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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Aura Energy Limited | AURA | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
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|---|---|---|---|---|
| -0.25 | -3.70% | 6.50 | 16:25:10 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 7.00 | 6.25 | 7.00 | 6.50 | 6.75 |
| Industry Sector |
|---|
| MINING |
| Top Posts |
|---|
Posted at 15/11/2024 21:06 by danmart2 Aura management have zero plans and interest in doing the mine themselves, they are delaying and dragging out the story hoping for a partner to turn up.Look how many times the Tiris mine decision has been postponed In the meantime, the board keep getting paid and shareholders money keeps getting spent |
Posted at 24/10/2024 07:10 by source Balance Sheet:-As of 30 September 2024, the Company had cash of A$15.8 million.Aura Managing Director and CEO, Andrew Grove commented:-"Our team at Aura continued to make significant progress towards the development of our exciting Tiris Uranium Project. The material update to the Project economics on the back of the increased Mineral Resource is just the start of defining what will be a globally significant Project and a new uranium producing region.With the work being undertaken to demonstrate the scale opportunities within the current Mineral Resource, and the very significant exploration potential, we hope to demonstrate material opportunity that lies within Tiris and northern Mauritania more broadly.We continue to advance the project on multiple fronts to meet our commitment to progress Tiris towards a Final Investment Decision in early 2025." |
Posted at 04/7/2024 06:15 by the count of monte_cristo Don't hold any, watching from the sidelines. AURA seems to be such an underperformer. |
Posted at 29/3/2024 09:41 by danmart2 It’s a lifestyle waster, look how hard the usual grifters are working on X trying to claim the uranium price is going to the moon and that Sweden will soon over turn their mining ban.X is full of Aura pumpers |
Posted at 29/3/2024 09:05 by halfpenny Give us the TRUTH, what are you hiding?? |
Posted at 15/1/2024 04:56 by the count of monte_cristo OT - please allow me for the plug, considering how much research I have shared about AURA:)I have shared a lot of research on THR a US focused uranium stock on the THR bb. Current market cap is just over 4m GBP. Virtually forgotten about on AIM. |
Posted at 14/1/2024 04:57 by source Seems a serious problem to the Aura opportunity here by people who seem to know the actual Swedenish issues...The company & Aura's management's corporate communications seem to brush over the significant problems it has!hTTps://x.com/re |
Posted at 08/1/2024 09:53 by source Nice article on Aura & significant drilling news ahead:-ARTICLE: hTTps://stockhead.co |
Posted at 17/10/2023 05:00 by wuscher Aura Energy LimitedLevel 30 / 35 Collins St Melbourne, VIC 3000 Aura Energy Limited ACN 115 927 681 Level 30 / 35 Collins St, Melbourne, VIC, 3000 ASX RELEASE 17 October 2023 Aura identifies new uranium Exploration Target extending from existing Tiris Project Resources KEY POINTS: • Aura identifies an Exploration Target aimed to expand the existing 58.9 Mlbs U 3O8 Tiris Project Resource (113Mt at grade of 236ppm U3O8), which was defined at an exploration cost of ~US$0.20 per lb U3O8. • Preliminary work has identified seven Exploration Targets in Tiris East as extensions of the existing resources 30 – 60 Mt at 120 - 240 ppm U 3O8 for 8 - 32 Mlbs U3O8. • The new Exploration Targets highlight the potential for the Tiris Project to achieve world-class scale. • Exploration Target will be tested with a 15,500m drilling exploration program planned to commence imminently. • Proving up additional resources is likely to expand the ore available to the Tiris Project and potentially facilitate modular expansion. The Front-End Engineering Design (FEED) study is 80% complete, and pre- construction activities will commence at the Tiris Project. Aura Energy Limited (ASX: AEE, AIM: AURA) (“Aura” or “the Company”) is pleased to announce it has acquired additional radiometric survey data, reviewed historical drilling results, and identified strong indications of mineralisation extensions