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ASX: AEE | AIM: AURA Powering the nuclear resurgence Bringing significant resources in new uranium jurisdictions to market October 2026
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Important Information – Production T arget & Competent Person Statements This presentation contains a production target for the Tiris Uranium Project and forecast financial information derived from that production target. Those statements are forward-looking statements. The production target is based in part on Inferred Mineral Resources. The production target and the forecast financial information in this presentation are extracted from the Company’s ASX announcement dated 16 October 2026, “Bankable Feasibility Study confirms Tiris as a low-cost, near-term uranium producer” (BFS Announcement), which is available at www.asx.com.au. The Company confirms that all the material assumptions underpinning the production target, and the forecast financial information derived from the production target, in the BFS Announcement continue to apply and have not materially changed. This Cautionary Statement and the Competent Person statements are included in this presentation in accordance with ASX Listing Rules 5.19 and 5.23. This presentation includes forward-looking statements. These forward-looking statements are based on the Company’s expectations and beliefs concerning future events. Forward-looking statements are necessarily subject to risks, uncertainties, and other factors, many of which are outside the control of the Company, which could cause actual results to differ materially from such statements. The Company makes no undertaking to subsequently update or revise the forward-looking statements made in this presentation, to reflect the circumstances or events after the date of this presentation. The Company has concluded that it has a reasonable basis for providing the forward-looking statements, the production target and the forecast financial information included in this presentation, including the reasonable basis to expect that the funding required for the Project will be available when required. The reasons for that conclusion, and the material assumptions on which those statements are based, are set out in the BFS Announcement (including under “Funding”) and in Appendix 4 (Material assumptions) to the BFS Announcement. The production target is based on the Mineral Resource estimate for the Tiris Uranium Project reported in accordance with the JORC Code (2012 Edition) in the ASX and AIM release dated 12 June 2024 “Aura increases Tiris’ Mineral Resources by 55% to 91.3 Mlbs U3O8”, and on the Ore Reserve estimate for the Tiris Uranium Project reported in the BFS Announcement. The Mineral Resources and Ore Reserves underpinning the production target have been prepared by a Competent Person in accordance with the requirements of the JORC Code (2012 Edition). The material assumptions on which the production target and the forecast financial information are based, including the material assumptions about the Modifying Factors, the scheduling of development and production and the availability of project finance, are set out in Appendix 4 (Material assumptions) to the BFS Announcement. The summary of the Ore Reserve estimate required by ASX Listing Rule 5.9.1 is set out in Appendix 2 to the BFS Announcement and JORC Code Table 1 Sections 1 to 4 are set out in Appendix 3 to the BFS Announcement. The Competent Person statements are set out under “Competent Person statement” below. The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX and AIM release dated 12 June 2024, “Aura increases Tiris’ Mineral Resources by 55% to 91.3 Mlbs U3O8”, or the Ore Reserve estimate included in the BFS Announcement. All material assumptions and technical parameters underpinning the Mineral Resource estimates and the Ore Reserve estimate continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcements. In accordance with ASX Listing Rule 5.16.3, the Company advises that, by ore tonnes, the production target for the Tiris Uranium Project set out in this presentation comprises 67.1% Ore Reserves (28.3% Proved Ore Reserves and 38.8% Probable Ore Reserves) and 32.9% Inferred Mineral Resources and, by contained U3O8, 67.7% Ore Reserves and 32.3% Inferred Mineral Resources. Cumulative Inferred Mineral Resources comprise less than 12% of the ore mined in the first five years of the schedule a less than 25% of the ore mined in the first ten years. Table 14 in the BFS Announcement provides details of the Ore categorisations and the periods in which they are scheduled to be mined. 2 Cautionary Statement Cautionary statement: There is a low level of geological confidence associated with inferred mineral resources and there is no certainty that further exploration work will result in the determination of indicated mineral resources or that the production target itself will be realised. This cautionary statement applies equally to the forecast financial information derived from the production target. No exploration target or qualifying foreign estimate is included in the production target. The Company is also aware that ASIC has stated, in its submission to ASX and JORC dated 1 December 2011, that Inferred Mineral Resources may provide reasonable grounds in part for a statement about future matters implying economic viability where the viability of the Company's project is based on Indicated or Measured Mineral Resources (where sufficient work has been done on the Modifying Factors), Ore Reserves, or a combination of these, and where the use of Inferred Mineral Resources is not substantial. The Company understands that ASX applies this test both year by year and across the mine plan as a whole. The Company is also aware that some financiers take a different approach and require Ore Reserves to be prioritised for extraction early in the mine plan. As a result, Inferred Mineral Resources could become a substantial proportion of the year-by-year production targets towards the end of the mine plan. This approach is required by some financiers to ensure that (a) Ore Reserves underpin the servicing of initial capital, which in the Company’s case would be complete by year four, (b) the present value of the project is weighted towards the material that is best understood, and (c) the Company has time to complete infill drilling to upgrade Inferred Mineral Resources to Indicated or Measured Mineral Resources ahead of their extraction. The Competent Person has tested a mine plan based on Measured and Indicated Mineral Resources only (the Ore Reserve case), which produced 74.6 Mt at 227 ppm U3O8 for 37.3 Mlb over 18 years and, at a uranium price of US$90/lb U3O8, a post-tax net present value at an 8% real discount rate of about US$355.3 million and a post-tax IRR of 25%. On that basis, the Company is satisfied that the Inferred Mineral Resources are not the determining factor in the viability of the Tiris Uranium Project. Aura intends to undertake infill drilling to convert Inferred Mineral Resources to Indicated or Measured Mineral Resources before they are scheduled to be mined, although there is no certainty that it will be able to do so. The 2026 Bankable Feasibility Study is a Feasibility Study for the purposes of clause 40 of the JORC Code (2012 Edition). The development capital cost estimate is an AACE Class 3 estimate with an accuracy of ±15%, and certain inputs, including power supply pricing, remain to be finalised. Actual capital and operating costs may differ materially from the estimates in this presentation and the BFS Announcement. The forecast financial information in this presentation, as in the BFS Announcement, assumes that the Project is funded with US$400 million, of which US$220 million is senior and subordinated debt and US$180 million is equity, royalties or other quasi-equity instruments. Funding is not secured, no lender or investor has committed to the Company, and the final funding mix has not been determined. There is no assurance that funding will be available on acceptable terms or at all, and any equity or quasi-equity funding is likely to dilute existing shareholders, potentially substantially.
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Important Information – Production T arget & Competent Person Statements Notes to project descriptions The Company considers it has a reasonable basis for the forward-looking statements and production targets contained in this Presentation. These statements, including process descriptions and estimates of costs, NPV, IRR and payback period, are extracted from the BFS Announcement and are derived from the 2026 Bankable Feasibility Study and the Company’s internal financial model. The production target referred to in this Presentation is based on a life-of-mine schedule comprising 67.1% Ore Reserves (28.3% Proved Ore Reserves and 38.8% Probable Ore Reserves) and 32.9% Inferred Mineral Resources and, by contained U3O8, 67.7% Ore Reserves and 32.3% Inferred Mineral Resources. Inferred material represents less than 12% of ore mined in the first five years and less than 25% in the first ten years. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated or Measured Mineral Resources, or that the production target itself will be realised. Inferred material is scheduled mainly in the second half of the mine life. This is because the early pits draw mostly on Proved and Probable Ore Reserves. The Inferred share rises from about year 16 of the mine schedule, as mining moves into areas with wider drill spacing. From about year 16 to the end of the schedule, about 43% of ore mined is Inferred. Aura intends to convert this material to Indicated or Measured Mineral Resources through infill drilling before it is mined, although there is no certainty that it will be able to do so. The payback period, which ends about 3.2 years after first production, therefore falls almost entirely within the part of the schedule drawn from Proved and Probable Ore Reserves. The Tiris Uranium Project Mineral Resources were reported in the ASX release dated 12 June 2024 “Aura increases Tiris’ Mineral Resources by 55% to 91.3 Mlbs U3O8”. The Ore Reserves previously reported in the ASX release dated 16 December 2024 “Substantial increase in Tiris Uranium Project Ore Reserves” are updated and superseded by the Ore Reserve estimate reported in the BFS Announcement. In respect of the Mineral Resources, the Company confirms that it is not aware of any new information or data that materially affects the information included in that market announcement, and that all material assumptions and technical parameters underpinning the estimate 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 announcements. The Häggån Project Mineral Resource estimate referred to in this Presentation was originally reported in accordance with the JORC Code (2004 Edition) (see ASX Release dated 22 August 2012 “Outstanding Häggån Uranium Resource Expands to 800 Million Pounds” and ASX Release dated 10 October 2019 “Häggån Battery Metal Project Resource Upgrade Estimate Successfully Completed”) and has not been reported in accordance with the JORC Code (2012 Edition). The uranium Mineral Resource comprises an Inferred Mineral Resource of 2.35 billion tonnes at a grade of 155 ppm U3O8 (at a cut-off grade of 100 ppm U3O8), for contained U3O8 of approximately 800 million pounds. A Competent Person has not undertaken sufficient work to classify the historical estimate as a Mineral Resource in accordance with the JORC Code (2012 Edition), and it is uncertain that future conversion work will result in the estimate being reported as a Mineral Resource in accordance with the JORC Code (2012 Edition). Nothing has come to the Company’s attention since the original reporting that causes it to believe the historical estimate is materially misleading or inaccurate. However, the estimate should not be relied upon until conversion under the JORC Code (2012 Edition) is complete. 3 The uranium Mineral Resource is currently in the process of being converted in accordance with the JORC Code (2012 Edition) and to incorporate uranium assay information from exploration drilling subsequent to the ASX Release dated 22 August 2012. No reinterpretation or re-estimation has been completed during the conversion process to date. A full summary of the Resource methodology and validation, which is currently being independently reviewed by the Competent Person, will be included in the relevant JORC Table 1 attached to the future announcement of the JORC Code (2012 Edition) compliant Häggån Mineral Resource estimate. The Company confirms that it is not aware of any new information or data arising from the ongoing JORC Code (2012 Edition) conversion process that materially affects the Häggån Mineral Resource estimate referred to above. Disclaimer Regarding Forward-Looking Statements This presentation 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 indicative only and are not commitments. They are subject to market conditions, regulatory approvals and counterparties, and there is no assurance that finance will be obtained on acceptable terms or at all. Any equity or quasi-equity funding is likely to dilute existing shareholders, potentially substantially. This presentation includes non-IFRS financial information, including C1 cash cost, all-in sustaining cost (AISC), EBITDA and free cash flow. These measures are not defined in, or calculated in accordance with, Australian Accounting Standards or IFRS, have not been audited or reviewed, and may not be comparable to similarly titled measures reported by other companies. They are presented because the Company considers they assist investors to assess the Project’s cost position. Competent Person statement The information in this presentation that relates to Ore Reserves for the Tiris Uranium Project is extracted from the BFS Announcement and is based on, and fairly represents, information compiled by Mr Andrew Hutson of Resolve Mining Services. Mr Hutson is a Fellow of the Australian Institute of Mining and Metallurgy (AusIMM) and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code 2012. Mr Hutson consented to the inclusion in the BFS Announcement of the matters based on his information in the form and context in which it appears. The information in this presentation that relates to Mineral Resources for the Tiris Uranium Project is extracted from the ASX and AIM release dated 12 June 2024, “Aura increases Tiris’ Mineral Resources by 55% to 91.3 Mlbs U3O8”, and was based on information compiled by Mr Arnold van der Heyden of H&S Consultants Pty Limited, a Member and Chartered Professional of the AusIMM, who consented to its inclusion in that release. The confirmations required by ASX Listing Rule 5.23.2 are given above.
