# AEE: Tiris Project BFS Presentation Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/aee-tiris-project-bfs-presentation--2f8ae2b6-98d5-46f4-85fe-ec2f98f9b57f Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03153743 Publisher: asx Original announcement: 2026-10-18T21:17:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-18T22:19:49.315Z Atlas analysis updated: 2026-10-18T22:19:49.315Z - Company: Aura Energy Limited - Ticker: AEE - Exchange: ASX - Region: Mauritania - Primary commodity: Uranium - Secondary commodities: Vanadium, Potash, Molybdenum, Nickel, Zinc - Document categories: Other, Resource update, Metallurgy - Extracted: 2026-10-18 22:19:50 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Aura Energy Limited announced the results of a Bankable Feasibility Study for its Tiris Uranium Project, confirming robust economics with a post-tax NPV8 of US$500.3 million, an IRR of 28%, and a 3.2-year payback period. The study outlines a low-cost, free-dig mining operation with a C1 cash cost of US$32.53/lb and AISC of US$41.25/lb, targeting first production by the end of 2028. The project benefits from a significant Ore Reserve of 37.3 Mlb U3O8 and a simple processing flowsheet validated by pilot plant testwork, with principal approvals already secured in Mauritania. Reasoning: The Bankable Feasibility Study confirms robust economics for the Tiris Uranium Project, including a strong NPV, IRR, and low operating costs, de-risking the project and outlining a clear path to production. The project also benefits from a significant increase in Ore Reserves and a validated processing flowsheet, positioning it well in a strong uranium market. - Positive factor: Strong project economics confirmed by BFS \(NPV, IRR, payback\) - Positive factor: Significant increase in Ore Reserves \(+11% to 37.3 Mlb U3O8\) - Positive factor: Low C1 cash cost \(US$32.53/lb\) and AISC \(US$41.25/lb\) - Positive factor: Simple, free-dig mining operation with high upgrade ratio before leach - Positive factor: Pilot plant validation of the processing flowsheet underway - Positive factor: Principal approvals granted in Mauritania, a stable jurisdiction - Positive factor: Clear path to Final Investment Decision \(FID\) by December 2026 - Positive factor: Project leverages a strong and growing uranium market - Positive factor: High renewable energy share \(85%\) for power supply - Positive factor: Häggån project offers significant long-term uranium and critical minerals potential - Negative factor: Significant portion of production target \(32.9% by ore tonnes\) based on Inferred Mineral Resources - Negative factor: Project funding \(US$400M\) is not yet secured - Negative factor: Häggån resource is historical \(JORC 2004\) and not yet converted to JORC 2012 standards - Negative factor: Some routine construction and operating permits are still pending for Tiris Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 20 ## Classification and evidence **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: The document is a BFS Presentation, which is a higher-level study than PFS, but it supports the economic study category. Evidence · text > Tiris Project BFS Presentation **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: The document is a BFS Presentation, which is equivalent to a Definitive Feasibility Study \(DFS\) under JORC Code \(2012 Edition\). Evidence · text > The 2026 Bankable Feasibility Study is a Feasibility Study for the purposes of clause 40 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 Reserves and Mineral Resources are signed off by Competent Persons Mr Andrew Hutson and Mr Arnold van der Heyden, respectively. Evidence · text > The information in this presentation that relates to Ore Reserves for the Tiris Uranium Project is extracted from the BFS Announcement and 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 consented to the inclusion in the BFS Announcement of the matters based on his information in the form and context in which it appears. The information in this presentation that relates to Mineral Resources for the Tiris Uranium Project is extracted from the ASX and AIM release dated 12 June 2024, “Aura increases Tiris’ Mineral Resources by 55% to 91.3 Mlbs U3O8”, and was based on information compiled by Mr Arnold van der Heyden of H&S Consultants Pty Limited, a Member and Chartered Professional of the AusIMM, who consented to its inclusion in that release. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Tiris Mineral Resources and Ore Reserves 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 the BFS 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 \(2012 Edition\). **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: Total Ore Reserves increased by 11% to 37.3 Mlb U3O8 from 33.6 Mlb U3O8. Evidence · text > ORE RESERVE 37.3 Mlb \(+11%\) **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: Total Ore Reserves increased by 11% to 37.3 Mlb U3O8 from 33.6 Mlb U3O8. Evidence · text > ORE RESERVE 37.3 Mlb \(+11%\) **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 average grade of the total Ore Reserves declined from 243 ppm U3O8 to 227 ppm U3O8. Evidence · text > 74.6 Mt at 227 ppm U3O8 **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 is based in part on 32.9% Inferred Mineral Resources by ore tonnes and 32.3% by contained