Aura Energy “rapidly advancing” Tiris Uranium Project development

Aura Energy Ltd (ASX:AEE, AIM:AURA) has made further progress at the Tiris Uranium Project in Mauritania, West Africa, as it works to complete all required steps to finalise a mine development decision by Q1 2025. 

Five further steps have been made towards the development of the project:

1. Experienced West African project director Jan Booyse and his company, Project EQ, appointed to lead project development. 
2. Kenmore Mine Consulting appointed to complete a mine plan optimisation review. 
3. Lycopodium appointed to oversee an optimisation and project enhancement study.
4. Knight Piésold Consulting appointed to oversee water resource drilling in the abundant and proximate Taoudeni Basin. 
5. Highly credentialed Bruce Harvey appointed to review and update the company’s environment social governance (ESG) framework. 

This progress follows the delivery of the front end engineering design (FEED) study in February 2024, the appointment of advisors to progress financing of the project and the recent 55% increase in mineral resources at Tiris. 

Significant steps towards development 

Aura managing director and CEO Andrew Grove said: “Each of the steps outlined above represent a significant step towards development of the Tiris Uranium Project into a globally significant uranium mine. 

“Jan and his team have significant expertise and capacity to support Aura with the next phase of our development. 

“The recent drilling results and the increase in mineral resources both demonstrate significant future resource growth potential at Tiris from ongoing exploration activities. The increase of Tiris’ global mineral resources by 55% to 91.3 million pounds U3O8, was delivered at a discovery cost of only US$0.14 per pound of U3O8. 

“We are confident the mine optimisation and scheduling study on the enhanced 91.3 million pound U3O8 mineral resource, together with Lycopodium’s review will materially enhance the compelling project FEED economics of NPV8 US$388 million and IRR 36% after tax.

“On many fronts, the project development is rapidly advancing, with a number of these workstreams having significant potential to add value to Tiris and we look forward to keeping shareholders and stakeholders informed regarding Aura’s progress.”