Ann: Major Resource Upgrade at Aura Energy's Tiris Project, page-2

Looks great to me ...from DFS -AISC $29.41lb .. (at present U price $21lb Profit margin)


Aura’s Tiris Project differs from other near-term projects in that the carnotite is mostly ultrafine, micron
scale in grain size enabling the separation of the uranium without crushing and grinding as demonstrated
in the 2019 DFS1

. In the DFS1 production averaged 800,000 lbs U3O8 per year with a capital cost of USD 74.8
million and C1 costs of USD 25.43/lb U3O8. Aura is confident that our existing fast-to-market development
strategy will be accentuated in the updated DFS as a result of the economies of scale on the capital and
operating costs using a modular expansion of the Tiris Project.

Commenting on the increased MRE, Aura Energy Managing Director Dave Woodall said:
“The significant increase of our M&I resources confirms our confidence that the Tiris province which we
believe has great expansion potential. Our immediate focus is now to work with our Mauritanian
stakeholders, offtake providers, investors and financing partners to progress towards a decision to Mine in
Q3 CY2023, a target construction timeline of Q4 CY2023, and first production expected in late 2024 or early
2025.

“Our exploration success is creating a strong platform for growth for Aura’s shareholders and our
Mauritanian partners, and an exciting new zero-carbon energy source for an increasingly energy-hungry world
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