10q10k10q10k.net

What changed in URANIUM ENERGY CORP's 10-K — 2023 vs 2024

vs

Paragraph-level year-over-year comparison of URANIUM ENERGY CORP's 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+565 added−542 removedSource: 10-K (2024-09-27) vs 10-K (2023-09-29)

Top changes in URANIUM ENERGY CORP's 2024 10-K

565 paragraphs added · 542 removed · 478 edited across 9 sections

Item 1. Business

Business — how the company describes what it does

65 edited+32 added−22 removed128 unchanged
Biggest changeThe 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”).
Biggest changeIn 2022, 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”). The UEX portfolio consists of a mix of uranium deposits, primarily focused on the Athabasca Basin uranium district in Saskatchewan, Canada.
Our fully-licensed and 100%-owned Hobson Processing Facility forms the basis for our regional operating strategy in the State of Texas, specifically in 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.
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.
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 our Hobson Processing Facility.
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.
The lands of our 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.
To conduct exploration drilling, an application must be filed with LQD that provides location details of the areas to be explored, the number of drill holes anticipated, the methods of drill hole abandonment to be used; location of access roads to be used or constructed, and an estimate of the cost to reclaim all drill holes and surfaces impacted by the drilling program.
To conduct exploration drilling, an application must be filed with the LQD that provides location details of the areas to be explored, the number of drill holes anticipated, the methods of drill hole abandonment to be used, the location of access roads to be used or constructed and an estimate of the cost to reclaim all drill holes and surfaces impacted by the drilling program.
If approved, LQD will approve the reclamation cost estimate and the company will post a bond or other financial assurance instrument acceptable to LQD. After the financial assurance instrument is approved by LQD, they will issue a Drilling Notification permit to the company to conduct the exploration drilling.
If approved, the LQD will approve the reclamation cost estimate and the Company will post a bond or other financial assurance instrument acceptable to the LQD. After the financial assurance instrument is approved by the LQD, they will issue a Drilling Notification permit to the Company to conduct the exploration drilling.
As in Texas, the State of Wyoming is allowed to issue UIC permits under two conditions: the state’s program must have been granted primacy; and the EPA must have granted an aquifer exemption upon the state’s request (an Aquifer Exemption). Wyoming issues UIC Class I permits (disposal wells) and UIC Class III permits for ISR wells.
As in Texas, the State of Wyoming is allowed to issue UIC permits under two conditions: the state’s program must have been granted primacy; and the EPA must have granted an Aquifer Exemption upon the state’s request. Wyoming issues UIC Class I permits (disposal wells) and UIC Class III permits for ISR wells.
Public review is generally 30 or 60 days. When the public comments period is complete, EASB will produce an EIA decision document for the Minister of Environment. While there are three outcomes possible, the likely outcome for a project that gets to this stage is approval of the EIA with conditions.
Public review is generally 30 or 60 days. When the public comments period is complete, the EASB will produce an EIA decision document for the Minister of Environment. While there are three outcomes possible, the likely outcome for a project that gets to this stage is approval of the EIA with conditions.
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.
In addition to advancing its uranium development projects through its ownership interest in JCU (Canada) Exploration Company, Limited (“JCU”), 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.
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.
As at July 31, 2024, we held four PAA permits for our Palangana Mine and one for our Goliad Project. An application for PAA-1 for the Burke Hollow Project 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.
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.).
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. (“UEC Wyoming”)).
ISR uranium projects with all of their major permits in place, with additional diversified holdings of uranium assets across the U.S., Canada and Paraguay. We believe nuclear energy will continue to be an important part of the energy transition and the energy mix of a future low carbon economy.
ISR uranium projects with all of their major permits in place, with additional diversified holdings of uranium assets across the U.S., Canada and the Republic of Paraguay. We believe nuclear energy will continue to be an important part of the energy transition and the energy mix of a future low carbon economy.
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.
Remediation of a property is required in accordance with regulatory standards, which may include the posting of reclamation bonds. In Arizona, 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.
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.
Texas In Texas, where the Company’s hub-and-spoke operations are anchored by our 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.
Once an EIA is submitted and the provincial internal reviews are finished, the EASB compiles the comments and produces the technical review comments (“TRC”) document. If there are deficiencies in the EIA, the proponent will be required to address them before the TRC document and the final EIS are placed into public review.
Once an EIA is submitted and the provincial internal reviews are finished, the EASB compiles the comments and produces a technical review comments (“TRC”) document. If there are deficiencies in the EIA, the proponent will be required to address them before the TRC document and the final EIS are placed into public review.
There is also a company-wide Injury and Incident Policy covered in the employee handbook that all employees are familiar with and are required to comply against. Training for employees on health and safety protocols are essential to ensuring we employ best safety practices at all times.
There is also a company-wide Injury and Incident Policy covered in the employee handbook that all employees are familiar with and are required to comply with. Training for employees on health and safety protocols are essential to ensuring we employ best safety practices at all times.
The solution flows through resin beds inside an ion exchange column where the uranium bonds to small resin beads. As the solution exits the ion exchange column, it is mostly void of uranium and is re-circulated back to the wellfield and through the ore zone.
The solution flows through resin beads inside an ion exchange column where the uranium bonds to small resin beads. As the solution exits the ion exchange column, it is mostly void of uranium and is re-circulated back to the wellfield and through the ore zone.
It is not clear whether the proposed federal Policy on Biodiversity will have an impact on the project, but if enacted, it could mean more bio-physical offsets will be required for disturbed ground.
It is not clear whether the proposed federal Policy on Biodiversity will have an impact on our project but, if enacted, it could mean more bio-physical offsets will be required for disturbed ground.
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.
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 (“DOE”).
On December 18, 2009, we acquired a 100% interest in the South Texas Mining Venture, L.L.P. (“STMV”), a Texas limited liability partnership, from each of URN Resources Inc., a subsidiary of Uranium One Inc., and Everest Exploration, Inc. On September 3, 2010, we incorporated a wholly-owned subsidiary, UEC Paraguay Corp., under the laws of the State of Nevada.
On December 18, 2009, we acquired a 100% interest in the South Texas Mining Venture, L.L.P. (“STMV”), a Texas limited liability partnership, from each of URN Resources Inc., a subsidiary of Uranium One Inc. (“Uranium One”), and Everest Exploration, Inc. On September 3, 2010, we incorporated a wholly-owned subsidiary, UEC Paraguay Corp., under the laws of the State of Nevada.
After reclamation is completed, LQD will inspect the drill hole sites and either approve the reclamation and release the bond, or make recommendations for further corrective action. As at July 31, 2023, UEC holds three Drilling Notification Permits, two for various exploration projects in the Powder River Basin and one for exploration in the Great Divide Basin of Wyoming.
After reclamation is completed, the LQD will inspect the drill hole sites and either approve the reclamation and release the bond, or make recommendations for further corrective action. As at July 31, 2024, UEC holds three Drilling Notification Permits, two for various exploration projects in the Powder River Basin and one for exploration in the Great Divide Basin of Wyoming.
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.
As at July 31, 2024, 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 an Aquifer Exemption for each of our Palangana Mine and our Goliad and Burke Hollow Projects. Wyoming In Wyoming ISR mining activities are regulated by the Wyoming Department of Environmental Quality (“WDEQ”), Land Quality Division (“LQD”), under Wyoming Administrative Code §35-11-401 through §35-11-437.
As at July 31, 2024, we held an Aquifer Exemption for each of our Palangana Mine and our Goliad and Burke Hollow Projects. Wyoming In Wyoming ISR mining activities are regulated by the Wyoming Department of Environmental Quality (“WDEQ”), Land Quality Division (“LQD”), under Wyoming Administrative Code §35-11-401 through §35-11-437.
As at July 31, 2023, UEC held Permits to Mine and RMLs for each of its Christensen Ranch, Irigaray, Ludeman, Moore Ranch and Reno Creek Projects. 6 Table of Contents In Wyoming, a Class I disposal well permit is required for deep underground wastewater injection (same process as in Texas).
As at July 31, 2024, UEC held Permits to Mine and RMLs for each of its Christensen Ranch, Irigaray, Ludeman, Moore Ranch and Reno Creek Projects. 6 Table of Contents In Wyoming, a Class I disposal well permit is required for deep underground wastewater injection (same process as in Texas).
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.
As at July 31, 2024, 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, 2023, 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, 2024, 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, 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.
Since commencement of uranium extraction from our ISR Mines in November 2010 to July 31, 2024, our Hobson Processing Facility has processed 578,000 pounds of U 3 O 8 . As at July 31, 2024, we had no uranium supply or “off-take” agreements in place.
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.
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 our Alto Parana Project.
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.
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, 2024, we held MAPs for our Palangana Mine and our Goliad and Burke Hollow Projects.
Wyoming requests the official aquifer exemption from the EPA for these permits. As at July 31, 2023, UEC held Aquifer Exemptions for each of its Christensen Ranch, Irigaray, Ludeman, Moore Ranch and Reno Creek Projects, as well as the Christensen Ranch Class I disposal wells.
Wyoming requests the official Aquifer Exemption from the EPA for these permits. As at July 31, 2024, UEC held Aquifer Exemptions for each of its Christensen Ranch, Irigaray, Ludeman, Moore Ranch and Reno Creek Projects, as well as the Christensen Ranch Class I disposal wells.
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.
In 2022, we 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 2024, 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.
In Wyoming, as at July 31, 2023, UEC holds Class I Injection well permits for four disposal wells at the Christensen Ranch Project, two disposal wells at the Irigaray Project, four disposal wells at the Moore Ranch Project and four disposal wells at its Reno Creek Project.
In Wyoming, as at July 31, 2024, UEC holds Class I Injection well permits for four disposal wells at the Christensen Ranch Project, two disposal wells at the Irigaray Project, four disposal wells at the Moore Ranch Project and four disposal wells at its Reno Creek Project.
Currently, the proposed project does not trigger any thresholds in the Physical Activities Regulations. The CNSC and Saskatchewan MOE have historically worked closely together and the CNSC will have the ability to review the provincial EIA. The regulators have demonstrated recently that they can cooperate in their review of projects despite the expiration of their cooperation agreement.
Currently, our proposed project does not trigger any thresholds in the Physical Activities Regulations. The CNSC and Saskatchewan MOE have historically worked closely together and the CNSC has the ability to review the provincial EIA. The regulators have demonstrated recently that they can cooperate in their review of projects despite the expiration of their cooperation agreement.
We are predominantly engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing, on uranium projects located in the United States, Canada and the Republic of Paraguay.
We are primarily engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing, on uranium projects located in the United States, Canada and the Republic of Paraguay.
Under the WDEQ the Bonding Provisions (§35-11-417) and regulations for Financial Assurance Requirements for Closure, Post Closure, and Corrective Action outlines financial assurance for in-situ uranium sites to include costs relating to: decommissioning, decontamination, demolition and waste disposal for buildings, structures, foundations, equipment and utilities; well plugging and abandonment; surface reclamation of operating areas, roads, wellfields and surface impoundments; groundwater restoration in mining areas; and radiological surveying for final release of the lands.
Under the WDEQ Bonding Provisions (§35-11-417) and the regulations for Financial Assurance Requirements for Closure, Post Closure and Corrective Action, they outline financial assurance for ISR uranium sites to include costs relating to: decommissioning; decontamination; demolition and waste disposal for buildings; structures; foundations; equipment and utilities; well plugging and abandonment; surface reclamation of operating areas; roads; wellfields and surface impoundments; groundwater restoration in mining areas; and radiological surveying for final release of the lands.
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, 2024, we also hold certain mineral rights in various stages in the States of Arizona, 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.
With this transaction, we added an additional 44,444 acres of prospective ground in the Athabasca Basin to our existing portfolio.
With this acquisition, we added an additional 44,444 acres of prospective ground in the Athabasca Basin to our existing portfolio.
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 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, 2024, we had 94 persons employed on a full-time basis and 10 individuals providing services on a contractual basis.
Under the mining laws of the Republic of Paraguay, title to mineral rights for our Yuty Project is held through a “Mineral Concession Contract” approved by the National Congress and signed between the Government of the Republic of Paraguay and the Company, and titles to mineral rights for our Oviedo Project and our Alto Paraná Titanium Project are held through “Exploration Mining Permits” granted by the Ministry of Public Works and Communications (“MOPC”), the mining regulator in Paraguay.
Under the mining laws of the Republic of Paraguay, title to mineral rights for our Yuty Project is held through a Mineral Concession Contract approved by the National Congress and signed between the Government of the Republic of Paraguay and the Company, and titles to mineral rights for our Oviedo and Alto Paraná Titanium Projects are held through Exploration Mining Permits granted by the Ministry of Public Works and Communications (“MOPC”), the mining regulator in Paraguay.
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.
Hence, we established a physical uranium portfolio (the “Physical Uranium Program”) and, as of July 31, 2024, we had 1,466,000 pounds of uranium and had entered into agreements to purchase 700,000 pounds of U.S. warehoused uranium from Fiscal 2025 to Fiscal 2026 at the ConverDyn conversion facility located in Metropolis, Illinois, at a volume weighted average price of approximately $38.20 per pound.
Although exact training hours have not been recorded for this fiscal year, UEC has provided training to staff on a variety of safety topics, including, but not limited to, the following topics: ● Annual radiation safety training for all plant and wellfield employees; ● Bi-Annual Radiation Safety Officer training; ● Radiation Safety Technician training; ● Logging training; ● First Aid/CPR training every two years; ● Rig Safety/Inspections training; and ● Annual DOT Training/HazMat training.
In Fiscal 2024, UEC has provided training to staff on a variety of safety topics, including, but not limited to, the following topics: ● Annual radiation safety training for all plant and wellfield employees; ● Bi-Annual Radiation Safety Officer training; ● Radiation Safety Technician training; ● Logging training; ● First Aid/CPR training (every two years); ● Rig Safety/Inspections training; and ● Annual DOT Training/HazMat training.
As at July 31, 2023, UEC held reclamation bonds for all of the Permits to Mine and RMLs Licenses plus three Drilling Notifications (exploration by drilling permits).
As at July 31, 2024, UEC held reclamation bonds for all of its Permits to Mine and RML licenses plus three Drilling Notifications (exploration by drilling permits).
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 operating and strategic framework is to become a leading low-cost North American focused uranium supplier 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 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.
Our principal executive office and corporate headquarters in the U.S. is located at 500 North Shoreline, Ste. 800, Corpus Christi, Texas, 78401, and our principal executive office and corporate headquarters in Canada is located at 1188 West Georgia Street, Suite 1830, Vancouver, British Columbia, Canada, V6E 4A2.
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.
Human Capital As of July 31, 2024, our employee population consisted o f 94 i ndividuals working for us and our consolidated subsidiarie s, 65 of whom were located in the U.S., 25 in Canada and 4 in Paraguay. Our Company is committed to attracting and retaining talented and experienced individuals to manage and support our operations.
UEC is a pure-play uranium company and is advancing its next generation of low-cost, environmentally friendly, in-situ recovery (“ISR”) mining uranium projects. The Company has two extraction ready ISR hub and spoke platforms in South Texas and Wyoming, anchored by fully licensed and operational processing capacity at its Hobson and Irigaray plants. UEC also has seven U.S.
The Company has two extraction ready ISR hub and spoke platforms in South Texas and Wyoming, anchored by fully licensed and operational processing capacity at its Hobson and Irigaray plants. UEC also has seven U.S.
Secondary supply is also likely to be further reduced with western enrichers reversing operations from underfeeding to overfeeding that requires more uranium to increase the production of enrichment services.
Secondary supply is also likely to be further reduced with western enrichers reversing operations from underfeeding to overfeeding that requires more uranium to increase the production of enrichment services. As secondary supplies continue to diminish, and as existing mines deplete resources, new production will be needed to meet existing and future utility demand.
We utilize a “hub-and-spoke” strategy whereby the Hobson Processing Facility acts as the central processing site (the “hub”) for our Palangana Mine and future satellite uranium mining activities, such as our Burke Hollow and Goliad Projects, located within the South Texas Uranium Belt (the “spokes”).
We utilize a “hub-and-spoke” strategy whereby the Hobson Processing Facility, which 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, acts as the central processing site (the “hub”) for our Palangana Mine, and future satellite uranium mining activities, such as our Burke Hollow and Goliad Projects, located within the South Texas Uranium Belt (the “spokes”).
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.
Physical Uranium Program The Company is investing in building the next generation of low-cost uranium projects that will be competitive on a global basis and which will use the ISR mining process which is expected to reduce the impact on the environment as compared to conventional mining.
On the demand side of the equation, the global nuclear energy industry continues robust growth, with 69 new reactors connected to the grid since 2013 and another 59 reactors under construction as of August 2023 (PRIS and WNA August 2023 data).
On the demand side of the equation, the global nuclear energy industry continues robust growth, with 69 new reactors connected to the grid in 2014 through July of 2024, and with another 61 reactors under construction.
The International Energy Outlook projects that worldwide electricity generation will grow by 1.8% per year, through to 2050.
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.
In addition, the CNSC will act as a technical advisor and is a participant in the EIA process; however, the provincial EIA decision is independent of the federal government. 7 Table of Contents Per the NSCA, a project needs to initiate the licensing process in order to have meaningful discussions with the CNSC and early discussions with the CNSC on the licensing process, engagement and consultation expectations, and the scope of the Project’s licensing are meaningful to help advance a project.
The CNSC follows the federal mandates with respect to Indigenous peoples and other initiatives such as climate change. 7 Table of Contents Per the NSCA, a project needs to initiate the licensing process in order to have meaningful discussions with the CNSC and early discussions with the CNSC on the licensing process, engagement and consultation expectations, and the scope of the project’s licensing are meaningful to help advance a project.
The two transactions provide a portfolio of medium to long term, high-grade, conventional projects that complement our nearer term, U.S. ISR assets.
The two transactions provide a portfolio of medium to long term, high-grade, conventional projects that complement our nearer term, U.S. ISR assets. In August 2023, we acquired a portfolio of exploration-stage projects in the Athabasca Basin for CA$1.5 million from Rio Tinto Exploration Canada Inc., a subsidiary of Rio Tinto Inc.
The uranium solution, now free from the resin, is precipitated out and concentrated into a slurry mixture and fed to a filter press to remove unwanted solids and contaminants. The slurry is then dried in a zero-emissions rotary vacuum dryer, packed in metal drums and shipped out as uranium concentrates, or yellowcake, to a conversion facility for storage and sales.
The uranium solution, now free from the resin, is precipitated out and concentrated into a slurry mixture and fed to a filter press to remove unwanted solids and contaminants.
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.
Each PAA will be developed, extracted and restored as one unit and will have its own set of monitor wells. 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.
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.
This includes interests in the Shea Creek, Christie Lake, Horseshoe Raven, Millennium and Wheeler River Projects.
Once restoration is complete, a stability period of no less than one year is scheduled with quarterly baseline and monitor well sampling. Wellfield reclamation will follow after aquifer restoration is complete and the stability period has passed. Hobson Processing Facility Our Hobson Processing Facility is located in Karnes County, Texas, about 100 miles northwest of Corpus Christi.
Wellfield reclamation will follow after aquifer restoration is complete and the stability period has passed. Hobson Processing Facility Our Hobson Processing Facility is located in Karnes County, Texas, about 100 miles northwest of Corpus Christi. It was originally licensed and constructed in 1978, serving as the hub for several satellite mining projects until 1996, and completely refurbished in 2008.
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.
The majority 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. The remaining approximately 10% of supply is used in the production of titanium metal and steel fabrication.
It was originally licensed and constructed in 1978, serving as the hub for several satellite mining projects until 1996, and completely refurbished in 2008. On December 18, 2009, we acquired the Hobson Processing Facility as part of our acquisition of STMV.
On December 18, 2009, we acquired the Hobson Processing Facility as part of our acquisition of STMV.
Uranium supply has become more complicated due to Russia’s invasion of Ukraine as Russia is a significant supplier of nuclear fuel around the globe. Economic sanctions, transportation restrictions, pending legislation and buyer avoidance of Russian fuel is causing a fundamental change to the nuclear fuel markets.
Economic sanctions, transportation restrictions and recent U.S. legislation banning the importation of Russian nuclear fuel is causing a fundamental change to the nuclear fuel markets.
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.
These agreements are subject to certain royalty and overriding royalty interests indexed to the sales price of uranium. Material Relationships Including Long-Term Delivery Contracts As at July 31, 2024, we had no uranium supply or “off-take” agreements in place.
While these situations are still unfolding, new trends appear to be pointing towards U.S. and European utilities beginning to shift more focus to security of supply with production from areas of low geopolitical risk.
As a result of the instability and assurance of supply risks, U.S. and European utilities are shifting more focus to production from areas of low geopolitical risk.
The spot market bottomed in November 2016 at about $17.75 per pound U 3 O 8 and stood at $56.25 per pound on July 31, 2023 (UxC U 3 O 8 Daily Spot Price).
The spot market bottomed out in November 2016 at about $17.75 per pound U 3 O 8 , but has since shown appreciation, reaching $107.00 per pound U 3 O 8 on February 2, 2024. During the three and twelve months ended July 31, 2024, uranium prices averaged $87.28 and $83.06 per pound U 3 O 8 , respectively.
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.
Titanium (TiO2) Industry Updates During 2024, the market fundamentals for titanium dioxide remained robust. 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. There is no economical substitute or environmentally safe alternative to titanium dioxide.
Each project is divided into a mining unit, known as a Production Area Authorization (“PAA”), which lies inside an approved Mine Permit Boundary. Each PAA will be developed, extracted and restored as one unit and will have its own set of monitor wells.
The slurry is then dried in a zero-emissions rotary vacuum dryer, packed in metal drums and shipped out as uranium concentrates, or yellowcake, to a conversion facility for storage and sales. 4 Table of Contents Each project is divided into a mining unit, known as a Production Area Authorization (“PAA”), which lies inside an approved Mine Permit Boundary.
Removed
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.
Added
UEC is a pure-play uranium company and is advancing its next generation of low-cost, in-situ recovery (“ISR”) mining uranium projects, and which ISR mining process is expected to reduce the impact on the environment as compared to conventional mining.
Removed
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.
Added
On January 16, 2024, we announced plans to restart uranium extraction at our fully permitted, and past producing, Christensen Ranch Mine ISR operation in Wyoming.
Removed
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.
Added
During August of 2024 we commenced the process for uranium extraction which is being funded with existing cash on the Company’s balance sheet. 2 Table of Contents Uranium recovered from the Christensen Ranch Mine ISR Project will be processed at our Irigaray central processing plant (“CPP”).
Removed
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.
Added
The Irigaray CPP is the hub central to our four fully permitted ISR projects located in the Powder River Basin of Wyoming, including our Christensen Ranch Mine, Reno Creek, Moore Ranch and Ludeman p rojects.
Removed
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.
Added
An application to increase the licensed capacity of the Irigaray CPP from the 2.5 million pounds U 3 O 8 per year to 4.0 million pounds U 3 O 8 per year was submitted to the Wyoming Department of Environmental Quality in November 2023; and approval is expected later in 2024.
Removed
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.
Added
To enable a faster extraction restart, extensive preparations at the Christensen Ranch Mine wellfields and satellite processing plant were completed in 2023. This included the re-installation of equipment, re-attachment of piping and a variety of electrical testing, repairs and upgrades to the existing facilities.
Removed
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.
Added
Since that time, additional work has progressed, including the hiring of additional operational personnel, preparation of a detailed wellfield startup plan, final preparations for plant and wellfield operations and the installation of cased wells in two new wellfield header houses in Mine Unit 10 (Modules 10-7 and 10-8).
Removed
Department of Energy; ● we published our inaugural sustainability report; ● we expanded licensed capacity to four million pounds of U 3 O 8 annually at our Hobson Processing Facility, distinguishing the plant as having the largest licensed capacity in Texas and the second largest in the United States; and ● we commenced a drilling campaign at our 82.77% owned Christie Lake Project and drilled 19,778.9 meters. 3 Table of Contents Uranium Market Developments Over the past few years, global uranium market fundamentals have been improving as the market transitions from an inventory driven market to a production driven market.

