Aura Energy Limited provided an update on the development activities at the Tiris Uranium Project ("Tiris" or the "Project") in Mauritania, West Africa. Following the delivery of the FEED study[1] in February 2024, the appointment of advisors to progress the financing of the project and the recent announcement regarding the 55% increase in Mineral Resources[2] at the Tiris Uranium Project in Mauritania, Aura announced five further steps towards development of the project: Appointment of experienced West African project director Jan Booyse and his company, Project EQ, to lead the project development at Tiris. Appointment of Kenmore Mine Consulting to complete a mine plan optimisation review.

Appointment of Lycopodium to oversee an optimisation and project enhancement study. Appointment of Knight Piésold Consulting to oversee water resource drilling in the abundant and proximate Taoudeni Basin. Highly credentialled Bruce Harvey appointed to review and update the Company's Environment Social Governance (ESG) framework.

Each of these steps supports and enhances Aura's objective of completing all required steps to finalise a mine development decision by first quarter of 2025. Owners team appointed Aura has appointed Jan Booyse and his boutique mine project owners team company, Project EQ, to undertake the owners team function for the development of the Tiris Uranium mine. Mr. Booyse brings extensive experience in project delivery in West Africa and is supported by an experienced multi-disciplinary team.

Mr. Booyse and Project EQ will act as Aura's owner's team. In mid-June 2024, Aura announced that Tiris' global Mineral Resources increased by 55% to 91.3Mlbs U3O8, up from 58.9Mlbs U3O8. The Measured and Indicated resources also increased by 35% adding 10.3Mlbs U3O8.

The increased Mineral Resource offers the opportunity to further enhance the FEED study economics which are already strong and offer a USD 388M NPV8, 2.5-year payback period and 36% IRR with the following potential project development scenarios: · 2.0Mlbspa U3O8 production capacity = USD 230M development capital (Base Case) · 2.8Mlbspa U3O8 production capacity = USD 83M expansion capital (from 2 to 2.8Mlbpa) · 3.5Mlbspa U3O8 production capacity = USD 166M expansion capital (from 2 to 3.5Mlbpa) In June, foreshadowed that the substantial resource increase should allow optimisation and reconfiguration of the development approach, including: · Optimisation of the number of production units and with this the potential for reduced opex and capex · Future expansion of the Project production rate, each of which offer the opportunity to enhance to Project's economics. Aura has appointedKenmore Mine Consulting to optimise the mine plan based upon the enhanced 91.3Mlbs U3O8 Mineral Resource[6] and it is expected that this work will be completed by end of the September quarter 2024. Recognising the opportunity presented by the expanded resource and the mine plan review and the appointment of Mr. Booyse, Lycopodium's South African business ADP Group ("Lycopodium") will review the project development plan and the potential for opex, capex and schedule optimisation.

Lycopodium is ideally placed to undertake this review as they have recently successfully re-commissioned Paladin Energy's Langer Heinrich Mine in Namibia. The Langer Heinrich processing plant has a very similar design and flow sheet to the Tiris process plant. The review, will focus on opportunities to: · Reduce the initial USD 230 million capital cost of the Project · Enhance the Project's future performance Local drilling and hydrological companies have been engaged to commence development of the water resources for the Project.

Knight Piésold Consulting, hydrological consultants with extensive West African experience, have been engaged to oversee the program and validate the results. The Taoudeni Basin offers an abundant water resource located close to the project and drilling will commence within a few weeks on already identified targets (approximately 100km south of the Project). Drilling will also further develop the C22 water reservoir (35km from the Project), while geophysics will be undertaken to further refine drill targeting.

The Company has commenced a comprehensive Environment Social Governance ("ESG") review and update including an appraisal of ESG framework, policies and procedures in preparation for the development of Tiris. Specific areas of focus will include the safe handling and transport of radioactive materials to meet international standards and jurisdictional requirements. The review is being led by Bruce Harvey of Resolution88 Social License Solutions, along with specialist consultants.

As a former social performance practice leader for a global mining company for eight years, Bruce has significant experience developing robust ESG frameworks in Africa and elsewhere.