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Uranium Energy Corp. (NYSE American: UEC) Chairman and Former U.S. Energy Secretary: A Renaissance Coming for Nuclear Energy Under New Administration
March 17, 2021

Uranium Energy Corp. (NYSE American: UEC) Chairman and Former U.S. Energy Secretary: A Renaissance Coming for Nuclear Energy Under New Administration

  • Currently, nuclear power is the nation’s 2nd largest source of electricity production, providing 20% of the nations’ total generation
  • As a result of its carbon-free, emission free attributes, nuclear power is likely to grow with the new Administration’s clean energy initiatives, including those supporting a transition to more EV’s
  • Nuclear energy is America’s largest source of carbon-free energy and its largest source of baseload power that isn’t a fossil fuel source
  • UEC has a near-term production profile of 4 million pounds U3O8 per year via its low cost, environmentally friendly In-Situ Recovery (“ISR”) projects in Texas and Wyoming

With every changing presidential administration, investors glean as much information as possible from previous policies and campaign promises in order to be best positioned for industries that should prosper under new leadership. In the case of nuclear energy, not much has changed with the transition to a new Presidential administration. This topic and others were recently discussed in a virtual fireside chat between BMO Capital Markets Mining Analyst Alexander Pearce and Spencer Abraham, Chairman of Uranium Energy (NYSE American: UEC) and former United States Secretary of Energy (https://ibn.fm/OdN7N).

“They get to the same place, maybe with different pathways,” said Secretary Abraham. He expounded that contrary to the previous “all of the above” approach to U.S. energy independence, the current administration has a preference for alternative energy sources, stepping away from fossil fuel sources. The baseload power demand at the global level means that nuclear power remains a centerpiece as the largest baseload power supplier that isn’t a fossil source.

Nuclear energy currently provides about 20 percent of the electricity used in the U.S., is the nation’s second largest source of power and its largest source of emissions free energy.  Furthermore, it is highly reliable, with capacity factors greater than 92%, generating 24-7 baseload power.   Against the backdrop of a growing electric vehicle fleet, electricity required for charging stations will add to demand, particularly at night, or generally “off peak” times when EVs will be plugged in.

In other words, the future of nuclear energy remains bright. In fact, Secretary Abraham foresees a period of strong growth and a renaissance for the nuclear sector. Innovation will be encouraged in the field of nuclear energy as part of his climate-friendly initiatives.

In the video, the gentlemen also discussed the U.S. Uranium Reserve Initiative, a version of the strategic petroleum reserve considered critical to U.S. national security, to begin restoring a domestic supply chain instead of the current model of overdependence on foreign suppliers that are providing about 99 percent of the nation’s uranium.

This is expected to be beneficial to Corpus Christi-based UEC, which owns or controls uranium projects in Texas (Hobson Processing Plant, Palangana, Goliad, Burke Hollow, Salvo, Longhorn), Wyoming (Reno Creek), New Mexico (Dalton Pass, C de Baca), Colorado (Long Park, Slick Rock) and Arizona (Anderson, Los Cuatros, Workman Creek), in addition to two projects in Paraguay and another in Canada. The Reno Creek project is the largest permitted, pre-construction ISR uranium project in the U.S.

The Uranium Reserve is only a first step in a changing the nuclear fuel supply chain landscape, according to Secretary Abraham. The new Administration has pledged to examine a litany of supply chain challenges for vital minerals. As that review happens, it will highlight the need to ensure the U.S. has access to all components in the nuclear fuel supply chain from uranium to enrichment capacities. This too will be positive for UEC and others in the space.

UEC has amassed a substantial portfolio of ISR uranium reserves in the U.S. with near term annual production estimated at 4 million pounds of U3O8 from the projects in Texas and Wyoming. In ISR mining, uranium is extracted through a series of injection and production wells in a process that is similar to a water softener. The process is known to be a more environmentally friendly and cost-effective recovery process than conventional mining.

Going forward, Secretary Abraham sees a lot of positives for the industry with the new Administration. He noted that there is already a trend shift amongst former opponents of nuclear energy that have come to recognize that nuclear energy is clean energy. He expects that trend to continue and accelerate as the new Administration enforces climate friendly policies, which will lead to additional investment in the industry.

For more information, visit the company’s website at 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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