Aura Egy Regulatory News (AURA)

V2O5 Cut-off %

Tonnes (Million)

V2O5 %

V2O5 Billion lbs

Ni (ppm)

Zn (ppm)

Mo (ppm)

U3O8 (ppm)

0.40%

90

0.42%

0.8

400

550

220

160

0.30%

900

0.35%

7.0

370

500

230

170

0.20%

1,950

0.30%

12.8

330

440

210

160

0.10%

2,600

0.26%

15.1

300

400

200

150

Drillhole

From

To

Thickness

V2O5 grade

Hole collar location

RL

(m)

(m)

(m)

%

Easting*

Northing*

(m)

19DDHG085

34.5

137.3

103

0.41%

462,801

6,990,400

361

19DDHG089

20.2

121.5

101

0.43%

462,700

6,990,298

362

incl

20.2

88.0

68

0.50%

"

 "

 "

incl

24.0

26.0

2

0.64%

"

 "

 "

19DDHG084

19.0

112.0

93

0.41%

462,716

6,990,400

359

incl

22.0

24.0

2

0.65%

"

 "

 "

19DDHG083

4.3

82.0

78

0.43%

462,608

6,990,494

359

incl

6.0

8.0

2

0.61%

"

 "

 "

19DDHG080

27.1

98.0

71

0.43%

462,703

6,990,501

358

19DDHG090

8.2

62.0

54

0.45%

462,597

6,990,313

362

17DDHG069

60.0

62.0

2

0.60%

462,294

6,990,391

365

19DDHG078

12.0

14.0

2

0.61%

462,611

6,990,387

361

19DDHG091

34.0

38.0

4

0.61%

462,507

6,990,318

364

"

42.0

44.0

2

0.60%

"

 "

 "

Aura Energy Limited

Peter Reeve (Executive Chairman)

Telephone: +61 (3) 9516 6500

info@auraenergy.com.au

WH Ireland Limited

(Nominated Adviser and Joint Broker)

Adrian Hadden

James Sinclair-Ford

SP Angel Corporate Finance LLP

(Joint Broker)

Ewan Leggat

Jamie Spotswood

Telephone: +44 (0) 207 220 1666

Telephone: +44 (0) 203 470 0470

Yellow Jersey PR Limited

Felicity Winkles

Joe Burgess

Telephone: +44 (0) 7769 325 254

Sampling techniques

Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

Aspects of the determination of mineralisation that are Material to the Public Report.

In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.

The 2018 Häggån resource estimate was based on several drilling campaigns:

§ 2008: 3453m in 17 diamond drillholes

§ 2010: 5091m in 25 "

§ 2011: 2279m in 10 "

§ 2012: 2226m in 14 "

§ 2015: 149m in 1 "

§ 2017: 374m in 2 "

§ 2018/19: 2929m in 22 "

All drill samples were obtained by diamond drilling. Drillcore samples were provided to ALS Laboratories core sawing and for sample preparation and analysis.

The Alum Shale, host to the mineralisation has a relatively consistent content of the target metals.

Sample interval in most cases was 2m except where there was a lithological contact. Each lithology was sampled separately. Sample was dried at 105°C, then crushed to 70% -6 mm using ALS-Chemex method Prep22. 100 g was split using a riffle splitter by method SPL21, followed by fine pulverizing to 85% less than 75 micron by method PUL31.

10-20 grams of pulp subsample were dispatched to ALS in Ireland for ICP multi-element analysis.

Drilling techniques

Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

Diamond drill core; standard tube; all but one hole were drilled vertically

All holes were drilled with BQTQ (core diameter 47mm)

All holes were surveyed downhole for direction at usually 3m intervals. The holes show minimal downhole deviation , with a maximum location error at the bottom of a hole of c. 6m.

Drill sample recovery

Method of recording and assessing core and chip sample recoveries and results assessed.

Measures taken to maximise sample recovery and ensure representative nature of the samples.

Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

Any core loss is marked by the drillers and then recorded in the log by the geologist.

The Alum Shale, host to the mineralisation, consistently has recoveries of +95%. In addition the material has relatively consistent values of the target metals.

Logging

Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

The total length and percentage of the relevant intersections logged.

Core was aligned and checked for continuity and marked out in one meter intervals. It was checked for drill bit marking as bit matrices are known to contain molybdenum. Comments were recorded in the database regarding the presence of bit marks.

Core was geologically logged recording lithology, oxidation, mineralogy (where possible), texture & structure and scanned with a handheld scintillometer. Down hole depth intervals were recorded with an accuracy of 20 cm.

All core was photographed.

All core was geologically logged.

Sub-sampling techniques and sample preparation

If core, whether cut or sawn and whether quarter, half or all core taken.

If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

For all sample types, the nature, quality and appropriateness of the sample preparation technique.

Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.

Whether sample sizes are appropriate to the grain size of the material being sampled.

Core was sawn in half using a core saw.

All drill holes were diamond drill holes.

·; Half core was taken using a sample interval of 2 m. Sample was dried at 105°C, then crushed to 70% -2 mm using ALS method Prep22. 100 g was split using a riffle splitter, followed by fine pulverizing to 85% less than 75 micron by method PUL31.

·; 10-20 grams of pulp subsample were dispatched to ALS in Ireland for ICP analysis.

·; Precision of sampling and analysing pulps is considered to be within +/- 5% and acceptable for use in resource estimation at any confidence level.

The grain size of the Alum Shale is extremely fine, less than 10 microns, and commonly around 1 micron. The uranium mineralisation is finely disseminated throughout the shale, again at a micron scale or less. Consequently the mineralisation and its host rock are very well represented in the 2m samples of core collected (average sample 3.3 kg). Because of the extremely fine nature of the mineralisation each drill core sample may contain many millions of individual grains of uranium minerals. Therefore sample size is appropriate.

Quality of assay data and laboratory tests

The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.

Because of the very fine nature of the host Alum Shale and the mineralisation minerals, it is considered that the laboratory procedures are appropriate for this mineralisation. The ICP method after 4 acid digestion is considered to give near total assay for all resource elements.

ALS also assayed 2 standards, 1 duplicate and 1 blank for each batch of 40 samples as part of their internal QAQC. QAQC data were inspected by Aura before data were accepted and entered into the Aura database.

In addition Aura inserted 1 blank, 1 certified reference sample and 1 duplicate in every 25 samples for QAQC

Review of these QAQC results indicates acceptable levels of accuracy and precision have been established.

Verification of sampling and assaying

The verification of significant intersections by either independent or alternative company personnel.

The use of twinned holes.

Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

Discuss any adjustment to assay data.

No twin holes were drilled.

The following information primary data is recorded: Collar, alteration, assays, drilling type, Geology, Geotech, Magnetic susceptibility, mineralisation, radiometrics, samples, scintillometer, spectrometer, structure, veining, surface samples, batch details.

All logging was done by the geologist digitally in an Excel spreadsheet. Photos of the core are taken after the hole was logged. Data is kept on site on an external hard drive as well as being sent by email to Aura Energy in Australia where it was uploaded into the independently managed EarthSQL data base.

No data enters the database without verification by the Database Manager.

Database managed by external contractor EarthSQL.

In house copy and backup offsite.

No adjustment to assay data.

Location of data points

Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

Specification of the grid system used.

Quality and adequacy of topographic control.

Drill hole collar locations have been surveyed by with an accuracy of 20 cm. Initial location is taken during drilling with handheld GPS when the casing has been put down.

All 2018/19 holes were recorded in grid system SWEREF 99 TM, the standard Swedish projection.

Holes were vertical in all cases except Hole 39. The drilling contractor conducted down hole surveys for deviation using a Reflex Ex Trac survey device with a reading at 3m intervals. Downhole deviation was slight.

