29 November 2023
Aura Energy Limited
New Tiris Project Tenements Applications
Aura Energy Limited (ASX:AEE, AIM:AURA) ("Aura", the "Company") a company focused on the development of the 85% owned Tiris Uranium Project, Mauritania and the 100% owned Häggån Polymetallic Project in Sweden, announces that the Company has applied for multiple highly prospective exploration tenements adjacent to and surrounding its existing Tiris Uranium Project ("Tiris" or "Tiris Project") in Mauritania.
Aura is delighted that His Excellency Mr. Nany Chrougha, Mauritania's Minister of Mines, is supporting His Excellency President Mohamed Ould Cheikh El Ghazouani's goal of ensuring the development of a strong resources industry in Mauritania. This goal has seen the reopening of the Mining Cadastre and the Ministry has begun accepting applications for exploration tenure, including Aura's application.
Aura has completed the application processes and filed exploration tenure applications covering an extensive 13,000 km2. The new tenure application areas were selected following a detailed 12-month evaluation program based on historical drilling and radiometric data and analogues from the Company's successful uranium discoveries, which underpin the Tiris Uranium Project. This analysis led to the recent Exploration Target announced for the existing Tiris East Resource areas , for which drilling is planned to commence before the end of 2023. The Company is confident that the proven model for successful exploration can be extended across the wider Tiris Zemmour region by extending the exploration footprint.
Subject to the successful granting of these applications, Aura will work to progressively confirm and test exploration targets within these tenements through 2024 and 2025.
Figure 1 - Exploration Tenement Applications
Chairman Phil Mitchell commented:
"Our geologists are confident that the Tiris Zemmour region of Mauritania is a world-class uranium region, similar in importance to the uranium market as the Pilbara region in Western Australia is for iron ore. We believe Aura's uranium-enriched carnotite zone extends across the north-eastern Mauritania area of Tiris Zemmour, and our exploration success to date provides validation for pursuing further strong growth platform for Aura's shareholders and our Mauritanian partners.
"With the potential for our current Tiris West resource to be materially expanded, the Company strategy is to:
• progressing development of the already defined resource in Tiris East as a new uranium producer; and
• undertaking a significant resource expansion exploration study on the new tenure."
Aura's Managing Director and CEO David Woodall said,
"Aura Energy has already established a commanding position with its Mineral and Reserves and Resources at Tiris West, which has put us in a position to consider a final investment development decision in the coming months.
"Combined with our recently announced Exploration Target, these tenement applications - if successful - will give us an opportunity to be a driving force to realise the full potential of this region, which we believe could be truly world-class in scale.
"Our development strategy for Tiris is complemented by our exploration strategy, which aims to grow our resources and allow scaled-up production over time in a capital-efficient manner.
"We look forward to working with our stakeholders to progress our applications, ultimately growing the Tiris Project into a global-scale project that contributes to Mauritania's economic and social development."
The Board of Aura Energy Ltd has approved this announcement.This Announcement contains inside information for the purposes of the UK version of the market abuse regulation (EU No. 596/2014) as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").
Managing Director and CEO
Aura Energy Limited
Investor & Media Relations
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About Aura Energy (ASX:AEE, AIM:AURA)
Aura Energy is an Australian-based minerals company with two major projects, the Tiris Uranium Project in Mauritania, and the Häggån Polymetallic Project in Sweden.
The Company is primarily focused on proceeding to first uranium production from the Tiris Uranium Project (Aura owns 85%), a major greenfields uranium discovery. A recent Enhanced Feasibility Study increased the project NPV significantly and reconfirmed Tiris as one of the lowest capex, lowest operating cost uranium projects that remains undeveloped in the world. The Company holds Offtake Financing Agreements with Curzon and is in the process of negotiating additional offtake arrangements.
Aura also holds 100% of the Häggån Polymetallic Project, one of the world's largest undeveloped vanadium resources with significant by-products credits possible in nickel, zinc, molybdenum, uranium and sulphate of potash.
In 2023, Aura will continue the transition from a uranium explorer to a uranium producer, to capitalise on the rapidly growing demand for nuclear power as the world continues to shift towards a decarbonised energy sector.