REG - Aura Energy Limited - Quarterly Report for the period ending 31 March 24
26/04/2024 08:15
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RNS Number : 1885M Aura Energy Limited 26 April 2024
26 April 2024
Quarterly Report for the period ending 31 March 2024
Aura Energy Limited (ASX: AEE, AIM: AURA) ("Aura" or the "Company") is pleased
to provide an overview of activities for the period ended 31 March 2024
("Quarter" or "Reporting Period") to accompany the Appendix 5B. The
priorities for Aura remain the development of the Tiris Uranium Project in
Mauritania ("Tiris") and advancement of the Häggån Polymetallic Project in
Sweden ("Häggån").
To view Appendix 5B, please click here:
http://www.rns-pdf.londonstockexchange.com/rns/1885M_1-2024-4-26.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1885M_1-2024-4-26.pdf)
HIGHLIGHTS:
Tiris Front End Engineering Design 1 (#_ftn1) ("FEED") study confirms
excellent economics supporting the near term- development of Tiris, into a
globally significant uranium operation:
Ø NPV(8%) of US$366 million, IRR of 34% post tax and 2.5 year payback
Ø Production of ~2 million lbs pa U(3)O(8) over a 17-year mine life
Ø High-grade leach feed averaging ~2,000ppm U(3)O(8) for first five years
Ø Low AISC of US$34.5/lb U(3)O(8)
Ø Capital cost of US$230 million
Ø 18-month construction timeline to first production in 2026
Ø 1n
Extensional drill program at Tiris demonstrated significant resource growth
potential with extensive mineralisation identified at both Hippolyte South and
Sadi:
· Hippolyte South - High-grade shallow mineralisation defined over an
8km strike length with intercept grades of up to 1,170ppm U(3)O(8)
· Sadi - Mineralisation extended over 1.2km south from the existing 9km
mineralised trend
· An update of the Mineral Resource estimate for Tiris has commenced
and expected to be delivered in the June quarter adding further value to the
Tiris Uranium Project
Balance Sheet secured with A$19 million cash as at 31 March 2024 after the
Company completed a A$16.1 million placement and a A$4.3 million option
funding agreement during the quarter. Further near-term funding is expected to
be received from the completion of a A$2 million SPP.
Management team strengthened with commencement of Managing Director and CEO
Andrew Grove and appointment of Mark Somlyay as CFO, both of whom have
extensive West African and development experience.
Sweden announces official enquiry into lifting the uranium mining ban. The
Company's Häggån Project contains very significant uranium Mineral
Resources 2 (#_ftn2) of approximately 800 million lbs of U(3)O(8).
Post the reporting period:
· Restructure of the historic Curzon offtake agreement 3 (#_ftn3) , 16
April 2024, materially increasing the price receivable for planned uranium
production and releasing significant value for the Tiris Uranium Project, key
points:
· Average fixed price contract price increases 70% to US$74.75/lb
U(3)O(8) from US$44.09/lb U(3)O(8) subject to Final Investment Decision by 31
March 2025
· Total contracted volumes (fixed and variable priced contracts) reduce
from 2.6Mlbs to 2.1Mlbs over same 7-year term
· US$41 million of additional revenue delivered to the Tiris Project
cash flows at a uranium price of US$80/lb U(3)O(8)
· Project NPV(8) increases US$22 million to US$388 million and IRR
improves 2% to 36% compared to Front End Engineering Design ("FEED") study
economics 4 (#_ftn4) delivered in March 2024
· Restructured offtake to deliver 150,000lbs U(3)O(8) per annum under
fixed price terms averaging US$74.75/lb U(3)O(8) and 150,000lbs U(3)O(8) per
annum at spot less 4% discount over 7 years
· Restructuring fee of US$3.5 million to be paid to Curzon either in
cash or in Aura shares priced at A$0.18 per share
· Curzon to also take a US$3.5 million placement of Aura shares at
A$0.18 per share
· Shares subject to escrow arrangements
· The placement and settlement will take place at the conclusion of
final documentation and subject to the Company's placement capacity being
refreshed at the upcoming shareholders' meeting
· General Meeting of shareholders called for 21 May 2024 to approve the
Tranche two placement, placement options, A$2 million SPP shares and options
· 10 April 2024 the second set of drilling results released from the
15,500 meter Tiris drilling program
Air core drilling at Sadi - Tiris Downhole gamma survey at Sadi - Tiris
Tiris Uranium Project, Mauritania
The Tiris Uranium Project, Mauritania, is a potential near-term, low-cost,
long-life future uranium mine producing 2Mlbs pa U(3)O(8) over the currently
defined 17-year mine life with production expected to commence in 2026.
