Uranium Energy (NYSE American: UEC), a U.S.-based uranium mining and exploration company, is applauding the Biden administration’s emergency request to Congress for $1.5 billion in emergency funds to be used in efforts to reduce the country’s reliance on Russia for nuclear fuel. According to the announcement, last week the White House made a supplemental appropriations request to Congress for the continuing resolution; the resolution included a request for $1.5 billion earmarked for the Department of Energy to acquire both low enriched uranium and high-assay low enriched Uranium (“HALEU”). The company noted that currently the United States, which is the world’s largest consumer of uranium fuel, relies on nuclear energy for 20% of its electricity supplies. “Recent events have demonstrated the risks associated with depending on Russian energy exports,” said UEC chair and former U.S. energy secretary Spencer Abraham in the press release. “The events in Ukraine and Russia’s disruptions of natural gas supplies to Europe are a grim reminder of these risks. Accordingly, the United States must proactively address the potential impacts of a sudden cut-off, ban or embargo of Russian uranium and nuclear fuel. To address our dependence on Russia for the key elements in our nuclear fuel cycle from the mining of uranium to its conversion and enrichment we need to act now. We look forward to learning more of the details as to how the Department of Energy will be making the necessary investments in the nuclear fuel supply chain and hope that a significant component of these investments will be deployed to increase the domestic production of uranium. It remains of high concern that we are currently reliant on 60% of our uranium supplies from Russia, Kazakhstan and Uzbekistan, despite abundant untapped, American resources.”
To view the full press release, visit https://ibn.fm/jW7pn
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 licensed and 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; (3) a pipeline of resource-stage uranium projects in Arizona and Paraguay. The company’s operations are managed by professionals with a recognized profile for excellence in their industry, a profile based on many 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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