But the uranium market doesn’t need to do anything for Aura...

But the uranium market doesn’t need to do anything for Aura shareholders to do well - Aura just needs to close the gap with its peers. Have a look at the Bannermans presentation on page 22:

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02820075-6A1212679&v=70bc033a22188bdfefb8a0b8ad3c24897ef2837d

To compare apples with apples, take the case where the Uranium price is 80. NPV projections (post-tax) for Bannermans range from USD390m to USD544m.

Looking at Aura:

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02816461-3A644153&v=70bc033a22188bdfefb8a0b8ad3c24897ef2837d

NPV projections were USD388m, but taking into account the recent 55% uplift, we can say the range is USD388m to USD601m.

Looks pretty similar right? With both mines in African jurisdictions, Aura sitting at about AUD$100m market cap, Bannermans is sitting at about AUD$500m market cap.

I’ve previously set out reasons why this might be the case (i.e. why there is a discount), but just closing the gap with Bannermans, with no movement in the uranium market, gets the share price north of AUD$0.50.

On top of that, there’s potential further upside if the market recognises more value in Haggan, and Tiris may end up being 2-3 bigger than even what the 55% uplift suggests.