Uranium Energy Corp Applauds the White House on its Emergency Request to Congress for an Additional $1.5 Billion for the Department of Energy to Reduce Reliance on Russian Nuclear Fuel

UEC Chairman and former U.S. Energy Secretary, Spencer Abraham, commented: “Recent events have demonstrated the risks associated with depending on Russian energy exports.  The events in Ukraine and Russia’s disruptions of natural gas supplies to Europe are a grim reminder of these risks.  Accordingly, the United States must proactively address the potential impacts of a sudden cut-off, ban or embargo of Russian uranium and nuclear fuel. To address our dependence on Russia for the key elements in our nuclear fuel cycle from the mining of uranium to its conversion and enrichment we need to act now.” 

Secretary Abraham continued: “We look forward to learning more of the details as to how the Department of Energy will be making the necessary investments in the nuclear fuel supply chain and hope that a significant component of these investments will be deployed to increase the domestic production of uranium.  It remains of high concern that we are currently reliant on 60% of our uranium supplies from Russia, Kazakhstan, and Uzbekistan, despite abundant, untapped, American resources. The United States relies on nuclear energy for 20% of our electricity supplies (comprising over 50% of our carbon-free power), and we remain the world’s largest consumer of uranium fuel.  Given this, it only makes sense that we increase our uranium production here in the U.S. and that a significant portion of these new appropriations, if granted, will be used to achieve that objective.”

About Uranium Energy Corp

Uranium Energy Corp is the fastest growing supplier of the fuel required for green energy transition to a low carbon future.  UEC is the largest, diversified North American focused uranium company, advancing the next generation of low-cost, environmentally friendly In-Situ Recovery (ISR) mining uranium projects in the United States and high-grade conventional projects in Canada.  The Company has two production ready ISR hub and spoke platforms in South Texas and Wyoming, anchored by fully licensed and operational central processing plants. UEC also has seven U.S. ISR uranium projects with all their major permits in place. Additionally, the Company has diversified uranium holdings including: (1) one of the largest physical uranium portfolios of U.S. warehoused U3O8; (2) a major equity stake in Uranium Royalty Corp., the only royalty company in the sector; (3) a pipeline of resource stage uranium projects in Arizona and Paraguay.  The Company’s operations are managed by professionals with a recognized profile for excellence in their industry, a profile based on many decades of hands-on experience in the key facets of uranium exploration, development, and mining.

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Notes: Supplemental appropriations request

For an additional amount for "Nuclear Energy", $1,500,000,000, to remain available until expended, for the acquisition and distribution of low-enriched uranium (LEU) and high-assay LEU (HALEU) and other activities pursuant to the Atomic Energy Act of 1954, as amended (42 U.S.C. 2011 et seq.), and section 2001 of the Energy Act of 2020 (42 U.S.C. 16281) to reduce the reliance of the United States and friendly foreign countries on nuclear fuels from the Russian Federation and other insecure sources of LEU and HALEU: Provided, That section 3112 of the USEC Privatization Act (42 U.S.C. § 2297h-10) shall not apply to the transfer or sale of LEU or HALEU in connection with activities funded under this heading: Provided further, That the Secretary may enter into and perform such contracts, leases, cooperative agreements, or other similar transactions with public agencies and private organizations and persons, as authorized by section 646(a) of the Department of Energy Organization Act (42 U.S.C. § 7256(a)), for such periods of time and subject to such terms and conditions as the Secretary deems appropriate, without regard to section 161(u) of Atomic Energy Act of 1954, as amended (42 U.S.C. § 2201(u)): Provided further, That such amount is designated by the Congress as being for an emergency requirement pursuant to the concurrent resolution on the budget. This request would provide $1.5 billion to the Department of Energy, Nuclear Energy account to assist in establishing a reliable fuel supply to responsively meet the low-enriched uranium needs of the existing commercial nuclear fleet and the high-assay low-enriched uranium needs for advanced nuclear reactors. Funding would be used to address potential future shortfalls in access to Russian uranium and fuel services.