Aura Energy Limited announced tracked development of its Tiris Uranium Project in Mauritania. The Quarter represented a period of significant progress for the Company, with the achievement of major milestones and the initiation of key programs in the planned development of the 800k lb U3O8 per annum fast-tracked Tiris Uranium Project ("Tiris", "Fast-track Project", or the "Project"). The most significant milestone was the commencement of the Company's largest drilling program to-date, aimed at upgrading and expanding the Tiris Minerals Resources.

Progress achieved during the Quarter has placed the Company in a strong position to deliver on the planned Stage 1 development of Tiris and become one of the first greenfields uranium operations to achieve production in the current cycle. Aura is well funded for key programs throughout the remainder of the 2022 calendar year, allowing progression of the Fast-track Project towards a final investment decision to commence mining in First Quarter CY2023. Aura has developed a strong pipeline of projects to support the transition from uranium explorer to sustainable uranium producer.

A timeline of key projects and how they relate to Aura's development strategy Aura's flagship Tiris Uranium Project in Mauritania remains the focus of the Company's development strategy, which is proposed to be developed in two stages. Stage 1- is slated to be a fast-tracked project producing 800,000 lbs U3O8 per annum with production commencing in 2024 and with low capital costs. Stage 2- is forecast to be an expansion of the project within 2-3 years of Stage 1 commissioning, to produce 2-4 million lbs U3O8 per annum within 5 years, providing better utilisation of the Tiris Uranium Resources.

The Project was discovered by Aura, with development progressing to a Definitive Feasibility Study ("DFS") in 2019. The Stage 1 ~800k lbs U3O8 per annum project now represents a compelling opportunity for Aura to transition to uranium production in 2024, positioning the Project as potentially one of the first greenfields uranium projects to move into production in the current cycle. The uranium mineralisation at Tiris is shallow, extending from surface to a depth of ~4m, and is distributed over several deposits as shown in Error!

Reference source not found. Uranium and vanadium are hosted with the mineral, carnotite (K2(UO2)2(VO4)2·3H2O) as fine liberated grains on the surface of friable weathered granite gangue. The material is free digging and liberation of the carnotite can be readily achieved using a simple rotary scrubbing and screening operation.

The results of pilot plant tests reported during the Quarter, show that these characteristics allow for ~80% of the mass to be rejected early in the process, with the balance containing ~90% of the uranium and vanadium for recovery in the leaching circuit. Aura completed an update to the Capital Estimate in 2021 and the Fast-track Project is fully permitted for mining with the Company pursuing a strategy of rapid development to maximise value for shareholders early in the current uranium price cycle. The Tiris Resource Estimate contains 56.9 Mlbs U3O8 and 18.4 Mlbs V2O5 at cut-off grade of 100 ppm U3O8.