REG - Aura Energy Limited - Growth in Ore Reserves & Progress at Tiris Project
16/12/2024 07:00
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RNS Number : 2030Q Aura Energy Limited 16 December 2024
16
December 2024
Substantial growth in Ore Reserves and strategic progress at Tiris Uranium Project
HIGHLIGHTS
Ore Reserve update
§ The Tiris Uranium Project's Ore Reserve estimate has increased by 49% to
62.8Mt at 243ppm U(3)O(8), containing 33.6Mlb of U(3)O(8), up from 22.6Mlb of
U(3)O(8) 1 (#_ftn1)
§ Additional material defined in the Ore Reserve estimate came from increased
confidence for Mineral Resource classification within the Lazare North, Lazare
South, Sadi and Hippolyte resource areas, from the 2024 drilling program
§ The Ore Reserve estimate has been completed based on pit optimisation and
mine schedules reported as part of the September 2024 Production Target
update 2 (#_ftn2)
§ High Mineral Resource to Ore Reserve conversion driven by shallow,
free-digging mineralisation that upgrades six to eight times through simple
wet screening
§ Ongoing Ore Reserve growth anticipated with future drilling and enhanced
Mineral Resource confidence. The 2024 drilling campaign achieved Mineral
Resources definition at an exceptionally low cost of US$0.14/lb U(3)O(8)
Project update
§ Wood, a highly credentialled engineering contractor has commenced a basic
engineering and early works definition program in preparation for the Final
Investment Decision (FID) at Tiris expected Q1 CY2025
§ Agreement with Wood also for the subsequent Engineering, Procurement and
Construction Management (EPCM) of the Tiris Uranium Project development
§ Water drilling has defined very significant quantities of water in the
Taoudeni Basin with long-term pump testing and aquifer modelling underway
§ Funding process well advanced with Independent Technical Experts (ITE) RPM
Global and other parties having undertaken due diligence site visits
Aura Energy Managing Director and CEO, Andrew Grove said:
"The updated Ore Reserve Estimate is another strong validation of the robust
nature of the Tiris Project. Building on the significant 55% increase in the
Mineral Resource Estimate announced in June 2024(( 3 (#_ftn3) )), the updated
Reserve estimate has increased by a further 49%. This means that 64% of the
Production Target is now within the Proved and Probable Reserve categories,
further reducing Project Delivery risk as we move towards Final Investment
Decision in 2025 and operations in 2027.
The engagement of Wood as engineering partners for basic engineering and early
works package definition is a significant step towards project execution. Wood
brings strong uranium and project delivery experience in Africa, providing
depth and support to our already strong Aura Energy team. Completing the Heads
of Agreement for the EPCM contract with Wood, means that we are well placed to
move rapidly into project execution.
The results to date of water drilling have been outstanding, providing
confidence that once modelling of the aquifers is complete there will be
adequate water to support the Project in the long term. By locating water in a
second aquifer at the Taoudeni Basin, we have de-risked an important aspect of
the project development.
Continuing to achieve project milestones, including the substantial Ore
Reserve increase and de-risking project execution has supported the funding
process well. We were pleased to host Independent Technical Experts, RPM
Global on a site visit in October, along with other parties undertaking due
diligence. The process remains on track and we look forward to providing
further updates in Q1 2025."
Ore Reserve estimate increased 49%
Aura Energy Limited (ASX: AEE, AIM: AURA) (Aura or the Company) is pleased to
provide an update in relation to update of the Ore Reserve estimate for the
Tiris Uranium Project, Mauritania.
The Tiris Uranium Project Ore Reserve estimate has increased 49% to 62.8Mt at
243ppm U(3)O(8), containing an estimated 33.6Mlb U(3)O(8) (previously 40.4Mt
at 254ppm U(3)O(8), containing an estimated 22.6Mlb U(3)O(8)) 4 (#_ftn4) .
The updated Ore Reserve estimate has been completed on the recently reported
Mineral Resource Estimate (MRE), which included growth of Measured and
Indicated Resources of 35%(6). The Ore Reserve estimate update has been
completed based on pit optimisation and mine schedules reported as part of the
September 2024 Production Target update(5).
The key mining areas and process infrastructure remain unchanged from those
reported within the September 2024 Production Target Update 5 (#_ftn5) . The
upgrade has seen incremental growth in the Ore Reserve estimate in the Lazare
North, Lazare South, Sadi and Hippolyte resource areas, mainly due to
increased classification of resources as Measured and Indicated in the June
2024 MRE update 6 (#_ftn6) .
The updated Ore Reserve estimate, with comparison to the previously reported
Ore Reserve estimate 7 (#_ftn7) has been summarised in Table 1. The Ore
Reserves are estimated from their respective Mineral Resources after
consideration of the level of confidence in the Mineral Resource and taking
account of material and relevant modifying factors. No Inferred Mineral
Resources have been included in the Ore Reserve.
Deposit Proved Ore Reserve Probable Ore Reserve Total Ore Reserve
Tonnes U(3)O(8) U(3)O(8) Tonnes U(3)O(8) U(3)O(8) Tonnes U(3)O(8) U(3)O(8)
(Mt) (ppm) (Mlb) (Mt) (ppm) (Mlb) (Mt) (ppm) (Mlb)
Lazare North Dec-24 3.6 297 2.4 8.3 262 4.8 12.0 273 7.2
Mar-23 0.9 298 0.6 8.0 251 4.4 8.9 256 5.0
Diff 2.7 -1 1.8 0.4 11 0.4 3.1 17 2.2
% Diff 286% 0% 287% 5% 4% 9% 35% 7% 44%
Lazare South Dec-24 7.5 245 4.1 4.8 243 2.5 12.3 244 6.6
Mar-23 6.5 264 3.8 2.7 291 1.7 9.2 271 5.5
Diff 1.0 -19 0.3 2.1 -48 0.8 3.1 -27 1.1
% Diff 15% -7% 8% 80% -16% 47% 34% -10% 20%
Hippolyte Dec-24 7.6 274 4.6 7.5 266 4.4 15.0 270 8.9
Mar-23 5.7 270 3.4 7.1 231 3.2 12.8 248 7.0
Diff 1.9 4 1.2 0.4 35 0.8 2.2 22 1.9
% Diff 32% 1% 36% 5% 15% 22% 17% 9% 27%
Sadi Dec-24 9.1 213 4.3 14.5 207 6.6 23.6 209 10.9
Mar-23 6.1 232 3.1 3.3 261 1.9 9.5 242 5.1
Diff 3.0 -19 1.2 11.1 -54 4.7 14.1 -33 5.9
% Diff 49% -8% 37% 336% -21% 246% 149% -14% 116%
Total Dec-24 27.8 249 15.3 35.0 238 18.4 62.8 243 33.6
Mar-23 19.3 257 11.0 21.0 251 11.6 40.4 254 22.6
Diff 8.5 -8 4.34 14.0 -13 6. 8 22.5 -11 11.0
% Diff 44% -3% 40% 66% -5% 58% 56% -4% 49%
Table 1 - Updated Ore Reserve Estimate showing key changes at deposits
Notes:
Ore Reserves are a subset of Mineral Resources.
Ore Reserves conform with and use the JORC Code 2012 definitions.
Ore Reserves are calculated using a uranium price of US$80/lb.
Ore Reserves are calculated using a cut-off grade of 100ppm U(3)O(8.)
Tonnages are reported including mining dilution.
All figures are rounded to reflect appropriate levels of confidence which may
result in apparent errors of summation.
Project update
Appointments announced for basic engineering and early works packages, and power generation solution
Wood, a highly credentialed engineering contractor has been appointed to
commence a basic engineering and early works definition program in preparation
for the Final Investment Decision at Tiris due Q1 CY2025.
Wood is a global leader in consulting and engineering, delivering critical
solutions across energy and materials markets. The company provides
consulting, projects and operations solutions in 60 countries, employing
around 35,000 people, (www.woodplc.com).
Wood has taken a major role in the development of Uranium Projects across in
North America, Australia and Africa from initial geology to flowsheet
development, project execution, commissioning and operations support.
Wood is currently executing the detailed engineering on Bannerman's Etango
project in Namibia and was the lead Engineering, Procurement and Construction
Management (EPCM) contractor on the Husab project. Wood's expertise also
extends into alkaline leaching of Uranium, notably for the Langer Heinrich
Project.
In addition, Wood is unique among large consulting firms in that it offers
full support of reporting requirements for public disclosure to JORC or NI
43-101 standards, from preliminary economic assessments through to detailed
feasibility studies.
The basic engineering package will deliver updated capital and operating costs
in line with AACE Class 3 guidelines. Wood will also prepare a set of
actionable site work packages, ready for contract/order to be placed (Early
Works) and develop detailed project execution planning.
In addition, Aura and Wood have agreed to a set of terms, conditions and rates
(Heads of Agreement) for the subsequent EPCM of the development of the Tiris
Uranium Project that will be formalised into a specific EPCM contract prior to
FID early next year. In combination with the Basic Engineering and Early Works
packages this will position Tiris strongly to immediately transition into
execution once FID has been achieved.
ECG Engineering is a leading specialist power-generation consultancy with a
substantial track record of designing and implementing hybrid power solutions
for the mining, power, and mineral processing industries in Africa. The
company offers a range of services, including power system design, generation,
control systems, instrumentation, project advisory, and maintenance support.
ECG Engineering has been appointed to define a power generation solution for
Tiris with the lowest levelised cost of energy, determine the capital and
operating costs for a self-funded and fully amortised solutions and to
demonstrate a bankable independent power producer (IPP) solution through a
commercial enquiry process.
Water Drilling development
Hydrogeological drilling of the Taoudeni Basin (~100km south of the Project)
and the C22 borefield (~30km from the Project), Figure 1, has been completed.
The program included 26 holes for 2,755 metres in the Taoudeni Basin, an
additional 17 holes for 1,763 metres at the C22 borefield and six holes for
700m confirming groundwater conditions at the Project site. Results have been
highly successful with summary results and initial observations from Knight
Piésold detailed below.
Taoudeni Basin: Water reported in 61% of holes with significant water flows
(up to 55m(3) per hour in air lift testing). The water column averaged 14m
thick with a flow rate of 20m(3) per hour. The exploration drill and test
programme undertaken at the Taoudeni Basin region yielded good to very good
quality water, with several high yielding targets intersected. Additionally,
the bores installed in this area are spaced far apart, therefore increasing
long-term potential use, and scope for expanding this target region as a
borefield.
There is significant scope for additional exploration and expansion of the
groundwater resource in this region, particularly around high yielding zones
as well as along regional scale fault zones for long term use, with the
targeted aquifer systems extending significantly to the northeast and
southwest of the exploration programme area. Due to this scale (including the
same lithologies and most likely, hydrogeological conditions), there is
potential for several additional borefields in the Taoudeni Basin with similar
prospectivity to that of the 2024 program.
The potent for establishing future Project scale borefields in the Taoudeni,
around the high yielding zones as well as along large fault zoned for long
term use, is significant.
C22 borefield: Drilling was completed in 2021 to define an initial water
resource 8 (#_ftn8) . Drilling in this program to extend the aquifer returned
41% of holes that were productive, with water flows up to 40m(3) per hour in
air lift testing. The existing groundwater resource at the C22 borefield area
has been expanded, the initial results of which show significant potential for
success. There exists a large scope for further exploration at prospective
targets in the area with similar hydrogeological characteristics such as
intersecting large scale geological structures and areas of deeper weathering,
both of which have been shown in the 2024 investigation to be highly
prospective for groundwater supply.
Long term pump testing of the identified aquifers is ongoing and planned for
completion by the end of December. Knight Piésold, internationally recognised
hydrological consultants, have been supporting the program and will undertake
aquifer modelling early in Q1 CY2025.
Water drilling has been very successful at both locations with air lift
testing defining a cumulative 344m(3)/hr of water flow rates. The Project's
water demand has been estimated at between 120m(3)/hr to 160m(3)/hr.
In addition, six holes were drilled under the proposed plant site intersecting
no water. With no water table in the plant area this significantly limits the
possibility of potential contamination from the processing activities.
The final report should be completed in Q1 CY2025.
Figure 1: Location plan of the Tiris Uranium project hydrogeological
evaluation
Funding
In June 2024, Aura appointed Orimco to arrange debt funding for Tiris. Orimco
has vast experience supporting projects throughout Africa and at the same
time, Macquarie Capital was appointed in Australia to identify and engage with
strategic investors for a potential equity investment in Tiris and/or Aura.
We have received confidential, non-binding proposals from a number of
investors and debt providers and other parties continue to contact us
expressing willingness to co-invest.
Both funding processes are ongoing, with advisors actively advancing
discussions with multiple parties interested in debt financing and strategic
investment opportunities.
At this time, discussions in respect of the proposals have not sufficiently
progressed to be announced to the market and there is no binding agreement in
place with respect to any funding arrangement. Aura confirms that no assurance
can be given that the ongoing confidential discussions will result in any
binding agreement between the parties, and Aura will continue to maintain its
policy of keeping the market fully informed with its continuous disclosure
obligations.
The Independent Technical Engineers, RPM Global, are well advanced in their
due diligence analysis on all aspects of the project on behalf of the lenders
and investors which included undertaking a site visit to Tiris in late October
2024.
We are actively engaging with potential funding partners and anticipate being
in a position to make a Final Investment Decision on the Tiris Uranium Project
in Q1 CY2025. Following this decision, an 18-month final design and
construction program will commence, targeting production start-up in late 2026
to early 2027.
We are pleased with the progress to date and the level of interest we've
received from a strong mix of potential funding partners.
ENDS
This release has been approved by the Board of Aura Energy Ltd.
This Announcement contains inside information for the purposes of the UK
version of the market abuse regulation (EU No. 596/2014) as it forms part of
United Kingdom domestic law by virtue of the European Union (Withdrawal) Act
2018 (UK MAR).
For further information, please contact:
Andrew Grove SP Angel Corporate Finance LLP Tamesis Partners LLP
Managing Director and CEO
Nominated Adviser Broker
Aura Energy Limited
grove@auraee.com David Hignell Charlie Bendon
+61 414 011 383
Adam Cowl Richard Greenfield
Devik Mehta +44 203 882 2868
+44 203 470 0470
About Aura Energy (ASX: AEE, AIM: AURA)
Aura Energy is an Australian-based mineral company with major uranium and
polymetallic projects in Africa and Europe.
The Company is focused on developing a uranium mine at the Tiris Uranium
Project, a major greenfield uranium discovery in Mauritania. The 2024 Front
End Engineering Design (FEED) Study 9 (#_ftn9) demonstrated Tiris to be a
near-term low-cost 2Mlbs U(3)O(8) pa near term uranium mine with a 17-year
mine life with excellent economics and optionality to expand to accommodate
future resource growth.
Aura plans to transition from a uranium explorer to a uranium producer to
capitalise on the rapidly growing demand for nuclear power as the world shifts
towards a decarbonised energy sector.
Beyond the Tiris Project, Aura owns 100% of the Häggån Project in Sweden.
Häggån contains a global-scale 2.5Bt vanadium, sulphate of potash (SOP) 10
(#_ftn10) and uranium 11 (#_ftn11) resource. Utilising only 3% of the
resource, a 2023 Scoping Study 12 (#_ftn12) outlined a 17-year mine life
based on mining 3.5Mtpa.
Disclaimer Regarding Forward-Looking Statements
This ASX announcement (Announcement) contains various forward-looking
statements. All statements other than statements of historical fact are
forward-looking statements. Forward-looking statements are inherently subject
to uncertainties in that they may be affected by a variety of known and
unknown risks, variables and factors which could cause actual values or
results, performance or achievements to differ materially from the
expectations described in such forward-looking statements. The Company does
not give any assurance or guarantee that the anticipated
results, performance or achievements expressed or implied in those
forward-looking statements will be achieved.