During the quarter activities continued to progress Tiris towards a Final
Investment Decision ("FID") and ultimately development of Mauritania's first
uranium mine, including:
· Completion of the Front End Engineering Design ("FEED") study
· Exploration drilling to expand Mineral Resources beyond the current
59Mlbs U(3)O(8) 5 (#_ftn5)
· Trial mining, trenching and variability sampling over Hippolyte
Tiris Uranium Project Front End Engineering Design Study
The FEED study was completed during the quarter and demonstrated Tiris to have
the potential be a near-term, low-cost, long-life mine with exceptional
further growth opportunities. The study also demonstrated the Project's
excellent economics.
Key highlights and outcomes of the FEED Study 6 (#_ftn6) :
The FEED study progressed the design of the processing plant and
infrastructure to enable a detailed capital and operating cost estimate to be
prepared, with an accuracy level of between +10% and 15%.
• Robust base case project financial economics demonstrated by
post-tax NPV(8) of US$366M (A$523M) IRR of 34%, and a 2.5 year payback at
realised uranium price of US$80/lb U(3)O(8)
• At uranium prices of US$100/lb U(3)O(8) the economics increase to
post-tax NPV(8) US$596M (A$851M) and IRR 49%
• Initial mine life of 17 years producing an average 1.9Mlbspa
U(3)O(8) from the 2.0Mlbspa capacity process plant
• Life of Mine (LOM) uranium production in this study was 30.1Mlbs
U(3)O(8)
• 91% Measured and Indicated Mineral Resources in mining schedule
during the first five years, LOM Inferred material totals 33% mostly beyond
ten years in the mining schedule
• The open pit mining is a simple, low-risk, shallow, free digging
operation without the need for crushing and grinding
• Beneficiation of the ore delivers a high-grade leach feed
averaging 1,997ppm U(3)O(8) (first 5 years) and 1,743ppm U(3)O(8) (LOM), the
high-grade leach feed is delivered to the plant for a very low cost of
US$8.1/lb U(3)O(8) including the cost of mining and beneficiation
• AISC has increased to US$34.5/lb U(3)O(8), an escalation of 16% on
the 2023 EFS estimate(3). This is largely due to a 40% increase in the fuel
price
• CAPEX of US$230M, an escalation of 29% on the 2023 EFS estimate(6)
as a result of industry-wide escalation and increasing the filtering and water
treatment capacity to allow for greater flexibility and lower risk when
operating. CAPEX forecast includes a 12% contingency.
• Uranium production planned within 18 months of Final Investment
Decision
• FEED result confirms and delivers an upgraded process design to
de-risk the Project
• Exploration drilling underway to expand Mineral Resources beyond
the current 59Mlbs U(3)O(8) 7 (#_ftn7) with a defined Tiris East Exploration
Target of an additional 8-32Mlbs U(3)O(8) 8 (#_ftn8)
• Modular design provides opportunities for further capital
efficient expansion and scalability
• Planned construction and operation of the Tiris Uranium Project
will deliver significant and ongoing benefits to the people of Mauritania in
terms of employment opportunities including professional development training,
new infrastructure, forecast taxes and royalties.