on Aura’s existing tenements that could significantly expand Aura’s current Tiris Project (“Project̶ Aura has signed contracts for an exploration program of 15,500m air core drilling over approximately 78 km 2 on existing tenements, aiming to significantly increase the Inferred Mineral Resource at the Tiris Project in Mauritania by extending the existing resources. The mobilisation of the drilling contractor commenced on October 16 th , with the program commencing soon after. The potential quantity of the Exploration Target is conceptual in nature. There has been insufficient exploration of these targets to estimate a Mineral Resource, and it is uncertain whether this exploration effort will result in an estimation of a Mineral Resource. Aura Managing Director David Woodall said, “Aura’s strategy is to be development-ready in relation to our Tiris Project, and this strategy is progressing and accelerated as we aim to expand our mineral resource. The near-term, low-cost, producer status of our Tiris Project was confirmed by our March 2023 Enhanced Definitive Feasibility Study1. Further resource expansion towards 100m lbs of U₃O₈ progresses the project towards a global scale and reinforces the potential for Mauritania to be a material producer in the near term. The robust economics of our Tiris Uranium Project will be further enhanced by increasing our mineral resources and reserves. Due to the modular nature of the project, we see outstanding opportunities to grow the annual production capacity of the project to 3.5Mlb per annum, equivalent to the planned back-end plant capacity.” 1 See announcement dated 29 March 2023 “Tiris Uranium Project Enhanced Definitive Feasibility Study”. “To that end, Aura will commence key pre-construction activities, including the geotechnical drilling of the proposed plant site, and allow some trial mining to provide valuable data in the production planning for the Tiris operation once developed.” Figure 1 - Tiris Project Exploration Program Target Areas The exploration program will be conducted on existing granted tenements targeting the expansion of the Mineral Resources at the Tiris Project. It will focus on the Exploration Target shown in Table 1 below. Range Tonnage and Grade Expectations Range Exploration Target Resource Area Tonnes Lower (Mt) Tonnes upper (Mt) Grade Lower U₃O₈ (ppm) Grade Upper U₃O₈ (ppm) Lower Range Mlbs U3O8 Upper Range Mlbs U3O8 Tiris East2 30 60 120 240 8 32 Total Target 30 60 120 240 8 32 Table 1 – Proposed Exploration Target3 2 Ain Sder, OEFE and OEFE Sud tenements – Hippolyte East, Hippolyte West, Marie, Hippolyte North, Lazare North, Lazare South and Sadi resource areas. 3 The lower range metal target has a 50% discount on both tonnage and grade. Exploration Target Estimate A significant level of exploration has previously been undertaken by Aura on the currently held tenements, resulting in a Global Mineral Resource Estimate (MRE) of 113Mt at an average grade of 236ppm U3O8 containing 58.9 Mlbs U3O84, which was reported in a market announcement (“Major Resource Upgrade at Aura Energy’s Tiris Project”), dated 14 th February 2023. The MRE has been based on 21,990 metres of drilling in 5,619 holes for a total project cost of US$11.9M or US$0.20 per lb U3O 8. Area Class Tonnes (Mt) U3O 8 (ppm) U3O 8 (Mlbs) Hippolyte North Measured 8.0 236 4.2 Indicated 5.8 217 2.8 Inferred 4.7 212 2.2 Sub-Total 18.5 224 9.1 Hippolyte Marie & West Inferred 8.2 310.0 5.6 Hippolyte South Indicated 4.6 192 2.0 Inferred 2.7 176 1.1 Sub-Total 7.4 186 3.0 Lazare North Measured 1.0 282 0.6 Indicated 10.1 229 5.1 Inferred 3.7 210 1.7 Sub-Total 14.8 228 7.4 Lazare South Measured 8.6 233 4.4 Indicated 5.2 226 2.6 Inferred 4.8 222 2.3 Sub-Total 18.6 228 9.3 Sadi Measured 11.5 189 4.8 Indicated 7.4 200 3.2 Inferred 10.3 228 5.2 Sub-Total 29.2 206 13.2 All Deposits Measured 29.1 218 14.0 Indicated 33.0 215 15.6 Inferred 34.5 237 18.0 Total Tiris East 96.6 224 47.7 Oum Ferkik Inferred 16.4 305.0 11.2 Total Aura Resources 113.0 236 58.9 Table 2 - Tiris Mineral Resource Estimate5 Historical drilling has shown a strong relationship between mineralisation and zones of high radiometric signature, as seen in Figures 1 and 2. Additional radiometric survey data recently acquired revealed several newly identified high radiometric anomalies not yet drilled. Continuing our earlier work, geologists have defined a series of Exploration Targets (shown in Figure 1) where the relationship between radiometric signature and mineralisation suggests further Exploration Targets may be available. Importantly, all targets are proximate to or contiguous with existing Inferred Resources and have yet to be tested by drilling. 