Aura Energy Limited — Capital/Financing Update 2021

Aug 26, 2021

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ASX RELEASE

27 August 2021

Resource Upgrade of 10% - Tiris Uranium Project

KEY POINTS:

• Resource upgrade of 10% or 5.0 million lb U3O8 to the Company’s Tiris uranium deposit in Mauritania, bringing the total JORC Resource to 56 Mlbs (at a 100 ppm U3O8 lower cut-off grade).

• 2.4 Mlbs U3O8 of the total 5.0 million lb U3O8 Resource Upgrade is classified as Indicated Resource with the remainder as Inferred Resource.

• The Resource Upgrade follows Aura recently commissioning a new resource estimate on the Sadi South Zone to incorporate drillholes not included in earlier resource estimates.

• Prior to the Resource Upgrade, the Tiris Uranium Project held a Resource of 50.6 Mlbs U3O8 at a grade of 254 ppm U3O8 (at a 100 ppm U3O8 lower cut-off grade), including 38.4 Mlbs at 343 ppm U3O8 (at a 200 ppm U3O8 lower cut-off grade)[1] .

• The Resource upgrade supports the Company’s belief that the potential exists for the resource to increase in size as further exploration work is undertaken.

• Aura is currently planning further exploration and drilling programs for Tiris.

Aura Energy Limited ( AEE:ASX, AIM:AURA ) (“ Aura Energy ” , the “Company ”) is very pleased to announce a Resource Upgrade of 10% or 5.0 million lb U3O8 for the Company’s Tiris Uranium Project in Mauritania, bringing the total JORC Resource to 56 Mlbs at a grade of 254 ppm U3O8 (at a 100 ppm U3O8 lower cut-off grade). Aura Energy is the operator and has an 85% interest in the Tiris Uranium Project.

The Resource Upgrade follows Aura recently commissioning a new resource estimate on the Sadi South Zone to incorporate drillholes not included in earlier resource estimates. This has resulted in a 5.4 Mlbs U3O8 increase in the Tiris resource of which 2.4 Mlbs is classified as Indicated Resource with the remainder classified as Inferred Resource.

Prior to the Resource Upgrade, the Tiris Uranium Project held a resource of 50.6 Mlbs at a grade if 254 ppm U3O8 (at a 100 ppm U3O8 lower cut-off grade), including 38.4 Mlbs at 343 ppm U3O8 (at a 200 ppm U3O8 lower cut-off grade)[2] .

Within this resource Aura has defined Proven and Probable Reserves of 8.1 Mlb U3O8 at an average grade of 336 ppm U3O8 and completed a Definitive Feasibility Study.[3]

1 Refer Aura ASX announcement dated 30 April 2018 “Tiris Resource Upgrade Success”. The resource of 50.6 Mlbs at a grade of 254 ppm U3O8, accounts for tenement adjustments since the 2019 DFS.

2 Refer Aura ASX announcement dated 30 April 2018 “Tiris Resource Upgrade Success” 3 Refer ASX announcement dated 29 July 2019: “Tiris Uranium Definitive Feasibility Study Completed.

Aura Energy Limited Suite 1, Level 3, 62 Lygon Street Carlton South, VIC 3053

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Aura Energy CEO and Managing Director, Peter Reeve, commented : “We are very excited by this Resource Upgrade at the Tiris Uranium Project, as it confirms our belief that the Resource will continue to increase in size as further exploration work is undertaken.

The Company continues to seek operating and capital expenditure cost reductions, whilst concurrently planning future exploration activities to further increase resource size and the potential of the opportunity. With Stage 2 exploration initiatives now underway, including an opportunity review to lower operating costs and capital expenditure, Aura is also exploring the potential positive impact on Tiris operating cost from vanadium by-product recovery. We continue to progress the Company through the planned exploration and enhancement activities and look forward to relisting on the ASX.”

As announced (ASX Release 21 May 2021), the ASX advised that upon the Company undertaking sufficient exploration on its projects in line its proposed expenditure commitments and following the completion and results of those exploration programs being released to the market, the ASX would be in a position to reinstate Aura’s securities to trading on the Official List.

Following the latest resource estimation, the Tiris Resource Inventory is as follows[4] :

Table 1: Tiris Resource Summary, August 2021

Cut-off U3O8 g/t	Resource Zone	Class	Tonnes (Mt)	U3O8 (g/t)	U3O8 (Mkg)	U3O8 (Mlb)
100	All	All	100.3	254	23.4	56.0
200	All	All	55.0	336	17.4	41.0
300	All	All	33.0	444	10.9	32.3

The Tiris Resource occurs in a number of zones in two regions in northern Mauritania, which Aura groups into 2 deposit groups: Tiris East and Tiris West, which are sufficiently far apart to be regarded as separate operations. Refer Figure 1.

Aura’s current focus is on the larger of these deposits, Tiris East, over which Aura has been granted 2 exploitation permits for 30 years from February 2019.

The resources at Tiris East lie in 3 zones: Hippolyte, Lazare and Sadi, all of which will be served by a central processing plant. The 5 Mlb U3O8 resource extension is at the southern end of the Sadi zone.

The current resource estimate at Tiris East is:

Table 2: Tiris East Resource Summary, August 2021.

