TIDMAURA
RNS Number : 6887R
Aura Energy Limited
30 October 2023
30 October 2023
Quarterly Report for the Period Ending 30 September 2023
KEY POINTS:
* Tiris Uranium Project continued to advance across all
development workstreams:
* Front-End Engineering Design (FEED) remains on track
for completion in Q4 2023;
* Existing Tiris Uranium Resource of 58.9Mlbs U(3) O(8)
(113Mt at grade of 236ppm U(3) O(8) ) with additional
upside under investigation in an Exploration Target
announced subsequent to the period end [1] ;
* Offtake discussions continue in the environment of a
strongly appreciating uranium spot market - the World
Nuclear Association releasing increased demand growth
projections; and
* The process of tenement renewal and granting of the
Tiris exploitation agreement continues in line with
expectations.
* Häggån Project Scoping Study ("Scoping
Study") released, indicating significant scale and
optionality:
* Post-tax Net Present Value ("NPV") range of
US$380M-US$1,231M (before U(3) O(8) by-product);
* Vanadium, potash, nickel, molybdenum, zinc and
potentially uranium amongst a diversified suite of
future-facing commodities;
* Works for application of a 25-year Exploitation
Permit is underway; and
* The Scoping Study covers less than 3% of
Häggån's known 2.0B tonne Mineral Resource
Estimate.
* Subsequent to the Reporting Period, the Swedish
Government has introduced legislation to the
parliament supporting the transition towards 100%
fossil-free energy production by allowing the
expansion of nuclear energy.
=============================================================
Aura Energy Limited (ASX: AEE, AIM: AURA) ("Aura" or the
"Company") is pleased to provide an overview of activities for the
period ended 30 September 2023 ("Quarter" or "Reporting Period") to
accompany the Appendix 5B. Aura remains focused on fast-tracking
the development of its Tiris Uranium Project in Mauritania ("Tiris"
or the "Tiris Project") and the advancement of the Häggån
Polymetallic Project in Sweden ("Häggån" or the "Häggån
Project").
To view Appendix 5B please click here:
http://www.rns-pdf.londonstockexchange.com/rns/6887R_1-2023-10-30.pdf
Company Activities
During the Quarter, the Tiris Project continued to advance, with
good progress made on the FEED study due in Q4 2023. The Company
continues to engage with the National Authority for Radiation
Protection, Safety and Nuclear Security (ARSN) in order to secure
an export permit, and Orano NPS has been appointed to finalise the
logistics solution to deliver yellowcake into the global markets.
Negotiations continued with utilities over the award of offtake
agreements ("Offtake"), supported by an improvement in the uranium
spot price, which has risen by nearly 30% from US$56.10/lb to
US$71.58/lb U(3) O(8) . Discussions on securing finance continued
during the Quarter to support the advancement of the Tiris
Project's development.
Post the end of the Quarter, Aura announced its intention to
commence an exploration program at its Tiris Project, targeting
additional resources to progress towards a potential 100 Mlbs U(3)
O(8) Inferred Resource. Pre-construction works, including the
geotechnical drilling of the proposed plant site and trial mining
will also be undertaken as part of this program, which will provide
valuable data in the production planning for the Tiris Project.
Figure 1 - Nouakchott Port
During the Quarter, Aura's Executives had meetings in Sweden to
discuss the government's legislative process, as the country
transitions towards a 100% fossil-free energy strategy including
the removal of the uranium mining ban. The Company provided a
briefing on the Häggån Scoping Study, with subsequent discussion
about how Aura intends to develop the Häggån Project. The Company
made progress on key activities required for the application for
the exploitation permit, with baseline environmental monitoring and
community consultation due to commence in Q4 2023. This will see
the application for the exploitation permit being submitted during
Q3 2024.
Managing Director and CEO, David Woodall, was interviewed by two
of the local newspapers, presenting the strategy that would be
adopted by Häggån Project which would deliver no negative impact on
the local lakes and water supply, establish operations with a small
environmental footprint, progressive rehabilitation, direct
employment and business opportunities and the potential of
downstream business within the region. This will be a key focus
throughout the December 2023 quarter with ongoing consultation and
interactions with stakeholders about the Häggån Project as part of
the exploitation permitting process.
Aura's Executives also visited Mauritania to update the
government on the progress of the Tiris Project, the progress of
the uranium export permit , and other activities to support the
project development.
