REG - Aura Energy Limited - Activities report for the June quarter 2025
21/07/2025 07:00
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RNS Number : 8296R Aura Energy Limited 21 July 2025
21 July 2025
Activities report for the June 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 30 June 2025,
accompanying the Company's Appendix 5B.
Aura continues to advance the development of its flagship Tiris Uranium
Project ("Tiris" or the "Project") in Mauritania, West Africa, while
progressing licensing initiatives for the Häggån Polymetallic Project
("Häggån") in Sweden.
Tiris Uranium Project - Key Activities and Milestones
Aura made substantial progress during the quarter toward its goal of
commencing uranium production at Tiris in CY2027. Notable achievements
include:
§ DFC: The U.S. International Development Finance Corporation ("DFC")
published the Environmental and Social Impact Assessment ("ESIA") for Tiris on
its website. This represents a key milestone in the DFC's potential debt
financing contribution to the Project
§ Funding progress: Aura continues to advance funding discussions, with the
DFC, other financial institutions and strategic equity investors. Due
diligence and term sheet negotiations are ongoing. All proposals remain
non-binding and confidential at this stage and are not yet at a stage for
market announcement
§ Engineering and Project activities: The Project remains on track for
delivery in CY2027. Key engineering and development activities include:
§ Basic engineering by Wood, scheduled for completion in late Q3 2025
§ Adjudication of supply and construction bids is progressing
§ Vendor test work on thickening, centrifuge, and filtration technologies
is ongoing. Preliminary centrifuge results suggest potential flowsheet
improvements. Further validation testing is ongoing
§ Evaluation of power supply options is in progress
§ Dynamic simulation has commenced and awaiting final testwork results
§ Tenders for early development works have been received and are under
evaluation
§ Detailed execution planning is well advanced
§ The updated ESIA has been published on the DFC website
Häggån Polymetallic Project - Strategic Developments
Aura has entered into a collaboration agreement with Neu Horizon Uranium Ltd
("Neu Horizon"), an Australian-based unlisted public company focused on
advancing Sweden's uranium resources.
Under the agreement:
§ Aura has invested A$100,000 for a minority equity stake in Neu Horizon
§ The companies will collaborate on:
§ Government and regulatory engagement in Sweden
§ Technical cooperation on uranium extraction and processing
§ Administrative synergies to enhance operational efficiency
§ Joint participation in a 2025 investor symposium in Stockholm
Neu Horizon holds a portfolio of high-potential uranium exploration interests
in mineral-rich regions of Sweden and plans to apply modern exploration
methods to advance these assets. The company intends to list on the ASX in Q4
2025 or early 2026.
Regulatory Update
The Swedish government has submitted a legislative proposal to parliament to
overturn the national ban on uranium mining.
If passed, this legislation will:
§ Reclassify uranium as a concession mineral under the Minerals Act
§ Permit uranium exploitation under standard mining permits
§ Allow existing exploration permits to include uranium without
reapplication
§ Remove municipal veto rights over small-scale uranium activities
The proposal is currently under judicial review by the independent Judicial
Council, with a target implementation date of 1 January 2026. This development
is strategically significant for Aura's Häggån Project, potentially enabling
future uranium extraction under expanded tenure.
Note: While the current Swedish government has committed to removing the
uranium mining ban, the policy change remains subject to parliamentary
approval and there is no guarantee it will be enacted.
Aura continues to assess its next steps to balance commercial certainty with
long-term value creation. The Swedish Mining Inspectorate's assessment of the
Häggån K1 processing concession remains ongoing.
Board and Management Update
Philip Mitchell has been appointed Executive Chair, transitioning from his
previous role as Non-Executive Chair. This move strengthens Aura's leadership
capacity in securing financing and advancing development of the Tiris Uranium
Project.
