ASX RELEASE                                                                                       23 April 2025

Activities report for the March quarter 2025

Aura Energy Limited (ASX:AEE, AIM:AURA) (Aura or the Company) is pleased to provide its quarterly activities report for the period ended 31 March 2025, accompanying the Company's Appendix 5B.

Aura has made significant strides in the development of its flagship Tiris Uranium Project (Tiris) in Mauritania, West Africa, while also advancing the licensing of the Häggån Polymetallic Project (Häggån) in Sweden.

Activities and milestones at Tiris[1]

Numerous activities have commenced or have been completed during the quarter supporting Aura's objective of producing uranium at Tiris by early CY2027. Key highlights include:

§ Hydrogeological drilling and testing:[2] Hydrogeological specialists Knight Piésold Consulting (Knight Piésold) has defined a ground water supply of 74 L/s, 57% in excess of the Project's water requirements (47 L/s), with sufficient groundwater expected for the Project's life

§ Funding progress: Significant progress has been made with potential financiers and strategic partners to secure funding for the Tiris Uranium Project. Aura, along with its debt and strategic investment advisors, Orimco and Macquarie Bank, continues to actively pursue these funding opportunities. However, at this time the proposals remain non-binding, confidential and not yet at a stage for market announcement

§ Team strengthening: The project development team has been strengthened with the appointment of Mohamed Sid'Ahmed as General Manager Operations (GMO) for the Tiris Uranium Project. Mohamed is a Mauritanian national and experienced mining executive and mining engineer, brings extensive technical, operational and management expertise from both national and international projects. Most recently, he was GMO of Leo Lithium's Goulamina lithium mine in Mali

§ Engineering activities: Engineering activities at Tiris remain on track for delivering the Project in early CY2027. Focus areas include:

§ Basic engineering with Wood on schedule for completion in July 2025

§ Process flowsheet locked with minor amendments to the Front End Engineering Design (FEED) Study flowsheet

§ Development procurement and contract Expressions of Interest (EOI) and Request for Proposal (RFP) process commenced within Mauritania (receiving over 190 responses) and internationally

§ Vendor test work commenced for performance guarantees

§ Refining Project mass and water balances

§ Detailed pumping and pipe design underway

§ Piping and Instrumentation Diagram (P&ID) development underway

§ Power optimisation study received

§ Dynamic simulation commenced

§ Detailed Project execution planning well advanced

Swedish Government inquiry recommends lifting uranium mining ban

The public consultation process period has now closed following the release of the inquiry supporting the lifting the current uranium mining ban, announced on 20 December 2024, by the Government of Sweden.

Aura was invited to and has submitted a supporting submission for the removal of the uranium mining ban. The legislative proposal is anticipated to be brought to the Swedish Parliament for consideration on 1 January 2026.

The assessment of the processing concession for Aura's Häggån K1 by the Swedish Mining Inspectorate continues.

Balance sheet

As of 31 March 2025, the Company had cash of A$16.2 million.

Aura Energy Managing Director and Chief Executive Officer, Andrew Grove said:

"2025 will be a pivotal year for Aura and the Tiris Uranium Project. The work completed during the quarter continues to derisk the Project, including water supply, establishing the team to execute on the development, advancing the basic engineering and securing development funding. This provides a solid platform for the commencement of development at Tiris during 2025.

We look forward to keeping shareholders updated as we progress through 2025."

Corporate activities:

Cash and cash forecast

The Company's cash position as of 31 March 2025 was A$16.2 million. The Company's major cashflow movements for the quarter included:

§  Investments in the Company's exploration and evaluation assets of A$2.7 million

§  Administration and corporate costs of A$1.0 million

§  Staff costs of A$0.5 million

The forecasted net operating cashflow and investment in the Company's exploration and evaluation assets for the coming quarter is A$4.3 million. With a closing cash balance of A$16.2 million, the company has enough cash for 3.8 quarters at current expenditure rates.