U3O8. Evidence · text > the production target for the Tiris Uranium Project set out in this presentation comprises 67.1% Ore Reserves \(28.3% Proved Ore Reserves and 38.8% Probable Ore Reserves\) and 32.9% Inferred Mineral Resources and, by contained U3O8, 67.7% Ore Reserves and 32.3% Inferred Mineral Resources. **Historical Estimate Only** Polarity: negative Definition: Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling. Why it applies: The Häggån Mineral Resource was originally reported under JORC Code \(2004 Edition\) and has not been updated to JORC Code \(2012 Edition\). Evidence · text > The Häggån Project Mineral Resource estimate referred to in this Presentation was originally reported in accordance with the JORC Code \(2004 Edition\) **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: The pilot plant is running from November to December 2026 to validate the flowsheet at scale. Evidence · text > Pilot plant runs each main ore type through the full flowsheet to validate flow sheet at scale **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Beneficiation achieves 91.9% uranium recovery, and the hydrometallurgical plant recovers 91.1% over LOM, leading to an overall recovery of 83.7%. Evidence · text > Recovery: About 91.9% of the uranium reports to about 12% of the feed mass, a seven-fold upgrade from 225 to 1,697 ppm. Plant recovery: The hydrometallurgical plant recovers 91.1% over the life of mine, 91.5% at steady state. Overall recovery: 83.7% from run-of-mine ore to final product. **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The processing involves a hydrometallurgical plant with leaching, ion exchange, and filtration. Evidence · text > Leaching Soda-ash leach dissolves uranium into solution Ion exchange \(IX\) Resin beads capture uranium from the PLS ## Extracted facts Stored fact records: 19. Some facts used in scoring do not have a stored record. ## Resource Estimates (18) ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-project-bfs-presentation--2f8ae2b6-98d5-46f4-85fe-ec2f98f9b57f#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: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Hutson - Resource group id: resource:b106e6dea9419c390a0b #### Resource Data - Category: proven - Tonnes: 31500000 - Grade: 16.4 - Grade Unit: mlb - Contained Metal: 16.4 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2026-10 - Prior Tonnes: 62800000 - Prior Grade: 243 - Prior Contained Metal: 33.6 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-18T00:00:00.000Z Reasoning: The Proved Ore Reserves for Tiris are a high-confidence estimate, contributing to the overall increase in Ore Reserves and de-risking the project for development, despite a slight grade decrease in the total reserve. - Positive factor: Proved Ore Reserves represent the highest confidence category, suitable for mine planning - Positive factor: Increase in total Ore Reserves \(Proved + Probable\) compared to prior estimate - Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standard - Negative factor: Grade for total Ore Reserves has slightly declined compared to prior estimate Evidence · table > 16.4 Context: 31.5 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 31500000 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: 16.4 against 243 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 16.4 against 33.6 previously ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-project-bfs-presentation--2f8ae2b6-98d5-46f4-85fe-ec2f98f9b57f#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: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Hutson - Resource group id: resource:8e10461c10f68d10794b #### Resource Data - Category: probable - Tonnes: 43100000 - Grade: 20.8 - Grade Unit: mlb - Contained Metal: 20.8 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2026-10 - Prior Tonnes: 62800000 - Prior Grade: 243 - Prior Contained Metal: 33.6 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-18T00:00:00.000Z Reasoning: The Probable Ore Reserves for Tiris contribute significantly to the updated Ore Reserve estimate, enhancing the project's economic confidence, though the overall reserve grade has slightly decreased. - Positive factor: Probable Ore Reserves add to the confidence in the project's economic viability - Positive factor: Increase in total Ore Reserves \(Proved + Probable\) compared to prior estimate - Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standard - Negative factor: Grade for total Ore Reserves has slightly declined compared to prior estimate Evidence · table > 20.8 Context: 43.1 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 43100000 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: 20.8 against 243 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 20.8 against 33.6 previously ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-project-bfs-presentation--2f8ae2b6-98d5-46f4-85fe-ec2f98f9b57f#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: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Hutson - Resource group id: resource:02080fc512c3d7e1a51e #### Resource Data - Category: probable - Tonnes: 74600000 - Grade: 37.3 - Grade Unit: mlb - Contained Metal: 37.3 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2026-10 - Prior Tonnes: 62800000 - Prior Grade: 243 - Prior Contained Metal: 33.6 