Denison Mines Corp. reported on August 6, 2025, the results of a Preliminary Economic Assessment (PEA) for In-Situ Recovery (ISR) mining of the Midwest Main uranium deposit. The PEA outlines total ISR mine production of 37.4 million pounds U3O8 over an approximately six-year mine life, with an annual average production of nearly 6.1 million pounds U3O8.
The PEA highlights an impressive after-tax base-case Net Present Value (NPV) of $965 million and an after-tax base-case Internal Rate of Return (IRR) of 82.7%. Initial capital costs are estimated at $254 million, with an average cash operating cost of $15.78 (USD$11.69) per pound U3O8, positioning it among the lowest-cost uranium mines globally.
The Midwest project is 25.17%-owned by Denison and 74.83% by Orano Canada Inc. The updated mineral resource estimate for Midwest Main includes 38.7 million pounds U3O8 in Indicated mineral resources and 12.6 million pounds U3O8 in Inferred mineral resources. Processing of uranium-bearing solution is assumed to occur at the McClean Lake mill, where Denison holds a 22.5% interest.
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