REG - Aura Energy Limited - Activities Report March Quarter 26 Appendix 5B

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RNS Number : 5605C  Aura Energy Limited  30 April 2026

 

 

                                                                                                                                          30 April 2026

Activities Report for March Quarter 2026

 

Aura Energy Limited (ASX: AEE, AIM: AURA) ("Aura" or the "Company") is pleased
to provide its activities report for the quarter ended 31 March 2026. Aura
continues to advance the development of its flagship Tiris Uranium Project
("Tiris") in Mauritania, West Africa, while progressing licensing initiatives
for the Häggån Polymetallic Project ("Häggån") in Sweden.

To view the full Appendix 5B, please click here
http://www.rns-pdf.londonstockexchange.com/rns/5605C_1-2026-4-30.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5605C_1-2026-4-30.pdf)

Overview

·    Aura's technical team confirmed two successful methodologies for
dewatering of production from the Tiris Project

·      On 24 April, the Geological Survey of Sweden as formally proposed
designating

Häggån as a resource of national interest for valuable materials

Uranium Market

The TradeTech uranium price on 31 March was US$84.15/lb, after having reached
an almost two year high of US$101.50/lb, with futures quotes for 2026 delivery
in the US$101-104/lb range during the quarter.

The market fundamentals for uranium are the best for a generation. Continuing
investment in nuclear power around the world is creating long term demand
growth for uranium, which is increasing the existing supply deficit. By 2040,
the existing uranium supply deficit is expected to rise to between 49% and 60%
of annual requirements.

In the first quarter of 2026, conflict in the Gulf and rising oil prices
reinforced the energy security advantages of nuclear as a source of
competitive, base load power. In China CNNC started construction at the
multiple-reactor Xuwei nuclear power plant. In Japan Tepco restarted the
Kashiwazaki-Kariwa power plant and South Korea confirmed plans to complete two
new 1.4GW reactors by 2038. In other regions, Poland reported that
construction will commence on its first reactor in 2028, and Turkey announced
that it has reached 99% completion of its first reactor at Akkuyu, which will
ultimately provide 10% of the country's electricity.

Strategic recognition of the importance of uranium is increasingly reflected
in government policy. On 2 February, President Trump announced Project Vault,
creating a US$12 billion strategic critical minerals reserve to increase
supply independence. This followed the US government adding uranium to the
critical minerals list in November 2025.

Tiris Uranium Project (Mauritania)

During the March 2026 quarter, Aura continued to make disciplined progress on
the Tiris Uranium Project, concentrating on the final technical work required
to support a well Strategic Financing Plan. The Board's focus remains on
ensuring the Project is developed on a robust, scalable and economically sound
basis, aligned with long‑term value creation for shareholders.

Engineering and Development Activities

During the March 2026 quarter, Aura continued to advance the Tiris Uranium
Project through targeted engineering and development activities aimed at
de‑risking the process flowsheet and supporting progress toward a Strategic
Financing Plan. Work during the quarter was focused on completion of critical
test programs, refinement of ore body knowledge, and review of alternative
flowsheet configurations, with particular emphasis on post‑leach dewatering.

Dewatering Test Work

During the quarter, Aura progressed a test work program to evaluate and
compare alternative solid-liquid separation options downstream of leaching,
ahead of uranium recovery via ion exchange. Test work concentrated on the
following dewatering pathways:

·     Pre-Leach Dewatering: Multi-stage Centrifugation, including
assessment of achievable cake moisture, solids recovery, and throughput under
representative feed conditions;

·     Post-Leach Dewatering:

o  Multi-stage centrifugation

o  Horizontal Vacuum Belt Filtration ("HVBF") with polymer.
Polymer‑assisted agglomeration (ATA™) 1 , aimed at improving particle size
distribution and permeability prior to separation; and

o  Counter Current Decantation ("CCD"), with washing efficiency, flocculant
response, and circuit stability as key evaluation parameters.

