Uranium Energy (NYSE American: UEC), a U.S.-based uranium mining and exploration company, has been awarded a $17.85 million order from the U.S. Department of Energy (“DOE”) – National Nuclear Security Administration (“NNSA”) to supply 300,000 pounds of U.S.-origin uranium concentrates at $59.50 per pound. UEC was awarded the order after responding to the NNSA’s Request for Proposals (“RFP”) to establish its strategic national Uranium Reserve program. U.S. officials have called the Uranium Reserve an important step in helping to rebuild America’s nuclear fuel capabilities and revitalizing U.S. capability to fuel its existing reactor fleet as well as new advanced reactors. The Uranium Reserve was originally designed as a 10-year, $1.5 billion plan to help revitalize the domestic uranium and conversion industry. UEC’s award is part of an initial $75 million authorized by Congress in 2020 to advance the government’s goal of supporting America’s nuclear fuel supply chain and capabilities. According to the announcement, UEC plans to deliver the order via book transfer in Q1 2023. “We are honored and delighted to be selected as a domestic producer for this purchase of uranium concentrates by the NNSA and look forward to the further expansion of the Uranium Reserve program in the coming years,” said Uranium Energy president and CEO Amir Adnani in the press release. “The U.S. nuclear reactor fleet that provides about 20% of America’s electricity production, and over half of its clean energy, imports nearly 60% of its current uranium requirements from Russia , Kazakhstan and Uzbekistan . The U.S. overdependence on these imports creates untenable energy and national security risks that need immediate high-priority attention from industry and the federal government.”
To view the full press release, visit https://ibn.fm/5r6Vr
About Uranium Energy Corp.
Uranium Energy Corp is the fastest-growing supplier of the fuel required for green-energy transition to a low-carbon future. UEC is the largest, diversified North American-focused uranium company, advancing the next generation of low-cost, environmentally friendly in-situ recovery (“ISR”) mining uranium projects in the United States and high-grade conventional projects in Canada. The company has two production-ready ISR hub-and-spoke platforms in south Texas and Wyoming, anchored by fully operational central processing plants and served by seven U.S. ISR uranium projects with all their major permits in place. Additionally, UEC has diversified uranium holdings including: (1) one of the largest physical uranium portfolios of North American-warehoused U3O8; (2) a major equity stake in Uranium Royalty Corp., the only royalty company in the sector; and (3) a Western Hemisphere pipeline of resource-stage uranium projects. The company’s operations are managed by professionals with decades of hands-on experience in the key facets of uranium exploration, development and mining. For more information about the company, visit www.UraniumEnergy.com.
NOTE TO INVESTORS: The latest news and updates relating to UEC are available in the company’s newsroom at https://ibn.fm/UEC
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