Quarterly Activities Report for September 2026

Quarterly Activities Report for

September 2026

Aura Energy Limited (ASX: AEE, AIM: AURA) (“Aura” or the “Company”) is pleased to provide its activities report for the quarter ended 30 September 2026. Aura is progressing the Tiris Project toward Final Investment Decision.

During the quarter, Aura appointed the leadership team that will take the Tiris Uranium Project (“Tiris” or the “Project”), its flagship uranium project in Mauritania, West Africa, from study to construction. Aura has advanced construction of the Tiris pilot plant and progressed the Bankable Feasibility Study (“BFS”) toward release. The results of the BFS were subsequently announced on 16 October 2026.

To view the full Appendix 5B, please click here: http://www.rns-pdf.londonstockexchange.com/rns/2092Z_1-2026-10-15.pdf

Highlights

On 16 October 2026, the Company released the announced results of its Bankable Feasibility Study for the Tiris Uranium Project in Mauritania, with a post-tax NPV of US$500.3m (8% real discount rate, 100% basis, ungeared) at a uranium price of US$90/lb U 3 O 8 . Please refer to the separate market release for further details.

Pilot plant construction underway at Bir Moghrein, with commissioning expected to start in November 2026 and the testing regime due for completion in December 2026.

Continued discussions with potential strategic partners and project financiers, including due diligence and term sheet negotiations; Aura continues to target project financing and a Final Investment Decision (“FID”) by the end of 2026.

Negotiations continue with the major international nuclear utility party to the non-binding MOU of 2 June 2026 toward a binding commercial agreement targeted for year-end.

A national government election took place in Sweden on 13 September 2026, resulting in the previous right-centred coalition losing its majority by three seats. As the largest opposition party, the Social Democrats have now been invited to establish a new government coalition.

Cash of A$10.6 million at 30 September 2026.

Uranium Market – A Generational Supply Deficit

Global uranium demand is accelerating. By 2040, according to World Nuclear Association forecasts, annual uranium requirements are expected to exceed supply by 49–60%. This structural undersupply is driving investment in new production capacity.

The TradeTech uranium spot price on 30 September 2026 was US$89.75 per pound, an increase of US$4.50 per pound or 5% over the quarter from 30 June’s price of US$85.25 per pound.

TradeTech’s long-term price for multi-annual supply agreements on 30 September 2026 was US$97.00 per pound, unchanged from the last quarter. The premium of the long-term price over the spot price reflects utilities’ purchasing patterns and concerns about locking in supply amid foreseeable future uranium scarcity.

Tiris Uranium Project (Mauritania) – leadership team appointed, pilot plant construction under way

During the September 2026 quarter, Aura appointed the leadership team that will take Tiris from study to construction, continued construction of the Tiris pilot plant and progressed the BFS toward release.

On 30 September 2026, Aura announced that John Carr had been appointed President, reporting to the Executive Chair. John had been Chief Adviser, Operations since March 2026, and will run the business day-to-day and lead the executive team. Spencer Davey will join as Chief Financial Officer in early November 2026 from Fortescue, where he has been Global Head of Business Development and Special Projects. Spencer will replace Mark Somlyay, who resigned on 12 August 2026.

Jeremy Carter, adviser to Aura on strategy and technology since November 2025, became Chief Strategy Officer, leading the digitalisation of Aura’s business and the recruitment and development of young Mauritanians to operate Tiris. Phil Mitchell remains Executive Chair and will lead discussions with lenders and investors through to financial close.

Significant work was undertaken for the BFS during the September quarter, but final engineering estimates delayed completion of the BFS, which was previously expected in September 2026. Refer to “Events Subsequent to Quarter End” below.

