Aura Energy Limited (ASX: AEE, AIM: AURA) provides overview of activities for the period ended 31 March 2024

Aura Energy Limited (ASX: AEE, AIM: AURA) has released its Quarterly Report for the period ending 31 March 2024, outlining the company's focus on the development of the Tiris Uranium Project in Mauritania and the advancement of the Häggan Polymetallic Project in Sweden. The report highlights the Tiris Front End Engineering Design 1 (FEED) study, which confirmed excellent economics supporting the near-term development of Tiris into a globally significant uranium operation. The study revealed a net present value (NPV) of US$366 million, an internal rate of return (IRR) of 34% post-tax, and a 2.5-year payback, along with other key metrics. Additionally, the report mentions the extensional drill program at Tiris, demonstrating significant resource growth potential, and the strengthening of the company's balance sheet with A$19 million cash as at 31 March 2024.

Executive Commentary

The Company's priorities remain the development of the Tiris Uranium Project in Mauritania and the advancement of the Häggan Polymetallic Project in Sweden. The Tiris FEED study has confirmed the excellent economics supporting the near-term development of Tiris, with a net present value of US$366 million, an internal rate of return of 34% post-tax, and a 2.5-year payback. The extensional drill program at Tiris has demonstrated significant resource growth potential, and the balance sheet has been secured with A$19 million cash as at 31 March 2024. The management team has been strengthened with the appointment of Andrew Grove as Managing Director and CEO, and Mark Somlyay as CFO, both of whom have extensive West African and development experience.

Summary

Aura Energy Limited's Quarterly Report for the period ending 31 March 2024 highlights the positive outcomes of the Tiris FEED study, which confirmed excellent economics supporting the near-term development of the Tiris Uranium Project in Mauritania. The study revealed a net present value of US$366 million, an internal rate of return of 34% post-tax, and a 2.5-year payback, along with other key metrics. The extensional drill program at Tiris demonstrated significant resource growth potential, and the balance sheet has been secured with A$19 million cash as at 31 March 2024. The Company's management team has been strengthened with the appointment of Andrew Grove as Managing Director and CEO, and Mark Somlyay as CFO, both of whom have extensive West African and development experience. Additionally, the report mentions the advancement of the Häggan Polymetallic Project in Sweden, which holds very significant uranium Mineral Resources of approximately 800 million lbs of U308, and the official enquiry into lifting the uranium mining ban in Sweden.