Aura Energy (AEE) investor relations material

Tiris project and economics

• 2026 BFS targets first ore by end-2028 after about two years of construction; 46.1 Mlb saleable U3O8 over a 26-year mine life, averaging 1.8 Mlb/year.

• At US$90/lb, post-tax NPV8 is US$500.3M on a 100% ungeared basis, with 28% IRR and 3.2-year payback from first production.

• Development capital is US$349.8M; C1 cash cost is US$32.53/lb and AISC US$41.25/lb. Life-of-mine capital totals US$573.3M, including closure.

• Ore Reserve increased 11% to 37.3 Mlb; the production schedule uses 67.1% Ore Reserves and 32.9% Inferred Resources by ore tonnes.

• Inferred material is under 12% of ore mined in the first five years and under 25% in the first ten; the project plans infill drilling ahead of later mining, with no certainty of conversion.

Mine and processing design

• Shallow, free-dig ore typically sits 6–8 m below surface; no blasting, crushing or grinding is required, with a 1.00:1 waste-to-ore ratio.

• Screening sends 91.9% of uranium into about 12% of feed mass, producing leach feed averaging 1,697 ppm U3O8; overall recovery from run-of-mine ore to final product is 83.7%.

• A central leach plant is supplied by two relocatable beneficiation plants; the 550 ktpa leach circuit is the operation’s throughput constraint.

• The BFS assumes an 85% renewable solar-and-battery microgrid, 13 MW peak load and US$0.15/kWh power price; a power purchase agreement is expected in Q1 2027.

Funding and execution

• The US$400M funding plan assumes US$220M debt and US$180M equity or quasi-equity; discussions with the US DFC cover US$150–170M of senior debt.

• Funding is not secured and no lender or investor has committed; the final funding mix remains undetermined, and equity or quasi-equity may substantially dilute shareholders.

• A pilot plant using real ore is scheduled to run from November 2026, testing the full flowsheet; the board’s FID decision is targeted for December 2026.

• Principal Mauritanian approvals are granted; remaining routine water, power, transport and export permits are expected through 2027.

• Construction is planned to start in Q1 2027, with first ore by end-2028 and nameplate production targeted for 2030.