26 April 2024
Quarterly Report for the
period ending 31 March 2024
|
Aura Energy Limited (ASX: AEE, AIM: AURA)
("Aura" or the
"Company") is pleased to
provide an overview of activities for the period ended 31 March
2024 ("Quarter" or
"Reporting Period") to
accompany the Appendix 5B. The priorities for Aura remain the
development of the Tiris Uranium Project in Mauritania
("Tiris") and advancement
of the Häggån Polymetallic Project in Sweden ("Häggån").
To view Appendix 5B, please click
here: http://www.rns-pdf.londonstockexchange.com/rns/1885M_1-2024-4-26.pdf
HIGHLIGHTS:
Tiris Front End Engineering Design[1] ("FEED") study confirms
excellent
economics supporting the near term-
development of Tiris, into a globally significant uranium
operation:
Ø NPV8% of US$366
million, IRR of 34% post tax and 2.5 year
payback
Ø Production of
~2 million lbs pa
U3O8 over a 17-year mine
life
Ø High-grade leach feed averaging
~2,000ppm U3O8 for first
five years
Ø Low AISC of US$34.5/lb
U3O8
Ø Capital cost of US$230
million
Ø 18-month construction
timeline to first production in 2026
Ø
1n
Extensional drill program at Tiris demonstrated significant
resource growth potential with
extensive mineralisation identified at both Hippolyte South and
Sadi:
·
Hippolyte
South - High-grade shallow mineralisation
defined over an 8km strike length with intercept grades of up to
1,170ppm U3O8
·
Sadi -
Mineralisation extended over 1.2km south from the existing 9km
mineralised trend
· An
update of the Mineral Resource estimate for Tiris has commenced and
expected to be delivered in the June quarter adding further value
to the Tiris Uranium Project
Balance Sheet secured with A$19 million cash
as at 31 March 2024 after the Company completed a
A$16.1 million placement and a A$4.3 million option funding
agreement during the quarter. Further near-term funding is expected
to be received from the completion of a A$2 million SPP.
Management team strengthened with
commencement of Managing Director and CEO Andrew Grove and
appointment of Mark Somlyay as CFO, both of whom have extensive
West African and development experience.
Sweden announces official enquiry into lifting the uranium
mining ban. The Company's Häggån Project contains very significant uranium
Mineral Resources[2] of approximately 800 million lbs of U3O8.
Post the reporting period:
·
Restructure of
the historic Curzon offtake agreement[3], 16
April 2024, materially increasing the price receivable
for planned uranium production and releasing significant value for
the Tiris Uranium Project, key points:
·
Average fixed price contract
price increases 70% to US$74.75/lb
U3O8 from US$44.09/lb
U3O8 subject to Final Investment Decision by
31 March 2025
·
Total contracted volumes (fixed and variable priced
contracts) reduce from 2.6Mlbs to 2.1Mlbs over same 7-year
term
·
US$41 million of additional
revenue delivered to the Tiris Project cash flows
at a uranium price of US$80/lb
U3O8
·
Project NPV8
increases US$22 million to US$388 million and
IRR improves 2% to 36% compared to Front End Engineering Design
("FEED") study economics[4] delivered in
March 2024
·
Restructured offtake to deliver 150,000lbs
U3O8 per annum under fixed price terms
averaging US$74.75/lb U3O8 and 150,000lbs
U3O8 per annum at spot less 4% discount over
7 years
·
Restructuring fee of US$3.5 million to be paid to Curzon
either in cash or in Aura shares priced at A$0.18 per
share
·
Curzon to also take a US$3.5 million placement of Aura shares
at A$0.18 per share
·
Shares subject to escrow arrangements
· The
placement and settlement will take place at the conclusion of final
documentation and subject to the Company's placement capacity being
refreshed at the upcoming shareholders' meeting
·
General Meeting of shareholders called for 21 May 2024 to
approve the Tranche two placement, placement options, A$2 million
SPP shares and options
· 10
April 2024 the second set of drilling results released from the
15,500 meter Tiris drilling program
|
|
|
Air
core drilling at Sadi - Tiris
|
Downhole gamma survey at Sadi - Tiris
|
Tiris Uranium Project, Mauritania
The Tiris Uranium Project,
Mauritania, is a potential near-term, low-cost, long-life future
uranium mine producing 2Mlbs pa U3O8 over the
currently defined 17-year mine life with production expected to
commence in 2026.
