AURX Kagera Nickel Project

The AURX Kagera Nickel Project is a greenfield exploration position in the Karagwe-Ankole Belt of northwestern Tanzania, targeting magmatic nickel-copper-platinum group element (Ni-Cu-PGE) sulphide mineralisation in mafic-to-ultramafic intrusive complexes. The project is geologically analogous to the world-class Kabanga nickel deposit — one of the largest undeveloped nickel sulphide resources globally, with 58 Mt at 2.63% Ni identified by Barrick Gold and subsequently advanced by a consortium including LifeZone Metals.

Nickel is a foundational input to stainless steel, EV battery cathodes (nickel-cobalt-manganese and nickel-cobalt-aluminium chemistries), and superalloys for aerospace applications. The International Energy Agency projects nickel demand for battery applications alone will grow from approximately 200 kt in 2023 to over 2,800 kt by 2040 — requiring a multi-decade pipeline of new supply from deposits that have not yet been discovered.

The Karagwe-Ankole Belt is a Mesoproterozoic mobile belt that underwent thermal and structural reworking during the Kibaran orogeny (circa 1,370 Ma). The belt hosts a series of mafic-to-ultramafic intrusive complexes emplaced during the orogenic cycle, some of which — most notably Kabanga — developed magmatic sulphide mineralisation through sulphur saturation and accumulation in dynamic magma chambers.

Magmatic Ni-Cu-PGE sulphide deposits form when a mantle-derived mafic magma reaches sulphur saturation during emplacement, causing immiscible sulphide liquid droplets to segregate from the silicate melt and collect economic concentrations of chalcophile metals (Ni, Cu, PGEs, Au) from the large volume of silicate magma passing through. The resulting sulphide bodies are typically massive, high-tonnage and high-grade — the class of deposit that underpins global nickel supply from sites including Norilsk (Russia), Sudbury (Canada) and Voisey's Bay (Canada).

The Kagera Nickel Project's thesis rests on four factors. First, direct analogy to a world-class deposit — Kabanga's development and resource definition provide a calibrated exploration model for the entire belt. Second, relative underexploration — outside the Kabanga immediate vicinity, the Karagwe-Ankole Belt has received limited systematic mafic-intrusion targeting. Third, airborne electromagnetic (AEM) survey technology now provides reliable detection of conductive sulphide bodies at depths of several hundred metres, materially reducing exploration risk. Fourth, nickel's structural demand outlook from battery manufacturing and its inclusion on every major economy's critical minerals list.

The exploration programme is structured as a classic greenfield Ni-Cu-PGE campaign: regional stream-sediment geochemistry across the project area to identify areas of anomalous Ni, Cu, Pt, Pd, Co; detailed geological mapping to identify and characterise mafic-to-ultramafic intrusive bodies; airborne EM and magnetic survey targeting deep-seated conductors associated with magmatic sulphide mineralisation; surface sampling and petrographic/mineralogical characterisation of prospective intrusions; and ground EM follow-up and diamond drilling of priority conductive anomalies, with drill priorities weighted toward bodies with supporting surface nickel-copper geochemistry.

Kagera represents AURX's earliest-stage flagship asset and the deepest expression of our geological-upside thesis. The comparatively low capital intensity of early-stage regional-scale Ni-Cu-PGE exploration — and the extraordinary leverage to discovery in a belt with a proven giant deposit — makes Kagera particularly suitable for risk-tolerant exploration capital or strategic partners with existing global nickel-sulphide operating expertise.