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URANIUM ENERGY CORP

URANIUM ENERGY CORPUECEarnings & Financial Report

NYSE · Materials · Miscellaneous Metal Ores

Uranium Energy Corp is a US-based uranium exploration and mining company specializing in low-cost in-situ recovery uranium extraction operations across North America. It supplies nuclear fuel feedstock to utility firms running nuclear power plants, with core project assets located in Texas, Wyoming and other U.S. states, catering to rising global demand for zero-emission nuclear energy resources.

What changed in URANIUM ENERGY CORP's 10-K — 2022 vs 2023

Top changes in URANIUM ENERGY CORP's 2023 10-K

1025 paragraphs added · 1705 removed · 539 edited across 9 sections

Item 1. Business

Business — how the company describes what it does

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Item 1. Business Uranium Energy Corp. (UEC: NYSE AMERICAN) is a fast growing, uranium mining company listed on the NYSE American. UEC is working towards fueling the global demand for carbon-free nuclear energy, a key solution to climate change, and energy source for the low-carbon future.
Item 1. Business Uranium Energy Corp. is a fast growing, uranium mining company listed on the NYSE American. UEC is working towards fueling the global demand for carbon-free nuclear energy, a key solution to climate change, and energy source for the low-carbon future.
We do not expect, however, to utilize ISR mining for all of our uranium projects in which case we would expect to rely on conventional open pit and/or underground mining techniques.
We do not expect, however, to utilize ISR mining for all of our uranium projects in which case we would expect to rely on conventional open pit and/or underground mining techniques.
In Texas, where the Company’s hub-and-spoke operations are anchored by the fully-licensed Hobson Processing Facility, surface extraction and exploration for uranium is regulated by the RCT, while ISR uranium extraction is regulated by the TCEQ. An exploration permit is the initial permit granted by the RCT that authorizes exploration drilling activities inside an approved area.
Texas In Texas, where the Company’s hub-and-spoke operations are anchored by the fully-licensed Hobson Processing Facility, surface extraction and exploration for uranium is regulated by the RCT, while ISR uranium extraction is regulated by the TCEQ. An exploration permit is the initial permit granted by the RCT that authorizes exploration drilling activities inside an approved area.
Titanium dioxide is used in many “quality of life” products for which demand historically has been linked to global gross domestic product (“GDP”), ongoing urbanization trends and discretionary spending. 90% of all the mined titanium feedstocks are used to manufacture pure titanium dioxides – a pigment that enhances brightness and opacity in paints, inks, paper, plastics, food products and cosmetics.
Titanium dioxide is used in many “quality of life” products for which demand historically has been linked to global gross domestic product (“GDP”), ongoing urbanization trends and discretionary spending. 90% of all the mined titanium feedstocks are used to manufacture pure titanium dioxide – a pigment that enhances brightness and opacity in paints, inks, paper, plastics, food products and cosmetics.
Remediation of a property is required in accordance with regulatory standards, which may include the posting of reclamation bonds. 9 In Arizona, Colorado, New Mexico and Wyoming our mineral rights are held either exclusively or through a combination of federal mining claims and state and private mineral leases.
Remediation of a property is required in accordance with regulatory standards, which may include the posting of reclamation bonds. In Arizona, Colorado, New Mexico and Wyoming our mineral rights are held either exclusively or through a combination of federal mining claims and state and private mineral leases.
The remaining 10% of supply is used in the production of titanium metal and steel fabrication. 7 Demand for titanium feedstocks, such as ilmenite, is closely tied to titanium dioxide pigment demand. The global titanium pigment demand fundamentals are underpinned by urbanization and rising living standards and as such the long-term demand fundamentals remain robust.
The remaining 10% of supply is used in the production of titanium metal and steel fabrication. Demand for titanium feedstocks, such as ilmenite, is closely tied to titanium dioxide pigment demand. The global titanium pigment demand fundamentals are underpinned by urbanization and rising living standards and as such the long-term demand fundamentals remain robust.
In-Situ Recovery (ISR) Mining We utilize in-situ recovery or ISR uranium mining for our South Texas projects as well as our Reno Creek Project in Wyoming, and will continue to utilize ISR mining whenever such alternative is available to conventional mining.
In-Situ Recovery (ISR) Mining We utilize in-situ recovery or ISR uranium mining for our South Texas projects as well as our Reno Creek Project in Wyoming, and will continue to utilize ISR mining whenever such an alternative is available to conventional mining.
One such U.S. origin specific opportunity is the Company’s plan to participate in supplying the Uranium Reserve, as outlined in the Nuclear Fuel Working Group report published by the U.S. Department of Energy (the “UR”).
One such U.S. origin specific opportunity is the Company’s plan to participate in supplying the Uranium Reserve, as outlined in the Nuclear Fuel Working Group report published by the U.S. Department of Energy.
Palangana Mine We hold various mining lease and surface use agreements generally having an initial five-year term with extension provisions, granting us the exclusive right to explore, develop and mine for uranium at our Palangana Mine, a 6,406-acre property located in Duval County, Texas, approximately 100 miles south of the Hobson Processing Facility.
Palangana Mine We hold various mining lease and surface use agreements generally having an initial five-year term with extension provisions, granting us the exclusive right to explore, develop and mine for uranium at our Palangana Mine, a 6,969-acre property located in Duval County, Texas, approximately 100 miles south of the Hobson Processing Facility.
With a physical capacity to process uranium-loaded resins up to a total of two million pounds of U 3 O 8 annually and licensed to process up to one million pounds of U 3 O 8 annually, our fully-licensed and 100%-owned Hobson Processing Facility forms the basis for our “hub-and-spoke” strategy in the State of Texas, specifically in the South Texas Uranium Belt, where we utilize ISR mining.
With a physical capacity to process uranium-loaded resins up to a total of two million pounds of U 3 O 8 annually and licensed to process up to four million pounds of U 3 O 8 annually, our fully-licensed and 100%-owned Hobson Processing Facility forms the basis for our “hub-and-spoke” strategy in the State of Texas, specifically in the South Texas Uranium Belt, where we utilize ISR mining.
As at July 31, 2022, we hold certain mineral rights in various stages in the States of Arizona, Colorado, New Mexico, Texas and Wyoming, in Canada and in the Republic of Paraguay, many of which are located in historically successful mining areas and have been the subject of past exploration and pre-extraction activities by other mining companies.
As at July 31, 2023, we hold certain mineral rights in various stages in the States of Arizona, Colorado, New Mexico, Texas and Wyoming, in Canada and in the Republic of Paraguay, many of which are located in historically successful mining areas and have been the subject of past exploration and pre-extraction activities by other mining companies.
As at July 31, 2022, we held two Class I disposal well permits for each of our Hobson Processing Facility, Palangana Satellite Facility and Burke Hollow and Goliad Projects. The federal Safe Drinking Water Act (“SDWA”) creates a regulatory program to protect groundwater and is administered by the EPA.
As at July 31, 2023, we held two Class I disposal well permits for each of our Hobson Processing Facility, Palangana Satellite Facility and Burke Hollow and Goliad Projects. The federal Safe Drinking Water Act (“SDWA”) creates a regulatory program to protect groundwater and is administered by the EPA.
On August 9, 2017, we acquired a 100% interest in AUC Holdings (US), Inc. (“AUC”). On January 31, 2018, we incorporated a wholly-owned subsidiary, UEC Resources (SK) Corp., under the laws of the Province of Saskatchewan, Canada. On December 17, 2021, we acquired a 100% interest in Uranium One Americas, Inc. (“U1A”) (now UEC Wyoming Corp.).
On August 9, 2017, we acquired a 100% interest in AUC Holdings (US), Inc. (“AUC”). On January 31, 2018, we incorporated a wholly-owned subsidiary, UEC Resources (SK) Corp. (“UEC SK”), under the laws of the Province of Saskatchewan, Canada. On December 17, 2021, we acquired a 100% interest in Uranium One Americas, Inc. (“U1A”) (now UEC Wyoming Corp.).
In November 2010, the Palangana Mine commenced uranium extraction utilizing ISR mining and in January 2011 the Hobson Processing Facility began processing resins received from the Palangana Mine. Material Relationships Including Long-Term Delivery Contracts As at July 31, 2022, we had no uranium supply or “off-take” agreements in place.
In November 2010, the Palangana Mine commenced uranium extraction utilizing ISR mining and in January 2011 the Hobson Processing Facility began processing resins received from the Palangana Mine. Material Relationships Including Long-Term Delivery Contracts As at July 31, 2023, we had no uranium supply or “off-take” agreements in place.
As at July 31, 2022, we held one exploration permit in each of Bee, Duval and Goliad Counties in Texas. As an example of the regulation that guides our industry, before ISR uranium extraction can begin in Texas, a number of permits must be granted by the TCEQ.
As at July 31, 2023, we held one exploration permit in each of Bee, Duval and Goliad Counties in Texas. As an example of the regulation that guides our industry, before ISR uranium extraction can begin in Texas, a number of permits must be granted by the TCEQ.
Surety funding is in the form of cash or bonds, and includes an excess of 15% for contingencies and 10% for overhead, adjusted annually for inflation. As at July 31, 2022, we held RMLs for our Palangana Mine, Burke Hollow and Goliad Projects and Hobson Processing Facility.
Surety funding is in the form of cash or bonds, and includes an excess of 15% for contingencies and 10% for overhead, adjusted annually for inflation. As at July 31, 2023, we held RMLs for our Palangana Mine, Burke Hollow and Goliad Projects and Hobson Processing Facility.
Since commencement of uranium extraction from our ISR Mines in November 2010 to July 31, 2022, our Hobson Processing Facility has processed 578,000 pounds of U 3 O 8 . As at July 31, 2022, we had no uranium supply or “off-take” agreements in place.
Since commencement of uranium extraction from our ISR Mines in November 2010 to July 31, 2023, our Hobson Processing Facility has processed 578,000 pounds of U 3 O 8 . As at July 31, 2023, we had no uranium supply or “off-take” agreements in place.
Funding for surety is in the form of cash or bonds, including an excess of 15% for contingencies and 10% for overhead, adjusted annually for inflation. As at July 31, 2022, we held MAPs for our Palangana Mine and our Goliad and Burke Hollow Projects.
Funding for surety is in the form of cash or bonds, including an excess of 15% for contingencies and 10% for overhead, adjusted annually for inflation. As at July 31, 2023, we held MAPs for our Palangana Mine and our Goliad and Burke Hollow Projects.
The Hobson Processing Facility has a physical capacity to process uranium-loaded resins up to a total of two million pounds of U 3 O 8 annually and is licensed to process up to one million pounds of U 3 O 8 annually.
The Hobson Processing Facility has a physical capacity to process uranium-loaded resins up to a total of two million pounds of U 3 O 8 annually and is licensed to process up to four million pounds of U 3 O 8 annually.
Additional information about the Company can be found on our website, however, such information is neither incorporated by reference nor included as part of this or any other report or information filed with or furnished to the SEC.
Additional information about the Company can be found on our website, however, such information is neither incorporated by reference nor included as part of this or any other report or information filed with or furnished to the SEC. 10 Table of Contents
It is common to have multiple PAAs in extraction at any one time with additional units in various states of exploration, pre-extraction and/or restoration. 8 After mining is complete in a PAA, aquifer restoration will begin as soon as practicable and will continue until the groundwater is restored to pre-mining conditions.
It is common to have multiple PAAs in extraction at any one time with additional units in various states of exploration, pre-extraction and/or restoration. 4 Table of Contents After mining is complete in a PAA, aquifer restoration will begin as soon as practicable and will continue until the groundwater is restored to pre-mining conditions.
Under the mining laws of Saskatchewan, Canada, title to mineral rights for our Diabase Project is held through The Crown Minerals Act of the Province of Saskatchewan. In addition, The Mineral Resources Act, 1985 and The Mineral Tenure Registry Regulations affect the rights and administration of mineral tenure in Saskatchewan.
Under the mining laws of Saskatchewan, Canada, title to mineral rights for our projects in Saskatchewan is held through The Crown Minerals Act of the Province of Saskatchewan. In addition, The Mineral Resources Act, 1985 and The Mineral Tenure Registry Regulations affect the rights and administration of mineral tenure in Saskatchewan.
Our Diabase Project lands are currently claimed as “Crown dispositions” or “mineral dispositions”. Subject to section 19 of The Crown Minerals Act, a claim grants to the holder the exclusive right to explore for any Crown minerals that are subject to these regulations within the claim lands.
Our lands of Saskatchewan projects are currently claimed as “Crown dispositions” or “mineral dispositions”. Subject to section 19 of The Crown Minerals Act, a claim grants to the holder the exclusive right to explore for any Crown minerals that are subject to these regulations within the claim lands.
We have one uranium mine located in the State of Texas, our Palangana Mine, which utilizes ISR mining and commenced extraction of uranium oxide (“U 3 O 8 ”), or yellowcake, in November 2010.
We have one uranium mine located in the State of Texas, our Palangana Mine, which utilizes ISR mining and commenced extraction of U 3 O 8 , or yellowcake, in November 2010.
In our view, what appear to be longer-term supply and demand fundamentals and, more specifically, the long-term global shift towards higher grade feedstocks, have the potential to keep upward pressure on high-quality feedstock prices.
In our view, what appear to be longer-term supply and demand fundamentals and, more specifically, the long-term global shift towards higher grade feedstocks, have the potential to keep upward pressure on high-quality feedstock prices and hence the potential product from the Alto Parana Project.
Water consumption at UEC’s ISR mining projects is primarily natural groundwater. During the recovery process, water is pumped from the ore hosted aquifer and piped to the satellite facility. The groundwater is filtered for solids, stripped of uranium, allowed to settle and then approximately 95% is reinjected or recirculated back into the same aquifer it was recovered from.
During the recovery process, water is pumped from the ore hosted aquifer and piped to the satellite facility. The groundwater is filtered for solids, stripped of uranium, allowed to settle and then approximately 95% is reinjected or recirculated back into the same aquifer it was recovered from.
As at July 31, 2022, we held four PAA permits for our Palangana Mine and one for our Goliad Project. A Class I disposal well permit application is also required for submission to the TCEQ for authorization for deep underground wastewater injection.
As at July 31, 2023, we held four PAA permits for our Palangana Mine and one for our Goliad Project. An application for PAA-1 at Burke Hollow was submitted in February 2023. A Class I disposal well permit application is also required for submission to the TCEQ for authorization for deep underground wastewater injection.
Our operations are subject to stringent environmental regulation by state and federal authorities including the Railroad Commission of Texas (“RCT”), the Texas Commission on Environmental Quality (“TCEQ”) and the United States Environmental Protection Agency (“EPA”).
Our operations are subject to stringent environmental regulation by state and federal authorities including the Railroad Commission of Texas (“RCT”), the Texas Commission on Environmental Quality (“TCEQ”), the Wyoming Department of Environmental Quality (“WDEQ”) Land, Water and Air Quality Divisions, the United States BLM(Wyoming) and the United States Environmental Protection Agency (“EPA”).
Aligned to responsibly managing our emissions in the short-term, we have purchased carbon offset credits for our Scope 1 and 2 emissions for our Texas sites. 13 Health and Safety Health and safety is one of our top priorities. We pride ourselves on employing safe practices in all aspects of its work.
Aligned to responsibly managing our emissions in the short-term, we will look to purchase carbon offset credits for our Scope 1 and 2 emissions for our corporate sites. 9 Table of Contents Health and Safety Health and safety is one of our top priorities. We pride ourselves on employing safe practices in all aspects of its work.
Under the auspices of the EPA, the individual states administer some or all of the provisions of RCRA, sometimes in conjunction with their own, more stringent requirements Comprehensive Environmental Response, Compensation and Liability Act The federal Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) imposes joint and several liability for costs of investigation and remediation and for natural resource damages, without regard to fault or the legality of the original conduct, on certain classes of persons with respect to the release into the environment of substances designated under CERCLA as hazardous substances (collectively, “Hazardous Substances”).
Comprehensive Environmental Response, Compensation and Liability Act The federal Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) imposes joint and several liability for costs of investigation and remediation and for natural resource damages, without regard to fault or the legality of the original conduct, on certain classes of persons with respect to the release into the environment of substances designated under CERCLA as hazardous substances (collectively, “Hazardous Substances”).
Titanium (TiO2) Industry Updates During Fiscal 2022, the market fundamentals for titanium dioxide remained positive. There is no economical substitute or environmentally safe alternative to titanium dioxide.
Titanium (TiO2) Industry Updates During Fiscal 2023, the market fundamentals for titanium dioxide remained positive although some softening is expected during the latter part of 2023. There is no economical substitute or environmentally safe alternative to titanium dioxide.
From exploration to restoration, water is the critical factor for ISR mining and responsibly managing that water is crucial to our business. 12 At all UEC’s ISR projects the ore hosted groundwater does not meet either primary or secondary drinking water standards and should only be used for industrial or agricultural use without proper treatment.
At all UEC’s ISR projects the ore hosted groundwater does not meet either primary or secondary drinking water standards and should only be used for industrial or agricultural use without proper treatment. Water consumption at UEC’s ISR mining projects is primarily natural groundwater.
These individuals are primarily responsible for all our day-to-day operations. Effective September 8, 2014, Scott Melbye was appointed our Executive Vice President. Other services are provided by outsourcing and consulting and special purpose contracts.
These individuals are primarily responsible for all our day-to-day operations. Effective September 8, 2014, Scott Melbye was appointed our Executive Vice President. Other services are provided by outsourcing and consulting and special purpose contracts. As of July 31, 2023, we had 83 persons employed on a full-time basis and 9 individuals providing services on a contractual basis.
These mineral rights provide for the exploration of metallic and non-metallic minerals and precious and semi-precious gems within the territory of Paraguay for up to a six-year period, and for the exploitation of minerals for a minimum period of 20 years from the beginning of the production phase, extendable for an additional ten years.
These mineral rights provide for the exploration of metallic and non-metallic minerals and precious and semi-precious gems within the territory of Paraguay for up to a six-year period, and for the exploitation of minerals for a minimum period of 20 years from the beginning of the production phase, extendable for an additional ten years. 5 Table of Contents Environmental, Social and Governance Overview UEC is dedicated to preserving the environment in which we operate, and to being a responsible neighbor to our local communities.
Water Management UEC commits its management team, employees and contractors to be good stewards of the water it utilizes in all parts of its operations.
Water Management UEC commits its management team, employees and contractors to be good stewards of the water it utilizes in all parts of its operations. From exploration to restoration, water is the critical factor for ISR mining and responsibly managing that water is crucial to our business.
Our operating and strategic framework is based on expanding our uranium extraction activities, which includes advancing certain uranium projects with established mineralized materials towards uranium extraction, and establishing additional mineralized materials on our existing uranium projects or through acquisition of additional uranium projects. 3 Physical Uranium Program The Company is investing in building the next generation of low-cost and environmentally friendly uranium projects that will be competitive on a global basis.
Our operating and strategic framework is based on expanding our uranium extraction activities, which includes advancing certain uranium projects with established mineralized materials towards uranium extraction, and establishing additional mineralized materials on our existing uranium projects or through acquisition of additional uranium projects.
Our Company is committed to attracting and retaining talented and experienced individuals to manage and support our operations. We engage in a variety of learning and development opportunities with our employees, including ongoing training, continuing education courses, workshops and seminars and membership in professional organizations relating to employees’ projects areas of expertise.
We engage in a variety of learning and development opportunities with our employees, including ongoing training, continuing education courses, workshops and seminars and membership in professional organizations relating to employees’ projects areas of expertise. We strive to fill employment openings through internal promotions or transfers of qualified employees, as appropriate.
Hence, we established a physical uranium portfolio (the “Physical Uranium Program”) and, as of the date of this Annual Report, have entered into agreements to purchase 5.5 million pounds of U.S. warehoused uranium of which various deliveries have, or are scheduled to occur, in March 2022 to December 2025 at the ConverDyn conversion facility located in Metropolis, Illinois, at a volume weighted average price of approximately $37.30 per pound.
Hence, we established a physical uranium portfolio (the “Physical Uranium Program”) and, as of July 31, 2023, we had entered into agreements to purchase 1,695,000 pounds of U.S. warehoused uranium from Fiscal 2024 to Fiscal 2026 at the ConverDyn conversion facility located in Metropolis, Illinois, at a volume weighted average price of approximately $42.78 per pound.
As at July 31, 2022, we held an Aquifer Exemption for each of our Palangana Mine and our Goliad and Burke Hollow Projects. 11 Waste Disposal The Resource Conservation and Recovery Act (“RCRA”) and comparable state statutes affect mineral exploration and production activities by imposing regulations on the generation, transportation, treatment, storage, disposal and cleanup of “hazardous wastes” and on the disposal of non-hazardous wastes.
Companies are expected to work with the communities to determine the impacts of the projects and mitigation strategies. 8 Table of Contents Waste Disposal The Resource Conservation and Recovery Act (“RCRA”) and comparable state statutes affect mineral exploration and production activities by imposing regulations on the generation, transportation, treatment, storage, disposal and cleanup of “hazardous wastes” and on the disposal of non-hazardous wastes.
Environmental, Social and Governance Overview UEC is dedicated to preserving the environment in which we operate, and to being a responsible neighbor to our local communities. We believe in mining in a responsible manner, such as through the deployment of ISR technology when possible, adhering to all applicable environmental regulations and managing and reducing our carbon emissions.
We believe in mining in a responsible manner, such as through the deployment of ISR technology when possible, adhering to all applicable environmental regulations and managing and reducing our carbon emissions. UEC believes that uranium and nuclear energy will be an important part of the energy transition as it can provide reliable and consistent power to the grid.
We have created an emissions inventory of all sources (mobile and stationary) for each Texas project and we have initiated fuel consumption tracking by individual source at each project.
In 2022, we have created an emissions inventory of all sources (mobile and stationary) for each Texas project, including tracking fuel consumption by individual source at each project. In Fiscal 2023, we expanded our emissions measurement approach to cover all sites, including Wyoming, Saskatchewan and Paraguay. Scope 1 emissions covers direct emissions from owned or controlled sources.
Adherence to and performance against this policy will be reviewed by our Board of Directors’ Sustainability Committee annually. 10 Environmental Regulations We believe that we comply with all federal, state and local applicable laws and regulations which govern environmental quality and pollution control.
U.S. Environmental Regulations We believe that we comply with all federal, state and local applicable laws and regulations which govern environmental quality and pollution control.
Topics covered in this policy include the management of hazardous waste, water, biodiversity and land use, air quality and pollutants, green-house gas (“GHG”) emissions, and energy management.
This enterprise-wide policy can be found at https://www.uraniumenergy.com/about/corporate-governance/ . Topics covered in this policy include the management of hazardous waste, water, biodiversity and land use, air quality and pollutants, green-house gas (“GHG”) emissions and energy management. Adherence to and performance against this policy will be reviewed by our Board of Directors’ (the “Board of Directors” or “Board”) Sustainability Committee annually.
Environmental Management Environmental Governance UEC approved an Environmental, Health and Safety Policy in Fiscal 2022 which sets out objectives and provides overarching guidelines for the management of the environment. This enterprise-wide policy can be found at https://www.uraniumenergy.com/about/corporate-governance/.
Ensuring responsible mining practices better positions nuclear to be an energy source of choice to governments, and enables us to be a better partner and corporate citizen to our local communities. Environmental Management Environmental Governance UEC approved an Environmental, Health and Safety Policy in Fiscal 2022 which sets out objectives and provides overarching guidelines for the management of the environment.
Our principal office is located at 1030 West Georgia Street, Suite 1830, Vancouver, British Columbia, Canada, V6E 2Y3. 2 General Business UEC’s goal is to provide the much needed fuel for the global energy transition. The International Energy Outlook projects that worldwide electricity generation will grow by 1.8% per year, through to 2050.
Our principal executive office (U.S. corporate headquarters) is located at 500 North Shoreline, Ste. 800, Corpus Christi, Texas, 78401, and our administrative office (Canadian corporate headquarters) is located at 1188 West Georgia Street, Suite 1830, Vancouver, British Columbia, Canada, V6E 4A2. General Business UEC’s goal is to provide the much needed fuel for the global energy transition.
As of July 31, 2022, we had 63 persons employed on a full-time basis and four individuals providing services on a contractual basis. 14 Human Capital As of July 31, 2022, our employee population consisted of 63 individuals working for us and our consolidated subsidiaries, 38 of whom were located in the United States, 13 in Canada and 12 in Paraguay.
Human Capital As of July 31, 2023, our employee population consisted of 83 individuals working for us and our consolidated subsidiaries, 43 of whom were located in the United States, 25 in Canada and 15 in Paraguay. Our Company is committed to attracting and retaining talented and experienced individuals to manage and support our operations.
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During the year ended July 31, 2022 (“Fiscal 2022”), we made significant advancements in various aspects of our operations, including: ● we completed the acquisition of Uranium One Americas, Inc. (“U1A”) on December 17, 2021, pursuant to a Share Purchase Agreement dated November 8, 2021 (the “U1A Acquisition”).
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On August 19, 2022, we, through UEC 2022 Acquisition Co. (“UEC Acquisition Co.”) (now UEX Corporation), acquired all of the issued and outstanding common shares of UEX Corporation (“UEX”), which we did not already own, by way of a statutory plan of arrangement (the “Arrangement”) under the Canada Business Corporations Act .
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The acquisition of U1A (now UEC Wyoming Corp.) represented a unique opportunity to acquire an advanced asset base from a subsidiary of Uranium One Inc., one of the global leaders in the nuclear industry, and to double the Company’s production capacity in three key categories: total number of permitted U.S.
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As part of the final steps of the Arrangement, UEC Acquisition Co. and UEX amalgamated to continue as one corporation under the name UEX Corporation. UEX Corporation holds a development stage uranium property portfolio in Saskatchewan, Canada, and Nunavut, Canada.
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ISR projects; resources; and processing infrastructure; ● we repaid the remaining $10 million balance of our secured credit facility on January 31, 2022 and are now completely debt free; ● we completed and filed technical report summaries (each, a “TRS report”) in accordance with Item 1302 of Regulation S-K (the “S-K 1300”) disclosing mineral resources for each of our Reno Creek, Wyoming ISR Hub and Spoke, Anderson and Yuty Projects on February 8, 2022, April 4, 2022, July 12, 2022 and July 19, 2022, respectively. ● we launched our environmental, social and governance (“ESG”) program and achieved several key milestones; ● we completed installation of the monitor well ring at Production Area 1 of our Burke Hollow Project; ● the Company’s shares remain included on the Russell 2000 and Russell 3000 indexes; and ● we secured an additional 1,816,000 pounds of U.S. warehoused uranium, expanding our Physical Uranium Program to 5.5 million pounds U 3 O 8 , with delivery dates out to December 2025 at a volume weighted average price of approximately $37.30 per pound. 4 Uranium Industry Background Since the ratification of the Paris Agreement; a legally binding international treaty on climate change that was adopted by 196 parties in Paris on December 15, 2015 and entered into on November 6, 2016; the global community has embarked on a challenging but necessary journey to decarbonize the global energy mix in order to limit global warming to well below a two degree scenario compared to pre-industrial levels.
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On October 14, 2022, we acquired, through UEC SK, Roughrider Mineral Holdings Inc., a Saskatchewan corporation and wholly-owned subsidiary of Rio Tinto Fer Et Titane Inc., which, in turn, owns all of the issued and outstanding shares of Roughrider Mineral Assets Inc., also a Saskatchewan corporation, that holds certain mineral leases totaling approximately 598 hectares in northern Saskatchewan that is commonly referred to as the “Roughrider Project” located in the Athabasca Basin in Saskatchewan, Canada.
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The Paris Agreement reaffirms that developed countries should take the lead in providing financial assistance to countries that are less endowed and more vulnerable, while for the first time also encouraging voluntary contributions by other parties. Climate finance is needed for mitigation, because large-scale investments are required to significantly reduce emissions.
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The International Energy Outlook projects that worldwide electricity generation will grow by 1.8% per year, through to 2050.
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According to the International Energy Agency (“IEA”), in order to meet net-zero by 2050 global goals, the global community will need to halt sales of new internal combustion engine passenger cars by 2035, and phase out all unabated coal and oil power plants by 2040.
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Future sales of U 3 O 8 are therefore expected to generally occur through the uranium spot market, with any fluctuations in the market price continuing to have a direct impact on our revenues and cash flows.
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Nuclear energy will play a key role in the future energy mix, due to its consistency and reliability, which other carbon-free energy sources are unable to provide in their current form.
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With the acquisition of U1A in Fiscal 2022, the Irigaray Processing Facility forms the focus of our regional operating strategy in the Powder River and Great Divide uranium districts in the state of Wyoming.
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According to research conducted by Harvard University, the Massachusetts Institute of Technology and the Organization for Economic Cooperation and Development, powering the grid with 100% renewables is not the most affordable path towards creating a carbon-free grid.
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The Irigaray plant has a licensed capacity of 2.5 million pounds of U 3 O 8 per year, with the potential to process uranium from eleven satellite ISR projects in the state, including four fully permitted projects. 2 Table of Contents Recently, we acquired a substantial portfolio of projects in Canada, with the purchase of UEX and the Roughrider Project from a subsidiary of Rio Tinto plc (“Rio Tinto”).
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Instead, this research has concluded that the best way to achieve net-zero emissions from the grid is to combine intermittent low-carbon sources, such as wind and solar, with one or more “firm” zero-carbon sources, such as nuclear energy (source: Nuclear Energy: Essential Clean Energy For a Low Carbon Economy, Nuclear Energy Institute).
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The UEX portfolio consists of a mix of uranium deposits, primarily focused on the Athabasca Basin uranium district in Saskatchewan, Canada. This includes interests in the Shea Creek, Christie Lake, Horseshoe Raven, Millennium and Wheeler River projects.
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The need for safe, reliable, pollution-free electricity continues to rise as the world’s population grows to new record levels. The world’s population of 8 billion in 2022 is projected to increase over 1% per year to a population near 8.6 billion by 2030.
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In addition to advancing its uranium development projects through its ownership interest in JCU (Canada) Exploration Company, Limited, UEX was advancing several other uranium deposits in the Athabasca Basin which include the Paul Bay, Ken Pen and Ōrora deposits at the Christie Lake Project, the Kianna, Anne, Colette and 58B deposits at its currently 49.1%-owned Shea Creek Project, and the Horseshoe and Raven deposits located on its 100%-owned Horseshoe-Raven Project.
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The need for more electricity and efforts to reach global climate change goals with clean energy sources are increasingly important drivers for the projected long-term increase in nuclear power and uranium demand.
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The Roughrider Project is an exploration stage asset, having been advanced by Rio Tinto over a decade of work. The acquisition brought in an exploration stage, high-grade, conventional asset into UEC’s portfolio that, along with the UEX acquisition, begins to develop a critical mass of 100% owned resources in the Athabasca Basin to accelerate extraction and/or production plans.
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There has been a new and vibrant interest in nuclear power as more countries realize that nuclear power is indispensable for decarbonizing the globe, stabilizing electrical grids and supplementing intermittent power sources. Elevated interest in nuclear power has also been one of the results of the Russian invasion of Ukraine with Russia cutting off gas supplies to Western Europe.
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The two transactions provide a portfolio of medium to long term, high-grade, conventional projects that complement our nearer term, U.S. ISR assets.
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The lack of alternative energy sources has exposed the risks to national security for these countries as a result of their Russian over dependency, and indigenous nuclear power is proving to be a good option to mitigate that threat.
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In August 2023, we acquired a portfolio of exploration-stage projects in the Athabasca Basin, Saskatchewan, Canada, for CAD$1.5 million from Rio Tinto Exploration Canada Inc., a subsidiary of Rio Tinto, whereby we acquired a 60% equity stake in the Henday Lake joint venture, 100% of the Milliken project and a 50% equity stake in the Carswell joint venture project.
Removed
The world’s current operating fleet of nuclear power plants, in addition to the global growth in new reactors under construction and those planned, is testimony to the confidence in nuclear power to provide safe, highly reliable, economic and carbon free electricity as part of an overall energy supply mix.
Added
With this transaction, we added an additional 44,444 acres of prospective ground in the Athabasca Basin to our existing portfolio.
Removed
The World Nuclear Association (“WNA”) reported: “nuclear reactors generated a total of 2653 TWh in 2021, up 100 TWh from 2553 TWh in 2020.
Added
Physical Uranium Program The Company is investing in building the next generation of low-cost and environmentally friendly uranium projects that will be competitive on a global basis.
Removed
This is the third highest ever total for global generation from nuclear… and reestablishes the upward trend in nuclear generation seen since 2012.” The IEA World Energy Outlook in 2021 projected “electricity generation growth of between 75% and 116% over 2020-2050 across its three main scenarios.
Added
During Fiscal 2023, we generated revenue of $164.0 million from sales of 3,150,000 pounds of uranium, which included $17.85 million from sales of 300,000 pounds of U.S. origin uranium concentrates to the U.S. Department of Energy.
Removed
In the report’s Sustainable Development Scenario, “nuclear generation increases by 2022 TWh (75%) over the same period, requiring capacity growth of about 254 GW, or 61%.” As of July 31, 2022, the IAEA Power Reactor Information System shows more than 6 GWe of new nuclear capacity has been added in 2022 while 1.85 GWe has been retired, and construction has begun on four new reactors this year with a total capacity of 4.6 GWe.
Added
During Fiscal 2023, we made significant advancements in various aspects of our operations, including: ● we completed and filed TRS reports in accordance with S-K 1300 disclosing mineral resources for each of our Texas ISR Hub and Spoke, updated Wyoming ISR Hub and Spoke, Shea Creek, Horseshoe-Raven, Workman Creek and Roughrider Projects on August 11, 2022, September 14, 2022, January 13, 2023, January 24, 2023, March 16, 2023 and May 2, 2023, respectively; ● we completed the acquisition of UEX on August 19, 2022, making us one of the largest diversified North American focused uranium companies; ● we completed the acquisition of the Roughrider Project on October 14, 2022.
Removed
As of July 2022, WNA data showed a total of 443 nuclear reactors operable in 32 countries, with a combined capacity of about 394 GWe. Their data also showed 59 new reactors under construction, 89 reactors planned or on order and another 340 proposed.
Added
The acquisition of the Roughrider Project represented an opportunity to scale-up in the high-grade Eastern Athabasca Basin of Saskatchewan, Canada; ● we generated revenue of $164.0 million from sales of 3,150,000 pounds of uranium, which included $17.85 million from sales of 300,000 pounds of U.S. origin uranium concentrates to the U.S.

