Quarterly Activities/Appendix 5B Cash Flow Report

Aura Energy Limited (ASX: AEE, AIM: AURA, “Aura” or “the Company”) a company focused on the fast-tracked development of its Tiris Project in Mauritania (“Tiris” or the “Tiris Project”), is pleased to provide an overview of activities for the period ended 31 March 2023 (“Quarter” or “Reporting Period”) to accompany the Appendix 5B.

KEY POINTS:

• Enhanced Definitive Feasibility Study (EFS) confirms robust financial returns based on a 150% increase in annual production and near-term production potential of the Tiris Uranium Project
• Substantially improved EFS based on a 52% increase in Measured and Indicated Resources at Tiris Uranium Project
• Mining Conventions signed with the Government of Mauritania for the Tiris Uranium Project provide 30 years of financial stability for tax, royalties, and customs associated with the Tiris Uranium Project
• Shareholders’ Agreement (15% shareholding) signed with the Agence Nationale de Recherches Géologiques et du Patrimoine Minier (“ANARPAM”) in Mauritania
• Front-End Engineering Design for the Tiris Uranium Project continues using the revised metrics outlined in the EFS.

Company Activities

During the Quarter the Company delivered a significant milestone with the completion of the EFS that confirmed the robust project economics of the Tiris Project based on the increased resource size and quality. With the signing of the Mining Conventions with the Mauritanian Government, which provides 30 years of financial stability for tax, royalties, and customs associated with the development of the Tiris Project, the company remains on track for a potential final investment decision in Q4 2023.

The company continues to progress with the export permit for the uranium, with the final transport and shipping protocols in the final stages of preparation to allow the permit to be submitted during the next quarter.

Aura continues to support the Swedish government’s strategy to rescind the present ban on uranium mining and continues to progress with the work for the delivery of the exploitation permit for the Häggån Project that supports the independence of Sweden’s future energy supply.

Aura continues to be adequately funded for key programs aimed at supporting a final investment decision in Q4 CY2023.

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