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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 American: UEC) has filed its quarterly report on Form 10-Q for the quarter ending January 31, 2023, with the SEC. The report includes interim condensed consolidated financial statements, management's analysis, and relevant notes. UEC is recognized as the largest diversified uranium company in North America, focusing on environmentally friendly in-situ recovery mining projects. The company is positioned for growth with operational platforms in South Texas and Wyoming. UEC also holds a significant physical uranium portfolio and an equity stake in Uranium Royalty Corp.
Uranium Energy Corp (NYSE American: UEC) has reported significant uranium mineralization from drill hole CB-183-1 at the Christie Lake Project, achieving a grade of 7.90% eU3O8 over 14.3 meters. This result extends the footprint of high-grade mineralization at the newly identified Sakura Zone, situated near the world-renowned McArthur River mine. The Project spans 19,576 acres and benefits from proximity to existing uranium operations. UEC plans to drill 17,000 meters throughout 2023 to further explore the region. Exploration results are expected to provide updates to the resource estimates later this year.
The demand for uranium is expected to increase in 2023, driven by the nuclear industry's role in the clean energy transition. Despite a downtrend in prices post-Fukushima, a supply shortfall could benefit uranium miners. Kazakhstan, with 1.2 billion lbs of recoverable uranium resources, remains a leading producer, while Canada and Australia also contribute significantly. Active mining companies include Uranium Royalty Corp. (NASDAQ: UROY), which recently completed a $1.5 million royalty acquisition and committed to purchasing 200,000 pounds of uranium concentrate. This strategic move is designed to meet rising demand and strengthen its market position.
Uranium Energy Corp (UEC) has received $17.85 million from the U.S. Department of Energy (DOE) for supplying 300,000 pounds of U.S. origin uranium concentrates at $59.50 per pound. This award supports the DOE's National Nuclear Security Administration's strategic national Uranium Reserve program, as outlined in a contract announced on December 20, 2022. UEC's President and CEO, Amir Adnani, expressed satisfaction with the supply, anticipating further collaboration with the DOE. UEC aims to be a leader in environmentally friendly uranium production, supporting the transition to a low-carbon future.
Uranium Energy Corp (NYSE American: UEC) has filed a Technical Report Summary (TRS) detailing updated mineral resources at its Horseshoe-Raven Project in Saskatchewan. Since acquiring UEX Corporation in August 2022, this marks the second resource estimate. The report indicates 37.43 million lb. U3O8 in indicated resources, with 23.59 million lb. at the Horseshoe Deposit and 13.83 million lb. at the Raven Deposit. The project spans 11,085 acres near Cameco's Rabbit Lake mill, suggesting favorable mining conditions without costly ground freezing.
Uranium Energy Corp (NYSE American: UEC) announced its participation in the 2023 TD Securities Mining Conference, scheduled for January 26, 2023, at 10:20 am Eastern Time. Investors can register for the live webcast via the registration link. Following the event, a recording will be accessible on the company’s website for 90 days. UEC is a leading North American uranium supplier, focused on environmentally friendly In-Situ Recovery mining projects. The company holds significant assets, including operational ISR platforms in South Texas and Wyoming, and has a robust uranium portfolio.
Uranium Energy Corp (UEC) announces high-grade uranium mineralization from drill hole CB-178-1 in the Christie Lake Project. The hole revealed an intercept grading 5.42% eU3O8 over 15.6 meters, highlighted by a subinterval grading 23.2% eU3O8 over 3.4 meters. This expands the Sakura Zone footprint, previously reported in October 2022. The project, located near the McArthur River mine, spans 19,576 acres and is part of UEC's Eastern Athabasca Hub strategy. Ongoing exploration is underway, with more results expected during the winter drilling campaign. UEC's CEO highlighted the potential for further resource growth.
Uranium Energy Corp (UEC) has filed a Technical Report Summary (TRS) on the Shea Creek Project, marking its first resource estimate in Saskatchewan since acquiring UEX Corporation. The combined resources total 95.63 million lb. U3O8, with UEC's attributable share at 46.95 million lb. The report, compliant with S-K 1300, includes data from 477 drill holes totaling 402,800 m. The Shea Creek site holds significant potential for resource expansion along the Saskatoon Lake Conductor Trend, crucial for the Company's growth.
Uranium Energy Corp (NYSE: UEC) announced significant growth with two strategic acquisitions: UEX Corporation for $192.7 million and Rio Tinto's Roughrider Project for $146.2 million. These moves are expected to double UEC's resources in Canada. The company reported revenues of $57.2 million for the quarter ending October 31, 2022, with a gross profit of $13.8 million. UEC holds $110.5 million in cash and assets, with no debt, positioning itself as a leading North American uranium supplier.
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