… 39 more changes not shown on this page.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

24 edited+1 added−1 removed159 unchanged
Biggest changeFurthermore, we have no plans to establish proven or probable reserves for any of our uranium projects for which we plan on utilizing ISR mining, such as our ISR Mines.
Biggest changeWe have not established proven or probable reserves through the completion of a final or bankable feasibility study for any of our projects, including our ISR Mines. Furthermore, we currently have no plans to establish proven or probable reserves for any of our uranium projects for which we plan on utilizing ISR mining, such as our ISR Mines.
The inability to sell on a timely basis in sufficient quantities and at a desired price and location could have a material adverse effect on our securities. As part of our Physical Uranium Program, we have entered into commitments to purchase U 3 O 8 and may purchase additional quantities.
The inability to sell uranium on a timely basis in sufficient quantities and at a desired price and location could have a material adverse effect on our securities. As part of our Physical Uranium Program, we have entered into commitments to purchase U 3 O 8 and may purchase additional quantities.
Business herein, Uranium Energy Corp. was incorporated under the laws of the State of Nevada on May 16, 2003 and, since 2004, we have been engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing, on projects located in the United States, Canada and the Republic of Paraguay.
Business herein, Uranium Energy Corp. was incorporated under the laws of the State of Nevada on May 16, 2003 and, since 2004, we have been primarily engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing, on projects located in the United States, Canada and the Republic of Paraguay.
We cannot provide any assurance that our Physical Uranium Program involving the strategic acquisition of physical uranium will be successful, which may have an adverse effect on our results of operations. We have used or allocated a large portion of our cash on hand in order to fund the acquisition of drummed uranium.
We cannot provide any assurance that our Physical Uranium Program involving the strategic acquisition of physical uranium will be successful, which may have an adverse effect on our results of operations. We have used or allocated a large portion of our cash on hand in order to fund the acquisition of drummed uranium under our Physical Uranium Program.
We also hold uranium projects in various stages of exploration and pre-extraction in the States of Arizona, Colorado, New Mexico, Texas and Wyoming, in Canada and the Republic of Paraguay.
We also hold uranium projects in various stages of exploration and pre-extraction in the States of Arizona, New Mexico, Texas and Wyoming, in Canada and the Republic of Paraguay.
Any loss or damage of the uranium may not be fully covered or absolved by contractual arrangements with ConverDyn or our insurance arrangements, and we may be financially and legally responsible for losses and/or damages not covered by indemnity provisions or insurance. Such responsibility could have a material adverse effect on our financial condition.
Any loss or damage of the uranium may not be fully covered or absolved by contractual arrangements with ConverDyn, Cameco Corporation or our insurance arrangements, and we may be financially and legally responsible for losses and/or damages not covered by indemnity provisions or insurance. Such responsibility could have a material adverse effect on our financial condition.
Failure to negotiate commercially reasonable storage terms for a subsequent storage period with ConverDyn may have a material adverse effect on our financial condition. By holding our uranium inventory at the ConverDyn conversion facility we are exposed to the credit and operational risks of the facility.
Failure to negotiate commercially reasonable storage terms for a subsequent storage period with ConverDyn and Cameco may have a material adverse effect on our financial condition. By holding our uranium inventory at the ConverDyn conversion facility and Cameco Corporation's facility we are exposed to the credit and operational risks of the facility.
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.
In 2020 significant production cuts were announced in response to the global COVID-19 pandemic, including uranium facilities in Canada, Kazakhstan and Namibia. By 2024, although most production impacted by COVID-19 has returned to an operating status, some production has continued to be affected.
Congress has recently passed and is currently considering numerous items of legislation which may be enacted prospectively or with retroactive effect, and which legislation could adversely impact the Company’s financial performance and the value of shares of our common stock.
Congress passed and is currently considering numerous items of legislation which may be enacted prospectively or with retroactive effect, and which legislation could adversely impact the Company’s financial performance and the value of shares of our common stock.
In November 2010, we commenced uranium extraction at our Palangana Mine, which has been our sole source of revenues from the sales of produced U 3 O 8 during Fiscal 2015, Fiscal 2013 and Fiscal 2012, with no revenues from sales of produced U 3 O 8 during other fiscal years.
In November 2010, we commenced uranium extraction at our Palangana Mine, which has been our sole source of revenues from the sales of produced U 3 O 8 during Fiscal 2015, Fiscal 2013 and Fiscal 2012, with no revenues from sales of produced U 3 O 8 during Fiscal 2024 or any other fiscal years.
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 have neither established nor do we have any present plans to establish proven or probable reserves for our uranium projects for which we plan on utilizing ISR mining.
Our compliance with these requirements requires significant financial and personnel resources. The laws, regulations, policies or current administrative practices of any government body, organization or regulatory agency in the United States, or any other applicable jurisdiction, may change or be applied or interpreted in a manner which may also have a material adverse effect on our operations.
Our compliance with these requirements requires significant financial and personnel resources. The laws, regulations, policies or current administrative practices of any government body, organization or regulatory agency in the U.S., or any other applicable jurisdiction, may change or be applied or interpreted in a manner which may also have a material adverse effect on our operations.
We prepare our consolidated financial statements in accordance with United States generally accepted accounting principles (“U.S. GAAP”) under which acquisition costs of mineral rights are initially capitalized as incurred while pre-production expenditures are expensed as incurred until such time as we exit the Exploration Stage.
We prepare our consolidated financial statements in accordance with United States generally accepted accounting principles (U.S. GAAP) under which acquisition costs of mineral rights are initially capitalized as incurred while pre-production expenditures are expensed as incurred until such time as we exit the Exploration Stage.
The Company has had communications and filings with the MOPC, whereby the MOPC is taking the position that certain concessions forming part of the Company’s Yuty and Alto Paraná Projects are not eligible for extension as to exploration or continuation to exploitation in their current stages.
The Company has had communications and filings with the MOPC, whereby the MOPC is taking the position that certain concessions forming part of the Company’s Yuty, Alto Parana and Colonel Oviedo Projects are not eligible for extension as to exploration or continuation to exploitation in their current stages.
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.
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 $19.6 million on our balance sheet at July 31, 2024, to recognize the present value of the estimated costs of such reclamation obligations.
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.
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 present plans to establish proven or probable reserves for any of our projects for which we plan on utilizing ISR mining.
On October 31, 2018, the SEC adopted the Modernization of Property Disclosures for Mining Registrants (again, the New Rule), introducing significant changes to the existing mining disclosure framework to better align it with international industry and regulatory practice, including NI 43-101.
On October 31, 2018, the SEC adopted the Modernization of Property Disclosures for Mining Registrants (the New Rule), introducing significant changes to the existing mining disclosure framework to better align it with international industry and regulatory practice.
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.
During Fiscal 2024, we continued to remain in a state of operational readiness at our ISR Mines. 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.
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.
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 410,355,768 shares were issued and outstanding as of July 31, 2024.
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.
In connection with the acquisition of U1A in December 2021 (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.
Currently, the uranium we purchased will be stored at the licensed uranium conversion facility of ConverDyn owned by Honeywell. There can be no assurance that storage arrangements that have been negotiated will be extended indefinitely, forcing actions or costs not currently contemplated.
Currently, the uranium we purchase is or will be stored at the licensed uranium conversion facilities at ConverDyn, located in Metropolis, Illinois, owned by Honeywell, and at Cameco Corporation's facilities, located in Ontario, Canada. There can be no assurance that storage arrangements that have been negotiated will be extended indefinitely, forcing actions or costs not currently contemplated.
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.
As more fully described under “Liquidity and Capital Resources” of Item 7. Management’s Discussion and Analysis of Financial Condition and Result of Operations herein, we have a history of significant negative cash flow and net losses, with an accumulated deficit balance of $318.9 million as at July 31, 2024.
Since we completed the acquisition of our Alto Paraná Project located in the Republic of Paraguay in July 2017, we are also involved in mining and related activities, including exploration, pre-extraction, extraction and processing, of titanium minerals. As more fully described under “Liquidity and Capital Resources” of Item 7.
Since we completed the acquisition of our Alto Paraná Project located in the Republic of Paraguay in July 2017, we are also involved in mining and related activities, including exploration, pre-extraction, extraction and processing, of titanium minerals. During August of 2024 we commenced the process for uranium extraction which is being funded with existing cash on the Company’s balance sheet.
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.
As at July 31, 2024, we had working capital (current assets less current liabilities) of $206,022 including cash and cash equivalents of $87,533 and uranium inventory holdings of $75,440.
Removed
We have not established proven or probable reserves through the completion of a “ final ” or “ bankable ” feasibility study for any of our projects, including our ISR Mines.
Added
During Fiscal 2022, $8.6 million of surety bond collateral related to the Christensen Ranch Mine and Irigaray Processing Facility was released.

