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Uranium Energy Corp Increases Licensed Production Capacity to 4 Million Pounds of U3O8 per year at the Irigaray Processing Plant

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Uranium Energy Corp Increases Licensed Production Capacity to 4 Million Pounds of U3O8 per year at the Irigaray Processing Plant

 

 

 

 

 

UEC will have a U.S. industry-leading, three hub-and-spoke production platforms in Wyoming and Texas

 

12.1 million pounds of U3O8 per year of combined U.S. licensed production capacity, upon closing the previously announced acquisition of Rio Tinto’s Wyoming Assets

 

Uranium Energy Corp (NYSE American: UEC) is pleased to announce that it has received approval from the Wyoming Department of Environmental Quality, Uranium Recovery Program, to increase the licensed production capacity at its Irigaray Central Processing Plant to 4.0 million pounds of U3O8 annually.

 

The Irigaray Plant serves as the cornerstone of UEC’s hub-and-spoke production strategy in the Powder River Basin of Wyoming. The facility supports four of UEC’s fully permitted uranium in-situ recovery satellite projects in the area, including the producing Christensen Ranch project. Engineering work is already underway and certain key equipment, including a filter press, has been acquired to increase the plant’s output.

 

Amir Adnani, President and CEO, commented, “The expansion of Irigaray’s licensed annual capacity to 4.0 million pounds is a major achievement and comes at the perfect time with compelling industry drivers. The extraordinary growth in nuclear power in the U.S. is creating a new demand paradigm for uranium supply from stable domestic sources. Big tech companies, like Amazon, Google, Microsoft and Oracle, are making significant financial commitments for nuclear energy to provide the electricity needed to power data centers. This approach to invest directly into nuclear generation infrastructure reflects the realization that nuclear energy provides safe, highly reliable, economic and clean energy.”

 

Mr. Adnani continued: “This latest milestone also reflects the hard work and dedication of the UEC team, who have been focused on expanding our capabilities at Irigaray and ramping-up production at Christensen Ranch. Looking ahead, the anticipated closing of the acquisition of Rio Tinto America’s Wyoming assets will provide an industry leading, third production platform in the U.S. that will allow us to maximize the full potential of our Great Divide Basin projects.”

 

Brent Berg, Senior Vice President of U.S. Operations, added, “This licensing milestone represents a critical advance in strengthening our domestic uranium production. It allows us to fully capitalize on the various additional near-term production opportunities in our Powder River Basin ISR portfolio where UEC has aggregate estimated resources of 62,329,200 lbs U3O8 in the measured and indicated category and 10,724,700 lbs U3O8 in the inferred category.”(1)

 

Additionally, the Company announces that it has engaged Stantec, of Chandler, Arizona, to provide engineering services, process design optimization, capital cost estimates, and a project execution schedule for its planned Powder River Basin production expansion. Stantec is a global leader in engineering, design, project delivery and environmental sustainability.

 

As previously announced on September 23, 2024, UEC reached a landmark deal with Rio Tinto which will give the Company a third hub-and-spoke production platform in Wyoming’s Great Divide Basin. The acquisition includes the Sweetwater Plant, with a licensed capacity of 4.1 million pounds of U3O8 per year, along with a portfolio of uranium projects that will add 175 million pounds of historic resources to UEC’s existing resource base(2).

 

In addition to the two hub-and-spoke platforms in Wyoming, UEC also operates an ISR hub-and-spoke production platform in South Texas centered around the Hobson Central Processing Plant, with a licensed capacity of 4 million pounds of U3O8 annually.

 

Note:

1. S-K 1300 Mineral Resource Report Wyoming Hub and Spoke ISR Project, WY, USA dated September 13, 2022, Western Water Consultants, Inc.
2. Based upon internal studies and other historic data prepared by prior owners in regards to the projects and dated between 1984 and 2019. Such estimates are being treated by the Company as historical in nature and a qualified person has not done sufficient work to classify the historical estimates as current mineral resources. The Company is not treating them as current resource estimates and is disclosing these historic estimates for illustrative purposes and to provide readers with relevant information regarding the projects. In addition, such estimates were not prepared under S-K 1300 standards and the results of future estimates by the Company may vary from these historic estimates.

 

Qualified Person

 

The technical information in this news release has been reviewed and approved by Dayton Lewis, P.Geo., UEC’s V.P. – Wyoming Resource Development, who is a Qualified Person for the purposes of SEC Regulation S-K 1300.

 

About Uranium Energy Corp

 

Uranium Energy Corp is America’s largest and fastest growing supplier of uranium needed to produce safe, clean, reliable nuclear energy. UEC is advancing the next generation of low-cost, environmentally friendly 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. These two production platforms are anchored by fully operational Central Processing Plants and served by seven U.S. ISR uranium projects with all their major permits in place. In August 2024, production began at the Christensen Ranch project in Wyoming, sending uranium loaded resin to the CPP at Irigaray (Wyoming hub). Additionally, the Company has diversified uranium holdings including: (1) one of the largest physical uranium portfolios of U.S. 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.

 

Posted October 17, 2024

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