Activities report for the June quarter 2025
Tiris uranium project on track for 2027 production; DFC ESIA published; Häggån collaboration agreement signed with Neu Horizon.
- Cash balance A$11.7 million
- Exploration and evaluation expenditure (Q2 2025) A$2.8 million
- Administration and corporate costs (Q2 2025) A$1.1 million
- Staff costs (Q2 2025) A$0.6 million
- Forecast Q3 2025 net operating and exploration expenditure A$4.5 million
- Investment in Neu Horizon A$100,000
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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 30 June 2025, accompanying the Company's Appendix 5B.
Aura continues to advance the development of its flagship Tiris Uranium Project ("Tiris" or the "Project") in Mauritania, West Africa, while progressing licensing initiatives for the Häggån Polymetallic Project ("Häggån") in Sweden.
Tiris Uranium Project - Key Activities and Milestones
Aura made substantial progress during the quarter toward its goal of commencing uranium production at Tiris in CY2027. Notable achievements include:
§ DFC: The U.S. International Development Finance Corporation ("DFC") published the Environmental and Social Impact Assessment ("ESIA") for Tiris on its website. This represents a key milestone in the DFC's potential debt financing contribution to the Project
§ Funding progress: Aura continues to advance funding discussions, with the DFC, other financial institutions and strategic equity investors. Due diligence and term sheet negotiations are ongoing. All proposals remain non-binding and confidential at this stage and are not yet at a stage for market announcement
§ Engineering and Project activities: The Project remains on track for delivery in CY2027. Key engineering and development activities include:
§ Basic engineering by Wood, scheduled for completion in late Q3 2025
§ Adjudication of supply and construction bids is progressing
§ Vendor test work on thickening, centrifuge, and filtration technologies is ongoing. Preliminary centrifuge results suggest potential flowsheet improvements. Further validation testing is ongoing
§ Evaluation of power supply options is in progress
§ Dynamic simulation has commenced and awaiting final testwork results
§ Tenders for early development works have been received and are under evaluation
§ Detailed execution planning is well advanced
§ The updated ESIA has been published on the DFC website
Häggån Polymetallic Project - Strategic Developments
Aura has entered into a collaboration agreement with Neu Horizon Uranium Ltd ("Neu Horizon"), an Australian-based unlisted public company focused on advancing Sweden's uranium resources.
Under the agreement:
§ Aura has invested A$100,000 for a minority equity stake in Neu Horizon
§ The companies will collaborate on:
§ Government and regulatory engagement in Sweden
§ Technical cooperation on uranium extraction and processing
§ Administrative synergies to enhance operational efficiency
§ Joint participation in a 2025 investor symposium in Stockholm
Neu Horizon holds a portfolio of high-potential uranium exploration interests in mineral-rich regions of Sweden and plans to apply modern exploration methods to advance these assets. The company intends to list on the ASX in Q4 2025 or early 2026.
Regulatory Update
The Swedish government has submitted a legislative proposal to parliament to overturn the national ban on uranium mining.
If passed, this legislation will:
§ Reclassify uranium as a concession mineral under the Minerals Act
§ Permit uranium exploitation under standard mining permits
§ Allow existing exploration permits to include uranium without reapplication
§ Remove municipal veto rights over small-scale uranium activities
The proposal is currently under judicial review by the independent Judicial Council, with a target implementation date of 1 January 2026. This development is strategically significant for Aura's Häggån Project, potentially enabling future uranium extraction under expanded tenure.
Note: While the current Swedish government has committed to removing the uranium mining ban, the policy change remains subject to parliamentary approval and there is no guarantee it will be enacted.
Aura continues to assess its next steps to balance commercial certainty with long-term value creation. The Swedish Mining Inspectorate's assessment of the Häggån K1 processing concession remains ongoing.
Board and Management Update
Philip Mitchell has been appointed Executive Chair, transitioning from his previous role as Non-Executive Chair. This move strengthens Aura's leadership capacity in securing financing and advancing development of the Tiris Uranium Project.
Philip brings 40 years of global mining and finance experience including:
§ Head of Business Development and Strategy at Rio Tinto
§ CFO of Rio Tinto Iron Ore
§ Executive Committee member at Anglo American
§ CFO of I-Pulse Inc, led by Robert Friedland
Cash and cash forecast
As of 30 June 2025, the Company's cash balance was A$11.7 million. Key cash flow movements during the quarter included:
§ Exploration and evaluation: A$2.8 million
§ Administration and corporate costs: A$1.1 million
§ Staff costs: A$0.6 million
Forecast net operating and exploration expenditure for the September quarter is A$4.5 million, providing Aura with approximately 2.6 quarters of funding at current expenditure rates.
