Uranium Energy Q2 Earnings Call Highlights

Key Points

• Uranium Energy sold 200,000 lbs of U3O8 in Q2 at $101/ lb, generating more than $20 million in revenue and about $10 million in gross profit, and finished the quarter with $818 million in liquid assets (including $486 million cash) and no debt.
• UEC produced 45,743 lbs of U3O8 in the quarter at a total cost of $44.14/lb (cash cost $39.66/lb); construction is complete at Burke Hollow and multiple header houses and processing upgrades are in place at Christensen Ranch and Irigaray, but additional state regulatory approvals are required before a production ramp-up.
• Management is pushing a domestic refining/conversion plan through UR&C to address a tight U.S. conversion market, and cites policy tailwinds — including a Section 232 review and uranium’s addition to the USGS Critical Minerals List — that could support further domestic capacity development.

Uranium Energy NYSEAMERICAN: UEC highlighted opportunistic uranium sales, strong liquidity, and continued buildout of its U.S. production platform and fuel-cycle ambitions during its fiscal 2026 second-quarter earnings call.

President and CEO Amir Adnani said the quarter reflected execution of the company’s strategy to build what it describes as a vertically integrated domestic uranium fuel supply chain “from mining through refining and conversion.” Adnani emphasized UEC’s “100% unhedged” marketing approach and pointed to the company’s balance sheet as a competitive advantage as it advances production infrastructure in Wyoming and Texas while pursuing longer-term refining and conversion plans.

Uranium sales and balance sheet

UEC reported it sold 200,000 pounds of U₃O₈ during the quarter at $101 per pound, which Adnani said was about 25% above the quarter’s average uranium price of roughly $80 per pound. Chief Financial Officer Josephine Man said the sales generated more than $20 million in revenue and $10 million in gross profit.

Management said the company ended the quarter with $818 million in liquid assets, including $486 million in cash, and no debt. As of January 31, 2026, UEC held 1,456,000 pounds of U₃O₈ inventory valued at approximately $144 million at market prices, excluding an additional 244,321 pounds of precipitated uranium and dried and drummed U₃O₈ at the Irigaray processing plant.

Asked whether the company made additional uranium sales after the quarter, Adnani said there were no “subsequent event” disclosures related to further sales beyond those already reported. He reiterated that UEC intends to sell opportunistically while maintaining inventory, citing anticipated policy developments and what he described as structural supply deficits.

Production, costs, and regulatory timing

UEC produced 45,743 pounds of U₃O₈ during fiscal Q2, driven by two active header houses at its Christensen Ranch in-situ recovery (ISR) operation. The company reported a total cost per pound of $44.14 and a cash cost per pound of $39.66 for the quarter. Since restarting operations at Christensen Ranch, accumulated production reached 244,321 pounds at a total cost per pound of $37.28 and a cash cost per pound of $30.52, management said.

Adnani and Senior Vice President, U.S. Operations Brent Berg addressed questions about quarter-over-quarter production and emphasized that the company’s recent output has largely been carried by two header houses at Christensen Ranch. Berg said Q2 production came from wellfields 8 and 10 and from wells installed in 2025, associated with header houses 10-7 and 10-8.

UEC described several construction and readiness milestones intended to support higher production once regulatory approvals are received:

• Four new header houses completed at Christensen Ranch, with three additional header houses under construction.
• At Irigaray Central Processing Plant, refurbishment of the calciner was completed, enabling 24/7 operations and supporting increased throughput.
• At Ludeman, delineation drilling continued at the first planned wellfield while engineering advanced for a satellite ion exchange plant.

Management said both Christensen Ranch and the newly constructed Burke Hollow project in South Texas are fully permitted, but additional state-level reviews are pending. Adnani described the Wyoming items as wellfield data packages classified by regulators as “non-significant revisions,” adding that a broader industry restart has increased permitting activity and contributed to a regulatory backlog.

When asked about timing, Adnani said the company was optimistic the approvals would be measured in “days and weeks” rather than “months and quarters,” though Berg noted the company is not providing guidance on approval timelines because timing ultimately sits with regulators. Berg added that UEC is in open dialogue with state agencies and is continuing wellfield development work in parallel.

On operational readiness, Berg said that once approvals are received, new header houses can begin circulating solutions and quickly move into uranium recovery. He described the process of adding oxygen and carbon dioxide to activate recovery, loading resin at the ion exchange plant, and hauling resin to the central processing plant.

Burke Hollow construction complete; Sweetwater and Rough Rider advance

UEC said it completed construction at its Burke Hollow ISR uranium mine in South Texas, which Adnani called the “newest ISR uranium mine in the United States.” The operations team is preparing for startup while awaiting state regulator approval of the drilling and completion report for the waste disposal well, which management characterized as standard protocol before commencing ISR operations.

According to Adnani, Burke Hollow’s first production area includes 129 injection and recovery wells that have been tested for mechanical integrity and are expected to provide feed to the ion exchange plant once operations begin. Berg said startup practices in Texas will follow a similar preconditioning process to Wyoming.

Beyond near-term ISR hubs, UEC also outlined progress at development assets:

• Sweetwater: Development accelerated with 23 cased monitor wells, a coring program for advanced metallurgical testing, and commencement of a 200-hole delineation drilling program on March 2, 2026. Adnani said Sweetwater’s plan of operations progressed through the Bureau of Land Management review process.
• Rough Rider (Saskatchewan): UEC reported more than 30% completion of the planned 34,000-meter drilling program supporting an upcoming pre-feasibility study. The company also said it is working with SaskPower toward a definition phase agreement for a high-voltage power connection.

Refining and conversion strategy and policy backdrop

UEC devoted part of the call to United States Uranium Refining & Conversion Corp. (UR&C), an initiative aimed at addressing what management called a conversion bottleneck in the western nuclear fuel cycle. Adnani said UR&C continued engagement with government officials, advanced a feasibility study with Fluor, expanded technical and licensing teams, and initiated a detailed U.S. siting study based on permitting, infrastructure, logistics, and workforce availability.

In response to a question about conversion capacity, Adnani said conversion remains “one of the tightest segments” of the nuclear fuel cycle and argued that the U.S. market faces a single-point-of-failure risk with only one conversion facility built in the 1950s. He said even with expansions at the existing facility, U.S. conversion capacity would meet only about half of domestic demand, while demand could increase due to policy initiatives and growth in small modular reactors and advanced reactors, as well as government needs.

Adnani also cited policy developments, noting that in January 2026 President Trump issued a presidential proclamation directing negotiations under Section 232 related to national security risks associated with imports of processed critical minerals, including uranium. He added that uranium was added to the U.S. Geological Survey Critical Minerals List in November 2025 and is covered by the investigation, with negotiators expected to provide a status report by July 13, 2026.

In closing remarks, Adnani said the quarter reinforced three themes for the company: “scale, financial strength, and strategic positioning within the U.S. nuclear fuel supply chain,” while the company continues to await regulatory clearances that could enable the next step in production ramp-up.

About Uranium Energy NYSEAMERICAN: UEC

Uranium Energy Corp. is a uranium mining and exploration company focused on the development and production of uranium through in-situ recovery (ISR) methods. The company's core activities include operating ISR projects, advancing exploration properties, and engaging in joint ventures to secure uranium supply for nuclear power generation. Uranium Energy's approach emphasizes environmentally conscious extraction techniques that minimize land disturbance and water usage compared with conventional mining.

The company's primary producing asset is the Hobson ISR facility in South Texas, which commenced production to supply uranium concentrate to nuclear utilities.

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