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-18T00:00:00.000Z Reasoning: The Tiris Uranium Project's total Ore Reserves have increased by 11% to 37.3 Mlb, a material positive for the project's scale and economic viability, despite a slight decrease in average grade. - Positive factor: Total Ore Reserves increased by 11% to 37.3 Mlb, indicating significant growth - Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standard - Positive factor: Ore Reserves underpin the production target and economic study - Negative factor: Average grade of the total Ore Reserves has declined from 243 ppm to 227 ppm Evidence · table > 37.3 Context: 74.6 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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: 37.3 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 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-project-bfs-presentation--2f8ae2b6-98d5-46f4-85fe-ec2f98f9b57f#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: Arnold van der Heyden - Resource group id: resource:9dfb2ebcd49e006b01eb #### Resource Data - Category: measured - Tonnes: 34000000 - Grade: 17.3 - Grade Unit: mlb - Contained Metal: 17.3 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2024-06 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-18T00:00:00.000Z Reasoning: The Measured Mineral Resources provide a high-confidence base for the Tiris project, supporting the overall resource estimate and future development. - Positive factor: Measured Resources represent the highest confidence category, suitable for detailed mine planning - Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standard Evidence · table > 17.3 Context: 34 #### 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 **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 2.4 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-project-bfs-presentation--2f8ae2b6-98d5-46f4-85fe-ec2f98f9b57f#fact-resource-facts-6) 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: Arnold van der Heyden - Resource group id: resource:9dfb2ebcd49e006b01eb #### Resource Data - Category: measured - Tonnes: 34000000 - Grade: 75 - Grade Unit: ppm - Contained Metal: 5.6 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2024-06 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-18T00:00:00.000Z Reasoning: The Measured Mineral Resources for vanadium provide a high-confidence estimate for this byproduct, adding potential value to the Tiris project. - Positive factor: Measured Resources provide high confidence for vanadium as a byproduct - Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standard - Negative factor: Vanadium is a secondary commodity, and its contribution to project economics is not explicitly detailed in this context Evidence · table > 34 Context: 5.6 #### 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 **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 2.4 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-project-bfs-presentation--2f8ae2b6-98d5-46f4-85fe-ec2f98f9b57f#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: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Arnold van der Heyden - Resource group id: resource:83b66ce9edeedca78543 #### Resource Data - Category: indicated - Tonnes: 48000000 - Grade: 22.6 - Grade Unit: mlb - Contained Metal: 22.6 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2024-06 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-18T00:00:00.000Z Reasoning: The Indicated Mineral Resources for Tiris contribute to the overall resource confidence, supporting further economic studies and de-risking the project. - Positive factor: Indicated Resources provide reasonable geological confidence, suitable for pre-feasibility and feasibility studies - Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standard Evidence · table > 22.6 Context: 48 #### 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 **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 2.4 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-project-bfs-presentation--2f8ae2b6-98d5-46f4-85fe-ec2f98f9b57f#fact-resource-facts-8) 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: Arnold van der Heyden - Resource group id: resource:83b66ce9edeedca78543 #### Resource Data - Category: indicated - Tonnes: 48000000 - Grade: 69 - Grade Unit: ppm - Contained Metal: 7.3 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2024-06 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-18T00:00:00.000Z Reasoning: The Indicated Mineral Resources for vanadium add to the overall resource confidence for this byproduct, potentially enhancing project value. - Positive factor: Indicated Resources provide reasonable confidence for vanadium as a byproduct - Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standard - Negative factor: Vanadium is a secondary commodity, and its contribution to project economics is not explicitly detailed in this context Evidence · table > 48 Context: 7.3 #### 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 **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 2.