The Company has concluded that it has a reasonable basis for providing the
forward-looking statements and production targets included in this
announcement and that material assumptions remain unchanged. The detailed
reasons for this conclusion are outlined throughout this announcement, and in
the ASX Releases, "Scoping Study Confirms Scale and Optionality of Häggån",
5 September 2023; "Aura's Tiris FEED Study returns Excellent Economics" 28
February 2024; and "Tiris Uranium Project Enhanced Definitive Feasibility
Study", 29 March 2023.
ASX and JORC Related Disclosures
Mineral Resources
The information on Mineral Resources for the Tiris Uranium Project in this
report is extracted from the ASX release "Aura increases Tiris Mineral
Resources by 55% to 91.3Mlbs", dated June 2024.
These reports can be viewed at
https://auraenergy.com.au/investor-centre/asx-announcements
(https://auraenergy.com.au/investor-centre/asx-announcements) .
The estimated mineral resources underpinning the alternative production
targets have been prepared by a Competent Person or persons in accordance with
the requirements in Appendix 5A (JORC Code). The Competent Person for the 2024
Tiris Mineral Resource Estimates for all deposits underpinning the Production
Targets is Mr Arnold van der Heyden of H&S Consulting Pty Limited 13
(#_ftn13) .
The company confirms that it is not aware of any new information or data that
materially affects the information included in the original market
announcement and, in the case of estimates of Mineral Resources, that all
material assumptions and technical parameters underpinning the estimates in
the relevant market announcement continue to apply and have not materially
changed. The company confirms that the form and context in which the Competent
Person's findings are presented have not been materially modified from the
original market announcement.
Competent Person statements
The Competent Person for information in this report that relates to Tiris
Mineral Reserves is based on information reviewed by Mr Andrew Hutson, a
Competent Person who is a Fellow of the Australian Institute of Mining and
Metallurgy (AusIMM) and a full-time employee of Resolve Mining Services. Mr
Hutson has sufficient experience which is relevant to the style of
mineralisation and type of deposits under consideration and to the activity
which he has undertaken to qualify as a Competent Person as defined in the
JORC Code 2012. Mr Hutson has no economic, financial or pecuniary interest in
the company and consents to the inclusion in this report of the matters based
on his information in the form and context in which it appears.
Tiris Uranium Project Ore Reserve information summary
Project location and description
The Tiris Uranium Project is 100% owned by Tiris Ressources SA, which is 85%
owned by Aura Energy Ltd and 15% by the Mauritanian Government's Agence
Nationale de Recherches Géologiques et du Patrimoine Minier ('ANARPAM').
Tiris is located approximately 1,400 kilometres from the capital of
Mauritania, Nouakchott. The Project is located 680km from the town of Zouérat
in the Tiris Zemmour Region of Mauritania. Access is by hard pan desert track
(Figure 2).
Figure 2: Location plan of the Tiris Uranium project in Mauritania, Africa
A Scoping Study was completed in 2014 14 (#_ftn14) . This was updated into a
Feasibility Study (FS) document in May 2017, to support an application for
exploitation licences. FS and an extensive Environmental and Social Impact
Assessment (ESIA) were submitted on 24 May 2017 to the Mauritanian Ministry of
Petroleum, Energy and Mines 15 (#_ftn15) , and formally approved by the
Mauritanian Government on 5th October 2017 16 (#_ftn16) .
A Definitive Feasibility Study (DFS) for a 1.25Mtpa mine and 230ktpa process
plant was completed in 2019 17 (#_ftn17) . The process plant has been
designed to take full advantage of the characteristics of the material which
responds well to concentration of uranium by scrubbing and screening, whilst
providing a low capital cost and rapid project development and construction.
The Capital Estimate for the DFS was updated in August 2021 18 (#_ftn18) . In
March 2023 an Enhanced Definitive Feasibility Study (EFS) was published
including additional Ore Reserves and Mineral Resources defined in ASX and AIM
releases, 'Major Resource Upgrade at Aura Energy's Tiris Project', 14 February
2023 and ASX Release, 'Tiris Uranium Project Enhanced Definitive Feasibility
Study', 29 March 2023. The EFS presented a staged development approach,
including a 2-year ramp up at 1.25Mtpa mined ore, expanding to 4.1Mtpa mined
ore in year three to produce an average of 2Mlbspa U(3)O(8).
In February 2024, the results of a FEED study were published in ASX and AIM
Release: 'Aura's Tiris FEED Study Returns Excellent Economics', 28th February
2024. This study updated capital and operating cost assumptions and
accelerated production to a base case capacity of 2Mlbpa U(3)O(8) from the
beginning of the project.
Exploitation licences (2491C4 and 2492C4) for the Ain Sder and Oued El Foude
permits, were granted on the 8 of February 2019, Mining Conventions for these
permits were signed in January 2023 and the final permits for mining and
processing uranium were granted in July 2024.
Geological setting and mineralisation
Regional Geological Setting
The Tiris Uranium Project lies in the north-eastern part of the Reguibat
Craton, an Archaean (>2.5 Ga) and Lower Proterozoic (1.6-2.5 Ga) aged
complex composed principally of granitoids, meta-sediments and meta-volcanics.
The resources lie within Proterozoic portions of the craton. This part of the
craton generally consists of intrusive and high-grade metamorphic rocks of
amphibolite facies grade. In addition to the Archaean and Paleoproterozoic
basement rocks, two principal types of Cainozoic surficial sediments occur;
Hamada (sand and outwash fan material) and Cailloutis (flat lying calcrete
layers, typically one to three metres thick, in places partially silicified)
which in this area stand out as small mesas up to a few metres above the
surrounding land surface. Several small uranium occurrences were known in the
Reguibat Craton from exploration during the 1950's.
All the resource zones are generally at less than five metre depths and lie
beneath flat land surfaces covered by surficial hamada and thin aeolian sand
deposits. This shallow overburden largely covers the basement rocks, which
only appear as scattered outcrops.
Uranium Mineralisation
The uranium resources generally lie either within weathered, partially
decomposed red granite or in colluvial gravels developed on or near red
granites. Small portions occur in other rock types such as meta-volcanics and
meta-sediments. The resources are believed to have developed within shallow
depressions or basins, either within weathered granitic rocks or where
colluvial material has accumulated in desert sheet wash events. The pebbles
within the gravels are generally unweathered fragments washed in from the
nearby exfoliating granites and other crystalline rocks, mixed with sand,
silt, calcrete, gypsum and yellow uranium vanadates. The gravels and weathered
granite occur at surface or under a very thin (<30 cm) veneer of wind-blown
sand and form laterally continuous, single, thin sheets overlying fresh rock,
usually granite. The uranium mineralisation generally forms thin shallow
horizontal tabular bodies ranging in thickness from 1 to 12m hosted in
weathered granite and granitic sediments.
It is inferred that the deposits were formed by near-surface leaching of
uranium from the uraniferous red granites by saline groundwaters during the
wet Saharan "pluvial" periods. There have been several periods over the past
2.5 million years, the most recent ending only 5,900 years ago. Evaporation
during the subsequent arid periods caused the precipitation of uranium
vanadates, along with calcium, sodium and strontium carbonates, sulphates and
chlorides.
The host material at Tiris is granitic gravel or weathered granite containing
powdery calcium carbonate (calcrete) and sulphates. Although the Tiris
mineralisation is associated with calcium carbonates, it differs from other
well-known calcrete uranium deposits such as Langer Heinrich and Yeelirrie, in
that they are river valley-fill deposits. The Tiris deposits have formed in
shallow depressions in unconsolidated and uncemented gravels and in partially
decomposed granites. In Namibia and Western Australia, the mineralisation is
typically within calcareous clays or massive hard calcrete which forms below
the water table, often at several levels related to the changing positions of
the water table. In contrast, Aura's Tiris deposits are believed to be
pedogenic calcrete occurrences that formed in the vadose zone by capillary
action above the permanent water table.
The uranium mineralisation occurs principally as carnotite
K(2)(UO(2))(2)(VO(4))(2).3H(2)O) and possibly some of the chemically-similar
calcium uranium vanadate, tyuyamunite Ca(UO(2))(2)(VO(4))(2.5)-8H(2)O) in
varying proportions. In this report, "carnotite" refers to any mineral in the
carnotite-tyuyamunite series. The carnotite occurs as fine dustings and
coatings on granite or granite mineral fragments, and on the surfaces or
partly within the calcite cement that forms the patches of calcrete. The
carnotite is mostly ultrafine, micron scale in grain size. The carnotite is
distributed erratically in numerous patches and strings over short distances.
Reserve Modifying Factors
In accordance with ASX Listing Rule 5.9.1, the following summary information
is provided for the understanding of the reported estimates of the Ore
Reserve.
Material Assumptions
The Ore Reserve estimate has been completed on the basis of Modifying Factors
used in the Tiris FEED study 19 (#_ftn19) and updated in the September 2024
Production Target update 20 (#_ftn20) , which was completed by Kenmore Mining
Consulting.
A summary of the key economic assumptions applied in the Production Target
update include:
§ Mining costs were sourced from the February 2024 FEED(6) study and were
applied on a US$ per tonne of beneficiation plant feed basis
§ The site general and administration fixed cost and the leach /
precipitation costs were provided as overall costs per pound of U(3)O(8) and
the calculation of cost per tonne of beneficiation plant feed reflected the
varying beneficiation performance across the Mineral Resource areas
§ Operating costs were estimated to a feasibility study level of accuracy
§ Capital cost estimates for establishment and construction of site surface
non-processing infrastructure and processing plant were summarized in the
February 2024 FEED study(6) and were presented at feasibility study level of
accuracy
§ Aura has maintained the uranium market assumptions outlined in the 2024
FEED study(6), with a long-term price assumption of US$80/lb U(3)O(8). These
assumptions remain valid with no material changes
Criteria for classification
The Mineral Resource Estimate used as the basis for the Ore Reserve Estimate
was estimated by an independent geology consultant, H&S Consulting Pty
Ltd. The Mineral Resource Estimate is shown in Table 2 below and was announced
to the market in June 2024. The announcement is stated below:
§ ASX and AIM Release: 12 June 2024 - Aura Increases Tiris Mineral Resources
by 55% to 91.3Mlbs.
Tiris Mineral Resources - June 2024
Area Class Tonnes Grade ppm Mlbs
(Mt) (U(3)O(8)) (U(3)O(8))
Tiris East Measured 34 230 17.3
Indicated 48 212 22.6
Inferred 79 210 36.7
Total 162 215 76.6
Oum Ferkik Inferred 22 294 14.6
All Deposits Measured 34 230 17.3
Indicated 48 212 22.6
Inferred 102 229 51.4
Total 184 225 91.3
Table 2: Tiris Mineral Resources estimate as at June 2024
The Ore Reserve estimate represents the portion of the Tiris Uranium Project
Production Target based on Measured and Indicated Resources only. All material
classified as Inferred Mineral Resources within the mine plan was assigned
zero revenue for the purposes of estimating the Ore Reserve.
Deposit Proved Ore Reserve Probable Ore Reserve Total Ore Reserve
Tonnes (Mt) U(3)O(8) (ppm) U(3)O(8) (Mlb) Tonnes (Mt) U(3)O(8) (ppm) U(3)O(8) (Mlb) Tonnes (Mt) U(3)O(8) (ppm) U(3)O(8) (Mlb)
Lazare North 3.6 297 2.4 8.3 262 4.8 12.0 273 7.2
Lazare South 7.5 245 4.1 4.8 243 2.5 12.3 244 6.6
Hippolyte 7.6 274 4.6 7.5 266 4.4 15.0 270 8.9
Sadi 9.1 213 4.3 14.5 207 6.6 23.6 209 10.9
Total 27.8 249 15.3 35.0 238 18.4 62.8 243 33.6
Table 3 - Tiris Ore Reserve Estimate
Notes:
Ore Reserves are a subset of Mineral Resources.
Ore Reserves conform with and use the JORC Code 2012
definitions.
Ore Reserves are calculated using a uranium price of US$80
/lb.
Ore Reserves are calculated using a cut-off grade of 100
ppm U(3)O(8).
Tonnages are reported including mining dilution.
All figures are rounded to reflect appropriate levels of
confidence which may result in apparent errors of summation.
Physical and economic modifying factors have been applied to the Mineral
Resource during the pit optimisation and mine scheduling process to ensure the
resultant Ore Reserve can be economically mined and processed to produce
saleable Uranium oxide concentrate.
Considerations in favour of high confidence in the Ore Reserve include:
§ The mineralisation occurs at surface to an average depth of 4m, allowing
for simple and flexible open pit design
§ The mineralisation is free-digging, with no requirement for drilling and
blasting during mining
§ Simple scrubbing and screening of material rejects ~90% of barren material,
while retaining between 80% and 90% (resource dependent) for processing 21
(#_ftn21) . This minimizes capital and operating costs for the processing
circuit
§ Capital and operating costs have been estimated to feasibility study level
of accuracy and recently updated as part of the February 2024 FEED study
Considerations in favour of a lower confidence in the Ore Reserve include:
§ Future commodity price forecasts carry an inherent level of risk
§ There is a degree of uncertainty associated with geological estimates. The
Ore Reserve classifications reflect the levels of geological confidence in the
estimates
§ There is a degree of uncertainty regarding estimates of impacts of natural
phenomena including geotechnical assumptions, hydrological assumptions, and
the modifying mining factors, commensurate with the level of study
Mining
Open pit optimisation
The modifying factors used to create the optimisation shells are included in
Table 4.
Description Unit Lazare North Lazare South Hippolyte North Hippolyte South Sadi
Beneficiation mass recovery % 10.7 11.8 17.0 17.0 10.7
Overall recovery % U(3)O(8) 88.1 83.7 79.3 79.3 88.4
Uranium price US$/lb 80.0 80.0 80.0 80.0 80.0
Royalty % 3.5 3.5 3.5 3.5 3.5
Ore mining US$/t 1.75 1.75 1.75 1.75 1.75
Waste mining US$/t 1.98 1.98 1.98 1.98 1.98
Reject rehandle US$/t reject 0.69 0.69 0.69 0.69 0.69
Tailings haulage US$/t tails 1.99 1.99 1.99 1.99 1.99
Beneficiation cost US$/t feed 1.28 1.28 1.28 1.28 1.28
Processing cost US$/t conc 47.86 47.86 47.86 47.86 47.86
Fixed costs US$/t conc 14.47 14.47 14.47 14.47 14.47
Table 4 - Modifying Factors
The mining costs were developed in March 2023 by Mining Plus as part of an
owner-mining cost model developed from the Enhanced Feasibility Study
(EFS) 22 (#_ftn22) mine plan. The main inputs were provided by quotations
from Komatsu and priced using Australian standards. Several options were
modelled which resulted in average mining cost of US$2.43/tonne mined which
included the cost of rejects and tailings return.
The 2024 FEED 23 (#_ftn23) study utilised these base costs but included some
minor changes to reflect the FEED results and resulted in the rates in Table 4
which when applied to the optimised feasibility study plan achieves an average
mining cost of US$2.31/t mined and US$2.37/t mined for the FEED plan.
Processing and beneficiation costs, along with the recoveries in the EFS were
constant across the deposits, whereas additional test work has shown that
there is variation between the deposits, which has been included in this
study. The reject ratios and processing recoveries are similar for Lazare
North however are lower for the other deposits. These lower recoveries have
translated to higher overall processing cost when calculated as a cost per
tonne of feed.
Due to the shallow nature of the deposits, the ability to free dig and the
sort time frame before the mining voids will be backfilled with rejects or
tailings the overall pit slopes are not significant as a modifying factor.
This does not intimate that they will not be important during the mining
operations as the pit wall will need to hold stable while mining is underway
for safety and dilution management.
Slope angles
The deposits are very shallow in nature and will be backfilled. Therefore, the
overall pit slope angles are not overly relevant for the optimisations and
were set at 80 degrees for all deposits.
