REG - Aura Energy Limited - Activities report for the March quarter 2025
23/04/2025 07:20
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RNS Number : 8282F Aura Energy Limited 23 April 2025
ASX RELEASE 23 April 2025
Activities report for the March quarter 2025
Aura Energy Limited (ASX:AEE, AIM:AURA) (Aura or the Company) is pleased to
provide its quarterly activities report for the period ended 31 March 2025,
accompanying the Company's Appendix 5B.
Aura has made significant strides in the development of its flagship Tiris
Uranium Project (Tiris) in Mauritania, West Africa, while also advancing the
licensing of the Häggån Polymetallic Project (Häggån) in Sweden.
Activities and milestones at Tiris 1
Numerous activities have commenced or have been completed during the quarter
supporting Aura's objective of producing uranium at Tiris by early CY2027. Key
highlights include:
§ Hydrogeological drilling and testing: 2 Hydrogeological specialists Knight
Piésold Consulting (Knight Piésold) has defined a ground water supply of 74
L/s, 57% in excess of the Project's water requirements (47 L/s), with
sufficient groundwater expected for the Project's life
§ Funding progress: Significant progress has been made with potential
financiers and strategic partners to secure funding for the Tiris Uranium
Project. Aura, along with its debt and strategic investment advisors, Orimco
and Macquarie Bank, continues to actively pursue these funding opportunities.
However, at this time the proposals remain non-binding, confidential and not
yet at a stage for market announcement
§ Team strengthening: The project development team has been strengthened with
the appointment of Mohamed Sid'Ahmed as General Manager Operations (GMO) for
the Tiris Uranium Project. Mohamed is a Mauritanian national and experienced
mining executive and mining engineer, brings extensive technical, operational
and management expertise from both national and international projects. Most
recently, he was GMO of Leo Lithium's Goulamina lithium mine in Mali
§ Engineering activities: Engineering activities at Tiris remain on track for
delivering the Project in early CY2027. Focus areas include:
§ Basic engineering with Wood on schedule for completion in July 2025
§ Process flowsheet locked with minor amendments to the Front End Engineering
Design (FEED) Study flowsheet
§ Development procurement and contract Expressions of Interest (EOI) and
Request for Proposal (RFP) process commenced within Mauritania (receiving over
190 responses) and internationally
§ Vendor test work commenced for performance guarantees
§ Refining Project mass and water balances
§ Detailed pumping and pipe design underway
§ Piping and Instrumentation Diagram (P&ID) development underway
§ Power optimisation study received
§ Dynamic simulation commenced
§ Detailed Project execution planning well advanced
Swedish Government inquiry recommends lifting uranium mining ban
The public consultation process period has now closed following the release of
the inquiry supporting the lifting the current uranium mining ban, announced
on 20 December 2024, by the Government of Sweden.
Aura was invited to and has submitted a supporting submission for the removal
of the uranium mining ban. The legislative proposal is anticipated to be
brought to the Swedish Parliament for consideration on 1 January 2026.
The assessment of the processing concession for Aura's Häggån K1 by the
Swedish Mining Inspectorate continues.
Balance sheet
As of 31 March 2025, the Company had cash of A$16.2 million.
Aura Energy Managing Director and Chief Executive Officer, Andrew Grove said:
"2025 will be a pivotal year for Aura and the Tiris Uranium Project. The work
completed during the quarter continues to derisk the Project, including water
supply, establishing the team to execute on the development, advancing the
basic engineering and securing development funding. This provides a solid
platform for the commencement of development at Tiris during 2025.
We look forward to keeping shareholders updated as we progress through 2025."
Corporate activities:
Cash and cash forecast
The Company's cash position as of 31 March 2025 was A$16.2 million. The
Company's major cashflow movements for the quarter included:
§ Investments in the Company's exploration and evaluation assets of A$2.7
million
§ Administration and corporate costs of A$1.0 million
§ Staff costs of A$0.5 million
The forecasted net operating cashflow and investment in the Company's
exploration and evaluation assets for the coming quarter is A$4.3 million.
With a closing cash balance of A$16.2 million, the company has enough cash for
3.8 quarters at current expenditure rates.
