# AEE: Tiris BFS Confirms Low-Cost, Near-Term Uranium Project Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/aee-tiris-bfs-confirms-low-cost-near-term-uranium-project--29382e02-af4b-423e-a278-65677df52519 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03153149 Publisher: asx Original announcement: 2026-10-15T21:29:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-15T22:16:49.981Z Atlas analysis updated: 2026-10-15T22:16:49.981Z - Company: Aura Energy Limited - Ticker: AEE - Exchange: ASX - Region: Mauritania - Primary commodity: Uranium - Secondary commodities: Vanadium - Document categories: Other, Resource update, Metallurgy - Extracted: 2026-10-15 22:16:50 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Aura Energy Limited has announced highly positive results from its Bankable Feasibility Study for the Tiris Uranium Project in Mauritania, confirming it as a low-cost, near-term uranium producer with robust financial returns. The study reports a post-tax NPV of US$500.3 million and an IRR of 28%, underpinned by an 11% increase in Ore Reserves to 37.3 Mlb U3O8. The project benefits from simple, free-dig mining, high overall recovery, and advanced processing technologies, with a Final Investment Decision targeted for December 2026. Reasoning: The Bankable Feasibility Study confirms robust economics for the Tiris Uranium Project, with strong NPV and IRR, low operating costs, and an increased Ore Reserve, supporting a path to production. While funding is not yet secured and some Inferred resources are included in the production target, the overall outlook is highly positive. - Positive factor: Strong financial metrics \(NPV, IRR, low operating costs\) confirmed by BFS - Positive factor: Significant increase in Ore Reserve tonnage and contained metal - Positive factor: Technically simple, free-dig mining with high overall recovery - Positive factor: Advanced processing technologies \(ATA, MBIX\) validated by pilot plant - Positive factor: Key permits and approvals in place, supporting near-term production - Positive factor: Advanced financing discussions with DFC and nuclear utility - Positive factor: High Measured and Indicated component in the resource underpinning the BFS - Positive factor: Low development risk assessed by TradeTech - Negative factor: Significant portion of production target \(32.9%\) based on Inferred Mineral Resources - Negative factor: Funding for the project is not yet secured - Negative factor: Development capital cost increased significantly from previous studies - Negative factor: ATA technology has not yet been used at a commercial uranium operation - Negative factor: Inferred material outside the mine plan is not included in the production target - Negative factor: Some routine construction and operating permits are still pending - Negative factor: Exploration permit renewal for Hippolyte South is pending - Negative factor: Ore Reserve grade declined slightly compared to prior estimate Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 29 ## Classification and evidence **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Ore Reserve estimate and Mineral Resource estimate are reported in accordance with the JORC Code \(2012 Edition\). Evidence · text > The production target is based on the Mineral Resource estimate for the Tiris Uranium Project reported in accordance with the JORC Code \(2012 Edition\) in the ASX and AIM release dated 12 June 2024 “Aura increases Tiris’ Mineral Resources by 55% to 91.3 Mlbs U3O8”, and on the Ore Reserve estimate for the Tiris Uranium Project reported in this announcement. The Mineral Resources and Ore Reserves underpinning the production target have been prepared by a Competent Person in accordance with the requirements of the JORC Code \(2012 Edition\). **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The Ore Reserve estimate is based on information compiled by Mr Andrew Hutson of Resolve Mining Services, a Fellow of the AusIMM, and the Mineral Resource estimate was by H&S Consultants. Evidence · text > The information in this Announcement that relates to Ore Reserves for the Tiris Uranium Project is based on, and fairly represents, information compiled by Mr Andrew Hutson of Resolve Mining Services. Mr Hutson is a Fellow of the Australian Institute of Mining and Metallurgy \(AusIMM\) and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code 2012. Mr Hutson consents to the inclusion in this Announcement of the matters based on his information in the form and context in which it appears. **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: The updated Ore Reserve of 74.6 Mt is an 18.8% increase from the previous Ore Reserve of 62.8 Mt. Evidence · text > Ore Reserve estimate has increased by 11% to 74.6 Mt at 227 ppm U3O8, containing 37.3 Mlb of U3O8, up from 