Aura Energy Ltd · ASX:AEE
Aura Energy — 121 Conference, London 2026
40 slides from Aura Energy's conference presentation, May 2026
Slide 1: 121 Conference, London: Powering the Nuclear Resurgence
121 Conference, London May 2026 Powering the Nuclear Resurgence Bringing significant resources in new uranium jurisdictions ASX: AEE | AIM: AURA to market ASX: AEE | AIM: AURA
Slide 2: Disclaimer
DISCLAIMER This document, any attachments and the oral presentation on the slides (together the "Presentation") have been prepared and are being supplied to you by Aura Energy Limited (the "Company") solely for information purposes. The information and opinions in this Presentation or any other mate
Slide 3: Disclaimer cont.
DISCLAIMER cont. 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 2
Slide 4: Corporate
Corporate 4
Slide 5: Aura Energy investment proposition
Aura Energy investment proposition ▪ Strong uranium outlook driven by nuclear energy demand growth ▪ Structural uranium deficit emerging ▪ Two multi-generational assets containing 900Mlbs1,2 of uranium resources with upside potential HÄGGÅN PROJECT ▪ Tiris uranium project, Mauritania (100% owned) ▪
Slide 6: Experienced Team and Supportive Investors
Experienced Team and Supportive Investors Board Management Register features deep mining experience and strategic investors Phil Mitchell Mohamed El Moctar Country Manager Top 10 Beneficial Shareholders1 %IC Executive chair Will Goodall Macquarie Investment Management Global Ltd 13.9% Patrick Mutz C
Slide 7: Strong uranium market outlook
Strong uranium market outlook 7
Slide 8: Why the nuclear resurgence?
Why the nuclear resurgence? ▪ Nuclear energy meets society’s needs Carbon free ▪ Emission free without intermittency of electricity renewables ▪ Base load without carbon footprint of fossil fuels ▪ Unique energy security with up to two years operation between reactor refuelling Energy Base load ▪ Co
Slide 9: Global shift towards investment in nuclear energy
Global shift towards investment in nuclear energy Nuclear reactor build programmes are increasing, with China the clear leader Turkey Canada UK USA Poland Russia India China 0 50 100 150 200 250 Under construction Planned and proposed Top 8 build programmes by country 1. Source: WNA - World Nuclear
Slide 10: World's leading technology titans support nuclear energy
World's leading technology titans support nuclear energy This is why: ▪ Technological revolution is under way in electrification and AI ▪ Massive growth forecast in data centre power usage o 460 TWh in 2024 rising to 1700 TWh in 20351 ▪ 1700 TWh equivalent to 2x entire US nuclear output today2 ▪ AI
Slide 11: The conditions are set for uranium scarcity
The conditions are set for uranium scarcity ▪ Demand growth is robust WNA scenarios for uranium demand and supply in 20401 o Annual growth rate between 5.3% (reference M lbs U3O8 case) and 7.6% (upside case)1 600 • Structural market deficit emerging1 Specified secondary supply o Forecast rising imba
Slide 12: Uranium sources and consumers
Uranium sources and consumers Canada (15%) 19Mlbs 6 4 Nuclear Power Generation 2024 Kazakhstan (43%) Total 55Mlbs No Country (TWh) 5 2 Mauritania 1 US 782 +2Mlbs 2 China 418 Potential major 3 1 3 France 364 1 global producer 5 8 2 4 Russia 202 Uzbekistan (6%) 8Mlbs 5 Canada 81 Uranium Production 202
Slide 13: The best uranium outlook for two decades
The best uranium outlook for two decades Tradetech spot uranium price Jan 1996 to Jan 2026 Source: Tradetech Aura Energy | 13
Slide 14: Mauritania Tiris Uranium Project
Mauritania Tiris Uranium Project 14
Slide 15: Low cost and scalable in a new uranium province
Low cost and scalable in a new uranium province ▪ Near term production ▪ First uranium ore in 20281 TIRIS PROJECT ▪ Low cost Mauritania ▪ Low AISC of US$35.7/lb U3O8 2,3,5 (85% owned, ▪ Simple low-risk shallow free digging mining with no 15% government) blasting, crushing or grinding ▪ High-grade le
Slide 16: Mauritania is ready for the Tiris project
