Aura Energy (ASX:AEE) expects to complete a final investment decision (FID) for the Tiris Uranium Project, located in Mauritania, Africa by the end of 2026.
This news comes after Aura Energy entered into a strategic non-binding memorandum of understanding (MoU) with a major international nuclear power company. The MoU encompasses funding and commercial and technical opportunities, and reflects the counterparty’s assessment of Tiris.
Under the MoU, Aura Energy and the counterparty will work closely together across the development of the project on a structured pathway toward a strategic funding partnership.
Both companies have agreed on an indicative, non-binding timeline, targeting a commercial agreement on or before 31 December 2026. Any required board and regulatory approvals is targeted by 30 June 2027.
Aura Energy will engage with the counterparty’s technical services arm on the Bankable Feasibility Study, which is on track for September 2026, as well as a broader engineering program.
The companies will work collaboratively to execute and operate a confirmatory due diligence pilot plant program, which will be built in Mauritania and completed by Q4 2026.
Processing flowsheet
Aura Energy has also settled the processing flowsheet for the Tiris Uranium Project. The company worked with dewatering specialists Acclarium and RCS to select a robust flowsheet built entirely on commercially proven technologies and validated across the full range of Tiris ore types.
With the processing flowsheet settled, the company says the key technical uncertainty is removed and Tiris has a clear run to a FID.
The Tiris Uranium Project is considered a low-risk, low-cost, long-life future uranium mine. The project has a resource of 91.3 million pounds of triuranium octoxide and economics delivering a post-tax net present value of US$499 ($695.74) million and an internal rate of return of 39%.
Aura Energy is a uranium-focused company that is transitioning from explorer and developer to producer.
Write to Aaliyah Rogan at Mining.com.au
Images: Aura Energy
