The company said it successfully converted around 13.2 million lbs U3O8 of previously inferred category material into the measured and indicated categories and added 3.8 million lbs U3O8 to the measured and indicated resource.

The inferred mineral resource is now estimated at 22.9 million lbs U3O8.

According to Paladin 2014 mineral resource estimate with open pit portion cut-off grade 250ppm, the deposit is now estimated to contain 16.39 million lbs measured and indicated tons grading 928ppm U3O8 with 1.64 million inferred tons grading 1,343ppm U3O8.

The underground portion with cut-off grade 500ppm has 21.1 million measured and inferred tons at 1,080ppm U3O8 with 7.16 million inferred tons at 1,140 ppm U3O8.

The open pit and underground split has been identified to be about at 230m below surface, following pit optimization studies using previous costs and a variety of uranium prices, the company said.