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UEC: Rodman & Renshaw Updating Research Note
March 15, 2010
Dear Shareholder,
Today, Senior Metals & Mining Analyst Alka Singh with Rodman & Renshaw LLC in New York issued an updating Research Note on Uranium Energy Corp (NYSE-AMEX: UEC). Rodman & Renshaw is maintaining its $6.25/share 12-month price target on UEC and states that multiples should expand as Palangana moves closer to production.
Ms. Singh stated:
�UEC has US$18.5 MM in cash and over US$24.7 MM in-the-money warrants. Each satellite deposit is expected to cost US$10-12 MM to bring into production� �As secondary uranium supply dwindles new primary sources will be required. There are currently 104 nuclear reactors in the US consuming 55 Mlbs of U3O8 annually. US currently produces approximately 4 Mlbs per year - about 7% of total demand� �Palangana is already permitted and is the first satellite to be in production. Goliad with 6.9 Mlbs of U3O8 in resources has public hearing on 3 May 2010, would be the next one. Nichols with 1.3 Mlbs of U3O8 in resources would be the next in line� "Texas remains the top US jurisdiction for permitting ISR uranium projects. The last major ISR project � was put into production in 2005 by the UEC team in Texas�The Texas Commission on Environmental Quality (TCEQ) issues all required mining permits, no Federal approvals are required... �The company is currently drilling with four rigs on the Palangana Deposit as part of the Phase 2 drilling program to test the potential at the six new trends located east of the Palangana Dome. We expect the company to release drill results soon� �Maintaining outperform rating and 12-month price target of US$6.25.�
�UEC has US$18.5 MM in cash and over US$24.7 MM in-the-money warrants. Each satellite deposit is expected to cost US$10-12 MM to bring into production�
�As secondary uranium supply dwindles new primary sources will be required. There are currently 104 nuclear reactors in the US consuming 55 Mlbs of U3O8 annually. US currently produces approximately 4 Mlbs per year - about 7% of total demand�
�Palangana is already permitted and is the first satellite to be in production. Goliad with 6.9 Mlbs of U3O8 in resources has public hearing on 3 May 2010, would be the next one. Nichols with 1.3 Mlbs of U3O8 in resources would be the next in line�
"Texas remains the top US jurisdiction for permitting ISR uranium projects. The last major ISR project � was put into production in 2005 by the UEC team in Texas�The Texas Commission on Environmental Quality (TCEQ) issues all required mining permits, no Federal approvals are required...
�The company is currently drilling with four rigs on the Palangana Deposit as part of the Phase 2 drilling program to test the potential at the six new trends located east of the Palangana Dome. We expect the company to release drill results soon�
�Maintaining outperform rating and 12-month price target of US$6.25.�
Please call us at 1-866-748-1030 if you have questions, or email info@uraniumenergy.com.
Thank you, Uranium Energy Corp
About Uranium Energy Corp Uranium Energy Corp (NYSE-AMEX: UEC) is a U.S.-based exploration and development company with the objective of near-term uranium production in the U.S. The Company�s fully licensed and permitted Hobson processing facility is central to all of its projects in South Texas, including the Palangana in-situ recovery project, which is fully permitted, and the Goliad in-situ recovery project, which is in the final stages of mine permitting for production. 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. The Company is well financed to execute on its key programs.
For further information about Uranium Energy Corp (NYSE - AMEX: UEC), please click: www.uraniumenergy.com or call 1.866.748.1030