Key Highlights

  • The study reports 46.1 Mlb of saleable U3O8 over a 26-year mine life, development Capital of US$349.8 million, C1 cost of US$32.53/lb and AISC of US$41.25/lb.
  • At a flat US$90/lb, the study shows post-tax NPV of US$500.3 million on a 100% basis, a 28% IRR and 3.2-year payback, with Aura's attributable NPV at US$425.3 million.
  • Funding is not secured: the case assumes US$400 million, no lender or investor has committed, and any Equity funding is likely to dilute shareholders.

Aura Energy Limited (ASX:AEE, AIM: AURA) released the Bankable Feasibility Study (BFS) for the Tiris Uranium Project in Mauritania on 16 October 2026. The study supersedes the production targets and forecast financial information in earlier releases, and the company says it supports advancing to a Final Investment Decision (FID) targeted for December 2026, with first production by the end of 2028.

Study economics

All figures are stated on a 100% project basis in real terms using a flat uranium price of US$90/lb U3O8, against spot and long-term contract prices of about US$89.7/lb and US$97/lb at the time. The study reports post-tax NPV of US$500.3 million at an 8% real discount rate, pre-tax NPV of US$604.8 million, a post-tax IRR of 28% and payback of 3.2 years from first production. Aura's attributable NPV is US$425.3 million, reflecting its 85% interest in Tiris Ressources SA, with the remaining 15% held free-carried by Mauritanian agency ANARPAM.

Life-of-mine unlevered free Cash Flow is US$1,479 million. The release notes that project Economics are most sensitive to the uranium price, and it includes a sensitivity table across flat prices.

Production, costs and capital

The study plans 111.1 million tonnes of ore mined at 225 ppm U3O8 to produce 46.1 million pounds of saleable U3O8 over 26 years, averaging 1.8 million pounds a year and about US$158 million in annual revenue. C1 cash cost is US$32.53/lb and All-In Sustaining Cost is US$41.25/lb. Development capital is US$349.8 million, sustaining capital US$203.4 million, closure and rehabilitation US$20.0 million, and peak funding requirement US$379.6 million. Construction is expected to take about two years. The capital estimate is an AACE Class 3 estimate with an accuracy of plus or minus 15%, and power Supply pricing remains to be finalised.

Mining, processing and resource base

Mining is free-dig with no drilling, blasting, crushing or grinding, at a strip ratio of 1.00 to 1. Beneficiation upgrades uranium about seven-fold to a leach feed grade of 1,697 ppm U3O8, with overall recovery of 83.7%. Product is trucked about 1,447 kilometres to the Port of Nouakchott, of which 782 kilometres is sealed highway.

The Ore Reserve rose 11% to 74.6 million tonnes at 227 ppm U3O8 for 37.3 million pounds, from 33.6 million pounds. Total Mineral Resources are 184 million tonnes at 225 ppm for 91.3 million pounds. By ore tonnes, the production target is 67.1% Ore Reserves and 32.9% Inferred Mineral Resources, and the company notes a low level of geological confidence in the Inferred portion.

Funding and pilot plant

The forecast assumes US$400 million of funding, comprising US$220 million of senior and subordinated Debt and US$180 million of equity, royalties or other quasi-equity. Aura reports advanced senior debt discussions with the US DFC for about US$150 to 170 million and a non-binding MOU with a major nuclear utility. It states that funding is not secured and that equity or quasi-equity funding is likely to dilute existing shareholders, potentially substantially.

The Tiris pilot plant at Bir Moghrein is due on site later in October and is expected to operate from November to December, processing more than 80 tonnes of ore across different ore types to confirm plant performance ahead of FID. The project holds 30-year exploitation permits, executed Mining Conventions and environmental approvals.

Study basis and power supply

The BFS is described as a Feasibility Study under clause 40 of the JORC Code (2012 Edition). Within the resource base, Tiris East holds 162 million tonnes at 215 ppm for 76.6 million pounds, of which 83 million tonnes at 219 ppm for 39.9 million pounds is Measured and Indicated. The plan includes an 85% renewable solar and battery microgrid funded through a power purchase agreement, and an autonomous, fully electric haulage fleet.