Tiris Uranium Project Summary

The Tiris Uranium Project is in North-eastern Mauritania (Figure 2), approximately 1,200km northeast of Nouakchott. Access is via Zouérat, 744 km by bitumen road and then a further ~700km on hardpan desert roads. The MRE is based on drilling conducted on two Mineral Exploration permits held 100% by Aura Energy: 562B4 Oum Ferkik, 2365B4 Oued EL Foule Sud, and on two Exploitation permits: 2492C4 Oued El Foule, 2491C4 Ain Sder held by Tiris Ressources SA (85% Aura Energy). Oum Ferkik is under application for conversion to an Exploitation Permit, with Oued EL Foule Sud under application for renewal and is expected to be processed by Q2 2023.

Regional Geological Setting

The Tiris Uranium Project lies in the north-eastern part of the Reguibat Craton, an Archaean (>2.5 Ga) and Lower Proterozoic (1.6-2.5 Ga) aged complex composed principally of granitoids, meta-sediments and meta-volcanics. The resources lie within Proterozoic portions of the craton. This part of the craton generally consists of intrusive and high-grade metamorphic rocks of amphibolite facies grade. In addition to the Archaean and Paleoproterozoic basement rocks, two principal types of Cainozoic surficial sediments occur:

· Hamada: sand and outwash fan material.

· Cailloutis: flat lying calcrete layers, typically 1 to 3 metres thick, in places partially silicified, which in this area stand out as small mesas up to a few metres above the surrounding land surface.

Figure 2: Regional geology of Mauritania; red dots are Aura uranium resources

Several small uranium occurrences were known in the Reguibat Craton from exploration during the 1950's. These vein deposits such as that at Bir En Nar, point to the existence of a poorly explored uranium province. Economically significant calcrete-type uranium deposits had not been reported in Mauritania prior to Aura's discoveries.

All the resource zones lie beneath flat land surfaces covered by surficial hamada and thin aeolian sand deposits. This shallow overburden largely covers the basement rocks, which only appear as scattered outcrops. Refer to Figure 4.

Figure 4: Typical landscape within Tiris Project area, trench illustrating soft sandy overburden with gravelly calcrete beneath

Mineralisation          

The uranium resources generally lie either within weathered, partially decomposed red granite or in colluvial gravels developed on or near red granites. Small portions occur in other rock types such as meta-volcanics and meta-sediments. The resources are believed to have developed within shallow depressions or basins, where colluvial material has accumulated in desert sheet wash events. The pebbles within the gravels are generally unweathered fragments washed in from the nearby exfoliating granites and other crystalline rocks, mixed with sand, silt, calcrete, gypsum and yellow uranium vanadates.

This mineralised veneer of relatively unconsolidated material is typically less than 5 metres in thickness, although locally it can occur up to 12 metres in depth. It forms continuous deposits on the plains or occurs in depressions amongst granite outcrops.

It is inferred that the deposits were formed by near-surface leaching of uranium from the uraniferous red granites by saline groundwaters during the wet Saharan "pluvial" periods. There have been several periods over the past 2.5 million years, the most recent ending only 5,900 years ago. Evaporation during the subsequent arid periods caused the precipitation of uranium vanadates, along with calcium, sodium and strontium carbonates, sulphates and chlorides.

Although the Tiris mineralisation is associated with calcium carbonates, it differs from other well-known calcrete uranium deposits such as Langer Heinrich and Yeelirrie, in that they are river valley-fill deposits. The Tiris deposits have formed in shallow depressions in unconsolidated and uncemented gravels and in partially decomposed granites. In Namibia and Western Australia, the mineralisation is typically within calcareous clays or massive hard calcrete which forms below the water table, often at several levels related to the changing positions of the water table.

In contrast, Aura's Tiris deposits are believed to be pedogenic calcrete occurrences that formed in the vadose zone by capillary action above the permanent water table.

The host material at Tiris is granitic gravel or weathered granite containing powdery calcium carbonate (calcrete) and sulphates. The gravels and weathered granite occur at surface or under a very thin (<30 cm) veneer of wind-blown sand and form laterally continuous, single, thin sheets overlying fresh rock, usually granite. This offers the opportunity for easy, low-cost mining with little or no crushing.

