CORPUS CHRISTI, TX,
April 23, 2020 /PRNewswire/ - Uranium
Energy Corp (NYSE American: UEC, the "Company" or "UEC") welcomes
the release of the U.S. Nuclear Fuel Working Group ("NFWG") report
addressing a multi-year strategy to assure U.S. National
Security. The report outlines a strategy to re-establish
critical capabilities and provide direct support to the front end
of America's nuclear fuel cycle, including direct purchases of
uranium for the strategic Uranium Reserve. In the related
Department of Energy ("DOE") press release today announced by
Secretary of Energy Dan Brouillette,
the strategy recommends: "Taking immediate and bold action to
strengthen the uranium mining and conversion industries and restore
the viability of the entire front-end of the nuclear fuel
cycle."
UEC Chairman and Former U.S. Energy Secretary, Spencer Abraham, stated: "Today's announcement
and report represent a clear and unambiguous commitment by the U.S.
government to establish the development of domestic uranium mining
capabilities at the forefront of America's national security.
The President, the Trump Administration and Secretary Brouillette
are to be commended for addressing this pressing national security
challenge forcefully. America's power sector won't be secure
until we shed our total dependence on imported uranium. The
President's proposal will put people back to work and strengthen
our national security at the same time and Congress needs to act
decisively and quickly on these proposals."
President and CEO Amir Adnani
added: "We appreciate and applaud President Trump and the NFWG for
developing a comprehensive strategy to recapture America's nuclear
industry capabilities and leadership in the global marketplace. We
are pleased the uranium purchase program will be a broad and
inclusive process for rebuilding a globally competitive American
uranium mining sector. UEC controls 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
believe this will be a long-standing advantage to lead U.S.
production higher, to support the needs of the U.S. Uranium Reserve
and to be a competitive supplier to U.S. utilities. America's
commercial reactor fleet consumes approximately 47M pounds of uranium annually, and with no U.S.
production today, and many supply-chain challenges globally,
there's a clear opportunity for our Company as a low-cost, domestic
uranium supplier."
Since the establishment of the NFWG there has been an extensive
effort from members of the President's Cabinet and various
government agencies to "develop recommendations for reviving and
expanding domestic nuclear fuel production." The NFWG was
instructed to provide a full "analysis of national security
considerations with respect to the entire nuclear fuel supply
chain." UEC has had significant involvement in the process
and expended considerable effort to assist and provide input to the
NFWG and the various agencies involved in developing the
recommendations outlined in the report.
Summary of key U.S. uranium industry support points presented in
the report:
- U.S. purchases of 17-19 million pounds of U3O8, beginning in
2020 from domestic producers based on a competitive bidding
process. Subsequent support will be considered over a period of up
to 10 years as deemed necessary to reestablish market share.
- DOE will end the uranium bartering program and reevaluate DOE's
Excess Uranium Inventory Management Policy.
- Streamline regulatory reform and land access for uranium
extraction.
- Support Department of Commerce efforts to extend the Russian
Suspension Agreement to protect against future uranium dumping in
the U.S. market.
- Enable the Nuclear Regulatory Commission to deny imports of
nuclear fuel fabricated in Russia
or China for national security
purposes.
- Establish a Nuclear Industrial Base structure analogous to the
Defense Industrial Base.
- Fund advanced water treatment technology for uranium mining and
in situ recovery.
- Increase efficiencies in the export processes and the adoption
of 123 Agreements to open new markets for exports of U.S. civil
nuclear technology, materials and fuel.
The links for the fact sheet and the full report are below:
Fact
Sheet: https://www.energy.gov/strategy-restore-american-nuclear-energy-leadership
Report: https://www.energy.gov/sites/prod/files/2020/04/f74/Restoring%20America%27s%20Competitive%20Nuclear%20Advantage-Blue%20version%5B1%5D.pdf
About Uranium Energy Corp
Uranium Energy Corp is a U.S.-based uranium mining and
exploration company. In South Texas, the Company's
hub-and-spoke operations are anchored by the fully-licensed Hobson
Processing Facility which is central to the Palangana, Burke Hollow
and Goliad ISR projects. In Wyoming, UEC controls the Reno
Creek project, which is the largest permitted, pre-construction ISR
uranium project in the U.S. Additionally, the Company
controls a pipeline of uranium projects in Arizona, New
Mexico and Paraguay, a
uranium/vanadium project in Colorado and one of the highest-grade and
largest undeveloped Ferro-Titanium deposits in the world, located
in Paraguay. The Company's operations are managed by
professionals with a recognized profile for excellence in their
industry, a profile based on many 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
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the information presented in this news release constitutes
"forward-looking statements" as such term is used in applicable
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These statements relate to analyses and other information that are
based on forecasts of future results, estimates of amounts not yet
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or future events or performance are not statements of historical
fact and should be viewed as "forward-looking statements". Such
forward looking statements involve known and unknown risks,
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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. 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. 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.
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SOURCE Uranium Energy Corp