Uranium Energy Corp (NYSEAmerican:UEC) filed Form 10-Q wherein it stated that for the quarter closed October 31, 2017 and 2016, they posted net losses of around $4.55 million and nearly $4.25 million, respectively. Expenses and costs during the quarter closed October 31, 2017 and 2016, came at $4.021 million and $3.527 million, respectively.
The details
During the quarter closed October 31, 2017 and 2016, they continued with their strategic plan for lowered operations implemented in 2013 and continued lowered businesses at the Palangana Mine to get residual pounds of U 3 O 8 only. Subsequently, no U 3 O 8 processing or extraction costs were used to inventories during the quarter closed October 31, 2017 and 2016. At the close of October 31, 2017, the aggregate value of inventories stood at $211,662.
Uranium Energy reported that for the quarter closed October 31, 2017 and 2016, costs and expenses came at $4.021 million and $3.527 million constituted of, mineral property expenditures of around $1.676 million and $890,118, while G&A expenditures were $2.25 million and $2.28 million, respectively. During the quarter closed October 31, 2017 and 2016, amortization, depreciation and accretion was $90,335 and $151,352, while impairment loss came at $0 and $143,168, respectively.
Mineral property expenditures were mainly constituted of costs pertaining to permitting, exploration, pre-extraction and property maintenance activities as well as all other non-extraction linked activities on their projects. During the quarter closed October 31, 2017 and 2016, the company posted mineral property expenditures of around $1.676 million and $890,118, respectively of which big part were directly linked to maintaining operational readiness and allowing compliance for the Palangana Mine & Hobson Processing Facility.
In the last trading session, the stock price of Uranium Energy gained more than 2% to close the day at $1.92. The gains came at a share volume of 2.41 million compared to average share volume of 1.2 million.
