Uranium Energy Corp with record uranium resource in U.S.

Uranium Energy Corp (UEC.US) shares are making renewed gains today amid the company's S-K 1300 mineralogical report disclosure, in which the company reported historically record uranium resources in the state of Wyoming and the growth of the strategic role of the resource in the US.

• Since the outbreak of war in Ukraine, the West has been considering increasing its share of nuclear power as part of a carbon-free, green and Russia-independent economy;

• Russia and satellite states like Kazakhstan have been among the primary suppliers of uranium (Kazatomprom) and enriched uranium (Rosatom) to the US;

• There is increasing talk in the US about the role of uranium as a strategic resource, and an embargo on Russian uranium is being considered;

• The stockpiles of nuclear power plants are sufficient for at least several months of undisturbed reactor operation, but so far senators have indicated that efforts to find and mine domestic uranium deposits in the US have been too small, creating an energy hazard;

• Uranium Energy Corp (UEC.US) is set to benefit from the Russian embargo as potentially the primary domestic supplier of uranium mined on US soil to US power plants;

• The company reported to the SEC a record uranium resource identified in the state of Wyoming under document S-K 1300, never before has another US resource producer reported such rich deposits; The company has several mining projects in Texas, Utah and Wyoming, among others;

• Canadian company Cameco, the largest western supplier of uranium, is up today; the price is approaching important resistance near $30, a sustained breakout of which could give additional momentum to buyers;

• Positive comments on uranium from Senators Kevin Cramer and John Barrasso, among others, who filed a bill yesterday, the 'National Opportunity to Restore Uranium Supply Services In America (NO RUSSIA) Act of 2022' that includes uranium as a strategic resource, which will entail increasing its production and supply

"Uranium is critical to our energy security, national security and grid reliability. Establishing a national strategic uranium reserve, consisting of uranium produced and processed in America, would reduce our dependence on Russia and other adversaries and support domestic energy production" - Senator Cramer conveyed.  

"Access to American-produced uranium is critical to both our energy and national security," said Senator Barrasso. "We cannot depend on our adversaries for the fuel we have at home. My bill will jump-start America's nuclear fuel supply chain. It will increase demand for Wyoming uranium and provide America with the fuel needed to power our nuclear reactors." 

Uranium Energy Corp (UEC.US), D1 interval. The stock has been in an uptrend again since the end of January 2021 and is trying to break through the price peaks from the fall of 2021. We can see that the uptrend line is preserved and the price continues its upward movement despite the dynamic corrections that coincided with the 78.6, 38.2 and 23.6 Fibonacci retracement respectively. The correction of the last days came to an end with the reports about the identification of record uranium resources by UEC.US, which can potentially give the bulls hope of a successful attack on new peaks, near $5.60. Source: xStation5