The 2018/19 drillholes are located on an approximate 100 m by 100 m grid with 2 holes placed centrally within the the 100m squares; exact locations depended partially on access.

Topography: RL was surveyed by DGPS with an accuracy of c. 20 cm.

Data spacing and distribution

Data spacing for reporting of Exploration Results.

Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

Whether sample compositing has been applied.

All data reported in this release is based on drilling as described.

The vast majority of sample intervals are 2 m in length, except where this interval contained a lithological contact, in which case each litholy was sampled separately.

Orientation of data in relation to geological structure

Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

The mineralisation occurs in sub-horizontal sheets. It is considered that vertical drilling is the most appropriate drilling orientation for this mineralisation.

Sample security

The measures taken to ensure sample security.

Drillcore was collected by Aura personnel from the drillsite and immediately taken and housed in Aura's local locked core shed. After logging the core was transported to ALS Laboratories facility by either Aura or ALS personnel for core sawing, sample preparation and assaying.

Audits or reviews

The results of any audits or reviews of sampling techniques and data.

The site was visited during the drilling program by independent resource consultant Rupert Osborn of H&S Consultants who reviewed and reported favourably on procedures employed.

Mineral tenement and land tenure status

Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

The drilling reported was located on exploration permit Häggån No. 1. This permit is held 100% in the name of Vanadis Battery Metals AB, a 100% owned subsidiary of Aura Energy Limited.

Only standard Swedish government royalties apply to these permits

No native title interests are known to exist in the two permits.

A small, 2 hectare Natura 2000 area occurs against the eastern boundary of Häggån No.1 permit; this area is not in the vicinity of the currently planned mining area should a project be initiated at Häggån

The Häggån Nr 1 Exploration permit on which the entire resource is situated is valid until 28/8/2022.

Exploration done by other parties

Acknowledgment and appraisal of exploration by other parties.

The area has not been explored prior to Aura Energy.

Geology

Deposit type, geological setting and style of mineralisation.

Mineralisation at is hosted by bedded black shales of the Cambrian to Ordovician Alum Shale in tectonically or otherwise stratigraphically thickened metal enriched north-north-west striking elongated geological domains. The mineralised sequence outcrops in an area in the east of the tenement but elsewhere underlies a variably thin cover of limestone. Minor inter-beds of carbonate enriched shale or siltstone occasionally occur within the mineralised sequence. The mineralised unit overlies a mixed sequence of siltstone and massive mineralized back shale above a granitoid gneissic basement.

It is interpreted that there are a series of overthrusts which have displaced and caused thickening of Alum Shale within the resource area, and the sub-horizontal thrust sheets have influenced the grade distribution within the Häggån deposit.

Drill hole Information

A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

·; easting and northing of the drill hole collar

·; elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar

·; dip and azimuth of the hole

·; down hole length and interception depth

·; hole length.

If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

Drillhole collar locations are shown on Figure 2 of the ASX Announcement which this table accompanies. Drillhole location information for intersections reported is presented in Table 2.

Data aggregation methods

In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.

Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

The assumptions used for any reporting of metal equivalent values should be clearly stated.

Grades reported are simple averages over the interval specified with no weighting or grade truncation.

Relationship between mineralisation widths and intercept lengths

These relationships are particularly important in the reporting of Exploration Results.

If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. 'down hole length, true width not known').

The mineralisation occurs in sub-horizontal sheets. It is considered that vertical drilling is the most appropriate drilling orientation for this mineralisation.

Diagrams

Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

Appropriate maps and sections, and tabulations of intersects, can be found on the Aura Energy website (www.auraenergy.com.au) or in releases to the Australian Stock Exchange (ASX), available on the ASX website.

Balanced reporting

Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

.

Other substantive exploration data

Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

This information has been reported to the ASX over the 10 years since the discovery drill hole.

Further work

The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).

Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

The results of the 2018/19 drilling campaign reported in the ASX release to which this table is attached have been passed to independent resource consultants who will produce a resource estimate.