REG - Aura Energy Limited - Updated Production Target improve economics: Tiris
11/09/2024 08:00
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RNS Number : 7294D Aura Energy Limited 11 September 2024
Cautionary Statement: TIRIS PRODUCTION TARGET UPDATE
As the Production Target Update analysis for Tiris Uranium Project utilises a
portion of Inferred Mineral Resources, ASX Listing Rules require a cautionary
statement to be included in this announcement.
The Production Target Update referred to in this announcement is based on the
updated Mineral Resource Estimate reported in accordance with JORC guidelines
2012 in the ASX announcement entitled Aura increases Tiris Mineral Resources
by 55% to 91.3 Mlbs U(3)O(8) (dated 12 June 2024).
The Tiris Uranium Production Targets set out in this announcement use Measured
Resources (30%), Indicated Resources (37%), and Inferred Resources (33%) over
the 25-year life of mine for the Base Case, with only seven per cent (7%)
Inferred Resources used in the first four years.
The Company confirms that the use of Inferred Resources is not a determining
factor to the Tiris Project's economic viability. There is a low level of
geological confidence associated with Inferred Mineral Resources and there is
no certainty that further exploration will result in the determination of
Indicated Mineral Resources, or that the production targets reported in this
announcement will be realised.
The Company confirms that it is not aware of any new information materially
affecting the information included in the ASX announcement: Aura increases
Tiris Mineral Resources by 55% to 91.3 Mlbs (dated 12 June 2024). All material
assumptions and technical parameters underpinning the Mineral Resources
Estimates continue to apply. The Company confirms that the form and context in
which the Competent Person's findings are presented have not been materially
modified from the original market announcement.
In accordance with ASX Listing Rules 5.16 and 5.17, and 2012 JORC Code
reporting guidelines, a summary of the information derived from the Tiris
Production Target Update analysis is detailed in this report. The analysis
also draws on information from the ASX announcements: Update to Curzon Offtake
Agreement (dated 16 April 2024),Aura's Tiris FEED Study returns Excellent
Economics (dated 28 February 2024) and Tiris Uranium Project Enhanced
Definitive Feasibility Study (dated 29 March 2023) which are available here:
auraenergy.com.au/investor-centre/asx-announcements.
(file:///C%3A/Users/Andrew/Dropbox/Aura/IR/Releases/auraenergy.com.au/investor-centre/asx-announcements)
The Announcement includes forward-looking statements. These forward-looking
statements are based on the Company's expectations and beliefs concerning
future events. Forward-looking statements are necessarily subject to risks,
uncertainties, and other factors, many of which are outside the control of
Aura Energy, which could cause actual results to differ materially from such
statements. Aura Energy makes no undertaking to subsequently update or revise
the forward-looking statements made in this announcement, to reflect the
circumstances or events after the date of this announcement.
The Company has concluded that it has a reasonable basis for providing the
forward-looking statements and production targets included in this
announcement. The detailed reasons for this conclusion are outlined throughout
this ASX announcement and in Update to Curzon Offtake Agreement (dated 16
April 2024) Aura's Tiris FEED Study returns Excellent Economics (dated 28
February 2024) and Tiris Uranium Project Enhanced Definitive Feasibility Study
(dated 29 March 2023). The Company confirms that apart from updates to the
Tiris Production Target outlined in this announcement, all the material
assumptions underpinning the aforementioned announcements continue to apply
and have not materially changed.
11 September 2024
Updated Production Target improves economics at Tiris Uranium Project
KEY POINTS:
· The February 2024 Front End Engineering Design ("FEED") 1 (#_ftn1)
study production target and economics has been updated using the recently
expanded 91.3Mlbs U(3)O(8) Mineral Resource 2 (#_ftn2) at the Tiris
Uranium Project in Mauritania
· Production Target Update increased the total Project U(3)O(8) life of
mine production by 44% to 43.5Mlbs U(3)O(8) and extended the mine life from 17
years to 25 years
· Project economics have also significantly improved:
· NPV(8%) of US$499 million (A$734 million) an increase of 29%
· IRR of 39% post tax and payback only 2.25 years
· Life of Mine post tax cash flows of US$1,509 million an increase of
42%
Units Update FEED %
Sept 24 Feb 24 Change
Uranium Price US$/lb U(3)O(8) $80 $80 0%
Valuations and Returns
Post-tax NPV(8) US$M 499 388 29%
Post-tax IRR % 39% 36% 8%
Payback period Years 2.25 2.5 -10%
Cashflow Summary
Initial Life of Mine Years 25 17 43%
LOM Production Mlbspa U(3)O(8) 43.5 30.1 44%
Annual Production Mlbspa U(3)O(8) 1.8 1.9 -5%
Gross Revenue (LOM) US$M 3,467 2,257 54%
Free Cashflow pre-tax (LOM) US$M 1,922 1,327 45%
Free Cashflow post tax (LOM) US$M 1,509 1,061 42%
Unit Operating Costs
All in Cost US$/lb U(3)O(8) 41.0 41.8 -2%
All-in Sustaining Costs US$/lb U(3)O(8) 35.7 34.5 3%
C1 Cash Cost US$/lb U(3)O(8) 31.4 30.1 4%
Capital Cost
Development Capital US$M 230 230 0%
Aura's Managing Director and CEO, Andrew Grove commented:
"The updated economics from the Production Target Update clearly show the very
significant value inherent at Tiris as Aura Energy rapidly progress towards
the funding and development of the Project. The US$4.5 million drilling
program undertaken earlier this year not only delivered a 55% increase In
Mineral Resources 3 (#_ftn3) but has also demonstrated over US$100 million of
additional Project NPV, now standing at US$499 million. It is our strong
belief that there is still very significant potential to continue to add to
the Mineral Resource and Reserve inventory around Tiris East and across the
whole northern Mauritanian region, within the 13,000km(2) of tenements that
Aura has under application 4 (#_ftn4) .
With the current large scale of the Mineral Resource Estimate inventory and
future resource growth potential, the prospect for significant increase in the
uranium production rate from Tiris once in production is very real and we are
working on assessing, analysing and shortly presenting the results from the
work currently being undertaken.
The updated Production Target study has not only increased the mine life and
significantly improved the project economics but has simplified and de-risked
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 to the FEED
study 5 (#_ftn5) . These improved metrics will further support the funding
process which is currently underway with indicative offers due this quarter.
The Company is rapidly working towards achieving the Final Investment Decision
by the end of the current quarter with many activities underway including
water drilling, engagement with EPCM contractors and operational readiness
preparations. And we look forward to providing further updates on progress."
