TIDMAURA
RNS Number : 6980E
Aura Energy Limited
31 October 2022
31 October 2022
Quarterly Report for the Period Ending 30 September 2022
KEY POINTS:
-- Appointment of David Woodall as Managing Director and Chief
Executive Officer (effective 17 October 2022), contributing over 30
years of international mining experience across technical,
managerial, consulting, executive and director roles.
-- Acting CEO, Dr Will Goodall accepted the role of Chief
Operating Officer, effective 17 October 2022.
-- Resource upgrade drilling program at Tiris Uranium Project in
Mauritania proceeded on schedule, with targeted completion in Q4
CY22.
-- Engineering Consultants engaged for Phase 1 of Tiris Uranium
Front End Engineering Design ("FEED") study and work completed by
Wallbridge, Gilbert and Aztec (WGA) on leaching, ion exchange and
purification plant, with final report from SENET on beneficiation
circuit and infrastructure expected Q4 CY22.
-- Key Management Plans for authorisation of uranium production
and export for Tiris Uranium Project submitted to National
Authority for Radioprotection, Safety and Nuclear Security ("ARSN")
in Mauritania
-- Aura Energy met with local government and community in
Zouerat, Tiris Zemmour region to discuss community engagement
strategies.
-- Continued discussions with nuclear utilities and traders to
secure additional uranium offtake contracts for the Tiris Phase 1
Fast Track Project.
-- Swedish election occurred on 11 September with energy
security a primary issue, and Aura acknowledging the results of the
Swedish parliamentary election, congratulating the newly elected
members, and committing to work positively with a future government
on the development pathway for its Häggån project.
Aura Energy Limited (ASX:AEE, AIM:AURA) ("Aura" or "the
Company") a company focused on the fast-tracked development of its
Tiris Uranium Project in Mauritania, is pleased to provide an
overview of activities for the period ended 30 September 2022
("Quarter" or "Reporting Period") to accompany the Appendix 5B.
To view Appendix 5B, please click here:
http://www.rns-pdf.londonstockexchange.com/rns/6980E_1-2022-10-31.pdf
High-level Summary
The Quarter represented a period of significant progress as Aura
continued to move towards major milestones in the planned
development of the 800k lb U(3) O(8) per annum Phase 1 Tiris
Uranium Project ("Tiris", "Fast-track Project", or the "Project")
and develop potential for the expansion of the Tiris Resource
Estimate to support increased production in Phase 2.
The Company was very pleased to announce the appointment of, and
welcome, David Woodall as Managing Director and Chief Executive
Officer effective 17 October 2022. Mr Woodall is a senior,
corporate executive with a mining engineering qualification with
over 30 years' experience across exploration, operations, project
development, community alignment and engagement in the mineral
resources industry, including rare earths, critical minerals, gold,
copper, iron ore and nickel.
Aura's Acting CEO, Dr Will Goodall accepted the role of Chief
Operating Officer, effective 17 October 2022.
Drilling continued for the Tiris Resource Upgrade Program, with
the diamond drilling component completed with a total of 430m
drilled across 66 holes. Drill core was shipped for cutting and
preparation in Nouakchott and samples delivered to ALS Ireland for
validation assays.
The air core drilling continued throughout the Quarter, with a
total of 9,732m drilled in 1,543 holes to a depth of 7m. At the end
of the Quarter 288m air core drilling remained for completion of
the program.
Completion of the Resource Upgrade Program, culminating in a
revised Resource Estimate in the Dec '22 Quarter, will represent a
key milestone in developing the potential of the Tiris Resource.
Importantly, it will allow Aura to complete plans for the Phase 2
expansion of Tiris production, defining production targets and
demonstrating the potential value that can be generated from
Tiris.
During the Reporting Period, the FEED study for the 800klb U(3)
O(8) per annum Phase 1 Tiris Fast-Tracked Project continued. The
first stage of engineering by Wallbridge Gilbert and Aztec (WGA)
was completed, confirming design assumptions for the leaching, ion
exchanged and precipitation from Aura's Definitive Feasibility
Study (DFS). Stage 1 engineering for the beneficiation circuit and
infrastructure being undertaken by SENET was delayed by several
weeks due to resource availability, with a report expected in Q4 CY
2022. The FEED study remains on schedule for completion in Q1 CY
2023.
During the Quarter, acting CEO, Dr Will Goodall and Exploration
Manager, Dr Michael Fletcher visited Mauritania to continue
discussions with the government on renewals of permits, progress
licencing discussions with the nuclear regulator, ARSN, and engage
with community groups in Zouerat. Subsequent to the visit, Aura
submitted drafts of Key Management Plans to obtain prior
authorisation for production and export of uranium from Mauritania,
an important step in development of Phase 1 of Tiris.
Discussions regarding the marketing of uranium products from
Tiris continued, with Dr Will Goodall attending the World Nuclear
Association (WNA) Symposium in London during September 2022,
meeting with nuclear utilities and uranium traders. Aura continues
to assess options for contracts to support existing uranium offtake
agreements with Curzon trading.
Plans for the potential future development of the Häggån Project
in Sweden as a significant battery metals hub continue to evolve.
Häggå n contains a significant vanadium resource and work continues
on an economic study for production of vanadium pentoxide (V(2)
O(5) ), along with other by-products. Vanadium pentoxide may be
used in Vanadium Redox Flow Batteries (VRFB), a key grid scale
energy storage technology for future energy requirements. It is the
Company's intention to examine all options to support Sweden's
green industrialization strategy through an integrated value chain
from primary production to V(2) O(5) electrolyte.
In September, Sweden held elections with parties from the right
bloc, defeating the Social Democrat led government. Energy security
was a central issue during the election campaign, with all parties
in the right bloc supporting nuclear energy for Sweden and
streamlining of permitting for battery metal projects. Aura will
continue to examine ways to facilitate Sweden's growing need to
secure domestic energy supply through the future development of the
Häggån Project to its full potential.
Aura is well-funded for key programs, allowing progression of
the Fast-track Project towards a final investment decision to
commence development activities in Q1 CY2023.
Commenting on the activities throughout the September Quarter,
Chief Operating Officer, Dr Will Goodall, said:
"During the Quarter Aura continued to make excellent progress in
advancing Tiris towards uranium production, achieving all key
milestones for the Reporting Period and remaining well poised for
the Project to move to production in 2024, with the aim of being
one of the first greenfield uranium projects to be developed in the
current cycle.
