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Apr 9, 2020

Big Uranium Price Jumps Due to Worldwide Production Cuts

UEC President & CEO Amir Adnani, discusses recent market developments with Swiss Resource Capital AG.

Key takeaways:

  • Over the past two weeks, the uranium market has experienced a significant supply shock from the COVID-19 pandemic, resulting in a monthly production cut of over 50%. 
  • The black swan type event has been pushing the uranium price higher towards the $30 level, not seen since 2016. 
  • There is now no commercial uranium production of consequence in North America with Canadian and U.S. projects being taken or already offline. 
  • New demand from the U.S. government to build up a national Uranium Reserve appears imminent as was outlined in the Trump Administration FY 2021 budget announcement.  The budget request includes a 10-year $1.5B program that would be used to purchase U.S. origin uranium and conversion services.  
  • Uranium Energy Corp is well positioned to contribute to this program with fully licensed, low cost, In-Situ Recovery projects.

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