Aura Energy Ltd (ASX:AEE, AIM:AURA) shares rose 16.5% to 7.28p on Tuesday after the uranium developer announced a memorandum of understanding with an unnamed major international nuclear power company and set a target date for a final investment decision on its Tiris project in Mauritania by the end of 2026.
The MOU covers potential strategic equity investment, uranium offtake arrangements, technical collaboration and funding support, and formalises a relationship the company says has been building over several months.
The counterparty's identity has been kept confidential at the nuclear company's request, with Aura citing ASX listing rules in withholding the name pending completion of negotiations.
The announcement also confirmed that the processing flowsheet for Tiris has been settled, which Aura describes as the most important technical milestone on the development path.
The selected design pairs pre-leach centrifuge separation with polymer-based dewatering technology and horizontal vacuum belt filtration, built entirely on commercially proven processes.
Funding pathways are advancing on multiple fronts. Aura is in advanced discussions with the US International Development Finance Corporation on senior project debt of approximately $150-170 million, and has received a non-binding fully funded proposal from a major US investment fund.
A bankable feasibility study remains on track for September 2026, with a final investment decision targeted before year end. The company is also evaluating an expansion of plant capacity from the base case of two million pounds of uranium oxide per year to 3.5-4 million pounds.
Tiris would be Mauritania's first uranium mine and its first new mine in 20 years.