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Financial Data and Key Metrics Changes - The company reported a cash cost per pound of $29.90 based on 68,612 pounds of precipitated uranium and dried and drummed U3O8 produced [4] - The balance sheet remains strong with $698 million in cash, inventory, and equities at market prices and no debt [7] - The uranium inventory stands at 1,356,000 lbs U3O8 as of October 31, 2025, excluding an additional 199,000 lbs produced since restarting production [8] Business Line Data and Key Metrics Changes - The company launched the United States Uranium Refining and Conversion Corp, positioning itself as the only U.S. supplier with both uranium and UF6 production capabilities [3] - Production at Christensen Ranch has accumulated approximately 199,000 pounds of precipitated uranium and dried and drummed U3O8 since operations resumed [10] - The company is nearing operational status at Burke Hollow, with major construction milestones substantially complete [6] Market Data and Key Metrics Changes - The company continues to increase uranium inventory ahead of the Section 232 decision, benefiting from a tightening global market with a structural supply deficit [8] - The current uranium price backdrop is supported by growing global nuclear demand and favorable U.S. policy [9] - The supply deficit is expected to exceed 1.7 billion pounds by 2045 on a cumulative basis [15] Company Strategy and Development Direction - The company is focused on four key pillars of production growth: Powder River Basin, South Texas, Sweetwater, and Roughrider projects [10] - The development of the Ludeman ISR project is underway, which is fully licensed and permitted [12] - The company aims to build a fully American supply chain aligned with U.S. energy policy and defense needs [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macro backdrop for uranium, citing strong bipartisan support for nuclear energy and the designation of uranium as a critical mineral [15] - The company is positioned to benefit from expected higher uranium prices due to a structural supply deficit [8] - Management highlighted the importance of the URNC initiative as a differentiator in the market, providing end-to-end capabilities from uranium resources to processing [37] Other Important Information - The company completed a $234 million public offering to accelerate the growth of its new business line while bolstering its balance sheet [7] - The company is 100% unhedged, maintaining full exposure ahead of the Section 232 investigation results [8] Q&A Session Summary Question: What are the next milestones for the URNC venture? - Management indicated that they are progressing well with state-level discussions and feasibility studies, aiming to deliver more information in fiscal Q2 [21][22] Question: What will the production cadence look like moving forward? - Management expects a step change in production cadence in fiscal Q3 and Q4 as Burke Hollow and additional header houses at Christensen Ranch come online [27] Question: Can you provide guidance on the potential production timelines for the Ludeman project? - Management stated that Ludeman is well-situated for development and will follow a similar approach to Christensen Ranch, with production ramp-up planned [44] Question: What is the expected timeline for the Strategic Uranium Reserve release? - Management is optimistic about the potential for an expanded Strategic Uranium Reserve and expects to hear recommendations from the president by December or early January [52] Question: What is the estimated spend required to advance the URNC initiatives for fiscal year 2026? - Management indicated that current spending is modest and the company is adequately capitalized for the work needed at this stage [76]

Financial Data and Key Metrics Changes - The company reported a cash cost per pound of $29.90 based on 68,612 pounds of precipitated uranium and dried and drummed U3O8 produced [5][8] - The balance sheet remains strong with $698 million in cash, inventory, and equities at market prices and no debt [7][48] - The uranium inventory stands at 1,356,000 lbs U3O8 held as of October 31, 2025, excluding an additional 199,000 lbs produced since restarting production [8][48] Business Line Data and Key Metrics Changes - The launch of the United States Uranium Refining and Conversion Corp positions the company as the only U.S. supplier with both uranium and UF6 production capabilities [4][9] - The company has maintained low-cost production while advancing growth projects in Wyoming and South Texas, supporting higher output through the remainder of fiscal 2026 [4][6] Market Data and Key Metrics Changes - The current uranium price backdrop is supported by growing global nuclear demand and favorable U.S. policy, indicating a compelling setup for value creation [9][14] - The structural supply deficit in the uranium market is expected to exceed 1.7 billion pounds by 2045, highlighting the increasing demand for uranium [14] Company Strategy and Development Direction - The company is focused on four key pillars of production growth: Powder River Basin Hub and Spoke operations, South Texas Hub and Spoke operations, Sweetwater Hub and Spoke operations, and the Roughrider project in Canada [10] - The company aims to ramp up production responsibly as market fundamentals and policy direction evolve, with a focus on becoming a vertically integrated American uranium producer [9][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macro backdrop for uranium, citing strong bipartisan support for nuclear energy and the designation of uranium as a critical mineral [14][33] - The company is positioned to benefit from expected higher uranium prices due to a tightening global market with a structural supply deficit [8][9] Other Important Information - The company completed a $234 million public offering to accelerate the growth of its new business line while bolstering its balance sheet [7][8] - The company is 100% unhedged, maintaining full exposure ahead of the results of the U.S. government's Section 232 investigation [8] Q&A Session Summary Question: What are the next milestones for the URNC venture? - Management indicated that they are progressing well with the siting study and feasibility study, aiming to deliver results by mid-2026 [17][18] Question: What will the production cadence look like moving forward? - Management expects a step change in production cadence in fiscal Q3 and Q4 as Burke Hollow and additional header houses at Christensen Ranch come online [19][22] Question: How many pounds of production were held back due to upgrades at Irigaray? - Management clarified that no production was held back as operations continued, with only the final step of packaging being delayed [36] Question: What is the expected spend to advance the feasibility study for URNC? - Management stated that current spending is modest and the company is adequately capitalized for the work needed at this stage [45][46]