Cut-off U3O8 g/t	Class	Tonnes(Mt)	U3O8 (g/t)	U3O8 (Mkg)	U3O8 (Mlb)
100	All	83.9	240	20.1	44.3
200	All	41.0	339	17.4	30.6
300	All	25.4	455	10.9	25.5

4 This Tiris Resource Inventory combines the 2021 Resource Estimate at Sadi South with the 2018 Resource Estimates by H&S Consultants Pty Ltd on the Lazare North, Lazare South, Hippolyte, and Hippolyte South deposits and the 2011 Resource Estimates by Coffey Mining on the Sadi, Ferkik West, Ferkik East, Hippolyte West and Agouyame deposits. The 2011 Resource Estimate was the subject of Aura ASX announcement dated 19 July, 2011 “First Uranium Resource in Mauritania”. Aura confirms that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

Aura Energy Limited Suite 1, Level 3, 62 Lygon Street Carlton South, VIC 3053

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Table 3: Tiris East Resource Classification, August 2021.

Cut-off U3O8 g/t	Class	Tonnes(Mt)	U3O8 (g/t)	U3O8 (Mkg)	U3O8 (Mlb)
100	Measured	10.2	236	2.4	5.3
	Indicated	29.0	222	6.4	14.2
	Total M&I	39.2	226	8.8	19.5
	Inferred	44.7	252	11.2	24.8
200	Measured	4.6	355	1.6	3.6
	Indicated	12.8	315	4.0	8.9
	Total M&I	17.4	326	5.7	12.5
	Inferred	23.6	348	8.2	18.1
300	Measured	2.1	497	1.0	2.3
	Indicated	4.7	454	2.1	4.7
	Total M&I	6.8	467	3.2	7.0
	Inferred	18.6	451	8.4	18.5

Note: Totals may not add due to rounding.

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Figure 1: Location of Aura’s Tiris uranium resources.

Aura Energy Limited Suite 1, Level 3, 62 Lygon Street Carlton South, VIC 3053

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High Grade Zones within the Resource

Parts of the mineralised zones have substantially higher grades than the global average. As indicated in the resource tabulation in Table 2 at a cut-off grade of 300 ppm, Tiris holds 25 Mlbs U3O8 at 455 ppm U3O8 (all resource categories) .

Resource Estimation

The latest mineral resource estimate at Sadi South was prepared by Mr Oliver Mapeto, an independent resource consultant who was responsible for undertaking the original Tiris Resource estimate in 2011 on behalf of Coffey Mining.

The latest resource upgrade is based on air-core drilling with 96 mm bit conducted by Australian contractor Wallis Drilling and chemical analysis by ICP carried out by ALS Global in Ireland

In addition to the aircore drilling on which the Tiris East resource estimate is based, 59 large diameter (PQ) diamond drillholes for density determination and overall validation have been drilled in Tiris East zones at Hippolyte and Lazare, each located about 20 km from Sadi South in identical mineralisation.

Measured Resources have been delineated generally by a drill pattern of 50m x 50m, Indicated Resources by 100m x 50m or 100m x 100m and Inferred Resources by 100m x 200m drill patterns.

The mineralisation is of pedogenic calcrete uranium style. It occurs on and within Proterozoic rocks of the Reguibat Craton. The mineralisation is developed within near surface altered and weathered granites and within shallow colluvium lying on granite or adjacent metasediments. Mineralisation forms flat lying tabular bodies ranging in thickness from 1 to 12m with some mineralisation occurring very close to surface. Internal waste patches occur within the mineralisation envelope.

AC drill cuttings were riffle split on site to extract approx. 2 kg samples for assay for the downhole intervals 0 to 0.5m, 0.5 to 1.0m, 1 to 2m, & thereafter in 1m intervals to end of hole.

Drill samples were prepared for analysis at an ALS Global facility in Nouakchott and pulps for analysis were sent to an ALS laboratory at Omac in Ireland for analysis by ICP after 4 acid digestion (ALS Method MS-ICP61)

Grade estimation at Sadi South was done using the Inverse Distance - Power 2 (ID2) estimation method.

A lower cut-off grade of 100 ppm U3O8 within a 75 ppm U3O8 envelope has been used for reporting. The Definitive Feasibility Study (footnote 3) indicated that this is an appropriate cut-off grade for mining in an open pit scenario. While this cut-off is relatively low compared to operating uranium mines metallurgical test work has indicated that a significant upgrade in uranium and decrease in sulphates can be achieved by a simple scrubbing and sieving process.

Aura Energy Limited Suite 1, Level 3, 62 Lygon Street Carlton South, VIC 3053

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As detailed in the DFS the ore will be extracted by conventional mining methods using backhoe excavators and dump trucks. No drilling or blasting of the ore or overlying materials is planned due to the unconsolidated nature of the materials.

The metallurgical process detailed in the DFS is conventional beneficiation (by rotary scrubbing plus screening) followed by heated alkaline uranium leach and ion exchange. These metallurgical processes are well tested technology and appropriate for this style of mineralisation.

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Figure 2: Sadi South Zone (dark green polygon) showing AC drillholes. Bright green polygon is area of previous resource estimate. Orange dots indicate drillholes not included in previous resource estimates.

Aura Energy Limited Suite 1, Level 3, 62 Lygon Street Carlton South, VIC 3053

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Figure 3: Map showing Resource classification in relation to drillholes.

