12th Mar 2026 14:26
(Alliance News) - Aura Energy Ltd on Thursday announced that it and SIU Metals Corp have deferred the planned transfer of the Haggan project, pending the outcome of the Swedish government's inquiry into alum shale mining.
In response, shares were down 3.7% at 6.50 pence on Thursday afternoon in London.
The Fremantle, Western Australia-based uranium and battery metals developer previously entered a binding agreement to transfer 100% of the Haggan project in Sweden to SIU Metals Corp.
On January 23, Aura announced that certain strategic investors, including MMCAP International Inc, would provide CAD10 million in funding for a 19.7% interest in the Haggan project, via a private placement. This would establish Haggan's value at CAD50 million.
Aura said it would retain the remaining 78.7% stake in SIU Metals, which intended to seek a listing on the TSX Venture Exchange in Toronto.
Then on February 5, the Swedish statement confirmed plans to modernise the Swedish Nuclear Act to declassify uranium mining as a nuclear facility, which would remove the municipal veto currently applicable to uranium mining.
"Aura acknowledges the direction and intention of recent Swedish legislative amendments that remove obstacles to uranium mining in the country," commented Executive Chair Phil Mitchell. "As the 2020 government inquiry into alum shale concluded, the Company believes that Sweden's existing rigorous permitting standards are effective and sufficient, particularly including that the operator must be able to demonstrate its suitability to carry out the processing of alum shale.
"Aura hopes that the 2026 inquiry will bring certainty to the permitting process, while addressing local communities' concerns."
Mitchell added that any policy change "that negatively impacts mining of alum shale would make it more difficult for Sweden to meet European goals of critical mineral self-reliance and fossil-free electricity generation."
Aura, which continues to own the entirety of the Haggan deposit and will continue funding ongoing costs, said that the industrial logic of the transaction remains unchanged, but that all parties have agreed that it should be deferred until they have "greater legislative certainty".
"We remain committed to unlocking the significant value of the Haggan project," Mitchell said.
By Emma Curzon, Alliance News reporter
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