Aura Energy Ltd · ASX:AEE
Aura Energy — Investor Presentation (October 2026)
75 slides from Aura Energy's investor presentation, Oct 19, 2026
Slide 1: Powering the nuclear resurgence
ASX: AEE | AIM: AURA rsonal use only Powering the nuclear resurgence Bringing significant resources in new uranium jurisdictions to market October 2026
Slide 2: Important Information – Production Target & Competent Person Statements
Important Information – Production Target & Competent Person Statements This presentation contains a production target for the Tiris Uranium Project and forecast financial information Cautionary Statement derived from that production target. Those statements are forward-looking statements. The produ
Slide 3: Important Information – Production Target & Competent Person Statements
Important Information – Production Target & Competent Person Statements Notes to project descriptions 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 sub
Slide 4: Overview
ersonal use. only verview — aura energy
Slide 5: Investment Highlights
Investment Highlights Significant scale potential with 900Mlb of uranium resource across two multi-generational assets 1 Tiris: 91.3 Mlb Mineral Resource and an Ore Reserve up 11% to 37.3 Mlb. Häggån, Sweden: 800 Mlb2 rsonal use only Flagship Project Tiris with near-term production and robust, banka
Slide 6: Tiris is a shallow, free-dig mine in production from the end of 2028
Tiris is a shallow, free-dig mine in production from the end of 2028 Mauritania's first uranium mine, principal approvals granted rsonal use only ORE RESERVE RESOURCE ORE ZONE 37.3 Mlb (+11%) 91.3 Mlb (+55%) 5 to 15 m 74.6 Mt at 227 ppm U3O8 uranium Mineral Resource, including ore starts about 10 cm
Slide 7: Robust economics with a 28% IRR and a 3.2 payback
Robust economics with a 28% IRR and a 3.2 payback 2026 BFS, 100% ungeared, at US$90 per pound rsonal use only PROJECT IRR PAYBACK POST-TAX NPV8 FREE CASH FLOW 28% 3.2 yrs US$500.3M US$1,479M Post-tax, unlevered, at US$90/lb, from first production US$425.3M attributable to Aura unlevered, life of min
Slide 8: Scalability: Two uranium assets with near-term production
Scalability: Two uranium assets comprising 900 Mlb with near-term production into a supply-short market rsonal use only Demand 49–60% of 2040 demand must come from mines not yet built, as data-centre demand, a pledge by more than 20 countries to triple nuclear, and restrictions on Russian uranium ti
Slide 9: Corporate
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Slide 10: Corporate snapshot
Corporate snapshot ASX and AIM listed uranium exploration and development company rsonal use only Capital structure (as of 30 Sept) Shareholders % Market capitalisation A$95M Macquarie Group Ltd 15.0% Share Price A$0.093 per share ASEAN Deep Value Fund 6.5% Cash A$10.6M Curzon Uranium 6.5% Shares on
Slide 11: Corporate structure
Corporate structure Tiris Ressources SA holds the Project rsonal use only Aura Energy Limited ASX: AEE | AIM: AURA · Australia 100% 100% 100% 100% 100% Tiris Zemmour Resources North-East Resources Pty Aura Energy Mauritania Pty Vanadis Battery Metals Archean Greenstone Gold Pty Ltd Ltd Ltd Ltd Austr
Slide 12: Board of Directors
Board of Directors Refreshed through FY2026 to add technical capability and Mauritanian representation rsonal use only Philip Mitchell Michelle Ash Warren Mundine AO EXECUTIVE CHAIR NON-EXECUTIVE DIRECTOR NON-EXECUTIVE DIRECTOR Former Head of Business Development and More than 30 years in senior rol
Slide 13: Management team
Management team Built out through FY2026 to carry Tiris from study into construction John Spencer Jeremy Will Nigel rsonal use only Carr Davey Carter Goodall Jones PRESIDENT CHIEF FINANCIAL CHIEF STRATEGY CHIEF DEVELOPMENT COMMERCIAL OFFICER OFFICER OFFICER DIRECTOR Co-founded New Century Led Busine
