Excelsior appeal to be dismissed

PolarX points to upside

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The company had advised in August that two appeals were lodged over its Class III underground injection control (UIC) area permit, but one had been withdrawn and it had been hopeful the second would not be successful.

Excelsior said last week as part of the settlement, the company, Environmental Protection Agency and petitioners had submitted a joint stipulated motion to dismiss the appeal, which it expected would result in the UIC permit becoming effective with permanence.

PolarX points to upside

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It did not specify the settlement details but said it provided for additional monitoring wells and additional items that were "a benefit to local stakeholders".

"With all key permits in place and effective, Excelsior will be in a position to commence construction upon the completion of its project financing plan," the company said.

The in-situ recovery project has an initial capex of US$49 million and a forecast 24 years of commercial production at an all-in cost of $1.23 per pound.

Shares in the company had hit a 52-week low of C82c in August around the time of the appeal. They rose more than 5% on Friday to $1, capitalising Excelsior close to $208 million.