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TIRIS project, MAURITANIA

(AURA 100%)

The Tiris Uranium Project is based on a major greenfields uranium discovery in Mauritania, with
49 Mlb U3O8 in current resources from 66 million tonnes @ 334 ppm U3O8. The project has several natural attributes which result in low capital and operating costs. These attributes are:

• Shallow flat-lying surface mineralisation (only 1-5 metres deep) within unconsolidated gravels
• Low cost mining with no blasting and negligible overburden
• Uranium ore can be simply (wash and screen) upgraded by up to 700%; from
• 335 ppm to 2500ppm
• Leads to a very small plant, small footprint and minimal supporting infrastructure

• Leach feed grade 2,000-2,500 ppm U3O8 with 94% leaching recovery in 4 hours.

The conceptual 1 Mtpa mine and plant project described in the Scoping Study was designed to take full advantage of these unusual characteristics, whilst providing a low capital cost and rapid project development and construction. Significantly, a water study by Golders has indicated that potential sources of water in the immediate vicinity will satisfy the demands of the project.

The Study, which indicates 11 million pounds of uranium will be produced over an initial mine life of 15 years, only utilises 20% of the known Global Mineral Resource resulted in the following outputs:

• Low capital cost – US$45 million
• Low operating cost – A$30/lb
• Easily scalable
• Mining at ~120 tph (1.0 Mtpa)

• Small 25 tph leach facility

• Mined grade >420ppm U3O8 for 15 years

• Produce 0.7-1.1 Mlbs U3O8 per year
• Expand project from cashflow

• Targeting a 100Mlb uranium Resource in region.

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TIRIS SCOPING STUDY