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Figure 4: Sadi South Section 2806400 showing block model
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Aura Energy Limited Suite 1, Level 3, 62 Lygon Street Carlton South, VIC 3053

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Figure 5: Sadi South Section 2806800 showing block model

Table 4: Tiris East Resources August 2021 – Detail by Zone

Cut-off U3O8g/t	Resource Zone	Class	Tonnes (Mt)	U3O8(g/t)	U3O8(Mkg)	U3O8(Mlb)
	Hippolyte	Measured	5.7	225	1.3	2.8
		Indicated	6.5	217	1.4	3.1
		Inferred	7.4	281	2.1	4.6
	Hippolyte	Indicated	4.8	192	0.9	2.0
	South	Inferred	3.1	176	0.5	1.2
		Measured	1.1	284	0.3	0.7
	Lazare North	Indicated	10.6	229	2.4	5.4
100		Inferred	3.9	210	0.8	1.8
		Measured	3.4	239	0.8	1.8
	Lazare South	Indicated	2.6	219	0.6	1.3
		Inferred	9.1	214	2.0	4.3
	d	Indicated	4.5	240	1.1	2.4
	Sai	Inferred	14.9	266	3.9	8.7
	Hippolyte West	Inferred	6.3	300	1.9	4.2
		Total	83.9	240	20.1	44.3
		Measured	2.3	345	0.8	1.8
	Hippolyte	Indicated	2.4	344	0.8	1.8
		Inferred	3.5	441	1.5	3.4
	Hippolyte	Indicated	1.6	290	0.5	1.0
200	South	Inferred	0.7	293	0.2	0.5
		Measured	0.7	372	0.3	0.6
		Indicated	4.5	348	1.5	3.4
	Lazare North
		Inferred	1.3	354	0.5	1.0
	Lazare South	Measured	1.6	352	0.5	1.2

Aura Energy Limited Suite 1, Level 3, 62 Lygon Street Carlton South, VIC 3053

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Cut-off U3O8g/t	Resource Zone	Class	Tonnes (Mt)	U3O8(g/t)	U3O8(Mkg)	U3O8(Mlb)
	h	Indicated	1.0	350	0.4	0.8
	Lazare Sout	Inferred	3.1	364	1.1	2.5
	Sdi	Indicated	3.3	270	0.9	1.9
	a	Inferred	9.5	326	3.1	6.8
	Hippolyte West	Inferred	5.5	320	1.8	3.9
		Total	41.0	339	13.9	30.6
		Measured	1.0	469	0.5	1.1
	Hippolyte	Indicated	1.1	471	0.5	1.1
		Inferred	1.9	596	1.1	2.5
	Hippolyte	Indicated	0.5	402	0.2	0.4
	South	Inferred	0.2	419	0.1	0.2
		Measured	0.4	481	0.2	0.4
	Lazare North	Indicated	2.0	475	1.0	2.1
300		Inferred	0.6	495	0.3	0.6
	Lazare South	Measured	0.7	478	0.4	0.8
		Indicated	0.4	482	0.2	0.5
		Inferred	1.4	511	0.7	1.6
	Sdi	Indicated	0.7	420	0.3	0.6
	a	Inferred	4.1	439	1.8	3.9
	Hippolyte West	Inferred	2.2	430	1.0	2.1
		Total	17.2	483	8.3	17.9

Note: totals may not add due to rounding.

Tiris Uranium Project

With Uranium demand increasing driven by a shift towards carbon free energy, Aura’s 85% owned Tiris Uranium Project is well positioned as a low capex and low operating cost project.

In July 2021, Aura Energy commenced Stage 2 exploration at the Tiris Uranium Project, with results expected before the end of the 2021 Calendar Year.

The key results expected in this timeframe are:

• Detailed results of the Tiris Opportunity Review with several items being considered to lower operating costs for the project

• Completion and outcomes of the net zero emission study by Wood PLC

• Water drilling results continuing the 2019 findings

• Potential positive impact on Tiris operating cost from vanadium by-product recovery

Aura Energy Limited Suite 1, Level 3, 62 Lygon Street Carlton South, VIC 3053

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Project Attributes

The Project has several natural attributes which result in low capital and operating costs:

• Shallow flat-lying surface mineralisation (predominantly only 1-5 metres deep within unconsolidated gravels and weathered granite)

• Low-cost mining with no blasting and negligible overburden

• Uranium ore can be simply (wash and screen) upgraded by up to 700% from 335ppm to 2500ppm

• Very small plant and footprint with minimal supporting infrastructure

• Leach feed grade 2,000 – 2,500 ppm U₃O₈ with 94% leaching recovery in 4 hours

This ASX Release was authorised by the Aura Energy Board of Directors.

For Further Information, please contact:

		Jane Morgan JMM Investor & Media Relations jm@janemorganmanagement.com.au +61 405 555 618
Peter Reeve
Managing Director & CEO
Aura Energy Limited
preeve@auraee.com

Competent Persons

The Competent Person for the 2021 Sadi South Resource Estimate and classification is Mr Oliver Mapeto, an independent resource consultant. The information in the report to which this statement is attached that relates to the 2021 Resource Estimate is based on information compiled by Mr Oliver Mapeto. Mr Mapeto has sufficient experience that is relevant to the resource estimation. This qualifies Mr Mapeto 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 Mapeto is a Member of The Australasian Institute of Mining and Metallurgy (AusIMM) and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The Competent Person for drill hole data and for integrating different resource estimates is Mr Neil Clifford. 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 Mr Neil Clifford. Mr Clifford 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 Mr Clifford 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 Clifford is an independent consultant to Aura Energy. Mr Clifford is a Member of the Australasian Institute of Geoscientists. Mr Clifford consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Aura Energy Limited Suite 1, Level 3, 62 Lygon Street Carlton South, VIC 3053

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Glossary of Technical Terms

"cut-off grade" The lowest grade, or quality, of mineralised material that qualifies as economically mineable and available in a given deposit. May be defined on the basis of economic evaluation, or on physical or chemical attributes that define an acceptable product specification;

"g/t" grams per tonne;

“kg” kilogram;

"Indicated resource" a part of a mineral resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed;

"Inferred resource" a part of a mineral resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and has assumed, but not verified, geological and/or grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that may be limited or of uncertain quality and reliability;

"JORC" the Joint Ore Reserves Committee, http://www.jorc.org/;

"JORC 2012" is the current edition of the JORC Code (http://www.jorc.org/docs/JORC_code_2012.pdf), which was published in 2012. After a transition period, the 2012 Edition came into mandatory operation in Australasia from 1 December 2013;

"m" metres;

"Measured resource" a part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a high level of confidence. It is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drillholes. The locations are spaced closely enough to confirm geological and grade continuity;

“Mkg” million kilograms;

“Mlbs” million pounds;

“Mlbs” million tonnes;

"oz" ounce(s);

“ppm” parts per million;

"t" tonnes;

“Total M&I” sum of measured and indicated resource;

“U3O8” (also “U3O8”) the chemical formula for Triuranium octoxide, which is a compound of uranium.