Units 2023 EFS 9 (#_ftn9) FEED FEED
Base Case Base Case Spot Price
Uranium Price US$/lb U(3)O(8) $65 $80 $100
Valuations and Returns
Post-tax NPV(8) US$M 226 366 596
Post-tax IRR % 28% 34% 49%
Payback period Years 4.5 2.5 1.8
Cashflow Summary
Initial Life of Mine Years 16 17 17
LOM Production Mlbspa U(3)O(8) 25.5 30.1 30.1
Annual Production Mlbspa U(3)O(8) 1.6 1.9 1.9
Gross Revenue (LOM) US$M 1,562 2,257 2,818
Free Cashflow pre-tax (LOM) US$M 906 1,327 1,876
Margin (LOM) % 58% 58% 79%
Free Cashflow post tax (LOM) US$M 554 1,061 1,486
Unit Operating Costs
All in Cost US$/lb U(3)O(8) 35.6 42.1 43.2
All-in Sustaining Costs US$/lb U(3)O(8) 28.7 34.5 35.5
C1 Cash Cost US$/lb U(3)O(8) 25.2 30.1 30.2
Capital Cost
Development Capital US$M 178 230 230
Table 1 - Tiris Uranium Project Financial Summary demonstrates robust
economics
Figure 1 - Tiris Uranium Project key operational parameters and systems
The modular configuration of the processing plant is well suited to capital
efficient and simple expansion to accommodate future growth in Mineral
Resources as indicated below.
Ø 2.0Mlbspa U(3)O(8) production capacity = US$ 230M development capital (Base
Case)
Ø 2.8Mlbspa U(3)O(8) production capacity = US$ 83M expansion capital (from 2
to 2.8Mlbpa)
Ø 3.5Mlbspa U(3)O(8) production capacity = US$ 166M expansion capital (from 2
to 3.5Mlbpa)
Tiris Exploration
An exploration review using newly acquired radiometric, historic radiometric
and drilling data was used to develop an Exploration Target for additional of
between 8-32 Mlbs U(3)O(8) 10 (#_ftn10) . The Exploration Target is
immediately adjacent and contiguous to the existing Mineral Resource.
The recently completed 15,500m drill programme was undertaken to demonstrate
the excellent Mineral Resource growth potential in the Tiris area and to
further enhance the Project value through either extending mine life and/or
expanding production capacity in the future.
During the March quarter the first batch of results from 793 holes including
3,304m of drilling was released. Subsequent to the end of the quarter,
drilling was completed on 4 April and the second batch of results released on
10 April.
Drilling has defined two new areas 11 (#_ftn11) of extensive shallow and
high-grade mineralisation at both Hippolyte South and Sadi and numerous
extensions to known mineralisation over the other Mineral Resource areas that
should materially add to the existing Minerals Resources of 59Mlbs
U(3)O(8) 12 (#_ftn12) .
· Hippolyte South - High-grade shallow mineralisation now defined over
an 8km strike length
· Sadi - Mineralisation extended over 1.2km south from the existing 9km
mineralised trend
Results released during the quarter included:
· Hippolyte South: New high-grade mineralisation defined over an
extensive 6km(2) area. Mineralisation extended to the east and northwest from
the previous resource areas and to the southwest for over three kilometres and
remains open, Figure 2
High-grade intercepts include:
· 4.8m grading 1,170ppm U(3)O(8) from 0.5m
(23FEAC000389)
· 2.2m grading 802ppm U(3)O(8) from
0.6m
(23FEAC001079)
· 3.2m grading 555ppm U(3)O(8) from
0.2m
(23FEAC000997)
· Sadi: Mineralisation extended over 1.2 kilometres south and west from
the current resources and remains open, Figure 3
· Hippolyte West C: Drilling extended mineralisation linking the three
previously separate resource areas, Figure 8
· Mineralised intercepts were returned from low and very low strength
radiometric anomalies, significantly increasing the exploration potential of
the Tiris East area as these have been ignored in past exploration
Figure 2. Hippolyte South: showing grade*thickness from this program along
with those from previous drilling in relation to airborne U-radiometric
anomalies and current resource outlines. Drilling has confirmed significant
new mineralisation outside the resource outlines.
