Aura Energy

Quarterly Report for the Period Ending 30 September 2023

Aura Energy Limited (ASX: AEE, AIM: AURA) (“Aura” or “the Company”) is pleased to provide an overview of activities for the period ended 30 September 2023 (“Quarter” or “Reporting Period”) to accompany the Appendix 5B. Aura remains focused on fast-tracking the development of its Tiris Uranium Project in Mauritania (“Tiris” or the “Tiris Project”) and the advancement of the Häggån Polymetallic Project in Sweden (“Häggån” or the “Häggån Project”).


KEY POINTS:

  • Tiris Uranium Project continued to advance across all development workstreams:
    • Front-End Engineering Design (FEED) remains on track for completion in Q4 2023;
    • Existing Tiris Uranium Resource of 58.9Mlbs U3O8 (113Mt at grade of 236ppm U3O8) with additional upside under investigation in an Exploration Target announced subsequent to the period end1;
    • Offtake discussions continue in the environment of a strongly appreciating uranium spot market - the World Nuclear Association releasing increased demand growth projections; and
    • The process of tenement renewal and granting of the Tiris exploitation agreement continues in line with expectations.
  • Häggån Project Scoping Study (“Scoping Study”) released, indicating significant scale and optionality:
    • Post-tax Net Present Value (“NPV”) range of US$380M-US$1,231M (before U3O8 by- product);
    • Vanadium, potash, nickel, molybdenum, zinc and potentially uranium amongst a diversified suite of future-facing commodities;
    • Works for application of a 25-year Exploitation Permit is underway; and
    • The Scoping Study covers less than 3% of Häggån’s known 2.0B tonne Mineral Resource Estimate.
  • Subsequent to the Reporting Period, the Swedish Government has introduced legislation to the parliament supporting the transition towards 100% fossil-free energy production by allowing the expansion of nuclear energy.

Company Activities

During the Quarter, the Tiris Project continued to advance, with good progress made on the FEED study due in Q4 2023. The Company continues to engage with the National Authority for Radiation Protection, Safety and Nuclear Security (ARSN) in order to secure an export permit, and Orano NPS has been appointed to finalise the logistics solution to deliver yellowcake into the global markets. Negotiations continued with utilities over the award of offtake agreements (“Offtake”), supported by an improvement in the uranium spot price, which has risen by nearly 30% from US$56.10/lb to US$71.58/lb U3O8. Discussions on securing finance continued during the Quarter to support the advancement of the Tiris Project’s development.

Post the end of the Quarter, Aura announced its intention to commence an exploration program at its Tiris Project, targeting additional resources to progress towards a potential 100 Mlbs U3O8 Inferred Resource. Pre-construction works, including the geotechnical drilling of the proposed plant site and trial mining will also be undertaken as part of this program, which will provide valuable data in the production planning for the Tiris Project.

Figure 1 - Nouakchott Port

During the Quarter, Aura’s Executives had meetings in Sweden to discuss the government's legislative process, as the country transitions towards a 100% fossil-free energy strategy including the removal of the uranium mining ban. The Company provided a briefing on the Häggån Scoping Study, with subsequent discussion about how Aura intends to develop the Häggån Project. The Company made progress on key activities required for the application for the exploitation permit, with baseline environmental monitoring and community consultation due to commence in Q4 2023. This will see the application for the exploitation permit being submitted during Q3 2024.

Managing Director and CEO, David Woodall, was interviewed by two of the local newspapers, presenting the strategy that would be adopted by Häggån Project which would deliver no negative impact on the local lakes and water supply, establish operations with a small environmental footprint, progressive rehabilitation, direct employment and business opportunities and the potential of downstream business within the region. This will be a key focus throughout the December 2023 quarter with ongoing consultation and interactions with stakeholders about the Häggån Project as part of the exploitation permitting process.

Aura’s Executives also visited Mauritania to update the government on the progress of the Tiris Project, the progress of the uranium export permit, and other activities to support the project development.

In September 2023, the Company boosted its team in Mauritania with the recruitment of Abdoullah Samoury as non-board Business and Exploration Director, based in Nouakchott.


Click here for the full ASX Release

This article includes content from Aura Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

AEE:AU
The Conversation (0)
Thor Energy (ASX:THR)

Term Sheet to Treat Colorado Project Uranium Waste Dumps and Gross Revenue Sharing Agreement with DISA Technologies

Pathway for Thor Energy PLC to potentially generate revenue from US Uranium and Critical Minerals Production

Thor Energy plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) is pleased to announce the signing of a term sheet ("Term Sheet") with DISA Technologies, Inc. ("DISA") to seek to evaluate and if successful, treat historically abandoned uranium mine waste dumps ("Waste") and recover saleable uranium and other critical minerals concentrates at Thor's Colorado uranium claims. Thor holds 25% ownership rights to uranium minerals on U.S. Bureau of Land Management ("BLM") via its US subsidiary Standard Minerals Inc. ("Standard") that holds the projects (the "Colorado Projects") in Colorado in the United States, along with the 75% holder, London-listed Metals One PLC (AIM: Met1).

Keep reading...Show less
Saga Metals (TSXV:SAGA)

Saga Metals


Keep reading...Show less
Swedish flag with a yellow cross on a blue background, waving in the clear sky.

Sweden Moves to Lift Uranium Mining Ban Through Legislative Proposal

Sweden has announced plans to lift its seven-year ban on uranium mining, with a proposal to amend the Environmental Code and Minerals Act expected in parliament later this year. If approved, the changes would take effect on January 1, 2026.

The proposal follows the conclusions of a government inquiry completed in December 2024, which recommended that uranium be treated under the same legal framework as other concession minerals.

That recommendation was reviewed by the Council on Legislation in June 2025, clearing the way for parliament to consider a repeal.

Keep reading...Show less
Basin Energy Managing Director Pete Moorhouse.

Basin Energy Shifts Focus to Uranium Assets with District-scale Potential in Queensland

Basin Energy’s (ASX:BSN) recent acquisition of a significant landholding in the Mount Isa region of Northwest Queensland has propelled the company into Australia's uranium and rare earths exploration landscape, giving investors exposure to a cost-effective, district-scale opportunity, according to the company’s managing director, Pete Moorhouse.

“The Queensland opportunity provides direct exposure for district-scale wins from first-pass drilling with reverse circulation and aircore, so this is relatively cheap drilling on district-scale opportunities. Northwest Queensland, from the jurisdiction (perspective), is a real prime opportunity for critical minerals,” said Moorhouse.

The Basin Energy executive also noted that there are significant government initiatives in place at both the federal and state level to support the region’s growth, as well as recent M&A activity in the uranium space.

Keep reading...Show less
Basin Energy Logo

Basin Energy


Keep reading...Show less
Nuclear reactors with upward trending graph overlay.

Cameco, Kazatomprom Production Cuts Stoke Uranium Market Tightness

Shares of Cameco (TSX:CCO,NYSE:CCJ) were on the rise after the uranium major announced it is reducing its annual production guidance due to expansion delays at the McArthur mine in Saskatchewan, Canada.

Instead of the projected 18 million pounds of U3O8 the company was aiming for from its McArthur River joint venture with Orano, the revised output tally reduces 2025’s production total to between 14 million and 15 million pounds.

In January, Cameco warned that delays at McArthur River — including slower-than-expected ground freezing, development setbacks and labor constraints — could affect its 2025 production outlook.

Keep reading...Show less

Latest Press Releases

Related News

×