Aura Energy Limited Quarterly Report

 
TIDMAURA 
 
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                                following link: 
 
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                                                                29th APRIL 2017 
 
                              AURA ENERGY LIMITED 
                           ("Aura" or the "Company") 
 
                            MARCH QUARTERLY REPORT 
 
KEY POINTS: 
 
TIRIS PROJECT (Mauritania) 
 
·    Tiris Definitive Feasibility Study (DFS) has progressed strongly in all 
areas 
 
·    Environmental and Social Impact Assessment (ESIA) largely complete 
 
·    Tiris Shareholders Agreement with Mauritanian Government currently under 
negotiation 
 
·    Tiris Project Water Study approaching drill testing phase 
 
·    Tiris Resource Upgrade drilling to commence in May 
 
·    Metallurgical test work to commence in June 
 
·    Mining Lease Application to be lodged in May 
 
TASIAST SOUTH GOLD PROJECT (Mauritania) 
 
·    Planning continued for exploration of Aura's gold tenements 
 
·    Strong regional drill results continue by Algold Resources (TSX) 
 
·    Finalisation exploration permits expected soon 
 
·    Cobalt and other base metal potential reviewed 
 
AMARE LITHIUM AND SODA ASH PROJECT (Mauritania) 
 
·    Results from initial sampling are being analysed to determine next steps 
 
HÄGGÅN PROJECT (Sweden) 
 
·    Diamond drilling program was undertaken on two areas aimed at establishing 
a Measured Resource in this area 
 
·    Work continues on the Community Engagement brief 
 
·    Desktop study of Häggån metal content undertaken to highlight the 
significant polymetallic potential of the project 
 
CORPORATE 
 
·    Key shareholders exercised unlisted options early unlocking $1.84M for the 
company which will be used to explore the gold and base metal prospects 
 
·    Aura instituted a Sale Facility for shareholders who hold unmarketable 
parcels of shares in the Company 
 
Quarterly Overview 
 
During the March Quarter Aura Energy focussed significant effort on advancing 
the Tiris Definitive Feasibility Study (DFS) with strong progress achieved 
across many areas. Aura continues to maintain that its ability to get Tiris 
into production is the main near-term driver of shareholder returns. 
 
Work on the Tiris DFS centred around the submission for the Mining Lease 
Application which entails a range of other activities to be completed. 
Substantial work on the EISA was completed including the Flora, Fauna and 
Archaeology Studies etc and community consultation meetings are scheduled to 
occur in early May. Other areas including resource drilling and upgrade, water 
search and metallurgical test work progressed past the planning phase. 
 
Aura also maintained a strong focus on exploration on planning for exploration 
on its significant Tasiast South gold and base metal prospects whilst noting 
further gold drill results on the adjacent tenements of Algold Resources (TSX). 
Final granting of the permits to allow commencement of field exploration has 
been slower than expected however this is expected shortly. 
 
Drilling was undertaken at two resource areas on the Häggån Project in Sweden 
and discussion on the Community Engagement Program has continued. Significantly 
Aura has conducted a desktop review of the polymetallic aspects of the project 
which has highlighted possible project upside given the recent increase in base 
metal prices. 
 
The commodity backdrop in uranium continues to be buoyant for the term uranium 
price series and the sentiment in the sector is solid. The company remains in a 
well-funded position. 
 
Tiris Project, MAURITANIA (Aura 100%) 
Tiris Project Overview 
 
Aura is conducting a Feasibility Study on its 100% owned 49 million pound U?O? 
calcrete uranium project in Mauritania (See Figure 1). The project has low 
operating costs and low development capital with strong financial returns under 
long-term pricing scenarios. 
 
 
To view this release as a .pdf complete with referenced images please click the 
                                following link: 
 
              http://www.auraenergy.com.au/announcements-2017.html 
 
 
 
 
         Figure 1: Location of Aura's Tiris Project Uranium Resources 
 
Tiris Project Definitive Feasibility Study Update 
 
The DFS for the Tiris Uranium Project in Mauritania recommenced in late 2016 
following a successful funding and listing of the company on the London AIM 
market. The critical areas of the Tiris project study have been; 
 
·    The Environmental and Social Impact Assessment (ESIA) 
 
·    Preparation for the Mining Lease Application 
 
·    Resource validation mainly on Hippolyte 
 
·    Resource evaluation for the Resource upgrade to Measured and Indicated 
category 
 
·    Detailed planning for the metallurgical test work 
 
·    Water Study including geophysics, geological reconnaissance and drilling 
of targets 
 
