13 Nov 2019 09:06
13 November 2019
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.
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AURA ENERGY LIMITED
("AURA" OR THE "COMPANY")
AURA Energy restructures for lower costs
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Aura Energy Limited (AEE; ASX, AURA; AIM) advises that given the difficult market conditions it has commenced a broad-based process of cost management via reduction in staff costs and reduction of non-critical activities. The majority of these initiatives were put in place in the August/September period.
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Previously Aura has reported that following the completion of the Tiris Definitive Feasibility Study and the Häggån Scoping Study costs for non-uranium programs would be minimised.
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Given this position Aura has taken the following steps;
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·; Reduction of all head office staff hours and costs
·; Suspension of all technical staff and consultants
·; Suspension of Director's payments
·; Reduction of staff costs in Mauritania and Sweden
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Aura continues to advance the Export Credit Agency Finance process for the Tiris Uranium Project and has recently short-listed two agencies for that purpose. Aura continues to explore corporate opportunities for development of the project with various parties.
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Expenditure on the gold and vanadium assets will be minimal with the focus only on corporate transactions and/or IPO or spin-outs of those assets.
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Aura will continue to advance corporate initiatives for all its assets as a way of funding the path forward for further evaluation or development of the projects.
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For more information please visit www.auraenergy.com.au or contact the following:
 Aura Energy Limited Peter Reeve (Executive Chairman)  | Telephone: +61 (3) 9516 6500 info@auraenergy.com.au |
SP Angel Corporate Finance LLP (Nominated Advisor and Joint Broker) Ewan Leggat Caroline Rowe   | Telephone: +44 (0) 203 470 0470  |
WH Ireland Limited (Joint Broker) Adrian Hadden James Sinclair-Ford  | Telephone: +44 (0) 207 220 1666 |
Yellow Jersey PR Limited Felicity Winkles Joe Burgess  | Telephone: +44 (0) 7769 325 254 |
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