News: AEE Aura Energy Says Commenced Dual Funding Workstreams To Development Tiris Uranium Project, page-2

ASX RELEASE 3 June 2024

Strategic funding processto progress
development of the Tiris Uranium Project
Aura Energy Limited (ASX: AEE, AIM: AURA) (“Aura” or “theCompany”) is pleased to
announce it has commenced dual funding workstreams aimed at underpinning the
development of the Company’s flagship Tiris Uranium Project (“Tiris”)in Mauritania.
Aura has appointed Orimco Pty Ltd (“Orimco”) to arrange debt funding for Tiris and has also
engaged Macquarie Capital (Australia) Limited (“Macquarie”) to progress a process to identify
and engage with potential strategic investors in relation to a potential strategic investment in
Tiris and Aura. The strategic funding process follows Aura’s recently completed Front End
Engineering (“FEED”) Study which highlighted Tiris’ robust economics (NPV8 US$ 388M, IRR
36%)1 and long-term growth opportunities.
Aura has received strong inbound interest from both highly credentialled debt providers and
strategic investors who recognise the potential undeveloped future value at Tiris. The aim of
this funding process is to deliver the optimal funding package, de-risk the development of
Tiris, optimising equity requirements and to maximise the value of Tiris for Aura shareholders.
The team at Orimco has extensive experience in arranging bespoke debt programs for West
African resources projects and has significant and valuable exposure working across a broad
range of commodities, projects and locations including Mauritania.
Macquarie has been engaged to assist with managing the strategic process with its role
complementary to Aura’s debt adviser, Orimco, with the objective of achieving an integrated
funding solution for Tiris.
Following the completion of the FEED study, the renegotiation of offtake arrangements with
Curzon2 and the completion of the recent resource drilling program, Aura is preparing for a
decision to mine in late 2024 or early 2025.
The decision to mine necessitates the coming together of numerous key steps, including:
•Resource and mine planning updates following the resource drilling program
•Establishment of an owner’s team
•Finalisation of the construction scope and budget
•Commitments to early works including water and electricity
•Government development consents
•Arrangements with key offtake partners
1 ASX release 28 Feb 2024 – “Aura's Tiris FEED Study returns Excellent Economics” and ASX release 16 April
2024 – “Offtake restructure delivers significant value to the Tiris Uranium Project” 2