Aura Energy Limited Suite 1, Level 3, 62 Lygon Street Carlton South, VIC 3053

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APPENDIX 1 - JORC Code, 2012 Edition – Table 1

2021 TIRIS RESOURCE ESTIMATE

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria		JORC Code explanation			Commentary	Commentary
Sampling	•	Nature and quality of sampling (e.g. cut
techniques		channels, random chips, or specific	•	The data on which this resource estimate is based
		specialised industry standard measurement		related to 3 field sampling programs in the Sadi
		tools appropriate to the minerals under		South zone of Aura’s Tiris	Uranium Deposits:
		investigation, such as down hole gamma		1. An air-core (AC) drilling program in
		sondes, or handheld XRF instruments, etc).		2010/11 with grade estimation by
		These examples should not be taken as		chemical analysis of drill samples
		limiting the broad meaning of sampling.		2. An AC drilling program in 2012 with
	•	Include reference to measures taken to		grade estimation by chemical analysis of
		ensure sample representivity and the		drill samples
		appropriate calibration of any measurement		3. An AC drilling program in 2015 with
		tools or systems used.		grade estimation by chemical analysis of
	•	Aspects of the determination of		drill samples
		mineralisation that are Material to the Public
		Report.	•	The 2011/12 drilling was the basis of a previous
	•	In cases where ‘industry standard’ work has		Resource Estimation exercises (ASX release:
		been done this would be relatively simple		announcement 14 July 2011		“First Uranium
		(e.g. ‘reverse circulation drilling was used to		Resource in Mauritania –	50	million pounds”.
		obtain 1 m samples from which 3 kg was	•	The 2011/12 drillhole spacing was predominantly
		pulverised to produce a 30 g charge for fire		100m x 200m.
		assay’). In other cases more explanation may	•	AC drill cuttings were riffle split on site to extract
		be required, such as where there is coarse		approx. 2 kg samples for assay for the downhole
		gold that has inherent sampling problems.		intervals 0 to 0.5m, 0.5 to 1.0m, 1 to 2m, &
		Unusual commodities or mineralisation types		thereafter in 1m intervals	to	end of hole.
		(e.g. submarine nodules) may warrant
		disclosure of detailed information.
Drilling	•	Drill type (e.g. core, reverse circulation, open-	•	AC drilling in all programs was conducted by
techniques		hole hammer, rotary air blast, auger,		Wallis Drilling of Perth WA using a Mantis drill rig
		Bangka, sonic, etc) and details (e.g. core		and NQ size bit (outer diameter 75.7 mm) in the
		diameter, triple or standard tube, depth of		2011/12 program and an	HQ size bit (96 mm
		diamond tails, face-sampling bit or other		outer diameter) in the 2015 program.
		type, whether core is oriented and if so, by
		_what method, etc). _
Drill sample	•	Method of recording and assessing core and	•	The total drill return for each sample interval was
recovery		chip sample recoveries and results assessed.		bagged and weighed to an accuracy of
	•	Measures taken to maximise sample recovery		approximately 0.25 kg to estimate sample
		and ensure representative nature of the		recovery.
		samples.	•	Efforts were made to minimise dust loss, e.g. in
	•	Whether a relationship exists between		most holes the first metre was drilled without
		sample recovery and grade and whether		applying compressed air,	and thereafter minimum
		sample bias may have occurred due to		air necessary to lift the sample was applied.
		preferential loss/gain of fine/coarse material.	•	No relationship between estimated recovery and
				uraniumgrade was observed.

