Aura Energy signs accord with nuclear utility for Tiris uranium mine

(Alliance News) - Aura Energy Ltd on Tuesday said it is eyeing a final investment decision for its Tiris project by the end of the year, after signing an accord with a "major international nuclear utility".

The Fremantle, Western Australia-based uranium and battery metals company is developing Tiris as Mauritania's first uranium mine and noted that it would be the country's first new mine in two decades.

Aura's latest non-binding memorandum of understanding covers "potential investment, offtake and technical collaboration", though it did not name the partner in question.

According to Aura, the accord "supports a pathway to a substantial, well-capitalised funding partner for Tiris, without derogating from other funding options". Looking ahead, Aura may secure a cornerstone equity investment, possibly from the same company with whom it has signed the MOU. The same company has indicated it would support alternative funding arrangements.

Aura is in the process of securing senior project debt from the US International Development Finance Corp for the project, alongside new equity and instruments similar to royalties. Tiris also has a non-binding proposal from "a major US investment fund", Aura said.

The company stressed that Tiris's flowsheet and project economics are robust, with Chair Phil Mitchell hailing the MOU as "a defining moment".

Aura is on track to complete a bankable feasibility study for Tiris in September and reach a final investment decision by the end of the year, in addition to finalising a funding plan. Its current base case for project capacity stands at 2 million pounds of uranium per year, with an expansion to 3.5 million to 4 million pounds under review.

The company's shares closed flat at AUD0.12 on Tuesday in Sydney. They were up 19% to 7.44 pence in London.

By Holly Munks, Alliance News reporter

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