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NYSE American: UEC

, /PRNewswire/ -- Uranium Energy Corp (NYSE American: UEC) (the "Company" or "UEC"), is pleased to announce the appointment of the Honorable Tom D'Agostino, Admiral James F. Caldwell (USN, Ret.), Admiral William K. Lescher (USN, Ret.) and the Honorable Neile Miller to UEC's National Security Advisory Council (the "Council"). These appointments advance the Company's expansion into uranium conversion through its subsidiary, United States Uranium Refining & Conversion Corp. ("UR&C"), and cement UEC's position as the emerging national champion of the front end of the American nuclear fuel cycle.

Mr. D'Agostino and Admiral Caldwell will serve as Co-Chairs of the Council. The Council includes two former Admirals and two former heads of the National Nuclear Security Administration (the "NNSA"), the agency that recently issued a request for information seeking a long-term domestic supply of unobligated U.S.-origin uranium and conversion services.

Amir Adnani, President and CEO, stated:

"Defense demand for American nuclear fuel is growing quickly, with the Army's Janus Program bringing microreactors to U.S. military bases and the Navy's expanding fleet continuing to run on nuclear power. We are honored to have such esteemed national security leaders supporting the UEC team as we build an American supply chain, from mine to conversion, for critical defense missions."

The Honorable Tom D'Agostino, former Administrator of the NNSA and Co-Chair of UEC's National Security Advisory Council, stated:

"The NNSA's mission depends on a reliable, long-term supply of unobligated U.S.-origin uranium, mined and converted using American technology. UEC is uniquely positioned to deliver that supply, with the largest U.S. uranium resource base and a clear path into domestic conversion. I look forward to helping the Company serve this vital national mission."

Admiral James F. Caldwell, former Director of the Naval Nuclear Propulsion Program and Co-Chair of UEC's National Security Advisory Council, stated:

"For more than 75 years, naval nuclear power has provided the Navy's submarines and aircraft carriers with an incredible warfighting advantage, and that mission depends on secure, reliable, domestic fuel supply. As the Navy embarks on a future generation of nuclear-powered submarines, aircraft carriers, and potentially other warships, and as nuclear energy expands across the Department of War, a strong American uranium and conversion industry is essential to mission readiness. I am proud to help UEC build it."

The Honorable Spencer Abraham, former U.S. Secretary of Energy and Chairman of UEC's Board of Directors, added:

"As Secretary of Energy, I saw firsthand how America's nuclear deterrent, naval propulsion and civilian nuclear power all depend on secure domestic fuel supply. Today, domestic conversion is the essential link between American uranium and the billions of dollars being invested in new U.S. enrichment capacity. The leaders on this Council ran the very programs that rely on that supply, and their guidance will be invaluable as the nation expands it."

The Honorable Tom D'Agostino served more than 36 years in government. As Under Secretary of Energy for Nuclear Security and Administrator of the NNSA from 2007 to 2013, under Presidents George W. Bush and Barack Obama, he was responsible for the safety, security and effectiveness of the U.S. nuclear weapons stockpile, and he remains the longest-serving Administrator in the agency's history. Earlier, as Deputy Administrator for Defense Programs, he directed the Stockpile Stewardship Program across the national laboratories and production plants. As a former naval submarine officer, he also supported the SEAWOLF submarine propulsion program and was instrumental in initiating the Department of Energy's ("DOE") strategy for tritium production. He later led Fluor Corporation's government business as Business Group President, Mission Solutions.

Admiral James F. Caldwell retired from the U.S. Navy in 2024 after a distinguished 43-year career. As Director of the Naval Nuclear Propulsion Program from 2015 to 2024, he oversaw the safe, reliable operation of the Navy's nuclear-powered submarine and aircraft carrier fleet, which under his leadership achieved more than 15 million miles steamed on nuclear power and more than 800 reactor-years of safe operations. He also played a significant role in establishing the framework for Australia's acquisition of conventionally armed, nuclear-powered submarines under the AUKUS partnership. Earlier, he served as Naval Inspector General and commanded the U.S. Pacific Fleet Submarine Force. He currently serves on the boards of directors of Fluor Corporation and Entergy Corporation.

Admiral William K. Lescher had a distinguished 42-year career with the U.S. Navy, most recently as Vice Chief of Naval Operations, the second-highest-ranking officer in the Navy, from 2020 until his retirement in 2022, and previously as Deputy Chief of Naval Operations for Integration of Capabilities and Resources. He also served as the Joint Staff Deputy Director for Resources and Acquisition and Deputy Assistant Secretary of the Navy for Budget. He currently serves as a Board Director, Executive Advisor and Executive Coach at Boston Consulting Group.

The Honorable Neile Miller is a former Acting Administrator and Principal Deputy Administrator of the NNSA and former Acting Under Secretary of Energy for Nuclear Security under President Barack Obama. She also served as DOE's Budget Director and was a member of the Credit Review Board and the Risk and Credit Committees of DOE's Loan Programs Office. Previously, she served two tours at the White House Office of Management and Budget, focusing on nuclear security and nuclear energy programs.