Item 2. Properties

Properties — owned and leased real estate

285 edited+25 added−12 removed583 unchanged
Biggest changeUranium Oxide Resources FY 2022 FY 2023 YOY Change Country State/Province Project Measured Pounds U 3 O 8 ('000's) Indicated Pounds U 3 O 8 ('000's) Inferred Pounds U 3 O 8 ('000's) Measured Pounds U 3 O 8 ('000's) Indicated Pounds U 3 O 8 ('000's) Inferred Pounds U 3 O 8 ('000's) % Change in Measured Pounds % Change in Indicated Pounds % Change in Inferred Pounds United States Wyoming Allemand-Ross 417 42 2,496 417 42 2,496 0% 0% 0% Barge 4,361 4,361 0% Charlie 3,100 988 3,100 988 0% 0% Christensen Ranch 9,596 9,596 0% Clarkson Hill 1,113 1,113 0% Irigaray 5,899 141 5,899 141 0% 0% Jab/West Jab 2,335 392 1,677 2,335 392 1,677 0% 0% 0% Ludeman 5,017 4,697 1,258 5,017 4,697 1,258 0% 0% 0% Moore Ranch 3,210 44 3,210 44 0% 0% Nine Mile Lake 4,308 4,308 0% Red Rim 1,142 1,539 1,142 1,539 0% 0% Reno Creek 12,920 13,070 1,490 12,920 13,070 1,490 0% 0% 0% Wyoming Total 23,899 42,299 15,054 23,899 42,299 15,054 0% 0% 0% Texas Burke Hollow 115 2,209 4,859 115 2,209 4,859 0% 0% 0% Goliad 2,668 3,492 1,225 2,668 3,492 1,225 0% 0% 0% Palangana 643 1,001 643 1,001 0% 0% Salvo 2,839 2,839 0% Texas Total 2,783 6,344 9,924 2,783 6,344 9,924 0% 0% 0% Arizona Anderson 32,055 32,055 0% Workman Creek 4,459 4,459 0% Arizona Total 32,055 4,459 32,055 4,459 0% 0% United States Total 26,682 80,698 29,437 26,682 80,698 29,437 0% 0% 0% Canada Saskatchewan Christie Lake 16,836 16,836 0% Roughrider 27,842 36,043 27,842 36,043 0% 0% Horseshoe-Raven 37,426 37,426 0% Shea Creek 33,175 13,775 33,175 13,775 0% 0% Millennium 11,423 4,364 11,423 4,364 0% 0% Canada Total 109,867 71,019 109,867 71,019 0% 0% Paraguay Yuty 8,962 2,203 8,962 2,203 0% 0% Total Resources 26,682 199,527 102,658 26,682 199,527 102,658 0% 0% 0% Notes: 1.
Biggest changeUranium Oxide Resources FY 2023 FY 2024 YOY Change Country State/Province Project Measured Pounds U 3 O 8 ('000's) Indicated Pounds U 3 O 8 ('000's) Inferred Pounds U 3 O 8 ('000's) Measured Pounds U 3 O 8 ('000's) Indicated Pounds U 3 O 8 ('000's) Inferred Pounds U 3 O 8 ('000's) % Change in Measured Pounds % Change in Indicated Pounds % Change in Inferred Pounds United States Wyoming Allemand-Ross 417 42 2,496 417 42 2,496 0% 0% 0% Barge 4,361 4,361 0% Charlie 3,100 988 3,100 988 0% 0% Christensen Ranch 9,596 9,596 0% Clarkson Hill 1,113 1,113 0% Irigaray 5,899 141 5,899 141 0% 0% Jab/West Jab 2,335 392 1,677 2,335 392 1,677 0% 0% 0% Ludeman 5,017 4,697 1,258 5,017 4,697 1,258 0% 0% 0% Moore Ranch 3,210 44 3,210 44 0% 0% Nine Mile Lake 4,308 4,308 0% Red Rim 1,142 1,539 1,142 1,539 0% 0% Reno Creek 12,920 13,070 1,490 12,920 13,070 1,490 0% 0% 0% Wyoming Total 23,899 42,299 15,054 23,899 42,299 15,054 0% 0% 0% Texas Burke Hollow 115 2,209 4,859 964 5,191 4,883 738% 135% 0.5% Goliad 2,668 3,492 1,225 2,668 3,492 1,225 0% 0% 0% Palangana 643 1,001 643 1,001 0% 0% Salvo 2,839 2,839 0% Texas Total 2,783 6,344 9,924 3,632 9,326 9,948 31% 47% 0.2% Arizona Anderson 32,055 32,055 0% Workman Creek 4,459 4,459 0% Arizona Total 32,055 4,459 32,055 4,459 0% 0% United States Total 26,682 80,698 29,437 27,531 83,680 29,461 3.2% 3.7% 0.1% Canada Saskatchewan Christie Lake 16,836 16,836 0% Roughrider 27,842 36,043 27,842 36,043 0% 0% Horseshoe-Raven 37,426 37,426 0% Shea Creek 33,175 13,775 33,175 13,775 0% 0% Millennium 11,423 4,364 11,423 4,364 0% 0% Canada Total 109,867 71,019 109,867 71,019 0% 0% Paraguay Yuty 8,962 2,203 8,962 2,203 0% 0% Total Resources 26,682 199,527 102,658 27,531 202,509 102,683 3.2% 1.5% 0% 31 Table of Contents Table 2.6(b) – Year over Year Changes in Titanium (ilmenite- TiO 2 ) Mineral Resources Titanium Oxide Resources FY2023 FY 2024 YOY Change Country Project Measured Tonnes TiO2 (Millions) Indicated Tonnes TiO2 (Millions) Inferred Tonnes TiO2 (Millions) Measured Tonnes TiO2 (Millions) Indicated Tonnes TiO2 (Millions) Inferred Tonnes TiO2 (Millions) % Change in Measured Tonnes % Change in Indicated Tonnes % Change in Inferred Tonnes Paraguay Alto Parana 0 0 0 0 5.32 261.66 0% 100% 100% Notes: 1.
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 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.
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.
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.
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.
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. In areas of intense or heavy mineralization, pyrite locally occurs as massive, tarnished crystal aggregates.
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. In areas of intense or heavy mineralization, pyrite locally occurs as massive, tarnished crystal aggregates.
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.
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.
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.
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.
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.
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.
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.
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.
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.
No resources are reported in areas outside of the Palangana Project Area boundary. There are no reserves associated with the Palangana Project Area and it is considered a remote ‘satellite’ to the Hobson CPP. Mineral rights for the Project are private (fee) mineral leases, obtained through negotiation with individual mineral owners.
No resources are reported in areas outside of the Palangana Project Area boundary. There are no reserves associated with the Palangana Project Area and it is considered a remote ‘satellite’ to the Hobson CPP. Mineral rights for the Palangana Project are private (fee) mineral leases, obtained through negotiation with individual mineral owners.
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.
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 market experienced lower demand and price in the late 1970s and in 1980 there was a sharp decline in all Texas uranium operations.
Open pit mining began in 1961 and ISR mining was initiated in 1975. 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. 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.
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. 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.
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.
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.
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.
Mineral resources are not mineral reserves and have not demonstrated economic viability. 2. There is no certainty that all or any part of the mineral resource will be converted into mineral reserves. 3. All figures are rounded to reflect the relative accuracy of the estimates. 4.
Mineral resources are not mineral reserves and have not demonstrated economic viability. 2. There is no certainty that all or any part of the mineral resource will be converted into mineral reserves. 3. Figures are rounded to reflect the relative accuracy of the estimates. 4.
The Saskatchewan Mineral Exploration and Government Advisory Committee has developed the Mineral Exploration Guidelines for Saskatchewan to mitigate environmental impacts from industry activity and facilitate government approval for such activities (SMEGAC, 2016). Applications to conduct an exploration work program need only to address the relevant topics of those listed in the guidelines.
The Saskatchewan Mineral Exploration and Government Advisory Committee has developed the Mineral Exploration Guidelines for Saskatchewan to mitigate environmental impacts from industry activity and facilitate government approval for such activities (SMEGAC, 2016). Applications to conduct an exploration work program need only to address the relevant topics of those listed in the guidelines.
Description of Properties Figure 2.1 – Portfolio Overview of Significant Properties Overview The Company is engaged in conventional and in situ recovery (ISR) uranium extraction and recovery, along with the exploration, permitting and evaluation of uranium properties in the United States, the Republic of Paraguay, and Canada. 19 Table of Contents Summary Disclosure Table 2.1 - Location, Ownership Interest, Operator, Stage, Mining Method, and Mineralization Style Summary Country State/Province Project Location (Latitude) Location (Longitude) Equity Interest Operator Stage Mining Method Mineralization Style Uranium Projects United States Wyoming Allemand-Ross 43.3101 -105.7787 100% UEC Exploration Stage ISR Roll-Front Antelope 42.2263 -107.9095 100% UEC Exploration Stage ISR Roll-Front Barge 43.2729 -105.5905 100% UEC Exploration Stage ISR Roll-Front Black Hills 44.7764 -104.8831 100% UEC Exploration Stage ISR Roll-Front Brown Ranch 43.7377 -105.9684 100% UEC Exploration Stage ISR Roll-Front Bull Springs 42.1584 -107.6305 100% UEC Exploration Stage ISR Roll-Front Central Shirley Basin 42.3378 -106.4100 100% UEC Exploration Stage ISR Roll-Front Charlie 43.8274 -106.0594 100% UEC Exploration Stage ISR Roll-Front Christensen Ranch 43.7982 -106.0235 100% UEC Exploration Stage ISR Roll-Front Clarkson Hills 42.6593 -106.7006 100% UEC Exploration Stage ISR Roll-Front Crooks Creek 42.2867 -107.7660 100% UEC Exploration Stage ISR Roll-Front Crook's Mountain 42.3840 -107.9060 100% UEC Exploration Stage ISR Roll-Front Crossroads 43.0040 -105.6364 100% UEC Exploration Stage ISR Roll-Front Cyclone Rim 42.2943 -108.3332 100% UEC Exploration Stage ISR Roll-Front East Shirley Basin 42.3192 -106.1616 100% UEC Exploration Stage ISR Roll-Front Gas Hills 42.7094 -107.6521 100% UEC Exploration Stage ISR Roll-Front Horse Creek 42.5957 -106.9867 100% UEC Exploration Stage ISR Roll-Front Irigaray 43.8683 -106.1186 100% UEC Exploration Stage ISR Roll-Front Jab/West Jab 42.2209/42.2611 -108.0439/-108.1225 100% UEC Exploration Stage ISR Roll-Front Ludeman 42.9119 -105.6277 100% UEC Exploration Stage ISR Roll-Front Moore Ranch 43.5652 -105.8480 100% UEC Exploration Stage ISR Roll-Front Mule Creek 42.2118 -105.8143 100% UEC Exploration Stage ISR Roll-Front Niles Ranch 43.8024 -105.7961 100% UEC Exploration Stage ISR Roll-Front Nine Mile Lake 42.9807 -106.3278 100% UEC Exploration Stage ISR Roll-Front Pine Ridge 43.4591 -106.0725 100% UEC Exploration Stage ISR Roll-Front Pine Tree U1 43.6173 -105.7860 100% UEC Exploration Stage ISR Roll-Front Pumpkin Creek 43.8163 -105.8955 100% UEC Exploration Stage ISR Roll-Front Red Rim 41.6502 -107.5755 100% UEC Exploration Stage ISR Roll-Front Reno Creek 43.6796 -105.7226 100% UEC Exploration Stage ISR Roll-Front Ross Flats 43.5224 -105.8861 100% UEC Exploration Stage ISR Roll-Front Sand Creek 42.7007 -105.2645 100% UEC Exploration Stage ISR Roll-Front South Pine Ridge 43.1204 -105.9251 100% UEC Exploration Stage ISR Roll-Front South Reno Creek 43.6440 -105.6199 100% UEC Exploration Stage ISR Roll-Front 20 Table of Contents Country State/Province Project Location (Latitude) Location (Longitude) Equity Interest Operator Stage Mining Method Mineralization Style Uranium Projects South Sweetwater 41.9694 -107.9820 100% UEC Exploration Stage ISR Roll-Front Stewart Creek 43.3124 -105.7342 100% UEC Exploration Stage ISR Roll-Front Taylor Ranch 43.5578 -106.0098 100% UEC Exploration Stage ISR Roll-Front Twin Buttes 42.2316 -107.7205 100% UEC Exploration Stage ISR Roll-Front West Beaver Rim 42.5967 -108.1568 100% UEC Exploration Stage ISR Roll-Front West Crook's Creek 42.2984 -107.8603 100% UEC Exploration Stage ISR Roll-Front West Sweetwater 42.1318 -108.0931 100% UEC Exploration Stage ISR Roll-Front Texas Burke Hollow 27.6756 -97.5176 100% UEC Exploration Stage ISR Roll-Front Goliad 28.8686 -97.3433 100% UEC Exploration Stage ISR Roll-Front La Palangana 28.2638 -98.3959 100% UEC Exploration Stage ISR Roll-Front Salvo 28.2632 -97.7889 100% UEC Exploration Stage ISR Roll-Front Longhorn 28.1700 -98.1200 100% UEC Exploration Stage ISR Roll-Front Arizona Anderson 34.1829 -113.1632 100% UEC Exploration Stage Conventional Tabular Los Cuatros 33.548 -112.322 100% UEC Exploration Stage Conventional Tabular Workman Creek 33.50 -110.57 100% UEC Exploration Stage Conventional Tabular New Mexico C de Baca 34.18 -107.15 100% UEC Exploration Stage Conventional Tabular Dalton Pass 35.40 -108.14 100% UEC Exploration Stage Conventional Tabular Canada Saskatchewan Alexandra 58.023 -109.789 21.05% Orano Canada Inc.
Description of Properties Figure 2.1 – Portfolio Overview of Significant Properties Overview The Company is engaged in conventional and in-situ recovery (ISR) uranium extraction and recovery, along with the exploration, permitting and evaluation of uranium properties in the United States, in Canada and in the Republic of Paraguay. 21 Table of Contents Summary Disclosure Table 2.1 - Location, Ownership Interest, Operator, Stage, Mining Method, and Mineralization Style Summary Country State/Province Project Location (Latitude) Location (Longitude) Equity Interest Operator Stage Mining Method Mineralization Style Uranium Projects United States Wyoming Allemand-Ross 43.3101 -105.7787 100% UEC Exploration Stage ISR Roll-Front Antelope 42.2263 -107.9095 100% UEC Exploration Stage ISR Roll-Front Barge 43.2729 -105.5905 100% UEC Exploration Stage ISR Roll-Front Black Hills 44.7764 -104.8831 100% UEC Exploration Stage ISR Roll-Front Brown Ranch 43.7377 -105.9684 100% UEC Exploration Stage ISR Roll-Front Bull Springs 42.1584 -107.6305 100% UEC Exploration Stage ISR Roll-Front Central Shirley Basin 42.3378 -106.4100 100% UEC Exploration Stage ISR Roll-Front Charlie 43.8274 -106.0594 100% UEC Exploration Stage ISR Roll-Front Christensen Ranch 43.7982 -106.0235 100% UEC Exploration Stage ISR Roll-Front Clarkson Hills 42.6593 -106.7006 100% UEC Exploration Stage ISR Roll-Front Crooks Creek 42.2867 -107.7660 100% UEC Exploration Stage ISR Roll-Front Crook's Mountain 42.3840 -107.9060 100% UEC Exploration Stage ISR Roll-Front Crossroads 43.0040 -105.6364 100% UEC Exploration Stage ISR Roll-Front Cyclone Rim 42.2943 -108.3332 100% UEC Exploration Stage ISR Roll-Front East Shirley Basin 42.3192 -106.1616 100% UEC Exploration Stage ISR Roll-Front Gas Hills 42.7094 -107.6521 100% UEC Exploration Stage ISR Roll-Front Horse Creek 42.5957 -106.9867 100% UEC Exploration Stage ISR Roll-Front Irigaray 43.8683 -106.1186 100% UEC Exploration Stage ISR Roll-Front Jab/West Jab 42.2209/42.2611 -108.0439/-108.1225 100% UEC Exploration Stage ISR Roll-Front Ludeman 42.9119 -105.6277 100% UEC Exploration Stage ISR Roll-Front Moore Ranch 43.5652 -105.8480 100% UEC Exploration Stage ISR Roll-Front Mule Creek 42.2118 -105.8143 100% UEC Exploration Stage ISR Roll-Front Niles Ranch 43.8024 -105.7961 100% UEC Exploration Stage ISR Roll-Front Nine Mile Lake 42.9807 -106.3278 100% UEC Exploration Stage ISR Roll-Front Pine Ridge 43.4591 -106.0725 100% UEC Exploration Stage ISR Roll-Front Pine Tree U1 43.6173 -105.7860 100% UEC Exploration Stage ISR Roll-Front Pumpkin Creek 43.8163 -105.8955 100% UEC Exploration Stage ISR Roll-Front Red Rim 41.6502 -107.5755 100% UEC Exploration Stage ISR Roll-Front Reno Creek 43.6796 -105.7226 100% UEC Exploration Stage ISR Roll-Front Ross Flats 43.5224 -105.8861 100% UEC Exploration Stage ISR Roll-Front Sand Creek 42.7007 -105.2645 100% UEC Exploration Stage ISR Roll-Front South Pine Ridge 43.1204 -105.9251 100% UEC Exploration Stage ISR Roll-Front South Reno Creek 43.6440 -105.6199 100% UEC Exploration Stage ISR Roll-Front 22 Table of Contents Country State/Province Project Location (Latitude) Location (Longitude) Equity Interest Operator Stage Mining Method Mineralization Style Uranium Projects South Sweetwater 41.9694 -107.9820 100% UEC Exploration Stage ISR Roll-Front Stewart Creek 43.3124 -105.7342 100% UEC Exploration Stage ISR Roll-Front Taylor Ranch 43.5578 -106.0098 100% UEC Exploration Stage ISR Roll-Front Twin Buttes 42.2316 -107.7205 100% UEC Exploration Stage ISR Roll-Front West Beaver Rim 42.5967 -108.1568 100% UEC Exploration Stage ISR Roll-Front West Crook's Creek 42.2984 -107.8603 100% UEC Exploration Stage ISR Roll-Front West Sweetwater 42.1318 -108.0931 100% UEC Exploration Stage ISR Roll-Front Texas Burke Hollow 27.6756 -97.5176 100% UEC Exploration Stage ISR Roll-Front Goliad 28.8686 -97.3433 100% UEC Exploration Stage ISR Roll-Front La Palangana 28.2638 -98.3959 100% UEC Exploration Stage ISR Roll-Front Salvo 28.2632 -97.7889 100% UEC Exploration Stage ISR Roll-Front Longhorn 28.1700 -98.1200 100% UEC Exploration Stage ISR Roll-Front Arizona Anderson 34.1829 -113.1632 100% UEC Exploration Stage Conventional Tabular Los Cuatros 33.548 -112.322 100% UEC Exploration Stage Conventional Tabular Workman Creek 33.50 -110.57 100% UEC Exploration Stage Conventional Tabular New Mexico C de Baca 34.18 -107.15 100% UEC Exploration Stage Conventional Tabular Dalton Pass 35.40 -108.14 100% UEC Exploration Stage Conventional Tabular Canada Saskatchewan Alexandra 58.023 -109.789 21.05% Orano Canada Inc.
However, considerations of reasonable prospects for eventual economic extraction were applied to the mineral resource calculations herein. 82 Table of Contents Table 2.40 – Mineral Resources for the Anderson Project as at the date of this Annual Report Classification Tons Ore (000 ’ s) Tonnes Ore (1000 ’ s) Average Sum Thickness (ft) Average Grade (% eU 3 O 8 ) Pounds eU 3 O 8 (000 ’ s) Measured - - - - - Indicated – Zone A 862 782 3.8 0.111 1,907 Indicated – Zone B 7,347 6,665 9.5 0.108 15,816 Indicated – Zone C 6,211 5,634 10.4 0.094 11,730 Indicated – Zone D 760 689 3.2 0.093 1,421 Indicated – Zone E 911 826 7.6 0.060 1,095 Indicated – Zone F 84 76 4.6 0.051 86 Total M&I 16,175 14,673 8.2 0.099 32,055 Inferred - - - - - Total Resources 16,175 14,673 8.2 0.099 32,055 Notes: 1.
However, considerations of reasonable prospects for eventual economic extraction were applied to the mineral resource calculations herein. 85 Table of Contents Table 2.40 – Mineral Resources for the Anderson Project as at the date of this Annual Report Classification Tons Ore (000 ’ s) Tonnes Ore (1000 ’ s) Average Sum Thickness (ft) Average Grade (% eU 3 O 8 ) Pounds eU 3 O 8 (000 ’ s) Measured - - - - - Indicated – Zone A 862 782 3.8 0.111 1,907 Indicated – Zone B 7,347 6,665 9.5 0.108 15,816 Indicated – Zone C 6,211 5,634 10.4 0.094 11,730 Indicated – Zone D 760 689 3.2 0.093 1,421 Indicated – Zone E 911 826 7.6 0.060 1,095 Indicated – Zone F 84 76 4.6 0.051 86 Total M&I 16,175 14,673 8.2 0.099 32,055 Inferred - - - - - Total Resources 16,175 14,673 8.2 0.099 32,055 Notes: 1.
The permitting and licensing requirements in Arizona are similar to other states in the US. ● all exploration and mining activities must comply with the National Environmental Policy Act (NEPA); and ● required environmental permits and licenses would include but may not be limited to: ● Mine Land Reclamation Plan; Arizona State Mine Inspector; ● Exploration Permit; Arizona State Land Department; ● Plan of Operations; Bureau of Land Management; ● Source Material License; U.S.
The permitting and licensing requirements in Arizona are similar to other states in the US. ● all exploration and mining activities must comply with the National Environmental Policy Act ; and ● required environmental permits and licenses would include but may not be limited to: ● Mine Land Reclamation Plan; Arizona State Mine Inspector; ● Exploration Permit; Arizona State Land Department; ● Plan of Operations; Bureau of Land Management; ● Source Material License; U.S.