Mauritania is ready for the Tiris project TIRIS PROJECT ▪ Stable government ▪ President Ghazouani secured second 5-year term in June 2024 ▪ Mining well understood and supported ▪ Long history of government-owned and international mining companies ▪ Ready for uranium production ▪ Member State of the
Slide 17: Mauritania is open for business to the world
Mauritania is open for business to the world ▪ Mauritania maintains good relations with all economic blocks ▪ US Dept of Energy MOU on energy cooperation ▪ Formal trade and development partnership with the EU ▪ China is one of Mauritania's largest trading and investment partners Aura Energy | 17
Slide 18: Strategic position in a new uranium province
Strategic position in a new uranium province Eastern Tiris Resource Areas ▪ Mineral Resources1 - 91.3Mlbs U3O8 ▪ Ore Reserves2 - 33.6Mlbs U3O8 ▪ Discovery cost of only US$0.20/lb U3O8 ▪ Significant Resource growth potential ▪ Very high economic conversion of Resources due to shallow nature and benef
Slide 19: Massive expansion targeted in exploration leases
Massive expansion targeted in exploration leases Aura exploration licence applications over untested exploration targets in NE Mauritania Tiris East Mineral Resource: 162Mt @ 215ppm U3O8 Oum Ferkik Mineral 76.6Mlbs Resource: 22Mt @ 294ppm U3O8 14.6Mlbs Current leases: 753km2 Exploration applications
Slide 20: Tiris can deliver outstanding economics
Tiris can deliver outstanding economics 2024 MRE delivers significant financial outcomes1,2 NPV8 (post-tax) US$499M (A$734M) IRR (post-tax) 39% Payback 2.25 years Life of Mine (LOM) 25 years 1.8Mlbspa U3O8 Annual uranium produced (2.2Mlbspa over first 10 years) Total production (LOM) 43.5Mlbs U3O8 F
Slide 21: Hub and spoke system simplifies mining
Hub and spoke system simplifies mining ▪ Central processing facility supplied by surrounding mines Years 10-25 ▪ Simplified mining sequence1,2 First 3 years Lazare North and • Years 7-20 Sadi South • Small leach plant (0.52Mtpa) located adjacent to first mined area ▪ Mined and beneficiated ore sent
Slide 22: Shallow low-cost mine is a competitive advantage
Shallow low-cost mine is a competitive advantage 3,0 3.000 Mining1, 2 ▪ Shallow free digging open pit mining <6m 2,5 2.500 depth, no crushing or grinding ▪ Low Strip Ratio 0.8:1 waste to ore - only 2,0 2.000 6.9Mtpa mined ▪ Conventional truck and shovel operation U3O8 production ▪ Significant flexib
Slide 23: Upgrade to +2,000ppm U3O8 leach feed is another advantage
Upgrade to +2,000ppm U3O8 leach feed is another advantage Beneficiation • Simple trommel and screening generates Beneficiation process* high-grade leach feed ▪ At -75um screen size – 13% mass and 91% of the uranium recovered1 ▪ High-grade Leach feed average 2,217ppm U3O8 over first 5 years2 87% ▪ Le
Slide 24: Tiris high grade leach feed compares favourably
Tiris high grade leach feed compares favourably Mine Grade1 Leach Feed Grade Company Project Country (ppm U3O8) (ppm U3O8) Aura Energy Ltd Tiris Mauritania 285 1,750-2,000 Deep Yellow Ltd Tumas2 Namibia 344 529 Bannerman Ltd Etango3,5 Namibia 240 240 Paladin Ltd Langer Heinrich4 Namibia 448 571 Deep
Slide 25: Flowsheet has built in optionality
Flowsheet has built in optionality Back-end design capacity of 3.5Mlbs pa Beneficiation Leaching/processing plant Calcine, precipitation, packaging 87% mass ~2,000ppm leach feed Tails to pits rejected Slurry Yellowcake Scrubbing Pipeline Ion precipitation Mining and screening 91% Leaching 255ppm Dew
Slide 26: Tiris near term project work plan
Tiris near term project work plan Pathway to Final Investment Decision: ▪ Basic Engineering Study to complete in Q2 ▪ Process underway to ensure optimal flowsheet is adopted ▪ Focus on selecting best slurry dewatering technology ▪ Project funding – decision framework of lowest cost of capital, fair
Slide 27: Sweden Häggån Project
Sweden Häggån Project 27
Slide 28: Multi-generational scale in multiple commodities
Multi-generational scale in multiple commodities ▪ Deposit recently designated by Swedish government as being of national interest for mining ▪ Protects area from competing non-mining uses ▪ 2.5 Bn tonne resource1 ▪ Vanadium, uranium, sulphate of potash, base metals ▪ Uranium extraction now permitte