While the global economic situation was volatile through the
Reporting Period, Aura remains well-capitalised with the
fundamental indicators for uranium demand remaining extremely
strong for the development of new projects.
In operations, we continued our largest Resource Upgrade
Drilling program to date and moved forward with the FEED study for
Tiris Phase 1, with confirmatory test work on products from
beneficiation pilot plant trials also advancing.
During the Quarter, the Aura team travelled to both Mauritania
and Sweden to engage with government and local communities. This
trip was highly beneficial, reinforcing the close relationships
that the Company has built over more than a decade in Mauritania.
We are confident that during the current December quarter, we will
see significant advancement in discussions with the government
around renewal of exploration tenements, granting of new
exploration licences, with progress expected around the licencing
process for Tiris production and the export of uranium.
I am excited to welcome David Woodall as Aura's new Managing
Director and CEO, as he brings a wealth of experience to Aura and
will provide the opportunity to progress development of both the
Tiris and Häggån Projects to the next stage. I have been extremely
fortunate to have the opportunity to guide the Company through this
transformational period during 2022 and look forward to continuing
the journey on the executive team with David.
Overall, at the end of the Quarter, Aura had delivered on
initial, yet significant milestones for the development and
expansion of Tiris and remains strongly positioned to continue to
drive the Project towards production. The Company's pipeline of
projects provides a strong basis for sustained value generation for
our shareholders and all stakeholders over many years."
Image 1 - Resource Upgrade Program Underway at the Tiris Uranium
Project in Mauritania
Project Development Pipeline
Aura has developed a strong pipeline of projects to support the
transition from uranium explorer to sustainable uranium producer. A
timeline of key projects and how they relate to Aura's development
strategy is summarised in Figure 1 below.
Figure 1 - Development pipeline and key milestones for Aura
Energy projects
During the Quarter, the Company remained on schedule for
delivery of the timeline outlined in Figure 1 .
Key Appointments
Subsequent to the end of the Quarter, Aura welcomed the
appointment of David Woodall as Managing Director and Chief
Executive Officer of the Company effective Monday 17 October
2022.
Mr Woodall is a senior, corporate executive with a mining
engineering qualification and 30 years' experience across
exploration, operations, project development, community alignment
and engagement in the mineral resources industry including rare
earths, critical minerals, gold, copper, iron ore and nickel.
He has used his broad experience across the value chain at
operational, corporate and board levels to maximise shareholder
value. Mr Woodall has overseen transformation and change management
in complex and difficult operating environments, driving and
linking strategic, operational and transformational change
strategies in organisations using both the application of technical
skills and his deep affinity with staff, local communities and host
nation leaders to create a safe, team-based leadership approach and
to achieve outcomes that create value for all stakeholders.
He also has experience in managed large, geographically distant
teams across multiple locations and different cultures (countries,
unionised, aging workforce, new teams).
Tiris Uranium Project
Aura's flagship Tiris Uranium Project in Mauritania remains the
focus of the Company's development strategy, which is proposed to
be developed in two stages:
-- Stage 1 - A fast-tracked project producing 800,000 lbs U(3)
O(8) per annum with production commencing in 2024 and with low
capital costs.
-- Stage 2 - Forecast to be an expansion of the project within
2-3 years of Stage 1 commissioning, to produce 2-4 million lbs U(3)
O(8) per annum within 5 years, providing better utilisation of the
Tiris Uranium Resources.
Project Highlights
Tiris was discovered by Aura, with development progressing to a
Definitive Feasibility Study ("DFS") in 2019. The Stage 1 800k lbs
U(3) O(8) per annum project now represents a compelling opportunity
for Aura to transition to uranium production in 2024, positioning
the Project as potentially one of the first greenfield uranium
projects to move into production in the current cycle.
The uranium mineralisation at Tiris is shallow, extending from
surface to an average depth of 4m, and is distributed over several
deposits as shown in Figure 2.
Uranium and vanadium are hosted with the mineral, carnotite (K
(UO ) (VO ) --3H O) as fine liberated grains on the surface of
friable weathered granite gangue.
Figure 2 - Location of Aura's Tiris uranium and vanadium
resources in Mauritania
The material is free digging and liberation of the carnotite can
be readily achieved using a simple rotary scrubbing and screening
operation. The results of pilot plant tests reported during Q2 2022
confirmed that these characteristics allow for 80% of the mass to
be rejected early in the process, with the balance containing 90%
of the uranium for recovery in the leaching circuit.
Aura completed an update to the Capital Estimate in 2021 [1] and
the Phase 1 Project is fully permitted for mining with the Company
pursuing a strategy of rapid development to maximise value for
shareholders early in the current uranium price cycle.
The Tiris Resource Estimate contains 56.9 Mlbs U(3) O(8) and
18.4 Mlbs V(2) O(5) at cut-off grade of 100 ppm U(3) O(8) [2] . The
total Mineral Resource Estimate for the Tiris Project is summarised
Table 1 and Table 2.
Table 1 - Tiris Uranium Project Global Resource Estimate at
100ppm U(3) O(8) cut off grade
Cut-off U(3) Class Tonnes U(3) O(8) U(3) O(8) V(2) V(2) O(5)
O(8) ppm (Mt) (ppm) (Mlb) O(5) (ppm) (Mlb)
============= ====== ======= ========== ========== ============ ==========
100 All 102.1 253 56.9 82 18.4
------ ------- ---------- ---------- ------------ ----------
Table 2 - TIRIS RESOURCE CLASSIFICATION at 100ppm U(3) O(8) cut
off grade - TOTAL, Feb 2022
Cut-off U(3) Class Tonnes U(3) U(3) O(8) V(2) V(2)
O(8) ppm (Mt) O(8) (ppm) (Mlb) O(5) O(5) (Mlb)
(ppm)
============= ========== ======= ============ ========== ======= ============
100 Measured 10.2 235.7 5.3 76.4 1.7
---------- ------- ------------ ---------- ------- ------------
Indicated 29.0 222.1 14.2 72.0 4.6
---------- ------- ------------ ---------- ------- ------------
Total
M&I 39.2 226 19.5 73 6.3
---------- ------- ------------ ---------- ------- ------------
Inferred 62.9 270 37.4 87 12.1
---------- ------- ------------ ---------- ------- ------------
A maiden Ore Reserve of 8.1 Mlbs U(3) O(8) at 175ppm cut-off
grade was defined with the DFS [3] . This represents only 27% of
the total uranium Mineral Resources at comparative cut-off
grade.