Exploration Stage Conventional Unconformity Related Uchrich 57.7196 -108.483 30.48% Orano Canada Inc. Exploration Stage Conventional Unconformity Related Waterfound River 58.4588 -104.548 12.90% Orano Canada Inc. Exploration Stage Conventional Unconformity Related West Bear 57.8744 -103.975 100.00% UEC Exploration Stage Conventional Unconformity Related Wheeler River 57.5000 -105.421 5.00% Denison Mines Corp. Development Conventional Unconformity Related Wolly 58.3927 -103.799 6.38% Orano Canada Inc.
Exploration Stage Conventional Unconformity Related Uchrich 57.7196 -108.483 30.48% Orano Canada Inc. Exploration Stage Conventional Unconformity Related Waterfound River 58.4588 -104.548 12.90% Orano Canada Inc. Exploration Stage Conventional Unconformity Related West Bear 57.8744 -103.975 100.00% UEC Exploration Stage Conventional Unconformity Related Wheeler River 57.5000 -105.421 5.00% Denison Mines Corp. Development ISR Unconformity Related Wolly 58.3927 -103.799 6.38% Orano Canada Inc.
The Palangana Project Area stratigraphy is horizontal to sub-horizontal, with a 2-to-3-degree southeasterly dip at most. 70 Table of Contents Table 2.33 – Mineral Resources for the Palangana Project as at the date of this Annual Report Classification Tons Ore (000 ’ s) Tonnes Ore (1000 ’ s) Average Grade (% eU 3 O 8 ) Pounds eU 3 O 8 (000 ’ s) Measured - - - - Indicated 232 210 0.134 643.1 Total M&I 232 210 0.134 643.1 Inferred – PA-1 and PA-2 96 87 0.100 192.5 Inferred – Dome, NE Garcia, SW Garcia, CC Brine, Jemison Fence, Jemison East 206 187 0.110 – 0.300 808.8 Total Resources 534 484 0.154 1,644.4 Notes: 1.
The Palangana Project Area stratigraphy is horizontal to sub-horizontal, with a 2-to-3-degree southeasterly dip at most. 72 Table of Contents Table 2.33 – Mineral Resources for the Palangana Project as at the date of this Annual Report Classification Tons Ore (000 ’ s) Tonnes Ore (1000 ’ s) Average Grade (% eU 3 O 8 ) Pounds eU 3 O 8 (000 ’ s) Measured - - - - Indicated 232 210 0.134 643.1 Total M&I 232 210 0.134 643.1 Inferred – PA-1 and PA-2 96 87 0.100 192.5 Inferred – Dome, NE Garcia, SW Garcia, CC Brine, Jemison Fence, Jemison East 206 187 0.110 – 0.300 808.8 Total Resources 534 484 0.154 1,644.4 Notes: 1.
Infrastructure and Local Resources The Project area is undeveloped and there are no facilities or equipment on site, except for various access and drill roads and various water wells previously constructed. No utilities exist on or immediately adjacent to the Project area. Various water wells exist on and near the Project that can support large-scale mining operations.
Infrastructure and Local Resources The Anderson Project Area is undeveloped and there are no facilities or equipment on site, except for various access and drill roads and various water wells previously constructed. No utilities exist on or immediately adjacent to the Project area. Various water wells exist on and near the Project that can support large-scale mining operations.
The Company intends to continue the care and maintenance of the Palangana ISR Project Area, pending restart of uranium recovery operations. There are no significant encumbrances to the property though routine renewals of permits and authorizations is ongoing. No recent regulatory violations or fines have been levied.
The Company intends to continue the care and maintenance of the Palangana Project Area, pending restart of uranium recovery operations. There are no significant encumbrances to the property though routine renewals of permits and authorizations is ongoing. No recent regulatory violations or fines have been levied.
These sands in turn host the K1, K2, K3 and K4 uranium roll-front systems, each of which is composed of multiple stacked individual roll-front deposits. 34 Table of Contents Table 2.8 – Mineral Resources for the Irigaray Project as at the date of this Annual Report Classification Tons Ore (000 ’ s) Tonnes Ore (1000 ’ s) Average Grade (% eU 3 O 8 ) Pounds eU 3 O 8 (000 ’ s) Measured - - - - Indicated 3,881 3,521 0.076 5,899.0 Total M&I 3,881 3,521 0.076 5,899.0 Inferred 104 94 0.068 141.0 Total Resources 3,985 3,615 0.076 6,040.0 Notes: 1.
These sands in turn host the K1, K2, K3 and K4 uranium roll-front systems, each of which is composed of multiple stacked individual roll-front deposits. 36 Table of Contents Table 2.8 – Mineral Resources for the Irigaray Project as at the date of this Annual Report Classification Tons Ore (000 ’ s) Tonnes Ore (1000 ’ s) Average Grade (% eU 3 O 8 ) Pounds eU 3 O 8 (000 ’ s) Measured - - - - Indicated 3,881 3,521 0.076 5,899.0 Total M&I 3,881 3,521 0.076 5,899.0 Inferred 104 94 0.068 141.0 Total Resources 3,985 3,615 0.076 6,040.0 Notes: 1.
Ross Flat X Drilling Notification DN342 Sand Creek X South Pine Ridge X South Reno Creek X South Sweetwater X Stewart Creek X Taylor Ranch X Drilling Notification DN342 Twin Buttes X West Beaver Rim X West Crook's Creek X West Sweetwater X Arizona Property Fully Permitted to Mine Partially Permitted to Mine Not Permitted to Mine Class III UIC Permit to Mine WDEQ Class 1 Well Permits Source and Byproduct Materials License BLM Plan of Operations WDEQ/EPA Aquifer Exemption Notes Anderson X Los Cuatros X Workman Creek X New Mexico Property Fully Permitted to Mine Partially Permitted to Mine Not Permitted to Mine Class III UIC Permit to Mine WDEQ Class 1 Well Permits Source and Byproduct Materials License BLM Plan of Operations WDEQ/EPA Aquifer Exemption Notes C de Baca X Dalton Pass X Canada Property Fully Permitted to Mine Partially Permitted to Mine Not Permitted to Mine Notes Alexandra X Exploration-Stage Project with no resources Axis Lake X Exploration-Stage Project with no resources Beatty River X Exploration-Stage Project with no resources Black Lake X Exploration-Stage Project with no resources Brander Lake X Exploration-Stage Project with no resources Candle Lake X Exploration-Stage Project with no resources Christie Lake X Exploration-Stage Project with resources 26 Table of Contents Christie West X Exploration-Stage Project with no resources Close Lake X Exploration-Stage Project with no resources Cree Extension X Exploration-Stage Project with no resources Diabase Peninsula X Exploration-Stage Project with no resources Erica X Exploration-Stage Project with no resources Hidden Bay X Exploration-Stage Project with no resources Horseshoe-Raven X Exploration-Stage Project with resources Key West X Exploration-Stage Project with no resources Laurie X Exploration-Stage Project with no resources Millennium X Exploration-Stage Project with resources Mirror River X Exploration-Stage Project with no resources Moon Lake X Exploration-Stage Project with no resources Moore Tomblin X Exploration-Stage Project with no resources Nikita X Exploration-Stage Project with no resources Riou Lake X Exploration-Stage Project with no resources Roughrider X Exploration-Stage Project with resources Shea Creek X Exploration-Stage Project with resources Uchrich X Exploration-Stage Project with no resources Waterfound River X Exploration-Stage Project with no resources West Bear X Exploration-Stage Project with no resources Wheeler River X Feasibility Field Test mining completed Wolly X Exploration-Stage Project with no resources Kiggavik X Development-Stage, not permitted to mine Paraguay Property Fully Permitted to Mine Partially Permitted to Mine Not Permitted to Mine Notes Yuty X Exploration-Stage Project with resources Oviedo X Exploration-Stage Project with no resources Titanium Projects Paraguay Property Fully Permitted to Mine Partially Permitted to Mine Not Permitted to Mine Notes Alto Parana X Exploration-Stage Project with no resources 27 Table of Contents Table 2.4 – Processing Plants and other Facilities State/Province Plant Location (Latitude) Location (Longitude) Equity Interest Operator Status Annual Permitted Production Capacity Fully Permitted to Mine Partially Permitted to Mine Not Permitted to Mine WDEQ Class 1 Well Permits TCEQ Radioactive Materials License Wyoming Irigaray Central Processing Plant 100% UEC Production Suspended 2.5 Mlb/year X 2 Yes Christensen Ranch Satellite Production Plant 100% UEC Standby 9,000 gpm X 4 Yes State/Province Plant Location (Latitude) Location (Longitude) Equity Interest Operator Status Annual Permitted Production Capacity Fully Permitted to Mine Partially Permitted to Mine Not Permitted to Mine TCEQ Class 1 Well Permits TCEQ Radioactive Materials License Texas Hobson Central Processing Plant 28.945 -97.989 100% UEC Production Suspended 4.0 Mlb/year X 2 Yes Our Mineral Properties Below is a table setting out our summary disclosure of current measured, indicated, and inferred mineral resource estimates.
Ross Flat X Drilling Notification DN342 Sand Creek X South Pine Ridge X South Reno Creek X South Sweetwater X Stewart Creek X Taylor Ranch X Drilling Notification DN342 Twin Buttes X West Beaver Rim X West Crook's Creek X West Sweetwater X Arizona Property Fully Permitted to Mine Partially Permitted to Mine Not Permitted to Mine Class III UIC Permit to Mine WDEQ Class 1 Well Permits Source and Byproduct Materials License BLM Plan of Operations WDEQ/EPA Aquifer Exemption Notes Anderson X Los Cuatros X Workman Creek X New Mexico Property Fully Permitted to Mine Partially Permitted to Mine Not Permitted to Mine Class III UIC Permit to Mine WDEQ Class 1 Well Permits Source and Byproduct Materials License BLM Plan of Operations WDEQ/EPA Aquifer Exemption Notes C de Baca X Dalton Pass X Canada Property Fully Permitted to Mine Partially Permitted to Mine Not Permitted to Mine Notes Alexandra X Exploration-Stage Project with no resources Axis Lake X Exploration-Stage Project with no resources Beatty River X Exploration-Stage Project with no resources Black Lake X Exploration-Stage Project with no resources Brander Lake X Exploration-Stage Project with no resources Candle Lake X Exploration-Stage Project with no resources Christie Lake X Exploration-Stage Project with resources Christie West X Exploration-Stage Project with no resources Close Lake X Exploration-Stage Project with no resources 28 Table of Contents Cree Extension X Exploration-Stage Project with no resources Diabase Peninsula X Exploration-Stage Project with no resources Erica X Exploration-Stage Project with no resources Henday X Exploration-Stage Project with no resources Hidden Bay X Exploration-Stage Project with no resources Horseshoe-Raven X Exploration-Stage Project with resources Key West X Exploration-Stage Project with no resources Laurie X Exploration-Stage Project with no resources Millennium X Exploration-Stage Project with resources Milliken X Exploration-Stage Project with no resources Mirror River X Exploration-Stage Project with no resources Moon Lake X Exploration-Stage Project with no resources Moore Tomblin X Exploration-Stage Project with no resources Nikita X Exploration-Stage Project with no resources Riou Lake X Exploration-Stage Project with no resources Roughrider X Exploration-Stage Project with resources Shea Creek X Exploration-Stage Project with resources Uchrich X Exploration-Stage Project with no resources Waterfound River X Exploration-Stage Project with no resources West Bear X Exploration-Stage Project with no resources Wheeler River X Feasibility Field Test mining completed Wolly X Exploration-Stage Project with no resources Kiggavik X Development-Stage, not permitted to mine Paraguay Property Fully Permitted to Mine Partially Permitted to Mine Not Permitted to Mine Notes Yuty X Exploration-Stage Project with resources Oviedo X Exploration-Stage Project with no resources Titanium Projects Paraguay Property Fully Permitted to Mine Partially Permitted to Mine Not Permitted to Mine Notes Alto Parana X Exploration-Stage Project with resources 29 Table of Contents Table 2.4 – Processing Plants and other Facilities State/Province Plant Location (Latitude) Location (Longitude) Equity Interest Operator Status Annual Permitted Production Capacity Fully Permitted to Mine Partially Permitted to Mine Not Permitted to Mine WDEQ Class 1 Well Permits WDEQ Radioactive Materials License Wyoming Irigaray Central Processing Plant 100% UEC Production Suspended 2.5 Mlb/year X 2 Yes Christensen Ranch Satellite Production Plant 100% UEC Standby 9,000 gpm X 4 Yes State/Province Plant Location (Latitude) Location (Longitude) Equity Interest Operator Status Annual Permitted Production Capacity Fully Permitted to Mine Partially Permitted to Mine Not Permitted to Mine TCEQ Class 1 Well Permits TCEQ Radioactive Materials License Texas Hobson Central Processing Plant 28.945 -97.989 100% UEC Production Suspended 4.0 Mlb/year X 2 Yes Our Mineral Properties Below is a table setting out our summary disclosure of current measured, indicated, and inferred mineral resource estimates.
An amendment to the license to increase annual capacity up to 4.0 millons pounds per year was recently approved, so the Hobson CPP is now permitted for production of up to four million pounds per year of uranium concentrates (yellowcake or U 3 O 8 ).
An amendment to the license to increase annual capacity up to 4.0 million pounds per year was recently approved, so the Hobson CPP is now permitted for production of up to four million pounds per year of uranium concentrates (yellowcake or U 3 O 8 ).
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.
However, the actual drilling and geophysical logging results have been determined to be properly conducted according to current industry standards. 74 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.
Mineralized thickness ranges from less than five feet to over 20 feet, and the mineralized trend is approximately 5,500 feet long. 64 Table of Contents Table 2.30 – Mineral Resources for the Clarkson Hill Project as at the date of this Annual Report Classification Tons Ore (000 ’ s) Tonnes Ore (1000 ’ s) Average Grade (% eU 3 O 8 ) Pounds eU 3 O 8 (000 ’ s) Measured - - - - Indicated - - - - Total M&I - - - - Inferred 957 868 0.058 1,113.0 Total Resources 957 868 0.058 1,113.0 Notes: 1.
Mineralized thickness ranges from less than five feet to over 20 feet, and the mineralized trend is approximately 5,500 feet long. 66 Table of Contents Table 2.30 – Mineral Resources for the Clarkson Hill Project as at the date of this Annual Report Classification Tons Ore (000 ’ s) Tonnes Ore (1000 ’ s) Average Grade (% eU 3 O 8 ) Pounds eU 3 O 8 (000 ’ s) Measured - - - - Indicated - - - - Total M&I - - - - Inferred 957 868 0.058 1,113.0 Total Resources 957 868 0.058 1,113.0 Notes: 1.
Future requirements with respect to permitting and licensing are with both the federal and provincial governments, the Government of Saskatchewan Ministry of Environment, and the Canadian Nuclear Safety Commission to obtain environmental permits, and construction and operating licenses. 92 Table of Contents Geologic Setting, Mineralization, and Deposit Local geology at the Shea Creek Project Area comprises 400 to 800 meters of Athabasca Group sandstone, which unconformably overlie Lloyd Domain amphibolite-grade granitic and pelitic gneisses.
Future requirements with respect to permitting and licensing are with both the federal and provincial governments, the Government of Saskatchewan Ministry of Environment, and the Canadian Nuclear Safety Commission to obtain environmental permits, and construction and operating licenses. 95 Table of Contents Geologic Setting, Mineralization, and Deposit Local geology at the Shea Creek Project Area comprises 400 to 800 meters of Athabasca Group sandstone, which unconformably overlie Lloyd Domain amphibolite-grade granitic and pelitic gneisses.
While UEC’s conventional projects in Arizona remain at an Exploration Stage, with sufficient price support they would become economic and would be recovered through open pit and/or underground mining methods, benefitting from the proximity to existing power and road infrastructure, and available labor from the nearby city of Phoenix. 78 Table of Contents In the Workman Creek area up to 13 mines were in operation within the Sierra Ancha region.
While UEC’s conventional projects in Arizona remain at an Exploration Stage, with sufficient price support they would become economic and would be recovered through open pit and/or underground mining methods, benefitting from the proximity to existing power and road infrastructure, and available labor from the nearby city of Phoenix. 81 Table of Contents In the Workman Creek area up to 13 mines were in operation within the Sierra Ancha region.
Water will be sourced locally while electrical service will be provided by a regional power company. UEC’s mineral holdings within the Moore Ranch Project Area include three State of Wyoming uranium leases (1,280 acres), 86 unpatented lode claims on federally administered minerals (1,720 acres) and four fee (private) mineral leases (1,180 acres). These mineral holdings comprise 4,180 acres.
Water will be sourced locally while electrical service will be provided by a regional power company. UEC’s mineral holdings within the Moore Ranch Project Area include three State of Wyoming uranium leases (1,280 acres), 86 unpatented lode claims on federally administered minerals (1,720 acres) and four fee (private) mineral leases (1,480 acres). These mineral holdings comprise 4,480 acres.
Kingman (population 24,000) is located approximately 110 miles to the northwest by road. 80 Table of Contents History In January 1955, T.R. Anderson, of Sacramento, California, detected anomalous radioactivity in the vicinity of the Anderson Project Area using an airborne scintillometer. After a ground check revealed uranium oxide in outcrop, numerous claims were staked.
Kingman (population 24,000) is located approximately 110 miles to the northwest by road. 83 Table of Contents History In January 1955, T.R. Anderson, of Sacramento, California, detected anomalous radioactivity in the vicinity of the Anderson Project Area using an airborne scintillometer. After a ground check revealed uranium oxide in outcrop, numerous claims were staked.
Future permit requirements will be permitting and licensing with both the federal and provincial governments, the Government of Saskatchewan Ministry of Environment, and the Canadian Nuclear Safety Commission to obtain environmental permits, and construction and operating licenses. 89 Table of Contents Geologic Setting, Mineralization, and Deposit The Horseshoe-Raven Project Area is located just east of the eastern margin of the Athabasca Basin.
Future permit requirements will be permitting and licensing with both the federal and provincial governments, the Government of Saskatchewan Ministry of Environment, and the Canadian Nuclear Safety Commission to obtain environmental permits, and construction and operating licenses. 92 Table of Contents Geologic Setting, Mineralization, and Deposit The Horseshoe-Raven Project Area is located just east of the eastern margin of the Athabasca Basin.
Data from 323 drill holes totaling 33,491 meters of core and rotary drilling was available and a technical report was completed. 95 Table of Contents Permitting and Licensing In summary, all financial and other obligations related to the mineral concession for the Yuty Project Area have been met. All environmental licenses and permits are in good standing.
Data from 323 drill holes totaling 33,491 meters of core and rotary drilling was available and a technical report was completed. 98 Table of Contents Permitting and Licensing In summary, all financial and other obligations related to the mineral concession for the Yuty Project Area have been met. All environmental licenses and permits are in good standing.