… 114 more changes not shown on this page.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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We hold mineral rights in foreign jurisdictions which could be subject to additional risks due to political, taxation, economic and cultural factors. We hold certain mineral rights located in the Republic of Paraguay through Piedra Rica Mining S.A., Transandes Paraguay S.A., Trier S.A. and Metalicos Y No Metalicos S.R.L., which are incorporated in Paraguay.
We hold mineral rights in foreign jurisdictions which could be subject to additional risks due to political, taxation, economic and cultural factors. We hold certain mineral rights located in the Republic of Paraguay through Piedra Rica Mining S.A., Transandes Paraguay S.A., Trier S.A. and Metalicos Y No Metalicos Paraguay S.R.L., which are incorporated in Paraguay.
Regulatory and environmental standards may also change over time to address global climate change, which could further increase these costs. 21 To the best of our knowledge, our operations are in compliance, in all material respects, with all applicable laws, regulations and standards.
Regulatory and environmental standards may also change over time to address global climate change, which could further increase these costs. To the best of our knowledge, our operations are in compliance, in all material respects, with all applicable laws, regulations and standards.
Our long-term success will depend ultimately on our ability to achieve and maintain profitability and to develop positive cash flow from our mining activities. 15 As more fully described under Item 1.
Our long-term success will depend ultimately on our ability to achieve and maintain profitability and to develop positive cash flow from our mining activities. As more fully described under Item 1.
In 2020 significant production cuts were announced in response to the global COVID-19 pandemic, including uranium facilities in Canada, Kazakhstan and Namibia. In 2022, although most production impacted by COVID-19 has returned to an operating status, some production has continued to be affected.
In 2020 significant production cuts were announced in response to the global COVID-19 pandemic, including uranium facilities in Canada, Kazakhstan and Namibia. In 2023, although most production impacted by COVID-19 has returned to an operating status, some production has continued to be affected.
Our mining activities may change as a result of any one or more of these risks and uncertainties and there is no assurance that any ore body that we extract mineralized materials from will result in achieving and maintaining profitability and developing positive cash flow. 16 Our operations are capital intensive, and we will require significant additional financing to acquire additional mineral projects and continue with our exploration and pre-extraction activities on our existing projects.
Our mining activities may change as a result of any one or more of these risks and uncertainties and there is no assurance that any ore body that we extract mineralized materials from will result in achieving and maintaining profitability and developing positive cash flow. 11 Table of Contents Our operations are capital intensive, and we will require significant additional financing to acquire additional mineral projects and continue with our exploration and pre-extraction activities on our existing projects.
We may be required to sell a portion or all of the physical uranium accumulated to fund our operations should other forms of financing not be available to meet our capital requirements. 19 Since there is no public market for uranium, selling the uranium may take extended periods of time and suitable purchasers may be difficult to find, which could have a material adverse effect on our financial condition and may have a material adverse effect on our securities.
We may be required to sell a portion or all of the physical uranium accumulated to fund our operations should other forms of financing not be available to meet our capital requirements. 13 Table of Contents Since there is no public market for uranium, selling the uranium may take extended periods of time and suitable purchasers may be difficult to find, which could have a material adverse effect on our financial condition and may have a material adverse effect on our securities.
The future effects of these factors cannot be accurately predicted, but any one or a combination of these factors may result in our inability to receive an adequate return on our invested capital. 22 The titanium industry is affected by global economic factors, including risks associated with volatile economic conditions, and the market for many titanium products is cyclical and volatile, and we may experience depressed market conditions for such products.
The future effects of these factors cannot be accurately predicted, but any one or a combination of these factors may result in our inability to receive an adequate return on our invested capital. 15 Table of Contents The titanium industry is affected by global economic factors, including risks associated with volatile economic conditions, and the market for many titanium products is cyclical and volatile, and we may experience depressed market conditions for such products.
In connection with the U1A Acquisition, we assumed $13.7 million of restricted cash as surety bond collateral for total estimated reclamation costs of $18.6 million for the Christensen Ranch Mine and Irigaray Processing Facility. During Fiscal 2020, $8.6 million of surety bond collateral related to the Christensen Ranch Mine and Irigaray Processing Facility was released.
In connection with the U1A acquisition (the “U1A Acquisition”), we assumed $13.7 million of restricted cash as surety bond collateral for total estimated reclamation costs of $18.6 million for the Christensen Ranch Mine and Irigaray Processing Facility. During Fiscal 2022, $8.6 million of surety bond collateral related to the Christensen Ranch Mine and Irigaray Processing Facility was released.
While the very heart of our business – uranium extraction, which is the fuel for carbon-free, emission-free baseload nuclear power – and our recycling programs, help address global climate change and reduce air pollution, the world’s focus on addressing climate change will require the Company to continue to conduct all of its operations in a manner that minimizes the use of resources, including the unnecessary use of energy resources, in order to continue to minimize air emissions at our facilities, which can also increase mine and facility, construction, development and operating costs.
While the very heart of our business – uranium extraction, which is the fuel for carbon-free, emission-free baseload nuclear power – and our recycling programs, help address global climate change and reduce air pollution, the world’s focus on addressing climate change will require the Company to continue to conduct all of its operations in a manner that minimizes the use of resources, including enhancing energy efficiency and reducing our reliance on fossil fuels, in order to continue to minimize air emissions at our facilities, which can also increase mine and facility, construction, development and operating costs.
Although we generated revenues from sales of U 3 O 8 we extracted during Fiscal 2015, Fiscal 2013 and Fiscal 2012 of $3.1 million, $9.0 million and $13.8 million, respectively, and generated revenues from sales of purchased uranium inventory and toll processing services totaling 23.2 million during Fiscal 2022, we have yet to achieve profitability or develop positive cash flow from our operations, and we do not expect to achieve profitability or develop positive cash flow from operations in the near term.
Although we generated revenues from sales of U 3 O 8 we extracted during Fiscal 2015, Fiscal 2013 and Fiscal 2012 of $3.1 million, $9.0 million and $13.8 million, respectively, and generated revenues from sales of purchased uranium inventory and toll processing services totaling $164.4 million during Fiscal 2023, we have yet to achieve consistent profitability or develop consistent positive cash flow from our operations, and we do not expect to achieve consistent profitability or develop consistent positive cash flow from operations in the near term.
Since we commenced extraction of mineralized materials from our ISR Mines without having established proven or probable reserves, it may result in our mining activities at our ISR Mines, and at any future projects for which proven or probable reserves are not established, being inherently riskier than other mining activities for which proven or probable reserves have been established.
Since we commenced extraction of mineralized materials from our ISR Mines without having established proven or probable reserves, it may result in our mining activities at our ISR Mines, and at any future projects for which proven or probable reserves are not established, being inherently riskier than other mining activities for which proven or probable reserves have been established. 12 Table of Contents We have established the existence of mineralized materials for certain of our projects, including our ISR Mines.
Management’s Discussion and Analysis of Financial Condition and Results of Operations herein, we have a history of significant negative cash flow and net losses, with an accumulated deficit balance of $286.4 million as at July 31, 2022.
Management’s Discussion and Analysis of Financial Condition and Results of Operations herein, we have a history of significant negative cash flow and net losses, with an accumulated deficit balance of $289.7 million as at July 31, 2023.
Additional issuances of our common stock may result in significant dilution to our existing shareholders and reduce the market value of their investment. We are authorized to issue 750,000,000 shares of common stock of which 289,638,307 shares were issued and outstanding as of July 31, 2022.
Additional issuances of our common stock may result in significant dilution to our existing shareholders and reduce the market value of their investment. We are authorized to issue 750,000,000 shares of common stock of which 378,452,864 shares were issued and outstanding as of July 31, 2023.
Furthermore, we cannot provide assurance that any insurance coverage we currently have will continue to be available at reasonable premiums or that such insurance will adequately cover any resulting liability. 20 Acquisitions that we may make from time to time could have an adverse impact on us.
Furthermore, we cannot provide assurance that any insurance coverage we currently have will continue to be available at reasonable premiums or that such insurance will adequately cover any resulting liability. Acquisitions that we may make from time to time could have an adverse impact on us. From time to time we examine opportunities to acquire additional mining assets and businesses.
Conflicts of interest may include decisions on how much time to devote to our business affairs and what business opportunities should be presented to us.
Conflicts of interest may include decisions on how much time to devote to our business affairs and what business opportunities should be presented to us. Our Code of Conduct and Ethics provides for guidance on conflicts of interest.
In addition to these objective standards, the NYSE American may delist the securities of any issuer: (i) if in its opinion, the issuer’s financial condition and/or operating results appear unsatisfactory; (ii) if it appears that the extent of public distribution or the aggregate market value of the security has become so reduced as to make continued listing on the NYSE American inadvisable; (iii) if the issuer sells or disposes of principal operating assets or ceases to be an operating company; (iv) if an issuer fails to comply with the NYSE American’s listing requirements; (v) if an issuer’s common stock sells at what the NYSE American considers a “low selling price” and the issuer fails to correct this via a reverse split of shares after notification by the NYSE American; or (vi) if any other event occurs or any condition exists which makes continued listing on the NYSE American, in its opinion, inadvisable. 26 If the NYSE American delists our common stock, investors may face material adverse consequences including, but not limited to, a lack of trading market for our securities, reduced liquidity, decreased analyst coverage of our securities, and an inability for us to obtain additional financing to fund our operations.
In addition to these objective standards, the NYSE American may delist the securities of any issuer: (i) if in its opinion, the issuer’s financial condition and/or operating results appear unsatisfactory; (ii) if it appears that the extent of public distribution or the aggregate market value of the security has become so reduced as to make continued listing on the NYSE American inadvisable; (iii) if the issuer sells or disposes of principal operating assets or ceases to be an operating company; (iv) if an issuer fails to comply with the NYSE American’s listing requirements; (v) if an issuer’s common stock sells at what the NYSE American considers a “low selling price” and the issuer fails to correct this via a reverse split of shares after notification by the NYSE American; or (vi) if any other event occurs or any condition exists which makes continued listing on the NYSE American, in its opinion, inadvisable.
The uranium and titanium industries are subject to numerous stringent laws, regulations and standards, including environmental protection laws and regulations If any changes occur that would make these laws, regulations and standards more stringent, it may require capital outlays in excess of those anticipated or cause substantial delays, which would have a material adverse effect on our operations.
If any changes occur that would make these laws, regulations and standards more stringent, it may require capital outlays in excess of those anticipated or cause substantial delays, which would have a material adverse effect on our operations.
From time to time we examine opportunities to acquire additional mining assets and businesses. Any acquisition that we may choose to complete may be of a significant size, may change the scale of our business and operations and may expose us to new geographic, political, operating, financial and geological risks.
Any acquisition that we may choose to complete may be of a significant size, may change the scale of our business and operations and may expose us to new geographic, political, operating, financial and geological risks.
During Fiscal 2022, we continued to operate our ISR Mines at a reduced pace to align our operations to a weak uranium commodity market in a challenging post-Fukushima environment. This strategy has included the deferral of major pre-extraction expenditures and remaining in a state of operational readiness in anticipation of a recovery in uranium prices.
During Fiscal 2023, we continued to operate our ISR Mines at a reduced pace. This strategy has included the deferral of major pre-extraction expenditures and remaining in a state of operational readiness in anticipation of a recovery in uranium prices.
Furthermore, we have no plans to establish proven or probable reserves for any of our projects for which we plan on utilizing ISR mining.
We have neither established nor have any plans to establish proven or probable reserves for our uranium projects for which we plan on utilizing ISR mining.
We are responsible for certain remediation and decommissioning activities in the future, primarily for our Hobson Processing Facility, our Palangana Mine and our recently acquired Christensen Ranch Mine and Irigary Processing Facility, and have recorded a liability of $17.3 million on our balance sheet at July 31, 2022, to recognize the present value of the estimated costs of such reclamation obligations.
We are responsible for certain remediation and decommissioning activities in the future, primarily for our Hobson and Irigaray Processing Facilities, our ISR Mines and our recently acquired Roughrider Project, and have recorded a liability of $18.7 million on our balance sheet at July 31, 2023, to recognize the present value of the estimated costs of such reclamation obligations.
These additional risks include, but are not limited to: (i) changes in governments or senior government officials; (ii) changes to existing laws or policies on foreign investments, environmental protection, mining and ownership of mineral interests; (iii) renegotiation, cancellation, expropriation and nationalization of existing permits or contracts; (iv) foreign currency controls and fluctuations; and (v) civil disturbances, terrorism and war. 23 In the event of a dispute arising at our foreign operations in Paraguay, we may be subject to the exclusive jurisdiction of foreign courts or may not be successful in subjecting foreign persons to the jurisdiction of the courts in the United States or Canada.
These additional risks include, but are not limited to: (i) changes in governments or senior government officials; (ii) changes to existing laws or policies on foreign investments, environmental protection, mining and ownership of mineral interests; (iii) renegotiation, cancellation, expropriation and nationalization of existing permits or contracts; (iv) foreign currency controls and fluctuations; and (v) civil disturbances, terrorism and war.
Expenditures relating to exploration activities are expensed as incurred and expenditures relating to pre-extraction activities are expensed as incurred until such time as proven or probable reserves are established for that uranium project, after which subsequent expenditures relating to mine development activities for that particular project are capitalized as incurred. 18 We have neither established nor have any plans to establish proven or probable reserves for our uranium projects for which we plan on utilizing ISR mining.
Expenditures relating to exploration activities are expensed as incurred and expenditures relating to pre-extraction activities are expensed as incurred until such time as proven or probable reserves are established for that uranium project, after which subsequent expenditures relating to mine development activities for that particular project are capitalized as incurred.
We have established the existence of mineralized materials for certain of our projects, including our ISR Mines. We have not established proven or probable reserves, as defined by the SEC, through the completion of a “final” or “bankable” feasibility study for any of our projects, including our ISR Mines.
We have not established proven or probable reserves, as defined by the SEC, through the completion of a “final” or “bankable” feasibility study for any of our projects, including our ISR Mines. Furthermore, we have no plans to establish proven or probable reserves for any of our projects for which we plan on utilizing ISR mining.
These risks and uncertainties could result in: (i) delays, reductions or stoppages in our mining activities; (ii) increased capital and/or extraction costs; (iii) damage to, or destruction of, our mineral projects, extraction facilities or other properties; (iv) personal injuries; (v) environmental damage; (vi) monetary losses; and (vii) legal claims. 17 Success in mineral exploration is dependent on many factors including, without limitation, the experience and capabilities of a company’s management, the availability of geological expertise and the availability of sufficient funds to conduct the exploration program.
These risks and uncertainties could result in: (i) delays, reductions or stoppages in our mining activities; (ii) increased capital and/or extraction costs; (iii) damage to, or destruction of, our mineral projects, extraction facilities or other properties; (iv) personal injuries; (v) environmental damage; (vi) monetary losses; and (vii) legal claims.
Our Code of Conduct and Ethics provides for guidance on conflicts of interest. 24 The laws of the State of Nevada and our Articles of Incorporation may protect our directors and officers from certain types of lawsuits.
The laws of the State of Nevada and our Articles of Incorporation may protect our directors and officers from certain types of lawsuits.
As at July 31, 2022, we had a working capital (current assets less current liabilities) of $93.7 million including cash and cash equivalents of $32.5 million and uranium inventory holdings of $66.2 million. Subsequent to July 31, 2022, we received additional cash proceeds of $14.8 million under our at-the-market offerings (the “2021 ATM Offerings”).
As at July 31, 2023, we had a working capital (current assets less current liabilities) of $43,011 including cash and cash equivalents of $ 45,614 million and uranium inventory holdings of $6,207. Subsequent to July 31, 2023, we received additional cash proceeds of $36.2 million under our at-the-market offering.
A successful challenge to the precise area and location of our claims could result in us being unable to operate on our properties as permitted or being unable to enforce our rights with respect to our properties.
A successful challenge to the precise area and location of our claims could result in us being unable to operate on our properties as permitted or being unable to enforce our rights with respect to our properties. 16 Table of Contents Due to the nature of our business, we may be subject to legal proceedings which may divert management ’ s time and attention from our business and result in substantial damage awards.
There can be no assurance that we would be successful in overcoming these risks or any other problems encountered in connection with such acquisitions.
There can be no assurance that we would be successful in overcoming these risks or any other problems encountered in connection with such acquisitions. 14 Table of Contents The uranium and titanium industries are subject to numerous stringent laws, regulations and standards, including environmental protection laws and regulations.
The legislation and its impact on the Company and investors who purchase shares of our common stock is uncertain. 25 Risks Related to Our Common Stock Historically, the market price of our common stock has been and may continue to fluctuate significantly.
Department of the Treasury and the Company cannot predict how this legislation or any future changes in tax laws might affect the Company or purchasers of our common stock. 17 Table of Contents Risks Related to Our Common Stock Historically, the market price of our common stock has been and may continue to fluctuate significantly.
Removed
Due to the nature of our business, we may be subject to legal proceedings which may divert management ’ s time and attention from our business and result in substantial damage awards.
Added
Success in mineral exploration is dependent on many factors including, without limitation, the experience and capabilities of a company’s management, the availability of geological expertise and the availability of sufficient funds to conduct the exploration program.
Added
In the event of a dispute arising at our foreign operations in Paraguay, we may be subject to the exclusive jurisdiction of foreign courts or may not be successful in subjecting foreign persons to the jurisdiction of the courts in the United States or Canada.
Added
In addition, the Inflation Reduction Act of 2022 was recently signed into law and includes provisions that will impact the U.S. federal income taxation of corporations.
Added
Among other items, this legislation includes provisions that will impose a minimum tax on the book income of certain large corporations and an excise tax on certain corporate stock repurchases that would be imposed on the corporation repurchasing such stock. It is unclear how this legislation will be implemented by the U.S.
Added
If the NYSE American delists our common stock, investors may face material adverse consequences including, but not limited to, a lack of trading market for our securities, reduced liquidity, decreased analyst coverage of our securities, and an inability for us to obtain additional financing to fund our operations.

