Aura Energy Limited announced that engineering consultants have been engaged to commence Phase 1 of the Tiris Uranium Front End Engineering Design Study. The FEED Study will focus on engineering optimization, including addition of vanadium pentoxide by-product recovery circuit, with the aim of maintaining low capital and operating costs. The first phase of the FEED study will be completed in Fourth Quarter 2022 with the completion of all phases of the FEED Study targeted for First Quarter 2023, in support of Aura's final investment decision to progress to initial uranium production at Tiris in 2024.

The Company has engaged DRA Global and its wholly-owned subsidiary, SENET, as Lead Engineering Integrator, bringing industry leading experience in design, construction and minerals operations throughout West Africa and globally. DRA and its subsidiary's engineering team have a wealth of experience in uranium processing and in the delivery of projects particularly in West Africa, an ideal combination for development of Tiris. To support DRA, Aura has engaged Wallbridge Gilbert Aztec ("WGA") to apply their extensive experience to the design and development of the Tiris uranium and vanadium processing circuits.

WGA will work closely with Adelaide Control Engineering (ACE) to engineer, design and deliver the Tiris processing plant using modular construction, allowing rapid, capital efficient site construction of the initial fast-tracked 800,000 lb. U3O8 per annum processing plant and rapid and cost-effective expansion of the plant to a target of 3 to 5 million lb. U3O8 per annum within first 2-3 years of the Project's mine-life.