What’s Going On With Uranium Energy Corp?
Uranium Energy Corp (UEC) announced recent increases in its physical and equity uranium holdings. Shares of the company were trading down -1.13% to $3.05 a share on Thursday.
What Does This Mean For Uranium Energy Corp?
UEC acquired an additional 200,000 pounds of U.S. warehoused uranium. UEC’s physical uranium initiative is fully funded with cash on hand, which includes 2.305 million pounds of U.S. warehoused uranium at a volume-weighted average price of ~$30 per pound with various delivery dates out to June 2023.
Additionally, UEC has bought an additional 1,000,000 common shares of Uranium Royalty Corp so as to maintain its existing strategic ownership position in URC. UEC now owns 15 million shares of URC at an average cost base of C$1.09 per share. Following the closing of the latest physical and equity acquisitions has over $115 million in cash, equity, and inventory holdings. UEC rose by as much as 10.5% on Monday in a most unusual bull rally following a prospectus filing with the Securities and Exchange Commission, which is something that would ordinarily cause a drop in price.
Uranium Energy Corp., together with its subsidiaries, engages in exploration, pre-extraction, extraction, and processing uranium and titanium concentrates in the United States, Canada, and Paraguay. It owns interests in the Palangana mine, Goliad, Burke Hollow, Longhorn, and Salvo projects located in Texas; Anderson, Workman Creek, and Los Cuatros projects situated in Arizona; Slick Rock project in Colorado; Reno Creek project in Wyoming; Diabase project located in Canada; and Yuty, Oviedo, and Alto Paraná titanium projects in Paraguay.
Uranium Energy Corp is engaged in the uranium mining and related activities, including exploration, pre-extraction, extraction and processing, on uranium projects located in the United States and Paraguay. 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, it 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 the highest-grade and largest undeveloped Ferro-Titanium deposits in the world, located in Paraguay.
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