NYSE American: UEC
CASPER,
Wyo., Aug. 13, 2024 /PRNewswire/ - Uranium
Energy Corp (NYSE American: UEC) (the "Company" or "UEC")
is pleased to announce the successful startup of uranium production
at its past-producing Christensen Ranch In-Situ Recovery
("ISR") operations in Wyoming.
Production commenced in the previously operated Mine Unit 10 at
Christensen Ranch on August
6th. To date, uranium concentrations in the
initial production patterns are meeting expectations and are
anticipated to rise in the coming weeks. All planned startup
milestones, including the hiring and training of the initial
restart workforce for both the Irigaray Central Processing Plant
("CPP") and Christensen Ranch, have been achieved to ensure a
successful ramp-up of uranium production. Approximately 40%
of the total workforce is from Johnson
County, with other employees originating from Campbell, Converse, Carbon, Laramie and Natrona Counties in Wyoming.
The first shipment of yellowcake is anticipated to occur in
November or December 2024. This coincides with the Company's
fiscal Q2 ending January 31,
2025.
Uranium recovered from Christensen Ranch will be processed at
the Irigaray CPP, located approximately 15 miles northwest of
Christensen Ranch. Irigaray has a current licensed capacity of 2.5
million pounds U3O8 per year, with a license
amendment currently under regulatory review that is expected to
increase capacity to 4.0 million pounds annually. The Irigaray CPP
is the hub, central to four fully permitted ISR projects in the
Powder River Basin of Wyoming,
including Christensen Ranch.
Donna Wichers, Vice President of
Wyoming Operations, stated: "The Christensen Ranch ISR Mine has
successfully restarted and we are in full growth mode with initial
recoveries from Mine Unit 10 to be followed with Mine Units 7 and 8
in the coming months. Additionally, we have drilled, cased
and completed 55 wellfield patterns to extend Mine Unit 10 that
will commence production in 2025. Further production growth
is being developed with delineation drilling and monitor well
planning at Mine Unit 11. We have filled all our initial personnel
requirements, resulting in a total workforce of 40 employees.
Hiring is expected to continue into 2025 with an additional 20
positions to meet plans for future wellfield development and
expanded production."
Amir Adnani,
President and CEO, stated: "I am very proud of the Wyoming team who have executed as planned to
achieve the restart of production. 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. Global uranium market
fundamentals are solid, with prospects for extraordinary growth in
nuclear power and uranium demand."
Mr. Adnani continued: "The U.S. nuclear utility fleet produces
almost 20% of the country's electricity and is the world's largest
uranium consumer with purchases of over 50 million pounds last
year. U.S. production has been virtually non-existent for many
years, suffering from price insensitive imports via foreign
state-owned enterprises that undermined domestic mining and
investment. This situation is changing by way of successive
and unprecedented bipartisan U.S. government programs designed to
stimulate growth of domestic uranium production as the
foundation of a robust nuclear fuel supply chain."
Scott Melbye, Executive Vice
President, stated: "Production from stable jurisdictions is valued
in today's volatile world and has become a renewed priority in
utility purchasing strategies. The special nature of U.S.
origin uranium carries a unique demand profile, not only applicable
for U.S. and Western utilities security of supply but also for U.S.
national security. Unobligated U.S. origin uranium is required to
fuel the U.S. nuclear navy, and the government inventories feeding
this demand have been drawn down over several decades. The
U.S. Department of Energy's recent Strategic Uranium Reserve
purchases being the clearest example of a domestic priority."
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 CPPs 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.
X (formerly known as Twitter): @UraniumEnergy
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