History
Uranium Energy Corp grew from a Texas exploration story into a producing US uranium miner through acquisitions from Rosatom's Uranium One and Rio Tinto, funded by repeated share raisings.
2015-2018: Building a U.S. and Paraguayan base
The record opens in December 2015 with drilling at Burke Hollow in South Texas. A completed campaign extended a key mineralized trend from 1.7 to 3.7 miles, and leach recovery testing came in above 90%, an early sign the deposit could support in-situ recovery, which dissolves uranium underground and pumps it out. In November 2017 a 132-hole campaign gave Burke Hollow its first full resource estimate: 7.09 million pounds of inferred uranium at 0.088% grade.
In February 2016 UEC and its Sprott-led lenders amended a $20 million secured credit facility, pushing maturity from July 2017 to January 2020 and deferring principal payments to 2019. In return the lenders got a lower warrant exercise price and 959,163 shares as an extension fee. In December 2018 the facility was extended again, to January 2022, with no principal due until then.
The company also bought assets. In March 2016 it acquired JDL Resources from CIC Resources for 1.33 million shares and $50,000, and took a one-year option on CIC's Paraguayan titanium concessions. It exercised that option in July 2017, taking 100% of the Alto Parana Titanium project. An independent estimate that September found 4.94 billion tonnes grading 7.41% titanium oxide. In August 2017 UEC closed its purchase of the fully permitted Reno Creek uranium project in Wyoming, which came with an existing NRC production license. In December 2018 it also completed royalty sales to Uranium Royalty Corp, receiving a stake in that company.
2019-2021: Small raisings and a Russian-owned prize
The record is quiet for 2019 and most of 2020. In September 2020 UEC raised $15 million by selling 12.5 million units at $1.20, upsized because of strong demand. Share count climbed from about 183 million at the end of 2019 to about 199 million at the end of 2020.
In 2021 the company paired raisings with a strategy of holding physical uranium. In March it secured 800,000 pounds of US-warehoused uranium and raised $30.5 million (10 million shares at $3.05). In April it secured a further 705,000 pounds and raised $12 million (3.64 million shares at $3.30).
The larger move came in November 2021, when UEC agreed to buy Uranium One Americas from Uranium One Investments, a subsidiary of Russia's state-owned Rosatom. The purchase closed in December for a final $128.5 million, doubling UEC's permitted U.S. in-situ recovery projects, resources and processing infrastructure.
2022-2023: Hub and spoke, and Saskatchewan
In April 2022 UEC combined Reno Creek with the Uranium One Americas assets into a single Wyoming platform. It reported nearly 62 million pounds measured and indicated across seven satellite projects, four fully permitted.
In June 2022 UEC agreed an all-share deal for Canada's UEX Corporation, with UEC holders to own about 86% of the combined company. Days later it built a toehold with a C$5 million private placement of 11.63 million UEX shares at C$0.43. The deal closed in August 2022, with each UEX share exchanged for 0.090 UEC shares. In October UEC bought the Roughrider project in Saskatchewan from Rio Tinto for $150 million, paying $80 million cash and issuing 17.8 million shares. Shares on issue rose from about 267 million to about 370 million over the year.
In early 2023 UEC disclosed results for its Saskatchewan assets. Shea Creek, in which UEC holds 49.1% alongside operator Orano Canada, held 95.6 million pounds. Horseshoe-Raven held 37.4 million indicated pounds. Drilling at Christie Lake expanded the high-grade Sakura Zone, with one hole grading 5.42% over 15.6 metres. In May Roughrider showed 27.8 million indicated and 36.0 million inferred pounds. In July UEC said it was speeding up a restart of Christensen Ranch in Wyoming. Its fiscal 2023 report showed $163.95 million of revenue from selling 3.15 million pounds of stockpiled uranium at $52.05 per pound, and $340 million spent completing the UEX and Roughrider deals.
2024-2025: Producer and a planned refiner
In June 2024 an updated report nearly tripled Burke Hollow's measured and indicated resource, from 2.3 to 6.2 million pounds. In August a drill hole 850 metres northeast of the Roughrider deposit found high-grade mineralization, the best hole outside the resource area. In September UEC agreed to buy Rio Tinto America's two subsidiaries holding the Green Mountain Mining Venture in Wyoming for $175 million in cash, which closed in December. The fiscal 2024 report confirmed production had restarted at Christensen Ranch and the Irigaray plant, and noted the new Roughrider North discovery, with attributable resources at 230.0 million pounds measured and indicated. A November assessment valued Roughrider at $946 million post-tax net present value.
In December 2024 UEC replaced its 2022 at-the-market program (selling shares gradually on the market) with one of up to $300 million led by Goldman Sachs. On 6 October 2025 it raised about $204 million at $13.15 per share, more than four times its 2021 raisings. Underwriters then took up their option for 2.325 million more shares, adding $30.6 million. UEC said proceeds would help fund a new subsidiary, United States Uranium Refining & Conversion Corp, to build a domestic refining and conversion facility. As of October 2025, UEC was a producing miner with no major deals open.
Written from the 38 story beats below (2015 to 9 Oct 2025), which come from the company's own announcements and filings.