Aura Energy Ltd. said Dec. 18 that it received an exploitation license for its Tiris uranium project in Mauritania, paving the way for full development.

The company's shares were up more than 11% by trading close on the ASX, while its London shares were up more than 3% in mid-morning trades.

Executive Chairman Peter Reeve said the company remains in talks to secure production off-take deals and arrange project financing. Aura Energy expects to receive the presidential decree approving the exploitation license by year-end.

A resource update in April outlined 51.8 million pounds of U3O8 contained in 92.2 million tonnes grading 255 parts per million U3O8, using a 100 ppm U3O8 cutoff. The company said at the time that the resources could potentially support a mine life of more than 17 years.

The company is conducting a definitive feasibility study on the project, where it expects to start production in 2020.