Uranium Energy (UEC)

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Uranium Energy (UEC) - 2022 Q4 - Annual Report
2022-09-29 21:14
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact name of registrant as specified in its charter) Nevada 98-0399476 (I.R.S. Employer Identification No.) (State or other jurisdiction of incorporation or organization) 1030 West Georgia Street, Suite 1830, Vancouver, British Columbia, Canada, V6E 2Y3 (Address of principal executive offices) For the fiscal year ended July 31, 2022 ☐ TRAN ...
Uranium Energy (UEC) - 2022 Q3 - Quarterly Report
2022-06-14 21:16
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-33706 URANIUM ENERGY CORP. (Exact name of registrant as specified in its charter) Nevada 98-0399476 (State or other jurisdiction of incorp ...
Uranium Energy (UEC) - 2022 Q2 - Quarterly Report
2022-03-16 22:36
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 001-33706 URANIUM ENERGY CORP. (Exact name of registrant as specified in its charter) Nevada 98-0399476 (State or other jurisdic ...
Uranium Energy (UEC) - 2022 Q1 - Quarterly Report
2021-12-15 00:21
PART I – FINANCIAL INFORMATION [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Unaudited condensed consolidated financial statements for Q3 2021 show increased assets, reduced net loss, and significant capital raising [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$232.7 million** by October 31, 2021, driven by higher cash and inventories, boosting stockholders' equity Condensed Consolidated Balance Sheet Highlights (as of October 31, 2021) | Balance Sheet Item | Oct 31, 2021 | July 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $96,304,124 | $44,312,780 | | Inventories | $36,217,420 | $29,172,480 | | **Total Current Assets** | **$134,427,054** | **$75,045,362** | | **Total Assets** | **$232,718,651** | **$169,541,085** | | **Liabilities & Equity** | | | | Total Current Liabilities | $13,019,322 | $13,269,210 | | Total Liabilities | $17,837,105 | $18,085,941 | | Total Equity | $214,881,546 | $151,455,144 | | **Total Liabilities and Equity** | **$232,718,651** | **$169,541,085** | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Net loss significantly improved to **$2.1 million** for the three months ended October 31, 2021, driven by investment income and a realized gain on securities Statement of Operations Summary (Three Months Ended October 31) | Metric | 2021 | 2020 | | :--- | :--- | :--- | | Loss from Operations | $(4,871,667) | $(3,386,630) | | Income (loss) from equity-accounted investment | $2,753,167 | $(703,605) | | **Net Loss for the Period** | **$(2,073,826)** | **$(4,963,537)** | | Net Loss Per Share (Basic and Diluted) | $(0.01) | $(0.03) | | Weighted Average Shares Outstanding | 246,859,322 | 189,955,499 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations was **$12.3 million**, offset by **$63.9 million** from financing, leading to a **$52.0 million** increase in cash and equivalents Cash Flow Summary (Three Months Ended October 31) | Cash Flow Activity | 2021 | 2020 | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | $(12,283,278) | $(2,575,118) | | Net Cash Provided by Financing Activities | $63,918,267 | $14,130,965 | | Net Cash Provided by (Used in) Investing Activities | $356,355 | $(10,002,903) | | **Net Change in Cash, Cash Equivalents and Restricted Cash** | **$51,991,344** | **$1,552,944** | [Notes to the Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, 'Exploration Stage' status, increased uranium inventories and commitments, substantial capital raising, and the subsequent U1A acquisition - The company remains in the 'Exploration Stage' as defined by the SEC because it has not established proven or probable reserves. As a result, exploration and pre-extraction expenditures are expensed as incurred, which leads to reporting larger losses than if it were in the 'Production Stage'[29](index=29&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) - During the quarter, the company entered into agreements to purchase **400,000 pounds** of uranium concentrate under its Physical Uranium Initiative Program[34](index=34&type=chunk) Uranium Inventory Purchase Commitments (as of Oct 31, 2021) | Fiscal Year | Purchase Commitments (Pounds) | Total Purchase Price | | :--- | :--- | :--- | | 2022 | 700,000 | $21,965,000 | | 2023 | 1,205,000 | $39,409,000 | | 2024 | 495,000 | $16,913,250 | | 2025 | 400,000 | $14,130,000 | | 2026 | 100,000 | $3,620,000 | | **Total** | **2,900,000** | **$96,037,250** | - During the quarter, the company issued 20,743,878 shares under its May 2021 ATM Offering for net cash proceeds of **$62,671,123**. Subsequent to the quarter, it raised an additional **$31.5 million** through ATM offerings[64](index=64&type=chunk) - Subsequent to October 31, 2021, the company entered into a definitive agreement to acquire Uranium One Americas, Inc. (U1A) for a total consideration of **$125.4 million**[80](index=80&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the 'hub-and-spoke' strategy, positive uranium market, and quarterly results, noting reduced net loss and strengthened liquidity for future acquisitions - The company utilizes a 'hub-and-spoke' strategy in South Texas, with the fully-licensed Hobson Processing Facility serving as the central hub for processing materials from the Palangana Mine and future satellite projects[86](index=86&type=chunk) - Subsequent to the quarter, the company agreed to acquire Uranium One Americas, Inc. (U1A) for **$125.4 million**, consisting of **$111.6 million** in cash and assumption of a **$13.8 million** surety deposit[90](index=90&type=chunk)[115](index=115&type=chunk) - Working capital increased by **$59.6 million** during the quarter to **$121.4 million**, primarily due to net proceeds of **$62.7 million** from the May 2021 ATM Offering[113](index=113&type=chunk) - Management