33.6 Mlb of U3O82 **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: The updated Ore Reserve of 37.3 Mlb U3O8 is a 10.9% increase from the previous Ore Reserve of 33.6 Mlb U3O8. Evidence · text > Ore Reserve estimate has increased by 11% to 74.6 Mt at 227 ppm U3O8, containing 37.3 Mlb of U3O8, up from 33.6 Mlb of U3O82 **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: The updated Ore Reserve grade of 227 ppm U3O8 is a 6.58% decrease from the previous Ore Reserve grade of 243 ppm U3O8. Evidence · text > Total Ore Reserve 74.6 Mt at 227 ppm U3O8 for 37.3 Mlb, compared with the previous Ore Reserve of 62.8 Mt at 243 ppm U3O8 for 33.6 Mlb. **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The production target includes 32.9% Inferred Mineral Resources, and 100% of the Oum Ferkik resource is Inferred. Evidence · text > In accordance with ASX Listing Rule 5.16.3, the Company advises that, by ore tonnes, the production target for the Tiris Uranium Project set out in this announcement comprises 67.1% Ore Reserves \(28.3% Proved Ore Reserves and 38.8% Probable Ore Reserves\) and 32.9% Inferred Mineral Resources **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The cut-off grades for the Ore Reserve are clearly stated as 150 ppm U3O8 for Group 1 and 100 ppm U3O8 for Groups 2 and 3. Evidence · text > Ore Reserves are calculated using cut-off grades of 150 ppm U3O8 for Group 1 and 100 ppm U3O8 for Groups 2 and 3. **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: A pilot plant processing more than 80 tonnes of Tiris ore will confirm the selected flowsheet under continuous operating conditions, commencing in November 2026. Evidence · text > A pilot plant processing more than 80 tonnes of Tiris ore will confirm the selected flowsheet under continuous operating conditions, commencing in November 2026. **Refractory Ore** Polarity: negative Definition: Ore requires oxidation/pressure treatment before recovery — a processing and recovery risk. Why it applies: The ore is free-digging and does not require drilling, blasting, crushing or grinding, and the carnotite separates readily from the host rock. Evidence · text > This is why the ore is loose and lies at or near the surface, so it can be dug without blasting and needs no crushing. The carnotite forms fine coatings on the gravel and granite fragments, so it separates readily from the host rock. **Novel Processing** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: ATA® has not yet been used at a commercial uranium operation, although HVBF is common in mining. Evidence · text > While ATA has not yet been used at a commercial uranium operation, the use of HVBF is common in the mining industry. **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: The overall recovery of 83.7% is below the exceptional threshold for uranium \(95%\) but within the moderate to strong range for the specific processing route. Evidence · text > Overall recovery, ore to product \(LOM average\) % 83.7 **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("concentrate"\) **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("spiral"\) ## Extracted facts Stored fact records: 28. Some facts used in scoring do not have a stored record. ## Resource Estimates (27) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-bfs-confirms-low-cost-near-term-uranium-project--29382e02-af4b-423e-a278-65677df52519#fact-resource-facts-1) Tiris Uranium Project · uranium #### Identity - Project: Tiris Uranium Project - Commodity: uranium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: H&S Consultants - Resource group id: resource:ed2d092b294ab0523c21 - Mining method: combined #### Resource Data - Tonnes: 184000000 - Grade: 225 - Grade Unit: ppm - Contained Metal: 91.3 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2024-06-12 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The total Mineral Resource is substantial and JORC compliant, providing a strong base for the project, though it is a restatement of a prior release. - Positive factor: Large total Mineral Resource with significant contained metal - Positive factor: JORC 2012 compliant and QP signed Evidence · text > The total Mineral Resource is 184 Mt at 225 ppm U3O8 for 91.3 Mlb and is restated from the ASX and AIM release of 12 June 2024, "Aura increases Tiris’ Mineral Resources by 55% to 91.3 Mlbs U3O8". It was estimated by H&S Consultants and is reported at a 100 ppm U3O8 cut-off. #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.3 years before this release ### Tiris East [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-bfs-confirms-low-cost-near-term-uranium-project--29382e02-af4b-423e-a278-65677df52519#fact-resource-facts-2) Tiris Uranium Project · uranium #### Identity - Project: Tiris Uranium Project - Commodity: uranium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: H&S Consultants - Resource group id: resource:1b1698371a07cd33b0f3 - Deposit or zone: Tiris East - Mining method: combined #### Resource Data - Tonnes: 162000000 - Grade: 215 - Grade Unit: ppm - Contained Metal: 76.6 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2024-06-12 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The Tiris East Mineral Resource forms the basis of the BFS and includes a substantial amount of contained uranium, with a good confidence level. - Positive factor: Large resource within the BFS scope - Positive factor: Significant portion in Measured and Indicated categories Evidence · text > The BFS covers the Tiris East Mineral Resource of 162 Mt at 215 ppm for 76.6 Mlb, comprising 83 Mt at 219 ppm for 39.9 Mlb of Measured and Indicated Mineral Resources and 79 Mt at 210 ppm for 36.7 Mlb of Inferred Mineral Resources. #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.3 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-bfs-confirms-low-cost-near-term-uranium-project--29382e02-af4b-423e-a278-65677df52519#fact-resource-facts-3) Tiris Uranium Project · uranium #### Identity - Project: Tiris Uranium Project - Commodity: uranium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: H&S Consultants - Resource group id: resource:72142ea09e5228942ac2 - Deposit or zone: Tiris East - Mining method: combined #### Resource Data - Category: measured - Tonnes: 34000000 - Grade: 230 - Grade Unit: ppm - Contained Metal: 17.3 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2024-06-12 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The Measured Resource provides a high level of geological confidence for a portion of the Tiris East project. - Positive factor: High confidence Measured Resource - Positive factor: Significant contained metal in the highest confidence category Evidence · table > 34 Context: 17.3 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.3 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-bfs-confirms-low-cost-near-term-uranium-project--29382e02-af4b-423e-a278-65677df52519#fact-resource-facts-4) Tiris Uranium Project · uranium #### Identity - Project: Tiris Uranium Project - Commodity: uranium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: H&S Consultants - Resource group id: resource:f2a698bef30e202452c6 - Deposit or zone: Tiris East - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 48000000 - Grade: 212 - Grade Unit: ppm - Contained Metal: 22.6 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2024-06-12 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The Indicated Resource adds to the geological confidence and contained metal for the Tiris East project. - Positive factor: Good confidence Indicated Resource - Positive factor: Significant contained metal in a high confidence category Evidence · table > 48 Context: 22.6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.3 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-bfs-confirms-low-cost-near-term-uranium-project--29382e02-af4b-423e-a278-65677df52519#fact-resource-facts-5) Tiris Uranium Project · uranium #### Identity - Project: Tiris Uranium Project - Commodity: uranium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: H&S Consultants - Resource group id: resource:c2a6263a8e2d9a61359f - Deposit or zone: Tiris East - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 79000000 - Grade: 210 - Grade Unit: ppm - Contained Metal: 36.7 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2024-06-12 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The Inferred Resource contributes to the overall scale but has lower geological confidence and requires further work for conversion. - Positive factor: Adds to overall resource scale - Negative factor: Lower confidence Inferred category - Negative factor: Requires further drilling for upgrade Evidence · table > 79 Context: 36.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.3 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-bfs-confirms-low-cost-near-term-uranium-project--29382e02-af4b-423e-a278-65677df52519#fact-resource-facts-6) Tiris Uranium Project · uranium #### Identity - Project: Tiris Uranium Project - Commodity: uranium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: H&S Consultants - Resource group id: resource:ab3883a18df2972e7e41 - Deposit or zone: Oum Ferkik - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 22000000 - Grade: 294 - Grade Unit: ppm - Contained Metal: 14.6 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2024-06-12 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The Oum Ferkik resource provides additional potential but is not part of the current project and is entirely in the Inferred category. - Positive factor: Adds to company's overall uranium endowment - Negative factor: Outside