Name of the Project
Tiris uranium project.

Location
Sahara Desert, in north-east Mauritania.

Project Owner/s
The project is owned by Tiris Resources (85%), a subsidiary of Aura Energy, and the Mauritanian government, through its agency Societe Mauritanienne des Hydrocarbons et de Patrimone Minier (15%).

Project Description
Titis is the first major calcrete uranium discovery in the region.

A definitive feasibility study (DFS) has confirmed the uranium project as a low capital- and operating-cost development opportunity.

Average uranium oxide production is estimated at 823 000 lb, with life-of-mine (LoM) production estimated at 12.35-million pounds of uranium oxide.

The beneficiation plant ore throughput rate is estimated at 1.25-million tonnes a year and that of the process plant at 160 000 t/y.

The LoM has been estimated at 15 years.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value, including royalties and tax, at an 8% discount rate, of $89.9-million and an internal rate of return of 26%, including royalties and tax, with a project payback from startup of 3.25 years.

Capital Expenditure
An updated capital cost estimate for the Tiris uranium project, in Mauritania, has increased the projected cost by 10.4%.

The project is expected to require a capital investment of $74.8-million, compared with the $62.9-million estimated in the 2019 DFS.

Planned Start/End Date
Not stated.

Latest Developments
Aura Energy is ready to start production at the Tiris uranium project, where the company will implement strategic changes to focus on uranium and the high-growth demand for nuclear power.

The proposed strategic changes include the election of new board members – Phil Mitchell as independent chairperson, and Warren Mundine and Bryan Dixon as independent nonexecutive directors – at the company’s annual general meeting (AGM) on December 21, subject to shareholder approval and completion of due diligence by the company's nominated adviser.

Martin Rogers, Peter Ward and Peter Reeve are expected to step down from the board following the AGM.

This new board will, within the next six months, run a process to appoint a new CEO at Aura with the right skills set to take the Tiris uranium project into production.

With rapidly growing demand for uranium and nuclear energy driven by the shift towards a decarbonised energy system, Aura's new board will apply its significant experience to fast-track Tiris to near-term production.

Key Contracts, Suppliers and Consultants
Minecore (engineering consultant); Simulus Group (leaching/ion-exchange engineering consultant); Adelaide Control Engineering (uranium processing engineering consultant); Mining Plus (mine design consultant); General Studies and Achievements in Africa (geotechnical consultant): PhotoSat (satellite surveying); H&S Consultants (resource estimation); 3D Exploration (grade determination by gamma logging); Poseidon Geophysics (downhole gamma logging); Australian Nuclear Science & Technology Organisation (metallurgical testwork, steady-state simulation, uranium disequilibrium); Australian MinMet Metallurgical Laboratories (metallurgical testwork); CSIRO Minerals, University of SA, Pontifex Associates (mineralogy); Activation Laboratories (uranium determination); Geoterra (hydrogeological consulting); SES (water geophysics); ALS Global (chemical analysis); Wallis Drilling (air-core drilling); Capital Drilling (diamond drilling); Earth Systems (environmental- and social impact assessment consultants); METS Engineering (operating cost review); and Golders Associates (groundwater supply review).

Contact Details for Project Information
Aura Energy, tel +61 3 9516 6500 or email info@auraenergy.com.au.