REG - Aura Energy Limited - Tiris fully permitted for development & operations

Aura EnergyAnnouncement

15/07/2024 09:30

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RNS Number : 4004W  Aura Energy Limited  15 July 2024

 
                                                                                                           15 July 2024

 

 Tiris Uranium Project fully permitted for development and operations

Aura Energy Limited (ASX: AEE, AIM: AURA) ("Aura" or the "Company") is pleased
to provide an update on the development activities at the Tiris Uranium
Project ("Tiris" or the "Project") in Mauritania, West Africa.

Aura is very pleased to announce that it has received from the Mauritanian
Government the last outstanding material permit to allow the construction and
operation of the Tiris Uranium Project. 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 the 12
July 2024.

This is the last material license required to commence construction, mine and
produce uranium from Tiris and is a very significant step towards achieving a
Final Investment Decision ("FID") by Q1 2025.

Approvals for the export of uranium will be granted as part of a routine
export monitoring program and in accordance with international safeguards for
monitoring the movement of radioactive materials. There are no limits on the
volumes of future uranium production, which will allow significant flexibility
for the operation including the potential for future expansion of production
rate beyond 2Mlbs pa U(3)O(8). Production rates are currently being
investigated on the back of the significant 55% increase in Mineral Resources
to 91.3Mlbs U(3)O(8) 1  announced last month.

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

In a strong show of support for the Company and the development of Tiris, the
Mauritanian Government - by order of Prime Minister Mohamed Ould Bilal an
inter-ministerial committee has been formed to facilitate and support the
development of Tiris and the uranium mining industry in Mauritania. The
committee will be headed by ARSN and will be a central point of contact for
all ministries to facilitate and support the rapid development of the future
Tiris Uranium Mine.

Progress at Tiris is developing rapidly. The authorisation to develop, mine
and produce UOC follows the commencement of funding activities 2  and multiple
Project development activities 3  announced earlier this month including:

 

·    Appointment of owners team to develop the Project

·    Mine plan optimisation and Project expansion studies

·    Lycopodium undertaking Project optimisation and cost review

·    Water resource development

·    Environment Social Governance ("ESG") framework development

We expect strong future news flow as the development of Tiris continues to
advance.

Aura MD and CEO, Andrew Grove commented:

"We are very pleased with the very high levels of support and confidence shown
by the Mauritian Government towards Aura and the development of a long term
globally significant uranium mining industry in Mauritania, commencing with
Tiris.

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

There are also numerous activities underway that should materially enhance
Tiris' Project FEED 4 , 5  economics of NPV(8) US$388M and IRR 36% after tax.

We look forward to keeping shareholders and stakeholders informed regarding
Aura's and Tiris' rapid progress."

 

ENDS

 

The Board of Aura Energy Ltd has approved this announcement.

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                                   Russell Quinn                                               SP Angel Corporate Finance LLP

 Managing Director and CEO                      Morrow Sodali                                               Nominated Advisor and Broker

 Aura Energy Limited                            Investor & Media Relations                                  David Hignell

 agrove@auraee.com (mailto:Agrove@auraee.com)   r.quinn@morrowsodali.com (mailto:p.ryan@morrowsodali.com)   Kasia Brzozowska

 +61 414 011 383                                +61 403 322 097                                             Grant Barker

                                                                                                            +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 February 2024
FEED study 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.  In mid-June
2024, Aura announced the Tiris' global mineral resources increased by 55% to
91.3Mlbs U3O8, up from 58.9Mlbs U(3)O(8).

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")
and uranium resource. Utilising only 3% of the resource, a 2023 Scoping Study
outlined a 27-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.

 1  ASX and AIM Release: 12 June 2024 - Aura increases Tiris Mineral Resources
by 55% to 91.3 Mlbs

 2  ASX and AIM Release: 3 June 2024 - Aura commences strategic development
funding process

 3  ASX and AIM Release: 4 July 2024 - Multiple project development activities
underway at Tiris

 4  ASX and AIM Release: 28 Feb 2024 - FEED study confirms excellent economics
for the Tiris Uranium Project

 5  ASX and AIM Release: 16 April 2024 - Offtake restructure delivers
significant value

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