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01 Overview 4
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Investment Highlights 1: 100% basis, and based on 8% real discount rate and flat U3O8 concentrate price of US$90 / lb 2: Häggån Mineral Resource per ASX Release 22 August 2012, prepared and first disclosed under the JORC Code 2004. Source: ASX and AIM Release 16 October 2026 (2026 BFS). 3: ASX and AIM Release 16 October 2026 (Market analysis, p.46), drawing on WNA, The Nuclear Fuel Report 2025. Production target: by ore tonnes the life-of-mine schedule comprises 67.1% Ore Reserves (28.3% Proved, 38.8% Probable) and 32.9% Inferred Mineral Resources (67.7% and 32.3% by contained U3O8). Inferred material is under 12% of ore mined in the first five years and under 25% in the first ten. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated or Measured Mineral Resources, or that the production target will be realised. Refer ASX and AIM Release 16 October 2026. 5 1 Flagship Project Tiris with near-term production and robust, bankable economics Post-tax NPV1 of US$500.3m, 28% post-tax IRR, and a 3.2-year payback; first production 2028 3 Tiris exhibits low upfront capital and a simple, free-dig operation US$349.8m development capital, C1 cash cost of US$32.53/lb and AISC of US$41.25/lb; ore mostly within 6 to 8 m 4 Principal approvals granted in Mauritania - a stable and supportive partner Routine permits to follow; mining made up about 76% of exports in 2023 5 Clear path to a Final Investment Decision in December 2026 US$400m funding plan, with advanced US DFC talks on US$150–170m of senior debt; Tiris pilot plant runs from November 2026 6 Leverage a uranium market facing a structural supply deficit 49–60% of 2040 demand must come from mines not yet built; restrictions on Russian-origin enriched uranium are in place Electrification and data-centre demand add to growth; more than 20 countries pledged to triple nuclear by 2050.3 2 Significant scale potential with 900Mlb of uranium resource across two multi-generational assets Tiris: 91.3 Mlb Mineral Resource and an Ore Reserve up 11% to 37.3 Mlb. Häggån, Sweden: 800 Mlb2
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Tiris is a shallow, free-dig mine in production from the end of 2028 1. Refer to the “Funding” section in the ASX and AIM Release 16 October 2026. 2. Production target: by ore tonnes the life-of-mine schedule comprises 67.1% Ore Reserves (28.3% Proved, 38.8% Probable) and 32.9% Inferred Mineral Resources (67.7% and 32.3% by contained U3O8). Inferred material is under 12% of ore mined in the first five years and under 25% in the first ten. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated or Measured Mineral Resources, or that the production target will be realised. Refer ASX and AIM Release 16 October 2026. 6 ORE RESERVE 37.3 Mlb (+11%) 74.6 Mt at 227 ppm U3O8 RESOURCE 91.3 Mlb (+55%) uranium Mineral Resource, including 76.6 Mlb at Tiris East ORE ZONE 5 to 15 m ore starts about 10 cm below surface; free-dig, no blasting, crushing or grinding FIRST ORE 1 2028 by the end of 2028, after about two years of construction PRODUCTION 2 ~1.8 Mlb/yr 46.1 Mlb saleable over a 26-year mine life GROWTH POTENTIAL ~13,000 km2 regional exploration position across the Reguibat Craton Mauritania's first uranium mine, principal approvals granted
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Robust economics with a 28% IRR and a 3.2 payback 2026 BFS, 100% ungeared, at US$90 per pound Please see ASX and AIM Release 16 October 2026, “Bankable Feasibility Study confirms Tiris as a low-cost, near-term uranium producer” for further details. Production target: by ore tonnes the life-of- mine schedule comprises 67.1% Ore Reserves (28.3% Proved, 38.8% Probable) and 32.9% Inferred Mineral Resources (67.7% and 32.3% by contained U3O8). Inferred material is under 12% of ore mined in the first five years and under 25% in the first ten. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated or Measured Mineral Resources, or that the production target will be realised. 7 PROJECT IRR 28% Post-tax, unlevered, at US$90/lb, 100% basis PAYBACK 3.2 yrs from first production POST-TAX NPV8 US$500.3M US$425.3M attributable to Aura shareholders FREE CASH FLOW US$1,479M unlevered, life of mine INITIAL CAPITAL US$349.8M development capital to first production SUSTAINING CAPITAL US$203.4M plus US$20.0M closure and rehabilitation LOM CAPITAL US$12.44/lb all capital, including closure, per pound sold AISC MARGIN ~54% revenue less all-in sustaining cost C1 CASH COST US$32.53/lb including transport and marketing AISC US$41.25/lb Including royalties, sustaining capital, and closure REALISED PRICE US$89.3/lb weighted average, contract and spot MINIMUM DSCR 2.23x on US$220M of senior and subordinated debt
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Scalability: Two uranium assets comprising 900 Mlb 1. ASX and AIM Release 12 June 2024, Aura increases Tiris Mineral Resources by 55% to 91.3 Mlbs. Production target: by ore tonnes the life-of-mine schedule comprises 67.1% Ore Reserves (28.3% Proved, 38.8% Probable) and 32.9% Inferred Mineral Resources (67.7% and 32.3% by contained U3O8). Inferred material is under 12% of ore mined in the first five years and under 25% in the first ten. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated or Measured Mineral Resources, or that the production target will be realised. Refer ASX and AIM Release 16 October 2026. 2. ASX Release 10 October 2019 and ASX Release 22 August 2012, Häggån. 3. ASX and AIM Release 16 October 2026 (Market analysis, p.46). Demand 49–60% of 2040 demand must come from mines not yet built, as data-centre demand, a pledge by more than 20 countries to triple nuclear, and restrictions on Russian uranium tighten the market3 Scale Two multi-generational assets holding 900 Mlb of uranium resources, with upside beyond that Timing Near-term production from high-grade leach feed, about 1.8 Mlb a year at Tiris from the end of 2028 8 Tiris, Mauritania 85% owned 91.3 Mlb resource1 with exploration potential Häggån, Sweden 100% owned 800 Mlb resource2 and critical minerals with optionality with near-term production into a supply-short market
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02 Corporate 9
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Corporate snapshot ASX and AIM listed uranium exploration and development company 1. Share price A$0.093 at 30 September 2026. 2. Cash as at 30 September 2026. 3. Register as at 30 September 2026 (ASX and AIM registers combined). 4. Employee ZEPOs as at 19 September 2026: 37,623,514 zero exercise price options held by 16 directors and employees (2026 Annual Report). 5. ASX daily close (A$) and daily volume. 10 Capital structure (as of 30 Sept) Market capitalisation A$95M Share Price A$0.093 per share Cash A$10.6M Shares on issue 1,019M Employee ZEPO 37.6M Shareholders % Macquarie Group Ltd 15.0% ASEAN Deep Value Fund 6.5% Curzon Uranium 6.5% Global X 5.9% Lind Group 5.7% Sachem Cove 4.7% Top 10 shareholders 56% Top 20 shareholders 67% Management 2.6% Share price (A$) and daily volume A$0.00 A$0.10 A$0.20 A$0.30 0M 25M 50M 75M 100M Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
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Corporate structure Tiris Ressources SA holds the Project Source: ASX and AIM Release 16 October 2026 (Ownership, p.18). Tiris Ressources SA owns 100% of the Project. 11 Aura Energy Limited ASX: AEE | AIM: AURA · Australia 100% 100% 100% 100% 100% Tiris Zemmour Resources Pty Ltd Australia North-East Resources Pty Ltd Australia Aura Energy Mauritania Pty Ltd Australia Vanadis Battery Metals Sweden Archean Greenstone Gold Ltd Australia 100% Tiris International Mining Company Sarl Mauritania 100% Mauritania Services Sarl Mauritania 85% Tiris Ressources SA Mauritania 70% Nomads Mining Sarl Mauritania ANARPAM 15% carried interest, free-carried through construction
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Board of Directors Refreshed through FY2026 to add technical capability and Mauritanian representation 12 Philip Mitchell EXECUTIVE CHAIR Former Head of Business Development and Strategy at Rio Tinto and CFO of Rio Tinto Iron Ore, and a member of Anglo American's Executive Committee. Led Rio Tinto's response to the BHP takeover proposal. Executive Chair since June 2025 Patrick Mutz NON -EXECUTIVE DIRECTOR Over 40 years in uranium and mining across open-cut, underground and in-situ operations. Former CEO of Deep Yellow, Alliance Resources and Heathgate Resources, and Image Resources. Currently Managing Director and CEO of American West Gold Limited Warren Mundine AO NON -EXECUTIVE DIRECTOR Business leader and advocate for Indigenous economic development, with 40 years across the public, private and community sectors. Chairman of Nyungga Black Group and of the Australian Indigenous Education Foundation. Warren is Chair of the Nominations and Remuneration Committee Ousmane M. Kane NON -EXECUTIVE DIRECTOR Former Minister of Finance and Minister of Economic Affairs of Mauritania, Governor of the Central Bank of Mauritania and CEO of SNIM. Leads Aura's engagement with strategic investors and financiers Michelle Ash NON -EXECUTIVE DIRECTOR More than 30 years in senior roles at BHP, Barrick Gold, Dassault Systèmes and OZ Minerals, focused on innovation, technology and growth. Chair of Magnium Australia and NatBridge Resources. Fellow of AusIMM. Michelle is Chair of the Audit and Risk Committee and Lead Independent Director