Item 2. Properties

Properties — owned and leased real estate

364 edited+352 added−1062 removed164 unchanged
However, Flores divides the Fort Union into three members: the Tullock; Lebo; and Tongue River members (listed from oldest to youngest); as follows: ● The Tullock member consists of sandstone, siltstone and sparse coal and carbonaceous shale. ● The Lebo member consists of abundant drab gray mudstone, minor siltstone and sandstone and sparse coal and carbonaceous shale beds. ● The Tongue River member consists of interbedded sandstone, conglomerate, siltstone, mudstone, limestone, anomalously thick coal beds and carbonaceous shale beds.
However, Flores divides the Fort Union into three members: the Tullock; Lebo; and Tongue River members (listed from oldest to youngest); as follows: ● The Tullock member consists of sandstone, siltstone and sparse coal and carbonaceous shale; ● The Lebo member consists of abundant drab gray mudstone, minor siltstone and sandstone and sparse coal and carbonaceous shale beds; and ● The Tongue River member consists of interbedded sandstone, conglomerate, siltstone, mudstone, limestone, anomalously thick coal beds and carbonaceous shale beds.
Most of the upper Wasatch Formation has been eroded away. The sandstones are arkosic, fine- to coarse-grained with local calcareous lenses. The sandstones contain minor amounts of organic carbon that occurs as dispersed bits or as stringers. Unaltered sandstones are generally gray, while altered sandstones are tan or pink due to hematite, or show yellowish coloring due to limonite.
Most of the upper Wasatch Formation has been eroded away. The sandstones are arkosic, fine- to coarse-grained with local calcareous lenses. The sandstones contain minor amounts of organic carbon that occurs as dispersed bits or as stringers. Unaltered sandstones are generally gray, while altered sandstones are tan or pink due to hematite, or show yellowish coloring due to limonite.
Pyrite occurs in several forms within the host sandstones. In unaltered sandstones, pyrite occurs as small to large single euhedral crystals associated with magnetite, ilmenite and other dark detrital minerals. In altered sandstone, pyrite is typically absent, but locally occurs as tarnished, very fine-grained euhedral crystals.
Pyrite occurs in several forms within the host sandstones. In unaltered sandstones, pyrite occurs as small to large single euhedral crystals associated with magnetite, ilmenite and other dark detrital minerals. In altered sandstone, pyrite is typically absent, but locally occurs as tarnished, very fine-grained euhedral crystals.
Most of the upper Wasatch Formation has been eroded away. The sandstones are arkosic, fine- to coarse-grained with local calcareous lenses. The sandstones contain minor amounts of organic carbon that occurs as dispersed bits or as stringers. Unaltered sandstones are generally gray, while altered sandstones are tan or pink due to hematite, or show yellowish coloring due to limonite.
Most of the upper Wasatch Formation has been eroded away. The sandstones are arkosic, fine- to coarse-grained with local calcareous lenses. The sandstones contain minor amounts of organic carbon that occurs as dispersed bits or as stringers. Unaltered sandstones are generally gray while altered sandstones are tan or pink due to hematite, or show yellowish coloring due to limonite.
Pyrite occurs in several forms within the host sandstones. In unaltered sandstones, pyrite occurs as small to large single euhedral crystals associated with magnetite, ilmenite and other dark detrital minerals. In altered sandstone, pyrite is typically absent, but locally occurs as tarnished, very fine-grained euhedral crystals.
Pyrite occurs in several forms within the host sandstones. In unaltered sandstones, pyrite occurs as small to large single euhedral crystals associated with magnetite, ilmenite and other dark detrital minerals. In altered sandstone, pyrite is typically absent, but locally occurs as tarnished, very fine-grained euhedral crystals.
The formation of roll-front deposits is largely a groundwater process that occurs when uranium-rich, oxygenated groundwater interacts with a reducing environment in the subsurface and precipitates uranium. The most favorable host rocks for roll-fronts are permeable sandstones with large aquifer systems. Interbedded mudstone, claystone and siltstone are often present and aid in the formation process by focusing groundwater flux.
The formation of roll-front deposits is largely a groundwater process that occurs when uranium-rich, oxygenated groundwater interacts with a reducing environment in the subsurface and precipitates uranium. The most favorable host rocks for roll-fronts are permeable sandstones with large aquifer systems. Interbedded mudstone, claystone and siltstone are often present and aid in the formation process by focusing groundwater flux.
The geometry of mineralization is dominated by the classic roll-front “C” shape or crescent configuration at the redox interface. The highest-grade portion of the front occurs in a zone termed the “nose” within reduced ground just ahead of the alteration front.
The geometry of mineralization is dominated by the classic roll-front “C” shape or crescent configuration at the redox interface. The highest-grade portion of the front occurs in a zone termed the “nose” within reduced ground just ahead of the alteration front.
Ahead of the nose, at the leading edge of the solution front, mineral quality gradually diminishes to barren within the “seepage” zone. Trailing behind the nose, in oxidized (altered) ground, are weak remnants of mineralization referred to as “tails” which have resisted re-mobilization to the nose due to association with shale, carbonaceous material or other lithologies of lower permeability.
Ahead of the nose, at the leading edge of the solution front, mineral quality gradually diminishes to barren within the “seepage” zone. Trailing behind the nose, in oxidized (altered) ground, are weak remnants of mineralization referred to as “tails” which have resisted re-mobilization to the nose due to association with shale, carbonaceous material or other lithologies of lower permeability.
The formation of roll-front deposits is largely a groundwater process that occurs when uranium-rich, oxygenated groundwater interacts with a reducing environment in the subsurface and precipitates uranium. The most favorable host rocks for roll-fronts are permeable sandstones with large aquifer systems. Interbedded mudstone, claystone and siltstone are often present and aid in the formation process by focusing groundwater flux.
The formation of roll-front deposits is largely a groundwater process that occurs when uranium-rich, oxygenated groundwater interacts with a reducing environment in the subsurface and precipitates uranium. The most favorable host rocks for roll-fronts are permeable sandstones with large aquifer systems. Interbedded mudstone, claystone and siltstone are often present and aid in the formation process by focusing groundwater flux.
The geometry of mineralization is dominated by the classic roll-front “C” shape or crescent configuration at the redox interface. The highest-grade portion of the front occurs in a zone termed the “nose” within reduced ground just ahead of the alteration front.
The geometry of mineralization is dominated by the classic roll-front “C” shape or crescent configuration at the redox interface. The highest-grade portion of the front occurs in a zone termed the “nose” within reduced ground just ahead of the alteration front.
Ahead of the nose, at the leading edge of the solution front, mineral quality gradually diminishes to barren within the “seepage” zone. Trailing behind the nose, in oxidized (altered) ground, are weak remnants of mineralization referred to as “tails” which have resisted re-mobilization to the nose due to association with shale, carbonaceous material or other lithologies of lower permeability.
Ahead of the nose, at the leading edge of the solution front, mineral quality gradually diminishes to barren within the “seepage” zone. Trailing behind the nose, in oxidized (altered) ground, are weak remnants of mineralization referred to as “tails” which have resisted re-mobilization to the nose due to association with shale, carbonaceous material or other lithologies of lower permeability.
Ahead of the nose, at the leading edge of the solution front, mineral quality gradually diminishes to barren within the “seepage” zone. Trailing behind the nose, in oxidized (altered) ground, are weak remnants of mineralization referred to as “tails”, which have resisted re-mobilization to the nose due to association with shale, carbonaceous material or other lithologies of lower permeability.
Ahead of the nose, at the leading edge of the solution front, mineral quality gradually diminishes to barren within the “seepage” zone. Trailing behind the nose, in oxidized (altered) ground, are weak remnants of mineralization referred to as “tails” which have resisted re-mobilization to the nose due to association with shale, carbonaceous material or other lithologies of lower permeability.
Tails are generally not amenable to ISR because the uranium is typically found within strongly reduced or impermeable strata, therefore making it difficult to leach.
Tails are generally not amenable to ISR because the uranium is typically found within strongly reduced or impermeable strata, therefore making it difficult to leach.
Ahead of the nose, at the leading edge of the solution front, mineral quality gradually diminishes to barren within the “seepage” zone. Trailing behind the nose, in oxidized (altered) ground, are weak remnants of mineralization referred to as “tails” which have resisted re-mobilization to the nose due to association with shale, carbonaceous material or other lithologies of lower permeability.
Ahead of the nose, at the leading edge of the solution front, mineral quality gradually diminishes to barren within the “seepage” zone. Trailing behind the nose, in oxidized (altered) ground, are weak remnants of mineralization referred to as “tails”, which have resisted re-mobilization to the nose due to association with shale, carbonaceous material or other lithologies of lower permeability.
Development work was quickly abandoned due to heavy concentrations of H2S gas, and UCC dropped the property. UCC reacquired the Palangana ISR Project Area in 1967 after recognizing that it would be amenable to exploitation by the emerging ISR mining technologies.
Development work was quickly abandoned due to heavy concentrations of H2S gas, and UCC dropped the property. UCC reacquired the Palangana Project Area in 1967 after recognizing that it would be amenable to exploitation by the emerging ISR mining technologies.
UCC placed the Palangana ISR Project Area up for lease in 1980. Over 1,000 exploration and development holes in 1960s and 70s (296 cores) Over 3,000 injection-production holes Early development work was quickly abandoned because of concentrations of Hydrogen Sulfide (H 2 S) gas. The property was reacquired in 1967 after emerging ISR mining technologies were available.
UCC placed the Palangana Project Area up for lease in 1980. Over 1,000 exploration and development holes in 1960s and 70s (296 cores) Over 3,000 injection-production holes Early development work was quickly abandoned because of concentrations of Hydrogen Sulfide (H 2 S) gas. The property was reacquired in 1967 after emerging ISR mining technologies were available.
The Goliad Formation was originally classified as Pliocene in age by most sources, but the formation has been reclassified as early Pliocene to middle Miocene after recent research revealed the presence of indigenous Pliocene-aged mega-fossils occurring in upper Goliad sands, whereas the lower Goliad fluvial sands are correlative with down-dip strata containing benthic foraminifera indicating a Miocene age.
The Goliad Formation was originally classified as Pliocene in age by most sources, but the formation has been reclassified as early Pliocene to middle Miocene after recent research revealed the presence of indigenous Pliocene-aged mega-fossils occurring in upper Goliad sands, whereas the lower Goliad fluvial sands are correlative with down-dip strata containing benthic foraminifera indicating a Miocene age.
Ahead of the nose, at the leading edge of the solution front, mineral quality gradually diminishes to barren within the “seepage” zone. Trailing behind the nose, in oxidized (altered) ground, are weak remnants of mineralization referred to as “tails” which have resisted re-mobilization to the nose due to association with shale, carbonaceous material or other lithologies of lower permeability.
Ahead of the nose, at the leading edge of the solution front, mineral quality gradually diminishes to barren within the “seepage” zone. Trailing behind the nose, in oxidized (altered) ground, are weak remnants of mineralization referred to as “tails” which have resisted re-mobilization to the nose due to association with shale, carbonaceous material or other lithologies of lower permeability.
Tails are generally not amenable to ISR because the uranium is typically found within strongly reduced or impermeable strata, therefore making it difficult to leach.
Tails are generally not amenable to ISR because the uranium is typically found within strongly reduced or impermeable strata, therefore making it difficult to leach.
History Uranium exploration and mining in South Texas primarily targets sandstone formations throughout the Coastal Plain bordering the Gulf of Mexico. The area has long been known to contain uranium oxide, which was first discovered in Karnes County, Texas, in 1954 using airborne radiometric survey.
History Uranium exploration and mining in South Texas primarily targets sandstone formations throughout the Coastal Plain bordering the Gulf of Mexico. The area has long been known to contain uranium oxide, which was first discovered in Karnes County, Texas, in 1954 using airborne radiometric survey.
The uranium deposits discovered were within a belt of strata extending 250 miles from the middle coastal plain southwestward to the Rio Grande. This area includes the Carrizo, Whitsett, Catahoula, Oakville and Goliad geologic formations. Open pit mining began in 1961 and ISR mining was initiated in 1975.
The uranium deposits discovered were within a belt of strata extending 250 miles from the middle coastal plain southwestward to the Rio Grande. This area includes the Carrizo, Whitsett, Catahoula, Oakville and Goliad geologic formations. Open pit mining began in 1961 and ISR mining was initiated in 1975.
Deeper exploration drilling was more costly and excluded many of the smaller uranium mining companies from participating in the down-dip, deeper undrilled trend extensions. Uranium had been mined by several major oil companies in the past in South Texas, including Conoco, Mobil, Humble (later Exxon), ARCO and others.
Deeper exploration drilling was more costly and excluded many of the smaller uranium mining companies from participating in the down-dip, deeper undrilled trend extensions. Uranium had been mined by several major oil companies in the past in South Texas, including Conoco, Mobil, Humble (later Exxon), ARCO and others.
Mobil had found numerous deposits in South Texas in the past, including the O’Hern, Holiday-El Mesquite and several smaller deposits, mostly in Oligocene-age Catahoula Formation tuffaceous sands. ARCO discovered several Oakville Formation (Miocene-age) uranium-bearing deposits and acquired other deposits located nearby in Live Oak County. They were exploring deeper extensions of Oakville Formation trends when they discovered the Mt.
Mobil had found numerous deposits in South Texas in the past, including the O’Hern, Holiday-El Mesquite and several smaller deposits, mostly in Oligocene-age Catahoula Formation tuffaceous sands. ARCO discovered several Oakville Formation (Miocene-age) uranium-bearing deposits and acquired other deposits located nearby in Live Oak County. They were exploring deeper extensions of Oakville Formation trends when they discovered the Mt.
Interbedded mudstone, claystone and siltstone are often present and aid in the formation process by focusing groundwater flux. The geometry of mineralization is dominated by the classic roll-front “C” shape or crescent configuration at the redox interface. The highest-grade portion of the front occurs in a zone termed the “nose” within reduced ground just ahead of the alteration front.
Interbedded mudstone, claystone and siltstone are often present and aid in the formation process by focusing groundwater flux. The geometry of mineralization is dominated by the classic roll-front “C” shape or crescent configuration at the redox interface. The highest-grade portion of the front occurs in a zone termed the “nose” within reduced ground just ahead of the alteration front.
The uranium market experienced lower demand and price in the late 1970s, and in 1980 there was a sharp decline in all Texas uranium operations. During the late 1970s and early 1980s, exploration for uranium in South Texas had evolved towards deeper drilling targets within the known host sandstone formations.
The uranium market experienced lower demand and price in the late 1970s, and in 1980 there was a sharp decline in all Texas uranium operations. During the late 1970s and early 1980s, exploration for uranium in South Texas had evolved towards deeper drilling targets within the known host sandstone formations.
The estimation method included identifying 0.15% eU 3 O 8 , a minimum mining thickness of 3 ft, and exploration was widely spaced drilling on a nominal 200 ft exploration grid. 1958 UCC UCC acquired the Palangana ISR Project Area in 1958 and ceased operations shortly after until 1967, when operations resumed for over a decade due to new technology.
The estimation method included identifying 0.15% eU 3 O 8 , a minimum mining thickness of 3 ft, and exploration was widely spaced drilling on a nominal 200 ft exploration grid. 1958 UCC UCC acquired the Palangana Project Area in 1958 and ceased operations shortly after until 1967, when operations resumed for over a decade due to new technology.
Approximately 2,700 rotary drill holes Approximately 130 core holes Discovery and delineation of mineralized areas. Permitting and licensing of a proposed uranium processing facility known as Sand Rock Mill was completed through the WDEQ/LQD and the NRC. 1983 Wold and Kerr-McGee Conoco sold interests to Wold in 1983. Kerr-McGee retained the rights with Wold. Assessment drilling was conducted.
Approximately 2,700 rotary drill holes Approximately 130 core holes Discovery and delineation of mineralized areas. Permitting and licensing of a proposed uranium processing facility known as Sand Rock Mill was completed through the WDEQ/LQD and the NRC. 1983 Wold and Kerr-McGee Conoco sold its interests to Wold in 1983. Kerr-McGee retained the rights with Wold. Assessment drilling was conducted.
Exploration holes were drilled to approximately 1,100 ft bgs and tested the entire prospective Goliad Formation. Results showed the presence of a reduction-oxidation interface in sands of the lower Goliad Formation, but there were insufficient data to link economically viable uranium mineralization. 1993 TOMIN Exploration program. 12 exploration holes on or near the Thomson-Barrow Lease.
Exploration holes were drilled to approximately 1,100 ft bgs and tested the entire prospective Goliad Formation. Results showed the presence of a reduction-oxidation interface in sands of the lower Goliad Formation, but there was insufficient data to link economically viable uranium mineralization. 1993 TOMIN Exploration program. 12 exploration holes on or near the Thomson-Barrow Lease.
Early prospecting and exploration included geologic mapping and gamma surveys, which led to discoveries of uranium in the Wasatch and Fort Union Formations. Extensive drill hole exploration has been utilized to locate deeper uranium mineralization since the 1960s to progress geologic models. 50 The table below describes the historic ownership and operations at the Moore Ranch Project Area.
Early prospecting and exploration included geologic mapping and gamma surveys, which led to discoveries of uranium in the Wasatch and Fort Union Formations. Extensive drill hole exploration has been utilized to locate deeper uranium mineralization since the 1960s to progress geologic models. The table below describes the historic ownership and operations at the Moore Ranch Project Area.
N/A Chevron resource evaluation indicated that an estimated 8 million lbs (non-CIM compliant) of eU 3 O 8 existed on the entire site within unclassified material containing 0.125% eU 3 O 8 . Unknown to late 1990 ’ s General Atomics General Atomics acquired the Palangana ISR Project Area for restoration work.
N/A Chevron resource evaluation indicated that an estimated 8 million lbs (non-CIM compliant) of eU 3 O 8 existed on the entire site within unclassified material containing 0.125% eU 3 O 8 . Unknown to late 1990 ’ s General Atomics General Atomics acquired the Palangana Project Area for restoration work.
TOMIN drilled a total of 12 holes on permitted acreage that they negotiated for exploration. 11 of the 12 drill holes intersected anomalous gamma ray log signatures indicative of uranium mineralization, but there were insufficient data to link economically viable uranium mineralization. 2011 UEC The Burke Hollow Project Area was acquired by UEC from TOMIN.
TOMIN drilled a total of 12 holes on permitted acreage that they negotiated for exploration. 11 of the 12 drill holes intersected anomalous gamma ray log signatures indicative of uranium mineralization, but there was insufficient data to link economically viable uranium mineralization. 2011 UEC The Burke Hollow Project Area was acquired by UEC from TOMIN.
Table 2: Historic Ownership and Operations at the Barge Project Area Year Company Operations/Activity Amount (No. of Drill holes) Results of Work 1969 Mono and RME Under a joint venture, Mono and RME conducted the initial exploration program through drilling. Upon successful exploration, the Bear Creek Uranium Company was formed under general partnership between Mono and RME.
Table 2.19: Historic Ownership and Operations at the Barge Project Area Year Company Operations/Activity Amount (No. of Drill holes) Results of Work 1969 Mono and RME Under a joint venture, Mono and RME conducted the initial exploration program through drilling. Upon successful exploration, the Bear Creek Uranium Company was formed under general partnership between Mono and RME.
Table 2: Historic Ownership and Operations at the Salvo Project Area Year Company Operations/Activity Amount (No. of Drill holes) Results of Work Unknown to 1983 Nufuels Original controller of the Salvo Project Area. 111 exploration holes. Nufuels discovered uranium mineralization in La Para sands of the Miocene-aged Goliad Formation in 1982 in Bee County, Texas.
Table 2.38: Historic Ownership and Operations at the Salvo Project Area Year Company Operations/Activity Amount (No. of Drill holes) Results of Work Unknown to 1983 Nufuels Original controller of the Salvo Project Area. 111 exploration holes. Nufuels discovered uranium mineralization in La Para sands of the Miocene-aged Goliad Formation in 1982 in Bee County, Texas.
The initial uranium exploration by Anschutz in 1976 covered an exclusive exploration exploitation concession covering approximately 162,700 km 2 , virtually the whole eastern half of Paraguay. This included geological mapping, water sampling, soil sampling and a broad reconnaissance Track Etch program, with stations spaced 10 km apart.
The initial uranium exploration by Anschutz in 1976 covered an exclusive exploration exploitation concession covering approximately 162,700 km 2 , virtually the whole eastern half of Paraguay. This included geological mapping, water sampling, soil sampling and a broad reconnaissance Track Etch program, with stations spaced 10 kms apart.
Table 2: Historic Ownership and operations at the Ludeman Project Area Year Company Operations/Activity Amount (No. of Drill holes) Results of Work 1960s-1970s Cordero Mining Numerous exploration companies including Teton Exploration (“Teton”), PRI, Uranium Resources, Inc. (“URI”) and Malapai (a subsidiary of APS) collectively explored in the Ludeman Project Area.
Table 2.15: Historic Ownership and operations at the Ludeman Project Area Year Company Operations/Activity Amount (No. of Drill holes) Results of Work 1960s-1970s Cordero Mining Numerous exploration companies including Teton Exploration (“Teton”), PRI, Uranium Resources, Inc. (“URI”) and Malapai (a subsidiary of APS) collectively explored in the Ludeman Project Area.
These deposits consist of multiple mineralized sand horizons which are separated vertically by confining beds of silt, mudstone and clay. 158 The uranium-bearing sands of the Goliad Formation at the Burke Hollow Project Area occur beneath a thin layer of Pleistocene-aged Lissie Formation gravels, sands, silts and clays, which overlie much of the Burke Hollow Project Area.
These deposits consist of multiple mineralized sand horizons which are separated vertically by confining beds of silt, mudstone, and clay. The uranium-bearing sands of the Goliad Formation at the Burke Hollow Project Area occur beneath a thin layer of Pleistocene-aged Lissie Formation gravels, sands, silts, and clays, which overlie much of the Burke Hollow Project Area.
Listed from oldest to youngest, they are as follows: ● Crystalline Intrusive Rocks: coarse-grained to pegmatitic Precambrian granite; ● Felsic to Intermediate Volcanic: flows, breccias, tuffs and minor intrusive; ● Felsic to Intermediate Volcaniclastic: ash flows, tuffaceous beds and arkosic sandstone; ● Andesitic Volcanic: porphyritic andesitic flows with a paleosurface and locally reddish-brown paleosols; ● Lacustrine Sedimentary rocks: micaceous siltstones and mudstone, calcareous siltstones and silty limestone, thin beds of carbonaceous siltstone and lignitic material and host of uranium mineralization, averaging about 60 to 100 m thick; ● Lower Sandstone Conglomerate: arkosic sandstones and conglomerate, averaging about 60 to 100 m thick; ● Basaltic Flows and Dikes: amygdular basalt, averaging about 20 m thick; ● Upper Conglomerate: cobble and boulder conglomerate, partly indurate and locally calcite cemented, averaging about zero to 60 m thick; and ● Quaternary Alluvium: unconsolidated sand and gravel, caliche formed where calcite-cemented.
Listed from oldest to youngest, they are as follows: ● Crystalline Intrusive Rocks: coarse-grained to pegmatitic Precambrian granite; ● Felsic to Intermediate Volcanic: flows, breccias, tuffs and minor intrusive; ● Felsic to Intermediate Volcaniclastic: ash flows, tuffaceous beds and arkosic sandstone; ● Andesitic Volcanic: porphyritic andesitic flows with a paleosurface and locally reddish-brown paleosols; ● Lacustrine Sedimentary rocks: micaceous siltstones and mudstone, calcareous siltstones and silty limestone, thin beds of carbonaceous siltstone and lignitic material and host of uranium mineralization, averaging about 60 to 100 meters thick; ● Lower Sandstone Conglomerate: arkosic sandstones and conglomerate, averaging about 60 to 100 meters thick; ● Basaltic Flows and Dikes: amygdular basalt, averaging about 20 meters thick; ● Upper Conglomerate: cobble and boulder conglomerate, partly indurate and locally calcite cemented, averaging about zero to 60 meters thick; and ● Quaternary Alluvium: unconsolidated sand and gravel, caliche formed where calcite cemented.