Process Recovery
The processing on site is undertaken in two distinct stages. The mined feed is
processed through a beneficiation plant and then a slurry is pumped to a leach
/ precipitation plant. The beneficiation metal recovery and mass rejection
vary by deposit (see Table 5) and the leach / precipitation recovery is
92.2%. 24 (#_ftn24)
Mineral Resource area Beneficiation mass recovery Beneficiation metal recovery Overall process recovery
(%)
(%)
(%)
Lazare North 10.7 95.5 88.1
Lazare South 11.8 90.8 83.7
Sadi 10.7 95.5 88.4
Hippolyte (N, S, E, W) 17.0 86.0 79.3
Marie (E, F, G, H) 11.0 95.0 87.6
Life of mine (LOM) average (modelled) 13.1 91.3 84.2
Table 5 - Processing parameters used in pit shell optimisation and LOM
averages from financial model
Cut-off Grade
The Cut Off Grades (COG) were estimated for each Mineral Resource area using
the parameters described in the Production Target update 25 (#_ftn25) . The
COG estimation included the average mining cost from the February 2024 FEED
study 26 (#_ftn26) of US$4.00/t beneficiation plant feed. Often COG
estimation for open pit mining ignores the mining cost as it is assumed that
all material within the pit shell will be mined, and the decision point is
whether that material is sent directly to the process plant or waste dump.
However, as these deposits will be mined as strip mining of essentially a
single mineralised horizon it was appropriate that the mining cost be included
in the COG estimation. The cut off grades estimated in Table 6 indicated that
the use of the Mineral Resource proportional grade fields of the 100ppm
U(3)O(8) COG was appropriate. In the Hippolyte Mineral Resource area, a COG of
120ppm U(3)O(8) was applied and any blocks with a GR_100 grade below 120ppm
U(3)O(8) were taken as waste.
Mineral Resource Area Unit Calculated COG U(3)O(8) ppm Selected COG U(3)O(8) ppm
Lazare North US$/t Bene. feed 80 100
Lazare South US$/t Bene. feed 88 100
Sadi US$/t Bene. feed 80 100
Hippolyte (N, S, E, W) US$/t Bene. feed 117 120
Marie (E, F, G, H) US$/t Bene. feed 81 100
Table 6 - Cut Off grades
Estimation methodology
The Ore Reserve estimate represents that portion of the Tiris Uranium Project
Production Target based on Measured and Indicated Resources only. All material
classified as Inferred Mineral Resources within the mine plan was assigned
zero revenue for the purposes of estimating the Ore Reserve.
The Mineral Resource Estimate used as the basis for the Ore Reserve Estimate
was estimated by recoverable Multiple Indicator Kriging (MIK) using GS3
geostatistical software as described in ASX and AIM Release: 12 June 2024 -
Aura Increases Tiris Mineral Resources by 55% to 91.3Mlbs. Pit optimisation
and mine scheduling was undertaken using the Deswik mining software, as
described in ASX and AIM Release: 11 September 2024 - Updated Production
Target Improves Economics at Tiris.
Modifying factors applied in pit optimisation and mine scheduling completed
for the September 2024 Production Target update were reviewed and confirmed to
remain applicable.
Material modifying factors
Tenure
The Project is wholly located in two granted exploitation licenses and one
granted exploration license. Tiris Ressources SA, which is 85% owned by Aura
Energy Ltd and 15% by the Mauritanian Government's Agence Nationale de
Recherches Géologiques et du Patrimoine Minier (ANARPAM), wholly owns the two
granted exploitation licences. Aura Energy Ltd, wholly owns the one granted
exploration licence.
Exploitation licences (2491C4 and 2492C4) for the Ain Sder and Oued El Foude
permits, were granted on the 8 of February 2019 27 (#_ftn27) . Mining
Conventions for these permits were signed in January 2023 28 (#_ftn28) and
the final permits for mining and processing uranium were granted in July
2024 29 (#_ftn29) .
Environmental permitting and approvals
All material environmental permits and approvals for the Tiris Uranium Project
have been granted. The Environmental and Social Impact Assessment was approved
by the Mauritanian Department of Environment on 5(th) October 2017 30
(#_ftn30) . The authorisation to develop, mine and produce Uranium Oxide
Concentrate (UOC) was issued by the National Authority for Radiation
Protection, Safety and Nuclear Security (L'Autorité Nationale de
Radioprotection de Sûreté et de Sécurité Nucléaire (ARSN)) on -12 July
2024.
Infrastructure
The Project is located 680km from the town of Zouérat in the Tiris Zemmour
Region of Mauritania. Access is by hard pan desert track.
There is sufficient land within the lease area for the establishment and
operation of the planned facilities, including the processing plant and
supporting non-process infrastructure.
Power will be generated by a solar-diesel hybrid power plant designed as part
of the FEED study.
Process and service water will be sourced within the region and pumped, by
buried high-density polyethylene (HDPE) pipeline to the Project. Adequate
water treatment infrastructure has been designed for treatment of potable and
process water.
There are no known impediments to construction of all required infrastructure
including power station and accommodation camp. Aura is in liaison with both
government and key stakeholders regarding development of the Project. The
supporting infrastructure required for the operation of the Project will
include the following works:
§ Accommodation camp
§ Raw water pipeline
§ Potable and wastewater treatment plants, including site reticulation
§ Process water storage
§ Communications and IT
§ Minor upgrades to access route
§ Project insurance
§ High voltage power reticulation across the site
§ Basic Engineering program focusing on:
§ Front end loading of engineering design
§ Definition of early procurement and early works packages
Economic Outcomes
Financial modelling completed confirms that the Project is economically viable
under current assumptions. In the opinion of the Competent Person, cost
assumptions and Modifying Factors applied in the process of estimating Ore
Reserves are reasonable. The Ore Reserve is considered to provide the basis of
a technically and economically viable Project. The proposed mine plan is
technically achievable. All proposals for the operation involve the
application of conventional technology which is currently utilised in the
uranium industry.
Project Risks
The key risks with their mitigations, are identified as follows:
1. The Project's success is fundamentally linked to the price for uranium
for the life of the project exceeding the operating cost for the project. Aura
is in the process of seeking additional offtake agreements with suitable
long-term pricing, but the market price risk is otherwise largely outside
Aura's control.
2. The estimated capital costs for the project could prove optimistic,
requiring additional funding. The Capex estimate was composed of 85% external
pricing 31 (#_ftn31) , so has a strong basis for its pricing, subject to any
subsequent inflation. The project will rely on competent Project cost control
by the EPC company overviewing the project.
3. OHS management risk of radioactive dust in the mining and front-end
areas. Aura will ensure operators are in dust sealed cabins, use radiation
monitoring badges and will rotate personnel if necessary.
4. There are potential risks in obtaining Mauritanian statutory permit
approvals, in the time required. Aura is seeking a high-level connection
between Government authorities and its senior management, to supplement the
usual project interfaces between Aura's local permitting supervisor and
Government authorities. It is expected given Aura's focus on maximising local
employment, that the Mauritanian Government will be quite supportive.
5. There are risks from terror groups in the Sahel region. Aura has
provisionally arranged for military supported security to be permanently based
close to the site. Aura will continue with its very close coordination with
police/gendarmes/military guarding the area.
6. A risk remains of insufficient water being available for the project. A
program designed to mitigate the risk that includes the drilling and test work
of the Taoudeni basin is currently underway. The Taoudeni basin supplies water
for the SNIM magnetite iron ore operations in Zouérat and First Quantum's
Guelb Morghein Cu/Au/Fe mine in Akjout. Tiris' water requirements are between
2-3MLpa and it expected that there will be more than sufficient quantities of
water available.
7. Aura's hybrid diesel and solar generation plant will be the only power
source for the Project. Aura shall undertake rigorous engineering selection of
the power generation supply and hire experienced and competent electrical
support personnel to maintain the power plant.
APPENDIX 1
JORC Code 2012
Table 1 Appendix 5A ASX Listing Rules
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections)
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (e.g. cut channels, random chips, or
specific specialised industry standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma sondes, or handheld XRF · 7 field sampling programs have been completed, with data
instruments, etc). These examples should not be taken as limiting the broad from 5 of these used for this MRE, as shown in the following table:
meaning of sampling.
Year Total Holes Total meters Aircore RC PQ core Assay Samples Gamma surveys
Holes Metres Holes Metres Holes Metres Samples Number of holes
· Include reference to measures taken to ensure sample representivity 2009 305 1704 305 1704 1004 74
and the appropriate calibration of any measurement tools or systems used. 2010/2011 1457 6650 1370 6202 87 448 6241
2012 423 2487 423 2289 3000
· Aspects of the determination of mineralisation that are Material to 2015 582 3313 582 3313 3966
the Public Report. 2017 1487 8190 1428 7872 59 318 626 1481
2022 1669 10955 1604 10531 66 430 819 1668
· In cases where 'industry standard' work has been done this would be 2024 2995 15262 2995 15262 2992
relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m Total 7844 43543 7820 42155 87 448 125 748 10686 6141
samples from which 3 kg was pulverised to produce a 30 g charge for fire
assay'). In other cases, more explanation may be required, such as where there
is coarse gold that has inherent sampling problems. Unusual commodities or
mineralisation types (eg submarine nodules) may warrant disclosure of detailed · Drill spacing of 200 by 100m is generally required for
information. inferred resources, 50 by 100m for indicated resources, and 50 by 50m for
measured resources.
· Drill results showed questionable sample return in the RC
drilling, and the 2015 AC program so data from those programs was not included
in this MRE. Most areas covered by those programs have been redrilled. After
2015, the main sampling method was downhole geophysical logging of AC holes,
supported by PQ core drilling with downhole geophysical logging and chemical
assay.
· For the programs from 2015 and earlier, AC drill cuttings
were riffle split on site to extract approx. 2 kg samples for assay for the
downhole intervals 0 to 0.5m, 0.5 to 1.0m, 1 to 2m, & thereafter in 1m
intervals to end of hole.
· Down hole gamma logging in 2017, 2022 and 2024 was by 2
down-hole Auslog gamma sondes operated by Poseidon Geophysics (Pty) Ltd based
in Gaborone Botswana using 3 geophysicists employed by Poseidon geophysics.
Quality control was managed by David Wilson from 3D Exploration.
· The 2 sondes (serial numbers T093 and T272) were sent to
the Department of Environment, Water & Natural Resources, Adelaide South
Australia for calibration prior to the surveys in both 2017 and 2022.
· Mapping of outcrops was undertaken in field programs of
2015, 2018, 2022 and 2024. Most outcrop mapping was included in large areas of
scree and float so was of limited use for resource modelling. Although many
outcrop areas are hard and probably unmineralized (and not available for
free-dig and current treatment plan), some areas are weathered granite (as
seen in metallurgical pit programs). Outcrop maps were mostly constructed from
digitising satellite imagery (Worldview 3-HD Satellite Imagery to 15cm
resolution provided by Geoimage Pty Ltd), with reference to aircore drilling
depths to determine what part of the image were probably outcrop. This work
needs to be field checked during later work.
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary · AC drilling in all programs prior to 2022 was conducted
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or by Wallis Drilling of Perth WA using a Mantis drill rig with NQ size bit
standard tube, depth of diamond tails, face-sampling bit or other type, (outer diameter 75.7mm) except for the 2015 program which used HQ size bit (OD
whether core is oriented and if so, by what method, etc). 96mm). Diamond drilling (DD) was carried out by Capital Drilling Mauritanie
SARL utilising triple tube PQ coring (122.6mm outer diameter bit, 85mm
diameter core).
· In 2022, AC drilling was conducted by Sahara Natural
Resources (Guinea) using a 650 model DTH cum-rotary rig. PQ triple-tube
diamond drilling was conducted by Tayssir Drilling.
· The 2024 AC drilling program was conducted by Sahara
Natural Resources using their purpose- built SNR SAC15 multi-wheel drive rig.
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and · For the 2010, 2011, 2012 Aircore programs, no sample
results assessed. recovery information is available.
· Measures taken to maximise sample recovery and ensure representative · 2015 AC drilling the total drill return for each sample
nature of the samples. interval was bagged and weighed to an accuracy of approximately 0.25kg to
estimate sample recovery. The assay results for the 2015 drilling are
· Whether a relationship exists between sample recovery and grade and considered inaccurate due to loss of fine uranium-bearing carnotite during the
whether sample bias may have occurred due to preferential loss/gain of drilling process, on the basis of 63 holes which were later gamma logged which
fine/coarse material. indicated that eU3O8 grades were approx. 3 times greater than assay grades.
Between 2015 and 2023, 35% (205) of the 2015 collars had another hole drilled
within 15 metres and a downhole gamma survey undertaken.
· Efforts were made to minimise dust loss, eg in most holes
the first metre was drilled without applying compressed air, and thereafter
minimum air necessary to lift the sample was applied. In view of the ultrafine
grain size of the uranium mineral carnotite, even where high recoveries were
recorded, it is possible that some carnotite was lost in dust emitted from the
drill rig cyclone. resulting in underestimation of uranium grade
· For PQ core, given the ultra-fine-grained nature of the
carnotite mineralisation, loss of uranium is likely in any core runs recording
less than 100% recovery, and even where 100% recovery is recorded it is
possible some loss of carnotite may have occurred.
· 2017, 2022, 2024 AC drillholes were not physically
sampled, and downhole gamma surveys were completed for grade measurement.
· All drill core was transported in covered core trays to
Nouakchott for geological logging, density determination, and core cutting.
· Drill core lengths were measured to an accuracy of c. 1cm
immediately on removal from the core barrel to determine & record core
recovery. After transportation to the core yard in Nouakchott, the depths were
marked on the core at 1 metre intervals and recovery data was checked again.
81% of core samples have a recovery of 95% or greater, and 85% of core samples
have a recovery of 90% or greater.
Logging · Whether core and chip samples have been geologically and · In 2011/12/15 AC drilling each sample interval was
geotechnically logged to a level of detail to support appropriate Mineral geologically logged by an onsite geologist and drill logs were uploaded to
Resource estimation, mining studies and metallurgical studies. Aura's database managed by Reflex Hub in Perth. A sample of sieved &
washed chips for each sample interval was retained in chip trays for
· Whether logging is qualitative or quantitative in nature. Core (or reference. In 2017 and 2022 AC drilling, only the bottom hole sample was
costean, channel, etc) photography. geologically logged, and a sample retained in chip trays.
· The total length and percentage of the relevant intersections logged. · In 2024 drilling, all holes were geologically logged,
mostly from photographs, with logging limited to weathering, presence of
carnotite, and rock type. The last sample from each hole was washed and
retained in chip trays. The amount of lithological logging completed in each
drilling program is shown in the following Table:
Year Total Holes Total meters Number of holes Geologically logged (greater than 75%) Number of holes geologically logged (final metre)
2009 305 1704 305 294
2010/2011 1457 6649.55 1452 1402
2012 523 2486.90 523 523
2015 582 3312.50 582 581
2017 1487 8189.77 1486 57
2022 1669 10955.04 1518 425
2024 2995 15262.09 2882 2862
· Drill core was photographed, geologically logged and logs
were recorded on Aura's logging template and uploaded to Aura's database.
· A total of 559 density samples have been taken. In
2011/12/17 drilling, 385 density measurements (which included 25 duplicate
determinations) were taken on drill core by ALS Laboratories in Nouakchott
under the supervision of Aura's geologist. In 2022, 174 density measurements
were taken on drill core by MMM Laboratories SARL in Nouakchott, under the
supervision of an Aura geologist.
· Database management was undertaken by Reflex Hub in Perth
prior to July 2019, and by Earth SQL in Melbourne after that date.
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core · 2010/2011/12/15 AC drill samples were riffle split on
taken. site to provide a minimum 2kg sample for assay and a duplicate split for
reference and possible umpire analysis.
· If non-core, whether riffled, tube sampled, rotary split, etc and
whether sampled wet or dry. · Duplicates, blanks, and standards were inserted in the
assay sample stream at regular intervals as detailed in the next section.
· For all sample types, the nature, quality and appropriateness of the
sample preparation technique. · Drill core from 2017 was cut in half longitudinally by
diamond saw by ALS Laboratories after marking up by, and under the supervision
· Quality control procedures adopted for all sub-sampling stages to of, an Aura geologist. This task was completed in 2022 by MMM Laboratories in
maximise representivity of samples. Nouakchott, under the supervision of an Aura geologist.
