REG - Aura Energy Limited - New Tiris Project Tenements Applications

Aura EnergyAnnouncement

29/11/2023 07:00

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RNS Number : 0421V  Aura Energy Limited  29 November 2023

                                                                                                            29 November 2023
 Aura Energy Limited

 

 New Tiris Project Tenements Applications

 

 

Aura Energy Limited (ASX:AEE, AIM:AURA) ("Aura", the "Company") a company
focused on the development of the 85% owned Tiris Uranium Project, Mauritania
and the 100% owned Häggån Polymetallic Project in Sweden, announces that
 the Company has applied for multiple highly prospective exploration
tenements adjacent to and surrounding its existing Tiris Uranium Project
("Tiris" or "Tiris Project") in Mauritania.

Aura is delighted that His Excellency Mr. Nany Chrougha, Mauritania's Minister
of Mines, is supporting His Excellency President Mohamed Ould Cheikh El
Ghazouani's goal of ensuring the development of a strong resources industry in
Mauritania.  This goal has seen the reopening of the Mining Cadastre and the
Ministry has begun accepting applications for exploration tenure, including
Aura's application.

Aura has completed the application processes and filed exploration tenure
applications covering an extensive 13,000 km2. The new tenure application
areas were selected following a detailed 12-month evaluation program based on
historical drilling and radiometric data and analogues from the Company's
successful uranium discoveries, which underpin the Tiris Uranium Project.
This analysis led to the recent Exploration Target announced for the existing
Tiris East Resource areas , for which drilling is planned to commence before
the end of 2023.  The Company is confident that the proven model for
successful exploration can be extended across the wider Tiris Zemmour region
by extending the exploration footprint.

Subject to the successful granting of these applications, Aura will work to
progressively confirm and test exploration targets within these tenements
through 2024 and 2025.

 

Figure 1 - Exploration Tenement Applications

 

Chairman Phil Mitchell commented:

"Our geologists are confident that the Tiris Zemmour region of Mauritania is a
world-class uranium region, similar in importance to the uranium market as the
Pilbara region in Western Australia is for iron ore.  We believe Aura's
uranium-enriched carnotite zone extends across the north-eastern Mauritania
area of Tiris Zemmour, and our exploration success to date provides validation
for pursuing further strong growth platform for Aura's shareholders and our
Mauritanian partners.

"With the potential for our current Tiris West resource to be materially
expanded, the Company strategy is to:

•           progressing development of the already defined
resource in Tiris East as a new uranium producer; and

•           undertaking a significant resource expansion
exploration study on the new tenure."

 

Aura's Managing Director and CEO David Woodall said,

"Aura Energy has already established a commanding position with its Mineral
and Reserves and Resources at Tiris West, which has put us in a position to
consider a final investment development decision in the coming months.

"Combined with our recently announced Exploration Target, these tenement
applications - if successful - will give us an opportunity to be a driving
force to realise the full potential of this region, which we believe could be
truly world-class in scale.

"Our development strategy for Tiris is complemented by our exploration
strategy, which aims to grow our resources and allow scaled-up production over
time in a capital-efficient manner.

"We look forward to working with our stakeholders to progress our
applications, ultimately growing the Tiris Project into a global-scale project
that contributes to Mauritania's economic and social development."

ENDS

The Board of Aura Energy Ltd has approved this announcement.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").

 

 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

 SP Angel Corporate Finance LLP

 (Nominated Advisor and Broker)

 David Hignell

 Kasia Brzozowska

 +44 (0) 203 470 0470

Further Information, please contact:

     About Aura Energy (ASX:AEE, AIM:AURA)
     Aura Energy is an Australian-based minerals company with two major projects,
     the Tiris Uranium Project in Mauritania, and the Häggån Polymetallic Project
     in Sweden.

     The Company is primarily focused on proceeding to first uranium production
     from the Tiris Uranium Project (Aura owns 85%), a major greenfields uranium
     discovery. A recent Enhanced Feasibility Study increased the project NPV
     significantly and reconfirmed Tiris as one of the lowest capex, lowest
     operating cost uranium projects that remains undeveloped in the world. The
     Company holds Offtake Financing Agreements with Curzon and is in the process
     of negotiating additional offtake arrangements.

     Aura also holds 100% of the Häggån Polymetallic Project, one of the world's
     largest undeveloped vanadium resources with significant by-products credits
     possible in nickel, zinc, molybdenum, uranium and sulphate of potash.

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

       @AuraEnergyAEE (https://twitter.com/aee_auraenergy)

 

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