21 December 2021

AURA ENERGY LIMITED

("Aura" or the "Company")

Results of Annual General Meeting, Chairman's Address and AGM Presentation  

The Company wishes to advise that all Resolutions contained in the Notice of Meeting as announced on 22 November 2021, were carried by poll at the Company's Annual General Meeting ("AGM") held earlier today.

In accordance with ASX Listing rule 3.13.2 and Section 251AA(1) of the Corporations Act 2001, the following link provides information in relation to the proxy votes received for each Resolution considered by Members of the Company at the AGM held today.

http://www.rns-pdf.londonstockexchange.com/rns/3233W_1-2021-12-21.pdf

Resolutions 2-10 required 50%+1 approval to be passed. This threshold has been achieved and these resolutions passed.

Resolution 1 and 11 required 75% approval to be passed. This threshold has been achieved and the resolution passed.

Accordingly, the Board now consists of Mr. Philip Mitchell as independent Non-Executive Chairman and Mr. Warren Mundine and Mr. Bryan Dixon as independent Non-Executive Directors. The Company intend to run a process to appoint a CEO within the next six months.

Chairman's Address

At the AGM, Martin Rogers, the Company's outgoing Chairman, gave the following address:

"From time-to-time, along comes a magnificent opportunity; leadership and a confluence of global macro environment that opens one up for a considerable investment return.

Before I go into what 2022 brings for Aura Energy, I thought I should take a few moments to reflect on where we have come from in late 2020 to the shareholder AGM in front of shareholders today.

Late 2020

When I came into the Company leading up to the end of 2020 there was a real crisis for Aura Energy. The Company was suspended from trading on the ASX, hopelessly deadlocked in the Victorian Supreme Court litigation, shareholders in bitter disagreement, wafer-thin on running out of funds and at the bottom of the bear market for uranium; a dire situation indeed.

What came about was some of the greatest leadership I have personally witnessed with shareholders agreeing to band together, drop litigation and support the Company with a capital injection by rights issue. Shareholders rose up with a united business plan and strategy to take advantage of what has always been a marvellous uranium project at Tiris and got it ready to set sail.

2020 AGM

The 2020 AGM, voted on in March 2021 due to the time to get the Company back in order, was overwhelmingly supported by shareholders with all 17 resolutions supported with 95% FOR votes.

At that AGM we welcomed two new resource investors, Mr. John Hancock and Mr. Peter Proksa.

Today at the AGM with all of this hard work undertaken in the last 18 months, I could not be prouder to welcome the new Board of Directors. This next era will focus on uranium as the market has switched from bear to bull market. Strategically, we are now able to ride the high growth demand for nuclear power and carbon free energy.

New Board of Directors AGM 2021

The new Board of Directors, Chairman Phil Mitchell and Non-Executive Directors, Warren Mundine and Bryan Dixon have been strategically chosen with a strong focus on production. With their extensive industry experience and contacts, by entering further offtake and financing opportunities, the Company will be able to expand the current uranium resource with further exploration and commence production at Tiris in the near term, thereby creating further value for Aura Shareholders as the Company continues to capitalise on the rapidly growing demand for nuclear power.

2021 in Review

Over the past year, the Aura team has worked diligently to advance the Tiris Uranium Project, including restating the capital estimate in line with 2021 figures for the 2019 Tiris Definitive Feasibility study, reconfirming Tiris as a low capex, low operating cost uranium projects, with current and accurate estimates on input costs and operating costs.

With low capital intensity and low operating costs, I believe Aura has the potential to become the first new uranium producer in 2022, as the uranium bull market continues to gain momentum.

To further advance Aura towards production, and complementing the offtake agreement entered in 2019, the Company entered a US$10m Offtake Financing Agreement with Curzon, with an additional US$10m in capital bringing the maximum available under the agreement to US$20m. The capital is to be used for mining working capital and production commencement, and in 2022, the Company will continue to advance discussions with the aim of entering further offtake and financing agreements, as we continue to transition to a uranium producer.