·    Negotiation of the Tiris Shareholders Agreement - 10% Government interest 
 
The Environmental and Social Impact Assessment (ESIA) has been a major area of 
work and its main component parts have been; 
 
·    Scoping Report and Terms of Reference for the ESIA 
 
·    Review of Technical Studies 
 
·    Air quality, noise and vibration study 
 
·    Surface water and groundwater study 
 
·    Soils and geomorphology study 
 
·    Waste rock and tailings geochemical assessment 
 
·    Ecology and biodiversity study - Flora and Fauna 
 
·    Socio-economic study 
 
·    Archaeology and cultural heritage study 
 
·    Transportation route study 
 
·    Health impact assessment 
 
·    Management Plans 
 
·    Environmental and Social Monitoring and Management Plan (ESMMP) 
 
·    Rehabilitation and Conceptual Mine Closure Plan (RCMCP) 
 
·    Radiation Management Plan (RMP) 
 
·    Stakeholder Engagement Plan (SEP) 
 
·    Impact Assessment 
 
·    Community and Government consultation 
 
·    Assessment of Project alternatives 
 
·    Impact assessment 
 
·    Cumulative impact assessment 
 
Much of this work is now complete with no major issues identified. An important 
intermediate step was the acceptance by the Government and associated 
Environmental Departments of Aura's EISA Terms of Reference. Public 
Consultation Meetings are to be held in early May for completion of the 
process. 
 
The Mining Lease Application for all the key project areas is due to be 
submitted in the coming weeks and all materials are in the process of being 
finalised for this documentation. 
 
As highlighted in a market release on the 19th April (Strong Hippolyte South 
Uranium Survey) Aura has conducted important Hippolyte Resource Validation work 
and enabled greater understanding of the mineralisation.  This is a key step 
towards the upgrade of the Tiris Resource. 
 
The process of drilling, sampling and downhole gamma logging of the Hippolyte 
mineralisation to upgrade the Mineral Resource to the Measured and Indicated 
categories is expected to commence in the next 2 weeks, with the sourcing of a 
specialist rig for triple tube drilling finally achieved. This will also 
involve an additional series of disequilibrium measurements across the orebody. 
 
Disequilibrium is an imbalance between the uranium content and the 
radioactivity emitted by a given volume of mineralized rock. This imbalance is 
caused by either differential mobilization of the more soluble uranium from the 
deposition site, relative to its daughter isotopes, or by a lack of time for 
the accumulation of the daughter isotopes to reach a state of equilibrium after 
the uranium has been deposited. Hence in a geologically young environment, a 
deficiency of daughters relative to uranium will cause an underestimation of 
uranium content based on radiometric methods. This will be an important factor 
in the final Mineral Resource estimate for Tiris. 
 
As a prudent cost/capital efficiency measure Aura will progressively convert 
the Tiris Resource to the Measured and Indicated category with an initial 
target for approximately 5 years of production. This will be sufficient for the 
DFS and the associated financial study. During operation, using cashflow it is 
envisaged the remainder of the Mineral Resource will be converted to the 
Measured and Indicated category. 
 
The Metallurgical Test Work program will commence in June 2017 when sufficient 
material has been generated from the planned drill campaign. The program which 
will be conducted principally by ANSTO Laboratories and will focus on the 
various mineralised domains to further assess; 
 
1.   Beneficiation response 
 
2.   Leaching response 
 
3.   Solid liquid separation and 
 
4.   Impurity issues, including effect of recirculating load on metal recovery. 
 
This test work is a critical path item and is targeted for completion in 
January 2018; however, it is expected to generate sufficient information to 
allow the majority of engineering to be complete in 2017. 
 
An extensive Tiris Project Water Study has been underway for over 3 months 
including a program of water geophysics focussing principally on the basal 
sedimentary units of the Taoudeni Basin to the south of the Tiris project area. 
These basal units are known to host substantial water supplies elsewhere in the 
region. A few favourable sites on Reguibat Shield rocks, closer to the project 
site will also be tested in this program. The geophysics is now complete and 
has been reviewed with site reconnaissance underway to assess the target sites 
before final drill testing of the targets is undertaken. Drill testing is 
expected before mid-year. 
 
The negotiation of the Tiris Shareholders Agreement, which covers the 10% 
Government interest in the Project, has been drafted and is currently under 

negotiation with the Government. Finalisation of this agreement is required for 
the Mining Lease application and is expected to be completed in May 2017. 
 
Other areas that will be commenced following the submission of the Mining Lease 
Application include; 
 
·    Mining Study 
 
·    Detailed Engineering included package cost estimates 
 
·    Infrastructure Study 
 
These areas are expected to be completed before calendar year end. 
 
