Casey subscribers are very familiar with Amir Adnani, who earned a spot in our 10-Bagger Club in 2009. In 2005, Amir had an idea for a uranium company. He had already tasted success in strategic marketing and financial communications, and was ready to dive into the resource sector. We first visited his projects in 2007, and in 2008 we advised subscribers of the Casey Energy Report to buy UEC at under US$0.25. Within ten months, the stock had reached US$3.75 per share, before it went to over US$7. That success is what landed Amir a spot in Casey's 10-Bagger Club, which is exclusive to resource entrepreneurs who have rewarded subscribers with realized gains of 1,000% or more.
The uranium sector has suffered since the Fukushima Daiichi nuclear crisis in Japan caused a major drop in uranium prices and equities. In this very difficult uranium market, Amir has led UEC to become one of the lowest-cost uranium producers in the world and has set up the company to produce up to 2 million pounds of uranium within the next few years. When UEC brought the Palangana in-situ recovery (ISR) uranium project in South Texas into production, it was the first ISR uranium mine to come online in the United States in five years. Amir has positioned Goliad, his second mine, to start production during the 2014 calendar year.
Both mines will feed the Hobson processing plant, which has a capacity of 2 million pounds. Amir has proven that he is the 1 in 3,000 able to bring exploration projects into commercial production, especially during the volatile markets we've seen over the last few years caused by the global financial crisis and the Fukushima disaster.
Amir's newest venture is Brazil Resources (BRI.V), which he co-founded in August 2010 and for which he currently serves as chairman of the board. Brazil Resources' strategy is to buy advanced-stage gold projects at today's low prices, focusing on identifying projects that are economic at today's gold prices. Due to Amir's shrewd management, BRI know sits on four projects with 4 million ounces of 43-101-compliant gold resources and recently closed an oversubscribed financing in which industry leaders such as Rick Rule and Doug Casey invested their own money.
With a great management and technical team and a strategic partnership with the Brasilinvest Group, one of Brazil's largest private merchant banks, BRI is cashed up and ready to acquire more proven gold projects and to take their projects to the next level.
Through serendipity, Brazil Resources has a large section of land just west of Paterson Lake in the western portion of the Athabasca Basin. The Rea project has a joint venture with Areva, a major global producer of uranium. Currently, there are only four management teams with uranium production experience in the Athabasca, and Brazil Resources is one of those.Amir is a determined, smart investor who has poured millions of dollars into his own ventures, and his interests are directly aligned with the investors'. We think Amir will achieve the status of the likes of Robert Friedland in the decades to come.