Activities Report March Quarter 26 Appendix 5B

Aura Energy Limited (ASX: AEE, AIM: AURA) ("Aura" or the "Company") is pleased to provide its activities report for the quarter ended 31 March 2026. Aura continues to advance the development of its flagship Tiris Uranium Project ("Tiris") in Mauritania, West Africa, while progressing licensing initiatives for the Häggån Polymetallic Project ("Häggån") in Sweden.

To view the full Appendix 5B, please click here http://www.rns-pdf.londonstockexchange.com/rns/5605C_1-2026-4-30.pdf

Overview

• Aura's technical team confirmed two successful methodologies for dewatering of production from the Tiris Project
• On 24 April, the Geological Survey of Sweden as formally proposed designating

Häggån as a resource of national interest for valuable materials

Uranium Market

The TradeTech uranium price on 31 March was US$84.15/lb, after having reached an almost two year high of US$101.50/lb, with futures quotes for 2026 delivery in the US$101-104/lb range during the quarter.

The market fundamentals for uranium are the best for a generation. Continuing investment in nuclear power around the world is creating long term demand growth for uranium, which is increasing the existing supply deficit. By 2040, the existing uranium supply deficit is expected to rise to between 49% and 60% of annual requirements.

In the first quarter of 2026, conflict in the Gulf and rising oil prices reinforced the energy security advantages of nuclear as a source of competitive, base load power. In China CNNC started construction at the multiple-reactor Xuwei nuclear power plant. In Japan Tepco restarted the Kashiwazaki-Kariwa power plant and South Korea confirmed plans to complete two new 1.4GW reactors by 2038. In other regions, Poland reported that construction will commence on its first reactor in 2028, and Turkey announced that it has reached 99% completion of its first reactor at Akkuyu, which will ultimately provide 10% of the country's electricity.

Strategic recognition of the importance of uranium is increasingly reflected in government policy. On 2 February, President Trump announced Project Vault, creating a US$12 billion strategic critical minerals reserve to increase supply independence. This followed the US government adding uranium to the critical minerals list in November 2025.

Tiris Uranium Project (Mauritania)

During the March 2026 quarter, Aura continued to make disciplined progress on the Tiris Uranium Project, concentrating on the final technical work required to support a well Strategic Financing Plan. The Board's focus remains on ensuring the Project is developed on a robust, scalable and economically sound basis, aligned with long‑term value creation for shareholders.

Engineering and Development Activities

During the March 2026 quarter, Aura continued to advance the Tiris Uranium Project through targeted engineering and development activities aimed at de‑risking the process flowsheet and supporting progress toward a Strategic Financing Plan. Work during the quarter was focused on completion of critical test programs, refinement of ore body knowledge, and review of alternative flowsheet configurations, with particular emphasis on post‑leach dewatering.

Dewatering Test Work

During the quarter, Aura progressed a test work program to evaluate and compare alternative solid-liquid separation options downstream of leaching, ahead of uranium recovery via ion exchange. Test work concentrated on the following dewatering pathways:

• Pre-Leach Dewatering: Multi-stage Centrifugation, including assessment of achievable cake moisture, solids recovery, and throughput under representative feed conditions;
• Post-Leach Dewatering:

o Multi-stage centrifugation

o Horizontal Vacuum Belt Filtration ("HVBF") with polymer. Polymer‑assisted agglomeration (ATA™)[1], aimed at improving particle size distribution and permeability prior to separation; and

o Counter Current Decantation ("CCD"), with washing efficiency, flocculant response, and circuit stability as key evaluation parameters.

The tests have confirmed that centrifuges will achieve satisfactory dewatering of the pre-leach material and both centrifuges and Horizontal Vacuum Belt Filtration ("HVBF") with polymer‑assisted agglomeration (ATA™) will satisfactorily dewater the post leach material. Our work is now focussed upon achieving the optimal economic outcome, which we expect to present early in Q3 2026.

As previously announced, no material changes have been identified for the leach, ion exchange, calcination and packaging process steps.

Progress Toward a Strategic Financing Plan

During the quarter, Aura continued to engage with potential strategic investors and financiers, who remain informed of the revised test work program and its role in finalising the optimal processing configuration. The BFS is expected to be completed in Q3 2026, following incorporation of dewatering test work results and updated flowsheet selections, due to be completed in the June Quarter.

The work completed during January to March 2026 period represents a key step in reducing technical risk and advancing the Tiris Uranium Project toward a Strategic Financing Plan, supporting Aura's objective of developing a globally significant uranium project in Mauritania.

Funding and Financing Activities

During the March 2026 quarter, Aura strengthened its funding position and continued to progress multiple financing pathways aligned with advancing the Tiris Uranium Project toward a Strategic Financing Plan.

The Company's financing strategy remains focused on securing development funding that reflects the long‑life, low‑cost nature of the Tiris Uranium Project, preserves value for shareholders and delivers a competitive overall cost of capital. Financing discussions are being progressed in parallel with the Project's technical development and remain aligned with key Strategic Financing Plan‑enabling milestones.

Equity Funding

On 2 February 2026, Aura completed an share placement, raising A$20 million (before costs) through the issue of 97.6 million fully paid ordinary shares at A$0.205 per share.

