Dear Tony,
Please see the latest research note on UEC published this morning by Jennings Capital.
Best regards,
Stefanie
Uranium Energy Corp. (NYSE-UEC)
Buy UEC for a Rebound
Radioactive Material Licence for Goliad expected in June
We expect Uranium Energy Corp. to receive the RML licence for its Goliad Project in Texas. Goliad is the second project to start uranium production, adding to the uranium production at the Palangana Mine. The Goliad ISR project is one of the Company�s four satellite projects in South Texas and is located 40 miles east of the Company�s Hobson ISR processing facility.
Q3/11 quarterly results expected in mid-June
The Palangana Mine commenced production in November 2010. In Q2/11, the mine produced 21,000 lbs of uranium concentrate at a cash operating cost of US$18/lb. Uranium Energy Corp will be reporting its Q3/11 quarterly results in mid-June. We expect Q3/11 production to be 35,000 lbs at a cash operating cost of US$17/lb.
Near-term catalysts
- Q3/11 quarterly results in mid-June.
- Goliad draft RML to be issued (June-July).
- Sales contract announcement.
Re-iterating our BUY recommendation and 12-month price target of US$7.25
We are maintaining our BUY recommendation and US$7.25 target price, which represents 1.5 times our 8% NAV of US$5.25/share. Our BUY recommendation on the shares is based on: 1) our positive view of uranium prices in the medium- to long-term; 2) the technical expertise of the operating team (the members of which have built almost every ISR facility in Texas); and 3) the strategy of the Company to consolidate attractive uranium projects under one umbrella and to bring a new uranium mining company into production.
Stefanie Makagon Investor Relations |
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Direct: (604) 682-9775 ext. 311 Fax: (604) 682-3591 Cell: (778) 881-5575 Toll Free: 1-866-748-1030 www.uraniumenergy.com |
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Uranium Energy Corp.
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PRODUCER |
CODE : UEC |
ISIN : US9168961038 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Uranium Energy is a uranium development stage company based in Canada. Uranium Energy holds various exploration projects in Uruguay. Its main assets in production are AMBROSIA LAKE, PALANGANA and GOLIAD in USA, its main asset in development is NICHOLS in USA and its main exploration properties are COYOTE RANCH in USA and CORONEL OVIEDO, CEBOLLETA, GRANTS RIDGE, RAVEN, WEST RANCH, SAN MATEO MESA, LAGUNA TREND, RED BASIN, GRANITE MOUNTAIN THRUST, BURNT WAGON, LO-HERMA, EAST POISON SPIDER, 55 RANCH & DL, BULL CANYON, PARADOX, LONG PARK, SQUAW POINT, RADIUM MOUNTAIN, BIG GYPSUM, SAN MIGUEL, CARNOTITE, CRAIN, LAKE CANYON, LOS CUATROS, ARTILLERY PEAK, DRY MOUNTAIN, CARRIZO, LA PALANGANA / HOBSON, NEW RIVER and SALVO in Uruguay. Uranium Energy is listed in Germany and in United States of America. Its market capitalisation is US$ 1.1 billions as of today (€ 931.6 millions). Its stock quote reached its lowest recent point on December 12, 2008 at US$ 0.16, and its highest recent level on December 03, 2010 at US$ 7.48. Uranium Energy has 157 544 080 shares outstanding. |