Activities Report for June Quarter 26 Appendix 5B

Aura Energy Limited

31 July 2026

                                                                                                                                            31 July 2026

Activities Report for June Quarter 2026

Aura Energy Limited (ASX: AEE, AIM: AURA) ("Aura" or the "Company") is pleased to provide its activities report for the quarter ended 30 June 2026. The June quarter removed the last major technical uncertainty at Tiris: the processing flowsheet is now settled, and Aura is working toward selection of a financing structure for the Project, its flagship uranium project in Mauritania, West Africa, while progressing the exploitation permit application for the Häggån Polymetallic Project ("Häggån") in Sweden.

To view the full Appendix 5B, please click here: http://www.rns-pdf.londonstockexchange.com/rns/7278O_1-2026-7-31.pdf

Highlights

	Tiris processing flowsheet finalised, built entirely on commercially proven technology and validated across the full range of Tiris ore types.
	Non-binding Memorandum of Understanding ("MOU") signed with a major international nuclear utility on 2 June 2026, covering potential equity investment, long-term offtake and technical collaboration, with a binding agreement targeted by year-end.
	Advanced draft of the Bankable Feasibility Study ("BFS") shared with potential financiers and strategic investors in July 2026.
	BFS expected to be completed in September 2026.
	Pilot plant in Mauritania is under construction and expected to commence operation in October 2026, proving and validating the finalised flowsheet at scale.
	Aura is targeting a Final Investment Decision ("FID") on Tiris by the end of 2026.
	Funding pathway spans three complementary sources: a potential cornerstone strategic equity investment, senior project debt of approximately US$150-US$170 million under discussion with the US International Development Finance Corporation, and a non-binding, fully funded proposal from a major US investment fund.
	Swedish Parliament voted on 11 June 2026 to remove uranium mining from regulation as a nuclear facility, with effect from 15 July 2026, so that uranium now follows the same permitting framework as other minerals and no longer requires municipal consent.
	Häggån polymetallic deposit proposed as being of national interest for valuable materials.

Uranium Market - A Generational Supply Deficit 

Global uranium demand is accelerating. By 2040, according to World Nuclear Association forecasts, annual uranium requirements are expected to exceed supply by 49-60%. This structural undersupply is driving investment in new production capacity.

The TradeTech uranium spot price on 30 June 2026 was US$85.25 per pound, after trading in a narrow range of US$84 to US$87 per pound during the quarter.

TradeTech's long-term price for multi-annual supply agreements on 30 June 2026 was US$97.00 per pound, up from US$93.00 per pound at the end of March 2026. The premium of the long-term price to the spot price reflects utilities' purchasing patterns and concerns about locking in supply in the face of foreseeable future uranium scarcity.

Tiris Uranium Project (Mauritania) - flowsheet finalised

During the June 2026 quarter, Aura finalised the flowsheet for the Tiris project.

The flowsheet employs a proven, commercial-grade dewatering chain (pre-leach centrifuge, post-leach polymer dewatering and horizontal vacuum belt filtration) that Aura validated across all Tiris ore types in partnership with dewatering specialists Acclarium and RCS.

The dewatering step uses ATA™ (Activator, Tether, Anchor), the polymer-based technology owned by ASX-listed Clean TeQ Water Limited (ASX: CNQ), in combination with horizontal vacuum belt filtration.

Settling the flowsheet closes out the dewatering question that had held back completion of the engineering work, and it releases the pilot plant in Mauritania, which is due to commence operation during October 2026 and will prove the finalised circuit at scale.

With the flowsheet finalised, the BFS remains on track for September 2026, and FID is expected by the end of 2026.

During July 2026, Aura shared an advanced draft of the BFS with potential financiers and strategic investors as part of ongoing funding discussions and due diligence. The draft is built on the finalised processing flowsheet and on updated cost estimates and indicates a project that would add new primary supply to the global uranium market and that continues to enjoy the support of the host government. Project economics are not final and are not presented in this report; they will be released on completion of the BFS in September 2026.

On 2 June 2026, Aura executed a non-binding MOU with a major international nuclear utility, covering potential equity investment, long-term offtake and technical collaboration. The MOU reflects the counterparty's own assessment of Tiris following its review of the Project and gives Aura direct access to end-market intelligence. The parties are negotiating a binding commercial agreement by year-end.

The technical collaboration will include work on the BFS and the broader engineering program, and the execution and operation of a pilot plant.

