Summary:

On 16 October 2026, Aura Energy reported that a feasibility study for its Tiris uranium project in Mauritania confirmed the mine’s potential to operate for 26 years, producing an average of 1.8 million pounds of uranium annually. 

The project is estimated to cost US$349.8 million to develop and could generate a post-tax net present value of US$500.3 million, based on a uranium price of US$90 per pound. Aura is targeting a final investment decision in December 2026, with construction expected to begin in early 2027 and production by the end of 2028.  

The company said a pilot plant is expected to operate from November to December 2026 to test plant performance. 

Outlook: 

The positive bankable feasibility study for the Tiris uranium project comes amid efforts by major economies to diversify energy supplies following disruptions around the Strait of Hormuz. 

As interest in nuclear power and secure uranium supplies grows, Tiris could strengthen Mauritania’s appeal to international investors and create an opportunity to expand its mining exports beyond established commodities. 

The study therefore marks an important step toward positioning Mauritania to benefit from shifting global energy priorities, although this will hinge on Aura’s final investment decision and the project’s subsequent development. 

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