In September 2023, the Company boosted its team in Mauritania
with the recruitment of Abdoullah Samoury as non-board Business and
Exploration Director, based in Nouakchott.
Abdoullah has vast experience in geology, project development,
mining and production geology and exploration in several African
countries (Togo, Burkina Faso and Mauritania). Most recently, he
was the Exploration Manager at the Tasiast-Kinross gold mine and
prior to that worked for First Quantum Minerals, World Bank and
Société Nationale Industrielle et Minière.
Cash on hand as at 30 September 2023 was A$8.55 million.
Tiris Project Update
Over the last Quarter, the Company maintained steady progress
towards "development-ready" status. This included the ongoing FEED
study focused on identifying and securing long-lead items to ensure
timely delivery. Additional negotiations regarding Offtake have
been advanced with multiple counterparties in different geographic
markets against the favourable background of a rising uranium spot
price. This rise has been consistent with previous Company
forecasts, and it is pleasing to see ongoing strength in the price
rise since the end of the Quarter.
Following the Quarter end, Aura has identified significant
exploration targets at both the Tiris East and Tiris West areas.
The potential quantity of the exploration targets are conceptual in
nature, and there has not yet been sufficient exploration of these
targets to estimate a Mineral Resource. It is uncertain whether
these exploration efforts will result in an estimation of a Mineral
Resource, but Aura is targeting the expansion of the Inferred
Mineral Resource at the Tiris Project to approximately 100 Mlbs U O
, a threshold of globally important significance.
Already, the Tiris Project has defined a low-cost, long-life
mine due to the simple mining method and the easy beneficiation
process that allows the upgrade of the ore to a 2,000ppm leach feed
grade. The ability to significantly grow the resource through the
expansion of existing ore bodies shows excellent potential for
scale.
Negotiations with the government of Mauritania concerning the
renewal of existing tenements and the granting of the Exploitation
Licence are ongoing but have advanced during the Quarter.
The Company has continued to collaborate with regional
communities and local governments to maintain the relationships
that have been established. The communities have recognised the
positive contribution in terms of jobs and infrastructure that the
Tiris Project will bring to the region as it moves to the
construction phase.
Häggån Project Update
During the Quarter, the Company announced the Scoping Study for
the Häggån Project in Sweden. The results indicated a large
poly-metallic deposit containing economically significant levels of
V (vanadium), SOP (sulphate of potash), Ni (nickel), Zn (zinc), and
Mo (molybdenum).
Aura has made considerable progress on the Häggån Project with
the completion of the Scoping Study outlining the extraordinary
opportunity of the Häggån Project. The study covered 65 Mt of the
resource, which represents less than 3% of the known 2.0B tonne
Mineral Resource Estimate of the broader Häggån Project. Within
this boundary, the ore body displayed a richly endowed polymetallic
structure containing significant quantities of vanadium, potash,
nickel, zinc, molybdenum, and uranium. A projected post-tax Base
Case NPV of US$380-US$1,231 million has been estimated, dependent
on final plant construction and the forward price assumptions.
Since the current legislation in Sweden prevents the extraction
of uranium, the base case scenario of the Scoping Study assumes
that uranium is not extracted from the ore and instead is returned
to the ground ("Base Case Scenario").
The Base Case Scenario proposes mining the high-grade zone at
5.9Mtpa, producing approximately:
-- 10,400 tpa V(2) O(5) high-quality vanadium flake;
-- 217,000 tpa sulphate of potash (SOP) by-product for sale as fertiliser; and
-- 3,000 tpa mixed sulphide product.
Aura intends to pursue a 25-year exploitation agreement and
recognises the potential value that could be added by recovering
uranium from the Häggån ore, subject to changes in Swedish
legislation and demonstration that the proposed operation will not
have a negative impact on the water quality or the environment.
Aura continues to work with the Swedish Government, local
community and relevant authorities and notes recent Swedish
Government legislation introduced to the parliament that proposes
the removal of restrictions on new nuclear power stations. The
adoption of the new energy target, changing from "100% renewable"
to "100% fossil-free" electricity by the Swedish parliament, is
part of the shift in sentiment towards the use of nuclear power due
to its stability, reliability and lack of greenhouse emissions.
Uranium Market - Growing Global Support
The Quarter has seen a continuation of governments
internationally acknowledging nuclear energy as a key part of the
carbon-free energy transition. Multiple governments continue to
announce plans to construct or upgrade existing nuclear power
plants to provide stable, zero-carbon baseload generation capacity.
