Uranium Energy Corp (NYSE: UEC) is restarting uranium production in Wyoming amid heightened uranium prices.
Production is set to restart at the Christensen Ranch In-Situ Recovery operation in Wyoming, a fully permitted and past-producing ISR mine. The production of uranium is estimated to begin in August, and is to be funded by cash currently on the balance sheet.
Uranium recovered from the mine is slated to be processed at the Irigaray Central Processing Plant, which acts as a hub to four ISR projects in the Powder River Basin.
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Production volume estimates have not yet been released by the company, with estimates slated to be released as the restart of production nears. UEC noted however that its production will be 100% unhedged, enabling it to capitalize on the recent run up in uranium pricing.
“Uranium market fundamentals are the best the industry has witnessed, and various supply shocks have accelerated the bull market with recent prices eclipsing the $100 per pound level. [..] In addition to restarting production at the Company’s Wyoming operations, initiatives to resume production are also being advanced at our South Texas Hub & Spoke platform,” commented CEO Amir Adnani.
The restart of operations follows work conducted in 2023 in advance of announcing the restart, which includes the re-installment of equipment and piping, along with testing and repairs made to existing facilities. The company has also applied to expand the processing capacity of the Irigaray facility from 2.5 to 4.0 million pounds of U3O8 per year.
Uranium Energy Corp last traded at $7.77 on the NYSE.