· Measures taken to ensure that the sampling is representative of the · For each half-metre of core, half-core was bagged for
in-situ material collected, including for instance results for field assay.
duplicate/second-half sampling.
· Given the fine-grained nature of the uranium minerals
· Whether sample sizes are appropriate to the grain size of the these sample sizes are appropriate.
material being sampled.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and · 2010/2011/12 AC drill samples were submitted to Stewart
laboratory procedures used and whether the technique is considered partial or Laboratories sample preparation facility near Zouérat in Mauritania (In 2012
total. Stewart Laboratories became part of ALS Laboratories). Samples were crushed by
jaw crusher to -12mm and 1kg was riffle split for pulverising to +85% passing
· For geophysical tools, spectrometers, handheld XRF instruments, etc, 75 microns. An c. 100g split was bagged and sent to Stewart Laboratories in
the parameters used in determining the analysis including instrument make and Ireland for analysis by pressed pellet XRF. Previous analysis comparing
model, reading times, calibrations factors applied and their derivation, etc. different analytical methods (XRF, ICP, DNC) had indicated that XRF is an
accurate method on this material, if an x-ray band is selected for measurement
· Nature of quality control procedures adopted (eg standards, blanks, that is not affected by the presence of strontium, and this was done. This
duplicates, external laboratory checks) and whether acceptable levels of method will measure total uranium.
accuracy (i.e. lack of bias) and precision have been established.
2015 AC drill samples were submitted to ALS Laboratories sample preparation
facility in Nouakchott Mauritania. Samples were crushed by jaw crusher to
-12mm and 1kg was riffle split for pulverising to +85% passing 75 microns. An
c. 100g split was bagged and sent to ALS Global in Ireland for analysis by ALS
method MC-ICP61 after 4-acid digestion. This method will measure near total
uranium.
· For diamond core drilled in 2017, bagged ½ core was
prepared by ALS Laboratories Nouakchott by Method Prep 22 (Crush to 70% less
than 6mm, pulverize entire sample to better than 85% passing 75 microns). An
c. 100g sample of pulp was split off using mini-riffle splitter, placed in
sample envelope and forwarded by air to ALS in Ireland for uranium analysis by
ALS Method U-MS62 (U by ICP-MS after 4 acid digestion). 4 acid digestion
provides near total extraction.
· For diamond core drilled in 2022, sample preparation was
completed by MMM Laboratories in Noakchott. Samples were crushed to 70% less
than 6mm, pulverize entire sample to better than 85% passing 75 microns. An c.
100g sample of pulp was split off using rotary splitter, placed in sample
envelope and forwarded by air to ALS in Ireland for uranium analysis by ALS
Method U-MS62 (U by ICP-MS after 4 acid digestion). ROL-21 agitation was
carried out on the pulps before selecting assay aliquot. 4 acid digestion
provides near total extraction.
· Downhole gamma logging was performed by 2 down-hole
Auslog gamma sondes comprising:
§ DLS5 Winch Controller
§ W600-1 12V Portable Winch
§ A075 Natural Gamma Tool
· Logging procedures involved:
§ Drill holes were gamma logged as soon as possible after drilling to
avoid radon build-up.
§ Each borehole logged in both directions to verify consistency.
§ Logging speed: 2 metres per minute
§ Sampling interval: 1cm
§ At least one hole was re-logged after each 20 holes as a repeatability
check.
§ A reference hole was established and relogged every 2 days as a check
on consistency.
§ Gamma logging procedures & interpretation were supervised by
consultant David Wilson who qualifies as a Competent Person in these matters.
· QAQC procedures for the 2011/12 AC drilling comprised, on
average:
§ Field duplicates assays: 1 in every 12 samples
§ Blanks: 1 in every 31 samples
§ Umpire assays: 1 in every 11 samples
Umpire analysis was carried on 427 sample intervals. For each of these the
original pressed pellet XRF sample assayed by Stewart Labs was re-assayed by
ICP by Stewart Labs. Each of these samples was also assayed by XRF and by ICP
by ALS Labs.
§ Certified Reference material: 1 in every 129 samples
§ Total QAQC samples: 1 in every 5 samples
Accuracy & precision were within acceptable limits.
· QAQC procedures for the 2017 and 2022 diamond drilling
comprise, submission of one standard, blank and field duplicate every 25
samples. In each set of 25 samples, a blank was inserted at every tenth
position, standard at every twentieth position and field duplicate every
25(th) position.
· 190 sample pulps sent to ANSTO Minerals at Lucas Heights
for U determination by Delayed Neutron Count, serving as the Umpire analysis.
· Certified reference standards at 128, 264, and 550ppm
were purchased from African Mineral Standards, South Africa. Blanks were
prepared from sand collected near the University of Nouakchott, that had been
scanned with a hand-held spectrometer.
Verification of sampling and assaying · The verification of significant intersections by either independent · Excluding the 2009 and 2015 programs, ie for all drilling
or alternative company personnel. included in this MRE, 7945 holes were drilled in total. Of these, 7820 were
aircore, and 125 were PQ diamond core. Approximately 76 % of holes were
· The use of twinned holes. surveyed using downhole gamma, while diamond drillholes were both gamma logged
and chemically assayed for validation purposes. The holes drilled in 2009 and
· Documentation of primary data, data entry procedures, data 2015 were excluded from all resource estimates and this report (887 holes).
verification, data storage (physical and electronic) protocols.
· To test for radioactive disequilibrium 343 samples were
· Discuss any adjustment to assay data. sent to Australian Nuclear Science and Technology Organisation (ANSTO) in
Australia for equilibrium determinations. Results were compiled and
interpreted by D Wilson of 3D Exploration. Disequilibrium factors were
produced in two different ways. The first was based on laboratory measurements
made at ANSTO, which suggested a disequilibrium factor of 1.29. The second was
comparison of drill core assay results against downhole gamma logging which
suggested a conversion factor of 1.16. When the apparent under estimation of
grade by ICP analysis (in comparison to the more accurate DNA analysis) by 7%
is taken into consideration the drill hole assay data imply a conversion
factor of 1.24. Aura personnel decided a disequilibrium factor of 1.25 was
appropriate and applied this to convert eU3O8 grades to U3O8 grades. A factor
of 1.25 needs to be applied to all raw gamma grades to provide the correct U
grade. All drillhole data recorded was uploaded to Aura's online database
managed by Reflex Hub during the programs prior to July 2019 and managed by
Earth SQL after that date. Analyses were forwarded directly from the
laboratories to the database manager for incorporation in the database.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar · 2010/2011/12 drillhole collars were surveyed by handheld
and down-hole surveys), trenches, mine workings and other locations used in GPS. According to Garmin, 90% of handheld GPS coordinates should fall within
Mineral Resource estimation. 15m accuracy for modern hand-held GPS units.
· Specification of the grid system used. · All 2017, 2022, and 2024 drillhole collars were surveyed
by differential surveying conducted by IRC-Magma (ISO 9001-2015) to an
· Quality and adequacy of topographic control. accuracy of +/- 20cm in all dimensions.
· In 2024, Survey was undertaken prior to demobilisation of
the on-site geological staff, and checks were undertaken to ensure all DGPS
surveys fell within 15.2 metres of the hand-held gps. Any questionable holes
were re-surveyed before demobilisation.
· The grid projection used is UTM WGS84 Zone 29N.
· An independent check comparing data gathered prior to
2022 to topography was undertaken by PhotoSat of Vancouver, using satellite
data provided to an accuracy of +/- 20cm, confirming the quality and adequacy
of topographic control.
Data spacing and distribution · Data spacing for reporting of Exploration Results. · In most cases Measured Resources are based on 50m x 50m
spaced drillholes, Indicated Resources are based on 100m x 100m spaced holes,
· Whether the data spacing, and distribution is sufficient to establish and Inferred Resources on 100m x 200m spaced holes.
the degree of geological and grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation procedure(s) and classifications applied. · Downhole gamma data was composited into 0.5m intervals.
· Whether sample compositing has been applied. · Three 100m x 100m areas were drilled at 12.5m spacing in
both N-S & E-W directions for geostatistical purposes and to examine
variability. Resource modelling, estimation and classification was done by the
independent resource consultants.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · In 2017, three 100m x 100m squares were drilled at 12.5m
possible structures and the extent to which this is known, considering the hole spacing in both N-S and E-W directions to investigate grade anisotropy.
deposit type. This indicated a weak NW-SE trend to the mineralisation. The drilling pattern
employed is considered appropriate for the mineralisation orientation. In
· If the relationship between the drilling orientation and the 2022, a further two such detailed patterns were drilled.
orientation of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material. · The calcrete mineralisation is flat lying to
sub-horizontal so vertical holes were drilled, intersecting the mineralisation
at a high angle.
· The collars are spaced in a grid pattern so provide
adequate coverage of the mineralisation, demonstrating a broad NW-SE linearity
to the mineralisation, with some internal areas running NE-SW.
Sample security · The measures taken to ensure sample security. · Sample collection was supervised by geologists. Samples
were transported as soon as practicable to independent sample preparation
facilities.
· The core samples were transported to the processing
facility in Nouakchott where they were logged, and sample selection was
undertaken by geologists. The core trays were then transported to MMM
laboratories in Nouakchott for cutting, sampling and sample preparation. The
pulped samples were sent to ALS Ireland for analysis.
· Approximately 76% of drillholes in the Tiris Project
(East and West) were surveyed by downhole gamma logging and for these, sample
security is not relevant.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. · A site inspection was conducted by Oliver Mapeto of
Coffey Mining in 2012. A resource report from 2012 was independently reviewed
and confirmed by Wardell Armstrong International in 2016. A Resource Estimate
at Sadi was done in 2021 by Oliver Mapeto acting then as an independent
consultant. The 2018, 2023 and 2024 Mineral Resource Estimates have been
carried out by independent consulting group H&S Consultants Pty Ltd. All
of these consulting groups have reviewed and endorsed the sampling, grade
estimation and QAQC procedures. Dr Michael Fletcher from GeoEndeavours Pty
Ltd. undertook a field inspection in July 2022. Arnold van der Heyden from
H&S Consultants, undertook a field inspection in January 2024.
· Drill spacing of 200 by 100m is generally required for
inferred resources, 50 by 100m for indicated resources, and 50 by 50m for
measured resources.
· Drill results showed questionable sample return in the RC
drilling, and the 2015 AC program so data from those programs was not included
in this MRE. Most areas covered by those programs have been redrilled. After
2015, the main sampling method was downhole geophysical logging of AC holes,
supported by PQ core drilling with downhole geophysical logging and chemical
assay.
· For the programs from 2015 and earlier, AC drill cuttings
were riffle split on site to extract approx. 2 kg samples for assay for the
downhole intervals 0 to 0.5m, 0.5 to 1.0m, 1 to 2m, & thereafter in 1m
intervals to end of hole.
· Down hole gamma logging in 2017, 2022 and 2024 was by 2
down-hole Auslog gamma sondes operated by Poseidon Geophysics (Pty) Ltd based
in Gaborone Botswana using 3 geophysicists employed by Poseidon geophysics.
Quality control was managed by David Wilson from 3D Exploration.
· The 2 sondes (serial numbers T093 and T272) were sent to
the Department of Environment, Water & Natural Resources, Adelaide South
Australia for calibration prior to the surveys in both 2017 and 2022.
· Mapping of outcrops was undertaken in field programs of
2015, 2018, 2022 and 2024. Most outcrop mapping was included in large areas of
scree and float so was of limited use for resource modelling. Although many
outcrop areas are hard and probably unmineralized (and not available for
free-dig and current treatment plan), some areas are weathered granite (as
seen in metallurgical pit programs). Outcrop maps were mostly constructed from
digitising satellite imagery (Worldview 3-HD Satellite Imagery to 15cm
resolution provided by Geoimage Pty Ltd), with reference to aircore drilling
depths to determine what part of the image were probably outcrop. This work
needs to be field checked during later work.
Drilling techniques
· Drill type (eg core, reverse circulation, open-hole hammer, rotary
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or
standard tube, depth of diamond tails, face-sampling bit or other type,
whether core is oriented and if so, by what method, etc).
· AC drilling in all programs prior to 2022 was conducted
by Wallis Drilling of Perth WA using a Mantis drill rig with NQ size bit
(outer diameter 75.7mm) except for the 2015 program which used HQ size bit (OD
96mm). Diamond drilling (DD) was carried out by Capital Drilling Mauritanie
SARL utilising triple tube PQ coring (122.6mm outer diameter bit, 85mm
diameter core).
· In 2022, AC drilling was conducted by Sahara Natural
Resources (Guinea) using a 650 model DTH cum-rotary rig. PQ triple-tube
diamond drilling was conducted by Tayssir Drilling.
· The 2024 AC drilling program was conducted by Sahara
Natural Resources using their purpose- built SNR SAC15 multi-wheel drive rig.
Drill sample recovery
· Method of recording and assessing core and chip sample recoveries and
results assessed.
· Measures taken to maximise sample recovery and ensure representative
nature of the samples.
· Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material.
· For the 2010, 2011, 2012 Aircore programs, no sample
recovery information is available.
· 2015 AC drilling the total drill return for each sample
interval was bagged and weighed to an accuracy of approximately 0.25kg to
estimate sample recovery. The assay results for the 2015 drilling are
considered inaccurate due to loss of fine uranium-bearing carnotite during the
drilling process, on the basis of 63 holes which were later gamma logged which
indicated that eU3O8 grades were approx. 3 times greater than assay grades.
Between 2015 and 2023, 35% (205) of the 2015 collars had another hole drilled
within 15 metres and a downhole gamma survey undertaken.
· Efforts were made to minimise dust loss, eg in most holes
the first metre was drilled without applying compressed air, and thereafter
minimum air necessary to lift the sample was applied. In view of the ultrafine
grain size of the uranium mineral carnotite, even where high recoveries were
recorded, it is possible that some carnotite was lost in dust emitted from the
drill rig cyclone. resulting in underestimation of uranium grade
· For PQ core, given the ultra-fine-grained nature of the
carnotite mineralisation, loss of uranium is likely in any core runs recording
less than 100% recovery, and even where 100% recovery is recorded it is
possible some loss of carnotite may have occurred.
· 2017, 2022, 2024 AC drillholes were not physically
sampled, and downhole gamma surveys were completed for grade measurement.
· All drill core was transported in covered core trays to
Nouakchott for geological logging, density determination, and core cutting.
· Drill core lengths were measured to an accuracy of c. 1cm
immediately on removal from the core barrel to determine & record core
recovery. After transportation to the core yard in Nouakchott, the depths were
marked on the core at 1 metre intervals and recovery data was checked again.
81% of core samples have a recovery of 95% or greater, and 85% of core samples
have a recovery of 90% or greater.
Logging
· Whether core and chip samples have been geologically and
geotechnically logged to a level of detail to support appropriate Mineral
Resource estimation, mining studies and metallurgical studies.
· Whether logging is qualitative or quantitative in nature. Core (or
costean, channel, etc) photography.
· The total length and percentage of the relevant intersections logged.
· In 2011/12/15 AC drilling each sample interval was
geologically logged by an onsite geologist and drill logs were uploaded to
Aura's database managed by Reflex Hub in Perth. A sample of sieved &
washed chips for each sample interval was retained in chip trays for
reference. In 2017 and 2022 AC drilling, only the bottom hole sample was
geologically logged, and a sample retained in chip trays.
· In 2024 drilling, all holes were geologically logged,
mostly from photographs, with logging limited to weathering, presence of
carnotite, and rock type. The last sample from each hole was washed and
retained in chip trays. The amount of lithological logging completed in each
drilling program is shown in the following Table:
Year Total Holes Total meters Number of holes Geologically logged (greater than 75%) Number of holes geologically logged (final metre)
2009 305 1704 305 294
2010/2011 1457 6649.55 1452 1402
2012 523 2486.90 523 523
2015 582 3312.50 582 581
2017 1487 8189.77 1486 57
2022 1669 10955.04 1518 425
2024 2995 15262.09 2882 2862
· Drill core was photographed, geologically logged and logs
were recorded on Aura's logging template and uploaded to Aura's database.