The uranium mineralisation occurs principally as carnotite K₂(UO₂)₂(VO₄)₂.1-3H₂O) and possibly some of the chemically-similar calcium uranium vanadate, tyuyamunite Ca(UO₂)₂(VO₄)₂.5-8H₂O) in varying proportions. In this report, "carnotite" refers to any mineral in the carnotite-tyuyamunite series. The carnotite occurs as fine dustings and coatings on granite or granite mineral fragments, and on the surfaces or partly within the calcite cement that forms the patches of calcrete. The carnotite is mostly ultrafine, micron scale in grain size.

The carnotite is distributed erratically in numerous patches and strings over short distances. Collectively it occurs in pods of mineable size, some of which extend for several kilometres in a horizontal direction.

Drilling techniques, hole spacing and mapping

Approximately 5,519 drill holes were used in this Resource Estimate using predominantly air core drilling with diamond drilling programs in 2017 and 2022 utilising triple tube PQ core allowing grade estimation by both chemical analysis and downhole gamma logging for validation purposes. In 3,113 (56%) of these, U₃O₈ grade was determined by downhole gamma logging with disequilibrium factor applied, and in the remainder (44%), U₃O₈ grade was determined by chemical assay.

In most cases Measured Resources are based on 50m x 50m spaced drill holes, Indicated Resources are based on 100m x 100m spaced holes, and Inferred Resources on 100m x 200m spaced holes. For the 2022 drilling, the drill spacing for Measured Resources was undertaken at 50m x 50m or 70m by 70m spacing. In 2017, three 100m x 100m squares were drilled at 12.5m hole spacing in both N-S and E-W directions to investigate grade anisotropy. In 2022, a further two such detailed patterns were drilled. Variography constructed by the resource consultants confirmed that the drill spacings are appropriate for the Resource classifications.

The calcrete mineralisation is flat lying to sub-horizontal so vertical holes were drilled, intersecting the mineralisation at a high angle. The collars are spaced in a grid pattern to provide adequate coverage of the mineralisation.

To account for solid outcrop in the resource statements, geological outcrop mapping was undertaken in the field by Aura Geologists for a portion of the work, and where field data was not available the outcrop was digitised from Worldview 3-HD Satellite Imagery to 15 cm resolution provided by Geoimage Pty Ltd. The digitised shapes will be field checked in future field programs. The inferred resource in Hippolyte Zones c, e, f, g was reported on zero outcrop, and these will be updated in future reports.

Logging and Sampling.

For drilling programmes prior to 2017, all drilled material provided by the AC rig was collected in its entirety in 1m intervals except for the first metre which was sampled in 0.5m intervals. All intervals were geologically logged.

For aircore drilling, AC drill cuttings were riffle split on site to extract samples for assay, with the diamond drill core lengths measured to an accuracy of ~1 cm immediately on removal from the core barrel to determine & record core recovery. After transportation to the core yard in Nouakchott, the depths were marked on the core at 1-metre intervals and recovery data was checked again. Assays taken from the PQ core were compared against downhole gamma information from the same hole.  Table 1 in the appendices contains all the information material to understand the estimates of Mineral Resources.

For holes drilled from 2017 onwards, uranium concentrations were measured by downhole total count gamma logging, which was converted to equivalent uranium grades (eU₃O₈) by applying calibration information, an air correction and minor smoothing. A check was undertaken on the disequilibrium between U238 and its gamma-emitting daughter products. To test for radioactive disequilibrium, 343 pulped-core samples were sent to Australian Nuclear Science and Technology Organisation (ANSTO). Results were compiled and interpreted by D Wilson of 3D Exploration. Disequilibrium factors were produced in two different ways. The first was based on laboratory measurements made at ANSTO, which suggested a disequilibrium factor of 1.29. The second was a comparison of drill core assay results against downhole gamma logging which suggested a conversion factor of 1.16. When the apparent underestimation of grade by ICP analysis (in comparison to the more accurate DNA analysis) by 7% is taken into consideration the drill hole assay data imply a conversion factor of 1.24. Aura personnel decided a disequilibrium factor of 1.25 was appropriate and applied this to convert raw gamma eU₃O₈ grades to U₃O₈ grades.

