Assuming $65 per pound uranium sales price, the pre-tax net present value of the project is estimated at $149.4m and internal rate of return of 67%.
The assessment showed that the project will have production life of 11 years producing one million pounds per year at steady state production level.
The project is said to require initial capital of $27m.
Azarga president and CEO Richard Clement said: "The updated resource statement included in the PEA confirms Dewey Burdock as the highest grade in situ recovery project among North American peers, with an economic profile that should enable construction in the current uranium price environment.
"It’s a transformational improvement from the PEA produced in 2012, with lower initial capital expenditure and cash costs, more pounds in inventory and an estimated 37% increase in pre-tax NPV."
The PEA is prepared by TREC and Roughstock Mining Services.
