The project has an annual production capacity of 1.5 million pounds of yellowcake.

The company is anticipating its first shipment of yellowcake to occur over the course of the next 45 to 60 days.

The price of uranium will hit triple-digits for the first time since 2007 as nations weaning off oil and seeking energy security deplete nuclear fuel supplies, says investment fund.

According to Sprott, there is some additional room for prices to move in the short term.

Now the project, forecast to cost C$1.3 billion to build, awaits federal environmental consent as it conducts pre-construction site work.

The uranium explorer and developer began trading on the London Stock Exchange at a time of record-high prices for the commodity.

While the field test ran, the company recovered 14,400 lb. of uranium oxide (U3O8) in solution during the leaching and neutralization phases.

The new 2023 revenue outlook represents a C$500 million increase from its prior guidance.