Sample analysis and QAQC

Duplicates, blanks, and standards were inserted in the assay sample stream at regular intervals. The drill core was cut in half longitudinally by a diamond saw. For each half-metre of core, half-core was bagged for assay. This task was completed in 2017 by ALS Laboratories and in 2022 by MMM Laboratories in Nouakchott, under the supervision of an Aura Geologist.

2011/12 AC drill samples were submitted to Stewart Laboratories sample preparation facility near Zouérat in Mauritania. Samples were crushed by jaw crusher to -12mm and 1kg was riffle split for pulverising to +85% passing 75 microns. An ~100g split was bagged and sent to Stewart Laboratories in Ireland for analysis by pressed pellet XRF. Previous analysis comparing different analytical methods (XRF, ICP, DNC) had indicated that XRF is an accurate method on this material, if an x-ray band is selected for measurement that is not affected by the presence of strontium, and this was done. This method will measure total uranium.

For the diamond core drilled in 2017, bagged ½ core was prepared by ALS Laboratories Nouakchott by Method Prep 22 (Crush to 70% less than 6mm, pulverize entire sample to better than 85% passing 75 microns). A 100g sample of pulp was split off using a mini-riffle splitter. For diamond core drilled in 2022, sample preparation was completed by MMM Laboratories in Nouakchott, using the same method as for the 2017 core samples, except the 100g sample of pulp was split off using rotary splitter. Sample pulps were forwarded by air to ALS in Ireland for uranium analysis by ALS Method U-MS62 (U by ICP-MS after four-acid digestion) which provides near total extraction. ROL-21 agitation was carried out on the pulps before selecting assay aliquot.

Downhole gamma logging was performed by 2 down-hole Auslog gamma sondes utilising an A075 Natural Gamma Tool. Drill holes were gamma logged as soon as possible after drilling to avoid radon build-up. Each borehole was logged in both directions to verify consistency. Logging speed was 2 metres per minute, with a sample interval of 1cm. At least one hole was re-logged after each 20 holes as a repeatability check. A reference hole was established and relogged every 2 days as a check on consistency. Gamma logging procedures & interpretation were supervised by consultant David Wilson who qualifies as a Competent Person in these matters.

QAQC procedures for the 2011/12 AC drilling involved submission of 1 QAQC sample in every 5 samples, comprised of: field duplicates every twelve samples, blanks every 31 samples, umpire assays every 11 samples, certified reference material every 129 samples. Umpire analysis was carried on 427 sample intervals. For each of these the original pressed pellet XRF sample assayed by Stewart Labs was re-assayed by ICP by Stewart Labs. Each of these samples was also assayed by XRF and by ICP by ALS Labs. Accuracy & precision were within acceptable limits. QAQC procedures for the 2017 and 2022 diamond drilling comprise, submission of one standard, blank and field duplicate every 25 samples. In each set of 25 samples, a blank was inserted at every tenth position, standard at every twentieth position and field duplicate every 25th position. Accuracy & precision were within acceptable limits.

Estimation Methodology

The uranium resource estimates for the ore zones Hippolyte, Hippolyte South, Lazare North, Lazare South and Sadi were conducted by H&S Consultants (HSC). These estimates were based on a combination of downhole radiometric logging and chemical analyses of drillhole samples. This update incorporates recent infill drilling completed during 2022 in three areas - Hippolyte North Zone 3, Lazare South and Sadi - as well as updating existing (2018) models for Lazare North and the rest of Hippolyte (North and South) with recent digitising of outcrops from aerial photographs.

The uranium resource estimates for the ore zones Marie, Hippolyte West, Oum Ferkik East, Oum Ferkik West deposits were based on chemical analyses of drillhole samples. These estimates were undertaken by Oliver Mapeto from Coffey Mining and Associates.

Hippolyte North, Hippolyte South, Lazare North, Lazare South and Sadi Resources determined by H&S Consultants Pty Ltd.

The Mineral Resources reported here occur in five separate areas (Hippolyte North, Hippolyte South, Lazare North, Lazare South and Sadi) within a rectangle around 32 km north-south and 42 km east-west. The upper limit of the mineralisation occurs at surface and the uranium mineralisation generally forms thin shallow horizontal tabular bodies ranging in thickness from 1 to 12 m, hosted in weathered granite and granitic sediments. Resources reach a maximum depth of 14 m below surface. Differentiation of the weathered granite from granitic sediments is unreliable from AC sample returns. A purely geological model of the Tiris deposits has not been produced. While the interpretation of the mineralisation as flat lying tabular bodies is undisputed, alternative interpretations of the geology are unlikely to significantly impact estimated resources. The lateral extents of the mineralisation are poorly defined and additional drilling around the edges of the deposits may indicate that mineralisation is more limited than currently interpreted.