June 2025 quarter planned activities

At Tiris, the next steps in progressing towards the construction and development of the Project during the June quarter include:

§  Project development funding

§  Offtake contract negotiations

§  Continue basic engineering, project execution and early works development planning

§  Commence early works programs

§  Geometallurgy, engineering and design work to support development activities

§  Baseline environmental and radiation monitoring

At Häggån the planned activities include:

§  Work to support the exploitation permit application

March 2025 quarter ASX announcements

This Quarterly Activities Report contains information extracted from ASX 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 2012 JORC Code related disclosures referred to in this Quarterly Activities Report can be found in the relevant announcements lodged on the ASX and in the section titled "ASX JORC Related Disclosures" set out in this report. Following is a list of all market sensitive announcements lodged by the Company during the March Quarter:

§  Tiris Uranium Project Update                                                      24 March 2025

§  Half Year Accounts                                                                    13 March 2025

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

Tenement Summary

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

Table 1 - Tenement summary

Note:1: Refer also commentary regarding Mauritanian tenement tenure in the Company's 31 December 2024 Half Year Accounts released to ASX on 13 March 2025

In addition, Aura has a farm-in agreement with Nomads Mining Company sarl, Mauritania, through the Aura subsidiary Archean Greenstone Gold Limited which has earned a 70% interest in Nomads 100%-owned gold exploration permit at Tasiast South in Mauritania (refer to ASX announcement 11 June 2019). As announced in the Company's 31 December 2024 Half Year Accounts, the Company has fully impaired its expenditure on these gold assets.

There were no tenements acquired or disposed during the quarter.

Registered Office

On 7 April 2025, the Company announced a change in its registered office to Level 2, 28 Cantonment Road, Fremantle, WA 6160.

ENDS

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:

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 2024 FEED Study^[3] and Production Target Update^[4] demonstrates Tiris to be a near-term low-cost uranium mine producing 2Mlbspa U₃O₈ over a 25-year mine life with excellent economics and optionality to expand and to accommodate future exploration success.

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 2.0Bt vanadium, sulphate of potash (SOP)^[5] and uranium^[6] resource. Utilising only 3% of the resource, a 2023 Scoping Study^[7] outlined a 17-year mine life based on a 3.6Mtpa production rate.

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.

The Company has concluded that it has a reasonable basis for providing the forward-looking statements and production targets included in this announcement and that material assumptions remain unchanged. The detailed reasons for this conclusion are outlined throughout this announcement, and in the ASX and AIM announcements:

1.     29 March 2023 - Tiris Uranium Project Enhanced Definitive Feasibility Study

2.     28 Feb 2024 - Aura's Tiris FEED Study returns Excellent Economics

3.     11 Sep 2024 - Updated Production Target Improves Economics at Tiris

4.     13 Dec 2024 - Tiris Uranium Project Alternative Production Targets

5.     5 Sept 2023 - Scoping Study Confirms Scale and Optionality of Häggån

The Company confirms that it is not aware of any new information materially affecting the information included in the ASX and AIM announcements:

1.     12 June 2024 - Aura increases Tiris Mineral Resources by 55% to 91.3Mlbs U₃O₈

2.     20 Dec 2024 - Amendment - Tiris Ore Reserve Update

3.     16 Dec 2024 - Substantial increase in Tiris Uranium Project Ore Reserves

4.     22 Aug 2012 - Outstanding Häggån Uranium Resource expands to 800 million pounds

5.     10 Oct 2019 - Häggån Battery Metal Project Resource Upgrade Estimate

All material assumptions and technical parameters underpinning the Tiris and Häggån Project Mineral Resources Estimates continue to apply. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.

ASX and JORC Related Disclosures

Mineral Resources

The information on Mineral Resources for the Tiris Uranium Project in this report is extracted from the ASX release on 12 June 2024 titled "Aura increases Tiris Mineral Resources by 55% to 91.3Mlbs".

The information on Mineral Resources for the Häggån Project in this report is extracted from the ASX releases on 10 October 2019 titled "Häggån Battery Metal Project Resource Upgrade Estimate Successfully Completed" and 22 August 2012 titled "Outstanding Häggån Uranium Resource expands to 800 million pounds". These reports can be viewed at https://auraenergy.com.au/investor-centre/asx-announcements.

The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

Ore Reserves

The information on Ore Reserves for the Tiris Uranium Project in this report is extracted from the ASX release on 20 December 2024 titled "Amendment - Substantial increase in Tiris Uranium Project Ore Reserves".

The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

Production Targets

The information on Production Targets for the Tiris Uranium Project in this report is extracted from the ASX releases on 11 September 2024 titled "Updated Production Target Improves Economics at Tiris" and 12 December 2024 titled "Tiris Uranium Project Alternative Production Targets". These reports can be viewed at https://auraenergy.com.au/investor-centre/asx-announcements.

The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

Scoping Study

The information on Häggån Scoping Study in this report is extracted from the ASX release on 5 September 2023 titled "Scoping Study Confirms Scale and Optionality of Häggån". This report can be viewed at https://auraenergy.com.au/investor-centre/asx-announcements.

The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.