Uranium Energy Corp. filed SEC Form 8-K: Regulation FD Disclosure, Financial Statements and Exhibits
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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(U.S. corporate headquarters)
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(Zip Code)
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1830 – 1188 West Georgia Street
Vancouver, British Columbia, Canada |
V6E 4A2
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(Canadian corporate headquarters)
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(Zip Code)
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(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol (s)
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Name of each exchange on which registered
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Item 7.01
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Regulation FD Disclosure
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Creates UEC’s Third U.S. Hub-and-Spoke Production Platform – UEC currently controls 12 uranium projects in the Great Divide Basin of Wyoming. The addition of Rio Tinto's Sweetwater Plant and portfolio of permitted and exploration stage projects is highly strategic and enables UEC to unlock the development potential of the Company’s extensive portfolio in the Great Divide Basin, creating a third U.S. hub-and-spoke production platform within UEC’s pure-play uranium business.
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Highly Invested Asset Base with Operating Synergies – Significant asset base with high replacement value and substantial time and cost-savings compared to building and licensing a new processing facility and assembling similar levels of geological data, with minimal capital required to prepare the Sweetwater Plant for in-situ recovery (“ISR”) processing. In addition, the Transaction provides UEC critical scale in the Great Divide Basin, with opportunities to realize synergies from shared infrastructure and project personnel expertise.
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Sizeable and Accretive Resource Growth – Addition of approximately 175 million pounds of historic uranium resources(1), at an in-situ valuation multiple well below UEC’s current trading levels. Approximately half of these resources appear amenable to ISR mining methods and half to conventional mining. ISR amenable resources will be prioritized for development and near-term production, with conventional resources providing substantial optionality for further production growth.
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Significant Scarcity Value and Production Optionality – The Transaction represents an increasingly rare opportunity to acquire licensed facilities and permitted uranium mining resource properties from a global mining leader. These assets significantly enhance and expedite UEC’s production capabilities in the Great Divide Basin. The Sweetwater Plant, a 3,000 ton per day processing mill, with a licensed capacity of 4.1 million pounds per year, can also be adapted for recovery of uranium from loaded resins produced by ISR operations. This provides UEC with production flexibility for both ISR and conventional mining.
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Extensive Land Package, Geological Data and Exploration Opportunities – Adds more than 53,000 highly prospective acres of land for future exploration along with an extensive geological database gathered from over 6.1 million feet of drilling (approximately 13,000 drill holes with 26,000 assay records, and downhole geophysical logs with equivalent uranium grades) facilitating historical resource conversion and more effective exploration. Combined with UEC’s existing 54,615 acres of mining rights in the Great Divide Basin, this will establish a portfolio of approximately 108,000 acres of mining and exploration prospects.
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Attractive Industry Tailwinds, Driven by Geopolitical Catalysts and Growing Clean Energy Demand – As illustrated by the recently announced planned restart of Three Mile Island Unit 1 and Microsoft’s long-term power purchase agreement with the facility, U.S. nuclear energy will be a critical supplier of the carbon-free energy needed to fuel the artificial intelligence boom. The growing demand for domestically sourced uranium is further bolstered by recent geopolitical events, including the U.S. import ban on Russian uranium, the U.S. Department of Energy’s recently issued Request for Proposal to purchase domestically sourced supply and Russian threats to limit or ban exports to the western world.
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1)
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completing an S-K 1300 resource report to upgrade and confirm historic estimates;
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2)
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building a dedicated team to advance our third hub-and-spoke production platform; and
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refurbishing parts of the Sweetwater Plant and completing equipment modifications for ISR processing.”
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1.
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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.
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Item 9.01
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Financial Statements and Exhibits
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(d)
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Exhibits
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Exhibit |
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Description
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99.1 |
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104 |
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Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document).
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URANIUM ENERGY CORP.
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DATE: September 23, 2024.
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By:
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/s/ Pat Obara
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Pat Obara, Secretary and
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Chief Financial Officer
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