Ann: Project Update, page-14

I can't speak for Aura Energy but I believe we can easily hit at least 100mt @ > 0.4% vanadium oxide just with a tiny bit more drilling.

We are told that E57/1068 (Unaly Hill) has a 14km strike length, yet from the only 3km of drilling along that strike, we were able to prove up an 86mt @ 0.42% V2O5 JORC compliant resource. This is fairly impressive given the drill locations don't even appear to be at areas of peak magnetic intensity. The TMI chart below shows the historical drill holes (circled in red).



Best historic drill results include:
- 117m* @ 0.66% v2o5, 9.6% TiO2, 34.5% Fe
- 50m @ 0.72% v2o5, 10.00% TiO2, 37.8% Fe

*It was also mentioned in the quarterly that this diamond drill hole was completed to 320m that ended in mineralization. The 117m represents the high-grade section. It appears that the mineralization runs deep too.

But as we can see a lot of the project remains undrilled and untested (below). It also mentions mineralization is open along strike and depth...




If we fully drill this prospect out and find all targets to contain above cut-off vanadium, I believe 150mt (a guess) is on the table, which could, in theory, support a 5mtpa vanadium magnetite titanium operation for 30 years.

Seems to be a good project so far but I will look out for future drill results that better define the true strike width and if indeed the southern extension also contains high-grade vanadium oxide.

Kooline is also very good and has the extremely high-grade lead/silver. A good chunk of the capital raise expenditure budget was allocated here so maybe we will see some drilling soon as well.



It's actually ridiculous how high-grade the lead samples are...