Key highlights and outcomes of the updated Production Target:
The update to the production target for the FEED study(5) has allowed revenue
to be moved forward in the mining schedule and also increased the overall life
of mine.
· Robust base case project financial economics demonstrated by post-tax
NPV(8) of US$499M (A$734M) with IRR of 39%, and a 2.25-year payback at
realised uranium price of US$80/lb U(3)O(8)
· At uranium prices of US$100/lb U(3)O(8) the economics increase to
post-tax NPV(8) of US$779M (A$1,145M) with IRR of 55%
· Initial mine life increased from 17 years to 25 years, producing an
average 1.8Mlbspa U(3)O(8) from the 2.0Mlbspa U(3)O(8) capacity process plant
· Life of Mine ("LOM") uranium production increased from 30.1Mlbs
U(3)O(8)to 43.5Mlbs U(3)O(8)
· 93% Measured and Indicated Mineral Resources in mining schedule
during the first four years, LOM Inferred material totals 33% mostly beyond
ten years in the mining schedule
· The open pit mining is a simple, low-risk, shallow, free digging
operation without the need for crushing and grinding
· Beneficiation delivers a high-grade leach feed averaging 2,217ppm
U(3)O(8) increasing from 1,997ppm U(3)O(8) (over first 5 years) and overall
remains approximately the same at 1,752ppm U(3)O(8) from 1,743ppm U(3)O(8)
(LOM) at a very low average cost of US$9.16/lb U(3)O(8)
· AISC has increased to US$35.7/lb U(3)O(8), an escalation of 3% on the
2024 FEED estimate(5), largely due to a minor increase in waste to ore strip
ratio from 0.7 to 0.8 waste to ore tonnes
· CAPEX of US$230M, was not re-evaluated in this update and remained
unchanged from the FEED study(7)
· Uranium production planned within 18 months of Final Investment
Decision
· Modular design provides opportunities for further capital efficient
expansion and scalability
· The construction and operation of the Tiris Uranium Project will
deliver significant and ongoing benefits to the people of Mauritania
Modular design provides opportunities for further capital efficient expansion
and scalability
The update to the Production Target based on the successful exploration
drilling program to update the Mineral Resource Estimate 6 (#_ftn6) confirms
the value in continued growth of the Tiris Project. The modular circuit
design shown in Figure 1 allows flexibility in production scheduling and
potential for rapid and simple expansion of production capacity.
Figure 1 - Tiris Uranium Project key operational parameters and systems
There is significant potential to expand production capacity early in the
Project life cycle to more efficiently utilise the existing Mineral Resource
Estimate. The modular configuration of the processing plant is well suited
to capital efficient and simple expansion to accommodate accelerated
processing of the MRE as outlined in the FEED Study 7 (#_ftn7) and summarised
below.
· 2.0Mlbspa U(3)O(8) production capacity = US$230M development capital
(Base Case)
· 2.8Mlbspa U(3)O(8) production capacity = US$83M expansion capital
(from 2 to 2.8Mlbpa)
· 3.5Mlbspa U(3)O(8) production capacity = US$166M expansion capital
(from 2 to 3.5Mlbpa)
Aura sees additional potential for growth of uranium resources in Mauritania,
both within the Tiris East region and more widely in the Tiris Zemmour
province. The Company has applied for 29 additional exploration tenements,
covering 13,000 km(2) that show very strong uranium potential 8 (#_ftn8) ,
Figure 2, across the region and will continue to work to build northern
Mauritania as a significant global uranium province.
Figure 2 - Aura tenements including granted and applications also showing
geology and radiometric targets
Next Steps
The next steps in progressing towards the construction and development of the
Project planned for 2024 and early 2025 include:
• Project funding inclusive of debt, strategic
investors and equity
• Securing further offtake contracts for future
production
• Confirming water infrastructure to support future
operations - drilling commenced
• Engagement with qualified EPCM contractors for
Project development
• Additional engineering and design work to support
development activities
• Update of Ore Reserve Estimate
• Option analysis for future project growth
• Completion of Project Execution Plan
• Final Investment Decision aimed for Q1 2025
ENDS
The Board of Aura Energy Ltd has approved this announcement.
This Announcement contains inside information for the purposes of the UK
version of the market abuse regulation (EU No. 596/2014) as it forms part of
United Kingdom domestic law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR").
For further information, please contact:
Andrew Grove Paul Ryan SP Angel Corporate Finance LLP
Managing Director and CEO Sodali & Co Nominated Advisor and Broker
Aura Energy Limited Investor & Media Relations David Hignell
agrove@auraee.com (mailto:Agrove@auraee.com) paul.ryan@sodali.com (mailto:paul.ryan@sodali.com) Adam Cowl
+61 414 011 383 +61 409 296 511 Devik Mehta
Grant Barker
+44 203 470 0470
About Aura Energy (ASX: AEE, AIM: AURA)
Aura Energy is an Australian-based mineral company with major uranium and
polymetallic projects in Africa and Europe.
The Company is focused on developing a uranium mine at the Tiris Uranium
Project, a major greenfield uranium discovery in Mauritania. 2024 FEED
Study 9 (#_ftn9) and this release demonstrated Tiris to be a near-term
low-cost 2Mlbs U(3)O(8) pa near term uranium mine with a 25-year mine life
with excellent economics and optionality to expand to accommodate future
resource growth.
Aura plans to transition from a uranium explorer to a uranium producer to
capitalise on the rapidly growing demand for nuclear power as the world shifts
towards a decarbonised energy sector.
Beyond the Tiris Project, Aura owns 100% of the Häggån Project in Sweden.
Häggån contains a global-scale 2.5Bt vanadium, sulphate of potash
("SOP") 10 (#_ftn10) and uranium 11 (#_ftn11) resource. Utilising only 3% of
the resource, a 2023 Scoping Study 12 (#_ftn12) outlined a 17-year mine life
based on mining 3.5Mtpa.
Disclaimer Regarding Forward-Looking Statements
This ASX announcement (Announcement) contains various forward-looking
statements. All statements other than statements of historical fact are
forward-looking statements. Forward-looking statements are inherently subject
to uncertainties in that they may be affected by a variety of known and
unknown risks, variables and factors which could cause actual values or
results, performance or achievements to differ materially from the
expectations described in such forward-looking statements. The Company does
not give any assurance or guarantee that the anticipated
results, performance or achievements expressed or implied in those
forward-looking statements will be achieved.
