The company has entered into long-term uranium sales contracts for a portion of its planned production.
Uranerz Energy Corp. (TSX: T.URZ, Stock Forum) said that the Wyoming Department of Environmental Quality has issued the Class I Underground Injection Control, deep disposal well, permit for the company's Nichols Ranch in-situ recovery uranium project located in the Powder River Basin, Wyoming.
This deep disposal well authorization is the last permit required to begin operations and commercial uranium production at Nichols Ranch.
According to the Uranez Energy press release, the company will focus on installing two deep disposal wells this winter while completing the remaining construction activities now that the final permit has been issued.
The Nichols Ranch in-situ uranium project is licensed for a production level of up to two million pounds of uranium per year with initial annual production targeted for 600,000 to 800,000 pounds after ramp-up.
Uranerz has specialized expertise in the in-situ recovery uranium mining method and a record of licensing, constructing, and operating in-situ recovery uranium projects.
On Tuesday, Uranerz’s stock was up 9.33% and was trading at $1.64 a share. The company has a market cap of $126.6 million, based on 77.2 million shares outstanding. The 52-week high and low was $3.05 and $1.12 respectively.