• Aura Energy plans to raise A$20 million ($13 million) to fund development of the Tiris uranium project in Mauritania.

• The company targets a final investment decision in the third quarter of 2026 for a project expected to start production in 2027.

• Rising global interest in nuclear fuel has pushed uranium futures above $100 a pound.

In a note published on Monday, February 2, Australian mining company Aura Energy said it aimed to finalize a capital raise of A$20 million, or about $13 million, by February 10. The placement, backed in part by Australian investors, will finance ongoing development work at the Tiris uranium project in Mauritania.

“We are delighted with the strong support for this placement and we welcome several highly qualified Australian and international institutional investors,” said Philip Mitchell, executive chairman of Aura Energy. “The company will allocate the proceeds of this placement to the development of Tiris in Mauritania, while optimizing the process flowsheet, with the objective of reaching a final investment decision in the third quarter of 2026.”

Aura Energy plans to bring Tiris into production in 2027 and positions the project as Mauritania’s first uranium mine. The company estimates construction costs at $230 million and targets average annual production of 2 million pounds of uranium. While Aura Energy has sought financing for several months, including discussions with a “Western development bank,” the proceeds from the capital raise will fund exploration work and activities designed to advance the project toward a final investment decision by the third quarter of 2026.

Aura Energy aims to accelerate site activities amid renewed global interest in nuclear fuel. The trend has intensified in the United States, where the U.S. Geological Survey reinstated uranium on its list of critical minerals. Supported by expectations of strong long-term demand, uranium futures prices climbed above $100 a pound last week.

Beyond its status as the country’s first uranium mine, Tiris could eventually provide Mauritania with a new revenue stream in a mining sector dominated by iron ore and gold. Under a mining convention signed in 2023, the Mauritanian state may hold up to a 20% stake in the future mine and collect a 3.5% royalty on its revenues.

This article was initially published in French by Aurel Sèdjro Houenou

Adapted in English by Ange J.A de BERRY QUENUM