About Uranium Energy Corp

Uranium Energy Corp is America's largest and fastest growing uranium company. The Company controls the largest uranium resource base and the most licensed production capacity in the United States, totaling approximately 12 million pounds per year across its Wyoming and South Texas platforms. In Canada, the Company controls one of the most extensive land and resource portfolios in the Athabasca Basin, Saskatchewan, anchored by the Roughrider Project. Through its wholly owned subsidiary, United States Uranium Refining & Conversion Corp., UEC is pursuing domestic refining and conversion capabilities to further strengthen the U.S. nuclear fuel supply chain. UEC maintains a 100% unhedged uranium strategy, providing full exposure to uranium market fundamentals. The Company is managed by professionals with decades of experience across uranium exploration, development, production and fuel cycle infrastructure.

Stock Exchange Information:
NYSE American: UEC
WKN: AØJDRR
ISIN: US9168961038

Cautionary Statement Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. Forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as "anticipate," "intend," "plan," "will," "would," "estimate," "expect," "believe," "pending" or "potential." Forward-looking statements in this news release may include, without limitation, statements regarding: the Company's expectations regarding the impacts of governmental initiatives, the Company's expectations, plans and goals respecting UR&C and the Company's expectations regarding participation in government procurement and similar processes. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, which could cause actual results to differ materially. These risks and uncertainties may include, among others: proposed exploration and development activities may not produce anticipated results; variations in the underlying assumptions associated with the estimation or realization of mineral resources; the availability of necessary capital; the Company and UR&C may not be successful in government procurement and similar processes; accidents, labor disputes and other risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations; any deterioration in political support for nuclear energy or uranium mining; changes in government regulations and policies; changes in demand for nuclear power; any failure to obtain necessary permits and approvals from government authorities; weather and other natural phenomena; and the other risk factors set forth in the Company's most recent annual report on Form 10-K and its other filings with the Securities and Exchange Commission, available under its profile at www.sec.gov. Many of these factors are beyond the Company's ability to control or predict. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. Any forward-looking statement speaks only as of the date on which it is made and the Company does not undertake any obligation to release publicly revisions to any forward-looking statement, to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement.

SOURCE Uranium Energy Corp

NuScale Power climbed Wednesday even as a fresh $750 million share-sale program keeps dilution fears alive, while Oklo and Uranium Energy rode the same nuclear wave for very different reasons.

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NuScale Power (NYSE:SMR) stock rose 4% to $8.07 on Wednesday even as investors continued to focus on dilution concerns. Oklo (NYSE:OKLO | OKLO Price Prediction) shares advanced 2% to $37.94, while Uranium Energy (NYSE MKT:UEC) stock gained 4% to $9.65. The nuclear and uranium group found support amid broader market strength.

The Global X Uranium ETF (NYSE ARCA:URA) climbed 0.68% to $40.31. The SPDR S&P 500 ETF Trust (NYSE ARCA:SPY) rose 0.51% to $768.09. NuScale Power remains a pre-commercial developer with a large cash balance and several potential customer pathways, yet share-count growth and a new at-the-market program remain central topics.

NuScale Power Faces Ongoing Dilution Scrutiny NuScale Power’s diluted weighted average share count rose about 173% year over year, climbing from roughly 133 million in the second quarter of 2025 to about 365 million in the second quarter of 2026. The company sold nearly 90 million Class A shares earlier this year through an at-the-market program that generated nearly $985 million in net proceeds. A new at-the-market authorization of up to $750 million has added to investor concerns about further share issuance.

NuScale Power finished the second quarter with approximately $1.9 billion in cash and investments. Operating cash use improved from the prior quarter, which included a large milestone payment. Management has described the liquidity cushion as providing optionality while the company advances commercial efforts.

Oklo and Uranium Energy Also Advance Oklo stock posted a more modest gain on the day. Oklo is developing advanced small modular reactors aimed at providing clean, reliable power for data centers and other high-demand users. The company has also relied on equity raises to fund its pre-commercial development path.

Uranium Energy stock moved higher alongside the broader uranium group. Uranium Energy focuses on uranium exploration, development, and production assets in North America. Both Oklo and Uranium Energy operate in markets tied to long-term nuclear fuel and power demand, though their business models differ from NuScale Power’s reactor-design focus.

Nuclear Theme Sees Broader Participation The Global X Uranium ETF’s advance indicated measured interest across the uranium supply chain. Nuclear developers and uranium producers continue to attract attention as electricity demand from data centers and industrial users grows. NuScale Power’s 77-megawatt module has received U.S. Nuclear Regulatory Commission approval, and the company is pursuing opportunities with partners such as the Tennessee Valley Authority and the RoPower project in Romania.

Similarities across NuScale Power, Oklo, and Uranium Energy include exposure to the nuclear energy theme and reliance on capital markets to fund growth. Differences appear in technology readiness, revenue generation, and the degree of near-term commercial visibility. NuScale Power’s large cash position offers runway, yet conversion of potential contracts remains a key variable.

Outlook and Investor Considerations NuScale Power’s liquidity provides time to pursue commercial contracts, but additional equity sales under the new at-the-market program could further increase the share count. Progress with the Tennessee Valley Authority or RoPower could serve as meaningful catalysts if definitive agreements materialize. Oklo and Uranium Energy face their own execution and funding dynamics within the broader nuclear complex.

Investors should consider keeping position sizes modest given the high volatility typical of pre-commercial nuclear and uranium stocks. Dilution risk, project timing, and the pace of commercial adoption will likely remain central to how these shares perform in the months ahead.

Contact [email protected] for any questions or corrections.

