Aura Energy Ltd (ASX:AEE, AIM:AURA) shares surged 11% to 11.11p after Sweden’s parliament voted to overturn a seven-year ban on uranium mining, a move that could unlock significant value for the company’s Häggån project.
The change, which takes effect on 1 January 2026, will see uranium classified as a concession mineral under Sweden’s Minerals Act, allowing exploration and extraction to proceed under the standard mining permit process.
Executive chairman Phil Mitchell called the decision “a major step forward” for Sweden’s economy and energy security, noting the country holds around 27% of Europe’s known uranium resources.
He said the move chimes with Sweden’s ambition to triple its nuclear power capacity and could make uranium a key part of the nation’s energy transition.
Aura’s Häggån deposit, one of the world’s largest polymetallic resources, contains vanadium, sulphate of potash and an estimated 800 million pounds of uranium oxide.
The company said it will now review options to include uranium extraction in future development plans and expand its exploration activities in Sweden.
Mitchell added that using domestically sourced uranium “is more resource efficient and less environmentally wasteful” than current practices, which require uranium to be treated as waste.