How Will Eagle’s Nasdaq Listing Propel Aurora’s Uranium Ambitions?

Eagle Energy Metals’ Nasdaq Listing Pathway

Aurora Energy Metals Limited (ASX, 1AE) has provided a detailed update on its flagship Aurora Uranium Project (AUP) in Oregon, USA, highlighting significant progress through its partner Eagle Energy Metals Corp. Eagle is advancing a planned Nasdaq listing via a business combination with Spring Valley Acquisition Corp. II, a move that would see Eagle become a publicly listed uranium and nuclear energy company under the name Eagle Nuclear Energy Corp.

During the quarter, Eagle lodged an S-4 registration statement with the US Securities and Exchange Commission (SEC), although the review process has been delayed due to the US federal government shutdown that began in October 2025. The current option agreement for Eagle to acquire the AUP is set to expire in mid to late November 2025, with provisions to extend by six months upon payment of an additional US$400,000 and commitment to fund operational expenses.

Metallurgical Optimisation Enhances Project Economics

One of the standout developments reported is the completion of final metallurgical optimisation work at ALS Metallurgy. The tests confirmed consistent uranium recoveries between 82% and 86% under optimised conditions, a strong indicator of the project’s viability. Importantly, the optimisation has led to a dramatic reduction in acid consumption; from over 600 kilograms per tonne in 2024 to approximately 240–250 kilograms per tonne, with overall acid use dropping to 70–90 kilograms per tonne.

This reduction not only lowers operating costs but also simplifies the processing flowsheet by eliminating the need for ferric sulphate and enabling combined treatment of clay and middlings. Additionally, leach duration was halved from 24 to 12 hours, further improving efficiency and reducing capital intensity. The successful recycling of leach solutions also points to potential environmental benefits and further cost savings.

Strategic Outlook and Financial Position

Looking ahead, Eagle has outlined a clear work program post-listing, including continued metallurgical work, exploration drilling, and preparation of a pre-feasibility study targeted for completion in 2027. Federal approvals are expected to proceed in parallel, involving coordination with multiple US regulatory bodies. Aurora shareholders stand to gain indirect exposure to both the AUP and Eagle’s proprietary small modular reactor technology, aligning with broader trends in domestic uranium supply and next-generation nuclear energy solutions.

Meanwhile, Aurora continues to advance its Western Australian exploration strategy, focusing on engagement with landholders and preparatory work for drilling scheduled in the December quarter. The company also reviews complementary energy and critical minerals assets to enhance its portfolio.

Financially, Aurora reported a cash position of approximately $1.1 million at the end of September 2025, with no debt. Quarterly expenditure on exploration and evaluation was modest at $58,000, reflecting a disciplined approach to capital management during this phase of project advancement.

Transaction Structure and Incentives

The transaction structure includes an initial consideration of US$16 million in Eagle shares, with further milestone payments tied to resource upgrades and study outcomes. Aurora will also receive a 1% net smelter royalty on future uranium production, with options for Eagle to buy back portions of this royalty. These arrangements provide Aurora with ongoing upside potential as the project progresses through development stages.