Aura continues to target the end of 2017 for the completion of the majority of 
the Tiris DFS, however, it envisages some elements of the Tiris DFS will still 
be outstanding at this point.  As such, the full DFS is likely to be completed 
early in 2018. This slight delay is not expected to impact project 
implementation and financing, as a number of parallel activities are planned to 
be conducted near the end of the Tiris DFS. 
 
Tiris Resource Upgrade Drilling and Validation 
 
As part of the program to increase the proportion of Indicated and Measured 
Resource ultra-detailed ground radiometric surveying was conducted over the key 
resource zones to establish more precisely the outlines of, and zonation 
within, mineralisation across the major resources.  This also added 
considerably the understanding of geological controls over the mineralisation. 
 
Detailed ground radiometric survey work was continued over the Hippolyte South 
prospect, currently under application, which hosts extensive and strong 
radiometric anomalies south of the main Hippolyte resource. The survey clearly 
defined several strongly mineralised zones and will greatly assist in defining 
drill targets for future resource drilling on this very prospective target. 
 
Hippolyte Downhole Logging Success 
 
Additionally, a program of downhole gamma logging was conducted on 63 
drillholes in the key Tiris Resource zone, Hippolyte Zone 1 and has validated 
previous drilling and sampling of the project. This coverage is shown in Figure 
2. 
 
The downhole gamma logging indicated U3O8 grades that compare well with grades 
determined by chemical assay.  Aura will proceed to utilise downhole gamma 
logging in its next resource upgrade drilling which will commence next month 
aimed at converting more of the Tiris Resource into Measured and Indicated 
categories. 
 
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                                following link: 
 
              http://www.auraenergy.com.au/announcements-2017.html 
 
             Figure 2:  Hippolyte Zone 1 showing drillholes logged 
 
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                                following link: 
 
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Figure 3:  Hippolyte Zone 1 showing detailed ground radiometric survey results 
 
Hippolyte South Ultra-Detailed Ground Radiometric Survey 
 
In May 2015 Aura announced that it had made an application for a mineral 
exploration permit over an area of 224 km2 adjoining to the south of its 
important Hippolyte uranium resource. 
 
The Hippolyte South permit area had indicated strong uranium responses in 
regional airborne radiometric data, similar in strength and size to those over 
Aura's nearby resources.  The anomalies within this new tenement extend for 
more than 15 km and cover an area of approximately 10 km2. 
 
In 2011, Aura carried out a brief reconnaissance drilling programme over these 
radiometric highs as part of a possible JV arrangement over the area.  This 
drilling was broadly spaced with holes 200 metres apart on lines 800 metres or 
more apart. 
 
More than 25% of these reconnaissance holes intersected ore-grade 
mineralisation (i.e. at least one metre at 100 ppm U3O8 or greater) with values 
ranging up to 646 ppm U3O8 (see Figure 5).  Details of results are set out in 
Table 1. 
 
This latest survey is the first more detailed testing of the broad mineralised 
zones following the initial reconnaissance drilling and has confirmed the 
confidence in the prospect and indicated large zones of continuous uranium 
bearing mineralisation with strong similarities to Aura's key Hippolyte uranium 
deposit. 
 
To view this release as a .pdf complete with referenced images please click the 
                                following link: 
 
              http://www.auraenergy.com.au/announcements-2017.html 
 
     Figure 5:  Hippolyte South area showing reconnaissance drill results. 
             Background image shows airborne radiometric response. 
 
 Figure 6:  Location of Hippolyte South ground radiometric surveys in relation 
                          to the Hippolyte resources 
 
 
          Figure 7:  Ground radiometric anomalies at Hippolyte South. 
 
 In the Hippolyte Resource 6 km to the north, 1 km2 of mineralisation contains 
             on average 3.2 million lbs U3O8 in Inferred Resource. 
 
Tasiast South gold Project, MAURITANIA (Aura 100%) 
 
Aura Energy Limited announced in late 2016 that it has secured rights to 
acquire 175 km2 covering two under-explored mineralised greenstone belts in 
Mauritania (See Figure 8). The areas lie along strike from Kinross' giant 
Tasiast Gold Mine and from Algold's Tijirit gold deposits. The two areas are 
currently held under exploration permit applications and are expected to be 
granted in the near future. 
 
These highly prospective gold areas represent an excellent opportunity in 
lightly explored Archean greenstone belts and will leverage Aura's extensive 
operating experience in this part of the world. The project is favourably 
located 200 km from Aura's Nouakchott office, 60 km from the coast, and can be 
managed efficiently within the company's existing management resources without 
distraction from Aura's core uranium focus. 
 