The growing realisation that renewable energy solutions are unable
to provide the scalability or instantaneous demand continues to
drive this sentiment.
During the Quarter, the following highlights have been
noted:
-- China is looking to develop its nuclear power sector at a
rate of six to eight new plants per year for the foreseeable future
[2] ;
-- Japanese nuclear power plants are planning to restart
production next year as the country seeks to reduce reliance on
fuel imports [3] ;
-- The United States, France, Japan, Canada, and the United
Kingdom formed the Nuclear Fuel Alliance (NFA) to develop a shared
supply chain for nuclear fuel [4] ;
-- U.S. House of Representatives subcommittee for Energy,
Climate and Grid Security pledged bipartisan support for the
development of nuclear energy [5] ; and
-- The World Nuclear Association published updated supply and
demand forecasts, which show a more rapid growth trajectory of
uranium demand.
This growing sentiment towards nuclear energy is starting to
impact the uranium spot price. Subsequent to the end of the quarter
, the spot price has exceeded US$73/lbs, a 13 year high.
David Woodall and Nigel Jones also attended the recent World
Nuclear Fuels Market (WNFM) conference in Ljubljana, Slovenia ,
where meetings were held with potential offtake partners for the
Tiris Project.
Corporate
The Company's cash position as of 30 September 2023 was A$8.55m.
The Company's major cashflow movements for the Q uarter
included:
-- Investments in the Company's Exploration and Evaluation assets of A$1.80m; and
-- Administration and corporate costs of A$0.63m.
Forecasted net operating cash outflow, including the investment
in exploration and evaluation, for the coming quarter is A$2. 82m .
Based on this, and with a closing cash balance of A$8.55m, the
Company has sufficient cash for 3.03 quarters.
Tenement Summary
The Company holds the following interest in mining tenements,
farm-in and farm-out agreements as at the end of the Quarter:
Table 1 - Tenement Summary
Tenement No. Name Grant / Application Expiry Km(2) Holder Equity
Date
Mauritania
2491C4 Ain Sder 8/02/2019 2/8/2049 207 Tiris Ressources SA 85%
====================== ======================== =========== ====== ======================= =======
2492C4 Oued El Foule 8/02/2019 2/8/2049 190 Tiris Ressources SA 85%
====================== ======================== =========== ====== ======================= =======
2365B4 Oued El Foule Sud* 18/05/2015 pending 166 Aura Energy Limited 100%
====================== ======================== =========== ====== ======================= =======
2490C4 Oum Ferkik* 16/04/2008 pending 60 Aura Energy Limited 100%
====================== ======================== =========== ====== ======================= =======
Tiris International
2457B2 Hadeibet Belaa* 2/04/2019 pending 41 Mining Co. 100%
====================== ======================== =========== ====== ======================= =======
Tiris International
2458B2 Touerig Taet* 2/04/2019 pending 134 Mining Co. 100%
====================== ======================== =========== ====== ======================= =======
2688B2 Nderik* Joint Venture 9/7/2019 pending 260 Nomads Mining Co** 70%
====================== ======================== =========== ====== ======================= =======
Sweden
Vanadis Battery Metals
2007-243 Häggån nr 1 28/08/2007 28/08/2024 18 AB 100%
====================== ======================== =========== ====== ======================= =======
Vanadis Battery Metals
2018-9 Mockelasen nr 1 21/01/2019 21/01/2024 18 AB 100%
====================== ======================== =========== ====== ======================= =======
Vanadis Battery Metals
2018-7 Skallbole nr 1 20/01/2019 20/01/2024 8 AB 100%
====================== ======================== =========== ====== ======================= =======
* Renewal applications have been submitted and are being
processed.
** At 30 June 2023, the Company had fulfilled its exploration
obligation thereby earning a 70% equity interest in Nomads Mining
Sarl and is currently in the process of completing the necessary
documentation to formalise this arrangement.
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 Paul Ryan
Managing Director and CEO Citadel-MAGNUS
Aura Energy Limited Investor & Media Relations
info@auraenergy.com.au pryan@citadelmagnus.com
+61 (0)3 9101 8551 +61 409 296 511
SP Angel Corporate Finance LLP
(Nominated Advisor and Joint
Broker)
David Hignell
Kasia Brzozowska
+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
from the Tiris Project, a major greenfield uranium discovery in
Mauritania.
