Impact: Positive
Aura Energy announced that it has identified extensions of mineralization from its Tiris uranium deposit in Mauritania, host to a 58.9M lbs U3O8 resource. An upcoming 15,500m drill program over seven identified resource areas could add a significant amount of Inferred resources to the project, with an exploration target of 30-60Mt at 120-240 ppm U3O8 for 8-32 M lbs U3O8. We view this additional uranium potential as being very positive. Given the shallow nature of uranium in the area, and the historical association between radiometric signatures and resources, we believe there is high potential to convert this material to Inferred resources. Resource growth could help support project expansion and mine life extension. Meanwhile, FEED studies are 80% complete and pre-construction activities will begin shortly for this near-term, low-cost developer. An enhanced DFS from March 2023 mentioned management’s goal of achieving 100 M lbs of resources.
