Paid Broker Report - 3.2p/share = $72 million AUD, page-13

Hi Stu - hope you’re well.


Yes - been reposting the Aura tweets on here for those that are not on the bird.


In regards to funding Tiris - I think we all have to be realistic here.


The whole U industry has had a hard time and the U price remains low. I think this would make obtaining funding hard at the moment IMO. Not impossible- but hard.


A break in U prices above $30 is where I think Aura will be looking for funding - it’s widely excepted that a break over $30 is when the U Bull kicks in.


The main issue would be raising the 20%-30% equity at the moment - at current SP levels - it would really dilutive - and honestly, I don’t think many would be very happy with it. Also - even if Aura could get the ECA portion first - it’s a bit risky until there is a clear signal that an upturn in U prices has started. Again, $30 U Spot seems to be the excepted point.


If they needed to raise $20m-$30m - think about the dilution at current levels. Horrible. So I think they will wait to secure the best deal they can. They will be criticised for funding now and diluting the hell out of is - and damned if they wait.


Next CR. Well it doesn’t take a genius to figure out Aura are running low on cash.


September Aura are due for the release of SS at Haggan. I think Peter needs to focus on building the SP up and create some value for us shareholders.


Once we get a higher SP - then funding may be looking better for them. Again the U spot will have to be taken into account.


A JV at Haggan or other way to progress the project would be ideal - and I’m expecting for something more than just the SS to be release in and around September. Say a JV partner pays for the DFS and then get a stake of the project. Just an idea.


Same with T South tenements- I think bringing someone in to JV those would be a great way to progress the project without having to constantly dilute holders.


A drill program to see what’s there and an SS for a stake in the project. Geographically they look to be in a perfect position - and the belt has already got gold being mined out of the ground further up. Again just an idea.


I think the time has come Aura to take a bigger step forward now. Peter has suggested he is going to make the projects support themselves - well this is the time.


However - I’m a realist. We need money to keep the lights on. And whether people like it or not - the market is tough. Aura have a Market Cap of $10AUD - with a fully permitted - DFS completed U project - with exceptional numbers (it’s a green light). It’s madness IMO.


I’m still very engaged with Aura. It’s not a one trick pony and the potential is great. Their Uranium project - compared to MC is utter madness.


Let’s see what September brings. T