REG - Aura Energy Limited - Activities Report December Quarter 25 Appendix 5B

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RNS Number : 1114R  Aura Energy Limited  30 January 2026

 

 

                                                                                                                                     30 January 2026

Activities Report for December Quarter 2025

Appendix 5B

 

Aura Energy Limited (ASX: AEE, AIM: AURA) ("Aura" or the "Company") is pleased
to provide its activities report for the quarter ended 31 December 2025 and
accompanying ASX Appendix 5B for the period ended December 2025. Aura
continues to advance the development of its flagship Tiris Uranium Project
("Tiris") in Mauritania, West Africa, while progressing licensing initiatives
for the Häggån Polymetallic Project ("Häggån") in Sweden.

To view the full Appendix 5B, please click here
http://www.rns-pdf.londonstockexchange.com/rns/1114R_1-2026-1-30.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1114R_1-2026-1-30.pdf)

Highlights

Post-balance date developments:

·    On 1 January 2026, the Swedish Government overturned the country's
ban on uranium mining and uranium was reclassified as a concession mineral
under the Minerals Act.

·    Aura established a valuation of C$50 million (A$55 million) for its
Häggån project, through an investment of C$10 million by strategic investors
for a 20% interest.

·    The Company announced that it is in the process of completing a
capital raising via a placement.

During the quarter (October to December 2025):

·    Aura was granted an exploration permit for a new 1,000-hectare
tenement adjacent to its existing Häggån tenement - Gräsmyråsen nr 1
tenement.

·    Tiris Basic Engineering study progress continued, with engineering
underway to ensure the optimal flowsheet is adopted.

·    Tiris Basic Engineering study due to begin in Q2 2026 and followed by
Final Investment Decision ("FID") in Q3 2026.

·    Significant progress made with multiple potential strategic
investors.

·    Debt funding discussions with the U.S. International Development
Finance Corporation ("DFC") continue to advance. DFC is now also authorised to
make equity investments.

Uranium Market

On 29 January 2026, the TradeTech uranium price was US$101.50/lb with futures
quotes for 2026 delivery in the US$101-104/lb range. At the end of December
2025, the spot price of uranium (as reported in the TradeTech Exchange Value)
was US$83.25 per lb, up US$6.95 or 9 per cent on the previous month's closing
price of US$76.30 per lb. Over the December quarter, as also reported in the
TradeTech Exchange Value, the spot uranium price rose from a low of US$71.50
in July to US$83.25 per lb, a gain of 16 per cent.

In light of their heavy forecast power needs for data centres and AI
infrastructure, US technology companies continue to partner with nuclear
energy companies. This highlights the benefits of nuclear power as a rare
source of large scale, low emission, reliable base load power. Examples
include Google's 25-year power offtake agreement with NextEra, Microsoft's
20-year power purchase agreement with Constellation, and Meta's offtake
agreements with Vistra. Meta also announced a partnership with Oklo to help
advance its reactor technology and develop a new nuclear energy campus.

 

Active buyers in the market were not only utilities requiring fuel for their
own reactors, but also traders, producers, and funds such as Sprott and
Yellowcake seeking to acquire inventory in anticipation of rising prices.
Market participants are acutely aware of the forecast deficits in the supply
of mined uranium in coming years.

In the U.S. uranium was officially added back to the Critical Minerals List by
the U.S. Geological Survey on 14 November 2025. This followed the signing of
a partnership in October between the U.S. Government and Westinghouse
Electric's owners to build at least US$80 billion worth of nuclear reactors
and at a time when growth in artificial intelligence data centres has driven
an increase in U.S. power demand for the first time in two decades, straining
part of the grid.

The recent legislative changes in Sweden and the proposed generous financial
framework to support new nuclear reactor construction reflects how mid-sized
European economies are positioning nuclear as a core part of their
clean-energy future.

Tiris Uranium Project (Mauritania)

Aura continues to advance its Tiris Uranium Project, with the objectives of
achieving FID in Q3 2026. Shortly thereafter, formal conditions precedent will
be finalised enabling construction of the project to commence.

As discussed during the Chairman's Address - 2025 Annual General Meeting
("AGM") on 25 November 2025, the Basic Engineering study was placed on hold
pending the completion of test work to identify the optimal processing
approach following dissolution of uranium in the leach plant. In particular,
the test work is focused on the separation of the uranium-bearing pregnant
leach solution from the solid, clay-rich residues generated by the plant
(dewatering).

