• Project Summary
  • Royalty Description
  • Recent Updates
  • Project History

The Reno Creek Project is a Development stage ISR uranium project located in the Pumpkin Buttes Uranium District in Campbell County, Wyoming, in the south-central portion of the Powder River Basin. The Reno Creek Project is 100% owned by a wholly owned subsidiary of Uranium Energy Corp. ("UEC"). UEC has disclosed that the Reno Creek Project is construction-ready and fully permitted.

In February of 2019, UEC announced that it was prioritizing the advancement of the Reno Creek Project, further disclosing that it is directing an independent preliminary feasibility study on the Reno Creek Project in order to expedite upcoming construction in advancing the project towards production.

On February 9, 2022, UEC filed an inaugural S-K 1300 Technical Report Summary disclosing the previously reported NI 43-101 compliant resources, in accordance with Item 1302 of Regulation S-K ("S-K 1300"). On April 5, 2022, UEC filed a S-K 1300 Technical Report Summary outlining the company’s plans for a Wyoming “Hub and Spoke” platform, identifying the Irigaray Processing Plant as a central hub for production from UEC’s Wyoming projects, including the Reno Creek project.

Mineral Resources – As of December 31, 2021 (100% Basis)
Measured Indicated Inferred
Tons
(Mt)
Grade
(% U3O8)
Content
(MLbs.U3O8)
Tons
(Mt)
Grade
(% U3O8)
Content
(MLbs. U3O8)
Tons
(Mt)
Grade
(% U3O8)
Content
(MLbs. U3O8)
14.99 0.043 12.92 16.98 0.039 13.07 1.92 0.039 1.49
Note that mineral resources:
  1. Measured and Indicated Mineral Resources as defined in 17 CFR § 229.1300.
  2. All reported resources occur below the static water table.
  3. The point of reference for mineral resources is in-situ at the Project.
  4. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

The Reno Creek Royalty is a 0.5% net profit interest royalty, with a maximum amount payable thereunder of US$2.5 million.

The Reno Creek Royalty does not apply to the entire project area for the Reno Creek Project. The royalty currently applies to approximately 17,685 acres of the total project area of 19,769 acres disclosed by UEC. The royalty covers approximately 4,270 acres, or approximately 70% of the 6,057 acres of permitted area that defines the North Reno and South Reno Creek Mine Units.

The information below regarding project milestones and recent developments for the Reno Creek Project has been summarized from the Reno Creek Technical Report(1), a copy of which is available under UEC's profile on SEDAR (www.sedar.com), and from UEC's public disclosure.

In January of 2019, UEC filed the Reno Creek Technical Report(1), which includes a mineral resource estimate for the Reno Creek Project. The mineral resource estimate disclosed in the Reno Creek Technical Report(1) includes a measured and indicated resource of 26.00 Mlbs of U3O8 (32.0 million short tons or 29.0 million tonnes at an average grade of 0.041% U3O8) and an inferred resource of 1.49 Mlbs of U3O8 (1.92 million short tons or 1.74 million tonnes at an average grade of 0.039% U3O8), with approximately 45% of the measured and indicated resource and approximately 85% of the inferred resource contained in the North Reno Creek area of the project.

UEC has disclosed that the Reno Creek Project is construction-ready and fully permitted, having obtained its Wyoming Department of Environmental Quality permit to mine in July of 2015, its aquifer exemption from the United States Environmental Protection Agency. in October of 2015 and its source and by-product materials license from the United States Nuclear Regulatory Commission in February of 2017.

In February of 2019, UEC announced that it was prioritizing the advancement of the Reno Creek Project, further disclosing that it is directing an independent preliminary feasibility study on the Reno Creek Project in order to expedite upcoming construction in advancing the project towards production.

On February 9, 2022, UEC filed an inaugural S-K 1300 Technical Report Summary disclosing the previously reported NI 43-101 compliant resources, in accordance with Item 1302 of Regulation S-K ("S-K 1300").

On April 5, 2022, UEC filed a S-K 1300 Technical Report Summary outlining the company’s plans for a Wyoming “Hub and Spoke” platform, identifying the Irigaray Processing Plant as a central hub for production from UEC’s Wyoming projects, including the Reno Creek project. The S-K 1300 compliant resources for the Reno Creek project were unchanged from that previous reported on February 9, 2022.

Note 1:

Technical Report and Audit of Resources of the Reno Creek ISR Project, Campbell County, Wyoming, USA dated December 31, 2018 and authored by Robert E. Cameron, Ph.D., MMSA, and Robert Maxwell, CPG, AIPG. Also, the S-K 1300 Technical Report Summary dated February 9, 2022, as filed on EDGAR.

The information below regarding project milestones and recent developments for the Reno Creek Project has been summarized from the Reno Creek Technical Report(1), a copy of which is available under UEC's profile on SEDAR (www.sedar.com), and from UEC's public disclosure.

Uranium was originally discovered by several 1960s/1970s mining companies, including Rocky Mountain Energy, Cleveland Cliffs, American Nuclear and TVA, Pathfinder Mines, and others.  Most of the leases and claims that held the resources were dropped in the late 1990s and early 2000s.  In the mid-2000s, Strathmore minerals re-staked mining claims and took leases on most of the current project.  Strathmore in 2010 sold them to AUC LLC, which was acquired by UEC in 2017 and is a wholly owned subsidiary and the operator of the project. In 2018, UEC acquired additional units in North Reno Creek as a result of its acquisition of Uranerz Energy Corporation from Energy Fuels Inc. The Reno Creek Royalty does not apply to the North Reno Creek units acquired from Uranerz Energy Corporation.

Note 1:

Technical Report and Audit of Resources of the Reno Creek ISR Project, Campbell County, Wyoming, USA dated December 31, 2018 and authored by Robert E. Cameron, Ph.D., MMSA, and Robert Maxwell, CPG, AIPG. Also, the S-K 1300 Technical Report Summary dated February 9, 2022, as filed on EDGAR.