Table 3 - Tiris Maiden Uranium Ore Reserve Estimate at 175ppm
U(3) O(8) cut-off grade
Description Mt U(3) O(8) U(3) O(8)
(ppm) (Mlb)
Lazare North
Proved 0.7 354 0.6
----- ---------- ----------
Probable 4.4 332 3.2
----- ---------- ----------
Lazare South
Proved 1.5 342 1.1
----- ---------- ----------
Probable 0.7 340 0.5
----- ---------- ----------
Hippolyte
Proved 1.9 331 1.4
----- ---------- ----------
Probable 1.7 334 1.3
----- ---------- ----------
Total
Proved 4.1 339 3.1
----- ---------- ----------
Probable 6.8 333 5
----- ---------- ----------
Total 10.9 336 8.1
----- ---------- ----------
The Tiris DFS defined a very simple mining operation, with the
ore being free digging and mineralisation easily identified as
shown in Figure 3. Utilising a small contract mining fleet, a
mining rate of 1.25Mtpa could be achieved with mining costs of
<US$2.25/t material moved.
Figure 3 - Mining strategy for Tiris U ranium P roject
The Tiris process flow sheet is also simple, utilising the
natural characteristics of the mineralisation to reject up to 80%
of the mass of mineralisation at the mine using simple screening
methods, minimising the size of the leaching, ion exchange and
precipitation circuits. Figure 4 shows the beneficiation circuit
located at the mining pits, with concentrated slurry pumped to a
central processing facility and barren waste returned to pits.
Figure 4 - Tiris Uranium Project process flow sheet
Aura completed an Environmental and Social Impact Assessment in
2017 and the Tiris exploitation permit was granted by the
Mauritanian Government in 2018. The Project is fully permitted to
mine, with minor regulatory approvals to be completed once
construction is underway. Although Mauritania does not currently
have an active uranium export market, Aura continues to work
closely with the Mauritanian government and regulatory authorities
to ensure that safeguards are in place for transport of Uranium
Oxide Concentrate (UOC) product.
The Tiris DFS was completed in 2019 [4] for the Stage 1 800k lb
U(3) O(8) per annum project and the Capital Estimate was updated in
2021 [5] with current pricing to reflect the potential impact of
COVID-19 related supply chain pressure. The outcomes of the DFS,
using a conservative uranium price estimate of US$60/lb U(3) O(8)
have been summarized in Table 4 and Table 5 .
Table 4 - DFS outcomes summary [6]
Key Metric DFS
------------ ------------------------------------ ----------------
Resource Life of Mine (LOM) 15 Years
------------------------------------ ----------------
Beneficiation Plant ore throughput 1.25 Mtpa
(Design)
------------------------------------ ----------------
Process Plant ore throughput 0.16 Mtpa
------------------------------------ ----------------
ROM uranium grade (LOM) 364 ppm U(3)
O(8)
------------------------------------ ----------------
Production Uranium Metallurgical Recovery 86.1%
------------------------------------ ----------------
Average Annual uranium production 823,000 lb U(3)
O(8)
------------------------------------------------- ----------------
LOM uranium production 12.35 Mlb U(3)
O(8)
------------------------------------------------- ----------------
Table 5 - DFS financial outcomes summary4
Key Metric US$ A$
------------- -------------------------------- ---------- ----------
Process plant, infrastructure,
Capital indirects 70.1 M 100.1 M
-------------------------------- ---------- ----------
Contingency 4.7 M 6.8 M
---------------------------------------------- ---------- ----------
Total Capital 74.8 M 106.9 M
---------------------------------------------- ---------- ----------
Operations Exchange rate (USD:AUD) 0.70
-------------------------------- ----------------------
C1 Cash operating cost ($/lb
U(3) O(8) ) 25.43 36.33
---------------------------------------------- ---------- ----------
AISC operating cost ($/lb
U(3) O(8) ) 29.81 42.56
---------------------------------------------- ---------- ----------
Project Assumed price (baseline)
Financials ($/lb U(3) O(8) ) 60 86
-------------------------------- ---------- ----------
Project NPV(8) (incl Royalties
and tax) 79.9 M 114 M
---------------------------------------------- ---------- ----------
Project IRR (incl Royalties
and tax) 22%
---------------------------------------------- ----------------------
Cashflow - Total (after-tax) 214 M 305 M
---------------------------------------------- ---------- ----------
Cashflow - Annual (after-tax) 17.1 M pa 24.4 M pa
-------------------------------- ---------- ----------
Project NPV8 (incl Royalties,
pre-tax) 106 M 151 M
---------------------------------------------- ---------- ----------
Project Cashflow - Total
(pre-tax) 275 M 393 M
---------------------------------------------- ---------- ----------
Project Cashflow - Annual 24.5 M pa 33 M pa
(pre-tax)
---------------------------------------------- ---------- ----------
Project payback from start-up 4 years
---------------------------------------------- ----------------------
The DFS demonstrated that at current uranium price levels, the
fast-track 800k lb U(3) O(8) per annum project is forecast to
generate strong returns, providing an excellent baseline as the
Company aspires to expand production at Tiris to 3M to 5M lb per
annum early in the mine life.
Tiris Development Strategy and Execution
Aura's strategy for development of Tiris is to focus on rapidly
achieving uranium production with low capital investment and
production rate appropriate for the stage of the uranium price
cycle. This means focusing on fast tracking the low CAPEX 800k lb
U(3) O(8) per annum project as a first phase, while providing the
baseline for growing the Project as the market matures, positioning
Aura as a long-life, low-cost uranium producer. The targeted
development program for Tiris fast-track and planned expansion
projects has been summarised in Figure 5 .
Figure 5 - Tiris development schedule
The Tiris Stage 1 project development will target production in
2024 to generate early cash flow, which will be achieved by
targeting a low CAPEX operation for the first phase. Smaller
production volumes allow for product contracting earlier in the
uranium cycle while maintaining price upside through project
expansion. By targeting lower production rates, Aura can leverage
reductions in technical, country and marketing risk for lower
initial capital outlay.
In conjunction with the Stage 1 project development, the Company
will plan for project expansion early in the mine life. Design
decisions for the Phase 1 Project have always considered the option
to expand the production rate once the operation is underway. The
first step in preparation for production rate expansion is to
upgrade the resource and Reserves to support higher U(3) O(8)
production rates, which the Company is currently targeting through
the Resource Upgrade Program. When the target of increased Measured
and Indicated Resources is achieved, studies will commence to
evaluate production scenarios and economies of scale.
