Name of the Project
Häggån polymetallic project.

Location
The Häggån project is based on a substantial discovery in the Jämtland province, in central Sweden.

Project Owner/s
Australian-based minerals company Aura Energy, through its subsidiary Vanadis Battery Metals.
 
Project Description
The deposit contains economically significant levels of vanadium, sulphate of potash, nickel, zinc and molybdenum.

A 2023 scoping study determined that the project is a significant polymetallic deposit that provides a key growth opportunity for Aura. A global mineral resource estimate of two-billion tonnes has been defined at an average grade of 0.3% vanadium pentoxide (V₂O₅) containing 13.3-billion pounds V₂O₅, at a 0.2% V₂O₅ cutoff.

The base case scenario proposes opencut mining from a high-grade zone at an estimated 5.9-million tonnes a year for 11 years.

Processing will involve an estimated 3.8-million tonnes a year of run-of-mine ore on-site through a processing circuit to produce about 10 400 t/y V₂O₅ high-quality vanadium flake. This circuit will also recover an estimated 217 000 t/y of sulphate of potash by-product for sale as fertiliser.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The after-tax net present value ranges from $456-million to $1.31-billion, depending
on the final plant configuration. The scoping study indicates that this equates to an after-tax internal rate of return of 28% to 49% and a payback period of 1.5 to 2 years. 

Capital Expenditure
The project has an initial capital cost of $592-million.

Planned Start/End Date
Not stated.

Latest Developments
Aura Energy has reported a C$10-million investment for its project, establishing a valuation of C$50-million.

The funding will be provided by MMCAP International and other strategic investors in exchange for a 19.7% interest in the project.

Under a binding agreement, Aura will transfer 100% ownership of Häggån to SIU Metals, an unlisted Canadian public company, in return for shares, resulting in SIU Metals' becoming the project’s sole owner.

Following the transaction, Aura will retain a 78.7% interest in SIU Metals, while the strategic investors will hold 19.7%. 

SIU Metals intends to seek a listing on the TSX-V in connection with the transaction.

Proceeds from the C$10-million investment will be used to advance the Häggån project, including permitting activities and resource expansion through ongoing exploration on surrounding tenements.

The financing is expected to be completed in February 2026, with the broader transaction scheduled for completion in June 2026.

The company has noted that the creation of a Canada-listed vehicle will provide increased market visibility and allow for direct valuation comparisons with peers holding similar deposits.

The transaction follows recent amendments to Sweden’s Minerals Act, which came into effect on January 1, 2026, allowing for the exploration and extraction of uranium.

Executive chairperson Phil Mitchell has said the investment reflects the quality and long-term potential of the project.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Aura Energy, tel +61 3 9101 8551 or email info@auraenergy.com.au