TIDMAURA
RNS Number : 3233W
Aura Energy Limited
21 December 2021
21 December 2021
AURA ENERGY LIMITED
("Aura" or the "Company")
Results of Annual General Meeting, Chairman's Address and AGM
Presentation
The Company wishes to advise that all Resolutions contained in
the Notice of Meeting as announced on 22 November 2021, were
carried by poll at the Company's Annual General Meeting ("AGM")
held earlier today.
In accordance with ASX Listing rule 3.13.2 and Section 251AA(1)
of the Corporations Act 2001, the following link provides
information in relation to the proxy votes received for each
Resolution considered by Members of the Company at the AGM held
today.
http://www.rns-pdf.londonstockexchange.com/rns/3233W_1-2021-12-21.pdf
Resolutions 2-10 required 50%+1 approval to be passed. This
threshold has been achieved and these resolutions passed.
Resolution 1 and 11 required 75% approval to be passed. This
threshold has been achieved and the resolution passed.
Accordingly, the Board now consists of Mr. Philip Mitchell as
independent Non-Executive Chairman and Mr. Warren Mundine and Mr.
Bryan Dixon as independent Non-Executive Directors. The Company
intend to run a process to appoint a CEO within the next six
months.
Chairman's Address
At the AGM, Martin Rogers, the Company's outgoing Chairman, gave
the following address:
"From time-to-time, along comes a magnificent opportunity;
leadership and a confluence of global macro environment that opens
one up for a considerable investment return.
Before I go into what 2022 brings for Aura Energy, I thought I
should take a few moments to reflect on where we have come from in
late 2020 to the shareholder AGM in front of shareholders
today.
Late 2020
When I came into the Company leading up to the end of 2020 there
was a real crisis for Aura Energy. The Company was suspended from
trading on the ASX, hopelessly deadlocked in the Victorian Supreme
Court litigation, shareholders in bitter disagreement, wafer-thin
on running out of funds and at the bottom of the bear market for
uranium; a dire situation indeed.
What came about was some of the greatest leadership I have
personally witnessed with shareholders agreeing to band together,
drop litigation and support the Company with a capital injection by
rights issue. Shareholders rose up with a united business plan and
strategy to take advantage of what has always been a marvellous
uranium project at Tiris and got it ready to set sail.
2020 AGM
The 2020 AGM, voted on in March 2021 due to the time to get the
Company back in order, was overwhelmingly supported by shareholders
with all 17 resolutions supported with 95% FOR votes.
At that AGM we welcomed two new resource investors, Mr. John
Hancock and Mr. Peter Proksa.
Today at the AGM with all of this hard work undertaken in the
last 18 months, I could not be prouder to welcome the new Board of
Directors. This next era will focus on uranium as the market has
switched from bear to bull market. Strategically, we are now able
to ride the high growth demand for nuclear power and carbon free
energy.
New Board of Directors AGM 2021
The new Board of Directors, Chairman Phil Mitchell and
Non-Executive Directors, Warren Mundine and Bryan Dixon have been
strategically chosen with a strong focus on production. With their
extensive industry experience and contacts, by entering further
offtake and financing opportunities, the Company will be able to
expand the current uranium resource with further exploration and
commence production at Tiris in the near term, thereby creating
further value for Aura Shareholders as the Company continues to
capitalise on the rapidly growing demand for nuclear power.
2021 in Review
Over the past year, the Aura team has worked diligently to
advance the Tiris Uranium Project, including restating the capital
estimate in line with 2021 figures for the 2019 Tiris Definitive
Feasibility study, reconfirming Tiris as a low capex, low operating
cost uranium projects, with current and accurate estimates on input
costs and operating costs.
With low capital intensity and low operating costs, I believe
Aura has the potential to become the first new uranium producer in
2022, as the uranium bull market continues to gain momentum.
To further advance Aura towards production, and complementing
the offtake agreement entered in 2019, the Company entered a US$10m
Offtake Financing Agreement with Curzon, with an additional US$10m
in capital bringing the maximum available under the agreement to
US$20m. The capital is to be used for mining working capital and
production commencement, and in 2022, the Company will continue to
advance discussions with the aim of entering further offtake and
financing agreements, as we continue to transition to a uranium
producer.
