Activities report for the March quarter 2025
Tiris uranium project progresses with water supply secured and engineering on track for early 2027 production.
- Groundwater supply defined 74 L/s
- Project water requirement 47 L/s
- Groundwater surplus 57%
- Cash position A$16.2 million
- Q1 exploration and evaluation investment A$2.7 million
- Cash runway at current spend 3.8 quarters
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Aura Energy Limited (ASX:AEE, AIM:AURA) (Aura or the Company) is pleased to provide its quarterly activities report for the period ended 31 March 2025, accompanying the Company's Appendix 5B.
Aura has made significant strides in the development of its flagship Tiris Uranium Project (Tiris) in Mauritania, West Africa, while also advancing the licensing of the Häggån Polymetallic Project (Häggån) in Sweden.
Activities and milestones at Tiris[1]
Numerous activities have commenced or have been completed during the quarter supporting Aura's objective of producing uranium at Tiris by early CY2027. Key highlights include:
§ Hydrogeological drilling and testing:[2] Hydrogeological specialists Knight Piésold Consulting (Knight Piésold) has defined a ground water supply of 74 L/s, 57% in excess of the Project's water requirements (47 L/s), with sufficient groundwater expected for the Project's life
§ Funding progress: Significant progress has been made with potential financiers and strategic partners to secure funding for the Tiris Uranium Project. Aura, along with its debt and strategic investment advisors, Orimco and Macquarie Bank, continues to actively pursue these funding opportunities. However, at this time the proposals remain non-binding, confidential and not yet at a stage for market announcement
§ Team strengthening: The project development team has been strengthened with the appointment of Mohamed Sid'Ahmed as General Manager Operations (GMO) for the Tiris Uranium Project. Mohamed is a Mauritanian national and experienced mining executive and mining engineer, brings extensive technical, operational and management expertise from both national and international projects. Most recently, he was GMO of Leo Lithium's Goulamina lithium mine in Mali
§ Engineering activities: Engineering activities at Tiris remain on track for delivering the Project in early CY2027. Focus areas include:
§ Basic engineering with Wood on schedule for completion in July 2025
§ Process flowsheet locked with minor amendments to the Front End Engineering Design (FEED) Study flowsheet
§ Development procurement and contract Expressions of Interest (EOI) and Request for Proposal (RFP) process commenced within Mauritania (receiving over 190 responses) and internationally
§ Vendor test work commenced for performance guarantees
§ Refining Project mass and water balances
§ Detailed pumping and pipe design underway
§ Piping and Instrumentation Diagram (P&ID) development underway
§ Power optimisation study received
§ Dynamic simulation commenced
§ Detailed Project execution planning well advanced
Swedish Government inquiry recommends lifting uranium mining ban
The public consultation process period has now closed following the release of the inquiry supporting the lifting the current uranium mining ban, announced on 20 December 2024, by the Government of Sweden.
Aura was invited to and has submitted a supporting submission for the removal of the uranium mining ban. The legislative proposal is anticipated to be brought to the Swedish Parliament for consideration on 1 January 2026.
The assessment of the processing concession for Aura's Häggån K1 by the Swedish Mining Inspectorate continues.
Balance sheet
As of 31 March 2025, the Company had cash of A$16.2 million.
Aura Energy Managing Director and Chief Executive Officer, Andrew Grove said:
"2025 will be a pivotal year for Aura and the Tiris Uranium Project. The work completed during the quarter continues to derisk the Project, including water supply, establishing the team to execute on the development, advancing the basic engineering and securing development funding. This provides a solid platform for the commencement of development at Tiris during 2025.
We look forward to keeping shareholders updated as we progress through 2025."
Corporate activities:
Cash and cash forecast
The Company's cash position as of 31 March 2025 was A$16.2 million. The Company's major cashflow movements for the quarter included:
§ Investments in the Company's exploration and evaluation assets of A$2.7 million
§ Administration and corporate costs of A$1.0 million
§ Staff costs of A$0.5 million
The forecasted net operating cashflow and investment in the Company's exploration and evaluation assets for the coming quarter is A$4.3 million. With a closing cash balance of A$16.2 million, the company has enough cash for 3.8 quarters at current expenditure rates.
