“The on-going drill campaign at Roughrider North has successfully identified additional high-grade mineralization along strike of what was reported in August,” Chris Hamel, vice-president for exploration in Canada, said in a release. “Drill hole RR-961 expands the high-grade core of this discovery and should help guide the field team to further success in the area.”
UEC’s results come as the uranium spot price, at $78.50 per lb. on Thursday, continue to trend slightly downward from a peak of $107 in February. But prices remain 30% higher than last year, giving tailwinds for producers of the nuclear metal. Analysts such as BMO Capital Markets expect the long-term trend of uranium to remain positive for years as China ramps up reactor production and the United States considers restarting idled plants.
Shares in Uranium Energy gained 1.6% to $5.27 apiece on Thursday morning in New York, valuing the company at $2.1 billion….
