Aura Energy (ASX:AEE) expanded the uranium reserve estimate at its Tiris Uranium Project in Mauritania, Northwest Africa, according to a Monday filing with the Australian bourse.

The project's resource now stands at 62.8 million tons at 243 parts per million triuranium octoxide (U3O8), containing 33.6 million pounds (mlbs) of U3O8, a 49% increase from the previous estimate, the filing said.

The drilling was achieved at a cost of $0.14 per pound of U3O8, the filing added.

On Friday, the company found that a production rate of about 3 mlbs per annum at the project will return the highest net present value of about $544 million and an internal rate of return of about 45% post-tax and payback in 2.5 years.

The company expects the final investment decision for the project in fiscal 2025 and anticipates launching production in late 2026 to early 2027.