NYSE American – UEC
CASPER,
Wyo. and BELLEVUE,
Wash., Nov. 30, 2023 /PRNewswire/
- TerraPower and Uranium Energy Corp (NYSE American: UEC) (the
"Company" or "UEC") announced today a memorandum of understanding
("MOU") with objectives of reestablishing domestic supply chains of
uranium fuel. This MOU will allow TerraPower and UEC to explore the
potential supply of uranium for TerraPower's first-of-kind Natrium™
reactor1 and energy storage system.
The Natrium demonstration project, being built in
Kemmerer, Wyoming, will be a
commercial scale plant upon completion and will begin operations
within a decade.
UEC and TerraPower have made significant investments in the
nuclear fuel cycle and commercial scale deployment of clean energy
projects that will directly benefit the U.S. economy. This includes
delivering carbon-free power, high paying jobs, and providing
support for establishing a robust U.S. nuclear fuel supply chain
for Small Modular ("SMR") and Advanced Reactors ("AR") and their
high assay low enriched uranium ("HALEU") requirements. These new
reactors, like TerraPower is advancing in Wyoming, present innovative leaps in
technology that can help address the world's growing clean energy
needs with abundant 24/7, carbon-free power.
SMRs and ARs present the fastest growing segment of nuclear
energy in the United States and
need a secure, domestic fuel supply chain. The first step of the
supply chain is uranium, and UEC's Wyoming resources have the critical mass to be
a highly reliable source of uranium for American HALEU and a good
strategic fit to supply TerraPower's Natrium reactor.
Wyoming's Governor Mark Gordon stated "This MOU is a great step
forward for the Wyoming uranium
industry, which is host to the largest uranium reserves in the
United States. It makes no sense to depend on Russian uranium
and enrichment technology, when a fully domestic fuel source can be
found here in Wyoming and
manufactured in the United States.
TerraPower chose Wyoming as a
partner for their Natrium advanced nuclear reactor plant. Once
again, they are demonstrating leadership and commitment to a
nuclear future in Wyoming through
this MOU with Uranium Energy Corp."
"TerraPower continues to move forward in bringing the Natrium
reactor to market, and that includes establishing our fuel supply
chain," said Chris Levesque,
TerraPower President and CEO. "A robust, domestic supply chain for
nuclear fuel is crucial as we deploy the next generation of nuclear
energy. Wyoming has long been a
leader in uranium mining, and we look forward to collaborating with
UEC on the potential opportunity for Wyoming uranium to fuel our first
reactor."
Amir Adnani, UEC President and
CEO stated: "UEC is pleased to form strategic relationships that
support the emerging uranium demand from SMRs and ARs, and we look
forward to working with TerraPower and the prospect of providing
the uranium they need to operate their Wyoming Natrium reactor. In
these geopolitically complex times, UEC's vision is to be the
leading provider of conflict-free, American uranium for the
existing, as well as the new reactors that will come online."
The Natrium technology is a 345-megawatt sodium-cooled fast
reactor coupled with a molten salt-based energy storage system than
can boost power output to 500-megawatts to serve peak demand:
making it the ideal technology to pair with energy grids that have
high penetrations of renewable resources. The Natrium reactor is
the only advanced reactor that can provide stability to the
grid with clean, baseload energy while seamlessly boosting output
to meet variable power needs.
UEC's Wyoming production
platform includes a portfolio of over 20 uranium projects, that in
total contain the largest S-K 1300 compliant resource base in
the United States. Four of the
projects in the Powder River Basin are fully permitted for in-situ
recovery ("ISR") production including the Irigaray Central
Processing Plant and Christensen Ranch ISR facilities in
Johnson County, Wyoming where
UEC's initial production will be focused.
About TerraPower
TerraPower is a leading nuclear innovation company that strives
to improve the world through nuclear energy and science. Since it
was founded by Bill Gates and a
group of like-minded visionaries, TerraPower has emerged as an
incubator and developer of ideas and technologies that offer energy
independence, environmental sustainability, medical advancement and
other cutting-edge opportunities. It accepts and tackles some of
the world's most difficult challenges. Behind each of its
innovations and programs, TerraPower actively works to bring
together the strengths and experiences of the world's public and
private sectors to use advanced nuclear to answer pressing global
needs. Learn more at https://terrapower.com/.
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,
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"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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TerraPower and GE Hitachi technology
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SOURCE Uranium Energy Corp