Aura Energy Limited provided an update in relation to the Häggån Project. The Swedish Government have announced on 23rd of February 2024 the launch of an inquiry to overturn the existing ban on mining uranium, which has been in place since 2018. The inquiry will investigate the regulatory changes needed to make uranium extraction legal, and analyse whether mining of uranium should be allowed.

The conclusions of the inquiry will be presented on the 15th of May 2024. Once the results of the inquiry are published, the Government can choose to go forward with a legislative proposal to Parliament. The Häggån asset, located in the municipality of Berg in the county of Jämtland, contains Mineral Resources of approximately 800 million lbs of U3O8.

The primary metals and minerals in Häggån are vanadium and sulphate of potash "SOP" and uranium, with nickel, molybdenum and zinc also present. Approximately 14% of the known value of the asset is uranium. Including uranium into the previously published scoping study increased the Project NPV by 37% at a uranium price of USD 65/lb U3O8 from the previously stated range of between USD 456 million to USD 1307 million.

Sweden currently uses 2.4Mlbs U3O8 annually in their three nuclear reactors and has committed to building two additional nuclear reactors by 2035, Häggån has the potential to supply a significant portion of Sweden's nuclear fuel requirements. Aura intends to file for processing concession for Häggån K1 during 2024 with the Swedish Mining Inspectorate. A Swedish processing concession (exploitation permit) is valid for 25 years.