A recent Enhanced Feasibility Study has increased the project
NPV significantly which reconfirms Tiris as potentially one of the
lowest capex, lowest operating cost uranium projects that remain
undeveloped in the world.
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 2023, Aura will continue to transition from a uranium
explorer towards becoming a uranium producer, to capitalise on the
rapidly growing demand for nuclear power as the world continues to
shift towards a decarbonised energy sector.
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 the 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 the 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 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.
The information in this report that relates to Mineral Resource
Estimates for the Häggån Polymetallic Project in Sweden is based on
information compiled Mr Arnold van der Heyden, a Competent Person
who is a Member and Chartered Professional of The Australasian
Institute of Mining and Metallurgy (AusIMM). Mr van der Heyden is a
full-time employee of H&S Consultants Pty Limited, a
Sydney-based independent geological consulting firm. Mr van der
Heyden has sufficient experience that is relevant to mineral
resource estimation to qualify 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 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, cut-off grade and
prospects for eventual economic extraction is Mr Neil Clifford MSc.
The information in the report to which this statement is attached
that relates to drill hole data for both existing and new drill
holes (with the new drill holes are from 18DDHG070 to 19DDHG091 and
the results set out in Table 2), cut-off grade and prospects for
eventual economic extraction 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 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 an independent
consultant to Aura. Mr Clifford is a Member of the Australasian
Institute of Mining and Metallurgy (AusIMM). 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.
Appendix 1: Resources and Reserves
Table 2 - Tiris Uranium Project Updated Mineral Resource
Estimate (100% basis)
Mineral Resource Estimate February Mineral Resource Estimate February
2022 [6] 2023
Resource Location Category Tonnes U(3) O(8) U(3) O(8) Tonnes U(3) O(8) U(3) O(8)
(Mt) (ppm) (Mlbs) (Mt) (ppm) (Mlbs)
=============== ============ =========== =========== =========== ============ ============
Hippolyte North Measured 5.7 225 2.8 8.0 236 4.2
=============== ============ =========== =========== =========== ============ ============
Indicated 6.5 217 3.1 5.8 217 2.8
==================================== ============ =========== =========== =========== ============ ============
Inferred 7.4 281 4.6 4.7 212 2.2
==================================== ============ =========== =========== =========== ============ ============
Sub-Total 19.6 245 10.5 18.5 224 9.1
==================================== ============ =========== =========== =========== ============ ============
Hippolyte Marie &
West Inferred 8.2 310.0 5.6 8.2 310 5.6
=============== ============ =========== =========== =========== ============ ============
Hippolyte South Indicated 4.8 192 2.0 4.6 192 2.0
=============== ============ =========== =========== =========== ============ ============
Inferred 3.1 176 1.2 2.7 176 1.1
==================================== ============ =========== =========== =========== ============ ============
Sub-Total 7.9 177 3.2 7.4 186 3.0
==================================== ============ =========== =========== =========== ============ ============
Lazare North Measured 1.1 284 0.7 1.0 282 0.6
=============== ============ =========== =========== =========== ============ ============
Indicated 10.6 229 5.4 10.1 229 5.1
==================================== ============ =========== =========== =========== ============ ============
Inferred 3.9 210 1.8 3.7 210 1.7
==================================== ============ =========== =========== =========== ============ ============
Sub-Total 15.6 224 7.9 14.8 228 7.4
==================================== ============ =========== =========== =========== ============ ============
Lazare South Measured 3.4 239 1.8 8.6 233 4.4
=============== ============ =========== =========== =========== ============ ============
Indicated 2.6 219 1.3 5.2 226 2.6
==================================== ============ =========== =========== =========== ============ ============
Inferred 9.1 214 4.3 4.8 222 2.3
==================================== ============ =========== =========== =========== ============ ============
Sub-Total 15.1 225 7.4 18.6 228 9.3
==================================== ============ =========== =========== =========== ============ ============
Sadi Measured 11.5 189 4.8
=============== ============ =========== =========== =========== ============ ============
Indicated 4.5 240 2.4 7.4 200 3.2
==================================== ============ =========== =========== =========== ============ ============
Inferred 14.8 266 8.7 10.3 228 5.2
==================================== ============ =========== =========== =========== ============ ============
Sub-Total 19.3 301 11.1 29.2 206 13.2
==================================== ============ =========== =========== =========== ============ ============
Total Tiris East
Resource Measured 10.2 235 5.3 29.1 218 14.0
=============== ============ =========== =========== =========== ============ ============
Indicated 29.0 248 14.2 33.0 215 15.6
==================================== ============ =========== =========== =========== ============ ============
Inferred 46.5 254 26.2 34.5 237 18.0
==================================== ============ =========== =========== =========== ============ ============
Total 85.7 242 45.7 96.6 224 47.7
==================================== ============ =========== =========== =========== ============ ============
Oum Ferkik Resource Inferred 16.4 305 11.2 16.4 305 11.2
=============== ============ =========== =========== =========== ============ ============
Total Tiris Project Resource [7] 102.1 253 56.9 113.0 236 58.9
============ =========== =========== =========== ============ ============
The declared Ore Reserve, at a 110 ppm U(3) O(8) cut off is
shown in Table 3 .
