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REG - Aura Energy Limited - Quarterly Report for Period Ending 30 September 23

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RNS Number : 6887R  Aura Energy Limited  30 October 2023

 
                                                                                                                         30 October 2023
Quarterly Report for the Period Ending 30 September 2023

 

 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 U(3)O(8) (113Mt at grade
 of 236ppm U(3)O(8)) with additional upside under investigation in an
 Exploration Target announced subsequent to the period end 1  (#_ftn1) ;

 ·    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
 U(3)O(8) 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.

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").

To view Appendix 5B please click here:

http://www.rns-pdf.londonstockexchange.com/rns/6887R_1-2023-10-30.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/6887R_1-2023-10-30.pdf)

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 U(3)O(8).
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 U(3)O(8) 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.

Abdoullah has vast experience in geology, project development, mining and
production geology and exploration in several African countries (Togo, Burkina
Faso and Mauritania). Most recently, he was the Exploration Manager at the
Tasiast-Kinross gold mine and prior to that worked for First Quantum Minerals,
World Bank and Société Nationale Industrielle et Minière.

Cash on hand as at 30 September 2023 was A$8.55 million.

Tiris Project Update

Over the last Quarter, the Company maintained steady progress towards
"development-ready" status. This included the ongoing FEED study focused on
identifying and securing long-lead items to ensure timely delivery. Additional
negotiations regarding Offtake have been advanced with multiple counterparties
in different geographic markets against the favourable background of a rising
uranium spot price. This rise has been consistent with previous Company
forecasts, and it is pleasing to see ongoing strength in the price rise since
the end of the Quarter.

Following the Quarter end, Aura has identified significant exploration targets
at both the Tiris East and Tiris West areas. The potential quantity of the
exploration targets are conceptual in nature, and there has not yet been
sufficient exploration of these targets to estimate a Mineral Resource. It is
uncertain whether these exploration efforts will result in an estimation of a
Mineral Resource, but Aura is targeting the expansion of the Inferred Mineral
Resource at the Tiris Project to approximately 100 Mlbs U₃O₈, a threshold
of globally important significance.

Already, the Tiris Project has defined a low-cost, long-life mine due to the
simple mining method and the easy beneficiation process that allows the
upgrade of the ore to a ~2,000ppm leach feed grade. The ability to
significantly grow the resource through the expansion of existing ore bodies
shows excellent potential for scale.

Negotiations with the government of Mauritania concerning the renewal of
existing tenements and the granting of the Exploitation Licence are ongoing
but have advanced during the Quarter.

The Company has continued to collaborate with regional communities and local
governments to maintain the relationships that have been established. The
communities have recognised the positive contribution in terms of jobs and
infrastructure that the Tiris Project will bring to the region as it moves to
the construction phase.

Häggån Project Update

During the Quarter, the Company announced the Scoping Study for the Häggån
Project in Sweden. The results indicated a large poly-metallic deposit
containing economically significant levels of V (vanadium), SOP (sulphate of
potash), Ni (nickel), Zn (zinc), and Mo (molybdenum).

Aura has made considerable progress on the Häggån Project with the
completion of the Scoping Study outlining the extraordinary opportunity of the
Häggån Project. The study covered 65 Mt of the resource, which represents
less than 3% of the known 2.0B tonne Mineral Resource Estimate of the broader
Häggån Project. Within this boundary, the ore body displayed a richly
endowed polymetallic structure containing significant quantities of vanadium,
potash, nickel, zinc, molybdenum, and uranium. A projected post-tax Base Case
NPV of US$380-US$1,231 million has been estimated, dependent on final plant
construction and the forward price assumptions.

Since the current legislation in Sweden prevents the extraction of uranium,
the base case scenario of the Scoping Study assumes that uranium is not
extracted from the ore and instead is returned to the ground ("Base Case
Scenario").

The Base Case Scenario proposes mining the high-grade zone at ~5.9Mtpa,
producing approximately:

·    10,400 tpa V(2)O(5) high-quality vanadium flake;

·    217,000 tpa sulphate of potash (SOP) by-product for sale as
fertiliser; and

·    3,000 tpa mixed sulphide product.

Aura intends to pursue a 25-year exploitation agreement and recognises the
potential value that could be added by recovering uranium from the Häggån
ore, subject to changes in Swedish legislation and demonstration that the
proposed operation will not have a negative impact on the water quality or the
environment.

