Earnings release
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QUARTERLY REPORT 28 January 2026 DECEMBER 2025 QUARTERLY REPORT Aurora Energy Metals Limited (Aurora or the Company) (ASX:1AE) presents its Activities Report for the three months ended 31 December 2025. Highlights • Eagle Energy Metals Corp. continued to progress its planned Nasdaq listing via a business combination with Spring Valley Acquisition Corp. II. • Eagle completed payment of the final US$400,000 option extension fee and committed a further US$250,000 to approved work programs. • Eagle listing and option exercise expected to be completed in the current quarter, subject to regulatory approvals, with initial consideration to Aurora expected to comprise approximately A$24 million 1 in Eagle shares based on the deemed issue price. • Aurora completed the acquisition of the Metalbelt WA exploration assets. • Appointment of Mr Aidan Platel as General Manager. • Cash at 31 December 2025 of $1.5 million, with no debt. AURORA URANIUM PROJECT Eagle Option Agreement During the quarter, Aurora and Eagle Energy Metals Corp. ( Eagle) agreed amendments to the Option Agreement relating to the proposed acquisition of the Aurora Uranium Project (AUP). The parties agreed to extend the option period by a further 45 days, reflecting delays caused by the United States Government shutdown. The option period now extends to 2 July 2026. Eagle completed payment of the US$400,000 option extension fee and committed a further US$250,000 to approved work programs during the extended option period. The timing of the resource-based milestone was also amended. Rather than being assessed at the time of Eagle’s US listing, the milestone will now be determined at Eagle’s next SK1300 mineral resource update, anticipated to occur in connection with, or prior to, the pre -feasibility study. This change ensures the milestone assessment is based on the most current resource information. Transaction Structure and Future Milestone Payments Initial consideration comprises US$16 million in Eagle shares, to be settled via the issue of 1.6 million Eagle shares at a deemed issue price of US$10 per share. 1 AUD:USD rate of 0.675
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2 QUARTERLY REPORT Potential further consideration includes: • Up to US$5 million in Eagle shares upon conversion of the existing JORC -compliant resource to an SK1300-compliant Measured and Indicated Resource, comprising: o US$4 million upon achieving a 40Mlb M&I resource; o US$200,000 for each additional 1Mlb (up to a further US$1 million). • US$5 million in Eagle shares upon delivery of a positive Pre-Feasibility Study. • A 1% Net Smelter Royalty (NSR) on future uranium production from the AUP, with Eagle retaining the right to buy back one- half of the royalty for US$1,000,000, or the entire royalty for US$2,000,000. Progress Toward US Listing and Advancement Eagle, together with Spring Valley Acquisition Corp. II, continued to progress the work required for its proposed US listing during and subsequent to the quarter. The parties currently expect the listing to be completed in the first quarter of calendar year 2026, subject to regulatory approvals. Upon completion, Eagle is expected to become Eagle Nuclear Energy Corp., a publicly listed uranium and nuclear energy company on Nasdaq. In preparation for the listing, Eagle strengthened its leadership team, making several strategic senior appointments aimed at ensuring execution capability and public -company readiness in advance of the proposed Nasdaq listing. Subsequent to quarter end, Eagle also announced the engagement of BBA USA Inc. to support planning, design, and optimisation of a drilling and technical assessment program to progress the AUP toward pre-feasibility study readiness. WA EXPLORATION PROJECTS During the quarter, the Company and the vendors agreed a revised acquisition structure for the Metalbelt portfolio. Under the revised terms, Aurora exercised the transaction in December 2025 by making a final consideration payment of $50,000 , in lieu of the previously contemplated option consideration structure. The WA portfolio comprises uranium exploration tenure identified from airborne radiometric anomalies in palaeochannel settings and continues to represent a low -cost, early -stage opportunity for the Company. In parallel, Aurora continued a broader strategic review of complementary projects, that could enhance the existing portfolio and support longer-term growth objectives. CORPORATE Appointment of Aidan Platel During the quarter, Aurora appointed Aidan Platel as General Manager. Mr Platel will play a key role in advancing the Company’s Western Australian strategy, including the ongoing review and assessment of complementary opportunities. Mr Platel’s commercial, transactional and operational experience materially strengthens the Company’s capability to execute both project and corporate growth initiatives.