Finally, regional exploration will be undertaken to support
sustainable production at expanded production rates. Aura's
exploration tenements cover a highly prospective and under-explored
region of Northern Mauritania and the Company's target is to
continue to expand the global Resource base to support long-life
uranium production in the area.
During the Quarter all projects remained on schedule, except for
confirmation and V(2) O(5) test work at ANSTO Minerals. This test
work experienced delays of several weeks due to the high volume of
laboratory work and reduced resource availability at ANSTO
Minerals, however the program is on track for completion in Q4
CY22.
Project update - Phase 1 800k lb U(3) O(8) per annum project
During the Reporting Period, Aura continued to accelerate the
development of the Phase 1 800klb U(3) O(8) per annum Tiris
Project. Work undertaken throughout the Quarter provided a solid
groundwork for progressing the Project, with a target to complete
FEED engineering in Q1 CY23 and first production of U(3) O(8) in
2024.
Tiris Project Development and Engineering
As outlined in the Chairman's Letter [7] the Company has made
the strategic decision to move the Fast-tracked Project forward to
the Engineering and construction phase, with a target to achieve
first production of U(3) O(8) in 2024. The development timeline,
with key milestones has been summarised in Figure 6 .
Figure 6 - Tiris Fast-track Project proposed engineering
development timeline
The first phase of the FEED study is being led by DRA Global and
subsidiary, SENET, as Lead Engineering Integrator, contributing
significant experience developing projects in West Africa,
including support of Kinross' Tasiast Gold expansion in
Mauritania.
DRA Global and SENET will be supported by a joint venture
between Wallbridge Gilbert Aztec (WGA) and Adelaide Control
Engineering (ACE), focusing on the uranium and vanadium processing
plant. WGA have strong design experience in hydrometallurgical
processes, including uranium and vanadium, and will work closely
with ACE, contributing significant expertise in the design and
construction of modular plants. The aim for design of the process
plant will be to streamline construction through use of modular
circuits where possible.
The study progressed through the Reporting Period, with the
following preliminary outcomes:
-- Initial review completed by WGA for leaching, ion exchange,
precipitation and packaging circuits.
-- WGA confirmed design assumptions used for the Feasibility Study estimate.
-- WGA defined the volume of engineering design required to
complete FEED study was within Aura estimates.
-- SENET completed initial review but have not reported on
outcomes, some delays were experienced due to resourcing
constraints within SENET.
Next steps include:
-- Completion of Phase 1 FEED Study in Q4 CY22.
-- Commencement of Phase 2 FEED Study in Q4 CY22 following Phase 1.
-- Target to complete FEED study to support a final investment decision in Q1 CY23.
Bulk Test Work Program
As outlined in the June 22 Quarterly Report, test work continues
at ANSTO Minerals on bulk sample of material generated from the
Mintek Pilot plant for the Tiris Project.
The products of this pilot program were stored for use in final
confirmatory bulk leaching, ion exchange and precipitation
optimisation program to support value engineering initiatives. The
program aims to target optimisation of leaching conditions, final
definition of solid/liquid separation design factors and inclusion
of vanadium by-product recovery in ion exchange.
The test work program was initiated in January 2022 at ANSTO
Minerals, Lucas Heights, NSW ( www.ansto.gov.au ). ANSTO Minerals
are global leaders in uranium and vanadium processing and have been
responsible for process test work throughout the development of
Tiris.
The aims of the program include:
-- Uranium recovery
o To further optimise alkaline leaching conditions
(Completed).
o To confirm Phase 1 ion exchange and uranium precipitation
conditions on liquors generated from bulk leaching using optimised
alkaline leaching conditions (Completed).
o To produce samples of uranium final product that meet relevant
industry specifications for impurities.
o To undertake vendor filtration and settling test work
(Completed).
-- Vanadium recovery
o Test work to examine options for vanadium recovery from bulk
leach liquors.
o Assessment of preferred flow sheet for vanadium by-product
production and expected reagent consumptions.
Overall, the ANSTO test work program will provide the final
inputs for the FEED engineering study and value engineering
initiatives.
The test work program continued during the Quarter, with a focus
on optimisation of ion exchange circuit and precipitation of UOC.
Test work on several potential circuit options for recovery of
vanadium by-product were ongoing.
Additional test work was commissioned during the Quarter to more
fully understand the limits for sulphate and chloride anions in the
ion exchange feed liquor. These anions are minimised in the Tiris
leaching circuit through decoupling of the water balance from the
beneficiation circuit. It was determined that conditions outside
the design assumptions should be investigated to allow more
complete sensitivity analysis to be undertaken as part of the FEED
study.
Inclusion of these additional tests means the test work program
is now anticipated to be completed in Q4 CY22, a delay of
approximately 6 weeks.
Mauritanian government relations and licencing
A concession agreement is being negotiated with the Government
of Mauritania, to be signed by both the President and the Minister
of Mines outlining our commitment to the key steps involved in
project development, including the approval process steps, and
gives certainty in relation to tenure and Aura's expansion into a
regional uranium producer. It will also confirm all aspects of the
host government's fiscal regime for at least 30 years. Constructive
discussions have continued throughout 2022 and a formal agreement
is imminent.
In addition, the Mauritanian Government's ANARPAM will hold a
15% Free Participation interest in earnings from the Tiris project
[8] , with the other characteristics of the Shareholders Agreement
are now being finalised.
Mauritania has a well-established radiation regulatory body, the
Authority of Radiation protection, Safety and Nuclear ("ARSN"),
which is a signatory for the International Atomic Energy Agency
("IAEA"). The Company has initiated the process with ARSN to gain
regulatory approval for export of Uranium Oxide Concentrate (UOC).
ARSN has defined that to approve export of UOC, Aura must provide a
plan for radiation management, security and safe transport of
uranium, with Aura having engaged expert independent consultants to
extend work completed during the DFS on these matters. Once
submitted, the ARSN will review plans with guidance from IAEA and
if satisfactory within guidelines will approve export of UOC from
Mauritania.
During the Quarter, Aura submitted preliminary drafts of Key
Management Plans for authorisation of uranium production and export
for Tiris Uranium Project to ARSN in Mauritania, represents the
first step in submission of final applications.
