Update on Tiris Uranium Project drilling results

Aura Energy Limited (ASX: $AEE) has reported the continuation of the drilling program at the Tiris Uranium Project in Mauritania. The project is expected to produce 2Mlbs pa U3O8 over a 17-year mine life, with production set to commence in 2026. The recent Front End Engineering Design study showcased the project's strong economics with an NPV8 of US$366M and an IRR of 34%. The ongoing ~15,500m drill program aims to demonstrate the potential for significant Mineral Resource growth in the Tiris area, potentially extending the mine life and expanding production capacity in the future. The recent drilling has defined extensive shallow and high-grade mineralisation at Hippolyte South and Sadi, as well as numerous extensions to known mineralisation over other Mineral Resource areas, which is expected to materially add to the existing Minerals Resources of 58.9Mlbs U3O8.

Executive commentary on Tiris Uranium Project

Drilling results at Tiris continue to demonstrate the significant potential to grow the Project's Mineral Resources beyond the current 58.9Mlbs U3O8. These results have now defined mineralisation over at least 8km strike at Hippolyte South. Additionally, further drilling has been undertaken at Sadi, with those results pending. Both areas are expected to significantly add to the Mineral Resources at Tiris. Drilling has now been completed, and final results will be released once received, and work to update the Mineral Resources at Tiris has commenced. The shallow, free dig open pit mining and outstanding beneficiation properties at Tiris have demonstrated very robust economics. Additional Mineral Resources are likely to allow for future expansion opportunities beyond the currently proposed 2Mlbs per annum production rate.

Summary of Tiris Uranium Project update

The ongoing drilling program at the Tiris Uranium Project in Mauritania has shown promising results, with the potential to significantly expand the Mineral Resources beyond the current 58.9Mlbs U3O8. The recent drilling has defined extensive shallow and high-grade mineralisation at Hippolyte South and Sadi, as well as numerous extensions to known mineralisation over other Mineral Resource areas. Aura Energy plans to develop Tiris via shallow free dig open pit mining and exceptional beneficiation, delivering low-cost, high-grade leach feed. The recently released Front End Engineering Design study defined a near-term low-cost 2Mlbs U3O8 pa uranium project with a 17-year mine life and very strong economics. The Project has significant optionality in the design, allowing expansion to accommodate growth in Mineral Resources. The company aims to transition from a uranium explorer to a uranium producer to capitalize on the rapidly growing demand for nuclear power as the world shifts towards a decarbonized energy sector. The total ~15,500m drilling program has been completed, and a full update of the Tiris Mineral Resource estimate incorporating the new drilling data has commenced and will be published this quarter.