Name of the Project
Tiris uranium project.

Location
Sahara Desert, 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
Tiris is the first major calcrete uranium discovery in the region.

Mineral resources are estimated at 113-million tonnes grading at 236 parts per million, containing 58.9-million pounds of uranium, and supporting a 16-year project life, compared with the 15-year mine life in the 2021 DFS.

Average steady-state production has increased from 800 000 lbs in the 2021 definitive feasibility study to two-million pounds of uranium in the enhanced 2023 feasibility study.

The project plans to deliver a life-of-mine production of 25.5-million pounds of uranium, an increase of 110%, compared with the 2021 DFS, taking advantage of the 52% increase in measured and indicated resources.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The enhanced 2023 feasibility study estimates a net present value (NPV), at an 8% discount rate, of $226-million and an internal rate of return (IRR) of 28%, with a payback of 4.5 years.

This compares with the 2021 DFS that shows an after-tax NPV, including royalties and tax, at an 8% discount rate, of $80-million and an IRR of 22%, including royalties and tax, with a project payback from startup of 3.25 years.

Capital Expenditure
In the enhanced feasibility study, the project has an initial capital cost of $87.9-million, compared with the 2021 definitive feasibility study, with cost-efficient scalability for additional capital cost of $90.3-million to deliver a 150% increase in production to two-million pounds of uranium a year.

Planned Start/End Date
Commercial production is targeted  for the first quarter of 2025.

Latest Developments
Further project optimisation will be investigated as part of the front-end engineering design study, which has started using the outcomes of the enhanced feasibility study. Additional areas of optimisation within the recovery of the uranium are under investigation and require further engineering to optimise the production profile.

In parallel with this engineering work, project financing and offtake discussions will continue ahead of a potential final investment decision in the fourth quarter of 2023.

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 South Australia, 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); Golders Associates (groundwater supply review); ANSTO Minerals (bulk metallurgical testwork); Mintek (pilot-scale tests); DRA Global and its subsidiary SENET (front-end engineering design study for the project); and Wallbridge Gilbert Aztec and Adelaide Control Engineering (design of the processing circuit).

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