Acting CEO, Dr Will Goodall, met with the ARSN during the
Quarter and discussed the process, and it was agreed that a
committee would be formed to manage the licence process and
maintain regular dialogue.
Aura continues to work closely with the ARSN to ensure that all
reporting and regulatory requirements for radiation management and
transport of uranium products are within IAEA guidelines and
support safe and stable operation of the Tiris Project.
Value Engineering
The DFS defined the Phase 1 Project as a low operating cost
process with potential for further optimisation. An opportunity
review was conducted by METS Engineering in 2021 [9] .
The major opportunities identified included:
-- Inclusion of a circuit to recover vanadium pentoxide as a by-product of U(3) O(8) .
-- Reduction of operating costs and total greenhouse gas
emissions (GHG) through optimisation of power generation
options.
Inclusion of V(2) O(5) by-product production circuit
The opportunity review for the Tiris Fast-track Project was
completed in Q3 2021, identifying the production of V(2) O(5)
by-product to have potential to materially reduce operating costs.
Similar opportunities identified at Paladin Energy's Langer
Heinrich project restart in Namibia are planned for inclusion.
Potential alterations to Tiris flowsheet were explored with two
technically viable options recommended by METS Engineering. To
realise this opportunity Aura has been working throughout the
Quarter to:
-- Define vanadium pentoxide resource estimate to support the
uranium resource estimate at Tiris (completed).
-- Complete test work on recommended process flow sheet
configurations to define optimum strategy to maximise vanadium
pentoxide recovery without negatively impacting uranium oxide
production (underway).
-- Integrate proven vanadium pentoxide circuit configuration with uranium circuit in FEED study.
The first step in addition of a V(2) O(5) by-product circuit was
to define a vanadium pentoxide Resource Estimate to support the
Uranium Oxide Resource Estimate. As per the ASX Release on 16
February 2022, Aura announced the inclusion of V(2) O(5) in the
Tiris Resource Estimate, demonstrating that vanadium consistently
occurs at a ratio of 34% of the uranium throughout the Resource.
The result was inclusion of 18.4Mlbs V(2) O(5) at an average
recoverable grade of 82.5ppm V(2) O(5) .
Table 6 - Tiris Uranium Project Global Resource Estimate
[10]
Cut-off U(3) Class Tonnes U(3) O(8) U(3) O(8) V(2) V(2)
O(8) ppm (Mt) (ppm) (Mlb) O(5) (ppm) O(5) (Mlb)
100 All 102.1 253 56.9 82 18.4
------ ------- ---------- ---------- ------------ ------------
200 All 55.0 336 40.8 109 13.2
------ ------- ---------- ---------- ------------ ------------
300 All 24.8 452 24.7 146 8.0
------ ------- ---------- ---------- ------------ ------------
Table 7 - TIRIS RESOURCE CLASSIFICATION - TOTAL, Feb 2022
[11]
Cut-off Class Tonnes U(3) U(3) O(8) V(2) V(2)
U(3) O(8) (Mt) O(8) (ppm) (Mlb) O(5) (ppm) O(5) (Mlb)
ppm
100 Measured 10.2 235.7 5.3 76.4 1.7
---------- ------- ------------ ---------- ------------ ------------
Indicated 29.0 222.1 14.2 72.0 4.6
---------- ------- ------------ ---------- ------------ ------------
Total
M&I 39.2 226 19.5 73 6.3
---------- ------- ------------ ---------- ------------ ------------
Inferred 62.9 270 37.4 87 12.1
---------- ------- ------------ ---------- ------------ ------------
200 Measured 4.6 355.0 3.6 115.0 1.2
---------- ------- ------------ ---------- ------------ ------------
Indicated 12.8 315.4 8.9 102.2 2.9
---------- ------- ------------ ---------- ------------ ------------
Total
M&I 17.4 326 12.5 106 4.1
---------- ------- ------------ ---------- ------------ ------------
Inferred 37.6 678.4 28.3 219.8 9.2
---------- ------- ------------ ---------- ------------ ------------
300 Measured 2.1 496.8 2.3 161.0 0.7
---------- ------- ------------ ---------- ------------ ------------
Indicated 4.7 453.6 4.7 147.0 1.5
---------- ------- ------------ ---------- ------------ ------------
Total
M&I 6.8 467 7.0 151 2.3
---------- ------- ------------ ---------- ------------ ------------
Testing of the vanadium recovery process options defined in the
Opportunity Review is currently underway at ANSTO Minerals. Due to
lack of limited resources as a result of high demand at ANSTO
Minerals, completion of the V(2) O(5) test work was delayed by
several weeks. Aura anticipates that confirmation of the preferred
option for vanadium pentoxide by-product recovery will be available
in Q4 2022, with potential operating cost savings modelled also in
Q4 2022 as shown in Figure 7 .
Updated Tiris U(3) 0(8) operating cost
Figure 7 - Tiris fast-track project operating cost update
timeline
Sustainable Design for Cost Reduction
Net Zero Emissions guidelines established through the baseline
GHG emissions study completed by Wood PLC ("Wood") will form the
basis for optimisation of the Tiris operation through the value
engineering and FEED phase.
Aura has defined direct relationship between GHG reduction and
operating cost savings at Tiris based on the findings of the Wood
Net Zero Emission study. Value engineering initiatives, such as
reduction of diesel usage for power generation, have potential to
bring equal positive impact to reduction of GHG emissions and
overall operating cost of the operation.
The DRA SENET engineering team includes resources for assessment
of sustainable design opportunities through the FEED study.
Tiris Stage 2 - Project Expansion - Uranium Resource Upgrade
Program
In Q2 2022, a new drilling program commenced at Tiris that is
the largest single program ever undertaken on the Tiris deposits.
The objective of the program is to increase the proportion of
Mineral Resources in the Measured and Indicated categories from 34%
to >50%. If achieved, this will provide the base for increasing
Ore Reserves to support the higher U(3) O(8) production case for
the Tiris Expansion Project. The areas targeted for the drilling
program can be seen in Figure 8.
The program includes three main components targeting improvement
in Resource confidence, plus some additional exploration
drilling.
The components include:
-- Detailed ground radiometric survey to identify additional
mineralisation targets within the exploitation licence boundaries -
Completed.
-- Diamond drilling for validation of downhole radiometric logging - Completed.
-- Aircore drilling and downhole radiometric logging - Underway.