June 2025 quarter planned activities
At Tiris, the next steps in progressing towards the construction and
development of the Project during the June quarter include:
§ Project development funding
§ Offtake contract negotiations
§ Continue basic engineering, project execution and early works development
planning
§ Commence early works programs
§ Geometallurgy, engineering and design work to support development
activities
§ Baseline environmental and radiation monitoring
At Häggån the planned activities include:
§ Work to support the exploitation permit application
March 2025 quarter ASX announcements
This Quarterly Activities Report contains information extracted from ASX
market announcements reported in accordance with the 2012 edition of the
"Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves" (2012 JORC Code). Further details (including 2012 JORC Code
reporting tables where applicable) of 2012 JORC Code related disclosures
referred to in this Quarterly Activities Report can be found in the relevant
announcements lodged on the ASX and in the section titled "ASX JORC Related
Disclosures" set out in this report. Following is a list of all market
sensitive announcements lodged by the Company during the March Quarter:
§ Tiris Uranium Project Update
24
March 2025
§ Half Year
Accounts
13 March 2025
These announcements are available for viewing on the Company's website,
www.auraenergy.com.au. 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 7/02/2049 207 Tiris Ressources SA 85%
2492C4 Oued El Foule 8/02/2019 7/02/2049 190 Tiris Ressources SA 85%
2490C4 Oum Ferkik 19/05/2017 Pending approval of application for Exploitation License 60 Aura Energy Limited 100%
(formerly 561)
2365B4 Oued El Foule Sud 04/12/2023 03/08/2026 166 Aura Energy Limited 100%
2457B2 Hadeibet Belaa 08/12/2023 07/08/2026 30 Tiris International Mining Co. 100%
2458B2 Touerig Taet 08/12/2023 07/8/2026 100 Tiris International Mining Co. 100%
Sweden
2007-243 Häggån nr 1 28/08/2007 Pending determination of exploitation permit application 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%
Table 1 - Tenement summary
Note:1: Refer also commentary regarding Mauritanian tenement tenure in the
Company's 31 December 2024 Half Year Accounts released to ASX on 13 March 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 11 June 2019). As
announced in the Company's 31 December 2024 Half Year Accounts, the Company
has fully impaired its expenditure on these gold assets.
There were no tenements acquired or disposed during the quarter.
Registered Office
On 7 April 2025, the Company announced a change in its registered office to
Level 2, 28 Cantonment Road, Fremantle, WA 6160.
ENDS
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:
Andrew Grove SP Angel Corporate Finance LLP Tamesis Partners LLP
Managing Director and CEO
AIM Nominated Adviser AIM Broker
Aura Energy Limited
agrove@auraee.com David Hignell Charlie Bendon
+61 414 011 383
Adam Cowl Richard Greenfield
Devik Mehta +44 203 882 2868
+44 203 470 0470
About Aura Energy (ASX: AEE, AIM: AURA)
Aura Energy is an Australian-based mineral company with major uranium and
polymetallic projects in Africa and Europe.
The Company is focused on developing a uranium mine at the Tiris Uranium
Project, a major greenfield uranium discovery in Mauritania. The 2024 FEED
Study(( 3 )) and Production Target Update(( 4 )) demonstrates Tiris to be a
near-term low-cost uranium mine producing 2Mlbspa U(3)O(8) over a 25-year mine
life with excellent economics and optionality to expand and to accommodate
future exploration success.
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.
Beyond the Tiris Project, Aura owns 100% of the Häggån Project in Sweden.
Häggån contains a global-scale 2.0Bt vanadium, sulphate of potash
(SOP)(( 5 )) and uranium(( 6 )) resource. Utilising only 3% of the resource, a
2023 Scoping Study(( 7 )) outlined a 17-year mine life based on a 3.6Mtpa
production rate.
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.
The Company has concluded that it has a reasonable basis for providing the
forward-looking statements and production targets included in this
announcement and that material assumptions remain unchanged. The detailed
reasons for this conclusion are outlined throughout this announcement, and in
the ASX and AIM announcements:
1. 29 March 2023 - Tiris Uranium Project Enhanced Definitive
Feasibility Study
2. 28 Feb 2024 - Aura's Tiris FEED Study returns Excellent Economics
3. 11 Sep 2024 - Updated Production Target Improves Economics at Tiris
4. 13 Dec 2024 - Tiris Uranium Project Alternative Production Targets
5. 5 Sept 2023 - Scoping Study Confirms Scale and Optionality of
Häggån
The Company confirms that it is not aware of any new information materially
affecting the information included in the ASX and AIM announcements:
1. 12 June 2024 - Aura increases Tiris Mineral Resources by 55% to
91.3Mlbs U(3)O(8)
2. 20 Dec 2024 - Amendment - Tiris Ore Reserve Update
3. 16 Dec 2024 - Substantial increase in Tiris Uranium Project Ore
Reserves
4. 22 Aug 2012 - Outstanding Häggån Uranium Resource expands to 800
million pounds
5. 10 Oct 2019 - Häggån Battery Metal Project Resource Upgrade
Estimate
All material assumptions and technical parameters underpinning the Tiris and
Häggån Project Mineral Resources Estimates continue to apply. The Company
confirms that the form and context in which the Competent Person's findings
are presented have not been materially modified from the original market
announcements.
