Ann: Chair's Address to Shareholders, page-4

Welcome to the 2024 Annual General Meeting for Aura Energy.
I’m your Chair, Phil Mitchell.
To say this past year has been transformative for Aura Energy would be an understatement – it has
been a critical year for our Company, in more ways than one.
Beyond the terriÞc progress made across our project portfolio, centred on the near-term development
at our flagship Tiris Uranium Project in Mauritania, we’ve enhanced our team locally and globally to
deliver on our clean energy goals.
Importantly, we welcomed Aura’s new leader to the team, with Andrew Grove joining Aura as
Managing Director and CEO. It’s been impressive to watch Andrew and his team advance our key
projects these past 11 months, displaying the leadership skills, and the technical and Þnancial
expertise to drive Aura through this exciting phase of our development.
Personally, I’ve been delighted with what we’ve achieved in 2024 and am very pleased to have Andrew
on board to continue taking us forward towards development and into production.
The capacity of the team to develop Tiris has been further strengthened with a number of other key
appointments.
These include Mark Somlyay, a talented CFO with extensive experience in West Africa. Jan Booyse,
and his Project EQ team, who will undertake the pre-development planning and the Owner’s Team
function for the Tiris development. And most recently, Moctar Mohamed El Hacene was appointed to
the newly established role of Country Manager, Mauritania.
This is a critical appointment for our Tiris project.
Moctar is a highly qualiÞed Mauritanian national with exceptional experience in mining and
international affairs. He previously served as Mauritania's Petroleum and Mines Minister from 2007 to
2008, during which time uranium was Þrst discovered at Tiris. In addition to his role as Country
Manager Mauritania, Moctar has also been appointed as Tiris Resources’ Director-General; that’s our
85%-owned Mauritanian subsidiary and holder of the Tiris uranium project.
Moctar’s tenure at Aura began on November 1 after a decade with the United Nations’ serving as
Director for the Economic Development and Integration Division’s economic and social commission
for Western Asia – during which time he was based in Lebanon.
His appointment reflects the exciting progress being made at Tiris.
Further appointments are underway to ensure the team has the capacity to successfully bring Tiris
into production in late 2026 to capitalise on the new wave of clean energy demand worldwide.

Our company is now uniquely positioned with a near-term, low-cost, high-margin uranium
development at Tiris.
Not forgetting our Tier One polymetallic resource at the Häggån Project in Europe’s leading mining
jurisdiction in Sweden.
And in a market that is increasingly hungry for cleaner energy solutions – the future is bright for Aura.
This year we made substantial progress at both Tiris and Häggån, and we are focused on moving
Tiris into construction and production by the end of 2026.
Tiris Uranium Project
As you would be aware, the Tiris Uranium Project is now fully permitted and construction ready
following the Mauritanian Government’s granting of its final material permit for the construction and
operation of the project. The Front-End Engineering and Design or FEED1 study for Tiris was
completed and our production target updated in September 20242, demonstrating the outstanding
economics of Tiris with:
A NPV8% of US$499 million
An internal rate of return (or IRR) of 39 per cent
A 2¼ year payback period
This year, we also conducted a successful exploration campaign which led to a 55% increase in Tiris’
global Mineral Resources: Tiris Mineral Resources are now 91.3 Mlbs U3O8, from 58.9 Mlbs U3O83.
We remain conÞdent that there is room for signiÞcant further growth in Tiris’ resource base. As with
the rest of our business, exploration efforts in Mauritania are very cost effective. The increased
Mineral Resources for Tiris driven by our exploration campaign was delivered at a discovery cost of
only US$0.14 per pound U3O8.
Importantly, we have also been investigating options to expand the annual production base from
2Mlbspa U3O8 to 3Mlbspa U3O8 or greater after year three of operations with any expansion capital
potentially funded from cashflow, the results of which will be released in the near future but should
demonstrate the signiÞcant value achievable at Tiris through additional capital investment and future
exploration success.
Furthermore, we were very happy with the result of our negotiations and discussions with our offtake
partners at Curzon Uranium Ltd (Curzon).
As we announced a few months ago, Curzon agreed to restructure4 the historical uranium offtake
agreement, materially increasing the price receivable for planned uranium production and releasing
signiÞcant value for Tiris.
Essentially, our average Þxed contract price pursuant to the Curzon offtake arrangements has
increased 70% to US$74.75/lb U3O8 up from US$44.09 per pound – subject to FID by early 2025,
which we’re conÞdent of achieving.
Total contracted volumes reduce from 2.6Mlbs to 2.1Mlbs over the same seven-year term, delivering
US$41 million of additional potential revenue to Tiris at a uranium price of US$80 per pound.