Table 3 - Updated Ore Reserve (100% basis)
Description Mt U(3) O(8) (ppm) U(3) O(8) (Mlb)
===== ================ ================
Lazare North
Proved 0.9 298 0.6
===== ================ ================
Probable 7.9 251 4.4
===== ================ ================
Lazare South
Proved 6.5 264 3.8
===== ================ ================
Probable 2.6 291 1.7
===== ================ ================
Hippolyte
Proved 5.7 270 3.4
===== ================ ================
Probable 7.1 231 3.6
===== ================ ================
Sadi
Proved 6.1 232 3.1
===== ================ ================
Probable 3.3 261 1.9
===== ================ ================
Total Ore Reserve
Proved 19.3 257 11.0
===== ================ ================
Probable 21.3 251 11.6
===== ================ ================
Total Tiris East Reserve 40.3 254 22.6
===== ================ ================
Notes:
1. Ore Reserves are a subset of Mineral Resources.
2. Ore Reserves conform with and use the JORC Code 2012 definitions.
3. Ore Reserves are calculated using a uranium price of US$65 /lb.
4. Ore Reserves are calculated using a cut-off grade of 110 ppm U3O8.
5. Tonnages are reported including mining dilution.
6. All figures are rounded to reflect appropriate levels of
confidence which may result in apparent errors of summation.
Table 4 - 2019 Häggån Mineral Resource Statement [8]
V(2) O(5) Cut-Off Class Mt Ore V(2) O(5) Mo Ni Zn K(2) O Million lbs
% % ppm ppm ppm % V(2) O(5)
========== ======= ========== ==== ==== ==== ======= ============
0.10 Indicated 45 0.34 213 365 501 4.11 332
========== ======= ========== ==== ==== ==== ======= ============
Inferred 2,503 0.27 200 312 433 3.73 14,873
========== ======= ========== ==== ==== ==== ======= ============
0.20 Indicated 42 0.35 217 375 512 4.13 320
========== ======= ========== ==== ==== ==== ======= ============
Inferred 1,963 0.30 212 337 463 3.80 13,010
========== ======= ========== ==== ==== ==== ======= ============
0.30 Indicated 61 0.38 223 398 536 4.22 258
========== ======= ========== ==== ==== ==== ======= ============
Inferred 954 0.35 226 374 503 3.95 7,390
========== ======= ========== ==== ==== ==== ======= ============
0.40 Indicated 11 0.44 225 429 580 4.46 101
========== ======= ========== ==== ==== ==== ======= ============
Inferred 113 0.43 232 419 562 4.25 1,072
========== ======= ========== ==== ==== ==== ======= ============
[1] ASX and AIM Announcement, 17 Oct 2023, Aura identifies new
uranium Exploration Target extending from existing Tiris Project
Resources
[2] China expects to OK 6-8 nuclear power units per year in
green energy drive | Reuters
[3] Nuclear Power in Japan | Japanese Nuclear Energy - World
Nuclear Association (world-nuclear.org)
[4] Statement on Civil Nuclear Fuel Cooperation Between the
United States, Canada, France, Japan, and the United Kingdom |
Department of Energy
[5] Energy Subcommittee Chair Duncan Opening Statement on
Securing America's Nuclear Energy Future (house.gov)
[6] ASX & AIM Release 16 February 2022 "Aura Defines
Vanadium JORC Resource at Tiris Uranium Project "
[7] Totals may vary due to rounded figures.
[8] ASX Release: Häggån Battery Metal Project Resource Upgrade
Estimate Successfully Completed, 10 October 2019
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