Slide 14: 2026 priorities
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Slide 15: The path to a Final Investment Decision
The path to a Final Investment Decision Six steps to the board decision in December 2026 rsonal use only 1 2 3 4 5 6 FEBRUARY JUNE OCTOBER NOV–DEC Q4 DECEMBER Funding Proven flowsheet BFS released Pilot plant Commercial FID decision engagement A$20M placement A single, robust design Study published
Slide 16: Tiris Optimised Pilot Plant, what it will look like
Tiris Optimised Pilot Plant, WHAT IT WILL LOOK LIKE Bir Moghrein The pilot runs from a levelled, gated yard in town, 470 km from the mine rsonal use only LOCATION Pilot plant, Bir Moghrein Tiris project Nouakchott (capital) Feed hopper Scrubber Screens Centrifuges Leach tanks Belt filter Ion exchang
Slide 17: The pilot plant is a small working version of the Tiris plant
The pilot plant is a small working version of the Tiris plant Running real Tiris ore from November 2026 gives lenders measured results HOW IT WORKS rsonal use only 1 2 3 4 Ore goes in Module A upgrades the Module B extracts the Eluate goes off-site to ore uranium licensed lab About 80 t of real Tiri
Slide 18: Funding and offtake are advancing on a multi-source basis
Funding and offtake are advancing on a multi-source basis US$400m funding plan targeted at FID rsonal use only DEBT E Q U I T Y AN D Q U AS I - E Q U I T Y OFFTAKE • US$220M assumed: senior plus • US$180M assumed; mix not yet • Curzon: 300,000 lb/yr for seven subordinated, 55% of funding decided yea
Slide 19: Uranium market
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Slide 20: Nuclear power is entering a period of sustained growth
Nuclear power is entering a period of sustained growth Policy, new demand and security of supply are all pointing towards more uranium rsonal use only Security of supply Concentrated supply Uranium is on the US critical minerals list, and Five countries supplied about 85% of the 157 restrictions on
Slide 21: Reactor uranium requirements more than double by 2040
Reactor uranium requirements more than double by 2040 WNA reactor requirements, Mlb U3O8: about 179 Mlb in 2025 rising to more than 390 Mlb by 2040 rsonal use only More than double 390 Mlb 70 GW+ of reactors under construction, as counted by the IEA • More than 20 countries pledged at COP28 to tripl
Slide 22: Supply is not keeping pace with demand
Supply is not keeping pace with demand TradeTech sees the share of low-cost Western supply nearly halve between 2028 and 2030 rsonal use only Share of Western supply producible below US$25/lb Production is concentrated 69% Primary production was about 157 Mlb U3O8 in 2024, 38% with the top five coun
Slide 23: 49% to 60% of 2040 demand must come from new mines
49% to 60% of 2040 demand must come from new mines Primary production in 2024 against WNA reactor requirements in 2040, Mlb U3O8 rsonal use only 390 Mlb 49% to 60% of 2040 demand to come from mines not yet built, on WNA estimates Demand. WNA expects reactor requirements to rise to more than 390 Mlb
Slide 24: BFS assumes US$90/lb, below long-term price forecasts
BFS assumes US$90/lb, below long-term price forecasts Broker consensus and TradeTech forecasts against the flat BFS price rsonal use only Uranium price forecasts, real US$/lb U3O8 PRICE ASSUMPTIONS $130 BFS base case: US$90/lb $120 $119 TradeTech Flat in real terms. Realised US$89.3/lb after the Cur
Slide 25: Tiris is mid-pack on cost, lowest on upfront capital
