UEC Advances US Uranium Production and Expands Downstream Ambitions

Uranium Energy Corp (UEC) is executing a dual-track growth strategy, simultaneously expanding its production footprint within the United States while laying the groundwork to move further down the nuclear fuel value chain. The company's latest quarterly developments highlight significant operational progress and a strategic corporate shift aimed at vertical integration.

A cornerstone of the company's recent strategy is the establishment of the United States Uranium Refining & Conversion Corp (UR&C) as a wholly-owned subsidiary. This initiative is designed to broaden the company's long-term positioning beyond mining and processing, with ambitions to eventually encompass refining and conversion capabilities. This move toward greater vertical integration seeks to capture more value along the uranium supply chain.

To fund these and other initiatives, Uranium Energy successfully completed a public offering, raising gross proceeds of $234 million.

Operational Expansion Across Key Projects

The company reported advances across its portfolio of in-situ recovery (ISR) projects in the United States for its fiscal first quarter.

• In Wyoming, development at the Christensen Ranch wellfield is being accelerated. This includes the construction of six additional "header houses," which serve as critical infrastructure hubs for wellfield operations.
• Progress continues in the Powder River Basin, where development has commenced at the Ludeman ISR project. Ludeman is permitted as a satellite operation linked to the existing Irigaray Central Processing Plant (CPP). Upgrades at the Irigaray facility have also been finalized to enable continuous 24/7 operations.
• In South Texas, major construction at the Burke Hollow project is reported to be substantially complete, moving the asset closer to its potential role as a new ISR production center.

For the quarter, the company's production totaled 68,612 pounds of U3O8.

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Financial Position and Market Performance

The quarterly update outlined a robust financial foundation alongside ongoing development:

• Balance Sheet: Holds $698 million in cash, uranium inventory, and equity investments. The company carries no debt.
• Revenue: Stands at $0, as Uranium Energy remains in a pre-revenue phase, prioritizing project development and asset growth.

Despite a positive year-to-date performance, the stock has experienced recent pressure. Shares have gained 19.02% since the start of the year but declined by 9.77% over the past seven trading days.

Policy Tailwinds Supporting Long-Term Strategy

The timing of this expansion is supported by a favorable policy landscape. Uranium has been officially designated a "critical mineral" by the U.S. government, a classification that can facilitate support for domestic production initiatives.

Furthermore, the industry is monitoring the potential expansion of the U.S. Strategic Uranium Reserve. Such programs are viewed as structurally significant for long-term demand, as they could provide a foundational market for domestically sourced uranium if enhanced.

In summary, Uranium Energy is positioning for growth on multiple fronts: expanding near-term production capacity, adding a strategic downstream component, and securing its financial runway—all while operating in a policy environment increasingly supportive of domestic nuclear fuel supply.