the current project scope - Negative factor: All Inferred category, requiring significant further work Evidence · text > The Oum Ferkik Resource of 22 Mt at 294 ppm for 14.6 Mlb, all Inferred, is outside the Project. #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.3 years before this release ### Fact 7 [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-bfs-confirms-low-cost-near-term-uranium-project--29382e02-af4b-423e-a278-65677df52519#fact-resource-facts-7) Tiris Uranium Project · uranium #### Identity - Project: Tiris Uranium Project - Commodity: uranium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Hutson - Resource group id: resource:e0461f9200f7e28b1287 - Mining method: combined #### Resource Data - Tonnes: 74600000 - Grade: 227 - Grade Unit: ppm - Contained Metal: 37.3 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-10-16 - Prior Tonnes: 62800000 - Prior Grade: 243 - Prior Contained Metal: 33.6 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The updated Ore Reserve shows a strong increase in tonnage and contained metal, providing a robust foundation for the project, despite a minor grade decrease. - Positive factor: Significant increase in Ore Reserve tonnage \(18.8%\) - Positive factor: Significant increase in contained metal \(10.9%\) - Positive factor: High confidence in JORC compliant Ore Reserve - Positive factor: QP signed off on the estimate - Negative factor: Slight decrease in average grade \(-6.58%\) compared to prior estimate Evidence · text > An updated Ore Reserve of 74.6 Mt at 227 ppm U3O8 for 37.3 Mlb has been included in this release in conjunction with the BFS. Of this, 31.5 Mt at 237 ppm U3O8 for 16.4 Mlb is Proved and 43.1 Mt at 219 ppm U3O8 for 20.8 Mlb is Probable. It was estimated by Mr Andrew Hutson of Resolve Mining Services. This replaces the Ore Reserve reported in the ASX release dated 16 December 2024 “Substantial increase in Tiris Uranium Project Ore Reserves”. #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 74600000 against 62800000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 227 against 243 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 37.3 against 33.6 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-bfs-confirms-low-cost-near-term-uranium-project--29382e02-af4b-423e-a278-65677df52519#fact-resource-facts-8) Tiris Uranium Project · uranium #### Identity - Project: Tiris Uranium Project - Commodity: uranium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Hutson - Resource group id: resource:29b8c44c2a5d02ec98a0 - Mining method: combined #### Resource Data - Category: proven - Tonnes: 31500000 - Grade: 237 - Grade Unit: ppm - Contained Metal: 16.4 - Contained Unit: mlb - Cutoff Grade: 150 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-10-16 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The Proved Ore Reserve provides the highest level of confidence for a substantial portion of the project's economic viability. - Positive factor: Highest confidence reserve category - Positive factor: Significant contained metal in Proved category Evidence · text > Of this, 31.5 Mt at 237 ppm U3O8 for 16.4 Mlb is Proved and 43.1 Mt at 219 ppm U3O8 for 20.8 Mlb is Probable. #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-bfs-confirms-low-cost-near-term-uranium-project--29382e02-af4b-423e-a278-65677df52519#fact-resource-facts-9) Tiris Uranium Project · uranium #### Identity - Project: Tiris Uranium Project - Commodity: uranium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Hutson - Resource group id: resource:8f00dc4bf837646e8f87 - Mining method: combined #### Resource Data - Category: probable - Tonnes: 43100000 - Grade: 219 - Grade Unit: ppm - Contained Metal: 20.8 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-10-16 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The Probable Ore Reserve adds significantly to the project's economic viability with a high level of confidence. - Positive factor: High confidence reserve category - Positive factor: Significant contained metal in Probable category Evidence · text > Of this, 31.5 Mt at 237 ppm U3O8 for 16.4 Mlb is Proved and 43.1 Mt at 219 ppm U3O8 for 20.8 Mlb is Probable. #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-bfs-confirms-low-cost-near-term-uranium-project--29382e02-af4b-423e-a278-65677df52519#fact-resource-facts-11) Tiris Uranium Project · vanadium #### Identity - Project: Tiris Uranium Project - Commodity: vanadium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: H&S Consultants - Resource group id: resource:8e8453e15322ed777324 - Deposit or zone: Hippolyte East - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 2000000 - Grade: 56 - Grade Unit: ppm - Contained Metal: 0.3 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2024-06-12 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The