jurisdictions

The Company operates in foreign jurisdictions, specifically in Mauritania and
Sweden, where its projects are located. These projects are exposed to various
risks, including the potential for unfavourable political and economic
changes, fluctuations and controls related to foreign currency, civil unrest,
political upheavals, or conflicts. Furthermore, unforeseen events can curtail
or interrupt operations on these properties, restrict capital movement, or
lead to increased taxation. The Company remains proactive and closely monitors
the political and economic landscapes of the jurisdictions in which it
operates.

Market Risk

The Company is developing mineral projects with the intention to produce
commodities for sale across a variety of markets. Forecast of supply and
demand dynamics and the pricing that may be received for those products is
inherently complex and subject to factors outside of the Company's control.
There is a risk that factors outside of the Company's control may negatively
affect markets. These factors could include geopolitical events, over supply
or reduced demand. The Company mitigates this risk through efforts to engage
offtake contracts to ensure consistency in pricing and through
diversification of products.

Funding Risk

The Company will require additional funding to bring the Tiris Uranium Project
into production and advance the Häggån Polymetallic Project. There is a risk
that funding may not be available on acceptable terms for these projects. The
Company seeks to mitigate this risk by diversifying potential funding sources
between debt, equity, joint venture partnering and other options. Additional
work to de-risk technical, social, environmental and permitting will increase
the availability of funding options.

The Company is also exposed to a range of market, financial and governance
risks. The Company has risk management and internal control systems to manage
material business risks which include insurance coverage over major
operational activities and regular review of material business risks by the
Board.

Significant changes in the state of affairs

There were no significant changes in the state of affairs of the Group during
the Period.

Events occurring after the balance sheet date

On 23 January 2026, the Company announced that it had entered into a binding
agreement to transfer 100% of its interest in the Haggan Project to SIU Metals
Corp, an unlisted Canadian public company, in exchange for equity
consideration. Aura is expected to retain 78.7% ownership of SIU Metals,
strategic investors 19.7% following a C$10 million private placement and other
investors will own 0.6%. The transaction implied a Project valuation of ~C$50
million.

On 5 February 2026, the Government of Sweden announced its intention to
modernise the Nuclear Act to remove uranium mining from the nuclear facility
classification and commenced an inquiry into whether a specific municipal veto
should apply to alum shale mining. In light of the resulting legislative
uncertainty and current market conditions, Aura and SIU Metals have agreed to
defer the proposed transaction and associated listing on the TSX Venture
Exchange. Aura Energy retains 100% ownership of the Häggån deposit and will
continue to engage with shareholders and strategic investors to assess options
to realise the long-term value and strategic optionality of the project.

On 10 February 2026, the Company announced that it had successfully completed
a $20 million capital raising (before costs) via the placement of
approximately 97.6 million fully paid ordinary shares at an issue price of
A$0.205 per share.  The Placement was strongly supported by Australian and
global institutional and sophisticated investors with demand in excess of
funds sought. Funds raised from the Placement will be applied to progressing
the developmental activities at the Company's Tiris Uranium Project, FID
readiness, exploration, resource definition and for general working capital
purposes

On 10 February 2026, the Company issued 2,000,000 fully paid ordinary shares
to a consultant following the successful satisfaction of a pre-defined
performance milestone. These shares were issued in accordance with the terms
of the consultancy agreement as consideration for services rendered to the
Group.

Dividends

No dividends have been paid or declared by the Company for the current
financial period. No dividends were paid for the previous financial period.

 

Auditor's independence declaration

A copy of the auditor's independence declaration as required under section
307C of the Corporations Act 2001 (Cth) is viewable via the link above.

 

This report is made in accordance with a resolution of directors.

 

Philip Mitchell

Executive Chair

13 March 2026

 

 

 

 

 

 

Condensed consolidated statement of

profit or loss and other comprehensive income

For the half year ended 31 December 2025

 

 Expenses
 FX losses                                                                                                 (72,971)     (24,010)
 Employee benefits                                                                                         (2,441,188)  (721,729)
 Corporate & administrative expenses                                       3(a)                            (3,312,044)  (2,363,435)
 Share based payment expenses                                              4,8                             (1,049,383)  (5,791,240)
 Impairment expenses                                                       5(a)                            -            (2,630,088)
 Operating loss                                                                                            (6,875,587)  (11,530,502)

 Net finance income                                                        3(b)                            132,002      283,280