NYSE American: UEC

Transformational Year Establishing UEC as a Multi-Mine U.S. Uranium Producer

Fourth Quarter Production Up More Than 150% with Significantly Improved Economies of Scale

Unhedged Sales Strategy Delivered Peer Leading Realized Price of $93.13 per Pound

$753 Million in Liquid Assets(1) and No Debt

Advancing the Largest Uranium Resource Base in the U.S.

Building America's Only Vertically Integrated Uranium Company, from Mining and Processing to Planned Refining and Conversion

Corporate Highlights

Fourth Quarter Production Up 157%, Total Cost per Pound(2) Down 33%: Combined production from Christensen Ranch and Burke Hollow in the fourth quarter totaled 82,744 pounds of precipitated uranium and dried and drummed U3O8, up from 32,195 pounds in the third quarter, at a Total Cash Cost per Pound(2) of $30.01 and a Total Cost per Pound of $36.54. Production Doubled at Christensen Ranch, Total Cost per Pound Down 35%: Fourth quarter production at Christensen Ranch doubled to 65,392 pounds of precipitated uranium and dried and drummed U3O8 at a Total Cash Cost per Pound of $28.38 and a Total Cost per Pound of $35.63, down from $46.69 and $54.61, respectively, in the third quarter. Commenced Production at Burke Hollow, Ramp-Up Underway: In its first full quarter of operation, Burke Hollow produced 17,352 pounds of precipitated uranium and dried and drummed U3O8 at a Total Cash Cost per Pound of $36.13 and a Total Cost per Pound of $39.93. As planned, this initial phase was limited to a small section of the first production area to establish key operating parameters ahead of expansion across the full wellfield. First Full Year of Production at a Total Cash Cost of $34.24 and Total Cost of $39.94 per Pound: Fiscal 2026 production totaled 229,294 pounds of precipitated uranium and dried and drummed U3O8, with 359,260 pounds produced since commissioning through the end of the fiscal year. Growing U.S. Government Demand for Unobligated U.S.-Origin Uranium: In response to a Request for Information ("RFI") from the National Nuclear Security Administration ("NNSA"), which outlined a need for 4 million pounds per year of unobligated U.S.-origin uranium with deliveries as soon as 2030, UEC affirmed its capability to fully support that requirement. Adding to that demand, the U.S. Army plans to deploy more than 20 microreactors requiring unobligated U.S.-origin uranium. United States Uranium Refining & Conversion Corp ("UR&C") Advances Toward a Class IV Cost Estimate: Working with its engineering partner Fluor Enterprises, Inc. ("Fluor"), UR&C completed core execution plans, built a combined dedicated 63-member project team, began preparing its U.S. Nuclear Regulatory Commission license application and progressed site selection. The Class IV cost estimate is expected to be completed by mid-2027. Wellfield Construction Underway at Ludeman, UEC's Next In-Situ Recovery ("ISR") Mine: Installation of the monitoring, injection and recovery wells in the initial wellfield is underway. Engineering for the satellite ion-exchange plant has progressed with the procurement of long lead-time equipment. Advancing Wellfield Development at Sweetwater, UEC's Third Hub-and-Spoke: Drilling in Sweetwater North identified mineralization trends that support further delineation and advance the first two production areas. Roughrider Drilling Completed: 36,000 meters of core drilling was completed during the quarter to support resource conversion and the planned pre-feasibility study ("PFS") for the world class Roughrider Project located in the Athabasca Basin of Saskatchewan, Canada. Fiscal 2026 Financial Highlights

Peer Leading Realized Sales Price: Sold 400,000 pounds from inventory at a weighted average realized price of $93.13 per pound, which the Company believes to be the highest among publicly traded uranium producers, generating revenue of $37.3 million and gross profit of $16.9 million for fiscal 2026. Robust Balance Sheet: $753 million in liquid assets(1), including cash of $495 million, with no debt. Strategic Inventory Position in a Tightening Market: 1,256,000 pounds of U₃O₈ as of July 31, 2026, valued at $109 million at current market prices(1), excluding 359,260 pounds of precipitated uranium and dried and drummed U3O8 at the Irigaray Central Processing Plant ("CPP") and Hobson CPP. , /PRNewswire/ -- Uranium Energy Corp (NYSE American: UEC) (the "Company" or "UEC") today announced results and related information for its fiscal year ended July 31, 2026.

Amir Adnani, President and CEO, stated:

"In fiscal 2026, UEC became a multi-mine uranium producer. Twelve months ago, we were producing from a single mine in Wyoming. Today, we are producing from two mines in two states, are well along the way in building a third at Ludeman, have grown our operating team to more than 250 people and have doubled drilling capacity. We started production at Burke Hollow, the largest greenfield in-situ recovery mine to come online in the United States in over a decade, and expanded wellfield infrastructure at Christensen Ranch. This growth is underpinned by the largest uranium resource base in the country, providing depth and a long duration runway to keep scaling.

Our unhedged sales strategy delivered a weighted average realized price of $93.13 per pound, which we believe is the highest among publicly traded uranium producers. Consistent with our strategy over many quarters, we continue to hold most of our inventory, and that approach is being rewarded as the market tightens.

Through UR&C, we are building America's only vertically integrated uranium company, from mining and processing to refining and conversion. The U.S. Government's growing demand for unobligated U.S.-origin uranium and conversion confirms why we set out to build it: those needs can only be met by U.S. mines, U.S. technology and U.S. conversion.

