MOU signed with major nuclear utility, FID targeted year-end

• Strategic MOU signed with a major international nuclear power company
• Robust processing flowsheet settled for the Tiris Uranium Project
• Positive indicative economics with potential for further optimization
• Multiple funding pathways advanced, including potential equity investment

Aura Energy Limited (ASX: AEE, AIM: AURA) has announced a significant milestone for its Tiris Uranium Project in Mauritania with the signing of a strategic memorandum of understanding (MOU) with a major international nuclear power company. This MOU, which is non-binding, outlines potential investment, offtake, and technical collaboration opportunities. The company is also on track to deliver a Bankable Feasibility Study (BFS) in September 2026, with a Final Investment Decision (FID) targeted by year-end 2026. The project's funding pathway includes a potential cornerstone strategic equity investment from the MOU counterparty, senior project debt discussions with the U.S. International Development Finance Corporation, and a non-binding, fully funded proposal from a major US investment fund. The processing flowsheet, which pairs pre-leach centrifuge separation with post-leach polymer dewatering and horizontal vacuum belt filtration, is built on commercially proven technologies and validated across the full range of Tiris ore types. Early-stage analysis indicates positive project economics, with capital costs undercut pressure filtration, operating costs on par, and energy costs offering further upside. The project is also exploring a plant expansion to 3.5 million lbs per annum.

Final Investment Decision targeted by year-end 2026

Aura Energy anticipates positive indicative economics and is exploring value-optimisation opportunities, including energy cost reduction, mining-method optimisation, and potential plant capacity expansion.