Name of the Project
Tiris uranium project.

Location
Mauritania.

Project Owner/s
Aura Energy.

Project Description
A front-end engineering design (FEED) study has confirmed excellent economics and capital efficiency to develop Tiris into a globally significant near-term uranium operation.

The FEED proposes average base case production of 1.9-million pounds a year of uranium over a 17-year mine life.

Envisaged is a shallow free-dig openpit mining and beneficiation operation delivering a low-cost, high-grade leach feed averaging 1 997 parts per million (ppm) of uranium for the first five years and 1 743 ppm of uranium for the life-of-mine (LoM).

LoM production is estimated at 30.1-million pounds of uranium. The two-million-pound-a-year uranium processing plant is designed for future expansion beyond two-million pounds a year.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The FEED estimates an after-tax net present value (NPV) of $388-million, at an 8% discount rate, and an internal rate of return (IRR) of 36%.

Capital Expenditure
$230-million.

Planned Start/End Date
A final investment decision is expected in late 2024. Uranium production is planned within 18 months of the decision.

Latest Developments
Aura Energy has announced the completion of the previous restructuring of the uranium offtake agreement with London-based Curzon Uranium Trading. 

The restructuring of the agreement has materially increased the price receivable for planned uranium production at the project while releasing significant value for the project. 

The restructured offtake agreement improves the project NPV, at an 8% discount rate, by $22-million to $388-million and increases the IRR by 2% to 36%, compared with FEED design study economics delivered in February 2024.

With the additional funds, Aura has said it is well funded to progress the project to a final investment decision by the first quarter of 2025.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Aura Energy, tel +61 3 9101 8551 or email info@auraenergy.com.au.