Table 2: Historic Ownership and Operations at the Reno Creek Project Area Year Company Operations/Activity Amount (No. of Drill holes) Results of Work Reno Creek – North Reno Creek Late 1960s Rocky Mountain Energy Company (“RME”) Drilled exploration holes at and around North Reno Creek resource area. Approximately 5,800 Delineated Approximately 10 miles of roll-front deposits.
Table 2.13: Historic Ownership and Operations at the Reno Creek Project Area Year Company Operations/Activity Amount (No. of Drill holes) Results of Work Reno Creek – North Reno Creek Late 1960s Rocky Mountain Energy Company (“RME”) Drilled exploration holes at and around North Reno Creek resource area. Approximately 5,800 Delineated Approximately 10 miles of roll-front deposits.
Table 2: Historic Ownership and Operations at the Moore Ranch Project Area Year Company Operations/Activity Amount (No. of Drill holes) Results of Work 1971 Conoco Minerals (“Conoco”) and Kerr-McGee Corporation (“Kerr-McGee”) Conoco and Kerr-McGee operated as a joint venture. Of the joint venture, Conoco controlled 50% of the Moore Ranch Project Area and served as the operator.
Table 2.11: Historic Ownership and Operations at the Moore Ranch Project Area Year Company Operations/Activity Amount (No. of Drill holes) Results of Work 1971 Conoco Minerals (“Conoco”) and Kerr-McGee Corporation (“Kerr-McGee”) Conoco and Kerr-McGee operated as a joint venture. Of the joint venture, Conoco controlled 50% of the Moore Ranch Project Area and served as the operator.
The PA-1 and PA-2 areas were found during this drilling program. In 2008, Energy Metals was acquired by Uranium One. During 2008 and 2009, the remainder of the holes on this Palangana ISR Project Area were drilled by Uranium One. During this time, the five exploration trends to the east of the dome were identified and partially delineated.
The PA-1 and PA-2 areas were found during this drilling program. In 2008, Energy Metals was acquired by Uranium One. During 2008 and 2009, the remainder of the holes on this Palangana Project Area were drilled by Uranium One. During this time, the five exploration trends to the east of the dome were identified and partially delineated.
UCC placed the property leases up for sale in 1980. In 1981, Chevron Corporation (“Chevron”) acquired the UCC leases and conducted their own resource evaluation. After the price of uranium dropped to under US$10/lb, General Atomics acquired the property and dismantled the process plant in a property-wide restoration effort.
UCC placed the property leases up for sale in 1980. In 1981, Chevron Corporation (“Chevron”) acquired the UCC leases and conducted their own resource evaluation. After the price of uranium dropped to under $10/lb., General Atomics acquired the property and dismantled the process plant in a property-wide restoration effort.
Upon formal approval of the clean up by the Texas Natural Resources Conservation Commission and the NRC, the property was returned to the landowners in the late 1990s. In 2005, EEI acquired the Palangana ISR Project Area property and later joint ventured with Energy Metals through the formation of STMV.
Upon formal approval of the clean up by the Texas Natural Resources Conservation Commission and the NRC, the property was returned to the landowners in the late 1990s. In 2005, EEI acquired the Palangana Project Area property and later joint ventured with Energy Metals through the formation of STMV.
Groundwater from sands of the Goliad Formation is used for water supplies over much of the northern portion of Goliad County. 168 The Goliad structures include two faults that intersect and offset the mineralized units. These faults are normal faults, with one downthrown toward the coast and one downthrown toward the northwest.
Groundwater from sands of the Goliad Formation is used for water supplies over much of the northern portion of Goliad County. The Goliad structures include two faults that intersect and offset the mineralized units. These faults are normal faults, with one downthrown toward the coast and one downthrown toward the northwest.
The CPP consists of a resin transfer circuit for loading/unloading IX resin from tanker trucks, an elution circuit to strip uranium from the IX resin, a circuit to precipitate uranium oxide solids, a yellowcake thickener (if necessary) and a modern, zero-emission vacuum dryer.
The Hobson CPP consists of a resin transfer circuit for loading/unloading IX resin from tanker trucks, an elution circuit to strip uranium from the IX resin, a circuit to precipitate uranium oxide solids, a yellowcake thickener (if necessary) and a modern, zero-emission vacuum dryer.
This dome is approximately two miles in diameter and is overlain by Pliocene sediments of the Goliad Formation. The Palangana ISR Project Area dome is marked at the surface by a shallow circular basin surrounded by low hills rising above the basin floor.
This dome is approximately two miles in diameter and is overlain by Pliocene sediments of the Goliad Formation. The Palangana Project Area dome is marked at the surface by a shallow circular basin surrounded by low hills rising above the basin floor.
This glacial marine sequence of black shales, glacial sands and diamictites is generally characterized by high radioactive background. Uranium mineralization within the San Miguel Formation is stratabound and possibly syngenetic or diagenetic in origin.
This glacial marine sequence of black shales, glacial sands and diamictites is generally characterized by a high radioactive background. Uranium mineralization within the San Miguel Formation is stratabound and possibly syngenetic or diagenetic in origin.
Grades of mineralization range from 0.025% U 3 O 8 to normal highs of 0.3 to 0.5% U 3 O 8 , with intercepts on occasion of 1.0% to 2.0% U 3 O 8 . Secondary enrichment of the syngenetic mineralization is observed along faults and at outcrops.
Grades of mineralization range from 0.025% U 3 O 8 to normal highs of 0.3 to 0.5% U 3 O 8 , with intercepts on occasion of 1.0% to 2.0% U 3 O 8 . Secondary enrichment of syngenetic mineralization is observed along faults and at outcrops.
Lucas Goliad Formation deposit, located near Lake Corpus Christi in Live Oak County near the Bee County line. 176 The table below summarizes the historic ownership and operations at the Salvo Project Area.
Lucas Goliad Formation deposit, located near Lake Corpus Christi in Live Oak County near the Bee County line. The table below summarizes the historic ownership and operations at the Salvo Project Area.
Surface disturbance from past exploration and/or limited mining activities at the site are readily apparent from current aerial views and on the ground. 128 Table 2: Historic Ownership and Operations at the Clarkson Hill Project Area Year Company Operations/Activity Amount (No. of Drill holes) Results of Work 1959 Utah Construction and Mining Conducted uranium exploration drilling. Not specified.
Surface disturbance from past exploration and/or limited mining activities at the site are readily apparent from current aerial views and on the ground. Table 2.29: Historic Ownership and Operations at the Clarkson Hill Project Area Year Company Operations/Activity Amount (No. of Drill holes) Results of Work 1959 Utah Construction and Mining Conducted uranium exploration drilling. Not specified.
Similar to the PRB, drilling for deeper deposits began in the 1960s and exploration has primarily consisted of drilling since that time. 94 Table 2: Historic Ownership and Operations at the Jab/West Jab Project Area Year Company Operations/Activity Amount (No. of Drill holes) Results of Work Jab Unspecified Silverbell Industries Originator of the Jab/West Jab Project Area. Not specified.
Similar to the PRB, drilling for deeper deposits began in the 1960s and exploration has primarily consisted of drilling since that time. Table 2.21: Historic Ownership and Operations at the Jab/West Jab Project Area Year Company Operations/Activity Amount (No. of Drill holes) Results of Work Jab Unspecified Silverbell Industries Originator of the Jab/West Jab Project Area. Not specified.
The uranium host rock sequence consists predominantly of a green to gray-green tuffaceous mudstone, which is interbedded with calcareous mudstone, carbonaceous mudstone, limestone, marl, lignite, chert and minor sand lenses. This sequence has been called the Anderson Mine Formation by Sherborne and ranges from 100 m to more than 500 m in thickness.
The uranium host rock sequence consists predominantly of a green to gray-green tuffaceous mudstone, which is interbedded with calcareous mudstone, carbonaceous mudstone, limestone, marl, lignite, chert and minor sand lenses. This sequence has been called the Anderson Mine Formation by Sherborne and ranges from 100 meters to more than 500 meters in thickness.
Other facilities and equipment include an advanced laboratory with inductively coupled plasma mass spectrometry, office building, yellowcake and 11e.(2) byproduct material storage area, chemical storage tanks and one permitted and constructed waste disposal well. Another waste disposal well is permitted but has not been drilled, because additional disposal capacity is not needed at the current time.
Other facilities and equipment include an advanced laboratory with inductively coupled plasma mass spectrometry, office building, yellowcake and byproduct material storage area, chemical storage tanks and one permitted and constructed waste disposal well. Another waste disposal well is permitted but has not been drilled because additional disposal capacity is not needed at the current time.
Further exploration work, consisting of a 180-hole, 22,555 m (74,000 ft) drill and core program on 120 m centers, was conducted from November 1975 through February 1976 to further delineate the uranium resources. By 1980, MinEx had completed a total of 1,054 holes by rotary and core drilling.
Further exploration work, consisting of a 180-hole, 22,555 meter (74,000 ft) drill and core program on 120 meter centers, was conducted from November 1975 through February 1976 to further delineate the uranium resources. By 1980, MinEx had completed a total of 1,054 holes by rotary and core drilling.
Early prospecting and exploration included geologic mapping and gamma surveys, which led to discoveries of uranium in the Wasatch and Fort Union Formations. Extensive drill hole exploration has been utilized to locate deeper uranium mineralization since the 1960s to progress geologic models. The table below describes the historic ownership and operations at the Irigaray Project Area.
Early prospecting and exploration included geologic mapping and gamma surveys, which led to discoveries of uranium in the Wasatch and Fort Union Formations. Extensive drill hole exploration has been utilized to locate deeper uranium mineralization since the 1960s to progress geologic models. The table below describes the historic ownership and operations at the Ludeman Project Area.
In areas of intense or heavy mineralization, pyrite locally occurs as massive, tarnished crystal aggregates (Utah International, 1971). The Irigaray Project Area contain portions of four alteration systems, all within fluvial sands of the Wasatch Formation. These fluvial host systems are labelled K1, K2, K3 and K4 sands and are in descending order.
In areas of intense or heavy mineralization, pyrite locally occurs as massive, tarnished crystal aggregates (Utah International, 1971). The Irigaray Project Area contains portions of four alteration systems, all within fluvial sands of the Wasatch Formation. These fluvial host systems are labelled K1, K2, K3 and K4 sands and are in descending order.
Average GT was modeled at 0.989, with a ratio of 0.194, width of 45 ft, length of 140 ft, and tonnage factor of 1.236 lbs/ft2. Due to low uranium prices, URI/SIPU elected not to permit the project at that time (R.B. Smith, unpublished report, 2005).
Average GT was modeled at 0.989, with a ratio of 0.194, width of 45 ft, length of 140 ft, and tonnage factor of 1.236 lbs/ft 2 . Due to low uranium prices, URI/SIPU elected not to permit the project at that time (R.B. Smith, unpublished report, 2005).
The faulting has probably served as a conduit for reducing waters-gases to migrate from deeper horizons as well as altering the groundwater flow system in the uranium-bearing sands. The Geologic Atlas of Texas, Beeville-Bay City Sheet does not show any faulting at the surface in the Salvo Project Area.
The faulting has probably served as a conduit for reducing waters and/or gases to migrate from deeper horizons as well as altering the groundwater flow system in the uranium-bearing sands. The Geologic Atlas of Texas, Beeville-Bay City Sheet does not show any faulting at the surface in the Salvo Project Area.
There are at least two northeast-southwest trending faults located near the Salvo Project Area that are likely related to the formation of the Salvo Project mineralization. These exist at a depth of approximately 3,000 ft bgs based on petroleum industry maps and are not believed to extend into the Goliad Formation.
There are at least two northeast-southwest trending faults located near the Salvo Project Area that are likely related to the formation of the Salvo Project mineralization. These exist at a depth of approximately 3,000 feet bgs based on petroleum industry maps and are not believed to extend into the Goliad Formation.
The Lissie Formation consists of unconsolidated deposits of sand, silt and clay, with minor amounts of gravel. The uranium-bearing Goliad Formation underlies the Lissie Formation and is present at depths ranging from near-surface to approximately 600 ft in depth on the eastern side of the Salvo Project Area. Uranium Resources Inc.
The Lissie Formation consists of unconsolidated deposits of sand, silt and clay, with minor amounts of gravel. The uranium-bearing Goliad Formation underlies the Lissie Formation and is present at depths ranging from near-surface to approximately 600 feet in depth on the eastern side of the Salvo Project Area. Uranium Resources Inc.
The Wasatch Formation reaches a maximum thickness of about 1,600 ft and dips northwestward from one degree to two-and-a-half degrees in the southern and central parts of the PRB. The Oligocene White River Formation overlies the Wasatch Formation and has been removed from most of the basin by erosion.
The Wasatch Formation reaches a maximum thickness of about 1,600 feet and dips northwestward from one degree to two-and-a-half degrees in the southern and central parts of the PRB. The Oligocene White River Formation overlies the Wasatch Formation and has been removed from most of the basin by erosion.
The sand units vary in color depending upon the degree of oxidation-reduction and could be from light brown-tan to grays. The sand units are generally separated from each other by silty clay or clayey silts that serve as confining units between the sand units.
The sand units vary in color depending upon the degree of oxidation-reduction and could be from light brown-tan to gray. The sand units are generally separated from each other by silty clay or clayey silts that serve as confining units between the sand units.
Approximately 1,460 Delineation of mineralized areas. Began ISR production. 1990 TOMIN and EDF EDF acquired the Irigaray and Christensen Ranch Project Areas from Malapai in 1990. TOMIN acted as project operator for EDF under a joint participation agreement. TOMIN restarted ISR operations in 1991. Approximately 2,270 Delineation of mineralized areas.
Began ISR production. 1990 TOMIN and EDF EDF acquired the Irigaray and Christensen Ranch Project Areas from Malapai in 1990. TOMIN acted as project operator for EDF under a joint participation agreement. TOMIN restarted ISR operations in 1991. Approximately 2,270 Delineation of mineralized areas.
Table 2: Historic Ownership and Operations at the Allemand-Ross Project Area Year Company Operations/Activity Amount (No. of Drill holes) Results of Work 1967 Kerr-McGee, Homestake, Teton Early uranium exploration completed by the three companies in the Allemand-Ross Project Area.
Table 2.17: Historic Ownership and Operations at the Allemand-Ross Project Area Year Company Operations/Activity Amount (No. of Drill holes) Results of Work 1967 Kerr-McGee, Homestake, Teton Early uranium exploration was completed by the three companies in the Allemand-Ross Project Area.
The basin is bounded by the Wyoming thrust belt to the west, the Rawlins Uplift and the Sierra Madre Mountains to the east, the Wind River Mountains to the north and the Uinta Mountains to the south. The GGRB contains up to 25,000 ft of Cretaceous to recent sedimentary rocks.
The basin is bounded by the Wyoming thrust belt to the west, the Rawlins Uplift and the Sierra Madre Mountains to the east, the Wind River Mountains to the north and the Uinta Mountains to the south. The GGRB contains up to 25,000 feet of Cretaceous to recent sedimentary rocks.
The Geology of Texas map published by BEG in 1992 classifies the Goliad as Miocene in age. The BEG’s geologic map of Texas describes the Goliad Formation as clays, sandstones, marls, caliches, limestones and conglomerates with a thickness of 100 ft to 500 ft.
The Geology of Texas map published by BEG in 1992 classifies the Goliad as Miocene in age. The BEG’s geologic map of Texas describes the Goliad Formation as clays, sandstones, marls, caliches, limestones and conglomerates with a thickness of 100 to 500 feet.
The Palangana ISR Project Area dome has an almost perfectly circular salt core with a remarkably flat top that is approximately 10,000 ft across and occurs from 800 to 850 ft below ground surface (“bgs”). Radial faulting is present in all Goliad Formation sands on the flanks of the dome due to uplift during the intrusion of the dome.
The Palangana Project Area dome has an almost perfectly circular salt core with a remarkably flat top that is approximately 10,000 feet across and occurs from 800 to 850 feet below ground surface (“bgs”). Radial faulting is present in all Goliad Formation sands on the flanks of the dome due to uplift during the intrusion of the dome.
However, the actual drilling and geophysical logging results have been determined to be properly conducted according to current industry standards. 155 Table 2: Historic Ownership and Operations at the Burke Hollow Project Area Year Company Operations/Activity Amount (No. of Drill holes) Results of Work 1982 Nufuels Original controller of the Burke Hollow Project Area. 18 exploration holes on or nearby the Welder Lease Nufuels drilled 18 exploration holes on or nearby UEC’s 1,825-acre Welder lease in conjunction with a larger regional program, which was conducted by Nufuels.
However, the actual drilling and geophysical logging results have been determined to be properly conducted according to current industry standards. 72 Table of Contents Table 2.34: Historic Ownership and Operations at the Burke Hollow Project Area Year Company Operations/Activity Amount (No. of Drill holes) Results of Work 1982 Nufuels Original controller of the Burke Hollow Project Area. 18 exploration holes on or nearby the Welder Lease Nufuels drilled 18 exploration holes on or nearby UEC’s 1,825-acre Welder lease in conjunction with a larger regional program, which was conducted by Nufuels.
In 1977, the Palmerita Ranch, located 11 km west of the deposit along the Santa Maria River, was acquired by MinEx to provide a water source for the operations in the event that closer sources proved inadequate.
In 1977, the Palmerita Ranch, located 11 kms west of the deposit along the Santa Maria River, was acquired by MinEx to provide a water source for the operations in the event that closer sources proved inadequate.
Faults trend predominantly N30 o W to N55 o W and dip steeply (approximately 80 o ) to the southwest. 195 Another set of faults trending more westerly (N65 o W) are present in the south-central portion of the Anderson Project Area.
Faults trend predominantly from N30 o W to N55 o W and dip steeply (approximately 80 o ) to the southwest. Another set of faults trending more westerly (N65 o W) are present in the south-central portion of the Anderson Project Area.
Uranium mineralization at the Allemand-Ross Project Area is typical of Wyoming roll-front sandstone deposits. The formation of roll-front deposits is largely a groundwater process that occurs when uranium-rich, oxygenated groundwater interacts with a reducing environment in the subsurface and precipitates uranium. The most favorable host rocks for roll-fronts are permeable sandstones with large aquifer systems.
Uranium mineralization at the Ludeman Project Area is typical of Wyoming roll-front sandstone deposits. The formation of roll-front deposits is largely a groundwater process that occurs when uranium-rich, oxygenated groundwater interacts with a reducing environment in the subsurface and precipitates uranium. The most favorable host rocks for roll-fronts are permeable sandstones with large aquifer systems.
Four-wheel drive vehicles may be needed during high rainfall periods. There are seven fee (private) mineral leases comprised of 636 acres on the Goliad Project Area. Payments for the private leases are up to date as of the effective date of the TRS. UEC obtained mining leases by assignment from a private entity (Brad A. Moore) in 2006.
Four-wheel drive vehicles may be needed during high rainfall periods. There are seven fee (private) mineral leases comprised of 636 acres on the Goliad Project Area. Payments for the private leases are up to date. UEC obtained mining leases by assignment from a private entity (Brad A. Moore) in 2006.
The northwesterly fault is a typical Gulf Coast normal fault, downthrown toward the coast, while the southeastern fault is an antithetic fault downthrown to the northwest, forming a graben structure. The presence of these faults is likely related to the increased mineralization at the site.
The northwesterly fault is a typical Gulf Coast normal fault, downthrown toward the coast, while the southeastern fault is an antithetical fault downthrown to the northwest, forming a graben structure. The presence of these faults is likely related to the increased mineralization at the site.
These sands vary in thickness from 0 ft to 100 ft within the Christensen Ranch Project Area. They coalesce within portions of the Christensen Ranch Project Area and form massive sand sequences of roughly 250 ft (80 m) in thickness.
These sands vary in thickness from 0 feet to 100 feet within the Christensen Ranch Project Area. They coalesce within portions of the Christensen Ranch Project Area and form massive sand sequences of roughly 250 feet (80 m) in thickness.
An independent consultant estimated that there were 5.7 Mlbs of inferred resources in an area now referred to as the Dome trend proximal to the dome on the west side north of the prior UCC leach field. In 2006 and 2007, Energy Metals drilled approximately 200 additional confirmation and delineation holes.
An independent consultant estimated that there were 5.7 million pounds of inferred resources in an area now referred to as the Dome trend proximal to the dome on the west side north of the prior UCC leach field. In 2006 and 2007, Energy Metals drilled approximately 200 additional confirmation and delineation holes.
These sands vary in thickness from 0 ft to 100 ft within the Irigaray Project Area. They coalesce within portions of the Irigaray Project Area and form massive sand sequences of roughly 250 ft (80 m) in thickness.
These sands vary in thickness from 0 feet to 100 feet within the Irigaray Project Area. They coalesce within portions of the Irigaray Project Area and form massive sand sequences of roughly 250 feet (80 m) in thickness.
The table below describes the historic ownership and operations at the Christensen Ranch Project Area. Table 2: Historic Ownership and Operations at the Christensen Ranch Project Area Year Company Operations/Activity Amount (No. of Drill holes) Results of Work 1967 Independent Operators Assembled as a large land package by independent operators. Approximately 4,860 Right to mine secured.
Table 2.9: Historic Ownership and Operations at the Christensen Ranch Project Area Year Company Operations/Activity Amount (No. of Drill holes) Results of Work 1967 Independent Operators Assembled as a large land package by independent operators. Approximately 4,860 Right to mine secured.
The property is located on the western end of the Paraná Basin, which also hosts the Figueira uranium deposit in Brazil. The area is underlain by Upper Permian to Carboniferous continental sedimentary rocks, and is known for uranium occurrences, such as the San Pedro, Santa Barbara, Yarati-í and San Antonio occurrences.
The Yuty Project Area is located on the western end of the Paraná Basin, which also hosts the Figueira uranium deposit in Brazil. The area is underlain by Upper Permian to Carboniferous continental sedimentary rocks, and is known for uranium occurrences, such as the San Pedro, Santa Barbara, Yarati-í and San Antonio occurrences.
Occasional diabase sills and dikes intrude the sedimentary rocks, such as at the San Antonio area near the village of Yuty. Outcrops are rare, mostly along road cuts, and mapping is done by drilling. The Lower Permian Coronel Oviedo Formation underlies the UPC rocks.
Occasional diabase sills and dikes intrude the sedimentary rocks, such as at the San Antonio area near the village of Yuty. Outcrops are rare, mostly along road cuts, and mapping is done by drilling. 96 Table of Contents The Lower Permian Coronel Oviedo Formation underlies the UPC rocks.
In June 2008, with four mining blocks in the exploration phase, the Contract was approved by the Law, and signed between the Government of the Republic and TPSA for the exploration and exploitation of metallic and non-metallic minerals, precious and semiprecious gems. In March 2012, UEC acquired CUE.
In June 2008, with four mining blocks in the exploration phase, the Contract was approved by the Law, and signed between the Government of the Republic and TPSA for the exploration and exploitation of metallic and non-metallic minerals, precious and semiprecious gems. In March 2012, UEC acquired Cue Resources Inc. (“CUE”).
The Southern UPC contains the sequence of rocks as follows: ● Cabacua Formation: 200 m thick; ● Tapyata Formation: 125 m thick; ● Tacuary Formation: 280 m thick; and ● San Miguel Formation: 20 m to 90 m thick.
The Southern UPC contains the sequence of rocks as follows: ● Cabacua Formation: 200 meters thick; ● Tapyata Formation: 125 meters thick; ● Tacuary Formation: 280 meters thick; and ● San Miguel Formation: 20 to 90 meters thick.

