Building America's Only Vertically Integrated Uranium Fuel Supply Chain, from Mining to Conversion, Supporting U.S. Enrichment
Increasing Production Through Construction of New Low-Cost In-Situ Recovery Capacity in Wyoming and Texas
Strategic Inventory Positioning Ahead of Section 232 Decision and Projected Supply Deficits
Operational Highlights:
Maintained Low-Cost Production Profile: Achieved Total Cost per Pound(1) of $34.35, including Cash Cost per Pound(1) of $29.90 and Non-Cash Cost per Pound(1) of $4.45, based on production of 68,612 pounds of precipitated uranium and dried and drummed U3O8 (uranium concentrate) for the quarter.
Irigaray Plant Upgrades Completed: A full refurbishment of the yellowcake thickener and calciner to support 24/7 operations was finalized at the Irigaray Central Processing Plant ("CPP"). Drying and drumming operations have resumed, and approximately 49,000 pounds U3O8 were packaged between November 13-30, 2025.
Adding a Second Powder River Basin Satellite at Ludeman: Development decision made to advance the fully permitted Ludeman in-situ recovery ("ISR") Project's first planned wellfield. Engineering of the satellite ion-exchange ("IX") plant is progressing, and procurement of IX vessels is underway.
Major Expansion of Wellfield Development at Christensen Ranch: Construction is underway on six additional header houses in new wellfields at the Christensen Ranch ISR operations in the Powder River Basin.
Burke Hollow Nears Operational Status, America's Next ISR Mine: Major construction milestones are substantially complete, setting the stage for initial operations at South Texas's newest ISR production facility. The advances at Burke Hollow and Christensen Ranch are expected to drive increased production output through the end of fiscal 2026.
Advancing Development Plans for Sweetwater: Work progressed under the FAST-41 permitting designation for Sweetwater. Drilling and engineering plans for mill refurbishment have been initiated.
Roughrider Pre-Feasibility Progressing: A 34,000 meter core drilling program commenced in October 2025, targeting conversion of inferred to indicated uranium estimated resources to support the previously announced proposed pre-feasibility study ("PFS") for the world-class, high-grade Roughrider Project in the prolific Athabasca Basin of Saskatchewan, Canada.
Launched United States Uranium Refining & Conversion Corp ("UR&C"): Positioning UEC as America's only vertically integrated uranium company with mining and processing together with planned refining, and conversion under one platform. Initiated a feasibility study with Fluor, expanded the size of the project technical team, and progressed federal engagement and multi-state siting activities.
Fiscal Q1 2026 Financial Highlights:
Strong Balance Sheet: $698 million of cash, uranium inventory(2)(3) and equities(3) at market prices, with no debt.
Completed $234 Million Public Offering: Supports acceleration of UR&C's planned development and further strengthens liquidity.
Inventory Buildup Ahead of Section 232 Announcement: 1,356,000 pounds of U₃O₈ held in inventory at October 31, 2025, valued at $111.9 million at market prices(3), excluding approximately 199,000 pounds of precipitated uranium and dried and drummed U3O8 at the Irigaray CPP. In addition to uranium from operations, a further 300,000 pounds of U3O8 is to be added by the end of December 2025 through purchase contracts at an attractive $37.05 per pound.
Strengthening U.S. Uranium Policy Framework:
U.S. Government's Designation of Uranium as a Critical Mineral: Uranium was added to the U.S. Geological Survey's Final 2025 Critical Minerals List on November 7, 2025, underscoring its essential role in U.S. energy and national security. In addition, the U.S. Government has initiated a Section 232 Critical Minerals investigation into foreign uranium imports, with potential outcomes that may include additional federal support measures such as enlarging the U.S. Strategic Uranium Reserve. To that end, U.S. Secretary of Energy, Christopher A. Wright, expressed support for the Strategic Reserve and noted the required buffer size will need to grow over time to support the anticipated "rapid growth" in domestic nuclear energy, including advanced and small modular reactors.
CORPUS CHRISTI, Texas, Dec. 10, 2025 /PRNewswire/ - Uranium Energy Corp (NYSE:UEC) the "Company" or "UEC") is pleased to announce that it has filed its Quarterly Report on Form 10-Q for the quarter ended October 31, 2025 with the U.S. Securities and Exchange Commission. The report, includes the Company's interim condensed consolidated financial statements, related notes thereto and management's discussion and analysis, is available on the Company's website at www.uraniumenergy.com and at www.sec.gov.
Amir Adnani, President and CEO, stated:
"This quarter represented a step change for UEC. With the launch of United States Uranium Refining & Conversion Corp, we added a new business line that positions the Company to become the only U.S. supplier with both uranium and UF₆ production capabilities. In parallel, we maintained and expanded low-cost ISR production and continued to advance our growth projects in Wyoming and South Texas, supporting projected higher output for the balance of fiscal 2026. Taken together, these developments strengthen our platform as the leading American nuclear fuel supply chain provider aligned with U.S. policy.
Progress at UR&C is advancing across feasibility, site selection and technical staffing initiatives. Separately, we are engaging with senior levels of state and federal governments as part of our broader development process.
Our balance sheet is now even stronger, with no debt and over $698 million in cash, uranium inventory(2)(3) and equities(3) at market prices. This provides the capacity to support both production expansion and the advancement of UR&C. We also continued to build our unhedged uranium inventory ahead of the Section 232 decision in a tightening market with a structural supply deficit, positioning UEC to benefit from expected higher uranium prices."
Powder River Basin, Wyoming, Hub-and-Spoke ISR OperationsHub: Irigaray CPP; Spokes: Christensen Ranch and Ludeman
Since the resumption of operations and as of October 31, 2025, accumulated production from Christensen Ranch was approximately 199,000 pounds of precipitated uranium and dried and drummed U3O8 at the Irigaray CPP.
As part of its ongoing production ramp-up, UEC continued to develop new production areas at Christensen Ranch. Mine development advanced with active well installation (piloting, casing and underreaming) in wellfields 11 and 12 and delineation drilling in wellfields 8 and 10-extensions. Additionally, construction continued on six new header houses in wellfields 11, 12, and 10-extension. These new production areas form the base of UEC's future production plans at Christensen Ranch.
In parallel, process upgrades at the Irigaray CPP continued in the first quarter of fiscal 2026, including a full rebuild of one of two yellowcake thickeners, replacing the rake, gearbox and motor along with the repair or replacement of multiple calciner components. Together with the refurbishment completed at Christensen Ranch earlier in the year, these timely investments are expected to support higher production rates in addition to improved operational efficiency and performance.
UEC's Ludeman project, located 10 miles northeast of Glenrock, Wyoming, is fully licensed and permitted and will ...