Philip brings 40 years of global mining and finance experience including:
§ Head of Business Development and Strategy at Rio Tinto
§ CFO of Rio Tinto Iron Ore
§ Executive Committee member at Anglo American
§ CFO of I-Pulse Inc, led by Robert Friedland
Cash and cash forecast
As of 30 June 2025, the Company's cash balance was A$11.7 million. Key cash
flow movements during the quarter included:
§ Exploration and evaluation: A$2.8 million
§ Administration and corporate costs: A$1.1 million
§ Staff costs: A$0.6 million
Forecast net operating and exploration expenditure for the September quarter
is A$4.5 million, providing Aura with approximately 2.6 quarters of funding at
current expenditure rates.
Exploration and evaluation expenditure primarily comprised engineering and
project activities for the Titis Uranium Project. There were no new
exploration activities undertaken during the quarter.
Planned Activities - September quarter 2025
At Tiris, the next steps in progressing towards the construction and
development of the Project during the September quarter include:
§ Progress Project development funding
§ Advance offtake contract negotiations
§ Continue basic engineering, complete vendor testwork, project execution
and early works development planning
§ Commence early works programs
§ Conduct geometallurgy, engineering and design work to support development
activities
§ Undertake baseline environmental and radiation monitoring
At Häggån the planned activities include:
§ Continue work supporting the exploitation permit application
ASX announcements - June quarter 2025
Following is a list of all market sensitive announcements lodged by the
Company during the Quarter:
§ DFC publishes ESIA for Tiris Uranium Project
27 June 2025
§ Aura strengthens executive team to drive Tiris
development 10 June 2025
§ Swedish Uranium Collaboration
Agreement
2 June 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 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 announcement dated 11 June 2019 titled
"Aura completes farm-in and joint venture agreement"). As announced in the
Company's 31 December 2024 Half Year Accounts, the Company has fully impaired
its expenditure on these gold assets.
The Company did not conduct exploration activities during the quarter. There
were no tenements acquired or disposed during the quarter.
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 Andrew Grove
Executive Chair Managing Director and CEO
Aura Energy Limited Aura Energy Limited
pmitchell@auraee.com (mailto:pmitchell@auraee.com) agrove@auraee.com (mailto:agrove@auraee.com)
+44 78 2481 5516 +61 414 011 383
SP Angel Corporate Finance LLP Tamesis Partners LLP
Nominated Adviser Broker
David Hignell Charlie Bendon
Adam Cowl Richard Greenfield
Devik Mehta +44 203 882 2868
+44 203 470 0470
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 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
Aura is committed to creating value for host nations, local communities, and
shareholders through responsible and sustainable resource development.
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 30 June 2025
Consolidated statement of cash flows Current quarter Year to date (12 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 (630) (2,051)
(e) administration and corporate costs (1,123) (4,187)
1.3 Dividends received (see note 3) - -
1.4 Interest received 189 636
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 (1,564) (5,722)
2. Cash flows from investing activities
-
-
2.1 Payments to acquire or for:
(a) entities
(b) tenements - -
(c) property, plant and equipment (18) (77)
(d) exploration & evaluation (2,791) (11,057)
(e) investments (100) (100)
(f) other non-current assets - (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 (2,909) (11,257)
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 1 1
3.4 Transaction costs related to issues of equity securities or convertible debt - (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) (57) (136)
3.10 Net cash from / (used in) financing activities (56) 12,212
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 16,200 16,471
4.2 Net cash from / (used in) operating activities (item 1.9 above) (1,564) (5,722)
4.3 Net cash from / (used in) investing activities (item 2.6 above) (2,909) (11,257)
4.4 Net cash from / (used in) financing activities (item 3.10 above) (56) 12,212
4.5 Effect of movement in exchange rates on cash held 70 37
4.6 Cash and cash equivalents at end of period 11,741 11,741
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 2,741 2,200
5.2 Call deposits 9,000 14,000
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) 11,741 16,200
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 175
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 $13,112 paid to Liesl
Kemp under an arm's 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) (1,564)
8.2 (Payments for exploration & evaluation classified as investing activities) (2,909)
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (4,473)
8.4 Cash and cash equivalents at quarter end (item 4.6) 11,741
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 11,741
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 2.63
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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: 21 July 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.
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