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Criteria		JORC Code explanation			Commentary
			•	In view of the ultrafine grain size of the uranium
				mineral carnotite, even where high recoveries were
				recorded, it is possible that some carnotite was
				lost in dust emitted from the drill rig cyclone
				resulting in underestimation of uranium grade.
Logging	•	Whether core and chip samples have been	•	Each AC drill sample interval was geologically
		geologically and geotechnically logged to a		logged by an onsite geologist and drill logs were
		level of detail to support appropriate Mineral		uploaded to Aura’s database currently managed
		Resource estimation, mining studies and		by EarthSQL in Melbourne.	A sample of sieved &
		metallurgical studies.		washed chips for each sample interval was
	•	Whether logging is qualitative or quantitative		retained in chip trays for reference.
		in nature. Core (or costean, channel, etc)
		photography.
	•	The total length and percentage of the
		relevant intersections logged.
Sub-	•	If core, whether cut or sawn and whether	•	The AC drill samples were riffle split on site to
sampling		quarter, half or all core taken.		provide a minimum 2 kg sample for assay and a
techniques	•	If non-core, whether riffled, tube sampled,		duplicate split for reference and possible umpire
and sample		rotary split, etc and whether sampled wet or		analysis.
preparation		dry.	•	Duplicates, blanks, and standards were inserted in
	•	For all sample types, the nature, quality and		the assay sample stream at regular intervals as
		appropriateness of the sample preparation		detailed in the next section.
		technique.	•	Given the very fine-grained	nature of the uranium
	•	Quality control procedures adopted for all		minerals these sample sizes are appropriate
		sub-sampling stages to maximise		according to Gy’s sampling	theory.
		representivity of samples.
	•	Measures taken to ensure that the sampling
		is representative of the in situ material
		collected, including for instance results for
		field duplicate/second-half sampling.
	•	Whether sample sizes are appropriate to the
		grain size of the material being sampled.
Quality of	•	The nature, quality and appropriateness of	•	AC drill samples were submitted to ALS Global
assay data		the assaying and laboratory procedures used		sample preparation facilities in Mauritania.
and		and whether the technique is considered		Samples were crushed by jaw crusher to -12mm
laboratory		partial or total.		and 1kg was riffle split for pulverising to +85%
tests	•	For geophysical tools, spectrometers,		passing 75 microns. An c. 100g split was bagged
		handheld XRF instruments, etc, the		and sent to Stewart Laboratories in Ireland for
		parameters used in determining the analysis		analysis. @010/11 samples were analysed for
		including instrument make and model,		uranium by pressed pellet XRF. Previous analysis
		reading times, calibrations factors applied		comparing different analytical methods (XRF, ICP,
		and their derivation, etc.		DNC) had indicated that XRF is an accurate
	•	Nature of quality control procedures adopted		method on this material, if	an x-ray band is
		(e.g. standards, blanks, duplicates, external		selected for measurement that is not affected by
		laboratory checks) and whether acceptable		the presence of strontium, and this was done. This
		levels of accuracy (i.e. lack of bias) and		method will measure total uranium. The 2015
		precision have been established.		program samples were analysed by ALS method
				MS-ICP61 after 4 acid digestion.
			•	QAQC procedures for AC drilling comprised, on
				average:

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Criteria		JORC Code explanation		Commentary
				§ Field duplicates assays: at least 1 in
				every 25 samples
				§ Blanks: 1 in every 25 samples
				§ Umpire assays: 1 in approx. every 25
				samples
				For Umpire analysis on 2011/12 samples
				the original pressed pellet XRF sample
				was re-assayed by ICP by Stewart Labs
				and also by XRF by ALS Labs and by ICP
				by ALS.
				§ Certified Reference material: 1 in approx.
				every 100 samples
				§ Total QAQC samples: 1 in every 6
				samples
				Accuracy & precision were within acceptable
				limits.
Verification	•	The verification of significant intersections by	•	No verification drilling has been performed in the Sadi
of sampling		either independent or alternative company		South zone. However in the Lazare zone, approx. 15 km
and assaying		personnel.		to the southwest in carnotite mineralisation of the same
	•	The use of twinned holes.		style, the AC drilling and assaying has been verified by
	•	Documentation of primary data, data entry		Aura by trenching and sampling, by downhole
		procedures, data verification, data storage		radiometric logging of many holes, and by PQ diamond
		(physical and electronic) protocols.		drilling and core assaying.
	•	Discuss any adjustment to assay data.	•	All drillhole data recorded was uploaded to Aura’s
				online database managed by Reflex Hub. Analyses were
				forwarded directly from the laboratories to Reflex Hub
				for incorporation in the database.
Location of	•	Accuracy and quality of surveys used to	•	All drillhole collars were surveyed by handheld GPS with
data points		locate drill holes (collar and down-hole		reported accuracy of +/- 3 metres.
		surveys), trenches, mine workings and other	•	The grid projection used is UTM WGS84 Zone 29N
		locations used in Mineral Resource	•	The area of the Sadi South resource is very flat and
		estimation.		handheld GPS location accuracy is consistent with
	•	Specification of the grid system used.		accuracy required for Indicated and Inferred resources.
	•	Quality and adequacy of topographic control.
Data spacing	•	Data spacing for reporting of Exploration	•	Drillholes for the Sadi South resource estimate were
and		Results.		spaced at 100m x 200m.
distribution	•	Whether the data spacing and distribution is	•	Close spaced drilling in nearby ore zones for variogram
		sufficient to establish the degree of geological		construction has indicated that 50m x 100m is suitable
		and grade continuity appropriate for the		for defining Indicated Resources.
		Mineral Resource and Ore Reserve estimation	•	Sample compositing was not applied.
		procedure(s) and classifications applied.
	•	Whether sample compositing has been
		applied.
Orientation	•	Whether the orientation of sampling achieves		• Three 100m x 100m squares were drilled in nearby
of data in		unbiased sampling of possible structures and		ore zones at 12.5m hole spacing in both N-S and
relation to		the extent to which this is known, considering		E-W directions to investigate grade anisotropy.
geological		the deposit type.		This indicated a weak NW-SE trend to the
structure	•	If the relationship between the drilling		mineralisation. The drilling pattern employed at
		orientation and the orientation of key		Sadi South is considered appropriate for the
		mineralised structures is considered to have		mineralisation orientation.