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Management team Built out through FY2026 to carry Tiris from study into construction 13 Spencer Davey CHIEF FINANCIAL OFFICER Led Business Development and Special Projects at Fortescue, where he arranged US$1.2B funding for Iron Bridge. Previously CFO of AIM-listed Ascent Resources Jeremy Carter CHIEF STRATEGY OFFICER Aura's strategy and technology adviser since November 2025. 25 years’ experience in strategy and executive team building for the mining industry. 13 years at McKinsey serving clients, including Rio Tinto Will Goodall CHIEF DEVELOPMENT OFFICER Chief Development Officer. With Aura over ten years and Principal Metallurgist since 2018. Delivered the Tiris and Häggån feasibility work Nigel Jones COMMERCIAL DIRECTOR Over 20 years at Rio Tinto, managing uranium marketing across Europe and North America. Most recently Managing Director of the Simandou project in Guinea. Chantelle De La Haye CHIEF HSEC EXECUTIVE Over 25 years in environment, health, safety and social performance across Australian and African mining. Formerly Group Sustainability Manager at Perseus Mining. Jan Booyse PROJECT DIRECTOR, TIRIS Extractive metallurgist with over 20 years in mining operations, EPCM and project ownership roles across West African greenfield and brownfield projects. Mohamed El Moctar COUNTRY MANAGER Director General of Tiris Ressources SA, based in Mauritania. Former Mauritanian Minister of Petroleum and Mines, and a decade at the United Nations in Beirut. John Carr PRESIDENT Co-founded New Century Resources and led the Century Zinc restart. Co- founder of Broken Hill Mines. Background in mine and technology development for uranium and base metals Mohamed Sid'Ahmed GM OPERATIONS Mauritanian mining engineer. Formerly GM Operations at Leo Lithium's Goulamina mine, with executive roles at Kinross Tasiast and Teranga Sabodala.
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03 2026 priorities 14
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The path to a Final Investment Decision Six steps to the board decision in December 2026 1 See ASX and AIM Release 2 February 2026. 2. See ASX and AIM Release 2 June 2026. 3. See ASX and AIM Release 16 October 2026. 15 Funding A$20M placement secured with Australian and global institutional investors1 Proven flowsheet A single, robust design built on commercially proven technologies and tested across the full range of Tiris ore types2 BFS released Study published to the market; final data room issues3 Pilot plant Pilot plant runs each main ore type through the full flowsheet to validate flow sheet at scale Commercial engagement Offtake and strategic equity negotiations advance, MOU signed with major utility, US DFC debt funding advancement2 FID decision Board decides whether to proceed 1 FEBRUARY 2 JUNE 3 OCTOBER 4 NOV–DEC 5 Q4 6 DECEMBER
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Tiris Optimised Pilot Plant, Bir Moghrein The pilot runs from a levelled, gated yard in town, 470 km from the mine WHAT IT WILL LOOK LIKE 16 Nouakchott (capital) Pilot plant, Bir Moghrein Tiris project Feed hopper Scrubber Screens Centrifuges Leach tanks Belt filter Ion exchange Laboratory LOCATION
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The pilot plant is a small working version of the Tiris plant Running real Tiris ore from November 2026 gives lenders measured results 17 H OW IT W OR K S 1 Ore goes in About 80 t of real Tiris ore: the three main ore types plus a blended sample representing the first 5 years 2 Module A upgrades the ore 1 t/hr beneficiation upgrades ore, turning ~80 t into 8-10 t of upgraded leach feed. Centrifuges then dewater slurry 3 Module B extracts the uranium 150kg/hr leaching dissolves the uranium, which is filtered and then captured by ion exchange 4 Eluate goes off-site to licensed lab The uranium-rich solution (eluate) goes under approved custody to a licensed overseas lab to produce yellowcake. The circuit runs continuously, as the full-size plant will, and throughput, recovery, reagent and water use are measured againstits design. TIME L IN E Late Oct 2026 Equipment arrives Oct–Nov Installed and commissioned Dec Testing campaigns complete End 2026 Investment decision (FID) targeted PE OPL E About 24 Mauritanian operators and six laboratory staff are trained on-site, alongside specialist consultants and the Aura technical team, building a track record with the regulator and customs.
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Funding and offtake are advancing on a multi-source basis US$400m funding plan targeted at FID Source: Tiris Financial Model v3.5 (Funding and Dashboard sheets) and ASX and AIM Release 16 October 2026. Funding is not secured and no lender or investor has committed. Production target: by ore tonnes the life-of-mine schedule comprises 67.1% Ore Reserves (28.3% Proved, 38.8% Probable) and 32.9% Inferred Mineral Resources (67.7% and 32.3% by contained U3O8). Inferred material is under 12% of ore mined in the first five years and under 25% in the first ten. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated or Measured Mineral Resources, or that the production target will be realised. Refer ASX and AIM Release 16 October 2026. DEBT • US$220M assumed: senior plus subordinated, 55% of funding • Advanced discussions with the US DFC on US$150–170M of senior debt • Minimum DSCR 2.23x EQUITY AND QUASI -EQUITY • US$180M assumed; mix not yet decided • Non-binding MOU with a major nuclear utility, 2 June 2026 • Non-binding, fully funded proposal from a major US investment fund OFFTAKE • Curzon: 300,000 lb/yr for seven years • Half fixed, rising from US$59.00 to US$66.50 • Half at spot less 5% • About 83% of output uncontracted • LOM realised price US$89.3/lb 18
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04 Uranium market 19
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Nuclear power is entering a period of sustained growth Policy, new demand and security of supply are all pointing towards more uranium Source: ASX and AIM Release 16 October 2026 (Market analysis, p.46), drawing on WNA, The Nuclear Fuel Report 2025, and TradeTech, Independent Marketing Assessment, August 2026. Security of supply Uranium is on the US critical minerals list, and restrictions on Russian-origin enriched uranium are in place Concentrated supply Five countries supplied about 85% of the 157 Mlb U3O8 mined in 2024 Reactors under construction The IEA counts more than 70 GW of reactors under construction; electrification and data- centre demand add to this Clean energy targets More than 20 countries pledged at COP28 in 2023 to triple nuclear capacity by 2050 235 U URANIUM 20
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Reactor uranium requirements more than double by 2040 WNA reactor requirements, Mlb U3O8: about 179 Mlb in 2025 rising to more than 390 Mlb by 2040 Source: ASX and AIM Release 16 October 2026 (Market analysis, p.46), drawing on WNA, The Nuclear Fuel Report 2025. 179 Mlb and 390 Mlb equal about 69,000 t U and more than 150,000 t U. 21 179 Mlb 390 Mlb 2025 2040 70 GW+ of reactors under construction, as counted by the IEA • More than 20 countries pledged at COP28 to triple nuclear capacity by 2050 • Electrification and data-centre demand add to growth More than double
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Supply is not keeping pace with demand TradeTech sees the share of low-cost Western supply nearly halve between 2028 and 2030 Source: ASX and AIM Release 16 October 2026 (Market analysis, p.46), drawing on WNA, The Nuclear Fuel Report 2025, and TradeTech, Independent Marketing Assessment, August 2026. Production is concentrated Primary production was about 157 Mlb U3O8 in 2024, with the top five countries supplying about 85% Large mines are depleting Many of the largest mines deplete during the 2030s, and new mines now take 8 to 15 years to develop 22 85% of 2024 primary production from five countries 8–15 yrs to develop a new uranium mine Share of Western supply producible below US$25/lb 69% 38% 2028 2030
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49% to 60% of 2040 demand must come from new mines Primary production in 2024 against WNA reactor requirements in 2040, Mlb U3O8 Source: ASX and AIM Release 16 October 2026 (Market analysis, p.46), drawing on WNA, The Nuclear Fuel Report 2025. 23 157 Mlb 390 Mlb 2024 primary production 2040 reactor requirements 49% to 60% of 2040 demand to come from mines not yet built, on WNA estimates Demand. WNA expects reactor requirements to rise to more than 390 Mlb U3O8 by 2040. Supply. Primary production was about 157 Mlb U3O8 in 2024, and new mines take 8 to 15 years to develop.