During the quarter activities
continued to progress Tiris towards a Final Investment Decision
("FID") and ultimately development of Mauritania's first uranium
mine, including:
·
Completion of the Front End Engineering Design ("FEED")
study
·
Exploration drilling to expand Mineral Resources beyond the
current 59Mlbs U3O8[5]
·
Trial mining, trenching and variability sampling over
Hippolyte
Tiris Uranium Project Front End
Engineering Design Study
The FEED study was completed during
the quarter and demonstrated Tiris to have the potential be a
near-term, low-cost, long-life mine with exceptional further growth
opportunities. The study also demonstrated the Project's excellent
economics.
Key
highlights and outcomes of the FEED Study[6]:
The FEED study progressed the design
of the processing plant and infrastructure to enable a detailed
capital and operating cost estimate to be prepared, with an
accuracy level of between +10% and 15%.
• Robust base case project financial economics
demonstrated by post-tax NPV8 of US$366M
(A$523M) IRR of
34%, and a 2.5 year payback at realised uranium
price of US$80/lb U3O8
• At uranium prices of US$100/lb
U3O8 the economics increase to post-tax
NPV8 US$596M (A$851M) and IRR
49%
• Initial
mine life of 17 years producing an average 1.9Mlbspa
U3O8 from the 2.0Mlbspa capacity process
plant
• Life of Mine (LOM) uranium
production in this study was 30.1Mlbs
U3O8
• 91%
Measured and Indicated Mineral Resources in mining schedule during
the first five years, LOM Inferred material totals 33% mostly
beyond ten years in the mining schedule
• The open
pit mining is a simple, low-risk,
shallow, free digging operation without the need for crushing and
grinding
• Beneficiation of the ore delivers a
high-grade leach feed averaging 1,997ppm
U3O8 (first 5 years) and
1,743ppm U3O8 (LOM), the high-grade leach
feed is delivered to the plant for a very low cost of US$8.1/lb
U3O8 including the cost of mining and
beneficiation
• AISC has
increased to US$34.5/lb U3O8, an escalation
of 16% on the 2023 EFS estimate3. This is largely due to
a 40% increase in the fuel price
• CAPEX of
US$230M, an escalation of 29% on the 2023 EFS estimate6
as a result of industry-wide escalation and increasing the
filtering and water treatment capacity to allow for greater flexibility and lower risk when
operating. CAPEX forecast includes a 12%
contingency.
• Uranium
production planned within 18
months of Final Investment Decision
• FEED
result confirms and delivers an upgraded process design to de-risk
the Project
•
Exploration drilling underway to expand Mineral Resources
beyond the current 59Mlbs U3O8[7] with a defined Tiris East Exploration Target of an additional
8-32Mlbs U3O8[8]
• Modular
design provides opportunities for further capital efficient
expansion and scalability
• Planned
construction and operation of the Tiris Uranium Project will
deliver significant and ongoing benefits to the people of
Mauritania in terms of employment opportunities including
professional development training, new infrastructure, forecast
taxes and royalties.