The Company and its main offtake partner, a leading US nuclear utility,
acknowledge that the condition precedent, which required FID by 31 December
2025, was not fulfilled. The parties are nevertheless mindful of the strategic
value of the contract to each party and are working collaboratively to enable
the contract to remain effective.

Engineering and Development Activities

Aura currently anticipates the Basic Engineering study will be completed in Q2
2026. Potential strategic investors and financiers are aware of the revised
test work program outlined above and continue to see the development of Tiris
as potentially marking the emergence of a new, strategically important African
uranium province to rival Niger and Namibia.

The key aspect of the test work that needs to be completed relates to the
dewatering of the slurry once it has been leached and before the uranium is
harvested in the ion exchange plan. Four options are being investigated with
detailed test work underway:

o  Centrifuge;

o  Counter Current Decantation ("CCD");

o  The use of polymers to agglomerate fine and coarse particles facilitating;
and

o  Resin in Pulp.

·      Ongoing Flowsheet Test work:

The flow sheet consists of five key stages

 Activity                                                                      Status                                                                          Commentary
 Beneficiation including screening and thickening                              Screening - testing completed                                                   Screening tests achieved design specifications.

                                                                               Thickening - Phase 1 complete. Additional variability testing to be completed   Thickening densities achieved using flocculants. Variability in results
                                                                               in Q1 2026.                                                                     undergoing additional testing.
 Filtration (dewatering of slurry) both before and after the leaching process  Current test work program                                                       Optimisation of this process and the associated productivity and cost
                                                                                                                                                               management continues to be refined. See detail above.
 Leach                                                                         No outstanding test work                                                        No material change from FEED study assumptions
 Ion exchange                                                                  No outstanding test work                                                        No material change from FEED study assumptions
 Calcination                                                                   No outstanding test work                                                        No material change from FEED study assumptions
 Packaging                                                                     No outstanding test work                                                        No material change from FEED study assumptions

Funding and Investment Partners

As Aura moves closer to FID, the Company is seeking to progress funding
arrangements that reflect three principles:

1.   They must offer fair value for shareholders

2.   The financing terms should reflect the long life of the resource

3.   They should represent the lowest available cost of capital

 

Aura is following a structured and disciplined financing process that ensures
the Company will enter project development from a position of stability and
confidence and continues to engage with potential strategic partners around
the world.

U.S. International Development Finance Corporation ("DFC")

·      DFC's new Chief Executive Officer (Ben Black) was confirmed by
the U.S. Senate with bipartisan support in October 2025.

·      In December 2025, DFC received a six-year reauthorization with
expanded authorities, which included an investment cap increase by over 300%
to US$205 billion and the authority to make substantial minority equity
investments (up to 40% ownership).

Häggån Polymetallic Project ("Häggån Project")

Post-quarter end, a valuation of C$50 million (A$55 million) was established
for the Häggån project as MMCAP International Inc., SPC and other strategic
investors agreed to provide funding of C$10 million for a 19.7% interest in
the Häggån Project.

Aura has entered into a binding agreement to transfer 100% of the Häggån
project to SIU Metals Corp ("SIU Metals")., an unlisted Canadian public
company, in consideration for acquiring shares in SIU Metals. The agreement
will result in SIU Metals being the 100% owner of the Häggån project.

Aura will retain 78.7% ownership of SIU Metals, the strategic investors will
own 19.7% after contributing C$10 million via a private placement, and other
investors will own 0.6%. SIU Metals' existing shareholders will retain 1%. SIU
Metals intends to seek a stock market listing on the TSX Venture Exchange in
connection with the transaction by June 2026.

Aura will rename SIU Metals and appoint new officers and directors on closure
of the transaction, which is expected in June 2026. Funds committed by the
strategic investors will be used for the advancement of the Häggån project,
including permitting and resource expansion through continued exploration
including on surrounding tenements.

On 5 November 2025, the Parliament of Sweden voted to overturn the uranium
mining ban effective 1 January 2026. Uranium has now been reclassified as a
concessional mineral under the Minerals Act allowing exploration and
extraction permits under existing mining laws and signals the rebirth of
Sweden's nuclear industry. Sweden has 27% of Europe's known uranium within its
bedrock 1  (#_ftn1) and already extracts uranium as a waste product when
mining for other metals. The government is also proposing to amend the Nuclear
Activities Act so that uranium mining would not be considered a nuclear
facility, which currently entails a municipal veto. It is anticipated that
amendments to the Act will be put before Parliament around the end of Q1 2026,
and new legislation enacted in July 2026.