 Loss before income tax expense                                                                            (6,743,585)  (11,247,222)
 Income tax expense                                                                                        -            -
 Loss after income tax expense for the year attributable to                                                (6,743,585)  (11,247,222)

 the owners of Aura Energy Limited

 Loss is attributable to:
 Owners of Aura Energy Limited                                                                             (6,581,544)  (11,183,410)
 Non-controlling interests                                                                                 (162,042)    (63,812)
                                                                                                           (6,743,585)  (11,247,222)
 Other comprehensive income
 Items that may be reclassified to profit or loss:
 Exchange differences on translation of foreign operations                                                 55,621       460,253
 Total comprehensive loss for the year, net of tax                                                         55,621       460,253

 Loss after income tax for the year attributable to equity holders of the                                  (6,687,964)  (10,786,969)
 Company

 Total comprehensive income for the Period is attributable to:
 Owners of Aura Energy Limited                                                                             (6,530,418)  (10,730,966)
 Non-controlling interests                                                                                 (157,548)    (56,004)
                                                                                                           (6,687,964)  (10,786,969)

 Basic and diluted loss (cents per share)                                                                  (0.72)       (1.34)

The above Condensed Consolidated Statement of Profit or Loss and Other
Comprehensive Income should be read in conjunction with the accompanying notes

 

 

Condensed consolidated statement of financial position

As at 31 December 2025

 Assets
 Current assets
 Cash and cash equivalents                                  4,195,326     11,740,860
 Receivables                                                204,400       194,657
 Other current assets                                       291,163       201,291
 Total current assets                                       4,690,889     12,136,808
 Non-current assets
 Security deposits                                          81,178        81,268
 Financial assets                                           100,000       100,000
 Plant and equipment                                        37,530        41,187
 Right of use assets                                        177,805       277,690
 Exploration and evaluation                             5   53,631,253    50,549,459
 Total non-current assets                                   54,027,766    51,049,604
 Total assets                                               58,718,655    63,186,412
 Liabilities
 Current liabilities
 Trade and other payables                               6   2,008,481     1,938,729
 Employee benefits                                          134,289       130,578
 Lease liabilities                                          163,894       196,626
 Total current liabilities                                  2,306,664     2,265,933
 Non-current liabilities
 Employee benefits                                          12,984        7,812
 Lease liabilities                                          20,031        84,634
 Total non-current liabilities                              33,015        92,446
 Total liabilities                                          2,339,679     2,358,379
 Net assets                                                 56,378,976    60,828,033
 Equity
 Share capital                                          7   124,984,338   123,571,260
 Other equity                                               314,346       314,346
 Other reserves                                         8   5,701,512     5,004,992
 Accumulated losses                                         (74,164,295)  (67,763,189)
 Capital and reserves attributable to owners of parent      56,835,901    61,127,409
 Non-controlling interests                                  (456,925)     (299,376)
 Total equity                                               56,378,976    60,828,033

The above Condensed consolidated statement of financial position should be
read in conjunction with the accompanying notes.

 

 

Condensed consolidated statement of changes in equity

As at 31 December 2025

 Balance at 1 July 2025                                         123,571,260  314,346  5,004,992  (67,763,189)  61,127,409   (299,376)  60,828,033

 Loss after income tax expense for the half year                -            -        -          (6,581,544)   (6,581,544)  (162,043)  (6,743,586)
 Other comprehensive income for the half year, net of tax       -            -        51,127     -             51,127       4,494      55,621
 Total comprehensive loss for the half year                     -            -        51,127     (6,581,544)   (6,530,417)  (157,549)  (6,687,965)

 Transactions with owners in their capacity

as owners
 Options exercised, net of equity transaction costs        7    1,189,527    -        -          -             1,189,527    -          1,189,527
 Issue of share to Non-Executive Directors                 4,7  223,551      -        -          -             223,551      -          223,551
 Share based payments                                      4,8  -            -        825,832    -             825,832                 825,832
 Lapse of equity-based payments                            8    -            -        (180,438)  180,438       -            -          -
 Balance at 31 December 2025                                    124,984,338  314,346  5,701,513  (74,164,295)  56,835,902   (456,925)  56,378,976

The above Condensed Consolidated Statement of Changes in Equity should be read
in conjunction with the accompanying notes

 

 

Condensed consolidated statement of changes in equity

As at 31 December 2024

 Balance at 1 July 2024                                         104,536,636  314,346  3,645,166  (53,322,418)  55,173,730    (105,310)  55,068,420