|
Units
|
2023 EFS[9]
Base Case
|
FEED
Base Case
|
FEED
Spot Price
|
Uranium Price
|
US$/lb
U3O8
|
$65
|
$80
|
$100
|
Valuations and Returns
|
|
|
|
|
Post-tax NPV8
|
US$M
|
226
|
366
|
596
|
Post-tax IRR
|
%
|
28%
|
34%
|
49%
|
Payback period
|
Years
|
4.5
|
2.5
|
1.8
|
Cashflow Summary
|
|
|
|
|
Initial Life of Mine
|
Years
|
16
|
17
|
17
|
LOM
Production
|
Mlbspa
U3O8
|
25.5
|
30.1
|
30.1
|
Annual Production
|
Mlbspa
U3O8
|
1.6
|
1.9
|
1.9
|
Gross Revenue (LOM)
|
US$M
|
1,562
|
2,257
|
2,818
|
Free Cashflow pre-tax (LOM)
|
US$M
|
906
|
1,327
|
1,876
|
Margin (LOM)
|
%
|
58%
|
58%
|
79%
|
Free Cashflow post tax (LOM)
|
US$M
|
554
|
1,061
|
1,486
|
Unit Operating Costs
|
|
|
|
|
All
in Cost
|
US$/lb
U3O8
|
35.6
|
42.1
|
43.2
|
All-in Sustaining Costs
|
US$/lb
U3O8
|
28.7
|
34.5
|
35.5
|
C1
Cash Cost
|
US$/lb
U3O8
|
25.2
|
30.1
|
30.2
|
Capital Cost
|
|
|
|
|
Development Capital
|
US$M
|
178
|
230
|
230
|
Table 1 - Tiris Uranium Project Financial
Summary demonstrates robust economics
Figure 1 - Tiris Uranium Project key
operational parameters and systems
The modular configuration of the
processing plant is well suited to capital efficient and simple
expansion to accommodate future growth in Mineral Resources as
indicated below.
Ø 2.0Mlbspa
U3O8 production capacity = US$ 230M
development capital (Base Case)
Ø 2.8Mlbspa
U3O8 production capacity = US$ 83M expansion
capital (from 2 to 2.8Mlbpa)
Ø 3.5Mlbspa
U3O8 production capacity = US$ 166M expansion
capital (from 2 to 3.5Mlbpa)
Tiris Exploration
An exploration review using newly
acquired radiometric, historic radiometric and drilling data was
used to develop an Exploration Target for additional of between
8-32 Mlbs U3O8[10].
The Exploration Target is immediately adjacent and contiguous to
the existing Mineral Resource.
The recently completed 15,500m drill
programme was undertaken to demonstrate the excellent Mineral
Resource growth potential in the Tiris area and to further enhance
the Project value through either extending mine life and/or
expanding production capacity in the future.
During the March quarter the first
batch of results from 793 holes including 3,304m of drilling was
released. Subsequent to the end of the quarter, drilling was
completed on 4 April and the second batch of results released on 10
April.
Drilling has defined two new
areas[11] of extensive shallow and
high-grade mineralisation at both Hippolyte South and Sadi and
numerous extensions to known mineralisation over the other Mineral
Resource areas that should materially add to the existing Minerals
Resources of 59Mlbs
U3O8[12].
·
Hippolyte
South - High-grade shallow mineralisation now
defined over an 8km strike length
·
Sadi - Mineralisation extended over 1.2km
south from the existing 9km mineralised trend
Results released during the quarter
included:
·
Hippolyte
South: New
high-grade mineralisation defined over an extensive 6km2
area. Mineralisation extended to the east and northwest from the
previous resource areas and to the southwest for over three
kilometres and remains open, Figure 2
High-grade intercepts include:
· 4.8m grading 1,170ppm
U3O8 from 0.5m
(23FEAC000389)
·
2.2m grading 802ppm
U3O8 from 0.6m
(23FEAC001079)
·
3.2m grading 555ppm U3O8
from 0.2m
(23FEAC000997)
·
Sadi: Mineralisation extended over 1.2
kilometres south and west from the current resources and remains
open, Figure 3
·
Hippolyte West
C: Drilling extended mineralisation linking the
three previously separate resource areas, Figure 8
·
Mineralised intercepts were returned from low and very low
strength radiometric anomalies, significantly increasing the exploration
potential of the Tiris East area as these have
been ignored in past exploration
Figure 2. Hippolyte South: showing
grade*thickness from this program along with those from previous
drilling in relation to airborne U-radiometric anomalies and
current resource outlines. Drilling has
confirmed significant new mineralisation outside the resource
outlines.
