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Uranium Energy Corp (UEC) is a leading North American-focused uranium mining company headquartered in Corpus Christi, Texas. Established in 2003, UEC is at the forefront of uranium exploration, pre-extraction, and processing, serving the growing global demand for carbon-free nuclear energy. The company operates primarily in the United States, Canada, and Paraguay, with significant projects including the Palangana Mine, Goliad, Burke Hollow, and Longhorn in Texas; Anderson and Workman Creek in Arizona; Slick Rock in Colorado; and the Reno Creek Project in Wyoming. UEC also owns the Diabase Project in Canada and the Yuty and Oviedo projects in Paraguay.
Core Business and Operations
UEC employs environmentally friendly, low-cost In-Situ Recovery (ISR) mining techniques for uranium extraction. This method minimizes environmental impact and reduces costs, positioning UEC as a key player in the transition to a low-carbon future. The company has two production-ready ISR hub-and-spoke platforms located in South Texas and Wyoming, anchored by fully operational central processing plants. Additionally, UEC manages seven ISR uranium projects in the U.S. with all major permits in place, ensuring a robust and reliable production pipeline.
Financial Health and Recent Achievements
UEC's financial health is reinforced by a significant portfolio of physical uranium assets, including one of the largest inventories of U.S. warehoused U3O8. The company also holds a major equity stake in Uranium Royalty Corp., the only royalty company in the sector, enhancing its diversified asset base. Recent achievements include strategic partnerships and agreements aimed at reestablishing domestic uranium supply chains, such as the memorandum of understanding with TerraPower to supply uranium for its Natrium™ reactor and energy storage system.
Strategic Partnerships and Future Projects
UEC's strategic vision includes establishing robust relationships to support emerging uranium demand from Small Modular Reactors (SMRs) and Advanced Reactors (ARs). These collaborations are crucial for the next generation of nuclear energy solutions. The company’s Wyoming platform, hosting over 20 uranium projects, contains the largest S-K 1300 compliant resource base in the United States, with several projects fully permitted for ISR production.
UEC is also expanding its presence in Canada through the Roughrider Project in Northern Saskatchewan, a high-grade conventional project with significant untapped resource potential. This project solidifies UEC's position in one of the world's premier uranium mining regions.
Commitment to Sustainability
Uranium Energy Corp is committed to sustainable mining practices and the global green energy transition. As a signatory of the Net Zero Nuclear Industry Pledge, UEC supports the goal of tripling global nuclear capacity by 2050. The company actively participates in environmental, social, and governance (ESG) initiatives to ensure responsible resource development.
In summary, Uranium Energy Corp stands as a vital player in the uranium mining industry, driving innovation and sustainability in nuclear energy to meet the world's growing clean energy needs.
Uranium Energy Corp (NYSE: UEC) announced that Executive VP Scott Melbye testified before the U.S. Senate Committee on Energy and Natural Resources on March 25, 2021. Melbye emphasized the critical state of the U.S. uranium fuel industrial base, highlighting a growing dependence on foreign imports, particularly from Russia and China. He called for a strategic uranium reserve, citing $75 million appropriated by Congress for this purpose. Melbye stressed that swift action is needed to preserve the U.S. nuclear industry, national security, and to restore America’s global nuclear leadership.
Uranium Energy Corp (NYSE: UEC) announced the completion of a direct offering, selling 10 million shares at $3.05, raising $30.5 million. The net proceeds will fund uranium purchases and support working capital. Post-offering, UEC holds approximately $95 million in cash and equity, including $61 million in cash. UEC's uranium initiative is fully funded, with 1.4 million pounds of U.S. warehoused uranium expected to be delivered by May 2021 and March 2022. H.C. Wainwright & Co. and others were lead agents for this offering.
Uranium Energy Corp (NYSE: UEC) has successfully closed a direct offering of 10 million shares at $3.05 each, raising $30.5 million. Proceeds will be utilized for uranium purchases and general corporate expenses. UEC now has approximately $95 million in cash and equity, with $61 million in cash reserves. The company's uranium initiative includes 1.4 million pounds of U.S. warehoused uranium, with deliveries expected by May 2021 and March 2022. The offering was facilitated by leading placement agents and is part of UEC's strategy to enhance its resource portfolio.
Uranium Energy Corp (UEC) announced the acquisition of 800,000 pounds of uranium, totaling 1.2 million pounds at an average price of $28.94 per pound. The company secured 10 million common shares in a registered direct offering, generating approximately $30.5 million in gross proceeds. This funding is set to enhance UEC's balance sheet and future production capacity, aiming to capitalize on premium pricing for U.S. uranium. Post-offering, UEC anticipates holding roughly $95 million in cash, equity, and inventory, supporting growth initiatives.
Uranium Energy Corp (NYSE American: UEC) reports a robust financial position as of March 15, 2021, with $65.8 million in cash and equity. The company is establishing a physical uranium inventory, acquiring $10.9 million worth of uranium concentrates to enhance asset value. The market value of their stake in Uranium Royalty Corp rose to $34.3 million. UEC aims to leverage its inventory for strategic marketing and meet U.S. uranium demand, which has grown amidst domestic production challenges.
Uranium Energy Corp (NYSE American: UEC) announced that its Chairman, Spencer Abraham, will participate in a virtual fireside chat at the BMO Global Metals and Mining Conference on March 3, 2021, at 5:45 PM EST. The event will provide insights into the company's operations in uranium mining and exploration, particularly in South Texas and Wyoming, where it holds several key projects. Investors can register for the live chat through a provided link, with a replay available post-conference for attendees.
Uranium Energy Corp (UEC) announced the restart of wellfield development at its Burke Hollow in-situ recovery project in South Texas. The project is part of UEC's strategy to support the newly formed U.S. Uranium Reserve, backed by a $1.5 billion program aimed at purchasing U.S.-origin uranium. UEC has received all major permits for extraction and will carry out a drilling campaign to expand its resource base, including the installation of 45 additional monitoring wells. The Burke Hollow project is positioned to enhance domestic uranium production while promoting environmentally friendly mining techniques.
Uranium Energy Corp (NYSE American: UEC) announced that the U.S. Federal Government's omnibus spending bill includes $75 million for the initial funding of a 10-year U.S. Uranium Reserve. This funding, included in the Energy & Water appropriations, marks a significant step for the domestic uranium industry with bipartisan support. The passage of the bill through both the House and Senate, along with a pending Presidential signature, is seen as a positive development. UEC's Chairman highlighted the importance of this initiative for American energy security.
Uranium Energy Corp (NYSE American: UEC) has filed its quarterly report on Form 10-Q for the three months ending October 31, 2020. This filing includes condensed consolidated financial statements and management's analysis, accessible via the SEC and company websites. UEC operates uranium mining and exploration projects across Texas, Wyoming, and other regions, with notable facilities like the Hobson Processing Facility. The report highlights UEC's strategic position in the uranium market, but future projections remain subject to risks inherent in the mining sector.
Uranium Energy Corp (NYSE American: UEC) announced the U.S. Senate Committee on Environment and Public Works has approved the bipartisan American Nuclear Infrastructure Act (ANIA). This bill includes a provision for a U.S. National Strategic Uranium Reserve (UR) to bolster the domestic uranium supply chain. Key aspects involve the Secretary of Energy establishing a uranium reserve program while excluding uranium sourced from Russia and China. UEC's operational base in Texas and Wyoming positions it favorably to supply uranium to this reserve, enhancing the U.S. nuclear industry's capacity and national security.