HSC created surfaces representing the base of the estimates to limit the extrapolation of grades into volumes that had no data. This is important at Tiris as there is a general decrease in uranium grades with depth. These surfaces nominally represent the top of the less-weathered granite, where AC drilling could penetrate no further. The base surfaces were produced using the locations of the end of the deepest assay from each drill hole. Where drill holes were very close, within around 15 m, the shallower point was generally removed.

Areas of obvious outcrop were excised from the MRE assuming a dip of 45 degrees between weathered granite/granitic sediments and the less-weathered granite. The extent of outcrop/subcrop and its relationship to free-digging mineralisation is somewhat uncertain but a conservative approach has been taken to minimise this risk.

The proportion of each block between the topographic and base surfaces, as well as the proportion of outcrop, were assigned to the block model and used to weight the reported estimates.

The continuity of both grade and geology are affected by the extent of weathering of the granitic host and the distribution of granitic sediments with respect to outcrop. The continuity does not appear to be affected by faulting.

The uranium concentrations were estimated by recoverable Multiple Indicator Kriging (MIK) using the GS3 geostatistical software. The uranium grades at the Tiris deposits exhibit a positively skewed distribution and therefore show reasonable sensitivity to a small number of high grades. MIK is considered an appropriate estimation method for the uranium grade distribution at the Tiris deposits because it specifically accounts for the changing spatial continuity at different grades through a set of indicator variograms at a range of grade thresholds. It also reduces the need to use the practice of top cutting. While no top-cuts were applied, the average of the mean and median grades was applied to the top indicator class to address any potential extreme values.

Only U₃O₈ was estimated. No assumptions were made regarding the correlation of uranium with any other variable. No deleterious elements or other non-grade variables of economic significance were estimated. No assumptions were made regarding the recovery of by-products. Uranium was assumed to be the only element present in economically significant concentrations, although vanadium is known to occur with the uranium in the main ore mineral carnotite and could potentially be recovered.

All drill hole intervals were composited to 0.5m for estimation.

The five deposits were subdivided into a number of subzones for estimation, with conditional statistics generated for each of the subzones. All class grades used for estimation of the mineralised domains were derived from the class mean grades, except the top indicator class. The Recoverable MIK technique employed by HSC in this case requires a set of 14 variogram models, one for each of the fourteen grade bins used. A set of variogram models were created for Subzones of the Hippolyte North, Lazare South and Sadi deposits. These variogram models were applied to Subzones that did not have sufficient data to generate reliable models.  Table 1, in the appendices, in accordance with Listing Rule 5.8.1 contains all information material to understand the estimates of Mineral Resources.

All of the resources reported here have been estimated on the assumption that the deposits will be mined by open pit.

Recoverable MIK allows for block support correction to account for the change from sample size support to the size of a mining block. This process requires an assumed grade control drill spacing and the assumed size of the Selective Mining Unit (SMU). The variance adjustment factors were estimated from the U₃O₈ metal variogram models assuming a minimum SMU of 10x10x0.5m (east, north, vertical) with high quality grade control sampling on a 10x10x0.5m pattern (east, north, vertical).

The application of the variance adjustments to the resource estimates is expected to provide estimates of recoverable resources without the need to apply additional mining dilution or mining recovery factors. Internal dilution, that is, within the SMU unit is accounted for. If a larger SMU size or a broader grade control drill pattern is implemented the selectivity assumed in the reported resources may not be realised.

The 2023 Tiris Mineral Resource upgrade varies from the previous mineral resource due to:

·    Additional drilling throughout the project area.

·    Geological outcrop mapping completed for all zone, excluding Hippolyte Zones c, e, f, g and excised from the MRE assuming a dip of 45 degrees between weathered granite/granitic sediments and the less-weathered granite.

Hippolyte West, Oum Ferkik West and Oum Ferkik East Resources determined by Oliver Mapeto (Coffey Mining).