Exploration Stage Conventional Unconformity Related 21 Table of Contents Country State/Province Project Location (Latitude) Location (Longitude) Equity Interest Operator Stage Mining Method Mineralization Style Uranium Projects Riou Lake 59.0491 -106.156 100.00% UEC Exploration Stage Conventional Unconformity Related Roughrider 58.3374 -104.021 100.00% UEC Exploration Stage Conventional Unconformity Related Shea Creek 58.1804 -109.49 49.10% Orano Canada Inc.
Exploration Stage Conventional Unconformity Related 23 Table of Contents Country State/Province Project Location (Latitude) Location (Longitude) Equity Interest Operator Stage Mining Method Mineralization Style Uranium Projects Riou Lake 59.0491 -106.156 100.00% UEC Exploration Stage Conventional Unconformity Related Roughrider 58.3374 -104.021 100.00% UEC Exploration Stage Conventional Unconformity Related Shea Creek 58.1804 -109.49 49.10% Orano Canada Inc.
Exploration and delineation drilling is conducted under a WDEQ LQD Drilling Notification or the Permit to Mine. There are no materially significant encumbrances on the Charlie Project. Standard encumbrances include reclamation bonding, mining, and surface lease royalties. 56 Table of Contents Geologic setting, Mineralization and Deposit The Charlie Project Area targets mineralization in the Eocene-aged Wasatch Formation.
Exploration and delineation drilling is conducted under a WDEQ LQD Drilling Notification or the Permit to Mine. There are no materially significant encumbrances on the Charlie Project. Standard encumbrances include reclamation bonding, mining, and surface lease royalties. 58 Table of Contents Geologic setting, Mineralization and Deposit The Charlie Project Area targets mineralization in the Eocene-aged Wasatch Formation.
Uranium mineralization at the Anderson Project Area is strata bound and occurs exclusively in the sequence of Miocene-age lacustrine lakebed sediments. The lacustrine sediments unconformably overlie the andesitic volcanic unit over most of the Anderson Project Area. To maintain the mineral tenor, UEC must pay annual claim maintenance fees of $165 per claim, due on September 1 of each year.
Uranium mineralization at the Anderson Project Area is strata bound and occurs exclusively in the sequence of Miocene-age lacustrine lakebed sediments. The lacustrine sediments unconformably overlie the andesitic volcanic unit over most of the Anderson Project Area. To maintain the mineral tenor, UEC must pay annual claim maintenance fees of $200 per claim, due on September 1 of each year.
N/A Ownership transition. 45 Table of Contents Property Condition and Proposed Development The condition of the property is very good while meeting all standards and requirements of Federal, State and local regulations. There are no immediate plans for exploration or delineation drilling. Facilities, Infrastructure and Underground Development The Ludeman property is fully permitted and licensed for commercial ISR production.
N/A Ownership transition. 47 Table of Contents Property Condition and Proposed Development The condition of the property is very good while meeting all standards and requirements of federal, state and local regulations. There are no immediate plans for exploration or delineation drilling. Facilities, Infrastructure and Underground Development The Ludeman property is fully permitted and licensed for commercial ISR production.
Jab/West Jab ISR Project The following technical and scientific description for the Jab/West Jab Project area (the “Jab/West Jab Project Area”) is based in part on the TRS titled “S-K 1300 Mineral Resource Report Wyoming Assets ISR Hub and Spoke Project, WY USA”, dated March 31, 2022, as prepared by WWC, a qualified firm (the “QP” herein).
Jab/West Jab ISR Project The following technical and scientific description for the Jab/West Jab Project area (the “Jab/West Jab Project Area”) is based in part on the TRS titled “S-K 1300 Mineral Resource Report Wyoming Assets ISR Hub and Spoke Project, WY USA”, dated March 31, 2022, as prepared by WWC, a qualified firm (the QP herein).
All payments for all claims are up to date. 63 Table of Contents History The initial discovery of mineralization at the Clarkson Hill Claims was made in the 1950s and “small amounts of ore were mined and shipped for treatment from the old pit area located in Section 17, T31N, R82W” (Ljung et al, March 1974).
All payments for all claims are up to date. 65 Table of Contents History The initial discovery of mineralization at the Clarkson Hill Claims was made in the 1950s and “small amounts of ore were mined and shipped for treatment from the old pit area located in Section 17, T31N, R82W” (Ljung et al, March 1974).
At present, UEC is completing an updated economic assessment of the project, as well as camp infrastructure rehabilitation and upgrades. UEC intends to complete additional resource delineation work in the upcoming 2023/2024 fiscal year to further advance the project. The current exploration camp facilities are over 10 years old but remain in good condition.
At present, UEC is completing an updated economic assessment of the project, as well as camp infrastructure rehabilitation and upgrades. UEC intends to complete additional resource delineation work in the upcoming 2024/2025 fiscal year to further advance the project. The current exploration camp facilities are over 10 years old but remain in good condition.
No mine infrastructure or underground development is present on the project. 85 Table of Contents History Between 1969 and 1974, following the discovery of the Rabbit Lake uranium deposit in 1968 by Gulf Minerals Ltd., Numac Oil and Gas (“Numac”) held the large Permit Number Eight over the Midwest Lake (McMahon Lake) and Dawn Lake areas.
No mine infrastructure or underground development is present on the project. 88 Table of Contents History Between 1969 and 1974, following the discovery of the Rabbit Lake uranium deposit in 1968 by Gulf Minerals Ltd., Numac Oil and Gas (“Numac”) held the large Permit Number Eight over the Midwest Lake (McMahon Lake) and Dawn Lake areas.
Christensen Ranch ISR Project The following technical and scientific description for the Christensen Ranch Project area (the “Christensen Ranch Project Area”) is based in part on the TRS titled “S-K 1300 Mineral Resource Report Wyoming Assets ISR Hub and Spoke Project, WY USA”, dated March 31, 2022, prepared by WWC, a qualified firm (the “QP” herein).
Christensen Ranch ISR Project The following technical and scientific description for the Christensen Ranch Project area (the “Christensen Ranch Project Area”) is based in part on the TRS titled “S-K 1300 Mineral Resource Report Wyoming Assets ISR Hub and Spoke Project, WY USA”, dated March 31, 2022, prepared by WWC, a qualified firm (the QP herein).
The point of reference for mineral resources is in-situ at the Project. 6. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
The point of reference for mineral resources is in-situ at the project 6. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 7.
The point of reference for mineral resources is in-situ at the Project. 6. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
The point of reference for mineral resources is in-situ at the project. 6. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 7.
The next step for the project to advance will likely be a drill program to collect metallurgy for the Horseshoe and Raven deposits in advance of a future economic study. 88 Table of Contents History The Horseshoe-Raven Project Area was initially explored in the late 1960s as part of the greater Rabbit Lake Property after the discovery of the Rabbit Lake Uranium Deposit in 1968.
The next step for the project to advance will likely be a drill program to collect metallurgy for the Horseshoe and Raven deposits in advance of a future economic study. 91 Table of Contents History The Horseshoe-Raven Project Area was initially explored in the late 1960s as part of the greater Rabbit Lake Property after the discovery of the Rabbit Lake Uranium Deposit in 1968.
In order for Christensen Ranch to engage in future uranium extraction, the Company will need to incur capital expenditures to restart idled wellfields. United States Properties Wyoming Properties Below is a map showing our Wyoming projects: Figure 2.2 – Locations of our Projects in Wyoming 30 Table of Contents Permitting Requirements in Wyoming The Irigaray CPP is fully permitted.
In order for Christensen Ranch to engage in future uranium extraction, the Company will need to incur capital expenditures to restart idled wellfields. 32 Table of Contents United States Properties Wyoming Properties Below is a map showing our Wyoming projects: Figure 2.2 – Locations of our Projects in Wyoming Permitting Requirements in Wyoming The Irigaray CPP is fully permitted.
All payments for all claims are up to date. 61 Table of Contents History Uranium mineralization was discovered in the GGRB at the Lost Creek Schoekingerite deposit in the early 1950s. The Schoekingerite deposits were exposed at the surface along the Lost Creek drainage and were located using radiometric surveys. The USGS used shallow exploration to further evaluate the deposits.
All payments for all claims are up to date. 63 Table of Contents History Uranium mineralization was discovered in the GGRB at the Lost Creek Schoekingerite deposit in the early 1950s. The Schoekingerite deposits were exposed at the surface along the Lost Creek drainage and were located using radiometric surveys. The USGS used shallow exploration to further evaluate the deposits.
The table below also summarizes historic drilling and the number of drill holes completed during each period. 67 Table of Contents Table 2.31: Historic Ownership and Operations at the Hobson Project Area Year Company Operations/Activity Amount (No. of Drill holes) Results of Work 1979-1988 Everest Minerals Corporation (later Everest Exploration, Inc. (EEI)) Hobson facility constructed.
The table below also summarizes historic drilling and the number of drill holes completed during each period. 69 Table of Contents Table 2.31: Historic Ownership and Operations at the Hobson Project Area Year Company Operations/Activity Amount (No. of Drill holes) Results of Work 1979-1988 Everest Minerals Corporation (later Everest Exploration, Inc. (EEI)) Hobson facility constructed.
The gneisses have been intruded by syn- to post-peak metamorphic felsic pegmatites, granites, and microgranites of Hudsonian age. These rocks locally contain up to 400 ppm of primary uranium. 86 Table of Contents Proximal to mineralization, graphite in graphitic pelitic gneisses has been consumed by alteration and mineralization; distal to mineralization, the graphite appears to be discontinuous.
The gneisses have been intruded by syn- to post-peak metamorphic felsic pegmatites, granites, and microgranites of Hudsonian age. These rocks locally contain up to 400 ppm of primary uranium. 89 Table of Contents Proximal to mineralization, graphite in graphitic pelitic gneisses has been consumed by alteration and mineralization; distal to mineralization, the graphite appears to be discontinuous.
Figure 2.26 – Location of the Yuty Project 94 Table of Contents Property Description The Yuty Project Area is located in Paraguay, South America. UEC operates the Yuty Project Area through its wholly-owned subsidiary, Transandes Paraguay S.A. (“TPSA”), which holds a 100% interest in the Yuty Mining Exploration and Exploitation Concession (the “Yuty Concession”) Contract (the “Contract”).
Figure 2.26 – Location of the Yuty Project 97 Table of Contents Property Description The Yuty Project Area is located in Paraguay, South America. UEC operates the Yuty Project Area through its wholly-owned subsidiary, Transandes Paraguay S.A. (“TPSA”), which holds a 100% interest in the Yuty Mining Exploration and Exploitation Concession (the “Yuty Concession”) Contract (the “Contract”).
The sum of resource tons and lbs. may not add up to the reported total due to rounding. 2. Measured, indicated, and inferred mineral resources as defined in 17 CFR § 229.1300. 3. Resources estimated using a 0.02% eU 3 O 8 grade cutoff and a 0.1 ft% GT cutoff. 4.
The sum of resource tons and pounds may not add up to the reported total due to rounding. 2. Measured, indicated, and inferred mineral resources as defined in 17 CFR § 229.1300. 3. Resources estimated using a 0.02% eU 3 O 8 grade cutoff and a 0.1 ft% GT cutoff. 4.
N/A Ownership transition. 48 Table of Contents Property Condition and Proposed Development The condition of the property is good while meeting all standards and requirements of Federal, State and local regulations. There are no immediate plans for exploration or delineation drilling. Facilities, Infrastructure and Underground Development Facilities or wellfields have not been constructed.
N/A Ownership transition. 50 Table of Contents Property Condition and Proposed Development The condition of the property is good while meeting all standards and requirements of federal, state and local regulations. There are no immediate plans for exploration or delineation drilling. Facilities, Infrastructure and Underground Development Facilities or wellfields have not been constructed.
N/A Ownership transition. 53 Table of Contents Property Condition and Proposed Development The condition of the property is good while meeting all standards and requirements of Federal, State and local regulations. There are no immediate plans for exploration or delineation drilling. Facilities, Infrastructure and Underground Development Facilities or wellfields have not been constructed.
N/A Ownership transition. 55 Table of Contents Property Condition and Proposed Development The condition of the property is good while meeting all standards and requirements of federal, state and local regulations. There are no immediate plans for exploration or delineation drilling. Facilities, Infrastructure and Underground Development Facilities or wellfields have not been constructed.
None Oversaw technical reporting and auditing of project resources. 2022 UEC UEC acquired the Nine Mile Lake Project from Anfield. N/A Ownership transition. 59 Table of Contents Property Condition and Proposed Development The property is in good condition. There are no plans for near term exploration or delineation drilling.
None Oversaw technical reporting and auditing of project resources. 2022 UEC UEC acquired the Nine Mile Lake Project from Anfield. N/A Ownership transition. 61 Table of Contents Property Condition and Proposed Development The property is in good condition. There are no plans for near term exploration or delineation drilling.
Production from existing wellfields at the Palangana Project ceased in 2016 and the project was put in care and maintenance mode. In order for Palangana to engage in future uranium production, the Company will need to incur capital expenditures to restart idled wellfields. 65 Table of Contents Permitting Requirements in Texas The Hobson CPP is fully permitted.
Production from existing wellfields at the Palangana Project ceased in 2016 and the project was put in care and maintenance mode. In order for Palangana to engage in future uranium production, the Company will need to incur capital expenditures to restart idled wellfields. 67 Table of Contents Permitting Requirements in Texas The Hobson CPP is fully permitted.
Figure 2.23 – Location of the Horseshoe Raven Project Property Description The Horseshoe-Raven Project Area is in the Wollaston Lake area of Northern Saskatchewan, approximately 695 kms north of Saskatoon, southwest of Wollaston Lake. The Horseshoe-Raven Project Area measures approximately 4,486 hectares comprising one mineral claim to which UEX Corporation (“UEX”), a wholly-owned subsidiary of UEC, has title.
Figure 2.23 – Location of the Horseshoe Raven Project Property Description The Horseshoe-Raven Project Area is in the Wollaston Lake area of Northern Saskatchewan, approximately 695 kms north of Saskatoon, southwest of Wollaston Lake. The Horseshoe-Raven Project Area measures approximately 4,486 hectares comprising one mineral claim to which UEX, a wholly-owned subsidiary of UEC, has title.
The first production area authorization application has been submitted and 533 exploration and delineation holes have been drilled within PA-2 area as of July 31, 2023. 73 Table of Contents Geologic Setting, Mineralization and Deposit The Burke Hollow Project Area is located in the STUP, which lies along the GMB.
The first production area authorization application has been submitted and 533 exploration and delineation holes have been drilled within PA-2 area as of July 31, 2023. 75 Table of Contents Geologic Setting, Mineralization and Deposit The Burke Hollow Project Area is located in the STUP, which lies along the GMB.
Engineering (“BRS”) under the supervision of Douglas Beahm, PE, PG, and co-authored by Clyde Yancey, PG, then Vice President of Exploration, UEC (collectively, the “QP” herein). The Anderson Project Area does not have mineral reserves and is therefore considered an exploration stage property under S-K 1300 definitions.
Engineering (“BRS”) under the supervision of Douglas Beahm, PE, PG, and co-authored by Clyde Yancey, PG, then Vice President of Exploration, UEC (collectively, the QP herein). The Anderson Project Area does not have mineral reserves and is therefore considered an exploration stage property under S-K 1300 definitions.
N/A Auditing of the Reno Creek Project Area resources. 42 Table of Contents Property Condition and Proposed Development The condition of the property is good while meeting all standards and requirements of Federal, State and local regulations. Development is in the planning stage with no immediate plans for exploration or delineation drilling.
N/A Auditing of the Reno Creek Project Area resources. 44 Table of Contents Property Condition and Proposed Development The condition of the property is good while meeting all standards and requirements of federal, state and local regulations. Development is in the planning stage with no immediate plans for exploration or delineation drilling.
Most of the leases have term periods of 5 years with a 5-year renewal option. The primary lease stipulation for ISR mining is the royalty payments as a percentage of production. Royalties vary by lease and are confidential. The various lease fees and royalty conditions are negotiated with individual lessors and conditions may vary from lease to lease.
Most of the leases have term periods of five years with a five-year renewal option. The primary lease stipulation for ISR mining is the royalty payments as a percentage of production. Royalties vary by lease and are confidential. The various lease fees and royalty conditions are negotiated with individual lessors and conditions may vary from lease to lease.
There are no reserves associated with the Goliad Project Area. Figure 2.18 – Location of the Goliad Project 74 Table of Contents Property Description The Goliad Project Area is located in South Texas near the northeast end of the STUP. The Goliad Project Area consists of multiple contiguous leases that would allow the mining of uranium by ISR methods.
There are no reserves associated with the Goliad Project Area. Figure 2.18 – Location of the Goliad Project 76 Table of Contents Property Description The Goliad Project Area is located in South Texas near the northeast end of the STUP. The Goliad Project Area consists of multiple contiguous leases that would allow the mining of uranium by ISR methods.
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.
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. 99 Table of Contents The Lower Permian Coronel Oviedo Formation underlies the UPC rocks.

