Market Investigators - Starting with Uranium and Nuclear
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Joined September 2024
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Boundless Discovery retweeted
1/ Uzbekistan’s 15,000 tU uranium target for 2030 depends on five things it doesn’t control: a sanctioned Russian oil company, a copper smelter, the country’s fertilizer makers, falling gas output, and its biggest competitor. 🧵👇
1/ Uzbekistan’s 15,000 tU uranium target for 2030 depends on five things it doesn’t control: a sanctioned Russian oil company, a copper smelter, the country’s fertilizer makers, falling gas output, and its biggest competitor. 🧵👇
8/ Navoiyuran has met every target money could meet. Uzbek uranium is now a by-product business.
To forecast its supply, watch gas output, sulphur imports and the smelter, not drill rigs.
Full piece from Boundless Discovery: boundlessdiscovery.com/resea…
The US funding route appears to still be in play.
Aura’s 30 September financial report names DFC among the parties in ongoing discussions over debt and strategic equity funding.
Chinese involvement in the pilot would not, by itself, determine who finances the mine.
Aura has also added deal-making and mine-restart experience.
Incoming CFO Spencer Davey worked on Fortescue’s US$1.2bn sale of a stake in the Iron Bridge iron ore project.
John Carr, who helped bring Australia’s Century zinc mine back into production, becomes President.
We’re watching who supplies the capital, and who secures the uranium.
Our original investigation:
boundlessdiscovery.com/resea…
An update on Tiris 🇲🇷
Our 22 September report highlighted local reporting of Chinese operators preparing a pilot plant in Bir Moghreïn - 400km away from the prospective mine.
Aura has now confirmed construction in the town. The counterparty of their MoU remains unnamed 👇
The market appears to be pricing Aura as a junior with no financier while evidence points to a Chinese state-owned nuclear major deploying engineers. Aura currently trades near a 52-week low.
On 19 June, the executive chairman leading the financing also bought A$178,000 of stock.
If a Chinese SOE takes equity and offtake, Tiris reaches an investment decision by year-end and most of its 2 Mlb a year – about four reactors' fuel – is China's before the mine exists.
The West will be beaten to the pounds once again.
Follow for more and read the full report here:
boundlessdiscovery.com/resea…
June: Chinese customs record a 2,100 kg decanter centrifuge shipped Beijing→Mauritania as equipment for a Chinese-contracted project.
Same month, Aura settled a flowsheet built around pre-leach centrifuge separation.
Circumstantial. Consistent.
Aug 2025: SNURDC, the uranium arm of state-owned SPIC, tenders advisers to screen overseas uranium projects. The notice lists "Project 3: Mauritania, advanced-stage exploration project (uranium)".
Mauritania has one such project. Tiris.
