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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 submitted a revised acquisition offer for UEX Corporation, valuing UEX at C$0.49 per share, a 72% premium over its price before UEC's initial proposal. Over 38% of eligible UEX securities have been tendered, with 93.7% in favor of the UEC transaction. The revised offer increases the break fee by 7% and offers better financial terms and greater deal certainty than Denison Mines Corp's competing proposal. UEC aims to create the largest diversified North American uranium company with this acquisition, while maintaining a strong cash position with no debt.
Uranium Energy Corp (NYSE American: UEC) has submitted an offer to supply uranium to the U.S. Department of Energy's National Nuclear Security Administration (NNSA) as part of a $10 billion Uranium Reserve program. NNSA aims to purchase one million pounds of uranium, emphasizing the need for domestic supply to minimize reliance on foreign sources, particularly from Russia and China. UEC's acquisition of Uranium One Americas enhances its domestic mining capabilities. The company supports legislation to ban Russian uranium imports to bolster U.S. energy independence and security.
On July 28, 2022, Uranium Energy Corp (NYSE American: UEC) announced it received a notice from UEX Corporation regarding a competing acquisition proposal from Denison Mines Corp. UEX's board determined Denison's offer as a 'Superior Proposal' under the existing Arrangement Agreement, allowing UEC a five-business-day period to match it. If UEC opts not to match, UEX is required to pay UEC a termination fee of US$8.25 million. CEO Amir Adnani emphasized UEC's disciplined approach to accretive transactions amid market challenges, hinting at potential growth opportunities.
Uranium Energy Corp (UEC) has achieved a major milestone by completing the installation of 106 monitor wells for its Burke Hollow Project in South Texas. This marks the first Production Area Authorization (PAA-1) and establishes the largest in-situ recovery (ISR) wellfield in the U.S. The project supports U.S. uranium production to reduce reliance on imports, notably from Russia, aligning with the National Nuclear Security Administration's initiative to purchase domestically produced uranium. UEC plans further exploration within the project's expansive 19,336 acres.
Uranium Energy Corp (NYSE American: UEC) announced results from its annual general meeting on July 21, 2022, where stockholders ratified several key proposals. Over 90% approval was achieved for the election of board members, appointment of PricewaterhouseCoopers LLP as auditors, adoption of the 2022 Stock Incentive Plan, and approval of executive compensation. Following the AGM, Amir Adnani was re-appointed as President and CEO, with Pat Obara and Scott Melbye also retaining their executive roles. UEC continues to be a leader in low-cost uranium mining.
Uranium Energy Corp (UEC) has filed a Technical Report Summary (TRS) detailing mineral resources at its Yuty Project in Paraguay. The report states a total indicated resource of 8,962,000 lbs with 9,074,000 tons grading 0.049% U3O8 and an inferred resource of 2,203,000 lbs with 2,733,000 tons grading 0.040% U3O8. Prepared under SEC Regulation S-K 1300, the assessment demonstrates UEC's compliance with updated mining disclosure standards. The Yuty Project is expected to utilize environmentally friendly In-Situ Recovery (ISR) mining methods.
Uranium Energy Corp (UEC) announced the filing of a Technical Report Summary on EDGAR, revealing mineral resources for its Anderson Project in Arizona. The report discloses indicated resources totaling 32,055,000 lbs eU3O8, derived from 1,175 drill holes. The Anderson Project is recognized as Arizona's largest uranium deposit, contributing to U.S. supply assurance for utilities and government buyers. The TRS was prepared under updated S-K 1300 regulations, reflecting a transition from the previously used NI-43 101 standard.
Uranium Energy Corp (NYSE American: UEC) announced updates on its holdings in UEX Corporation. UEC has acquired a total of 18,471,907 UEX common shares, representing about 3.32% of outstanding shares. This includes 6,844,000 shares purchased at an average cost of C$0.3601 and 11,627,907 shares acquired through a private placement on June 22, 2022, at C$0.43 each. UEC plans to continue buying additional UEX shares for investment while pursuing a definitive agreement to acquire all UEX shares in an all-share transaction.
Uranium Energy Corp (NYSE: UEC) announced the completion of a C$5 million private placement to acquire 11,627,907 UEX Common Shares at C$0.43 each. This acquisition is part of a definitive agreement with UEX Corporation aimed at increasing UEC's stake in the company through an all-share transaction. UEC reserves the right to purchase additional UEX shares in accordance with applicable laws. The company continues to focus on low-cost, environmentally friendly ISR mining projects and has several uranium assets across the U.S. and abroad.
Uranium Energy Corp (NYSE: UEC) has filed its quarterly report on Form 10-Q for the nine months ending April 30, 2022, as required by NYSE American regulations. The report includes condensed consolidated financial statements and management's analysis, available on the SEC's website. UEC stands as a prominent player in the uranium mining sector, operating ISR mining projects in South Texas and Wyoming, and holding extensive uranium assets. The company is positioned as a leading, environmentally friendly uranium mining entity in the U.S.
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