REG - Aura Energy Limited - Aura strengthens executive team

Aura EnergyAnnouncement

Tue 07:00

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RNS Number : 1389M  Aura Energy Limited  10 June 2025

 

 

ASX RELEASE                                                                                                   10 June 2025
Aura strengthens executive team to drive Tiris development
KEY HIGHLIGHTS

§ Philip Mitchell appointed Executive Chair, transitioning from Non-Executive
Chair to expand Aura's options and efforts to secure project financing and
development options for its Tiris Uranium Project

§ Philip has over 40 years of global mining finance and executive experience
including:

§ Head of Business Development and Strategy at Rio Tinto

§ Chief Financial Officer of Rio Tinto Iron Ore

§ Member of the Executive Committee at Anglo American

§ CFO of Robert Friedland led I-Pulse Inc

§ Andrew Grove continues as Managing Director and CEO to continue to manage
project development activities, overall management, as well as progressing
current project financing options and opportunities while working closely with
the Chair to identify and pursue additional financing and development options
to advance Tiris

The Board of Aura Energy Limited (ASX: AEE, AIM: AURA) ('Aura' or the
'Company') is pleased to announce the appointment of Mr. Philip Mitchell as
Executive Chair, joining the executive team to help accelerate progress on the
Tiris Uranium Project in Mauritania. Philip will work in close partnership
with Managing Director and Chief Executive Officer, Mr Andrew Grove as the
Company advances towards a Final Investment Decision (FID) this year. Tiris is
85% owned by Aura and is one of the world's few fully permitted uranium
projects which is ready for development.

The board is focused on ensuring Andrew and the executive team have the
benefit of all available resources to support the team's efforts to fast-track
the development of Tiris. As such, the Board sought to capitalise on Philip's
broad international experience and industry contacts.

Mr. Mitchell brings very significant experience and expertise in international
mining transactions, having previously served as Head of Business Development
and Strategy at Rio Tinto. He was also a member of the Executive Committee at
Anglo American and has recently been CFO of I-Pulse, where Mr Robert Friedland
is CEO and Chairman. During his time at I-Pulse, Rio Tinto, BHP and Newmont
became I-Pulse shareholders.

Andrew also has extensive West African management and development funding
experience. Over his 14 years at Macquarie Bank he was involved in over 10
West African mine development financings including the initial development of
the Tasiast Gold Mine in Mauritania now owned by Kinross Gold.

Together, Mr Mitchell and Aura's current executive team will focus on
delivering a capital-efficient, low-cost, long-life project at Tiris that
supports the global transition to clean energy and delivers significant value
to shareholders.

Aura Executive Chair, Mr Philip Mitchell, commented:

"I am excited to be joining Andrew and the Aura Energy executive team as we
seek to identify the best options for shareholders for financing and
development of the Company's high-quality Tiris Uranium Project in Mauritania.

The Tiris Uranium Project has the potential to be a capital efficient, low
operating cost, long-life operation that can play a critical role as uranium
supplier into the nuclear energy industry and the transition to low-carbon
energy globally.

Aura and the Tiris Uranium Project have received strong Mauritanian government
support through the permitting and approvals process and Tiris will be a
significant mining project benefiting all Mauritanian stakeholders.

With the application for an additional 13,000km(2) of regional exploration
tenure applications, we have significant potential to identify further
additional shallow economic uranium mineralisation and aim to grow the uranium
resource to over 150 million pounds which would make Tiris a globally
significant uranium project 1 . The growth potential of Tiris could see the
expansion of production beyond the planned 2Mlbspa, funded out of cash flow
after production commences 2 .

Aura Energy is also proud to playing a leadership role in advancing Sweden's
uranium sector and we recently announced our collaboration with Neu Horizon
Uranium Limited. The Swedish Government's step towards lifting the uranium
mining ban currently scheduled for Jan 2026, could mark a transformational
moment for the country's energy future. 3 

I believe Häggån represents significant value that is not currently fully
reflected in the Aura share price and I am excited about the potential of
Aura's two billion tonne Häggån polymetallic deposit in Sweden, that
includes 800Mlbs of uranium resources 4 , being the fourth largest uranium
deposit in the world 5 ."

Aura Managing Director & CEO, Mr Andrew Grove commented:

"Philip's appointment strengthens our leadership as we enter this critical
juncture to fund and deliver Tiris towards production. His experience will be
invaluable to identifying and finalising the best financing and development
options to assist with unlocking the full potential of Tiris and delivering
long-term value for shareholders and stakeholders in Mauritania."

 

Mr Mitchell has entered into a consulting agreement with the Company in
relation to his appointment as Executive Chair. The key terms of Mr Mitchell's
consulting agreement and his new remuneration package is summarised in
Schedule A.

 

ENDS

 

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

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            agrove@auraee.com (mailto:agrove@auraee.com) mailto:

                                 +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 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 6  and Production Target Update 7  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)(( 8 )) and Inferred Mineral uranium(( 9 )) Resource. Utilising only 3%
of the resource, a 2023 Scoping Study 10  outlined a 17-year mine life based
on a 3.6Mtpa production rate.

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 Mineral Resources or that the production
target itself will be realised.

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.

 

 

Schedule A: Summary of material terms of Executive Chair contract

 

 Commencement Date           9 June 2025
 Term                        No fixed term.

                             Employment will continue until terminated by either party, as summarised
                             below.
 Base Fee                    A$41,666.67 per month (inclusive of taxes and statutory costs).
 Short Term Incentive (STI)  Up to 40% of Base Fee annualised.
 Long Term Incentive (LTI)   Up to 150% of Base Fee annualised.
 Incentives                  Mr Mitchell will be eligible to receive equity-based remuneration on terms
                             consistent with the Company's Employee Incentive Plan approved by shareholders
                             on 29 November 2022 (Plan), as may be varied, replaced or removed from time to
                             time and subject to prior shareholder approval (as required).

                             Any STIs or LTIs or participation in Aura's Plan (and the quantum of any award
                             or participation) will be determined by the Company and the Board in their
                             absolute discretion by reference to the key performance indicators as set by
                             the Board (and which may be amended or varied by the Company from time to
                             time).
 Terminations                Either party may terminate employment by mutual agreement or by providing up
                             to 6 months' notice.

                             The Company may terminate Mr Mitchell's employment without notice in certain
                             situations.
 Restraints                  Mr Mitchell is subject to non‐compete restraints for a period of up to 6
                             months, which apply after cessation of employment.

 

 1  This is an aspirational statement linked to Aura's executive management
incentive milestones

 2  ASX and AIM Release: 13 December 2024 - Tiris Uranium Project -
Alternative production targets provide growth opportunities for Aura

 3  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

 4  ASX and AIM Release: 22 Aug 2012 - Outstanding Häggån Uranium Resource
expands to 800 million pounds

 5 
https://www.miningvisuals.com/post/key-uranium-projects-and-deposits-around-the-world/

 6  ASX and AIM Release: 28 Feb 2024 - FEED study confirms excellent economics
for the Tiris Uranium Project

 7  ASX and AIM Release: 11 Sept 2024 - Updated Production Target Improves
Economics at Tiris

 8  ASX and AIM Release: 10 Oct 2019 - Häggån Battery Metal Project Resource
Upgrade Estimate

 9  ASX and AIM Release: 22 Aug 2012 - Outstanding Häggån Uranium Resource
expands to 800 million pounds

 10  ASX and AIM Release: 5 Sept 2023 - Scoping Study Confirms Scale and
Optionality of Häggån

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