ASX and JORC Related Disclosures
Mineral Resources
The information on Mineral Resources for the Tiris Uranium Project in this
report is extracted from the ASX release on 12 June 2024 titled "Aura
increases Tiris Mineral Resources by 55% to 91.3Mlbs".
The information on Mineral Resources for the Häggån Project in this report
is extracted from the ASX releases on 10 October 2019 titled "Häggån Battery
Metal Project Resource Upgrade Estimate Successfully Completed" and 22 August
2012 titled "Outstanding Häggån Uranium Resource expands to 800 million
pounds". These reports can be viewed at
https://auraenergy.com.au/investor-centre/asx-announcements
(https://auraenergy.com.au/investor-centre/asx-announcements) .
The company confirms that it is not aware of any new information or data that
materially affects the information included in the original market
announcement and, in the case of estimates of Mineral Resources that all
material assumptions and technical parameters underpinning the estimates in
the relevant market announcement continue to apply and have not materially
changed. The company confirms that the form and context in which the Competent
Person's findings are presented have not been materially modified from the
original market announcement.
Ore Reserves
The information on Ore Reserves for the Tiris Uranium Project in this report
is extracted from the ASX release on 20 December 2024 titled "Amendment -
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 original market
announcement and, in the case of estimates of Ore Reserves, that all material
assumptions and technical parameters underpinning the estimates in the
relevant market announcement continue to apply and have not materially
changed. The company confirms that the form and context in which the Competent
Person's findings are presented have not been materially modified from the
original market announcement.
Production Targets
The information on Production Targets for the Tiris Uranium Project in this
report is extracted from the ASX releases on 11 September 2024 titled "Updated
Production Target Improves Economics at Tiris" and 12 December 2024 titled
"Tiris Uranium Project Alternative Production Targets". These reports can be
viewed at https://auraenergy.com.au/investor-centre/asx-announcements
(https://auraenergy.com.au/investor-centre/asx-announcements) .
The company confirms that it is not aware of any new information or data that
materially affects the information included in the original market
announcement and that all material assumptions and technical parameters
underpinning the estimates in the relevant market announcement continue to
apply and have not materially changed.
Scoping Study
The information on Häggån Scoping Study in this report is extracted from the
ASX release on 5 September 2023 titled "Scoping Study Confirms Scale and
Optionality of Häggån". This report can be viewed at
https://auraenergy.com.au/investor-centre/asx-announcements
(https://auraenergy.com.au/investor-centre/asx-announcements) .
The company confirms that it is not aware of any new information or data that
materially affects the information included in the original market
announcement and that all material assumptions and technical parameters
underpinning the estimates in the relevant market announcement continue to
apply and have not materially changed.
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
Aura Energy Limited
ABN Quarter ended ("current quarter")
62 115 927 681 31 March 2025
Consolidated statement of cash flows Current quarter Year to date (9 months)
$A'000
$A'000
1. Cash flows from operating activities -
-
1.1 Receipts from customers
1.2 Payments for - (120)
(a) exploration & evaluation
(b) development - -
(c) production - -
(d) staff costs (537) (1,421)
(e) administration and corporate costs (1,044) (3,065)
1.3 Dividends received (see note 3) - -
1.4 Interest received 81 446
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - -
1.8 Other -
1.9 Net cash from / (used in) operating activities (1,500) (4,160)
2. Cash flows from investing activities
-
-
2.1 Payments to acquire or for:
(a) entities
(b) tenements - -
(c) property, plant and equipment (41) (59)
(d) exploration & evaluation (2,713) (8,266)
(e) investments - -
(f) other non-current assets (23) (23)
2.2 Proceeds from the disposal of:
- -
(a) entities
(b) tenements - -
(c) property, plant and equipment - -
(d) investments - -
(e) other non-current assets - -
2.3 Cash flows from loans to other entities - -
2.4 Dividends received (see note 3) - -
2.5 Other (provide details if material) - -
2.6 Net cash from / (used in) investing activities (2,777) (8,348)
3. Cash flows from financing activities
- 14,385
3.1 Proceeds from issues of equity securities (excluding convertible debt
securities)
3.2 Proceeds from issue of convertible debt securities - -
3.3 Proceeds from exercise of options - -
3.4 Transaction costs related to issues of equity securities or convertible debt (92) (816)
securities
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - (1,222)
3.7 Transaction costs related to loans and borrowings - -
3.8 Dividends paid - -
3.9 Other (payments of Lease Liabilities) (22) (79)
3.10 Net cash from / (used in) financing activities (114) 12,268
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 20,593 16,471
4.2 Net cash from / (used in) operating activities (item 1.9 above) (1,500) (4,160)
4.3 Net cash from / (used in) investing activities (item 2.6 above) (2,777) (8,348)
4.4 Net cash from / (used in) financing activities (item 3.10 above) (114) 12,268
4.5 Effect of movement in exchange rates on cash held (2) (31)
4.6 Cash and cash equivalents at end of period 16,200 16,200
5. Reconciliation of cash and cash equivalents Current quarter Previous quarter
at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts
$A'000
$A'000
5.1 Bank balances 2,200 12,093
5.2 Call deposits 14,000 8,500
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 16,200 20,593
6. Payments to related parties of the entity and their associates Current quarter
$A'000
6.1 Aggregate amount of payments to related parties and their associates included 147
in item 1
6.2 Aggregate amount of payments to related parties and their associates included -
in item 2
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity
report must include a description of, and an explanation for, such payments.
