Commenced Production at Burke Hollow, America's Largest Greenfield ISR Uranium Project
UEC is Now Operating Two of its Three U.S. Hub-and-Spoke ISR Production Platforms, Anchored by the Largest Uranium Resource Base in the U.S.
$794 Million of Liquid Assets(1) and No Debt
Building America's Only Vertically Integrated Uranium Fuel Supply Chain from Mining through Refining and Conversion
Fiscal Q3 2026 Operational Highlights:
Operations Commenced at Burke Hollow ISR Project: America's largest greenfield in-situ recovery ("ISR") project to come into production in over a decade started operations in South Texas.
Maintaining Low-Cost Production Profile: During the quarter, 32,195 pounds of uranium concentrate were produced at a Total Cost per Pound(2) of $54.61, including a Cash Cost per Pound(2) of $46.69. Total Cost per Pound rose in the third quarter primarily due to lower production resulting from timing of regulatory approvals for new header houses that started operating later in the quarter and an increase in State taxes. Since commissioning, UEC's Total Cost per Pound remains a leader in the domestic industry at $39.30, including a Cash Cost per Pound of $32.40, across 276,516 pounds.
Received Regulatory Approval for Expanded Production at Christensen Ranch: Three new header houses in Wellfield 11 began production towards the end of the quarter. Five additional header houses are under construction and one additional header house is complete, awaiting regulatory approval.
Continued Production Ramp Up: Production rates are expected to increase in the fourth fiscal quarter with new header houses at Christensen Ranch and Burke Hollow operational for the full quarter.
Advancing Towards Construction at the Ludeman Project: The 240-hole delineation drilling program was completed. Ludeman is planned to be the Company's third operating ISR uranium mine and designed to feed the Irigaray Central Processing Plant ("CPP").
Sweetwater Delineation Drill Program Completed: A 200-hole delineation drilling program in the first two planned wellfields at Sweetwater was completed.
Roughrider Pre-Feasibility Progressing: Core drilling is over 80% complete to support a planned pre-feasibility study ("PFS") for the world class Roughrider Project located in the Athabasca Basin of Saskatchewan, Canada.
United States Uranium Refining & Conversion Corp ("UR&C"): Achieved its first U.S. Nuclear Regulatory Commission ("NRC") licensing milestone with receipt of a Docket Number for its planned uranium conversion facility. Ongoing discussions with the U.S. Department of Energy ("DOE") regarding strategic nuclear fuel cycle infrastructure has led UR&C to broaden its site selection process. Additional candidate locations were added to ensure alignment with federal priorities to restore domestic uranium conversion capacity and strengthen America's nuclear fuel supply chain. This work has culminated in the identification of a final shortlist of candidate locations. Concurrently, work led by Fluor Corporation ("Fluor") is advancing into a new phase with the significant expansion of engineering and technical resources supporting facility design, siting, licensing and development.
Critical Minerals Portfolio Update: A recently completed independent report concluded that UEC's Alto Paraná Titanium and Vanadium Project in Paraguay represents a globally significant critical minerals platform. The study determined the project has potential to materially contribute to the security and diversification of U.S. supply chains for titanium and vanadium. The report also reinforces the value of UEC's disciplined approach to identifying, acquiring and developing assets aligned with national security, advanced manufacturing and resilient critical minerals supply chains. The report was conducted by TZ Minerals International PTY LTD ("TZMI"), a global leader in titanium and critical minerals market intelligence, which evaluated the project and its positioning within the U.S. critical materials framework.
Fiscal Q3 2026 Financial Highlights:
Robust Balance Sheet: $794 million in liquid assets(1), including cash of $488 million, with no debt.
Strategic Inventory Position in a Tightening Market: 1,456,000 pounds of U₃O₈ at April 30, 2026, valued at $127 million at market prices(1), excluding 276,516 pounds of precipitated uranium and dried and drummed U3O8 at the Irigaray CPP. The Company maintained its uranium inventory during the quarter, preserving pricing optionality and full exposure to uranium prices through its 100% unhedged strategy.
