Aura Energy Advances Tiris Uranium Project with Key Dewatering Breakthrough and A$20M Raise

Technical Milestone at Tiris Uranium Project

Aura Energy (ASX:AEE) has validated two effective dewatering techniques critical to processing uranium ore at its flagship Tiris Uranium Project in Mauritania. The company’s recent test work demonstrated that multi-stage centrifugation and Horizontal Vacuum Belt Filtration with polymer-assisted agglomeration (ATA™) achieve satisfactory solid-liquid separation both before and after leaching. This technical progress aims to optimise the flowsheet for the definitive feasibility study (DFS) due in Q3 2026, underpinning a robust and scalable project development.

Such advances reduce technical risk and will directly influence capital and operating cost estimates, key inputs for the Strategic Financing Plan Aura is advancing. The company expects to recommend a preferred dewatering method early in the June quarter, setting the stage for finalising its processing configuration. This progress follows earlier announcements confirming stable leach, ion exchange, calcination, and packaging process steps, signifying steady engineering momentum.

Strong Uranium Market Supports Development

Uranium prices remain elevated, with TradeTech spot prices at US$84.15/lb on 31 March, after peaking at US$101.50/lb earlier in the quarter. Futures contracts for 2026 delivery hovered between US$101 and US$104/lb, reflecting tight supply-demand fundamentals. Global nuclear power expansion, highlighted by reactor construction in China, Japan’s Kashiwazaki-Kariwa restart, South Korea’s planned reactors, and Turkey nearing completion of Akkuyu’s first reactor, bolsters long-term uranium demand. The US government’s Project Vault initiative, a US$12 billion strategic minerals reserve, further underlines uranium’s critical status.

These dynamics lend weight to Aura’s focus on developing Tiris as a low-cost, long-life uranium producer positioned to benefit from the tightening market. The company’s approach aligns with the increased geopolitical emphasis on energy security and decarbonisation through nuclear power.

Funding Strengthened by A$20 Million Placement

In February 2026, Aura completed a heavily oversubscribed placement raising A$20 million at A$0.205 per share, bolstering its balance sheet to A$19.2 million in cash at quarter-end. The proceeds are earmarked for engineering, test work, strategic financing readiness, and general working capital, materially de-risking near-term funding. The placement builds on momentum from the company’s ongoing engagement with potential strategic investors and project financiers, including a non-binding indicative offer received in February for project financing.

Alongside equity funding, Aura is pursuing a range of financing options, including debt and strategic partnerships, with discussions coordinated alongside technical progress. The company hosted a site visit in Mauritania for a significant potential strategic investor and maintains dialogue with the U.S. International Development Finance Corporation, reflecting a multi-pronged funding strategy.

Häggån Project Advances Amid Regulatory Developments

While Aura’s Swedish Häggån Polymetallic Project remains fully owned by the company, its strategic transaction has been deferred pending outcomes from a government inquiry into alum shale mining and broader market conditions. This follows Sweden’s legislative removal of the uranium mining ban and steps to eliminate municipal veto powers, signalling a pro-nuclear policy environment.

Importantly, on 24 April, the Geological Survey of Sweden formally proposed designating Häggån as a national interest for valuable materials, recognising its critical uranium and vanadium resources essential to Europe’s clean energy transition. This designation, subject to consultation until 3 June, could provide legal safeguards enhancing the project’s strategic value. The move underscores Häggån’s potential role in Europe’s nuclear industry revival and battery metals supply chain, especially given vanadium’s classification as a critical raw material under EU law. These developments follow the deferral announcement made in March and the established C$50 million valuation from earlier strategic investment discussions.

Operational and Legal Updates

Aura’s operational expenditure for the quarter included A$1.5 million on exploration and evaluation, primarily supporting Tiris development activities, alongside administration and staff costs of A$1.2 million each. The company reported net operating cash outflows of A$2.3 million and investing outflows of A$1.5 million, offset by financing inflows of A$18.9 million from the placement. With estimated funding to cover approximately five quarters at current spend rates, Aura appears well positioned to advance its projects through critical upcoming milestones.

On the legal front, Aura is defending a challenge to its farm-in agreement over gold exploration interests in Mauritania. The company considers the risk of adverse financial impact remote following favourable court rulings confirming its ownership position.

Looking ahead, Aura plans to complete the dewatering test work and select the preferred processing method for Tiris, progress geometallurgical studies, update the process flowsheet, and advance execution readiness. Concurrently, it will continue permitting activities for Häggån, including amending exploitation permits to incorporate uranium mining.

The company’s trajectory reflects a dual focus on delivering near-term uranium production in Mauritania while nurturing the long-term optionality of its polymetallic asset in Sweden, amid supportive market and regulatory environments.

These developments complement Aura’s recent moves, including the Häggån national interest proposal and the deferral of Häggån transaction, highlighting the interplay of technical progress, financing, and regulatory factors shaping the company’s outlook.