Curzon to receive restructuring fee in shares

Aura Energy Limited (ASX: AEE, AIM: AURA) ("Aura" or the "Company") is pleased to provide an update to the recently announced[1] restructure of the Curzon Uranium Ltd. ("Curzon") uranium offtake agreement which materially increased the price receivable for planned uranium production and releasing significant value for the Tiris Uranium Project.

KEY POINTS:

• The restructured offtake agreement[2] improves the Project NPV8 by US$22M to US$388M and increases the IRR by 2% to 36% compared to Front End Engineering Design ("FEED") study economics[3] delivered in March 2024
• Curzon has elected to receive the US$3.5M (A$5.4M) restructuring fee in Aura shares priced at A$0.18 per share, in lieu of a cash settlement
• Curzon will also take a US$3.5M (A$5.4M) placement of Aura shares at A$0.18 per share adding to Aura's cash reserves
• Restructuring fee shares will be escrowed until first production
• 50% of the placement shares will be escrowed until the earlier of 30 June 2025 or Final Investment Decision ("FID")
• The shares will be issued at the conclusion of final documentation and subject to the Company's placement capacity being refreshed at the upcoming shareholders' meeting on the 21 May 2024
• Curzon will be issued 59,829,060 new shares in Aura and will hold approximately 8% of the issued stock in Aura at that time

Andrew Grove Aura's MD and CEO commented:

"We welcome Curzon as a significant long term Aura shareholder and partner for the development of the Tiris Uranium Project. Curzon is a leading global uranium trader and their deep market insight and networks will be of significant benefit to the development and successful operation of the future Tiris Uranium Mine and will of benefit to all Aura shareholders."

The Board of Aura Energy Ltd has approved this announcement.

[1] ASX Releases: "Update to Curzon Offtake Agreement" 16 April 2024

[2] ASX Releases: "Update to Curzon Offtake Agreement" 16 April 2024

[3] ASX Release: "FEED study confirms excellent economics for the Tiris Uranium Project" 28 February 2024