The Company has concluded that it has a reasonable basis for providing the
forward-looking statements and production targets included in this
announcement and that material assumptions remain unchanged. The detailed
reasons for this conclusion are outlined throughout this announcement, and in
the ASX Releases, "Scoping Study Confirms Scale and Optionality of Häggån",
5 September 2023; "Aura's Tiris FEED Study returns Excellent Economics" 28
February 2024; "Tiris Uranium Project Enhanced Definitive Feasibility Study",
29 March 2023 and this release.
TIRIS Production Target Update Summary
The Tiris Uranium Project is a greenfield calcrete uranium project located in
Mauritania that was first discovered by Aura Energy in 2008. It represents the
first planned development in a significant new global uranium province in
Mauritania with an updated Mineral Resource Estimate of 91.3Mlbs U(3)O(8) 13
(#_ftn13) and considerable exploration upside and project growth
opportunities. The mineralisation is naturally suited to low capital cost
development and low operating cost extraction of uranium, presenting an
opportunity for near term development of the Project.
The FEED Study 14 (#_ftn14) was completed in February 2024 with focus on
improving engineering definition for each of the three modular circuit
components of the Tiris Uranium Project, including the Beneficiation,
Concentrate Processing and Precipitation and Packaging Circuits. The scope was
defined in this manner to provide scalability to fully utilise additional
Resources as they were defined.
The FEED study defined the project configuration outlined in Table 1. Full
details of the FEED study can be found in ASX Release: 'Aura's Tiris FEED
Study returns excellent economics', 28(th) February 2024.
Table 1 - FEED configuration parameters with comparison of variations between
FEED production target and updated production target.
Parameter Unit Update FEED % Change
Sep-24 Feb-24(14)
Beneficiation modules # 4 4
Processing modules # 2 2
Precipitation and packaging modules # 1 1
Beneficiation design capacity Mtpa 5 5
Processing design capacity Mtpa 0.5 0.5
Total ore mined Mt 94.4 63.7 48%
Avg Strip ratio W:O 0.8 0.7 21%
Avg mined grade ppm U(3)O(8) 246 255 -4%
Contained U(3)O(8) Mlb U(3)O(8) 51.2 35.8 43%
Avg concentrate grade ppm U(3)O(8) 1,752 1,743 0.5%
Total Product U(3)O(8) Mlb U(3)O(8) 43.5 30.1 44%
Life of Mine years 25 17 43%
Resource utilisation 77% 75% 2%
June 2024 Mineral Resource Estimate Increases Production Target
The material assumptions for the FEED study(17) capital and operating cost
estimates, outlined in ASX release: "Aura's Tiris FEED Study Returns Excellent
Economics", 28(th) February 2024, remained unchanged in the development of an
updated production target utilising the updated June 2024 Mineral Resource
Estimate ("MRE") 15 (#_ftn15) . All updates relating to the Material
Assumptions for inputs to the updated Production Target are outlined in the
following sections.
Tiris Project Background
The Tiris Uranium Project is 100% owned by Tiris Ressources SA, which is 85%
owned by Aura Energy Ltd and 15% by the Mauritanian Government's Agence
Nationale de Recherches Géologiques et du Patrimoine Minier ("ANARPAM").
A Scoping Study was completed in 2014. This was updated into a Feasibility
Study ("FS") document in May 2017, to support an application for exploitation
licences. FS and an extensive Environmental and Social Impact Assessment
("ESIA") were submitted on 24 May 2017 to the Mauritanian Ministry of
Petroleum, Energy and Mines, and formally approved by the Mauritanian
Government on 5th October 2017.
A Definitive Feasibility Study ("DFS") for a 1.25Mtpa mine and 230ktpa process
plant was completed in 2019 16 (#_ftn16) . The process plant has been
designed to take full advantage of the characteristics of the material which
responds well to concentration of uranium by scrubbing and screening, whilst
providing a low capital cost and rapid project development and construction.
The Capital Estimate for the DFS was updated in August 2021 17 (#_ftn17) . In
March 2023 an Enhanced Definitive Feasibility Study ("EFS") was published
including additional Ore Reserves and Mineral Resources defined in ASX and AIM
releases, "Major Resource Upgrade at Aura Energy's Tiris Project", 14 February
2023 and ASX Release, "Tiris Uranium Project Enhanced Definitive Feasibility
Study", 29 March 2023. The EFS presented a staged development approach,
including a 2-year ramp up at 1.25Mtpa mined ore, expanding to 4.1Mtpa mined
ore in year three to produce an average of 2Mlbspa U(3)O(8).
In February 2024 the results of a FEED study were published in ASX and AIM
Release: Aura's Tiris FEED Study Returns Excellent Economics, 28(th) February
2024. This study updated capital and operating cost assumptions and
accelerated production to a base case capacity of 2Mlbpa U(3)O(8) from the
beginning of the project.
Exploitation licences (2491C4 and 2492C4) for the Ain Sder and Oued El Foude
permits, were granted on the 8 of February 2019 18 (#_ftn18) , Mining
Conventions for these permits were signed in January 2023 19 (#_ftn19) and
the final permits for mining and processing uranium were granted in July
2024 20 (#_ftn20) .
Updated Mineral Resource Estimate
In June 2024 an updated Mineral Resource Estimate (MRE) was published based on
the aircore drilling program completed in the first half of 2024. The
updated Tiris Mineral Resource Estimate has been detailed in ASX and AIM
Release: "Aura Increases Tiris Mineral Resources By 55% to 91.3Mlbs", 12(th)
June 2024 and is summarised in Table 2
Table 2 - Tiris Global Mineral Resource Estimate as of June 2024
Tiris Global Mineral Resource Estimate as at June 2024
Area Class Mt Grade ppm U(3)O(8) Mlbs U(3)O(8)
Tiris East Measured 34 230 17.3
Indicated 48 212 22.6
Inferred 79 210 36.7
Total 162 215 76.6
Oum Ferkik Inferred 22 294 14.6
Total Mineral Resources Measured 34 230 17.3
Indicated 48 212 22.6
Inferred 102 229 51.4
Total 184 225 91.3
The information in this announcement is extracted from ASX and AIM Release:
"Aura Increases Tiris Mineral Resources by 55% to 91.3Mlbs", 12(th) June 2024
and is available to download from asx.com.au ASX:AEE.
The Mineral Resource Estimates underpinning this Production Target Update have
been prepared by Competent Persons in accordance with the requirements in ASX
Listing Rules Appendix 5A (JORC Code).
