Aura Energy has secured a strategic non-binding MOU with a major international nuclear utility, underpinning funding and technical collaboration for its Tiris Uranium Project in Mauritania. The company has locked in a robust processing flowsheet and aims for a Final Investment Decision by the end of 2026.
- Strategic MOU signed with major nuclear power company
- Processing flowsheet finalised using proven dewatering technology
- Positive early-stage project economics with potential cost advantages
- Funding pathway includes strategic equity, US DFC debt, and major US investment fund
- Bankable Feasibility Study on track for September 2026, FID targeted by year-end
Strategic Partnership Boosts Funding Prospects
Aura Energy (ASX:AEE) has taken a significant step towards developing its Tiris Uranium Project in Mauritania by signing a non-binding memorandum of understanding (MOU) with a major international nuclear utility. This agreement covers potential strategic equity investment, offtake, and technical collaboration, effectively strengthening Aura’s funding pathway for the project. While the counterparty’s identity remains confidential, the MOU lays out a structured timeline targeting a commercial agreement by the end of 2026 and necessary approvals by mid-2027.
The MOU also includes plans for a confirmatory due diligence pilot plant in Mauritania, to be completed by Q4 2026, and signals strong investor interest that could provide a cornerstone funding partner alongside other financing avenues.
Robust Processing Flowsheet Finalised with Proven Technology
A key technical milestone has been achieved with the finalisation of a single, robust processing flowsheet for Tiris. The design combines pre-leach centrifuge separation with post-leach ATA™ polymer dewatering and horizontal vacuum belt filtration (HVBF), all commercially proven technologies validated across the full range of ore types at Tiris.
The polymer-based ATA™ dewatering technology, owned by ASX-listed Clean TeQ Water (ASX:CNQ), is already moving into full-scale deployment, having recently secured a contract for a large-scale plant processing tailings in a comparable operation. This gives Aura confidence that the chosen flowsheet removes a major technical uncertainty and sets the project on a clear path to development.
Positive Early-Stage Economics with Cost Optimisation Potential
Early indicative economic assessments suggest the revised processing flowsheet could lower capital costs compared to previous pressure filtration methods, while operating costs remain broadly comparable. Mauritania’s abundant solar resources offer further upside in reducing energy expenses, a key factor in mining economics.
Ongoing optimisation efforts include mining method improvements, uranium recovery enhancements expected within two months, and evaluation of plant expansion from the base case of 2 million pounds per annum to potentially 3.5–4 million pounds. These factors will feed into the Bankable Feasibility Study (BFS) due in September 2026, which will provide updated economic metrics reflecting the new flowsheet.
Funding Strategy Combines Multiple Complementary Sources
Aura’s funding pathway for Tiris is notably diversified. Alongside the potential strategic equity investment from the MOU partner, the company is progressing senior project debt financing discussions with the U.S. International Development Finance Corporation (DFC), targeting US$150–170 million. Additionally, Aura has received a non-binding, fully funded proposal from a major US investment fund, further underpinning the project's financial foundation.
This multi-pronged approach aims to secure the capital necessary to advance Tiris to construction and production, marking Mauritania’s first new mine in two decades.
Clear Milestones Set for Final Investment Decision
The timeline ahead is well defined: with the processing flowsheet settled and the strategic MOU signed, the BFS and Information Memorandum are on track for completion in September 2026. Aura targets a Final Investment Decision by year-end, contingent on securing the strategic funding package and finalising technical assessments.
Executive Chairman Phil Mitchell described this as a "defining moment" for the project, highlighting that these developments set Aura on a clear path toward becoming Mauritania’s first new mine in 20 years.
Bottom Line?
Aura Energy’s combination of a proven processing design, strategic partnership, and diversified funding options positions Tiris for a pivotal year ahead, but the final economics and investment decision hinge on the upcoming BFS and funding negotiations.
Questions in the middle?
- Will the strategic MOU partner convert to a definitive funding agreement by year-end 2026?
- How will the BFS update the project’s economic metrics given the revised processing flowsheet?
- What impact will Mauritania’s solar energy potential have on reducing operating costs?