Ann: Investor Presentation - RIU Sydney Resources Round-Up, page-4

None of the following is advice, this is purely what I was thinking as I read the presentation.

This table also stood out to me when you keep in mind what Aura also has said in this presentation.

Considering we are less than half the MC of peers in the table, there must be reasons as to why.

Negatives: Potential reasons we are valued less:
1) Aura's operating cash cost and AISC when compared to peers, is higher than most, however it does still leave plenty of margin should Uranium price continue on trend. As included in the presentation above, should we get clear guidance of the vanadium recovery, process and costs, the sale of vanadium will drastically improve our margins.
2) Aura's resource size is significantly less than peers. Aura is drilling to expand the resource at Tiris. If the results are good, this will directly address the comparatively "small" resource we are credited with in the table attached. Let alone if the Haggan project is given the green light, but that's an entirely different ball game if that occurs!
3) Aura's annual production appears low, if its on the lower end of the scale given (1-3 million pounds per annum). Again, it has been mentioned many times, start small and scale production as much as required, initial numbers being low maintain the low CAPEX and give the ability to start production earlier. For me personally this is not an issue.

Positives: What looks good:
1) Life of mine CAPEX is significantly cheaper than others
2) AEE sales royalty is significantly lower than peers
3) We are permitted

Management directly addressing all potentially "negative" factors as far as I am concerned. The experience they have gathered here is beginning to shine through I reckon.

I'm sure I missed other factors, so please explain if you feel differently. This is certainly NOT financial advice, and should not be taken as such. This is merely my thought processing as I believe that table gives clues to our valuation compared to peers, it also highlights our potential over the coming 12-24 months.

Goodluck