Figure 3. Sadi: showing
grade*thickness from this program along with those from previous
drilling in relation to airborne U-radiometric anomalies and
current resource outlines. Drilling has
confirmed significant new mineralisation outside the resource
outlines. Drilling has confirmed significant mineralisation outside
the resource outlines. Most significant intercepts occur on
low strength radiometric anomalies.
Other Tiris Activities
During the quarter other activities
undertake at Tiris included:
The Company initiated a program to
generate additional information on the variability and optimisation
of processing parameters through the first 4 years of the mine
schedule. The first step was a program of trenching in the
Hippolyte Resource with a series of aims, including:
1.
Generate samples for variability testing
2.
Confirm beneficiation response of Hippolyte material
3.
Demonstrate mining parameters
At Hippolyte Zone 3 area a total of
7 trenches were dug with 74 variability samples and 13 bulk samples
collected. The variability samples will be processed at
Aura's Nouakchott laboratory to confirm the concentration factor of
uranium to the -75 micron screen fraction and the distribution of
minerals, including sulphate and clay minerals. This
information will be included in the Tiris geometallurgical model
and provide inputs for further optimisation of the mine
schedule.
Various measures for improving
community and government engagement have commenced including
developing a framework for a more formal community consultation
process.
|
|
Hippolyte trench excavation
|
Hippolyte bulk sample collection
|
Figure 4 - Tiris Uranium Project Hippolyte Zone 3 variability
sampling
Häggån Project Update
The Häggån Polymetallic Project,
located in the municipality of Berg in the county of Jämtland,
hosts a globally significant 2 billion
tonne polymetallic Mineral Resource[13] which includes 800 Mlbs
of U3O8[14]. The primary metals and minerals in Häggån are vanadium,
sulphate of potash ("SOP") and uranium, with nickel, molybdenum and
zinc also present.
Approximately 14 percent of the
known value of the asset is uranium. Including uranium into the
previously published scoping study[15]
increased the Project NPV by 37% at a
uranium price of US$65/lb U3O8 from the
previously stated range of between US$456 million to US$1,307
million.
The Swedish Government announced on
23 February 2024 the launch of an inquiry into overturning the
existing ban on mining uranium, which has been in place since 2018.
The inquiry will investigate the regulatory changes needed to make
uranium extraction legal and analyse whether mining of uranium
should be allowed. The conclusions of the inquiry will be presented
on the 15 of May 2024. Once the results of the inquiry are
published, the Government can choose to go forward with a
legislative proposal to Parliament.
On 19 March, at the invitation of
Minister for Energy, Business and Industry Ebba Busch, Aura
executives attended a mining industry roundtable in Stockholm,
along with Swedish mining industry leaders. The purpose was to
provide input into the development of the Swedish government's
minerals policy.
Aura continues to prepare its
submission for an exploitation permit for the Häggån project, which
will provide a 25-year tenure.
A 13-hole drilling program was
completed in January 2024. All drillholes will be used for
hydrological testing, mapping water movements and to establish
hydrological baseline.
The test work by Geosyntec for the
concession application continued, with hydrological testing, water
sampling and characterisation of the ore and waste rock.
In response to the questions and
comments arising from a series of community consultations in late
2023, and from engagement with the local County Administrative
Board, Aura is undertaking further information gathering work on
the project. This work includes data collection on water flows,
biodiversity baseline monitoring and an impact assessment of
planned activities on areas of potential reindeer
husbandry.
Corporate Activities
Option Funding Agreements
On 25 January 2024, the Company
announced that it had entered into Option Funding Agreements with
investors who have agreed to prepay the Company approximately A$4.3
million, equal to the exercise monies for all remaining options
expiring 30 June 2024. The funds will be repaid upon receipt of
option exercise monies as and when the current Option holders
exercise their options.
In addition, the Company entered
into an underwriting agreement for the
exercise of 20 million options with PAC
Partners Securities Pty Limited,
whereby the Underwriter will receive shares equal
to the number of shares to be issued on exercise of 100% of the
Underwritten Options that are not exercised by the Option Holders
by the Option Expiry Date, in lieu of cash. As at 31 March 2024, A$3.7 million remains outstanding under
the Option Funding Agreement.
