ASX- and Aim-listed Aura Energy has completed the restructure of its uranium offtake agreement with Curzon Uranium, which has increased the price receivable for planned uranium production at the company’s flagship Tiris uranium project, in Mauritania.

The restructured offtake agreement increases the project’s net present value by $22-million to $388-million and increases the internal rate of return to 36%, compared with the front-end engineering design study economics delivered in February.

The final restructure agreement and new offtake agreement are on the same terms as previously announced and signed on August 8.

Consistent with its previous election, Curzon will receive a $3.5-million restructuring fee in just less than 30-million Aura shares priced at A$0.18 a share, expected to be issued on August 18.

Restructuring fee shares will be escrowed until first production from the project.

Half of the placement shares will be escrowed until June 30 next year or until final investment decision (FID) is made on the project.

In addition to the previously disclosed terms for the Curzon placement, the parties have agreed that Aura will issue just less than six-million unlisted options to Curzon priced at A$0.20 each. These expire on September 1, 2025.

Curzon will be issued just less than 60-million new shares in Aura and a little less than six-million options. Following completion of the share issues, Curzon will hold about 7.2% of the undiluted issued shares in the Aura.

With the additional funds, Aura believes it is well funded to progress the project through to FID by the first quarter of next year.

“We are pleased to conclude the value accretive offtake restructure and we welcome Curzon . . . as a new significant long term Aura shareholder and partner for the development of the Tiris uranium project. Curzon’s deep market insights and extensive networks will be of significant benefit to the development and successful operation of the Tiris uranium mine,” Aura MD and CEO Andrew Grove said on August 15.