Financial Highlights - The company has a strong balance sheet with $698 million in cash, inventory, and equities as of October 31, 2025[12] - The company holds 136 million pounds of U₃O₈ in inventory[16] - A $234 million equity offering was completed to accelerate the advancement of UR&C[16, 17] Production and Operations - Total cost per pound was $3435, including a cash cost per pound of $2990 and a non-cash cost per pound of $445 on 68,612 pounds of precipitated uranium and dried and drummed U₃O₈[9] - Approximately 199,000 pounds of precipitated uranium and dried and drummed U₃O₈ have been produced from Christensen Ranch as of October 31, 2025[25] - The company plans to expand its U S warehoused inventory by another 300,000 pounds through December 2025 via purchase contracts at $3705/lb[12] Development and Expansion - Irigaray plant upgrades have been completed to support 24/7 operations[9] - Six additional header houses are under construction at Christensen Ranch[9] - Burke Hollow nears operational status, setting the stage for initial operations at America's next ISR mine[9] - The Ludeman satellite project has 97 million lbs Measured and Indicated Resources, and 13 Million lbs Inferred resources[28] Strategic Initiatives - The company launched United States Uranium Refining & Conversion Corp (UR&C) to become the only vertically integrated U S company from U3O8 to UF6[9, 17]

Core Insights - The company is focused on building a vertically integrated uranium fuel supply chain in the U.S., from mining to conversion, to support domestic enrichment and address projected supply deficits [2][4][5] Operational Highlights - The company achieved a total cost per pound of $34.35 for uranium production, with cash costs at $29.90 and non-cash costs at $4.45, based on production of 68,612 pounds for the quarter [3][32] - Significant upgrades were completed at the Irigaray Central Processing Plant, allowing for resumed operations and packaging of approximately 49,000 pounds of uranium concentrate [3][9] - Development of the Ludeman in-situ recovery project is advancing, with engineering and procurement activities underway [3][11] - Construction is ongoing at the Christensen Ranch ISR operations, with six additional header houses being developed [3][8] - The Burke Hollow project in South Texas is nearing operational status, with major construction milestones completed [3][14] Financial Position - The company reported a strong balance sheet with $698 million in cash, uranium inventory, and equities at market prices, with no debt [7][25] - A public offering of $234 million was completed to support the development of the United States Uranium Refining & Conversion Corp [25][7] Strategic Initiatives - The U.S. government has designated uranium as a critical mineral, which may lead to increased federal support and the expansion of the U.S. Strategic Uranium Reserve [4][5] - The launch of the United States Uranium Refining & Conversion Corp positions the company as the only vertically integrated U.S. uranium supplier, combining mining, processing, and planned refining capabilities [22][24] - The company is advancing development plans for the Sweetwater project under the FAST-41 permitting designation [17][19] Project Development - A 34,000-meter core drilling program commenced for the Roughrider Project in Saskatchewan, aimed at converting inferred resources to indicated resources [20][21] - The company is engaging with state and federal governments to support the development of its projects and initiatives [6][5]