To view this release as a .pdf complete with referenced images please click the 
                                following link: 
 
              http://www.auraenergy.com.au/announcements-2017.html 
 
     Figure 8:  Location of Aura areas in relation to known mineralisation 
 
Future Work Program and Other Opportunities 
 
Next steps envisaged at Tasiast South are; 
 
·    Ground electrical geophysics to locate the strongest zones of disseminated 
sulphide development for drill targeting 
 
·    Additional bedrock sampling by air-core or auger-drilling to better define 
the high nickel ultramafics and zones of copper/nickel for follow up drilling 
 
·    Deep drill testing (RC and DD) of gold and nickel/copper targets defined 
 
Aura's timing for this work is dependent on granting of the permits. Final 
granting of the permits to allow commencement of field exploration has been 
slower than expected due to departmental procedures in the Mines Ministry 
however this is expected shortly. 
 
Cobalt Values in Tasiast south Prospects 
 
During the quarter a review of the base metal potential on these tenements has 
highlighted several significant cobalt drilling results. The best results 
included: 
 
·    1 metre  at  0.58% Co 
 
·    4 metres at 0.48% Co 
 
·    1 metre  at  0.46% Co 
 
The Tasiast South project tenements are highly prospective for gold but 
previous work also indicated anomalous occurrences of nickel and copper. In a 
review of two prospects, Bella and Taet, the elevated cobalt values were 
identified. 
 
Importantly sampling for cobalt was sporadic and only 1 in 10 samples assayed 
for cobalt. Of the high Co values 14 samples exceeded 0.1% Co, 6 samples 
exceeded 0.25% Co and 3 samples near or above 0.5% Co. These results found over 
a 1.6 km long drill line (Bella) and with strong nickel and copper values in 
ultramafic rocks within 30 metres of the surface, and at Taet where the high 
copper values are possibly indicative of sulphides. Drilling to date has tested 
only a small part of the ultramafic body and the drill lines were possibly 
parallel to strike. 
 
The base metal targets have been considered as secondary targets in the Tasiast 
South and very little targeted or comprehensive base metal exploration has been 
carried out in these areas. However, considering the range of metals 
encountered, the broad areas covered by the base metals and the fact that these 
having largely been incidental results achieved via gold exploration Aura now 
considers these areas to be highly prospective for base metals. 
 
The range of cobalt values is shown below however it should be reiterated that 
cobalt has not been targeted or broadly assayed for and as such Aura will be 
reviewing where re-assays for cobalt can be conducted on previously drill 
holes. The results are as follows; 
 
Prospect Name  Hole ID   Easting Northing Depth     Depth To Interval Co_%    Ni_ppm Cu_ppm 
                                          From 
 
HADEBET BELAA  11HBAC031 466697  2219203      7        8        1      0.581   5300    488 
 
TOUERIG TAIEUH 12TGAC198 445378  2219429     24        28       4      0.484   9140    400 
 
HADEBET BELAA  11HBAC030 466598  2219199     16        17       1      0.445   4190    259 
 
HADEBET BELAA  11HBAC030 466598  2219199     17        18       1      0.357   3840    259 
 
HADEBET BELAA  11HBAC033 466900  2219203      9        10       1      0.273   3010    247 
 
HADEBET BELAA  11HBAC033 466900  2219203     10        11       1      0.260   5250    270 
 
TOUERIG TAIEUH 11TGAC013 444700  2218702     34        35       1      0.218   5650    354 
 
HADEBET BELAA  11HBAC031 466697  2219203      6        7        1      0.150   3090    276 
 
HADEBET BELAA  12HBRC007 467373  2219200     22        23       1      0.149   6530    114 
 
HADEBET BELAA  11HBAC030 466598  2219199     18        19       1      0.142   7770    238 
 
HADEBET BELAA  12HBAC073 463432  2217212      4        8        4      0.128    15    28.4 
 
TOUERIG TAIEUH 11TGAC033 431000  2212800     52        53       1      0.111    38     120 
 
TOUERIG TAIEUH 11TGAC053 430997  2210803     53        54       1      0.103    11     31 
 
HADEBET BELAA  11HBAC033 466900  2219203     11        12       1      0.102   5110    208 
 

AMARE LITHIUM AND SODA ASH PROJECT (Mauritania) 
 
Aura sampled and assayed the two large Sabkhas (salt pans) in the region of its 
Tiris Uranium Project with a view to a source of soda ash for the Tiris Project 
and other minerals. 
 
Soda ash is the leach agent proposed for Tiris and if the source were confirmed 
it would provide significant benefits to the Tiris Project economics. 
 
