Aura is on a roll this month with the company now penning in a 52% upgrade to high confidence Measured and Indicated Resources at its Tiris uranium project in Mauritania.

The project now has a resource of 62.2Mt grading 216 parts per million U3O8 at a 100ppm cut-off, or a contained resource of 29.6Mlbs of U3O8, enabling the company to update its 2019 Definitive Feasibility Study with a view towards increasing the production rate.

Near-term exploration targets have also been identified to further grow the Tiris Resource.

It follows Aura Energy (ASX:AEE) securing mining conventions from the Mauritanian Government which grant the Tiris project 30 years of tenure security and fiscal certainty.

“The significant increase of our M&I resources confirms our confidence (in) the Tiris province which we believe has great expansion potential,” managing director Dave Woodall said.

“Our immediate focus is now to work with our Mauritanian stakeholders, offtake providers, investors and financing partners to progress towards a decision to mine in Q3 CY2023, a target construction timeline of Q4 CY2023, and first production expected in late 2024 or early 2025.

“Our exploration success is creating a strong platform for growth for Aura’s shareholders and our Mauritanian partners, and an exciting new zero-carbon energy source for an increasingly energy-hungry world.”

Building up scale

Mineralisation at Tiris differs from other near-term projects in that the carnotite (uranium mineral) is mostly ultrafine, micron scale in grain size, enabling the separation of the uranium without crushing and grinding.

This is a key reason why the 2019 DFS estimated CAPEX at an eminently palatable US$74.8m and C1 cash costs at just US$25.43/lb for a project capable of producing 800,000lbs of U3O8 per annum.

Aura will also highlight its existing fast-to-market development strategy in the upcoming DFS update, which is made possible by the economies of scale on the capital and operating costs using a modular expansion of Tiris.

It comes as the European Union published rules on February 13 which could allow some hydrogen produced by electrolysers powered by nuclear-based energy systems to count towards its renewable energy goals.




This article was developed in collaboration with Aura Energy (ASX:AEE), a Stockhead advertiser at the time of publishing.


This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.