The March quarter pop: Aura’s got its springboard to uranium production at Tiris
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An incredibly busy March quarter has laid the foundations for Aura Energy (ASX:AEE) to fast-track development of its Tiris uranium project in Mauritania.
From raising $8.8m through an oversubscribed placement and appointing Dr Will Goodall as its acting chief executive officer to lead the process through to definition of a maiden vanadium resource, the company has been gearing up to take the project into fast gear.
Other work undertaken to ensure this includes initiating the key Engineering, Procurement and Construction Management by distributing expressions of interest to qualified engineering consultants and short-listing two stand-out companies to bid for both the Front End Engineering Design (FEED) and EPCM development.
The company also started a bulk test work program with ANSTO Minerals to optimise the uranium circuit and assess vanadium production options and started on the regulatory process in Mauritania for export of a uranium oxide concentrate product.
On the environmental front, Wood PLC has modelled baseline greenhouse gas emissions for a fast-tracked Tiris uranium project at about 16,000t of CO2 equivalent per annum with a clear pathway to net zero emissions defined.
“During the March 2022 quarter, Aura established a strong baseline for rapid development of the fast-tracked 800 klb U3O8 per annum Tiris Uranium Project,” Goodall said.
“We are now well poised for the project to move into production of U3O8 in 2024, aiming to be one of the first greenfields uranium projects to be developed in the current cycle.
He noted that progressing work on the inclusion of a vanadium pentoxide recovery circuit in the Tiris flow sheet, the company sought to extract additional value from the processed material and would look to quantify these benefits through the following quarters.
“During the Quarter several geopolitical events occurred highlighting the importance of energy security globally, and specifically in Europe,” he added.
“Positive sentiments continue to grow for nuclear energy as a key form of low-emission baseload electricity and the inclusion of nuclear energy in the EU green taxonomy represents a clear shift in this direction.
“We have now engaged Diplomat Communications, a leading advisory group in Sweden, to explore the impact of these shifting sentiments on Swedish policy towards uranium mining.”
Looking ahead, the company will carry out 10,000m of drilling to convert additional material to the higher confidence Measured and Indicated categories to support future expansions.
Regional exploration will also be carried out to examine the opportunity to further increase its resource base.
Aura is also continuing to develop its Häggån battery metals project in Sweden and continues to engage with the government and key stakeholders, in relation to advancing the project.
This article was developed in collaboration with Aura Energy, 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.