Quarterly Report for the Period Ending 31 December 2022

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 December 2022 (“Quarter” or “Reporting Period”) to accompany the Appendix 5B.

KEY POINTS:

• Completion of the Tiris Project’s 11,600-metre infill drilling program, which has been undertaken to increase the percentage of the 56 Mlbs U3O8 to Measured or Indicated status.
• Australian Nuclear Science and Technology Organisation (ANSTO) Minerals confirmed that the yellowcake product from the Tiris Uranium Project in Mauritania meets ASTM International specifications.
• Continued to progress the Tiris Project optimised feasibility study targeting a 3 Mlbs U3O8 on target for completion in Q1 2023.
• Commenced the Front-End Engineering Design of the Tiris Project.
• Swedish election held with the new government committing to energy security. The Häggån project development provides a long-term secure domestic energy supply.

COMPANY ACTIVITIES

During the Quarter the Company achieved significant milestones towards increasing the resource size and quality, progressing the Optimisation of the Definitive Feasibility Study, and continuing with the positive discussions with the Government of Mauritania. Aura Chair Phillip Mitchell and senior management visited Mauritania and met with the Minister of Petroleum, Mines and Energy, the Director General and other key government officials to progress the Mining Conventions and other licensing approvals needed to progress the Tiris Project’s development.

Aura’s Managing Director Mr David Woodall visited the Häggån Project post the Swedish election to progress the work that could see Häggån play an essential role in Sweden’s future energy supply. The key focus is the delivery of the exploitation permit key to the development of the project.

TIRIS PROJECT UPDATE

Completion of Infill Drilling at the Tiris Project

During the quarter Aura Energy completed the Tiris Resource Upgrade drilling and logging program. The 11,600-metre infill drilling program was undertaken seeking to upgrade the Measured or Indicated resources to approximately 50% within the Tiris Project and to identify further exploration targets within the tenure (refer to ASX and AIM Announcement 19 April 2022). The drilling results are being interpreted, with an announcement to update the resource scheduled in the coming weeks.

The success of the drilling program and the resource upgrades have been designed to provide the basis for growing the Tiris Project to our long-term goal of expanding the Tiris to 3-5 Mlbs U3O8 per annum within five years of initial production.

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