The Options are listed and have an
expiry date of 30 June 2024 and an exercise price of A$0.052 each,
and on issue convert into ordinary fully paid shares in the
Company.
12.0 million options expiring 30
June 2024 at an exercise price of A$0.052 per share were exercised
during the reporting period with a further 6.7 million options
exercised subsequent to the reporting period. As at 17 April 2024,
64.9 million options remain outstanding.
Private Placement and Share Purchase Plan
On 18 March 2024, the Company
announced a placement to professional and sophisticated investors
to raise approximately A$16.2 million through the issue of
approximately 90.2 million fully paid ordinary shares at A$0.18 per
share. The Company will also offer eligible shareholders on 15
March 2024, the opportunity to participate in a Share Purchase Plan
("SPP") of up to A$2 million through the issue of approximately
11.1 million fully paid ordinary shares subject to shareholder
approval.
Participants in the new share issues
pursuant to the Placement and the SPP will also receive three new
options for every four shares subscribed. The Options are intended
to be listed subject to satisfying the quotation requirements of
ASX and will have an exercise price of A$0.30 and expiry of two
years. Approximately 67.7m options are anticipated to be issued in
connection with the Placement and up to 8.3m options through the
SPP.
The first tranche of the placement
raising approximately A$16.1 million before costs via the placement
of 89,668,896 Shares at A$0.18 was completed on the 25 March
2024.
A General Meeting to approve the
issue of the Shares and Options under the Tranche 2 Placement, SPP
Shares, SPP Options and directors' participation in the Placement
has been convened for the 21 May 2024.
Directors have committed A$0.13
million to the Placement.
Cash and Cash Forecast
The Company's cash position as of 31
March 2024 was A$19.0 million. The Company's major cashflow
movements for the quarter included:
· Net
proceeds from the Share Placement of A$15.1 million;
· Net
proceeds from Options Funding Agreements of A$3.6
million;
·
Investments in the Company's Exploration and Evaluation
assets of A$4.03 million;
·
Admin and corporate costs of A$1.13 million; and
·
Staff costs of $0.47 million.
The forecasted net operating
cashflow and investment in the Company's exploration and evaluation
assets for the coming quarter is A$5.73 million. With a closing
cash balance of A$19.0 million, the company has enough cash for
3.31 quarters.
Management
Andrew Grove was appointed Managing
Director and CEO on the 30 January 2024 replacing Dave Woodall. Mr
Grove is a highly experienced mining and finance executive with
extensive global industry experience across multiple commodities.
This includes more than 30 years of managerial, technical,
commercial and finance experience, including significant expertise
in uranium and West African development and operations.
Mark Somlyay was appointed CFO of
Aura on the 26 March 2024, commencing 22 April 2024. Mr Somlyay has
more than 20 years' experience in finance, commercial and business
improvement within the mining industry. Importantly, the majority
of his experience has been in West Africa and in francophone
jurisdictions, where he has been involved in the recent development
of three greenfield projects.
Both appointments will have a
positive impact on the Companies endeavours towards progressing
Tiris towards development.
Management participated in the
Indaba conference and undertook site visits to both Tiris
and Häggån during the quarter.
Remuneration Consultant
The REM Committee engaged
remuneration consultants to provide guidance on a competitive,
market related remuneration program for senior executives and
non-executive directors.
