Last checked at 1 Feb 2021 09:39
AURA ENERGY LIMITED
("Aura" or the "Company")
December 2020 Quarterly Report
TO VIEW THE FULL PDF VERSION OF THIS REPORT CLICK HERE:
http://www.rns-pdf.londonstockexchange.com/rns/5244N_1-2021-2-1.pdf
QUARTER SUMMARY
During the quarter ended December 2020, business activities were largely on hold pending discussions to settle the ongoing legal disputes and a recapitalisation plan for the Company.
With the assistance of a major shareholder, Aura Energy commenced settlement negotiations on the outstanding legal disputes with the shareholder activists and this has been largely successful.
The final step in this process is the approval, by the ASX, of the Notice of Meeting for the Annual General Meeting (currently delayed) which is currently under review by them. The AGM will take place 30 days after the Notice of Meeting is lodged.
Covid-19 continues to restrict access to our projects (both the Australian government and to a lesser extent Mauritanian government travel bans).
Aura lists its assets as:
· The construction-ready Tiris Uranium Project
· Excellent gold assets
· Häggån Vanadium Project
· Swedish compensation claim
A corporate transaction for the gold assets continues, albeit at a slower pace.
The Swedish compensation claim is ongoing and focussed on funding arrangements for this litigation.
TIRIS PROJECT, MAURITANIA (AURA 85%)
No activity took place on the Tiris Project.
HÄGGÅN BATTERY METALS PROJECT, SWEDEN (AURA 100%)
Activities at the Häggån Battery Metals project remained on care-and-maintenance.
The Swedish compensation claim remains ongoing and Aura continues to be steadfast in action to recover the value of the confiscated asset.
TASIAST SOUTH GOLD PROJECT, MAURITANIA (AURA 100%)
A corporate transaction for the gold assets continues, albeit at a slower pace.
CORPORATE
Mr Phillip Hains has been appointed Company Secretary of the Company and will be the nominated person under Listing Rule 12.6 for communications with the Australian Securities Exchange.
Mr Hains replaces John Madden who had advised the Company on 14 August 2020 of his decision to step down as Company Secretary as soon as practicable.
FINANCIAL OPERATIONS
Closing cash at the end of the quarter was A$52k, compared to A$$121k at the end of the previous quarter and compared to A$235k at the end of the previous financial year.
The Company did not pay any amounts during the quarter to any of its related parties as the financial resources were limited (as shown in section 6 of the Appendix 5B).
The Company is in the process of obtaining regulatory approval for the Notice of Meeting to obtain shareholder approval to raise additional capital to fund ongoing projects and working capital.
Aura Energy Directory
ASX Code: AEE
AIM Code: AURA
Shares on issue: 2,557,535,966
Unlisted Options
on issue: 94,104,161
Performance Rights
on issue: 10,0000,000
Website: www.auraenergy.com.au
For further information please contact:
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The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.