Aura Energy Limited provided an update on drilling results from the Tiris Uranium Project ("Tiris" or "the Project") in Mauritania. This release contains the radiometric results from the first 1,612 air core drill holes (9,239m of drilling, average depth 5.5m) of the 15,500m exploration drilling program which commenced late in December 2023. The drill program aims to expand Mineral Resources by targeting extensions to known mineralisation and testing previously un-drilled radiometric anomalies around Tiris East and includes testing of the previously announced 8Mlbs and 32Mlbs U3O8 Exploration Target.

Drilling was planned in several phases, with phase one providing wide spaced drill holes to assess target viability, before proceeding to phase two follow-up drilling. The Tiris Uranium Project is in north-eastern Mauritania, approximately 1,200km northeast of the capital Nouakchott. Calcrete-type uranium mineralisation was first identified by Aura from targeting high strength airborne radiometric anomalies.

Mineralisation generally lies either within weathered, partially decomposed red granite or in colluvial gravels, within unconsolidated near-surface material and is typically less than five metres in depth. The uranium mineralisation occurs principally as carnotite. The current uranium Mineral Resources totals 58.9Mlbs U3O8 and is based on 21,990m of drilling in 5,619 holes.

The total cost of delivering the Mineral Resources is only USD 0.20/lb U3O8. The current drill results provide management with further confidence it can continue to growth the Project's resources, whilst maintaing a very low exploration cost. The recently released Front End Engineering Design study ("FEED")7 defined a near-term low-cost 2Mlbs U3O8 pa uranium project with a 17-year mine life and very strong economics; NPV USD 366 million, IRR 43% and 2.5 year pay-back at a USD 80/lb U3O8 price.

The Project has significant optionality in the design, allowing expansion to accommodate growth in Mineral Resources. Tiris has shallow free dig open pit mining and exceptional beneficiation delivering low-cost, high- grade leach feed averaging 1,743ppm U3O8 from an average ore feed grade of just 255ppm U3O8. Historically, Aura has targeted only very high strength radiometric anomalies during exploration programs. This program sought to identify potential resources that may exist adjacent to the currently identified resources.

Several conceptual targets were assessed, on low and extremely low strength anomalies. The large number of significant intercepts identified on such anomalies confirms that there is significant potential to identify further resources associated with lower strength radiometric targets. This is a major change from previous exploration in the area.

Hippolyte South drilling has returned excellent results defining mineralisation over an extensive area of approximately 3km x 2km in size, both surrounding and trending south of the current resource area. Mineralisation contains very high grades of up to 1,170ppm U3O8 and these results have excellent potential to add to the Mineral Resources in that area. The average width of all significant intercepts received from Hippolyte South was 1.6m and the top of the mineralisation was on average 1.4m from the surface.

A large number of mineralised intercepts were returned from adjacent to the current resource boundary to the east and northwest, suggesting the presence of major extensions to the mineralised zones, and potentially providing links between mineral resources that are currently separate. To the south, several significant intercepts were returned coincident with radiometric anomalies and could also suggest a continuation of mineralisation to the south. Sadi drilling results defined a continuation of mineralisation south of the current resource area of over 1.2km in strike.

Drilling to the south of the western margin of mineralisation identified an extensive mineralised area that remains open to the west and south. These results also have the potential to significantly add to the Mineral Resources in that area. The average width of all significant intercepts received from Sadi was 1.5m and the top of the mineralisation was on average 1.6m from the surface.

Mineralisation was also intersected down to a depth of 14.6m (23ASAC001721) potentially indicating the possibility of mineralisation developing at depth and most holes have only been drilled to a depth of 5.5m. Importantly, only a small proportion of the significant intercepts were within high strength radiometric anomalies with many occurring on low or very low strength radiometric anomalies. Drilling over the area of low strength radiometric anomalism to the east of the current resource returned several significant intercepts which gives weight to the conceptual targeting of lower strength radiometric anomalies having the potential to indicate the presence of economic mineralisation and significantly increases the prospectivity of the whole area.

Phase two drilling is continuing with infill and step out drilling from the significant intercepts presented in this release with the aim of achieving a drill density of at least 200m x 100m. Wider spaced drilling (200m x 200m) will be utilised over lower grade areas to define the potential of identifying higher grade mineralisation within those zones. Field mapping will continue, providing a classification of outcrop hardness and level of weathering.