· A total of 559 density samples have been taken. In
2011/12/17 drilling, 385 density measurements (which included 25 duplicate
determinations) were taken on drill core by ALS Laboratories in Nouakchott
under the supervision of Aura's geologist. In 2022, 174 density measurements
were taken on drill core by MMM Laboratories SARL in Nouakchott, under the
supervision of an Aura geologist.
· Database management was undertaken by Reflex Hub in Perth
prior to July 2019, and by Earth SQL in Melbourne after that date.
Sub-sampling techniques and sample preparation
· If core, whether cut or sawn and whether quarter, half or all core
taken.
· If non-core, whether riffled, tube sampled, rotary split, etc and
whether sampled wet or dry.
· For all sample types, the nature, quality and appropriateness of the
sample preparation technique.
· Quality control procedures adopted for all sub-sampling stages to
maximise representivity of samples.
· Measures taken to ensure that the sampling is representative of the
in-situ material collected, including for instance results for field
duplicate/second-half sampling.
· Whether sample sizes are appropriate to the grain size of the
material being sampled.
· 2010/2011/12/15 AC drill samples were riffle split on
site to provide a minimum 2kg sample for assay and a duplicate split for
reference and possible umpire analysis.
· Duplicates, blanks, and standards were inserted in the
assay sample stream at regular intervals as detailed in the next section.
· Drill core from 2017 was cut in half longitudinally by
diamond saw by ALS Laboratories after marking up by, and under the supervision
of, an Aura geologist. This task was completed in 2022 by MMM Laboratories in
Nouakchott, under the supervision of an Aura geologist.
· For each half-metre of core, half-core was bagged for
assay.
· Given the fine-grained nature of the uranium minerals
these sample sizes are appropriate.
Quality of assay data and laboratory tests
· The nature, quality and appropriateness of the assaying and
laboratory procedures used and whether the technique is considered partial or
total.
· For geophysical tools, spectrometers, handheld XRF instruments, etc,
the parameters used in determining the analysis including instrument make and
model, reading times, calibrations factors applied and their derivation, etc.
· Nature of quality control procedures adopted (eg standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (i.e. lack of bias) and precision have been established.
· 2010/2011/12 AC drill samples were submitted to Stewart
Laboratories sample preparation facility near Zouérat in Mauritania (In 2012
Stewart Laboratories became part of ALS Laboratories). Samples were crushed by
jaw crusher to -12mm and 1kg was riffle split for pulverising to +85% passing
75 microns. An c. 100g split was bagged and sent to Stewart Laboratories in
Ireland for analysis by pressed pellet XRF. Previous analysis comparing
different analytical methods (XRF, ICP, DNC) had indicated that XRF is an
accurate method on this material, if an x-ray band is selected for measurement
that is not affected by the presence of strontium, and this was done. This
method will measure total uranium.
2015 AC drill samples were submitted to ALS Laboratories sample preparation
facility in Nouakchott Mauritania. Samples were crushed by jaw crusher to
-12mm and 1kg was riffle split for pulverising to +85% passing 75 microns. An
c. 100g split was bagged and sent to ALS Global in Ireland for analysis by ALS
method MC-ICP61 after 4-acid digestion. This method will measure near total
uranium.
· For diamond core drilled in 2017, bagged ½ core was
prepared by ALS Laboratories Nouakchott by Method Prep 22 (Crush to 70% less
than 6mm, pulverize entire sample to better than 85% passing 75 microns). An
c. 100g sample of pulp was split off using mini-riffle splitter, placed in
sample envelope and forwarded by air to ALS in Ireland for uranium analysis by
ALS Method U-MS62 (U by ICP-MS after 4 acid digestion). 4 acid digestion
provides near total extraction.
· For diamond core drilled in 2022, sample preparation was
completed by MMM Laboratories in Noakchott. Samples were crushed to 70% less
than 6mm, pulverize entire sample to better than 85% passing 75 microns. An c.
100g sample of pulp was split off using rotary splitter, placed in sample
envelope and forwarded by air to ALS in Ireland for uranium analysis by ALS
Method U-MS62 (U by ICP-MS after 4 acid digestion). ROL-21 agitation was
carried out on the pulps before selecting assay aliquot. 4 acid digestion
provides near total extraction.
· Downhole gamma logging was performed by 2 down-hole
Auslog gamma sondes comprising:
§ DLS5 Winch Controller
§ W600-1 12V Portable Winch
§ A075 Natural Gamma Tool
· Logging procedures involved:
§ Drill holes were gamma logged as soon as possible after drilling to
avoid radon build-up.
§ Each borehole logged in both directions to verify consistency.
§ Logging speed: 2 metres per minute
§ Sampling interval: 1cm
§ At least one hole was re-logged after each 20 holes as a repeatability
check.
§ A reference hole was established and relogged every 2 days as a check
on consistency.
§ Gamma logging procedures & interpretation were supervised by
consultant David Wilson who qualifies as a Competent Person in these matters.
· QAQC procedures for the 2011/12 AC drilling comprised, on
average:
§ Field duplicates assays: 1 in every 12 samples
§ Blanks: 1 in every 31 samples
§ Umpire assays: 1 in every 11 samples
Umpire analysis was carried on 427 sample intervals. For each of these the
original pressed pellet XRF sample assayed by Stewart Labs was re-assayed by
ICP by Stewart Labs. Each of these samples was also assayed by XRF and by ICP
by ALS Labs.
§ Certified Reference material: 1 in every 129 samples
§ Total QAQC samples: 1 in every 5 samples
Accuracy & precision were within acceptable limits.
· QAQC procedures for the 2017 and 2022 diamond drilling
comprise, submission of one standard, blank and field duplicate every 25
samples. In each set of 25 samples, a blank was inserted at every tenth
position, standard at every twentieth position and field duplicate every
25(th) position.
· 190 sample pulps sent to ANSTO Minerals at Lucas Heights
for U determination by Delayed Neutron Count, serving as the Umpire analysis.
· Certified reference standards at 128, 264, and 550ppm
were purchased from African Mineral Standards, South Africa. Blanks were
prepared from sand collected near the University of Nouakchott, that had been
scanned with a hand-held spectrometer.
Verification of sampling and assaying
· The verification of significant intersections by either independent
or alternative company personnel.
· The use of twinned holes.
· Documentation of primary data, data entry procedures, data
verification, data storage (physical and electronic) protocols.
· Discuss any adjustment to assay data.
· Excluding the 2009 and 2015 programs, ie for all drilling
included in this MRE, 7945 holes were drilled in total. Of these, 7820 were
aircore, and 125 were PQ diamond core. Approximately 76 % of holes were
surveyed using downhole gamma, while diamond drillholes were both gamma logged
and chemically assayed for validation purposes. The holes drilled in 2009 and
2015 were excluded from all resource estimates and this report (887 holes).
· To test for radioactive disequilibrium 343 samples were
sent to Australian Nuclear Science and Technology Organisation (ANSTO) in
Australia for equilibrium determinations. Results were compiled and
interpreted by D Wilson of 3D Exploration. Disequilibrium factors were
produced in two different ways. The first was based on laboratory measurements
made at ANSTO, which suggested a disequilibrium factor of 1.29. The second was
comparison of drill core assay results against downhole gamma logging which
suggested a conversion factor of 1.16. When the apparent under estimation of
grade by ICP analysis (in comparison to the more accurate DNA analysis) by 7%
is taken into consideration the drill hole assay data imply a conversion
factor of 1.24. Aura personnel decided a disequilibrium factor of 1.25 was
appropriate and applied this to convert eU3O8 grades to U3O8 grades. A factor
of 1.25 needs to be applied to all raw gamma grades to provide the correct U
grade. All drillhole data recorded was uploaded to Aura's online database
managed by Reflex Hub during the programs prior to July 2019 and managed by
Earth SQL after that date. Analyses were forwarded directly from the
laboratories to the database manager for incorporation in the database.
Location of data points
· Accuracy and quality of surveys used to locate drill holes (collar
and down-hole surveys), trenches, mine workings and other locations used in
Mineral Resource estimation.
· Specification of the grid system used.
· Quality and adequacy of topographic control.
· 2010/2011/12 drillhole collars were surveyed by handheld
GPS. According to Garmin, 90% of handheld GPS coordinates should fall within
15m accuracy for modern hand-held GPS units.
· All 2017, 2022, and 2024 drillhole collars were surveyed
by differential surveying conducted by IRC-Magma (ISO 9001-2015) to an
accuracy of +/- 20cm in all dimensions.
· In 2024, Survey was undertaken prior to demobilisation of
the on-site geological staff, and checks were undertaken to ensure all DGPS
surveys fell within 15.2 metres of the hand-held gps. Any questionable holes
were re-surveyed before demobilisation.
· The grid projection used is UTM WGS84 Zone 29N.
· An independent check comparing data gathered prior to
2022 to topography was undertaken by PhotoSat of Vancouver, using satellite
data provided to an accuracy of +/- 20cm, confirming the quality and adequacy
of topographic control.
Data spacing and distribution
· Data spacing for reporting of Exploration Results.
· Whether the data spacing, and distribution is sufficient to establish
the degree of geological and grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation procedure(s) and classifications applied.
· Whether sample compositing has been applied.
· In most cases Measured Resources are based on 50m x 50m
spaced drillholes, Indicated Resources are based on 100m x 100m spaced holes,
and Inferred Resources on 100m x 200m spaced holes.
· Downhole gamma data was composited into 0.5m intervals.
· Three 100m x 100m areas were drilled at 12.5m spacing in
both N-S & E-W directions for geostatistical purposes and to examine
variability. Resource modelling, estimation and classification was done by the
independent resource consultants.
Orientation of data in relation to geological structure
· Whether the orientation of sampling achieves unbiased sampling of
possible structures and the extent to which this is known, considering the
deposit type.
· If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material.
· In 2017, three 100m x 100m squares were drilled at 12.5m
hole spacing in both N-S and E-W directions to investigate grade anisotropy.
This indicated a weak NW-SE trend to the mineralisation. The drilling pattern
employed is considered appropriate for the mineralisation orientation. In
2022, a further two such detailed patterns were drilled.
· The calcrete mineralisation is flat lying to
sub-horizontal so vertical holes were drilled, intersecting the mineralisation
at a high angle.
· The collars are spaced in a grid pattern so provide
adequate coverage of the mineralisation, demonstrating a broad NW-SE linearity
to the mineralisation, with some internal areas running NE-SW.
Sample security
· The measures taken to ensure sample security.
· Sample collection was supervised by geologists. Samples
were transported as soon as practicable to independent sample preparation
facilities.
· The core samples were transported to the processing
facility in Nouakchott where they were logged, and sample selection was
undertaken by geologists. The core trays were then transported to MMM
laboratories in Nouakchott for cutting, sampling and sample preparation. The
pulped samples were sent to ALS Ireland for analysis.
· Approximately 76% of drillholes in the Tiris Project
(East and West) were surveyed by downhole gamma logging and for these, sample
security is not relevant.
Audits or reviews
· The results of any audits or reviews of sampling techniques and data.
· A site inspection was conducted by Oliver Mapeto of
Coffey Mining in 2012. A resource report from 2012 was independently reviewed
and confirmed by Wardell Armstrong International in 2016. A Resource Estimate
at Sadi was done in 2021 by Oliver Mapeto acting then as an independent
consultant. The 2018, 2023 and 2024 Mineral Resource Estimates have been
carried out by independent consulting group H&S Consultants Pty Ltd. All
of these consulting groups have reviewed and endorsed the sampling, grade
estimation and QAQC procedures. Dr Michael Fletcher from GeoEndeavours Pty
Ltd. undertook a field inspection in July 2022. Arnold van der Heyden from
H&S Consultants, undertook a field inspection in January 2024.
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section)
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including · The 2024 drilling was conducted on 1 mineral exploration
agreements or material issues with third parties such as joint ventures, permit held 100% by Aura Energy: 2365B4 Oued EL Foule Sud, and on 2
partnerships, overriding royalties, native title interests, historical sites, Exploitation permits (for which Mining conventions have been signed): 2492C4
wilderness or national park and environmental settings. Oued El Foule, 2491C4 Ain Sder held by Tiris Ressources SA. Tiris Ressources
SA is owned 85% by Aura Energy subsidiary, Aura Energy Mauritania and 15% by
· The security of the tenure held at the time of reporting along with ANARPAM, a Mauritanian Government entity.
any known impediments to obtaining a licence to operate in the area.
· During the current program, a mineral resource estimate
was undertaken on 562B4 Oum Ferkik to bring it in line with the resource
calculation methods in Tiris East. This mineral exploration permit is held
100% by Aura Energy. An application for an Exploitation permit has been
submitted for this Lease.
· Aura has completed an Environmental and Social Impact
Assessment which concluded there are no known issues arising from native
title, historical sites, environmental or third-party matters which are likely
to materially affect exploitation.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. · Aura is unaware of any prior exploration on these areas,
other than governmental data gathering projects such as the PRISM-II
Mauritania Minerals Project (USGS)
Geology · Deposit type, geological setting and style of mineralisation. · The mineralisation is of the surficial uranium style. It
occurs within rocks derived from the Proterozoic Reguibat Craton. The
mineralisation is developed within near surface altered and weathered
granites, and within shallow colluvium lying on granite or adjacent
metasediments.
Drill hole Information · A summary of all information material to the understanding of the · Specific drillhole data is not relevant to the reporting
exploration results including a tabulation of the following information for of this resource estimation because the topography is not significantly
all Material drill holes: variable, and all holes are vertical, drilled almost perpendicular to
sub-horizontal mineralisation at depth of less than 10 metres.
1. easting and northing of the drill hole collar
2. elevation or RL (Reduced Level - elevation above sea level in metres)
of the drill hole collar
3. dip and azimuth of the hole
4. down hole length and interception depth
5. hole length.
· If the exclusion of this information is justified on the basis that
the information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, · Data aggregation methods are summarised in the Resource Estimate
maximum and/or minimum grade truncations (eg cutting of high grades) and report by H&S Consultants which this table accompanies.
cut-off grades are usually Material and should be stated.
· Where aggregate intercepts incorporate short lengths of high-grade
results and longer lengths of low grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations
should be shown in detail.
· The assumptions used for any reporting of metal equivalent values
should be clearly stated.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of · All drillholes on which the resource estimate is based
Exploration Results. were vertical and approximately perpendicular to the thickness of the sub
horizontal mineralisation.
· If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported.
· If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (eg 'down hole length, true width
not known').
Diagrams · Appropriate maps and sections (with scales) and tabulations of · Refer to the ASX announcement which this table
intercepts should be included for any significant discovery being reported accompanies.
These should include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not · Not applicable
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misleading reporting of Exploration · No exploration results have been reported in this
Results. announcement
Other substantive exploration data · Other exploration data, if meaningful and material, should be · Metallurgical testwork is ongoing. Information on
reported including (but not limited to): geological observations; geophysical processing has been reported in;
survey results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical · ASX release: 29 July 2019 - Tiris Uranium Definitive
and rock characteristics; potential deleterious or contaminating substances. Feasibility Study Completed
· ASX release 23 June 2022 - confirms average 550%
upgrading of uranium with simple screening in test-work
· ASX release: 29 March 2023 - Tiris Uranium Project
Enhanced Definitive Feasibility Study
· ASX release: 28 Feb 2024 - FEED study confirms excellent
economics for the Tiris Uranium Project
· Metallurgical testwork pits were undertaken in the 2024
field program and the data is currently being processed.
Further work · The nature and scale of planned further work (eg tests for lateral · An assessment of further mineral potential and drilling
extensions or depth extensions or large-scale step-out drilling). opportunities on these Leases is currently being undertaken.
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
Section 3. Estimation and Reporting of Mineral Resources
Criteria JORC Code explanation Commentary
Database integrity · Measures taken to ensure that data has not been corrupted by, for The Aura resource database is managed by independent organisation Reflex Hub,
example, transcription or keying errors, between its initial collection and based in Perth.
its use for Mineral Resource estimation purposes.