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Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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We continue to believe that the pending appeal is without merit and is continuing as planned towards uranium extraction at its fully-permitted Goliad Project.
We continue to believe that the pending appeal is without merit and is continuing as planned towards uranium extraction at its fully-permitted Goliad Project. A Class I renewal application for the Goliad Project disposal wells was received by the TCEQ on January 23, 2020 and declared administratively complete on April 27, 2020.
Added
The application went through technical review and, on September 13, 2022, the executive director of the TCEQ made a decision that the permit application met the requirements of the law. On or around October 4, 2022, petitioners in Goliad County requested a hearing and reconsideration on the renewal permits.
Added
The TCEQ considered the requests on December 14, 2022, during its open meeting, and denied the petitioner’s request for reconsideration but granted its request for hearing.
Added
The TCEQ referred the application to the State Office of Administrative Hearing (“SOAH”) to discuss three issues: 1) whether the permit application adequately characterizes the geology and identified and assessed faults in the vicinity of the proposed injections wells; 2) whether the draft permit provides for adequate monitoring of migration of injected fluids in the vicinity of the proposed injection wells: and 3) whether the location and design of the injection wells and pre-injection facilities are adequate.
Added
At this time, the petitioner’s first set of interrogatories, requests for production and request for admission have been submitted. The hearing and SOAH decision is expected by March 31, 2024.

