Aura Energy (ASX:AEE) Tiris Uranium Project Production Target Update

Aura Energy Limited (ASX:AEE) has updated the production target for its Tiris Uranium Project, increasing the total U3O8 life of mine production by 44% to 43.5Mlbs and extending the mine life from 17 years to 25 years. The updated Mineral Resource Estimate of 91.3Mlbs U3O8 has significantly improved project economics, with a post-tax NPV8% of US$499 million (A$734 million), an IRR of 39%, and a payback period of only 2.25 years.

Aura's Managing Director and CEO, Andrew Grove

The updated economics from the Production Target Update clearly show the very significant value inherent at Tiris as Aura Energy rapidly progress towards the funding and development of the Project. The US$4.5 million drilling program earlier this year not only delivered a 55% increase in Mineral Resources but also demonstrated over US$100 million of additional Project NPV, now standing at US$499 million. It is our strong belief that there is still very significant potential to continue to add to the Mineral Resource and Reserve inventory around Tiris East and across the whole northern Mauritanian region, within the 13,000km2 of tenements that Aura has under application.

Tiris Uranium Project Outlook

The updated production target and improved project economics demonstrate the significant value inherent at Tiris. With the potential to add to the Mineral Resource and Reserve inventory, Aura Energy is rapidly progressing towards the funding and development of the Project. The company aims to achieve the Final Investment Decision by Q1 2025, with activities underway including project funding, securing offtake contracts, confirming water infrastructure, engagement with EPCM contractors, and completion of the Project Execution Plan.