Ann: Investor Presentation - RIU Sydney Resources Round-Up, page-13

Right, thanks mate.

I'm still confused at the end of it all.

Hopefully someone can clarify this uranium resource in laymans terms for me. I believe I understand most of it, but not all.

In a nutshell Aura believes there is 56Mlbs of U3O8 to be mined. This includes measured, indicated and inferred resources.

The 12Mlbs over 15 years in the DFS only includes the measured and indicated, and accounts for the recovery rate also?

Market cap vs NPV using the current DFS doesnt seem to appetizing at all, but this doesnt include the vanadium resource or the "inferred" resource which they are drilling to explore now, which would then convert the "inferred" resource into "measured" resource? I did look at the drilling targets and it appears they are chasing mostly inferred ground, not fresh ground all together. So realistically, it is unlikely to exceed the 56Mlbs initial estimate since the ground has already been included in the estimate as "inferred" resource? There is some ground that is fresh that is being drilled, but it appeared minimal to me. Of course they could always expand the inferred zone, if the drilling is successful.

So, assuming we do confirm the inferred U3O8 into measured U3O8, that then can be included into an updated DFS which given the low AISC, should massively increase NPV? Especially if the Vanadium recovery is included into an updated AISC? Especially if uranium price also increases!!!

I am merely trying to play devils advocate here and be critical/improve my understanding. Because ~$100M MC vs NPV of ~$105M AUD (post tax) certainly doesn't jump out as an opportunity?

Please point out flaws in my logic and understanding as much as possible, that's why I am here.

Goodluck