Tiris is mid-pack on cost, lowest on upfront capital Nine conventional producers and developers, latest company disclosures rsonal use only C1 cash cost, US$/lb U3O8 Arrow $9.98 WHERE TIRIS SITS Triple R $11.70 Mid-pack cost: At US$32.53/lb, Tiris compares well to its peers Gryphon* $12.75 Lowest up
Slide 26: Mauritania
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Slide 27: Mauritania is ready for the Tiris project
Mauritania is ready for the Tiris project Population 2026 GDP growth Area Capital Official languages Stable, mining-friendly jurisdiction and partner 4.9M 4.4% 1.03 million km2 Nouakchott Arabic and French rsonal use only Stable government through the build: President Ghazouani won a second term in
Slide 28: China and the USA are Mauritania's largest partners
China and the USA are Mauritania's largest partners Both trade and investment relationships have deepened since 2024 rsonal use only President Ghazouani with President Xi Jinping President Ghazouani at the White House With the Aura Energy Executive Chairman China: Strategic partnership sealed at the
Slide 29: Principal approvals granted, fiscal terms stabilised to 2049
Principal approvals granted, fiscal terms stabilised to 2049 Remaining permits are routine construction and operating approvals, expected through 2027 rsonal use only WHAT IS GRANTED FISCAL TERMS REMAINING PERMITS • 2017 Environmental and Social • 15% State interest through • Water abstraction, powe
Slide 30: Mauritania's share of Tiris
Mauritania's share of Tiris About US$903M, 44% of surplus cash flow, goes to Mauritania rsonal use only Payments to Mauritania over the mine life, by type BEYOND THE CASH Corporate tax (25%) US$377M Royalties from day one. 3.5% of FOB sales, about US$5.5M a year Jobs. About 600 at peak construction
Slide 31: Tiris Uranium Project
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Slide 32: Low cost and scalable in a new uranium province
Low cost and scalable in a new uranium province First production in 2028, a US$500M NPV and capital paid back in 3.2 years rsonal use only NEAR-TERM LOW COST SIMPLE MINING ROBUST ECONOMICS GROWTH POTENTIAL PRODUCTION 2028 US$32.53/lb Free-dig US$500.3M ~13,000 km2 first ore by the end of C1 cash cos
Slide 33: Resources
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Slide 34: A strategically important new uranium province
A strategically important new uranium province 397 km2 granted, about 13,000 km2 under application rsonal use only Resources & Reserves Mineral Resources of 89.7 Mlb U3O8 and Ore Reserves of 37.3 Mlb U3O8 Discovery cost US$0.20/lb U3O8 Geology Shallow calcrete-hosted mineralisation with extensive ra
Slide 35: Tiris Mineral Resources
Tiris Mineral Resources 76.6 Mlb U3O8 (162 Mt at 215 ppm), inclusive of Ore Reserves rsonal use only HIPPOLYTE NORTH SAD I 14.3 Mlb 20.8 Mlb 27 Mt at 237 ppm; 65% 48 Mt at 195 ppm; 64% Measured and Indicated Measured and Indicated M AR I E AN D O T H E R S L AZ AR E N O R T H 8.3 Mlb 10.1 Mlb 16 Mt
Slide 36: Shallow, flat and free-digging
Shallow, flat and free- A TYPICAL SECTION THROUGH THE OREBODY digging Ore sits in a surface veneer, typically 6-8m deep rsonal use only Shallow and flat: The orebody sits entirely in a surface veneer in flat desert basins Low strip ratio: Waste-to-ore ratio of 1.00:1, with waste and tailings backfil
Slide 37: Three geometallurgical domains, each with a measured signature
Three geometallurgical domains, each with a measured signature Ultrafine carnotite in <75µm makes upgrading easy rsonal use only One uranium host: Carnotite is the only uranium mineral, confirmed by MASS TO URANIUM MASS RETURNED ANSTO and CSIRO using QXRD, QEMSCAN and clay-quant XRD CONCENTRATE CAPT
Slide 38: Mining
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Slide 39: Hub and spoke simplifies the mining sequence
