Uranium Energy restarts uranium production at Christensen Ranch in Wyoming

Uranium Energy announced that the company’s board of directors has approved restarting uranium production at its fully permitted, and past producing, Christensen Ranch In-Situ Recovery, or ISR, operations in Wyoming. The recovered uranium will be processed at the fully operational Irigaray Central Processing Plant, or CPP, with a current licensed capacity of 2.5M pounds U3O8 per year. The Irigaray CPP is the hub central to four fully permitted ISR projects in the Powder River Basin of Wyoming, including Christensen Ranch. The first production is expected during August of this year and will be funded with existing cash on the company’s balance sheet. As UEC‘s strategy has been to remain 100% unhedged, produced uranium will be sold at prevailing spot market prices which was $106 per pound U3O8 as of January 15 as reported by UxC. In the coming months, the company will provide additional information on the expected volumes for the first year of production. The key focus in the final pre-production phase before the August restart is hiring and training of additional operations personnel to augment UEC’s experienced operations team to ensure a successful ramp-up of uranium production. New personnel are anticipated to be hired from local communities such as Buffalo, Gillette, Casper, Kaycee and Wright.