• Project Summary
  • Royalty Description
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  • Project History

The Anderson Project is an Advanced stage conventional uranium project, covering 8,268 acres, and is located in Yavapai County, west-central Arizona, approximately 75 miles northwest of Phoenix and 43 miles northwest of Wickenburg.  The Anderson Project is 100% owned by UEC Concentric Merge Corp., a wholly owned subsidiary of Uranium Energy Corp. (“UEC”).

The information below regarding project milestones and recent developments for the Anderson Project has been derived from the S-K 1300 Technical Report Summary dated July 1, 2022, prepared for UEC and titled "Anderson Uranium Project- Initial Assessment, US SEC Subpart 1300 Regulation S-K Report, Yavapai County, Arizona, USA" (the "Anderson SEC Technical Report Summary")(1), a copy of which is available under UEC's profile at www.sec.gov and UEC's other public disclosures, copies of which are available under its profile on SEDAR and at www.sec.gov.

Mineral Resources – As of July 1, 2022 (100% Basis)
  Indicated Inferred
Location Tonnes (Mt) Grade
(% eU3O8)
Content
(MLbs. U3O8)
Tonnes (Mt) Grade
(% eU3O8)
Content
(MLbs. U3O8)
Extractable Indicated Resources 14.67 0.10 32.06      
Note on mineral resources:
  • Resources do not have demonstrated economic viability
  • Economic factors have been applied to the estimates in consideration of reasonable prospects for economic extraction
  • 0.02% eU3O8 grade cutoff and a 0.1 ft% GT cutoff were utilized for the estimate
  • Grade is radiometric equivalent grade (eU3O8)
  • Short tons were converted to metric tonnes for consistency
  • Totals may not sum due to rounding

(1) Anderson Uranium Project Initial Assessment Report, US SEC Subpart 1300 Regulation S-K Report, Yavapai County, Arizona, USA, with an effective date of July 1, 2022, prepared for UEC and authored by Douglas Beahm, P.E., P.G. and Clyde Yancey, P.G., VP Exploration UEC

The Anderson Royalty is a 1.0% net smelter return royalty pursuant to a royalty purchase agreement between URC and UEC dated August 20, 2018.

In its annual report on Form 10-K for 2022, UEC disclosed that expenses at the Anderson Project were mainly comprised of permitting and property maintenance.

The Anderson Project was in production between 1955 and 1959, when production was stopped due to the termination of a purchasing program by the Atomic Energy Commission. The Anderson SEC Technical Report Summary (1) further discloses that between 1967 and 1980, the Anderson Project was explored by several companies, including Getty Oil Company, Urangesellschaft USA, Inc. and Minerals Exploration Company, including the completion of over 1,289 rotary drill holes and 117 core holes during the period.  The Anderson SEC Technical Report Summary (1) further disclosed that the project was re-staked in 2001 by Concentric Energy Corp., which completed 25 confirmation drill holes in 2006 to confirm the reproducibility of the project's historical exploration database.

In May 2011, UEC acquired the Anderson Property through its merger with Concentric Energy Corp. In May 2012, UEC completed a resource estimate for the Anderson Project.

In July of 2014, UEC completed a NI 43-101 technical report on the project, which included a historic preliminary economic assessment and updated resource estimate for the Anderson Project. The preliminary economic assessment is not being treated as current by the Company. The mineral resource estimated disclosed in the report segregated resources into two types, being those potentially amenable to open pit extraction methods versus deeper resources that would be exploited through underground methods. Such mineral resource estimate included:

(a)  an open pit resource consisting of an indicated resource of 15.50 Mlbs U3O8 (25.42 million tonnes at grade of 0.028% U3O8) and inferred resource of 2.50 Mlbs U3O8 (4.63 million tonnes at a grade of 0.024% U3O8); and 

(b)  an underground resource consisting of an indicated resource of 1.50 Mlbs U3O8 (1.43 million tonnes at a grade of 0.048% U3O8) and an inferred resource of 9.50 Mlbs U3O8 (8.36 million tonnes at a grade of 0.052% U3O8).

(1) Anderson Uranium Project Initial Assessment Report, US SEC Subpart 1300 Regulation S-K Report, Yavapai County, Arizona, USA, with an effective date of July 1, 2022, prepared for UEC and authored by Douglas Beahm, P.E., P.G. and Clyde Yancey, P.G., VP Exploration UEC