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BFS assumes US$90/lb, below long-term price forecasts Broker consensus and TradeTechforecasts against the flat BFS price Source: ASX and AIM Release 16 October 2026, Table 30, p.46, and Table 2, p.6. Broker consensus of 19 broker and independent forecasts (September 2026); nominal prices converted to real at 2.5% inflation. TradeTech Forward Average Model 2 (real), Independent Marketing Assessment and Update (November 2025 and August 2026). Real US$/lb U3O8. Production target: by ore tonnes the life-of-mine schedule comprises 67.1% Ore Reserves (28.3% Proved, 38.8% Probable) and 32.9% Inferred Mineral Resources (67.7% and 32.3% by contained U3O8). Inferred material is under 12% of ore mined in the first five years and under 25% in the first ten. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated or Measured Mineral Resources, or that the production target will be realised. Refer ASX and AIM Release 16 October 2026. 24 P R I C E A S S U M P T I ON S BFS base case: US$90/lb Flat in real terms. Realised US$89.3/lb after the Curzon offtake. Spot: US$89.70/lb In line with the base case at the date of the study. Long-term contract: US$97/lb The base case sits US$7/lb below it. Post-tax NPV8 of US$221M at US$70/lb, rising to US$915M at US$120/lb Uranium price forecasts, real US$/lb U3O8 $119 TradeTech $97 Consensus $90 BFS base $60 $70 $80 $90 $100 $110 $120 $130 2026 2028 2030 Long term
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Tiris is mid-pack on cost, lowest on upfront capital Nine conventional producers and developers, latest company disclosures Figures are the latest company disclosures. ISR projects excluded. Study C1 costs are on each study's own price basis and not escalated. Langer Heinrich: FY26 actual cost of production (Paladin, June 2026 quarter); study C1 from 2021 Restart Plan Update. Tumas: 2025 DFS update. Etango-8: 2024 FEED estimate. Kayelekera: 2024 Accelerated Restart Plan, steady state. Dasa: 2024 FS, before royalties; capex incl. financing and contingency (Global Atomic, 18 September 2026). Triple R: August 2025 engineering review. Arrow: August 2024 cost update. Gryphon: 2023 PFS update. * Pre-dates September 2023. Sources: company releases to September 2026; Aura Energy, 2026 BFS. Production target: by ore tonnes the life-of-mine schedule comprises 67.1% Ore Reserves (28.3% Proved, 38.8% Probable) and 32.9% Inferred Mineral Resources (67.7% and 32.3% by contained U3O8). Inferred material is under 12% of ore mined in the first five years and under 25% in the first ten. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated or Measured Mineral Resources, or that the production target will be realised. Refer ASX and AIM Release 16 October 2026. W H E R E T I R I S S I T S Mid-pack cost: At US$32.53/lb, Tiris compares well to its peers Lowest upfront capital: US$350M, compared with US$354M for Etango-8, US$474M for Tumas,and US$777M for Dasa after its September 2026 revision Low running costs come with a big capital outlay: Arrow, Triple R and Gryphon need US$0.5B to US$1.6B and start in 2030 or later 25 $43.30 $38.60 $35.76 $34.50 $32.53 $25.62 $12.75 $11.70 $9.98 Langer Heinrich (FY26 actual) Tumas Etango-8 Kayelekera Tiris (2026 BFS) Dasa Phase 1 Gryphon* Triple R Arrow C1 cash cost, US$/lb U3O8
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05 Mauritania 26
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Mauritania is ready for the Tiris project Stable, mining-friendly jurisdiction and partner Stable government through the build: President Ghazouani won a second term in June 2024 that runs to August 2029. Mauritania has avoided the instability seen elsewhere in the Sahel Mining understood and supported: Mining contributes close to a fifth of GDP and about 75% of export income. Iron ore has been mined continuously for more than 60 years by state-owned SNIM Ready for uranium: IAEA member since 2004 and all licences received. Orano NPS is advising on shipping yellowcake 27 Population 2026 GDP growth Area Capital Official languages 4.9M 4.4% 1.03 million km2 Nouakchott Arabic and French
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China and the USA are Mauritania's largest partners Both trade and investment relationships have deepened since 2024 USA: AGOA duty-free access resumed in January 2024, with a second Energy Security Dialogue late in the year. The flagship project is the Greater Tortue Ahmeyim gas project, led by US-listed Kosmos Energy. With the Aura Energy Executive Chairman President Ghazouani with President Xi Jinping President Ghazouani at the White House China: Strategic partnership sealed at the September 2024 FOCAC summit, with 2024 trade of about US$2.4bn. The flagship project is the China-built Friendship Port of Nouakchott. 28
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Principal approvals granted, fiscal terms stabilised to 2049 Remaining permits are routine construction and operating approvals, expected through 2027 WHAT IS GRANTED • 2017 Environmental and Social Impact Assessment approved • 2019 two exploitation permits, 190 km² and 207 km², to February 2049 • 2023 Mining Conventions executed with the State • 2024 ARSN authorised mining and production of uranium FISCAL TERMS • 15% State interest through ANARPAM, free-carried and non- dilutable • 25% corporate tax after a 36-month holiday, with a 1.75% minimum tax on turnover • Royalty of 3.5% of FOB value • No customs duty or import VAT on approved mining goods REMAI NI NG PERMITS • Water abstraction, power, uranium transport and export permits, expected through 2027 • ESIA update for the larger Project lodged April 2025; Ministry review received October 2025 • Exploitation permit for Hippolyte South, first mined in about year 18 Source: ASX and AIM Release 16 October 2026 (pp.13, 21–22, 40, 55). 29
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Mauritania's share of Tiris About US$903M, 44% of surplus cash flow, goes to Mauritania Source: ASX and AIM Release 16 October 2026. Production target: by ore tonnes the life-of-mine schedule comprises 67.1% Ore Reserves (28.3% Proved, 38.8% Probable) and 32.9% Inferred Mineral Resources (67.7% and 32.3% by contained U3O8). Inferred material is under 12% of ore mined in the first five years and under 25% in the first ten. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated or Measured Mineral Resources, or that the production target will be realised. Refer ASX and AIM Release 16 October 2026. B E Y O N D T H E C A S H Royalties from day one. 3.5% of FOB sales, about US$5.5M a year Jobs. About 600 at peak construction and 438 operating roles, with about US$191M in wages Local leadership. Aura aims to hand over more than 90% of expatriate leadership roles to Mauritanians by end- 2031 Community fund. US$200,000 in the first production year, then 2% of net profitUS$36M US$126M US$143M US$222M US$377M Community contributions Withholding tax on dividends Royalties (3.5% of sales) State dividends (15% interest) Corporate tax (25%) Payments to Mauritania over the mine life, by type 30
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06 Tiris Uranium Project 31
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Low cost and scalable in a new uranium province First production in 2028, a US$500M NPV and capital paid back in 3.2 years Source: ASX and AIM Release 16 October 2026 and Tiris Financial Model v3.5. Development capital is an AACE Class 3 estimate, accuracy plus or minus 15%. Production target: by ore tonnes the life-of-mine schedule comprises 67.1% Ore Reserves (28.3% Proved, 38.8% Probable) and 32.9% Inferred Mineral Resources (67.7% and 32.3% by contained U3O8). Inferred material is under 12% of ore mined in the first five years and under 25% in the first ten. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated or Measured Mineral Resources, or that the production target will be realised. Refer ASX and AIM Release 16 October 2026. 32 NEAR -TERM PRODUCTION 2028 first ore by the end of 2028, after about two years of construction LOW COST US$32.53/lb C1 cash cost, with AISC of US$41.25/lb, for US$349.8M of development capital SIMPLE MINING Free-dig no drilling, blasting, crushing or grinding, and a seven-fold upgrade before the leach ROBUST ECONOMICS US$500.3M post-tax NPV8 at US$90/lb, with a 28% IRR, 3.2-year payback and about 54% margin after AISC GROWTH POTENTIAL ~13,000 km2 of exploration applications beyond the 397 km2 granted, with resource beyond the 55.1 Mlb mine plan and expandable capacity
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0 6 . 1 Resources 33
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A strategically important new uranium province 397 km2 granted, about 13,000 km2 under application Radiometric targets generated from USGS/BRGM Prism Survey radiometrics, shown at the >5 ppm contour. Mineral Resources per ASX and AIM Release 12 June 2024; Ore Reserves per ASX and AIM Release 16 October 2026. Resources & Reserves Mineral Resources of 89.7 Mlb U3O8 and Ore Reserves of 37.3 Mlb U3O8 Discovery cost US$0.20/lb U3O8 Geology Shallow calcrete-hosted mineralisation with extensive radiometric anomalies across the Reguibat Craton Position 27 leases under application. Aura believes the Craton hosts an emerging province with the potential to rival Niger and Namibia 34