Aura continues to work with the Swedish Government, local community and
relevant authorities and notes recent Swedish Government legislation
introduced to the parliament that proposes the removal of restrictions on new
nuclear power stations. The adoption of the new energy target, changing from
"100% renewable" to "100% fossil-free" electricity by the Swedish parliament,
is part of the shift in sentiment towards the use of nuclear power due to its
stability, reliability and lack of greenhouse emissions.

Uranium Market - Growing Global Support

The Quarter has seen a continuation of governments internationally
acknowledging nuclear energy as a key part of the carbon-free energy
transition. Multiple governments continue to announce plans to construct or
upgrade existing nuclear power plants to provide stable, zero-carbon baseload
generation capacity. The growing realisation that renewable energy solutions
are unable to provide the scalability or instantaneous demand continues to
drive this sentiment.

During the Quarter, the following highlights have been noted:

·    China is looking to develop its nuclear power sector at a rate of six
to eight new plants per year for the foreseeable future 2  (#_ftn2) ;

·    Japanese nuclear power plants are planning to restart production next
year as the country seeks to reduce reliance on fuel imports 3  (#_ftn3) ;

·    The United States, France, Japan, Canada, and the United Kingdom
formed the Nuclear Fuel Alliance (NFA) to develop a shared supply chain for
nuclear fuel 4  (#_ftn4) ;

·    U.S. House of Representatives subcommittee for Energy, Climate and
Grid Security pledged bipartisan support for the development of nuclear
energy 5  (#_ftn5) ; and

·    The World Nuclear Association published updated supply and demand
forecasts, which show a more rapid growth trajectory of uranium demand.

This growing sentiment towards nuclear energy is starting to impact the
uranium spot price. Subsequent to the end of the quarter, the spot price has
exceeded US$73/lbs, a 13 year high.

David Woodall and Nigel Jones also attended the recent World Nuclear Fuels
Market (WNFM) conference in Ljubljana, Slovenia, where meetings were held with
potential offtake partners for the Tiris Project.

Corporate

The Company's cash position as of 30 September 2023 was A$8.55m. The Company's
major cashflow movements for the Quarter included:

·    Investments in the Company's Exploration and Evaluation assets of
A$1.80m; and

·    Administration and corporate costs of A$0.63m.

Forecasted net operating cash outflow, including the investment in exploration
and evaluation, for the coming quarter is A$2.82m. Based on this, and with a
closing cash balance of A$8.55m, the Company has sufficient cash for 3.03
quarters.

Tenement Summary

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

Table 1 - Tenement Summary

 Tenement No.  Name                                     Grant / Application Date  Expiry      Km(2)  Holder                          Equity
 Mauritania
 2491C4        Ain Sder                                 8/02/2019                 2/8/2049    207    Tiris Ressources SA             85%
 2492C4        Oued El Foule                            8/02/2019                 2/8/2049    190    Tiris Ressources SA             85%
 2365B4        Oued El Foule Sud*                       18/05/2015                pending     166    Aura Energy Limited             100%
 2490C4        Oum Ferkik*                              16/04/2008                pending     60     Aura Energy Limited             100%
 2457B2        Hadeibet Belaa*                          2/04/2019                 pending     41     Tiris International Mining Co.  100%
 2458B2        Touerig Taet*                            2/04/2019                 pending     134    Tiris International Mining Co.  100%
 2688B2        Nderik*          Joint Venture           9/7/2019                  pending     260    Nomads Mining Co**              70%
 Sweden
 2007-243      Häggån nr 1                              28/08/2007                28/08/2024  18     Vanadis Battery Metals AB       100%
 2018-9        Mockelasen nr 1                          21/01/2019                21/01/2024  18     Vanadis Battery Metals AB       100%
 2018-7        Skallbole nr 1                           20/01/2019                20/01/2024  8      Vanadis Battery Metals AB       100%

* Renewal applications have been submitted and are being processed.

** At 30 June 2023, the Company had fulfilled its exploration obligation
thereby earning a 70% equity interest in Nomads Mining Sarl and is currently
in the process of completing the necessary documentation to formalise this
arrangement.