The Company is not aware of any new information or data that materially
affects the information included in the original market announcement and, in
the case of estimates of Mineral Resources that all material assumptions and
technical parameters underpinning the estimates in the relevant market
announcement continue to apply and have not materially changed. The Company
confirms that the form and context in which the Competent Person's findings
are presented have not been materially modified from the original market
announcement
Information from the MRE was assessed using Material Assumptions outlined in
the following Updated Mining Assumptions section of this announcement, to
establish an updated Production Target for the Tiris Uranium Project. For
this assessment, the Ore Reserve Estimate published with the 2023 Enhanced
Feasibility Study ("EFS") 21 (#_ftn21) was not updated. Work continues to
define the updated Ore Reserve Estimate using the updated MRE, with a detailed
review of modifying factors. The Company expects that the updated Ore
Reserve Estimate will be completed in Q4 2024.
Updated Mining Assumptions
1. INTRODUCTION
An updated mine planning study was undertaken on the June 2024 update to the
Mineral Resource Estimate for the Tiris Uranium Project of 184Mt @ 225ppm
U(3)O(8) for 91.3Mlbs U(3)O(8) 22 (#_ftn22) . The tasks completed included
open pit optimisations, mine layouts and production scheduling.
The mining method is similar to that proposed in previous studies and is a
small-scale open pit 'strip' mine which will commence with the excavation of
numerous discrete pits, with the waste placed in a surface landforms. As
mining continues, the resulting pit voids are available to take the waste from
the next mining area, beneficiation plant rejects and leach plant tailings,
which allows progressive backfilling and rehabilitation. This mining method
will result in 'real-time rehabilitation' including a smaller environmental
footprint at any given time and significant savings in waste movement and
rehabilitation costs.
Mining has been costed using an owner mining model, the same as was used in
the 2024 FEED Study, refer ASX and AIM release "FEED study confirms excellent
economics for the Tiris Uranium Project" 28 February 2024.
2. MINERAL RESOURCE BLOCK MODELS
The Mineral Resource block models were supplied as regularized, diluted models
as Multiple Indicator Kriged ("MIK") with a block size of 50 mE x 50 mN x 1.0
mRL. The models have an average diluted uranium grade for the regularised
block. In addition, the models report the proportion of the block above a
range of cut off grades ("COG") and the diluted uranium grade of those
proportions. The COG reported are 25, 50, 100, 110, 125, 150, 175, 200, 250,
300, 400 and 500 ppm U(3)O(8).
The proportional COG used for reporting of the MRE is the 100 ppm U(3)O(8)
proportion and grade fields (GR100 and PR_100). The 100 ppm U(3)O(8)
proportion and grade fields have also been used for this study. The MIK
proportional block model implies that a level of mining selectivity can be
achieved to separately mine these portions within the 50 mE x 50 mN x 1.0 mRL
block. This block size represents an appropriate Selective Mining Unit ("SMU")
block size for the assumed mining methods of the ore/waste contact and
underlying ore zones and is unchanged from the 2019 Tiris Uranium DFS
Study 23 (#_ftn23) . To achieve this selectivity a grade control program of
drilling and probe measurements on a spacing of 10 mE x 10 mN was proposed.
The block models include an interpretation of sand dune material above the
Lazare North, Sadi and Hippolyte North deposits. The proportional field SAND
was used to estimate sand mining physicals, a second sand field, SAND2, is
present in these models and estimates a lower quantity of sand, this field was
not used in this study.
3. OPEN PIT SHELL OPTIMISATION PARAMETERS
The parameters used in the pit shell optimisation are as follows:
Revenue
The base revenue selected by Aura Energy for the pit shell optimisation is
US$80/lb. U(3)O(8). In the pit shell optimisation process revenue factors 0.6
to 1.5 were evaluated, covering a range of US$48/lb U(3)O(8) to US$120/lb.
U(3)O(8). No revenue was attributed to Vanadium.
A royalty cost of 3.5% of U(3)O(8) revenue was applied in the optimisation
process.
Process Recovery
The processing on site is undertaken in two distinct stages. The mined feed is
processed through a beneficiation plant and then a slurry is pumped to a leach
/ precipitation plant. The beneficiation metal recovery and mass rejection
vary by deposit (see Table 3) and the leach / precipitation recovery is 92.2%.
Table 3 - Processing parameters used in pit shell optimization and LOM
averages from financial model
Mineral Resource Area Beneficiation Mass rejection Beneficiation Metal Recovery Overall Process Recovery
% % %
Lazare North 89.3 95.5 88.1
Lazare South 88.2 90.8 83.7
Sadi 89.3 95.5 88.4
Hippolyte (N, S, E, W) 83.0 86.0 79.3
Marie (E, F, G, H) 89.0 95.0 87.6
LOM Average (modelled) 86.9 91.3 84.2
Slope angles
The deposits are very shallow in nature and will be backfilled. Therefore, the
overall pit slope angles are not overly relevant for the optimisations and
were set at 80 degrees for all deposits.
Costs
The costs used in the pit shell optimisation process were sourced from the
February 2024 FEED Study 24 (#_ftn24) and were applied on a US$ per tonne of
beneficiation plant feed basis and are show in Table 4. The site general and
administration fixed cost and the leach / precipitation costs were provided as
overall costs per pound of U(3)O(8) and the calculation of cost per tonne of
beneficiation plant feed reflected the varying beneficiation performance
across the Mineral Resource areas.
Table 4 - Pits shell optimisation cost parameters
Mineral Resource Area Unit Costs
Waste Mining US$/t waste 1.75
Bene. Plant Feed Mining US$/t Bene. feed 1.98
Back haul of Bene. Reject US$/t reject 0.69
Back haul of Leach Tailings US$/t tailings 1.99
Bene. Plant US$/t Bene. feed 1.26
Mineral Resource Area Leach/Precipitation cost Site G&A cost
Lazare North US$/t Bene. feed 5.12 1.55
Lazare South US$/t Bene. feed 5.65 1.71
Sadi US$/t Bene. feed 5.12 1.55
Hippolyte (N, S, E, W) US$/t Bene. feed 8.14 2.46
Marie (E, F, G, H) US$/t Bene. feed 5.26 1.59
Cut off Grade
The Cut Off Grades (COG) were estimated for each Mineral Resource area using
the parameters described in the Mineral Resource Block Models section above.
