NEAR TERM, LOW COST, PERMITTED URANIUM PRODUCTION Tiris Uranium Project • Shallow mineralisation – from surface to depth of 1-5m • Free digging – Low cost, flexible mining • Upgradability – 550% upgrade with 80% mass rejection1 • Scalable2 • 20% of Mineral Resources used in Stage 1 • Modular design for capital efficient expansion • Proven exploration methods • Permitted • ESIA approved October 20173 • Exploitation licence approved February 20194 • Well-defined authorisation process for U3O8 export
COMPELLING TIRIS PROJECT FUNDAMENTALS • 1.25Mtpa for 12.4Mlb U3O8 over 15 years. • Average 336ppm U3O8 upgraded to ~1,500ppm U3O8. • Low-cost and flexible mining • Simple modular process plant, designed for expansion • Offtake agreement with Curzon Resources for 15% production over 7 years • Tiris project Phase 1 • CAPEX: US$74.8M • C1 cost: $25.43/lb U3O8 • AISC: $29.41/lb U3O8 • Strong returns at current U308 prices • IRR of 22% • Total After-Tax Cash Flow US$289m • Opportunity to include vanadium pentoxide by-product.
NEAR-TERM URANIUM PRODUCTION –PHASE 1 LOW CAPITAL & OPERATING COSTS Tiris Phase 1 is a compelling low-cost project, as per 2021 Feasibility Study. Project economics presented for the Tiris Uranium Project is based on Phase 1, which represents approximately 20% of the known Mineral Resources.
AEE Price at posting:
27.0¢ Sentiment: Buy Disclosure: Held
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