AEE’s 91Mlb Tiris uranium project fully permitted

ASX uranium developer Aura is on the fast track to developing a new uranium mine in Mauritania

This approval is the last material licence required to begin construction, and then mine and produce uranium from Aura Energy’s Tiris project. Pic: Getty Images

• Aura Energy’s Tiris uranium project is now fully permitted for development

• AEE has received the last outstanding material permit from the Mauritanian Government, marking a significant step towards achieving a final investment decision by Q1 2025

• Numerous activities underway to enhance Tiris economics

Special report: Aura Energy has inked the final approval required to begin construction and mine uranium from the Tiris project in Mauritania, West Africa.

Aura Energy (ASX:AEE) recently increased its resources at the Tiris project by 55% to 91.3Mlb uranium, up from 58.9Mlb following a 15,262m drill program.

That resource boost was delivered at a discovery cost of only  US$0.14 per lb U₃O₈, a telltale sign that further exploration could enhance the project’s already excellent FEED economics including an NPV8 of US$388m and IRR of 36% after tax.

Tiris’ latest permitting update now puts AEE firmly in the ‘near-term’ uranium producer category with initial production estimated to begin in 2026.

Fully permitted for development

With the full backing of the Mauritanian Government, which has formed an interministerial committee to facilitate and support the development of Tiris as well as the broader uranium industry in Mauritania, AEE is another step closer to mine construction.

It is also a significant step towards achieving a final investment decision by Q1 2025.

The authorisation to develop, mine and produce uranium oxide concentrate was issued by the National Authority for Radiation Protection, Safety and Nuclear Security on July 12.

Approvals for the export of uranium will be granted as part of a routine export monitoring program and in accordance with international safeguards for monitoring the movement of radioactive materials.

There are no limits on the volumes of future uranium production, which will allow significant flexibility for the operation including the potential for future expansion of the initial production rate beyond 2Mlbpa U₃O₈.

Production rates are also being investigated on the back of the significant 55% increase in Mineral Resources to 91.3Mlb announced last month.

Activities underway to enhance Tiris economics

“We’re very pleased with the very high levels of support and confidence shown by the Mauritanian Government towards Aura and the development of a long term globally significant uranium mining industry in Mauritania, commencing with Tiris,” AEE managing director and CEO Andrew Grove says.

“The final approval and formation of the inter-ministerial committee are important steps as we rapidly progress towards FID and developing a uranium mine at Tiris in the near term.”

“There are also numerous activities underway that should materially enhance Tiris’ Project FEED economics of NPV8 US$388M and IRR 36% after tax.”

What’s on the horizon?

AEE has contracted a major international company specialising in the transportation of radioactive materials for the future seaborne transportation of UOC produced from Tiris to international converters.

Progress at Tiris is developing rapidly and also comes amid concerns about the future of uranium supply from major neighbouring producer Niger.

The authorisation to develop, mine and produce UOC follows the commencement of funding activities and multiple project development activities announced earlier this month including mine plan optimisation, expansion studies and water resource development.

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.

Originally published as AEE’s 91Mlb Tiris uranium project fully permitted