Highlights

  • Aura Energy Limited (ASX:AEE) traded at AUD 0.076 on 11 November 2026, down 2.56% for the session.
  • A Tiris bankable feasibility study was announced on 16 October 2026.
  • The study reported a post-tax project NPV of USD 500.3 million under specified assumptions.
  • At September quarter-end, Aura reported approximately AUD 10.6 million in cash.

Aura Energy Limited (ASX:AEE) is developing the Tiris uranium project in Mauritania and advancing the Häggån project in Sweden. On 11 November 2026, its ASX:AEE shares was down 2.56% at AUD 0.076 during the trading session. The latest 2026 reports place emphasis on october 2026 feasibility study, alongside operating, funding and approval questions relevant to the company’s assets.

Tiris and Häggån Development Portfolio

For Aura Energy Limited (ASX:AEE), aura’s principal near-term uranium development focus is Tiris in Mauritania, while the Häggån project in Sweden is subject to its own technical and permitting processes. Tiris is not yet an operating mine. Its development requires financing, engineering, permissions and a final Investment decision. At Häggån, the company has pursued adjustments to the exploitation permit application to include uranium. Although both projects involve uranium exposure, their jurisdictions, approvals and development stages differ and cannot be treated as a common production schedule.

October 2026 Feasibility Study

For Aura Energy Limited (ASX:AEE), aura released a bankable feasibility study for Tiris on 16 October 2026. The company reported a post-tax net present value of USD 500.3 million, using an 8% real discount rate and a uranium price assumption of USD 90 per pound U3O8. The estimate is a modelled project valuation, not a realised financial asset or a forecast of Aura’s share price. The study also reported a 37.3-million-pound U3O8 ore reserve figure. Reserve classification depends on the relevant mining, processing and economic assumptions, which can change during detailed design.

Quarterly Cash and Pilot Testing

In the September 2026 quarter, Aura reported net operating cash outflow of AUD 2.6 million and investing cash outflow of AUD 2.6 million. The quarter-end cash balance was approximately AUD 10.6 million. The company was preparing a Tiris pilot plant at Bir Moghrein for commissioning and testing, with the work intended to validate processing assumptions for financing and engineering. A pilot Facility is an evaluation tool and not evidence of commercial-scale uranium production. Subsequent operating results and cash needs will be material to its project timetable.

Financing and Approval Conditions

Aura targeted project finance and a final investment decision around the end of 2026, while continuing discussions with potential strategic partners and financiers. Those were targets, not completed commitments. Execution may depend on financing terms, contractual agreements, permit renewal, pilot-plant results and engineering readiness. Under the announced indicative sequence, construction would follow a positive investment decision rather than precede it. Uranium price assumptions are particularly relevant to project economics, but the reported model values cannot eliminate risks relating to funding, costs or schedule.

Key Insights

Aura Energy Limited (ASX:AEE) — Aura’s October feasibility study provides defined assumptions for assessing Tiris, while the company still faces financing, pilot-testing and approval milestones. Updates should distinguish calculated project Economics from committed Capital and actual construction progress.