"In the current uranium market environment, a key attribute of any uranium development project is the capital cost of development," executive chairman Peter Reeve said.
"Aura has strived through the entire DFS to maintain this cost at the lowest level possible whilst retaining a robust development design.
"With the US$62.9 million capital defined, where 85% of the capital estimate from supplier quotes, Aura now stands among its peers as having one of the lowest, if not the lowest, all-in life of mine capital of any of the currently proposed uranium development projects."
Payback is just over three years, based on an internal rate of return of 26%, with the project expected to generate an after-tax cashflow of $289 million with an average of $19.2 million per annum generated.
The DFS figures are in line with the 2017 scoping study numbers, and the 21% increase in the 2014 scoping study are in line with expectations, while opex is down 14%.
The study found the project could go toe-to-toe with low-cost in-situ leach projects, which have low upfront capital, but which often have high ongoing capital demands.
All-in sustaining cash costs are a competitive $29.81 per pound of uranium oxide, said to be among the lowest in the world, benefiting from a mix of shallow resources, modest beneficiation, and a small project footprint.
"The capital figure is exceptionally important as in tough markets it talks to the ‘do-ability' of the project and Tiris' small footprint and low capital cost makes this project poised for quick development once financing is achieved," Reeve said.
Aura will now move to advance talks with export credit agencies to raise development capital, as well as optimising the project, including assessing ways to trim the operating costs and assessing the potential for vanadium recovery.
Reeve said initial feedback is there exists a "depth of appetite" for a project on the scale of Tiris.
Tiris is designed to recover 12.4Mlb over 15 years - although exploration could extend the mine life with an additional 3Mlb targeted.
Aura shares were up 8.3% in morning trade to 1.3c, capitalising it at $16 million. It has traded between 0.8c and 2.5c over the past year.
