The Ottawa-based company has entered the formal phase of the Canadian Nuclear Safety Commission licensing process.

The licence was cancelled in July 2020 and its reinstatement is subject to the completion of exploration and development milestones.

Cameco's stock hit its highest in six years, with the company ending the quarter with over $1bn in cash and adding 9 mlb U3O8 to its portfolio.

BMO Capital Markets forecasts a 33 million lb. deficit of uranium this year, or about 18% of current demand.

Company delivered an offer to acquire a 100% interest in JCU Exploration Company for $32.5 million in cash.

The Triple R deposit is on the Patterson Lake South property in the Athabasca Basin.

Be it gold, copper, cobalt or uranium, the African continent has powerful resources for mining.

The funds will support a feasibility study on the production of rare earth element (REE) products in the US.