Aura Energy (ASX:AEE) said that a water supply at its Tiris uranium project in Mauritania was confirmed by hydrological studies, according to a Monday Australian bourse filing.
Recent drilling, pump testing, and aquifer modeling by hydrogeological specialists Knight Piésold Consulting defined a groundwater supply of 74 liters-per-second, 57% in excess of the project's water requirements of 47 L/s.
It is also advancing talks with potential financiers and strategic partners to secure funding to develop the project. It is in talks with a Western sovereign development bank to provide potential debt funding covering around 50% to 60% of the total project funding requirements. The bank is currently conducting due diligence and it is set to visit the project in April.
Its shares fell 3% in recent trading on Monday.
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