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Tiris Mineral Resources 76.6 Mlb U3O8 (162 Mt at 215 ppm), inclusive of Ore Reserves Tiris East Mineral Resources by deposit, reported inclusive of Ore Reserves; Measured and Indicated share is by contained U3O8. Marie and others includes Hippolyte East and Hippolyte West C. Figures are rounded and may not sum. Source: ASX and AIM Release 12 June 2024. See Appendices for full Mineral Resource Estimate SADI 20.8 Mlb 48 Mt at 195 ppm; 64% Measured and Indicated HIPPOLYTE NORTH 14.3 Mlb 27 Mt at 237 ppm; 65% Measured and Indicated HIPPOLYTE SOUTH 13.2 Mlb 32 Mt at 184 ppm; 16% Indicated, rest Inferred LAZARE NORTH 10.1 Mlb 17 Mt at 268 ppm; 76% Measured and Indicated LAZARE SOUTH 10.1 Mlb 21 Mt at 222 ppm; 74% Measured and Indicated MARIE AND OTHERS 8.3 Mlb 16 Mt at 236 ppm; all Inferred Process Plant 35
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Shallow, flat and free- digging Ore sits in a surface veneer, typically 6-8m deep Shallow and flat: The orebody sits entirely in a surface veneer in flat desert basins Low strip ratio: Waste-to-ore ratio of 1.00:1, with waste and tailings backfilled directly into the pit Free digging: The host is loose granitic gravel and weathered granite, so no drilling, blasting, crushing or grinding is required Upgrades on a screen: Carnotite occurs as a fine dusting, so scrubbing and screening at 75 microns concentrates about 91.9% of the uranium into about 12% of the ore mass A TYPICAL SECTION THROUGH THE OREBODY Typical section. Vertical scale exaggerated. TRENCHING ON SITE WITH EXCAVATORS 36
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Three geometallurgical domains, each with a measured signature Ultrafine carnotite in <75µm makes upgrading easy 12% of ore mass reports to the concentrate 91.9% of the uranium is captured in the - 75 µm fraction 88% of the mass goes straight back into the mining void MASS TO CONCENTRATE URANIUM CAPTURED MASS RETURNED TO PIT Domain Mass to −75 µm U upgrade factor Beneficiation U recovery % of LOM Feed 1 · Ca-rich 21.4% 4.2x 89.0% 16.1% 2 · S-rich 11.7% 7.3x 85.0% 23.2% 3 · Al-rich 9.9% 9.7x 95.9% 60.7% THREE GEOMETALLURGICAL DOMAINS, EACH WITH A MEASURED SIGNATURE One uranium host: Carnotite is the only uranium mineral, confirmed by ANSTO and CSIRO using QXRD, QEMSCAN and clay-quant XRD Ultrafine and liberated: Grains are under 5 microns and come free after scrubbing, which is why upgrading is simple Clays are the complexity: Swelling clays are also upgraded with carnotite and therefore need to be considered in downstream solid/liquid separation Salinity governs behaviour: Clay behaviour can be managed by controlling the salinity in solutions EXAMPLES OF ORE CROSS SECTIONS SHOWING GEOMETALLURGICAL DOMAINS Typical section. Vertical scale exaggerated. 37
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0 6 . 2 Mining 38
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Hub and spoke simplifies the mining sequence A central plant fed by two relocatable beneficiation front ends 39 THE SPOKES Two relocatable beneficiation plants move to the ore, relocating seven times over the life of mine. THE HUB One permanent central plant at the Lazare area, at the centroid of the Eastern Tiris resources. THE CONSTRAINT The 550 ktpa leach circuit is the binding throughput constraint and paces the operation. THE SEQUENCE Lazare North and Lazare South for the first six years, then Sadi, then Hippolyte.
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Inferred is about 11% of early ore and 33% over the mine life Ore mined by classification, and beneficiation feed by area 40 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% - 1.0 2.0 3.0 4.0 5.0 6.0 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 Cumulative Inferred (% of ore mined) Ore mined by Resource Classification (Mt) Inferred Indicated Measured Cumulative Inferred (% of ore mined) - 50 100 150 200 250 300 - 1.0 2.0 3.0 4.0 5.0 6.0 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 U grade (ppm) Ore mined by domain (Mt) Domain 1 Domain 2 Domain 3 U grade (ppm) - 1.0 2.0 3.0 4.0 5.0 6.0 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 Ore mined by deposit (Mt) Lazare North Lazare South Sadi North Sadi South Hippolyte North Hippolyte South
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A shallow, low-cost mine is the competitive advantage 111.1 Mt of ore at 225 ppm over a 26-year life, owner-operated Production target: by ore tonnes the life-of-mine schedule comprises 67.1% Ore Reserves (28.3% Proved, 38.8% Probable) and 32.9% Inferred Mineral Resources (67.7% and 32.3% by contained U3O8). Inferred material is under 12% of ore mined in the first five years and under 25% in the first ten. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated or Measured Mineral Resources, or that the production target will be realised. Refer ASX and AIM Release 16 October 2026. 1. Autonomous truck shown (source: XCMG) Free dig: Most ore lies within 6 to 8 m of the surface, with no drilling, blasting, crushing or grinding. Low strip ratio: 1.00 to 1 waste to ore. Ore is delivered to a rolling stockpile and rehandled to sustain plant feed at target grade. Autonomous fleet: Owner-operated excavators and loaders, with up to 23 autonomous battery-electric haul trucks charged from site solar. Flexible access: Shallow, multiple pits, and backfill directly into the pit — no waste dumps and no tailings dam. Inferred material: About 33% of scheduled ore is Inferred and is not included in the Ore Reserve; infill drilling is planned to convert it before it is mined. LAZARE NORTH MINING PANELS AUTONOMOUS HAULAGE 1 41
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0 6 . 3 Processing 42
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The Tiris Flow Sheet Twenty historical test programs across Lazare, Hippolyte and Sadi have validated the core flowsheet 43 Mining Ore mined and hauled to the plant Beneficiation Screened at 75 µm to concentrate U-rich fines Pre-leach Dewatering 2-stage centrifuge: removes chloride, thickens feed Leaching Soda-ash leach dissolves uranium into solution Post-leach Dewatering Horizontal Vacuum Belt Filter (HBVF) with ATA: splits PLS from tailings Ion exchange (IX) Resin beads capture uranium from the PLS Precipitation & packaging Uranium dried and drummed as yellowcake Coarse waste returned to pit Dry tailings deposited in pits IX Waste Stream Yellowcake (U₃O₈) to shipment Recycled water Sodium Bicarbonate Sand & Polymers Sodium Hydroxide & Sulphuric Acid Bicarbonate Recovery Membrane (nanofiltration) recovers sodium bicarbonate Carbonate Recovery Membrane (nanofiltration) recovers sodium carbonate Sodium Carbonate Reverse Osmosis (RO) recycles clean water to the Process Plant Water & Reagent Recycling Brine Wash Water Borefield Water
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The Tiris Flow Sheet Conceptual layout & overview BENEFICIATION PLANT PROCESSING PLANT Scrubber Coarse (2mm) screen Mid (300 µm) & fine (75 µm) screens Slurry thickener Ore receivalBeneficiation rejects Slurry storagePre-leach centrifugesPost-leach belt filters Ion exchange Final Product areaLeach & heat recovery 44
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Screening puts 91.9% of the uranium into 12% of the mass Beneficiation: scrubbing and three-stage screening at 75 microns Simple equipment: Rotary wet scrubbing and screening at the mining areas generates a high-grade concentrate, pumped to the central plant. Recovery: About 91.9% of the uranium reports to about 12% of the feed mass, a seven-fold upgrade from 225 to 1,697 ppm. Plant recovery: The hydrometallurgical plant recovers 91.1% over the life of mine, 91.5% at steady state. Overall recovery: 83.7% from run-of-mine ore to final product. BENEFICIATION FLOW 1 Mined ore free-dig, no blasting 2 Rotary wet scrubber at the mining area, not the plant 3 3-stage screen (2mm, 300µm and 75µm) 12% of the mass carries 91.9% of the uranium 4 Pumped to the plant leach feed averaging 1,697 ppm U3O8 Coarse waste, 88% of the mass, returns to the pit No crushing or grinding required 45
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Tiris has the highest upgrade before leach Tiris upgrades its ore about seven-fold before it reaches the leach Langer Heinrich is an operating mine; Tiris, Tumas, Etango and Mulga Rock are development projects. Grades shown are life-of-mine reserve or resource grades, not current plant feed: Langer Heinrich fed 503 to 524 ppm through FY2026. Source: Aura Energy, Tiris Uranium Project Bankable Feasibility Study (ASX/AIM, 16 October 2026); Deep Yellow, Updated Ore Reserve Upgrades Tumas Project (ASX, 18 December 2024) and Tumas DFS update (ASX, 8 April 2025); Bannerman Energy, Etango-8 Definitive Feasibility Study (ASX, 6 December 2022); Paladin Energy, Langer Heinrich Mine Restart Plan Update (ASX, 4 November 2021) and Mineral Resources and Ore Reserves at 30 June 2025; Deep Yellow, Strong Resource Upgrade Drives Mulga Rock Value (ASX, 26 February 2024). 46 1.0x 1.0x 1.3x 1.5x 7.5x Mulga Rock (Deep Yellow) Etango (Bannerman) Langer Heinrich (Paladin) Tumas (Deep Yellow) Tiris (Aura Energy) Leach feed grade as a multiple of mine grade, life of mine Mine grade Leach feed 225 → 1,697 298 → 458 448 → 571 225 → 225 570 → 570 ppm U₃O₈
