Aura Energy (AIM:AURA) shares jumped 20% to 7.5p after the company signed a non-binding memorandum of understanding with a major international nuclear power company on strategic equity, offtake and technical collaboration for the Tiris Uranium Project.
The MOU is non-binding except for confidentiality and sets a staged process to evaluate a significant equity contribution, support for alternative financing if required, frameworks for uranium offtake and joint technical work, including a confirmatory pilot plant to be built in Mauritania and completed by Q4 2026.
Aura will retain full ownership and operational control of Tiris, with any participation rights for the counterparty tied to defined funding contributions.
The MOU underpins a strengthened financing pathway alongside advanced discussions with the U.S. International Development Finance Corporation on approximately US$150-170m of senior project debt and a separate non-binding fully funded proposal from a major US investment fund.
Aura has settled the processing flowsheet-pre-leach centrifuge separation paired with ATA™ polymer dewatering and horizontal vacuum belt filtration-citing ATA as the polymer dewatering technology owned by Clean TeQ Water (ASX: CNQ), and is evaluating a base case of 2 Mlb pa with potential expansion toward 3.5-4 Mlb as part of the BFS.
"An MOU with a major industry strategic power company, reiterates strong investor interest and further underpins the funding pathway," said Philip Mitchell, Executive Chair.
Aura noted that it targets completion of the Bankable Feasibility Study and an information memorandum in September 2026, a commercial agreement under the MOU on or before 31 December, any required board and regulatory approvals by 30 June 2027 and an FID by year-end.