The COG estimation included the average mining cost from the February 2024
FEED study 25 (#_ftn25) of US$4.00/t beneficiation plant feed. Often COG
estimation for open pit mining ignores the mining cost as it is assumed that
all material within the pit shell will be mined, and the decision point is
whether that material is sent directly to the process plant or waste dump.
However, as these deposits will be mined as strip mining of essentially a
single mineralised horizon it was appropriate that the mining cost be included
in the COG estimation. The cut off grades estimated in Table 5 indicated that
the use of the Mineral Resource proportional grade fields of the 100 ppm
U(3)O(8) COG was appropriate. In the Hippolyte Mineral Resource area, a COG of
120 ppm U(3)O(8) was applied and any blocks with a GR_100 grade below 120 ppm
U(3)O(8) were taken as waste.
Table 5 - Cut Off Grades
Mineral Resource Area Unit Calculated COG U(3)O(8) ppm Selected COG
U(3)O(8) ppm
Lazare North US$/t Bene. feed 80 100
Lazare South US$/t Bene. feed 88 100
Sadi US$/t Bene. feed 80 100
Hippolyte (N, S, E, W) US$/t Bene. feed 117 120
Marie (E, F, G, H) US$/t Bene. feed 81 100
4. OPEN PIT SHELL OPTIMISATION RESULTS
The pit shell optimisations results showed:
· 95% of the value is contained in the revenue factor 0.7 shell
(US$56/lb U(3)O(8))
· 84% of the metal is contained in the revenue factor 0.7 shell
(US$56/lb U(3)O(8)).
· Selection of the revenue factor 1.0 shell (US$80/lb) would increase
the mined metal by 10M lbs U(3)O(8). However, this reduces the average mined
grade from 248ppm to 227ppm U(3)O(8) and increases the waste movement by 80M
tonnes (66% increase)
The revenue factor 0.7 (US$56/ lb U(3)O(8)) shells were selected for design.
5. OPEN PIT DESIGNS
Due to the shallow nature of the deposits (average pit depth of 4.7m, with 99%
of the pit less than 9.0 m deep) the optimisation shells were used as pit
designs in this study. As the project develops, the pit designs will need to
be developed but they will still be relatively simple shapes used to extract
the ore and waste.
The 50m x 50m x 1m model blocks within the pit shells were aggregated
vertically to form mining blocks 50m x 50m x full depth of the pit at that
point, including any sand mining pre strip.
The mining blocks were grouped into mining panels of 200m x 200m as the
practical working area. All mining blocks within a mining panel were scheduled
to be mined together. This panel size was selected as it provides sufficient
length on any side to ensure a ramp can be installed and that mine development
can be advanced enough for continuous backfilling. Individual isolated 50m x
50m mining blocks are retained in the pit design as they are generally
shallower than average (less than 4.7m depth) and can be mined with minimal
ramps.
A "slot mining" technique has been used in the lowest 2m vertical of each
mining block. In the upper parts of the mining block all waste and
beneficiation plant feed are mined. In the 2m at the base of the mining block
the plant feed is mined using a slot mining technique where the truck and
excavator are both on the top of the bench (top loading). This mining
technique reduces the waste mined by 35% over the project, compared with
mining the pits to a flat floor at full depth.
The open pit mining blocks and location of processing facilities are shown in
Figure 3 and Figure 3a. The distances shown are for scale and indicative of
the longest hauls to each plant not average haul distances. The mining
design has been structured around six beneficiation plant locations and a
single leach / precipitation plant located adjacent to the Lazare North
beneficiation Plant. Four beneficiation modules will be used, with movements
in year 4, 7, 10 and 15. The average haul from pit to beneficiation plant is
2.4 km, with the first deposits to be mined having shorter average haul
distances (Lazare North -2.2 km, Lazare South 1.6 km and Sadi South 2.1 km).
Haulage distances to the allocated benefication plant have been calculated for
each mining block. Waste haulage has been assumed to be less than 1 km.
Benefication plant rejects will be back loaded to location in the pit where
waste is being dumped at that time for co deposition. Beneficiantion plant
rejects will be 83% - 89.3% of beneification plant feed tonnes, varying by
deposit. Leach plant tailing will be trucked from the leach plant and co
deposited or buried in active pit areas, initially in Lazare North pits (
2.2km haul distance) and later into Lazare South pits (8.5 km haul distance).
Leach tails will be 10.7% - 17% of benefication plant feed tonnes, varying by
deposit. In the base case life of mine 12.3 Mt of leach tailings will be
co-deposited.
Figure 3 - Open pit mining blocks for each Mineral Resource Area by Uranium
grade including infractructure location and distance to Leach Plant
Figure 3a - Open pit mining blocks for each Mineral Resource Area by Uranium
grade showing maximum haulage distances and benefication plant locations
6. WASTE DUMP DESIGNS
The initial mining in each Mineral Resource area will require a temporary
waste dump to be constructed to store the overburden, beneficiation rejects
and dry-stacked tailings until sufficient void space has been mined for back
filling to commence. The size and location of these dumps is determined by the
production schedule.
Each dump constructed will be rehandled back into the mining void prior to a mining area being completed.
7. MINING OPERATIONS AND MOBILE FLEET
The mining equipment proposed is the same equipment type as proposed in
previous studies 26 (#_ftn26) .
· Excavator - 60 t - Komatsu PC850-8, 4.0 m(3) bucket, or similar
· Loader - Komatsu WA500-8, or similar
· Truck - Komatsu HD605-8, 56 t payload, or similar
Excavators will be used for pit mining. Loaders will be used for loading
trucks with beneficiation plant reject and leach plant tailings.
The mining is structured around single handling of plant feed from pit to the
beneficiation plant hopper, avoiding any stockpiling of dry plant feed due to
the fine particle distribution of mineralisation and potential loss by wind.
Blasting or dozer ripping will not be used as it also risks loss of fine
particles of mineralisation.
The beneficiation plant hopper will be of adequate size to maintain continuous
feed to the beneficiation plant during shift changes, mining equipment down
time and while the excavator is mining waste.
Mining activities will be structured as teams based at each beneficiation
plant site. With sharing of extra equipment between teams on excavator and
loader service days.
The mining fleet requirements by quarter have been summarised in Figure 4.
Figure 4 - Mining mobile equipment fleet by quarter for updated production
target.
