Uranium Energy Corp (NYSE:UEC) reported its financial and operational results for the fourth quarter and fiscal year ended July 31, 2013. Highlights include fiscal-year sales of 220,000 pounds U3O8 that generated revenues of $9 million, 194,000 pounds of U3O8 processed at Hobson, and an initial resource established at its Burke Hollow project in South Texas.
As quoted in the press release:
Major highlights include the following:
- Fiscal-Year Sales of 220,000 Pounds U3O8 Generated Revenues of $9.0 Million: For the fiscal year, a total of 220,000 pounds of U3O8 were sold at an average sales price of $41 per pound for gross proceeds of $9.0 million, with an average cash cost(1) per pound sold of $26 excluding royalties. During the fourth quarter, the Company completed its fourth uranium sale of 50,000 pounds of U3O8 at $40 per pound for gross proceeds of $2.0 million, with a cash cost(1) per pound sold of $25 excluding royalties;
- Hobson Processed 194,000 Pounds U3O8: During the fiscal year ended July 31, 2013, a total of 194,000 pounds of U3O8 were dried and drummed at the Hobson processing facility;
- The Goliad ISR Project Continues to Advance: The fully-permitted Goliad ISR Project continues to advance with previously ordered processing equipment scheduled to arrive in November 2013. The recovery of uranium is set to be available to come online in fiscal 2014;
- Palangana Project Expansion: Production Area-3 commenced uranium recovery in December 2012. Production Area-4 is targeted to be fully permitted with uranium recovery available to commence in fiscal 2014, while permitting at Production Areas-5 and 6 continues;
- Initial Resource Established at Burke Hollow Project in South Texas: The Company reported an NI 43-101 compliant Inferred Resource of 2.89 million pounds of U3O8 and an additional exploration target of up to 7.2 million pounds of U3O8. The mine permit application is targeted to be submitted to the Texas Commission on Environmental Quality by early 2014; and
- The Company’s Balance Sheet Remains Strong: As of July 31, 2013, the Company had $14.2 million of cash in the treasury and 27,000 pounds of U3O8 available for sale in inventory with a market value of approximately $0.9 million. A further $10 million in cash is available through draw-downs on a Credit Facility.
Uranium Energy Corp President and CEO, Amir Adnani, said:
We are continuing to make progress with our growth strategy in South Texas while maintaining a strong balance sheet and financial flexibility. The Company’s scalable hub-and-spoke strategy is a confirmed model for increasing uranium extraction and maintaining a low-cost profile. We are executing on this plan with the Goliad, Burke Hollow, Palangana and additional South Texas expansion projects.