 

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:

 David Woodall                                                                                                  Paul Ryan

 Managing Director and CEO                                                                                      Citadel-MAGNUS

 Aura Energy Limited                                                                                            Investor & Media Relations

 info@auraenergy.com.au                                                                                         pryan@citadelmagnus.com (mailto:pryan@citadelmagnus.com)
 (mailto:info@auraenergy.com.au?subject=Aura%20Energy%20(ASX:AEE)%20-%20Shareholder%20/%20Investor%20Enquiry)

                                                                                                              +61 409 296 511
 +61 (0)3 9101 8551

 SP Angel Corporate Finance LLP

 (Nominated Advisor and Joint Broker)

 David Hignell

 Kasia Brzozowska

 +44 (0) 203 470 0470

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

Aura Energy is an Australian-based minerals company that has major uranium and
polymetallic projects with large resources in Africa and Europe. The Company
is now focused on uranium production from the Tiris Project, a major
greenfield uranium discovery in Mauritania.

A recent Enhanced Feasibility Study has increased the project NPV
significantly which reconfirms Tiris as potentially one of the lowest capex,
lowest operating cost uranium projects that remain undeveloped in the world.

In October 2021, the Company entered a US$10m Offtake Financing Agreement with
Curzon, which includes an additional up to US$10m facility, bringing the
maximum available under the agreement to US$20m.

In 2023, Aura will continue to transition from a uranium explorer towards
becoming a uranium producer, to capitalise on the rapidly growing demand for
nuclear power as the world continues to shift towards a decarbonised energy
sector.

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 that the anticipated results, performance, or
achievements expressed or implied in those forward-looking statements will be
achieved.

Mineral Resource and Ore Reserve Estimates

The information in this announcement that relates to Mineral Resources or Ore
Reserves is extracted from the reports titled 'Tiris Uranium Project -
Resource Upgrade of 10%
(https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02413756-3A574245?access_token=83ff96335c2d45a094df02a206a39ff4)
' released to the Australian Securities Exchange (ASX) on 27 August 2021 and
'Tiris Uranium Project DFS Update' released to the ASX on 18 August 2021 and
for which Competent Persons' consents were obtained. Each Competent Person's
consent remains in place for subsequent releases by the Company of the same
information in the same form and context, until the consent is withdrawn or
replaced by a subsequent report and accompanying consent. The Company confirms
that it is not aware of any new information or data that materially affects
the information included in the original ASX announcements and, in the case of
estimates of Mineral Resources or Ore Reserves, that all material assumptions
and technical parameters underpinning the estimates in the original ASX
announcements 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 ASX
announcements.

In respect to Resource statements, there is a low level of geological
confidence associated with the inferred mineral resource 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. 

Notes to Project Description

The Company confirms that the material assumptions underpinning the Tiris
Uranium Production Target and the associated financial information derived
from the Tiris production target as outlined in the Aura Energy release dated
18 August 2021 for the Tiris Uranium Project Definitive Feasibility Study
continue to apply and have not materially changed.

The Tiris Uranium Project Resource was released on 27 August 2021 "Resource
Upgrade of 10% - Tiris Uranium Project". 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.

In respect to Resource statements, there is a low level of geological
confidence associated with the inferred mineral resource 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.

Competent Persons

The Competent Person for the portion of the 2022 Tiris Vanadium Mineral
Resource Estimate and classification relating to the Hippolyte, Hippolyte
South, Lazare North, and Lazare South deposits is Mr Arnold van der Heyden of
H&S Consulting Pty Ltd. The information in the report to which this
statement is attached that relates to the 2018 Mineral Resource Estimate is
based on information compiled by Mr van der Heyden. Mr van der Heyden has
sufficient experience that is relevant to the resource estimation to qualify
Mr van der Heyden as a Competent Person as defined in the 2012 edition of the
'Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves. Mr van der Heyden is an employee of H&S Consultants Pty Ltd,
a Sydney-based geological consulting firm. Mr van der Heyden is a Member and
Chartered Professional of The Australasian Institute of Mining and Metallurgy
(AusIMM) and consents to the inclusion in the report of the matters based on
his information in the form and context in which it appears.

The Competent Person for the portion of the 2022 Tiris Vanadium Resource
Estimate and classification relating to all other deposits within the resource
(Sadi South, Sadi North, Marie, Hippolyte West, Oum Ferkik East, Oum Ferkik
West deposits) is Mr Oliver Mapeto, an independent resources consultant.

The information in the report to which this statement is attached that relates
to the 2018 Resource Estimate is based on information compiled by Mr Mapeto.
Mr Mapeto has sufficient experience that is relevant to the resource
estimation to qualify Mr Mapeto as a Competent Person as defined in the 2012
edition of the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves. Mr Mapeto is a Member of The Australasian
Institute of Mining and Metallurgy (AusIMM) and consents to the inclusion in
the report of the matters based on his information in the form and context in
which it appears.