… 242 more changes not shown on this page.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

6 edited+4 added−1 removed14 unchanged
Biggest changeThe 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.
Biggest changeA 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. 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.
The Company has had communications and filings with the MOPC, the mining regulator in Paraguay, whereby the MOPC is taking the position that certain concessions forming part of the Company’s Yuty and Alto Paraná Projects are not eligible for extension as to exploration or continuation to exploitation in their current stages.
The Company has had communications and filings with the MOPC, the mining regulator in Paraguay, whereby the MOPC is taking the position that certain concessions forming part of the Company’s Yuty, Alto Parana and Colonel Oviedo Projects are not eligible for extension as to exploration or continuation to exploitation in their current stages.
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.
The TCEQ referred the application to the State Office of Administrative Hearing (“SOAH”) to discuss three issues: (i) whether the permit application adequately characterizes the geology and identified and assessed faults in the vicinity of the proposed injections wells; (ii) whether the draft permit provides for adequate monitoring of migration of injected fluids in the vicinity of the proposed injection wells: and (iii) whether the location and design of the injection wells and pre-injection facilities are adequate.
Other than as disclosed below, management is not aware of any other material legal proceedings pending or that have been threatened against us or our properties. On or about March 9, 2011, the TCEQ granted our Company’s applications for a Class III Injection Well Permit, PAA and AE for our Goliad Project.
Other than as disclosed below, management is not aware of any other material legal proceedings pending or that have been threatened against us or our properties. On or about March 9, 2011, the TCEQ granted our Company’s applications for a Class III Injection Well Permit, Permit Area Authorization and Aquifer Exemption (“AE”) for our Goliad Project.
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.
On or around October 4, 2022, petitioners in Goliad County requested a hearing and reconsideration on the renewal permits. 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.
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.
We continue to believe that the pending appeal is without merit and we are continuing as planned towards uranium extraction at our fully-permitted Goliad Project.
Removed
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.
Added
Closing statements were submitted by all parties to the SOAH Administrative Law Judges (“ALJs”) on February 5, 2024. On April 10, 2024, the ALJs made a recommendation to remand the matter to the executive director of the TCEQ for further examination, stating the Company failed to meet its burden of proof.
Added
The executive director, via Executive Director’s Exceptions to the Proposal for Decision (“PFD”), respectfully disagreed with the recommendation presented in the PFD to remand the application to the executive director for further consideration.
Added
The executive director commented that the ALJ’s PFD improperly broaden the scope of the refereed contested case hearing; misapplied the application requirements in commission rule for providing geoscientific information; mischaracterized the position of the executive director; and prematurely imposed monitoring or corrective action requirements before the subject injection wells were drilled, constructed and tested.
Added
The TCEQ reissued the permits on August 28, 2024. Unless a Motion for Rehearing (“MFR”) is timely filed with the chief clerk, this action of the TCEQ will become final. A MFR must be received by the chief clerk’s office no later than the 25th day after the date that the commission’s order on this application is signed.

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

1 edited+0 added−0 removed1 unchanged
Biggest changeDuring 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
Biggest changeDuring the fiscal year ended July 31, 2024, our ISR Mines were not subject to regulation by the Federal Mine Safety and Health Administration under the Mine Safety Act. 101 Table of Contents PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

19 edited+1 added−3 removed7 unchanged
Biggest changeAs 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.
Biggest changeThe last reported closing price for our shares on the NYSE American on September 26, 2024 was $6.37 per share. As of September 26, 2024, we had 251 registered shareholders. Dividend Policy No dividends have been declared or paid on our common stock.
(3) Under our Stock Incentive Plan, stock-based awards are granted from a pool of available shares, with: (i) every share issuable pursuant to the exercise of a stock option or SAR counting as one share of our common stock; and (ii) every share underlying restricted stock, a RSU, a PRSU or other right or benefit under our Stock Incentive Plan counting as two shares of our common stock.
(3) Under our Stock Incentive Plan, stock-based awards are granted from a pool of available shares, with: (i) every share issuable pursuant to the exercise of a stock option or SAR counting as one share of our common stock; and (ii) every share underlying restricted stock, a RSU, a PRSU or other right or benefit under our Stock Incentive Plan counting as two shares of our common stock under and from our Stock Incentive Plan.
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.
Recent Issuances of Unregistered Securities All of our issuances of unregistered securities during our fiscal year ended July 31, 2024 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, 2024, and in our Current Reports on Form 8-K as filed periodically with the SEC.
(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
(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. 103 Table of Contents
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).
Our 2024 Plan was ratified by our shareholders on July 16, 2024 and thereby superseded and replaced our then 2023 Stock Incentive Plan (the “2023 Plan”); having been ratified by our shareholders on July 20, 2023; with all stock-based compensation awards granted in accordance with our 2023 Plan and each of our preceding stock incentive plans being continued under our 2024 Plan (and the 2024 Plan, the 2023 Plan and all preceding stock incentive plans being, collectively, our “Stock Incentive Plan” herein).
The purpose of our Stock Incentive Plan is to enhance our long-term stockholder value by offering opportunities to our directors, officers, employees and eligible consultants to acquire and maintain stock ownership in order to give these persons the opportunity to participate in our growth and success, and to encourage them to remain in our service.
The 2024 Plan supersedes and replaces our most recent and prior equity compensation plan, being the 2023 Plan. 102 Table of Contents The purpose of our Stock Incentive Plan is to enhance our long-term stockholder value by offering opportunities to our directors, officers, employees and eligible consultants to acquire and maintain stock ownership in order to give these persons the opportunity to participate in our growth and success, and to encourage them to remain in our service.
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.
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, 2020, through to July 31, 2024, with: (i) the cumulative total return on the shares of common stock of a current peer group index comprised of Black Stone Minerals, L.P., Cameco Corporation, Comstock Resources, Inc., Denison Mines Corp., Energy Fuels Inc., Filo Corp., Fission Uranium Corp., Gulfport Energy Corporation, Magnolia Oil & Gas Corporation, NexGen Energy Ltd., NGEx Minerals Ltd., Northern Oil and Gas, Inc. and Vital 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.
(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., Coeur Mining, Inc., Comstock Resources, Inc., Denison Mines Corp., enCore Energy Corp., Energy Fuels Inc., Filo 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.
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.
During our fourth quarter ended July 31, 2024, we issued the following securities that were not registered under the Securities Act: ● on May 14, 2024, we issued 39,393 shares of common stock pursuant to the exercise of warrants at a price of CA$3.22 per share.
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”).
The table below sets forth information relating to our equity compensation plan at our fiscal year end July 31, 2024: 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 2024 Plan) (3) 7,782,882 $2.66 19,715,606 Equity Compensation Plans Not Approved by Security Holders Nil N/A Nil Total 7,782,882 $2.66 19,715,606 Notes: (1) This figure represents: (i) 5,103,339 outstanding stock options having a weighted average exercise price of $2.66 and a weighted average remaining term of 7.32 years; (ii) 1,167,680 shares of our common stock underlying restricted stock units (the “RSUs”); and (iii) 1,511,863 shares of our common stock underlying performance based restricted stock units (the “PRSUs”).
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.
Securities Authorized For Issuance Under Compensation Plans 2024 Stock Incentive Plan On May 24, 2024, our Board of Directors authorized and approved the adoption of the Company’s 2024 Plan, under which an aggregate of 29,755,663 of our shares may be issued, subject to adjustment as described in the 2024 Plan, and which, at that time, consisted of: (i) 6,970,941 shares issuable pursuant to awards previously granted that were outstanding under our 2023 Plan; (ii) 16,784,722 shares remaining available for issuance under the 2023 Plan; and (iii) 6,000,000 additional shares that may be issued pursuant to awards that may be granted under the 2024 Plan.
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.
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 June 18, 2024, we issued an aggregate of 282,887 shares of common stock pursuant to the exercise of warrants at a price of CA$4.44 per share.
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.
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 June 13, 2024, we issued 1,552 shares of common stock pursuant to the exercise of warrants at a price of CA$4.44 per share.
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.
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.
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.
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 June 14, 2024, we issued 814,965 shares of common stock pursuant to the exercise of warrants at a price of CA$4.44 per share.
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.
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.
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.
As of September 26, 2024, there were stock options outstanding under our Stock Incentive Plan exercisable for an aggregate of 5,089,314 shares of our common stock. Common Stock Purchase Warrants As of September 26, 2024, there were common stock purchase warrants issued and outstanding exercisable for an aggregate of 181,818 shares of our common stock.
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”).
We have incurred recurring losses and do not currently intend to pay any cash dividends in the foreseeable future. Securities Authorized For Issuance Under Compensation Plans At July 31, 2024, we had one equity compensation plan, our 2024 Stock Incentive Plan (the “2024 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.
On July 16, 2024, our shareholders approved the adoption of our 2024 Plan.
Removed
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.
Added
We may issue shares, options, stock appreciation rights, RSUs, PRSUs, deferred stock units and dividend equivalent rights, among others, under our Stock Incentive Plan.
Removed
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.
Removed
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.