The Sabkha's which are 165 km from Hippolyte are large on a relative basis 
covering an area of over 85 km2 (See Figure 9). Sabkha is an Arabic name for a 
salt-flat that has come into general use in sedimentology. They are also known 
as "Salars" in South America and generically as salt pans or flats. The 
valuable salts can occur in the Sabkha environment either in clays at or near 
surface or in brine reservoirs deeper in the lake sediments. 
 
The location of the Sabkha between Aura's Tiris Project East and West tenements 
provide a favourable location should a source of soda ash (Na2CO3) be 
identified. 
 
Initial sampling of the Amare lithium and soda ash prospect was undertaken late 
last year and the results are now being assembled and analysed to assist 
planning the next phase of work in this area. 
 
To view this release as a .pdf complete with referenced images please click the 
                                following link: 
 
              http://www.auraenergy.com.au/announcements-2017.html 
 
    Figure 9:  Location of the Sabkha targets relative to the Aura Uranium 
                             Exploration Licences 
 
HÄGGÅN PROJECT, SWEDEN (AURA 100%) 
Häggån Exploration 
 
Three diamond drill holes totalling 570 metres were completed during the 
period. 
 
Two of the holes were within the Häggån Resource within a pattern of closely 
spaced holes (100 metres x 100 metres) aimed at establishing a Measured 
Resource in this area.  As expected mineralised Alum Shale was intersected at 
shallow depth in both holes (18 metres and 29 metres) 
 
One hole was drilled into the Marby Permit aimed at establishing the extent of 
mineralised Alum Shale in this area. 
 
Assays for all holes are awaited. 
 
To view this release as a .pdf complete with referenced images please click the 
                                following link: 
 
              http://www.auraenergy.com.au/announcements-2017.html 
 
                  Figure 10:  Location of drilling at Häggån 
 
Häggån Development 
 
The Häggån Project has an Inferred Resource of 803 million pounds of U3O8. 
Scoping studies previously completed by Aura have indicated that the Häggån 
Project has the potential be a very large low cost uranium producer. 
 
Work and discussions with relevant Swedish groups continued regarding a 
community engagement program for the Häggån Project. 
 
The key aspects of the community liaison program are twofold; 
 
·    Recruitment of an appropriate representative 
 
·    Further the education and understanding of Aura's project in those areas 
 
·    Completion of an economic development study to outline the benefits of the 
project in terms of direct and indirect jobs, capital outlay and broader 
contribution to the local and regional economy 
 
Aura continues to press the Häggån project as a unique and strategic energy 
source in Europe which the European nuclear energy sector is beginning to 
realise can play an important role as a uranium source in the future. 
 
Aura believes Häggån is a 5-7 year proposition as a development project and is 
scoping it work program around that time frame. 
 
Häggån Polymetallic Attributes 
 
Aura has commenced a desktop study of Häggån metal content to highlight the 
significant polymetallic potential of the project and to illustrate the balance 
of this base metal value of the deposit against the uranium value. 
 
External interest has been expressed in Häggån as a polymetallic deposit and 
the recent rise in the prices of the base metal suite has highlighted the shift 
of Häggån to a polymetallic with uranium as opposed to mainly uranium. 
 
The potential for base metal streaming from this deposit to aid the development 
is under review and a future development focussed on the benefits of the base 
metal production from Häggån. This approach allows a broader appeal of the 
project in Sweden with strong industrial spin-off benefits for the local 
community such as local manufacturing and valued added metal work industries. 
 
This work will continue over 2017. 
 
URANIUM SECTOR AND PRICE 
 
The price of uranium has recovered from its recent lows however since the 
recent improved sentiment the spot price has remained volatile. The current 
price series is as follows: 
 
·    Spot Price           - US$22.85 /lb 
 
·    Mid Term            - US$27.25 /lb 
 
·    Long Term - US$35.00 /lb 
 
Key points of interest to note from the uranium sector have been: 
 
·    The spot price in Aura's opinion is largely irrelevant and is a thinly 
traded series not indicative of the real market 
 
·    The mid and long-term price series recovered well at the beginning of 2017 
and despite the volatility in the spot price both the mid and long price series 
have remained stable 
 
·    The stability in these series is indicative of building interest in 
utilities looking to fix material on term contracts 
 
·    Over the next 2-3 years, many of the long-term supply contracts will 
expire requiring renegotiation at prices unlikely to be done at current midterm 
or long-term pricing 
 
A key point worth repeating and highlighting is the lack of term contracting in 
2013, 14 and 15 as shown in the chart below. This remains a key risk for 
utilities going forward and will need to be filled at some stage. This 
contracting phase will strongly impact the Long-Term price as evidenced in the 
chart below between 2004 and 2007. 
 
