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Aura Energy Limited (ASX:AEE, AIM:AURA) is pleased to announce that the Resource Upgrade program undertaken in 2022 has increased the Measured and Indicated (M&I) Resources at the Tiris Project (“Tiris or the “Project”) from 19.5 Mlbs to 29.6 Mlbs, 62.2Mt at 216ppm U3O8 at a 100ppm cut-off.
KEY POINTS:
- 52% increase in Measured and Indicated Resources to 29.6 Mlbs U3O8, 62.1Mt at 216 ppm U3O8 at a 100ppm grade cut-off.
- Global Mineral Resource Estimate (MRE) of 58.9 Mlbs U3O8, 113Mt at 236 ppm U3O8 at a 100ppm grade cut-off.
- Near-term exploration targets identified to further grow the Tiris resource.
- Tiris Reserves estimate with the updated expanded Feasibility imminent
The significance of the Resource upgrade is that it enables Aura to update the 2019 Tiris Definitive Feasibility Study (DFS)1 project work, assessing the potential to increase the production rate based on the increased M&I resource. This work is expected to be released before the end of Q1 2023.
Aura’s Tiris Project differs from other near-term projects in that the carnotite is mostly ultrafine, micron scale in grain size enabling the separation of the uranium without crushing and grinding as demonstrated in the 2019 DFS1. In the DFS1 production averaged 800,000 lbs U3O8 per year with a capital cost of USD 74.8 million and C1 costs of USD 25.43/lb U3O8. Aura is confident that our existing fast-to-market development strategy will be accentuated in the updated DFS as a result of the economies of scale on the capital and operating costs using a modular expansion of the Tiris Project.
Commenting on the increased MRE, Aura Energy Managing Director Dave Woodall said:
“The significant increase of our M&I resources confirms our confidence that the Tiris province which we believe has great expansion potential. Our immediate focus is now to work with our Mauritanian stakeholders, offtake providers, investors and financing partners to progress towards a decision to Mine in Q3 CY2023, a target construction timeline of Q4 CY2023, and first production expected in late 2024 or early 2025.
“Our exploration success is creating a strong platform for growth for Aura’s shareholders and our Mauritanian partners, and an exciting new zero-carbon energy source for an increasingly energy-hungry world.”
Figure 1 - Location of the Tiris Project Global Mineral Resource
Upgraded Measured and Indicated Resource
The program successfully delivered an additional Measured and Indicated resource of 23.0Mt at 200ppm U3O8 containing 10.1Mlb U3O8 at 100ppm U3O8 cut-off grade. The detail of the upgraded resource across the project areas and the previous resources are shown in Tables 1 and 2. The drilling program completed in 2022 comprised 1,746 holes (1,680 air-core and 66 diamond-core holes) at an average depth of 7m, from 11,600m of drilling.
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AEE:AU
North Shore Uranium: Unlocking Value Across Two World-class Uranium Districts in North America
North Shore Uranium (TSXV:NSU) is a uranium exploration company focused on North America, advancing a dual-track strategy aimed at high-impact discoveries in two of the world’s most prolific uranium regions: the eastern Athabasca Basin in Saskatchewan, Canada, and the Grants Uranium District in New Mexico, USA. With a lean capital structure, fully permitted drill targets in Saskatchewan, and strong insider ownership, the company is well-positioned to create value through cost-effective exploration and resource definition in a rising uranium price environment.
The Rio Puerco project, located in New Mexico’s Grants District—a historically productive uranium belt responsible for over 340 million pounds of past U₃O₈ production—offers strong potential. Drawing on data from approximately 800 historical drill holes, a JORC-compliant inferred resource estimate of 11.4 million pounds U₃O₈ was completed in 2009. Early assessments suggest potential for in-situ recovery (ISR) mining, one of the lowest-cost extraction methods in the industry.
North-Shore-Uranium-Athabasca-Basin-ProjectsAt the Falcon project in the Athabasca Basin, North Shore’s maiden 2024 drill program confirmed near-surface uranium mineralization in previously untested zones, underscoring the project’s discovery potential. The company has outlined a 7-kilometre conductive corridor with high-priority drill targets in the South Priority Area and is planning prospecting and follow-up drill programs.
Company Highlights
- Dual Jurisdiction Exposure: Active exploration in Athabasca Basin and the Grants Uranium District, two of the most historically significant uranium-producing regions in North America.
- Rio Puerco Option: Binding term sheet signed for a transaction that would see North Shore Uranium acquire up to an 87.5 percent of the Rio Puerco uranium project in New Mexico, where there is a historical resource estimate of 6 million tonnes grading 0.09 percent eU₃O₈ for 11.4 million lbs of U₃O₈.1
- Falcon Discovery in 2024: Maiden drill program confirmed near-surface uranium mineralization at two targets on the Falcon property in the Athabasca Basin in a previously undrilled area within 30 km of the active Key Lake uranium mill.
- Path to Resource Definition: Upon completion of the transaction, North Shore plans to validate historical data, attempt to expand the resource and evaluate the ISR potential at Rio Puerco and concurrently work to expand the discovery footprint at Falcon.
- Lean Structure, Strong Insider Support: $2.2 million market cap (as of July 2025), 40.3 million shares outstanding, with 43.3 percent held by insiders and founding investors.
- High-caliber Team: Led by award-winning geologist Brooke Clements and supported by proven uranium dealmakers and technical experts.
This North Shore Uranium profile is part of a paid investor education campaign.*
Click here to connect with North Shore Uranium (TSXV:NSU) to receive an Investor Presentation