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    UEC
    Earnings call· Apr 2026(Q3 FY26)

    URANIUM ENERGY Q3 FY26 earnings call UEC

    Jun 9, 2026 Source

    Executive summary

    Uranium Energy Corp. Q3 FY26 – Burke Hollow Production Commencement & Strategic Vertical Integration

    Uranium Energy Corp. achieved a significant milestone by commencing production at Burke Hollow, marking the largest greenfield ISR project in the US in over a decade, while continuing to expand capacity at Christensen Ranch. Despite temporary cost increases due to regulatory delays and lower Q3 volumes, the company maintains a strong balance sheet and an unhedged strategy. UEC is also advancing its vertically-integrated nuclear fuel supply chain initiative with UR&C, aligning with national energy security priorities.

    Highlights

    5

    • Commenced production at Burke Hollow, the largest greenfield ISR uranium project in the US in over a decade, on April 8, 2026.

    • Achieved industry-leading cumulative cash cost per pound of $32.40 across 276,000 pounds produced since restart at Christensen Ranch.

    • Maintained a strong balance sheet with $794 million in liquid assets, including $488 million in cash and no debt.

    • Secured regulatory approval for 3 additional header houses at Christensen Ranch, anticipating increased production rates in Q4 FY26.

    • Advanced the UR&C project, achieving the first NRC licensing milestone and developing a final shortlist of candidate locations for domestic conversion capacity.

    Concerns

    3

    • Total cost per pound increased to $54.61 in Q3 FY26, up from previous periods, due to regulatory delays impacting production volumes and higher state taxes.

    • Cash cost per pound rose to $46.69 in Q3 FY26, attributed to lower production volumes and costs incurred before associated uranium production was fully reflected.

    • Equity book volatility resulted in a $19 million impact to the income statement this quarter.

    Guidance & targets

    5
    CategoryTargetConfidence
    Production rates
    Increased rates
    medium materiality
    Medium
    Cost per pound
    Improve
    medium materiality
    Medium
    UR&C conversion study completion
    First half of calendar 2027
    high materiality
    Medium
    Roughrider PFS completion
    End of calendar year 2026
    medium materiality
    Medium
    Wyoming mineral production tax factors
    Steady industry factor applied
    low materiality
    High

    Operational metrics

    27
    Uranium concentrate produced
    32,000
    Q3 FY26

    Produced at a total cost per pound of $54.61, including a cash cost per pound of $46.69.

    Total cost per pound
    $54.61
    Q3 FY26

    Increased during the quarter due to regulatory delays and costs incurred before associated uranium production was fully reflected in volumes.

    Cash cost per pound
    $46.69
    Q3 FY26

    Increased during the quarter due to regulatory delays and costs incurred before associated uranium production was fully reflected in volumes.

    Cumulative uranium produced
    276,000
    Since restart

    Produced at a total cost per pound of $39.30, including a cash cost per pound of $32.40.

    Cumulative total cost per pound
    $39.30
    Since restart

    Across 276,000 pounds produced, remains a leader in the domestic industry.

    Cumulative cash cost per pound
    $32.40
    Since restart

    Across 276,000 pounds produced, remains a leader in the domestic industry.

    Liquid assets
    $794 million
    As of April 30, 2026

    Includes cash, uranium inventory, and equities, with no debt.

    Cash balance
    $488 million
    As of April 30, 2026

    Part of total liquid assets.

    U3O8 inventory
    1.4 million
    As of April 30, 2026

    Valued at approximately $127 million at current market prices.

    U3O8 inventory value
    $127 million
    As of April 30, 2026

    Based on 1.4 million pounds of U3O8 at current market prices.

    Precipitated/dried U3O8 held
    277,000
    As of April 30, 2026

    Held at the Irigaray central processing plant, excluding the 1.4 million pounds of U3O8 inventory.

    Unhedged strategy
    100%
    Current

    Provides flexibility to be selective in sales and capture industry-leading realized pricing.