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3 QUARTERLY REPORT Cash Position As of 31 December 2025, the Company had a cash position of $1.5 million with no debt. ASX ADDITIONAL INFORMATION 1. ASX Listing Rule 5.3.1– Mining exploration activities and investment activity expenditure during the quarter was $44,000. Full details of the activity during the quarter are set out in this report. 2. ASX Listing Rule 5.3.2 – Mining production and development activity expenditure for the quarter was nil and there were no substantive mining exploration activities for the quarter. 3. ASX Listing Rule 5.3.3 – Tenement Schedule – Refer to Appendix 1 for details of the Company’s tenements as of 31 December 2025. 4. ASX Listing Rule 5.4.5 – Payments to related parties of the Company during the quarter and outlined in the Appendix 5B include $64,461 for Salaries, Director Fees and Consulting Fees paid to Directors and $21,010 for a fully provisioned office, and administration and technical staff. THIS ANNOUNCEMENT HAS BEEN AUTHORISED FOR RELEASE BY THE COMPANY'S BOARD OF DIRECTORS ABOUT AURORA ENERGY METALS Aurora Energy Metals is an ASX- listed company focused on the exploration and development of critical mineral assets. Aurora has interests in uranium -focused assets in Australia and the USA, including the Aurora Uranium Project (AUP) in southeast Oregon; the USA’s largest mineable, measured and indicated uranium deposit (MRE totals 107.3 Mt @ 214 ppm U3O8 for 50.6 Mlbs U3O8, including a Measured Mineral Resource of 59.5 Mt @ 251 ppm U3O8 for 32.9 Mlb U3O8, Indicated of 21.4 Mt @ 184 ppm U3O8 for 8.7 Mlb U3O8 and Inferred of 26.4 Mt @ 157 ppm U3O8 for 9.1 Mlb U3O8). Aurora maintains a strong interest in the AUP and significant exposure to its future upside, via an option agreement that, if exercised, will result in an equity interest in a US -based entity with incentives to advance AUP and intending to publicly-list in the near future. Additionally, Aurora is actively exploring prospective assets in Western Australia, which feature elevated uranium anomalies, as part of its commitment to supplying minerals essential to global energy needs. The Mineral Resource for the AUP was first reported by Aurora in its announcement titled ‘Uranium Resource Up 34% to 50.6Mlb, Maiden Measured Resource’ on 23 November 2022. Aurora Energy Metals Limited confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the Mineral Resource continue to apply and have not materially changed. FOLLOW US ON TWITTER: www.twitter.com/Aurora_1AE FOLLOW US ON LINKEDIN: www.linkedin.com/company/aurora-energy- metals/ CAPITAL STRUCTURE: Share Price (27/01/26): $0.14 Market Cap: $25 million Shares on Issue: 179 million Options on Issue: 22.5 million SHAREHOLDER CONTACT: Steven Jackson Email: info@auroraenergymetals.com Tel: +61 8 6465 5500 BOARD OF DIRECTORS: Peter Lester: Non-Executive Chairman Alasdair Cooke: Non-Executive Director Warren Hallam: Non-Executive Director COMPANY SECRETARY: Steven Jackson SHAREHOLDERS: Directors & Management: 19% Institutional Shareholders: 12% Balance of Top 20: 21% Balance of Register: 48%
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4 QUARTERLY REPORT JORC Disclaimer: Information in this announcement relating to Exploration Results and Mineral Resources is based on information compiled by Mr. Lauritz Barnes (a consultant to Aurora Energy Metals Limited and a shareholder) who is a member of The Australian Institute of Mining and Metallurgy and The Australian Institute of Geoscientists. Mr. Barnes has sufficient experience which 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 under the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Barnes consents to the inclusion of the data in the form and context in which it appears. Information in this announcement relating to Mineral Resources is extracted from the announcement titled ‘Uranium Resource Up 34% to 50.6Mlb, Maiden Measured Resource’ released by the ASX on 23 November 2022. Aurora Energy Metals Limited confirms that it is not aware of any new information or data that materially affects the information included in this announcement and that all material assumptions and technical parameters underpinning the Mineral Resource continue to apply and have not materially changed. Aurora Energy Metals Limited confirms that the form and context in which the Competent Persons’ findings are presented in this announcement have not been materially modified from the original market announcement. The information in this announcement relating to Metallurgical Results is based on information compiled by Mr. Warren Hallam, BSc (Metallurgy), a director of Aurora Energy Metals Limited, who is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM) Mr. Hallam has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he has undertaken to qualify as a Competent Person under the 2012 Edition of the ‘Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Hallam consents to the inclusion in the announcement of the matters based on the information made available to him, in the form and context in which it appears. Previously Reported Information Information in this announcement is based on the following Aurora Energy Metals Limited Announcements, which