The tests have confirmed that centrifuges will achieve satisfactory dewatering
of the pre-leach material and both centrifuges and Horizontal Vacuum Belt
Filtration ("HVBF") with polymer‑assisted agglomeration (ATA™) will
satisfactorily dewater the post leach material. Our work is now focussed upon
achieving the optimal economic outcome, which we expect to present early in Q3
2026.

As previously announced, no material changes have been identified for the
leach, ion exchange, calcination and packaging process steps.

Progress Toward a Strategic Financing Plan

During the quarter, Aura continued to engage with potential strategic
investors and financiers, who remain informed of the revised test work program
and its role in finalising the optimal processing configuration. The BFS is
expected to be completed in Q3 2026, following incorporation of dewatering
test work results and updated flowsheet selections, due to be completed in the
June Quarter.

The work completed during January to March 2026 period represents a key step
in reducing technical risk and advancing the Tiris Uranium Project toward a
Strategic Financing Plan, supporting Aura's objective of developing a globally
significant uranium project in Mauritania.

Funding and Financing Activities

During the March 2026 quarter, Aura strengthened its funding position and
continued to progress multiple financing pathways aligned with advancing the
Tiris Uranium Project toward a Strategic Financing Plan.

The Company's financing strategy remains focused on securing development
funding that reflects the long‑life, low‑cost nature of the Tiris Uranium
Project, preserves value for shareholders and delivers a competitive overall
cost of capital. Financing discussions are being progressed in parallel with
the Project's technical development and remain aligned with key Strategic
Financing Plan‑enabling milestones.

Equity Funding

On 2 February 2026, Aura completed an share placement, raising A$20 million
(before costs) through the issue of 97.6 million fully paid ordinary shares at
A$0.205 per share.

Proceeds from the placement have been allocated to:

·      Advancement of the Tiris Uranium Project engineering and
test‑work programs;

·      Strategic Financing Plan readiness activities, including Basic
Engineering and execution planning;

·      Ongoing technical studies and project development costs; and

·      General working capital.

Completion of the placement materially de‑risked Aura's near‑term funding
position and ensures the Company is appropriately funded to complete the
remaining technical work required to support a Strategic Financing Plan.

Project Finance and Strategic Funding Engagement

In parallel with the equity raise, Aura continued structured engagement with
potential project finance providers and strategic funding counterparties
during the quarter.

In February 2026, the Company received a non‑binding indicative offer
("NBIO") relating to potential project financing for the Tiris Uranium
Project. The NBIO was received at an early, non‑binding stage and remains
subject to further due diligence, detailed structuring, internal approvals and
alignment with the Project's final technical configuration and development
timetable.

The receipt of the NBIO provides further confirmation of external interest in
the Tiris Uranium Project and supports Aura's assessment of available funding
alternatives as the Project advances toward a Strategic Financing Plan.

The Company also hosted a site visit in Mauritania with a significant
potential Strategic Investor and reciprocated with a senior team visiting the
potential investor during which a comprehensive non-binding Memorandum of
Understanding ("MOU") was developed.

Aura also continued discussions with the U.S. International Development
Finance Corporation ("DFC") as part of its evaluation of potential long‑term
project financing solutions. Engagement with DFC and other funding
counterparties has remained closely aligned with the Project's technical
development program, including the ongoing post‑leach dewatering test work
and progression toward completion of Basic Engineering.

Financing discussions currently encompass a range of potential structures and
sources, including debt, strategic participation and other project‑level
funding options, and are being progressed in a disciplined manner consistent
with the Project's development stage.

Häggån Polymetallic Project ("Häggån Project")

On 1 January, as expected the Swedish government enacted legislation to remove
the prohibition on uranium mining in the country. This is consistent with its
policy of promoting the development of nuclear power and mineral
self-sufficiency in Sweden.

On 23 January, Aura announced that a valuation of C$50 million (A$55 million)
was established for Häggån as MMCAP International Inc., SPC and other
strategic investors agreed to provide funding of C$10 million for a 19.7%
interest in Häggån.