June 2025 quarter planned activities
At Tiris, the next steps in progressing towards the construction and development of the Project during the June quarter include:
§ Project development funding
§ Offtake contract negotiations
§ Continue basic engineering, project execution and early works development planning
§ Commence early works programs
§ Geometallurgy, engineering and design work to support development activities
§ Baseline environmental and radiation monitoring
At Häggån the planned activities include:
§ Work to support the exploitation permit application
March 2025 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 2012 JORC Code related disclosures referred to in this Quarterly Activities Report can be found in the relevant announcements lodged on the ASX and in the section titled "ASX JORC Related Disclosures" set out in this report. Following is a list of all market sensitive announcements lodged by the Company during the March Quarter:
§ Tiris Uranium Project Update 24 March 2025
§ Half Year Accounts 13 March 2025
These announcements are available for viewing on the Company's website, www.auraenergy.com.au. 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
| Tenement No. | Name | Grant Date | Expiry | km 2 | Holder | Equity |
|---|---|---|---|---|---|---|
| Mauritania 1 | ||||||
| 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 (formerly 561) | Oum Ferkik | 19/05/2017 | Pending approval of application for Exploitation License | 60 | Aura Energy Limited | 100% |
| 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 | 30 | Tiris International Mining Co. | 100% |
| 2458B2 | Touerig Taet | 08/12/2023 | 07/8/2026 | 100 | Tiris International Mining Co. | 100% |
| Sweden | ||||||
| 2007-243 | Häggån nr 1 | 28/08/2007 | Pending determination of exploitation permit application | 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% |
Table 1 - Tenement summary
Note:1: Refer also commentary regarding Mauritanian tenement tenure in the Company's 31 December 2024 Half Year Accounts released to ASX on 13 March 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 11 June 2019). As announced in the Company's 31 December 2024 Half Year Accounts, the Company has fully impaired its expenditure on these gold assets.
There were no tenements acquired or disposed during the quarter.
Registered Office
On 7 April 2025, the Company announced a change in its registered office to Level 2, 28 Cantonment Road, Fremantle, WA 6160.
Authorised for release by the Board of Aura Energy Limited.
- 28 Feb 2024 - Aura's Tiris FEED Study returns Excellent Economics
- 11 Sep 2024 - Updated Production Target Improves Economics at Tiris
- 13 Dec 2024 - Tiris Uranium Project Alternative Production Targets
- 5 Sept 2023 - Scoping Study Confirms Scale and Optionality of Häggån
- 12 June 2024 - Aura increases Tiris Mineral Resources by 55% to 91.3Mlbs U3O8
- 20 Dec 2024 - Amendment - Tiris Ore Reserve Update
- 16 Dec 2024 - Substantial increase in Tiris Uranium Project Ore Reserves
- 22 Aug 2012 - Outstanding Häggån Uranium Resource expands to 800 million pounds
- 10 Oct 2019 - Häggån Battery Metal Project Resource Upgrade Estimate
ASX and JORC Related Disclosures
Mineral Resources
The information on Mineral Resources for the Häggån Project in this report is extracted from the ASX releases on 10 October 2019 titled "Häggån Battery Metal Project Resource Upgrade Estimate Successfully Completed" and 22 August 2012 titled "Outstanding Häggån Uranium Resource expands to 800 million pounds". These reports can be viewed at https://auraenergy.com.au/investor-centre/asx-announcements.
Ore Reserves
The information on Ore Reserves for the Tiris Uranium Project in this report is extracted from the ASX release on 20 December 2024 titled "Amendment - 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 original market announcement and, in the case of estimates of Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.
Production Targets
The information on Production Targets for the Tiris Uranium Project in this report is extracted from the ASX releases on 11 September 2024 titled "Updated Production Target Improves Economics at Tiris" and 12 December 2024 titled "Tiris Uranium Project Alternative Production Targets". These reports can be viewed at https://auraenergy.com.au/investor-centre/asx-announcements.
Scoping Study
The information on Häggån Scoping Study in this report is extracted from the ASX release on 5 September 2023 titled "Scoping Study Confirms Scale and Optionality of Häggån". This report can be viewed at https://auraenergy.com.au/investor-centre/asx-announcements.
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
Aura Energy Limited
| ABN | Quarter ended ("current quarter") | ||
|---|---|---|---|
| 62 115 927 681 | 31 March 2025 | ||
| Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 | |
| 1. | Cash flows from operating activities | - | - |
| 1.1 | Receipts from customers | ||
| 1.2 | Payments for | - | (120) |
| (a) exploration & evaluation | |||
| (b) development | - | - | |
| (c) production | - | - | |
| (d) staff costs | (537) | (1,421) | |
| (e) administration and corporate costs | (1,044) | (3,065) | |
| 1.3 | Dividends received (see note 3) | - | - |
| 1.4 | Interest received | 81 | 446 |
| 1.5 | Interest and other costs of finance paid | - | - |
| 1.6 | Income taxes paid | - | - |