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What changed between the 2024 FEED and the 2026 BFS Mining Beneficiation Pre-leach Dewatering Leaching Post-leach Dewatering Ion exchange (IX) Precipitation & packaging IX Waste Stream Recycled water Sodium Bicarbonate Sand & Polymers Bicarbonate Recovery Membrane (nanofiltration) Recovered Sodium Bicarbonate Recovered Sodium Carbonate Carbonate Recovery Membrane (nanofiltration) Sodium Carbonate Reverse Osmosis (RO) Brine Wash Water Borefield Recovered water 47 Process Step 2024 FEED 2026 BFS What Changed and Why Pre-leach dewatering Pressure filtration Two-stage decanter centrifuge Pressure filtration uneconomic with clay-rich fines Post-leach dewatering Pressure filtration ATA® + horizontal vacuum belt filter ATA robust across ore variability; stackable cake in one step Carbonate recovery – Nanofiltration Recovers sodium carbonate; reduces fresh reagent IX process Fixed bed ion exchange Moving Bed ion exchange Improved performance, increased solids resistance
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Post-leach dewatering splits pregnant liquor from fine clays ATA® conditioning and belt filtration, with sand as the coarse fraction What ATA® does: Clean TeQ Water's reagent pair, activator and tether, binds the coarse sand and the fine clays into a permeable cake Handles ore variability: Performance barely shifts across different mineralogy and clay types. Stackable in one step: Cake is dry enough to stack and truck Recovery is measured: Bench-scale tests recovered 97.6% to 97.8% of the soluble uranium. Proven equipment: Horizontal Vacuum Belt filtration is widely used and ATA is bench-proven across ore types Pilot plant validation: the ATA + horizontal belt filter is integrated into the pilot plant, to be run in November/December 2026 THE POST -LEACH DEWATERING DUTY 1 Leached slurry Uranium-containing liquor held in a mass of fine clay – activator polymer added 2 Desert sand as coarse fraction at a coarse-to-fines ratio of 1.8 – tether polymer added 3 ATA in action Leached slurry mixed with sand slurry to form large agglomerates 4 Horizontal Vacuum Belt filter (HVBF) and wash Combined slurry dewatered and washed using four counter-current stages Liquor to ion exchange Cake stacked, trucked 97.6% to 97.8% recovery, measured THE ATA PROCESS: Leached slurry Containing uranium Sand plus process water Uranium liquor 48
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0 6 . 4 Utilities & Logistics to Market 49
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An 85% renewable microgrid is the base case An independent power producer builds, owns and runs it under a Power Purchase Agreement (PPA) Build-own-operate: The power producer funds the plant, so Aura carries no development capital, with all power as operating costs What changed. The 2026 BFS replaces the diesel-plus-partial-solar hybrid from the previous study with a solar-and-battery microgrid Pricing: Two configurations shortlisted. Aura expects to sign the PPA in Q1 2027 13 MW against an 8 to 9 MW average 85% renewable share of power US$0.15 assumed, with steam at US$92/t DESIGN PEAK LOAD RENEWABLE SHARE POWER PRICE PER KWH Conceptual solar field layout (processing plant in background) 50
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Water is proven well ahead of demand 74 L/s from Taoudeni against a 56 L/s requirement Demand: The Project needs about 56 L/s, or about 1.8 GL a year, for processing, dust suppression and camp use Taoudeni borefield: About 120 km south. Modelling indicates up to 74 L/s sustainably, with potential to reach 100 L/s C22 borefield: About 20 km west, up to 63 L/s with more bores. Its recharge is not well defined, so it is treated as supplementary only In the BFS costs: The Taoudeni borefield, pipeline and reverse osmosis treatment for potable and process water 51 0 20 40 60 80 100 120 140 160 180 Demand Supply L/s Processing Process Plant, Camp & Admin Dust Suppression Camp & Ablutions Taoudeni Borefield - base Taoudeni Borefield - Potential
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Product travels 1,447 km by road to the port of Nouakchott Site access and product export share one road route 52 1,447 km by road: 782 km of sealed road from Nouakchott to Zouérat, then 665 km of desert track to site Same route for product: Containerised UOC trucked to the port of Nouakchott under escort: four shipments, 11 to 15 containers a quarter Track maintained by the operation: Route marking every 250 m and rock fill, then a permanent grader, water truck and compactor crew Northern link under construction: A sealed Tindouf to Zouérat road would replace about 200 km of track; not assumed in the estimate
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Orano NPS ships the product to France in 10 to 12 days Direct sailing from Nouakchott to Algeciras, then by road to Malvési 53 Orano NPS ships the product: Shipping services from the logistics arm of an integrated nuclear fuel group Direct sailing to Spain: Nouakchott to Algeciras, then by road to Orano's Malvési conversion facility in France 10 to 12 days in transit: 8 to 10 days at sea to Spain and 2 days by road to France Flexible delivery to customers: Book transfer at the French conversion facility, onward shipment to North America, or a location swap
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0 6 . 5 Capital Estimate & Construction approach 54
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Development capital of US$349.8M AACE Class 3 estimate (±15%) Class 3 estimate, ±15%: Base date October 2026. Wood estimated the plant and infrastructure; Aura the mining and owner's costs Two-year build under EPCM: Fully reimbursable EPCM contract through commissioning and performance testing Up from US$230M (2024 FEED): Plant re-estimated on advanced engineering, fleet bought not leased, escalation and higher contingency Contingency 11% of total: US$38.6M provision, to be split into package-level allowances before FID No capital for power: The independent power producer funds, builds, owns and runs generation under a PPA; its cost sits in operating costs US$573.3M over life of mine: US$203.4M sustaining capital (plant US$90.6M, fleet US$84.6M) and US$20.0M closure, or US$12.44/lb DEVELOPMENT CAPITAL BY COMPONENT, US$M Package US$M Process, beneficiation and infrastructure 228.5 EPCM services 28.6 Mining fleet and development 24.1 Owner’s costs 30.2 Contingency 38.6 Total development capital 349.8 Delivery EPCM EPCM Owner Owner Owner 55 Source: ASX and AIM Release 16 October 2026 (pp.10–11, 40, 42–43, 93) Production target: by ore tonnes the life-of-mine schedule comprises 67.1% Ore Reserves (28.3% Proved, 38.8% Probable) and 32.9% Inferred Mineral Resources (67.7% and 32.3% by contained U3O8). Inferred material is under 12% of ore mined in the first five years and under 25% in the first ten. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated or Measured Mineral Resources, or that the production target will be realised. Refer ASX and AIM Release 16 October 2026.
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Execution strategy Fully reimbursable EPCM, with every contract placed in Aura's name Contract model: The EPCM contractor runs engineering, procurement and construction for Aura, from the mine and relocatable beneficiation plants to power, water, camp, airstrip and the Nouakchott operations centre Disciplined execution: Construction Industry Institute and AACE practice: baseline frozen after the BFS, long-lead items ordered early, HAZOP before detailed design, modules pre-assembled off site Packages: Awarded to suit the schedule: camp; earthworks and civils; structural, mechanical, platework and piping, possibly combined with electrical and instrumentation; and local small works Local content: Mauritanian companies score higher in tenders, and contractors must maximise Mauritanian hiring Owner's team: In place under the Tiris Project Director; operations staff are hired during construction, before commissioning. Peak site workforce, including the owner's team, is about 600 56 Development schedule About two years from FID to first ore Q4 2026 Pilot plant operation Dec 2026 Final investment decision Q1 2027 Construction starts; power contract signed 2027 Transport and export approvals End 2028 First ore and commissioning 2030 Nameplate production Source: ASX and AIM Release 16 October 2026 (pp.13, 40). Production target: by ore tonnes the life-of-mine schedule comprises 67.1% Ore Reserves (28.3% Proved, 38.8% Probable) and 32.9% Inferred Mineral Resources (67.7% and 32.3% by contained U3O8). Inferred material is under 12% of ore mined in the first five years and under 25% in the first ten. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated or Measured Mineral Resources, or that the production target will be realised. Refer ASX and AIM Release 16 October 2026.
