Uranium finished the first quarter of 2019 at USD25.75 per ounce of
triuranium octoxide, a uranium compound, despite reaching USD28.90 at the end of January.
A recent optimisation of Etango resulted in an improvement of the project's net present value to USD419mn from USD69mn, with production averaging 7.2mn pounds of
Triuranium octoxide annually over an initial open pit mine life of 15.7 years.
The most common forms of uranium oxide are
triuranium octoxide (U3O8) and UO2 [3].
Also, uranium prices are falling with
triuranium octoxide more than halving since the Fukushima disaster in 2011.
Triuranium octoxide ([U.sub.30.sub.8] or yellowcake) prices are at a seven-year low of $35/1b, half of the levels seen before the Fukushima disaster in March 2011 and nearer a quarter of the record high of $135/1b seen in 2007.
In addition, the company owns plus-115,000 acres (46,400 hectares) of private mineral rights, with an indicated resource of 26.6 million pounds
triuranium octoxide at an average grade of 0.105 per cent equivalent U3O8 and an inferred resource of 6.1 million pounds U3O8 at an average grade of 0.110 eU3O8 (Beahm, 2012).
Drilling on the gravity low to the south discovered the Opie zone in March, 2012 (0.142 per cent
triuranium octoxide over 7.6 metres at a depth of 40 metres to 100 metres), which requires more drilling this winter.