Aura Energy has marked significant progress toward uranium production at its Tiris project in Mauritania, while forging a key collaboration to advance uranium exploration in Sweden amid shifting regulatory landscapes.
- Tiris Uranium Project on track for 2027 production start
- US DFC publishes Environmental and Social Impact Assessment for Tiris
- Ongoing confidential funding negotiations with multiple financiers
- Strategic collaboration with Neu Horizon Uranium to develop Swedish uranium assets
- Swedish government proposes lifting uranium mining ban, pending approval
Progress at Tiris Uranium Project
Aura Energy Limited has reported substantial advancement in its flagship Tiris Uranium Project located in Mauritania, West Africa. The company is targeting uranium production commencement by calendar year 2027, a timeline that remains firmly on track. A notable milestone during the June quarter was the publication of the Environmental and Social Impact Assessment (ESIA) by the U.S. International Development Finance Corporation (DFC), a key step in securing potential debt financing for the project.
Engineering efforts are progressing with basic engineering scheduled for completion by late Q3 2025. Vendor testing on critical processing technologies such as thickening, centrifuge, and filtration is ongoing, with preliminary centrifuge results indicating possible improvements to the processing flowsheet. Additionally, the company is evaluating power supply options and has commenced dynamic simulation work, awaiting final test results. Early development tenders have been received and are under review, with detailed execution planning well advanced.
Funding and Leadership Enhancements
Funding discussions remain active but confidential, involving the DFC, other financial institutions, and strategic equity investors. While no binding agreements have been announced, Aura is advancing due diligence and term sheet negotiations. To bolster its leadership and financing capabilities, Aura appointed Philip Mitchell as Executive Chair. Mitchell brings four decades of global mining and finance experience, including senior roles at Rio Tinto and Anglo American, positioning the company strongly to navigate the complex financing landscape ahead.
Strategic Collaboration in Sweden
In parallel, Aura has entered a collaboration agreement with Neu Horizon Uranium Ltd, an Australian-based company focused on advancing uranium resources in Sweden. Aura has taken a minority equity stake in Neu Horizon and will collaborate on government engagement, technical cooperation, and operational efficiencies. This partnership aligns with the evolving regulatory environment in Sweden, where the government has proposed legislation to lift the national ban on uranium mining. The proposal, currently under judicial review, aims for implementation by January 2026 and could significantly enhance the prospects for Aura’s Häggån Polymetallic Project, which contains uranium alongside vanadium and sulphate of potash.
Financial Position and Outlook
As of 30 June 2025, Aura held a cash balance of A$11.7 million, with forecast net operating and exploration expenditures suggesting approximately 2.6 quarters of funding at current burn rates. The company’s planned activities for the September quarter include advancing project funding, progressing offtake contract negotiations, continuing engineering and environmental monitoring at Tiris, and supporting permit applications for Häggån. No new exploration activities were undertaken during the quarter, reflecting a focus on development and regulatory progress.
Overall, Aura Energy is positioning itself at the intersection of growing global demand for uranium as a clean energy source and emerging opportunities in both Africa and Europe. The company’s dual-track approach, advancing near-term production in Mauritania while cultivating strategic partnerships in Sweden, demonstrates a balanced strategy to capture value amid evolving market and regulatory conditions.
Bottom Line?
Aura Energy’s next moves on financing and regulatory approvals will be pivotal in transforming its uranium ambitions into production realities.
Questions in the middle?
- When will Aura finalize binding financing agreements for the Tiris project?
- How will the Swedish parliamentary decision on uranium mining impact Häggån’s development timeline?
- What are the potential cost and production scale implications of the new centrifuge test results at Tiris?