In February, the government announced that it would move to legislate removal
of the existing municipal veto on uranium extraction, continuing its
pro-nuclear agenda. This announcement coincided with an announcement by the
government that it would hold an inquiry into the regulation of alum shale
extraction.

A previous government held an inquiry into alum shale extraction in 2020. That
inquiry concluded that no special regulations were necessary for mining in
alum shale but required that the operator must be able to demonstrate its
suitability to carry out the processing of the rock type. The Company supports
that conclusion, and believes that Sweden's existing rigorous permitting
standards are effective and sufficient. Aura hopes that the 2026 inquiry will
bring certainty to the permitting process, while addressing local communities'
concerns.

On 12 March, Aura announced that a decision had been made to defer the
Häggån transaction, pending the outcome of the government of Sweden's
inquiry into the regulation of the mining of alum shale and an improvement in
general market conditions.

Aura continues to retain 100% ownership of Häggån and is committed to
unlocking the significant value and optionality of the project.

Häggån is a substantial polymetallic deposit, hosting uranium, vanadium,
nickel, molybdenum, zinc, and sulfate of potash - all essential to the energy
transition sector. Vanadium is also classified by the European Union as a
critical raw material under the EU's Critical Raw Materials Act.

On 24 April 2026, the Geological Survey of Sweden ("SGU") formally proposed
designating the Häggån polymetallic deposit as a national interest for
valuable materials.

Häggån is uniquely positioned as a key contributor to Europe's clean energy
and industrial future with both uranium as a cornerstone of fossil-free
nuclear energy and the deposit's significant vanadium resource.

The designation is subject to a consultation period with designated
stakeholders until 3 June 2026. SGU's Director General will make a final
designation decision following the referral process.

Häggån Transaction Context

As announced on 12 March 2026, the Company deferred completion of the Haggan
project transaction pending the outcome of the Swedish government inquiry into
the mining of alum shale and an improvement in general market conditions.

Financial Summary

As at 31 March 2026, Aura held A$19.2 million in cash.

Key Cash Flows

·      Exploration and evaluation (Tiris development activities,
engineering, EPCM, test-work): A$1.5 million.

·      Administration and corporate: A$1.2 million.

·      Staff costs: A$1.2 million.

·      Payments to related parties and associates: A$0.3 million (refer
Item 6, Appendix 5B).

Forecast net operating and exploration expenditure for the June quarter is
A$4.3 million.

Exploration and evaluation expenditure during the quarter was A$1.5 million,
primarily relating to Tiris Uranium Project development activities, including
engineering and test work.

Administration and corporate costs for the quarter totalled A$1.2 million,
while staff costs were A$1.2 million.

Payments to related parties and their associates during the quarter were A$0.3
million, comprising directors' fees and remuneration paid in the normal course
of business.

The Company recorded net cash outflows from operating activities of A$2.3
million and net cash outflows from investing activities of A$1.5 million for
the quarter.

Financing activities generated net cash inflows of A$18.9 million, principally
reflecting proceeds from the February 2026 equity placement, partially offset
by equity issue costs and lease liability payments.

As at 31 March 2026, Aura held cash and cash equivalents of A$19.2 million.

Based on current expenditure levels, the Company has an estimated five
quarters of funding available.

Planned Activities - June Quarter 2026

Tiris Uranium Project

·      Continue to progress funding options and due diligence with
potential strategic partners.

·      Complete the current post leach solid-liquid separation
(dewatering) test work program and select one dewatering process to include in
the BFS.

·      Progress dewatering variability testing and Ore Body Knowledge
(geometallurgy) programs to define domain‑based inputs for slurry handling,
thickening and separation equipment selection.

·      Update the process flowsheet and complete remaining BFS
deliverables, incorporating the preferred dewatering configuration and
associated capital and operating cost updates.

·      Advance execution readiness, including review of EPCM /
engineering contract options, detailed execution planning and definition of
early works scope and schedule.