With the uranium mining ban lifted at the start of the year, Aura's subsidiary
Vanadis Battery Metals ("Vanadis") notified the Swedish Mines Inspectorate
that it will seek to have the Häggån exploitation licence application
amended to include uranium exploitation within its existing tenure.

On 24 November Sweden's Mining Inspectorate "Bergsstaten" granted Vanadis an
exploration permit for the Gräsmyråsen nr 1 tenement in Jamtland with
validity to 20 November 2028. The Gräsmyråsen tenement covers 1012.12
hectares, lies to the west of, and adjacent to, Vanadis' existing Häggån nr
1 tenement. The new exploration permit will supplement the Company's existing
assets and adds coordination benefits, making exploration work more efficient
and cost effective in this high potential area.

Häggån is a substantial polymetallic deposit, hosting uranium, vanadium,
nickel, molybdenum, zinc, and sulfate of potash - all essential to the energy
transition sector. Vanadium is also classified by the European Union as a
critical raw material under the Economic Union's Critical Raw Materials Act.

Corporate

During the quarter, Andrew Grove resigned as Managing Director and CEO.
Executive Chair Phil Mitchell assumed accountability for day-to-day
operational management ensuring continuity, specifically regarding critical
current workflows including funding discussions with the U.S. International
Development Finance Corporation and potential strategic partners.

A process has commenced to appoint a Lead Independent Director from amongst
the Non-Executive Directors for the period that Mr Mitchell acts in the role
of Executive Chairman.

My Bryan Dixon advised the Company that he would not stand for re-election at
the AGM in November and resigned as a Non-Executive Director and Chair of the
Audit and Risk Committee effective at the conclusion of the AGM.

Ross Kennedy resigned as Company Secretary and Mindy Ku was appointed to the
role on 22 December 2025. Ms Ku has over 20 years' experience in governance,
compliance reporting, board reporting and company secretarial services in
Australia and other jurisdictions.

Financial Summary

As at 31 December 2025, Aura held A$4.2 million in cash.

Key Cash Flows

·      Exploration and evaluation (Tiris development activities,
engineering, EPCM, test-work): A$1.6 million.

·      Administration and corporate: A$2.1 million.

·      Staff costs: A$1.0 million.

·      Payments to related parties and associates: A$0.7 million (refer
Item 6, Appendix 5B).

 

 

Forecast net operating and exploration expenditure for the March quarter is
A$4.3 million. The Company announced that it is in the process of completing a
capital raising to fund its operations.

Planned Activities - March Quarter 2026

Tiris Uranium Project

·      Continue to progress funding options, due diligence with the DFC
and potential strategic partners.

·      Complete current filtration test work, progress project
derisking, and update the process flowsheet.

·      Continue review of Basic Engineering estimates and evaluate
engineering contract options.

·      Progress detailed execution planning and detailed planning of
early works.

·      Conduct dewatering variability testing, geometallurgy and
baseline environmental monitoring.

Häggån Project

·      Continue support for Exploitation Concession permit process.

·      Progress financing for the transaction, and listing of new entity
on TSX Venture Exchange

ASX Announcements - December Quarter 2025

Following is a list of all market sensitive announcements lodged by the
Company during the Quarter:

§  Resignation of Managing
Director
20 Oct 2025

§  Quarterly Activities report for September quarter
2025                              22 Oct 2025

§  Swedish Parliament votes to overturn uranium mining
ban                        6 Nov 2025

§  Aura Energy granted new exploration tenement in
Sweden                       25 Nov 2025

§  Chairman's Address to
AGM
25 Nov 2025

These announcements are available for viewing on the Company's website,
www.auraenergy.com.au
(https://protect.checkpoint.com/v2/r04/___http:/www.auraenergy.com.au___.Y3A0YTplbi1hZWU6YzpvOjNlNjU5ODBjMWQ0N2YwZjVlNDliMjEyMzBkYTJmODRjOjc6MWU3MDo3MDhjNjkyMDRjYjY3ODMxMWQ3ZjRlZGI5NThkNjVjODg0MjJhMGM2MTQyNWFiZGNkMzk4N2NiNzM4YjRlMDhiOnA6VDpU)
.

Aura confirms that it is not aware of any new information or data that
materially affects the information, or key assumptions, included in any of
these original ASX announcements.

