OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
2026-11-06
◂ Monitor AEE ASX

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

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$10.6M2024-06-30: 16,470,818 A$2025-06-30: 11,740,860 A$2025-09-30: 8,888,000 A$2025-12-31: 4,195,326 A$2026-03-31: 19,238,000 A$2026-06-30: 15,974,000 A$2026-09-30: 10,604,000 A$ Finite
Debt A$02024-06-30: 1,202,004 A$2025-06-30: 0.00 A$2026-06-30: 0.00 A$2026-09-30: 0.00 A$ Net cash A$10.6M
Basic shares 1B 2026-09-30
Runway 2.04 quarters September quarter cash of A$10.604 million divided by A$5.208 million of operating and exploration outgoings, excluding financing and exchange movements.

Liquidity

Financial position

Quarter-end cash and no financing facilities do not fund mine construction; the proposed funding remains unsecured.

Capital structure

Ownership and dilution

Ordinary shares
1B
Fully diluted
1B

June 2026 legal ordinary shares of 1,019,441,634 less 2,000,000 employee loan-funded ordinary shares that lapsed on 30 September = 1,017,441,634, comprising 997,441,634 quoted and 20,000,000 unquoted shares. ZEPO of 37,623,514 less 7,064,304 that ceased = 30,559,210; gross diluted shares: 1,048,000,844. The February consultant 2 million issue is separate from the employee lapse. Gross issued employee shares are retained in the denominator; no loan-funded or ZEPO exercise cash is credited. Future scenario financings add shares and cash together. The proposed 46,409,090 options announced on 29 October remain subject to approval and are excluded from issued and gross diluted shares.

Security classes4
ClassTypeQuantityStrikeExpiry
Quoted fully paid ordinaryOrdinary Share997.4M——
Issued unquoted conditional employee ordinary included in basic legal capitalOrdinary Share20M——
Zero exercise price optionsOption18.7MA$02030-06-30
Zero exercise price optionsOption11.9MA$02029-06-30

KPI history

Operating metrics · Company

Cash balance shown
05,386,64010,773,28016,159,92021,546,5602025-09-30: 8,888,000 AUD2025-09-302025-12-31: 4,195,326 AUD2025-12-312026-03-31: 19,238,000 AUD2026-03-312026-06-30: 15,974,000 AUD2026-06-30
MetricUnitTrend2025-09-302025-12-312026-03-312026-06-30
Cash balanceAUD2025-09-30: 8,888,000 AUD2025-12-31: 4,195,326 AUD2026-03-31: 19,238,000 AUD2026-06-30: 15,974,000 AUD8,888,0004,195,32619,238,00015,974,000
Operating plus investing quarterly cash outflowAUD2025-09-30: 3,937,000 AUD2025-12-31: 4,630,000 AUD2026-03-31: 3,844,000 AUD2026-06-30: 3,251,000 AUD3,937,0004,630,0003,844,0003,251,000
Operating metric source table17
MetricProjectPeriodPeriod typeValueStatus
Cash balanceCompany2026-06-30Point In Time15,973,883 AUDReported
Cash balanceCompany2025-06-30Point In Time11,740,860 AUDReported
Debt balanceCompany2026-06-30Point In Time0 AUDReported
Cash balanceCompany2026-06-30Point In Time15,974,000 AUDReported
Operating plus investing quarterly cash outflowCompany2026-06-30Quarter3,251,000 AUDSource Derived
Cash balanceCompany2026-03-31Point In Time19,238,000 AUDReported
Operating plus investing quarterly cash outflowCompany2026-03-31Quarter3,844,000 AUDSource Derived
Cash balanceCompany2025-12-31Point In Time4,196,000 AUDReported
Operating plus investing quarterly cash outflowCompany2025-12-31Quarter4,630,000 AUDSource Derived
Cash balanceCompany2025-09-30Point In Time8,888,000 AUDReported
Operating plus investing quarterly cash outflowCompany2025-09-30Quarter3,937,000 AUDSource Derived
Cash balanceCompany2025-12-31Point In Time4,195,326 AUDReported
Cash balanceCompany2025-06-30Point In Time11,740,860 AUDReported
Cash balanceCompany2024-06-30Point In Time16,470,818 AUDReported
Debt balanceCompany2025-06-30Point In Time0 AUDReported
Debt balanceCompany2024-06-30Point In Time1,202,004 AUDReported
Cash balanceCompanySeptember 2026Point In Time10,604,000 AUDReported