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-project-bfs-presentation--2f8ae2b6-98d5-46f4-85fe-ec2f98f9b57f#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: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Arnold van der Heyden - Resource group id: resource:5a37bb30767d371a79fd #### Resource Data - Category: inferred - Tonnes: 102000000 - Grade: 51.4 - Grade Unit: mlb - Contained Metal: 51.4 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2024-06 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-18T00:00:00.000Z Reasoning: The substantial Inferred Mineral Resources for Tiris indicate significant upside potential, but their lower confidence level means further drilling is required to upgrade them for definitive economic studies and to de-risk the production target. - Positive factor: Large Inferred Resource base provides significant exploration upside and potential for future conversion - Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standard - Negative factor: Inferred Resources have a low level of geological confidence and cannot be used for economic studies without further work - Negative factor: A significant portion of the production target relies on Inferred Resources, which introduces risk Evidence · table > 51.4 Context: 102 #### 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 **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 2.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-project-bfs-presentation--2f8ae2b6-98d5-46f4-85fe-ec2f98f9b57f#fact-resource-facts-10) 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: Arnold van der Heyden - Resource group id: resource:5a37bb30767d371a79fd #### Resource Data - Category: inferred - Tonnes: 102000000 - Grade: 74 - Grade Unit: ppm - Contained Metal: 16.6 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2024-06 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-18T00:00:00.000Z Reasoning: The Inferred Mineral Resources for vanadium indicate potential byproduct value, but their lower confidence level requires further work to confirm economic viability. - Positive factor: Large Inferred Resource base for vanadium provides potential byproduct upside - Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standard - Negative factor: Inferred Resources have a low level of geological confidence - Negative factor: Vanadium is a secondary commodity, and its contribution to project economics is not explicitly detailed in this context Evidence · table > 102 Context: 16.6 #### 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 **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 2.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-project-bfs-presentation--2f8ae2b6-98d5-46f4-85fe-ec2f98f9b57f#fact-resource-facts-11) 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: Arnold van der Heyden - Resource group id: resource:e78a525fdd6fdc5a2c92 #### Resource Data - Category: inferred - 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 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-18T00:00:00.000Z Reasoning: The Tiris Uranium Project boasts a substantial total Mineral Resource of 91.3 Mlb U3O8, providing a strong foundation for the project, though the category breakdown indicates a need for further resource definition. - Positive factor: Total Mineral Resource of 91.3 Mlb U3O8 represents a significant uranium endowment - Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standard - Negative factor: A significant portion of the total resource is in the Inferred category, requiring further drilling for upgrade Evidence · table > 184 Context: 91.3 #### 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 **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 2.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-project-bfs-presentation--2f8ae2b6-98d5-46f4-85fe-ec2f98f9b57f#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: Arnold van der Heyden - Resource group id: resource:e78a525fdd6fdc5a2c92 #### Resource Data - Category: inferred - Tonnes: 184000000 - Grade: 73 - Grade Unit: ppm - Contained Metal: 29.6 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2024-06 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-18T00:00:00.000Z Reasoning: The Tiris Uranium Project also contains a substantial vanadium Mineral Resource, offering potential byproduct value, though further definition is needed for the Inferred portion. - Positive factor: Total Mineral Resource for vanadium indicates significant byproduct potential - Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standard - Negative factor: A significant portion of the total resource is in the Inferred category, requiring further drilling for upgrade - Negative factor: Vanadium is a secondary commodity, and its contribution to project economics is not explicitly detailed in this context Evidence · table > 184 Context: 29.6 #### 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 **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 2.