·      Continue baseline environmental monitoring in parallel with
engineering to support development planning.

Häggån Project

·      Continue the permitting process to amend the application for the
project exploitation permit to include uranium.

 

ASX Announcements - March Quarter 2026

Following is a list of all market sensitive announcements lodged by the
Company during the Quarter:

·      Investment establishes C$50M valuation for Haggan project
            23 Jan 2026

·      Trading
Halt
30 Jan 2026

·      Quarterly Activities/Appendix 5B Cash Flow
Report                          30 Jan 2026

·      Aura Energy Successfully Raises A$20 million via
Placement            2 Feb 2026

·      Haggan Project Transaction
Update
12 Mar 2026

These announcements are available for viewing on the Company's website,
www.auraenergy.com.au
(https://protect.checkpoint.com/v2/r04/___http:/www.auraenergy.com.au___.Y3A0YTplbi1hZWU6YzpvOjNlNjU5ODBjMWQ0N2YwZjVlNDliMjEyMzBkYTJmODRjOjc6MWU3MDo3MDhjNjkyMDRjYjY3ODMxMWQ3ZjRlZGI5NThkNjVjODg0MjJhMGM2MTQyNWFiZGNkMzk4N2NiNzM4YjRlMDhiOnA6VDpU)
.

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   8/02/2049                                                 207    Tiris Ressources SA             85%
 2492C4        Oued El Foule       8/02/2019   8/02/2049                                                 190    Tiris Ressources SA             85%
 2490C4        Oum Ferkik          19/05/2017  Pending approval of application for Exploitation License  60     Tiris Ressources SA             100%
 2365B4        Oued El Foule Sud   04/12/2023  04/12/2026                                                166    Aura Energy Limited             100%
 2457B2        Hadeibet Belaa      08/12/2023  08/12/2026                                                30     Tiris International Mining Co.  100%
 2458B2        Touerig Taet        08/12/2023  08/12/2026                                                100    Tiris International Mining Co.  100%
 Sweden
 2007-243      Häggån nr 1         28/08/2007  Pending approval of application for exploitation permit   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%
 2025:111      Gräsmyråsen nr 1    20/11/2025  20/11/2028                                                10     Vanadis Battery Metals AB       100%

Table 1 - Tenement summary

 

Note: 1. Refer also commentary regarding Mauritanian tenement tenure in the
Company's 30 June 2025 Annual Report released to ASX on 16 October 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 ASX announcement dated 11 June 2019
titled "Aura completes farm-in and joint venture agreement"). As announced in
the Company's 30 June 2025 Annual Report, the Company has fully impaired its
expenditure on these gold assets.

As notified in the Half Year Report, on 13 March 2026, some of Nomads Mining
SARL ("Nomads") shareholders filed a petition to the Commercial Court of
Nouakchott seeking to cancel the farm-in agreement and claim damages. The
Company is actively defending the matter and based on current legal advice,
the likelihood of an outflow of economic resources is considered remote. It is
noted that the petition was filed after the Company submitted an application
for the registration of the transfer of 70% of Nomad's shares to the Company
and that in December 2025, the Commercial Court of Nouakchott ruled in favour
of the Company and ordered the registration of ownership interest of the
Company in the official Register of Commerce. Philip Mitchell is registered as
the sole "gerant" of Nomads. A further appeal from this decision has just been
rejected confirming the validity of the registration of the Company as the
rightful owner of 70% of Nomads shares. The claimants have lodged an appeal
against this judgement before the Court of Appeal of Nouakchott. The Company
will continue to seek to enforce its position and the court orders.

The Company did not conduct exploration activities during the quarter.

 

Outlook

Both the Tiris Uranium Project and the Häggån Polymetallic Project have
outstanding fundamentals, are located in supportive jurisdictions and are
underpinned by favourable market conditions. Aura's near-term goal remains
unchanged: to deliver the Tiris Uranium Project into production safely,
responsibly, and in a way that enhances value for all stakeholders, including
host communities, partners and shareholders. Over the longer term the Company
will participate in the rebirth of Sweden's nuclear industry and unlock the
value of the Häggån asset.