Figure 8 - Tiris East Resource zones. The resource upgrade
program is focusing on areas of Inferred Resource at Sadi, Lazare
South and Hippolyte.
The results of detailed ground radiometric survey of the Sadi
resource can be seen in Figure 9. These results show several areas
of high radiometric signature (pink) outside the existing Resource
boundaries (yellow lines), and these areas will be included in the
current drilling program with the aim to further increase the
global resource base for the Project.
Figure 9 - New ground radiometric results at the Said Resource.
Yellow polygons are existing resource outlines. Several strong
zones outside current resource boundaries are evident.
The diamond drilling program was completed late in Q2 CY22, with
a total of 66 holes drilled for a total of 430m. The core was
processed at an accredited sample preparation facility in
Nouakchott, Mauritania, and have been sent for validation assay in
Q3 CY22.
Figure 10 - Drilling contractors at Tiris checking core
recovery
Figure 11 - Downhole gamma logging
Air core drilling and downhole gamma logging progressed through
the Quarter. A total of 9,732m over 1543 holes to a depth of 7m
were completed of the 10,000m program. Some minor delays were
caused by equipment breakdown due to extreme heat and the drilling
is expected to be completed in early Q4 CY 2022. This will be
followed by a revised Resource Estimate in Q4 CY 2022.
Tiris Regional Exploration
In conjunction with the Infill drilling program, Aura has
commenced a program to identify additional mineralised zones in the
Tiris West deposits. This will include re-evaluation of several
targets previously drill tested, where analysed uranium grades
appeared marginal. Aura's experience in the region has shown that
chemical analysis of calcrete hosted uranium mineralisation can
significantly under-estimate the grade due to loss of ultra-fine
carnotite during the air-core drilling process. Therefore, selected
targets only previously assessed using chemical analyses will be
re-tested by drilling and downhole radiometric logging to re-assess
the potential for economic mineralisation, in line with results
observed through the Tiris East Deposits.
The primary targets will include areas of the Tiris West
deposits where strong radiometric anomalies have been observed,
however uranium grades by traditional air-core drilling and
chemical assay were marginal. Some of these areas, such as that in
Figure 12 , will be tested by downhole radiometric logging to
identify whether chemical analysis had under-reported total uranium
grades.
Figure 12 - An example at Tiris West of a very strong
radiometric anomaly on which drilling & assaying returned lower
than expected U3O8 grades. Background image is uranium channel
airborne radiometrics.
The regional exploration program was postponed due to breakdown
of the air core drilling rig and will be completed during 2023
drilling programs.
Häggån Project
Aura holds the 100%-owned Häggån Project in Sweden, with a
significant inferred resource [12] of 800m pounds of U(3) O(8) [13]
, and a high-grade zone containing 800m pounds of V(2) O(5,) along
with other important battery metals including Ni, Zn and Mo [14]
.
The Häggån Project provides a unique opportunity to support
supply security in Sweden for battery metals, through independent
operations.
Sweden ranks 22(nd) of nations supplying battery metals [15] ,
however has made significant investment in battery manufacture with
support for the Northvolt Gigafactory [16] positioning
electrification as a central topic of debate.
On 1 January 2022, Brussels proposed a green taxonomy for
nuclear power [17] , which will allow all European Union states to
provide a green label for ESG nuclear investment in Europe to
assist in meeting the Net Zero 2050 carbon emission target, with
the aim of accelerating the low-carbon transition and phase out
from coal.
The battle to recognise nuclear power as green has intensified
in recent months as EU countries have faced record electricity
prices this winter [18] Figure 1 below shows up to 500% + increases
in electricity wholesale prices for some European countries between
January 2020 and January 2022.
Figure 13 - Average monthly electricity wholesale prices in
selected countries in the European Union (EU) from January 2020 to
January 2022
Sweden currently has 6 nuclear power plants in operation
providing 40% of total power to the citizens that is carbon
emission free [19] . In August 2018, under a power sharing deal
with the Green party, the Swedish Government banned uranium mining
[20] with that government coalition dissolved late 2021.
Sentiment within Sweden has shifted over the last two Quarters
as pressure on energy prices from the geopolitical situation with
Russia, specifically on gas supply to Europe has highlighted the
importance of domestic energy security. This, coupled with strong
green industrialisation policies has raised the importance of
battery storage and nuclear energy as important national topics of
discussion.
Aura is undertaking a scoping study for development of the
Häggån Resource as a Battery Metals hub, focused on production of
vanadium pentoxide.
Swedish Government
During the Quarter, Sweden held national elections, with a key
election issue being energy security, with all major parties
supporting continued or expanded nuclear power as a key part of
Sweden's energy framework. The ban on uranium mining was a topic of
discussion, with most parties in the 'right' bloc indicating they
would support removal of this ban.
The election was won by the 'right' bloc of parties on a
platform of improved energy security, defeating the government of
the Social Democrats. This was an important outcome for the Häggån
Project, representing a shift in policy that is expected to be more
favourable to development of new mining operations, especially
those with a focus on battery metals, such as vanadium. Although a
government was yet to be formed at the end of the Quarter the
parties expected to form the government coalition have all
previously supported removal of the ban on uranium mining in
Sweden.
In October 2022, Sweden's 'right' bloc coalition government
adopted a positive stance towards nuclear energy, calling for
state-owned energy company Vattenfall to investigate the possible
restart of Ringhals units 1 and 2, as well as to prepare for the
construction of new reactors. [21]
These developments have created a national political landscape
that should be favourable to continued development at Häggån. Aura
will continue to work closely with all stakeholders at both
national and community level to ensure that plans are aligned with
their expectations and a smooth pathway to operation can be
defined.
Archaean Greenstone Gold
Tasiast South Gold and Battery Metals
Aura's Tasiast South project comprises 3 exploration permits, 2
of which are held 100% while Aura is earning a 70% interest in the
third (Nomads JV).
Following several active quarters during which Aura carried out
detailed gravity surveying, Induced Polarisation testwork, and
auger drilling on all 3 permits, and data interpretation of
consultants, no field work was carried out during the September
Quarter.
Planning is in progress for a program of aircore drilling to
test gold anomalous zones defined by earlier work. The Company
anticipates this work will commence in Q4 CY 2022 (subject to drill
rig availability) and will better define targets for deeper RC
& diamond drill testing.
Financing
Funds Raised from the Rights Issue completed in November 2021
have been utilised as follows.