8. BASE MINING AND PROCESSING SCHEDULE CASE
The scheduling objectives for the base case schedule, in order of priority
applied, are:
1. Limit the proportion of Inferred Mineral Resources mined to less than
10 % of feed in first four years and less than 25 % in the first ten years
2. Maximise cashflow by targeting high value mining areas early in the
life of mine
3. Maximise utilisation of leach plant - 520,000 t concentrate per annum
4. Precipitation plant - 3.5M lbs. U(3)O(8) per annum - not fully
utilised
5. Maximise utilisation of the beneficiation plant - 4 modules each 1.2
Mt plant feed per plant per annum
6. Minimise the number beneficiation plant locations during the first 3
years of the project to reduce project complexity at startup
7. Minimise the number of beneficiation plant relocations - estimated to
require 3-month downtime per relocation
8. Minimise mining cost by reducing haulage distance from pit to
beneficiation plant
9. Minimise mining cost by levelling activity rates
Key points in the updated base case schedule
· In the first 3 years two beneficiation plants locations will be used
Lazare North and Sadi South. Each of these will have 2 modules (each 1.25 Mtpa
capacity)
· In year 4 one of the Lazare North modules will be relocated to Lazare
South
· In year 7 one of the Sadi South modules will be relocated to Sadi
North
· In year 10 mining at Lazare North will be complete and the
beneficiation plant will be relocated to Hippolyte North
· In year 15 mining at Sadi South will be complete and the
beneficiation plant will be relocated to Hippolyte South
· Project life of mine is 25 years
The base case schedule physicals are shown in Table 6 and the physicals charts
by year are shown in Figure 5.
Table 6 - Summary Physicals by Mineral Resource Area
Mineral Resource Area Total Movement Strip Ratio Beneficiation Plant Feed Recovered Metal
Sand Rock Waste Feed U(3)0(8) U(3)O(8) U(3)O(8)
MT MT MT MT ppm Mlbs Mlbs
Lazare North 0.7 37 16 1.1 15 287 9 8
Lazare South 37 15 1.0 15 246 8 7
Sadi 1.1 77 28 0.8 35 216 17 15
Hippolyte North 0.5 35 12 0.7 16 292 10 8
Hippolyte South 26 7 0.5 14 234 7 6
Total 2.3 211 77 0.8 94 248 52 43
Note: There is a low level of geological confidence associated with Inferred
Resources and there is no certainty that further exploration or evaluation
work will result in the determination of Indicated Resources or that the
production targets reported in this announcement will be realised. The Company
confirms that the use of Inferred Resources is not a determining factor to the
Tiris Project's economic viability.
Figure 5 - Physicals by mining area by year.
Note: There is a low level of geological confidence associated with Inferred
Resources and there is no certainty that further exploration or evaluation
work will result in the determination of Indicated Resources or that the
production targets reported in this announcement will be realised. The Company
confirms that the use of Inferred Resources is not a determining factor to the
Tiris Project's economic viability.
9. MINING COST ESTIMATION
Mining has been costed using an owner mining model same as was used in the
February 2024 FEED study, refer ASX Release "FEED study confirms excellent
economics for the Tiris Uranium Project" 28 February 2024.
The mining costs were estimated using the project cost and financial models.
Refer to the project capital and operating cost sections of this release for
the mining costs.
10. ORE RESERVE ESTIMATE
There are no Ore Reserves reported from this work.
This mine schedule optimisation study has not been undertaken to a suitable
level for Ore Reserve Reporting. There is outstanding work required before an
Ore Reserve can be estimated based on the June 2024 Mineral Resource. That
work is currently in progress.
Site Layout
The Tiris East Resources are located over a large area, with beneficiation
modules located with each of the active Resource areas, pumping slurry
concentrate to a central processing plant. The Resource areas are to be
mined to completion, before the beneficiation module is moved to a new area,
maximising capital efficiency.
A goal of the updated production schedule was to focus mining in the early
years of the project on resource areas closer to the processing plant,
reducing or eliminating slurry pumping requirements. To support this the
location of the processing plant will be moved to be adjacent to the Lazare
North Resource area.
The location of the processing plant and beneficiation modules over the life
of the project can be seen in Figure 6. It should be noted that although
beneficiation module locations are shown only 4 beneficiation modules are
required for the life of the project, with modules moved to new resource areas
as economic resources are depleted.
Figure 6 - Location of processing and beneficiation modules, with open pits
over the life of the project
Production Schedule
Base Case Production Schedule
An updated base case production schedule was developed based on pit
optimisation from the updated production target, with a focus on consolidating
mining in the Lazare North and Sadi Resource areas in the initial mining
periods and moving Hippolyte mining areas to later years. The Production
Target was constrained by maintaining full utilisation of the leaching
circuits, with mining rate and uranium oxide concentrate production rate
allowed to vary to maintain this condition as defined under scheduling
objectives.
The updated production schedule, compared with the FEED study production
schedule has been summarised in Figure 7.
Figure 7 - Comparison of mined ore production schedule between FEED production
target 27 (#_ftn27) and Update production target showing increased production
targets in first 10 years and longer mine life
Note: There is a low level of geological confidence associated with Inferred
Resources and there is no certainty that further exploration or evaluation
work will result in the determination of Indicated Resources or that the
production targets reported in this announcement will be realised. The Company
confirms that the use of Inferred Resources is not a determining factor to the
Tiris Project's economic viability.
A focus was maintained on minimisation of Inferred category material in the
first 10 years of operation. The updated mining schedule includes 7% inferred
material in the first four years and 21% in the first ten years of operation.
Over the Life of Mine a total of 33% Inferred material was included in the
mining schedule. The Project remains strongly viable with removal of Inferred
material.
The production target profile by resource category can be seen in Figure 8.
Figure 8 - Base Case Mine schedule ore profile by area at average mining rate
of 4.1Mtpa ore.
Note: There is a low level of geological confidence associated with Inferred
Resources and there is no certainty that further exploration or evaluation
work will result in the determination of Indicated Resources or that the
production targets reported in this announcement will be realised. The Company
confirms that the use of Inferred Resources is not a determining factor to the
Tiris Project's economic viability.
The production target profile by resource area is shown in Figure 5. This
shows mining constrained to the Lazare North and Sadi Resource areas for the
first 3 years of operation, greatly simplifying the construction profile. In
year 4 a beneficiation module from Lazare North is moved to Lazare South and
mining continues in the eastern portions of the Resource until year 10. From
year 11, a beneficiation module is moved from Lazare North to Hippolyte
The updated Base Case concentrate grade profile for U(3)O(8) has been
presented in Figure 9, demonstrating an average concentrate grade to leaching
of 1,752ppm U(3)O(8) life of mine. A full description of concentration of
uranium through the beneficiation circuit by scrubbing and screening,
including recovery assumptions, can be found in ASX and AIM Release, "Tiris
Uranium Project Enhanced Definitive Feasibility Study", 29 March 2023.