The MOU strengthens Aura's funding pathway, which now spans multiple complementary sources, including:

(1)  a potential cornerstone strategic equity investment (such as the MOU party); and

(2)  senior project debt financing of ~US$150-US$170m - discussions advancing with the US International Development Finance Corporation.

The following Mauritanian tenements Oued El Foule Sud, Hadeibet Belaa, and Touerig Taet expire in December 2026 and are due for renewal in July 2026. The renewal process is expected to be completed in a timely manner.

Häggån Polymetallic Project (Sweden) government support for uranium mining firming

On 11 June 2026, the Swedish Parliament voted to amend the country's Nuclear Activities Act so that uranium mining will no longer be regulated as a nuclear facility. This pivotal change means uranium extraction now follows the same predictable permitting framework as other minerals, no longer requiring explicit municipal consent. The legislative changes took effect on 15 July 2026.

The Geological Survey of Sweden ("SGU") formally proposed designating the Häggån polymetallic deposit as a resource of national interest for valuable materials on 24 April 2026. The decision to advance this proposal is a significant and independent validation of Häggån's world-class resource base. It reflects the presence of the critical mineral vanadium, as well as uranium, in Häggån's geology.

The consultation period with designated stakeholders was open until 3 June 2026, with SGU's Director General expected to make the final designation decision later this year.

With an evolving regulatory environment in Sweden that is clearly supportive of investment in mineral exploration and development, Aura will continue to engage with local communities as crucial stakeholders in the establishment of a successful mining operation in Sweden.

The Swedish government appointed Anna Ziller, who previously headed the inquiry into overturning the national uranium prohibition, to lead the inquiry into extraction in alum shale. The inquiry is expected to report back to government after the national election on 13 September 2026.

Financial Summary

As at 30 June 2026, Aura held A$16.0 million in cash.

Key Cash Flows

·      Exploration and evaluation (Tiris development activities, engineering, EPCM, test-work): A$1.7 million.

·      Administration and corporate: A$0.8 million.

·      Staff costs: A$0.7 million.

·      Payments to related parties and associates: A$0.2 million (refer Item 6, Appendix 5B), comprising directors' fees and remuneration paid in the normal course of business.

·      There were no substantive mining production or development activities during the quarter and, accordingly, no related expenditure was classified under Australian Accounting Standards.

Forecast net operating and exploration expenditure for the September quarter is expected to increase, reflecting the construction and commissioning of the Tiris pilot plant and completion of the BFS set out in the quarterly activities report.

The Company recorded net cash outflows from operating activities of A$1.4 million and net cash outflows from investing activities of A$1.8 million for the quarter.

Financing activities generated net cash outflows of A$55,000, principally reflecting lease liability payments.

Planned Activities - September Quarter 2026

Tiris Uranium Project

·      Complete the BFS.

·      Continue to progress funding options and due diligence with potential strategic partners.

·      Construction and site preparation work for the pilot plant in Mauritania, ahead of operation in October 2026, to prove and validate the finalised flowsheet at scale.

·      Advance execution readiness, including review of EPCM / engineering contract options, execution planning and definition of early works scope and schedule.

·      Continue baseline environmental monitoring in parallel with engineering to support development planning.

Häggån Project

·      Continue the permitting process to amend the application for the project exploitation permit to include uranium.

ASX Announcements - June Quarter 2026

Following is a list of all market sensitive announcements lodged by the Company during the Quarter:

·      Swedish Parliamentary Vote Supports Uranium Mining                       17 Jun 2026

·      MOU signed with major nuclear utility, FID targeted year-end               2 Jun 2026

·      Quarterly Activities/Appendix 5B Cash Flow Report                           30 Apr 2026

·      Haggan Polymetallic Deposit Proposed as National Interest              24 Apr 2026

These announcements are available for viewing on the Company's website, www.auraenergy.com.au.

Aura confirms that it is not aware of any new information or data that materially affects the information, or key assumptions, included in any of these original ASX announcements.