Item 6. [Reserved]

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

2 edited+0 added−0 removed1 unchanged
Biggest changeConsolidated 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 )
Biggest changeConsolidated Balance Sheets July 31, 2024 July 31, 2023 July 31, 2022 July 31, 2021 July 31, 2020 Cash and cash equivalents $ 87,533 $ 45,614 $ 32,536 $ 44,313 $ 5,149 Working capital 206,022 43,011 93,693 61,776 4,552 Total assets 889,828 737,589 354,247 169,541 91,390 Long-term obligations - - 18,304 4,276 24,390 Total liabilities 111,715 105,762 27,338 18,086 26,973 Stockholders' equity 778,113 631,827 326,909 151,455 64,417 Consolidated Statements of Operations Year Ended July 31, 2024 2023 2022 2021 2020 Sales and service revenue $ 224 $ 164,389 $ 23,161 $ - $ - Income (loss) from operations (56,402 ) 8,867 (22,710 ) (17,512 ) (14,334 ) Net income (loss) (29,221 ) (3,307 ) 5,252 (14,813 ) (14,610 ) Basic income (loss) per share (0.07 ) (0.01 ) 0.02 (0.07 ) (0.08 ) Diluted income (loss) per share (0.07 ) (0.01 ) 0.02 (0.07 ) (0.08 )
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.
Management’s Discussion and Analysis of Financial Condition and Results of Operations herein, and our consolidated financial statements and related notes for the fiscal year ended July 31, 2024, 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.