4 ASX Announcement: “Major Resource Upgrade at Aura Energy’s Tiris Project” 14th February 2023. 5 ASX announcement: “Major Resource Upgrade at Aura Energy’s Tiris Project” 14th February 2023. Area Resources and Mlbs/km² of Anomaly Determined Resource Area Name Tonnes (Mt) U₃O₈ (ppm) U₃O₈ (Mkg) U₃O₈ (Mlb) Surface Area (km²) Mlbs return U₃O₈/km² Hippolyte East 1.8 Hippolyte Marie and West 8.2 310 2.5 5.6 3.1 1.8 Hippolyte North 18.5 224 4.1 9.1 7.4 1.2 Hippolyte South 7.4 186 1.4 3.0 5.6 0.5 Lazare North 14.8 228 3.4 7.4 9.7 0.8 Lazare South 18.6 228 4.2 9.3 12.7 0.7 Sadi 29.2 206 6.0 13.2 33.6 0.4 Oum Ferkik East 4.5 240 1.1 2.4 3.1 0.8 Oum Ferkik West 11.9 330 4.0 8.8 2.9 3.0 Total 113.1 26.7 58.8 78.1 Table 3 – Tiris Project Relationship of Radiometric Signature to Mineral Resource Estimate. Note; no reported Resource exists over Hippolyte East so the nearby Hippolyte North figures were used.. The Exploration Targets are focused on calcrete-style uranium deposits and lay beneath flat land surfaces with shallow overburden. The uranium mineralisation generally lies within weathered, partially decomposed red granite or in colluvial gravels developed on or near red granites. Small portions occur in other rock types, such as meta-volcanics and meta-sediments. The mineralisation is believed to have developed within shallow depressions or basins, where colluvial material has accumulated in desert sheet wash events. The pebbles within the gravels are generally unweathered fragments washed in from the nearby exfoliating granites and other crystalline rocks, mixed with sand, silt, calcrete, gypsum and yellow uranium vanadates. This mineralised veneer of relatively unconsolidated material is typically less than 5 metres in thickness, although locally, it can occur up to 12 metres in depth. It forms continuous deposits on the plains or occurs in depressions amongst granite outcrops. Defined Mineral Resource Estimates6 occur within high radiometric anomalies identified by airborne geophysical surveys. Several radiometric anomalies within currently held Leases have yet to be tested, and many previously drilled areas remain open at boundaries. Additionally, only high radiometric signature anomalies have been tested. Aura’s geology team have determined that there is a possibility that the lower-level anomalies may contain economic resources or that the anomalies have been partially or fully obscured by sand cover. Details of Target tonnage and grade calculations for the Exploration Target are presented in Table 4. Inputs to the calculation of the Exploration Target have been estimated using data from radiometric anomalies near each target, which have been tested by drilling and included in the Mineral Resource Estimate. The potential Exploration Target, expressed as Mlbs U 3O 8/km², for each exploration area, has been determined using the metal return from drilling completed at each resource area adjacent to the nearest Inferred Resource, as shown in Table 3. 6 ASX announcement: “Major Resource Upgrade at Aura Energy’s Tiris Project” 14th February 2023. Tonnage and Grade Expectations Range Exploration Target Resource Area Name Tonnes Upper (Mt) Tonnes Lower (Mt) Grade Upper U₃O₈ (ppm) Grade Lower U₃O₈ (ppm) Upper Range Lower Range Hippolyte East 6 3 228 114 3 1 Hippolyte Marie and West 17 8 310 155 11 3 Hippolyte North 9 4 224 112 4 1 Hippolyte South 15 7 186 93 6 2 Lazare North 6 3 228 114 3 1 Lazare South 2 1 228 114 1 0 Sadi 7 3 206 103 3 1 Total and averages 60 30 240 120 32 8 Table 4 - Exploration Target - Range of tonnage, grade and average Mlbs U₃O₈/km² All Exploration Targets are grouped into five different categories reflecting the quality of the target, ranging from those on high radiometric anomalies to low anomalies that may be affected by sand cover. In calculating the potential size of the Exploration