Figure 3. Sadi: showing grade*thickness from this program along with those
from previous drilling in relation to airborne U-radiometric anomalies and
current resource outlines. Drilling has confirmed significant new
mineralisation outside the resource outlines. Drilling has confirmed
significant mineralisation outside the resource outlines. Most significant
intercepts occur on low strength radiometric anomalies.
Other Tiris Activities
During the quarter other activities undertake at Tiris included:
The Company initiated a program to generate additional information on the
variability and optimisation of processing parameters through the first 4
years of the mine schedule. The first step was a program of trenching in the
Hippolyte Resource with a series of aims, including:
1. Generate samples for variability testing
2. Confirm beneficiation response of Hippolyte material
3. Demonstrate mining parameters
At Hippolyte Zone 3 area a total of 7 trenches were dug with 74 variability
samples and 13 bulk samples collected. The variability samples will be
processed at Aura's Nouakchott laboratory to confirm the concentration factor
of uranium to the -75 micron screen fraction and the distribution of minerals,
including sulphate and clay minerals. This information will be included in
the Tiris geometallurgical model and provide inputs for further optimisation
of the mine schedule.
Various measures for improving community and government engagement have
commenced including developing a framework for a more formal community
consultation process.
Hippolyte trench excavation Hippolyte bulk sample collection
Figure 4 - Tiris Uranium Project Hippolyte Zone 3 variability sampling
Häggån Project Update
The Häggån Polymetallic Project, located in the municipality of Berg in the
county of Jämtland, hosts a globally significant 2 billion tonne polymetallic
Mineral Resource 13 (#_ftn13) which includes 800 Mlbs of U(3)O(8) 14
(#_ftn14) (.) The primary metals and minerals in Häggån are vanadium,
sulphate of potash ("SOP") and uranium, with nickel, molybdenum and zinc also
present.
Approximately 14 percent of the known value of the asset is uranium. Including
uranium into the previously published scoping study 15 (#_ftn15) increased
the Project NPV by 37% at a uranium price of US$65/lb U(3)O(8) from the
previously stated range of between US$456 million to US$1,307 million.
The Swedish Government announced on 23 February 2024 the launch of an inquiry
into overturning the existing ban on mining uranium, which has been in place
since 2018. The inquiry will investigate the regulatory changes needed to make
uranium extraction legal and analyse whether mining of uranium should be
allowed. The conclusions of the inquiry will be presented on the 15 of May
2024. Once the results of the inquiry are published, the Government can choose
to go forward with a legislative proposal to Parliament.
On 19 March, at the invitation of Minister for Energy, Business and Industry
Ebba Busch, Aura executives attended a mining industry roundtable in
Stockholm, along with Swedish mining industry leaders. The purpose was to
provide input into the development of the Swedish government's minerals
policy.
Aura continues to prepare its submission for an exploitation permit for the
Häggån project, which will provide a 25-year tenure.
A 13-hole drilling program was completed in January 2024. All drillholes will
be used for hydrological testing, mapping water movements and to establish
hydrological baseline.
The test work by Geosyntec for the concession application continued, with
hydrological testing, water sampling and characterisation of the ore and waste
rock.
In response to the questions and comments arising from a series of community
consultations in late 2023, and from engagement with the local County
Administrative Board, Aura is undertaking further information gathering work
on the project. This work includes data collection on water flows,
biodiversity baseline monitoring and an impact assessment of planned
activities on areas of potential reindeer husbandry.