Item 7. Management's Discussion & Analysis

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

74 edited+22 added−25 removed65 unchanged
Biggest changeG&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.
Biggest changeG&A expenses were comprised of the following: Year Ended July 31, 2024 2023 2022 Salaries and management fees $ 7,705 $ 5,168 $ 4,281 Office, investor relations, communication, insurance and travel 5,807 6,801 4,501 Foreign exchange (gain) loss (151 ) 71 317 Professional fees 3,340 2,609 1,387 Sub-total 16,701 14,649 10,486 Stock-based compensation 5,172 5,415 4,540 Total general and administrative expenses $ 21,873 $ 20,064 $ 15,026 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 2024, salaries and management fees totaled $7,705, compared to $5,168 in Fiscal 2023, which was primarily the result of hiring additional general and administrative personnel to support the Company's expansion and a corporate-wide salary increase.
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.
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, Goliad, Ludeman, Antelope and Charlie Projects, and of our recently acquired traditional uranium mines in Athabasca Basin, in Saskatchewan, Canada, has many risks and uncertainties.
On June 7, 2022, we closed the Anfield Debt Settlement whereby we received $9,171 in cash and Anfield Units, being comprised of 96,272,918 Anfield Common Shares with a fair value of $7,702 and 96,272,918 Anfield Warrants with a fair value of $3,249.
On June 7, 2022, we closed the Anfield Debt Settlement whereby we received $9,171 in cash and the Anfield Units, being comprised of 96,272,918 Anfield Common Shares with a fair value of $7,702 and 96,272,918 Anfield Warrants with a fair value of $3,249.
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”).
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 an additional $100 million for a total of $200 million through the ATM Managers selected by us (the “November 2021 ATM Offering”; and, collectively with the May 2021 ATM Offering, the “2021 ATM Offering”).
Financing Activities During Fiscal 2023, net cash provided from financing activities totaled $65,417, primarily from net cash of $66,527 from our ATM Offerings and the exercises of stock options and share purchase warrants, offset by payments of $1,044 for tax withholding amounts related to the issuance of RSU and PRSU shares.
During Fiscal 2023, net cash provided from financing activities totaled $65,417, primarily from net cash of $66,527 from our ATM Offerings and the exercises of stock options and share purchase warrants, offset by payments of $1,044 for tax withholding amounts related to the issuance of RSU and PRSU shares.
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 our then Credit Facility and $191 for a promissory note.
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.
However, we have not established proven or probable reserves for any of the uranium projects we operate, including our ISR Mines. Furthermore, we currently have no plans to establish proven or probable reserves for any of our uranium projects for which we plan on utilizing ISR mining.
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.
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, 2024, we had no uranium supply or off-take agreements in place.
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.
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, 2024, including the consolidated financial statements and related notes contained herein.
As a result, our consolidated financial statements may not be directly comparable to the financial statements of companies in the Production Stage. 108 Table of Contents Business Combination and Asset Acquisition When an acquisition does not meet the definition of a business combination, as the acquired entity does not have an input and a substantive process that together significantly contribute to the ability to create outputs, we account for the acquisition as an asset acquisition.
As a result, our consolidated financial statements may not be directly comparable to the financial statements of companies in the Production Stage. 111 Table of Contents Business Combination and Asset Acquisition When an acquisition does not meet the definition of a business combination, as the acquired entity does not have an input and a substantive process that together significantly contribute to the ability to create outputs, we account for the acquisition as an asset acquisition.
Wainwright & Co., LLC and certain co-managers (collectively, the “2021 ATM Managers”) as set forth in the 2021 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 $100 million through the 2021 ATM Managers selected by us.
Wainwright & Co., LLC and certain co-managers (collectively, the “ATM Managers”) as set forth in the 2021 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 $100 million through the ATM Managers selected by us.
The stock-based compensation varied from year to year primarily as a result of changes in the amount of compensation shares and stock award expenses which were amortized on an accelerating basis, resulting in more expenses being recorded at the beginning of the vesting period than at the end.
The stock-based compensation varies from year to year primarily as a result of changes in the amount of compensation shares and stock award expenses which were amortized on an accelerating basis, resulting in more expenses being recorded at the beginning of the vesting period than at the end.
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.
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.
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.
The table below provides a breakdown of sales and service revenue and cost of sales and services: Year Ended July 31, 2024 2023 2022 Sales of purchased uranium inventory $ - $ 163,950 $ 22,946 Revenue from toll processing services 224 439 215 Total sales and service revenue $ 224 $ 164,389 $ 23,161 Cost of purchased uranium inventory $ - $ (114,353 ) $ (15,689 ) Cost of toll processing services (187 ) (366 ) (179 ) Total cost of sales and services $ (187 ) $ (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.
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.
Introduction The following discussion summarizes the results of operations for each of our fiscal years ended July 31, 2024, 2023 and 2022 and our financial condition as at July 31, 2024 and 2023, with a particular emphasis on Fiscal 2024, our most recently completed fiscal year.
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.
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 $3.8 million to maintain these rights in good standing.
However, we have yet to achieve consistent profitability or develop consistent positive cash flow from operations.
We have yet to achieve consistent profitability or develop consistent positive cash flow from operations.
Circumstances which could trigger an impairment test include, but are not limited to: (i) significant decreases in the market price of the asset; (ii) significant adverse changes in the business climate or legal factors including significant decreases in uranium prices; (iii) significant increase in reclamation costs and accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; (iv) current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and (v) current expectation that the asset will more likely than not be sold or disposed of significantly before the end of its estimated useful life.
Circumstances which could trigger an impairment test include, but are not limited to: (i) significant decreases in the market price of the asset; (ii) significant adverse changes in the business climate or legal factors including significant decreases in uranium prices and material adverse changes relating to the Company’s legal rights to its mineral rights and properties; (iii) significant increase in reclamation costs and accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; (iv) current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and (v) current expectation that the asset will more likely than not be sold or disposed of significantly before the end of its estimated useful life.
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.
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 seven months of depreciation in Fiscal 2022.
We utilize a “hub-and-spoke” strategy whereby the Hobson Processing Facility, which 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, acts as the central processing site (the “hub”) for our Palangana Mine, and future satellite uranium mining activities, such as our Burke Hollow and Goliad Projects, located within the South Texas Uranium Belt (the “spokes”).
We utilize a “hub-and-spoke” strategy whereby the Hobson Processing Facility, which has a physical capacity to process uranium-loaded resins up to a total of 2.0 million pounds of U 3 O 8 annually and is licensed to process up to four million pounds of U 3 O 8 annually, acts as the central processing site (the “hub”) for our Palangana Mine, and future satellite uranium mining activities, such as our Burke Hollow and Goliad Projects, located within the South Texas Uranium Belt (the “spokes”).
The fair value of the cash and the Anfield Common Shares and Anfield Warrants totaled $20,122, which exceeded the amounts of $18,342 previously written off at the date of U1A Acquisition by $1,780, resulting in a gain on settlement of the Anfield Debt receivable on our consolidated statements of operations and comprehensive income.
The fair value of the cash and the Anfield Units totaled $20,122, which exceeded the amounts of $18,342 previously written off at the date of U1A Acquisition by $1,780, resulting in a gain on settlement of the Anfield Debt receivable on our consolidated statements of operations and comprehensive income.
Acquisition-related Costs During Fiscal 2023, the acquisition-related costs of UEX and Roughrider Project were capitalized in the consolidated balance sheets as both the UEX and Roughrider Project acquisitions were accounted for as assets acquisition under US GAAP.
Acquisition-related Costs During Fiscal 2023, the acquisition-related costs of UEX and the Roughrider Project were capitalized in our consolidated balance sheets as both the UEX and Roughrider Project acquisitions were accounted for as asset acquisitions under US GAAP.
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.
In addition, we will continue the drilling program at our Burke Hollow and Roughrider Projects, as well as carry out additional exploration activities as required on our remaining project portfolio.
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.
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.
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.
We have yet to achieve consistent profitability or develop consistent positive cash flow from operations. In recent years, we also rely on cash flows generated from the sales of our purchased uranium concentrates to fund our operations.
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.
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. 105 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, 2024 $ 107.00 $ 56.50 $ 83.06 $ 85.50 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 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.
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.
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 in order to fund our operation.
While we remain in a state of operational readiness, uranium extraction expenditures incurred at the Palangana Mine and the Christensen Ranch Mine, which are directly related to regulatory/mine permit compliance, lease maintenance obligations and maintaining a necessary labor force, are being charged to our consolidated statement of operations.
While we remain in a state of operational readiness, uranium extraction expenditures incurred at our ISR Mines, which are directly related to regulatory/mine permit compliance, lease maintenance obligations and maintaining a necessary labor force, are being charged to our consolidated statement of operations.
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.
In addition, we recorded revenue from toll processing services of $224 in Fiscal 2024, which was generated from processing uranium resins according to a toll processing agreement resulting from the U1A Acquisition, compared to $439 in Fiscal 2023 and $215 in Fiscal 2022.
Investing Activities During Fiscal 2023, net cash used for investing activities totaled $124,780, comprised of net cash used for the acquisition of Roughrider of $82,117, cash used for investment in equity securities of $42,602, capital contribution to JCU of $1,415, cash used for investment in mineral rights and properties of $101 and cash used for the purchase of property, plant and equipment of $555, offset by cash received as a resulting of the acquisition of UEX of $1,984 and $26 from the disposition of assets.
During Fiscal 2023, net cash used for investing activities totaled $124,780, comprised of net cash used for the acquisition of the Roughrider Project of $82,117, cash used for investment in equity securities of $47,192, capital contributions to JCU of $1,415, cash used for investment in mineral rights and properties of $101 and cash used for the purchase of property, plant and equipment of $555, offset by cash received as a result of the acquisition of UEX of $1,984 and $26 from the disposition of assets.
The fair value of RSUs is determined using the share price of the Company at the date of grant. The fair value of PRSUs is determined using a Monte Carlo Simulation Model. Stock-based compensation expense related to stock awards is recognized over the requisite service period on a graded vesting basis. Forfeitures are accounted for as they occur.
The fair value of RSUs is determined using the share price of the Company at the date of grant. The fair value of PRSUs is determined using a Monte Carlo Simulation Model. Stock-based compensation expense related to stock awards is recognized over the requisite service period on a graded vesting basis.
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.
Income from Equity-Accounted Investment During Fiscal 2024, Fiscal 2023 and Fiscal 2022, income from the equity-accounted investment comprised of the following: Year Ended July 31, 2024 2023 2022 Share of income (loss) $ 592 $ (1,648 ) $ 153 Gain on dilution of ownership interest 425 654 3,973 Total $ 1,017 $ (994 ) $ 4,126 During Fiscal 2024, Fiscal 2023 and Fiscal 2022, we recorded a gain on dilution of ownership interest in Uranium Royalty Corp.
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.
Fair value gain (loss) on Equity Securities As at July 31, 2024, our investments in certain equity securities are re-evaluated using the market values at period end, which resulted in fair value gain totaling $27,506 compared to fair value losses of $13,083 in Fiscal 2023 and $1,351 in Fiscal 2022.
(“URC”) of $654, $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 14.9% at July 31, 2023, from 15.5% at July 31, 2022 and from 18.1% at July 31, 2021.
(“URC”) of $425, $654 and $3,973, respectively, as a result of URC issuing more shares from its equity financings, which decreased our ownership interest in URC to 14.8% at July 31, 2024, from 14.9% at July 31, 2023 and from 15.5% at July 31, 2022.
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.
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. 109 Table of Contents On November 16, 2022, we entered into an at-the-market offering agreement (the “2022 ATM Offering Agreement”) with the 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 ATM Managers selected by us.
During Fiscal 2023, the property maintenance expenditures were primarily spent on the following projects: ● Buke Hollow Project: $703 (Fiscal 2022: $313, Fiscal 2021: $21); ● Reno Creek Project: $391 (Fiscal 2022: $409, Fiscal 2021: $91); ● Christensen Ranch Mine: $323 (Fiscal 2022: $109, Fiscal 2021: $nil); ● Ludeman Project: $328 (Fiscal 2022: $122, Fiscal 2021: $nil); and ● Allemand Ross Project: $372 (Fiscal 2022: $139, Fiscal 2021: $nil).
During Fiscal 2024, the property maintenance expenditures were primarily spent on the following projects: ● Buke Hollow Project: $681 (Fiscal 2023: $703, Fiscal 2022: $313); ● Reno Creek Project: $585 (Fiscal 2023: $391, Fiscal 2022: $409); ● Christensen Ranch Mine: $364 (Fiscal 2023: $323, Fiscal 2022: $109); ● Ludeman Project: $353 (Fiscal 2023: $328, Fiscal 2022: $122); and ● Allemand Ross Project: $405 (Fiscal 2023: $372, Fiscal 2022: $139).
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.
Results of Operations During Fiscal 2024, we recorded sales and service revenue of $224 and realized gross profit of $37. For 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.
During Fiscal 2023, the production readiness expenditures were primarily spent on the following projects: ● Palangana Mine: $905 (Fiscal 2022: $505, Fiscal 2021: $609); and ● Christensen Ranch Mine: $1,799 (Fiscal 2022: $225, Fiscal 2021: $nil).
During Fiscal 2024, the production readiness expenditures were primarily spent on the following projects: ● Palangana Mine: $1,269 (Fiscal 2023: $905, Fiscal 2022: $505); and ● Christensen Ranch Mine: $2,900 (Fiscal 2023: $1,799, Fiscal 2022: $225).
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.
We recorded a net loss of $29,221 ($0.07 per share) for Fiscal 2024 and $3,307 ($0.01 per share) for Fiscal 2023, respectively, while we recorded a net income of $5,252 ($0.02 per share) for Fiscal 2022. Income (loss) from operations during Fiscal 2024, Fiscal 2023 and Fiscal 2022 was $(56,402), $8,867 and $(22,710), respectively.
Various deliveries are scheduled to occur from Fiscal 2024 into Fiscal 2026 at a weighted average price of $42.78 per pound of uranium. During Fiscal 2023, as part of our Physical Uranium Program, we purchased 1,521,000 poun ds of uranium concentrates with a total cost of $53.7 million.
Various deliveries are scheduled to occur from Fiscal 2025 into Fiscal 2026 at a weighted average price of $38.20 per pound of uranium. During Fiscal 2024, as part of our Physical Uranium Program, we purchased 1,295,000 poun ds of uranium concentrates with a total cost of $69.6 million.
General and Administrative During Fiscal 2023, general and administrative (“G&A”) expenses totaled $20,064, compared to $15,026 in Fiscal 2022 and $12,640 in Fiscal 2021.
General and Administrative During Fiscal 2024, general and administrative (“G&A”) expenses totaled $21,873, compared to $20,064 in Fiscal 2023 and $15,026 in Fiscal 2022.
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 operating and strategic framework is to become a leading low-cost North American focused uranium supplier 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.
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.
As at July 31, 2024, outstanding in-the-money stock options and share purchase warrants represented a total of 6,318,515 shares issuable for gross proceeds of approximately $17.6 million should the stock options and the share purchase warrants be exercised in full.
Off-Balance Sheet Arrangements We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.
Office lease agreements for the U.S. and Canada expire between July 2026 and November 2029. Off-Balance Sheet Arrangements We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.
As of July 31, 2023, the carrying value of our uranium inventories was $5,801 (July 31, 2022: $66,160). Sales and Service Revenue During Fiscal 2023, we recorded sales of $163,950 from the sale of uranium concentrate inventory, which increased by $141,004 or 614.5% compared to Fiscal 2022.
As of July 31, 2024, the carrying value of our uranium inventories was $75,440 (July 31, 2023: $5,801). Sales and Service Revenue During Fiscal 2024, we recorded sales of $Nil from the sale of uranium concentrate inventory, which decreased by $163,950 and $22,946 compared to Fiscal 2023 and Fiscal 2022, respectively.
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.
We have two ISR Mines which utilize ISR mining to extract U 3 O 8 , or yellowcake. We have two uranium processing facilities located in the vicinity of our ISR 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.
During Fiscal 2023, Fiscal 2022 and Fiscal 2021, we recorded a share of URC’s income of $414, $153 and $732, respectively. During Fiscal 2023, we also recorded a share of JCU (Canada) Exploration Company Limited (“JCU”)'s loss of $2,062 since the acquisition of UEX which owns 50% of JCU.
During Fiscal 2024, Fiscal 2023 and Fiscal 2022, we recorded a share of URC’s income of $2,032, $414 and $153, respectively. During Fiscal 2024 and Fiscal 2023, we also recorded a share of JCU’s loss of $1,440 and $2,062, respectively, since the acquisition of UEX which owns 50% of JCU.
The following table provides the nature of mineral property expenditures during the past three fiscal years: Year Ended July 31, 2023 2022 2021 Permitting and compliance $ 396 $ 676 $ 203 Property maintenance 3,608 2,635 1,493 Exploration 9,308 2,582 1,751 Development 1,749 1,995 108 Production readiness 3,559 2,266 924 Total $ 18,620 $ 10,154 $ 4,479 103 Table of Contents During Fiscal 2023, the exploration expenditures, such as drilling and preliminary economic assessments, were primarily spent on the following projects: ● Buke Hollow Project: $3,107 (Fiscal 2022: $1,105, Fiscal 2021: $1,025); ● Christie Lake Project: $3,105 (Fiscal 2022: $nil, Fiscal 2021: $nil); and ● Roughrider Project: $1,287 (Fiscal 2022: $nil, Fiscal 2021: $nil).
The following table provides the nature of mineral property expenditures during the past three fiscal years: Year Ended July 31, 2024 2023 2022 Permitting and compliance $ 1,895 $ 396 $ 676 Property maintenance 3,986 3,608 2,635 Exploration 14,669 9,308 2,582 Development 6,650 1,749 1,995 Production readiness 5,183 3,559 2,266 Total $ 32,383 $ 18,620 $ 10,154 106 Table of Contents During Fiscal 2024, the exploration expenditures, such as drilling and preliminary economic assessments, were primarily spent on the following projects: ● Roughrider Project: $6,317 (Fiscal 2023: $1,287, Fiscal 2022: $ n il); ● Buke Hollow Project: $5,230 (Fiscal 2023: $3,107, Fiscal 2022: $1,105); and ● Christensen Ranch Mine: $1,060 (Fiscal 2023: $470, Fiscal 2022: $ n il).
The acquisition of UEX in August 2022 and the acquisition of Roughrider Mineral Holdings Inc. in October 2022 further expanded our footprint in Canada and, in particular, the Athabasca Basin in Saskatchewan.
Key Issues With the completion of the U1A Acquisition in December 2021, we expanded our footprint in Wyoming with our Wyoming hub-and-spoke operations. The acquisition of UEX in August 2022, and the acquisition of Roughrider Mineral Holdings Inc. in October 2022, further expanded our footprint in Canada and, in particular, the Athabasca Basin in Saskatchewan.
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.
Stock-based compensation includes the amortization of 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.
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.
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.
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.
The increase in salaries and managements fee in Fiscal 2023 from Fiscal 2022 was primarily due to the corporate-wide salary increase and the acquisition of UEX. ● during Fiscal 2024, office, investor relations, communications, insurance and travel expenses totaled $5,807, compared to $6,801 during Fiscal 2023, which was primarily the result of decreases in corporate development, investor relations and travel expenses.
We utilize ISR mining for our uranium projects where possible which we believe, when compared to conventional open pit or underground mining, requires lower capital and operating expenditures with a shorter lead time to extraction and a reduced impact on the environment. We have two ISR Mines which utilize ISR mining to extract U 3 O 8 , or yellowcake.
As a result, the Company’s reportable segments have been changed from one reportable segment to the following: ● Mining segments o Wyoming o Texas o Saskatchewan o Others ● Corporate and admin segment We utilize ISR mining for our uranium projects where possible which we believe, when compared to conventional open pit or underground mining, requires lower capital and operating expenditures with a shorter lead time to extraction and a reduced impact on the environment.
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.
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. 107 Table of Contents Other Income and Expenses Interest and Finance Costs Interest and finance costs were comprised of the following: Year Ended July 31, 2024 2023 2022 Interest paid on long-term debt $ - $ - $ 409 Amortization of debt discount - - 525 Surety bond premium 772 760 539 Other 55 45 46 Total $ 827 $ 805 $ 1,519 During Fiscal 2024, surety bond premium was $772 compared to $760 during Fiscal 2023 and $539 during Fiscal 2022.
Business We operate in a single reportable segment and, since 2004, as more fully described under “General Business” of Item 1. Business herein, we have been primarily engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing, on uranium projects located in the United States, Canada and the Republic of Paraguay.
Business We have been primarily engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing, on uranium projects located in the United States, Canada and the Republic of Paraguay.
During Fiscal 2022, we incurred acquisition-related costs of $3,444 in the statement of operations in connection with the U1A Acquisition, as it was accounted for as a business combination.
During Fiscal 2022, we incurred acquisition-related costs of $3,444 in our statement of operations in connection with the U1A Acquisition, as it was accounted for as a business combination. Depreciation, Amortization and Accretion During Fiscal 2024, depreciation, amortization and accretion totaled $2,183, which increased by $176 compared to $2,007 during Fiscal 2023.
The positive cash flow was primarily driven by the gross profit of $49,670, decrease in our inventory balance of $60,363, and was partially offset by operating expenditures such as mineral property expenditures and general and administrative expenses.
The positive cash flow was primarily driven by the gross profit of $49,670, a decrease in our inventory balance of $60,363 and was partially offset by operating expenditures such as mineral property expenditures and G&A expenses. During Fiscal 2022, net cash used in operating activities totaled $52,987, of which $37,206 was for purchases of uranium concentrates.
As at July 31, 2023, the Company had 7,150,361 in-the-money stock options outstanding at a weighted-average exercise price of $1.58 per share and 3,675,212 in-the-money share purchase warrants outstanding at a weighted-average exercise price of $3.27 per share.
As at July 31, 2024, the Company had 5,053,196 in-the-money stock options outstanding at a weighted-average exercise price of $2.62 per share and 1,265,319 in-the-money share purchase warrants outstanding at a weighted-average exercise price of $3.42 per share.
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.
Refer to Note 19: Fair Value Gain (Loss) on Equity Securities of the Consolidated Financial Statements for the year ended July 31, 2024 contained herein. 108 Table of Contents Liquidity and Capital Resources July 31, 2024 July 31, 2023 Cash and cash equivalents $ 87,533 $ 45,614 Current assets 235,244 55,205 Current liabilities 29,222 12,194 Working capital 206,022 43,011 During Fiscal 2024, we received net proceeds of $176,708 from equity financing and from exercises of stock options and share purchase warrants.
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.
Stock Options and Warrants As at July 31, 2024, the Company had 5,103,339 stock options outstanding at a weighted-average exercise price of 2.66 per share, and 1,265,319 share purchase warrants outstanding at a weighted-average exercise price of $3.42 per share.
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.
Material Contractual Obligations and Commitments As at July 31, 2024, 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 $ 29,029 $ 2,953 $ 4,998 $ 4,308 $ 16,770 Operating Lease Obligations 2,600 424 772 520 884 Uranium Inventory Purchase Obligations 26,740 23,120 3,620 - - Total $ 58,369 $ 26,497 $ 9,390 $ 4,828 $ 17,654 As at July 31, 2024, 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 $44.
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.
We have a history of operating losses resulting in an accumulated deficit balance since inception. Although we recorded net income in Fiscal 2022, we recorded net losses in Fiscal 2024 and all prior years, and we had an accumulated deficit balance of $318,901 as at July 31, 2024. During Fiscal 2024, net cash used in operating activities totaled $106,487.
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.
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 2022, we made payment of $10,000 to the remaining Lender, which decreased the principal balance outstanding to $Nil, and the Credit Facility was terminated as at July 31, 2022.
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 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 due to the inclusion of our Wyoming and Canadian projects. ● during Fiscal 2024, professional fees totaled $3,340, compared to $2,609 in Fiscal 2023.
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.
For the years ended July 31, 2023 and 2022, we have also relied on cash flows generated from the sales of our purchased uranium inventories under our Physical Uranium Program to fund our operations, which resulted in total of $57.0 million in gross profits. However, we did not sell any of our purchased uranium during Fiscal 2024.
During Fiscal 2021, net cash provided by financing activities totaled $84,458, primarily from net cash of $89,932 from various offerings, and $5,504 from the exercises of stock options and share purchase warrants, offset by the payments of $833 for tax withholding amounts related to the issuance of RSU shares, the principal payment of $10,000 to certain Lenders under the Credit Facility and $145 for a promissory note and a government loan.
Financing Activities During Fiscal 2024, net cash provided from financing activities totaled $173,076, primarily from net cash of $176,708 from our ATM Offerings and the exercises of stock options and share purchase warrants, offset by payments of $3,632 for tax withholding amounts related to the issuance of options, RSU and PRSU shares.
With this transaction, we added an additional 44,444 acres of prospective ground in the Athabasca Basin to our existing portfolio.
On August 4, 2023, we acquired a portfolio of exploration-stage projects in the Athabasca Basin for CA$1.5 million from Rio Tinto Exploration Canada Inc., a subsidiary of Rio Tinto Inc. With this acquisition, we added an additional 44,444 acres of prospective ground in the Athabasca Basin to our existing portfolio.
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.
The exercise of these stock options and share purchase warrants is at the discretion of their respective holders and, accordingly, there is no assurance that any of these stock options or share purchase warrants will be exercised in the future. 110 Table of Contents Plan of Operations We restarted extracting uranium at Christensen Ranch Mine in August 2024 and expect first shipment of yellowcake in November or December 2024.
The increase in surety bond premiums in Fiscal 2022 resulted from the surety bonds assumed as a result of the U1A Acquisition.
The surety bond premiums resulted from the surety bonds assumed as a result of the U1A Acquisition. 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.
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.
During Fiscal 2022, we issued 47,507,536 shares of the Company’s common stock under our ATM Offerings for gross cash proceeds of $167,588. The total issuance costs were $3,833, which includes compensation of $3,774 paid to the ATM Managers. During Fiscal 2023, we issued 15,171,253 shares of the Company’s common stock under our ATM Offerings for gross cash proceeds of $59,816.
During Fiscal 2023, professional fees totaled $2,609, compared to $1,387 in Fiscal 2022. During Fiscal 2022, professional fees totaled $1,387, compared to $952 during Fiscal 2021.
During Fiscal 2023, professional fees totaled $2,609, compared to $1,387 in Fiscal 2022. Professional fees are comprised primarily of legal services related to transactional activities, regulatory compliance and for audit, accounting and tax compliance services.
As a result, we realized gross profit of $49,670, representing a gross profit margin of 30.2% in Fiscal 2023, an increase of $42,377 from Fiscal 2022. No sales and service revenues were recorded during Fiscal 2021.
As a result, we realized gross profit of $37, representing a gross profit margin of 16.5% in Fiscal 2024, compared to $49,670 in Fiscal 2023 and $7,293 in Fiscal 2022.
In an asset acquisition, any direct acquisition-related transaction costs are capitalized as part of the purchase consideration.
In an asset acquisition, any direct acquisition-related transaction costs are capitalized as part of the purchase consideration. 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.
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.
Investing Activities During Fiscal 2024, net cash used for investing activities totaled $24,641, comprised of cash used for investment in equity securities of $12,115, the purchase of an additional interest in URC of $9,238, capital contributions to JCU of $2,876, cash used for investment in mineral rights and properties of $1,441 and cash used for the purchase of property, plant and equipment of $1,987, offset by cash proceeds of $3,008 from the sale of equity securities and $8 from the disposition of assets.
Removed
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.
Added
During the fourth quarter of Fiscal 2024, we revised the financial information which our Chief Executive Officer, who is our chief operating decision maker ("CODM"), uses to evaluate performance and allocate resources.
Removed
The UEC Wyoming portfolio primarily consists of 12 projects located in Wyoming, six of which are located in the Powder River Basin with four fully permitted, and six of which are located in the Great Divide Basin (the “UEC Wyoming Portfolio”).
Added
At July 31, 2024, we had no uranium supply or off-take agreements in place. On January 16, 2024, we announced restarting uranium extraction at our fully permitted, and past producing, Christensen Ranch Mine ISR operation in Wyoming.
Removed
The UEC Wyoming Portfolio also consists of dozens of under-explored, mineralized brownfield projects, backed by detailed databases of historic uranium exploration and development programs, thus greatly enhancing the potential for resource expansion.
Added
The first extraction is expected prior to the end of our next quarter and will be funded with existing cash on the Company's balance sheet. Uranium recovered from the Christensen Ranch Mine ISR Project will be processed at our Irigaray CPP.

… 41 more changes not shown on this page.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

2 edited+2 added−0 removed6 unchanged
Biggest changeAs 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.
Biggest changeUranium Price Risk We are subject to market risk related to the market price of uranium. As at July 31, 2024, we had no uranium supply or off-take agreements in place.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk Our exposure to market risks includes, but is not limited to, equity price risk, uranium price risk, foreign currency risk, country risk and interest rate risk. Equity Price Risk We are subject to market risk related to the market price of our common stock which trades on the NYSE American.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk Our exposure to market risks includes, but is not limited to, equity price risk, uranium price risk, foreign currency risk and country risk.. Equity Price Risk We are subject to market risk related to the market price of our common stock which trades on the NYSE American.
Added
As a result, there is a risk that we may not be able to complete an equity financing at an acceptable price when required. In addition, we have investment in equity securities, which are common shares and warrants of publicly listed companies.
Added
Movements in the price of these equity securities have been volatile in the past and may continue to be volatile in the future. With all other variables held constant, the Company's loss before income taxes would decrease or increase by $7,526 if the price of these equity securities increase or decrease by 10%.

Other UEC 10-K year-over-year comparisons