Table 9.1 - Use of funds from November 2021 Rights Issue
Use of Funds under Prospectus Funds allocated Funds expended Variance
under Prospectus between Rights
Nov 2021 Issue and 30
Jun 2022
Tiris Uranium Project $1,200,000 1,200,000 $0 0%
----------------- ----------------------- -------- ---
Corporate costs (including
capital raising cost) $217,000 234,458 -$17,458 -8%
----------------- ----------------------- -------- ---
Working capital $613,399 613,399 $0 0%
----------------- ----------------------- -------- ---
Total $2,030,399 $2,047,857 -$17,458 -1%
----------------- ----------------------- -------- ---
On 14 March 2022 the Company announced the successful placement
of 35.2 million new shares in the Company to raise A$8.8 million
before costs (the "Placement") to advance Tiris as defined in Table
8 .2.
Table 8 .2 - Use of funds from A$8.8 million placement
Use of Funds under Funds allocated Funds expended Variance
Prospectus under Prospectus between Placement
17 Mar 2022 and 30 Jun
2022
Tiris Uranium Project $7,600,000 1,319,760 $6,280,240 83%
----------------- ----------------------- ---------- ---
Corporate costs (including
capital raising cost) $557,000 540,810 $16,190 3%
----------------- ----------------------- ---------- ---
Working capital $643,000 178,589 $464,411 72%
----------------- ----------------------- ---------- ---
Total $8,800,000 $2,039,159 $6,760,841 77%
----------------- ----------------------- ---------- ---
The Placement provides sufficient funds for the Company to
complete the proposed Resource Upgrade Program at Tiris and
complete the fast-track Project FEED study by Q1 2023.
Payments to related parties of the entity and their associates
are set out in the attached Appendix 5B. The payments relate to
director fees to non-executive directors in the normal course of
business at commercial rates, excluding reimbursements of
out-of-pocket expenses.
Tenement Summary
Details of mining tenements, farm-in and farm-out agreements
held at the end of the Quarter, and any changes to such tenements
and agreements during the Quarter.
Table 10 - Summary of tenements
Country
/ Grant
Tenement / Application Expiry
number Name date date km(2) Holder Equity
----------
Mauritania
---------- -------------- -------------- --------------- ----- ---------------------- ------
Exploitation Tiris Ressources
2491C4 Ain Sder 8/02/2019 Licence 207 SA 85%
-------------- -------------- --------------- ----- ---------------------- ------
Exploitation Tiris Ressources
2492C4 Oued El Foule 8/02/2019 Licence 190 SA 85%
-------------- -------------- --------------- ----- ---------------------- ------
Subject
to exclusivity
561 Oum Ferkik 16/04/2008 negotiation 60 Aura Energy Limited 100%
-------------- -------------- --------------- ----- ---------------------- ------
Tiris International
2457B2 Hadeibet Belaa 2/04/2019 2/04/2022 41 Mining Co. 100%
-------------- -------------- --------------- ----- ---------------------- ------
Tiris International
2458B2 Touerig Taet 2/04/2019 2/04/2022 134 Mining Co. 100%
-------------- -------------- --------------- ----- ---------------------- ------
Sweden
-------------- -------------- --------------- ----- ---------------------- ------
Haggan nr Vanadis Battery Metals
2007-243 1 28/08/2007 28/08/2024 18 AB 100%
-------------- -------------- --------------- ----- ---------------------- ------
Mockelasen Vanadis Battery Metals
2018-9 nr 1 21/01/2019 21/01/2024 18 AB 100%
-------------- -------------- --------------- ----- ---------------------- ------
Skallbole Vanadis Battery Metals
2018-7 nr 1 20/01/2019 20/01/2024 8 AB 100%
-------------- -------------- --------------- ----- ---------------------- ------
Farm-in agreement with Nomads Mining Company sarl, Mauritania,
to earn up to 70% interest in Nomads 100%-owned exploration permit
in Mauritania (refer ASX announcement 11 June 2019).
Key ASX releases
"Tiris uranium production and export plans submitted" 6(th)
September 2022
"David Woodall Appointed as MD and CEO" 19(th) September
2022
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").
For Further Information, please contact:
David Woodall Jane Morgan
Managing Director and CEO JMM
Aura Energy Limited Investor & Media Relations
info@auraenergy.com.au info@janemorganmanagement.com.au
+61 405 555 618
SP Angel Corporate Finance LLP WH Ireland Limited
(Nominated Advisor and Joint (Joint Broker)
Broker) Jessica Cave
David Hignell Andrew de Andrade
Kasia Brzozowska +44 (0) 207 220 1666
+44 (0) 203 470 0470
----------------------------------
About Aura Energy (ASX:AEE, AIM:AURA)
Aura Energy is an Australian based minerals company that has
major uranium and polymetallic projects with large resources in
Africa and Europe.
The Company is now focused on uranium production the Tiris
Project, a major greenfields uranium discovery in Mauritania, with
Aura announcing a Resource Upgrade in August 2021 of 10% or 5.0
million lb U(3) O(8) bringing the total JORC Resource to 56 Mlbs
(at a 100 ppm U(3) O(8) lower cut-off grade).
Aura also completed a capital estimate update for the Tiris
Definitive Feasibility Study, to reflect current global pricing,
with these 2021 figures reconfirming Tiris as one of the lowest
capex, lowest operating cost uranium projects.
In October 2021, the Company entered a US$10m Offtake Financing
Agreement with Curzon, which includes an additional up to US$10m
facility, bringing the maximum available under the agreement to
US$20m.
In 2022, Aura will continue to transition from a uranium
explorer to uranium producer, to capitalise on the rapidly growing
demand for nuclear power as the world continues to shift towards a
decarbonised energy system.
Disclaimer Regarding Forward Looking Statements
This ASX announcement (Announcement) contains various
forward-looking statements. All statements other than statements of
historical fact are forward-looking statements. Forward-looking
statements are inherently subject to uncertainties in that they may
be affected by a variety of known and unknown risks, variables and
factors which could cause actual values or results, performance or
achievements to differ materially from the expectations described
in such forward-looking statements. The Company does not give any
assurance that the anticipated results, performance or achievements
expressed or implied in those forward-looking statements will be
achieved.
