Uranium Energy Corp is currently the largest U.S. producer of uranium. In the United States, production of the strategic raw material is only just recovering. The U.S. used to import enriched uranium from Russia and eastern countries (Kazakhstan, Uzbekistan) despite its huge natural resources. Today, however, for the sake of energy security, the situation is changing:
- On September 2, the White House asked Congress for $1.5 billion in funding for the U.S. Department of Energy to provide security for the U.S. nuclear sector;
- UEC has reported record deposits within the 'Wyoming ISR Hub and Spoke'. The total resource reported at the mining complex was 58,500 tons of uranium ore, which contains about 0.064% U308.
- The company made two strategic acquisitions this year, Uranium One Americas ($112 million in cash) and Anfield Energy through which it acquired the Reno Creek project;
- Amir Adnani commented on the report, highlighting that the Wyoming platform has the largest resource base in the U.S. for in-situ effective recovery (ISR). The state contains the largest identified uranium deposits in the Western Hemisphere susceptible to ISR mining. To date, UEC has identified 66 million pounds of resources and 15 million pounds of still unproven deposits;
- Projects underway in Wyoming and Texas position UEC as the undisputed leader of U.S. uranium mining companies. ISR projects that are more easily scalable, where extraction involves lower costs than traditional methods, may provide the future basis for U.S. nuclear energy security.
Map of Uranium Energy Corp's projects in Wyoming. The center is the operating Irigaray plant. Source: UEC
Uranium Energy Corp (UEC.US) chart, D1 interval. The company's stock is still above its 200-session moving average, and the RSI may herald a slow recovery in demand. Although the bulls have been rejected twice from support at $4.70 a renewed attack of these areas seems possible in the context of the global energy crisis and the more favorable narrative around nuclear power recently. Source: xStation5
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