To view this release as a .pdf complete with referenced images please click the 
                                following link: 
 
              http://www.auraenergy.com.au/announcements-2017.html 
 
                     Figure 11: Spot vs Long Term pricing 
 
CORPORATE 
 
Strategy Update 
 
Aura's clear strategy was again outlined in a recent Hong Kong Conference and 
is restated here and is as follows; 
 
- Tiris Uranium Project into production 2018/19 
 
- Gold and base metals exploration to bridge Tiris development phase 
 
       - Success in gold and metals exploration to assist Tiris development 
funding 
 
- Häggån Uranium Project study work over next 2 years 
 
       - Potential to create significant uranium price option value 
 
- All against the background of rising uranium price 2018 and beyond 
 
- Aura's Position in 2019/20; 
 
       - Cashflow from Tiris as uranium price recovers 
 
      - Exploration success aiding funding and growth 
 
      - Create new gold/ base metal projects 
 
      - Häggån work program adds significant asset value 
 
Conversion of Options - Gold Exploration Funding 
 
A key group of shareholders have opted for early exercise of unlisted options 
unlocking $1.84M for the company which will be dedicated to the exploration of 
these gold and base metal prospects. As such this exploration project is now 
well funded and the company will soon begin an aggressive drilling program. 
 
Unmarketable Parcel Sale Process 
 
Aura instituted a Sale Facility for shareholders who hold unmarketable parcels 
of shares in the Company. 
 
Under ASX Listing Rules an unmarketable parcel is defined as: 
 
(i) a shareholding with a market value of less than A$500, and therefore 
 
(ii) any shareholding of 13,513 shares or less based on the closing share price 
of 3.7 cents on the Record Date (6 February 2017) is an unmarketable parcel 
 
The Company has 528 shareholders with unmarketable parcels with the total 
number of shares impacted being 2,715,812. These shares will be sold shortly. 
 
Aura Energy Directory 
 
ASX Code:         AEE 
 
AIM Code:         AURA 
 
Shares on issue:  716,401,571 
 
Options on issue: 185,643,069 
 
Board of Directors: 
 
Peter Reeve       Executive Chairman 
 
Bob Beeson        Non-Executive Board Member 
 
Brett Fraser      Non-Executive Board Member 
 
Jules Perkins     Non-Executive Board Member 
 
Website:                     www.auraenergy.com.au 
 
For further information contact: 
 
Aura Energy Limited                   Telephone: [phone] 
Peter Reeve (Executive Chairman and   Email: [e-mail] 
CEO) 
 
WH Ireland Limited                    Telephone: [phone] 
Adrian Hadden 
James Bavister 
 
Yellow Jersey PR Limited              Telephone: 
Felicity Winkles                      [phone] 
Joe Burgess                           [phone] 
 
Competent Persons 
 
The Competent Person for the Tiris Metallurgical Testwork is Dr Will Goodall. 
 
The information in the report to which this statement is attached that relates 
to the testwork is based on information compiled by Dr Will Goodall.  Dr 
Goodall has sufficient experience that is relevant to the testwork program and 
to the activity which he is undertaking.  This qualifies Dr Goodall as a 
Competent Personas defined in the 2012 edition of the 'Australasian Code for 
Reporting of Exploration Results, Mineral Resources and Ore Reserves'.  Dr 
Goodall is a Member of The Australasian Institute of Mining and Metallurgy 
(AusIMM).  Dr Goodall 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 Tiris and Häggån Resources is Mr Neil Clifford. 
 
The information in the report to which this statement is attached that relates 
to the resource 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.  This qualifies 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 
Member of the Australasian Institute of Mining and Metallurgy (AusIMM). 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. 
 
Top 20 Shareholders                                                 26 April 2017 
 
Rank         Name                                        Units         % of Units 
 
