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2026-11-06
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Aura Energy Limited

DFS Unfunded Developer · Uranium · Mauritania · Sweden Rating locked: sign in to view v8.1 · aee-20261030t224359-full
Last 2026-11-06
A$0.073
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$74.3M
EV
A$63.7M
Cash
A$10.6M
Debt
A$0
2 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

4 assets

Core asset

Tiris

Mauritania

DFS Unfunded Developer85% ownedUranium

The 16 October 2026 BFS replaces earlier studies. Pilot commissioning is targeted for November, FID for December, and first production by end 2028. Financing is not committed. The state holds 15% on a free-carried, non-dilutable basis through construction. Legal advice says permits remain valid; the annual report says formalisation of the revised commencement timetable is pending.

Developer · DFS unfunded developer
Study
Bankable Feasibility Study
Post-tax NPV (study prices, attributable)
US$425.3md
NPV restated at our deck (attributable)
Locked
IRR
28%s
Initial capex (100%)
US$349.8ms
Capital intensity
US$197/(lb/yr)d
LoM AISC
A$59.28/lbs
Mine life
26.0 yrss

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVUS$499M8% discount
IRR39%Published return
Initial capexUS$230MPublished capital estimate
Operating cost35.7USD/lb U3O8
NPVUS$500.3M8% discount
IRR28%Published return
Initial capexUS$349.8MPublished capital estimate
Operating cost41.25USD/lb U3O8

Historical 100% project after-tax NPV; the 2026 BFS supersedes this study and forecast.

Gross 100% post-tax and unlevered real NPV; US$425.3 million is the stated 85% attributable amount. Funding is not secured.

Resources & reserves7
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured34M t230ppm U3O8Uranium2024-06-12
Mineral ResourceIndicated48M t212ppm U3O8Uranium2024-06-12
Mineral ResourceInferred102M t229ppm U3O8Uranium2024-06-12
Mineral ResourceTotal184M t225ppm U3O8Uranium2024-06-12
Ore ReserveTotal74.6M t227 ppm U3O8Uranium2026-10-16
Ore ReserveProved31.5M t237 ppm U3O8Uranium2026-10-16
Ore ReserveProbable43.1M t219 ppm U3O8Uranium2026-10-16
Tenements3
2491c4Granted— None · 2049-02-08
2492c4Granted— None · 2049-02-08
2365b4Granted— None · 2026-12-04
Milestones5
  1. BFS released on 16 October 2026

    Achieved · High materiality

  2. Pilot commissioning targeted for early November 2026; approximate window

    Pending · High materiality

  3. FID and binding funding targeted for the end of 2026

    At Risk · High materiality

  4. First production around the start of 2029

    At Risk · High materiality

  5. Pilot testing completion targeted for early December 2026; approximate window

    Pending · High materiality

Permits & approvals2
PermitJurisdictionStatusExpiryCritical path
2491/2492 mine licences; commencement schedule formalisation remains unresolvedMauritaniaGranted2049-02-08Yes
Pilot environmental noticeMauritaniaPending—Yes
Economic studies2
StudyStageStatusDateSummary
Updated production target base caseUpdated FeasibilitySuperseded2024-09-11Superseded 2024 update: 25 years, 43.5 million lb, US$499 million NPV8 at US$80/lb, and US$230 million development capital. The 2026 BFS replaces these forecasts.
Tiris Bankable Feasibility StudyBfsCurrent2026-10-1626 years, 46.1 million lb, US$500.3 million NPV8 after tax at US$90/lb and US$349.8 million development capital. One-third of contained production target is inferred; funding is not secured.

Material

Häggån

Sweden

Scoping Study Developer100% ownedUraniumOthersPotashNickelZinc

Vanadis 100% retained; the Canada transaction was not pursued. The exploitation concession application is pending. Multicommodity scoping inputs are internally inconsistent, and the uranium resource is historical JORC 2004; optionality valuation only.

Resource / scoping · Scoping study developer
Contained metal (attributable)
800.0m lbd
Resource grade
155 ppmd
% Measured + Indicated
0%d
Resource tonnes
2,350.00 Mtd
Our value per attrib. contained unit
Locked
Mining method
Open pit

Project location

Location confirmed

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVUS$380M8% discount
Initial capexUS$592MPublished capital estimate

The lowest wrapper NPV excludes uranium; no monetary addition for 800 Mlb U3O8 or other contained products. Appendix conflicts remain explicit.

Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceInferred, historical JORC 20042.4B t155ppm U3O8Uranium2012-08-22
Tenements1
haggan-k1Application— None · No expiry supplied
Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Häggån K1 exploitation concession applicationSwedenPending—Yes
Economic studies1
StudyStageStatusDateSummary
Häggån scoping studyScoping StudyCurrent2023-09-05Wrapper US 380–1231 million NPV8 excluding uranium, with US 592 million capex; differing appendix values/costs/lives prevent precision. The lowest wrapper is used as the optionality anchor.

Other

Tasiast South TIMCO Bella and Taet

Mauritania

Early Explorer100% ownedGold

Separate current interest, fully impaired in 2025, with no substantive near-term exploration budget. TIMCO is a 100% subsidiary with a 100% licence interest; the contingent acquisition payment/royalty is separate.

Exploration · Early explorer
Ownership
100%r
Commodity
Aur
Country
MRr
Best recent intercept (grade x width)
NM
Metres drilled (12M)
—
Exploration spend (12M)
—

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Tenements2
2457b2Granted— None · 2026-12-08
2458b2Granted— None · 2026-12-08

Other

Nomads farm-in gold exploration

Mauritania

Early Explorer70% ownedGold

Separate current interest, fully impaired in 2025, with no substantive near-term exploration budget. The Archaean farm-in 70% interest is earned and upheld by the courts; the Supreme appeal is pending and non-suspensive.

Exploration · Early explorer
Ownership
70%r
Commodity
Aur
Country
MRr
Best recent intercept (grade x width)
NM
Metres drilled (12M)
—
Exploration spend (12M)
—

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)

Stock database

Other assets

Plants, holdings and assets valued inside a project
Neu Horizon private investment · Equity investment · Held
Investee
Neu Horizon Uranium Ltd
Holding
—
Shares held
—
Market value
NM
% of holder's market cap
NM
Cost basis
A$200.0k