Aura Energy (AEE) Q1 2025 TU earnings summary

Executive summary

• Advanced Tiris Uranium Project in Mauritania towards a Final Investment Decision (FID) in early 2025, with all permits secured and key offtake agreements restructured.

• Submitted exploitation permit for Häggån Polymetallic Project in Sweden, aiming for a 25-year tenure pending government approval.

• Strengthened balance sheet with A$15.8 million cash at quarter-end, supported by a successful placement and option funding.

Financial highlights

• Updated Tiris project economics: post-tax NPV8% of US$499 million (up 29% year-over-year), IRR of 39%, and payback period of 2.25 years.

• Life of mine (LOM) uranium production target increased by 44% to 43.5Mlbs U3O8, with mine life extended from 17 to 25 years.

• LOM gross revenue projected at US$3,467 million, up 54% from previous estimates.

• Average annual EBITDA of US$89 million for the first five years and US$63 million for LOM.

• All-in sustaining cost (AISC) increased slightly to US$35.7/lb U3O8.

Outlook and guidance

• Targeting FID for Tiris in early 2025, with production expected to commence in 2026/27.

• Ongoing funding and strategic investment discussions, with multiple parties expressing interest.

• Planned activities for next quarter include finalising project funding, completing water infrastructure, and advancing engineering and offtake negotiations.