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-project-bfs-presentation--2f8ae2b6-98d5-46f4-85fe-ec2f98f9b57f#fact-resource-facts-13) Häggån · uranium Historical result Needs review: historical\_restatement #### Identity - Project: Häggån - Commodity: uranium - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: No - Resource group id: resource:1f4ffd75827c3b22e7e3 #### Resource Data - Category: inferred - Tonnes: 2350000000 - Grade: 800 - Grade Unit: mlb - Contained Metal: 800 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2012-08-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2012-08-22T00:00:00.000Z #### Dates - Event date: 2026-10-18T00:00:00.000Z Reasoning: The Häggån uranium resource is very large but remains historical and entirely in the Inferred category, requiring significant work to meet current reporting standards and increase confidence, despite recent positive regulatory changes in Sweden. - Positive factor: Very large contained uranium metal \(800 Mlb\) indicates significant long-term potential - Positive factor: Lifting of uranium mining ban in Sweden is a positive regulatory development for this project - Negative factor: Resource is historical \(JORC 2004\) and not yet converted to JORC 2012 standards, requiring verification - Negative factor: 100% Inferred category indicates low geological confidence - Negative factor: No Competent Person has undertaken sufficient work to classify it under JORC 2012 Evidence · table > 800 Context: 2,350 #### 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 **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 14.2 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-project-bfs-presentation--2f8ae2b6-98d5-46f4-85fe-ec2f98f9b57f#fact-resource-facts-14) Häggån · vanadium Historical result Needs review: historical\_restatement #### Identity - Project: Häggån - Commodity: vanadium - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: No - Resource group id: resource:11260d0f2a6a60b981fa #### Resource Data - Category: indicated - Tonnes: 45000000 - Grade: 0.34 - Grade Unit: % - Contained Metal: 332 - Contained Unit: mlb - Cutoff Grade: 0.1 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2019-10-10 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-10-10T00:00:00.000Z #### Dates - Event date: 2026-10-18T00:00:00.000Z Reasoning: The Indicated vanadium resource at Häggån provides a reasonable confidence estimate for this byproduct, but its historical classification under JORC 2004 requires an update to current standards. - Positive factor: Indicated category provides reasonable geological confidence for this portion of the resource - Positive factor: Significant contained vanadium metal adds to the project's polymetallic potential - Negative factor: Resource is historical \(JORC 2004\) and not yet converted to JORC 2012 standards, requiring verification Evidence · table > 45 Context: 332 #### 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 **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 7.0 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-project-bfs-presentation--2f8ae2b6-98d5-46f4-85fe-ec2f98f9b57f#fact-resource-facts-15) Häggån · vanadium Historical result Needs review: historical\_restatement #### Identity - Project: Häggån - Commodity: vanadium - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: No - Resource group id: resource:59420d9215725834e140 #### Resource Data - Category: inferred - Tonnes: 2503000000 - Grade: 0.27 - Grade Unit: % - Contained Metal: 14873 - Contained Unit: mlb - Cutoff Grade: 0.1 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2019-10-10 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-10-10T00:00:00.000Z #### Dates - Event date: 2026-10-18T00:00:00.000Z Reasoning: The Häggån project contains a very large Inferred vanadium resource, indicating substantial byproduct potential, but its historical and low-confidence classification requires further work to meet current reporting standards. - Positive factor: Very large contained vanadium metal indicates significant long-term potential for this byproduct - Negative factor: Resource is historical \(JORC 2004\) and not yet converted to JORC 2012 standards, requiring verification - Negative factor: 100% Inferred category indicates low geological confidence Evidence · table > 2,503 Context: 14,873 #### 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 **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 7.0 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-project-bfs-presentation--2f8ae2b6-98d5-46f4-85fe-ec2f98f9b57f#fact-resource-facts-16) Häggån · vanadium Historical result Needs review: historical\_restatement #### Identity - Project: Häggån - Commodity: vanadium - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: No - Resource group id: resource:53fb9f32110a6480297a #### Resource Data - Category: indicated - Tonnes: 42000000 - Grade: 0.35 - Grade Unit: % - Contained Metal: 320 - Contained Unit: mlb - Cutoff Grade: 0.2 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2019-10-10 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-10-10T00:00:00.000Z #### Dates - Event date: 2026-10-18T00:00:00.000Z Reasoning: The Indicated vanadium resource at Häggån provides a reasonable confidence estimate for this byproduct, but its historical classification under JORC 2004 requires an update to current standards. - Positive factor: Indicated category provides reasonable geological confidence for this portion of the resource - Positive factor: Significant contained vanadium metal adds to the project's polymetallic potential - Negative factor: Resource is historical \(JORC 2004\) and not yet converted to JORC 2012 standards, requiring verification Evidence · table > 42 Context: 320 #### 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 **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 7.0 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-project-bfs-presentation--2f8ae2b6-98d5-46f4-85fe-ec2f98f9b57f#fact-resource-facts-17) Häggån · vanadium Historical result Needs review: historical\_restatement #### Identity - Project: Häggån - Commodity: vanadium - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: No - Resource group id: resource:23c13f20fa07e6be5f89 #### Resource Data - Category: inferred - Tonnes: 1963000000 - Grade: 0.3 - Grade Unit: % - Contained Metal: 13010 - Contained Unit: mlb - Cutoff Grade: 0.2 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2019-10-10 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-10-10T00:00:00.000Z #### Dates - Event date: 2026-10-18T00:00:00.000Z Reasoning: The Häggån project contains a very large Inferred vanadium resource, indicating substantial byproduct potential, but its historical and low-confidence classification requires further work to meet current reporting standards. - Positive factor: Very large contained vanadium metal indicates significant long-term potential for this byproduct - Negative factor: Resource is historical \(JORC 2004\) and not yet converted to JORC 2012 standards, requiring verification - Negative factor: 100% Inferred category indicates low geological confidence Evidence · table > 1,963 Context: 13,010 #### 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 **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 7.0 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-project-bfs-presentation--2f8ae2b6-98d5-46f4-85fe-ec2f98f9b57f#fact-resource-facts-18) Häggån · vanadium Historical result Needs review: historical\_restatement #### Identity - Project: Häggån - Commodity: vanadium - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: No - Resource group id: resource:7f9332d80c4c61eddc6f #### Resource Data - Category: indicated - Tonnes: 61000000 - Grade: 0.38 - Grade Unit: % - Contained Metal: 258 - Contained Unit: mlb - Cutoff Grade: 0.3 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2019-10-10 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-10-10T00:00:00.000Z #### Dates - Event date: 2026-10-18T00:00:00.000Z Reasoning: The Indicated vanadium resource at Häggån provides a reasonable confidence estimate for this byproduct, but its historical classification under JORC 2004 requires an update to current standards. - Positive factor: Indicated category provides reasonable geological confidence for this portion of the resource - Positive factor: Significant contained vanadium metal adds to the project's polymetallic potential - Negative factor: Resource is historical \(JORC 2004\) and not yet converted to JORC 2012 standards, requiring verification Evidence · table > 61 Context: 258 #### 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 **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 7.0 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-project-bfs-presentation--2f8ae2b6-98d5-46f4-85fe-ec2f98f9b57f#fact-resource-facts-19) Häggån · vanadium Historical result Needs review: historical\_restatement #### Identity - Project: Häggån - Commodity: vanadium - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: No - Resource group id: resource:fd6729bf54b41f830a48 #### Resource Data - Category: inferred - Tonnes: 954000000 - Grade: 0.35 - Grade Unit: % - Contained Metal: 7390 - Contained Unit: mlb - Cutoff Grade: 0.3 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2019-10-10 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-10-10T00:00:00.000Z #### Dates - Event date: 2026-10-18T00:00:00.000Z Reasoning: The Häggån project contains a very large Inferred vanadium resource, indicating substantial byproduct potential, but its historical and low-confidence classification requires further work to meet current reporting standards. - Positive factor: Very large contained vanadium metal indicates significant long-term potential for this byproduct - Negative factor: Resource is historical \(JORC 2004\) and not yet converted to JORC 2012 standards, requiring verification - Negative factor: 100% Inferred category indicates low geological confidence Evidence · table > 954 Context: 7,390 #### 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 **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 7.0 years before this release ## Metallurgical Results (1) ### pilot plant [Link to this fact](https://atlas-staging.minestarters.com/news/aee-tiris-project-bfs-presentation--2f8ae2b6-98d5-46f4-85fe-ec2f98f9b57f#fact-metallurgical-facts-0) 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 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-18T00:00:00.000Z Reasoning: The Tiris pilot plant is running a detailed test program with real ore through the full flowsheet, providing crucial validation at scale and significantly de-risking the project's processing strategy. - Positive factor: Pilot plant operation provides high-confidence validation of the full flowsheet at scale - Positive factor: Testing with real ore across main ore types addresses variability - Positive factor: Continuous operation simulates commercial reality, de-risking the project - Positive factor: Training of local operators builds capacity and social license Evidence · text > Pilot plant runs each main ore type through the full flowsheet to validate flow sheet at scale #### 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 ## 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.