Aura said the BFS estimates development capital of US$349.8 million and projects 46.1 million pounds of saleable U3O8 over a 26-year mine life, averaging 1.8 million pounds a year. The study estimates C1 cash costs of US$32.53 per pound and all-in sustaining costs of US$41.25 per pound.
At a base-case uranium price of US$90 per pound, Aura's financial model estimates a post-tax, ungeared project NPV of US$500.3 million at an 8% real discount rate, an IRR of 28% and payback 3.2 years from first production. Aura said project economics are most sensitive to uranium prices.
The updated Ore Reserve is 74.6 million tonnes at 227 ppm U3O8 for 37.3 million pounds of U3O8, including 16.4 million pounds of Proved reserves and 20.8 million pounds of Probable reserves. Aura said the reserve increased from 33.6 million pounds in its previous estimate.
Aura cautioned that the production target includes Inferred Mineral Resources, which account for 32.3% of contained U3O8 in the target, and said there is no certainty that further work will convert those resources or that the production target will be realised. The company also said its assumed US$400 million funding package is not secured and no lender or investor has committed.
The company said a pilot plant is expected to operate from November to December 2026 to test plant performance ahead of a final investment decision. Indicative milestones in the study place a final investment decision in December 2026, construction start in the first quarter of 2027 and commissioning around the end of 2028 or start of 2029.
Source: Download AEE official ASX announcement, 2026-10-16.
Conceptual process plant general arrangement from Aura Energy's Tiris Uranium Project bankable feasibility study announcement, dated 16 October 2026.