Target, a probability of success was then estimated for each Target Category to determine each target's upper bound of possible U3O 8. By way of example, high-quality targets on high radiometric anomalies were given a 0.9 chance of success. In comparison, conceptual Targets such as possible mineralisation beneath cover were given a 0.1 chance of success. In this manner, high-quality targets were given the most significant influence on Target tonnage, while conceptual Targets were given minor influence. To be very conservative, the estimated probabilities of success were then halved to determine Target's lower tonnage and grade ranges. These categories are presented in Appendix 1, along with the upper bounds of estimated probabilities used to calculate Target ranges. An example of the categorisation of Exploration Targets for the Hippolyte West and Marie mineralised zones can be seen in Figure 2. This shows the relationship between the current Inferred Resource and the ranked Exploration Target areas. As demonstrated, the higher probability targets are on or directly adjacent to areas with a high radiometric anomaly, which host mineralisation. Lower ranked targets cover areas of lower radiometric signature and where cover by sand dunes may have depressed the radiometric signature. Figure 2 - Marie E-H, showing airborne U-radiometric anomalies, sand dunes, target categories, inferred resource outlines, and planned drillholes. Note that drilling has not been closed off, and portions of the high radiometric anomaly still need to be sufficiently tested. The distribution of exploration targets for other mineralised zones within the Tiris East areas can be seen in Figures 5 to 13 in Appendix 2. The development of Targets within currently held Leases has the benefit of providing tonnage close to presently planned operations, increasing the likelihood of mine life extension without having to modify the existing mining plan significantly. Additionally, the potential to develop higher-grade material in the Marie/Hippolyte West area (shown in Table 1) would substantially benefit profitability by adding higher-grade feed close to the treatment facility. Exploration Program Plan The Company proposes to commence an exploration program at Tiris East to test the Exploration Targets as soon as possible. A drilling contractor has been selected, and the logistics planned around mobilising the air core rig into the country and to the Tiris East area. This will aim to rapidly complete 15,500m of air core drilling to grow the Resources within the Tiris East exploitation permits. Drilling at Tiris East will be to a depth of between 1 and 20 metres, with an average depth of 7 metres. Figures 5 to 15 in Appendix 2 show the proposed drilling plan for each mineralised area. The efficiency of exploration in the Tiris East project area is significantly increased because of the level of data available on existing mineral resources. Drilling calcrete-hosted uranium mineralisation is undertaken by aircore drilling, with downhole gamma logging used to measure equivalent U3O 8 (eU3O 8). This output is converted to U 3O 8 by calibration with assay and disequilibrium analysis, for which samples must be generated from diamond drilling. For a complete description, refer to ASX announcement: “Major Resource Upgrade at Aura Energy’s Tiris Project” on 14 th February 2023. A detailed review has determined that sufficient disequilibrium data is available in the Tiris East area for inferred resource reporting. This will reduce the time required to report resources by approximately four months, streamlining the exploration process. The aircore drilling program in Tiris East is expected to be completed within two months of the commencement of drilling, with an updated Mineral Resource Estimate to be completed shortly after the completion of the drilling program. The Company will take the opportunity to commence pre-construction works for the Project during the exploration program. The activities will focus on trial mining to optimise mining costs and additional geotechnical studies. Tenement Status The Targets fall on mineral exploration permits held 100% by Aura Energy: 2365B4 Oued EL Foule Sud, and on 2 Exploitation permits: 2492C4 Oued El Foule, 2491C4 Ain