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0 6 . 7 Economics 57
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Robust returns at a uranium price below the forward curve 2026 BFS, 100% ungeared, at US$90/lb U3O8 Production target: by ore tonnes the life-of-mine schedule comprises 67.1% Ore Reserves (28.3% Proved, 38.8% Probable) and 32.9% Inferred Mineral Resources (67.7% and 32.3% by contained U3O8). Inferred material is under 12% of ore mined in the first five years and under 25% in the first ten. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated or Measured Mineral Resources, or that the production target will be realised. Refer ASX and AIM Release 16 October 2026. 58 Metric At US$90/lb Post-tax NPV8 (100%, ungeared) US$500.3M Project IRR 28% Payback from first production 3.2 years Production life 26 years, plus ~2 construction Saleable U3O8 (life of mine) 46.1 Mlb Average annual production 1.8 Mlb/yr C1 cash cost US$32.53/lb All-in sustaining cost US$41.25/lb Development capital US$349.8M Life-of-mine capital US$573.3M POST -TAX NPV8 US$500.3M at US$90/lb, 100% ungeared URANIUM PRICE US$89.70 spot at the study date, against US$97.00 for long-term contracts. TradeTech forecasts US$106 to US$119/lb over 2028 to 2040.
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26 years of production, capital paid back in 3.2 years 46.1 Mlb U3O8 at about 1.8 Mlb a year, with free cash flow positive from the first full year Production target: by ore tonnes the life-of-mine schedule comprises 67.1% Ore Reserves (28.3% Proved, 38.8% Probable) and 32.9% Inferred Mineral Resources (67.7% and 32.3% by contained U3O8). Inferred material is under 12% of ore mined in the first five years and under 25% in the first ten. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated or Measured Mineral Resources, or that the production target will be realised. Refer ASX and AIM Release 16 October 2026. - 0.5 1.0 1.5 2.0 2.5 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 (300) (200) (100) - 100 200 300 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 EBITDA Tax paid (unlevered) WC changes Capex Free Cash Flow URANIUM PRODUCTION (Mlb U3O8) POST-TAX FREE CASH FLOW (US$M) 59
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Strong leverage to the uranium price NPV8 rises by about US$139M for every US$10 per pound Production target: by ore tonnes the life-of-mine schedule comprises 67.1% Ore Reserves (28.3% Proved, 38.8% Probable) and 32.9% Inferred Mineral Resources (67.7% and 32.3% by contained U3O8). Inferred material is under 12% of ore mined in the first five years and under 25% in the first ten. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated or Measured Mineral Resources, or that the production target will be realised. Refer ASX and AIM Release 16 October 2026. IMPACT OF U3O8 PRICE ON NPV8, IRR AND PAYBACK CHANGE IN NPV8 VS BASE AT ±15% (US$M) 60 221 361 500 639 777 915 0 100 200 300 400 500 600 700 800 900 1000 US$70 US$80 US$90 US$100 US$110 US$120 US$/lb IRR Payback US$70 17% 4.6 yrs US$80 23% 3.8 yrs US$90 28% 3.2 yrs US$100 32% 2.7 yrs US$110 37% 2.4 yrs -250 -200 -150 -100 -50 0 50 100 150 200 250 Uranium price Head grade Operating cost Capital cost Diesel price Power price Reagent price −15% case +15% case
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AISC of US$41.25/lb leaves a 54% margin at US$90/lb C1 cash cost of US$32.53/lb compares favourably with emerging-project benchmarks Source: ASX and AIM Release 16 October 2026 (p.3; operating costs pp.43, 46; Table 32, p.48). Real US$ per pound of saleable U3O8 (46.1 Mlb); components may not add because of rounding. Production target: by ore tonnes the life-of-mine schedule comprises 67.1% Ore Reserves (28.3% Proved, 38.8% Probable) and 32.9% Inferred Mineral Resources (67.7% and 32.3% by contained U3O8). Inferred material is under 12% of ore mined in the first five years and under 25% in the first ten. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated or Measured Mineral Resources, or that the production target will be realised. Refer ASX and AIM Release 16 October 2026. 61 US$41.25/lb all-in sustaining cost, a 54% margin at US$90/lb C1 US$32.53: Mine site plus product transport and marketing Royalties and community US$3.90: 3.5% FOB royalty plus local development contributions Sustaining and closure US$4.84: Mostly fleet replacement and plant relocations $31.60 +0.93 +3.10 +0.80 +4.41 +0.43 $41.25 +7.59 $48.84 Mine site Transport Royalties Community Sustaining Closure AISC Development All-in LIFE-OF-MINE COST PER POUND OF SALEABLE U3O8, US$/LB
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Processing drives 58% of the US$32.53/lb C1 cash cost C1 cash cost by area, and AISC by area across the life of mine, US$ per lb U3O8 Source: ASX and AIM Release 16 October 2026 (Table 26, p.43; Figure 18, p.45). Real US$ per pound of saleable U 3O8; may not add due to rounding. Chart excludes closure (US$0.43/lb). Production target: by ore tonnes the life-of-mine schedule comprises 67.1% Ore Reserves (28.3% Proved, 38.8% Probable) and 32.9% Inferred Mineral Resources (67.7% and 32.3% by contained U3O8). Inferred material is under 12% of ore mined in the first five years and under 25% in the first ten. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated or Measured Mineral Resources, or that the production target will be realised. Refer ASX and AIM Release 16 October 2026. 62 Cost component US$/lb Yr 1–10 US$/lb LOM US$/t ore US$M LOM US$M/yr LOM avg Mining 5.61 7.10 2.95 327.4 12.6 Processing (incl beneficiation) 16.91 18.73 7.77 863.2 33.2 Site G&A 5.12 5.77 2.39 265.9 10.2 Product transport & marketing 0.93 0.93 0.39 42.9 1.6 C1 cash cost 28.58 32.53 13.49 1,499.4 57.7 C1 OPERATING COST BY AREA 0 20 40 60 80 100 120 2029 2034 2039 2044 2049 2054 Sustaining capital Communities Royalties Transport G&A Processing Mining AISC BY AREA, US$ /LB U 3O 8
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Reagents and power are 53% of US$32.53/lb C1 cash cost C1 cash cost by cost centre, and AISC by cost type across the life of mine, US$ per lb U 3O8 Source: ASX and AIM Release 16 October 2026 (Table 27, p.43; Figure 18, p.45). Real US$ per pound of saleable U 3O8; may not add due to rounding. Chart excludes closure (US$0.43/lb). Production target: by ore tonnes the life-of-mine schedule comprises 67.1% Ore Reserves (28.3% Proved, 38.8% Probable) and 32.9% Inferred Mineral Resources (67.7% and 32.3% by contained U3O8). Inferred material is under 12% of ore mined in the first five years and under 25% in the first ten. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated or Measured Mineral Resources, or that the production target will be realised. Refer ASX and AIM Release 16 October 2026. 63 Cost component US$/lb Yr 1–10 US$/lb LOM US$/t ore US$M LOM US$M/yr LOM avg Labour 3.51 4.15 1.72 191.2 7.4 Power 5.66 6.39 2.65 294.4 11.3 Reagents & consumables 9.69 10.82 4.49 498.7 19.2 Diesel 2.16 2.50 1.04 115.3 4.4 Maintenance 2.36 2.93 1.22 135.2 5.2 Administration 4.27 4.81 2.00 221.9 8.5 Product transport & marketing 0.93 0.93 0.39 42.9 1.6 C1 cash cost 28.58 32.53 13.49 1,499.4 57.7 C1 OPERATING COST BY COST CENTRE 0 20 40 60 80 100 120 2029 2034 2039 2044 2049 2054 Sustaining capital Communities Royalties Transport & marketing Administration Maintenance Diesel Reagents & consumables Power Labour AISC BY COST TYPE, US$ /LB U 3O 8
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07 Framework 64
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Tiris at a glance Principal approvals granted, free-dig mining and a simple flowsheet, first ore 2028 Source: ASX and AIM Release 16 October 2026. Production target: by ore tonnes the life-of-mine schedule comprises 67.1% Ore Reserves (28.3% Proved, 38.8% Probable) and 32.9% Inferred Mineral Resources (67.7% and 32.3% by contained U3O8). Inferred material is under 12% of ore mined in the first five years and under 25% in the first ten. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated or Measured Mineral Resources, or that the production target will be realised. Refer ASX and AIM Release 16 October 2026. The asset Tiris East, northern Mauritania 85% Aura, 15% State free-carried Mineral Resource 91.3 Mlb U3O8 (184 Mt at 225 ppm, 100 ppm cut-off) Ore Reserve 37.3 Mlb U3O8 (74.6 Mt at 227 ppm) The mine Free dig, mostly within 6 to 8 m No blasting, crushing or grinding Strip ratio 1.00:1 Autonomous electric haul fleet 111.1 Mt of ore over 26 years Backfilled to pit, no tailings dam The plant Screen at 75 microns, alkaline leach Two-stage centrifuge pre-leach ATA® + HVBF post-leach Moving-bed ion exchange Overall recovery 83.7% 46.1 Mlb over 26 years, ~1.8 Mlb/yr The framework Exploitation permits granted 2019 30-year term, 397 km2 Mining Convention executed 2023 ESIA approved; ARSN authorisation 2024 25% tax after a 3-year holiday Royalty 3.5% of FOB value BFS 16 Oct 2026 FID Dec 2026 Construction Q1 2027 First ore End 2028 65
