REG - Aura Energy Limited - Häggån Project Transaction Update

Aura EnergyAnnouncement

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RNS Number : 4034W  Aura Energy Limited  12 March 2026

 

 

                                                                                                                      12 March 2026
Häggån Project Transaction Update

 

Not for Distribution in Canada.

Aura Energy Limited (ASX: AEE, AIM: AURA) ('Aura' or the 'Company') announces
that the transaction announced on 23 January 2026, to introduce strategic
investors into the Häggån project and list it on the TSX Venture Exchange,
has been deferred pending the outcome of the Government of Sweden's announced
inquiry into the mining of alum shales.

 

Overview

·    Aura and SIU Metals Corp. defer Häggån transaction, pending the
outcome of the Swedish government inquiry into the mining of alum shale and an
improvement in general market conditions

·    Aura remains committed to unlocking the significant value and
optionality of the Häggån project

·    Aura continues to retain 100% ownership of the Häggån project

 

Phil Mitchell, Executive Chairman Aura Energy, said:

"Aura acknowledges the direction and intention of recent Swedish legislative
amendments that remove obstacles to uranium mining in the country, through the
change in the Minerals Act in January, and now the proposed change to the
Nuclear Act.

As the 2020 government inquiry into alum shale concluded, the Company believes
that Sweden's existing rigorous permitting standards are effective and
sufficient, particularly including that the operator must be able to
demonstrate its suitability to carry out the processing of alum shale. Aura
hopes that the 2026 inquiry will bring certainty to the permitting process,
while addressing local communities' concerns.

Sweden has a target of 100% fossil-free electricity by 2040 and a plan to
build two large scale reactors by 2035 and the equivalent of ten new reactors
by 2045. Sweden also hosts 27 per cent of Europe's known uranium resources,
predominantly in alum shale. Any change in policy that negatively impacts
mining of alum shale would make it more difficult for Sweden to meet European
goals of critical mineral self-reliance and fossil-free electricity
generation.

However, while the inquiry is ongoing, and given current market conditions,
Aura and potential investors into the Häggån project believe that it is
prudent to defer the previously announced transaction. We remain committed to
unlocking the significant value of the Häggån project."

 

Background

On 5 February 2026, the Swedish government issued a statement confirming that
it will modernize the Swedish Nuclear Act to declassify uranium mining as a
nuclear facility. This proposed change in legislation would remove the
municipal veto currently applicable to uranium mining nationally and is
consistent with the government's removal of the general prohibition on uranium
mining from January 2026.

At the same time, the government announced the forming of an inquiry into the
mining of alum shale, and whether a specific municipal veto should apply to
that geology. Such an inquiry process was held by the previous government in
2020, which concluded that no special veto arrangements should apply to alum
shale given the country's existing rigorous permitting processes.

A review of market conditions subsequent to the government's announcement, and
discussions with SIU Metals and feedback from the strategic investors indicate
that the industrial logic of the transaction remains unchanged however the
timing of the transaction is no longer optimal for a listing on the TSX
Venture Exchange. The parties to the transaction have therefore agreed that it
should be deferred until there is greater legislative certainty in Sweden.

As a consequence of the deferral, Aura continues to own 100% of the Häggån
deposit and will continue to fund ongoing costs from the corporate treasury.
The board will continue to work with Aura's shareholders and other strategic
investors to look for opportunities to highlight the value of the enormous
optionality which Häggån represents.

Aura welcomes the opportunity the inquiry may offer to contribute its
technical knowledge demonstrating that there are no unique risks associated
with the mining of alum shale which has been part of Sweden's inhabited
bedrock for generations.

Aura will monitor the situation regarding the alum shale inquiry and will
update the market in due course.

 

About Aura Energy Limited

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. The market outlook for uranium remains
strong, with the World Nuclear Association highlighting in its reference case
an annual growth rate of 5.3 per cent in nuclear reactor uranium requirements.
This creates a supply deficit to be covered by as yet unspecified sources of
193M lbs U(3)O(8), or 49 per cent of demand by 2040 1 .

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. The Company is currently in the process of updating the Uranium Mineral
Resource Estimate for Häggån, which is based on alum shale geology in
Jämtland.

Aura is committed to creating value for host nations, local communities, and
shareholders through responsible and sustainable resource development.

In August 2024, Aura Energy's Swedish subsidiary Vanadis Battery Metals
applied for an exploitation permit for Häggån K1 with the Swedish Mining
Inspectorate. In light of the change in Swedish mining legislation on 1
January 2026, Aura will seek to update that application to also include
uranium.

 

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 7771 317302                                      +44 203 470 0470                +44 203 882 2868
   Australian investors and media

  GRACosway

  Bill Frith

  Bill.Frith@omc.com (mailto:Bill.Frith@omc.com)

  +61 405 144 807

 

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. Certain forward-looking
statements contained herein includes, but is not limited to, information
concerning the deferred Häggån transaction, including the timing, completion
and terms and conditions thereof. Such forward-looking statements are based on
several assumptions and factors that could cause the results and achievements
to be materially different including, the ability to successfully restart
negotiations on the deferred Häggån transaction, the timing and the outcome
of the inquiry into the regulatory framework for mining of alum shale in
Sweden and future market conditions. Readers are cautioned not to place undue
reliance on forward-looking statements and should note that the assumptions
and risks discussed in this press release are not exhaustive.

 

 

(( 1 )) World Nuclear Association: World Nuclear Fuel Report: Global Scenarios
for Demand and Supply Availability 2025-2040

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