24/7 Market News Snapshot 23 September, 2024 – Uranium Energy Corp. (NYSE:UEC)

September 23, 2024

DENVER, Colo., 23 September, 2024 (247marketnews.com) – (NYSE:UEC) are discussed in this article.
Uranium Energy Corp. (NYSE American: UEC) has made a significant move in the uranium sector by announcing the acquisition of 100% of the uranium assets from Rio Tinto America Inc. This strategic agreement, valued at $175 million, aims to enhance UEC’s operational capacity and exploration capabilities, solidifying its position in the market. The transaction includes the fully licensed Sweetwater Plant as well as a comprehensive portfolio of uranium mining projects, giving UEC access to approximately 175 million pounds of historic uranium resources.

Following this announcement, UEC’s stock opened at $5.74 and has seen an impressive rise to $6.255, reflecting a gain of approximately 12.91%—a direct response to the bullish sentiment surrounding the acquisition. The trading volume has reached 13.85 million shares, showing increased investor interest as the company enters this new phase of growth. Technical indicators reveal that UEC is testing resistance near $6.25, with potential for continued upward movement should it maintain momentum, eyeing the next resistance level at around $6.50.

The addition of Rio Tinto’s assets will create UEC’s third hub-and-spoke production platform in the U.S., enabling the company to develop the Great Divide Basin more effectively. President and CEO Amir Adnani highlighted the acquisition as pivotal, emphasizing its role in facilitating near-term production and establishing operational efficiencies. The Sweetwater Plant, which has a processing capacity of 4.1 million pounds per year, can be adapted for both in-situ recovery and conventional mining methods, addressing the rising demand for uranium domestically and globally.

By investing in this strategic acquisition, UEC is positioning itself as a leading uranium developer, aimed at becoming North America’s premier supplier as the nuclear energy sector continues to expand its role in providing sustainable, carbon-free energy solutions.

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