Tiris Mining Lease Application Submitted

Aura Energy Limited - Tiris Mining Lease Application Submitted

PR Newswire

London, May 23

The original release includes pictures from the Tiris Project Community Consultation DaysTo view the original complete with images please see the Aura Energy website:http://www.auraenergy.com.au/announcements-2017.html

24th May 2017

AURA ENERGY LIMITED(“Aura” or the “Company”)

KEY TIRIS URANIUM PROJECT MILESTONE ACHIEVED

MINING LEASE APPLICATION FOR TIRIS SUBMITTED

ENVIRONMENTAL AND SOCIAL IMPACT ASSESSMENT (ESIA) COMPLETED AS PART OF THIS PROCESS

STRONG GOVERNMENT SUPPORT INCLUDING KEY MINISTRIES OF MINING AND ENVIRONMENT

Aura Energy Limited (ASX:AEE, AIM:AURA) is pleased to advise that following a broad program of evaluation and study over the past 8 months a key milestone for the development and construction of the Tiris Project has been achieved with the submission of the Tiris Uranium Project Mining Lease Application on the target schedule to the Mauritanian Government.

As part of the application Aura Energy completed an exhaustive Environmental and Social Impact Assessment (ESIA) covering all aspect of the project including community consultation in the regions close to the project location.

Commenting on the Tiris Mining Lease Application, Peter Reeve, Executive Chairman said: “This milestone for Aura’s Tiris Uranium Project will now bring into clear focus that Tiris is now in that next important group of uranium projects that, subject to financing, will be developed. Due to its low capital cost, the implementation of Tiris is very achievable to meet the next expected cycle of rising uranium prices.”

The Mining Lease Application will now be reviewed by various departments within the Mauritanian Mines Department and Environment Department over a period of 6 months.

The application documentation included the final agreed term sheet for the Tiris Shareholders Agreement, which covers the 10% Government interest in the Tiris Uranium Project and was successfully negotiated over the past 3 weeks.

The completion of the Definitive Feasibility Study (DFS) for the Tiris Uranium Project is targeted for the end of 2017 however as previously advised, Aura envisages some elements of the Tiris DFS will still be outstanding at this point with full completion expected in early in 2018. This is not expected to impact project implementation and financing, as a number of parallel activities will be conducted near the end of the Tiris DFS.

The critical areas remaining for the Tiris DFS are;

Aura continues to plan for all requirements for the implementation of the Tiris Uranium Project during 2018 including construction, potential product offtake and financing review. The various departments within the Mauritanian Government, including the Mines and Environment departments remain very supportive of Aura’s project initiative and are activity assisting in the projects implementation.

- ENDS -

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