Aura Energy Limited owns 100% of the Haggan Project through its wholly-owned subsidiary, Vanadis Battery Metals AB.
On January 23, 2026, Aura Energy Limited has entered into a binding agreement to transfer 100% of the Häggån project to SIU Metals Corp (“SIU Metals”)., an unlisted Canadian public company, in consideration for acquiring shares in SIU Metals. The agreement will result in SIU Metals being the 100% owner of the Häggån project. Aura will retain 78.7% ownership of SIU Metals, the strategic investors will own 19.7% after contributing C$10 million via a private placement, and other investors will own 0.6%. SIU Metals’ existing shareholders will retain 1%. SIU Metals intends to seek a stock market listing on the TSX Venture Exchange in connection with the transaction by June 2026.
- subscription is required.
Summary:
The Häggån Project consists of poly-metallic mineralisation and lies within a Cambrian to Lower Ordovician age geological unit known as the Alum Shale Formation (‘Alum Shale’). The shale facies are generally between 10 and 60 metres thick and extend sporadically in Scandinavia from northern Norway to southern Sweden. The Alum Shale contains elevated but variable levels of many metals, principally vanadium, nickel, molybdenum, zinc, cobalt and in places copper and uranium.
During the mid-Palaeozoic Era, the lapetus Ocean closed due to the collision of the Laurencia (Greenland) continental plate with the Baltica plate (Scandinavia). This collision resulted in thrusting of the lower Palaeozoic sequences, including the Alum Shale, from the west to the east over older basement rocks of the Fennoscandian shield. Together with slices of older basement, the sedimentary rocks were thrust several hundred kilometres eastwards over the edge of the Fennoscandian Shield in several large sub-horizontal thrust sheets c. 400 Ma ago.
Häggån lies close to the eastern edge of this sedimentary thrust-sheet package.
The thrusting has been important as it has caused repetition and thickening of the mineralised Alum Shale which constitutes the mineralised body at Häggån. This has led to the development of an unusual thickness, up to 200 metres, of the mineralised Alum Shale in the Aura permit areas relative to the undeformed Alum Shale developed elsewhere, greatly enhancing the tonnage of mineralisation within the Aura areas.
Mineralisation
The mineralisation of the Alum Shale in the area investigated by Aura is enriched in various elements, principally:
• Vanadium;
• Nickel;
• Molybdenum;
• Cobalt;
• Zinc;
• Uranium.
Vanadium mineralisation is hosted within the mica mineral roscoelite (K(V3+, Al,Mg)2AlSi3O10(OH)2).
Vanadium occurs within the lattice of the mineral roscoelite, a variety of mica, which also contains potassium. Nickel, molybdenum, cobalt, and zinc are present as sulphides. Uranium is largely adsorbed onto carbonaceous matter. All minerals except for recrystallised carbonates are very fine grained, typically around 10 microns in grain size.
The highest metal concentrations generally occur in the upper parts of the Alum Shale, and the highest vanadium grades in the Aura licenses appear to occur in the upper thrust sheet.
Dimensions
The estimated Mineral Resource covers a roughly oval area around 4,400 m wide east-west and 3,400 m north-south. This Mineral Resource is split into two discrete patches separated by 200 to 1,500 m. The mineralisation is interpreted to span the swathe between the patches. Mineralisation in this swathe forms part of the Exploration Target inventory as lack of drilling precludes the classification as a Mineral Resource.
The upper limit of the Mineral Resource occurs at surface although the average depth is about 130 m. The maximum depth of the Mineral Resource is 275 m.
The 2023 Scoping Study has targeted mining of the NWHG Zone Indicated Mineral Resource, although also includes Inferred Mineral Resource that was within pit shells optimised on mining of only the Indicated Mineral Resource. The NWHG Zone here extends approximately 1 kilometre in both north-south and east-west directions with high-grade vanadium mineralisation commencing at surface and extending to depths of >100m below surface.
Commodity Production
Proposed production of 3,000 tpa of mixed sulphide precipitate of nickel, zinc, and molybdenum.
Only ore mined above a higher 0.3% V2O5 cut-off grade being directly fed into the processing plant over the first 11 years of the mine life, and low-grade ore between 0.1% and 0.3% V2O5 cut-off grade being stockpiled and processed from years 12 to 17 of the project.
| Commodity | Product | Units | Avg. Annual | LOM |
|
V2O5
|
Flake
|
t
| 10,000 * | 166,500 * |
|
Sulfate of potash (SOP)
|
Fertilizer
|
t
| 215,000 * | |
* According to 2023 study.