NYSE American: UEC
Breakthrough Year Transitioning to Uranium Production in Wyoming, Burke Hollow Nearing Start-Up in Texas, and the Launch of U.S. Uranium Refining & Conversion Corp Creates America’s Only Vertically Integrated Uranium Company from Mining to Planned Conversion
Accretive Acquisition of Rio Tinto’s Sweetwater Complex Established UEC’s Third U.S. Hub-and-Spoke Production Platform, Expanded Licensed Capacity to 12.1 Million Pounds U₃O₈ Annually, Solidified UEC’s Position as the Largest U.S. Uranium Company by Estimated Resources and Licensed Production Capacity
Operational Highlights:
- Initial Production Ramp-Up: Approximately 130,000 pounds of precipitated uranium and dried and drummed U3O8 (uranium concentrate) as of July 31, 2025.
- Achieved Low-Cost Production: Total Cost per Pound(1) of $36.41, including Cash Cost per Pound(1) of $27.63 and Non-Cash Cost per Pound(1) of $8.78, with successful commissioning of the Irigaray Central Processing Plant from elution through to packaged product, based on 26,421 pounds of U3O8 dried and drummed in fiscal 2025.
- Process Upgrades at Irigaray Plant Initiated in Q4: Building on Christensen Ranch refurbishment earlier in the year to support higher production rates, commenced upgrades at Irigaray designed to support 24/7, two-shift operations. This work is expected to allow the drying and drumming of precipitated uranium currently kept in thickeners to proceed at an expedited rate.
- Christensen Ranch Expansion: Two new in-situ recovery (“ISR“) mine-units constructed and commissioned in recent months at Christensen Ranch, with Header Houses 10-7 and 10-8 boosting Powder River Basin production.
- Burke Hollow 90% Complete, America’s Next ISR Mine: Targeting construction completion by November 2025, positioning for operational start-up in December with pipelines being pressure tested and pumps set to launch the newest production area in South Texas.
- Sweetwater Acquisition from Rio Tinto: Acquired the Sweetwater Plant and Rio Tinto’s other Wyoming uranium assets for $175 million, adding approximately 175 million pounds of historic resources(4). The project was recently designated by the U.S. Government for fast-track permitting to add ISR capability.
- Roughrider Pre-Feasibility Commenced: Metallurgical test work significantly advanced, bulk solvent extraction and yellowcake precipitation completed and initiated a pre-feasibility study (“PFS“) for the world-class, high-grade Roughrider project in Saskatchewan, Canada, in the prolific Athabasca Basin.
- Launched United States Uranium Refining & Conversion Corp (“UR&C”): To position UEC as the only vertically integrated U.S. company with uranium mining, processing and planned refining and conversion capabilities.
Financial Highlights as of July 31, 2025:
- Strong Balance Sheet: $321 million of cash, inventory(2) and equities at market prices(3), with no debt.
- First Half of Fiscal 2025 Sales: $66.8 million in revenue and $24.5 million of gross profit from the sales of 810,000 pounds of U₃O₈ from UEC’s physical portfolio at an average price of $82.52 per pound.
- Second Half of Fiscal 2025 Inventory Buildup: 1,356,000 pounds of U₃O₈ held in inventory at July 31, 2025, valued at $96.6 million at market prices(3), excluding approximately130,000 pounds of initial Wyoming production. U.S. warehoused inventory is expected to increase by another 300,000 pounds through December 2025 purchase contracts at $37.05 per pound in addition to uranium from operations.
- Unhedged Positioning Provides Maximum Upside and Flexibility: UEC’s 100% unhedged approach enabled opportunistic first-half sales and deliberate second-half inventory accumulation, giving the Company maximum exposure to rising uranium prices while preserving flexibility for future sales, including to the U.S. Uranium Reserve as well as other government, domestic and global demand.
Policy and Market Context:
- U.S. Nuclear Policy Momentum: President Trump’s transformative Executive Orders to quadruple nuclear energy, combined with Energy Secretary Chris Wright’s recent call to expand domestic uranium reserves are providing unprecedented tailwinds to rebuild and re-shore the U.S. nuclear fuel supply chain.
- Artificial Intelligence (“AI”) and Energy Demand Transforming Nuclear Markets: Surging AI and data center power needs are accelerating nuclear energy’s role as the only scalable, carbon-free baseload power source. Recent multi-billion-dollar hyperscale energy and infrastructure commitments, from new nuclear power purchase agreements to advanced reactor development, highlight the unprecedented flow of private capital into nuclear energy and reinforce the critical need for U.S.-origin uranium, refining and conversion capacity.
CORPUS CHRISTI, Texas, Sept. 24, 2025 /PRNewswire/ – Uranium Energy Corp (NYSE:UEC) (the “Company” or “UEC”) is pleased to report that it has filed its Annual Report on Form 10-K for the fiscal year ended July 31, 2025 with the U.S. Securities and Exchange Commission. The Annual Report, which includes the Company’s audited consolidated financial statements, related notes thereto and management’s discussion and analysis for the fiscal year, is available on the Company’s website at www.uraniumenergy.com and at www.sec.gov.
Amir Adnani, President and CEO, stated:
“Fiscal 2025 was a breakthrough year as we transitioned from developer to producer. We delivered initial uranium production from ramp-up in Wyoming and advanced Burke Hollow to near completion as America’s next ISR mine. We also expanded our U.S. platform through the accretive acquisition of Rio Tinto’s Sweetwater Plant and Wyoming uranium assets. This transaction added approximately 175 million pounds of historic resources(4) and established our third U.S. hub-and-spoke production platform. With Sweetwater subsequently designated for federal fast-track permitting, it is positioned to become a cornerstone of America’s uranium supply chain.
“Our strong balance sheet remains one of our core advantages, with $321 million in cash, inventory(2) and equities at market prices(3), and no debt. In the first half of fiscal 2025, we generated $66.8 million in revenues from sales, averaging above $82.50 per pound, and in the second half of 2025, we deliberately maintained our strategic inventory. Combined with our 100% unhedged approach, this provides maximum upside and flexibility to capture rising uranium prices and meet growing global demand, including anticipated purchases for the U.S. Uranium Reserve and other government programs.
“The recent launch of UR&C is designed to establish UEC as the only U.S. company moving towards end-to-end capabilities from uranium mining and processing through refining and conversion. With U.S. operations …