On September 23, 2024, Uranium Energy Corp. (UEC) entered into a US$175 million agreement (approximately $236 million CAD) with Rio Tinto America Inc. to acquire 100% of Rio Tinto's Wyoming uranium assets, including the fully-licensed Sweetwater Plant and a portfolio of uranium mining projects. This acquisition expanded UEC’s hub-and-spoke production platform, adding approximately 175 million pounds of historic uranium resources.

The Sweetwater Plant, a 3,000-ton per day conventional processing mill with a licensed capacity of 4.1 million pounds per year, enhanced UEC's production capabilities. The transaction also included over 53,000 acres of exploration land and a vast geological database, facilitating future resource development.

The acquisition provided UEC with substantial synergies, reducing time and costs compared to building new facilities. Additionally, about half of the resources were amenable to in-situ recovery (ISR) mining methods, prioritizing near-term production.

The transaction is expected to close in Q4 2024, subject to customary conditions. Goldman Sachs & Co. LLC and Rothschild & Co acted as UEC’s financial advisors, with Holland & Hart LLP and McMillan LLP providing legal counsel. Hogan Lovells advised Rio Tinto America Inc.