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Criteria		JORC Code explanation		Commentary	Commentary
		introduced a sampling bias, this should be
		assessed and reported if material.
Sample	•	The measures taken to ensure sample	•	Sample collection was supervised by geologists
security		security.		overseen by a supervising geologist. Samples were
				transported approx. weekly to independent sample
				preparation facilities.
Audits or	•	The results of any audits or reviews of	•	Tiris Resource estimation conducted by Coffey Mining
reviews		sampling techniques and data.		was independently reviewed and confirmed by Wardell
				Armstrong International in 2016.	The 2021 Sadi South
				resource estimate has been carried out by independent
				consultant Oliver Mapeto (who carried the 2012
				Resource Estimate for Coffey Mining) and has not been
				audited but has utilised the same	methodology as the
				previous Resource Estimate in this zone.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Mineral tenement	•	Type, reference name/number, location	•	The 2021 Sadi South Resource Estimate is based on
and land tenure		and ownership including agreements or		drilling conducted on Exploitation Licence 2491C4
status		material issues with third parties such		held 100% by Tiris Resources sarl, a 100 % subsidiary
		as joint ventures, partnerships,		of Aura Energy. Aura is in the process of divesting 15%
		overriding royalties, native title		of Tiris Resources sarl to the Mauritanian Government
		interests, historical sites, wilderness or		as required by the terms of the grant.
		national park and environmental	•	Aura has completed an Environmental and Social
		settings.		Impact Assessment which concluded there are no
	•	The security of the tenure held at the		known issues arising from native title, historical sites,
		time of reporting along with any known		environmental or third-party matters which are likely
		impediments to obtaining a licence to		to materially affect exploitation.
		operate in the area.
Exploration done	•	Acknowledgment and appraisal of	•	Aura is unaware of any prior exploration on these
by other parties		exploration by other parties.		areas.
Geology	•	Deposit type, geological setting and style	•	The mineralisation is of pedogenic calcrete uranium
		of mineralisation.		style. It occurs on and within Proterozoic rocks of the
				Reguibat Craton. The mineralisation is developed
				within near surface altered and weathered granites
				and within shallow colluvium lying on granite or
				adjacent metasediments.
Drill hole	•	A summary of all information material	•	Specific drillhole data is not relevant to the reporting
Information		to the understanding of the exploration		of this resource estimation
		results including a tabulation of the
		following information for all Material
		drill holes:
		1. easting and northing of the drill hole
		collar

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		2. elevation or RL (Reduced Level –
		elevation above sea level in metres)
		of the drill hole collar
		3. dip and azimuth of the hole
		4. down hole length and interception
		depth
		5. hole length.
	•	If the exclusion of this information is
		justified on the basis that the
		information is not Material and this
		exclusion does not detract from the
		understanding of the report, the
		Competent Person should clearly
		explain why this is the case.
Data aggregation	•	In reporting Exploration Results,	•	Data aggregation methods for the resource estimate
methods		weighting averaging techniques,		are summarised in Section 3 of this table.
		maximum and/or minimum grade
		truncations (e.g. cutting of high grades)
		and cut-off grades are usually Material
		and should be stated.
	•	Where aggregate intercepts incorporate
		short lengths of high grade results and
		longer lengths of low grade results, the
		procedure used for such aggregation
		should be stated and some typical
		examples of such aggregations should
		be shown in detail.
	•	The assumptions used for any reporting
		of metal equivalent values should be
		clearly stated.
Relationship	•	These relationships are particularly	•	All drillholes on which the resource estimate is based
between		important in the reporting of		were vertical and approximately perpendicular to the
mineralisation		Exploration Results.		thickness of the mineralisation.
widths and	•	If the geometry of the mineralisation
intercept lengths		with respect to the drill hole angle is
		known, its nature should be reported.
	•	If it is not known and only the down
		hole lengths are reported, there should
		be a clear statement to this effect (e.g.
		‘down hole length, true width not
		_known’). _
Diagrams	•	Appropriate maps and sections (with	•	Refer to the ASX announcement which this table
		scales) and tabulations of intercepts		accompanies.
		should be included for any significant
		discovery being reported These should
		include, but not be limited to a plan
		view of drill hole collar locations and
		appropriate sectional views.
Balanced reporting	•	Where comprehensive reporting of all	•
		Exploration Results is not practicable,
		representative reporting of both low