Production and Operations - For the three months ended October 31, 2025, the company produced 68,612 pounds of precipitated uranium and dried and drummed U3O8, with a total initial production of 103,545 pounds during Fiscal 2025 [78]. - The Irigaray central processing plant has a licensed production capacity of 4 million pounds of U3O8 per year, serving as the hub for the company's four fully permitted ISR projects in Wyoming [82]. - The company produced 68,612 pounds of precipitated uranium during the three months ended October 31, 2025, as part of ramping up mining activities at the Christensen Ranch Mine [105]. - The company is advancing its Roughrider and Burke Hollow Projects, with major construction milestones at Burke Hollow substantially complete [79]. Financial Performance - For the three months ended October 31, 2025, the company recorded no revenue, compared to $17.09 million in revenue for the same period in 2024 [103]. - The net loss for the three months ended October 31, 2025, was $10.34 million ($0.02 per share), an improvement from a net loss of $20.16 million ($0.05 per share) in the same period in 2024 [104]. - Interest income for the three months ended October 31, 2025, totaled $2.76 million, up from $1.12 million in the same period in 2024 [117]. - The accumulated deficit balance as of October 31, 2025, was $416.90 million, indicating ongoing challenges in achieving profitability [119]. Financing Activities - The company completed a public offering of 15,500,000 shares at $13.15 per share, raising gross proceeds of $203.83 million, intended for the development of a new uranium refining and conversion facility [84]. - The company received net proceeds of $342.76 million during the three months ended October 31, 2025, from various financing activities, compared to $64.65 million in the same period in 2024 [119]. - During the three months ended October 31, 2025, the company issued 10,077,186 shares under the 2024 ATM Offering, generating gross proceeds of $101.97 million [131]. - A public offering on October 6, 2025, resulted in gross proceeds of $203.83 million from 15,500,000 shares sold at $13.15 per share, with an additional $30.57 million from an over-allotment option [132]. - The company completed a private placement of 575,000 flow-through shares for gross proceeds of $8.63 million, aimed at Canadian exploration expenditures [133]. - Net cash used in operating activities for the three months ended October 31, 2025, totaled $34.31 million, primarily due to mineral property expenditures of $20.92 million [134]. - Net cash provided by financing activities during the same period was $339.68 million, mainly from proceeds of the 2024 ATM Offerings and public offering [135]. Market Conditions - Uranium prices averaged $76.78 per pound U3O8 during the three months ended October 31, 2025, a 5.4% decrease from $81.13 per pound in the same period of 2024 [96]. - The uranium market is projected to experience a structural deficit, with a mid-case gap between production and requirements of 51 million pounds U3O8 in 2025 and 2026, accumulating to over 355 million pounds by 2035 [97]. Strategic Initiatives - The company has initiated a feasibility study for a new uranium refining and conversion facility in the U.S., supported by a $234 million public offering [83]. - The company aims to establish additional uranium projects through exploration and acquisitions, focusing on low-cost ISR mining to enhance its competitive position [86]. - The U.S. government has entered a strategic partnership for the construction of new nuclear reactors, with at least $80 billion allocated, indicating strong policy support for the nuclear industry [93]. Asset Management - As of October 31, 2025, the company held 1,356,000 pounds of purchased uranium, with agreements to purchase an additional 300,000 pounds at an average price of approximately $37.05 per pound [89]. - The total estimated reclamation costs for all projects as of October 31, 2025, were $88.53 million, with $60.82 million secured through surety bonds [118]. - As of October 31, 2025, the company had cash and cash equivalents of $454.72 million, significantly higher than $148.93 million as of July 31, 2025 [118]. - The company has a 13.0% equity interest in URC as of October 31, 2025, down from 13.5% as of July 31, 2025, reflecting dilution from additional share issuances [112]. - As of October 31, 2025, the company had 3,735,787 in-the-money stock options and 159,091 in-the-money warrants, representing potential gross proceeds of approximately $10.88 million if exercised [137]. - The company received 200,000 pounds of uranium inventory at a purchase price of $7.49 million subsequent to October 31, 2025 [142].

Core Insights - Voya Investment Management's "Voya MI Dynamic Small Cap Fund" experienced a strong recovery in equity markets during Q3 2025, rebounding from earlier volatility and finishing significantly higher than mid-year levels [1] - The fund underperformed the index on a NAV basis due to negative stock selection, despite growth outperforming value in the quarter [1] Fund Performance - The fund highlighted Uranium Energy Corp. (AMEX:UEC) as a key stock, which had a one-month return of 10.08% and a 52-week gain of 68.31% [2] - As of December 08, 2025, Uranium Energy Corp. closed at $13.65 per share with a market capitalization of $6.596 billion [2] Stock Contributions - Key contributors to the fund's performance included Primoris Services Corp., Uranium Energy Corp., and Cleveland-Cliffs Inc. [3] - The overweight position in Uranium Energy Corp. was maintained to balance risk exposures and contributed positively to performance, particularly after the announcement of expedited production at its Sweetwater Uranium Complex [3] Hedge Fund Interest - At the end of Q3 2025, 41 hedge fund portfolios held shares of Uranium Energy Corp., an increase from 32 in the previous quarter [4] - Despite the potential of Uranium Energy Corp., some analysts suggest that certain AI stocks may offer greater upside potential with less downside risk [4]

