Why Uranium Energy Stock Popped 13% Today
Uranium Energy (NYSEMKT: UEC) stock surged Tuesday morning, rallying by as much as 13.2% as of 10 a.m. ET. The uranium miner hasn't generated any revenue since 2015, but it just made an important announcement that confirms how significant a recent acquisition will be to its future.
On Tuesday, Uranium Energy reported that on Monday, it had filed a Technical Report Summary with the Securities and Exchange Commission, disclosing details about mineral resources at its Wyoming hub and spoke project.
Under Uranium Energy's business model, it operates mining projects that are clustered geographically, and selects one facility to be the central processing site (the "hub") for the rest of the group (the "spokes"). Previously, it only had one such hub -- in Hobson, Texas. Then, in December, the company acquired Uranium One, the world's fourth-largest uranium producer.
Source Fool.com
