2. Uranium Resources is a uranium exploration, mine development and production company engaged in acquiring and developing uranium mines in South Texas and New Mexico using the in-situ recovery mining process (ISR). Currently, the company has three developed stage and two early exploration properties in South Texas, and seven development stage properties in New Mexico. Contained minerals resources in New Mexico are 101 million pounds on an aggregate ~741 sq km of uranium mineral holdings. During 2010, the company completed two common stock offerings, including the exercise of over-allotment options, raising $10.4 million in the second quarter and $9.0 million in the fourth quarter. This development enabled the company to further building its asset base in Texas and bringing its properties in New Mexico into production. Cash and cash equivalents as of Dec, 31, 2010 was $15.4 million compared with $10.5 million at the end of the previous quarter and $6.1 million at the end of 2009. The company recently entered into a three-year agreement to explore 53,500 acres in Kennedy County, Texas, with an option to lease the acreage for uranium production. The lease option agreement includes a minimum exploration obligation of 100 exploration wells with an investment of $1.0 million during the first year, an additional 200 exploration wells or $1.5 million investment in the second year and, in the third year, another 200 exploration wells or $2.0 million investment. The property is located within the prolific South Texas uranium district. One analyst covering the stock has recommended a buy, while there are no sell ratings. According to the estimate, the stock has an upside of 134.7% to $5 from current levels.