HSC conducted some basic checks for internal inconsistencies such as
· Data validation procedures used. overlapping intervals, records beyond end of hole depth, unassayed intervals
and unrealistic data values.
Twinned drill holes, generally within 10m, were identified and examined. Twins
without assays or shallower holes were removed for geological interpretation
and grade estimation.
Site visits · Comment on any site visits undertaken by the Competent Person and the The Competent Person for the Mineral Resource Estimate (MRE) undertook a site
outcome of those visits. visit to the Tiris East project area in January 2024. Two days were spent on
site observing air-core drilling operations including down-hole gamma logging,
· If no site visits have been undertaken indicate why this is the case. as well as inspecting the geology of each of the major deposits and locating
older drill hole collar locations. A further half day was spent in the capital
Nouakchott inspecting core and sample storage at the AEE storage facility.
The drilling and gamma logging were being performed in a professional manner
and the core inspection confirmed the presence of significant uranium
mineralisation.
Geological interpretation · Confidence in (or conversely, the uncertainty of) the geological The uranium mineralisation generally forms thin shallow horizontal tabular
interpretation of the mineral deposit. bodies ranging in thickness from 1 to 12m hosted in weathered granite and
granitic sediments. Differentiation of the weathered granite from granitic
· Nature of the data used and of any assumptions made. sediments is unreliable from air-core sample returns.
· The effect, if any, of alternative interpretations on Mineral Resource HSC generated surfaces representing the base of the mineralisation at each
estimation. deposit in order to limit the extrapolation of grades into volumes that have
no data. This is important at Tiris as there is a general decrease in uranium
· The use of geology in guiding and controlling Mineral Resource grades with depth.
estimation.
These basal surfaces generally represent the top of fresh granite, where
· The factors affecting continuity both of grade and geology. air-core drilling could penetrate no further. The basal surfaces were produced
using the locations of the end of the deepest assay from each drill hole.
The exceptions are the 2022 air-core drilling, when a hydraulic hammer was
used instead of a conventional blade bit, and all diamond core holes.
Therefore, these holes could penetrate fresh rock, while the blade bit used in
other years could not. This difference is important to the Tiris project
because the DFS assumes that mining will be free-digging. Consequently, fresh
rock intersected in the 2022 air-core holes and all diamond core drilling will
not be mineable under current assumptions and needs to be excluded from the
MRE. Therefore, in deposits with 2022 air-core holes and diamond core drilling
(Sadi, Lazare South and Hippolyte North), an additional surface was created to
represent the top of fresh rock, which may be shallower than the base of
mineralisation in places.
Areas of obvious outcrop were excised from the MRE assuming a dip of 45
degrees between weathered granite/granitic sediments and the fresh granite.
At the time that the estimates were completed, no topographic survey data were
available. The majority of the recent drill collar locations were surveyed
using a Differential Global Positioning System (DGPS). HSC used the locations
of all drill hole collars that had been located with the DGPS to create a
wireframe representing the topographic surface. The elevations of all drill
holes that had been located using a handheld GPS were then derived from this
topographic surface.
All geological models contain block proportions of material:
· Below topography
· Above base of mineralisation
· Above top of fresh rock
· Above top of holes
These proportions were later combined to assess estimates of material between
the different surfaces.
The block proportion below topography was used to assign average block depth,
which was used to calculate dry bulk density and allow assessment of
mineralisation in one metre slices below surface.
The interpretation of the mineralisation as flat lying tabular bodies is
undisputed. The lateral extents of the mineralisation are poorly defined and
recent drilling around the edges of the deposits shows that mineralisation is
not necessarily limited to areas with stronger surface radiometric anomalies.
The extent of outcrop/subcrop and its relationship to free-digging
mineralisation is somewhat uncertain but a conservative approach has been
taken to minimise this risk.
Alternative interpretations of the geology are unlikely to significantly
impact estimated resources.
The continuity of both grade and geology are affected by the extent of
weathering of the granitic host. Continuity does not appear to be affected by
faulting.
The models account for sand dunes that overlie mineralisation in places that
can be over 10m high. These dunes move on an annual basis within specific
corridors. AEE provided the outlines of the base of sand dunes from aerial
imagery and HSC generated volumes based on a nominal height of 10m. The
modelling of these volumes and their location is somewhat subjective, but it
does give a nominal indication of the location of the sand dune corridors.
Dimensions · The extent and variability of the Mineral Resource expressed as length The MREs reported here occur in ten separate deposits in two areas (Tiris East
(along strike or otherwise), plan width, and depth below surface to the upper and Tiris West) separated by ~200km. All MREs are reported at 100ppm U(3)O(8)
and lower limits of the Mineral Resource. cut-off grade.
The Tiris East area comprises 8 separate deposits within a rectangle around
35km north-south and 74km east-west.
1. The Sadi MRE occurs in an irregular NNW trending area with a
north-south length of 10.6km and an average east-west extent of ~3.0km. There
are a few smaller patches of mineralisation outside the main zone. The MRE
starts at surface and extends to a maximum depth of 17m below surface,
although the majority of mineralisation occurs within 8m of surface.
2. The Lazare North MRE occurs over an area of 4.8km east-west and
averages ~2.0km north-south. It comprises two main areas with an additional
small patch in the north-west. The MRE starts at surface and extends to a
maximum depth of 12m below surface, although the majority of mineralisation
occurs within 7m of surface.
3. The Lazare South MRE occurs over an area of 7.8km east-west and
averages ~1.5km north-south. It comprises two main areas with an additional
smaller patch to the east. The MRE starts at surface and extends to a maximum
depth of 19m below surface, although the majority of mineralisation occurs
within 6m of surface.
4. The Hippolyte North MRE occurs as multiple lenses over an area of
6.1km east-west and 9.6km north-south, and was divided into 7 separate zones
for grade estimation. The MRE starts at surface and extends to a maximum depth
of 11m below surface, although the majority of mineralisation occurs within 6m
of surface.
5. The Hippolyte South MRE occurs as multiple lenses over an area of
8.0km east-west and 9.2km north-south, and was divided into 5 separate zones
for grade estimation. The MRE starts at surface and extends to a maximum depth
of 9m below surface, although the majority of mineralisation occurs within 6m
of surface.
6. The Hippolyte East MRE occurs as four separate lenses over an area
of 3.8km east-west and 4.3km north-south, and was divided into 3 separate
zones for grade estimation. The MRE starts at surface and extends to a maximum
depth of 8m below surface, although the majority of mineralisation occurs
within 5m of surface.
7. The Hippolyte West C MRE occurs as a single irregular zone over an
area of 3.6km north-south and averages ~1.3km east-west. The MRE starts at
surface and extends to a maximum depth of 10 m below surface, although the
majority of mineralisation occurs within 7m of surface.
8. The Marie MRE occurs as four separate zones over an area of ~12km
east-west and ~7.5km north-south. Marie E extends 1.8 km N-S and 0.6km E-W;
Marie F is 1.8km N-S and 0.75km E-W; Marie G is 1.5km N-S and 2.0km E-W; and
Marie H is 4.0km N-S and 0.6km E-W. The MRE starts at surface and extends to a
maximum depth of 9m below surface, although the majority of mineralisation
occurs within 6m of surface.
The Tiris West area comprises 2 separate deposits within a rectangle around
3.4km north-south and 7.2km east-west.
9. The Oum Ferkik K MRE occurs as a single irregular zone over an area
with maximum dimensions of 2.6km north-south and 2.4km east-west. The MRE
starts at surface and extends to a maximum depth of 11m below surface,
although the majority of mineralisation occurs within 6m of surface.
10. The Oum Ferkik L MRE occurs as a single irregular zone over an area with
maximum dimensions of 2.9km north-south and 1.9km east-west. The MRE starts at
surface and extends to a maximum depth of 11m below surface, although the
majority of mineralisation occurs within 6m of surface.
These dimensions do not account for sand dunes that overly parts of some
deposits because the dunes move on an annual basis and the modelling of their
volumes and location is somewhat subjective.
Estimation and modelling techniques · The nature and appropriateness of the estimation technique(s) applied New estimates were generated for all deposits reported here. There is
and key assumptions, including treatment of extreme grade values, domaining, additional recent drilling for all the Tiris East deposits, while Tiris West
interpolation parameters, maximum distance of extrapolation from data points. was re-estimated with existing historical data using the same methodology as
Tiris East to make all estimates consistent and compatible.
· The availability of check estimates, previous estimates and/or mine
production records and whether the Mineral Resource estimate takes appropriate Uranium concentration was estimated by recoverable Multiple Indicator Kriging
account of such data. (MIK) using GS3 geostatistical software. The uranium grades at the Tiris
deposits exhibit a positively skewed distributions and therefore show
· The assumptions made regarding recovery of by-products. reasonable sensitivity to a small number of high grades. MIK is considered an
appropriate estimation method for the uranium grade distribution at the Tiris
· Estimation of deleterious elements or other non-grade variables of deposits because it specifically accounts for the changing spatial continuity
economic significance (e.g. sulphur for acid mine drainage characterisation). at different grades through a set of indicators variograms at a range of grade
thresholds. It also reduces the need to use the practice of top cutting.
· In the case of block model interpolation, the block size in relation to
the average sample spacing and the search employed. All drill hole intervals were composited to 0.5m for estimation.
· Any assumptions behind modelling of selective mining units. No direct top-cuts were applied but the average of the mean and median grades
was applied to the top indicator class to address any potential extreme
· Any assumptions about correlation between variables. values.
· Description of how the geological interpretation was used to control The larger deposits were subdivided into a number of Subzones for estimation,
the resource estimates. with conditional statistics generated for each of the subzones. All class
grades used for estimation of the mineralised domains were derived from the
· Discussion of basis for using or not using grade cutting or capping. class mean grades, except the top indicator class.
· The process of validation, the checking process used, the comparison of Only U(3)O(8) was estimated. No deleterious elements or other non-grade
model data to drill hole data, and use of reconciliation data if available. variables of economic significance were estimated.
Vanadium is a potential by-product and vanadium oxide (V2O5) has been
estimated for the mineral resources using the stoichiometric V(2)O(5)/
U(3)O(8) ratio for carnotite group minerals. These V(2)O(5) values represent
potentially recoverable vanadium in carnotite and not total vanadium occurring
in mineralisation, which is significantly higher in almost all cases. These
potentially recoverable V(2)O(5) values are based on the analysis of a
substantial database of available sample data and represent average values
that may be conservative. This procedure relies on the correlation between
uranium and vanadium in carnotite group minerals, which are the only uranium-
vanadium minerals identified to date at Tiris. The base of mineralisation
surface was used to limit the extrapolation of grades into volumes that had no
data.
The proportion of outcrop was estimated for each block based on digitising
provided by AEE and used to deplete the MRE on the assumption that this
material cannot be dug freely.
The Recoverable MIK technique employed by HSC in this case requires a set of
14 variogram models, one for each of the fourteen grade bins used. Sets of
variogram models were created for the major Subzones and were applied to
Subzones that did not have sufficient data to generate reliable models.
Drill hole spacing varies from 50x50m or 70x70m in the better drilled
deposits, out to 100x200m in the less well drilled deposits.
Sample length varies by assay type and year. Earlier chemical assays
(2009-2012) are typically 1.0m in length, apart from 0.5m intervals for the
first metre in each holes. Later (2017-2022) chemical assays are consistently
0.5m in length. All raw radiometric data (one centimetre readings) has been
composited to regular 0.5m intervals. All drill hole grade data were
composited to nominal 0.5m intervals for analysis and estimation.
The block dimensions were 50x50m in plan view and 1 m vertically. The plan
dimensions were chosen as it is the nominal drill hole spacing (preferable for
MIK estimation). The vertical dimension was chosen to reflect the anisotropy
of the mineralisation and the downhole data spacing.
The minimum selective mining unit size is assumed to be 10x10x0.5m.
A three-pass search strategy was used to estimate the U(3)O(8) grades at each
of the deposits. Each pass required a minimum number of samples with data from
a minimum number of octants of the search ellipse to be populated.
Discretisation was set to 5x5x2 points in X, Y and Z, respectively. The
search criteria are shown below. The last short axis of the search ellipse is
vertical.
1. 80x80x2.0m search, 16-48 samples, minimum 4 octants
2. 160x160x2.0m search, 16-48 samples, minimum 4 octants
3. 240x240x3.0m search, 8-48 samples, minimum 2 octants
The maximum distance of extrapolation of the reported estimates from drill
hole data points is limited to around 220m.
The estimates were reviewed by HSC personnel, and it was concluded that the
estimates reasonably represent the grades observed in the drill holes. HSC
also validated the models statistically using histograms, boxplots, scatter
plots and summary statistics.
No independent check estimates were produced but the new models were compared
to previous estimates and found to be consistent and compatible. The new MRE
takes appropriate account of previous estimates.
No mining has occurred on the Tiris deposits so mine production data were
unavailable for comparison.
Moisture · Whether the tonnages are estimated on a dry basis or with natural Tonnages are estimated on a dry weight basis. The moisture constant was not
moisture, and the method of determination of the moisture content. determined.
Cut-off parameters · The basis of the adopted cut-off grade(s) or quality parameters A cut-off grade of 100ppm U(3)O(8) is used to report the resources as it is
applied. assumed that ore can be economically mined at this grade in an open pit
scenario. This cut-off is considered to be relatively low compared to
operating uranium mines, but metallurgical test work indicates that a
significant upgrade in uranium and decrease in sulphates can be achieved by a
simple screening process.
Mining factors or assumptions · Assumptions made regarding possible mining methods, minimum mining All of the resources reported here have been estimated on the assumption that
dimensions and internal (or, if applicable, external) mining dilution. It may the deposits will be mined by open-pit and free digging, with no blasting or
not always be possible to make assumptions regarding mining methods and crushing.
parameters when estimating Mineral Resources. Where no assumptions have been
made, this should be reported. Recoverable MIK allows for block support correction to account for the change
from sample size support to the size of a mining block. This process requires
an assumed grade control drill spacing and the assumed size of the Selective
Mining Unit (SMU). The variance adjustment factors were estimated from the
U(3)O(8) metal variogram models assuming a minimum SMU of 10x10x0.5m (east,
north, vertical) with high quality grade control sampling on a 10x10x0.5m
pattern (east, north, vertical).
Internal dilution within the SMUs is accounted for by the estimation method;
external mining dilution and other mining recovery factors are not included in
the estimates.
If a larger SMU size or a broader grade control drill pattern is implemented,
then the selectivity assumed in the reported resources may not be realised.
Metallurgical factors or assumptions · The basis for assumptions or predictions regarding metallurgical The metallurgical test work information supplied to HSC indicates that the
amenability. It may not always be possible to make assumptions regarding Tiris deposits are amenable to a process of crushing, screening and an
metallurgical treatment processes and parameters when reporting Mineral alkaline carbonate leach in order to recover uranium. Bench scale test work
Resources. Where no assumptions have been made, this should be reported. indicates that a significant upgrade in uranium and decrease in sulphate
concentrations can be achieved through screening.
No penalty elements identified in work so far.
No other assumptions have been made.
Environmental factors or assumptions · Assumptions made regarding possible waste and process residue disposal AEE has informed HSC that an Environmental and Social Impact Assessment has
options. It is always necessary as part of the process of determining been completed, which concluded there are no known issues arising from native
reasonable prospects for eventual economic extraction to consider the title, historical sites, environmental or third-party matters which are likely
potential environmental impacts of the mining and processing operation. While to materially affect exploitation. HSC therefore assumes that there are no
at this stage the determination of potential environmental impacts, known unusual aspects of the Tiris deposits that may lead to adverse
particularly for a greenfields project, may not always be well advanced, the environmental impacts beyond what is expected from a mining operation.
status of early consideration of these potential environmental impacts should
be reported. Where these aspects have not been considered this should be
reported with an explanation of the environmental assumptions made.
