Name of the Project
Tiris uranium project.

Location
Mauritania.

Project Owner/s
Uranium exploration company 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
First production at the project is targeted for 2026/27.

Latest Developments
Aura Energy has received firm commitments to raise about A$9-million through the issue of 64.28-million shares at A$0.14 a share. Proceeds will be used to progress development activities, beyond a final investment decision. 

The placement has been supported by existing shareholders and it attracted new high-quality investors. 

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

Meanwhile, Tiris’s ore reserve estimate has increased by 49%, to 62.8-million tonnes at 243 ppm 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.

Engineering contractor Wood has been appointed to undertake a basic engineering and early works definition programme.

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, and to determine the capital and operating costs for a self-funded and fully amortised solution. In addition, a bankable independent power producer solution must be demonstrated through a commercial enquiry process.

Key Contracts, Suppliers and Consultants
Wood (basic engineering and early works definition programme); and ECG Engineering (power generation solution).

Contact Details for Project Information
Aura Energy, tel +61 3 9101 8551 or email info@auraenergy.com.au.