Mineralisation forms flat lying tabular bodies ranging in thickness from 1 to 12m with some internal waste patches occurring within the mineralisation envelope. In places, the top of mineralisation is covered by sand or waste overburden. Ore surfaces representing the top and base of the mineralisation using a grade cut-off of 100ppm U₃O₈ were generated across all project areas and mineralised zones. The top and base of ore surfaces were used as hard boundaries to control grade estimation.

The grade varied significantly within the drill hole intersections. In some zones, pods of low-grade mineralisation occur showing moderate continuity of both grade and geology. The mineralisation is recent and unaffected by faulting.

The Mineral Resource Estimates applied a lower a cut-off grade of 100ppm across all project areas. The Marie ore zone occurs in an area 1.2km east-west and 6km north-south. This region is comprised of six separate zones that range in plan dimensions from 200m to 1.2km wide and 500m to 1.4km long. The Hippolyte W zone occurs in an area 0.8km east-west and 2.0km north-south. This region is comprised of three separate zones that range in plan dimensions from 150m to 400m wide and 400m to 1.0km long. Oum Ferkik West occurs as a single zone with dimensions of 1.6km east-west and 2.5km north-south. Oum Ferkik East occurs in an area 2.0km east-west and 2.0km north-south. This region is comprised of six separate zones that range in plan dimensions from 150m to 400m wide and 400m to 1.2km long.

Uranium concentrations were estimated using the Ordinary Kriging estimation method. The sample database has assay samples at a nominal 1m sample interval. Some samples were sampled at 0.5m interval using overburden-ore contact depending on thickness of topsoil (sand). 2m sample composites were created for grade estimation.

Area specific high-grade assay top cuts were applied to minimise grade smearing. The top-cut values were chosen by assessing the high-end distribution of the grade population within each zone and selecting the value at which the distribution became erratic.

Each zone was divided into subzones for grade estimation. The subzones were based on solids defined using a 100ppm lower U₃O₈ grade cut-off. In addition, upper cut-off grade specific to the ore zones were applied. Each zone was coded and only samples within the same matching zone code were used in estimation. Additional estimation parameters were applied as follows:

A three-pass estimation strategy was adopted to estimate the U₃O₈ grades. The estimation search parameters are shown below for estimation run pass 1, 2 and 3. The short first axis of the search ellipse is vertical.

Pass 1. 300x200x6m search, 8-24 samples

Pass 2. 360x250x6m search, 6-24 samples

Pass 3. 600x400x6m search, 4-24 samples

Drill hole drill spacing is generally on a regular grid of approximately 100x200 m. Parent block model size was 50 x 50x 2m. Sub-block size 5 x 5 x 0.5m. The vertical dimension was chosen to reflect the anisotropy of the mineralisation and the downhole data spacing.

Block model grade estimates were validated using a statistical comparison of block model grades against drill composite grades by zone, visual check of cross sections, transverse, and long sections, plan views of grade distribution, along with comparison of block model and drill data grade distribution using histograms.

The resources reported here have been estimated on the assumption that the deposits will be mined by open pit mining method. Analysis was done for grade continuity and variography. However, in some cases, no reliable variogram structure could defined on a zone-by-zone basis. The global variogram was assumed as this could have been affected by lack of data due to limited extend of the individual mineralised zones.

The selected sub-blocks were appropriate for minimum selective mining unit.

The metallurgical test work information supplied to the consultant is based on reports by H & S Consultants Pty Ltd, which indicates that the Tiris deposits are amenable to a process of crushing, screening and an alkaline carbonate leach in order to recover uranium. Bench scale test work indicates that a significant upgrade in uranium and decrease in sulphate concentrations can be achieved through screening.

No deleterious elements or other non-grade variables of economic significance have been identified or estimated.

Resource Classification

The relative accuracy and confidence level in the Mineral Resource estimates are in line with the generally accepted accuracy and confidence of the nominated JORC Mineral Resource categories. This has been determined on a qualitative, rather than quantitative, basis, and is based on the estimator's experience with several deposits at NPM and similar deposits elsewhere. The main factors that affect the relative accuracy and confidence of the estimate are the drill hole spacing and the style of mineralisation.

