Aurora Energy Metals (ASX:1AE) is advancing the development of its namesake uranium project in the United States. This progress is facilitated through Eagle Energy Metals’ proposed merger with Spring Valley Acquisition (NASDAQ:SVII). Aurora Energy Metals is a critical minerals explorer and developer with interests in both Australia and the US. The company is focused on developing resources essential for a sustainable future.
The proposed transaction is expected to result in Eagle Energy becoming a publicly-listed uranium and nuclear energy company on the Nasdaq stock exchange. In November 2024, Aurora entered into a binding option agreement with Eagle to acquire Oregon Energy, the wholly owned subsidiary of Aurora, which holds the Aurora Uranium Project. Under the terms of this proposal, Eagle Energy will issue US$16 million (AU$24.88 million) worth of shares to Aurora.
Further consideration remains payable upon the achievement of agreed milestones, along with a 1% net smelter royalty on future uranium production. As part of the option agreement, Eagle Energy is currently funding up to US$250,000 to support ongoing technical work programs at the Aurora Uranium Project. Eagle is also working to convert the project’s current JORC-compliant resource estimate to an SK-1300-compliant resource, a requirement for listing on a US exchange.
Aurora has stated that the proposed listing through Spring Valley Acquisition represents a “strong endorsement” of the project. The company believes it strategically aligns with the increasing US demand for a secure, domestic uranium supply to support nuclear energy development. Aurora will continue its close collaboration with Eagle Energy as it progresses toward the Nasdaq listing.