Exploration and evaluation expenditure primarily comprised engineering and project activities for the Titis Uranium Project. There were no new exploration activities undertaken during the quarter.
Planned Activities - September quarter 2025
At Tiris, the next steps in progressing towards the construction and development of the Project during the September quarter include:
§ Progress Project development funding
§ Advance offtake contract negotiations
§ Continue basic engineering, complete vendor testwork, project execution and early works development planning
§ Commence early works programs
§ Conduct geometallurgy, engineering and design work to support development activities
§ Undertake baseline environmental and radiation monitoring
At Häggån the planned activities include:
§ Continue work supporting the exploitation permit application
ASX announcements - June quarter 2025
Following is a list of all market sensitive announcements lodged by the Company during the Quarter:
§ DFC publishes ESIA for Tiris Uranium Project 27 June 2025
§ Aura strengthens executive team to drive Tiris development 10 June 2025
§ Swedish Uranium Collaboration Agreement 2 June 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 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 announcement dated 11 June 2019 titled "Aura completes farm-in and joint venture agreement"). As announced in the Company's 31 December 2024 Half Year Accounts, the Company has fully impaired its expenditure on these gold assets.
The Company did not conduct exploration activities during the quarter. There were no tenements acquired or disposed during the quarter.
Authorisation for release
This announcement is authorised for release by the Board of Aura Energy Limited.
Aura is advancing two key projects:
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 | 30 June 2025 | ||
| Consolidated statement of cash flows | Current quarter $A'000 | Year to date (12 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 | (630) | (2,051) | |
| (e) administration and corporate costs | (1,123) | (4,187) | |
| 1.3 | Dividends received (see note 3) | - | - |
| 1.4 | Interest received | 189 | 636 |
| 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 | (1,564) | (5,722) |
| 2. | Cash flows from investing activities | - | - |
| 2.1 | Payments to acquire or for: | ||
| (a) entities | |||
| (b) tenements | - | - | |
| (c) property, plant and equipment | (18) | (77) | |
| (d) exploration & evaluation | (2,791) | (11,057) | |
| (e) investments | (100) | (100) | |
| (f) other non-current assets | - | (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 | (2,909) | (11,257) |
| 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 | 1 | 1 |
| 3.4 | Transaction costs related to issues of equity securities or convertible debt securities | - | (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) | (57) | (136) |
| 3.10 | Net cash from / (used in) financing activities | (56) | 12,212 |
| 4. | Net increase / (decrease) in cash and cash equivalents for the period | ||
| 4.1 | Cash and cash equivalents at beginning of period | 16,200 | 16,471 |
| 4.2 | Net cash from / (used in) operating activities (item 1.9 above) | (1,564) | (5,722) |
| 4.3 | Net cash from / (used in) investing activities (item 2.6 above) | (2,909) | (11,257) |
| 4.4 | Net cash from / (used in) financing activities (item 3.10 above) | (56) | 12,212 |
| 4.5 | Effect of movement in exchange rates on cash held | 70 | 37 |
| 4.6 | Cash and cash equivalents at end of period | 11,741 | 11,741 |
| 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 | 2,741 | 2,200 |
| 5.2 | Call deposits | 9,000 | 14,000 |
| 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) | 11,741 | 16,200 |
| 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 | 175 | |
| 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 $13,112 paid to Liesl Kemp under an arm's 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 | 30 June 2025 | ||
| Consolidated statement of cash flows | Current quarter $A'000 | Year to date (12 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) | (1,564) | |
| 8.2 | (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) | (2,909) | |
| 8.3 | Total relevant outgoings (item 8.1 + item 8.2) | (4,473) | |
| 8.4 | Cash and cash equivalents at quarter end (item 4.6) | 11,741 | |
| 8.5 | Unused finance facilities available at quarter end (item 7.5) | - | |
| 8.6 | Total available funding (item 8.4 + item 8.5) | 11,741 | |
| 8.7 | Estimated quarters of funding available (item 8.6 divided by item 8.3) | 2.63 | |
| 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: 21 July 2025
Authorised by: The Board
Notes
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.