Oct 17, 2022
Uranium Energy (NYSE American: UEC), a U.S.-based uranium mining and exploration company, has completed the acquisition of the Roughrider uranium development project from a subsidiary of Rio Tinto plc; the project is located in the Athabasca Basin in Saskatchewan, Canada. According to the announcement, UEC has paid $80 million in cash and 17,805,815 common shares, valued at $70 million, for the project. The acquisition provides UEC with a world-class project in a premier uranium mining jurisdiction while also unlocking value and immediate synergies with the company’s recent UEX acquisition. The acquisition includes the project’s infrastructure and nearby operations as well as a rich uranium history and a decade of development work already completed. “We are pleased to welcome Rio Tinto as a new shareholder and value their vote of confidence in choosing to complete this transaction with UEC,” said Uranium Energy president and CEO Amir Adnani in the press release. “With the acquisitions of Uranium One Americas, UEX and now Rio Tinto’s Roughrider project, we have created an unrivalled, pure play uranium company. Our two-pronged approach combines best in-class 1) U.S. ISR production and 2) Canadian high-grade conventional pipeline. We see unprecedented growth taking place in nuclear energy and growing demand for uranium, driven by net-zero goals and global decarbonization initiatives. With this backdrop, UEC offers unencumbered and unhedged exposure for investors and is positioned as a reliable supplier of uranium to western utilities with the largest diversified North American focused projects and resources. By acquiring Roughrider, UEC has achieved critical mass in Eastern Athabasca basin to pursue stand-alone production plans. The 100% owned Roughrider project will anchor our Canadian high-grade conventional business and allow us to unlock value from the portfolio recently acquired from UEX.”
To view the full press release, visit https://ibn.fm/9CYye
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. UEC also has seven U.S. ISR uranium projects with all major permits in place. Additionally, UEC 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 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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