Item 6.1 - Payments for director fees to non-executive and executive directors
in the normal course of business at commercial rates, including statutory
superannuation and income tax paid on their behalf, and excluding
reimbursements of out-of-pocket expenses. Also includes $5,486 paid to Liesl
Kemp under an arms length, casual employment contract for investor relations
support services. Liesl is a related party of Managing Director Andrew Grove.
7. Financing facilities Total facility amount at quarter end Amount drawn at quarter end
Note: the term "facility' includes all forms of financing arrangements available to the entity.
$A'000
$A'000
Add notes as necessary for an understanding of the sources of finance available to the entity.
7.1 Loan facilities - -
7.2 Credit standby arrangements - -
7.3 Other (please specify) - -
7.4 Total financing facilities - -
7.5 Unused financing facilities available at quarter end -
7.6 Include in the box below a description of each facility above, including the
lender, interest rate, maturity date and whether it is secured or unsecured.
If any additional financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing details of
those facilities as well.
8. Estimated cash available for future operating activities $A'000
8.1 Net cash from / (used in) operating activities (item 1.9) (1,500)
8.2 (Payments for exploration & evaluation classified as investing activities) (2,777)
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (4,277)
8.4 Cash and cash equivalents at quarter end (item 4.6) 16,200
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 16,200
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 3.79
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8.8 If item 8.7 is less than 2 quarters, please provide answers to the following
questions:
8.8.1 Does the entity expect that it will continue to have the current
level of net operating cash flows for the time being and, if not, why not?
Answer: N/A
8.8.2 Has the entity taken any steps, or does it propose to take any
steps, to raise further cash to fund its operations and, if so, what are those
steps and how likely does it believe that they will be successful?
Answer: N/A
8.8.3 Does the entity expect to be able to continue its operations and
to meet its business objectives and, if so, on what basis?
Answer: N/A
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2
and 8.8.3 above must be answered.
Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters
disclosed.
Date: 23 April 2025
Authorised by: The Board
Notes
1. This quarterly cash flow report and the accompanying
activity report provide a basis for informing the market about the entity's
activities for the past quarter, how they have been financed and the effect
this has had on its cash position. An entity that wishes to disclose
additional information over and above the minimum required under the Listing
Rules is encouraged to do so.
2. If this quarterly cash flow report has been prepared in
accordance with Australian Accounting Standards, the definitions in, and
provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and
AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash
flow report has been prepared in accordance with other accounting standards
agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent
standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities, depending
on the accounting policy of the entity.
4. If this report has been authorised for release to the
market by your board of directors, you can insert here: "By the board". If it
has been authorised for release to the market by a committee of your board of
directors, you can insert here: "By the [name of board committee - eg Audit
and Risk Committee]". If it has been authorised for release to the market by a
disclosure committee, you can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the
market by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance Council's
Corporate Governance Principles and Recommendations, the board should have
received a declaration from its CEO and CFO that, in their opinion, the
financial records of the entity have been properly maintained, that this
report complies with the appropriate accounting standards and gives a true and
fair view of the cash flows of the entity, and that their opinion has been
formed on the basis of a sound system of risk management and internal control
which is operating effectively.
1 ASX and AIM Release: 24 March 2025 - Tiris Uranium Project Update
2 ASX and AIM Release: 16 Dec 2024 - Substantial increase in Tiris Uranium
Project Ore Reserves
3 ASX and AIM Release: 28 Feb 2024 - FEED study confirms excellent economics
for the Tiris Uranium Project
4 ASX and AIM Release: 11 Sept 2024 - Updated Production Target Improves
Economics at Tiris
5 ASX and AIM Release: 10 Oct 2019 - Häggån Battery Metal Project Resource
Upgrade Estimate
6 ASX and AIM Release: 22 Aug 2012 - Outstanding Häggån Uranium Resource
expands to 800 million pounds
7 ASX and AIM Release: 5 Sept 2023 - Scoping Study Confirms Scale and
Optionality of Häggån
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