1.           COMPUTERSHARE CLEARING PTY LTD <CCNL DI A/  245,012,306   30.90 
             C> 
 
2.           HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED   98,750,518    12.46 
 
3.           CITICORP NOMINEES PTY LIMITED               64,094,142    8.08 
 
4.           PRE-EMPTIVE TRADING PTY LTD                 36,250,000    4.57 
 
5.           SAMBOLD PTY LTD <SUNSHINE SUPER FUND A/C>   15,364,895    1.94 
 
6.           BNP PARIBAS NOMINEES PTY LTD <IB AU NOMS    13,939,258    1.76 
             RETAILCLIENT DRP> 
 
7.           PASAGEAN PTY LIMITED                        13,094,558    1.65 
 
8.           MR MARTY HENG LAU                           10,000,000    1.26 
 
9.           MR PETER DESMOND REEVE                      9,718,304     1.23 
 
10.          BUSHELL NOMINEES PTY LTD <BUSHELL SUPER     6,292,542     0.79 
             FUND A/C> 
 
11.          MR PIETER HOEKSTRA + MRS RUTH HOEKSTRA      5,300,000     0.67 
             <HOEKSTRA SUPER FUND A/C> 
 
12.          YARANDI INVESTMENTS PTY LTD <GRIFFITH       4,754,793     0.60 
             FAMILY NO 2 A/C> 
 
13.          MS MICHELLE ANNE PAINE                      4,700,000     0.59 
 
14.          MRS KERRYN PATRICIA DELEN                   4,358,840     0.55 
 
15.          MS CHUI YING CHAN                           3,600,000     0.45 
 
16.          MR LUKE PETER DALE + MRS MARIEANNE ERIKA    3,496,659     0.44 
             DALE 
 
17.          M & K KORKIDAS PTY LTD <M&K KORKIDAS P/L S/ 3,400,000     0.43 
             FUND A/C> 
 
18.          MR HENDRIK JACOBUS DELEN + MRS KERRYN       3,179,142     0.40 
             PATRICIA DELEN <DELEN FAMILY SUPERFUND A/C> 
 
19.          DR ROBERT BEESON                            3,129,071     0.39 
 
20.          MRS JENNY LEE BUSHELL                       3,091,182     0.39 
 
                                                                            69.57 
Total Top 20 Shareholders                                  551,526,210 
 
Remaining Shareholders                                    241,281,914       30.43 
 
             GRAND  TOTAL                                  792,808,124     100.00 
 
 
 
 
Top 20 Shareholders                                          30 January 2017 
 
Rank  Name                                          Units         % of Units 
 
1.    COMPUTERSHARE CLEARING PTY LTD <CCNL DI A/C>  263,692,309   36.81 
 
2.    BNP PARIBAS NOMINEES PTY LTD <ALBERT FRIED    59,514,268    8.31 
      CUSTOMER DRP> 
 
3.    HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED     58,785,060    8.21 
 
4.    PRE-EMPTIVE TRADING PTY LTD                   35,900,000    5.01 
 
5.    ABN AMRO CLEARING SYDNEY NOMINEES PTY LTD     14,063,092    1.96 
      <CUSTODIAN A/C> 
 
6.    SAMBOLD PTY LTD <SUNSHINE SUPER FUND A/C>     13,764,895    1.92 
 
7.    PASAGEAN PTY LIMITED                          12,313,946    1.72 
 
8.    MR PETER DESMOND REEVE                        9,718,304     1.36 
 
9.    MR MICHAEL BUSHELL                            5,474,903     0.76 
 
10.   CITICORP NOMINEES PTY LIMITED                 5,296,852     0.74 
 
11.   MR PIETER HOEKSTRA + MRS RUTH HOEKSTRA        4,800,000     0.67 
      <HOEKSTRA SUPER FUND A/C> 
 
12.   YARANDI INVESTMENTS PTY LTD <GRIFFITH FAMILY  4,754,793     0.66 
      NO 2 A/C> 
 
13.   MS MICHELLE ANNE PAINE                        4,150,000     0.58 
 
14.   MRS KERRYN PATRICIA DELEN                     3,333,840     0.47 
 
15.   MRS LINDA YE + MR DAVID XIAO DONG YE          3,160,000     0.44 
 
16.   DR ROBERT BEESON                              3,129,071     0.44 
 
17.   MRS JENNY LEE BUSHELL                         3,091,182     0.43 
 
18.   MR PETER ROBERT OTTON + MRS CAROLE ANNE OTTON 3,000,000     0.42 
      <OTTON SUPER FUND A/C> 
 
19.   MR HENDRIK JACOBUS DELEN + MRS KERRYN         2,914,492     0.41 
      PATRICIA DELEN <DELEN FAMILY SUPERFUND A/C> 
 
20.   MR JULIAN CHRISTOPHER PERKINS + MS MARGARET   2,861,990     0.40 
      SU-PING FONG <FONG SUPER FUND A/C> 
 
      Total Top 20 Shareholders                     513,718,997   71.71 
 
      Remaining Shareholders                        202,682,574   28.29 
 
      GRAND  TOTAL                                  716,401,571   100.00 
 
About Aura Energy's Projects 
 
Tiris Project, MAURITANIA (Aura 100%) 
 
The Tiris Uranium Project is based on a major greenfields uranium discovery in 
Mauritania, with 49 Mlb U3O8 in current resources(1) from 66 million tonnes @ 
334 ppm U3O8. The project has several natural attributes which result in low 
capital and operating costs. These attributes are: 
 