Core Viewpoint - Uranium Energy Corp is set to release its fiscal 2026 first quarter operating and financial results on December 10, 2025, with a conference call scheduled for the same day to discuss these results [1] Company Overview - Uranium Energy Corp is recognized as America's largest and fastest-growing supplier of uranium for nuclear energy production [1] - The company is focused on advancing low-cost, environmentally friendly In-Situ Recovery (ISR) mining uranium projects in the U.S. and high-grade conventional projects in Canada [1] - Uranium Energy Corp operates three hub and spoke platforms in South Texas and Wyoming, with a combined licensed production capacity of 12.1 million pounds U3O8 per year [1] Recent Developments - ISR operations commenced at the Christensen Ranch project in Wyoming in August 2024, with uranium loaded resin being sent to the Irigaray Central Processing Plant in Wyoming [1] - The company has a diversified portfolio that includes a conventional pipeline of high-grade Canadian projects, a significant physical uranium portfolio of U.S. warehoused U3O8, and a major equity stake in Uranium Royalty Corp, the only royalty company in the sector [1] Management Expertise - The operations of Uranium Energy Corp are managed by professionals with extensive experience in the nuclear fuel industry, covering key aspects of uranium exploration, development, mining, and production [1]

Company Performance - Uranium Energy (UEC) closed at $12.27, reflecting a +1.57% change from the previous day, outperforming the S&P 500's gain of 0.54% [1] - Over the past month, UEC shares have decreased by 22.22%, underperforming the Basic Materials sector's gain of 2.54% and the S&P 500's loss of 0.8% [1] Earnings Projections - The upcoming earnings report for Uranium Energy is projected to show an earnings per share (EPS) of -$0.04, indicating a 33.33% decrease from the same quarter last year [2] - Quarterly revenue is expected to be $11.3 million, down 33.88% from the year-ago period [2] Full-Year Estimates - Zacks Consensus Estimates for the full year predict earnings of -$0.09 per share and revenue of $72.93 million, representing year-over-year changes of +47.06% and +9.12%, respectively [3] - Changes in analyst estimates for Uranium Energy are crucial as they reflect the evolving business outlook [3] Zacks Rank and Industry Performance - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), currently rates Uranium Energy at 4 (Sell) [5] - The Mining - Miscellaneous industry, part of the Basic Materials sector, holds a Zacks Industry Rank of 80, placing it in the top 33% of over 250 industries [6]

Core Insights - Centrus Energy (LEU) and Uranium Energy (UEC) are positioned to benefit from the U.S. focus on nuclear energy independence, despite current uranium price pressures [1][2] - The long-term outlook for uranium remains strong due to the clean energy push and its strategic importance highlighted by the U.S. Geological Survey [2] Centrus Energy (LEU) - Centrus Energy supplies components of nuclear fuel, including Low-Enriched Uranium (LEU) and natural uranium hexafluoride [3][4] - In Q3 2025, Centrus reported total revenues of $75 million, a 30% increase year-over-year, with LEU segment revenues rising 29% to $44.8 million [5] - The company experienced an operating loss of $16.6 million, attributed to increased sales costs and project expenses [6] - Despite the operating loss, Centrus posted a net income of $3.9 million due to tax benefits and higher investment income [7] - Centrus holds a $3.9 billion revenue backlog with long-term contracts through 2040 and is the only licensed U.S. producer of High-Assay, Low-Enriched Uranium (HALEU) [7][8] - The HALEU market is projected to grow from $0.26 billion in 2025 to $6.14 billion by 2035, with Centrus planning to expand production capacity [9][10] Uranium Energy (UEC) - UEC has a production capacity of 12.1 million pounds of uranium and reported fiscal 2025 revenues of $66.84 million, a significant increase from $0.2 million in the prior year [12][13] - Operating costs surged 104% to $66 million due to higher development spending, leading to a loss of 20 cents per share in fiscal 2025 [14][15] - UEC is transitioning from developer to producer, successfully restarting operations at the Christensen Ranch ISR Mine [17] - The company acquired Rio Tinto's Sweetwater Complex, adding significant resources and establishing a vertically integrated production platform [19] Financial Estimates and Valuation - The Zacks Consensus Estimate for Centrus Energy's 2025 revenues is $448.6 million, indicating a 1.5% growth, while UEC's fiscal 2026 revenues are estimated at $72.9 million, reflecting a 9% improvement [19][22] - Centrus Energy's shares have surged 275.1% year-to-date, while UEC shares have gained 80.7% [27] - Centrus is trading at a forward price-to-sales multiple of 9.29X, significantly lower than UEC's 63.96X [29] - Centrus Energy is viewed as a more attractive investment option due to upward estimate revisions and its unique position in the HALEU market [32]