NYSE American Symbol – UEC
CORPUS CHRISTI, Texas,
April 20, 2022 /CNW/ - Uranium Energy
Corp (NYSE: UEC) (the "Company" or "UEC") is pleased to report that
it has now secured an additional 400,000 pounds of U.S. warehoused
uranium, expanding its physical uranium program to 5 million pounds
U3O8, with delivery dates out to December 2025 at a volume weighted average price
of ~$38 per pound. UEC's
physical uranium program represents an unrealized gain of over
$125 million based on the current
spot price published by TradeTech on April
19, 2022, at $63.25 per pound
U3O8.
Amir Adnani, President and CEO
stated: "A year ago, UEC launched a physical uranium portfolio with
500,000 pounds purchased at a uranium cost basis of less than
$30 per pound. The Company has
grown the size of our inventory over ten-fold to 5 million pounds
by making well-timed purchases near cycle lows that allow us to
maintain a low-cost portfolio of ~$38/lb with spot uranium now trading at over
$63/lb. At a time of heightened
geopolitical uncertainty, UEC has the benefit of secure U.S.
warehoused physical inventories. We have also staged our
deliveries to receive uranium as far out as December 2025, providing a low-cost stream of
physical uranium as we enter this uranium bull market that shows a
major structural supply deficit exceeding 215 million pounds by
2026."
UEC's U.S. warehoused physical uranium program is currently the
largest inventory position for a U.S. based uranium company and as
previously disclosed, will support three key objectives: 1)
strengthens the Company's balance sheet as uranium prices
appreciate; 2) provides strategic inventory to support future sales
and marketing efforts with utilities in order to complement U.S.
production and accelerate near term cashflows; and 3) increases the
availability of UEC's Texas and Wyoming production
capacity to pursue specific opportunities for uranium of U.S.
origin; including potential sales to the U.S. Government as part of
the mandate to establish a National Uranium Reserve.
Due to the scarcity of domestic uranium production and the
potential U.S. ban on Russian uranium imports, U.S. uranium may
ultimately command significant premium pricing in the future.
About Uranium Energy
Corp
Uranium Energy Corp is America's leading, fastest growing,
uranium mining company listed on the NYSE American. UEC is a pure
play uranium company and is advancing the next generation of
low-cost, environmentally friendly ISR mining uranium projects. The
Company has two production ready ISR hub and spoke platforms in
South Texas and Wyoming, anchored by fully licensed and
operational processing capacity at the Hobson and Irigaray Processing Plants. UEC
also has seven U.S. ISR uranium projects with all of their major
permits in place. Additionally, the Company has other
diversified holdings of uranium assets, including: 1) one of the
largest physical uranium portfolios of U.S. warehoused
U3O8; 2) a major equity stake in the only
royalty company in the sector, Uranium Royalty Corp; and 3) a
pipeline of resource-stage uranium projects in Arizona, Colorado, New
Mexico and 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
WKN: AØJDRR
ISN: US916896103
Safe Harbor Statement
Except for the statements of historical fact contained herein,
the information presented in this news release constitute
"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