The Competent Person for drill hole data and for integrating the different
resource estimates is Mr Neil Clifford. The information in the report to which
this statement is attached that relates to compiling resource estimates and
drill hole data is based on information compiled by Mr Neil Clifford. Mr
Clifford has sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration and to the activity
which he is undertaking to qualify Mr Clifford as a Competent Person as
defined in the 2012 edition of the 'Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves. Mr Clifford is a
consultant to Aura Energy. Mr Clifford is a Member of the Australasian
Institute of Geoscientists. Mr Clifford consents to the inclusion in the
report of the matters based on his information in the form and context in
which it appears.

The information in this report that relates to Mineral Resource Estimates for
the Häggån Polymetallic Project in Sweden is based on information compiled
Mr Arnold van der Heyden, a Competent Person who is a Member and Chartered
Professional of The Australasian Institute of Mining and Metallurgy (AusIMM).
Mr van der Heyden is a full-time employee of H&S Consultants Pty Limited,
a Sydney-based independent geological consulting firm. Mr van der Heyden has
sufficient experience that is relevant to mineral resource estimation to
qualify as a Competent Person as defined in the 2012 edition of the
'Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves'. Mr van der Heyden consents to the inclusion in the report of
the matters based on his information in the form and context in which it
appears.

The Competent Person for drill hole data, cut-off grade and prospects for
eventual economic extraction is Mr Neil Clifford MSc. The information in the
report to which this statement is attached that relates to drill hole data for
both existing and new drill holes (with the new drill holes are from 18DDHG070
to 19DDHG091 and the results set out in Table 2), cut-off grade and prospects
for eventual economic extraction is based on information compiled by Mr Neil
Clifford. Mr Clifford has sufficient experience that is relevant to the style
of mineralisation and type of deposit under consideration and to the activity
which he is undertaking to qualify as a Competent Person as defined in the
2012 edition of the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves'. Mr Clifford is an independent consultant
to Aura. Mr Clifford is a Member of the Australasian Institute of Mining and
Metallurgy (AusIMM). Mr Clifford consents to the inclusion in the report of
the matters based on his information in the form and context in which it
appears.

Appendix 1: Resources and Reserves

 

Table 2 - Tiris Uranium Project Updated Mineral Resource Estimate (100% basis)

                                                    Mineral Resource Estimate February 2022 6  (#_ftn6)         Mineral Resource Estimate February 2023
 Resource Location           Category               Tonnes              U(3)O(8   )         U(3)O(8)            Tonnes          U(3)O(8   )     U(3)O(8)

                                                    (Mt)                (ppm)               (Mlbs)              (Mt)            (ppm)           (Mlbs)
 Hippolyte North             Measured               5.7                 225                 2.8                 8.0             236             4.2
                             Indicated              6.5                 217                 3.1                 5.8             217             2.8
                             Inferred               7.4                 281                 4.6                 4.7             212             2.2
                             Sub-Total              19.6                245                 10.5                18.5            224             9.1
 Hippolyte Marie & West      Inferred               8.2                 310.0               5.6                 8.2             310             5.6
 Hippolyte South             Indicated              4.8                 192                 2.0                 4.6             192             2.0
                             Inferred               3.1                 176                 1.2                 2.7             176             1.1
                             Sub-Total              7.9                 177                 3.2                 7.4             186             3.0
 Lazare North                Measured               1.1                 284                 0.7                 1.0             282             0.6
                             Indicated              10.6                229                 5.4                 10.1            229             5.1
                             Inferred               3.9                 210                 1.8                 3.7             210             1.7
                             Sub-Total              15.6                224                 7.9                 14.8            228             7.4
 Lazare South                Measured               3.4                 239                 1.8                 8.6             233             4.4
                             Indicated              2.6                 219                 1.3                 5.2             226             2.6
                             Inferred               9.1                 214                 4.3                 4.8             222             2.3
                             Sub-Total              15.1                225                 7.4                 18.6            228             9.3
 Sadi                        Measured                                                                           11.5            189             4.8
                             Indicated              4.5                 240                 2.4                 7.4             200             3.2
                             Inferred               14.8                266                 8.7                 10.3            228             5.2
                             Sub-Total              19.3                301                 11.1                29.2            206             13.2
 Total Tiris East Resource   Measured               10.2                235                 5.3                 29.1            218             14.0
                             Indicated              29.0                248                 14.2                33.0            215             15.6
                             Inferred               46.5                254                 26.2                34.5            237             18.0
                             Total                  85.7                242                 45.7                96.6            224             47.7
 Oum Ferkik Resource         Inferred               16.4                305                 11.2                16.4            305             11.2
 Total Tiris Project Resource 7  (#_ftn7)           102.1               253                 56.9                113.0           236             58.9

 

The declared Ore Reserve, at a 110 ppm U(3)O(8) cut off is shown in Table 3.