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        SP Angel Corporate Finance LLP  Tamesis Partners LLP

 Executive Chair        Nominated Adviser               Broker

 Aura Energy Limited    David Hignell                   Charlie Bendon

 pmitchell@auraee.com   Adam Cowl & Devik Mehta         Richard Greenfield

 +44 7552272155         +44 203 470 0470                +44 203 882 2868

 

Australian investors and media

GRACosway

Bill Frith

Bill.Frith@omc.com

+61 405 144 807

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 committed to creating value for host nations, local
communities, and shareholders through responsible and sustainable resource
development. 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

 

 

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.

Future funding plans are not commitments and depend on market conditions,
approvals and counterparties; there is no assurance finance will be obtained
on acceptable terms.

 

Notes to project descriptions

The Company notes that the material assumptions underpinning the Tiris Uranium
Production Targets, Ore Reserves and the associated financial information
derived from the Tiris production target as outlined in the Aura Energy ASX
Release dated 29 March 2023 "Enhanced Definitive Feasibility Study', ASX
Release dated 28 Feb 2024 "FEED study confirms excellent economics for the
Tiris Uranium Project", ASX Release dated 16 April 2024 "Offtake restructure
delivers significant value", ASX Release dated 11 Sept 2024 "Updated
Production Target Improves Economics at Tiris Uranium Project" and ASX Release
dated 13 Dec 2024 "Tiris Uranium Project Alternative Production Targets" are
subject to the matters disclosed in the ASX Release dated 25 November 2025
"Chair Address - Annual General Meeting 2025" and dated 30 January 2026
"Quarterly Activities/Appendix 5B Cash Flow Report". Process descriptions and
cost, NPV, IRR and pay-back estimates may be impacted by the ongoing review of
basic engineering work expected to be completed in Q2 2026.

The Tiris Uranium Project Mineral Resources were released ASX Release dated 12
June 2024 "Aura increases Tiris Mineral Resources by 55% to 91.3 Mlbs U3O8"
and Ore Reserves released ASX Release dated 16 Dec 2024 "Substantial increase
in Tiris Uranium Project Ore Reserves". 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, with the
exception of process flow sheet matters currently being addressed as outlined
in the ASX Releases dated 25 November 2025 "Chair Address - Annual General
Meeting 2025" and dated 30 January 2026 "Quarterly Activities/Appendix 5B Cash
Flow Report".

The Häggån Project Resource Estimate was prepared by a Competent Person in
accordance with the JORC Code (2004 Edition) (see ASX Release dated 22 August
2012 "Outstanding Häggån uranium resource expands to 800 million pounds" and
ASX Release dated 10 October 2019 "Häggån Battery Metal Project Resource
Upgrade Estimate Successfully Completed"). The uranium Mineral Resource is
currently in the process of being converted to a resource estimate in
accordance with the JORC Code (2012 Edition) and to incorporate uranium assay
information from exploration drilling subsequent to ASX Release: 22 Aug 2012
"Outstanding Häggån Uranium Resource Expands to 800 Million Pounds". No
reinterpretation or estimation has been completed during the conversion
process so far. A full summary of the Resource methodology and validation,
which is currently being independently reviewed and validated by the Competent
Person, will be included in the relevant JORC tables attached to the future
announcement of the JORC 2012 compliant resource.

The Company confirms that the material assumptions underpinning the Häggån
Project Production Targets and the associated financial information derived
from the Häggån production target as outlined in the Aura Energy ASX
Announcement dated 5 September 2023 "Scoping Study Confirms Scale and
Optionality of Häggån" continue to apply and have not materially changed.

In respect to Resource statements, 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 measured resource or that the production target will be realised.

 1  https://www.cleanteqwater.com/water-treatment-technology/ata/

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