 

Tenement summary

The Company holds the following interest in mining tenements, farm-in and
farm-out agreements at the end of the quarter:

 Tenement No.  Name                Grant Date  Expiry                                                    km(2)  Holder                          Equity

 Mauritania(1)
 2491C4        Ain Sder            8/02/2019   8/02/2049                                                 207    Tiris Ressources SA             85%
 2492C4        Oued El Foule       8/02/2019   8/02/2049                                                 190    Tiris Ressources SA             85%
 2490C4        Oum Ferkik          19/05/2017  Pending approval of application for Exploitation License  60     Tiris Ressources SA             100%
 2365B4        Oued El Foule Sud   04/12/2023  04/12/2026                                                166    Aura Energy Limited             100%
 2457B2        Hadeibet Belaa      08/12/2023  08/12/2026                                                30     Tiris International Mining Co.  100%
 2458B2        Touerig Taet        08/12/2023  08/12/2026                                                100    Tiris International Mining Co.  100%
 Sweden
 2007-243      Häggån nr 1         28/08/2007  Pending approval of application for exploitation permit   18     Vanadis Battery Metals AB       100%
 2016:9        Möckelåsen nr 1     21/01/2016  21/01/2028                                                18     Vanadis Battery Metals AB       100%
 2016:7        Skallböle nr 1      20/01/2016  20/01/2028                                                8      Vanadis Battery Metals AB       100%
 2025:111      Gräsmyråsen nr 1    20/11/2025  20/11/2028                                                10     Vanadis Battery Metals AB       100%

Table 1 - Tenement summary

 

Note: 1. Refer also commentary regarding Mauritanian tenement tenure in the
Company's 30 June 2025 Annual Report released to ASX on 16 October 2025

In addition, Aura has a farm-in agreement with Nomads Mining Company sarl,
Mauritania, through the Aura subsidiary Archean Greenstone Gold Limited which
has earned a 70% interest in Nomads 100%-owned gold exploration permit at
Tasiast South in Mauritania (refer to ASX announcement dated 11 June 2019
titled "Aura completes farm-in and joint venture agreement"). As announced in
the Company's 30 June 2025 Annual Report, the Company has fully impaired its
expenditure on these gold assets.

As notified in the 2025 Annual Financial Statements, on 28 August 2025, some
of Nomads Mining SARL ("Nomads") shareholders filed a petition to the
Commercial Court of Nouakchott seeking to cancel the farm-in agreement and
claim damages. The Company is actively defending the matter and based on
current legal advice, the likelihood of an outflow of economic resources is
considered remote. It is noted that the petition was filed after the Company
submitted an application for the registration of the transfer of 70% of
Nomad's shares to the Company and that in December 2025, the Commercial Court
of Nouakchott ruled in favour of the Company and ordered the registration of
ownership interest of the Company in the official Register of Commerce.
 Philip Mitchell is registered as the sole "gerant" of Nomads. The Company
will seek to enforce its position and the court orders.

The Company did not conduct exploration activities during the quarter. As
outlined above a new tenement was granted in Sweden.

 

 

Outlook

Both the Tiris Uranium Project and the Häggån Polymetallic Project have
outstanding fundamentals, are located in supportive jurisdictions and are
underpinned by favourable market conditions. Aura's near-term goal remains
unchanged: to deliver the Tiris Uranium Project into production safely,
responsibly, and in a way that enhances value for all stakeholders, including
host communities, partners and shareholders. Over the longer term the Company
will participate in the rebirth of Sweden's nuclear industry and unlock the
value of the Häggån asset.

 

 ENDS

 

Authorisation for release

This announcement is authorised for release by the Board of Aura Energy
Limited.

This Announcement contains inside information for the purposes of the UK
version of the market abuse regulation (EU No. 596/2014) as it forms part of
United Kingdom domestic law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR").

