REG - Aura Energy Limited - Quarterly Report for Period Ended 30 June 2024

Aura EnergyAnnouncement

31/07/2024 07:45

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RNS Number : 5532Y  Aura Energy Limited  31 July 2024

 
                                                                                                                                     31 July 2024
 Quarterly Activities Report for the period ended 30 June 2024
 Aura Energy Limited (ASX: AEE, AIM: AURA) ("Aura" or the "Company") is pleased
 to provide its quarterly activities report for the period ended 30 June 2024
 to accompany the Company's Appendix 5B.

 To view the Appendix 5B, please click here:
 http://www.rns-pdf.londonstockexchange.com/rns/5532Y_1-2024-7-31.pdf
 (http://www.rns-pdf.londonstockexchange.com/rns/5532Y_1-2024-7-31.pdf)

 The team at Aura remains focussed on its key priorities being the development
 of the Tiris Uranium Project in Mauritania ("Tiris") as its progresses towards
 a Final Investment Decision ("FID") and the advancement of the Häggån
 Polymetallic Project in Sweden ("Häggån").

 Following the reporting period, AEE informed the market Tiris was fully
 permitted for development and operation after receiving the authorisation to
 develop, mine and produce Uranium Oxide Concentrate ("UOC") issued by the
 Mauritanian Government's National Authority for Radiation Protection, Safety
 and Nuclear Security on 12 July 2024.

 HIGHLIGHTS:

 Tiris' Mineral Resources increased by 55% to 91.3 Mlbs U(3)O(8) 1 

 The drilling program undertaken at Tiris in 2024 has delivered a major
 increase to its Global Mineral Resources:

 •     Global Mineral Resources increased by 55% to 91.3 Mlbs U(3)O(8),
 up from 58.9 Mlbs U(3)O(8) 2  (includes Tiris East and Oum Ferkik Project
 areas)

 •     The 15,262m drill program delivered a significant 28.9 Mlbs
 U(3)O(8) increase in the Tiris East Mineral Resources, totalling 76.6 Mlbs
 U(3)O(8), at a discovery cost of only US$0.14 per lb U(3)O(8)

 •     Measured and Indicated Mineral Resources increased by 35% adding
 10.3 Mlbs U(3)O(8) providing further confidence to the Front-End Engineering
 Design ("FEED") 3  production schedule

 •     The substantial increase in the Tiris Mineral Resources reinforces
 Aura's commitment to progress Tiris towards a development decision by Q1 2025,
 offering:

 o  significant potential to materially enhance the already excellent FEED
 economics of NPV(8) US$388 million and IRR 36% after tax 4 , 5 ,, and

 o  opportunities to boost scale beyond the current 17-year mine life at 2
 Mlbs pa U(3)O(8) production

 Positive drilling results and the increase in Mineral Resources reaffirms the
 exciting future resource growth potential at Tiris from ongoing exploration
 activities.

 Additional Mineral Resources were defined from extensions to known
 mineralisation and exhibit the same characteristics as the current shallow
 free digging mineralisation that has proven exceptional beneficiation
 characteristics.

 Tiris project funding and strategic investor processes commenced

 Aura has engaged highly regarded firm Orimco Pty Ltd ("Orimco") to arrange
 debt funding for Tiris, leveraging Orimco's extensive West African, and
 diverse commodity and project experience. AEE has also engaged Macquarie
 Capital (Australia) Limited ("Macquarie") to progress a process to identify
 and engage with potential strategic investors in relation to a potential
 strategic investment in Tiris and Aura.

