Aura Energy’s Uranium Project Advances Toward Production Stage

November 27, 2024 08:06 PM AEDT | By Team Kalkine Media

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Aura Energy’s Uranium Project Advances Toward Production Stage — Image source: Shutterstock

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Highlights:

Aura Energy confirmed that all resolutions at its Annual General Meeting (AGM) were passed by shareholders.

The company made significant progress on the Tiris Uranium Project, including an updated FEED study and a 55% increase in global mineral resources.

Aura is actively working on securing funding for the Tiris Project and engaging with Swedish authorities regarding the Häggån Project and potential policy changes.

Aura Energy Limited, (LSE:AURA) an Australian-based uranium company, recently announced the successful passage of all resolutions during its Annual General Meeting (AGM) held on November 25, 2024. The AGM focused on the company’s progress in its project portfolio, notably the Tiris Uranium Project in Mauritania and the Häggån Project in Sweden.

Chairman Phillip Mitchell highlighted a transformative year for Aura, with substantial advancements in both projects. A key development was the completion of the Front-End Engineering and Design (FEED) study for the Tiris Uranium Project, updated in September 2024. The study revealed promising economics for the project, including a net present value (NPV) of US$499 million and an internal rate of return (IRR) of 39%. Furthermore, Aura reported a 55% increase in Tiris' global mineral resources, bringing the total to 91.3 million pounds of U3O8.

Aura has also made progress on the financial front by restructuring its offtake agreement with Curzon Uranium Ltd, leading to a 70% increase in the average fixed contract price for uranium. This change is expected to enhance the project’s potential revenue. The company is currently in discussions with potential lenders and investors, aiming to finalize funding for Tiris and make a Final Investment Decision (FID) by Q1 2025.

In Sweden, Aura is closely monitoring developments related to the Häggån Project. The company has engaged with Swedish government officials regarding potential policy changes that could support the nuclear sector and lift the ban on uranium mining. An exploitation permit application for the Häggån Project was submitted in August 2024, marking an important milestone for the company in securing its future in the region.

As global demand for uranium rises, Aura Energy is positioning itself to contribute to the growing need for clean energy solutions, with plans to commence Tiris production by late 2026.

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