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 of $366-million, at an 8% discount rate, and an internal rate of return of 34%, with a payback of 2.5 years.

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 increased the mineral resources of the Tiris project by 55% to 91.3-million pounds of uranium, up from the previously reported 58.9-million pounds of uranium.

Aura has said the increase in resources presents real opportunities to increase the project’s future scale beyond the current 17-year mine life at two-million pounds a year of uranium production.

The mineral resources include the Tiris East and Oum Ferkik project areas.

Measured and indicated mineral resources have increased by 35%, adding 10.3-million pounds of uranium and providing further confidence in the front-end engineering design (FEED) production schedule.

Aura MD and CEO Andrew Grove has said the drilling results and the increase in mineral resources demonstrate significant future resource growth potential from ongoing exploration activities.

Additional mineral resources have been defined from extensions to the known mineralisation and exhibited the same characteristics as the current shallow, free-digging mineralisation that has proven promising beneficiation characteristics.

This major increase in the Tiris mineral resources has reinforced Aura’s commitment to progress the project towards a development decision late this year or early 2025.  It offers significant potential to materially enhance the FEED economics of a net present value of $388-million and internal rate of return of 36% after tax.

Aura has indicated that mine scheduling and optimisation, including a review of the ore reserve estimate, will now be undertaken on the enhanced mineral resources.

“More opportunities remain to expand the known mineralisation within the current granted tenements. In addition, the potential for future discoveries within the 13 000 km2 of new tenement applications is significant, as we have only just begun exploration over this district-scale opportunity.

“The increased mineral resource inventory will further support the funding and development of the Tiris uranium project in the near future,” Grove has said.

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.