believes existing cash resources are sufficient to complete the U1A Acquisition, fulfill uranium purchase commitments, repay **$10.0 million** in debt, and fund planned operations for the next 12 months[116](index=116&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section refers to the disclosures about market risk provided in the company's Annual Report on Form 10-K for the fiscal year ended July 31, 2021 - The company directs readers to Item 7A of its Form 10-K for Fiscal 2021 for a full discussion of quantitative and qualitative disclosures about market risk[144](index=144&type=chunk) [Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of October 31, 2021, with no material changes to internal controls during the quarter - The Principal Executive Officer and Principal Financial Officer concluded that the company's disclosure controls and procedures were effective as of October 31, 2021[145](index=145&type=chunk) - There were no changes in the company's internal control over financial reporting during the fiscal quarter that materially affected, or are reasonably likely to materially affect, internal controls[147](index=147&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) The company discloses ongoing legal matters, including a pending appeal for Goliad Project permits and disputes over Paraguay concession extensions - An appeal is pending against the Texas Commission on Environmental Quality (TCEQ) regarding permits for the Goliad Project. The company has intervened and believes the appeal is without merit[150](index=150&type=chunk) - The company is in a dispute with Paraguay's mining regulator (MOPC) over the eligibility for extension of concessions for its Yuty and Alto Parana Projects and has filed appeals to protect its rights[151](index=151&type=chunk) [Risk Factors](index=35&type=section&id=Item%201A.%20Risk%20Factors) This section outlines material risks, including limited operating history, financing dependence, exploration risks, and challenges in the Physical Uranium Initiative and U1A acquisition - The company has a history of significant negative cash flow and an accumulated deficit of **$293.7 million** as of October 31, 2021, and its long-term success depends on achieving profitability[156](index=156&type=chunk) - Operations are capital intensive, and the company will require significant additional financing. Its ability to raise capital depends on factors like uranium prices and market conditions[160](index=160&type=chunk) - The company has not established proven or probable reserves for any of its projects, including the operating Palangana Mine, which makes its mining activities inherently riskier[169](index=169&type=chunk)[170](index=170&type=chunk) - The Physical Uranium Initiative Program is subject to risks, including price fluctuations, potential losses if uranium is sold below acquisition cost, and counterparty default risk[176](index=176&type=chunk)[177](index=177&type=chunk) - The closing of the U1A Acquisition is subject to certain conditions precedent which may not be met[214](index=214&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=46&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the quarter, the company issued unregistered equity securities for services and a property purchase, relying on Securities Act exemptions - On September 30, 2021, **4,607 shares** were issued to a consultant for services[225](index=225&type=chunk) - On October 14, 2021, **64,149 shares** were issued to a vendor for a property purchase[225](index=225&type=chunk) [Mine Safety Disclosures](index=46&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) For the quarter ended October 31, 2021, the Palangana Mine was not subject to regulation under the Mine Safety Act - For the quarter ended October 31, 2021, the Palangana Mine was not subject to regulation under the Mine Safety Act[224](index=224&type=chunk) [Exhibits](index=47&type=section&id=Item%206.%20Exhibits) Exhibits filed include CEO and CFO certifications (31.1, 31.2, 32.1) and Inline XBRL documents (101 series) - Exhibits filed include CEO and CFO certifications (31.1, 31.2, 32.1) and Inline XBRL documents (101 series)[226](index=226&type=chunk)
Uranium Energy (UEC) - 2021 Q4 - Annual Report
2021-10-28 01:07
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended July 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number: 001-33706 URANIUM ENERGY CORP. (Exact name of registrant as specified in its charter) Nevada (State or other jurisdictio ...
Uranium Energy (UEC) - 2021 Q3 - Quarterly Report
2021-06-08 22:29
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-33706 URANIUM ENERGY CORP. (Exact name of registrant as specified in its charter) Nevada 98-0399476 (State or other jurisdiction of incorp ...
Uranium Energy (UEC) - 2021 Q2 - Quarterly Report
2021-03-16 10:12
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 001-33706 URANIUM ENERGY CORP. (Exact name of registrant as specified in its charter) Nevada 98-0399476 (State or other jurisdic ...
Uranium Energy (UEC) - 2021 Q1 - Quarterly Report
2020-12-14 23:29
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 001-33706 URANIUM ENERGY CORP. (Exact name of registrant as specified in its charter) Nevada 98-0399476 (State or other jurisdic ...
Uranium Energy (UEC) - 2020 Q4 - Annual Report
2020-10-28 22:41
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended July 31, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number: 001-33706 URANIUM ENERGY CORP. (Exact name of registrant as specified in its charter) Nevada (State or other jurisdictio ...
Uranium Energy (UEC) - 2020 Q3 - Quarterly Report
2020-06-09 10:05
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 001-33706 URANIUM ENERGY CORP. (Exact name of registrant as specified in its charter) Nevada 98-0399476 State or other jurisdictio ...