Aura Energy (AEE) investor relations material

Investment highlights

• Strong uranium market outlook driven by global nuclear energy demand and a structural supply deficit emerging, with two multi-generational assets totaling over 900Mlbs of uranium resources and significant upside potential.

• Tiris project in Mauritania targets near-term production of 2Mlbs per annum from 2028, with a 91Mlb resource and low-cost, scalable operations.

• Häggån project in Sweden holds 800Mlbs of uranium and critical minerals, recently designated as a deposit of national importance, with robust scoping study economics and new permitting pathway following the lifting of Sweden's uranium mining ban.

• Both projects benefit from supportive jurisdictions, established mining frameworks, and strategic investor backing.

Uranium market dynamics

• Global nuclear reactor build programs are accelerating, led by China, with a forecasted 35% increase in reactors due to electrification and AI-driven data center growth.

• Uranium demand is projected to grow annually by 5.3% to 7.6%, with a structural market deficit expected by 2040, requiring up to 60% of demand to be met by new sources.

• Uranium production is highly concentrated, with Africa positioned as a geopolitically neutral supplier close to key markets.

• Spot uranium prices have reached their highest levels in two decades, supporting project economics.

Tiris Uranium Project (Mauritania)

• 85% owned, targeting first uranium ore in 2028, with a low AISC of $35.7/lb U3O8 and post-tax NPV of $499M, IRR of 39%, and a 2.25-year payback.

• Resource of 91.3Mlbs U3O8, ore reserves of 33.6Mlbs, and significant exploration upside across 13,000km² of tenements.

• Simple, shallow, free-digging mining with no crushing or grinding, and a hub-and-spoke system for efficient ore processing.

• Beneficiation upgrades leach feed to over 2,000ppm U3O8, delivering high-grade feed and competitive economics.

• Mauritania offers a stable government, established mining laws, and all required permits, with a 30-year mining convention in place.