Uranium Energy (NYSEAMERICAN:UEC) said on its latest earnings call that it advanced several parts of its U.S. uranium production platform during the quarter, including the start of production at Burke Hollow in South Texas and continued development at Christensen Ranch in Wyoming.
Founder and Chief Executive Officer Amir Adnani characterized the quarter as a milestone period in the company’s effort to build what he called “America’s first and only vertically integrated uranium company,” spanning mining, processing, refining and conversion. He said Burke Hollow’s start-up was the largest greenfield in-situ recovery uranium project to enter production in the U.S. in more than a decade.
Adnani said Burke Hollow was discovered in 2012 and reached production in 2026, underscoring what he described as the scarcity and strategic value of permitted uranium mines. “It took 14 years to bring a new uranium mine online,” he said.
Production Ramp Meets Timing Pressures
During the third fiscal quarter, Uranium Energy produced 32,000 pounds of uranium concentrate at a total cost of $54.61 per pound, including a cash cost of $46.69 per pound. Adnani said costs rose during the quarter largely because regulatory approvals for new header houses arrived later than expected, while related costs were incurred before production volumes increased.
Since commissioning, the company has produced approximately 276,000 pounds at a total cost of $39.30 per pound, including a cash cost of $32.40 per pound, according to Adnani. He said that figure remains “a leader in the domestic industry.”
At Christensen Ranch, the company received regulatory approval at the end of March for expanded production through three additional header houses. Adnani said Uranium Energy expects higher production rates in the fiscal fourth quarter as those areas contribute. The company also has five additional header houses under construction and one completed header house awaiting regulatory approval.
In response to analyst questions about costs, Chief Financial Officer Josephine Man said a large portion of operating costs are fixed, making unit costs sensitive to production volumes. She said production from new well fields at Christensen Ranch and Burke Hollow should lead to lower costs per pound in coming quarters, though the company did not provide a specific cost target.
Burke Hollow and Other Project Updates
Uranium Energy said Burke Hollow began production on April 8, 2026. Adnani said oxygen and carbon dioxide were injected into the well field to initiate uranium recovery, while the satellite ion exchange plant was commissioned and development continued in Phase 1A. The company expects Burke Hollow production to be reflected in fiscal fourth-quarter results.
In Wyoming, Adnani said the company completed a 240-hole delineation drilling program at Ludeman, its next planned ISR operation. Engineering work for the satellite ion exchange plant progressed, with plant layout and pad design largely finalized and ion exchange vessel fabrication ahead of schedule.
At Sweetwater, Uranium Energy’s third hub-and-spoke production platform, the company completed a 200-hole delineation drilling program in the first two planned well fields. A second 200-hole program is scheduled to begin in July 2026 in the area planned for the third ISR well field. Adnani said ion exchange vessels for the Sweetwater ISR circuit are under construction.
In Saskatchewan, Canada, Uranium Energy continued work at Roughrider, which Adnani described as one of the highest-grade undeveloped uranium projects in the world. More than 80% of a planned 35,000-meter drilling program has been completed to support a pre-feasibility study. In the question-and-answer session, Adnani said the company is estimating completion of the Roughrider pre-feasibility study toward the end of the calendar year.
Balance Sheet and Sales Strategy
Adnani said Uranium Energy ended the quarter with $794 million in liquid assets, including $488 million in cash, uranium inventory and equities, with no debt. As of April 30, 2026, the company held 1.4 million pounds of U3O8 valued at approximately $127 million at current market prices, excluding approximately 277,000 pounds of precipitated uranium and dried and drummed U3O8 held at the Irigaray Central Processing Plant.
The company did not sell uranium during the quarter. Adnani said that decision reflected Uranium Energy’s “100% unhedged strategy,” allowing it to be selective about sales timing. He said the company preserved inventory amid what he described as weakness and flat movement in uranium prices during the period.
Analysts also asked about volatility in the company’s equity holdings. Adnani said the equity book is strategically positioned in uranium-sector names but creates quarterly mark-to-market volatility. Man said about $90 million was attributed to changes in the fair market value of equity securities during the quarter and said adjusted EBITDA reconciliation may help investors better understand operating results going forward.
Conversion Initiative and Policy Backdrop
Uranium Energy also highlighted progress at United States Uranium Refining and Conversion Corp., or UR&C, its wholly owned subsidiary focused on uranium refining and conversion. Adnani said uranium conversion remains an acute bottleneck in the Western nuclear fuel cycle, with insufficient commercial UF6 capacity outside Russia and China.
During the quarter, UR&C received a docket number from the U.S. Nuclear Regulatory Commission, which Adnani described as the company’s first NRC licensing milestone. He said discussions with the U.S. Department of Energy led the company to add candidate locations to align with federal priorities, and that Uranium Energy has now developed a final shortlist of potential locations.
Adnani said engineering work led by Fluor has expanded into a new phase supporting facility design, siting, licensing and development. In response to a question from National Bank Capital Markets analyst Kristian Koschany, Adnani said the next phase of study, expected to support a Class 4 cost estimate, should be a first-half 2027 event.
The company also pointed to the U.S. Department of Energy’s “Nuclear Dominance 3 x ’33” campaign, which Adnani said is aimed at securing the domestic nuclear fuel supply chain, accelerating advanced reactor deployment and using the Defense Production Act framework to support workforce development, financing innovation and industry collaboration.
Critical Minerals Portfolio
Adnani also discussed Uranium Energy’s critical minerals assets, including Alto Parana in Paraguay and the West Bear cobalt-nickel project in Canada. He said a recently completed independent report concluded that Alto Parana represents a globally significant critical minerals platform with potential to contribute to U.S. supply chain diversification for titanium and vanadium.
Adnani said the project’s attributes include its location in a U.S.-aligned partner country, access to clean and low-cost power, and potential integration into U.S. and allied downstream processing supply chains. He said the company views its critical minerals portfolio as embedded value that it will seek to unlock through ongoing initiatives.
In closing, Adnani said the company believes it is positioned for the next phase of uranium market growth through its resource base, production infrastructure and planned expansion across the nuclear fuel cycle.
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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