As part of the restructure Curzon took a US$3.5 million placement into Aura and was also paid a
US$3.5 million fee paid in Aura shares and we welcome Curzon as a partner in the Project and
signiÞcant shareholder in Aura.
Tiris funding
In June, Aura appointed Orimco to arrange debt funding for Tiris. Orimco has vast experience
supporting projects throughout Africa and at the same time, Macquarie Capital was appointed in
Australia to identify and engage with strategic investors for a potential equity investment in Tiris
and/or Aura.
While this process is ongoing, I can offer a high-level update:We have received confidential,
non-binding proposals from a number of investors and debt providers and other parties
continue to contact us expressing willingness to co-invest
Both funding processes are on-going, with advisors continuing to progress conversations with
a number of parties proposed to be engaged in both the debt and strategic investment
opportunities
At this time, discussions in respect of the proposals have not sufficiently progressed to be
announced to the market and there is no binding agreement in place with respect to any
funding arrangement. Aura confirms that no assurance can be given that the ongoing
confidential discussions will result in any binding agreement between the parties, and Aura
will continue to maintain its policy of keeping the market fully informed with its continuous
disclosure obligations
Independent engineers have commenced due diligence on all aspects of the project on behalf
of the lenders and investors
We are working with potential funding parties and hope to be in a position to make a Final
Investment Decision (‘FID’) on Tiris in Q1 2025 following which there is an 18-month final
design and construction program with production aimed at commencing in late 2026
We are pleased with the progress to date and the level of interest we’ve received from a strong mix
of potential funding partners.
Häggån Project
I’m pleased to report that this morning, I am in Stockholm where we have meetings scheduled with
key ministerial and governmental ofÞcials as we liaise with the Swedish Government, working through
the legislative policy changes that are required to implement its commitment to the further
development of nuclear power including its policy to roll back the ban on uranium mining.
While here in Sweden I’d like to remind you of Ebba Buisch, Sweden’s Deputy Prime Minister quote
“That the most beautiful word I know is baseload. Let’s take politics out of energy policy and put
physics back in”. In highlighting the importance of baseload, the Deputy Prime Minister observed
“There’s a difference between terawatts and terawatt hours and there’s a lot of politicians and
Þnanciers who need to learn.” The Deputy Prime Minister also observed “By the way, for the
Þnanciers who are learning and looking for nuclear projects to fund...Sweden is open for business”5
While this potential policy change is still in the works, we continue to advance the project across
multiple fronts. Sweden, like the rest of Europe, sees nuclear energy as critical to providing energy
security with zero carbon emissions.
At our Häggån Project in Sweden, we continue to make good progress. Haggan represents a
substantial tier one polymetallic resource in Häggån comprised of vast resources of future-facing
metals such as vanadium, potassium, nickel, zinc, molybdenum, and uranium.
In particular, during this past year we have continued our engagement with local communities.
As we announced in September 2023, our Haggan scoping study6 was based on less than 3% of
Häggån’s two billion tonnes of Mineral Resources and it excluded uranium – which underlines why
we are so excited about Häggån’s long-term potential.
In August this year, we lodged an Exploitation Permit Application for Häggån, and we expect our
applications to be considered favourably due to the amount of work undertaken to date. Once granted
we can also renew the larger Häggån exploration permit. Our exploitation permit application for
Häggån K number 1, lodged with the Swedish Mining Inspectorate, includes a preliminary assessment
of the project that spells out its economics and its environmental and community impact.
Once granted, the permit will provide Aura with a 25-year tenure– and paves the way for us to carry
out further environmental and social impact studies, with the ultimate goal of developing a proÞtable
mine that operates sustainably, responsibly and in full compliance with Swedish regulations.
The progress we’re making at Häggån and the very real near-term development of Tiris are perfectly
positioned to capitalise on global demand for uranium, which continues to grow.
Global Demand
As we highlighted in our recently released annual report, there are around 155 nuclear reactors
around the world that are either under construction right now, or that are planned to be constructed
in the very near future7.
During the past year, some key government decisions were announced in support of the production
of nuclear energy, uranium mining and uranium conversion.
These include the developments in Sweden that I mentioned earlier, as well as the United Kingdom’s
plans to quadruple its nuclear energy capacity by 2050, and the US, Canada, Japan and France
collectively investing in new uranium enrichment and conversion capacity.
And just a couple of weeks ago, the outgoing Biden administration in the US unveiled the US
Government’s plans to triple nuclear power amid increasing demand. This follows announcements
from major companies such as Microsoft which plans to leverage nuclear power to support the rapid
growth in artiÞcial intelligence.
Meanwhile, China’s development of its nuclear energy capacity continues at pace despite economic
challenges that the country is facing.
These developments have underpinned uranium prices, which have stabilised at around US$80 per
pound.
We are not alone in our optimism and excitement about the long-term direction of uranium markets.
The World Nuclear Association’s Nuclear Fuel Report 20238 projects a 28% increase in demand for
uranium by 2030 and a further 51% increase in demand between 2031 and 2040.
Our Future
The team at Aura are excited at the prospects of our business and we hope you, our shareholders,
are equally excited.
We want to thank our shareholders for their ongoing support – including those shareholders that
joined us on this journey as part of our A$16 million placement and oversubscribed share purchase
plan during the year.
This funding is helping us accelerate Tiris towards FID, whilst unlocking future expansion
opportunities in both the resource potential and project scale.
There has been plenty of good news in 2024 but 2025 will be a truly deÞning year for Aura as we
ready ourselves for a Þnal investment decision for the Tiris Project.
With compelling economics, a terriÞc team in place, and a stable and supportive Government and
local community in Mauritania, Tiris is poised to be a near-term, low-cost, high-margin producer
coming into a glowing uranium market driven by growing global energy demand and the global push
to meet Net Zero targets to mitigate climate change.
Our focus for the coming months will be to Þnalise Tiris’ funding requirements as we approach FID.
In Sweden, we are building and nurturing relationships with key stakeholders as we move through
the required approval processes to continue the development of the Häggån Project.
At the same time, we are we are closely watching and waiting as the Swedish Government moves
through its legislative processes to rescind the country’s ban on uranium mining.
I would like to thank Andrew and his executive team, and our people in Australia, Mauritania and
Sweden for their continued professionalism and commitment to improving and delivering our
projects.
To conclude, on behalf of my fellow Board members at Aura, thank you again for your support of Aura
in 2024 and we look forward to providing further exciting updates in the new year and beyond, as we
move from planning and developing, to building of the world’s next major uranium projects.

Thank you
Phillip Mitchell, Chair Aure Energy Ltd