Tiris BFS Confirms Low-Cost, Near-Term Uranium Project

• Tiris confirmed as a low-cost, near-term uranium project
• Expected to deliver robust returns at conservative uranium prices
• Targeting Final Investment Decision in December 2026, with first production by 2028
• Post-tax NPV of US$500.3 million at a uranium price of US$90/lb U3O8
• Average annual revenue of US$158 million

Aura Energy Limited has announced the results of the Bankable Feasibility Study (BFS) for the Tiris Uranium Project in Mauritania, confirming it as a low-cost, near-term uranium producer. The BFS highlights Tiris as a technically simple, long-life uranium mine requiring limited capital expenditure for successful development. The project is expected to deliver robust returns at conservative uranium prices, supporting a Final Investment Decision (FID) targeted for December 2026, with first production by the end of 2028. Key financial highlights include a post-tax Net Present Value (NPV) of US$500.3 million at a uranium price of US$90/lb U3O8, a post-tax Internal Rate of Return (IRR) of 28%, and a life-of-mine free cash flow of US$1,479 million. Production highlights include an Ore Reserve estimate of 74.6 Mt at 227 ppm U3O8, containing 37.3 Mlb of U3O8, and a total Mineral Resource of 184 Mt at 225 ppm U3O8 for 91.3 Mlb.

Post-tax NPV of US$500.3 million (8% real discount rate, 100% basis, ungeared) at a uranium price of US$90/lb U3O8

Aura Energy is targeting a Final Investment Decision in December 2026, with first production expected by the end of 2028. The company is confident in the project's viability and is advancing towards construction.