    Operations team personnel
    185Up from 103 year ago
    Current

    Reflects growth in workforce capacity to expand and construct production capability.

    Production from new wells
    >50%
    Q3 FY26

    Accounted for over 50% of production in fiscal Q3 from wellfields 8 and 10.

    Overall production from new wellfield patterns
    87%
    Q3 FY26

    Came from new wellfield patterns installed in 2025.

    Low-cost production load
    ~70%
    Historical

    Most of the low-cost production so far has been carried by two header houses, highlighting efficiency.

    Equity book mark-to-market impact
    $19 million
    Q3 FY26

    Attributed to change in fair market value of equity securities, causing volatility in income statement.

    Wyoming mineral production tax factor cycle
    4-year
    2026-2029

    New industry factors applied prospectively by the Wyoming Department of Revenue to calculate service and ad valorem taxes.

    Christensen Ranch active header houses
    8
    Q3 FY26

    Operating in wellfields 8 and 10.

    Christensen Ranch new header houses approved
    3
    End of March Q3 FY26

    Received regulatory approval for expanded production.

    Christensen Ranch header houses under construction
    5
    Q3 FY26

    Includes 2 nearing completion in wellfield 10, 2 under construction in wellfield 10, and 1 nearing completion in wellfield 12.

    Christensen Ranch header houses completed/standby
    1
    Q3 FY26

    Completed and on standby for regulatory approval.

    Ludeman delineation drilling program
    240 holes
    Q3 FY26

    Completed to assist wellfield pattern design.

    Roughrider delineation drilling program
    200 holes
    Q3 FY26

    Completed in support of the upcoming prefeasibility study.

    Roughrider drilling program completion
    >80%
    Q3 FY26

    Completed in support of the upcoming prefeasibility study.

    Christensen Ranch drilling capacity increase
    threefold
    Since operation start

    Significant increase in capacity to install wells and drive production.

    Combined licensed capacity
    12 million
    Current

    Combined licensed capacity for ISR operations.

    Industry KPIs

    3
    MetricValueDetails
    D c efficiency rig activity240 holes
    Basin level production volume32,000pounds
    Cost of supply unit cash cost$46.69$/pound

    Capital programs

    6
    Burke Hollow Projectcompleted
    Start: 2012

    Largest greenfield ISR uranium project to come into production in more than a decade, taking 14 years from discovery to production.

    United States Uranium Refining and Conversion Corp. (UR&C)underway

    Advancing engineering work led by Fluor, with significant expansion of engineering and technical resources. Achieved first NRC licensing milestone and engaging with U.S. Department of Energy for alignment on domestic conversion capacity.

    Christensen Ranch Production Expansionunderway

    Benefit: 3 additional header houses approved, 5 under construction, 1 completed/standby

    Regulatory approval received for 3 additional header houses at the end of March. An additional 5 header houses are under construction, and 1 is completed and on standby for regulatory approval, aimed at increasing production rates.

    Ludeman ISR Operation Developmentunderway

    Completed a 240-hole delineation drilling program at Sweetwater. Engineering of the satellite ion exchange plant progressed, with planned layout and pad design largely finalized and fabrication of ion exchange vessels ahead of schedule. Procurement for longer lead time equipment initiated.

    Sweetwater ISR Circuit & Wellfield Developmentunderway

    Ion-exchange vessels for the Sweetwater ISR circuit are under construction. A second 200-hole delineation drilling program is scheduled to begin in July 2026 for the third ISR well field at Sweetwater.

    Roughrider Project Developmentunderway35,000 meter drilling program
    Spent to date: >80% completed

    More than 80% of the planned 35,000-meter drilling program has been completed in support of the upcoming prefeasibility study for this high-grade undeveloped uranium project.

    Risks & headwinds

    3
    Regulatory delays impacting production and costsQ3 FY26, ongoing

    Increased Q3 FY26 total cost per pound to $54.61 and cash cost per pound to $46.69.

