Aura Energy Ltd (ASX:AEE) has raised around $9 million in a placement to progress development activities at its greenfield uranium project, Tiris in Mauritania, with top uranium investment group Sachem Cove Partners LLC committing $6.5 million.

Sachem Cove has made a further investment in Aura, taking on 5.1% of its stock and thus becoming a significant shareholder.

The placement entailed the issue of 64,285,714 fully paid ordinary shares for 14 cents each, with the funding of approximately $9M going towards the development of Tiris beyond its final investment decision (FID); planned for the first quarter of 2025.

Production from the project is anticipated for 2026 or 2027, with a FEED study conducted this year suggesting a mine life of 25 years, producing two million pounds (Mlbs) per annum of triuranium octoxide (U3O8).

Aura managing director and CEO Andrew Grove said he was glad to welcome Sachem Cove as a significant shareholder.

“Their extensive expertise in the uranium markets, both physical and equity, underscores the quality and deep value at the Tiris Uranium Project and for Aura’s broader growth potential,” he said.

“This investment also reflects the significant progress our team has made throughout the year in de-risking and advancing the project toward development, targeted for 2025.”

Aura shares have dropped following the news, and at 13:22 AEDT, they were trading at 13.5 cents – a fall of 12.90% since the market opened.

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