We enter fiscal 2027 debt-free with an exceptional balance sheet and the ability to fund our ongoing growth. With this unparalleled combination of resource depth, financial strength and talent, UEC has never been better positioned to build on and extend its leadership position in the United States."

Growing U.S. Government Demand for Unobligated U.S.-Origin Uranium and Conversion

The U.S. Department of Energy through the NNSA issued a RFI to ascertain domestic company capabilities to supply unobligated U.S.-origin uranium and conversion services in support of NNSA needs through the 2040s. The RFI outlined NNSA requirements for unobligated U.S.-origin uranium at 4 million pounds of U3O8 / 1,500 metric tonnes of uranium as UF6 per year with deliveries commencing as early as 2030.

UEC's response to the RFI affirmed that we are positioned to fully support NNSA's U3O8 requirements as our production in Texas and Wyoming ramps up. Through UEC's subsidiary, UR&C, we are positioning to provide the necessary conversion services in accordance with NNSA requirements, further demonstrating UEC's commitment to serve as America's national champion for the front end of the nuclear fuel cycle.

On August 26, 2026, the Department of the Army announced the selection of five nuclear reactor developers to be awarded up to a combined $2.2 billion to own, construct and operate nuclear microreactors on five military installations. The Army anticipated more than 20 microreactors to be deployed through the Janus Program with all requiring unobligated U.S.-origin uranium and conversion services.

The growing U.S. Government demand for unobligated U.S.-origin uranium and conversion services highlights UEC's distinct positioning as a leading domestic supplier and the only company pursuing a vertically integrated fuel cycle solution.

United States Uranium Refining & Conversion Corp (UR&C)

During fiscal 2026, UR&C advanced its planned uranium conversion facility across technology development, licensing and project execution, working with its engineering partner Fluor. UR&C's combined dedicated 63-member project team draws on Fluor's nuclear-focused Mission Solutions business subject matter experts, including specialists in process technology, nuclear and environmental engineering and project delivery. Project mobilization was completed in full compliance with U.S. Department of Energy export control regulations for nuclear technology. UR&C is advancing toward a Class IV cost estimate, which is expected to be completed by mid-2027.

Following receipt of its U.S. Nuclear Regulatory Commission Docket Number earlier this year, UR&C finalized its regulatory engagement strategy and began preparing its license application, supported by Jensen Hughes, a specialist nuclear licensing firm engaged for the project.

UR&C and Fluor expanded collaboration with leading equipment vendors, National Laboratories and specialty subcontractors to accelerate process design and laboratory work, including evaluation of process technology and thermophysical properties. UR&C is also pursuing partnerships with National Laboratories and academic institutions to enhance technical development, drawing on industry expertise and historical operating knowledge.

The goal is to position UR&C's conversion process as a U.S. technology, eligible for delivering unobligated U.S.-origin UF6 supply for the requirements of the U.S. Government. To that end, to safeguard export-controlled information, UR&C's project team has implemented a Technology Control Plan and completed comprehensive training.

Powder River Basin, Wyoming, Hub-and-Spoke ISR Operations
Hub: Irigaray CPP; Spokes: Christensen Ranch and Ludeman

In the fourth quarter, 65,392 pounds of precipitated uranium and dried and drummed U3O8 were produced at Christensen Ranch at a Total Cash Cost per Pound of $28.38 and a Total Cost per Pound of $35.63. Higher production reduced Total Cost per Pound by 35%, from $54.61 in the prior quarter.

As previously reported, three new header houses in Wellfield 11 began production late in the third fiscal quarter. Four additional header houses were constructed and tested as of the end of the fourth fiscal quarter, bringing the total to five that were awaiting regulatory approval for startup at such time. On September 28, 2026, final regulatory approvals were issued for four of these. Production is expected to commence at these newly approved header houses in the coming weeks.

Currently, three additional header houses are under construction. Header house construction has been bolstered by an increase in drilling capacity, with 17 drill rigs in operation in the Powder River Basin at fiscal year-end, up from 12 in the prior year.

At the Ludeman ISR project in the Powder River Basin, monitor, injection and recovery wells for the first wellfield are under construction and being tested for mechanical integrity.

Engineering for the satellite ion-exchange plant was significantly advanced during the fourth quarter, allowing the Company to procure long lead-time equipment. Civil engineering for the plant pad was completed, and a construction contractor was selected. The powerline location has been established, and surveys are expected to be completed in the first quarter of fiscal 2027. 

South Texas Hub-and-Spoke ISR Operations
Hub: Hobson CPP; Spoke: Burke Hollow

Operations began at the Burke Hollow ISR mine in April and at the Hobson CPP in May. In its first full quarter of operation, Burke Hollow produced 17,352 pounds of precipitated uranium and dried and drummed U3O8 at a Total Cash Cost per Pound of $36.13 and a Total Cost per Pound of $39.93.

The first shipment of uranium-loaded resin from Burke Hollow reached Hobson in mid-May, and every processing step at the plant, from resin transfer and elution through precipitation, drying and packaging, has now been commissioned.

As planned, production activity in the quarter was limited to a small section of the first production area at Burke Hollow, consisting of 126 injection and recovery wells that were brought online to establish optimal operating parameters, such as lixiviant chemistry, pump sizing and wellfield patterns. These results will guide the next phase of operations as mining in the first production area expands.