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What happens next The study is out. The investment decision follows in December Production target: by ore tonnes the life-of-mine schedule comprises 67.1% Ore Reserves (28.3% Proved, 38.8% Probable) and 32.9% Inferred Mineral Resources (67.7% and 32.3% by contained U3O8). Inferred material is under 12% of ore mined in the first five years and under 25% in the first ten. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated or Measured Mineral Resources, or that the production target will be realised. Refer ASX and AIM Release 16 October 2026. 66 SETTLED • Principal approvals granted • Fiscal terms stabilised to 2049 • Bankable Feasibility Study released, October 2026 • Ore Reserve up 11% to 37.3 Mlb • Engineering to AACE Class 3 IN TRAIN • Pilot plant operating November to December • DFC senior debt, US$150–170M, in advanced discussions • Strategic investors in due diligence • Power purchase agreement, due Q1 2027 TO COME • Infill drilling to convert Inferred ore • Final Investment Decision, December 2026 • Construction from Q1 2027 • First ore by the end of 2028 • Expansion beyond the current mine plan • Over 13,000 km2 of tenure already pegged
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08 Häggån, Sweden 67
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Häggån Polymetallic Project Future facing minerals including significant uranium deposit Very large resource creates optionality 1. ASX Release 5 September 2023, Scoping Study Confirms Scale and Optionality of Häggån 2. ASX Release 22 August 2012, Outstanding Häggån Uranium Resource Expands to 800 Million Pounds. The uranium Mineral Resource is currently in the process of being converted to a resource estimate in accordance with the JORC Code (2012 Edition) and to incorporate uranium assay information from exploration drilling subsequent to ASX Release 22 August 2012, Outstanding Häggån Uranium Resource Expands to 800 Million Pounds. No reinterpretation or estimation has been completed during the conversion process so far. A full summary of the Resource methodology and validation, which is currently being independently reviewed and validated by the Competent Person, will be included in the relevant JORC tables attached to the future announcement of the JORC 2012 compliant resource. 3, ASX Release 26 February 2024, Sweden initiates inquiry to overturn uranium mining ban Major uranium potential 800Mlbs Uranium (U3O8) Mineral Resource2 Opportunities Uranium adds 13% to the revenue and 37% to NPV of the scoping study1 @ US$65/lb U3O8 Globally significant project 2.5B tonnes1,2 Containing vanadium, sulphate of potash (K2SO4), U3O8, Mo, Ni, Zn Lifting of uranium mining ban Swedish Government lifted Uranium mining ban on 1 January 2026 HÄGGÅN PROJECT Sweden (100% owned) Stockholm 68
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A future-facing minerals project with long life and optionality Häggån polymetallic project, Sweden, 100% owned Scoping study: refer ASX Release 5 September 2023 'Scoping Study Confirms Scale and Optionality of Häggån'. The scoping study is preliminary in nature and is based in part on Inferred Mineral Resources. There is a low level of geological confidence associated with Inferred Mineral Resources and no certainty that the production target will be realised. The Häggån uranium Mineral Resource is reported under the JORC Code 2004 and has not been updated to the JORC Code 2012. 69 Häggån scoping study Life of mine ore production 59 Mt Total resource 2,548 Mt at 0.1% V2O5 cut-off V2O5 recovery from plant feed 80% V2O5 production, life of mine 166,500 t (367 Mlb) V2O5 production, annual 10,000 t K2SO4 production, annual 215,000 t Process throughput 3.6 Mtpa Total mine life 17 years Initial capital cost US$592M AISC US$2.9/lb V2O5 Post-tax NPV8 US$456M to US$1,307M Post-tax IRR 28% to 49% URANIUM UPSIDE 800 Mlb of U3O8 Mineral Resource, with about 1.0 Mlb a year of potential production +37% NPV and +13% revenue at US$65/lb U3O8, lifting post-tax NPV8 to US$756M– US$1,606M
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Swedish legislation now enables uranium mining Two changes consistent with the Government's pro-nuclear policy agenda 1 January 2026: The Swedish Minerals Act was amended to permit exploration for, and exploitation of, uranium. The ban had been in place since 2018. Uranium is now treated as a concession mineral under the Mineral Code, like other minerals and metals. 15 June 2026: The Riksdag voted to amend the Nuclear Act so that uranium mining is no longer designated a nuclear facility. That removes the municipal veto which applies to nuclear facilities and makes permitting more predictable and consistent across all minerals. In effect: The legislation entered into effect in July 2026. 70 Riksdag Building, Stockholm
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Expanded land holdings Gräsmyråsen nr 1 granted Q4 2025 Note: Vanadis Battery Metals AB is a wholly owned subsidiary of Aura. Aura has four sizeable, adjoining tenements in Sweden with a total landholding of 5388 hectares Exploration prospectivity with potential to increase resource position Tenement Area (hectare) Häggån nr 1 1831.50 Skallböle nr 1 783.96 Möckelåsen nr 1 1760.54 Gräsmyråsen nr 1 1012.12 71
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09 Appendix 72
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Tiris Uranium Project Ore Reserves October 2026, JORC Code 2012 Notes: Ore Reserves are a subset of Mineral Resources and conform with the JORC Code 2012. Uranium price US$90/lb; tonnages include mining dilution; figures are rounded. Supersedes the Ore Reserve of 16 December 2024 (62.8 Mt at 243 ppm for 33.6 Mlb). Competent Person: Andrew Hutson (Resolve Mining Services). Source: ASX and AIM Release 16 October 2026. 73 Deposit / class Tonnes (Mt) U3O8 (ppm) U3O8 (Mlb) Lazare North — Proved 3.7 293 2.4 Lazare North — Probable 9.5 246 5.1 Lazare South — Proved 7.9 239 4.2 Lazare South — Probable 6.1 220 2.9 Hippolyte — Proved 9.4 254 5.2 Hippolyte — Probable 9.6 245 5.2 Sadi — Proved 10.5 201 4.7 Sadi — Probable 18.0 191 7.6 Total Proved 31.5 237 16.4 Total Probable 43.1 219 20.8 Total Ore Reserves 74.6 227 37.3
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Tiris Uranium Project Mineral Resources June 2024, reported inclusive of Ore Reserves Notes: Mineral Resources are reported inclusive of Ore Reserves. All figures are rounded, which may result in apparent errorsof summation. Competent Person for the Mineral Resource: Arnold van der Heyden (H&S Consultants). Source: ASX and AIM Release 12 June 2024, Aura increases Tiris Mineral Resources by 55% to 91.3 Mlbs U3O8. 74 Deposit Class Tonnes (Mt) U3O8 (ppm) U3O8 (Mlb) V2O5 (ppm) V2O5 (Mlb) Hippolyte East Inferred 2 172 0.8 56 0.3 Hippolyte North Measured 11 237 5.6 77 1.8 Hippolyte North Indicated 7 238 3.7 77 1.2 Hippolyte North Inferred 9 236 4.9 77 1.6 Hippolyte North Sub-total 27 237 14.3 77 4.6 Hippolyte South Indicated 5 205 2.1 67 0.7 Hippolyte South Inferred 28 181 11.0 59 3.6 Hippolyte South Sub-total 32 184 13.2 60 4.3 Hippolyte West C Inferred 4 244 2.2 79 0.7 Marie Inferred 10 246 5.3 80 1.7 Lazare North Measured 4 291 2.4 94 0.8 Lazare North Indicated 10 247 5.3 80 1.7 Lazare North Inferred 4 299 2.4 97 0.8 Lazare North Sub-total 17 268 10.1 87 3.3 Lazare South Measured 8 234 4.4 76 1.4 Lazare South Indicated 7 217 3.1 70 1.0 Lazare South Inferred 6 209 2.6 68 0.8 Lazare South Sub-total 21 222 10.1 72 3.3 Sadi Measured 11 198 4.9 64 1.6 Sadi Indicated 20 187 8.4 61 2.7 Sadi Inferred 17 201 7.5 65 2.4 Sadi Sub-total 48 195 20.8 63 6.7 All Tiris East Measured 34 230 17.3 75 5.6 All Tiris East Indicated 48 212 22.6 69 7.3 All Tiris East Inferred 79 210 36.7 68 11.9 All Tiris East Sub-total 162 215 76.6 69 24.9 Oum Ferkik Inferred 22 294 14.6 95 4.7 All Deposits Measured 34 230 17.3 75 5.6 All Deposits Indicated 48 212 22.6 69 7.3 All Deposits Inferred 102 229 51.4 74 16.6 Grand Total All 184 225 91.3 73 29.6
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Häggån Mineral Resources Prepared and first disclosed under the JORC Code 2004 Notes: Competent Persons — Häggån Mineral Resources: Rupert Osborn (H&S Consultants) and Neil Clifford; Häggån Uranium Mineral Resources: Arnold van der Heyden (H&S Consultants) and Dr Robert Beeson. The estimate is currently being converted to the JORC Code 2012 and to incorporate uranium assay information from subsequent exploration drilling; no reinterpretation or estimation has been completed during the conversion so far. Contained metal shown for U3O8 only. Significant figures do not imply precision. Sources: ASX Release 10 October 2019 and ASX Release 22 August 2012. 75 V2O5 cut-off Class Tonnes (Mt) V2O5 (%) K2O (%) V2O5 (Mlb) 0.1% Indicated 45 0.34 4.11 332 0.1% Inferred 2,503 0.27 3.37 14,873 0.2% Indicated 42 0.35 4.13 320 0.2% Inferred 1,963 0.30 3.80 13,010 0.3% Indicated 61 0.38 4.22 258 0.3% Inferred 954 0.35 3.95 7,390 Häggån uranium Class Tonnes (Mt) U3O8 (ppm) V (ppm) U3O8 (Mlb) Häggån Inferred 2,350 155 1,519 800