Tenement summary

The Company holds the following interest in mining tenements, farm-in and farm-out agreements at the end of the quarter:

Tenement No.	Name	Grant Date	Expiry	km2	Holder	Equity
Mauritania1
2491C4	Ain Sder	8/02/2019	8/02/2049	207	Tiris Ressources SA	85%
2492C4	Oued El Foule	8/02/2019	8/02/2049	190	Tiris Ressources SA	85%
2490C4	Oum Ferkik	19/05/2017	Pending approval of application for Exploitation License	60	Tiris Ressources SA	100%
2365B4	Oued El Foule Sud	04/12/2023	04/12/2026	166	Aura Energy Limited	100%
2457B2	Hadeibet Belaa	08/12/2023	08/12/2026	30	Tiris International Mining Co.	100%
2458B2	Touerig Taet	08/12/2023	08/12/2026	100	Tiris International Mining Co.	100%
Sweden
2007-243	Häggån nr 1	28/08/2007	Pending approval of application for exploitation permit	18	Vanadis Battery Metals AB	100%
2016:9	Möckelåsen nr 1	21/01/2016	21/01/2028	18	Vanadis Battery Metals AB	100%
2016:7	Skallböle nr 1	20/01/2016	20/01/2028	8	Vanadis Battery Metals AB	100%
2025:111	Gräsmyråsen nr 1	20/11/2025	20/11/2028	10	Vanadis Battery Metals AB	100%

Table 1 - Tenement summary

Note: 1. Refer also commentary regarding Mauritanian tenement tenure in the Company's 30 June 2025 Annual Report released to ASX on 16 October 2025

In addition, Aura has a farm-in agreement with Nomads Mining Company sarl, Mauritania, through the Aura subsidiary Archean Greenstone Gold Limited which has earned a 70% interest in Nomads 100%-owned gold exploration permit at Tasiast South in Mauritania (refer to ASX announcement dated 11 June 2019 titled "Aura completes farm-in and joint venture agreement"). As announced in the Company's 30 June 2025 Annual Report, the Company has fully impaired its expenditure on these gold assets.

As notified in the Quarterly Activities Report, on 30 April 2026, some of Nomads Mining SARL ("Nomads") shareholders filed a petition to the Commercial Court of Nouakchott seeking to cancel the farm-in agreement and claim damages. The Company is actively defending the matter and based on current legal advice, the likelihood of an outflow of economic resources is considered remote. It is noted that the petition was filed after the Company submitted an application for the registration of the transfer of 70% of Nomad's shares to the Company and that in December 2025, the Commercial Court of Nouakchott ruled in favour of the Company and ordered the registration of ownership interest of the Company in the official Register of Commerce. Philip Mitchell is registered as the sole "gerant" of Nomads. A further appeal from this decision has just been rejected confirming the validity of the registration of the Company as the rightful owner of 70% of Nomads shares. The claimants have lodged an appeal against this judgement before the Court of Appeal of Nouakchott. The Company continues to seek to enforce its position and the court orders. By decision number 0028/2026 issued on 11 June 2026, that shall be notified soon to the parties, the Court rejected claimants' appeal and confirmed the validity of the registration of the Company as the right owner of 70% of Nomads shares.

The Company did not conduct exploration activities during the quarter.

Outlook

Tiris would be Mauritania's first uranium mine, and Häggån sits in a country that has just brought uranium into the same permitting regime as every other mineral. Both sit against a market in which the long-term contract price rose again during the quarter, to US$97.00 per pound, and in which the World Nuclear Association expects demand to outrun supply by 49-60% by 2040. Aura's near-term goal remains unchanged: to deliver the Tiris Uranium Project into production safely, responsibly, and in a way that enhances value for all stakeholders, including host communities, partners and shareholders. Over the longer term, the Company will participate in the rebirth of Sweden's nuclear industry and unlock the value of the Häggån asset.

ENDS

Authorisation for release

This announcement is authorised for release by the Board of Aura Energy Limited.

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:

Philip Mitchell Executive Chair Aura Energy Limited pmitchell@auraee.com +44 7552272155

SP Angel Corporate Finance LLP Nominated Adviser David Hignell Adam Cowl & Devik Mehta +44 203 470 0470

Tamesis Partners LLP Broker Charlie Bendon Richard Greenfield +44 203 882 2868

Australian investors and media

GRACosway

Bill Frith

Bill.Frith@omc.com

+61 405 144 807

About Aura Energy (ASX: AEE, AIM: AURA)

Aura Energy Limited (ASX: AEE, AIM: AURA) is an Australian-based company focused on the development of uranium and battery metals to support a cleaner energy future. Aura is committed to creating value for host nations, local communities and shareholders through responsible and sustainable resource development. Aura is advancing two key projects:

§ Tiris Uranium Project, Mauritania - A fully permitted, near-term development asset with a potential long mine life. 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

§ Häggån Polymetallic Project, Sweden - A globally significant deposit containing vanadium, sulphate of potash and uranium with potential long-term value

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.

