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Aura raises A$9m to advance Tiris development activities

A work camp at the Tiris project

Photo by Aura Energy

17th December 2024

By: Creamer Media Reporter

     

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ASX- and Aim-listed Aura Energy has received firm commitments to raise about A$9-million through the issue of 64.28-million shares at an issue price of A$0.14 a share.

Proceeds will be used to further progress development activities at Aura's Tiris uranium project, in Mauritania, beyond a final investment decision. First production at the project is targeted for 2026/27.

Aura points out that the placement was supported by existing shareholders and attracted new high-quality investors. 

International uranium investment group Sachem Cove Partners committed A$6.5-million of the funds and will hold about 5.1% of Aura's issued shares.

“We are delighted to welcome Sachem Cove as a significant shareholder in Aura. Their extensive expertise in the uranium markets, both physical and equity, underscores the quality and deep value at the Tiris uranium project and for Aura’s broader growth potential.

"This investment also reflects the significant progress our team has made throughout the year in de-risking and advancing the project toward development, targeted for 2025," comments Aura MD and CEO Andrew Grove.

Meanwhile, Aura separately announced that the Tiris project's ore reserve estimate has increased by 49% to 62.8-million tonnes at 243 ppm uranium octoxide (U3O8), containing an estimated 33.6-million pounds of U3O8, compared with the previous estimate of 40.4-million tonnes at 254 ppm U3O8, containing an estimated 22.6-million pounds of U3O8.

Further, engineering contractor Wood has been appointed to undertake a basic engineering and early works definition programme at Tiris.

Specialist power generation consultancy ECG Engineering has also been appointed to define a power generation solution for Tiris with the lowest levelised cost of energy, as well as to determine the capital and operating costs for a self-funded and fully amortised solution and to demonstrate a bankable independent power producer solution through a commercial enquiry process.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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