Drilling on the Tiris project, in Mauritania
ASX- and Aim-listed Aura Energy has started two funding workstreams to underpin the development of the Tiris uranium project, in Mauritania.
The company aims to secure an integrated funding solution to advance the project to production.
Aura has appointed debt adviser Orimco to arrange debt funding for Tiris, and engaged Macquarie Capital, in Australia, to progress a strategic investment process.
Orimco has extensive experience in arranging debt financing for West African mining projects, including in Mauritania, while Macquarie is versed in managing strategic investments.
A front-end engineering study on the project recently highlighted the project’s net present value of $388-million and internal rate of return of 36%.
The company says it has received strong inbound interest from credentialled debt providers and strategic investors who recognise the potential undeveloped future value at Tiris.
Through a dual funding workstream, Aura aims to deliver an optimal funding package, derisk development of Tiris, optimise equity requirements and maximise the value of Tiris for shareholders.
Aura plans to make the final investment decision on the project by late this year or early 2025, which will depend on arrangements with key offtake partners, financing for project development, government development consents and early work commitments on water and electricity realising.