Eagle Energy Metals reports positive metallurgical results for Aurora uranium project

[Ben Graham]

Eagle Energy Metals reported Wednesday new metallurgical optimization results from its flagship Aurora uranium project in southeast Oregon.

The company acquired the Aurora uranium project in 2024, which it says is the largest mineable uranium deposit in the US. Its land package spans the Oregon-Nevada border, with the mine on the Oregon side and the plant on the Nevada side.

The results showed recoveries in the high-80% range and a ~60% reduction in acid use, signaling major gains in processing efficiency and cost reduction, the company said.

Tests demonstrate no requirement for separate processing of clay and middlings, simplifying the flowsheet while reducing capital and operating costs, Eagle said, adding that leach duration reduced to ~12 hours from the previous duration of 24 hours, with no requirement for ferric sulphate, further reducing reagent costs.

Eagle’s flagship project includes the Aurora deposit, with 32.75Mlbs Indicated and 4.98Mlbs Inferred of near-surface uranium resource, and the adjacent Cordex deposit, which it says offers significant potential to expand the project’s overall resource inventory, based on over 500 completed drill holes.

Uranium is a crucial source of reliable baseload power as nuclear energy, and the US requires an estimated 32 million pounds of uranium annually for its current nuclear reactors. Energy Fuels’ White Mesa Mill in Utah is the only producing mill in the US.

Interactive: Global Uranium Demand

In 2024, the US purchased 50 million pounds of uranium, but only produced 677,000 pounds, according to the Energy Information Administration.

“Reducing acid use and cutting processing times can make a meaningful difference in the economics of a uranium project,” Eagle Energy Metals CEO Mark Mukhija said in a news release. 

“These results show that Aurora’s uranium may be recovered more efficiently and at lower cost than anticipated, without sacrificing performance,” Mukhija said. “For Eagle, that would be a clear validation of the project’s quality and a key step toward building a reliable U.S. uranium supply chain that can support the nation’s clean energy goals.”

Eagle expects the project to serve as its flagship asset following the completion of its proposed business combination with Spring Valley Acquisition Corp. Upon closing, Eagle plans to list on Nasdaq under the ticker NUCL.

By pairing a large, geologically low-risk uranium resource with its SMR technology, Eagle said it aims to help strengthen the U.S. uranium supply and help rebuild a secure domestic nuclear supply chain.