Aura notes improved Tiris project economics, increased production target
ASX- and Aim-listed Aura Energy has reported a 44% increase in life-of-mine (LoM) production at its Tiris uranium project, in Mauritania, to 43.5-million pounds of triuranium octoxide (U3O8), as well as an extension of the project's mine life from 17 years to 25 years.
This follows the upgrading of the project's mineral resource to 91.3-million pounds of U3O8.
Project economics have also improved, with the net present value having increased by 29% compared with the estimates set out in the February front-end engineering design (FEED) study, to $499-million.
The post-tax internal rate of return is now estimated at 39%, compared with the 36% estimated in February.
LoM post-tax cash flow estimates have increased by 42% to $1.51-million, while capital expenditure remains unchanged at $230-million.
"The updated economics from the production target update clearly show the very significant value inherent at Tiris as Aura rapidly progresses towards the funding and development of the project.
"The updated production target study has not only increased the mine life and significantly improved the project economics but has simplified and derisked the early mining sequence and brought forward some uranium production by 21% in the first year, and by 9% over the first five years compared with the FEED study.
"These improved metrics will further support the funding process which is currently under way with indicative offers due this quarter," Aura MD and CEO Andrew Grove comments.
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