The Mineral Resource estimates for Marie, Hippolyte W, Oum Ferkik West and Oum Ferkik East were based on drill hole drill grid spacing, mineralisation and grade continuity, the grade estimation search pass used to estimate the block. All mineral Resource estimates estimated in 2011 were classified as Inferred. The relative accuracy and confidence level in the Mineral Resource estimates are in line with the generally accepted accuracy and confidence of the nominated JORC CODE (2012) 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 Mineral Resource estimate is sample data density and high variability in uranium grades. Confidence in mineralisation continuity is moderate. Most blocks were estimated in estimation run Pass 1 and 2.

Bulk Density

Tonnages are estimated on a dry weight basis. The moisture constant was not determined. Dry bulk density of diamond drill core was measured at the ALS facility in Nouakchott using an immersion method (Archimedes principle) on selected PQ diamond drill core intervals ranging in size from 10 to 30cm. Competent pieces of drill core were selected on a nominal interval of 50cm. The samples chosen are believed to be representative of the surrounding rock type. All density samples are wrapped in cling film to avoid water absorption. A total of 412 density measurements have been taken from drill core at the Tiris deposits with values ranging from 1.50 to 2.66t/m³ and averaging 2.13t/m³. Measured density values show that there is a reasonable correlation between density and the depth of the sample. A regression was used to assign densities to each block in the block model based on the depth below surface.

The Mineral Resource estimates for Marie, Hippolyte W, Oum Ferkik West and Oum Ferkik East used an average density of 2.0/g/cc dry bulk density based on tests done by Aura Energy. This was considered realistic for material and ore in similar ore deposits. Tonnages are estimated on a dry weight basis. The moisture constant was not determined.

Cut-Off Grade

A cut-off of 100ppm U₃O₈ cut off is used to report 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 screening process.

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

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.

For further information, please contact:

About Aura Energy (ASX: AEE, AIM AURA)  

Aura Energy is an Australian-based minerals company that has major uranium and polymetallic projects with large resources in Africa and Europe. The Company is now focused on uranium production from the Tiris Project, a major greenfields uranium discovery in Mauritania.

Aura also completed a capital estimate update for the Tiris Definitive Feasibility Study, to reflect current global pricing, with these 2021 figures reconfirming Tiris as one of the lowest capex, lowest operating cost uranium projects.

In October 2021, the Company entered a US$10m Offtake Financing Agreement with Curzon, which includes an additional up to US$10m facility, bringing the maximum available under the agreement to US$20m.

In 2022, Aura will continue to transition from a uranium explorer to a uranium producer, to capitalise on the rapidly growing demand for nuclear power as the world continues to shift towards a decarbonised energy sector.

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 that the anticipated results, performance, or achievements expressed or implied in those forward-looking statements will be achieved. 

Notes to Project Description

The Company confirms that the material assumptions underpinning the Tiris Uranium Production Target and the associated financial information derived from the Tiris production target as outlined in the Aura Energy release dated 18 August 2021 for the Tiris Uranium Project Definitive Feasibility Study continue to apply and have not materially changed.

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.

Concerning the Resource statements, there is a low level of geological confidence associated with the inferred mineral resource 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.

Competent Persons

The Competent Person for the portion of the 2023 Tiris Mineral Resource Estimate and classification relating to the Hippolyte, Hippolyte South, Lazare North, Lazare South and Sadi deposits 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 in the form and context in which it appears.

The Competent Person for the portion of the 2023 Tiris Vanadium Resource Estimate and classification relating to all other deposits within the resource (Marie, Hippolyte West, Oum Ferkik East, Oum Ferkik West deposits) is Mr Oliver Mapeto, an independent resources consultant. The information in the report to which this statement is attached that relates to the 2018 Resource Estimate is based on information compiled by Mr Mapeto. Mr Mapeto has sufficient experience that is relevant to the resource estimation to qualify 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 the different resource estimates prior to September 2022 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 a 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.

The Competent Person for drill hole data and for integrating the different resource estimates from September 2022 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 the matters based on his information in the form and context in which it appears.

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 in the form and context in which it appears.

APPENDIX 1

JORC Code 2012

Table 1 Appendix 5A ASX Listing Rules

2023 Tiris Vanadium Resource Estimate

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections)

Section 2 Reporting of Exploration Results

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