Fabrication and shipment of the Tiris pilot plant was completed in September with site preparation works at Bir Moghrein to be completed in October. Commissioning is expected to start in November 2026, with the testing regime, covering each of the three main Tiris ore types and a bulk composite sample, due for completion in December 2026. The pilot is intended to validate the finalised flowsheet operating as a single continuous circuit on Tiris ore and to provide data for financiers and their independent technical advisers. In the medium- to long-term, the pilot plant will be a significant resource for further plant optimisation, operational readiness, and training for Mauritanian operators.

Discussions continued during the quarter with the major international nuclear utility under the non-binding MOU executed and announced on 2 June 2026, covering potential equity investment, long-term offtake and technical collaboration. The parties continue to negotiate toward a binding commercial agreement, targeted by year-end.

Aura continues to target project financing by the end of 2026, with an FID targeted by the end of 2026. Aura’s funding pathway continues to span multiple complementary sources, including:

a potential cornerstone strategic equity investment (such as the MOU party);

senior project debt and strategic equity funding of ~US$150–US$170m – ongoing dialogue with the DFC, with due diligence and term sheet negotiations ongoing; and

a non-binding, fully funded proposal from a major US investment fund.

The Mauritanian exploration permits Oued El Foule Sud, Hadeibet Belaa and Touerig Taet expire in December 2026, with renewal applications submitted in July 2026. The Company is not aware of any reason why these renewals would not be granted.

The updates of the environmental and social baseline studies continued this quarter, with final reports received for the biodiversity, archaeology and cultural heritage studies, and draft reports received for several areas, including the Socio-economic Baseline, the Human Rights Impact Assessment, and the Climate Change Risk Assessment. Other update studies such as greenhouse gas modelling, air quality modelling, radiation baseline and a tailings management study were initiated with Aura’s preferred consultants.

In July and August, a field-based archaeological survey and community water source hydrocensus were completed at site, and environmental and radiation monitoring was undertaken simultaneously, with water, dust, soil and vegetation samples being collected for external analysis.

Häggån Polymetallic Project (Sweden) – uranium legislation enacted

On 15 July 2026, legislation amending Sweden’s Nuclear Activities Act was enacted as planned, following the Swedish Parliament’s vote in June 2026. Uranium mining is no longer regulated as a nuclear facility, and uranium extraction no longer requires explicit municipal consent. This is the second legislative change intended to facilitate the development of uranium mines in Sweden, following the removal of the ban on uranium exploration and mining effective January 2026.

On 13 September 2026, a national election took place in Sweden, resulting in the right-centred government losing its majority by three seats to the left-centred opposition (173 seats versus 176). The Social Democrats led by Magdalena Andersson emerged as the largest opposition party with 99 seats. Following unsuccessful efforts to secure sufficient parliamentary support for a new coalition government, the Speaker has announced that the parliament will vote on 15 October 2026 on Andersson becoming prime minister of a single-party Social Democrat government. No political initiatives will be taken until a new government is in place.

The exploitation permit application for Häggån K nr 1 was submitted to the Swedish Mining Inspectorate in August 2024, and the Häggån nr 1 exploration licence remains valid while the application is considered. Aura continued the permitting process to amend the application to include uranium.

With a regulatory environment in Sweden that is supportive of investment in mineral exploration and development, Aura will continue to engage with all local and national stakeholders as it seeks to develop a successful mining operation in Sweden.

The government inquiry into extraction in alum shale is scheduled to report back to government no later than February 2027.

Financial Summary

As at 30 September 2026, Aura held A$10.6 million in cash. Based on current expenditure levels, the Company has an estimated 2 quarters of funding available (refer Item 8, Appendix 5B).

Key Cash Flows

Exploration and evaluation (Tiris evaluation activities, comprising BFS engineering, procurement and fabrication of pilot plant equipment for BFS test-work, and other test-work): A$2.6 million.

Administration and corporate: A$1.9 million.

Staff costs: A$0.9 million.

Payments to related parties and associates: A$0.1 million (refer Item 6, Appendix 5B), comprising directors’ fees and remuneration paid in the normal course of business.