Corporate Activities
Option Funding Agreements
On 25 January 2024, the Company announced that it had entered into Option
Funding Agreements with investors who have agreed to prepay the Company
approximately A$4.3 million, equal to the exercise monies for all remaining
options expiring 30 June 2024. The funds will be repaid upon receipt of option
exercise monies as and when the current Option holders exercise their options.
In addition, the Company entered into an underwriting agreement for the
exercise of 20 million options with PAC Partners Securities Pty Limited,
whereby the Underwriter will receive shares equal to the number of shares to
be issued on exercise of 100% of the Underwritten Options that are not
exercised by the Option Holders by the Option Expiry Date, in lieu of cash. As
at 31 March 2024, A$3.7 million remains outstanding under the Option Funding
Agreement.
The Options are listed and have an expiry date of 30 June 2024 and an exercise
price of A$0.052 each, and on issue convert into ordinary fully paid shares in
the Company.
12.0 million options expiring 30 June 2024 at an exercise price of A$0.052 per
share were exercised during the reporting period with a further 6.7 million
options exercised subsequent to the reporting period. As at 17 April 2024,
64.9 million options remain outstanding.
Private Placement and Share Purchase Plan
On 18 March 2024, the Company announced a placement to professional and
sophisticated investors to raise approximately A$16.2 million through the
issue of approximately 90.2 million fully paid ordinary shares at A$0.18 per
share. The Company will also offer eligible shareholders on 15 March 2024, the
opportunity to participate in a Share Purchase Plan ("SPP") of up to A$2
million through the issue of approximately 11.1 million fully paid ordinary
shares subject to shareholder approval.
Participants in the new share issues pursuant to the Placement and the SPP
will also receive three new options for every four shares subscribed. The
Options are intended to be listed subject to satisfying the quotation
requirements of ASX and will have an exercise price of A$0.30 and expiry of
two years. Approximately 67.7m options are anticipated to be issued in
connection with the Placement and up to 8.3m options through the SPP.
The first tranche of the placement raising approximately A$16.1 million before
costs via the placement of 89,668,896 Shares at A$0.18 was completed on the 25
March 2024.
A General Meeting to approve the issue of the Shares and Options under the
Tranche 2 Placement, SPP Shares, SPP Options and directors' participation in
the Placement has been convened for the 21 May 2024.
Directors have committed A$0.13 million to the Placement.
Cash and Cash Forecast
The Company's cash position as of 31 March 2024 was A$19.0 million. The
Company's major cashflow movements for the quarter included:
· Net proceeds from the Share Placement of A$15.1 million;
· Net proceeds from Options Funding Agreements of A$3.6 million;
· Investments in the Company's Exploration and Evaluation assets of
A$4.03 million;
· Admin and corporate costs of A$1.13 million; and
· Staff costs of $0.47 million.
The forecasted net operating cashflow and investment in the Company's
exploration and evaluation assets for the coming quarter is A$5.73 million.
With a closing cash balance of A$19.0 million, the company has enough cash for
3.31 quarters.
Management
Andrew Grove was appointed Managing Director and CEO on the 30 January 2024
replacing Dave Woodall. Mr Grove is a highly experienced mining and finance
executive with extensive global industry experience across multiple
commodities. This includes more than 30 years of managerial, technical,
commercial and finance experience, including significant expertise in uranium
and West African development and operations.
Mark Somlyay was appointed CFO of Aura on the 26 March 2024, commencing 22
April 2024. Mr Somlyay has more than 20 years' experience in finance,
commercial and business improvement within the mining industry. Importantly,
the majority of his experience has been in West Africa and in francophone
jurisdictions, where he has been involved in the recent development of three
greenfield projects.
Both appointments will have a positive impact on the Companies endeavours
towards progressing Tiris towards development.
Management participated in the Indaba conference and undertook site visits to
both Tiris and Häggån during the quarter.
Remuneration Consultant
The REM Committee engaged remuneration consultants to provide guidance on a
competitive, market related remuneration program for senior executives and
non-executive directors.