| 1.7 | Government grants and tax incentives | - | - |
| 1.8 | Other | - | |
| 1.9 | Net cash from / (used in) operating activities | (1,500) | (4,160) |
| 2. | Cash flows from investing activities | - | - |
| 2.1 | Payments to acquire or for: | ||
| (a) entities | |||
| (b) tenements | - | - | |
| (c) property, plant and equipment | (41) | (59) | |
| (d) exploration & evaluation | (2,713) | (8,266) | |
| (e) investments | - | - | |
| (f) other non-current assets | (23) | (23) | |
| 2.2 | Proceeds from the disposal of: | - | - |
| (a) entities | |||
| (b) tenements | - | - | |
| (c) property, plant and equipment | - | - | |
| (d) investments | - | - | |
| (e) other non-current assets | - | - | |
| 2.3 | Cash flows from loans to other entities | - | - |
| 2.4 | Dividends received (see note 3) | - | - |
| 2.5 | Other (provide details if material) | - | - |
| 2.6 | Net cash from / (used in) investing activities | (2,777) | (8,348) |
| 3. | Cash flows from financing activities | - | 14,385 |
| 3.1 | Proceeds from issues of equity securities (excluding convertible debt securities) | ||
| 3.2 | Proceeds from issue of convertible debt securities | - | - |
| 3.3 | Proceeds from exercise of options | - | - |
| 3.4 | Transaction costs related to issues of equity securities or convertible debt securities | (92) | (816) |
| 3.5 | Proceeds from borrowings | - | - |
| 3.6 | Repayment of borrowings | - | (1,222) |
| 3.7 | Transaction costs related to loans and borrowings | - | - |
| 3.8 | Dividends paid | - | - |
| 3.9 | Other (payments of Lease Liabilities) | (22) | (79) |
| 3.10 | Net cash from / (used in) financing activities | (114) | 12,268 |
| 4. | Net increase / (decrease) in cash and cash equivalents for the period | ||
| 4.1 | Cash and cash equivalents at beginning of period | 20,593 | 16,471 |
| 4.2 | Net cash from / (used in) operating activities (item 1.9 above) | (1,500) | (4,160) |
| 4.3 | Net cash from / (used in) investing activities (item 2.6 above) | (2,777) | (8,348) |
| 4.4 | Net cash from / (used in) financing activities (item 3.10 above) | (114) | 12,268 |
| 4.5 | Effect of movement in exchange rates on cash held | (2) | (31) |
| 4.6 | Cash and cash equivalents at end of period | 16,200 | 16,200 |
| 5. | Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts | Current quarter $A'000 | Previous quarter $A'000 |
| 5.1 | Bank balances | 2,200 | 12,093 |
| 5.2 | Call deposits | 14,000 | 8,500 |
| 5.3 | Bank overdrafts | - | - |
| 5.4 | Other (provide details) | - | - |
| 5.5 | Cash and cash equivalents at end of quarter (should equal item 4.6 above) | 16,200 | 20,593 |
| 6. | Payments to related parties of the entity and their associates | Current quarter $A'000 | |
| 6.1 | Aggregate amount of payments to related parties and their associates included in item 1 | 147 | |
| 6.2 | Aggregate amount of payments to related parties and their associates included in item 2 | - | |
Item 6.1 - Payments for director fees to non-executive and executive directors in the normal course of business at commercial rates, including statutory superannuation and income tax paid on their behalf, and excluding reimbursements of out-of-pocket expenses. Also includes $5,486 paid to Liesl Kemp under an arms length, casual employment contract for investor relations support services. Liesl is a related party of Managing Director Andrew Grove.
| ABN | Quarter ended ("current quarter") | ||
|---|---|---|---|
| 62 115 927 681 | 31 March 2025 | ||
| Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 | |
| 7. | Financing facilities Note: the term "facility' includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. | Total facility amount at quarter end $A'000 | Amount drawn at quarter end $A'000 |
| 7.1 | Loan facilities | - | - |
| 7.2 | Credit standby arrangements | - | - |
| 7.3 | Other (please specify) | - | - |
| 7.4 | Total financing facilities | - | - |
| 7.5 | Unused financing facilities available at quarter end | - | |
| 8. | Estimated cash available for future operating activities | $A'000 | |
| 8.1 | Net cash from / (used in) operating activities (item 1.9) | (1,500) | |
| 8.2 | (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) | (2,777) | |
| 8.3 | Total relevant outgoings (item 8.1 + item 8.2) | (4,277) | |
| 8.4 | Cash and cash equivalents at quarter end (item 4.6) | 16,200 | |
| 8.5 | Unused finance facilities available at quarter end (item 7.5) | - | |
| 8.6 | Total available funding (item 8.4 + item 8.5) | 16,200 | |
| 8.7 | Estimated quarters of funding available (item 8.6 divided by item 8.3) | 3.79 | |
| 8.8 | If item 8.7 is less than 2 quarters, please provide answers to the following questions: |
Answer: N/A
Answer: N/A
Answer: N/A
Compliance statement
2 This statement gives a true and fair view of the matters disclosed.
Date: 23 April 2025
Authorised by: The Board
Notes
[1] ASX and AIM Release: 24 March 2025 - Tiris Uranium Project Update
[2] ASX and AIM Release: 16 Dec 2024 - Substantial increase in Tiris Uranium Project Ore Reserves
[4] ASX and AIM Release: 11 Sept 2024 - Updated Production Target Improves Economics at Tiris
[5] ASX and AIM Release: 10 Oct 2019 - Häggån Battery Metal Project Resource Upgrade Estimate
[7] ASX and AIM Release: 5 Sept 2023 - Scoping Study Confirms Scale and Optionality of Häggån
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