en.Wedoany.com Reported - Aura Energy Ltd (ASX:AEE, AIM:AURA) announced that it has signed a memorandum of understanding with an unnamed major international nuclear power company and set a target of making a final investment decision for its Tiris project in Mauritania by the end of 2026.
Following the news, the company's shares rose 16.5% to 7.28 pence on Tuesday. The memorandum covers potential strategic equity investment, uranium offtake arrangements, technical cooperation, and financial support, formalizing a relationship that has been developing over several months. At the request of the counterparty, the identity of the nuclear power company is not yet disclosed. Aura cited the Australian Securities Exchange listing rules, stating that the name will not be released until negotiations are completed.
The announcement also confirmed that the processing flowsheet for the Tiris project has been finalized, which Aura described as the most significant technical milestone on the development path. The selected design combines pre-leach centrifugation with polymer dewatering technology and horizontal vacuum belt filtration, based entirely on commercially proven processes.
Project funding channels are advancing on multiple fronts. Aura is in advanced discussions with the U.S. International Development Finance Corporation regarding approximately $150 million to $170 million in senior project debt, and has received a non-binding full funding proposal from a major U.S. investment fund. The bankable feasibility study remains on track for completion in September 2026, with the final investment decision targeted by the end of the year. The company is also evaluating increasing the plant capacity from the baseline of 2 million pounds of uranium oxide per year to between 3.5 million and 4 million pounds. The Tiris project will be Mauritania's first uranium mine and the country's first new mine in 20 years.
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