·    Shallow flat-lying surface mineralisation (only 1-5 metres deep) within 
unconsolidated gravels 
 
·    Low cost mining with no blasting and negligible overburden 
 
·    Uranium ore can be simply (wash and screen) upgraded by up to 700%; from 
335 ppm to 2500ppm 
 
·    Leads to a very small plant, small footprint and minimal supporting 
infrastructure 
 
·    Leach feed grade 2,000-2,500 ppm U3O8 with 94% leaching recovery in 4 
hours 
 
The conceptual 1 Mtpa mine and plant project described in the Scoping Study(2) 
was designed to take full advantage of these unusual characteristics, whilst 
providing a low capital cost and rapid project development and construction. 
Significantly, a water study by Golders has indicated that potential sources of 
water in the immediate vicinity will satisfy the demands of the project. 
 
The Study, which indicates 11 million pounds of uranium will be produced over 
an initial mine life of 15 years, only utilises 20% of the known Global Mineral 
Resource resulted in the following outputs; 
 
·    Low capital cost - US$45 million 
 
·    Low operating cost - A$30/lb 
 
·    Easily scalable 
 
·    Mining at 120 tph (1.0 Mtpa) 
 
·    Small 25 tph leach facility 
 
·    Mined grade >420ppm U3O8 for 15 years 
 
·    Produce 0.7-1.1 Mlbs U3O8 per year 
 
·    Expand project from cashflow 
 
HÄGGÅN PROJECT, SWEDEN (AURA 100%) 
 
Häggån is located in central Sweden and is one of the largest undeveloped 
uranium projects in the world. The project has a resource of 803 million pounds 
(3) uranium with significant base metal by-products. 
 
Sweden remains a nuclear friendly jurisdiction with 10 operating nuclear power 
reactors. In 2013, Sweden generated 152.5 TWh, of which 65.8 TWh (43%) was from 
nuclear and 61.3 TWh (40%) from hydro. Sweden imports most of its nuclear fuel, 
including all enrichment. It is one of the few countries that has the 
opportunity, within its sovereign borders, to be vertically integrated from 
nuclear power generation down to the U3O8 fuel source. Public opinion polls in 
the last few years had shown steady majority (over two-thirds) support for 
nuclear power(4). 
 
The Häggån project is located in a sparsely populated area of swamp and forest 
used mainly for commercial forestry. Sweden's has a current and active mining 
industry, with a clear regulatory position and a well-established path from 
exploration to production. 
 
A Scoping Study(5) suggests that the Häggån Project has excellent potential to 
become a major, low cost producer of uranium, with by-product nickel and other 
metals. Aura's discovery that the mineralisation is ideally suited to bioleach 
metal extraction was the major breakthrough to creating a robust and economic 
project. Bioleaching, including bioheap leaching, is a proven technology widely 
used in copper and gold industries with some application to the uranium 
industry. 
 
The Häggån Inferred Resource contains 2.35 billion tonnes at the grades shown 
in the table below. Metal content is also shown. 
 
 Metal    Grade   Content 
          (ppm)    (Mlbs) 
 
  U3O8     155      803 
 
   Ni      316      1640 
 
   Zn      431      2230 
 
   Mo      207      1070 
 
   V       1519     7870 
 
The project contemplated in the Scoping Study was a large-scale heap leach with 
recovery of base metals as separate and high purity sulphide precipitates. The 
Scoping Study outcomes were as follows; 
 
·    Capital cost - US$540 million 
 
·    Low operating cost - A$13.50/lb U3O8 
 
·    Mining rate 30 Mtpa 
 
·    Mined grade 160 ppm U3O8 for 30 years 
 
·    Production 7.8 Mlbs U3O8 per year 
 
NOTES TO PROJECT DESCRIPTIONS 
 
(1)   There is a low level of geological confidence associated with 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. 
 
(2)   The Company released to the ASX the Tiris Project Scoping Study on 16 
July 2014 and the Company believes that no material change to forecast capital 
and operating costs and forecast production rates have occurred since the 
release. 
 
(3)   There is a low level of geological confidence associated with 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. 
 
(4)   http://www.world-nuclear.org/info/Country-Profiles/Countries-O-S/Sweden 
 
(5)   The Company released to the ASX the Haggan Project Scoping Study on 7 
February 2012 and an updated study on 29 May 2014. The Company believes no 
material change to forecast capital and operating costs and forecast production 
rates have occurred since the releases. 
 
 
 
END 
 

(END) Dow Jones Newswires

April 28, 2017 02:19 ET (06:19 GMT)