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]