The Company had 21 drill rigs in operation in South Texas at fiscal year-end, up from 8 in the prior year.

Sweetwater, Wyoming, Hub-and-Spoke Development

At Sweetwater, the FAST-41 and National Environmental Policy Act federal permitting process continued to advance under the leadership of the Bureau of Land Management ("BLM"). Currently, the FAST-41 Permitting Dashboard expects completion of the Environmental Assessment ("EA") in March 2027 and approval of the Plan of Operations in May 2027. Baseline studies were largely completed in the quarter, with final reports expected to be submitted to BLM in the first quarter of fiscal 2027.

Drilling in the Sweetwater North area identified mineralization trends that support continued delineation. Building on these results, additional drilling is planned for the first quarter of fiscal 2027 to further extend the mineralization identified in the initial program and to advance wellfield design for the first two production areas.

Work continues by the Company and Wood Group to assess the refurbishment requirements for the Sweetwater Mill for both conventional and ISR operations, with focus currently on the installation of ion-exchange and elution systems for ISR operations.

The Company had two drill rigs in operation in the Great Divide Basin at the end of the fiscal year.

Roughrider Project, Saskatchewan

As part of the planned PFS at the Roughrider Project, the Company completed its previously announced diamond drilling program, which has expanded to 36,000 meters, with the goal of converting resources into higher categories. This included resource targets throughout the West Zone, East Zone and Far East Zone. Working alongside Tetra Tech Canada Inc., the preparation of the PFS is progressing.

During the quarter, the geotechnical drilling for a future tailings management facility was completed. This included the collection of water samples and the installation of water level monitoring stations. 

In August 2026, the Company entered into a Definition Study Agreement with Saskatchewan Power Corporation to advance engineering, EA and community engagement work specifically for the connection of a high-voltage transmission line to the Roughrider Project.

Conference Call Details

A conference call will be held at 11:00 a.m. ET (8:00 a.m. PT) on Tuesday, September 29, 2026, to discuss the Company's results, upcoming catalysts and current market conditions. To participate, please use one of the following methods:

Webinar: Click Here
North America (toll-free): 1-877-270-2148
International: 1-412-902-6510

An accompanying presentation will be available on UEC's website at www.uraniumenergy.com and a replay of the event will be available following the presentation.

For further information, please refer to the Company's Annual Report on Form 10-K for the fiscal year ended July 31, 2026, which will include the Company's audited consolidated financial statements and management's discussion and analysis, and will be available on the Company's website at www.uraniumenergy.com and under its profile at www.sec.gov.

Notes:

As of July 31, 2026. Liquid assets consist of cash and equity securities and uranium inventories based on market values and does not include in-process inventory and uranium concentrates from extraction at the Irigaray CPP and Hobson CPP. Market values for securities are based on applicable closing prices on July 31, 2026 and uranium inventories are based on the spot price quoted from UxC at ConverDyn on such date. Total Cost per Pound and Total Cash Cost per Pound are not measures of financial performance under accounting principles generally accepted in the United States ("GAAP") and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. See "Non-GAAP Measures" below. About Uranium Energy Corp

Uranium Energy Corp is America's largest and fastest growing uranium company. The Company controls the largest uranium resource base and the most licensed production capacity in the United States, totaling approximately 12 million pounds per year across its Wyoming and South Texas platforms. In Canada, the Company controls one of the most extensive land and resource portfolios in the Athabasca Basin, anchored by the Roughrider Project in Saskatchewan. Through its wholly owned subsidiary, United States Uranium Refining & Conversion Corp, UEC is pursuing domestic refining and conversion capabilities to further strengthen the U.S. nuclear fuel supply chain. UEC maintains a 100% unhedged uranium strategy, providing full exposure to uranium market fundamentals. The Company is managed by professionals with decades of experience across uranium exploration, development, production and fuel cycle infrastructure.

Stock Exchange Information:
NYSE American: UEC
WKN: A0JDRR
ISIN: US9168961038

Non-GAAP Measures

This news release includes reference to "Total Cost per Pound", "Total Cash Cost per Pound", "Total Non-Cash per Pound" and "Production‑Based Royalties, Ad Valorem and Severance Tax per Pound", which do not have standardized meanings under GAAP. We define: (i) Total Cost per Pound as the addition to in-process inventory and uranium concentrates from extraction (each a component of inventories on the consolidated balance sheets) for the applicable period divided by the quantity (in pounds) of precipitated uranium and dried and drummed U3O8 produced in such period; (ii) Total Cash Cost per Pound as the addition to in-process inventory and uranium concentrates from extraction (each a component of inventories on the consolidated balance sheets), excluding depreciation, depletion and amortization, for the applicable period divided by the quantity (in pounds) of precipitated uranium and dried and drummed U3O8 produced in such period; (iii) Total Non-Cash Cost per Pound as the difference between Total Cost per Pound and Total Cash Cost per Pound; and (iv) Production‑Based Royalties, Ad Valorem and Severance Tax per Pound (a component of Total Cash Cost per Pound) as the production‑based royalties, ad valorem and severance tax accrued for the applicable period divided by the quantity (in pounds) of precipitated uranium and dried and drummed U3O8 produced in such period. Production‑Based Royalties, Ad Valorem and Severance Tax per Pound does not include royalties on sales, which will be recognized as part of cost of sales in future periods when the uranium concentrates are sold. We believe that, in addition to conventional measures prepared in accordance with GAAP, certain investors and other stakeholders also use this information to evaluate our operating and financial performance. The use of these performance measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Our definition of these measures may differ from other mining companies and therefore, may not be comparable. These non-GAAP measures should be read in conjunction with our consolidated financial statements for the applicable periods.

