Prepared by WWC Engineering (WWC), the updated economic estimates also show that the project would require a capital investment of around $30.2m, and the property is expected to produce 9.2 million pounds of uranium oxide (U3O8).

Estimated free cash flow increased to $31.4m from $288.9m, while the internal rate of return rose from 103% to 109%.

Anatolia Energy managing director Jim Graham was quoted by Mining Weekly as saying that the work on current program was successful and the company seeks to finalize engineering and permitting by the end of this year.

The company would carry out a feasibility study and a decision is expected to be taken in the third quarter of 2014.