Mineral Resource and Ore Reserve Estimates
The information in this announcement that relates to Mineral
Resources or Ore Reserves is extracted from the reports titled '
Tiris Uranium Project - Resource Upgrade of 10% ' released to the
Australian Securities Exchange (ASX) on 27 August 2021 and 'Tiris
Uranium Project DFS Update' released to the ASX on 18 August 2021
and for which Competent Persons' consents were obtained. Each
Competent Person's consent remains in place for subsequent releases
by the Company of the same information in the same form and
context, until the consent is withdrawn or replaced by a subsequent
report and accompanying consent. The Company confirms that it is
not aware of any new information or data that materially affects
the information included in the original ASX announcements and, in
the case of estimates of Mineral Resources or Ore Reserves, that
all material assumptions and technical parameters underpinning the
estimates in the original ASX announcements continue to apply and
have not materially changed.
The Company confirms that the form and context in which the
Competent Person's findings are presented have not been materially
modified from the original ASX announcements.
In respect to Resource statements there is a low level of
geological confidence associated with inferred mineral resource and
there is no certainty that further exploration work will result in
the determination of indicated measured resource or that the
production target will be realised.
Notes to Project Description
The Company confirms that the material assumptions underpinning
the Tiris Uranium Production Target and the associated financial
information derived from the Tiris production target as outlined in
the Aura Energy release dated 18 August 2021 for the Tiris Uranium
Project Definitive Feasibility Study continue to apply and have not
materially changed.
The Tiris Uranium Project Resource was released on 27 August
2021 "Resource Upgrade of 10% - Tiris Uranium Project". The Company
confirms that it is not aware of any new information or data that
materially affects the information included in the relevant market
announcement and that all material assumptions and technical
parameters underpinning the estimates in the relevant market
announcements continue to apply and have not materially
changed.
In respect to Resource statements there is a low level of
geological confidence associated with inferred mineral resource and
there is no certainty that further exploration work will result in
the determination of indicated measured resource or that the
production target will be realised.
Competent Persons
The Competent Person for the portion of the 2022 Tiris Vanadium
Mineral Resource Estimate and classification relating to the
Hippolyte, Hippolyte South, Lazare North, and Lazare South deposits
is Mr Arnold van der Heyden of H&S Consulting Pty Ltd. The
information in the report to which this statement is attached that
relates to the 2018 Mineral Resource Estimate is based on
information compiled by Mr van der Heyden. Mr van der Heyden has
sufficient experience that is relevant to the resource estimation
to qualify Mr van der Heyden as a Competent Person as defined in
the 2012 edition of the 'Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves'. Mr van
der Heyden is an employee of H&S Consultants Pty Ltd, a Sydney
based geological consulting firm. Mr van der Heyden is a Member and
Chartered Professional of The Australasian Institute of Mining and
Metallurgy (AusIMM) and consents to the inclusion in the report of
the matters based on his information in the form and context in
which it appears.
The Competent Person for the portion of the 2022 Tiris Vanadium
Resource Estimate and classification relating to all other deposits
within the resource (Sadi South, Sadi North, Marie, Hippolyte West,
Oum Ferkik East, Oum Ferkik West deposits) is Mr Oliver Mapeto, an
independent resources consultant.
The information in the report to which this statement is
attached that relates to the 2018 Resource Estimate is based on
information compiled by Mr Mapeto. Mr Mapeto has sufficient
experience that is relevant to the resource estimation to qualify
Mr Mapeto as a Competent Person as defined in the 2012 edition of
the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves'. Mr Mapeto is a Member of The
Australasian Institute of Mining and Metallurgy (AusIMM) and
consents to the inclusion in the report of the matters based on his
information in the form and context in which it appears.
The Competent Person for drill hole data and for integrating the
different resource estimates is Mr Neil Clifford. The information
in the report to which this statement is attached that relates to
compiling resource estimates and to drill hole data is based on
information compiled by Mr Neil Clifford. Mr Clifford has
sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity which he is undertaking to qualify Mr Clifford as a
Competent Person as defined in the 2012 edition of the
'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves'. Mr Clifford is a consultant to Aura
Energy. Mr Clifford is a Member of the Australasian Institute of
Geoscientists. Mr Clifford consents to the inclusion in the report
of the matters based on his information in the form and context in
which it appears.
[1] ASX & AIM Release 18 August 2021 "Capital Estimate
Update-Zero Emission Tiris Uranium Project"
[2] ASX & AIM Release 16 February 2022 "Aura Defines
Vanadium JORC Resource at Tiris Uranium Project"
[3] ASX & AIM Release 29 July 2019 "TIRIS URANIUM DFS
COMPLETED DEMONSTRATING A ROBUST DEVELOPMENT PROJECT "
[4] ASX & AIM Release: Tiris Uranium Definitive Feasibility
Study completed, 29 July 2019
[5] ASX & AIM Release: Capital Estimate Update, 18 August
2021
[6] ASX & AIM Release: Tiris Uranium Definitive Feasibility
Study completed, 29 July 2019
[7] ASX & AIM Release: Chairmans Letter Uranium Production
and Expanding Resource, 20 January 2022
[8] ASX and AIM Release: "Tiris Uranium DFS Complete" 29 July
2019
[9] ASX & AIM Release: Tiris uranium project DFS update, 18
August 2021
[10] ASX & AIM Release: Aura defines vanadium JORC resource
at Tiris uranium Project, 16 February 2022
[11] ASX & AIM Release: Aura defines vanadium JORC resource
at Tiris uranium Project, 16 February 2022
[12] The information relating to the Häggån Uranium Resource
Estimate was prepared and first disclosed under the JORC Code 2004.
It has not been updated since to comply with the JORC Code 2012 on
the basis that the information has not materially changed since it
was last reported.
[13] ASX Release: "Outstanding Häggån Uranium Resource Expands
to 800 million pounds" 22 August 2012
[14] ASX & AIM Release: "New Resource Estimate - Häggån
Battery Metals Project, 23 May 2018
[15] Ranked: Top 25 nations producing battery metals for the EV
supply chain, www.mining.com 15 April 2021
[16] Northvolt Ett assembles first lithium-ion battery cell
[17]
https://ec.europa.eu/commission/presscorner/detail/en/ip_22_711
[18]
https://www.statista.com/statistics/1267500/eu-monthly-wholesale-electricity-price-country/
[19]
https://world-nuclear.org/information-library/country-profiles/countries-o-s/sweden.aspx
[20] ASX Release: "New Resource Estimate - Häggån Battery Metals
Project, 23 May 2018
[21]
https://www.world-nuclear-news.org/Articles/New-Swedish-government-seeks-expansion-of-nuclear
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