30 January 2024
Aura appoints highly
credentialed mining and finance executive, Andrew Grove as Managing
Director and CEO
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KEY
POINTS:
·
Mr David Woodall
has resigned as MD & CEO. The board wishes to thank Dave for
his enormous energy and commitment as he drove forward the Tiris
Enhanced Definitive Feasibility Study and the Häggån Scoping
Study.
·
Mr Andrew Grove,
who has been serving as a strategic consultant to the board, will
become the Managing Director and CEO with immediate
effect.
·
Andrew has over
30 years of managerial, technical, commercial and finance
experience including:
o extensive West African
development, operational and financing experience;
o financing numerous West
African development projects during his 14 years at Macquarie
Bank;
o uranium experience working
for Orano SA. and funding several uranium projects; and
o most recently Managing
Director and CEO of Senegal focused Chesser Resources Ltd -
acquired by Fortuna Silver Mines Inc. at a significant
premium.
·
David and Andrew
will work together to ensure a seamless handover.
Aura Energy Limited (ASX:AEE, AIM:AURA) ("Aura", the "Company") a company focused on the
development of the 85% owned Tiris Uranium Project, Mauritania
("Tiris", or the
"Project"), is pleased to
announce the appointment of Andrew Grove as Managing Director and
Chief Executive Officer of the Company effective Tuesday 30 January
2024.
Mr Grove is a highly experienced mining and finance
executive with extensive global industry experience across multiple
commodities. This includes more than 30 years of managerial,
technical, commercial and finance experience, including significant
expertise in uranium and West African development and
operations.
He was most recently Managing Director at Chesser
Resources Limited which was developing the Diamba Sud Gold Project
in Senegal. Chesser Resources was acquired by Fortuna Silver Mines
Inc. for a 95% premium late in 2023. Prior to Chesser, Andrew was
the Group General Manager Business Development and Investor
Relations at Perseus Mining Limited.
Andrew also spent 14 years at Macquarie Bank as
Division Director - Mining Finance and Risk Management. He held
technical roles at Orano/Areva, Mines and Resources Australia and
at Acacia Resources Limited. Andrew currently serves as a
non-executive director of Zenith Minerals (ASX:ZNC) an Australian
focused lithium exploration company. Mr Grove also holds a Masters
in Mineral Economics and a Bachelor of Engineering (Minerals
Exploration and Mining Geology) from the WA School of Mines.
Aura Non-Executive
Chairman, Mr Phil Mitchell, commented:
"We welcome Andrew
to the position of Managing Director and CEO of Aura Energy. His
extensive West African mining, finance and corporate experience
will be invaluable in developing the Tiris Uranium Project into a
commercial scale uranium mine and thereby opening a new uranium
province in Mauritania."
1
"On behalf of the
Board and Aura's key stakeholders, I want to thank David Woodall,
who has decided to resign from the MD/CEO role to pursue other
interests, for his work and dedication during his time at Aura.
Dave has made a significant contribution and materially progressed
both the Tiris Uranium Project through to a FEED study and the
Häggån project to a Scoping Study with promising results. The Board
and I wish David all the best in his future endeavours."
Commenting on his appointment, Mr Andrew Grove said:
"I am delighted and
very excited to be joining Aura Energy and to become part of the
team that intends to deliver the high-quality Tiris Uranium Project
in Mauritania, into a market that recognises the critical role
nuclear energy has to play in the global, low-carbon energy
transition. I also look
forward to continuing the progress with the polymetallic Häggån
deposit in Sweden, and file for an exploitation permit during 2024.
Häggån is central to achieving the European energy transition, and
I am very committed to achieve a successful exploitation permit
application.
As part of my
strategic consultancy work, I have been working with the team to
review the close-to- completion Tiris FEED study results and am
excited about the opportunity that it offers to bring a new project
into being with low capital and operating costs. I look forward to
sharing the key features of the proposed project with the
Government and with shareholders during February.
In-addition, as
previously announced, the current drilling program offers Aura the
opportunity to expand its resource base to more than 100Mlbs and we
believe that with the additional tenure applied for in December
2023, that we have significant potential to identify additional
shallow economic uranium mineralisation around both Tiris West and
at Tiris East.
I am similarly
excited about Aura's 2 billion tonne Häggån polymetallic deposit in
Sweden. During the past year, Aura has put in a substantial amount
of time to engage with stakeholders in Sweden, locally and
nationally. We have seen some regulatory progress in Sweden as far
as simplifying the permit process for mining. I look forward to
continuing the Swedish stakeholder dialogue and be part of a
successful application for Häggån. The asset represents significant
value, including 800Mlbs of uranium resources, that is not
currently fully reflected in the Aura share price."