June Quarter Planned
Activities
At Tiris the next steps in
progressing towards the construction and development of the Project
that will be undertaken or commenced during the next quarter
include:
• Release
final drill results from the recently completed drilling
program
•
Completion of Mineral Resource update for Tiris East
including all new drilling information
•
Engagement with Project funding providers
•
Furthering offtake contract negotiations
• Water
targeting and drilling to confirm and develop water infrastructure
sufficient to support future operations
• Review
of engineering and capital cost optimisation
•
Geometallurgy, engineering and design work to support
development activities
• Ongoing
baseline environmental and radiation monitoring
•
Commencement of formal community consultation
•
Engagement with government on approvals and development
timelines
At Häggån the planned licensing
activities include:
• Analysis
of water flows
•
Biodiversity baseline study
• Reindeer
impact assessment
•
Continued preparation for exploitation permit licence
submission
March 2024 Quarter ASX Announcements
This Quarterly Activities Report
contains information extracted from ASX market announcements
reported in accordance with the 2012 edition of the "Australasian
Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves" ("2012 JORC Code"). Further details (including 2012
JORC Code reporting tables where applicable) of exploration results
referred to in this Quarterly Activities Report can be found in the
following announcements lodged on the ASX:
·
Commencement of extensional drilling program at
Tiris
5 January 2024
·
Options funding agreements secure A$4.3M for
Tiris
25 January 2024
·
Aura Energy appoints Andrew Grove as Managing Director
&CEO
30 January 2024
·
Sweden initiates inquiry to overturn uranium mining
ban
26 February 2024
·
Aura's Tiris FEED Study returns Excellent
Economics
28 February 2024
·
Tiris drilling defines extensive new uranium
mineralisation
12 March 2024
·
Successful A$16.2 Million Placement and SPP
Offer
18 March 2024
·
Aura appoints a Chief Financial
Officer
26 March 2024
These announcements are available
for viewing on the Company's website auraenergy.com.au. Aura
confirms that it is not aware of any new information or data that
materially affects the information included in any original ASX
announcement.
Tenement Summary
The Company holds the following
interest in mining tenements, farm-in and farm-out agreements at
the end of the Quarter:
Table 1 - Tenement Summary
Tenement No.
|
Name
|
Grant / Application
Date
|
Expiry
|
Km2
|
Holder
|
Equity
|
Mauritania
|
2491C4
|
Ain Sder
|
8/02/2019
|
7/02/2049
|
207
|
Tiris Ressources SA
|
85%
|
2492C4
|
Oued El Foule
|
8/02/2019
|
7/02/2049
|
190
|
Tiris Ressources SA
|
85%
|
2490C4
(formerly 561)
|
Oum Ferkik
|
19/05/2017
|
Pending approval of application for
Exploitation License
|
60
|
Aura Energy Limited
|
100%
|
2365B4
|
Oued El Foule Sud
|
04/12/2023
|
03/08/2026
|
166
|
Aura Energy Limited
|
100%
|
2457B2
|
Hadeibet Belaa
|
08/12/2023
|
07/08/2026
|
41
|
Tiris International Mining
Co.
|
100%
|
2458B2
|
Touerig Taet
|
08/12/2023
|
07/8/2026
|
134
|
Tiris International Mining
Co.
|
100%
|
Sweden
|
2007-243
|
Häggån nr 1
|
28/08/2007
|
28/08/2024
|
18
|
Vanadis Battery Metals AB
|
100%
|
2016:9
|
Möckelåsen nr 1
|
21/01/2016
|
21/01/2024
(extension applied for)
|
18
|
Vanadis Battery Metals AB
|
100%
|
2016:7
|
Skallböle nr 1
|
20/01/2016
|
20/01/2024
(extension applied for)
|
8
|
Vanadis Battery Metals AB
|
100%
|
Farm-in agreement with Nomads Mining
Company sarl, Mauritania, Aura, through subsidiary Archean
Greenstone Gold has earned a 70% interest in Nomads 100%-owned
exploration permit in Mauritania (refer to ASX announcement 11 June
2019).
ENDS
The Board
of Aura Energy Ltd has approved this announcement.
This Announcement contains inside
information for the purposes of the UK version of the market abuse
regulation (EU No. 596/2014) as it forms part of United Kingdom
domestic law by virtue of the European Union (Withdrawal) Act 2018
("UK MAR").