Christensen Ranch / Irigaray CPP

First
Quarter

Second
Quarter

Third

 Quarter

Fourth

 Quarter

(in thousands of dollars, except cost per pound)

Fiscal

 2026

Fiscal

 2026

Fiscal

 2026

Fiscal

 2026

Fiscal

 2026

Cash Production Costs

A

$     1,612

$    1,509

$    1,242

$ 1,348

$    5,711

Add

Production-Based Royalties

101

67

49

99

316

Ad Valorem and Severance Tax

338

238

212

409

1,197

Total Production-Based Royalties and Taxes

B

439

305

261

508

1,513

Total Cash Costs

C=A+B

$     2,051

$    1,814

$    1,503

$ 1,856

$    7,224

Add

Depreciation, depletion and amortization

306

205

255

474

1,240

Total Non-Cash Costs

D

$        306

$       205

$       255

$    474

$    1,240

Total Costs

E=C+D

$     2,357

$    2,019

$    1,758

$ 2,330

$    8,464

Precipitated Uranium and Dried and Drummed Uranium Concentrate (pounds)

F

68,612

45,743

32,195

65,392

211,942

Cash Production Costs Per Pound

G=A/F

$     23.50

$    32.99

$    38.58

$ 20.61

$    26.95

Production-Based Royalties, Ad Valorem and Severance Tax Per Pound

H=B/F

6.40

6.67

8.11

7.77

7.14

Total Cash Cost Per Pound

$     29.90

$    39.66

$    46.69

$ 28.38

$    34.09

Total Non-Cash Cost Per Pound

I=D/F

4.45

4.48

7.92

7.25

5.85

Total Cost Per Pound

J=G+H+I

$     34.35

$    44.14

$    54.61

$ 35.63

$    39.94

Burke Hollow / Hobson CPP

(in thousands of dollars, except cost per pound)

Fourth

 Quarter and
Fiscal 2026

Cash Production Costs

A

$         627

Add

Production-Based Royalties

-

Ad Valorem and Severance Tax

-

Total Production-Based Royalties and Taxes

B

-

Total Cash Costs

C=A+B

$         627

Add

Depreciation, depletion and amortization

66

Total Non-Cash Costs

D

$           66

Total Costs

E=C+D

$         693

Precipitated Uranium and Dried and Drummed Uranium Concentrate (pounds)
 

F

17,352

Cash Production Costs Per Pound

G=A/F

$      36.13

Production-Based Royalties, Ad Valorem and Severance Tax Per Pound

H=B/F

-

Total Cash Cost Per Pound

$      36.13

Total Non-Cash Cost Per Pound

I=D/F

3.80

Total Cost Per Pound

J=G+H+I

$      39.93

Combined Total Production

(in thousands of dollars, except cost per pound)

Fiscal 2026

Fiscal 2025

Cumulative
Since

 Beginning of

Fiscal 2025

Cash Production Costs

A

$     6,338

$    2,803

$             9,141

Add

Production-Based Royalties

316

189

505

Ad Valorem and Severance Tax

1,197

599

1,796

Total Production-Based Royalties and Taxes

B

1,513

788

2,301

Total Cash Costs

C=A+B

$     7,851

$    3,591

$           11,442

Add

Depreciation, depletion and amortization

1,306

1,142

2,447

Total Non-Cash Costs

D

$     1,306

$    1,142

$             2,447

Total Costs

E=C+D

$     9,157

$    4,733

$           13,889

Precipitated Uranium and Dried and Drummed Uranium Concentrate (pounds)

F

229,294

129,966

359,260

Cash Production Costs Per Pound

G=A/F

$     27.64

$    21.57

$             25.44

Production-Based Royalties, Ad Valorem and Severance Tax

Per Pound

H=B/F

6.60

6.06

6.40

Total Cash Cost Per Pound

$     34.24

$    27.63

$             31.84

Total Non-Cash Cost Per Pound

I=D/F

5.70

8.78

6.81

Total Cost Per Pound

J=G+H+I

$     39.94

$    36.41

$             38.65

Cautionary Statement Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. Forward-looking statements often address our expected future business and financial performance and financial condition; and often contain words such as "anticipate," "intend," "plan," "will," "would," "estimate," "expect," "believe," "pending" or "potential." Forward-looking statements in this news release include, without limitation, statements regarding: the Company's expectations for its projects, including proposed studies, anticipated regulatory approvals and planned development and ramp-up activities; expectations regarding uranium markets and demand; the proposed PFS at Roughrider; the Company's plans and goals respecting UR&C and the proposed development of refining and conversion capabilities; and the impacts of governmental initiatives on the Company. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, which could cause actual results to differ materially. These risks and uncertainties may include, among others: proposed exploration and development activities may not be completed or, if completed, may not produce anticipated results; variations in the underlying assumptions associated with the estimation or realization of mineral resources; the availability of necessary capital; accidents, labor disputes and other risks of the mining industry including, without limitation, those associated with the environment, delays or failure in obtaining governmental approvals or permits, title disputes or claims limitations; any deterioration in political support for nuclear energy or uranium mining; changes in government regulations and policies; changes in demand for nuclear power; weather and other natural phenomena; and the other risk factors set forth in the Company's most recent annual report on Form 10-K and its other filings with the Securities and Exchange Commission, available under its profile at www.sec.gov. These factors are beyond the Company's ability to control or predict. There can be no assurance that the Company's forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. Any forward-looking statement speaks only as of the date on which it's made and the Company does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events, except as required under applicable securities laws. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement.

