{"id":10481,"date":"2024-06-03T19:30:45","date_gmt":"2024-06-03T19:30:45","guid":{"rendered":"https:\/\/economicherald.net\/?p=10481"},"modified":"2024-06-03T19:30:45","modified_gmt":"2024-06-03T19:30:45","slug":"aura-energy-starts-funding-process-for-tiris-uranium-project","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=10481","title":{"rendered":"Aura Energy starts funding process for Tiris uranium project"},"content":{"rendered":"

Aura Energy starts search for Tiris uranium project development funding
\nOrimco appointed to arrange debt funding
\nMacquarie Capital engaged to identify potential strategic investors
\nFinal investment decision expected in late 2024<\/p>\n

\u00a0<\/p>\n

Special Report:<\/em> Aura Energy has kicked off the strategic dual funding workstreams aimed at securing the funds required to develop its flagship Tiris uranium project in Mauritania.<\/strong><\/p>\n

Tiris, a well-established project with a current resource of 113Mt at 236ppm U3O8 for 58.9Mlb U3O8, could play a key role in meeting future uranium demand.<\/p>\n

High-level front-end engineering design work<\/strong><\/a> by Aura Energy (ASX:AEE)<\/strong><\/a> has estimated capex at a relatively low US$230m with payback in 2.5 years while all-in sustaining costs are forecast at just US$34.5\/lb of U3O8.<\/p>\n

This is expected to deliver post-tax net present value (NPV) and internal rate of return (IRR) \u2013 both measures of a project\u2019s profitability \u2013 of US$366m and 34% by producing 2Mlbpa U3O8 over a 17 year mine life.<\/p>\n

Tiris will be developed via shallow free dig open pit mining before beneficiation delivers a low-cost, high-grade leach feed averaging 1,743ppm U3O8 from an average ore feed grade of just 255ppm U3O8.<\/p>\n

AEE\u2019s recent definition of two new areas<\/strong><\/a> of extensive shallow, high-grade uranium mineralisation as well as the extension of existing resource areas is expected to deliver a significant resource upgrade, which will take it closer or even achieve its goal of defining a contained resource of 100Mlb U3O8 or more.<\/p>\n

To top it off, the company successfully negotiated<\/strong><\/a> a 70% hike in future contract prices with offtake partner Curzon Uranium to pay US$74.75\/lb U3O8 \u2013 more than double its expected production cost \u2013 on 150,000lb of yellowcake it will purchase over seven years.<\/p>\n

\u00a0<\/p>\n

Funding sought<\/strong><\/h2>\n

The company has now appointed Orimco to arrange debt funding for Tiris and has also engaged Macquarie Capital to progress a process to identify and engage with potential strategic investors for a potential strategic investment.<\/p>\n

Orimco has extensive experience in arranging bespoke debt programs for West African resources projects and has experience working across a broad range of commodities, projects and locations including Mauritania.<\/p>\n

AEE noted that it has received strong interest from both highly credentialled debt providers and strategic investors who recognise the potential undeveloped future value at Tiris.<\/p>\n

As such, it expects the funding process to deliver the optimal funding package\u00a0and\u00a0de-risk the development of Tiris,\u00a0while\u00a0optimising equity requirements and maximising\u00a0the value of Tiris for its shareholders.<\/p>\n

\u201cThe recent FEED Study ASX release concluded the Tiris Uranium Project is a near term, low cost, long life mine with exceptional further growth opportunities and recent offtake agreement further enhanced the economics with a project NPV8% of US$388M and IRR 36%, both post tax,\u201d managing director Andrew Grove said.<\/p>\n

\u201cThe appointment of Orimco as a debt advisor and Macquarie investigating strategic investment options are critical steps in advancing Tiris as we work towards a final investment decision at the end of 2024.\u201d<\/p>\n

\u00a0<\/p>\n

Road to mining decision<\/strong><\/h2>\n

On the route towards making a final investment decision in late 2024, the company will need to achieve the following steps:<\/p>\n

Resource and mine planning updates following the resource drilling program
\nEstablishment of an owner\u2019s team
\nFinalisation of the construction scope and budget
\nCommitments to early works including water and electricity
\nGovernment development consents
\nArrangements with key offtake partners
\nFinancing for the project development<\/p>\n

\u00a0<\/p>\n\n

\ufeff<\/span>\u00a0<\/p>\n

This article was developed in collaboration with Aura Energy, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n

\u00a0<\/em><\/p>\n

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n

<\/span><\/p>\n

The post Aura Energy starts funding process for Tiris uranium project<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Aura Energy starts search for Tiris uranium project development funding Orimco appointed to arrange debt funding Macquarie Capital engaged to identify potential strategic investors Final [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":10482,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10481","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nAura Energy starts funding process for Tiris uranium project - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=10481\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aura Energy starts funding process for Tiris uranium project - 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