June Quarter Planned Activities
At Tiris the next steps in progressing towards the construction and
development of the Project that will be undertaken or commenced during the
next quarter include:
• Release final drill results from the recently completed drilling
program
• Completion of Mineral Resource update for Tiris East including all
new drilling information
• Engagement with Project funding providers
• Furthering offtake contract negotiations
• Water targeting and drilling to confirm and develop water
infrastructure sufficient to support future operations
• Review of engineering and capital cost optimisation
• Geometallurgy, engineering and design work to support development
activities
• Ongoing baseline environmental and radiation monitoring
• Commencement of formal community consultation
• Engagement with government on approvals and development timelines
At Häggån the planned licensing activities include:
• Analysis of water flows
• Biodiversity baseline study
• Reindeer impact assessment
• Continued preparation for exploitation permit licence submission
March 2024 Quarter ASX Announcements
This Quarterly Activities Report contains information extracted from ASX
market announcements reported in accordance with the 2012 edition of the
"Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves" ("2012 JORC Code"). Further details (including 2012 JORC Code
reporting tables where applicable) of exploration results referred to in this
Quarterly Activities Report can be found in the following announcements lodged
on the ASX:
· Commencement of extensional drilling program at
Tiris
5 January 2024
· Options funding agreements secure A$4.3M for
Tiris
25 January 2024
· Aura Energy appoints Andrew Grove as Managing Director
&CEO 30 January 2024
· Sweden initiates inquiry to overturn uranium mining ban
26 February
2024
· Aura's Tiris FEED Study returns Excellent
Economics
28 February 2024
· Tiris drilling defines extensive new uranium
mineralisation
12 March 2024
· Successful A$16.2 Million Placement and SPP
Offer
18 March 2024
· Aura appoints a Chief Financial
Officer
26 March 2024
These announcements are available for viewing on the Company's website
auraenergy.com.au. Aura confirms that it is not aware of any new information
or data that materially affects the information included in any original ASX
announcement.
Tenement Summary
The Company holds the following interest in mining tenements, farm-in and
farm-out agreements 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 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 41 Tiris International Mining Co. 100%
2458B2 Touerig Taet 08/12/2023 07/8/2026 134 Tiris International Mining Co. 100%
Sweden
2007-243 Häggån nr 1 28/08/2007 28/08/2024 18 Vanadis Battery Metals AB 100%
2016:9 Möckelåsen nr 1 21/01/2016 21/01/2024 18 Vanadis Battery Metals AB 100%
(extension applied for)
2016:7 Skallböle nr 1 20/01/2016 20/01/2024 8 Vanadis Battery Metals AB 100%
(extension applied for)
Farm-in agreement with Nomads Mining Company sarl, Mauritania, Aura, through
subsidiary Archean Greenstone Gold has earned a 70% interest in Nomads
100%-owned exploration permit in Mauritania (refer to ASX announcement 11 June
2019).
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").
For further information, please contact:
Andrew Grove Paul Ryan SP Angel Corporate Finance LLP
Managing Director and CEO Morrow Sodali Nominated Advisor and Broker
Aura Energy Limited Investor & Media Relations David Hignell
agrove@auraee.com (mailto:agrove@auraee.com) p.ryan@morrowsodali.com (mailto:p.ryan@morrowsodali.com) Kasia Brzozowska
+61 414 011 383 +61 409 296 511 Grant Baker
+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 February 2024
FEED study demonstrated Tiris to be a near-term low-cost 2Mlbs U3O8 pa near
term uranium mine with a 17-year mine life with excellent economics and
optionality to expand to accommodate resource growth.
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 2.5Bt vanadium, sulphate of potash ("SOP")
and uranium resource. Utilising only 3% of the resource, a 2023 Scoping Study
outlined a 27-year mine life based on mining 3.5Mtpa.
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.