SOURCE Uranium Energy Corp

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AI compute is a power problem before it is a chip problem. Hyperscaler capex keeps climbing, PJM capacity prices keep clearing higher, and utilities keep telling the same story: firm, clean, always-on megawatts are the scarce resource. Three US-listed names sit at the pointy end of that thesis, one for each layer of the nuclear stack. Constellation runs the largest US reactor fleet. Talen owns the merchant baseload assets closest to the data center demand curve in PJM. Uranium Energy supplies the fuel from domestic soil.

All three have moved on real catalysts this year, and all three are pricing in different pieces of the same trade.

Constellation Energy: Largest US Nuclear Operator, Raised Guidance Constellation Energy (NASDAQ:CEG | CEG Price Prediction) is trading at $272.88 with a market cap near $96.7 billion and a forward P/E of 23. The Street average target sits at $347.40, with 6 Strong Buy and 14 Buy ratings against 3 Holds. Shares are down 22.41% year to date, compressing the valuation on a company that just raised guidance.

Q2 adjusted EPS of $2.55 beat the $2.3284 estimate by 9.52%, with revenue of $7.504 billion, up 23% year over year. Nuclear output hit 44,160 GWh at a 93% capacity factor. Management lifted full-year 2026 adjusted EPS guidance to $11.50 to $12.50 from $11.00 to $12.00 and reiterated a base EPS growth projection of 20% or more through 2029.

The bull case is contract-backed demand. Constellation has signed 920 MW of 15 to 20-year nuclear PPAs with investment-grade customers, is advancing the Crane Clean Energy Center restart targeting 2027, and filed license renewals for Ginna and Nine Mile Point Unit 1 out to 2049. CEO Joe Dominguez framed the quarter as "strengthening the nation’s energy infrastructure and helping meet growing demand for reliable power." Management said hyperscaler spending for 2026 was tracking "nearly 75% higher than last year and continue to be revised upward." A $5.0 billion buyback authorization with roughly $2.8 billion remaining gives management a lever if the stock stays discounted.

Risk: PJM regulatory rules for large-load interconnection and Reliability Backstop Procurement are still being written, the Illinois ZEC program ends in May 2027, and planned nuclear refueling outage days ran 86 versus 41 a year ago. Calpine integration risk is real given the scale of the January 2026 close.

Talen Energy: PJM Capacity Tailwind and Four-Gigawatt Data Center Pipeline Talen Energy (NASDAQ:TLN) trades at $314.46, down 16.68% over the past month after a messy GAAP print. Market cap sits at $15.07 billion, forward P/E at 13, and the Street’s average target is $465.19 with 6 Strong Buy and 8 Buy ratings.

Q2 headline EPS of -$2.00 missed the $3.3912 estimate, dragged by $211 million in unrealized commodity derivative losses and interest expense that jumped to $214 million from $62 million on $4 billion in new senior unsecured notes funding Cornerstone. Adjusted EBITDA came in at $374 million versus $90 million, versus a year ago, and generation totaled 14.1 TWh. Generation nearly doubled to over 10 GW in the 2028/2029 PJM Base Residual Auction at $325/MWd.

Talen cleared more than 10 GW in the 2028/2029 PJM Base Residual Auction at $2.025 billion to $2.225 billion, raised 2026 adjusted EBITDA guidance to $40 per share, and lifted 2028 base-case free cash flow to 4 GW of land development and data center contracting options. Management flagged approximately 4 GW of data center pipeline options, with the AWS ramp expected to push long-term contracted margin from "leveraging our advantaged portfolio of assets, building our development pipeline of powered land and new capacity all of which allows us to enter into long-term contracts with large loads.". CEO Mac McFarland noted that 30% of 2028 generation is hedged.

Risk: only below 3.5x target of 2028 generation is contracted, leaving Talen exposed to a commodity reversal, and net leverage runs against a target below 3.5x as it digests Cornerstone.

Uranium Energy: Domestic Fuel, Zero Debt, Policy Tailwind Uranium Energy (NYSE:UEC) sits at 31.14% over the past month, up 14.44% on August 21 alone and $6.26 billion. Market cap is roughly $6.26B, and the analyst consensus target implies meaningful upside. This is the upstream exposure: a pure-play US producer with the largest domestic uranium resource base.

Fiscal Q3 produced total cost per pound of $54.61 at a 200,000 pounds at $101 per pound versus a spot average of $80.76, with no revenue recognized as management held inventory. In fiscal Q2, UEC sold 1,456,000 pounds valued at $127 million. Inventory sits at $488 million in cash, backed by $794 million in liquid assets, Burke Hollow began production on April 8, 2026, and zero debt.