 Restructure of the Curzon offtake agreement 6 

 The restructured offtake agreement materially increased the price receivable
 for planned uranium production and released significant value for Tiris:

 •     Average fixed price contract price increases 70% to US$74.75/lb
 U(3)O(8) from US$44.09/lb U(3)O(8) subject to FID by 31 March 2025

 •     Total contracted volumes (fixed and variable priced contracts)
 reduce from 2.6 Mlbs to 2.1 Mlbs over same 7-year term

 •     Additional revenue of US$41 million delivered to the Tiris Project
 cash flows at a uranium price of US$80/lb U(3)O(8)

 •     Project NPV(8) increases US$22 million to US$388 million and IRR
 improves 2% to 36% compared to Front End Engineering Design ("FEED") study
 economics 7  delivered in March 2024

 Balance Sheet

 As of 30 June 2024, the Company had cash of A$16.5 million. Further near-term
 funding is expected to be received from the completion of the previously
 announced USD3.5 million (A$5.4 million) Curzon placement(6a, 6b).

 Activities and milestones after the reporting period

 •     A Tiris project update was delivered on 4 July 2024, outlining
 five key steps that have commenced supporting Aura's objective of finalising a
 mine development decision by Q1 2025, including:

 o  Appointment of experienced West African project director Jan Booyse and
 his company, Project EQ, to lead the project development at Tiris

 o  Appointment of Kenmore Mine Consulting to complete a mine plan
 optimisation review

 o  Appointment of Lycopodium to oversee an optimisation and project
 enhancement study

 o  Knight Piésold Consulting appointed to oversee water resource drilling in
 the abundant and proximate Taoudeni Basin

 o  Highly credentialled, Bruce Harvey appointed to review and update the
 Companies Environment Social Governance ("ESG") framework

 •     Tiris is now fully permitted for development and operation after
 receiving the authorisation to develop, mine and produce Uranium Oxide
 Concentrate ("UOC") issued by the National Authority for Radiation Protection,
 Safety and Nuclear Security on the 12 July 2024

 Aura MD and CEO, Andrew Grove commented:

 "Our team at Aura, and our key partners, have continued to work hard over the
 June quarter and together we've made significant advances towards the
 development of our exciting Tiris Uranium Project into what we believe will be
 a globally significant uranium mine.

 We are focussed on advancing the project on multiple fronts in order to meet
 our commitment to progress Tiris towards a Final Investment Decision in early
 2025. We look forward to keeping our valued shareholders and diverse
 stakeholders informed of our progress throughout the remainder of 2024 and
 into next year."

Tiris Uranium Project, Mauritania

The Tiris Uranium Project 8  located in Mauritania is a potential near-term,
low-cost, long-life uranium mine producing 2Mlbs pa U(3)O(8) over the
currently defined 17-year mine life with production expected to commence in
2026/27.

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

•     Completion of the exploration drilling program

•     Update to the Mineral Resources at Tiris

•     Restructure and enhancement of the Curzon offtake contract

•     Funding activities commenced

Tiris Uranium Project Mineral Resource update

The drilling program undertaken in 2024 has delivered a major increase to the
Project's Global Mineral Resources ("MRE") totalling 184 Mt at 225ppm for 91.3
Mlbs U(3)O(8) at a 100ppm cut-off grade.  This is a 55% increase in the
contained U(3)O(8) from the previous MRE, reported in 2023, of 113 Mt at
236ppm for 58.9 Mlbs 9  U(3)O(8).

This drilling program was aimed at assessing additional resource potential at
Tiris East and delivered a 10.3 Mlbs or 35% increase of Measured and Indicated
("M&I") Resources, which stands at 83 Mt @ 219ppm for 39.9 Mlbs U(3)O(8,)
and a 76% increase in total Inferred Resource, which stands at 102 Mt @ 229ppm
for 51.4 Mlbs U(3)O(8). The detail of the upgraded resource across the project
areas and the previous resources are shown in Table 1 and Figure 1.

In April 2024 10 , Aura completed an air core ("AC") drilling program of 2,995
holes for 15,263 metres, a 37% increase in the total number of holes available
for resource calculations, to evaluate a previously announced exploration
target of between 8 Mlbs and 32 Mlbs 11 . The Mineral Resource increase of
32.4 Mlbs U(3)O(8) exceeded the upper end of the exploration target range,
providing strong support to Aura's exploration methodology, and is a strong
indication to the mineralisation potential that may be available in regional
leases that are currently under application 12 .

