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

The Interim Financial Report is also available on the Company's website at: 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

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

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

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

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

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

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:

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.