The catalysts are strategic. "the largest greenfield ISR uranium project to come into production in more than a decade.", described by management as "the DOE’s ‘Nuclear Dominance: 3 by 33’ initiative, which underscores the urgency of rebuilding a secure, domestic fuel supply chain." CEO Amir Adnani tied the story to Washington policy: Fluor Corporation UEC is also advancing US-based uranium refining and conversion with delayed regulatory approvals and higher Wyoming state taxes.

Risk: single-commodity exposure, no revenue this quarter, and rising per-pound costs. If uranium prices stall, the unhedged strategy cuts both ways.

Different assets, one thesis. Constellation offers scale and contract visibility, Talen offers merchant torque to PJM prices, and UEC offers the fuel. September’s setup gives investors three distinct angles on the AI power buildout to evaluate (we mapped five ways to play the nuclear restart, utilities and fuel included, in a free report here).

Contact [email protected] for any questions or corrections.

Key Takeaways UEC is tying U.S. uranium production to a broader nuclear fuel and critical-minerals strategy.UEC's UR&C is pursuing a U.S. conversion facility, with licensing steps still ahead.UEC's growth hinges on permits, wellfield performance, site selection and construction timing. Uranium Energy Corp. (UEC - Free Report) is increasingly tied to a broader U.S. nuclear fuel and critical-minerals story. The company has moved beyond a simple uranium price trade by pairing domestic in-situ recovery production with a proposed conversion platform.

That strategy gives UEC a place in supply-security discussions. Investors still need to separate the long-term theme from near-term execution.

How UEC Fits the U.S. Fuel Security PushUEC holds what it describes as the largest uranium resource base and most licensed production capacity in the United States. Its Wyoming and South Texas hub-and-spoke in-situ recovery operations total about 12 million pounds of licensed annual capacity.

The operating model matters because multiple mines can feed central processing infrastructure. Christensen Ranch is processed through the Irigaray Central Processing Plant, while Burke Hollow and Palangana feed the Hobson Processing Facility.

Cameco Corporation (CCJ - Free Report) provides a useful industry reference point because it is a large uranium and nuclear fuel supplier with exposure across the global fuel cycle. That makes Cameco a benchmark for assessing how far UEC must still go to turn domestic resources into durable fuel-cycle earnings.

Why Uranium Energy Is Chasing Conversion CapacityUEC’s next strategic layer is United States Uranium Refining & Conversion Corp., or UR&C. The subsidiary is pursuing a new uranium refining and conversion facility in the United States, which would move the company beyond mining and yellowcake production.

UR&C has received a U.S. Nuclear Regulatory Commission docket number for the planned conversion facility. Engineering and design work with Fluor is continuing, and the formal license application is expected after design work is completed and a site is selected.

Management views Western conversion capacity as an acute bottleneck. Centrus Energy Corp. (LEU - Free Report) , which is focused on nuclear fuel and high-assay low-enriched uranium, shows why investors are watching fuel-cycle infrastructure beyond mining.

UEC Growth Trend Depends on Permits and TimingPolicy support does not eliminate the need for approvals, construction and wellfield performance. At Christensen Ranch, three new header houses in Wellfield 11 began production late in the third quarter of fiscal 2026 after state approval, while one more was complete and awaiting approval.

Sweetwater reinforces the same point. The Wyoming project has FAST-41 transparency status, and the Bureau of Land Management completed its completeness review of UEC’s Plan of Operations for in-situ recovery operations.

Those milestones are useful, but timing remains central to the investment case. Site selection, licensing and construction will determine when strategic projects can shift from policy-aligned assets to economic contributors.

The Zacks Consensus Estimate for UEC for fiscal 2026 is currently pegged at a loss of 19 cents per share, wider than the loss of 17 cents reported in fiscal 2025. The consensus for fiscal 2027 also suggests a loss of 11 cents per share, as shown in the chart below.

Image Source: Zacks Investment Research

How Uranium Energy Adds Critical Mineral ExposureUEC’s Alto Paraná project in Paraguay gives the company an adjacent critical-minerals angle through titanium and vanadium. An independent report concluded that the project could contribute to the security and diversification of U.S. supply chains.

The preliminary economic assessment included two development cases. The first showed an net present value (NPV) of $419 million and a 21% post-tax internal rate of return, while the larger-scale case showed an NPV of $1.55 billion and a 25% post-tax internal rate of return.

That optionality broadens UEC’s strategic narrative. It does not replace the core uranium thesis, but it gives investors another asset tied to supply-chain diversification.

What UEC’s Ratings Say About This Trend TradeThe bottom line is that UEC’s thematic reach is expanding faster than its near-term stock signal. The company has licensed U.S. capacity, a conversion initiative and critical-mineral exposure, but investors still need proof that execution can become steadier.

UEC currently carries a Zacks Rank #4 (Sell). That short-term rating points to caution over the next one to three months, particularly while the company is still working through production variability, cost pressure and licensing milestones.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Style Scores reinforce that view. UEC has a VGM Score of F, Value Score of F, Growth Score of F and Momentum Score of D. Since higher Style Scores are generally more favorable, these weak grades suggest a less attractive setup across valuation, growth and price-action factors.

For now, the U.S. nuclear fuel and critical-minerals theme gives UEC a clearer strategic identity. The stock still needs cleaner execution, better momentum and more durable earnings support before that theme translates into a stronger signal.