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

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

Tiris Exploration

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

The drill programme was designed to demonstrate the excellent Mineral Resource
growth potential in the Tiris area and to further enhance the Project value
through either extending mine life and/or expanding production capacity in the
future. The results of which resulted in a 55% increase in the Mineral
Resources to 91.3 Mlbs U(3)O(8) 13  reported during the quarter.

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

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

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

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

 Tiris Global Mineral Resource Estimate as at June 2024
 Area                     Class      Mt   Grade ppm U(3)O(8)  Mlbs U(3)O(8)
  Tiris East              Measured   34   230                 17.3
                          Indicated  48   212                 22.6
                          Inferred   79   210                 36.7
                          Total      162  215                 76.6
 Oum Ferkik               Inferred   22   294                 14.6
 Total Mineral Resources  Measured   34   230                 17.3
                          Indicated  48   212                 22.6
                          Inferred   102  229                 51.4
                          Total      184  225                 91.3

Table 1 -Tiris Global Mineral Resource Estimate reported using a 100ppm
U(3)O(8) cut-off grade

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

 

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

 

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

 

Curzon offtake restructure

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

The new contract will provide for a fixed volume of 300,000lbs per annum of
uranium concentrate to be delivered over seven years, totalling 2.1Mlbs
U(3)O(8).

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

•     Case A: If an investment decision on the Tiris project is made by
31 March 2025, Curzon will pay an average Fixed Price of US$74.75/lb U(3)O(8),
Market Price subject to a 4% discount

•     Case B: If an investment decision is made by 30 September 2025,
Curzon will pay an average Fixed Price of US$72.25/lb U(3)O(8), Market Price
subject to a 4% discount

•     Case C: If an investment decision is made between 1(st) October
2025 and 15 August 2030, Curzon will pay an average Fixed Price of US$65.25/lb
U(3)O(8), with a further US$1.25/lb U(3)O(8) decline in Fixed Price for each
year of delay in the investment decision post 2025, Market Price subject to a
5% discount

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

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

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

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

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

Updating the FEED 15  (#_ftn15) economics with the new offtake pricing results
in a significant increase in revenue of US$41 M and increases the NPV(8) to
US$388 M from US$366 million, IRR also increases by 2% to 36%, Table 2. All
other inputs into the FEED economics remain unchanged.

 

                                  Units             FEED   FEED
                                  Base Case                New Contract Pricing
 Uranium Price                    US$/lbs U(3)O(8)  $80    $80
 Avg Annual Production            Mlbs pa U(3)O(8)  2      2
 Post-tax NPV(8)                  US$ million       366    388
 Post-tax IRR                     %                 34%    36%
 Average All-in Sustaining Costs  US$/lbs U(3)O(8)  34.5   34.5
 Life of Mine Revenue             US$ million       2,354  2,395
 Initial Life of Mine             Years             17     17
 Capital Expenditure              US$ million       230    230
 Payback period                   Years             2.5    2.5

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

Tiris funding commenced

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

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

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

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

Other Tiris Activities

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

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

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

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

•     Preparation for water development activities

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

Häggån Project Update

The Häggån Polymetallic Project, located in the municipality of Berg in the
county of Jämtland, hosts a globally significant 2 billion tonne polymetallic
Mineral Resource 16   which includes 800 Mlbs of U(3)O(8) 17 (.) The primary
metals and minerals are vanadium, sulphate of potash ("SOP") and uranium, with
nickel, molybdenum and zinc also present.

Approximately 14 percent of the known value of the asset is uranium. Including
uranium into the previously published scoping study 18   increased the
Project NPV by 37% at a uranium price of US$65/lb U(3)O(8) from the previously
stated range of between US$456 million to US$1,307 million.