    Mitigation: Ongoing collaboration with state regulatory agencies, steady advancement of new infrastructure, increased drilling capacity.

    Volatility from equity book mark-to-marketQuarterly

    $19 million impact to income statement in Q3 FY26.

    Mitigation: Considering reporting adjusted EBITDA to help community understand core operations better; strategic unhedged approach to sales.

    Industry-wide growing pains during ramp-upOngoing during industry restart phase

    Not explicitly quantified, but contributes to regulatory delays and operational challenges.

    Mitigation: Internal capacity building (e.g., increased workforce), coordinated approach with regulators.

    Q&A highlights

    7

    Can management quantify the expected normalization of costs into Q4 and beyond, given the Q3 increase due to lower volumes and taxes?

    Management explained that Q3's higher unit costs were temporary, driven by fixed costs and regulatory delays impacting volumes. They anticipate costs will improve in Q4 and beyond as production rates increase from newly commissioned header houses, noting the cumulative cash cost per pound remains competitive.

    “As we are expecting to increase our production in the coming quarters, definitely, we will see the total cost of pound and cash cost per pound to be comparatively lower than this quarter.”

    asked by Brian Lee · answered by Josephine Man

    2 min read5 chapters

    Detailed Narrative

    01

    Burke Hollow Production & Strategic Value

    Uranium Energy Corp. commenced production at its Burke Hollow project on April 8, 2026, marking it as the largest greenfield ISR uranium project to come online in the U.S. in over a decade. The project's 14-year journey from grassroots discovery in 2012 to production in 2026 underscores the strategic value and scarcity of fully permitted and operating uranium mines. This achievement is a significant milestone for domestic uranium production and UEC's growth strategy, initiating operations at its second hub-and-spoke platform anchored by the Hobson central processing plant.

    02

    Vertical Integration & National Security

    Through its wholly-owned subsidiary, United States Uranium Refining and Conversion Corp. (UR&C), UEC is positioning itself as America's only vertically-integrated nuclear fuel supplier, spanning mining, processing, refining, and conversion. This initiative aligns with the renewed bipartisan focus on energy independence and national security, addressing the acute bottleneck in Western nuclear fuel cycle conversion capacity outside Russia and China. The company has achieved its first NRC licensing milestone and is advancing engineering and siting work in coordination with the U.S. Department of Energy.

    03

    Operational Expansion & Efficiency

    The company's operational focus in Q3 FY26 remained on expanding production capacity while maintaining a low-cost profile. At Christensen Ranch, regulatory approval for 3 additional header houses was received, with 5 more under construction and 1 on standby, anticipating increased production rates in Q4 FY26. Despite a temporary rise in Q3 unit costs to $54.61/pound due to regulatory delays and fixed costs, UEC's cumulative cash cost per pound since restart remains an industry-leading $32.40 across 276,000 pounds produced, demonstrating operational efficiency.

    04

    Critical Minerals Portfolio Development

    UEC's critical minerals portfolio, including the Alto Parana project in Paraguay and the West Bar cobalt nickel project in Canada, represents additional embedded value. A recent independent report confirmed Alto Parana's potential as a globally significant platform for titanium and vanadium, contributing to U.S. supply chain security and diversification. This portfolio demonstrates UEC's long-standing approach to identifying and developing assets that align with U.S. national security and resilient critical mineral supply chain priorities.

    05

    Policy Tailwinds & Market Demand

    The broader policy backdrop for nuclear energy remains robust, with the U.S. Department of Energy launching the 'nuclear dominance, 333 campaign' on April 23, 2026. This campaign aims to secure the U.S. nuclear fuel supply chain and support future reactor deployment by 2033, catalyzing a secure domestic supply chain and accelerating advanced reactor deployment. UEC is strategically placed to benefit from this policy momentum and growing long-term uranium supply gaps.

    AI-generated summary of the company’s earnings call. Not investment advice.