URANIUM RESOURCES,INC. (NASDAQ:URRE) Files An 8-K Regulation FD DisclosureItem 7.01 — Regulation FD Disclosure.
On May 8, 2017, Uranium Resources, Inc. (the “Company”) announced an amendment (the “Amendment”) to the Uranium Mining Lease and Agreement, dated October 12, 2006 (as amended, the “Mining Lease”), between Neutron Energy, Inc., a wholly owned subsidiary of the Company (“Neutron”), and Juan Tafoya Land Corporation (“JTLC”). Among other things, the Amendment:
extended the term of the Mining Lease by three years, through October 11, 2020, and provides for an annual base rent of $174,109.75 during each year of the extended term in lieu of the $307,252.50 that would have otherwise been due;
fixed the gross proceeds royalty due on uranium produced from the Juan Tafoya project at 4%, regardless of the price of uranium, replacing royalty rates that previously depended on the price of uranium and ranged from 4.65% to 6.5%, and established an additional 2% royalty for uranium concentrates that are milled, transported over, stored or processed at the Juan Tafoya project but that are not mined there; and
provides JTLC the right to utilize certain water rights covered by the Mining Lease so long as Neutron does not provide notice to JTLC of its intent to utilize such water rights.
A description of the Mining Lease and the Juan Tafoya project can be found in the Company’s 2016 Annual Report on Form 10-K filed on March 2, 2017. Other than as described above, the Mining Lease continues in full force and effect as described in the Form 10-K.
As disclosed in the Form 10-K, the Company has been seeking to amend certain leases, including the Mining Lease, on terms more favorable to the Company and more reflective of current uranium market conditions. There can be no assurance that the Company will continue to be successful in amending existing leases.
About URANIUM RESOURCES, INC. (NASDAQ:URRE)
Uranium Resources, Inc. is engaged in developing energy-related metals. As of December 16, 2016, the Company had developed land position in two prospective lithium brine basins in Nevada and Utah in preparation for exploration and development of any resources that may be discovered there. In addition, it remains focused on advancing the Temrezli in-situ recovery (ISR) uranium project in Central Turkey when uranium prices permit economic development of this project. As of December 16, 2016, it controlled exploration properties in Turkey under nine exploration and operated licenses covering approximately 32,000 acres (over 13,000 hectares) with various exploration targets, including the satellite Sefaatli Project, which is 30 miles (48 kilometers) southwest of the Temrezli Project. Its projects include Temrezli Project, Kingsville Dome Project, Rosita Project, Vasquez Project, Butler Ranch Exploration Project, Sejita Dome Exploration Project, Cebolleta Project and Juan Tafoya Project. URANIUM RESOURCES, INC. (NASDAQ:URRE) Recent Trading Information
URANIUM RESOURCES, INC. (NASDAQ:URRE) closed its last trading session up +0.19 at 1.69 with 400,888 shares trading hands.