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

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

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

Corporate Activities

Option Funding Agreements

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

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

Private Placement and Share Purchase Plan

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

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

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

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

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

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

Cash and Cash Forecast

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

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

•     Proceeds from exercise of options of A$2.5 million

•     Net proceeds from the SSP of A$1.7 million

•     Repayment of options funding loans of A$1.4 million

•     Admin and corporate costs of A$0.9 million

•     Staff costs of A$0.3 million

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

Remuneration Consultant

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

September Quarter Planned Activities

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

•     Continue Project development funding activities

•     Optimisation of mine plan and review potential Project scale on
the based upon the enhanced 91.3Mlbs U(3)O(8) Mineral Resource 19  (#_ftn19)

•     Offtake contract negotiations

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

•     Review of engineering and capital cost optimisation

•     Geometallurgy, engineering and design work to support development
activities

•     Baseline environmental and radiation monitoring

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

At Häggån the planned activities include:

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

June 2024 Quarter ASX and AIM Announcements

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

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

•     Update to Curzon Offtake
Agreement
                                16 April 2024

•     Tiris extensional drill programme completed
                                   29 April 2024

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

•     Results of General Meeting
 
 21 May 2024

•     Oversubscribed Share Purchase Plan
                                       30 May 2024

•     Aura commences strategic development funding process
                     3 June 2024

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

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

Tenement Summary

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

 Tenement No.       Name               Grant / Application Date  Expiry                                                    Km(2)  Holder                          Equity
 Mauritania
 2491C4             Ain Sder           8/02/2019                 7/02/2049                                                 207    Tiris Ressources SA             85%
 2492C4             Oued El Foule      8/02/2019                 7/02/2049                                                 190    Tiris Ressources SA             85%
 2490C4             Oum Ferkik         19/05/2017                Pending approval of application for Exploitation License  60     Aura Energy Limited             100%

 (formerly 561)
 2365B4             Oued El Foule Sud  04/12/2023                03/08/2026                                                166    Aura Energy Limited             100%
 2457B2             Hadeibet Belaa     08/12/2023                07/08/2026                                                41     Tiris International Mining Co.  100%
 2458B2             Touerig Taet       08/12/2023                07/8/2026                                                 134    Tiris International Mining Co.  100%
 Sweden
 2007-243           Häggån nr 1        28/08/2007                28/08/2024                                                18     Vanadis Battery Metals AB       100%
 2016:9             Möckelåsen nr 1    21/01/2016                21/01/202                                                 18     Vanadis Battery Metals AB       100%
 2016:7             Skallböle nr 1     20/01/2016                20/01/2028                                                8      Vanadis Battery Metals AB       100%

Table 3 - Tenement Summary

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

ENDS

The Board of Aura Energy Ltd has approved this announcement.

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

For further information, please contact:

 Andrew Grove                                   Paul Ryan                                               SP Angel Corporate Finance LLP

 Managing Director and CEO                      Sodali & Co                                             Nominated Advisor and Broker

 Aura Energy Limited                            Investor & Media Relations                              David Hignell

 agrove@auraee.com (mailto:agrove@auraee.com)   paul.ryan@sodali.com (mailto:p.ryan@morrowsodali.com)   Adam Cowl

 +61 414 011 383                                +61 409 296 511                                         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 ASX announcement (Announcement) contains various forward-looking
statements. All statements other than statements of historical fact are
forward-looking statements. Forward-looking statements are inherently subject
to uncertainties in that they may be affected by a variety of known and
unknown risks, variables and factors which could cause actual values or
results, performance or achievements to differ materially from the
expectations described in such forward-looking statements. The Company does
not give any assurance or guarantee that the anticipated
results, performance or achievements expressed or implied in those
forward-looking statements will be achieved.

Competent Persons Statement

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

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

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

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

 

 

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

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

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

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

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

 6 (a) ASX and AIM Release: 16 April 2024 - Offtake restructure delivers
significant value

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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