During the year, Aura also announced a Resource Upgrade of 10%
or 5.0 million lb U3O8 bringing the total JORC Resource to 56 Mlbs
(at a 100 ppm U3O8 lower cut-off grade), which follows a new
resource estimate on the Sadi South Zone to incorporate drillholes
not included in earlier resource estimates.
Aura also successfully completed its water drilling program with
strong flows encountered at the Tiris, reconfirming the results
from the 2019 water drilling campaign, underpinning uranium
production at Tiris.
Creating Additional Shareholder Value in 2022
Over the year, Aura has also continued to advance its gold
assets with the aim of creating additional shareholder value, as
announced to the ASX on 22nd November 2021.
To enable this, Peter Reeve will transition to Aura's gold
subsidiary, Archaean Greenstone Gold Pty Ltd.
As the global macro environment comes up in a bull market for
uranium there is some upside shareholders can look forward to in
2022.
Seeking to expand the Resource for Tiris Uranium
-- Refining drilling when on site
-- High grade hard rock intercepts to be followed up
Cash cost reduction - Opportunity Review
Resource conversion
-- Only 17.4 Mlb converted in 56 Mlb Resource
Expansion potential previously reviewed
Vanadium by-product recovery may lower costs
Net zero emission study by Wood PLC
Concluding Remarks
With your new Board of Directors, we are confident 2022 will
create considerable shareholder value with a focus on the uranium
assets.
Appreciation and thanks are to be given to Peter Reeve as he has
been instrumental in preparing Tiris for production and will now
focus on applying his strong abilities in advancing exploration at
the highly prospective Tasiast South Gold Project, which is 36 km
south of Kinross 20 Moz Tasiast Gold Mine.
I would also like to thank the ongoing management support of
geologist Neil Clifford, mining engineer Will Goodall and
in-country manager, Sid Ahmed.
I would like to send my appreciation to shareholders for their
support to date and look forward to continuing to watch Aura
capitalise on the rapidly growing demand for nuclear energy. It was
my honour to be your Chairman throughout this transitionary
period."
To view the ASX announcement of the Chairman's Address during
the AGM please click here:
http://www.rns-pdf.londonstockexchange.com/rns/3233W_2-2021-12-21.pdf
AGM Presentation
Aura is also pleased to announce that an AGM presentation is
available at:
http://www.rns-pdf.londonstockexchange.com/rns/3233W_3-2021-12-21.pdf
The AGM presentation is also available to review via the Company's
website: https://www.auraenergy.com.au/investor-centre/
Contacts:
Philip Mitchell Jane Morgan
Non-Executive Chairman JMM
Aura Energy Limited Investor & Media Relations
preeve@auraee.com jm@janemorganmanagement.com.au
+61 405 555 618
SP Angel Corporate Finance WH Ireland Limited
LLP (Joint Broker)
(Nominated Advisor and Joint Adrian Hadden
Broker) Andrew de Andrade
David Hignell +44 (0) 207 220 1666
Caroline Rowe
Kasia Brzozowska
+44 (0) 203 470 0470
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has
been incorporated into UK law by the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement via Regulatory
Information Service ('RIS'), this inside information is now
considered to be in the public domain.
Philip Mitchell - Non-Executive Chairman
The following information is disclosed pursuant to Rule 17 and
Schedule Two paragraph (g) of the AIM Rules for Companies in
relation to Philip Wesley Mitchell, aged 61:
Current directorships and/or Former directorships and/or partnerships
partnerships: (within the last five years):
Green Park Partners Euronimba Limited
Rubylous Limited Euronimba Liberia
Euronimba UK Limited
SMFG
-----------------------------------------
As at the date of this announcement, Mr. Mitchell does not hold
any shares in the Company although following the implementation of
the employee share scheme entitled the 'Loan Funded Equity Scheme
("Scheme") as proposed and passed at the AGM, Mr. Mitchell will be
entitled to purchase 8,000,000 Loan Funded Shares issued at A$0.25
per Loan Funded Share which will be issued subject to satisfaction
of various vesting conditions as set out in the Notice of AGM as
announced on 22 November 2021.
