Uranium Energy Corp Files Fiscal 2025 Annual Report

Core Insights - The company, Uranium Energy Corp (UEC), has transitioned from a developer to a producer in fiscal 2025, marking a significant breakthrough year with initial uranium production and advancements in its projects [7][9][10]. Operational Highlights - UEC achieved initial production of approximately 130,000 pounds of uranium concentrate by July 31, 2025, with a total cost per pound of $36.41, including cash costs of $27.63 and non-cash costs of $8.78 [5][10]. - The company has initiated upgrades at the Irigaray Central Processing Plant to support higher production rates and has constructed two new in-situ recovery (ISR) mine units at Christensen Ranch [5][11]. - The Burke Hollow ISR mine project is 90% complete, with operational start-up targeted for December 2025 [5][15]. Financial Highlights - As of July 31, 2025, UEC reported $321 million in cash, inventory, and equities, with no debt [8][9]. - The company generated $66.8 million in revenue and $24.5 million in gross profit from the sale of 810,000 pounds of uranium in the first half of fiscal 2025, with an average sale price of $82.52 per pound [8][9]. - UEC's inventory as of July 31, 2025, included 1,356,000 pounds of uranium valued at $96.6 million, with plans to increase inventory by an additional 300,000 pounds through purchase contracts [5][8]. Policy and Market Context - U.S. nuclear policy is gaining momentum, with President Trump's executive orders aimed at quadrupling nuclear energy and calls for expanding domestic uranium production [4][9]. - The surge in demand for nuclear energy, driven by AI and data center needs, is creating unprecedented support for U.S.-origin uranium and refining capabilities [6][9]. Strategic Initiatives - UEC launched the United States Uranium Refining & Conversion Corp to establish itself as the only vertically integrated U.S. uranium company, covering mining, processing, and planned refining [9][24]. - The acquisition of Rio Tinto's Sweetwater Complex for $175 million added approximately 175 million pounds of historic resources and established UEC's third U.S. production platform [5][18]. - The Roughrider project in Saskatchewan is advancing towards a pre-feasibility study, with significant metallurgical test work completed [5][20].