Uranium Participation Corporation (TSX: U) reports its estimated net asset value at December 31, 2020 was CAD$665.4 million or CAD$4.93 per share. As at December 31, 2020, UPC’s uranium investment portfolio consisted of the following:
|(in thousands of Canadian dollars, except quantity amounts)||
|Investments in Uranium:|
|Uranium oxide in concentrates (“U3O8“)||16,269,658 lbs||$||621,436|
|Uranium hexafluoride (“UF6“)||300,000 KgU||$||37,432|
|U3O8 fair value1 per pound:|
|– In Canadian dollars1||$||38.20|
|– In United States dollars||$||30.00|
|UF6 fair value1 per KgU:|
|– In Canadian dollars1||$||124.77|
|– In United States dollars||$||98.00|
|1 Fair values are month-end spot prices published by Ux Consulting Company, LLC, translated at the Bank of Canada’s month-end daily exchange rate of $1.2732.|
On the last trading day of December 2020, the common shares of UPC closed on the TSX at a value of CAD$4.91, which represents a 0.41% discount to the net asset value of CAD$4.93 per share.
On April 14, 2020, UPC announced that it had received approval from the TSX to acquire for cancellation, by way of a normal course issuer bid (‘NCIB’), up to 12,301,750 common shares of the Corporation, during the period from April 16, 2020 to April 15, 2021. During the month of December 2020, the Corporation repurchased 616,860 shares under the NCIB.
In addition, during the month of December 2020, the Corporation completed a transaction to sell the conversion component contained in 100,000 KgU as UF6 for 261,285 pounds of U3O8 and cash consideration of CAD$2,727,000. The majority of the net cash proceeds generated by the sale were utilized to fund share repurchases.
About Uranium Participation Corporation
Uranium Participation Corporation is a company that invests substantially all of its assets in uranium oxide in concentrates (“U3O8“) and uranium hexafluoride (“UF6“) (collectively “uranium”), with the primary investment objective of achieving appreciation in the value of its uranium holdings through increases in the uranium price. UPC provides investors with a unique opportunity to gain exposure to the price of uranium without the resource or project risk associated with investing in a traditional mining company.
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We acknowledge the [financial] support of the Government of Canada.