Hub and spoke simplifies the mining sequence A central plant fed by two relocatable beneficiation front ends rsonal use only THE HUB One permanent central plant at the Lazare area, at the centroid of the Eastern Tiris resources. T H E SP O K E S Two relocatable beneficiation plants move to the ore,
Slide 40: Inferred is about 11% of early ore and 33% over the mine life
Inferred is about 11% of early ore and 33% over the mine life Ore mined by classification, and beneficiation feed by area Ore mined by deposit (Mt) Ore mined by Resource Classification (Mt) Ore mined by domain (Mt) rsonal use only 6.0 100% 6.0 300 Inferred 6.0 Indicated Domain 1 Domain 2 Domain 3 U
Slide 41: A shallow, low-cost mine is the competitive advantage
A shallow, low-cost mine is the competitive advantage 111.1 Mt of ore at 225 ppm over a 26-year life, owner-operated rsonal use only Free dig: Most ore lies within 6 to 8 m of the surface, L AZ AR E NO RT H M INING PANE L S with no drilling, blasting, crushing or grinding. Low strip ratio: 1.00 to 1
Slide 42: Processing
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Slide 43: The Tiris Flow Sheet
The Tiris Flow Sheet Twenty historical test programs across Lazare, Hippolyte and Sadi have validated the core flowsheet Sand & Sodium Hydroxide & rsonal use only Water Polymers Sulphuric Acid Mining Beneficiation Pre-leach Leaching Post-leach Ion exchange Precipitation & Dewatering Dewatering (IX)
Slide 44: The Tiris Flow Sheet: Conceptual layout & overview
The Tiris Flow Sheet Conceptual layout & overview rsonal use only BENEFICIATION PLANT PROCESSING PLANT Mid (300 µm) & fine (75 Coarse (2mm) µm) screens screen Scrubber Leach & heat recovery Ion exchange Final Product area Beneficiation rejects Slurry thickener Ore receival Post-leach belt filters Pr
Slide 45: Screening puts 91.9% of the uranium into 12% of the mass
Screening puts 91.9% of the uranium into 12% of the mass Beneficiation: scrubbing and three-stage screening at 75 microns rsonal use only BENEF ICI AT IO N F L O W Simple equipment: Rotary wet scrubbing and 1 Mined ore screening at the mining areas generates a high-grade free-dig, no blasting concen
Slide 46: Tiris has the highest upgrade before leach
Tiris has the highest upgrade before leach Tiris upgrades its ore about seven-fold before it reaches the leach rsonal use only Leach feed grade as a multiple of mine grade, life of mine Mine grade Leach feed Tiris (Aura Energy) 7.5x 225 → 1,697 Tumas (Deep Yellow) 1.5x 298 → 458 Langer Heinrich (Pal
Slide 47: What changed between the 2024 FEED and the 2026 BFS
What changed between the 2024 FEED and the 2026 BFS Sand & Recovered water Polymers rsonal use only Mining Beneficiation Pre-leach Leaching Post-leach Ion exchange Precipitation & Dewatering Dewatering (IX) packaging Wash Water Recycled Sodium Sodium water Carbonate Bicarbonate Recovered Sodium Reco
Slide 48: Post-leach dewatering splits pregnant liquor from fine clays
Post-leach dewatering splits pregnant liquor from fine clays ATA® conditioning and belt filtration, with sand as the coarse fraction rsonal use only THE ATA PROCESS: THE POST-LEAC H DEWATERIN G DUTY What ATA® does: Clean TeQ Water's reagent pair, 1 Leached slurry activator and tether, binds the coar
Slide 49: Utilities & Logistics to Market
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Slide 50: An 85% renewable microgrid is the base case
An 85% renewable microgrid is the base case An independent power producer builds, owns and runs it under a Power Purchase Agreement (PPA) rsonal use only DESIGN PEAK LOAD RENEWABLE SHARE POWER PRICE PER KWH 13 MW 85% US$0.15 against an 8 to 9 MW average renewable share of power assumed, with steam a