Proceeds from the placement have been allocated to:

• Advancement of the Tiris Uranium Project engineering and test‑work programs;
• Strategic Financing Plan readiness activities, including Basic Engineering and execution planning;
• Ongoing technical studies and project development costs; and
• General working capital.

Completion of the placement materially de‑risked Aura's near‑term funding position and ensures the Company is appropriately funded to complete the remaining technical work required to support a Strategic Financing Plan.

Project Finance and Strategic Funding Engagement

In parallel with the equity raise, Aura continued structured engagement with potential project finance providers and strategic funding counterparties during the quarter.

In February 2026, the Company received a non‑binding indicative offer ("NBIO") relating to potential project financing for the Tiris Uranium Project. The NBIO was received at an early, non‑binding stage and remains subject to further due diligence, detailed structuring, internal approvals and alignment with the Project's final technical configuration and development timetable.

The receipt of the NBIO provides further confirmation of external interest in the Tiris Uranium Project and supports Aura's assessment of available funding alternatives as the Project advances toward a Strategic Financing Plan.

The Company also hosted a site visit in Mauritania with a significant potential Strategic Investor and reciprocated with a senior team visiting the potential investor during which a comprehensive non-binding Memorandum of Understanding ("MOU") was developed.

Aura also continued discussions with the U.S. International Development Finance Corporation ("DFC") as part of its evaluation of potential long‑term project financing solutions. Engagement with DFC and other funding counterparties has remained closely aligned with the Project's technical development program, including the ongoing post‑leach dewatering test work and progression toward completion of Basic Engineering.

Financing discussions currently encompass a range of potential structures and sources, including debt, strategic participation and other project‑level funding options, and are being progressed in a disciplined manner consistent with the Project's development stage.

Häggån Polymetallic Project ("Häggån Project")

On 1 January, as expected the Swedish government enacted legislation to remove the prohibition on uranium mining in the country. This is consistent with its policy of promoting the development of nuclear power and mineral self-sufficiency in Sweden.

On 23 January, Aura announced that a valuation of C$50 million (A$55 million) was established for Häggån as MMCAP International Inc., SPC and other strategic investors agreed to provide funding of C$10 million for a 19.7% interest in Häggån.

In February, the government announced that it would move to legislate removal of the existing municipal veto on uranium extraction, continuing its pro-nuclear agenda. This announcement coincided with an announcement by the government that it would hold an inquiry into the regulation of alum shale extraction.

A previous government held an inquiry into alum shale extraction in 2020. That inquiry concluded that no special regulations were necessary for mining in alum shale but required that the operator must be able to demonstrate its suitability to carry out the processing of the rock type. The Company supports that conclusion, and believes that Sweden's existing rigorous permitting standards are effective and sufficient. Aura hopes that the 2026 inquiry will bring certainty to the permitting process, while addressing local communities' concerns.

On 12 March, Aura announced that a decision had been made to defer the Häggån transaction, pending the outcome of the government of Sweden's inquiry into the regulation of the mining of alum shale and an improvement in general market conditions.

Aura continues to retain 100% ownership of Häggån and is committed to unlocking the significant value and optionality of the project.

Häggån is a substantial polymetallic deposit, hosting uranium, vanadium, nickel, molybdenum, zinc, and sulfate of potash - all essential to the energy transition sector. Vanadium is also classified by the European Union as a critical raw material under the EU's Critical Raw Materials Act.

On 24 April 2026, the Geological Survey of Sweden ("SGU") formally proposed designating the Häggån polymetallic deposit as a national interest for valuable materials.

Häggån is uniquely positioned as a key contributor to Europe's clean energy and industrial future with both uranium as a cornerstone of fossil-free nuclear energy and the deposit's significant vanadium resource.

The designation is subject to a consultation period with designated stakeholders until 3 June 2026. SGU's Director General will make a final designation decision following the referral process.

Häggån Transaction Context

As announced on 12 March 2026, the Company deferred completion of the Haggan project transaction pending the outcome of the Swedish government inquiry into the mining of alum shale and an improvement in general market conditions.

Financial Summary

As at 31 March 2026, Aura held A$19.2 million in cash.

Key Cash Flows

• Exploration and evaluation (Tiris development activities, engineering, EPCM, test-work): A$1.5 million.
• Administration and corporate: A$1.2 million.
• Staff costs: A$1.2 million.
• Payments to related parties and associates: A$0.3 million (refer Item 6, Appendix 5B).

Forecast net operating and exploration expenditure for the June quarter is A$4.3 million.

Exploration and evaluation expenditure during the quarter was A$1.5 million, primarily relating to Tiris Uranium Project development activities, including engineering and test work.

Administration and corporate costs for the quarter totalled A$1.2 million, while staff costs were A$1.2 million.

Payments to related parties and their associates during the quarter were A$0.3 million, comprising directors' fees and remuneration paid in the normal course of business.

The Company recorded net cash outflows from operating activities of A$2.3 million and net cash outflows from investing activities of A$1.5 million for the quarter.

