Aura Energy (AEE) H2 2024 earnings summary

Executive summary

• Advanced Tiris Uranium Project in Mauritania to fully permitted, construction-ready status, targeting production by late 2026 and final investment decision (FID) by early 2025.

• Completed FEED study for Tiris, confirming robust economics with a post-tax NPV of US$499M, IRR of 39%, and a 2.25-year payback at US$80/lb uranium price.

• Increased Tiris Mineral Resources by 55% to 91.3Mlbs U3O8, extending mine life to 25 years and supporting potential project expansion.

• Restructured uranium offtake agreement with Curzon, raising fixed contract price by 70% and unlocking US$41M additional potential revenue.

• Raised A$16.2M via placement and A$2M through an oversubscribed share purchase plan, ending the year with A$16.5M cash.

• Submitted exploitation permit for Häggån Project in Sweden, with a scoping study showing NPV of US$380M–US$1,231M and IRR of 26–47%.

Financial highlights

• Net loss for FY2024 was $6.61M, slightly improved from $6.80M in FY2023.

• Cash and cash equivalents at 30 June 2024 were $16.47M, up from $11.28M the prior year.

• Capitalised exploration and evaluation assets increased to $41.89M from $29.95M.

• Basic and diluted loss per share improved to (1.01) cents from (1.19) cents.

• 787M shares on issue at year-end, with significant new equity raised during the year.

Outlook and guidance

• FID for Tiris targeted for early 2025, with production planned for late 2026.

• Ongoing funding process for Tiris, including debt and strategic equity partners.

• Häggån Project advancement contingent on Swedish government lifting uranium mining ban.

• Continued focus on resource growth and project expansion opportunities at both Tiris and Häggån.