Competent Persons Statement
The Competent Person for the calculation of significant intercepts 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 2023 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.
The Competent Person for drill hole data is Dr Michael Fletcher. The
information in the report to which this statement is attached that relates to
compiling resource estimates and to drill hole data is based on information
compiled by Dr Michael Fletcher. Dr Fletcher has sufficient relevant
experience in the preparation and compilation of exploration data across a
broad range of deposits 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'. Dr Fletcher is a consultant to Aura
Energy and a full-time employee of GeoEndeavours Pty Ltd. Dr Fletcher is a
Member of the Australasian Institute of Geoscientists and consents to the
inclusion in the report of this information.
The Competent Person for interpreting downhole gamma information,
disequilibrium analysis and assay results is Mr David Wilson. Mr Wilson 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 Wilson is a consultant to Aura Energy and is a full-time
employee of 3D Exploration. Mr Wilson is a Member of the Australasian
Institute of Geoscientists and consents to the inclusion in the report of the
matters based on his information.
The Tiris Uranium Resource Estimate was reported in 2023 under the 2012
Edition of the "Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves". The Mineral Resource Estimate was
detailed in ASX announcement: "Major Resource Upgrade at Aura Energy's Tiris
Project" 14th February 2023. Aura confirms that it is not aware of any new
information or data that materially affects the information included in this
announcement regarding the mineral resources and that all material assumptions
and technical parameters underpinning the estimates continue to apply and have
not materially changed.
(#_ftnref1) (6) ASX and AIM Release: "Aura's Tiris FEED Study Returns
Excellent Economics" 28 Feb 2024
2 (#_ftnref2) ASX Release: "Outstanding Häggån Uranium Resource Expands to
800 Million Pounds" 22 Aug 2012
3 (#_ftnref3) ASX Releases: "US$10m Offtake Financing Agreement for Tiris
Uranium Project" 7 Oct 2021 and "Aura Concludes Offtake Agreement" 29 Jan 2019
4 (#_ftnref4) ASX Release: "FEED study confirms excellent economics for the
Tiris Uranium Project" 28 Feb 2024
5 (#_ftnref5) ASX Release: "Major Resource Upgrade at Aura Energy's Tiris
Project" 14 Feb 2023
(#_ftnref6) (6) ASX and AIM Release: "Aura's Tiris FEED Study Returns
Excellent Economics" 28 Feb 2024
7 (#_ftnref7) ASX Release: "Major Resource Upgrade at Aura Energy's Tiris
Project" 14 Feb 2023
8 (#_ftnref8) ASX Release: "Aura identifies new uranium Exploration Target"
17 Oct 2023
9 (#_ftnref9) ASX Release: "Tiris Enhanced Definitive Feasibility Study" 29
Mar 2023
10 (#_ftnref10) ASX Release: "New Uranium Exploration Target Identified at
the Tiris Project" 17 Oct 2023
11 (#_ftnref11) ASX Release: "Tiris drilling defines extensive new uranium
mineralisation" 11 Mar 2024
12 (#_ftnref12) ASX Release: "New Uranium Exploration Target identified at
Tiris Project" 17 Oct 2023
13 (#_ftnref13) ASX Release: "Scoping Study Confirms Scale and Optionality
of Häggån" 5 Sept 2023
14 (#_ftnref14) ASX Release: "Outstanding Häggån Uranium Resource Expands
to 800 Million Pounds" 22 Aug 2012 - This information was prepared and first
disclosed under the JORC Code 2004. It has not been updated since to comply
with the JORC Code 2012 on the basis that the information has not materially
changed since it was last reported.
15 (#_ftnref15) ASX Release: "Scoping Study Confirms Scale and Optionality
of Häggån" 5 Sept 2023
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. END UPDEAXLKAESLEEARecent news on Aura Energy
See all newsREG - Aura Energy Limited - Quarterly Report for the period ending 31 March 24
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