Aurora energy boosts Oregon uranium resource to 50.6Mlbs; 34% increase

Wed 23 Nov 22, 1:20pm (AEDT)
Three nuclear power plant stacks emit steam; visibility warning lights for low-flying aircraft and birds illuminate the plumes travelling to the left of frame
Source: iStock

Key Points

  • Aurora grows its uranium resource by 34% to over 50 million pounds; officially one of the largest uranium reserves in the USA
  • Bankable upgrade to the project’s overall endgame positions Aurora well heading into 2023
  • The price of uranium per pound continues to sit within the USD$50/lb level

Aurora Energy (ASX:1AE) has become the holder of one of the USA’s largest uranium deposits with just over fifty million pounds of the material potentially recoverable. 

A mineral resource upgrade has been on the cards since Aurora first listed, and now the company moves ahead with a resource some 34% larger than that notarised in its IPO prospectus. The on-site high grade zone of uranium mineralisation has been grown, in turn, by 10%, 

Aurora drills for both lithium and uranium at its Aurora Metals Energy Project. 

Significance can’t be understated

“At the time of the IPO we committed to a mineral resource upgrade and conversion of Aurora’s existing uranium mineral resource and this fantastic result further validates that Aurora holds one of the largest, well-defined uranium deposits in the USA,’ Aurora chief Greg Cochran said. 

“By any measure, this outcome is significant, but I am particularly pleased with the high percentage of measured resource in this update, as well as the 34% increase in total mineral resource.” 

Ambitions ahead 

Aurora is ultimately keen to produce both lithium for EV battery supply chains and uranium for nuclear energy generation. 

The US has in recent weeks called for a greater domestic supply of uranium to its own generators; historically, only weapons-grade uranium has been subject to domestic supply chain restrictions. 

Earlier this year, the US found itself eyeing weapons-grade uranium feedstocks for possible use in energy generation (read: nuclear power plants.)

A look at Aurora's six month charts (source: TradingView)
A look at Aurora's six month charts (source: TradingView)
Disclaimer: Market Index helps small-cap ASX listed companies connect with Australian investors through clear and concise articles on key developments. Aurora was a client at the time of publishing. All coverage contains factual information only and should not be interpreted as an opinion or financial advice. 


Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication.

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