Financing activities generated net cash inflows of A$18.9 million, principally reflecting proceeds from the February 2026 equity placement, partially offset by equity issue costs and lease liability payments.

As at 31 March 2026, Aura held cash and cash equivalents of A$19.2 million.

Based on current expenditure levels, the Company has an estimated five quarters of funding available.

Planned Activities - June Quarter 2026

Tiris Uranium Project

• Continue to progress funding options and due diligence with potential strategic partners.
• Complete the current post leach solid-liquid separation (dewatering) test work program and select one dewatering process to include in the BFS.
• Progress dewatering variability testing and Ore Body Knowledge (geometallurgy) programs to define domain‑based inputs for slurry handling, thickening and separation equipment selection.
• Update the process flowsheet and complete remaining BFS deliverables, incorporating the preferred dewatering configuration and associated capital and operating cost updates.
• Advance execution readiness, including review of EPCM / engineering contract options, detailed execution planning and definition of early works scope and schedule.
• Continue baseline environmental monitoring in parallel with engineering to support development planning.

Häggån Project

• Continue the permitting process to amend the application for the project exploitation permit to include uranium.

ASX Announcements - March Quarter 2026

Following is a list of all market sensitive announcements lodged by the Company during the Quarter:

• Investment establishes C$50M valuation for Haggan project 23 Jan 2026
• Trading Halt 30 Jan 2026
• Quarterly Activities/Appendix 5B Cash Flow Report 30 Jan 2026
• Aura Energy Successfully Raises A$20 million via Placement 2 Feb 2026
• Haggan Project Transaction Update 12 Mar 2026

These announcements are available for viewing on the Company's website, www.auraenergy.com.au.

Tenement summary

Table 1 - Tenement summary

As notified in the Half Year Report, on 13 March 2026, some of Nomads Mining SARL ("Nomads") shareholders filed a petition to the Commercial Court of Nouakchott seeking to cancel the farm-in agreement and claim damages. The Company is actively defending the matter and based on current legal advice, the likelihood of an outflow of economic resources is considered remote. It is noted that the petition was filed after the Company submitted an application for the registration of the transfer of 70% of Nomad's shares to the Company and that in December 2025, the Commercial Court of Nouakchott ruled in favour of the Company and ordered the registration of ownership interest of the Company in the official Register of Commerce. Philip Mitchell is registered as the sole "gerant" of Nomads. A further appeal from this decision has just been rejected confirming the validity of the registration of the Company as the rightful owner of 70% of Nomads shares. The claimants have lodged an appeal against this judgement before the Court of Appeal of Nouakchott. The Company will continue to seek to enforce its position and the court orders.

The Company did not conduct exploration activities during the quarter.

Outlook

Both the Tiris Uranium Project and the Häggån Polymetallic Project have outstanding fundamentals, are located in supportive jurisdictions and are underpinned by favourable market conditions. Aura's near-term goal remains unchanged: to deliver the Tiris Uranium Project into production safely, responsibly, and in a way that enhances value for all stakeholders, including host communities, partners and shareholders. Over the longer term the Company will participate in the rebirth of Sweden's nuclear industry and unlock the value of the Häggån asset.

Authorisation for release

This announcement is authorised for release by the Board of Aura Energy Limited.

Notes to project descriptions

The Company notes that the material assumptions underpinning the Tiris Uranium Production Targets, Ore Reserves and the associated financial information derived from the Tiris production target as outlined in the Aura Energy ASX Release dated 29 March 2023 "Enhanced Definitive Feasibility Study', ASX Release dated 28 Feb 2024 "FEED study confirms excellent economics for the Tiris Uranium Project", ASX Release dated 16 April 2024 "Offtake restructure delivers significant value", ASX Release dated 11 Sept 2024 "Updated Production Target Improves Economics at Tiris Uranium Project" and ASX Release dated 13 Dec 2024 "Tiris Uranium Project Alternative Production Targets" are subject to the matters disclosed in the ASX Release dated 25 November 2025 "Chair Address - Annual General Meeting 2025" and dated 30 January 2026 "Quarterly Activities/Appendix 5B Cash Flow Report". Process descriptions and cost, NPV, IRR and pay-back estimates may be impacted by the ongoing review of basic engineering work expected to be completed in Q2 2026.

The Tiris Uranium Project Mineral Resources were released ASX Release dated 12 June 2024 "Aura increases Tiris Mineral Resources by 55% to 91.3 Mlbs U3O8" and Ore Reserves released ASX Release dated 16 Dec 2024 "Substantial increase in Tiris Uranium Project Ore Reserves". The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed, with the exception of process flow sheet matters currently being addressed as outlined in the ASX Releases dated 25 November 2025 "Chair Address - Annual General Meeting 2025" and dated 30 January 2026 "Quarterly Activities/Appendix 5B Cash Flow Report".

The Company confirms that the material assumptions underpinning the Häggån Project Production Targets and the associated financial information derived from the Häggån production target as outlined in the Aura Energy ASX Announcement dated 5 September 2023 "Scoping Study Confirms Scale and Optionality of Häggån" continue to apply and have not materially changed.

[1] https://www.cleanteqwater.com/water-treatment-technology/ata/