Bryan Dixon - Non-Executive Director
The following information is disclosed pursuant to Rule 17 and
Schedule Two paragraph (g) of the AIM Rules for Companies in
relation to Bryan Garrie Kenneth Dixon, aged 49:
Current directorships and/or Former directorships and/or partnerships
partnerships: (within the last five years):
Burley Minerals Ltd Blackham Resources Ltd (now Wiluna
Envirostream Australia Pty Ltd Mining Corporation Ltd)
Envirostream UK Limited Lithium Australia NL
Gregory Resources Ltd
Murlpirrmarra Connection Ltd
Warrior Strategic Pty Ltd
Warrior Finance Pty Ltd
-----------------------------------------
As at the date of this announcement, Mr. Dixon does not hold any
shares in the Company although following the implementation of the
Scheme as proposed and passed at the AGM, Mr. Dixon will be
entitled to purchase 2,000,000 Loan Funded Shares issued at A$0.25
per Loan Funded Share which will be issued in tranches subject to
satisfaction of various vesting conditions as set out in the Notice
of AGM as announced on 22 November 2021.
Nyunggai Warren Mundine - Non-Executive Director
The following information is disclosed pursuant to Rule 17 and
Schedule Two paragraph (g) of the AIM Rules for Companies in
relation to Nyunggai Warren Stephen Mundine, aged 65:
Current directorships and/or Former directorships and/or partnerships
partnerships: (within the last five years):
Australian Indigenous Education Multicom Resources Ltd
Foundation Pty NAISDA Ltd (trading as NAISDA
FDC nyamba Pty Ltd Dance College)
JobTrail Pty Ltd NAISDA Foundation Ltd
Litigation Lending Service Ltd Real Futures Pty Ltd
Nyungga Black Group Pty Ltd The Princes Trust (Prince Charles
Special Broadcasting Service (SBS) Private Trust)
Wehbar Contractors Pty Ltd Waanyi Downer Joint Venture Pty
Ltd
Yirigaa Pty Ltd
-----------------------------------------
As at the date of this announcement, Mr. Mundine does not hold
any shares in the Company although following the implementation of
the Scheme as proposed and passed at the AGM, Mr. Mundine will be
entitled to purchase 2,000,000 Loan Funded Shares issued at A$0.25
per Loan Funded Share which will be issued subject to satisfaction
of various vesting conditions as set out in the Notice of AGM as
announced on 22 November 2021.
There are no further disclosures required under Schedule 2(g) of
the AIM Rules for Companies.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHAR0GING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: A: Philip Mitchell
B: Warren Mundine
C: Bryan Dixon
D: Peter Reeve
--------------------------------- ------------------------------------------
2. Reason for the notification
-----------------------------------------------------------------------------
a) Position/status: A: Non-Executive
Chairman
B: Non-Executive
Director
C: Non-Executive
Director
D: CEO of 100%
owned subsidiary,
Archaean Greenstone
Gold Pty Ltd
--------------------------------- ------------------------------------------
b) Initial notification/Amendment: Initial notification
--------------------------------- ------------------------------------------
3. Details of the issuer, emission allowance market
participant, auction platform, auctioneer or auction
monitor
-----------------------------------------------------------------------------
a) Name: Aura Energy
Limited
--------------------------------- ------------------------------------------
b) LEI: 5493003D06RIWBKIKA27
--------------------------------- ------------------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type
of transaction; (iii) each date; and (iv) each place
where transactions have been conducted
-----------------------------------------------------------------------------
a) Description of the financial shares of no
instrument, type of instrument: par value each
Identification code: AU000000AEE7
--------------------------------- ------------------------------------------
b) Nature of the transaction: Entitlement
to Loan Funded
Shares (as
part of Loan
Funded Equity
Scheme)
--------------------------------- ------------------------------------------
c) Price(s) and volume(s): A: Philip
Mitchell Price(s) Volume(s)
A$0.25 8,000,000
----------
B: Warren Mundine Price(s) Volume(s)
A$0.25 2,000,000
----------
C: Bryan Dixon Price(s) Volume(s)
A$0.25 2,000,000
----------
D: Peter Reeve Price(s) Volume(s)
A$0.25 2,000,000
----------
--------------------------------- ------------------------------------------
d) Aggregated information: Entitlement
Aggregated volume: to Loan Funded
Price: Shares as above
--------------------------------- ------------------------------------------
e) Date of the transaction: 21 December
2021
--------------------------------- ------------------------------------------
f) Place of the transaction: Outside a trading
venue
--------------------------------- ------------------------------------------
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END
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