Eagle’s US$8M Raise Fuels Aurora Uranium Project Extension and Milestones

Funding Extension Signals Confidence

Aurora Energy Metals Limited (ASX: 1AE) has secured a significant funding boost as Eagle Energy Metals Corp. exercises its option to extend the exclusive rights to acquire the Aurora Uranium Project (AUP) in Oregon for an additional six months. This extension comes with a US$300,000 option payment and an additional US$250,000 committed towards approved work programs, including metallurgical optimisation and resource conversion efforts.

The timing of this payment follows Eagle’s successful US$8 million pre-IPO capital raising at a valuation of US$58 million, positioning the company for a forthcoming US stock exchange listing. This capital injection not only supports Eagle’s project expenditure commitments but also reinforces the strategic partnership between the two companies.

Strategic Milestones and Future Upside

Under the terms of the option agreement, Aurora stands to benefit from multiple potential milestone payments tied to Eagle’s progress. These include up to US$16 million in Eagle shares upon Eagle’s US listing, up to US$5 million for converting the existing mineral resource to the US SEC’s SK1300 reporting standard, and a further US$5 million upon announcement of a positive Pre-Feasibility Study. Additionally, Aurora retains a 1% net smelter royalty on future uranium production from the AUP, ensuring ongoing exposure to the project’s long-term value.

The current metallurgical testwork program is progressing well, aiming to refine processing assumptions for an Optimised Scoping Study due later this year. This work builds on improved recovery rates and acid consumption metrics reported in late 2024, underscoring the technical advancement of the project.

Expanding Exploration in Western Australia

Complementing the AUP developments, Aurora has also extended the option period on its Western Australian uranium portfolio by six months. This low-cost, low-risk extension supports further technical evaluation, initial fieldwork, and landholder engagement. The portfolio includes granted tenements and applications targeting palaeochannel-style uranium deposits, providing Aurora with additional leverage amid a favourable long-term uranium market outlook.

Chairman Peter Lester highlighted the significance of Eagle’s capital raising and the ongoing collaboration, emphasizing the shared goal of unlocking value through a US-domiciled structure. The extension payments and project funding commitments are seen as strong endorsements of the project’s potential and the companies’ aligned interests.

As Eagle advances towards its US listing and key transaction milestones, Aurora remains well positioned to capitalise on the evolving uranium market and the development of its critical mineral assets.