Aura Energy targets year-end FID for 1.8 Mlb/yr Tiris uranium project
Bankable study gives the Tiris project an NPV of USD500.3 million, attributable share USD425.3 million, on USD349.8 million of development capital.
_41170.jpg)
Key facts
- IRR 28%; payback 3.2 years from first production, per the study
- Mine life 26 years; total saleable production 46.1 million pounds U3O8
- Pilot plant at Bir Moghrein due to start in November, processing 80 tonnes of ore
- Mauritania holds 15% interest, plus royalties, taxes and community contributions
- Deep Yellow defers Tumas FID beyond Q4 2026 on equity market conditions
Aura Energy Limited is targeting a final investment decision on the Tiris uranium project in Mauritania by the end of the year, after releasing a bankable feasibility study of the Eastern Tiris uranium resource.
At a base-case uranium price of USD90.00 per pound U3O8, the study finds a net present value of USD500.3 million, of which ASX-listed Aura's attributable share is USD425.3 million. The internal rate of return is 28%, with payback 3.2 years from first production. The study envisages annual production of 1.8 million pounds U3O8 over a 26-year mine life, for total saleable production of 46.1 million pounds. Development capital is USD349.8 million, with construction taking about two years.
Aura said the base case is in line with the current spot price for uranium and below the long-term contract price.
Principal approvals are in place. A pilot plant at Bir Moghrein is due to begin operations in November, processing 80 tonnes of Tiris ore to validate the process flowsheet.
Financing partner to be selected by end of 2026
Executive Chair Philip Mitchell said financing arrangements were well advanced, and that Aura aims to select its financing partner and structure by the end of 2026.
Mauritania's Minister of Mines and Industry, Eddi Ould Zeine, said Tiris would be the country's first uranium mine, and that the state and communities would benefit through Mauritania's 15% interest, royalties, taxes and community contributions.
Deep Yellow defers Tumas decision
Deep Yellow Limited, also ASX-listed, said on the same day that it will not make a final investment decision on its Tumas uranium project in Namibia during the current quarter as previously planned. Civil works at Tumas have already begun.
The company said current equity market conditions do not support a final investment decision in Q4 2026. Managing Director and CEO Greg Field said Deep Yellow would defer an FID beyond Q4 2026 while maintaining construction momentum and progressing its funding strategy.
The civil works are fully funded from current cash reserves, which the company said allows further de-risking of Tumas before an FID.