Aura’s half-year update: where Tiris and Häggån stand now
Aura Energy has published its interim results for the six months to 31 December 2025, and there is plenty for uranium watchers to chew on. The big picture: marketing progress at Tiris, Sweden reopening the door to uranium at Häggån, and timelines sliding to the right as engineering test work and funding steps are completed.
Here is what matters for retail investors, why it matters, and what to watch next.
Tiris uranium: offtake traction, engineering pause, FID targeted for Q3 2026
The standout commercial win was Aura’s first long-term offtake with a major U.S. nuclear utility, covering approximately 10% of projected Tiris output across 2028-2031. It is market-related with a price collar – think a floor and ceiling that protect both sides from extreme price swings.
The snag: the agreement required a final investment decision (FID) by 31 December 2025, which was not met. Both parties met in London and expressed a desire to keep the contract effective, which reads positively for continuity of the relationship. A master spot sales agreement with an international trading group was also signed, complementing the existing Curzon offtake and giving Aura flexibility to capture short-term pricing.
Process test work – dewatering is the gating item
Basic Engineering had been placed on hold pending completion of test work to optimise how the plant separates uranium-bearing solution from clay-rich residues after leaching – the dewatering step. Four options are being trialled: centrifuge, counter current decantation (CCD), and the use of polymers to agglomerate particles. The rest of the flowsheet – leach, ion exchange, calcination and packaging – has no outstanding test work and no material change from FEED assumptions.
Wood has continued Basic Engineering during the period. Shortlisted western EPCM (engineering, procurement and construction management) contractors visited site in September-October, with alternative execution proposals also sourced from firms in China and Turkey. Aura currently expects Basic Engineering to complete in Q2 2026, with FID now planned for Q3 2026.
Logistics and government relations
Aura discussed transshipping Class 7 materials through the Port of Tanger in Morocco; the Port Authority is reviewing the application and other routes are also being explored. In Mauritania, high-level meetings – including with the President – reaffirmed government support for Tiris.
Funding pathway – DFC steps and timeline
On funding, discussions with the U.S. International Development Finance Corporation (DFC) advanced toward a credit determination. The project ESIA (environmental and social impact assessment) was posted on the DFC website and its public comment period is complete. DFC was reauthorised for six years in December, lifting its investment cap to US$205 billion and allowing minority equity investments of up to 40% ownership – both helpful tailwinds for projects like Tiris.
However, DFC requires the project to be execution-ready, with final EPCM and supply contracts in place. Aura says additional time is required, hence funding and FID are now expected in Q3 2026. This is a delay, but it reflects a structured approach to de-risking before committing hard capital – sensible, if a tad frustrating for those eager for first production.
Häggån in Sweden: uranium ban overturned, deal deferred, upside intact
Sweden’s Parliament overturned its historic uranium mining ban with effect from 1 January 2026, reclassifying uranium as a concessional mineral under the Minerals Act. This is a transformative backdrop for Häggån, which hosts uranium alongside vanadium, nickel, molybdenum, zinc and sulphate of potash.
Vanadis (Aura’s subsidiary) has applied for an exploitation concession and has been answering questions from the County Administrative Board. With the ban lifted, Vanadis notified the Mines Inspectorate it will seek to amend the application to include uranium exploitation within the existing tenure. An additional exploration permit – Gräsmyråsen nr 1, covering 1,012.12 hectares to 20 November 2028 – was granted and sits adjacent to Häggån nr 1.
Corporate structure and timing
Post period, strategic investors agreed to provide C$10 million for a 19.7% interest in the Häggån project, implying a C$50 million (A$55 million) valuation. Aura agreed to transfer 100% of Häggån to SIU Metals Corp in exchange for shares, leaving Aura with 78.7%, strategic investors with 19.7%, and others with 0.6%, with SIU’s existing shareholders retaining 1%. SIU intended to seek a TSX Venture Exchange listing.
Then the Swedish government signalled it would amend the Nuclear Activities Act so uranium mining is not deemed a nuclear facility – removing the municipal veto – with legislation anticipated by July 2026. It also launched an enquiry into alum shale mining. Given the resulting legislative uncertainty and market conditions, Aura and SIU agreed to defer the transaction and listing. Consequence: Aura retains 100% of Häggån for now and will fund ongoing costs from corporate cash while continuing to explore value-realisation options.
Half-year financials – lower loss, tight cash pre-raise
The numbers show a leaner loss versus the prior year and higher operating spend as the company builds capability ahead of development.
| Metric | Half-year to 31 Dec 2025 | Comparator/Notes |
|---|---|---|
| Loss after income tax | $6,743,585 | 2024: $11,247,222. The narrative section also cites $6,586,455 – a discrepancy noted in the RNS. |
| Employee benefits expense | $2,441,188 | 2024: $721,729 |
| Corporate & administrative | $3,312,046 | 2024: $2,363,435 |
| Share-based payments | $1,049,383 | 2024: $5,791,240. Earlier narrative references $892,252. |
| Net assets | $56,378,976 | 30 Jun 2025: $60,828,033 |
| Cash and cash equivalents | $4,195,326 | 30 Jun 2025: $11,740,860 |
| Operating cash outflow | $4,374,476 | — |
Post balance date, Aura completed a $20 million placement, issuing approximately 97.6 million shares at A$0.205 per share. That strengthens liquidity for Tiris engineering, FID readiness and exploration. The raise is supportive but dilutive, and it underscores that further funding – including project debt – will be needed before construction.
Key risks called out by the company
- Tenure in Mauritania – the Mining Code requires development within 24 months of operating permits. The Ministry may consider the period to have expired in January 2025. Extensions are at the Minister’s discretion and Aura has been engaging and updating the revised schedule. No default notice has been received and external legal advice indicates permits remain valid and in full force.
- Funding – Tiris and Häggån both require additional funding. Aura is pursuing a mix of debt, equity and strategic partnerships.
- Execution – supply chain, construction and commissioning risks are inherent until EPCM is locked in and the project is execution-ready.
- Regulatory change – especially in Sweden as uranium-related legislation is updated and the alum shale enquiry runs its course.
My take: steady commercial progress, but timelines patience required
On balance, this is a credible operational update. The first utility offtake, broadened sales optionality,
