By: Ecofin agency

• Aura Energy is seeking $230 million to fund its Tiris uranium project in Mauritania, expected to produce 2 million pounds of uranium annually starting in 2027.
• The company has signed three sales agreements, including deals with Curzon Uranium, a U.S. utility, and an unnamed international buyer via a spot market contract.
• Finalization of these contracts depends on Aura securing the necessary financing, with talks ongoing but no confirmed commitments yet.

Australian mining firm Aura Energy is making headway in financing its Tiris uranium project in Mauritania, aiming to raise $230 million for construction. Once operational, the mine is projected to yield 2 million pounds of uranium annually, with 15% of that output already earmarked for the UK-based trading company Curzon.

In a statement released Monday, August 4, Aura announced two additional sales agreements for uranium from the Tiris site. With the new contracts, the company now holds three commercial agreements tied to the mine's future production.

Under a previously disclosed deal with Curzon Uranium, signed in April 2024, Aura agreed to supply 300,000 pounds of uranium concentrate annually over seven years. A newly signed agreement with a U.S. electric utility — whose identity remains undisclosed — secures about 10% of the mine’s output for delivery between 2028 and 2031.

The second contract, struck with an international player in the uranium market, involves a spot sale agreement. Unlike the other two deals, this contract does not entail a long-term commitment and is priced according to market conditions at the time of each transaction. Specific terms, including the offtake quantity, remain undisclosed.

The three agreements represent a strategic milestone for Aura, signaling growing commercial interest in the Tiris project. For mining companies, such contracts are critical tools for demonstrating market confidence and securing revenue streams ahead of production. In Aura's case, they may also help attract the $230 million in funding still needed to develop the site.

However, finalizing the uranium sales remains contingent on Aura securing that financing — a requirement reportedly set by the buyers. The company has been in ongoing discussions with a Western development bank and other potential backers, though no firm commitments have yet been announced. Tiris is slated to begin production in 2027.