vanadium resource is small and in the inferred category, indicating limited current economic significance. - Positive factor: Presence of byproduct vanadium - Negative factor: Low grade and contained metal - Negative factor: Inferred category Evidence · table > 56 Context: 2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.3 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-bfs-confirms-low-cost-near-term-uranium-project--29382e02-af4b-423e-a278-65677df52519#fact-resource-facts-12) Tiris Uranium Project · vanadium #### Identity - Project: Tiris Uranium Project - Commodity: vanadium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: H&S Consultants - Resource group id: resource:1e9e290ae7c2351f15e0 - Deposit or zone: Hippolyte North - Mining method: combined #### Resource Data - Category: measured - Tonnes: 11000000 - Grade: 77 - Grade Unit: ppm - Contained Metal: 1.8 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2024-06-12 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: Vanadium is present in the Measured resource, but at low grades, suggesting it is a minor byproduct. - Positive factor: Presence of byproduct vanadium in Measured category - Negative factor: Low grade and contained metal Evidence · table > 77 Context: 11 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.3 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-bfs-confirms-low-cost-near-term-uranium-project--29382e02-af4b-423e-a278-65677df52519#fact-resource-facts-13) Tiris Uranium Project · vanadium #### Identity - Project: Tiris Uranium Project - Commodity: vanadium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: H&S Consultants - Resource group id: resource:488df99be9c415b0d8d5 - Deposit or zone: Hippolyte North - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 7000000 - Grade: 77 - Grade Unit: ppm - Contained Metal: 1.2 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2024-06-12 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: Vanadium is present in the Indicated resource, but at low grades, suggesting it is a minor byproduct. - Positive factor: Presence of byproduct vanadium in Indicated category - Negative factor: Low grade and contained metal Evidence · table > 77 Context: 7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.3 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-bfs-confirms-low-cost-near-term-uranium-project--29382e02-af4b-423e-a278-65677df52519#fact-resource-facts-14) Tiris Uranium Project · vanadium #### Identity - Project: Tiris Uranium Project - Commodity: vanadium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: H&S Consultants - Resource group id: resource:8cc61576337028d21f17 - Deposit or zone: Hippolyte North - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 9000000 - Grade: 77 - Grade Unit: ppm - Contained Metal: 1.6 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2024-06-12 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The vanadium resource is small and in the inferred category, indicating limited current economic significance. - Positive factor: Presence of byproduct vanadium - Negative factor: Low grade and contained metal - Negative factor: Inferred category Evidence · table > 77 Context: 9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.3 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-bfs-confirms-low-cost-near-term-uranium-project--29382e02-af4b-423e-a278-65677df52519#fact-resource-facts-15) Tiris Uranium Project · vanadium #### Identity - Project: Tiris Uranium Project - Commodity: vanadium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: H&S Consultants - Resource group id: resource:de6b24281002152ee5e9 - Deposit or zone: Hippolyte South - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 5000000 - Grade: 67 - Grade Unit: ppm - Contained Metal: 0.7 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2024-06-12 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: Vanadium is present in the Indicated resource, but at low grades, suggesting it is a minor byproduct. - Positive factor: Presence of byproduct vanadium in Indicated category - Negative factor: Low grade and contained metal Evidence · table > 67 Context: 5 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.3 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-bfs-confirms-low-cost-near-term-uranium-project--29382e02-af4b-423e-a278-65677df52519#fact-resource-facts-16) Tiris Uranium Project · vanadium #### Identity - Project: Tiris Uranium Project - Commodity: vanadium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: H&S Consultants - Resource group id: resource:0a83ab866823422b3db2 - Deposit or zone: Hippolyte South - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 28000000 - Grade: 59 - Grade Unit: ppm - Contained Metal: 3.6 