We are initiating coverage on Aura Energy (AEE AU) with a SPEC BUY rating and set a price target of A$0.40. AEE is focussed on developing its Tiris project, which following recent FEED and mining license approval is development ready pending financing. We expect an FID to be taken in 2025 which together with updates on contracting and funding are key near-term catalysts. Tiris key risk is beneficiation, which will see mine grade of 246ppm lift to 1,500-2,000ppm prior to processing. We believe the timing of Tiris development and ramp-up coincides with tightness in the uranium market, driving economic upside from our near-term bullish price outlook. AEE also has upside leverage on the large Haggan polymetallic project should uranium mining laws change in Sweden.
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