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 received the last outstanding material permit from the Mauritanian government to allow for the construction and operation of the project.

The authorisation to develop, mine and produce uranium oxide concentrate (UOC) was issued by the National Authority for Radiation Protection, Safety and Nuclear Security – L'Autorité Nationale de Radioprotection de Sûreté et de Sécurité Nucléaire (ARSN) – on July 12.

The authorisation is a significant step towards achieving a final investment decision by the first quarter of 2025.

Approvals for the export of uranium will be granted as part of a routine export monitoring programme and in accordance with international safeguards for monitoring the movement of radioactive materials.

There are no limits on the volumes of future uranium production, which will enable the operation to have significant flexibility, including the potential for future expansion of production beyond two-million pounds a year of uranium.

Production rates are being investigated on the back of the significant 55% increase in mineral resources to 91.3-million pounds uranium announced in June.

The company has contracted a major international company specialising in transporting radioactive materials for the future seaborne transportation of UOC, produced from Tiris, to international converters.

In a strong show of support for the company and the development of Tiris, Aura says the Mauritanian government, by order of Prime Minister Mohamed Ould Bilal, has formed an inter-Ministerial committee to facilitate and support the development of Tiris and the uranium mining industry in Mauritania.

The committee will be headed by ARSN and will be a central point of contact for all ministries to facilitate and support the rapid development of the future Tiris uranium mine.

Progress at Tiris is developing rapidly. The authorisation to develop, mine and produce UOC follows the start of funding activities and multiple project development activities announced earlier this month. This includes the appointment of an owners team to develop the project, mine plan optimisation and project expansion studies, consulting firm Lycopodium’s undertaking project optimisation and cost review, water resource development, as well as an environment and social governance framework development.

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.