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

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During the fiscal year ended July 31, 2022, our ISR Mines were not subject to regulation by the Federal Mine Safety and Health Administration under the Mine Safety Act. 215 PART II
During the fiscal year ended July 31, 2023, our ISR Mines were not subject to regulation by the Federal Mine Safety and Health Administration under the Mine Safety Act. 98 Table of Contents PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Recent Issuances of Unregistered Securities All of our issuances of unregistered securities during our fiscal year ended July 31, 2022 were previously disclosed in our Quarterly Reports on Form 10-Q for our first, second and third quarters of our fiscal year ended July 31, 2022, and in our Current Reports on Form 8-K as filed periodically with the SEC.
Recent Issuances of Unregistered Securities All of our issuances of unregistered securities during our fiscal year ended July 31, 2023 were previously disclosed in our Quarterly Reports on Form 10-Q for our first, second and third quarters of our fiscal year ended July 31, 2023, and in our Current Reports on Form 8-K as filed periodically with the SEC.
As of September 27, 2022, we had 238 registered shareholders. Dividend Policy No dividends have been declared or paid on our common stock. We have incurred recurring losses and do not currently intend to pay any cash dividends in the foreseeable future.
As of September 27, 2023, we had 261 registered shareholders. Dividend Policy No dividends have been declared or paid on our common stock. We have incurred recurring losses and do not currently intend to pay any cash dividends in the foreseeable future.
(collectively, the “Previous Peer Group”); and (iii) the cumulative return on the Russell 3000 Index. The change in peer group was made to address changes in the external market and to better reflect our Company’s business. 219
(collectively, the “Previous Peer Group”); and (iii) the cumulative return on the Russell 3000 Index. The change in Peer Group was made to address changes in the external market and to better reflect our Company’s business. 100 Table of Contents
Securities Authorized For Issuance Under Compensation Plans At July 31, 2022, we had one equity compensation plan, our 2022 Stock Incentive Plan (the “2022 Plan”).
Securities Authorized For Issuance Under Compensation Plans At July 31, 2023, we had one equity compensation plan, our 2023 Stock Incentive Plan (the “2023 Plan”).
On July 21, 2022, our shareholders approved the adoption of our 2022 Plan. The 2022 Plan supersedes and replaces our most recent and prior equity compensation plan, being the 2021 Plan.
On July 20, 2023, our shareholders approved the adoption of our 2023 Plan. The 2023 Plan supersedes and replaces our most recent and prior equity compensation plan, being the 2022 Plan.
(collectively, the “Peer Group”); (ii) the cumulative total return on the shares of common stock of a previous peer group index comprised of Centrus Energy Corp., Comstock Resources, Inc., Contango Oil & Gas Company, Denison Mines Corp., Energy Fuels Inc., Fission Uranium Corp., IsoEnergy Ltd., NACCO Industries, Inc., NexGen Energy Ltd., Polymet Mining Corp., Silvercorp Metals Inc., UEX Corporation and UR-Energy Inc.
(collectively, the “Peer Group”); (ii) the cumulative total return on the shares of common stock of a previous peer group index comprised of Centrus Energy Corp., Comstock Resources, Inc., Denison Mines Corp., Energy Fuels Inc., Fission Uranium Corp., Global Atomic Corporation, Gulfport Energy Corporation, IsoEnergy Ltd., NACCO Industries, Inc., NexGen Energy Ltd., Northern Oil and Gas, Inc., PolyMet Mining Corp. and Ur-Energy Inc.
The following table sets forth the high and low trading prices relating to our common stock on the NYSE American on a quarterly basis for the periods indicated: NYSE American Quarter Ended High Low July 2022 $4.25 $3.97 April 2022 $4.69 $4.23 January 2022 $2.63 $2.46 October 2021 $3.87 $3.53 July 2021 $2.34 $2.14 April 2021 $3.05 $2.85 January 2021 $1.76 $1.59 October 2020 $0.88 $0.83 July 2020 $1.01 $0.96 April 2020 $1.18 $1.10 January 2020 $0.85 $0.79 October 2019 $1.01 $0.95 The last reported closing price for our shares on the NYSE American on September 27, 2022 was $3.43 per share.
The following table sets forth the high and low trading prices relating to our common stock on the NYSE American on a quarterly basis for the periods indicated: NYSE American Quarter Ended High Low July 2023 $3.65 $2.30 April 2023 $4.29 $2.36 January 2023 $4.41 $3.02 October 2022 $4.65 $3.18 July 2022 $4.25 $3.97 April 2022 $4.69 $4.23 January 2022 $2.63 $2.46 October 2021 $3.87 $3.53 July 2021 $2.34 $2.14 April 2021 $3.05 $2.85 January 2021 $1.76 $1.59 October 2020 $0.88 $0.83 The last reported closing price for our shares on the NYSE American on September 27, 2023 was $5.28 per share.
Securities Authorized For Issuance Under Compensation Plans 2022 Stock Incentive Plan On June 2, 2022, our Board of Directors authorized and approved the adoption of the Company’s 2022 Plan, under which an aggregate of 25,576,693 of our shares may be issued, subject to adjustment as described in the 2022 Plan, and which, at that time, consisted of: (i) 10,462,238 shares issuable pursuant to awards previously granted that were outstanding under our 2021 Plan; (ii) 9,114,455 shares remaining available for issuance under the 2021 Plan; and (iii) 6,000,000 additional shares that may be issued pursuant to awards that may be granted under the 2022 Plan.
Securities Authorized For Issuance Under Compensation Plans 2023 Stock Incentive Plan On May 26, 2023, our Board of Directors authorized and approved the adoption of the Company’s 2023 Plan, under which an aggregate of 30,108,288 of our shares may be issued, subject to adjustment as described in the 2023 Plan, and which, at that time, consisted of: (i) 9,987,917 shares issuable pursuant to awards previously granted that were outstanding under our 2022 Plan; (ii) 10,120,371 shares remaining available for issuance under the 2022 Plan; and (iii) 10,000,000 additional shares that may be issued pursuant to awards that may be granted under the 2023 Plan.
In the event an Eligible Participant’s service has been terminated for “cause”, he or she shall immediately forfeit all rights to any of the Awards outstanding. 217 The foregoing summary of our Stock Incentive Plan is not complete and is qualified in its entirety by reference to the Stock Incentive Plan, a copy of which has been filed electronically with the SEC, which is available under the Company’s filings at www.sec.gov.
The foregoing summary of our Stock Incentive Plan is not complete and is qualified in its entirety by reference to the Stock Incentive Plan, a copy of which has been filed electronically with the SEC, which is available under the Company’s filings at www.sec.gov.
As of September 27, 2022, there were stock options outstanding under our Stock Incentive Plan exercisable for an aggregate of 10,193,005 shares of our common stock. Common Stock Purchase Warrants As of September 27, 2022, there were common stock purchase warrants issued and outstanding exercisable for an aggregate of 4,816,886 shares of our common stock.
As of September 27, 2023, there were stock options outstanding under our Stock Incentive Plan exercisable for an aggregate of 7,800,251 shares of our common stock. Common Stock Purchase Warrants As of September 27, 2023, there were common stock purchase warrants issued and outstanding exercisable for an aggregate of 3,857,030 shares of our common stock.
We relied on exemptions from registration under the Securities Act provided by Regulation S and/or Section 4(a)(2) with respect to the issuance of these shares. 218 Comparative Stock Performance The graph below compares the cumulative total stockholder return on our common stock assuming an investment of $100 and the reinvestment of all dividends, if any, for the years ended July 31, 2018, through to July 31, 2022, with: (i) the cumulative total return on the shares of common stock of a current peer group index comprised of Centrus Energy Corp., Comstock Resources, Inc., Denison Mines Corp., Energy Fuels Inc., Fission Uranium Corp., Global Atomic Corporation, Gulfport Energy Corporation, IsoEnergy Ltd., NACCO Industries, Inc., NexGen Energy Ltd., Northern Oil and Gas, Inc., Polymet Mining Corp. and UR-Energy Inc.
Comparative Stock Performance The graph below compares the cumulative total stockholder return on our common stock assuming an investment of $100 and the reinvestment of all dividends, if any, for the years ended July 31, 2019, through to July 31, 2023, with: (i) the cumulative total return on the shares of common stock of a current peer group index comprised of Centrus Energy Corp., Coeur Mining, Inc., Comstock Resources, Inc., Denison Mines Corp., enCore Energy Corp., Energy Fuels Inc., Filo Mining Corp., Fission Uranium Corp., Gulfport Energy Corporation, K92 Mining Inc., NexGen Energy Ltd., Northern Oil and Gas, Inc., Osisko Mining Inc., Seabridge Gold Inc. and Torex Gold Resources Inc.
An Award may not be exercised after the termination date of the Award and may be exercised following the termination of an Eligible Participant’s continuous service only to the extent provided by the Administrator under the Stock Incentive Plan.
We may issue shares, options, stock appreciation rights, restricted stock units, performance restricted stock units, deferred stock units and dividend equivalent rights, among others, under our Stock Incentive Plan. 99 Table of Contents An Award may not be exercised after the termination date of the Award and may be exercised following the termination of an Eligible Participant’s continuous service only to the extent provided by the Administrator under the Stock Incentive Plan.
We relied on exemptions from registration under the Securities Act provided by Rule 506 of Regulation D and/or Section 4(a)(2) with respect to the issuance of these shares; and ● on July 22, 2022, we issued an aggregate of 2,854 shares of common stock to a consultant in consideration for services under a consulting agreement at a deemed issuance price of $4.73 per share.
We relied on the exemption from the registration requirements under the Securities Act provided by Rule 506(b) of Regulation D and/or Section 4(a)(2) under the Securities Act with respect to the issuance of these shares; ● on June 2, 2023, we issued an aggregate of 689,158 shares of common stock pursuant to the exercise of warrants at a price of CAD$2.00 per share.
Our 2022 Plan was ratified by our shareholders on July 21, 2022 and thereby superseded and replaced our then 2021 Stock Incentive Plan (the “2021 Plan”); having been ratified by our shareholders on July 30, 2021; with all stock-based compensation awards granted in accordance with our 2021 Plan and each of our preceding stock incentive plans being continued under our 2022 Plan (and the 2022 Plan, the 2021 Plan and all preceding stock incentive plans being, collectively, our “Stock Incentive Plan” herein). 216 The table below sets forth information relating to our equity compensation plan at our fiscal year end July 31, 2022: Plan Category Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights (1) (a) Weighted Average Exercise Price of Outstanding Options, Warrants and Rights (2) (b) Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (excluding column (a)) Equity Compensation Plans Approved by Security Holders (the 2022 Plan) (3) 10,451,143 $1.58 12,998,145 Equity Compensation Plans Not Approved by Security Holders Nil N/A Nil Total 10,451,143 $1.58 12,998,145 Notes : (1) This figure represents: (i) 8,880,527 outstanding stock options having a weighted average exercise price of $1.58 and a weighted average remaining term of 6.98 years; (ii) 836,034 shares of our common stock underlying restricted stock units (the “RSUs”); and (iii) 734,582 shares of our common stock underlying performance based restricted stock units (the “PRSUs”).
The table below sets forth information relating to our equity compensation plan at our fiscal year end July 31, 2023: Number of Weighted Number of Securities to be Average Exercise Securities Issued Upon Price Remaining Available Exercise of of Outstanding for Future Issuance Outstanding Options, Under Equity Options, Warrants Warrants and Compensation Plans and Rights (1) Rights (2) (excluding column Plan Category (a) (b) (a)) Equity Compensation Plans Approved by Security Holders (the 2023 Plan) (3) 10,592,988 $1.92 16,665,252 Equity Compensation Plans Not Approved by Security Holders Nil N/A Nil Total 10,592,988 $1.92 16,665,252 Notes: (1) This figure represents: (i) 8,326,983 outstanding stock options having a weighted average exercise price of $1.92 and a weighted average remaining term of 7.43 years; (ii) 979,500 shares of our common stock underlying restricted stock units (the “RSUs”); and (iii) 1,286,505 shares of our common stock underlying performance based restricted stock units (the “PRSUs”).
During our fourth quarter ended July 31, 2022, we issued the following securities that were not registered under the Securities Act: ● on July 12, 2022, we issued an aggregate of 41,350 shares of common stock to a consultant in consideration for services under a consulting agreement at a deemed issuance price of $3.26 per share.
During our fourth quarter ended July 31, 2023, we issued the following securities that were not registered under the Securities Act: ● on May 2, 2023, we issued 12,796 shares of common stock pursuant to the exercise of warrants at a price of CAD$2.33 per share.
Removed
We may issue shares, options, stock appreciation rights, restricted stock units, performance restricted stock units, deferred stock units and dividend equivalent rights, among others, under our Stock Incentive Plan.
Added
Our 2023 Plan was ratified by our shareholders on July 20, 2023 and thereby superseded and replaced our then 2022 Stock Incentive Plan (the “2022 Plan”); having been ratified by our shareholders on July 21, 2022; with all stock-based compensation awards granted in accordance with our 2022 Plan and each of our preceding stock incentive plans being continued under our 2023 Plan (and the 2023 Plan, the 2022 Plan and all preceding stock incentive plans being, collectively, our “Stock Incentive Plan” herein).
Added
In the event an Eligible Participant’s service has been terminated for “cause”, he or she shall immediately forfeit all rights to any of the Awards outstanding.
Added
We relied on the exemption from the registration requirements under the Securities Act provided by Rule 903 of Regulation S with respect to the issuance of these shares; ● on May 16, 2023, we issued an aggregate of 77,906 shares of common stock pursuant to the exercise of warrants at a price of CAD$2.33 per share.
Added
We relied on the exemption from the registration requirements under the Securities Act provided by Rule 903 of Regulation S with respect to the issuance of these shares; ● on May 19, 2023, we issued an aggregate of 34,874, 7,500 and 69,704 shares of common stock pursuant to the exercise of warrants at prices of CAD$2.33, CAD$2.00 and CAD$1.44 per share respectively.
Added
We relied on the exemption from the registration requirements under the Securities Act provided by Rule 903 of Regulation S with respect to the issuance of these shares. On the same date, we issued an aggregate of 11,250 shares of common stock pursuant to the exercise of warrants at a price of CAD$2.33 per share.
Added
We relied on the exemption from the registration requirements under the Securities Act provided by Rule 903 of Regulation S with respect to the issuance of these shares; and ● on July 26, 2023, we issued an aggregate of 34,566 shares of common stock to a certain vendor pursuant to a Property Purchase Agreement dated July 10, 2023, at a deemed issuance price of $3.2845 per share.
Added
We relied on exemptions from registration under the Securities Act provided by Regulation S and/or Section 4(a)(2) with respect to the issuance of these shares.

Item 6. [Reserved]

Selected Financial Data — reserved (removed by SEC in 2021)

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Management’s Discussion and Analysis of Financial Condition and Results of Operations and our consolidated financial statements and related notes for the fiscal year ended July 31, 2022, as presented under Item 8. Financial Statements and Supplementary Data. These historical results are not necessarily indicative of the results to be expected for any future period.
Management’s Discussion and Analysis of Financial Condition and Results of Operations and our consolidated financial statements and related notes for the fiscal year ended July 31, 2023, as presented under Item 8. Financial Statements and Supplementary Data. These historical results are not necessarily indicative of the results to be expected for any future period.
Consolidated Balance Sheets July 31, 2022 July 31, 2021 July 31, 2020 July 31, 2019 July 31, 2018 Cash and cash equivalents $ 32,536 $ 44,313 $ 5,149 $ 6,058 $ 6,927 Term deposits - - - 11,832 - Working capital (deficit) 93,693 61,776 4,552 16,639 (3,975 ) Total assets 354,247 169,541 91,390 101,040 89,611 Long-term obligations 18,304 4,276 24,390 23,191 13,555 Total liabilities 27,338 18,086 26,973 26,813 26,436 Stockholders' equity 326,909 151,455 64,417 74,227 63,175 Consolidated Statements of Operations Year Ended July 31, 2022 2021 2020 2019 2018 Sales and service revenue $ 23,161 $ - $ - $ - $ - Operating costs 22,710 17,512 14,334 14,977 16,314 Net income (loss) for the year 5,252 (14,813 ) (14,610 ) (17,153 ) (17,827 ) Basic income (loss) per share 0.02 (0.07 ) (0.08 ) (0.10 ) (0.11 ) Diluted income (loss) per share 0.02 (0.07 ) (0.08 ) (0.10 ) (0.11 )
Consolidated Balance Sheets July 31, 2023 July 31, 2022 July 31, 2021 July 31, 2020 July 31, 2019 Cash and cash equivalents $ 45,614 $ 32,536 $ 44,313 $ 5,149 $ 6,058 Term deposits - - - - 11,832 Working capital 43,011 93,693 61,776 4,552 16,639 Total assets 737,589 354,247 169,541 91,390 101,040 Long-term obligations - 18,304 4,276 24,390 23,191 Total liabilities 105,762 27,338 18,086 26,973 26,813 Stockholders' equity 631,827 326,909 151,455 64,417 74,227 Consolidated Statements of Operations Year Ended July 31, 2023 2022 2021 2020 2019 Sales and service revenue $ 164,389 $ 23,161 $ - $ - $ - Income (loss) from operations 8,867 (22,710 ) (17,512 ) (14,334 ) (14,977 ) Net income (loss) (3,307 ) 5,252 (14,813 ) (14,610 ) (17,153 ) Basic income (loss) per share (0.01 ) 0.02 (0.07 ) (0.08 ) (0.10 ) Diluted income (loss) per share (0.01 ) 0.02 (0.07 ) (0.08 ) (0.10 )

