Strategic Funding Process - Tiris Uranium Project

Aura Energy Limited (ASX: AEE, AIM: AURA) ("Aura" or "the Company") is pleased to announce it has commenced dual funding workstreams aimed at underpinning the development of the Company's flagship Tiris Uranium Project ("Tiris") in Mauritania.

Aura has appointed Orimco Pty Ltd ("Orimco") to arrange debt funding for Tiris and has also engaged Macquarie Capital (Australia) Limited ("Macquarie") to progress a process to identify and engage with potential strategic investors in relation to a potential strategic investment in Tiris and Aura. The strategic funding process follows Aura's recently completed Front End Engineering ("FEED") Study which highlighted Tiris' robust economics (NPV8 US$ 388M, IRR 36%)[1] and long-term growth opportunities.

Aura has received strong inbound interest from both highly credentialled debt providers and strategic investors who recognise the potential undeveloped future value at Tiris. The aim of this funding process is to deliver the optimal funding package, de-risk the development of Tiris, optimising equity requirements and to maximise the value of Tiris for Aura shareholders.

The team at Orimco has extensive experience in arranging bespoke debt programs for West African resources projects and has significant and valuable exposure working across a broad range of commodities, projects and locations including Mauritania.

Macquarie has been engaged to assist with managing the strategic process with its role complementary to Aura's debt adviser, Orimco, with the objective of achieving an integrated funding solution for Tiris.

Following the completion of the FEED study, the renegotiation of offtake arrangements with Curzon[2] and the completion of the recent resource drilling program, Aura is preparing for a decision to mine in late 2024 or early 2025.

The decision to mine necessitates the coming together of numerous key steps, including:

• Resource and mine planning updates following the resource drilling program
• Establishment of an owner's team
• Finalisation of the construction scope and budget
• Commitments to early works including water and electricity
• Government development consents
• Arrangements with key offtake partners
• Financing for the project development

Aura expects to make additional announcements in relation to each of these elements over the forthcoming months.

Aura Energy's MD and CEO Andrew Grove commented:

"The recent FEED Study ASX release concluded the Tiris Uranium Project is a near term, low cost, long life mine with exceptional further growth opportunities1 and recent offtake agreement further enhanced the economics with a project NPV8% of US$388M and IRR 36%, both post tax[3].

"The appointment of Orimco as a debt advisor and Macquarie investigating strategic investment options are critical steps in advancing Tiris as we work towards a final investment decision at the end of 2024.

"We look forward to updating investors and other stakeholders as we continue to progress the Tiris Uranium Project through to a final investment decision and then into production."

The Board of Aura Energy Ltd has approved this announcement.