Figure 9 - Concentrate grade profile for base case mining schedule
highlighting higher leach feed grade profile in early years. Average
Concentrate production rate of 520,000tpa
The updated production target U(3)O(8) production profile can be seen in
Figure 10. Over the life of mine the average production rate has been
estimated as 1.8Mlb U(3)O(8) pa, ranging from 2.5Mlbpa U(3)O(8) in Year 1 to
1.3Mlb U(3)O(8) in Year 21. Average production for the first 10 years of
operation will be 2.2Mlb U(3)O(8) pa.
Figure 10 - Uranium oxide production profile for base case scenario.
Capital Cost Estimate
The FEED Capital Cost Estimate ("CAPEX") for the development of Tiris was
completed using a design basis of a single modular processing train, with
units combined to generate an Estimate for total production capacity of 2Mlbpa
U(3)O(8) in Table 7. The total CAPEX was estimated to be US$230 million
(including a contingency allowance of approximately 12%).
Table 7 - Project CAPEX - FEED 2024 28 (#_ftn28) .
Area FEED 2024
US$M
Mining 4.3
Beneficiation 25.6
Processing 84.2
Infrastructure 54.1
EPCM 22.5
Owner's cost 19.3
Contingency 20.1
Total Capital Cost 230.0
Operating Cost Estimate
The operating cost estimate inputs were maintained from the FEED study(25),
with no changes made to unit input costs. The updated schedule did result in
some changes to the mining fleet requirements and a higher strip ratio than
the FEED production schedule, which resulted in a modest increase in unit
operating cost.
The operating cost estimate has been summarised in Table 8. The average LOM C1
cash cost will be US$31.4/lb U(3)O(8) and LOM AISC, inclusive of royalties,
LOM sustaining capital, insurances and product transport will be US$35.7/lb
U(3)O(8). These costs have been estimated as an average of annualised
expenditure.
Table 8 - FEED Operating Cost estimate, including comparison to FEED average
OPEX.
Error! Reference source not found.Area Update FEED Variation
Q3 2024 Q1 2024 Absolute %
US$/lb U(3)O(8) US$/lb U(3)O(8) US$/lb U(3)O(8) %
Owner Mining $9.1 $8.1 $1.06 13%
Labour $2.0 $2.0 $0.03 1%
Reagents $7.0 $6.9 $0.14 2%
Power $8.2 $8.6 -$0.37 -4%
Maintenance $1.8 $1.8 $0.03 2%
Environment $0.6 $0.4 $0.18 44%
Site G&A $2.5 $2.5 $0.03 1%
CASH COST $31.4 $30.2 $1.21 4%
Transport & Marketing $0.5 $0.5 $0.00 0%
Royalties $2.8 $2.7 $0.09 3%
Communities $0.8 $0.7 $0.09 13%
Sustaining Capital $0.2 $0.3 -$0.13 -45%
ALL-IN-SUSTAINING COST $35.7 $34.5 $1.16 3%
Market Analysis
Aura has maintained the uranium market assumptions outlined in the 2024 FEED
study 29 (#_ftn29) , with a long term price assumption of US$80/lb
U(3)O(8). These assumptions remain valid with no material changes.
Financial Analysis
Financial analysis of the Tiris Project is inclusive of Mauritanian government
royalties and commitments relating to the offtake agreement with Curzon
Resources. This is outlined in the ASX announcement "Update to Curzon Offtake
Agreement", dated 16(th) April 2024.
Results are on an after-tax basis in $USD, unless otherwise stated. Financial
modelling is inclusive of all capital items, including mining mobilisation,
process plant, project infrastructure and LOM sustaining capital.
Table 9 shows the variance in NPV(8), IRR, payback period and net cashflows
including commitments to the updated Curzon Resources offtake agreement 30
(#_ftn30) between this Production Target Update and the FEED Study(28).
Applying a base case uranium price of US$80/lb U(3)O(8), the post-tax NPV(8)
of the Tiris Project is US$499M, the post-tax IRR of 36%, and the project
payback of 2.25 years from commencement of production. At this price the
project generates average annual net cashflows (EBITDA) of US$89M pa for the
first 5 years and US$63M pa for the LOM.
Table 9 - Summary of outputs recommended for presentation of Production Target
Update and FEED update results
Units FEED Update Sept 24 FEED Feb 24 % Change
Uranium Price US$/lb U(3)O(8) $80 $80 0%
Valuations and Returns
Post-tax NPV(8) US$M 499 388 29%
Post-tax IRR % 39% 36% 8%
Payback period Years 2.25 2.5 -10%
Cashflow Summary
Initial Life of Mine Years 25 17 43%
LOM Production Mlbspa U(3)O(8) 43.5 30.1 44%
Annual Production Mlbspa U(3)O(8) 1.8 1.9 -5%
Gross Revenue (LOM) US$M 3,467 2,257 54%
Free Cashflow pre-tax (LOM) US$M 1,922 1,327 45%
Free Cashflow post tax (LOM) US$M 1,509 1,061 42%
Unit Operating Costs
All in Cost US$/lb U(3)O(8) 41.0 41.8 -2%
All-in Sustaining Costs US$/lb U(3)O(8) 35.7 34.5 3%
C1 Cash Cost US$/lb U(3)O(8) 31.4 30.1 4%
Capital Cost
Development Capital US$M 230 230 0%
Sensitivity Analysis
The sensitivity of the project to market and project factors was examined.
Table 10 provides a comparison of project returns (NPV and IRR) at various
throughput profiles and U(3)O(8) prices. This demonstrated robust returns for
a range of pricing scenarios for both the Base and Growth scenarios. This
analysis determined that the greatest capital efficiency could be achieved for
the base case production profile, targeting 2Mlbs U(3)O(8) pa production.
Table 10 - Economic comparison at varying U(3)O(8) prices for Base Case 2Mlbs
U(3)O(8) pa production
Spot U(3)O(8) Price US$/lb 65 70(a) 80 86(b) 90 100 110
NPV(8) US$M 285 355 499 571 639 779 919
IRR % 27% 29% 39% 41% 47% 55% 63%
a) Tradetech Forward Availability Model (FAM) 1 average term price to 2040
(Real). Representing best case project development (supply) scenario.
b) Tradetech FAM 2 average term price to 2040 (Real). Representing restricted
project development scenario.
