New York, September 23, 2024 - PRISM MarketView - Uranium Energy Corp. (NYSE American: UEC) is leading PRISM Market View’s New Energy Index with the news that it has entered into an agreement to acquire Rio Tinto America Inc.’s Wyoming assets. The PRISM Emerging New Energy Index tracks small and micro-cap stocks that contribute to the renewable energy market through other environmentally friendly methods such as uranium, wind, hydropower, geothermal, solar and more.
The Wyoming-based assets include the Sweetwater Plant and a portfolio of uranium mining projects with approximately 175 million pounds of historic resources. The purchase price is $175 million and will be funded with Uranium Energy Corp.’s available liquidity. This will expand UEC’s market share in Wyoming – the company currently controls 12 uranium projects in the state’s Great Divide Basin.
“Expanding our production capabilities with the acquisition of highly sought-after and fully licensed uranium assets in the U.S. is an important and timely milestone. These assets will unlock tremendous value by establishing our third hub-and-spoke production platform and cement UEC as the leading uranium developer in Wyoming and the U.S. We’re witnessing unprecedented global growth in nuclear energy and demand for uranium as demonstrated by the recently proposed Three Mile Island restart in support of Microsoft’s AI growth. With our fourth acquisition since 2021, UEC is continuing to execute towards building the premier and fastest growing North American uranium company.”
Amir Adnani, UEC President and CEO
The acquisition offers a rare opportunity to acquire a licensed facility and permitted uranium mining resource property; the Sweetwater Plant is currently a 3,000-ton-per-day processing mill with a licensed capacity of 4.1 million pounds per year. In addition, the transaction adds more than 53,000 highly prospective acres of land for future exploration and an extensive geological database gathered from over 6.1 million feet of drilling to spur historical resource conversion and more effective exploration. It will establish a portfolio of approximately 108,000 acres of mining and exploration prospects.
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.
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