Aura Energy Limited (ASX: AEE, AIM: AURA), an Australian-focused uranium and battery metals developer, has published an addendum to its 2026 Annual Report correcting two statements in its Remuneration Report and providing supplementary information requested by proxy advisers. The corrections concern the engagement date of remuneration consultant Augmentia and an inaccurate description of the executive long-term incentive programme. The addendum is timed ahead of the company's Annual General Meeting on 26 November 2026, at which shareholders will vote on the Remuneration Report as Resolution 1, with a proxy cut-off of 24 November 2026 at 3:00 pm AEDT.

Key Points

  • Aura Energy Limited (AIM: AURA, ASX: AEE) is an Australian uranium and battery metals developer advancing the Tiris Uranium Project in Mauritania and the Häggån Polymetallic Project in Sweden.
  • The company has issued a formal addendum correcting two errors in its 2026 Remuneration Report and disclosing supplementary detail on executive termination arrangements and short-term incentives.
  • Former Managing Director Andrew Grove received total termination payments of $425,000; 6,441,860 unvested options lapsed on his departure, correcting a previously stated figure of 6,858,527.
  • Shareholders who have already lodged proxies may submit replacement instructions before the 24 November 2026 cut-off; the Chairperson intends to vote undirected proxies in favour of the Remuneration Report.

Augmentia Engagement Date and LTI Programme Description Corrected for AGM Vote

The addendum corrects two specific errors identified in the Remuneration Report. First, the report incorrectly stated that remuneration consultant Augmentia was engaged in FY2025; the company confirms Augmentia was first engaged in May 2026, with FY2025 remuneration arrangements developed by the previous adviser, Gallagher. Second, the report did not accurately describe the long-term incentive programme for executives appointed in 2026, though the company notes each individual arrangement was disclosed in separate AGM resolutions. The addendum sets out the full LTI structure, including fixed remuneration benchmarked against an ASX-listed uranium peer group comprising Lotus Resources, Peninsula Energy, Boss Energy, Bannerman Energy and Deep Yellow.

Andrew Grove Termination: $425,000 Total Payment and 6,441,860 Lapsed Options Disclosed

The addendum provides detailed supplementary information on the departure of former Managing Director Andrew Grove, who resigned with effect from 17 October 2025. He received $212,500 in lieu of six months' notice and an ex-gratia payment of $212,500, totalling $425,000 including superannuation, alongside accrued leave entitlements. The company clarifies that 6,441,860 unvested incentive options lapsed on departure — not 6,858,527 as previously stated — with the difference attributable to 416,667 listed options Mr Grove had personally acquired for cash, which were not remuneration instruments. No vesting was accelerated and no substituted benefit was provided.

FY2025 Short-Term Incentive Scorecard and Discretionary Bonus of Approximately $289,000 Explained

The addendum clarifies that the $42,500 paid to Mr Grove in FY2026 represented his FY2025 short-term incentive, approved by the Board on 8 October 2025 before his resignation, and was not a termination payment. Because the Final Investment Decision, development commencement and shareholder value measures were not met, the Board did not apply the scorecard formula. Instead, it paid a discretionary bonus of approximately 10% of base salary to all eligible employees, totalling approximately $289,000 against a budget of $825,000. Mr Grove's $42,500 represented 10% of his base salary, equating to 40% of his target STI opportunity. The cash short-term incentive has since been discontinued for the executive team until project financing is secured.

Aura's LTI Structure Ties Executive Reward to Tiris Financing, Construction and Uranium Peer Outperformance

The executive LTI programme delivers options at an exercise price of $0.11 across three tranches: Financing and Final Investment Decision; Delivery against the FID construction plan; and a Value tranche measuring total shareholder return relative to uranium peers, vesting above the 25th percentile and in full at the 75th percentile. The relative measure is designed to isolate management performance from broader uranium price movements. Key result areas, measures and achievement criteria are fixed for the life of the plan with no re-testing or re-pricing permitted. Shares are subject to a 12-month escrow. These milestones are directly linked to progress at the Tiris Uranium Project in Mauritania, Aura's primary near-term development asset.