The sensitivity of the project to key variables was examined in Figure 2. This
showed that the Project was most sensitive to revenue drivers, including mined
grade and U(3)O(8) spot price. The Project was least sensitive to operating
cost inputs.
Figure 2 - Tiris Project Sensitivity analysis
Project Risks
The key risks with their mitigations, are identified as follows:
1. The Project's success is fundamentally linked to the price for
uranium for the life of the project exceeding the operating cost for the
project. Aura is in the process of seeking additional offtake agreements with
suitable long-term pricing, but the market price risk is otherwise largely
outside Aura's control.
2. The estimated capital costs for the project could prove optimistic,
requiring additional funding. The Capex estimate was composed of 85% external
pricing 31 (#_ftn31) , so has a strong basis for its pricing, subject to any
subsequent inflation. The project will rely on competent Project cost control
by the EPC company overviewing the project.
3. OHS management risk of radioactive dust in the mining and front-end
areas. Aura will ensure operators are in dust sealed cabins, use radiation
monitoring badges and will rotate personnel if necessary.
4. There are potential risks in obtaining Mauritanian statutory permit
approvals, in the time required. Aura is seeking a high-level connection
between Government authorities and its senior management, to supplement the
usual project interfaces between Aura's local permitting supervisor and
Government authorities. It is expected given Aura's focus on maximising local
employment, that the Mauritanian Government will be quite supportive.
5. There are risks from terror groups in the Sahel region. Aura has
provisionally arranged for military supported security to be permanently based
close to the site. Aura will continue with its very close coordination with
police/gendarmes/military guarding the area.
6. A risk remains of insufficient water being available for the project.
A program designed to mitigate the risk that includes the drilling and test
work of the Taoudeni basin is currently underway. The Taoudeni basin supplies
water for the SNIM magnetite iron ore operations in Zouerate and First
Quantum's Guelb Morghein Cu/Au/Fe mine in Akjout. Tiris' water requirements
are between 2-3ML pa and it expected that there will be more than sufficient
quantities of water available.
7. Aura's hybrid diesel and solar generation plant will be the only
power source for the Project. Aura shall undertake rigorous engineering
selection of the power generation supply and hire experienced and competent
electrical support personnel to maintain the power plant.
Future Activities
The next steps in progressing towards the construction and development of the
Project planned for 2024 and early 2025 include:
• Project funding inclusive of debt, strategic
investors and equity
• Securing offtake contracts for future production
• Confirming water infrastructure to support future
operations - drilling commenced
• Engagement with qualified EPCM contractors for
Project development
• Additional engineering and design work to support
development activities
• Update of Ore Reserve Estimate
• Option analysis for future project growth
• Completion of Project Execution Plan
• Final Investment Decision aimed for Q1 2025
1 ASX and AIM Release: 28 Feb 2024 - FEED study confirms excellent economics
for the Tiris Uranium Project
2 ASX and AIM Release: 12 June 2024 - Aura increases Tiris Mineral Resources
by 55% to 91.3 Mlbs
3 ASX and AIM Release: 12 June 2024 - Aura increases Tiris Mineral Resources
by 55% to 91.3 Mlbs
4 ASX and AIM Release: 29 November 2023 - New Tiris Tenements Applications.
5 ASX and AIM Release: 28 Feb 2024 - FEED study confirms excellent economics
for the Tiris Uranium Project
6 ASX and AIM Release: "Aura Increases Tiris Mineral Resource by 55% to
91.3Mlbs", 12(th) June 2024
7 ASX and AIM Release: "Aura's Tiris FEED Study Returns Excellent
Economics", 28(th) February 2024
8 ASX and AIM Release: 29 November 2023 - New Tiris Tenements Applications.
9 ASX and AIM Release: 28 Feb 2024 - FEED study confirms excellent economics
for the Tiris Uranium Project
10 ASX and AIM Release: "Häggån Battery Metal Project Resource Upgrade
Estimate" 10 Oct 2019
11 ASX and AIM Release: "Outstanding Häggån Uranium Resource expands to
800 million pounds" 22 Aug 2012
12 ASX and AIM Release: "Scoping Study Confirms Scale and Optionality of
Häggån" 5 Sept 2023
13 ASX and AIM Release: "Aura Increases Tiris Mineral Resources By 55% to
91.3Mlbs", 12(th) June 2024
14 ASX and AIM Release: "Aura's Tiris FEED Study Returns Excellent
Economics", 28(th) February 2024
15 ASX and AIM Release: "Aura Increases Tiris Mineral Resources By 55% to
91.3Mlbs", 12(th) June 2024
16 ASX and AIM Release: "Tiris Uranium DFS Complete" 29 July 2019
17 (#_ftnref17) ASX and AIM Release: "Capital Estimate Update Tiris Uranium
project" 18 August 2021
18 ASX and AIM Release: "Tiris Uranium Project Exploitation License Granted"
8 February 2019
19 ASX and AIM Release: "Transformational Agreements for Tiris Project
Mauritania" 31 January 2023
20 ASX and AIM Release: "Tiris Project fully permitted for development and
operations" 15 July 2024
21 ASX and AIM Release: "Tiris Uranium Project Enhanced Definitive
Feasibility Study", 29(th) March 2023
22 ASX and AIM Release: "Aura Increases Tiris Mineral Resources By 55% to
91.3Mlbs", 12(th) June 2024
23 ASX and AIM Release: "Tiris Uranium DFS Complete" 29 July 2019
24 ASX and AIM Release: "Aura's Tiris FEED Study Returns Excellent
Economics", 28(th) February 2024
25 ASX and AIM Release: "Aura's Tiris FEED Study Returns Excellent
Economics", 28(th) February 2024
26 ASX and AIM Release: "Aura's Tiris FEED Study Returns Excellent
Economics", 28(th) February 2024
27 ASX and AIM Release: "Aura's Tiris FEED Study Returns Excellent
Economics", 28(th) February 2024
28 (#_ftnref28) ASX and AIM Release: "Aura's Tiris FEED Study Returns
Excellent Economics", 28(th) February 2024
29 ASX and AIM Release: "Aura's Tiris FEED Study Returns Excellent
Economics", 28(th) February 2024
30 ASX and AIM Release: "Update to Curzon Offtake Agreement", 16(th) April
2024
31 ASX and AIM Release: "Aura's Tiris FEED Study Returns Excellent
Economics", 28(th) February 2024
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