Name of the Project
Tiris uranium project.

Location
Tiris Zemmour region, north-east Mauritania.

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

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

An enhanced definitive feasibility study (DFS) released in March 2023, based on the original 2021 DFS, proposes average steady-state production of two-million pounds a year of uranium.

A 16-year mine life is envisaged, with near-term exploration upside. Life-of-mine production is estimated at 25.5-million pounds of uranium oxide, an increase of 110% on the 2021 DFS, taking advantage of measured and indicated resources of 29.6-million pound of uranium.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
In the enhanced feasibility study base case, the project has an after-tax net present value, at an 8% discount rate, of $226-million and an internal rate of return of 28%, with a payback of 4.5 years.

Capital Expenditure
$178.2-million.

Planned Start/End Date
Not stated.

Latest Developments
Project optimisation will be investigated as part of a front-end engineering design study, based on the outcomes of the enhanced DFS.

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.