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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 (UEC) has successfully restarted uranium production at its Christensen Ranch In-Situ Recovery operations in Wyoming. Production began on August 6th in Mine Unit 10, with uranium concentrations meeting expectations. The company has achieved all planned startup milestones, including hiring and training the initial workforce. The first yellowcake shipment is anticipated in November or December 2024.
UEC's Irigaray Central Processing Plant, with a current licensed capacity of 2.5 million pounds U3O8 per year, will process the recovered uranium. A license amendment under review is expected to increase capacity to 4.0 million pounds annually. The company is in full growth mode, with plans to expand production to Mine Units 7 and 8 in the coming months and develop Mine Unit 11.
Uranium Energy Corp (NYSE American: UEC) has announced a succession plan for its Chief Financial Officer position. Josephine Man will be joining the company and succeeding Pat Obara as Treasurer and CFO, effective October 1, 2024. Obara, who has been with UEC since 2006, will transition to the role of Senior Vice-President, Administration after filing the company's Annual Report on Form 10-K for the current fiscal year.
CEO Amir Adnani praised Obara's 18-year contribution to UEC and expressed excitement about Man's appointment, citing her strong financial background and experience as valuable assets for the company's plans to ramp up operations and move into commercial production. Man brings extensive experience in financial reporting, corporate finance, M&A, and risk management, having previously served as CFO for Uranium Royalty Corp and Gold Royalty Corp.
Uranium Energy Corp (NYSE American: UEC) held its Annual General Meeting (AGM) on July 16, 2024, with several key proposals ratified by stockholders. Amir Adnani, Spencer Abraham, Vincent Della Volpe, David Kong, Gloria Ballesta, and Trecia Canty were elected to the Board of Directors. PricewaterhouseCoopers LLP was appointed as the independent registered accounting firm. The company's 2024 Stock Incentive Plan was approved with 97.82% in favor, and executive compensation was approved with 97.13% in favor. Following the AGM, the Board of Directors re-appointed Amir Adnani as President and CEO, Pat Obara as Secretary, Treasurer and CFO, Scott Melbye as Executive VP, and Brent Berg as Senior VP of U.S. Operations.
Uranium Energy Corp (NYSE American: UEC) announced a significant resource increase at its Burke Hollow ISR Project in South Texas. The new S-K 1300 technical report summary reveals a rise in Measured and Indicated (M&I) resources from 2,324,000 lbs to 6,155,000 lbs U3O8, with Inferred resources now at 4,883,000 lbs. The Texas Hub and Spoke platform's total M&I resources are now 12,958,000 lbs, with Inferred resources at 9,948,100 lbs. UEC's South Texas and Wyoming platforms boast 79,156,000 lbs of M&I resources and 25,002,000 lbs of Inferred resources. The TRS confirms UEC's leadership in U.S. ISR uranium mining, emphasizing the low-cost, environmentally friendly ISR methods. The TRS was prepared by WWC Engineering and filed on June 12, 2024.
Uranium Energy Corp (NYSE American: UEC) has filed its Fiscal 2024 Q3 quarterly report as of April 30, 2024, with the SEC. The report includes interim condensed consolidated financial statements, related notes, and management's discussion and analysis. Investors can view the detailed report on the SEC's website or UEC's official site. This filing complies with NYSE American requirements and provides important insights into the company's financial health for the specified period, covering key metrics and financial performance.
Uranium Energy Corp (NYSE American: UEC) commends the U.S. Senate for passing a bipartisan bill to ban Russian uranium imports, reinforcing national security and energy independence. The bill's passage signifies a pivotal moment in reshaping the domestic nuclear supply chain by eliminating reliance on Russian imports, fostering American uranium production, and bolstering the country's nuclear energy sector. The legislation stands to infuse $2.72 billion into domestic uranium fuel production, heralding a new era for the U.S. uranium industry.
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