- UEC is ideally positioned to be leading supplier of American-mined uranium for domestic utilities, U.S. government
- UEC’s main objective is adding value to shareholders, growing into largest and most profitable uranium company in the United States
Uranium Energy (NYSE American: UEC) CEO Amir Adnani American has noted the company is a uranium pure play, with $110 million cash, equity and strategic U.S.-warehoused inventory holdings. Recent press releases discuss UEC’s business objectives and highlight recent UEC achievements that are notable for the company’s future growth.
With uranium spot prices below most producers’ cost of production, UEC has established a physical uranium initiative with acquisitions of U.S.-warehoused uranium. The uranium initiative is fully funded with cash on hand and now includes 2.105 million pounds of U.S.-warehoused uranium at a volume weighted average price of ~$30 per pound with deliveries occurring between March 2021 into December 2022 (https://ibn.fm/zv7ks).
Adnani notes the initiative will support three objectives: 1) bolstering the company’s balance sheet as uranium prices appreciate; 2) providing strategic inventory to support future marketing efforts with utilities that could complement production and accelerate cashflows; and 3) increasing the availability of the company’s Texas and Wyoming production capacity for emerging U.S.-origin-specific opportunities, which may command premium pricing due to scarcity of domestic uranium.
On another front, UEC restarted wellfield development and resource delineation drilling at the Company’s Burke Hollow in-situ recovery (“ISR”) uranium project in South Texas. Advancing and expanding Burke Hollow’s resources strategically dovetails with UEC’s plans to participate in supplying the U.S. Uranium Reserve (“UR”) as outlined in the Nuclear Fuel Working Group report published by the U.S. Department of Energy. The UR is designed as a 10-year, $1.5 billion program to purchase newly mined U.S.-origin uranium from the existing domestic uranium industry (https://ibn.fm/EW45D).
“UEC is ideally positioned to be the leading supplier of American-mined uranium for the domestic utilities and the U.S. government,” Adnani stated in another article. “We control the largest resource base of fully permitted ISR projects in Texas and Wyoming of any U.S. based producer, ideally positioned to lead the resurgence in domestic uranium mining. . . . We are investing to build the next generation of low-cost and environmentally friendly uranium projects that will be competitive on a global basis.”
“Our main objective is to continue adding value to our shareholders and grow the company into the largest and most profitable uranium company in the United States,” said Adnani.
Uranium Energy Corp is a U.S.-based uranium mining and exploration company that controls one of the country’s largest historical uranium exploration and development databases. Founded in 2003, UEC is headquartered in Corpus Christi, Texas. Properties acquired by the company are primarily located within the United States, including Texas, New Mexico, Colorado, Arizona and Wyoming. In addition, the company is aggressively pursuing other key developmental targets. UEC is poised to be a next-generation uranium producer, committed to providing low-cost uranium through environmentally friendly In-Situ Recovery mining for the country’s large electricity-generating nuclear fleet as well as for government programs, such as the U.S. Uranium Reserve.
For more information, visit the company’s website at www.UraniumEnergy.com.
NOTE TO INVESTORS: The latest news and updates relating to UEC are available in the company’s newsroom at https://ibn.fm/UEC
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