are available from the Company’s website, www.auroraenergymetals.com.au or the ASX website. All references to the Scoping Study and its outcomes in this announcement relate to the announcement of 15 May 2024 titled “Aurora Uranium Project Scoping Study”. Please refer to that announcement for full details and supporting information. • 23 November 2022 – 34% Increase in Total Uranium Resource to 50.6 Mlbs Maiden Measured Resource Declared at Aurora Uranium Deposit • 26 April 2023 – Positive Review of Historical Uranium Testwork • 29 August 2023 – Scoping Study Metallurgical Testwork Program Underway • 13 December 2023 – Aurora Uranium Project Scoping Study Update • 15 May 2024 – Aurora Uranium Project Scoping Study • 16 December 2024 - Aurora Uranium Project Recovery Improvements • 14 October 2025 - Metallurgical Optimisation Delivers High Recoveries
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5 QUARTERLY REPORT APPENDIX 1 – TENEMENTS (AS OF 31 DECEMBER 2025) Project Name Location Claim Name Interest at 30 September 2025 Interest at 31 December 2025 AEMP Oregon, USA AURORA 11-60 100% 100% AEMP Oregon, USA AURORA 62-64 100% 100% AEMP Oregon, USA AURORA 69-78 100% 100% AEMP Oregon, USA AURORA 82-87 100% 100% AEMP Oregon, USA AURORA 97-108 100% 100% AEMP Oregon, USA AURORA 117-125 100% 100% AEMP Oregon, USA AURORA 134-145 100% 100% AEMP Oregon, USA AURORA 236 100% 100% AEMP Oregon, USA AURORA 238 100% 100% AEMP Oregon, USA AURORA 240 100% 100% AEMP Oregon, USA AURORA 242 100% 100% AEMP Oregon, USA AURORA 244 100% 100% AEMP Oregon, USA AURORA 246 100% 100% AEMP Oregon, USA AURORA 248 100% 100% AEMP Oregon, USA AURORA 250 100% 100% AEMP Oregon, USA CROTALUS CREEK 7-9 100% 100% AEMP Oregon, USA CROTALUS CREEK 23 100% 100% AEMP Oregon, USA CROTALUS CREEK 25 100% 100% AEMP Oregon, USA CROTALUS CREEK 27 100% 100% AEMP Oregon, USA CALD 01-91 100% 100% AEMP Oregon, USA JH 01-71 100% 100% AEMP Nevada, USA JH 72-94, 96, 98, 100 100% 100% AEMP Nevada, USA KB 01-56 100% 100% Harris Lake WA E28/3470* - 100% Bulagin WA E70/6648 - 100% Ucarty WA E70/6649 - 100% Kondinin WA E70/6650 - 100% Lake Harvey WA E70/6651 - -* Mudjalla WA E04/2897 - -* * Under application.
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Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 6 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Aurora Energy Metals Limited ABN Quarter ended (“current quarter”) 87 604 406 377 31 December 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for (32) (83) (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (92) (202) (e) administration and corporate costs (117) (266) 1.3 Dividends received (see note 3) - - 1.4 Interest received 10 20 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) – Option Fees, work program reimbursements from Eagle Energy, bond refund 639 715 1.9 Net cash from / (used in) operating activities 408 183 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements (50) (50) (c) property, plant and equipment - - (d) exploration & evaluation (12) (19)
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 7 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 (e) investments - - (f) other non-current assets - - 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities (62) (69) 3. Cash flows from financing activities - - 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities - - 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material) - - 3.10 Net cash from / (used in) financing activities - - 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 1,122 1,354 4.2 Net cash from / (used in) operating activities (item 1.9 above) 408 183
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 8 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 4.3 Net cash from / (used in) investing activities (item 2.6 above) (62) (69) 4.4 Net cash from / (used in) financing activities (item 3.10 above) - - 4.5 Effect of movement in exchange rates on cash held (7) (8) 4.6 Cash and cash equivalents at end of period 1,461 1,461 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 511 72 5.2 Call deposits 950 1,050 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 1,461 1,122 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 85 6.2 Aggregate amount of payments to related parties and their associates included in item 2 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 9 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. n/a 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) 408 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (12) 8.3 Total relevant outgoings (item 8.1 + item 8.2) 396 8.4 Cash and cash equivalents at quarter end (item 4.6) 1,461 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 1,461 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) N/A Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: n/a 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: n/a
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 10 + See chapter 19 of the ASX Listing Rules for defined terms. 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: n/a Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 28 January 2026 Authorised by: Steven Jackson, Company Secretary (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.