Quarterly Activities Report

RNS Number : 0577H

Aura Energy Limited

30 July 2021

 

     30 July 2021

Quarterly Activities Report for the

Period Ending 30 June 2021

OPERATIONAL HIGHLIGHTS

· Aura continued to focus on the steps required for re-listing on the ASX.

· Undertook project development activities on the Tiris Low Emission Uranium Project including:

o  A revised uranium mineral resource estimate is well progressed and is anticipated to be released shortly.

o  Restating the capital estimate for Tiris along with studies to review new opportunities to lower operating costs

o  Mobilisation for the extension of water drilling at Tiris

o  Wood PLC engaged to complete a net emissions study

· Work commenced on the company's gold exploration tenements in Mauritania

CORPORATE HIGHLIGHTS

· The Company successfully completed a Rights Issue to eligible shareholders for 1 share for every 2 shares held post consolidation, at a price of $0.026 per share, with 1,690 shareholders or 83% of the eligible registry participating, and all directors taking up their full entitlement.

· As announced on 1 April 2021, the Company plans to offer 1 Loyalty Option Rights Issue for every 3 Shares held, with the Loyalty Options having an upfront payment of $0.013 each, an exercise price of $0.052, and expiry of 30 June 2024 (this offer will only be available to Australian and New Zealand registered shareholders).

Commenting on the Reporting Period, Aura Energy CEO, Peter Reeve, said: "During the June Quarter, we continued to further develop the zero emission Tiris Uranium Project, and progressed in meeting the required expenditure set out by the ASX to relist the Company.

During the Reporting Period, work commenced in a number of technical areas, which will allow the fast track development of our zero emission Tiris Uranium Project, facilitating near term production.

Importantly, the Company successfully completed a rights issue for eligible shareholders and, one month from relisting, the Company plans to offer 1 Loyalty Option Rights Issue for every 3 Shares held, with the Loyalty Options having an upfront payment of $0.013 each, an exercise price of $0.052, and expiry of 30 June 2024.

To clarify, the Record Date is anticipated to be 30 days from Aura's relisting on the ASX and we encourage shareholders to take up their entitlement for the Loyalty Option Rights.

The proceeds of the Rights Issue, Loyalty Options Entitlement Rights Issue and placement are anticipated to provide $5.8m to the Company, which will be used to expedite the development of the zero emission Tiris Uranium Project, well positioning Aura to capitalise on the current uranium market, as the world continues to shift towards a decarbonised energy system."

To view the Appendix 5B Report, please click here: http://www.rns-pdf.londonstockexchange.com/rns/0577H_1-2021-7-30.pdf

Aura Energy Limited (ASX:AEE) ("Aura Energy", the "Company") is pleased to provide an overview of the Company's activities for the period ending 30 June 2021 ("Quarter", "Reporting Period").

As announced (ASX Release 21 May 2021), the ASX advised that upon the Company undertaking sufficient exploration on its projects in line its proposed expenditure commitments and following the completion and results of those exploration programs being released to the market, the ASX would be in a position to reinstate Aura's securities to trading on the Official List.

Tiris Uranium Project

During the Reporting Period, the Company undertook the following exploration and development activities on the zero emission Tiris Uranium Project:

· Work undertaken to revise the uranium mineral resource via estimation and additional drilling at the Sadi prospect (this will be subject to an additional release with further details)

· Commenced to restate the capital costs for the zero emission Tiris Uranium Project 2019 Definitive Feasibility Study (ASX Release: Tiris Uranium Definitive Feasibility Study Complete, 29 July 2019). 

· Assaying for vanadium content was undertaken to calculate a vanadium resource with the target of delivering a by-product credit for the Tiris cash cost, potentially lowering the overall operating costs.

· An Opportunity Review for Tiris commenced with several opportunities identified, that will further enhance the Tiris project with anticipated capital and operating cost reductions.

· Wood PLC engaged to complete a net emissions study in respect to the Tiris Uranium Project, with encouraging findings produced.

· The campaign to seek additional water for Tiris was mobilised and will seek initially to reconfirm the previous results from Water Drilling undertaken by the Aura Energy in 2019, and seek additional water sources.

H ä gg å n Battery Metals Project, Sweden (Aura 100%)

Activities at the Häggån Battery Metals project remained on care-and-maintenance.   The Swedish compensation claim remains ongoing and Aura continues to be steadfast in action to recover the value of the asset.

Tasiast South Gold Project, Mauritania (Aura 100%)

During the Reporting Period, the Company continued to progress a corporate transaction for Aura's gold assets.

Tenement Summary

Details of mining tenements, farm-in and farm-out agreements held at the end of the quarter, and any changes to such tenements and agreements during the quarter.

Country / Tenement number	Name	Grant / Application date	Expiry date	km2	Holder	Equity
Mauritania
2491C4	Ain Sder	8/02/2019	Exploitation Licence	207	Tiris Resources SA	85%
2492C4	Oued El Foule	8/02/2019	Exploitation Licence	190	Tiris Resources SA	85%
561	Oum Ferkik	16/04/2008	Subject to exclusivity negotiation	60	Aura Energy Limited	100%
2457B2	Hadeibet Belaa	2/04/2019	2/04/2022	41	Tiris International Mining Co.	100%
2458B2	Touerig Taet	2/04/2019	2/04/2022	134	Tiris International Mining Co.	100%
Sweden
2007-243	Haggan nr 1	28/08/2007	28/08/2022	18	Vanadis Battery Metals AB	100%
2018-9	Mockelasen nr 1	21/01/2019	21/01/2022	18	Vanadis Battery Metals AB	100%
2018-7	Skallbole nr 1	20/01/2019	20/01/2022	8	Vanadis Battery Metals AB	100%

Farm-in agreement with Nomads Mining Company sarl, Mauritania, to earn up to 70% interest in Nomads 100% owned exploration permit in Mautriania (details in ASX announcement 11 June 2019).

This ASX Release was authorised by the Aura Energy Board of Directors .

For Further Information, please contact:

Peter Reeve Managing Director & CEO Aura Energy Limited [e-mail]	Jane Morgan JMM Investor & Media Relations [e-mail] [phone]
SP Angel Corporate Finance LLP (Nominated Advisor and Joint Broker) Ewan Leggat Caroline Rowe [phone]	WH Ireland Limited (Joint Broker) Adrian Hadden James Sinclair-Ford [phone]

 

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