Mr Groves' remuneration package is summarised in
Schedule A.
Mr Andrew Dean Grove, aged 54, currently holds or has
held the following directorships and partnerships in the last five
years:
Current
Directorships / Partnerships
|
Directorships / Partnerships in the last 5
years
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Zenith Minerals Limited
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Chesser Resources Limited
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Rockfrog Holdings Pty Ltd
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Mr Grove does not currently hold any ordinary shares
in the Company.
Commenting on his
resignation, Mr David Woodall said:
"Having considered
the likely demands of international travel and workload for 2024
and beyond, I have advised the Board of my resignation as Managing
Director and CEO.
I have immensely
enjoyed the challenges of the global push towards clean energy and
have no doubt that a company such as Aura will be at the forefront
of the industry in the years to come; however, to continue as I
have throughout 2023 would be to place excessive strain on family
and me personally.
I further extend my
appreciation and best wishes to the shareholders, Board and
Executive staff members of Aura".
On behalf of the Board, we express our thanks to Mr
Woodall for his significant efforts during his period with the
Company to progress both the Tiris Uranium and Häggån projects,
engage with key project stakeholders and drive to build Aura Energy
into a global uranium and vanadium company. Mr Woodall will
continue to work with Andrew to ensure a smooth transition of
management roles.
The Board of Aura Energy
Ltd has approved this announcement.
ENDS
Market Abuse
Regulation (MAR) Disclosure
The information contained within this announcement is
deemed by the Company to constitute inside information as
stipulated under the Market Abuse Regulations (EU) No. 596/2014 as
it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ('MAR'). Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this
inside information is now considered to be in the public
domain.
For
further information, please contact:
Philip Mitchell
Non-Executive Chairman Aura
Energy Limited info@auraenergy.com.au
Paul Ryan
Citadel-MAGNUS
Investor & Media Relations pryan@citadelmagnus.com
+61 409 296 511
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Andrew Grove
Managing Director
and CEO Aura Energy Limited
info@auraenergy.com.au
SP
Angel Corporate Finance LLP (Nominated Advisor and
Broker) David Hignell
Kasia Brzozowska
+44 (0) 203 470 0470
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About Aura Energy (ASX: AEE, AIM: AURA)
Aura Energy is an Australian-based
minerals company with major uranium and battery metals projects
with significant resources in Africa and Europe. The Company
primarily focuses on uranium production from the Tiris Project, a
significant greenfield uranium discovery in Mauritania.
The March 2023, Enhanced Definitive
Feasibility Study at Tiris has increased the project NPV
significantly, reconfirming the project as one of the lowest capex,
lowest operating cost uranium projects that remain undeveloped
worldwide.
A Scoping Study into the Häggån
Battery Metals Project in Sweden has outlined compelling economic
value. Aura plans to follow up this study with further exploration
to lift the Resource categorisation alongside close collaboration
with the community surrounding the project to foster support to
proceed.
Aura plans to transition from a
uranium explorer to a uranium producer to capitalise on the rapidly
growing demand for nuclear power as the world shifts towards a
decarbonised energy sector.
Disclaimer Regarding Forward-Looking
Statements
This ASX announcement (Announcement) contains various
forward-looking statements. All statements other than statements of
historical fact are forward-looking statements. Forward-looking
statements are inherently subject to uncertainties in that they may
be affected by various known and unknown risks, variables and
factors which could cause actual values or results, performance, or
achievements to differ materially from the expectations described
in such forward-looking statements. The Company does not guarantee
that the anticipated results, performance, or achievements
expressed or implied in those forward-looking statements will be
achieved.
Schedule A: Summary of material terms of CEO employment contract
Commencement Date
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30 January 2024
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Term
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No fixed term
Employment will continue until terminated
by either party,
as summarised
below.
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Total Fixed
Remuneration (TFR)
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A$425,000 per annum (including
statutory superannuation).
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Short term and Long Term Incentive (STI)
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Aura has retained experienced
remuneration consultant REMSMART to recommend an appropriate
incentive package to the Aura Remuneration Committee in February
2024 and once the terms are agreed, Andrew's full
remuneration terms will be
released.
|
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Mr Grove will be eligible to
participate in the Company's Employee Incentive Plan,
as may be varied, replaced or
removed from time to time.
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Terminations
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Either party may terminate employment
by providing 6 months' notice after an initial three-month
probational period during which time there is a one-month
notice period.
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Restraints
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Mr Grove is subject to non-compete
restraints for a period of up to 6 months, which apply after
cessation of employment.
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