For
further information, please contact:
Andrew Grove
Managing Director and CEO
Aura Energy Limited
agrove@auraee.com
+61 414 011 383
|
Paul
Ryan
Morrow Sodali
Investor & Media
Relations
p.ryan@morrowsodali.com
+61 409 296 511
|
SP
Angel Corporate Finance LLP
Nominated Advisor and
Broker
David Hignell
Kasia Brzozowska
Grant Baker
+44 203 470 0470
|
About Aura Energy (ASX: AEE, AIM:
AURA)
Aura Energy is an Australian-based
mineral company with major uranium and polymetallic projects in
Africa and Europe.
The Company is focused on developing
a uranium mine at the Tiris Uranium Project, a major greenfield
uranium discovery in Mauritania. The February 2024 FEED study
demonstrated Tiris to be a near-term low-cost 2Mlbs U3O8 pa near
term uranium mine with a 17-year mine life with excellent economics
and optionality to expand to accommodate resource
growth.
Aura plans to transition from a
uranium explorer to a uranium producer to capitalise on the rapidly
growing demand for nuclear power as the world shifts towards a
decarbonised energy sector.
Beyond the Tiris Project, Aura owns
100% of the Häggån Project in Sweden. Häggån contains a
global-scale 2.5Bt vanadium, sulphate of potash ("SOP") and uranium
resource. Utilising only 3% of the resource, a 2023 Scoping Study
outlined a 27-year mine life based on mining 3.5Mtpa.
Disclaimer Regarding Forward-Looking
Statements
This ASX announcement (Announcement)
contains various forward-looking statements. All statements other
than statements of historical fact are forward-looking statements.
Forward-looking statements are inherently subject to uncertainties
in that they may be affected by a variety of known and unknown
risks, variables and factors which could cause actual values or
results, performance or achievements to differ materially
from the expectations described in such forward-looking
statements. The Company does not give any assurance or
guarantee that the anticipated results, performance or
achievements expressed or implied in those forward-looking
statements will be achieved.
Competent Persons Statement
The Competent Person for the
calculation of significant intercepts is Mr Arnold van der Heyden
of H&S Consulting Pty Ltd. The information in the report to
which this statement is attached that relates to the 2023 Mineral
Resource Estimate is based on information compiled by Mr van der
Heyden. Mr van der Heyden has sufficient experience that is
relevant to the resource estimation to qualify Mr van der Heyden as
a Competent Person as defined in the 2012 edition of the
'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves'. Mr van der Heyden is an employee of
H&S Consultants Pty Ltd, a Sydney based geological consulting
firm. Mr van der Heyden is a Member and Chartered Professional of
The Australasian Institute of Mining and Metallurgy (AusIMM) and
consents to the inclusion in the report of the matters based on his
information.
The Competent Person for drill hole
data is Dr Michael Fletcher. The information in the report to which
this statement is attached that relates to compiling resource
estimates and to drill hole data is based on information compiled
by Dr Michael Fletcher. Dr Fletcher has sufficient relevant
experience in the preparation and compilation of exploration data
across a broad range of deposits to qualify as a Competent Person
as defined in the 2012 edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves'. Dr Fletcher is a consultant to Aura Energy and a
full-time employee of GeoEndeavours Pty Ltd. Dr Fletcher is a
Member of the Australasian Institute of Geoscientists and consents
to the inclusion in the report of this information.
The Competent Person for
interpreting downhole gamma information, disequilibrium analysis
and assay results is Mr David Wilson. Mr Wilson has sufficient
experience that is relevant to the style of mineralisation and type
of deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined in the 2012
edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves'. Mr Wilson is a
consultant to Aura Energy and is a full-time employee of 3D
Exploration. Mr Wilson is a Member of the Australasian Institute of
Geoscientists and consents to the inclusion in the report of the
matters based on his information.
The Tiris Uranium Resource Estimate
was reported in 2023 under the 2012 Edition of the "Australasian
Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves". The Mineral Resource Estimate was detailed in ASX
announcement: "Major Resource Upgrade at Aura Energy's Tiris
Project" 14th February 2023. Aura confirms that it is not
aware of any new information or data that materially affects the
information included in this announcement regarding the mineral
resources and that all material assumptions and technical
parameters underpinning the estimates continue to apply and have
not materially changed.