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2024-06-12 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The vanadium resource is small and in the inferred category, indicating limited current economic significance. - Positive factor: Presence of byproduct vanadium - Negative factor: Low grade and contained metal - Negative factor: Inferred category Evidence · table > 59 Context: 28 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.3 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-bfs-confirms-low-cost-near-term-uranium-project--29382e02-af4b-423e-a278-65677df52519#fact-resource-facts-17) Tiris Uranium Project · vanadium #### Identity - Project: Tiris Uranium Project - Commodity: vanadium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: H&S Consultants - Resource group id: resource:3a65c2bb584b1d8d2a01 - Deposit or zone: Hippolyte West C - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 4000000 - Grade: 79 - Grade Unit: ppm - Contained Metal: 0.7 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2024-06-12 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The vanadium resource is small and in the inferred category, indicating limited current economic significance. - Positive factor: Presence of byproduct vanadium - Negative factor: Low grade and contained metal - Negative factor: Inferred category Evidence · table > 79 Context: 4 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.3 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-bfs-confirms-low-cost-near-term-uranium-project--29382e02-af4b-423e-a278-65677df52519#fact-resource-facts-18) Tiris Uranium Project · vanadium #### Identity - Project: Tiris Uranium Project - Commodity: vanadium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: H&S Consultants - Resource group id: resource:e26c3830e0d9e64dd0e8 - Deposit or zone: Marie - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 10000000 - Grade: 80 - Grade Unit: ppm - Contained Metal: 1.7 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2024-06-12 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The vanadium resource is small and in the inferred category, indicating limited current economic significance. - Positive factor: Presence of byproduct vanadium - Negative factor: Low grade and contained metal - Negative factor: Inferred category Evidence · table > 80 Context: 10 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.3 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-bfs-confirms-low-cost-near-term-uranium-project--29382e02-af4b-423e-a278-65677df52519#fact-resource-facts-19) Tiris Uranium Project · vanadium #### Identity - Project: Tiris Uranium Project - Commodity: vanadium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: H&S Consultants - Resource group id: resource:61064b28e52e91998a9b - Deposit or zone: Lazare North - Mining method: combined #### Resource Data - Category: measured - Tonnes: 4000000 - Grade: 94 - Grade Unit: ppm - Contained Metal: 0.8 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2024-06-12 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: Vanadium is present in the Measured resource, but at low grades, suggesting it is a minor byproduct. - Positive factor: Presence of byproduct vanadium in Measured category - Negative factor: Low grade and contained metal Evidence · table > 94 Context: 4 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.3 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-bfs-confirms-low-cost-near-term-uranium-project--29382e02-af4b-423e-a278-65677df52519#fact-resource-facts-20) Tiris Uranium Project · vanadium #### Identity - Project: Tiris Uranium Project - Commodity: vanadium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: H&S Consultants - Resource group id: resource:b87f2ca95285b0282914 - Deposit or zone: Lazare North - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 10000000 - Grade: 80 - Grade Unit: ppm - Contained Metal: 1.7 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2024-06-12 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: Vanadium is present in the Indicated resource, but at low grades, suggesting it is a minor byproduct. - Positive factor: Presence of byproduct vanadium in Indicated category - Negative factor: Low grade and contained metal Evidence · table > 80 Context: 10 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.3 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-bfs-confirms-low-cost-near-term-uranium-project--29382e02-af4b-423e-a278-65677df52519#fact-resource-facts-21) Tiris Uranium Project · vanadium #### Identity - Project: Tiris Uranium Project - Commodity: vanadium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: H&S Consultants - Resource group id: resource:de963fa534e4f65591bf - Deposit or zone: Lazare North - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 4000000 - Grade: 97 - Grade Unit: ppm - Contained Metal: 0.8 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2024-06-12 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The vanadium resource is small and in the inferred category, indicating limited current economic significance. - Positive factor: Presence of byproduct vanadium - Negative factor: Low grade and contained metal - Negative factor: Inferred category Evidence · table > 97 Context: 4 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.3 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-bfs-confirms-low-cost-near-term-uranium-project--29382e02-af4b-423e-a278-65677df52519#fact-resource-facts-22) Tiris Uranium Project · vanadium #### Identity - Project: Tiris Uranium Project - Commodity: vanadium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: H&S Consultants - Resource group id: resource:19b08f64c4ead4f9245d - Deposit or zone: Lazare South - Mining method: combined #### Resource Data - Category: measured - Tonnes: 8000000 - Grade: 76 - Grade Unit: ppm - Contained Metal: 1.4 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2024-06-12 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: Vanadium is present in the Measured resource, but at low grades, suggesting it is a minor byproduct. - Positive factor: Presence of byproduct vanadium in Measured category - Negative factor: Low grade and contained metal Evidence · table > 76 Context: 8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.3 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-bfs-confirms-low-cost-near-term-uranium-project--29382e02-af4b-423e-a278-65677df52519#fact-resource-facts-23) Tiris Uranium Project · vanadium #### Identity - Project: Tiris Uranium Project - Commodity: vanadium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: H&S Consultants - Resource group id: resource:1c93432569e7a758e790 - Deposit or zone: Lazare South - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 7000000 - Grade: 70 - Grade Unit: ppm - Contained Metal: 1 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2024-06-12 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: Vanadium is present in the Indicated resource, but at low grades, suggesting it is a minor byproduct. - Positive factor: Presence of byproduct vanadium in Indicated category - Negative factor: Low grade and contained metal Evidence · table > 70 Context: 7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.3 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-bfs-confirms-low-cost-near-term-uranium-project--29382e02-af4b-423e-a278-65677df52519#fact-resource-facts-24) Tiris Uranium Project · vanadium #### Identity - Project: Tiris Uranium Project - Commodity: vanadium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: H&S Consultants - Resource group id: resource:ccd22bc643e6e104ef98 - Deposit or zone: Lazare South - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 6000000 - Grade: 68 - Grade Unit: ppm - Contained Metal: 0.8 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2024-06-12 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The vanadium resource is small and in the inferred category, indicating limited current economic significance. - Positive factor: Presence of byproduct vanadium - Negative factor: Low grade and contained metal - Negative factor: Inferred category Evidence · table > 68 Context: 6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.3 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-bfs-confirms-low-cost-near-term-uranium-project--29382e02-af4b-423e-a278-65677df52519#fact-resource-facts-25) Tiris Uranium Project · vanadium #### Identity - Project: Tiris Uranium Project - Commodity: vanadium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: H&S Consultants - Resource group id: resource:c1e339cb7b4c1dd7dd9a - Deposit or zone: Sadi - Mining method: combined #### Resource Data - Category: measured - Tonnes: 11000000 - Grade: 64 - Grade Unit: ppm - Contained Metal: 1.6 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2024-06-12 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: Vanadium is present in the Measured resource, but at low grades, suggesting it is a minor byproduct. - Positive factor: Presence of byproduct vanadium in Measured category - Negative factor: Low grade and contained metal Evidence · table > 64 Context: 11 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.3 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-bfs-confirms-low-cost-near-term-uranium-project--29382e02-af4b-423e-a278-65677df52519#fact-resource-facts-26) Tiris Uranium Project · vanadium #### Identity - Project: Tiris Uranium Project - Commodity: vanadium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: H&S Consultants - Resource group id: resource:b4ca4f63453c789bd3e8 - Deposit or zone: Sadi - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 20000000 - Grade: 61 - Grade Unit: ppm - Contained Metal: 2.7 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2024-06-12 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: Vanadium is present in the Indicated resource, but at low grades, suggesting it is a minor byproduct. - Positive factor: Presence of byproduct vanadium in Indicated category - Negative factor: Low grade and contained metal Evidence · table > 61 Context: 20 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.3 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-bfs-confirms-low-cost-near-term-uranium-project--29382e02-af4b-423e-a278-65677df52519#fact-resource-facts-27) Tiris Uranium Project · vanadium #### Identity - Project: Tiris Uranium Project - Commodity: vanadium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: H&S Consultants - Resource group id: resource:dc9899b18bc61b8d1e4b - Deposit or zone: Sadi - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 17000000 - Grade: 65 - Grade Unit: ppm - Contained Metal: 2.4 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2024-06-12 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The vanadium resource is small and in the inferred category, indicating limited current economic significance. - Positive factor: Presence of byproduct vanadium - Negative factor: Low grade and contained metal - Negative factor: Inferred category Evidence · table > 65 Context: 17 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.3 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-bfs-confirms-low-cost-near-term-uranium-project--29382e02-af4b-423e-a278-65677df52519#fact-resource-facts-28) Tiris Uranium Project · vanadium #### Identity - Project: Tiris Uranium Project - Commodity: vanadium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: H&S Consultants - Resource group id: resource:ab3883a18df2972e7e41 - Deposit or zone: Oum Ferkik - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 22000000 - Grade: 95 - Grade Unit: ppm - Contained Metal: 4.7 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2024-06-12 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The vanadium resource is small and in the inferred category, indicating limited current economic significance. - Positive factor: Presence of byproduct vanadium - Negative factor: Low grade and contained metal - Negative factor: Inferred category Evidence · table > 95 Context: 22 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.3 years before this release ## Metallurgical Results (1) ### pilot plant [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-bfs-confirms-low-cost-near-term-uranium-project--29382e02-af4b-423e-a278-65677df52519#fact-metallurgical-facts-10) Tiris Uranium Project · uranium #### Identity - Project: Tiris Uranium Project - Commodity: uranium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Test Work - Program Status: detailed - Test Type: pilot plant - Processing Route: scrubbing and wet screening, two-stage decanter centrifuges, alkaline leaching \(sodium carbonate\), ATA-conditioned horizontal vacuum belt filtration \(HVBF\), Moving Bed Ion Exchange \(MBIX\), nanofiltration reagent recycle - Grind P80: 75 µm - Leach Time: 12 hours #### Recovery - Head Grade: 225 - Head Grade Unit: ppm - Conc. Grade: 1697 - Conc. Grade Unit: ppm U3O8 #### Reagents - Acid: 1.08 kg/t #### Lab - Laboratory: ANSTO Minerals, RCS/Acclarium, Clean TeQ Water, Vietti Slurrytec, ENPROTEC, Jord International - Consultant: AMC Consultants, Wood Group, Worley, Knight Piésold, Earth Systems, JBS&G, TradeTech #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The metallurgical test work confirms high recovery and efficient processing, with a pilot plant validating the flowsheet, indicating strong technical viability. - Positive factor: High overall recovery for uranium - Positive factor: Significant upgrade in leach feed grade through beneficiation - Positive factor: Pilot plant testing to confirm flowsheet performance - Positive factor: Use of advanced and efficient processing technologies \(ATA, MBIX\) - Positive factor: Reagent recovery through nanofiltration reduces consumption - Negative factor: ATA technology not yet used at commercial uranium operation Evidence · text > Simple beneficiation upgrades uranium seven-fold to a leach feed grade of 1,697ppm U3O8, with overall recovery of 83.7% • The Tiris Pilot Plant at Bir Moghrein, which replicates the full commercial flowsheet, is due on site later this month and to operate from November to December. It is expected to process more than 80t of ore over different ore types to confirm plant performance ahead of FID #### Tags used in scoring **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: test\_type names pilot-scale work **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.