Aura Energy's Ore Reserve Upgrade

Aura Energy (ASX:AEE) has announced a 49% increase in the Ore Reserve estimate for its Tiris Uranium Project in Mauritania. The updated reserve stands at 62.8 million tonnes grading 243 ppm U3O8, containing 33.6 million pounds of uranium oxide. This update follows enhanced confidence in the Mineral Resource classification from the 2024 drilling program.

Aura Energy's Strategic Tiris Expansion

Aura Energy has significantly increased its Ore Reserve estimate for the Tiris Uranium Project, marking a strategic advancement towards becoming a uranium producer. With improved classification in key resource areas, the company is focused on advancing the project with engineering support from Wood. The discovery of substantial water resources in the Taoudeni Basin supports the project's sustainability. Aura Energy is progressing with funding, aiming for a Final Investment Decision in early 2025. The project is economically viable at a long-term uranium price of US$80/lb, with regulatory approvals already secured. This development aligns with Aura Energy's strategic vision to transition into a key player in the uranium market, contributing to the global shift towards cleaner energy.

Executive Commentary on Tiris Project

The updated reserves at Tiris underscore our commitment to advancing the project towards a Final Investment Decision in Q1 2025 and commencing operations by 2027.