Ann: Notification regarding unquoted securities - 1AE, page-12

Yes—there’s been a big development! Eagle Energy Metals successfully completed a pre-IPO capital raise of US$8 million at a pre-money valuation of US$58 million. This exceeds the original US$6.8 million target and clears a major hurdle toward its planned U.S. stock exchange listing.

To keep momentum, Eagle also made a second US$300,000 option payment to Aurora Energy Metals in May 2025, extending its exclusive option on the Aurora Uranium Project for another six months. These funds are being used to support the listing process and advance project work, including metallurgical optimization and converting the resource to U.S. SEC SK1300 standards.

So while the listing itself hasn’t been finalized just yet, Eagle’s capital raise success and continued investment signal strong progress.

What Eagle’s successful capital raise and upcoming listing could mean for Aurora Energy Metals and the broader uranium market:

Aurora’s Valuation Upside

With Eagle Energy Metals completing an $8 million pre-IPO raise at a US$58–61.6 million valuation, Aurora’s potential 40% equity stake in the U.S.-listed entity could be worth US$23–24.6 million—already above the original US$16 million estimate. That’s a strong signal of value creation for Aurora shareholders, even before the listing is finalized.

Uranium Market Tailwinds

The uranium market is riding a wave of momentum:

• Spot prices have surged past US$90/lb, driven by global energy security concerns and renewed interest in nuclear power.

• The U.S. Inflation Reduction Act and other clean energy incentives are funneling capital into domestic uranium projects—especially those with strategic significance like Aurora’s.

Project Economics Looking Strong

Aurora’s Scoping Study suggests:

• An 11-year mine life producing 1.15 million pounds of U₃O₈ annually

• Potential free cash flow between US$502 million and US$1.1 billion, depending on uranium prices

• Recovery rates now optimized to over 85%, up from 69%, improving project economics substantially

So, Aurora’s strategic pivot to a U.S.-based structure is already paying off—and if Eagle’s listing lands smoothly, it could unlock even more upside.