Slide 29: Sweden's ban on uranium mining lifted on 1 January 2026
Sweden’s ban on uranium mining lifted on 1 January 2026 ▪ On 1 January 2026 the Swedish Minerals Act was amended to permit exploration for, and exploitation of, uranium ▪ Ban has been in place since 2018 ▪ Now uranium will be treated as a concession mineral under the Mineral Code, like other mineral
Slide 30: Aura's significant land holdings represent huge resource potential
Aura's significant land holdings represent huge resource potential • In Häggån nr 1 Aura has identified 800M lbs of uranium resource • This alone is one of world's largest undeveloped uranium deposits • Häggån nr 1 is one of four tenements and represents just 34% of the land position • Four sizeable
Slide 31: Häggån scoping study confirms value on just 3% of resource
Häggån scoping study confirms value on just 3% of resource Future facing minerals project with long-life, optionality and scalability Häggån scoping study1 Life of mine (‘LOM’) ore production 59Mt Total Resource 2,548Mt at 0.1% V2O5 cut-off Overall V2O5 recovery from plant feed 80% V2O5 production -
Slide 32: Häggån Polymetallic Project – near term project work plan
Häggån Polymetallic Project – near term project work plan 2026/7 focus on Häggån K1 exploitation permit application • Application for Häggån K1 exploitation permit to be amended to include uranium • Work and study programme to support revised application • Engagement underway with Mines Inspector an
Slide 33: Conclusion: Aura well placed for substantial growth in value
Conclusion: Aura well placed for substantial growth in value • Outlook for uranium price is best in decades • Investment in nuclear power continues to grow • Supply deficit emerging • Aura owns two multi-generational deposits • Combined resources of over 900 M lbs U3O81,2 • Tiris 2M lb p.a. near ter
Slide 34: Appendix
Appendix ASX:AEE AIM:AURA Aura Energy | 35
Slide 35: Aura Energy is undervalued based on its resource position
Aura Energy is undervalued based on its resource position Enterprise value in US$ per U3O8 lb of resource INCREASING VALUE OPPORTUNITY Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Aura (Tiris Peer 8 Peer 9 Aura (Tiris only) and Häggån) Source: Company research, based on enterprise value in March
Slide 36: Shareholder details
Shareholder details Aura Energy (ASX:AEE. AIM:AURA) Market Capitalisation^ A$107.0M Cash3 ~A$24.2M HÄGGÅN PROJECT (100% owned) ^ Shares on Issue 1,019M Options ASX AEEOC (exp 30/5/26) 76M Employee Performance Shares 22M Employee ZEPO’s 38M TIRIS PROJECT (85% owned) ^ On 19 Jun 2026 share price o f A
Slide 37: Tiris Uranium Project ore reserves and mineral resources
Tiris Uranium Project ore reserves1 and mineral resources2 Tiris Ore Reserves1 Tiris Mineral Resource June 20242 Tonnes U3O8 U3O8 Tonnes U3O8 U3O8 Deposit / Class Deposit Class (Mt) (ppm) (Mlbs) (Mt) (ppm) (Mlbs) Lazare North Hippolyte East Inferred 2 172 0.8 Measured 11 237 5.6 Proved 3.6 297 2.4 I
Slide 38: Häggån mineral resources
Häggån mineral resources1, 2 Häggån Mineral Resources1 V2O5 Cut-Off Tonnes V2O5 K2O Mo Ni Zn V2O5 Class % (Mt) (%) (%) (ppm) (ppm) (ppm) (Mlbs) Indicated 45 0.34 4.11 213 365 501 332 0.1 Inferred 2,503 0.27 3.37 200 312 433 14,873 Indicated 42 0.35 4.13 217 375 512 320 0.2 Inferred 1,963 0.30 3.80 2
Slide 39: Mining Convention with Mauritanian Government
Mining Convention with Mauritanian Government ▪ Mining Convention provides legislative stability: • Convention provides the financial, fiscal and customs applicable to that allow operating activities to commence including o Mining tenure guaranteed for 30 years o Defined State participation and carr
Slide 40: Longer term demand outlook remains excellent
Longer term demand outlook remains excellent ▪ Access to electricity is critical to human wellbeing ▪ As prosperity increases, per capita consumption of electricity rises o inhabitants of USA use on average: • 10x India • 1.8x China • 21x Africa • 3.5x the global average ▪ Economic growth in parts o