For further information, please contact:

 Philip Mitchell        SP Angel Corporate Finance LLP  Tamesis Partners LLP

 Executive Chair        Nominated Adviser               Broker

 Aura Energy Limited    David Hignell                   Charlie Bendon

 pmitchell@auraee.com   Adam Cowl & Devik Mehta         Richard Greenfield

 +44 7552272155         +44 203 470 0470                +44 203 882 2868

 

Australian investors and media

GRACosway

Bill Frith

Bill.Frith@omc.com

+61 405 144 807

About Aura Energy (ASX: AEE, AIM: AURA)

Aura Energy Limited (ASX:AEE, AIM:AURA) is an Australian-based company focused
on the development of uranium and battery metals to support a cleaner energy
future. Aura is committed to creating value for host nations, local
communities, and shareholders through responsible and sustainable resource
development. Aura is advancing two key projects:

§ Tiris Uranium Project, Mauritania - A fully permitted, near-term
development asset with a potential long mine life. Aura plans to transition
from a uranium explorer to a uranium producer to capitalise on the rapidly
growing demand for nuclear power as the world shifts towards a decarbonised
energy sector

§ Häggån Polymetallic Project, Sweden - A globally significant deposit
containing vanadium, sulphate of potash and uranium with potential long-term
value

 

 

Disclaimer Regarding Forward-Looking Statements

This ASX announcement (Announcement) contains various forward-looking
statements. All statements other than statements of historical fact are
forward-looking statements. Forward-looking statements are inherently subject
to uncertainties in that they may be affected by a variety of known and
unknown risks, variables and factors which could cause actual values or
results, performance or achievements to differ materially from the
expectations described in such forward-looking statements. The Company does
not give any assurance or guarantee that the anticipated
results, performance or achievements expressed or implied in those
forward-looking statements will be achieved.

Future funding plans are not commitments and depend on market conditions,
approvals and counterparties; there is no assurance finance will be obtained
on acceptable terms.

 

Notes to project descriptions

The Company notes that the material assumptions underpinning the Tiris Uranium
Production Targets, Ore Reserves and the associated financial information
derived from the Tiris production target as outlined in the Aura Energy ASX
Release dated 29 March 2023 "Enhanced Definitive Feasibility Study', ASX
Release dated 28 Feb 2024 "FEED study confirms excellent economics for the
Tiris Uranium Project", ASX Release dated 16 April 2024 "Offtake restructure
delivers significant value", ASX Release dated 11 Sept 2024 "Updated
Production Target Improves Economics at Tiris Uranium Project" and ASX Release
dated 13 Dec 2024 "Tiris Uranium Project Alternative Production Targets" are
subject to the matters disclosed in the ASX Release dated 25 November 2025
"Chair Address - Annual General Meeting 2025". Process descriptions and cost,
NPV, IRR and pay-back estimates may be impacted by the ongoing review of basic
engineering work expected to be completed in Q2 2026.

The Tiris Uranium Project Mineral Resources were released ASX Release dated 12
June 2024 "Aura increases Tiris Mineral Resources by 55% to 91.3 Mlbs U3O8"
and Ore Reserves released ASX Release dated 16 Dec 2024 "Substantial increase
in Tiris Uranium Project Ore Reserves". The Company confirms that it is not
aware of any new information or data that materially affects the information
included in the relevant market announcement and that all material assumptions
and technical parameters underpinning the estimates in the relevant market
announcements continue to apply and have not materially changed, with the
exception of process flow sheet matters currently being addressed as outlined
in the ASX Release dated 25 November 2025 "Chair Address - Annual General
Meeting 2025".

The Häggån Project Resource Estimate was prepared by a Competent Person in
accordance with the JORC Code (2004 Edition) (see ASX Release dated 22 August
2012 "Outstanding Häggån uranium resource expands to 800 million pounds" and
ASX Release dated 10 October 2019 "Häggån Battery Metal Project Resource
Upgrade Estimate Successfully Completed"). The uranium Mineral Resource is
currently in the process of being converted to a resource estimate in
accordance with the JORC Code (2012 Edition) and to incorporate uranium assay
information from exploration drilling subsequent to ASX Release: 22 Aug 2012 -
Outstanding Häggån Uranium Resource Expands to 800 Million Pounds. No
reinterpretation or estimation has been completed during the conversion
process so far. A full summary of the Resource methodology and validation,
which is currently being independently reviewed and validated by the Competent
Person, will be included in the relevant JORC tables attached to the future
announcement of the JORC 2012 compliant resource.

The Company confirms that the material assumptions underpinning the Häggån
Project Production Targets and the associated financial information derived
from the Häggån production target as outlined in the Aura Energy ASX
Announcement dated 5 Sept 2023 "Scoping Study Confirms Scale and Optionality
of Häggån" continue to apply and have not materially changed.

In respect to Resource statements, there is a low level of geological
confidence associated with inferred mineral resources and there is no
certainty that further exploration work will result in the determination of
indicated measured resource or that the production target will be realised.

 1  (#_ftnref1) Geological Survey of Sweden (SGU)

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