Table 3 - Updated Ore Reserve (100% basis)

 Description               Mt    U(3)O(8) (ppm)  U(3)O(8) (Mlb)
 Lazare North
 Proved                    0.9   298             0.6
 Probable                  7.9   251             4.4
 Lazare South
 Proved                    6.5   264             3.8
 Probable                  2.6   291             1.7
 Hippolyte
 Proved                    5.7   270             3.4
 Probable                  7.1   231             3.6
 Sadi
 Proved                    6.1   232             3.1
 Probable                  3.3   261             1.9
 Total Ore Reserve
 Proved                    19.3  257             11.0
 Probable                  21.3  251             11.6
 Total Tiris East Reserve  40.3  254             22.6

Notes:

1.        Ore Reserves are a subset of Mineral Resources.

2.        Ore Reserves conform with and use the JORC Code 2012
definitions.

3.        Ore Reserves are calculated using a uranium price of US$65
/lb.

4.        Ore Reserves are calculated using a cut-off grade of 110 ppm
U3O8.

5.        Tonnages are reported including mining dilution.

6.        All figures are rounded to reflect appropriate levels of
confidence which may result in apparent errors of summation.

 

 

Table 4 - 2019 Häggån Mineral Resource Statement 8  (#_ftn8)

 V(2)O(5) Cut-Off  Class      Mt Ore  V(2)O(5)  Mo   Ni   Zn   K(2)O  Million lbs
 %                                    %         ppm  ppm  ppm  %      V(2)O(5)
 0.10              Indicated  45      0.34      213  365  501  4.11   332
                   Inferred   2,503   0.27      200  312  433  3.73   14,873
 0.20              Indicated  42      0.35      217  375  512  4.13   320
                   Inferred   1,963   0.30      212  337  463  3.80   13,010
 0.30              Indicated  61      0.38      223  398  536  4.22   258
                   Inferred   954     0.35      226  374  503  3.95   7,390
 0.40              Indicated  11      0.44      225  429  580  4.46   101
                   Inferred   113     0.43      232  419  562  4.25   1,072

 

 1  (#_ftnref1) ASX and AIM Announcement, 17 Oct 2023, Aura identifies new
uranium Exploration Target extending from existing Tiris Project Resources

 2  (#_ftnref2) China expects to OK 6-8 nuclear power units per year in green
energy drive | Reuters
(https://www.reuters.com/business/energy/china-expects-ok-6-8-nuclear-power-units-per-year-green-energy-drive-2023-09-27/)

 3  (#_ftnref3) Nuclear Power in Japan | Japanese Nuclear Energy - World
Nuclear Association (world-nuclear.org)
(https://world-nuclear.org/information-library/country-profiles/countries-g-n/japan-nuclear-power.aspx#:~:text=In%20the%20light%20of%20the,seven%20units%20by%20summer%202023.)

 4  (#_ftnref4) Statement on Civil Nuclear Fuel Cooperation Between the United
States, Canada, France, Japan, and the United Kingdom | Department of Energy
(https://www.energy.gov/articles/statement-civil-nuclear-fuel-cooperation-between-united-states-canada-france-japan-and#:~:text=To%20this%20end%2C%20the%20United,advanced%20reactors%20of%20tomorrow%2C%20and)

 5  (#_ftnref5) Energy Subcommittee Chair Duncan Opening Statement on Securing
America's Nuclear Energy Future (house.gov)
(https://energycommerce.house.gov/posts/energy-subcommittee-chair-duncan-opening-statement-on-securing-america-s-nuclear-energy-future)

 6  (#_ftnref6) ASX & AIM Release 16 February 2022 "Aura Defines Vanadium
JORC Resource at Tiris Uranium Project "

 7  (#_ftnref7) Totals may vary due to rounded figures.

 8  (#_ftnref8) ASX Release: Häggån Battery Metal Project Resource Upgrade
Estimate Successfully Completed, 10 October 2019

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