U.S. Uranium Policy Developments:
Department of Energy Initiative, Nuclear Dominance "3 by 33" Campaign: On April 23, 2026, the DOE, through its Office of Nuclear Energy and the Defense Production Act ("DPA") Nuclear Fuel Cycle Consortium, launched the "Nuclear Dominance, 3 by 33" campaign to secure the United States' nuclear fuel supply chain and support future reactor deployment. The campaign is structured around three core objectives to be achieved by 2033: (1) catalyzing a secure and cost-competitive domestic nuclear fuel supply chain across all stages, including mining and milling, conversion, enrichment and recycling; (2) accelerating advanced reactor deployment while progressing toward a closed fuel cycle; and (3) leveraging the DPA framework to align workforce development, financing, innovation and industry collaboration in support of a nuclear buildout. This initiative represents a coordinated federal-industry effort to address critical gaps across the nuclear fuel cycle and reduce reliance on foreign sources, while enabling the long-term expansion of U.S. nuclear energy capacity.
CORPUS CHRISTI, TX, June 9, 2026 /CNW/ - 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 April 30, 2026.
Amir Adnani, President and CEO, stated:
"During the quarter, we achieved a series of defining milestones that reflect both the strength of our execution along with the depth and scale of our asset base. We commenced production at Burke Hollow, America's largest greenfield ISR project to enter production in more than a decade. This marked a major step forward for UEC in expanding domestic uranium supply.
At Christensen Ranch, we began production from new header houses while continuing to build additional capacity, reinforcing our phased approach to disciplined growth. At the same time, we continued to advance Ludeman, our next planned ISR uranium operation, completing delineation drilling and engineering work.
Financially, we remain exceptionally well positioned with a strong balance sheet, significant liquidity, no debt and a growing inventory base that supports our ability to execute our business strategy. This balance sheet, combined with our unique unhedged strategy, provides the flexibility to be selective in the execution of sales, as demonstrated in this third quarter where we preserved our inventory.
Importantly, these achievements come amid a broader national shift, highlighted by the DOE's 'Nuclear Dominance - 3 by 33' initiative, which underscores the urgency of rebuilding a secure, domestic fuel supply chain. We are proud to be contributing to this mission by advancing the largest U.S. uranium resource base and addressing the acute bottleneck in conversion through UR&C. These efforts are building the foundation for a strong, domestic nuclear fuel cycle in America."
Powder River Basin, Wyoming, Hub-and-Spoke ISR OperationsHub: Irigaray CPP; Spokes: Christensen Ranch and Ludeman
As of April 30, 2026, total cumulative production from Christensen Ranch was approximately 277,000 pounds of precipitated uranium and dried and drummed U3O8 at the Irigaray CPP at a Total Cost per Pound of $39.30, including a Cash Cost per Pound of $32.40.
In the third fiscal quarter, 32,195 pounds of uranium were produced at Christensen Ranch at a Total Cost per Pound of $54.61, including a Cash Cost per Pound of $46.69. Total Cost per Pound increased from $44.14 in the prior quarter as a result of lower production due to timing of regulatory approvals for new header houses that started operating later in the quarter and an increase in State taxes. The latter stems from an increase in the industry factor used by the Wyoming Department of Revenue to value extracted uranium for severance and ad valorem tax purposes. Production‑Based Royalties, Ad Valorem and Severance Tax per Pound(2) increased from $6.67 in the second quarter to $8.11 in the third quarter of fiscal 2026 as a result of the increase in State taxes.
On March 23, 2026, the Company announced that it had secured State regulatory approval and commenced operating three additional header houses in Wellfield 11 at Christensen Ranch. Preconditioning of Wellfield 11 started thereafter, followed by carbon dioxide and oxygen injection to initiate the uranium recovery process. At the end of April, a small amount of uranium extracted from Wellfield 11 had reached the precipitation stage. As a result, preconditioning, leaching and precipitation costs were capitalized as production costs for the quarter, while the associated production volume from Wellfield 11 has yet to be fully reflected. This timing difference also contributed to the increase in Total Cost per Pound reported for the quarter.
With new header houses online for the full quarter, production is expected to increase in the fourth fiscal quarter, which is ...
