Junior inks options to swap US certainty for Australian uncertainty
Aurora Energy Metals has decided to swap its direct stake in its namesake project in the US for a stake in a US-listed explorer, hoping to unlock domestic support while looking at other assets, starting with a low-cost option over greenfield uranium projects in Western Australia. It is an unusual move given the US has a resurgent nuclear sector and development of uranium mines in WA is practically verboten, with little chance of a near-term policy change.
Petra Capital's Colin McLelland recently noted that the Russian ban should prove to be the catalyst for a renewed contracting cycle — something that could be good news for advanced domestic options such as Aurora, especially under a more isolationist US led by Donald Trump.Eagle can pay up to $1 million for a maximum 18-month option. If exercised, the agreement will see Aurora offered around $16 million of stock in Eagle on its listing, which required a minimum $6.8 million capital raising.
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