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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The Anfield ISR Projects are comprised of the Charlie Project, located immediately adjacent to UEC’s Christensen Ranch property, along with nine projects in the Powder River Basin, seven projects in the Great Divide Basin, four projects in the Wind River Basin, three projects in the Shirley Basin and one project in Black Hills.
The Anfield ISR Projects are comprised of the Charlie Project, located immediately adjacent to UEC’s Christensen Ranch property, along with nine projects in the Powder River Basin, seven projects in the Great Divide Basin, four projects in the Wind River Basin, three projects in the Shirley Basin and one project in the Black Hills.
Financing Activities During Fiscal 2022, net cash provided from financing activities totaled $157,266, primarily from net cash of $163,755 from the 2021 ATM Offerings and $4,259 from the exercises of stock options and share purchase warrants, offset by the payments of $557 for tax withholding amounts related to the issuance of RSU and PRSU shares, the principal payment of $10,000 to our remaining Lender under the Credit Facility and $191 for a promissory note.
During Fiscal 2022 net cash provided from financing activities totaled $157,266, primarily from net cash of $163,755 from the 2021 ATM Offerings and $4,259 from the exercises of stock options and share purchase warrants, offset by the payments of $557 for tax withholding amounts related to the issuance of RSU and PRSU shares, the principal payment of $10,000 to our remaining Lender under the Credit Facility and $191 for a promissory note.
Investing Activities During Fiscal 2022, net cash used by investing activities totaled $110,843, comprised of net cash used in the U1A Acquisition of $113,588, cash used in investment in equity securities of $15,215, cash used for investment in mineral rights and properties of $590 and cash used for the purchase of property, plant and equipment of $620, offset by cash proceeds of $9,980 from sales of equity securities, $9,171 from recovery of the Anfield Debt receivable and $19 from the disposition of assets.
During Fiscal 2022, net cash used for investing activities totaled $110,843, comprised of net cash used in the U1A Acquisition of $113,588, cash used in investment in equity securities of $15,215, cash used for investment in mineral rights and properties of $590 and cash used for the purchase of property, plant and equipment of $620, offset by cash proceeds of $9,980 from sales of equity securities, $9,171 from recovery of the Anfield Debt receivable and $19 from the disposition of assets.
During Fiscal 2021, net cash used by investing activities totaled $3,625, primarily for cash used in investment in term deposits of $10,000, cash used in the acquisition of URC shares of $3,397, cash used in the investment in mineral rights and properties of $80 and cash used in the purchase of property, plant and equipment of $148, offset by cash received from the redemption of term deposits of $10,000.
During Fiscal 2021, net cash used for investing activities totaled $3,625, primarily for cash used in investment in term deposits of $10,000, cash used in the acquisition of URC shares of $3,397, cash used in the investment in mineral rights and properties of $80 and cash used for the purchase of property, plant and equipment of $148, offset by cash received from the redemption of term deposits of $10,000.
We may also be required to seek other forms of financing, such as asset divestitures or joint venture arrangements, to continue advancing our uranium projects which would depend entirely on finding a suitable third party willing to enter into such an arrangement, typically involving an assignment of a percentage interest in the mineral project.
We may also be required to seek other forms of financing, such as asset divestitures or additional joint venture arrangements, to continue advancing our uranium projects which would depend entirely on finding a suitable third party willing to enter into such an arrangement, typically involving an assignment of a percentage interest in the mineral project.
We believe our existing cash resources, if necessary, and the cash generated from the sale of the Company’s liquid assets, will provide sufficient funds to carry out our planned operations for the next 12 months from the date that this Annual Report is issued.
We believe our existing cash resources and, if necessary, cash generated from the sale of the Company’s liquid assets, will provide sufficient funds to carry out our planned operations for 12 months from the date that this Annual Report is issued.
However, there is no assurance that we will be successful in securing any form of additional financing when required and on terms favorable to us. 228 Our operations are capital intensive and future capital expenditures are expected to be substantial.
However, there is no assurance that we will be successful in securing any form of additional financing when required and on terms favorable to us. Our operations are capital intensive and future capital expenditures are expected to be substantial.
On May 17, 2021, we filed a Form S-3 shelf registration statement under the Securities Act, which was declared effective by the SEC on June 1, 2021, providing for the public offer and sale of certain securities of the Company from time to time, at our discretion, of up to an aggregate offering amount of $200 million (the “2021 Shelf”), which included an at-the-market offering agreement prospectus (the “May 2021 ATM Offering”) covering the offering, issuance and sale of up to a maximum offering of $100 million as part of the $200 million under the 2021 Shelf.
Equity Financings On May 17, 2021, we filed a Form S-3 shelf registration statement under the Securities Act which was declared effective by the SEC on June 1, 2021, providing for the public offer and sale of certain securities of the Company from time to time, at our discretion, of up to an aggregate offering amount of $200 million (the “2021 Shelf”), which included an at-the-market offering agreement prospectus (the “May 2021 ATM Offering”) covering the offering, issuance and sale of up to a maximum offering of $100 million as part of the $200 million under the 2021 Shelf.
We have not established proven or probable reserves through the completion of a “final” or “bankable” feasibility study for any of our mineral projects. We have established the existence of mineralized materials for certain uranium projects, including our ISR Mines.
We have not established proven or probable reserves through the completion of a “final” or “bankable” feasibility study for any of the mineral projects we operate. We have established the existence of mineralized materials for certain uranium projects, including our ISR Mines.
In evaluating these statements, you should consider various factors, including the risks, uncertainties and assumptions set forth in reports and other documents we have filed with or furnished to the SEC and, including, without limitation, this Form 10-K filing for the fiscal year ended July 31, 2022, including the consolidated financial statements and related notes contained herein.
In evaluating these statements, you should consider various factors, including the risks, uncertainties and assumptions set forth in reports and other documents we have filed with or furnished to the SEC and, including, without limitation, this Form 10-K filing for the fiscal year ended July 31, 2023, including the consolidated financial statements and related notes contained herein.
The income valuation method represents the present value of future cash flows over the life of the asset using: (i) discrete financial forecasts, which rely on management’s estimates of resource quantities and exploration potential, costs to produce and develop resources, revenues and operating expenses; (ii) appropriate discount rates; and (iii) expected future capital requirements.
The income valuation method represents the present value of future cash flows over the life of the asset using: (i) discrete financial forecasts, which rely on management’s estimates of resource quantities and exploration potential, costs to produce and develop resources, revenues and operating expenses; (ii) appropriate discount rates; and (iii) expected future capital requirements (the “income valuation method”).
Any adjustment that arises from information obtained that did not exist as of the date of the acquisition will be recorded in the period the adjustments arise.
Any adjustment that arises from information obtained that did not exist as of the date of the acquisition will be recorded in the period the adjustments arises.
Key Issues Since commencing uranium extraction at our Palangana Mine in November 2010, we have been focused primarily on expanding our South Texas uranium mining activities. Since the completion of the U1A Acquisition in December 2021, we further expanded our footprints in Wyoming with our Wyoming hub-and-spoke operations.
Key Issues Since commencing uranium extraction at our Palangana Mine in November 2010, we have been focused primarily on our South Texas uranium mining activities. Since the completion of the U1A Acquisition in December 2021, we expanded our footprints in Wyoming with our Wyoming hub-and-spoke operations.
Each Anfield Warrant entitles UEC to acquire one Anfield Common Share at a price of CA$0.18 until May 12, 2027 (collectively, the “Anfield Debt Settlement”). Completion of the Anfield Agreements was contingent on Anfield raising additional financing.
Each Anfield Warrant entitles UEC to acquire one Anfield Common Share at a price of CAD$0.18 until May 12, 2027 (collectively, the “Anfield Debt Settlement”). Completion of the Anfield Agreements was contingent on Anfield raising additional financing.
Introduction The following discussion summarizes the results of operations for each of our fiscal years ended July 31, 2022, 2021 and 2020 and our financial condition as at July 31, 2022 and 2021, with a particular emphasis on Fiscal 2022, our most recently completed fiscal year.
Introduction The following discussion summarizes the results of operations for each of our fiscal years ended July 31, 2023, 2022 and 2021 and our financial condition as at July 31, 2023 and 2022, with a particular emphasis on Fiscal 2023, our most recently completed fiscal year.
In the meantime, we continue to establish additional uranium mines through exploration and pre-extraction activities and direct acquisitions in both the U.S. and Paraguay, all of which require us to manage numerous challenges, risks and uncertainties inherent in our business and operations as more fully described in Item 1A.
In the meantime, we continue to establish additional uranium mines through exploration and pre-extraction activities and direct acquisitions in both the U.S. and Paraguay, all of which require us to manage numerous challenges, risks and uncertainties inherent in our business and operations as more fully described in Item 1A. Risk Factors herein.
UEX’s directly-owned portfolio of projects is located in the eastern, western and northern perimeters of the Athabasca Basin, one of the world’s richest uranium region.
UEX’s directly-owned portfolio of projects is located in the eastern, western and northern perimeters of the Athabasca Basin, one of the world’s richest uranium regions.
Since we are in the Exploration Stage, it has resulted in our reporting of larger losses than if we had been in the Production Stage due to the expensing, instead of capitalization, of expenditures relating to ongoing mine development activities.
Since we are in the Exploration Stage, it has resulted in our reporting of lower income or larger losses than if we had been in the Production Stage due to the expensing, instead of capitalization, of expenditures relating to ongoing mine development activities.
On November 26, 2021, we filed a prospectus supplement to our 2021 Shelf with respect to the continuation of the May 2021 ATM Offering Agreement with the ATM Managers under which we may, if eligible, from time to time, sell shares of our common stock having an aggregate offering price of up to $100 million through the ATM Managers selected by us (the “November 2021 ATM Offering”; and, collectively with May 2021 ATM Offering, the “2021 ATM Offerings”).
On November 26, 2021, we filed a prospectus supplement to our 2021 Shelf with respect to the continuation of the May 2021 ATM Offering Agreement with the 2021 ATM Managers under which we may, if eligible, from time to time, sell shares of our common stock having an aggregate offering price of up to an additional $100 million for a total of $200 million through the 2021 ATM Managers selected by us (the “November 2021 ATM Offering”; and, collectively with the May 2021 ATM Offering, the “2021 ATM Offering”).
Future sales of U 3 O 8 are therefore expected to generally occur through the uranium spot market, with any fluctuations in the market price continuing to have a direct impact on our revenues and cash flows. 222 The table below provides the high/low/average/close for the uranium spot price for each of our last five fiscal years as obtained from UxC: Fiscal Year Ended High Low Average Close July 31, 2022 $ 63.75 $ 30.50 $ 46.56 $ 48.50 July 31, 2021 32.75 27.31 30.38 32.40 July 31, 2020 34.19 23.88 27.66 32.35 July 31, 2019 29.28 23.94 26.95 25.41 July 31, 2018 26.44 19.87 22.09 25.81 Historically, the uranium spot price has been difficult to predict and subject to significant volatility and will continue to be affected by numerous factors beyond our control.
Future sales of U 3 O 8 are therefore expected to generally occur through the uranium spot market, with any fluctuations in the market price continuing to have a direct impact on our revenues and cash flows. 102 Table of Contents The table below provides the high/low/average/close for the uranium spot price for each of our last five fiscal years as obtained from UxC: Fiscal Year Ended High Low Average Close July 31, 2023 $ 57.75 $ 47.75 $ 51.27 $ 56.25 July 31, 2022 63.75 30.50 46.56 48.50 July 31, 2021 32.75 27.31 30.38 32.40 July 31, 2020 34.19 23.88 27.66 32.35 July 31, 2019 29.28 23.94 26.95 25.41 Historically, the uranium spot price has been difficult to predict and subject to significant volatility and will continue to be affected by numerous factors beyond our control.
The Palangana Mine has been our sole source to generate sales revenues from the sales of U 3 O 8 during Fiscal 2015, Fiscal 2013 and Fiscal 2012.
The Palangana Mine was our sole source to generate sales revenues from the sales of U 3 O 8 during Fiscal 2015, Fiscal 2013 and Fiscal 2012.
We hold mineral rights in the States of Arizona, New Mexico, Texas and Wyoming, in Canada and in the Republic of Paraguay, with annual land-related payments totaling $4.2 million to maintain these rights in good standing.
We hold mineral rights in the States of Arizona, New Mexico, Texas and Wyoming, in Canada and in the Republic of Paraguay, with annual land-related payments totaling $5.8 million to maintain these rights in good standing.
Pursuant to the terms of the Third Amended and Restated Credit Agreement, during Fiscal 2022, we issued 161,594 shares with a fair value of $600, during Fiscal 2021, we issued an aggregate of 1,249,039 shares with a fair value of $1,170, and during Fiscal 2020, we issued an aggregate of 1,743,462 shares to our Lenders, with a fair value of $1,400, as payment of anniversary fees to our Lenders.
Pursuant to the terms of the Third Amended and Restated Credit Agreement, during Fiscal 2022, we issued 161,594 shares with a fair value of $600, and during Fiscal 2021, we issued an aggregate of 1,249,039 shares to our Lender, with a fair value of $1,170, as payment of anniversary fees to our Lender.
We acquired the fully permitted Reno Creek Project in August 2017 and expanded our operations to the strategic Powder River Basin in Wyoming. On December 17, 2021, we completed the acquisition of all the issued and outstanding shares of U1A (now UEC Wyoming Corp.; “UEC Wyoming”) for total cash consideration of $128,495.
We acquired the fully permitted Reno Creek Project in August 2017 and expanded our operations to the strategic Powder River Basin in Wyoming. On December 17, 2021, we completed the acquisition of all the issued and outstanding shares of Uranium One Americas, Inc. (now UEC Wyoming Corp.; UEC Wyoming) for total cash consideration of $128,495.
We have established the existence of mineralized materials for certain uranium projects, including our ISR Mines. However, we have not established proven or probable reserves for any of our uranium projects, including our ISR Mines. Furthermore, we have no plans to establish proven or probable reserves for any of our uranium projects for which we plan on utilizing ISR mining.
However, we have not established proven or probable reserves for any of the uranium projects we operate, including our ISR Mines. Furthermore, we have no plans to establish proven or probable reserves for any of our uranium projects for which we plan on utilizing ISR mining.
Equity Investments Investments in an entity in which our ownership is greater than 20% but less than 50%, or where other facts and circumstances indicate that we have the ability to exercise significant influence over the operating and financing policies of an entity, are accounted for using the equity method in accordance with ASC 323: Investments – Equity Method and Joint Ventures.
Equity Investments Investments in an entity in which our ownership is greater than 20% but less than 50%, a 50/50 joint venture which the Company does not have control, or an entity where other facts and circumstances indicate that we have the ability to exercise significant influence over its operating and financing policies, are accounted for using the equity method in accordance with ASC 323: Investments – Equity Method and Joint Ventures.
The economic viability of our mining activities, including the expected duration and profitability of our ISR Mines and of any future satellite ISR mines, such as our Burke Hollow and Goliad Projects and recently acquired Ludeman, Antelope and Charlie Projects, has many risks and uncertainties.
The economic viability of our mining activities, including the expected duration and profitability of our ISR Mines, of any future satellite ISR mines, such as our Burke Hollow and Goliad Projects, Ludeman, Antelope and Charlie Projects, and of our recently acquired traditional uranium mines in Athabasca Basin in Saskatchewan, Canada, has many risks and uncertainties.
Specific examples of such factors include, but are not limited to: ● if the market price of uranium weakens; ● if the market price of our common stock weakens; ● if the COVID-19 pandemic worsens or continues over an extended period and causes further financial market uncertainty; and ● if a nuclear incident, such as the event that occurred in Japan in March 2011, were to occur, continuing public support of nuclear power as a viable source of electricity generation may be adversely affected, which may result in significant and adverse effects on both the nuclear and uranium industries.
Specific examples of such factors include, but are not limited to: ● if the market price of uranium weakens; ● if the market price of our common stock weakens; and ● if a nuclear incident, such as the event that occurred in Japan in March 2011, were to occur, continuing public support of nuclear power as a viable source of electricity generation may be adversely affected, which may result in significant and adverse effects on both the nuclear and uranium industries.
Our mining activities may change as a result of any one or more of these risks and uncertainties and there is no assurance that any ore body that we extract mineralized materials from will result in achieving and maintaining profitability and developing positive cash flow.
Our mining activities may change as a result of any one or more of these risks and uncertainties and there is no assurance that any ore body that we extract mineralized materials from will result in achieving and maintaining profitability and developing positive cash flow. As at July 31, 2023, we had no uranium supply or off-take agreements in place.
Results of Operations During Fiscal 2022, we recorded sales and service revenue of $23,161 and realized gross profit of $7,293. No sales and service revenues were recorded during Fiscal 2021 and Fiscal 2020.
Results of Operations During Fiscal 2023, we recorded sales and service revenue of $164,389 and realized gross profit of $49,670. For Fiscal 2022, we recorded sales and service revenue of $23,161 and realized gross profit of $7,293. No sales and service revenues were recorded during Fiscal 2021.
No sales and service revenues were recorded during Fiscal 2021 and Fiscal 2020. 223 The table below provides a breakdown of sales and service revenue and cost of sales and services: Year Ended July 31, 2022 2021 2020 Sales of purchased uranium inventory $ 22,946 $ - $ - Revenue from toll processing services 215 - - Total sales and service revenue $ 23,161 $ - $ - Cost of purchased uranium inventory $ (15,689 ) $ - $ - Cost of toll processing services (179 ) - - Total cost of sales and services $ (15,868 ) $ - $ - Operating Costs Mineral Property Expenditures Mineral property expenditures consisted of expenditures relating to permitting, property maintenance, exploration and pre-extraction activities and all other non-extraction related activities on our mineral projects.
The table below provides a breakdown of sales and service revenue and cost of sales and services: Year Ended July 31, 2023 2022 2021 Sales of purchased uranium inventory $ 163,950 $ 22,946 $ - Revenue from toll processing services 439 215 - Total sales and service revenue $ 164,389 $ 23,161 $ - Cost of purchased uranium inventory $ (114,353 ) $ (15,689 ) $ - Cost of toll processing services (366 ) (179 ) - Total cost of sales and services $ (114,719 ) $ (15,868 ) $ - Operating Costs Mineral Property Expenditures Mineral property expenditures consisted of expenditures relating to permitting, property maintenance, exploration and pre-extraction activities and all other non-extraction related activities on our mineral projects.
During Fiscal 2021, we made voluntary payments totaling $10,000 to certain Lenders, and during Fiscal 2022, we made payment of $10,000 to the remaining Lender, which decreased the principal balance outstanding to $Nil as at July 31, 2022 under the Credit Facility.
During Fiscal 2021, we made voluntary payments totaling $10,000 to certain Lenders, and during Fiscal 2022, we made payment of $10,000 to the remaining Lender, which decreased the principal balance outstanding to $Nil as at July 31, 2022 and 2023 under the Credit Facility. Operating Activities During Fiscal 2023, we recorded net cash provided by operating activities totaled $72,573.
Other areas requiring estimates include allocations of expenditures to inventories, depletion and amortization of mineral rights and properties and depreciation of property, plant and equipment. Actual results could differ significantly from those estimates and assumptions.
Other areas requiring estimates include allocations of expenditures to inventories, depletion and amortization of mineral rights and properties and depreciation of property, plant and equipment. Actual results could differ significantly from those estimates and assumptions. The following summary provides a description of our critical accounting policies.
The U1A Acquisition creates a Wyoming hub-and-spoke operation for UEC, anchored by UEC Wyoming’s Irigaray Processing Facility with a licensed capacity of 2.5 million pounds U 3 O 8 per year. Refer to Note 3: Acquisition of Uranium One Americas, Inc. of the Consolidated Financial Statements for Fiscal 2022.
The U1A Acquisition creates a Wyoming hub-and-spoke operation for UEC, anchored by UEC Wyoming’s Irigaray Processing Facility with a licensed capacity of 2.5 million pounds U 3 O 8 per year.
We have two uranium processing facilities located in vicinity of our IRS Mines, which process material from our ISR Mines into drums of U 3 O 8 for shipping to a third-party storage and sales facility.
We have two uranium processing facilities located in the vicinity of our IRS Mines, which process material from our ISR Mines into drums of U 3 O 8 for shipping to a third-party storage and sales facility. At July 31, 2023, we had no uranium supply or off-take agreements in place.
For Fiscal 2022, we recorded net income of $5,252 ($0.02 per share), while for Fiscal 2021 and Fiscal 2020, we recorded a net loss of $14,813 ($0.07 per share) and $14,610 ($0.08 per share), respectively. Loss from operations during Fiscal 2022, Fiscal 2021 and Fiscal 2020 totaled $22,710, $17,512 and $14,334, respectively.
We recorded a net loss of $3,307 ($0.01 per share) for Fiscal 2023 and net income of $5,252 ($ 0.02 per share) for Fiscal 2022, while we recorded a net loss of $14,813 ($0.07 per share) for Fiscal 2021. Income (loss) from operations during Fiscal 2023, Fiscal 2022 and Fiscal 2021 was $8,867, $ (22,710) and $(17,512), respectively.
The increases in surety bond premiums in Fiscal 2022 resulted from the surety bonds assumed as a result of the U1A Acquisition, and the increases in Fiscal 2021 were the result of increases in surety bond premium rates.
The increase in surety bond premiums in Fiscal 2022 resulted from the surety bonds assumed as a result of the U1A Acquisition.
At July 31, 2022, we had no uranium supply or off-take agreements in place. 220 In Texas our fully-licensed and 100% owned Hobson Processing Facility forms the basis for our regional operating strategy in the State of Texas, specifically the South Texas Uranium Belt where we utilize ISR mining.
In Texas, our fully-licensed and 100% owned Hobson Processing Facility forms the basis for our regional operating strategy in the State of Texas, specifically the South Texas Uranium Belt where we utilize ISR mining.
Subsequent to July 31, 2022, we completed the acquisition of UEX Corporation (“UEX”) through a plan of arrangement (the “UEX Acquisition”). UEX is a Canadian uranium and cobalt exploration and development company involved with an exceptional portfolio of uranium projects.
On August 19, 2022, we completed the acquisition of UEX Corporation (UEX) through a plan of arrangement (the UEX Acquisition). UEX is a Canadian uranium and cobalt exploration and development company involved with a portfolio of uranium projects.
In the future we may also rely on cash flows generated from the sales of our uranium inventories under our Physical Uranium Program to fund our operations. However, we have yet to achieve profitability or develop positive cash flow from operations.
We have yet to achieve consistent profitability or develop consistent positive cash flow from operations. Currently, we also rely on cash flows generated from the sales of our purchased uranium concentrates to fund our operations.
During Fiscal 2022, we continued with our strategic plan for reduced operations at our Palangana Mine and, since the closing of the U1A Acquisition, we continued reduced operations at the Christensen Ranch Mine, to capture residual pounds of U 3 O 8 only.
During Fiscal 2023, we continued with our strategic plan for reduced operations at our Palangana Mine, and we continued reduced operations at the Christensen Ranch Mine, to capture residual pounds of U 3 O 8 only. Since the acquisition of UEX and Roughrider Mineral Holdings Inc., we have increased our exploration activities in Canada.
In recent years, we have utilized equity-based payments to our directors, officers, employees and consultants as part of our continuing efforts to reduce cash outlays.
In recent years, we have utilized equity-based payments to our directors, officers, employees and consultants as part of our continuing efforts to reduce cash outlays. Stock-based compensation expense totaled $5,415, compared to $4,540 during Fiscal 2022.
Office lease agreements for the U.S. and Canada expire between July 2023 and March 2027. Commitments for Management Services As at July 31, 2022, we were committed to paying our key executives a total of $888 per year for management services.
Office lease agreements for the U.S. and Canada expire between September 2023 and November 2028. Commitments for Management Services As at July 31, 2023, we have committed to pay our key executives a total of $1,065 per year for management services for Fiscal 2024.