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Criteria		JORC Code explanation	Commentary
		and high grades and/or widths should
		be practiced to avoid misleading
		reporting of Exploration Results.
Other substantive		• Other exploration data, if meaningful	• Metallurgical testwork is ongoing. Information on
exploration	data	and material, should be reported	processing has been reported in ASX announcement:
		including (but not limited to): geological	16 July 2014 “Reguibat Uranium Project Scoping Study
		observations; geophysical survey	Complete.
		results; geochemical survey results; bulk
		samples – size and method of
		treatment; metallurgical test results;
		bulk density, groundwater, geotechnical
		and rock characteristics; potential
		deleterious or contaminating
		substances.
Further work		• The nature and scale of planned further	• Aura is currently moving the project towards
		work (e.g. tests for lateral extensions or	commencement of mining and is currently carrying
		depth extensions or large-scale step-out	out:
		drilling).	1. Water drilling
		• Diagrams clearly highlighting the areas	2. Update of feasibility studies
		of possible extensions, including the	3. Vanadium resource estimation
		main geological interpretations and
		future drilling areas, provided this
		information is not commercially
		sensitive.
Section 3		Estimation and Reporting of Mineral Resources
	(Criteria	listed in section 1, and where relevant in section 2, also apply to this section.)
Criteria	JORC Code explanation		Commentary
Database	•	Measures taken to ensure that data has not	Aura’s database was managed by the independent
integrity		been corrupted by, for example,	organisation Reflex Hub, based in Perth.
		transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes.	The consultant conducted data validation checks including as comparing assay certificates to database records and a variety of checks for internal inconsistencies such as overlapping intervals, records
	•	Data validation procedures used.	beyond end of hole depth, unassayed intervals, and unrealistic drill hole data. Additional checks included
			collar details checks. Unrealistic RL on historical data
			based on new survey data were adjusted using nearest
			neighbour.
Site visits	•	Comment on any site visits undertaken by	No site visit was conducted during the 2015 Sadi South
		the Competent Person and the outcome of	drilling campaign. However, the consultant previously
		those visits.	conducted site a visit in April 2012 and is familiar with
			geological setting and mineralisation.
	•	If no site visits have been undertaken
		indicate why this is the case.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary
Geological	•	Confidence in (or conversely, the uncertainty	The uranium mineralisation generally forms shallow
interpretation		of) the geological interpretation of the	horizontal tabular bodies ranging in thickness from 1 to
		mineral deposit.	12m hosted in weathered granite, granitic sediments, and calcrete. Differentiation of the weathered granite from
	•	Nature of the data used and of any assumptions made.	granitic sediments is unreliable from AC sample returns. A purely geological model of the Tiris deposits has not been produced.
	•	The effect, if any, of alternative interpretations on Mineral Resource estimation.	The material above the top of ore is waste largely made is of loose sandy material. The base of ore defines the top of consolidated material, harder going into unmineralized granite basement. The consultant created
	•	The use of geology in guiding and controlling	a surface representing the top and base of the mineralisation using a grade cut-off of 75ppm U308. The
		Mineral Resource estimation.	top and base of ore surfaces were used as hard
			boundaries to control grade estimation.
	•	The factors affecting continuity both of	The grade varied significantly within the drill hole
		grade and geology.	intersections.
			At the time that the estimates were completed, the
			natural topographical surface was not available. The
			2012 drill data had no topographic survey data available.
			Most of the 2015 and 2017 drill collar locations were
			surveyed using a Differential Global Positioning System
			(DGPS). The consultant used drill hole collars that had
			been located with the DGPS to create a wireframe
			representing the topographic surface. The elevations of
			all drill holes with no survey were then interpolated using
			the nearest neighbour.
			The interpretation of the mineralisation as flat lying
			tabular bodies was defined with high confidence by the
			top and base of ore surfaces.
			In Sadi pods of low-grade mineralisation occur showing
			moderate continuity of both grade and geology. The
			mineralisation is recent and unaffected by faulting.
Dimensions	•	The extent and variability of the Mineral	This mineral resource update is based on Sadi South
		Resource expressed as length (along strike or	trending N-S with lateral extend of 2.5 x 1.4k m
		otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource.	Mineralisation forms flat lying tabular bodies ranging in thickness from 1 to 12m with some mineralisation occurring very close to surface. Internal waste patches occur within the mineralisation envelope
			The mineral resource was defines using a lower grade
			cut-off of 75ppm U3O8. Ore thickness varies from 1m to a
			maximum of 9.5m.
Estimation and	•	The nature and appropriateness of the	The uranium concentrations for Sadi South were
modelling		estimation technique(s) applied and key	estimated using the Inverse Distance -Power 2 (ID2)
techniques		assumptions, including treatment of extreme grade values, domaining, interpolation parameters, maximum distance of extrapolation from data points.	estimation method as no reliable variogram structure could be defined partly due to the limited drill data and variability U308 in grade. High grade assays value up to 2,500ppm U308 were reported in the Sadi data set. 2m composite samples
			were used in thegrade estimation. An upper cut-off grade

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Criteria	JORC Code explanation	JORC Code explanation	Commentary
	•	The availability of check estimates, previous	of 850ppm U308 was applied on the composite before
		estimates and/or mine production records	estimation. Very few (< 4) samples were cut.
		and whether the Mineral Resource estimate	Only U3O8 was estimated. No assumptions were made
		takes appropriate account of such data.	regarding the correlation of uranium with any other variable. No assumptions were made regarding the
	•	The assumptions made regarding recovery of by-products.	recovery of by-products. No deleterious elements or other non-grade variables of economic significance were estimated based on current
	•	Estimation of deleterious elements or other non-grade variables of economic	data. Drill hole drill spacing in the Sadi South deposit is regular at 100x 200m over 2.5 x1.4km
		significance (e.g. sulphur for acid mine	Parent block model size was 50 x 50x 2m
		drainage characterisation).	Sub-block size 5 x 5 x 0.5m
			The vertical dimension was chosen to reflect the
	•	In the case of block model interpolation, the	anisotropy of the mineralisation and the downhole data
		block size in relation to the average sample	spacing.
		spacing and the search employed.	A three-pass search strategy was used to estimate the
			U3O8 grades in Sadi South. Each pass required a
	•	Any assumptions behind modelling of	minimum number of samples with data from a minimum
		selective mining units.	number of samples in the search ellipse to be populated with discretistion 5x5x2.
	•	Any assumptions about correlation between variables.	The search criteria are shown below. The short first axis of the search ellipse is vertical. 1. 250x250x12m search, 12-24 samples
	•	Description of how the geological interpretation was used to control the	2. 350x350x12m search, 8-24 samples
		resource estimates.	3. 500x500x12m search, 6-24 samples
	•	Discussion of basis for using or not using	Sadi South increased in resource volume due to
		grade cutting or capping.	additional lateral extension on the Sadi South
			mineralisation.
	•	The process of validation, the checking	The reported resource Sadi South is low grade and
		process used, the comparison of model data	consistent with the input drill data
		to drill hole data, and use of reconciliation
		data if available.
Moisture	•	Whether the tonnages are estimated on a	Tonnages are estimated on a dry weight basis. The
		dry basis or with natural moisture, and the	moisture constant was not determined.
		method of determination of the moisture
		content.
Cut-off	•	The basis of the adopted cut-off grade(s) or	A lower cut-off of 75ppm U3O8 cut off is used to report
parameters		quality parameters applied.	the resources as it is assumed that ore can be
			economically mined at this grade in an open pit scenario.
			This cut-off is relatively low compared to operating
			uranium mines, but metallurgical test work indicates that
			a significant upgrade in uranium and decrease in
			sulphates can be achieved by a simple grinding and
			sieving process.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary
			The Sadi South mineralisation occurs as a Uranium
			vanadate mineral and there is potential of recovery of
			vanadium as by product which justifies a lower U308
			_grade cut-off. _
Mining factors	•	Assumptions made regarding possible	The resources reported here have been estimated on the
or		mining methods, minimum mining	assumption that the deposits will be mined by open pit
assumptions		dimensions and internal (or, if applicable, external) mining dilution. It may not always be possible to make assumptions regarding	mining method. Analysis was done for grade continuity and variography. No reliable variogram structure could defined. Parent block model size was 50 x 50x 2m
		mining methods and parameters when	Sub-block size 5 x 5 x 0.5m
		estimating Mineral Resources. Where no	The selected sub-blocks were appropriate for minimum
		assumptions have been made, this should	selective mining unit.
		be reported.
Metallurgical	•	The basis for assumptions or predictions	The metallurgical test work information supplied to the
factors or		regarding metallurgical amenability. It may	consultant is based on reports by H&SC which indicates
assumptions		not always be possible to make assumptions regarding metallurgical treatment processes	that the Tiris deposits (including Sadi South) are amenable to a process of crushing, screening and an alkaline carbonate leach in order to recover uranium.
		and parameters when reporting Mineral Resources. Where no assumptions have been	Bench scale test work indicates that a significant upgrade in uranium and decrease in sulphate concentrations can
		made, this should be reported.	be achieved through screening.
			No penalty elements identified in work done to date.
			No other assumptions have been made.
Environmental	•	Assumptions made regarding possible waste	Based on previous reports by H&SC, Aura completed an
factors or		and process residue disposal options. It is	Environmental and Social Impact Assessment which
assumptions		always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the	concluded there are no known issues arising from native title, historical sites, environmental or third party matters which are likely to materially affect exploitation. The consultant therefore assumes that there are no known unusual aspects of the Sadi deposits that may lead to
		mining and processing operation. While at	adverse environmental impacts beyond what is expected
		this stage the determination of potential	from a mining operation.
		environmental impacts, particularly for a	Waste rock and process residue is expected to be
		greenfields project, may not always be well advanced, the status of early consideration	disposed of in the areas surrounding the deposits and processing facility.
		of these potential environmental impacts
		should be reported. Where these aspects
		have not been considered this should be
		reported with an explanation of the
		environmental assumptions made.
Bulk density	•	Whether assumed or determined. If	An average density value of 2.1g/cc Dry bulk density was
		assumed, the basis for the	applied based on previous work as reported by H & SC
		assumptions. If determined, the method	Consultants
		used, whether wet or dry, the frequency of