Slide 51: Water is proven well ahead of demand
Water is proven well ahead of demand 74 L/s from Taoudeni against a 56 L/s requirement rsonal use only Demand: The Project needs about 56 L/s, or about 1.8 GL a year, for processing, dust suppression and camp use Taoudeni borefield: About 120 km south. Modelling indicates up to 74 L/s sustainably, w
Slide 52: Product travels 1,447 km by road to the port of Nouakchott
Product travels 1,447 km by road to the port of Nouakchott Site access and product export share one road route rsonal use only 1,447 km by road: 782 km of sealed road from Nouakchott to Zouérat, then 665 km of desert track to site Same route for product: Containerised UOC trucked to the port of Noua
Slide 53: Orano NPS ships the product to France
Orano NPS ships the product to France in 10 to 12 days Direct sailing from Nouakchott to Algeciras, then by road rsonal use only to Malvési Orano NPS ships the product: Shipping services from the logistics arm of an integrated nuclear fuel group Direct sailing to Spain: Nouakchott to Algeciras, then
Slide 54: Capital Estimate & Construction approach
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Slide 55: Development capital of US$349.8M
Development capital of US$349.8M AACE Class 3 estimate (±15%) rsonal use only Class 3 estimate, ±15%: Base date October 2026. Wood estimated the plant and infrastructure; Aura the mining and owner's costs DEVELO PM ENT CAP IT AL BY CO M PO NENT , US$M Two-year build under EPCM: Fully reimbursable EP
Slide 56: Execution strategy
Execution strategy Fully reimbursable EPCM, with every contract placed in Aura's name Development schedule rsonal use only About two years from FID to first ore Contract model: The EPCM contractor runs engineering, procurement and construction for Aura, from the mine and relocatable beneficiation Q4
Slide 57: Economics
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Slide 58: Robust returns at a uranium price below the forward curve
Robust returns at a uranium price below the forward curve 2026 BFS, 100% ungeared, at US$90/lb U3O8 rsonal use only Metric At US$90/lb Post-tax NPV8 (100%, ungeared) US$500.3M POST-TAX NPV8 Project IRR 28% US$500.3M Payback from first production 3.2 years at US$90/lb, 100% ungeared Production life 2
Slide 59: Years of production, capital paid back in 3.2 years
26 years of production, capital paid back in 3.2 years 46.1 Mlb U3O8 at about 1.8 Mlb a year, with free cash flow positive from the first full year rsonal use only URANIUM PRODUCTION (Mlb U3O8) POST-TAX FREE CASH FLOW (US$M) 2.5 300 200 2.0 100 1.5 - 1.0 (100) 0.5 (200) EBITDA Tax paid (unlevered) W
Slide 60: Strong leverage to the uranium price
Strong leverage to the uranium price NPV8 rises by about US$139M for every US$10 per pound rsonal use only IMPACT OF U3O8 PRICE ON NPV8, IRR AND PAYBACK CHANGE IN NPV8 VS BASE AT ±15% (US$M) -250 -200 -150 -100 -50 0 50 100 150 200 250 1000 915 900 777 Uranium price 800 700 639 600 Head grade 500 50
Slide 61: AISC of US$41.25/lb leaves a 54% margin at US$90/lb
AISC of US$41.25/lb leaves a 54% margin at US$90/lb C1 cash cost of US$32.53/lb compares favourably with emerging-project benchmarks rsonal use only LIFE-OF-MINE COST PER POUND OF SALEABLE U3O8, US$/LB +7.59 $48.84 US$41.25/lb all-in sustaining cost, a 54% margin +4.41 +0.43 $41.25 at US$90/lb +3.10
Slide 62: Processing drives 58% of the US$32.53/lb C1 cash cost
Processing drives 58% of the US$32.53/lb C1 cash cost C1 cash cost by area, and AISC by area across the life of mine, US$ per lb U3O8 rsonal use only C1 O PER AT ING CO ST BY ARE A AI S C B Y AR E A, U S $ / L B U 3 O 8 120 US$/lb US$/lb US$/t US$M US$M/yr Cost component Yr 1–10 LOM ore LOM LOM avg