Waste rock and process residue is expected to be disposed of in the areas
surrounding the deposits and processing facility in a responsible manner and
in accordance with all mining lease conditions.
Bulk density · Whether assumed or determined. If assumed, the basis for the Dry bulk density of diamond drill core samples was measured at the ALS
assumptions. If determined, the method used, whether wet or dry, the frequency facility in Nouakchott using an immersion method (Archimedes principle) on
of the measurements, the nature, size and representativeness of the samples. selected PQ diamond drill core intervals ranging in size from 10 to 30cm.
Competent pieces of drill core were selected on a nominal interval of 50cm.
The samples chosen are believed to be representative of the surrounding rock
type. All density samples are wrapped in cling film to avoid water absorption.
A total of 412 density measurements have been taken from drill core at the
Tiris deposits with values ranging from 1.50 to 2.66t/m3 and averaging 2.13
t/m3.
Measured density values show that there is a reasonable correlation between
density and the depth of the sample. A regression was used to assign densities
to each block in the block models based on depth below surface.
Classification · The basis for the classification of the Mineral Resources into varying The classification is based on the search pass used to estimate the block.
confidence categories.
In some cases, the blocks at surface were populated in a later search pass
· Whether appropriate account has been taken of all relevant factors than blocks immediately below, as these blocks did not meet the minimum search
(i.e., relative confidence in tonnage/grade estimations, confidence in criteria due to the fact that there are no samples above the topography. In
continuity of geology and metal values, quality, quantity and distribution of order to alleviate this, the minimum search pass from a column of blocks was
the data). propagated upwards.
· Whether the result appropriately reflects the Competent Person's view Pass one nominally equates to Measured Resources, pass two translates to
of the deposit. Indicated Resources and Pass three equates to Inferred Resources.
In deposits drilled entirely at 100x200m hole spacing, the entire resource was
classified as Inferred, regardless of estimation pass, to maintain consistency
with previous estimates.
A small number of estimated model blocks occur outside the current AEE leases,
and these were excluded from the reported MRE.
This scheme is considered by HSC to take appropriate account of all relevant
factors, including the relative confidence in tonnage and grade estimates,
confidence in the continuity of geology and metal values, and the quality,
quantity and distribution of the data.
The classification appropriately reflects the Competent Person's view of the
deposit.
Audits or reviews · The results of any audits or reviews of Mineral Resource estimates. This Mineral Resource estimate has been reviewed by Aura personnel. The
estimation procedure has also been internally reviewed by HSC. No material
issues were identified as a result of these reviews.
No independent external audits have been completed on the Mineral Resource
estimates.
Discussion of relative accuracy/ confidence · Where appropriate a statement of the relative accuracy and confidence The relative accuracy and confidence level in the Mineral Resource estimates
level in the Mineral Resource estimate using an approach or procedure deemed are considered to be in line with the generally accepted accuracy and
appropriate by the Competent Person. For example, the application of confidence of the nominated JORC Mineral Resource categories. This has been
statistical or geostatistical procedures to quantify the relative accuracy of determined on a qualitative, rather than quantitative, basis, and is based on
the resource within stated confidence limits, or, if such an approach is not the estimator's experience with a number of deposits at NPM and similar
deemed appropriate, a qualitative discussion of the factors that could affect deposits elsewhere. The main factors that affect the relative accuracy and
the relative accuracy and confidence of the estimate. confidence of the estimate are the drill hole spacing and the style of
mineralisation.
· The statement should specify whether it relates to global or local
estimates, and, if local, state the relevant tonnages, which should be The estimates are local, in the sense that they are localised to model blocks
relevant to technical and economic evaluation. Documentation should include of a size considered appropriate for local grade estimation. The tonnages
assumptions made and the procedures used. relevant to technical and economic analysis are those classified as Measured
and Indicated Mineral Resources.
· These statements of relative accuracy and confidence of the estimate
should be compared with production data, where available. This deposit remains unmined so there are no production records for
comparison.
Section 4 Estimating and reporting of Ore Reserves
Criteria JORC Code explanation Commentary
Mineral Resource estimate for conversion to Ore Reserves · Description of the Mineral Resource estimate used as a basis for the · The Mineral Resource estimate that this reserve is based upon has
conversion to an Ore Reserve. been compiled by H&S Consultants Pty Ltd, using data supplied by Aura
Energy and announced 12 June 2024 titled "Aura increases Tiris' Mineral
· Clear statement as to whether the Mineral Resources are reported Resources by 55% to 91.3 Mlbs U(3)O(8)".
additional to, or inclusive of, the Ore Reserves.
· The Mineral Resources are inclusive of the Ore Reserves.
Site visits · Comment on any site visits undertaken by the Competent Person and the · Andrew Hutson of Resolve Mining Services Plus (Competent Person)
outcome of those visits. visited the site between 26th November and 1st December 2023.
· If no site visits have been undertaken indicate why this is the case. · Andrew Hutson as worked for a number of uranium mining operations
including one of similar mineralogy, mining and processing methodologies.
Study status · The type and level of study undertaken to enable Mineral Resources to · The Ore Reserve estimate was based on the Updated Production
be converted to Ore Reserves. Target announced 11 September 2024 titled "Updated Production Target improves
economics at Tiris Uranium Project" and updated from the 28 February Front End
· The Code requires that a study to at least Pre-Feasibility Study Engineering Design Study titled "FEED study confirms excellent economics for
level has been undertaken to convert Mineral Resources to Ore Reserves. Such the Tiris Uranium Project"
studies will have been carried out and will have determined a mine plan that
is technically achievable and economically viable, and that material Modifying · Financial modelling completed to support this Ore Reserve estimate is
Factors have been considered. based on the FS and this modelling shows that the Ore Reserve is economically
viable at U(3)O(8) metal prices supported by consensus longterm contract
uranium price scenarios in the range of US$60-65/lb U(3)O(8).
· It should be noted the economic analysis does not include revenue
from the Inferred resource.
Cut-off parameters · The basis of the cut-off grade(s) or quality parameters applied. · The cut off grade used to determine ore tonnes is 100 ppm U(3)O(8).
This was applied using the MIK recoverable resource model fields for material
above 100 ppm.
· The cut off grades for each deposit was determined taking into
account costs (mining, beneficiation, processing, site administration, product
handling), processing factors (beneficiation mass rejection and metal loss,
processing recovery). The costs used were estimated as part of the FEED study,
which were summarised in ASX and AIM announcement, "FEED study confirms
excellent economics for the Tiris Uranium Project" 28 February 2024.
This cut-off is comparable to peer projects with similar mineralisation types
and processing assumptions.
Mining factors or assumptions · The method and assumptions used as reported in the Pre-Feasibility or · Aura Energy proposes to use conventional mining methods employing
Feasibility Study to convert the Mineral Resource to an Ore Reserve (i.e. backhoe excavators and dump trucks to expose and recover the ore. The mining
either by application of appropriate factors by optimisation or by preliminary method proposed is utilised world wide and is low risk. No drilling and
or detailed design). blasting of the ore over overlying materials is planned due to the
unconsolidated nature of the materials.
· The choice, nature and appropriateness of the selected mining
method(s) and other mining parameters including associated design issues such · The geological block models used as basis for Ore Reserve are MIK
as pre-strip, access, etc. recoverable resource models and as such no additional mining dilution or
recovery factors have been added.
· The assumptions made regarding geotechnical parameters (eg pit
slopes, stope sizes, etc), grade control and pre-production drilling. · Pit shell optimisation was undertaken using Deswik Pseudoflow
software. The pit shells selected were the revenue factor 0.7 (US $ 56 / lb
· The major assumptions made and Mineral Resource model used for pit U(3)O(8)) shells
and stope optimisation (if appropriate).
· Due to the shallow nature (averaged depth <5m) and the short time
· The mining dilution factors used. which the mining voids are open before backfilling no pit slope geotechnical
work was required and no pit designs were created. The selected pit
· The mining recovery factors used. optimisation shells were used to create mining shapes.
· Any minimum mining widths used. · Mining blocks of 50m x 50m x by the full depth to mined were created.
Within each blocks ore and waste was determined using the MIK recoverable
· The manner in which Inferred Mineral Resources are utilised in mining fields at the cut off grade.
studies and the sensitivity of the outcome to their inclusion.
· In the lowest 2m bench of the pit in each mining block a slot mining
· The infrastructure requirements of the selected mining methods. approach will be used, mining only the ore portions of the bench.
· Parts of the open pit are covered with sand dunes. These have been
modelled in the Mineral Resource models and have been included in the waste in
each mining block. The sand mining is ~2% of the total waste movement. Only
Proved and Probable Ore Reserves are used as ore within the financial
modelling. Inferred Mineral Resource for the purpose of the Ore Reserve
estimate is treated as waste which has been economically carried by the Ore.
· The mine production schedule assumes effective operation of the
mining fleet and is based on realistic utilisation estimates
Metallurgical factors or assumptions · The metallurgical process proposed and the appropriateness of that · The metallurgical process proposed is conventional beneficiation with
process to the style of mineralisation. heated alkaline uranium leach and ion exchange.
· Whether the metallurgical process is well-tested technology or novel · All metallurgical processes proposed are well tested technology and
in nature. appropriate for the styles of mineralisation.
· The nature, amount and representativeness of metallurgical test work · Extensive metallurgical test work has been undertaken and included:
undertaken, the nature of the metallurgical domaining applied and the
corresponding metallurgical recovery factors applied. 1. Material characterisation mineralogy (ANSTO Minerals)
· Any assumptions or allowances made for deleterious elements. 2. Geometallurgical testing
· The existence of any bulk sample or pilot scale test work and the 3. Scrubbing tests (AMML)
degree to which such samples are considered representative of the orebody as a
whole. 4. Screening and beneficiation tests (AMML)
· For minerals that are defined by a specification, has the ore reserve 5. Diagnostic leaching (ANSTO Minerals)
estimation been based on the appropriate mineralogy to meet the
specifications? 6. Rheological characterisation of leach feed and post-leach slurries.
(Rheological Consulting Services)
7. Ion exchange test work and modelling (ANSTO Minerals)
8. Sodium Diuranate (SDU) precipitation and dissolution. (ANSTO
Minerals)
9. UOC precipitation and product characterisation (ANSTO Minerals)
10. Rotary scrubbing and Derrick screening pilot study. (Mintek, South
Africa)
11. Steady state simuluation (ANSTO Minerals, Aura Energy, Simulus)
· Metallurgical domaining was defined based on two geometallurgical
studies on spatially representative trench samples from the Hippolyte, Lazare
North and Lazare South Resources. Geometallurgical domains were defined based
on uranium upgrade factor at target screen cut size of 150um and Sulphate
mineral rejection factor.
· Uranium recovery between 84.6% and 86.6% was achieved, dependent
on geometallurgical domain.
· Deleterious minerals were identified as gypsum (CaSO(4).2H(2)O)
and Celestine (SrSO(4)). These minerals were monitored in geometallurgical
domaining and included in domain definition parameters to manage impact on
process. Clay minerals were also identified as potentially deleterious and
monitored through inclusion of particle size distribution definitions in
geometallurgical domaining. Results of metallurgical test work were undertaken
in a staged approach with a focus on assessment of process variability. Bulk
bench scale assessment of beneficiation and leaching was undertaken on
120-150kg composite samples representative of geometallurgical domains
scheduled for the first 6 years of operation. The beneficiation circuit
(rotary scrubbing plus screening) was assessed at pilot scale on 500kg
composite samples representative of geometallurgical domains scheduled for the
first 6 years of operation. All metallurgical testwork completed on process
circuit components was supported by Steady State Simulation modelling. The
geometallurgical domain composite samples on which these metallurgical results
is based is from Aura's trench sampling program completed in 2018 across the
Lazare North and Lazare South Resources. (ASX release: Quarterly report June
2018 and Appendix 5B, 31(st) July 2018). Trench locations were selected to
correspond to diamond drill (DD) locations from 2017 drilling program (ASX
Release: Tiris Resource upgrade success, 30 April 2018) as reported in ASX
release: Quarterly report June 2018 and Appendix 5B, 31(st) July 2018. A total
of 11 trenches were excavated (8 Lazare South and 3 Lazare North) to a depth
of 4m. Trenches were oriented west to east and sampling was undertaken by
channel sampling of north and south walls at 0.5m depth intervals. Interval
samples were not split on site. Trench interval samples were split at Aura
Energy's Nouakchott laboratory by rotary splitter divider (RSD). A minimum 2kg
sub sample was collected for assay, a 1kg sub sample was collected for
geometallurgical test work, a 2kg sample was collected for reference and the
remainder was stored as inputs for bulk metallurgical composite preparation.
Given the fine grained nature of the uranium minerals these sample sizes are
appropriate. Sub samples for assay were sent to ALS Minerals, Nouakchott where
they were crushed by jaw crusher to -12mm and 1kg was riffle split for
pulverising to +85% passing 75 microns. An c. 100g split was bagged and sent
for analysis by pressed pellet XRF. Previous analysis comparing different
analytical methods (XRF, ICP, DNC) had indicated that XRF is an accurate
method on this material, if an x-ray band is selected for measurement that is
not affected by the presence of strontium, and this was done. This method will
measure total uranium. A sub-split of assay samples was prepared by ALS
Laboratories Nouakchott by Method Prep 22 (Crush to 70% less than 6mm,
pulverize entire sample to better than 85% passing 75 microns). An c. 100g
sample of pulp was split off using mini-riffle splitter, placed in sample
envelope and forwarded by air to ALS in Ireland for uranium analysis by ALS
Method U-MS62 (U by ICP-MS after 4 acid digestion). 4 acid digestion provides
near total extraction. Geometallurgical samples for each interval were
screened at 1mm, 300µm, 150µm and 75µm and fractions weighed and assayed by
portable XRF. A split of the -75µm fraction for each interval was collected
by RSD and sent to ALS Minerals for uranium analysis by ALS Method U-MS62 (U
by ICP-MS after 4 acid digestion). 4 acid digestion provides near total
extraction. The results of assay and geometallurgical analysis were analysed
to define process behaviour based geometallurgical domains. Three domains were
identified (2 x Lazare South and 1 x Lazare North). These formed the basis for
generation of bulk composite samples for metallurgical test work. Interval
samples were sent to Australian MinMet Metallurgical Laboratories (AMML),
Gosford, Australia where they were combined based on composite definitions and
mixed by rolling barrel. Composited samples were assayed by Direct Neutron
Activation and pressed pellet XRF by Australian Nuclear Science and Technology
Organisation (ANSTO Minerals), Lucas Heights, Australia. Composite sample head
assays were well reconciled with weighted average grade calculated from input
interval samples.
· Aura's UOC product complies with ASTM standards for commercial
sale to uranium converters. Analysis of the UOC falls within sales
specifications provided by the major uranium conversion facilities. Therefore,
no allowance is made for deleterious elements.
Environmental · The status of studies of potential environmental impacts of the · The major studies incorporated by the Environmental Impact Study
mining and processing operation. Details of waste rock characterisation and (EIA) and Environmental Impact Report (RIMA) included the following:
the consideration of potential sites, status of design options considered and,
where applicable, the status of approvals for process residue storage and 1. Archaeology and Cultural Heritage
waste dumps should be reported.
2. Ecology and Biodiversity
3. Meteorology, Air Quality, Noise and Vibration
4. Radiation Impact Assessment
5. Socio-economic, Health, Transport and Security
6. Hydrology, Hydrogeology and Water
· Waste rock, beneficiation reject, and process plant tailings are
inert and will disposed of in mined out pits. The final location for all waste
products is backfilled into the mining voids, however some stockpiling will be
required until pit voids become available. It is planned that the process
plant tailings will be preferentially placed into the mining voids followed by
the coarser screening plant rejects and finally the mine waste and overburden.
The processing plant tailings are a filtered product at a 63% solids density
and will be transported from the plant to the mine by truck at an average rate
of 20 dry tonnes per hour.
