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.
Following the delivery of the FEED study1 in February 2024, the appointment of advisors to progress the financing of the project and the recent announcement regarding the 55% increase in Mineral Resources2 at the Tiris Uranium Project in Mauritania, Aura today announces five further steps towards development of the project
Appointment of experienced West African project director Jan Booyse and his company, Project EQ, to lead the project development at Tiris Appointment of Kenmore Mine Consulting to complete a mine plan optimisation review Appointment of Lycopodium to oversee an optimisation and project enhancement study Appointment of Knight Piesold Consultingto oversee water resource drilling in the abundant and proximate Taoudeni Basin Highly credentialled Bruce Harvey appointed to review and update the Company's Environment Social Governance ('ESG') framework
Owners team appointed
Aura has appointed Jan Booyse and his boutique mine project owners team company, Project EQ, to undertake the owners team function for the development of the Tiris Uranium mine. Mr Booyse brings extensive experience in project delivery in West Africa and is supported by an experienced multi-disciplinary team. Mr Booyse and Project EQ will act as Aura's owner's team.
Mine Plan optimization
In mid-June 2024, Aura announced that Tiris' global Mineral Resources increased by 55% to 91.3Mlbs U3O8, up from 58.9Mlbs U3O8 3 . The Measured and Indicated resources also increased by 35% adding 10.3Mlbs U3O8.
The increased Mineral Resource offers the opportunity to further enhance the FEED study4,5 economics which are already strong and offer a US$388M NPV8, 2.5-year payback period and 36% IRR with the following potential project development scenarios: 2.0Mlbspa U3O8 production capacity = US$ 230M development capital (Base Case) 2.8Mlbspa U3O8 production capacity = US$ 83M expansion capital (from 2 to 2.8Mlbpa) 3.5Mlbspa U3O8 production capacity = US$ 166M expansion capital (from 2 to 3.5Mlbpa) In June, we foreshadowed that the substantial resource increase should allow optimisation and reconfiguration of the development approach, including: Optimisation of the number of production units and with this the potential for reduced opex and capex Future expansion of the Project production rate, each of which offer the opportunity to enhance to Project's economics. Aura has appointed Kenmore Mine Consulting to optimise the mine plan based upon the enhanced 91.3Mlbs U3O8 Mineral Resource6 and it is expected that this work will be completed by end of the September quarter 2024.
Aura MD and CEO, Andrew Grove commented: 'Each of the steps outlined above represent a significant step towards development of the Tiris Uranium Project into a globally significant uranium mine. Jan and his team have significant expertise and capacity to support Aura with the next phase of our development. The recent drilling results and the increase in Mineral Resources both demonstrate significant future resource growth potential at Tiris from ongoing exploration activities. The increase of Tiris' global Mineral Resources by 55% to 91.3Mlbs U3O8 3 , was delivered at a discovery cost of only US$ 0.14 per lb U3O8. We are confident the mine optimisation and scheduling study on the enhanced 91.3Mlbs U3O8 Mineral Resource, together with Lycopodium's review will materially enhance the compelling Project FEED8,9 economics of NPV8 US$388M and IRR 36% after tax. On many fronts, the Project development is rapidly advancing, with a number of these work streams having significant potential to add value to Tiris and we look forward to keeping shareholders and stakeholders informed regarding Aura's progress.'
For further information, please contact: Andrew Grove Managing Director and CEO Aura Energy Limited agrove@auraee.com +61 414 011 383 Russell Quinn Morrow Sodali Investor & Media Relations r.quinn@morrowsodali.com +61 403 322 097 SP Angel Corporate Finance LLP Nominated Advisor and Broker David Hignell Kasia Brzozowska 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 U3O8 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 U3O8. 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 Haggan Project in Sweden. Haggan 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 forwardlooking statements will be achieved.
AURA ENERGY LIMITED 
