A bankable feasibility study establishes, to a bankable level of confidence, the technical viability and economic merit of developing the Eastern Tiris uranium resource and is the basis on which Aura, its partners and prospective financiers will make a final investment decision (FID).
Assuming a base-case uranium price of USD90.00 per pound U3O8 – which Aura says is in line with the current spot price for uranium and below the long-term contract price – the study finds a net present value, or NPV, of USD500.3 million, with ASX-listed Aura’s attributable share being USD425.3 million. The internal rate of return of 28% puts payback would be 3.2 years from first production.
The study envisages annual production of 1.8 million pounds U3O8 per year, for total saleable production of 46.1 million pounds U3O8 over a mine life of 26 years. The project would require development capital of USD349.8 million, with construction taking about two years.
“Tiris is a simple, robust project. It will be Mauritania’s first uranium mine and opens a new uranium province. It comes online just as demand for uranium is accelerating,” Aura Energy Executive Chair Philip Mitchell said. Financing arrangements are well advanced, he added: “Several strategic investors are working closely with us. We aim to select our financing partner and structure by the end of 2026.”
Principal approvals for the project are already in place, and a pilot plant at Bir Moghrein is due to begin operations in November, processing 80 tonnes of Tiris ore to validate the process flowsheet.
Mauritania’s Minister of Mines and Industry Eddi Ould Zeine said Tiris reflected the government’s priorities for the mining sector, with the state and communities benefitting through Mauritania’s 15% interest, royalties, taxes and community contributions. “The Government of Mauritania strongly supports the development of Tiris, which will be our country’s first uranium mine and the foundation of a new national industry,” he said.
“Just as important are the jobs Tiris will create and Aura’s commitment to develop young Mauritanians for leadership roles in a modern, digitalised mining industry. We look forward to continuing our close cooperation with Aura as Tiris moves towards construction,” Zeine added.
‘Not yet’ for Namiba FID
Deep Yellow Limited – which is also ASX-listed – has already begun civil works at its flagship Tumas uranium project in Namibia, but, on the same day that Aura released its study, the company said it would not be making an FID during the current quarter as previously planned.
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Leach tank ring beam preparations at Tumas (Image: Deep Yellow)
The company said it “remains committed” to completing construction at the project but “has determined that current equity market conditions do not support a Final Investment Decision in Q4 2026”.
“Despite the compelling global uranium market fundamentals, challenging equity market conditions continue to constrain funding options for uranium developers,” Deep Yellow Managing Director and CEO Greg Field said. “Against this backdrop, we believe it is prudent to defer FID beyond Q4 2026 while maintaining construction momentum and progressing our funding strategy to ensure Tumas is well positioned to advance when market conditions improve.”
The ongoing civil works are fully funded with current cash reserves, which allows for further de-risking of Tumas prior to FID, the company said.