Stock-based compensation includes the fair value of stock options granted to optionees and the fair value of shares of the Company issued to directors, officers, employees and consultants of the Company under our Stock Incentive Plan.
The overall increasing trend in professional fees is due to the growth in business activities and the expansion of our operations; and ● stock-based compensation includes the fair value of stock options granted to optionees and the fair value of shares of the Company issued to directors, officers, employees and consultants of the Company under our Stock Incentive Plan.
As a result, UEC owns approximately 16% of Anfield’s outstanding shares. 227 Consequently, we reversed the entire expected credit loss on the debt receivable and recognized a recovery on debt receivable of $18,342 on our consolidated statements of operations and comprehensive income.
Consequently, we reversed the entire expected credit loss on the debt receivable and recognized a recovery on debt receivable of $18,342 on our consolidated statements of operations and comprehensive income in Fiscal 2022.
Historically, we have been reliant primarily on equity financings from the sale of our common stock and on debt financing in order to fund our operations.
Furthermore, we may not achieve and maintain profitability or develop positive cash flow from our operations in the near term. Historically, we have been reliant primarily on equity financings from the sale of our common stock and on debt financing in order to fund our operations.
Other Income and Expenses Interest and Finance Costs During Fiscal 2022, interest and finance costs totaled $1,519, a decrease of $1,361 compared to $2,880 during Fiscal 2021, which decreased by $582 compared to $3,462 during Fiscal 2020. 226 Interest and finance costs were comprised of the following: Year Ended July 31, 2022 2021 2020 Interest paid on long-term debt $ 409 $ 1,255 $ 1,627 Amortization of debt discount 525 1,376 1,670 Surety bond premium 539 187 130 Other 46 62 35 Total $ 1,519 $ 2,880 $ 3,462 The decrease in interest on long-term debt and amortization of debt discount resulted from the decrease in the outstanding principal amount of our long-term debt to $Nil as at January 31, 2022, from $10,000 as at July 31, 2021, and from $20,000 as at July 31, 2020 due to the principal repayments we made during the last two fiscal years.
Depreciation, amortization and accretion includes depreciation and amortization of long-term assets acquired in the normal course of operations and accretion of asset retirement obligations. 104 Table of Contents Other Income and Expenses Interest and Finance Costs Interest and finance costs were comprised of the following: Year Ended July 31, 2023 2022 2021 Interest paid on long-term debt $ - $ 409 $ 1,255 Amortization of debt discount - 525 1,376 Surety bond premium 760 539 187 Other 45 46 62 Total $ 805 $ 1,519 $ 2,880 During Fiscal 2023 the decrease in interest on long-term debt and amortization of debt discount resulted from the decrease in the outstanding principal amount of our long-term debt to $Nil as at January 31, 2022, from $10,000 as at July 31, 2021, and from $20,000 as at July 31, 2020 due to the principal repayments we made.
Subsequent to July 31, 2022, we issued a further 3,510,100 shares of the Company’s common stock under our 2021 ATM Offerings for net cash proceeds of $14,808 and received proceeds of $6,141 from the exercise of share purchase warrants. 230 Credit Facility On December 5, 2018, we entered into the Third Amended and Restated Credit Agreement to our credit facility (the “Credit Facility”) with our lenders (each, a “Lender”), whereby we and the Lenders agreed to certain further amendments to our Credit Facility, under which initial funding of $10,000 was received by the Company upon closing of the Credit Facility on July 30, 2013, and additional funding of $10,000 was received by the Company upon closing of the amended Credit Facility on March 13, 2014.
Credit Facility On December 5, 2018, we entered into the Third Amended and Restated Credit Agreement to our credit facility (the “Credit Facility”) with our lenders (each, a “Lender”), whereby we and the Lenders agreed to certain further amendments to our Credit Facility, under which initial funding of $10,000 was received by the Company upon closing of the Credit Facility on July 30, 2013, and additional funding of $10,000 was received by the Company upon closing of the amended Credit Facility on March 13, 2014.
As at July 31, 2022, outstanding stock options and share purchase warrants, which were all in-the-money, represented a total 12,495,981 shares issuable for gross proceeds of approximately $21.0 million should these stock options and share purchase warrants be exercised in full.
As at July 31, 2023, outstanding in-the-money stock options and share purchase warrants represented a total of 10,825,573 shares issuable for gross proceeds of approximately $23.3 million should the stock options and share purchase warrants exercised in full.
Our continuation as a going concern beyond 12 months from the date this Annual Report is filed will be dependent upon our ability to obtain adequate additional financing, as our operations are capital intensive and future capital expenditures are expected to be substantial.
Our continuation as a going concern for a period beyond those 12 months will be dependent upon our ability to generate cash flow from the sales of our uranium inventories under our Physical Uranium Program and to obtain adequate additional financing, as our operations are capital intensive and future capital expenditures are expected to be substantial.
The following summary provides a description of our critical accounting policies. 232 Mineral Rights and Exploration Stage Acquisition costs of mineral rights are initially capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until such time proven or probable reserves are established for that project.
Mineral Rights and Exploration Stage Acquisition costs of mineral rights are initially capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until such time proven or probable reserves are established for that project. We have established the existence of mineralized materials for certain uranium projects, including our ISR Mines.
Any capitalized costs, such as expenditures relating to the acquisition of mineral rights, are depleted over the estimated extraction life using the straight-line method. As a result, our consolidated financial statements may not be directly comparable to the financial statements of companies in the Production Stage.
Any capitalized costs, such as expenditures relating to the acquisition of mineral rights, are depleted over the estimated extraction life using the straight-line method.
These equity investments represent our ownership interests in certain entities, and therefore meet the definition of an equity security under ASC 321 Investments – Equity Securities and are measured at fair value at each period end, with unrealized holding gains or losses recorded to earnings. 233 Impairment of Long-lived Assets Long-lived assets including mineral rights and property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset or asset group may not be recoverable.
These equity investments represent our ownership interests in certain entities, and therefore meet the definition of an equity security under ASC 321 Investments – Equity Securities and are measured at fair value at each period end, with unrealized holding gains or losses recorded to earnings.
As a result, no uranium concentrate was extracted at our ISR Mines and processed at the Hobson and the Irigaray Processing Facilities, respectively, during Fiscal 2022 and Fiscal 2021. We established our Physical Uranium Program in Fiscal 2021.
As a result, no uranium concentrate was extracted at our ISR Mines and processed at the Hobson and the Irigaray Processing Facilities during Fiscal 2023 and Fiscal 2022. We established our Physical Uranium Program in Fiscal 2021. As of July 31, 2023, we have 1,695,000 pounds of uranium inventory purchase commitments outstanding for a total purchase price of $72,517.
Acquisition-related Costs During Fiscal 2022, we incurred acquisition-related costs of $3,444 in connection with the U1A Acquisition. Depreciation, Amortization and Accretion During Fiscal 2022, depreciation, amortization and accretion totaled $1,379, which increased by $986 compared to $393 during Fiscal 2021, primarily due to depreciation of our plant and equipment acquired from the U1A Acquisition.
Depreciation, Amortization and Accretion During Fiscal 2023, depreciation, amortization and accretion totaled $2,007, which increased by $628 compared to $1,379 during Fiscal 2022, primarily due to a full-year depreciation of our plant and equipment acquired from the U1A Acquisition compared to 7 months of depreciation in Fiscal 2022. During Fiscal 2022, depreciation, amortization and accretion totaled $393.
Plan of Operations For Fiscal 2023, uranium extraction at PAA-1, 2 and 3 of our Palangana Mine and at the recently acquired Christensen Ranch Mine is expected to continue being operated at a reduced pace, including the deferral of major pre-extraction expenditures, and to remain in a state of operational readiness in anticipation of a recovery in uranium prices.
The exercise of these stock options and share purchase warrants is at the discretion of the respective holders and, accordingly, there is no assurance that any of these stock options or share purchase warrants will be exercised in the future. 107 Table of Contents Plan of Operations For Fiscal 2024, uranium extraction at PAA-1, 2 and 3 of our Palangana Mine and at the Christensen Ranch Mine is expected to continue being operated at a reduced pace, including the deferral of major pre-extraction expenditures, and to remain in a state of operational readiness in anticipation of a sustained recovery of uranium prices.
Income from Equity-Accounted Investment During Fiscal 2022, Fiscal 2021 and Fiscal 2020, income from the equity-accounted investment comprised of the following: Year Ended July 31, 2022 2021 2020 Share of income (loss) from URC $ 153 $ 732 $ (89 ) Gain on dilution of ownership interest 3,973 4,473 3,057 Total $ 4,126 $ 5,205 $ 2,968 During Fiscal 2022 and Fiscal 2021, we recorded a gain on dilution of ownership interest of $3,973 and $4,473, respectively, as a result of URC issuing more shares from its equity financings, which decreased our ownership interest in URC to $15.5% at July 31, 2022, from 18.1% at July 31, 2021 and from 19.5% at July 31, 2020.
Income from Equity-Accounted Investment During Fiscal 2023, Fiscal 2022 and Fiscal 2021, income from the equity-accounted investment comprised of the following: Year Ended July 31, 2023 2022 2021 Share of income (loss) $ (1,648 ) $ 153 $ 732 Gain on dilution of ownership interest 654 3,973 4,473 Total $ (994 ) $ 4,126 $ 5,205 During Fiscal 2023, Fiscal 2022 and Fiscal 2021, we recorded a gain on dilution of ownership interest in Uranium Royalty Corp.
The market valuation method uses prices paid for a similar asset by other purchasers in the market, normalized for any differences between the assets. The cost valuation method is based on the replacement cost of a comparable asset at the time of the acquisition adjusted for depreciation and economic and functional obsolescence of the asset.
The cost valuation method is based on the replacement cost of a comparable asset at the time of the acquisition adjusted for depreciation and economic and functional obsolescence of the asset (the “cost valuation method”).
Sales and Service Revenue During Fiscal 2022, we recorded sales of $22,946 from the sale of 500,000 pounds of uranium concentrate inventory. In addition, we recorded revenue from toll processing services of $215, which was generated from processing uranium resins according to a toll processing agreement resulting from the U1A Acquisition.
In addition, we recorded revenue from toll processing services of $439 in Fiscal 2023, increased by $224 compared to Fiscal 2022, which was generated from processing uranium resins according to a toll processing agreement resulting from the U1A Acquisition.
Business Combination We recognize and measure the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date, while transaction costs related to business combinations are expensed as incurred.
Deferred taxes are recorded on temporary book/tax differences in an asset acquisition using the simultaneous equations method and adjusted the assigned value of the non-monetary assets acquired to include the deferred tax liability When an acquisition is accounted for as a business combination, we recognize and measure the assets acquired and liabilities assumed based on their estimated fair values at the acquisition date, while transaction costs related to business combinations are expensed as incurred.
Refer to Note 11: Long-Term Debt to our Consolidated Financial Statements herein. Operating Activities During Fiscal 2022 and Fiscal 2021, net cash used in operating activities totaled $52,987 and $41,470, respectively, of which $37,206 and $28,961, respectively, was for purchases of uranium concentrates. Other significant operating expenditures included mineral property expenditures, general and administrative expenses and interest payments.
During Fiscal 2022 and Fiscal 2021, net cash used in operating activities totaled $52,987 and $41,470, respectively, of which $37,206 and $28,961, respectively, was for purchases of uranium concentrates.
Historically, we have been reliant primarily on equity financings from the sale of our common stock and, for Fiscal 2014 and Fiscal 2013, on debt financing, in order to fund our operations. We have also relied on cash flows generated from our mining activities during Fiscal 2015, Fiscal 2013 and Fiscal 2012.
Our operations are capital intensive, and we will require significant additional financing to continue with our exploration and pre-extraction activities and acquire additional uranium projects. Historically, we have been reliant primarily on equity financings from the sale of our common stock and, for Fiscal 2014 and Fiscal 2013, on debt financing, in order to fund our operations.
Wainwright & Co, LLC (as the lead manager) and the co-managers as set forth in the April 2019 ATM Offering Agreement (collectively, the ATM Managers”) and its related offering terminated unless renewed under the 2020 Shelf. 229 On March 19, 2020, we entered into an Amending Agreement to the April 2019 ATM Offering Agreement with the ATM Managers under which the Company may, from time to time, sell shares of its common stock having an aggregate offering price of up to $30 million through the ATM Managers through the 2020 Shelf (the “2020 ATM Offering”).
Wainwright & Co., LLC and certain co-managers (collectively, the “2022 ATM Managers”) as set forth in the 2022 ATM Offering Agreement under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $300 million through the 2022 ATM Managers selected by us.
The Anfield ISR Projects increase UEC’s Wyoming land holdings by 50%, adding 55,119 acres of federal mining claims and state mineral leases.
(“Anfield”), whereby the Company received Anfield’s portfolio of 25 ISR uranium projects in Wyoming (the “Anfield ISR Projects”) in exchange for UEC’s Slick Rock and Long Park projects located in Colorado. The Anfield ISR Projects increased UEC’s Wyoming land holdings by 50%, adding 55,119 acres of federal mining claims and state mineral leases.
Unrealized Loss on Equity Securities As at July 31, 2022, our investments in certain equity securities are re-evaluated using the market values at period end, which resulted in an unrealized loss totaling $1,898, which was comprised of $1,925 in unrealized loss from re-valuation of our investment in the Anfield Shares and $1,105 in unrealized loss from a re-valuation of the Anfield Warrants, offset by an unrealized gain of $1,132 from a re-valuation of our investment in UEX.
Fair value loss on Equity Securities As at July 31, 2023, our investments in certain equity securities are re-evaluated using the market values at period end, which resulted in fair value loss totaling $13,083 compared to fair value loss of $1,898 in Fiscal 2022.
Material Commitments As at July 31, 2022, significant payment obligations of the Company over the next five years and beyond are as follows: Payment Due by Period Contractual Obligations Total Less Than 1 Year 1-3 Years 3-5 Years More Than 5 Years Asset Retirement Obligations $ 28,739 $ 214 $ 2,772 $ 4,998 $ 20,755 Operating Lease Obligations 1,656 291 217 173 975 Uranium Inventory Purchase Obligations 130,962 65,309 62,033 3,620 - Other Loan Obligations - Principal and Interests 66 66 - - - Total $ 161,423 $ 65,880 $ 65,022 $ 8,791 $ 21,730 As at July 31, 2022, we were renting or leasing office premises in Texas, Arizona and Wyoming, U.S., Vancouver, British Columbia, Canada, and Paraguay for total monthly payments of $28.
Material Commitments As at July 31, 2023, significant payment obligations of the Company over the next five years and beyond are as follows: Payment Due by Period Contractual Obligations Total Less Than 1 Year 1-3 Years 3-5 Years More Than 5 Years Asset Retirement Obligations $ 29,064 $ 1,515 $ 3,962 $ 4,498 $ 19,089 Operating Lease Obligations 1,407 $ 124 $ 184 $ 195 $ 904 Uranium Inventory Purchase Obligations 72,517 $ 45,777 $ 26,740 $ - $ - Total $ 102,988 $ 47,416 $ 30,886 $ 4,693 $ 19,993 As at July 31, 2023, we were renting or leasing office premises in Texas, Arizona and Wyoming, U.S., Vancouver, British Columbia, Canada, and Paraguay for total monthly payments of $37.
Although we recorded net income totaling $5,252 in Fiscal 2022, we recorded net losses in all prior years (Fiscal 2021: $14,813; Fiscal 2020: $14,610) and we had an accumulated deficit balance of $286,373 as at July 31, 2022.
Although we recorded net income in Fiscal 2022, we recorded net losses in Fiscal 2023 and all prior years, and we had an accumulated deficit balance of $289,680 as at July 31, 2023. During Fiscal 2023, net cash provided by operating activities totaled $72,573, but we recorded negative operating cash flow in prior years.
During Fiscal 2020, in response to the financial market uncertainty due to the COVID-19 pandemic, we reduced cash outlays by implementing corporate-wide pay reductions, ceasing cash bonuses and utilizing share compensation in lieu of cash for the Company’s employees, consultants, officers and directors salaries and fees; ● during Fiscal 2022, office, filing and listing fees, insurance, corporate development, investor relations and travel expenses totaled $4,501, an increase of $736 compared to $3,765 during Fiscal 2021, which was primarily the result of increases in expenses for office, administration and insurance, and expansion of our Wyoming’s operations.
The increase in salaries and managements fee in Fiscal 2022 from Fiscal 2021 was primarily due to the corporate-wide salary increase and the acquisition of U1A. ● during Fiscal 2023, office, filing and listing fees, insurance, corporate development, investor relations and travel expenses totaled $6,801, compared to $4,501 during Fiscal 2022, which was primarily the result of increases in expenses for expansion of our Wyoming’s and UEX's operations.
In addition, we will continue the drilling program at our Burke Hollow Project.
In addition, we will continue the drilling program at our Burke Hollow Project and our recently acquired Roughrider Project, as well as carry out additional exploration activities as required on our remaining portfolio.
The following summary provides a discussion of the major expense categories, including analyses of factors that caused significant variances from year-to-year: ● during Fiscal 2022, salaries, wages and management fees totaled $4,281, an increase of $1,864 compared to $2,417 during Fiscal 2021, which was primarily the result of the corporate-wide salary increases to adjust for inflation, payment of short-term incentive cash bonus for executive officers, as well as additional salary expenses related to the UEC Wyoming operations.
G&A expenses were comprised of the following: Year Ended July 31, 2023 2022 2021 Salaries and management fees $ 5,168 $ 4,281 $ 2,417 Office, IR, communication, insurance and travel 6,801 4,501 3,765 Foreign exchange loss 71 317 95 Professional fees 2,609 1,387 952 Sub-total 14,649 10,486 7,229 Stock-based compensation 5,415 4,540 5,411 Total general and administrative expenses $ 20,064 $ 15,026 $ 12,640 The following summary provides a discussion of the major expense categories, including analyses of factors that caused significant variances from year-to-year: ● during Fiscal 2023, salaries, wages and management fees totaled $5,168, compared to $4,281 during Fiscal 2022, which was primarily the result of the corporate-wide salary increases to adjust for inflation, payment of short-term incentive cash bonuses for executive officers, employee and consultants as well as additional salary expenses due to the acquisition of U1A in December 2021 and the acquisition of UEX in August 2022.
Subsequent to July 31, 2022, we issued 3,510,100 shares of the Company’s common stock under our 2021 ATM Offerings for net cash proceeds of $14,808 and received cash proceeds of $6,141 from the exercise of share purchase warrants. 235
Subsequent to July 31, 2023, we issued a further 7,010,000 shares of the Company’s common stock under our ATM Offerings for net cash proceeds of $36,217.
As detailed in the preceding paragraph, we have also relied to a limited extent on cash flows generated from our mining activities during Fiscal 2015, Fiscal 2013 and Fiscal 2012, however, we have yet to achieve consistent profitability or develop positive cash flow from operations.
We have also relied on cash flows generated from our mining activities during Fiscal 2015, Fiscal 2013 and Fiscal 2012 and have relied on cash flows generated from the sales of our purchased uranium inventories under our Physical Uranium Program to fund our operations since Fiscal 2022.
Liquidity and Capital Resources July 31, 2022 July 31, 2021 Cash and cash equivalents $ 32,536 $ 44,313 Current assets 102,191 75,045 Current liabilities 8,498 13,269 Working capital 93,693 61,776 During Fiscal 2022, we received net proceeds of $163,755 from the 2021 ATM Offerings and $4,259 from the exercises of stock options and share purchase warrants, which significantly strengthened our working capital position.
Refer to Note 17: Fair Value Loss on Equity Securities contained herein. 105 Table of Contents Liquidity and Capital Resources July 31, 2023 July 31, 2022 Cash and cash equivalents $ 45,614 $ 32,536 Current assets 55,205 102,191 Current liabilities 12,194 8,498 Working capital 43,011 93,693 During Fiscal 2023, we received net proceeds of $66,527 from equity financing, and exercises of stock options and share purchase warrants.
During Fiscal 2021, we issued 2,265,700 shares of the Company’s common stocks under our May 2021 ATM Offering for net cash proceeds of $6,157. During Fiscal 2022, we issued 47,507,536 shares of the Company’s common stocks under our 2021 ATM Offerings for net cash proceeds of $163,814.
During Fiscal 2022, we issued 15,934,606 shares of the Company’s common stock under our ATM Offerings for net cash proceeds of $ 35,235. During Fiscal 2023, we issued 15,171,253 shares of the Company’s common stock under our ATM Offerings for net cash proceeds of $ 58,420.
Equity Financings On February 21, 2020, we filed a Form S-3 shelf registration statement under the Securities Act which was declared effective by the SEC on March 3, 2020 (the “2020 Shelf”) providing for the public offer and sale of certain securities of the Company from time to time, at our discretion, of up to an aggregate offering amount of $100 million.
On November 16, 2022, we filed a Form S-3 automatic shelf registration statement under the Securities Act, which became effective upon filing, providing for the public offer and sale of certain securities of the Company from time to time, at our discretion, of an undetermined dollar value of common stock, debt securities, warrants to purchase common stock or debt securities, subscription receipts for and units which include common stock, debt securities, warrants or any combination thereof (the “2022 Shelf”), which included an at-the-market offering agreement prospectus (the “2022 ATM Offering”; and, collectively, with the 2021 ATM Offering, the “ATM Offerings”) covering the offering, issuance and sale of up to a maximum offering of $300 million under the 2022 Shelf. 106 Table of Contents On November 16, 2022, we entered into an at-the-market offering agreement (the “2022 ATM Offering Agreement”) with H.C.
During Fiscal 2021, office, filing and listing fees, insurance, corporate development, investor relations and travel expenses increased by $533 compared to $3,232 during Fiscal 2020, primarily due to corporate-wide cost reductions implemented in Fiscal 2020 in response to the COVID-19 pandemic; ● during Fiscal 2022, professional fees totaled $1,387, an increase of $435 compared to $952 during Fiscal 2021, which was consistent with $953 during Fiscal 2020.
During Fiscal 2022, office, filing and listing fees, insurance, corporate development, investor relations and travel expenses totaled $4,501, compared to $3,765 during Fiscal 2021, which was primarily the result of increases in expenses for office, administration and insurance, and expansion of our Wyoming’s operations. ● professional fees are comprised primarily of legal services related to transactional activities, regulatory compliance and for audit, accounting and tax compliance services.
During Fiscal 2020, net cash provided by investing activities totaled $11,671, primarily from cash received from the redemption of term deposits totaling $11,832, offset by cash used in the investment in mineral rights and properties of $80 and cash used in the purchase of property, plant and equipment of $84. 231 Stock Options and Warrants As at July 31, 2022, the Company had 8,880,527 stock options outstanding at a weighted-average exercise price of $1.58 per share, and 3,615,454 share purchase warrants outstanding at a weighted-average exercise price of $1.92 per share.
Stock Options and Warrants As at July 31, 2023, the Company had 8,326,983 stock options outstanding at a weighted-average exercise price of $ 1.92 per share, and 3,857,030 share purchase warrants outstanding at a weighted-average exercise price of $3.31 per share.
As a result, we recorded a gain of $6,408 on disposition of assets on our consolidated statements of operations and comprehensive income. Refer to Note 4: Anfield Debt Settlement and Property Swap to our Consolidated Financial Statements for Fiscal 2022 contained herein.
Gain on Disposition of Assets Consequently, we reversed the entire expected credit loss on the debt receivable and recognized a recovery on debt receivable of $18,342 on our consolidated statements of operations and comprehensive income in Fiscal 2022.
On June 7, 2022, UEC completed a property swap agreement (the “Property Swap”) with Anfield Energy Inc. (“Anfield”), whereby the Company received Anfield’s portfolio of 25 ISR uranium projects in Wyoming (the “Anfield ISR Projects”) in exchange for UEC’s Slick Rock and Long Park projects located in Colorado.
Refer to Note 5: Acquisition of Uranium One Americas, Inc. of the Consolidated Financial Statements for Fiscal 2023. 101 Table of Contents On June 7, 2022, UEC completed a property swap agreement (the “Property Swap”) with Anfield Energy Inc.
Removed
Risk Factors herein. 221 Our operations are capital intensive, and we will require significant additional financing to continue with our exploration and pre-extraction activities and acquire additional uranium projects.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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As a result, there is a risk that we may not be able to complete an equity financing at an acceptable price when required. Uranium Price Risk We are subject to market risk related to the market price of uranium. As at July 31, 2022, we had no uranium supply or off-take agreements in place.
As a result, there is a risk that we may not be able to complete an equity financing at an acceptable price when required. Uranium Price Risk We are subject to market risk related to the market price of uranium. As at July 31, 2023, we had no uranium supply or off-take agreements in place.
Removed
Interest Rate Risk Our term debt has fixed interest rates and we have no significant exposure to interest rate fluctuation risk.

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