Sder held by Tiris Ressources SA. Oum Ferkik is currently under application for transfer from an Exploration Permit to an Exploitation Permit. Tiris Ressources SA is owned 85% by Aura Energy subsidiary, Aura Energy Mauritania, and 15% by ANARPAM, a Mauritanian Government entity. ENDS The Board of Aura Energy Ltd has approved this announcement. For further information, please contact: David Woodall Managing Director and CEO Aura Energy Limited info@auraenergy.com. Paul Ryan Citadel-MAGNUS Investor & Media Relations pryan@citadelmagnus. +61 409 296 511 About Aura Energy (ASX: AEE, AIM: AURA) Aura Energy is an Australian-based minerals company with major uranium and battery metals projects with significant resources in Africa and Europe. The Company primarily focuses on uranium production from the Tiris Project, a significant greenfield uranium discovery in Mauritania. A recent Enhanced Feasibility Study at Tiris has increased the project NPV significantly, reconfirming the project as one of the lowest capex, lowest operating cost uranium projects that remain undeveloped worldwide. A Scoping Study into the Häggån Battery Metals Project in Sweden has outlined compelling economic value. Aura plans to follow up this study with further exploration to lift the Resource categorisation alongside close collaboration with the community surrounding the project to foster support to proceed. In 2023, Aura will continue transitioning from a uranium explorer to a uranium producer to capitalise on the rapidly growing demand for nuclear power as the world shifts 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 various 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 guarantee that the anticipated results, performance, or achievements expressed or implied in those forward-looking statements will be achieved. Competent Persons The Competent Person for Exploration Target Estimation is Dr Michael Fletcher. The information in the report to which this statement is attached relates to compiling Exploration Target data and is based on information compiled by Dr Michael Fletcher. Dr Fletcher has sufficient relevant experience in the preparation and compilation of exploration data across a broad range of deposits 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’. Dr Fletcher is a consultant to Aura Energy, and a full-time employee of GeoEndeavours Pty Ltd. Dr Fletcher is a Member of the Australasian Institute of Geoscientists 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 Tiris Uranium Resource Estimate was reported in 2023 under the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. The Mineral Resource Estimate was detailed in ASX announcement: “Major Resource Upgrade at Aura Energy’s Tiris Project” 14 th February 2023. Aura confirms that it is not aware of any new information or data that materially affects the information included in this announcement regarding the mineral resources and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. Aura Energy Limited Level 30 / 35 Collins St Melbourne, VIC 3000 Aura Energy Limited Level 30 / 35 Collins St Melbourne, VIC 3000 Appendix 1 – Basis of Exploration Target Mlbs U₃O₈ target Category Rank Raw Mlbs Probability of success Upper range Lower range Holes Drill metres to assess Target Probability inputs High-U radiometric anomaly 1a 9.5 0.9 8.6 2.1 512 3,584 94% of anomalies on currently held leases have returned extremely positive drilling results, and the remaining six percent require further testing (the remaining six percent are in the next category). High-U radiometric anomaly, low values 1b 1.3 0.6 0.8 0.2 108 756 large anomalies tested by just a few drillholes, which have returned subgrade values but demonstrate a mineralised zone. In some cases, ground radiometrics suggest zone may thin. stepout 1c 30.4 0.6 18.2 4.6 1257 8,799 Areas where drilling has not been closed off within a few hundred metres of current resources or surrounding non-tested high radiometric anomalies. Dune Adjacent, low anomaly 1d 7.2 0.2 1.4 0.4 109 763 Lazare north shows that a large resource exists that is not associated with a high U-Radiometric anomaly. Adjacent to sand dunes so probable sand cover subduing anomaly. This was given low probablity due to unknown level of sand cover. Positive