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]