Slide 63: Reagents and power are 53% of US$32.53/lb C1 cash cost
Reagents and power are 53% of US$32.53/lb C1 cash cost C1 cash cost by cost centre, and AISC by cost type across the life of mine, US$ per lb U3O8 rsonal use only C1 O PER AT ING CO ST BY CO ST CENT RE AI S C B Y C O S T T Y P E , U S $ / L B U 3 O 8 120 US$/lb US$/lb US$/t US$M US$M/yr Cost compone
Slide 64: Framework
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Slide 65: Tiris at a glance
Tiris at a glance Principal approvals granted, free-dig mining and a simple flowsheet, first ore 2028 rsonal use only The asset The mine The plant The framework Tiris East, northern Mauritania Free dig, mostly within 6 to 8 m Screen at 75 microns, alkaline leach Exploitation permits granted 2019 85%
Slide 66: What happens next
What happens next The study is out. The investment decision follows in December rsonal use only SETTLED I N T R AI N TO COME • Principal approvals granted • Pilot plant operating November to • Infill drilling to convert Inferred ore December • Fiscal terms stabilised to 2049 • Final Investment Decis
Slide 67: Häggån, Sweden
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Slide 68: Häggån Polymetallic Project
Häggån Polymetallic Project Future facing minerals including significant uranium deposit Very large resource creates optionality rsonal use only Stockholm HÄGGÅN PROJECT Sweden (100% owned) Globally significant project Major uranium potential 2.5B tonnes 1,2 800 Mlbs Containing vanadium, sulphate of
Slide 69: A future-facing minerals project with long life and optionality
A future-facing minerals project with long life and optionality Häggån polymetallic project, Sweden, 100% owned rsonal use only Häggån scoping study U R AN I U M U P S I D E Life of mine ore production 59 Mt Total resource 2,548 Mt at 0.1% V2O5 cut-off 800 Mlb V2O5 recovery from plant feed 80% of U3
Slide 70: Swedish legislation now enables uranium mining
Swedish legislation now enables uranium mining Two changes consistent with the Government's pro-nuclear policy agenda rsonal use only 1 January 2026: The Swedish Minerals Act was Riksdag Building, Stockholm amended to permit exploration for, and exploitation of, uranium. The ban had been in place si
Slide 71: Expanded land holdings
Expanded land holdings Gräsmyråsen nr 1 granted Q4 2025 rsonal use only Aura has four sizeable, adjoining tenements in Sweden with a total landholding of 5388 hectares Exploration prospectivity with potential to increase resource position Tenement Area (hectare) Häggån nr 1 1831.50 Skallböle nr 1 78
Slide 72: Appendix
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Slide 73: Tiris Uranium Project Ore Reserves
Tiris Uranium Project Ore Reserves October 2026, JORC Code 2012 rsonal use only Deposit / class Tonnes (Mt) U3O8 (ppm) U3O8 (Mlb) Lazare North — Proved 3.7 293 2.4 Lazare North — Probable 9.5 246 5.1 Lazare South — Proved 7.9 239 4.2 Lazare South — Probable 6.1 220 2.9 Hippolyte — Proved 9.4 254 5.2
Slide 74: Tiris Uranium Project Mineral Resources
Tiris Uranium Project Mineral Resources June 2024, reported inclusive of Ore Reserves Deposit Class Tonnes (Mt) U3O8 (ppm) U3O8 (Mlb) V2O5 (ppm) V2O5 (Mlb) Hippolyte East Inferred 2 172 0.8 56 0.3 rsonal use only Hippolyte North Measured 11 237 5.6 77 1.8 Hippolyte North Indicated 7 238 3.7 77 1.2 H
Slide 75: Häggån Mineral Resources
Häggån Mineral Resources Prepared and first disclosed under the JORC Code 2004 rsonal use only V2O5 cut-off Class Tonnes (Mt) V2O5 (%) K2O (%) V2O5 (Mlb) 0.1% Indicated 45 0.34 4.11 332 0.1% Inferred 2,503 0.27 3.37 14,873 0.2% Indicated 42 0.35 4.13 320 0.2% Inferred 1,963 0.30 3.80 13,010 0.3% Ind