results from wide spaced drill test will raise probability. cover 2a 7.9 0.1 0.8 0.2 31 217 Satellite imagery shows a difference in surface cover that may limit the anomaly, masking the radiometric signature. Wide spaced drilling required to test whether this is hiding anomaly, or whether it is simply different rock type that is not mineralised. low 2b 18.1 0.1 1.8 0.5 177 1,239 Satellite imagery shows sand cover. Radiometric and satellite imagery at different acquisition times so not a direct comparison. This low level sand cover may move so unsure if this is a factor. Limited wide-spaced drilling will test this, and potentially identify large volume targets. no anomaly 2c 0.3 0.1 0.0 0.0 12 84 No anomaly but possible cover identified in satellite imagery Total 32 8 2206 15,442 Table 5 – Ranking matrix for Exploration Targets based on radiometric signature and proximity to existing mineralisation.7 7 Note that lower range metal target has a 50% discount on both tonnage and grade Aura Energy Limited Level 30 / 35 Collins St Melbourne, VIC 3000 Aura Energy Limited Level 30 / 35 Collins St Melbourne, VIC 3000 Appendix 2 – Maps showing Target category locations in relation to radiometric anomalies, Resource boundaries and Satellite imagery. Figure 3. Target Locations: Tiris East. Figure 4. Lazare North, showing airborne U-radiometric anomalies, sand dunes, target categories, inferred resource outlines, and planned drillholes. Note that the western portion of the inferred resource is on a low radiometric anomaly adjacent to a sand dune. Sand may be obscuring the radiometric signature. Drilling has not been closed off. Especially note the large section of high radiometric anomaly that adjoins the Resource and has only two drillholes. Figure 5. Lazare South, showing airborne U-radiometric anomalies, sand dunes, target categories, inferred resource outlines, and planned drillholes. Figure 6. Sadi, showing airborne U-radiometric anomalies, sand dunes, target categories, inferred resource outlines, and planned drillholes. Most of the drilling has not been closed off. Figure 7. Marie F-G, showing airborne U-radiometric anomalies, sand dunes, target categories, inferred resource outlines, and planned drillholes. Drilling has not been closed off, and the high anomaly has not been sufficiently tested. Figure 8. Marie E-H, showing airborne U-radiometric anomalies, sand dunes, target categories, inferred resource outlines, and planned drillholes. Anomalies (need field confirmation) lie to the east of an elevated feature and appear to have sand cover that may be shedding from that elevated feature. Drilling has not been closed off. Figure 9. Hippolyte West C, showing airborne U-radiometric anomalies, sand dunes, target categories, inferred resource outlines, and planned drillholes. Note that drilling has not been closed off, and solid drill results exist outside the resource. Figure 10. Hippolyte West D, showing airborne U-radiometric anomalies, sand dunes, target categories, inferred resource outlines, and planned drillholes. No previous drilling exists on this Target. Figure 11. Hippolyte North, showing airborne U-radiometric anomalies, sand dunes, target categories, inferred resource outlines, and planned drillholes. Note the presence of sand dunes, so part of the radiometric anomaly may be obscured. Also, note drilling that has not been closed off. Figure 12. Hippolyte East, showing airborne U-radiometric anomalies, sand dunes, target categories, inferred resource outlines, and planned drillholes. Figure 13. Hippolyte South, showing airborne U-radiometric anomalies, sand dunes, target categories, inferred resource outlines, and planned drillholes. Note resources are open, and drilling has not been closed off. |
