Name of the Project
Tiris uranium project.

Location
Mauritania.

Project Owner/s
Aura Energy.

Project Description
In September 2024, Aura Energy reported in an update to the February 2024 front-end engineering design (FEED), a 44% increase in life-of-mine (LoM) production from 30.1-million pounds a year to 43.5-million pounds of triuranium octoxide (U₃O₈) in the FEED. This follows the upgrading of the project's mineral resource to 91.3-million pounds of U₃O₈.

The update also noted an increase in the project’s mine life from 17 years to 25 years.

The processing plant will average 1.8-million pounds a year of U₃O₈ from the two-million-pound-a-year-capacity U₃O₈ process plant.

Envisaged is a shallow free-dig openpit mining and beneficiation operation, with the operation delivering a high-grade leach feed averaging 2 217 parts per million (ppm) U₃O₈, an increase from 1 997 ppm U₃O₈ (over first five years) in the FEED. This remains overall about the same at 1 752 ppm U₃O₈ from 1 743 ppm U3O8 in the FEED at a very low average cost of $9.16/lb U₃O₈.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Aura reported in September 2024 that economics on the project had improved, with the net present value having increased by 29% to $499-million, compared with $388-million set out in the February FEED study. The after-tax internal rate of return is now estimated at 39%, compared with the 36% estimated in February.

Payback has decreased by 10% to 2.25 years.

Capital Expenditure
$230-million.

Planned Start/End Date
Uranium production is planned within 18 months of the final investment decision.

Latest Developments
The funding process is under way with indicative offers due this quarter.

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.