Aurora Energy Metals Limited (ASX:1AE) released its quarterly activities report for the three months ended 30 June 2026 on 29 July 2026. The report describes progress by Eagle Nuclear Energy Corp. (NASDAQ: NUCL) at the Aurora Uranium Project in Oregon, the pegging of two exploration licence applications in Western Australia and the company's cash and Investment position.

The report states that Eagle has lodged drill permits, secured a drilling contractor and begun environmental baseline studies ahead of a planned drilling program.

About Aurora Energy Metals

Aurora Energy Metals Limited is an ASX-listed exploration company focused on strategic mineral opportunities, based in Subiaco, Western Australia. The company holds an Equity interest in Nasdaq-listed Eagle Nuclear Energy Corp., which holds the Aurora Uranium Project (AUP). Aurora received 1,710,991 Eagle shares as consideration for the sale of the AUP.

In Australia, Aurora is advancing a portfolio of exploration Assets in Western Australia and says it continues a broader strategic review of complementary projects. Its board comprises Non-Executive Chairman Warren Hallam, Managing Director and CEO Aidan Platel and Non-Executive Director Alasdair Cooke. Its tenement schedule at 30 June 2026 lists projects including Harris Lake, Bulagin, Ucarty and Kondinin held at 100%, along with several applications.

Latest Development: June 2026 Quarterly Report (29 July 2026)

During the quarter, Eagle progressed the AUP toward a Pre-Feasibility Study. Key developments included a Drilling Services Agreement securing rigs for a planned program of about 27,000 feet, lodgement of drill permit applications with the Bureau of Land Management and the Oregon Department of Geology and Mineral Industries, and the start of environmental baseline studies covering hydrology, groundwater and surface water monitoring, flora and fauna, wetlands, geochemistry, meteorology and cultural heritage. After quarter end, Eagle announced the engagement of technical consultants including Yukuskokon Professional Services, with expanded agreements with BBA USA Inc. and SLR International Corporation.

The program comprises about 47 diamond drill holes and is designed to support resource expansion and infill drilling, upgrading of resource classification to Measured and Indicated, metallurgical test work, geotechnical and pit design inputs and hydrogeological studies. Eagle currently targets completion of the Pre-Feasibility Study in the second half of 2027. Drilling is scheduled to commence upon receipt of permits.

Aurora retains the right to receive up to US$10 million in additional equity consideration from Eagle. Up to US$5 million is linked to conversion of at least 40 million pounds of U3O8 in Measured and Indicated Resources into an S-K 1300 compliant resource, and US$5 million is payable on delivery of a positive Pre-Feasibility Study.

In early June, Aurora pegged two exploration licence applications near Mukinbudin, about 250 kilometres northeast of Perth, covering 30 square kilometres of Archaean rocks in the Yilgarn Craton. State datasets suggest the area is dominated by a monzogranite and syenogranite intrusion, with a magnetic high along its margins, a subtle gravity high and some of the highest surface thorium values in the Yilgarn Craton. The company says this suggests potential for rare earths, niobium and uranium, and for iron oxide copper-gold mineralisation, and that there has been no historic drilling in the area. It plans a systematic greenfields approach once the licences are granted.

On corporate matters, directors acquired shares on market during the quarter: Aidan Platel bought 650,000 shares for $48,206 and Alasdair Cooke bought 396,659 shares for $19,336. A total of 21,226,374 unlisted options exercisable at $0.15 lapsed unexercised on 30 June 2026. Issued Capital at the report date was 179,063,737 shares, 1,300,000 unlisted options exercisable at $0.10 expiring 10 June 2028 and 6,800,000 performance rights.

Cash was $1.1 million at 30 June 2026 with no debt, and net operating cash outflow for the quarter was $182,000. Aurora reports cash and listed investments of about A$15.1 million at the report date, based on an Eagle after-hours price of US$5.71 and an Exchange Rate of 0.6975. The company states this equates to about 8.4 cents per Aurora share, compared with a recent share price of 4.7 cents.

Risks and Uncertainties

Aurora's main asset exposure is its holding of Eagle shares, valued by reference to a quoted after-hours price that can change. The A$14.0 million valuation depends on both the Eagle share price and the exchange rate.

Drilling at the AUP is scheduled to commence only upon receipt of permits, which have been applied for but not reported as granted. The deferred consideration of up to US$10 million depends on milestones controlled by Eagle, including a resource conversion and a positive Pre-Feasibility Study that is targeted for the second half of 2027.

The Mukinbudin licences are applications and have not been granted. The area is described as lightly explored, with no historic drilling, so the prospectivity described rests on regional datasets.

Cash of $1.1 million is modest, and the company reports an estimated five quarters of funding at the current level of outgoings.

Milestones to Watch

  • Receipt of drill permits and the start of Eagle's 47-hole program at the Aurora Uranium Project.
  • Resource conversion to an S-K 1300 compliant Measured and Indicated category and the Pre-Feasibility Study, which trigger the deferred consideration.
  • Grant of the Mukinbudin exploration licences and the start of greenfields exploration.
  • Outcome of Aurora's strategic review of complementary opportunities.