Aura raises A$9m to advance Tiris development activities
ASX- and Aim-listed Aura Energy has received firm commitments to raise about A$9-million through the issue of 64.28-million shares at an issue price of A$0.14 a share.
Proceeds will be used to further progress development activities at Aura's Tiris uranium project, in Mauritania, beyond a final investment decision. First production at the project is targeted for 2026/27.
Aura points out that the placement was supported by existing shareholders and attracted new high-quality investors.
International uranium investment group Sachem Cove Partners committed A$6.5-million of the funds and will hold about 5.1% of Aura's issued shares.
“We are delighted to welcome Sachem Cove as a significant shareholder in Aura. Their extensive expertise in the uranium markets, both physical and equity, underscores the quality and deep value at the Tiris uranium project and for Aura’s broader growth potential.
"This investment also reflects the significant progress our team has made throughout the year in de-risking and advancing the project toward development, targeted for 2025," comments Aura MD and CEO Andrew Grove.
Meanwhile, Aura separately announced that the Tiris project's ore reserve estimate has increased by 49% to 62.8-million tonnes at 243 ppm uranium octoxide (U3O8), containing an estimated 33.6-million pounds of U3O8, compared with the previous estimate of 40.4-million tonnes at 254 ppm U3O8, containing an estimated 22.6-million pounds of U3O8.
Further, engineering contractor Wood has been appointed to undertake a basic engineering and early works definition programme at Tiris.
Specialist power generation consultancy ECG Engineering has also been appointed to define a power generation solution for Tiris with the lowest levelised cost of energy, as well as to determine the capital and operating costs for a self-funded and fully amortised solution and to demonstrate a bankable independent power producer solution through a commercial enquiry process.
Comments
Research Reports
Latest Multimedia
Showroom
AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
