Aura Energy is moving closer to securing financing for its Tiris uranium project in Mauritania, with discussions underway for potential backing from U.S. institutions, marking a significant step in the development of what could become the country’s first uranium mine.
On June 2, 2026, the Australian company announced it is negotiating with the U.S. International Development Finance Corporation (DFC) for a loan of up to $170 million. The DFC is now emerging as a key financier in the project’s evolving funding structure, which had previously referred only broadly to Western development support.
The Company also disclosed discussions with a second U.S.-based investment fund, which has submitted a non-binding proposal, though its identity remains undisclosed. In addition, Aura Energy has signed a memorandum of understanding with a potential strategic investor interested in taking an equity stake in the project.
The Tiris project, estimated to cost around $230 million, is projected to produce about 2 million pounds of uranium annually, with potential expansion to 3.5 million pounds. A definitive feasibility study is expected in September 2026, ahead of a final investment decision by the end of the year, with construction targeted before the end of 2026.
The project comes at a time when uranium has regained strategic importance globally, particularly in the United States, which has reclassified it as a critical mineral amid renewed interest in nuclear energy.
For Mauritania, the mine represents a potential diversification of its mining sector, which is currently dominated by iron and gold. Under a 2023 mining convention, the state could acquire up to a 20 percent stake in the project, implying direct benefits from future revenues.