Posted at 07/7/2020 07:11 by tomboyb Aura Energy Limited Aura signs C$4.5m gold funding deal term sheet07/07/2020 8:00am UK Regulatory (RNS & others) Aura Energy (LSE:AURA) Intraday Stock Chart Tuesday 7 July 2020 Click Here for more Aura Energy Charts. TIDMAURA RNS Number : 2333S Aura Energy Limited 07 July 2020 7 july 2020 AURA ENERGY LIMITED ("Aura" or the "Company") AURA SIGNS C$4.5 MILLION GOLD FUNDING DEAL TERM SHEET WORK ON TASIAST SOUTH EXPECTED TO COMMENCE WITHIN 3 MONTHS TO VIEW THE FULL PDF VERSION OF THIS REPORT WITH FIGURES, TABLES AND FOOTNOTES CLICK HERE: Aura Energy Limited (AEE) is pleased to advise that it has signed a C$4.5 million (A$4.8 million) funding term sheet for the creation of a joint venture vehicle with TSX-listed Chilean Metals Inc ("Chilean Metals or Chilean") for Aura's gold, base and battery metal tenements in Mauritania. The deal is subject to due diligence and as such is non-binding. Aura's Tasiast South tenements over 435 km(2) are in a highly prospective area lying on two lightly explored mineralised greenstone belts in Mauritania (See Fig 3). The areas lie along strike from Kinross' giant +20 Moz Tasiast Gold Mine, where Kinross has recently announced that it will expand gold production to 530,000 ounces per year. Aura maintains that these tenements, also with strong base and battery metal results, represent some of the best under-explored greenstone belt targets in the world. The transaction, which remains subject to due diligence, will see Aura progressively vend its Mauritanian gold and base metal licences into a joint venture vehicle (PubCo) with Chilean contributing four scheduled cash payments totalling C$4.5 million before October 2021. The third and fourth Chilean payments will be at their election. Assuming Chilean invests C$4.5 million in cash into PubCo, Aura will own 50% of PubCo and Chilean will own 50%. Aura will also receive 1,000,000 shares in Chilean Metals as part of the transaction. Chilean may source the required funding from its own corporate sources or individual investors with the payment schedule by Chilean into the new vehicle as follows: -- C$1.5 million - On or before 31(st) August 2020 (on execution of binding documentation) -- C$1.0 million - 30 January 2021 (or sooner) -- C$1.0 million - 1 June 2021 (at Chilean's election) -- C$1.0 million - 1 October 2021 (at Chilean's election) Given the non-binding nature of this agreement, there can be no assurance at this stage that the transaction will proceed. Aura Energy Executive Chairman Mr Peter Reeve said "Aura has maintained an exceptionally strong belief in these extremely under-explored greenstone belts given the high-quality preliminary gold and base metal exploration results achieved. This substantial funding package from a group of seasoned resource investors/developers will help reveal their true potential. With the Tasiast Gold Mine (+400,000 ozs pa) on the same belt just north of our project, the potential for multi-million-ounce discoveries is, in the eyes of our technical people, very conceivable". "The excellent base metal indications also revealed on these properties, particularly nickel and high-grade cobalt, also highlights the broader potential of these properties on a similar basis as the Kalgoorlie region in Western Australia where significant gold and base metal discoveries have been made in similar Archean Greenstone settings. "Aura is very pleased that Chilean Metals has recognised the attributes of this geological belt and welcomes Chilean into this project. Chilean's understanding of what it takes to enable mineral discovery and their connection to important gold investment sources will be important ingredients in this transaction. The current global economic environment is driving the gold price and provides the perfect environment for a separate vehicle to hold these strongly undervalued assets". The key terms of the deal are as follows: -- Chilean invests C$4.5 million before October 2021 into PubCo -- Aura contribute 100% of its gold and base metal tenements -- Aura receive 1,000,000 shares in Chilean Metals -- Aura and Chilean will eventually hold 50% each in the JV vehicle -- Aura will hold 3 board seats in PubCo and Chilean 2 board seats -- It is intended that PubCo will be listed on the TSX-V exchange -- Aura will provide the management and technical team for the vehicle -- Aura will receive a mutually agreed management fee for operating the vehicle -- The deal remains subject to due diligence and will remain non-binding until the definitive agreement is executed. Aura and Chilean will seek to finalise a definitive agreement for the transaction no later than 31(St) August 2020. Schedule of TIMCO/JV Transfer and Cash Contributions |
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