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Criteria	JORC Code explanation	JORC Code explanation	Commentary
		the measurements, the nature, size, and
		representativeness of the samples.
Classification	•	The basis for the classification of the Mineral	The resource classification on Sadi South was based
		Resources into varying confidence	largely on
		categories.	• Drill hole drill spacing
	•	Whether appropriate account has been	• Mineralisation and grade continuity
		taken of all relevant factors (i.e., relative confidence in tonnage/grade estimations,	• The grade estimation search pass used to estimate the block.
		confidence in continuity of geology and
		metal values, quality, quantity, and	There was moderate confidence where the resource is
		distribution of the data).	coherent and grade estimated search pass one, the
			resource was classified as Indicated. Resource estimated
	•	Whether the result appropriately reflects the	in pass two and three were classified as Inferred.
		Competent Person’s view of the deposit.	Regions where grade was assigned an average grade due
			to insufficient drill data or isolated drill holes were not
			classified.
Audits or	•	The results of any audits or reviews of	This Mineral Resource estimate has been reviewed by
reviews		Mineral Resource estimates.	Aura personnel. No material issues were identified
			because of this review.
			No audits have been completed by other external party
			on the Mineral Resource estimates.
Discussion of	•	Where appropriate a statement of the	The relative accuracy and confidence level in the Mineral
relative		relative accuracy and confidence level in the	Resource estimates are in line with the generally accepted
accuracy/ confidence		Mineral Resource estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the	accuracy and confidence of the nominated JORC Mineral Resource categories. This has been determined on both qualitative and quantitative basis. The main factor that affects the relative accuracy and confidence of the
		application of statistical or geostatistical	Mineral Resource estimate is sample data density and
		procedures to quantify the relative accuracy	high variability in uranium grades. Confidence in
		of the resource within stated confidence	mineralisation continuity is moderate. Most blocks were
		limits, or, if such an approach is not deemed	estimated in estimation run pass 1 and 2.
		appropriate, a qualitative discussion of the factors that could affect the relative accuracy and confidence of the estimate.	In regions where the geology and mineralisation is continuous and grade was estimated in estimation run pass 1, the confidence in the grade estimates is high and the resource was classified as indicated. The rest of the
	•	The statement should specify whether it	resource estimated was classified as inferred. Some blocks were not estimated due to insufficient drill
		relates to global or local estimates, and, if	data particularly at the edges. Block not estimated in
		local, state the relevant tonnages, which	were assigned an average grade and these blocks were
		should be relevant to technical and	not classified.
		economic evaluation. Documentation should	The estimates are global, and the resources classified as
		include assumptions made and the procedures used.	Indicated are suitable for long term mine planning studies. It should be noted that the Indicated Resources are based on broadly spaced data and may be locally
	•	These statements of relative accuracy and confidence of the estimate should be	inaccurate. Closer spaced drilling is necessary prior to detailed mine planning.

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Criteria	JORC Code explanation	Commentary
	compared with production data, where	There is no record available of historical production data
	available.	as only small scale illegal artisanal mining has occurred
		around the Tiris deposits.

Aura Energy Limited Suite 1, Level 3, 62 Lygon Street Carlton South, VIC 3053