Capital history

Capital events

4 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-06-05RaisingFully Paid Ordinary SharesA$359.11.2KA$0.3CompletedExercise applications received on 29 May before 30 May expiry; annual rounded cash of 359.Max 1.2K · Period 2026-06-05 to 2026-06-05
2026-02-10Ann. 2026-02-02RaisingFully Paid Ordinary SharesA$20M97.6MA$0.205CompletedCash placement, 20 million before costs. Petra Capital is the sole lead manager/bookrunner, with a 6% cash fee. Existing LR 7.1/7.1A capacity; not underwritten.Max 97.6M · Period 2026-02-02 to 2026-02-10
2025-09-01Ann. 2025-09-02RaisingFully Paid Ordinary SharesA$1.2M6MA$0.2CompletedCurzon options converted at 0.20; annual rounded cash of 1,196,581.Max 6M · Period 2025-09-02 to 2025-09-01
2025-05-23Ann. 2025-05-26RaisingFully Paid Ordinary SharesA$6002KA$0.3CompletedMay 26 Appendix 2A replaced on May 30 because of an incorrect Appendix 3B reference; one economic issue only.Max 2K · Period 2025-05-26 to 2025-05-23

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-30

The 2026 BFS confirms the state free carry and current Curzon offtake. The utility agreement and future funding remain conditional or uncommitted.

Mauritania holds 15% through ANARPAM, free-carried through construction and non-dilutable. Aura owns the remaining 85%.

Joint Venture · Active
Counterparties
Mauritanian government
Applies to
Tiris · Uranium
Economic direction
Mixed
Period
Dates not stated
Key terms
Aura economic ownership: 85 %
How it affects our valuation

No valuation treatment is available for this arrangement.

The Mauritanian royalty is included in the study economics; no duplicate equity bridge charge.

Royalty · Active
Counterparties
Mauritanian government
Applies to
Tiris · Uranium
Economic direction
Burden
Period
Dates not stated
Key terms
Mineral royalty: 3.5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

The current Curzon contract is included in the 2026 BFS. Half of the 300,000 pounds per year is fixed at US$60.3–67.8 per pound if FID occurs in 2026; the other half is at spot less 5%. No extra legacy contract charge is added to the study value.

Offtake · Active
Counterparties
Curzon Uranium Limited
Applies to
Tiris · Uranium
Economic direction
Mixed
Period
From 2024-08-15; no end date stated
Key terms
Annual contracted volume: 300,000 lb U3O8/year
2026 FID fixed price range: 60.3–67.8 USD/lb U3O8
Market price factor: 0.95 fraction
Contract term: 7 years
Fallback net revenue royalty: 1 %
How it affects our valuation

No valuation treatment is available for this arrangement.

The FID 31 Dec 2025 condition was not met; parties are working to keep the contract effective. Terms/effectiveness are unknown; no firm pricing/funding is taken.

Offtake · Conditional
Counterparties
Unnamed US nuclear utility
Applies to
Tiris · Uranium
Economic direction
Mixed
Period
From 2025-08-01; no end date stated
Key terms
Output scope: 10 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Nonbinding 2 June 2026 MOU for equity/offtake/technical support; binding terms targeted by year end, with zero committed funding.

Strategic Partnership · Announced
Counterparties
Unnamed major international utility
Applies to
Tiris · Uranium
Economic direction
Benefit
Period
From 2026-06-02; no end date stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Approximately US$150–170 million of senior project debt is under discussion with DFC; the amount is not committed.

Other · Conditional
Counterparties
US Development Finance Corporation
Applies to
Tiris · Uranium
Economic direction
Benefit
Period
Dates not stated
Key terms
Debt discussion lower bound: 150,000,000 USD
Debt discussion upper bound: 170,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Discretionary spot sales framework with no long-term binding quantities; original release says agreements remain subject to financing/FID. No secured cash, volume or price is credited.

Offtake · Conditional
Counterparties
Unnamed global uranium trader
Applies to
Tiris · Uranium
Economic direction
Benefit
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

No formal resource/current production; the fully impaired asset has an explicit zero value. Contingent payment and royalty are not present cash debt.

Royalty · Conditional
Counterparties
TIMCO licence vendors
Applies to
Tasiast South TIMCO Bella and Taet · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Conditional payment: 250,000 USD
Gold royalty: 5 USD/oz Au
Other commodity royalty: 0.4 %
Royalty cap: 5,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

The 70% farm-in interest is earned and upheld by the register courts; the pending appeal is non-suspensive, with zero asset value and legal risk.

Farm In · Active
Counterparties
Nomads · Archaean Gold
Applies to
Nomads farm-in gold exploration
Economic direction
Mixed
Period
Dates not stated
Key terms
Earned interest: 70 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Nonbinding fully funded proposal describes a prospective investor proposal, not a committed funding package for Aura. No cash is credited.

Other · Announced
Counterparties
Unnamed major US investment fund
Applies to
Tiris · Uranium
Economic direction
Benefit
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Technical, regulatory and administrative collaboration backed by a private investment. Investment value is included once in the equity bridge.

Strategic Partnership · Active
Counterparties
Neu Horizon Uranium Ltd
Applies to
Tiris · Uranium
Economic direction
Mixed
Period
From 2025-06-01; no end date stated
Key terms
Private investment carrying value: 200,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.