07:30 AM EDT, 08/06/2025 (MT Newswires) -- Denison Mines ( DNN ) on Wednesday said the results of a preliminary economic assessment for in-situ recovery mining of the Midwest Main uranium deposit at its Midwest project in Saskatchewan give the project a base case post-tax net present value of $965 million based on an 8% discount rate, with an 82.7% internal rate of return and nine-month payback period.

Uranium production was estimated at 6.1 million pounds per year of uranium over a six-year mine life. Initial capital costs were pegged at $254 million while all-in cost was projected at $34.80 per pound of uranium.

"The project is estimated to have an all-in cost of production amongst the lowest cost uranium mines in the world, benefitting from a powerful combination of low initial capital costs and low cash operating costs," said David Cates, Denison's president and CEO.

Denison owns a 25.17% stake in the Midwest project while Orano Canada owns the rest. The project is located 25 kilometers from Denison and Orano Canada's McClean Lake uranium mill joint venture.

Denison's share price jumped 9.3% on Tuesday to $3.07 on the TSX.