Aurora Energy Metals (1AE) AGM 2024 presentation summary

Strategic transactions and project diversification

• Entered an option agreement to sell the Aurora Uranium Project (AUP) to Eagle Energy Metals, unlocking up to AU$40 million in share consideration and milestone payments, while retaining a 40% equity interest and a 1% NSR.

• Secured an option to acquire Metalbelt Holdings, providing access to five uranium exploration targets in Western Australia, broadening the uranium asset portfolio.

• Option fees and milestone payments provide immediate and future cash flow, supporting operational needs and exploration plans.

• Strategic US partnership offers access to capital markets, local expertise, and aligns with domestic uranium supply incentives.

Project fundamentals and resource base

• Aurora Uranium Project hosts a large, well-defined 50.6Mlb uranium resource, with 81% in Measured & Indicated categories and a high-grade core of 19.2Mlb at 485ppm.

• Scoping study completed in early 2024, with further metallurgical testing underway to improve recovery.

• Project is located in Oregon, USA, near the Nevada border, with excellent infrastructure and access.

• Development and production timing positioned to meet US domestic supply shortages in a growing energy market.

Market context and strategic rationale

• US domestic uranium production is less than 0.5% of demand, with bipartisan support for increasing local supply and new legislation restricting Russian imports.

• Global and national interest in uranium is rising, potentially shifting sentiment and policy in Western Australia.

• Strategic transactions reduce direct development risk while maintaining exposure to project upside.

• Regional expertise and partnerships enhance operational efficiency and capital-efficient growth.