Uranium Energy (UEC) - 2026 Q2 - Quarterly Results

Financial Performance - Uranium sales reached $101 per pound, significantly above the average uranium spot price of $80.76 per pound, resulting in revenue of $20.2 million and gross profit of $10.0 million from the sale of 200,000 pounds U₃O₈[9] - The company reported $818 million in liquid assets and no debt at the end of the quarter, maintaining one of the strongest balance sheets in the sector[9] - UEC's unhedged strategy has demonstrated strength, with uranium sales pricing over 25% above the quarterly average, reflecting a robust market position[8] - As of January 31, 2026, total cash production costs amounted to $1,509,000 for the three months ended and $3,121,000 for the six months ended[33] - Total cash costs for the three months ended January 31, 2026, were $1,814,000, while for the six months ended, they were $3,865,000[33] - The total cost per pound of uranium was $44.14 for the three months ended January 31, 2026, compared to $38.27 for the six months ended[33] - Cash production costs per pound increased to $32.99 for the three months ended January 31, 2026, from $27.29 for the six months ended[33] - Total non-cash costs for the three months ended January 31, 2026, were $205,000, with a total of $511,000 for the six months ended[33] - The company reported a cumulative total cash cost of $7,456,000 since the beginning of fiscal 2025[33] - Production-based royalties and taxes totaled $305,000 for the three months ended January 31, 2026, and $744,000 for the six months ended[33] Production and Operations - During Q2 2026, 45,743 pounds of uranium concentrate were produced at a total cost per pound of $44.14, with a cash cost per pound of $39.66[3] - The Burke Hollow ISR project construction was completed, and the facility is operationally ready, awaiting final regulatory approval[3] - The company has a strong inventory position with 1,456,000 pounds of U₃O₈ valued at $144 million at market prices[9] - The Roughrider Project's pre-feasibility study is over 30% complete, with core drilling ongoing to support resource conversion[20] - A 200-hole delineation drilling program at the Sweetwater project commenced on March 2, 2026, with engineering for mill refurbishment initiated[19] - The Irigaray Central Processing Plant has started 24/7 operations following a full refurbishment of the calciner[3] Strategic Initiatives - The company is actively engaged in discussions to support the United States Uranium Refining & Conversion Corp, aiming to build a vertically integrated nuclear fuel supply chain[7] - The company anticipates future work programs and regulatory approvals as part of its forward-looking statements[34] - Risks associated with mining activities include potential delays in obtaining governmental approvals and changes in demand for nuclear power[34] - The company does not undertake any obligation to publicly release revisions to forward-looking statements after the date they are made[34]