Aurora positioning to supply US uranium market 

Aurora Energy Metals (ASX:1AE) is positioned to satiate a looming US domestic uranium supply crunch as it works to deliver a Scoping Study in Q2 2024 for its namesake Aurora Uranium Project in Oregon, US.

The $17.9 million market capitalisation says the supply crunch is being fuelled due to the cessation of Russian uranium imports from 2028. 

The Aurora Project is a ‘large, well-defined, mineable’ 50 million pound uranium resource at 81% measured and indicated, with a ‘high-grade’ core of 19.2 million pounds at 485 parts per million. The project has access to ‘excellent’ infrastructure in the immediate region with no known impediments to permitting and regulatory approvals. 

Ahead of delivering the Scoping Study, ongoing mining studies demonstrate an 11-year life of mine targeting 2 million tonnes per annum (Mtpa) run-of-mine at a low average strip ratio of 2.1:1. 

The company says independent advice confirms no federal, state, or local regulatory or permitting issues have been identified. 

Transport studies have also been completed, which assessed 3 technically viable modes of transportation to the Nevada processing site. Infrastructure and regulatory investigations confirm the Nevada processing plant as a viable and practical solution. 

Metallurgical studies using historical and recent testwork results also demonstrate 3 flowsheet options, however, completion of the current testwork program will set a preferred flowsheet. 

The company in March announced it is in discussions regarding the need for a locally-focused team, preferably close to the project, as reported by Mining.com.au.

This is because the US has the world’s largest nuclear power fleet and is the world’s largest uranium consumer.

According to Aurora, in 2022 US domestic production was 194,000 pounds, with owners and operators of US civilian nuclear power reactors purchasing 40.5 million pounds of eU3O8 from US and foreign suppliers.

As of December 2023, the company had $2.637 million cash and cash equivalents at hand, according to its latest quarterly report. 

Write to Adam Drought at Mining.com.au

Images: Aurora Energy Metals
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.