Future funding plans are not commitments and depend on market conditions, approvals and counterparties; there is no assurance finance will be obtained on acceptable terms.

Notes to project descriptions

Tiris Project

The Company notes that the material assumptions underpinning the Tiris Uranium Production Targets, Ore Reserves and the associated financial information derived from the Tiris production target as outlined in the Aura Energy ASX Release dated 29 March 2023 "Enhanced Definitive Feasibility Study", ASX Release dated 28 February 2024 "FEED study confirms excellent economics for the Tiris Uranium Project", ASX Release dated 16 April 2024 "Offtake restructure delivers significant value", ASX Release dated 11 September 2024 "Updated Production Target Improves Economics at Tiris Uranium Project" and ASX Release dated 13 December 2024 "Tiris Uranium Project Alternative Production Targets" are subject to the matters disclosed in the ASX Release dated 25 November 2025 "Chair Address - Annual General Meeting 2025", and dated 30 January 2026 and 30 April 2026 "Quarterly Activities/Appendix 5B Cash Flow Report". Process descriptions and cost, NPV, IRR and pay-back estimates may be impacted by the ongoing review of basic engineering work expected to be completed in September 2026. The September 2024 FEED/DFS-level financial metrics (including IRR and NPV) are being updated and will be announced at completion of the BFS.

The Tiris Uranium Project Mineral Resources were released ASX Release dated 12 June 2024 "Aura increases Tiris Mineral Resources by 55% to 91.3 Mlbs U₃O₈" and Ore Reserves released ASX Release dated 16 December 2024 "Substantial increase in Tiris Uranium Project Ore Reserves". The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed, with the exception of process flow sheet matters currently being addressed as outlined in the ASX Releases dated 25 November 2025 "Chair Address - Annual General Meeting 2025" and dated 30 January 2026 and 30 April 2026 "Quarterly Activities/Appendix 5B Cash Flow Report".

Häggån Project

The Häggån Project Mineral Resource estimate referred to in this report was originally reported in accordance with the JORC Code (2004 Edition) (see ASX Release dated 22 August 2012 "Outstanding Häggån Uranium Resource Expands to 800 Million Pounds" and ASX Release dated 10 October 2019 "Häggån Battery Metal Project Resource Upgrade Estimate Successfully Completed") and has not been reported in accordance with the JORC Code (2012 Edition). The uranium Mineral Resource comprises an Inferred Mineral Resource of 2.35 billion tonnes at a grade of 155 ppm U₃O₈ (at a cut-off grade of 100 ppm U₃O₈), for contained U₃O₈ of approximately 800 million pounds. A Competent Person has not undertaken sufficient work to classify the historical estimate as a Mineral Resource in accordance with the JORC Code (2012 Edition), and it is uncertain that future conversion work will result in the estimate being reported as a Mineral Resource in accordance with the JORC Code (2012 Edition). Nothing has come to the Company's attention since the original reporting that causes it to believe the historical estimate is materially misleading or inaccurate. However, the estimate should not be relied upon until conversion under the JORC Code (2012 Edition) is complete. The uranium Mineral Resource is currently in the process of being converted in accordance with the JORC Code (2012 Edition) and to incorporate uranium assay information from exploration drilling subsequent to the ASX Release dated 22 August 2012. No reinterpretation or re-estimation has been completed during the conversion process to date. A full summary of the Resource methodology and validation, which is currently being independently reviewed by the Competent Person, will be included in the relevant JORC Table 1 attached to the future announcement of the JORC 2012-compliant Häggån resource estimate.

The Company confirms that the material assumptions underpinning the Häggån Project Production Targets and the associated financial information derived from the Häggån production target as outlined in the Aura Energy ASX Announcement dated 5 September 2023 "Scoping Study Confirms Scale and Optionality of Häggån" continue to apply and have not materially changed. The Company further confirms that it is not aware of any new information or data arising from the ongoing JORC Code (2012 Edition) conversion process that materially affects the Häggån Mineral Resource estimate referred to above.

In respect to Resource statements, there is a low level of geological confidence associated with inferred mineral resources and there is no certainty that further exploration work will result in the determination of indicated measured resource or that the production target will be realised.

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