There were no substantive mining production or development activities during the quarter and, accordingly, no related expenditure was classified under Australian Accounting Standards.

Forecast net operating and exploration expenditure for the December quarter is expected to remain consistent with this quarter, reflecting commissioning and testing of the Tiris pilot plant, completion of the BFS and project financing activities.

The Company recorded net cash outflows from operating activities of A$2.6 million and from investing activities of A$2.6 million for the quarter.

Financing activities resulted in net cash outflows of A$49,000, principally reflecting lease liability payments.

Planned Activities – December Quarter 2026

Tiris Uranium Project

Progress project financing with potential strategic partners and project financiers, targeting project financing by the end of 2026, and continue negotiations toward a binding agreement with the MOU counterparty.

Complete installation, commissioning and the testing regime of the Tiris pilot plant at Bir Moghrein, proving the finalised flowsheet at scale.

Advance execution readiness, including review of EPCM / engineering contract options, execution planning and definition of early works scope and schedule.

Continue baseline environmental monitoring and recruitment and training of Mauritanian personnel.

Receive renewal of the Mauritanian exploration permits expiring in December 2026.

Häggån Project

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

Work continues on JORC Code (2012 Edition) conversion of the Häggån Mineral Resource estimate.

ASX Announcements – September Quarter 2026

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

Aura Appoints Leadership Team to Build Tiris 30 Sep 2026

Management Change 12 Aug 2026

Quarterly Activities/Appendix 5B Cash Flow Report 31 Jul 2026

Swedish Nuclear Legislation Enacted 16 Jul 2026

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

Tenement summary

Table 1 – Tenement summary

Note: 1. Refer also commentary regarding Mauritanian tenement tenure in the Company’s 30 June 2026 Annual Report released to ASX on 30 September 2026.

As previously reported, certain shareholders of Nomads filed a petition with 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. In December 2025, the Commercial Court of Nouakchott ruled in favour of the Company and ordered registration of the Company’s ownership interest in the official Register of Commerce, and Philip Mitchell is registered as the sole “gérant” of Nomads. By decision number 0028/2026 issued on 11 June 2026, the Court of Appeal of Nouakchott rejected the claimants’ appeal and confirmed the validity of the registration of the Company as the rightful owner of 70% of Nomads’ shares. On 10 August 2026, the claimants lodged an appeal with the Supreme Court, which is limited to points of law and does not review the merits of the case. The Company continues to actively defend its position and based on current legal advice, considers the likelihood of an outflow of economic resources to be remote.

The Company did not conduct exploration activities during the quarter.

Outlook

Aura enters the December quarter with the team in place to take Tiris from study to construction. With the BFS released and pilot plant commissioning scheduled to start in November 2026, the Company’s focus turns to funding and building the Project. Tiris is expected to be Mauritania’s first uranium mine, and in Sweden uranium is now permitted under the same framework as other minerals. 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

Tiris Project

The production target and forecast financial information for the Tiris Uranium Project referred to in this report are derived from the 2026 Bankable Feasibility Study, as reported in the ASX announcement dated 16 October 2026 “Tiris BFS Confirms Low-Cost, Near-Term Uranium Project” (“BFS Announcement”). 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. The BFS updates and supersedes the production targets and forecast financial information reported in the Company’s previous ASX releases, and investors should no longer rely on them.

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” and Ore Reserves were reported in the ASX release dated 16 December 2024 “Substantial increase in Tiris Uranium Project Ore Reserves”. On 15 October 2026, the BFS Announcement reported updates related to the Tiris Uranium Project Ore Reserves. This announcement reported the Ore Reserve estimate has increased by 11% to 74.6 Mt at 227 ppm U3O8, containing 37.3 Mlb of U3O8, up from 33.6 Mlb of U3O8. 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. 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.

Häggån Project

The Häggån Project Mineral Resource estimate referred to in this report 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. 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 2012-compliant Häggån resource estimate.

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. The Company further 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.