CORPUS
CHRISTI, Texas, Jan. 16,
2024 /PRNewswire/ - Uranium Energy
Corp (NYSE American: UEC), the "Company" or
"UEC") is pleased to announce that the Company's Board of
Directors has approved restarting uranium production at its fully
permitted, and past producing, Christensen Ranch In-Situ Recovery
("ISR") operations in Wyoming. The
recovered uranium will be processed at the fully operational
Irigaray Central Processing Plant ("CPP") with a current licensed
capacity of 2.5 million pounds U3O8 per year.
The Irigaray CPP is the hub central to four fully permitted
ISR projects in the Powder River Basin of Wyoming, including Christensen Ranch.
The first production is expected during August of this year and
will be funded with existing cash on the Company's balance sheet.
As UEC's strategy has been to remain 100% unhedged, produced
uranium will be sold at prevailing spot market prices which was
$106 per pound
U3O8 as of January 15,
2024 as reported by UxC.
In the coming months, the Company will provide additional
information on the expected volumes for the first year of
production. The key focus in the final pre-production phase before
the August restart is hiring and training of additional operations
personnel to augment UEC's experienced operations team to ensure a
successful ramp-up of uranium production. New personnel are
anticipated to be hired from local communities such as Buffalo, Gillette, Casper, Kaycee and Wright.
Amir Adnani, President and CEO
stated: "This is the moment we have been working towards for over a
decade, having acquired and further developed leading U.S. and
Canadian assets with an exceptional, deeply experienced operations
team. Uranium market fundamentals are the best the industry has
witnessed, and various supply shocks have accelerated the bull
market with recent prices eclipsing the $100 per pound level. With this exciting
backdrop, we are pleased to announce our production restart in
Wyoming."
Mr. Adnani continued: "In addition to restarting production at
the Company's Wyoming operations,
initiatives to resume production are also being advanced at our
South Texas Hub & Spoke platform. We will provide more updates
on the timing for this restart as milestones are achieved in that
plan."
Largest S-K 1300 Compliant ISR Uranium Resource
Base(1) in the United
States and Balance Sheet Strength
- The Irigaray CPP is the hub central to eleven satellite ISR
projects across the Powder River Basin and Great Divide Basin, four
of which are fully permitted.
- Total Measured and Indicated resources disclosed in
Wyoming projects(1) are
66,198,200 lbs. with 58,460,000 tons with an average portfolio
grade of 0.057% eU3O8.
- Total Inferred resources disclosed in Wyoming projects(1) are 15,053,700
lbs. with 10,859,000 tons with an average portfolio grade of 0.069%
eU3O8.
- Combined with South Texas Hub & Spoke ISR Platform, UEC
controls the largest S-K 1300 compliant ISR resource
base(1) in the United
States with over 75,000,000 lbs of Measured and Indicated
resources and 25,000,000 lbs of Inferred
resources(2).
- $213.7 million of cash and liquid
assets, with no debt, as of October 31,
2023.
(1) The
Measured, Indicated and Inferred resources are the combined totals
from the Company's Regulation S-K 1300 compliant Technical Report
Summaries that are available on the Company's website and on EDGAR
for each of the following:
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(a) Texas Hub and
Spoke ISR Project, TX, USA, dated March 9, 2023
(https://www.sec.gov/Archives/edgar/data/1334933/000143774923009111/ex_495573.htm);
and
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(b) Wyoming ISR Hub
and Spoke Project, WY, USA, dated March 9, 2023
(https://www.sec.gov/Archives/edgar/data/1334933/000143774923009111/ex_495574.htm).
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(2) Texas has 9,126,700 pounds in
4,738,000 tons for an average portfolio grade of 0.096%
eU3O8 of Measured and Indicated resources,
and 9,924,100 pounds in 5,469,000 tons for
an average portfolio grade of 0.091%
eU3O8 of Inferred resources.
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Wyoming Pre-production
Preparations Completed
To enable a faster production restart, extensive preparations at
the Christensen Ranch wellfields and satellite processing plant
were completed in 2023. This included the re-installation of
equipment, re-attachment of piping and a variety of electrical
testing, repairs and upgrades to the existing facilities.
Since that time, additional work has progressed, including a
detailed wellfield startup plan, drilling to identify additional
resources, and submittal of an application to the Wyoming
Department of Environmental Quality to expand the Irigaray CPP
licensed capacity from 2.5 to 4 million pounds
U3O8 per year. The Mine Units ("MU") MU7, MU8
and MU10 and their associated modules ("Header Houses") where
operations will initially resume are located on the below Figure 1
("Mine Units for Restart of Operations").
The technical information in this news release have been
reviewed and approved by Andrew
Kurrus, P.Geo., Vice President of Resource Development, for
the Company, being a Qualified Person as defined by Regulation S-K
1300.
About Uranium Energy
Corp
Uranium Energy Corp is the fastest growing supplier of the fuel
for the green energy transition to a low carbon future. UEC is the
largest, diversified North American focused uranium company,
advancing the next generation of low-cost, environmentally friendly
ISR mining uranium projects in the United States and
high-grade conventional projects in Canada. The Company has
two production-ready ISR hub and spoke platforms in South
Texas and Wyoming. These two production platforms are
anchored by fully operational central processing plants and served
by seven U.S. ISR uranium projects with all their major permits in
place. Additionally, the Company has diversified uranium holdings
including: (1) one of the largest physical uranium portfolios of
U.S. warehoused U3O8; (2) a major equity
stake in Uranium Royalty Corp., the only royalty company in the
sector; and (3) a Western Hemisphere pipeline of resource stage
uranium projects. The Company's operations are managed by
professionals with decades of hands-on experience in the key facets
of uranium exploration, development and mining.
Stock Exchange Information:
NYSE American: UEC
WKN: AØJDRR
ISN: US916896103
Safe Harbor Statement
Except for the statements of historical fact contained herein,
the information presented in this news release constitutes
"forward-looking statements" as such term is used in applicable
United States and Canadian
securities laws. These statements relate to analyses and other
information that are based on forecasts of future results,
estimates of amounts not yet determinable and assumptions of
management. Any other statements that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
"expects" or "does not expect", "is expected", "anticipates" or
"does not anticipate", "plans, "estimates" or "intends", or stating
that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved) are not
statements of historical fact and should be viewed as
"forward-looking statements". Such forward looking statements
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
the Company to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Such risks and other factors include,
among others, the actual results of exploration activities,
variations in the underlying assumptions associated with the
estimation or realization of mineral resources, the availability of
capital to fund programs and the resulting dilution caused by the
raising of capital through the sale of shares, accidents, labor
disputes and other risks of the mining industry including, without
limitation, those associated with the environment, delays in
obtaining governmental approvals, permits or financing or in the
completion of development or construction activities, title
disputes or claims limitations on insurance coverage. Although the
Company has attempted to identify important factors that could
cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. Many of these factors are
beyond the Company's ability to control or predict. There can be no
assurance that such statements will prove to be accurate as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements contained in
this news release and in any document referred to in this news
release. Important factors that may cause actual results to differ
materially and that could impact the Company and the statements
contained in this news release can be found in the Company's
filings with the Securities and Exchange Commission. For
forward-looking statements in this news release, the Company claims
the protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995.
The Company assumes no obligation to update or supplement any
forward-looking statements whether as a result of new information,
future events or otherwise. This news release shall not constitute
an offer to sell or the solicitation of an offer to buy
securities.
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SOURCE Uranium Energy Corp