· The ESIA has been approved by the Mauritanian government and
exploitation licence has been granted (ASX release: 5(th) October 2017)
Infrastructure · The existence of appropriate infrastructure: availability of land for · The Tiris site is a remote site located 700km from the closest
plant development, power, water, transportation (particularly for bulk settlement of Zouerate and 1400km from the Mauritanian Capital, Nouakchott.
commodities), labour, accommodation; or the ease with which the infrastructure
can be provided, or accessed. · Access to all land required as been granted as part of the
Exploitation Licence (ASX release: TIRIS URANIUM PROJECT EXPLOITATION LICENCE
GRANTED, 18/12/2018).
· Transportation will be by access road to Zouerate, maintained by the
operation. A uranium transport plan has been developed for safe transport of
uranium product based on IAEA guidelines.
· Power will be supplied by series of diesel generator power plants at
key process sites. The power supply for the main processing plant and camp
will be supplemented by 50% solar generation capacity.
· Water will be sourced and pumped from remote bores and pumping
station within a 30km radius of the main processing facility.
· A camp for accommodation of up to 150 personnel will be provided at
the operation.
Costs · The derivation of, or assumptions made, regarding projected capital · The mine, process plant and infrastructure capital cost estimate
costs in the study. for a 1.25Mtpa operation at start-up was prepared by METS Engineers from
information developed in-house by Aura Energy. The basic key information
· The methodology used to estimate operating costs. package provided by Aura included block Process Flow Diagrams (PFDs) as well
as key Design Criteria to allow an extension of the design by others. Based
· Allowances made for the content of deleterious elements. upon this package of information, external consultants were employed to
further develop sufficient engineering to allow preparation of scope of work,
· The source of exchange rates used in the study. lists, datasheets, specifications and bill of quantities relevant to the
scope. Much of the engineering and the preparation of the capital cost
· Derivation of transportation charges. estimate was performed by METS Engineering. The scope for the facilities also
consists of two specialised plant areas and these were separately engineered
· The basis for forecasting or source of treatment and refining for both quantities and prices. The specialised plant areas include:
charges, penalties for failure to meet specification, etc.
1. Fluid Bed Precipitation, Calcining and Drum Packing Plant developed
· The allowances made for royalties payable, both Government and by Adelaide Control Engineering.
private.
2. Leach and Uranium Recovery plant developed by Simulus Engineers.
· Ramp-up Capital was based on construction of 3 x 1.25Mtpa
beneficiation circuits and 1 x 230ktpa leaching circuit using the same modular
packages as start-up. Additional allowance for extension of water pipeline
from 30km length to 100km length was included.
· Cost estimate was prepared for the Feasibility Study and the cost
estimate is compliant to Australasian Institute of Mining & Metallurgy
(AusIMM) Class 3 estimate with an accuracy -15% to +20%. Capital costs
included the process facilities, site infrastructure, utilities and support
facilities and a contingency and for the FEED totalled USM$230.
· The original cost estimate for 1 x beneficiation circuit, 1 x
leaching circuit and 1 x precipitation and packaging circuit was prepared in
Jul 2019, with CAPEX of US$62.9M. The estimate was updated in August 2021 by
MinCore Engineers to US$74.8M, allowing for cost inflation of 19%. The
single circuit CAPEX was escalated by Aura Energy by an additional 15% for the
EFS Estimate.
· FS operating costs for processing and G&A were derived from
first principles by Consultants (mining), Simulus Engineers, Adelaide Control
Engineering and Aura Energy (treatment and services) and Aura Energy
(G&A), with input in all areas from MinCore Engineers.
· For the FS the mining unit cost were estimated from submissions
received from four mining contractors who were provided with the 2019 DFS.
Mining contractor unit rates included load and haul or ore and waste plus the
return of plant rejects to the mining void, along with the appropriate fixed
charges. An owner mining cost was developed for comparison by MiningPlus.
· As the revenue from uranium sales is effectively received in US$
exchange rates for the Mauritanian Ouguiya and to a much lesser extent other
currencies have been used at the prevailing public mid-rate when costs have
been estimated.
· Transportation and local freight costs have been provided by
international and local suppliers as part of the estimation of capital and
operating costs and are well established for projects in Mauritania.
· The royalty paid to the Mauritanian government will be 3.5% of
net
Revenue factors · The derivation of, or assumptions made regarding revenue factors · A financial model for the Tiris Uranium Project has been developed by
including head grade, metal or commodity price(s) exchange rates, Aura Energy for the FEED.
transportation and treatment charges, penalties, net smelter returns, etc.
· The quantity of ore and head grade delivered to the mill each year is
· The derivation of assumptions made of metal or commodity price(s), estimated using the optimised block model over the life-of-mine.
for the principal metals, minerals and co-products.
· Metallurgical recoveries are then applied to the mine schedule to
calculate final yearly production volumes.
· Fixed and variable unit costs for mining on an US$/t waste or ore and
US$/t ROM for processing have been applied to generate the annual operating
cost for the Project.
· Uranium price is based on the long term consensus incentive price to
stimulate development of new uranium projects sufficient to meet a range of
market demand forecasts.
· Revenues for Ore Reserve calculations have been based on the US$
uranium price (per pound U(3)O(8)) from offtake agreement signed with Curzon
Resources. This provides an average price of US$75.8/lb U(3)O(8) for 14% of
annual production over 7 years. (ASX Release: 16 April 2024). This was
combined with forward term price estimate of $81/lb based on the mean of
analyst forecasts to give a forecast price of $80/lb.
Market assessment · The demand, supply and stock situation for the particular commodity, · The uranium market is currently in a surplus position largely as a
consumption trends and factors likely to affect supply and demand into the result of strong low cost production growth from Kazakhstan coupled with the
future. significant global demand shock following the Fukushima reactor incident in
March 2011.
· A customer and competitor analysis along with the identification of
likely market windows for the product. · A significant future increase in nuclear generation capacity is
expected to be driven by China with production targets for an increase from
· Price and volume forecasts and the basis for these forecasts. current operational capacity (22GW) to 58GW by 2020 with a further >30GW
under construction at that time. The increase in Chinese capacity is
· For industrial minerals the customer specification, testing and consistent with growing Chinese energy demand and a recently stated emissions
acceptance requirements prior to a supply contract. target for 20% of energy to be generated from non-fossil fuel sources by 2030
from 9.8% in 2013.
· The increase in nuclear generation capacity will require a
significant increase in uranium mine production. Under current uranium prices
(spot US$77/lb and term US$82/lb) there is a lack of identifiable projects
with the returns sufficient to justify new mine investment. As such, post the
ramp up of Cigar Lake and Husab there is minimal new production growth
expected in primary mine supply. Leading industry participants are
highlighting around US$65/lb as a potential floor price for development of
their higher quality projects in more stable jurisdictions.
Economic · The inputs to the economic analysis to produce the net present value · Aura Energy performed an economic and financial review of the Tiris
(NPV) in the study, the source and confidence of these economic inputs Uranium Project using a range of uranium price scenarios and spot base metal
including estimated inflation, discount rate, etc. prices as described above. A discounted cash flow model has been developed
with a valuation date of September 2024.
· NPV ranges and sensitivity to variations in the significant
assumptions and inputs. · NPV(8) range from US$499M at sales price of US$80/lb U(3)O(8) to
US$779M at sales price of US$100/lb U(3)O(8)
Social · The status of agreements with key stakeholders and matters leading to · The Tiris Uranium Project Exploration and Exploitation licences are
social licence to operate. located on unallocated crown land.
· No native title claims cover the Tiris Uranium Project
· The nearest population centre is Zouerate,~700km to the West.
Other · To the extent relevant, the impact of the following on the project · No material naturally occurring risks have been identified.
and/or on the estimation and classification of the Ore Reserves:
· Pre-qualification mining and power contract negotiations have
· Any identified material naturally occurring risks. commenced with competitive bids from three local contractors. There are
reasonable prospects to anticipate that commercially competitive contract
· The status of material legal agreements and marketing arrangements. terms will be achieved.
· The status of governmental agreements and approvals critical to the · Water drilling within a 30km radius of the central process facility
viability of the project, such as mineral tenement status, and government and has been undertaken with stable flow modelled at 0.3-0.4GL/year capacity.
statutory approvals. There must be reasonable grounds to expect that all Recent water drilling by the Mauritanian government was successful 57km from
necessary Government approvals will be received within the timeframes the Tiris Project, resulting in 2 operating bores with flow of 15m3/hr each.
anticipated in the Pre-Feasibility or Feasibility study. Highlight and discuss There are reasonable prospects for Aura to locate water on the same geological
the materiality of any unresolved matter that is dependent on a third party on structure within the target 30km radius, supporting start up operation.
which extraction of the reserve is contingent.
· There are reasonable prospects to locate water in the Touadeni Basin,
~100km from the central process facility. Capital allowance has been
included in the ramp-up Capital to allow for 100km water pipeline.
· Project commissioning is targeted for 2027
· There are very reasonable grounds to expect that all necessary
Government secondary project approvals will be received within the timeframes
required for commencement of construction.
Classification · The basis for the classification of the Ore Reserves into varying · Ore Reserves reported here are classified as both Proved and Probable
confidence categories. as they are derived from Measured and Indicated Mineral Resources in
accordance with the JORC Code (2012).
· Whether the result appropriately reflects the Competent Person's view
of the deposit. · The economically minable component of the Measured Mineral Resource
has been classified as a Proved Ore Reserve.
· The proportion of Probable Ore Reserves that have been derived from
Measured Mineral Resources (if any). · The economically minable component of the Indicated Mineral Resource
has been classified as a Probable Ore Reserve.
· The results of the Ore Reserve estimate reflect the Competent
Person's view of the deposit.
Audits or reviews · The results of any audits or reviews of Ore Reserve estimates. · External audits of Ore Reserve Estimate have not been undertaken
· The Ore Reserve estimate is the outcome of a review undertaken by
Resolve Minig Services of the Updated Production Target and underlying
technical studies. No material flaws have been identified.
Discussion of relative accuracy/ confidence · Where appropriate a statement of the relative accuracy and confidence · Reporting of the project Ore Reserve considers;
level in the Ore Reserve estimate using an approach or procedure deemed
appropriate by the Competent Person. For example, the application of 1. the Mineral Resources compliant with the JORC Code 2012 Edition,
statistical or geostatistical procedures to quantify the relative accuracy of
the reserve within stated confidence limits, or, if such an approach is not 2. the conversion of these resources into an Ore Reserves, and
deemed appropriate, a qualitative discussion of the factors which could affect
the relative accuracy and confidence of the estimate. 3. the costed mining plan capable of delivering ore from a mine
production schedule
· The statement should specify whether it relates to global or local
estimates, and, if local, state the relevant tonnages, which should be · Dilution of the Mineral Resource model and an allowance for ore loss
relevant to technical and economic evaluation. Documentation should include was included in the Ore Reserve estimate. All the Mineral Resources
assumptions made and the procedures used. intersected by the open pit mine designs classified as Measured and Indicated
Resource has been converted to Proved and Probable Ore Reserves after
· Accuracy and confidence discussions should extend to specific consideration of all mining, metallurgical, social, environmental, statutory
discussions of any applied Modifying Factors that may have a material impact and financial aspects of the Project.
on Ore Reserve viability, or for which there are remaining areas of
uncertainty at the current study stage. · The mine planning and scheduling assumptions are based on current
industry practice, which are seen as globally correct at this level of study;
· It is recognised that this may not be possible or appropriate in all which further work in the next level of study to understand any periodic cost
circumstances. These statements of relative accuracy and confidence of the fluctuations.
estimate should be compared with production data, where available.
· The project team has estimated the cost estimates and financial
evaluation with specialist consultants and team members, which are considered
sufficient to support this level of study. The accuracy of the cost estimate
is +/-15%.
· As part of the FS works, the project team have engaged with potential
contractors in country to confirm construction, mining and logistics costs.
1 (#_ftnref1) ASX and AIM Release: 29 March 2023 - Enhanced Definitive
Feasibility Study confirms robust financial returns and near-term production
potential of the Tiris Uranium Project
2 (#_ftnref2) ASX and AIM Release: 11 September 2024 - Updated Production
Target Improves Economics at Tiris
3 (#_ftnref3) ASX and AIM Release: 12 June 2024 - Aura Increases Tiris
Mineral Resources by 55% to 91.3Mlbs
4 (#_ftnref4) ASX and AIM Release: 29 March 2023 - Enhanced Definitive
Feasibility Study confirms robust financial returns and near-term production
potential of the Tiris Uranium Project
5 (#_ftnref5) ASX and AIM Release: 11 September 2024 - Updated Production
Target Improves Economics at Tiris
6 (#_ftnref6) ASX and AIM Release: 12 June 2024 - Aura Increases Tiris
Mineral Resources by 55% to 91.3Mlbs
7 (#_ftnref7) ASX and AIM Release: 29 March 2023 - Tiris Uranium Project
Enhanced Definitive Feasibility Study
8 (#_ftnref8) ASX and AIM Release: 13 Dec 2021 'Liquid gold in the Sahara -
Substantial water at Tiris.'
9 (#_ftnref9) ASX and AIM Release: 28 Feb 2024 - FEED study confirms
excellent economics for the Tiris Uranium Project
10 (#_ftnref10) ASX and AIM Release: 10 Oct 2019 - Häggån Battery Metal
Project Resource Upgrade Estimate
11 (#_ftnref11) ASX and AIM Release: 22 Aug 2012 - Outstanding Häggån
Uranium Resource expands to 800 million pounds
12 (#_ftnref12) ASX and AIM Release: 5 Sept 2023 - Scoping Study Confirms
Scale and Optionality of Häggån
13 (#_ftnref13) ASX and AIM Release: 12 June 2024 - Aura Increases Tiris
Mineral Resources by 55% to 91.3Mlbs
14 (#_ftnref14) ASX Release: 16 July 2014 - Reguibat scoping study complete
15 (#_ftnref15) ASX Release: 24 May 2017 - Submission of Tiris mining lease
application
16 (#_ftnref16) ASX Release: 5 October 2017 - Tiris Uranium Project
Development Environmental and Social Impact Assessment (ESIA) approved by key
government ministries
17 (#_ftnref17) ASX Release: 29 July 2019 - Tiris Uranium DFS complete
18 (#_ftnref18) ASX and AIM Release: 18 August 2021 - Capital Estimate
Update - Zero Emission Tiris Uranium Project
19 (#_ftnref19) ASX and AIM Release: 28 February 2024 - Aura's Tiris FEED
Study Returns Excellent Economics", 28(th) February 2024
20 (#_ftnref20) ASX and AIM Release: 11 September 2024 - Updated Production
Target Improves Economics at Tiris
21 (#_ftnref21) ASX and AIM Release: 28 February 2024 - Aura's Tiris FEED
Study Returns Excellent Economics", 28(th) February 2024
22 (#_ftnref22) ASX and AIM Release: 29 March 2023 - Tiris Uranium Project
Enhanced Definitive Feasibility Study", 29(th) March 2023
23 (#_ftnref23) ASX and AIM Release: 28 February 2024 - Aura's Tiris FEED
Study Returns Excellent Economics
24 (#_ftnref24) ASX and AIM Release: 28 February 2024 - Aura's Tiris FEED
Study Returns Excellent Economics
25 (#_ftnref25) ASX and AIM Release: 11 September 2024 - Updated Production
Target Improves Economics at Tiris
26 (#_ftnref26) ASX and AIM Release: 28 February 2024 - Aura's Tiris FEED
Study Returns Excellent Economics
27 (#_ftnref27) ASX and AIM Release: 8 February 2019 - Tiris Uranium Project
Exploitation License Granted
28 (#_ftnref28) ASX and AIM Release: 31 January 2023 - Transformational
Agreements for Tiris Project Mauritania
29 (#_ftnref29) ASX and AIM Release: 15 July 2024 - Tiris Project fully
permitted for development and operations
30 (#_ftnref30) ASX Release: 5 October 2017 - Tiris Uranium Project
Development Environmental and Social Impact Assessment (ESIA) approved by key
government ministries
31 (#_ftnref31) ASX and AIM Release: 28 February 2024 - Aura's Tiris FEED
Study Returns Excellent Economics
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