 Loss after income tax expense for the half year                -            -        -          (11,183,410)  (11,183,410)  (63,812)   (11,247,222)
 Other comprehensive income for the half year, net of tax       -            -        452,444    -             452,444       7,809      460,253
 Total comprehensive loss for the half year                     -            -        452,444    (11,183,410)  (10,730,966)  (56,004)   (10,786,969)

 Transactions with owners in their capacity

as owners
 Contributions of equity, net of transaction costs and tax      13,569,159   -        -          -             13,569,159    -          13,569,159
 Share issued in lieu of restructuring fee                      5,384,615    -        -          -             5,384,615     -          5,384,615
 Issue of shares to settle options funding loan                 80,286       -        -          -             80,286        -          80,286
 Loan funded securities                                         -            -        406,625    -             406,625       -          406,625
 Lapse of equity-based payments                                 -            -        (705,048)  705,048       -             -          -
 Balance at 31 December 2024                                    123,570,696  314,346  3,799,187  (63,800,780)  63,883,449    (161,314)  63,722,135

The above Condensed Consolidated Statement of Changes in Equity should be read
in conjunction with the accompanying notes.

 

 

Condensed consolidated statement of cash flows

For the half year ended 31 December 2025

 Operating activities
 Loss after income tax expense for the half year                      (6,743,585)  (11,247,222)
 Adjustments for:
 Depreciation expense                                                 106,304      53,705
 Exchange fluctuations                                                72,971       38,348
 Share based payments                                           4     1,049,383    5,791,420
 Impairment expenses                                            5(a)  -            2,630,088
 Finance costs                                                  3(b)  7,669        81,514
 Change in operating assets and liabilities:
 Decrease/(increase) in other receivables                             (9,743)      (48,167)
 Decrease/(increase) in other operating assets                        (89,873)     (28,103)
 Increase/(decrease) in trade and other payables                      1,223,518    (331,032)
 Increase/(decrease) in employee benefits                             8,881        (44,950)
 Increase/(decrease) in other operating liabilities                   -            (5,960)
 Net cash flows used in operating activities                          (4,374,476)  (3,110,359)
 Investing activities
 Payments for plant and equipment                                     (6,215)      (18,217)
 Payments for exploration and evaluation                        5     (4,186,597)  (5,032,482)
 Net cash used in investing activities                                (4,192,812)  (5,050,699)
 Financing activities
 Proceeds from issue of shares from placement,                        -            13,597,168

net of equity transaction costs
 Repayment of options funding agreement                               -            (1,221,865)
 Exercise of options, net of capital raising costs              7     1,189,527    -
 Finance leases                                                       (102,075)    (62,504)
 Net cash from financing activities                                   1,087,452    12,312,799
 Net decrease in cash and cash equivalents                            (7,479,836)  4,151,741
 Cash and cash equivalents, beginning of year                         11,740,860   16,470,818
 Effects of exchange rate changes on cash and cash equivalents        (65,700)     (28,784)
 Cash and cash equivalents, end of the half year                      4,195,326    20,593,775

The above Condensed Consolidated Statement of Cash Flows should be read in
conjunction with the accompanying notes.

 

For full Notes to the condensed consolidated financial statements, please
review the Interim Financial Report via the link above.

ENDS

Authorisation for release

This announcement is authorised for release by the Board of Aura Energy
Limited.

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:

 Philip Mitchell        SP Angel Corporate Finance LLP  Tamesis Partners LLP

 Executive Chair        Nominated Adviser               Broker

 Aura Energy Limited    David Hignell                   Charlie Bendon

 pmitchell@auraee.com   Adam Cowl & Devik Mehta         Richard Greenfield

 +44 78 2481 5516       +44 203 470 0470                +44 203 882 2868

 

 

 

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

Aura Energy Limited (ASX:AEE, AIM:AURA) is an Australian-based company focused
on the development of uranium and battery metals to support a cleaner energy
future. Aura is committed to creating value for host nations, local
communities, and shareholders through responsible and sustainable resource
development. Aura is advancing two key projects:

·      Tiris Uranium Project, Mauritania - A fully permitted, near-term
development asset with a potential long mine life. 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.

·      Häggån Polymetallic Project, Sweden - A globally significant
deposit containing vanadium, sulphate of potash and uranium with potential
long-term value.

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.

Future funding plans are not commitments and depend on market conditions,
approvals and counterparties; there is no assurance finance will be obtained
on acceptable terms.

 

 

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