Aura Energy Ltd. has signed a memorandum of understanding (MoU) with a major international nuclear power company as it progresses towards a final investment decision (FID) for its Tiris uranium project in Mauritania.
The company expects to deliver its bankable feasibility study (BFS) for the project in September, ahead of the FID by the end of the year.
If approved, Tiris will become Mauritania’s first new uranium mine in 20 years.
The MoU encompasses potential cornerstone equity investment, funding support, and future uranium offtake agreements. It also includes a collaborative technical framework to build and run a confirmatory due diligence pilot plant in Mauritania by the final quarter of 2026.
Aura Energy said the MoU supports a pathway to a substantial, well-capitalised funding partner for Tiris, without derogating from other funding options.
The company has also settled the processing flowsheet for the Tiris project, the most important technical milestone on the path to development.
Aura Energy Executive Chairman Phil Mitchell said: “Settling the processing flowsheet locks in a validated technical foundation and sets Aura on a clear path to become Mauritania’s first new mine in 20 years.
“An MOU with a major industry strategic power company reiterates strong investor interest and further underpins the funding pathway.”
The finalised processing flowsheet eliminates the project’s primary technical risk. Developed alongside dewatering specialists Acclarium and RCS, the system pairs pre-leach centrifuge separation with Clean TeQ Water’s proven polymer dewatering technology and horizontal vacuum belt filtration.
Early-stage analysis indicates that the new flowsheet delivers robust project economics, offering lower capital costs than traditional pressure filtration alongside comparable operating expenses.
Aura Energy is currently exploring multiple avenues to fully finance the development.
Alongside the utility MoU, advanced discussions are progressing with the U.S. International Development Finance Corporation for a senior project debt facility of up to US$170 million, complemented by a separate fully funded proposal from a major US investment fund.