Shares of Uranium Energy rose after the natural resources and mining as the company stands to benefit from growing demand by the U.S. government for domestic uranium.
Uranium production more than doubled in the fiscal fourth quarter from the third quarter to 82,744 pounds. The company spent less on each pound in its latest quarter as total cost per pound fell 33%.
The company said the U.S. government and military are actively seeking to secure a domestic supply chain for nuclear fuel instead of relying on foreign imports. Uranium Energy is in the position to supply it.
Uranium Energy posted a fiscal fourth-quarter loss of 12 cents a share, wider than a loss of 6 cents a share from a year earlier. Analysts polled by FactSet projected a loss of 4 cents a share.
Shares of the mining company advanced 2.9% to $9.46 Tuesday. Shares, however, have fallen 19% this year, according to Dow Jones Market Data.
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