NYSE American: UEC
Highlights of Fiscal 2023 and balance sheet update as of
September 28, 2023:
- Recorded revenue of $163.95
million from spot market sales of 3,150,000 pounds of
uranium inventory realizing a gross profit of $49.60 million for the fiscal year ended
July 31, 2023. Fiscal 2023 weighted
average sales price was $52.05 per
pound U3O8 versus an average spot price of
approximately $51.24 per pound over
the period. Proceeds from realized gains materially reduced capital
requirements for accretive acquisitions.
- Completed $340.0 million in
acquisitions to create the largest diversified North American
focused portfolio.
- UEC's attributable resources now total 226.2 million pounds
U3O8 in the Measured and Indicated Categories
and 102.7 million pounds U3O8 in the Inferred
category across all its projects(*), cementing UEC's
status as one of the largest and diversified North American focused
uranium companies.
- Proudly supplied uranium to the United States Department of
Energy to establish the Strategic Uranium Reserve with the sale of
300,000 pounds of U3O8 for $17.85 million.
- Established UEC as one of the largest resource and land
holders in Canada's Athabasca Basin with the successful
acquisitions of UEX Corp., the world-class Roughrider Uranium
Project and a portfolio of exploration projects from Rio Tinto.
- Completed preparations required to resume extraction/production
at our recently acquired Christensen Ranch ISR Project and
advanced our Wyoming hub and spoke
operations. Key infrastructure, including wellfields and a
satellite ion exchange plant, has been refurbished and upgraded to
facilitate a fast restart of operations.
- Physical portfolio of North American warehoused uranium as of
September 28, 2023 consists of 1.5
million pounds of U3O8 remaining to be
received by UEC at an average cost of $48.09 per pound of U3O8
with various delivery dates through December
2025. Current inventory as of September 28, 2023 stands at 466,000 pounds at an
average cost of $34.17 per pound
of U3O8.
- Completed and filed the largest S-K 1300 uranium resources
technical report summary in the United
States combining UEC's Wyoming holdings for 66.2 million pounds of
U3O8 Measured and Indicated and 15.1 million
pounds of U3O8 in the Inferred
category(*).
- Completed and filed our inaugural sustainability report
continuing the Company's commitment to the environment, its people,
the communities we work in and the Company's high corporate
governance standards.
- Increased Hobson Processing Facility licensed capacity
four-fold as the largest uranium plant in Texas.
- $192.3 million of cash and liquid
assets, with no debt, and comprised of $57.6
million in cash, $100.4
million in equity holdings and $34.3
million in physical uranium inventories based on the
U3O8 spot price per pound of
$73.50 (source: UxC CVD) as of
September 28, 2023.
CORPUS
CHRISTI, Texas, Sept. 29,
2023 /PRNewswire/ - Uranium Energy Corp (NYSE
American: UEC), the "Company" or "UEC") is pleased to report, in
accordance with NYSE American requirements, the filing of the
Company's annual report on Form 10-K for the fiscal year ended
July 31, 2023 with the U.S.
Securities and Exchange Commission (the "SEC"). This Form 10-K
filing, which includes the Company's audited consolidated financial
statements, related notes thereto and management's discussion and
analysis, is available for viewing on the SEC's website
at http://www.sec.gov/edgar.shtml or on the Company's
website at www.uraniumenergy.com.
Amir Adnani, CEO and President
stated: "Fiscal 2023 proved to be a year of significant
achievements in executing on our strategy and building the premier
North American focused uranium company. We continued to make
accretive acquisitions and advance our projects with resource
expansions and extraction/production restart programs. Our strategy
is aimed at a robust uranium supply from the stable and secure
jurisdictions of the U.S. and Canada, with near term U.S. ISR production and
a pipeline of high-grade Canadian projects with exceptional growth
potential."
"UEC remains 100% un-hedged, at a time when the need for new
production is becoming acute in the global market and particularly
for Western utilities seeking supply assurance. Our balance sheet
is debt free with $192.3 million in
cash and liquid assets, providing the financial strength to advance
projects towards production and support further accretive
acquisitions."
"Completing the acquisitions of the Rio Tinto Roughrider
project, combined with our UEX Corp. purchase, creates a strong
regional resource base for us in the Athabasca Basin with attractive synergies.
These projects are key to our development pipeline of high-grade
projects in Canada, and we will
continue to advance them with drilling and production
planning."
"In South Texas and
Wyoming, we completed programs to
accelerate the production-readied timeline that will enable a
shorter lead-time to restart ISR production from our hub and spoke
platforms. Additional drilling was completed in Wyoming and is expected to result in an
expansion of current resources as part of the restart program. In
South Texas, we established the
second production area at Burke Hollow and carried out delineation
drilling at the past producing Palangana ISR Project in
preparation for its restart."
"There has been a step-change across the globe with an
increasing number of countries adopting plans and programs to
restart, extend the life of and or build new nuclear plants in the
quest for clean, safe, highly reliable and cost effective
electricity that nuclear power provides. This drive for global
clean-energy, along with uranium supply and demand fundamentals,
has translated into a rebalancing of the uranium market,
transforming it from an inventory burdened to a production driven
market. Recent spot price movements have begun to reflect that.
Geopolitical situations in Russia
and Niger have further accelerated
the transition for Western utilities looking for secure uranium
supply. These factors underpin our belief that we are in the early
innings of a protracted growth stage for nuclear energy, uranium
production and our Company."
Note:
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(1) The noted Measured,
Indicated and Inferred resources are the combined totals from the
Company's Regulation S-K 1300 Technical Report Summaries that
are available on the Company's website and filed on EDGAR for each
of the following projects:
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(a) The Roughrider
Uranium Project, Saskatchewan, Canada, effective date April 25,
2023
(https://www.sec.gov/Archives/edgar/data/1334933/000143774923011966/ex_510257.htm);
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(b) Texas Hub and Spoke
ISR Project, TX, USA, dated March 9, 2023
(https://www.sec.gov/Archives/edgar/data/1334933/000143774923009111/ex_495573.htm);
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(c) 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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(d) Shea Creek Project,
Saskatchewan, effective date October 31, 2022
(https://www.sec.gov/Archives/edgar/data/1334933/000143774923000881/ex_462410.htm);
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(e) Horseshoe-Raven
Project, Saskatchewan, effective date October 31, 2022
(https://www.sec.gov/Archives/edgar/data/1334933/000143774923001598/ex_465792.htm);
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(f) Anderson Uranium
Project Initial Assessment, Yavapai County, Arizona, USA, dated
March 9, 2023
(https://www.sec.gov/Archives/edgar/data/1334933/000143774923009111/ex_495571.htm);
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(g) Workman Creek
Project, Gila County, Arizona, USA, effective date February 14,
2023
(https://www.sec.gov/Archives/edgar/data/1334933/000143774923006474/ex_487471.htm);
and
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(h) Yuty Uranium
Project Initial Assessment, Paraguay, SA, dated March 9, 2023
(https://www.sec.gov/Archives/edgar/data/1334933/000143774923009111/ex_495572.htm).
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The technical information in this news release have been
reviewed and approved by Chris Hamel, P.Geo., Vice President
Exploration, Canada, 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
Frankfurt Stock Exchange Symbol: U6Z
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