During the year, Aura also announced a Resource Upgrade of 10% or 5.0 million lb U3O8 bringing the total JORC Resource to 56 Mlbs (at a 100 ppm U3O8 lower cut-off grade), which follows a new resource estimate on the Sadi South Zone to incorporate drillholes not included in earlier resource estimates.

Aura also successfully completed its water drilling program with strong flows encountered at the Tiris, reconfirming the results from the 2019 water drilling campaign, underpinning uranium production at Tiris.

Creating Additional Shareholder Value in 2022

Over the year, Aura has also continued to advance its gold assets with the aim of creating additional shareholder value, as announced to the ASX on 22nd November 2021.

To enable this, Peter Reeve will transition to Aura's gold subsidiary, Archaean Greenstone Gold Pty Ltd.

As the global macro environment comes up in a bull market for uranium there is some upside shareholders can look forward to in 2022.

Seeking to expand the Resource for Tiris Uranium

•             Refining drilling when on site

•             High grade hard rock intercepts to be followed up

Cash cost reduction - Opportunity Review

Resource conversion

•             Only 17.4 Mlb converted in 56 Mlb Resource

Expansion potential previously reviewed

Vanadium by-product recovery may lower costs

Net zero emission study by Wood PLC

Concluding Remarks

With your new Board of Directors, we are confident 2022 will create considerable shareholder value with a focus on the uranium assets.

Appreciation and thanks are to be given to Peter Reeve as he has been instrumental in preparing Tiris for production and will now focus on applying his strong abilities in advancing exploration at the highly prospective Tasiast South Gold Project, which is 36 km south of Kinross 20 Moz Tasiast Gold Mine.

I would also like to thank the ongoing management support of geologist Neil Clifford, mining engineer Will Goodall and in-country manager, Sid Ahmed.

I would like to send my appreciation to shareholders for their support to date and look forward to continuing to watch Aura capitalise on the rapidly growing demand for nuclear energy. It was my honour to be your Chairman throughout this transitionary period."

To view the ASX announcement of the Chairman's Address during the AGM please click here: http://www.rns-pdf.londonstockexchange.com/rns/3233W_2-2021-12-21.pdf

AGM Presentation

Aura is also pleased to announce that an AGM presentation is available at: http://www.rns-pdf.londonstockexchange.com/rns/3233W_3-2021-12-21.pdf The AGM presentation is also available to review via the Company's website: https://www.auraenergy.com.au/investor-centre/ 

Contacts:

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018.  Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

Philip Mitchell - Non-Executive Chairman

The following information is disclosed pursuant to Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies in relation to Philip Wesley Mitchell, aged 61:

As at the date of this announcement, Mr. Mitchell does not hold any shares in the Company although following the implementation of the employee share scheme entitled the 'Loan Funded Equity Scheme ("Scheme") as proposed and passed at the AGM, Mr. Mitchell will be entitled to purchase 8,000,000 Loan Funded Shares issued at A$0.25 per Loan Funded Share which will be issued subject to satisfaction of various vesting conditions as set out in the Notice of AGM as announced on 22 November 2021.

Bryan Dixon - Non-Executive Director

The following information is disclosed pursuant to Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies in relation to Bryan Garrie Kenneth Dixon, aged 49:

As at the date of this announcement, Mr. Dixon does not hold any shares in the Company although following the implementation of the Scheme as proposed and passed at the AGM, Mr. Dixon will be entitled to purchase 2,000,000 Loan Funded Shares issued at A$0.25 per Loan Funded Share which will be issued in tranches subject to satisfaction of various vesting conditions as set out in the Notice of AGM as announced on 22 November 2021.

Nyunggai Warren Mundine - Non-Executive Director

 The following information is disclosed pursuant to Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies in relation to Nyunggai Warren Stephen Mundine, aged 65:

As at the date of this announcement, Mr. Mundine does not hold any shares in the Company although following the implementation of the Scheme as proposed and passed at the AGM, Mr. Mundine will be entitled to purchase 2,000,000 Loan Funded Shares issued at A$0.25 per Loan Funded Share which will be issued subject to satisfaction of various vesting conditions as set out in the Notice of AGM as announced on 22 November 2021.

There are no further disclosures required under Schedule 2(g) of the AIM Rules for Companies. 

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHAR0GING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM