Ur-Energy Inc. FY Conference Summary Company Overview - **Company**: Ur-Energy Inc. (NYSEAM:URG) - **Industry**: Uranium Production - **Key Operations**: Lost Creek and Shirley Basin in Wyoming, USA Core Points and Arguments 1. **Production Status**: Ur-Energy is a producing uranium company with operations at the Lost Creek plant, which has been operational since August 2013, producing nearly 3 million pounds of U3O8 [2][3] 2. **Market Recovery**: The uranium market began to improve in 2022, leading to the signing of eight long-term contracts with utility customers, resulting in approximately 6 million pounds under contract for the coming years [3][4] 3. **Cost Structure**: The company aims to achieve an all-in cost of around $45 per pound at Lost Creek, which includes operating costs, development costs, taxes, and capital [5][6] 4. **Resource Availability**: Lost Creek has 12.7 million pounds of measured and indicated resources and over 6 million pounds of inferred resources, with significant potential for growth [4][5] 5. **Shirley Basin Development**: Shirley Basin is under construction, targeting production in early 2026, with a capacity of 1 million pounds per year, and has 8.8 million pounds of measured and indicated resources [10][12] 6. **Production Efficiency**: The expected cash cost at Shirley Basin is over $24 per pound, with an all-in cost of around $50 per pound, benefiting from high flow rates [12][26] 7. **Operational Focus**: The company is currently optimizing production at Lost Creek, with a head grade of around 70 parts per million, nearly double the anticipated level [13][14] 8. **Exploration Plans**: Ur-Energy plans to initiate several exploration programs in late 2025 and 2026, focusing on the Great Divide Basin with 10 projects and over 2,000 unpatented mining claims [15][18] Financial Highlights 1. **Market Capitalization**: The market cap is over $700 million, with a share price that recently approached $2, establishing a new 52-week high [19] 2. **Cash Position**: The company reported $49.1 million in cash with no financial debt, indicating a strong financial position [20][22] 3. **Sales and Revenue**: In the current year, Ur-Energy sold or delivered 440,000 pounds of uranium, with expectations to increase to 1.3 million pounds next year [22] Strategic Insights 1. **Government Programs**: Ur-Energy is positioned to benefit from U.S. government programs related to uranium reserves and other initiatives, although it maintains a focus on independent operations [27][28] 2. **Institutional Ownership**: Approximately 85% of shares are held by institutional investors, indicating strong confidence from sophisticated market players [20] 3. **Value Proposition**: The company emphasizes its status as a "pounds in the can" story, focusing on quality resources rather than quantity, with a clean financial structure and strong management [30] Additional Considerations 1. **Production Capacity**: The Lost Creek facility is permitted to recover 1.2 million pounds per year, with a milling capacity of 2.2 million pounds per year, allowing for flexibility in operations [6][9] 2. **Historical Context**: Shirley Basin is noted as the site of the first commercial in-situ uranium mine, with a rich history of uranium recovery dating back to the 1960s [11] 3. **Future Growth**: The company is optimistic about future exploration and production growth, with plans to enhance resource definition and operational efficiency [15][18]

Summary of Uranium Energy Corp. 2025 Conference Call Company Overview - **Company**: Uranium Energy Corp (NYSEAM:UEC) - **Industry**: Uranium Mining - **Positioning**: Leading U.S. uranium company, vertically integrated from mining to conversion [2][3] Key Highlights - **Production Capacity**: Largest licensed production capacity in the U.S. at 12.1 million pounds of U3O8 [2][3] - **Financial Position**: Strong balance sheet with $321 million in cash, inventory, and equities; no debt [3][4] - **Revenue**: Reported $66.8 million in revenue with 1.4 million pounds of production [4] Production and Projects - **Cost Efficiency**: Achieved low-cost production with total cash cost per pound at $36, including $27 non-cash costs [3][10] - **Expansion Projects**: - **Burke-Hollow**: Targeting December 2025 startup for the next ISR mine in South Texas [3][11] - **Irigaray**: Achieved production milestone of 130,000 pounds of uranium for the fiscal year ending July 31 [10] - **Sweetwater**: Acquired from Rio Tinto, expected to enhance production capabilities [12][23] Market Dynamics - **Demand vs. Production**: Projected uranium demand is exceeding production, with a current gap of about 51 million pounds, potentially increasing to 1.75 billion pounds by 2045 [4][5] - **Global Nuclear Commitment**: 31 countries pledged to triple global nuclear power by 2050, increasing the focus on domestic uranium [5][6] Competitive Landscape - **Permitting Process**: Recent regulatory changes under President Trump have expedited the permitting process from five years to one year [23][24] - **Market Position**: UEC has a significant asset base exceeding 500 million pounds of uranium, positioning it favorably against peers [7][8] Future Outlook - **Upcoming Developments**: Anticipated updates on U3O8 refining and conversion, Roughrider project pre-feasibility study, and Sweetwater project progress by year-end [26] - **Stock Performance**: Recent capital raise of $200 million at $13.15 per share, with stock closing at an all-time high of $14 [17][25] Additional Insights - **ESG Rating**: UEC has a strong ESG rating of 23.8, indicating medium risk [16] - **Market Strategy**: UEC maintains a 100% unhedged position to maximize shareholder benefits from uranium price increases [20][21] This summary encapsulates the key points discussed during the Uranium Energy Corp. conference call, highlighting the company's strategic positioning, financial health, production capabilities, and market dynamics.

Group 1 - The company maintains a constructive stance on uranium prices due to strong demand from nuclear power and uncertain supply from new mines [1] - Earnings forecasts for 2026E-27E have been revised up by 9-11% based on higher uranium spot price assumptions [1] - The new NPV-based target price has been increased to HK$3.67 from HK$2.42, reflecting expectations of continued recovery in uranium prices [1] Group 2 - Uranium spot price forecasts for 2026E and 2027E have been raised by 9% to US$90 and US$93 per pound respectively [1] - Earnings growth is estimated at 235% YoY in 2026E and 19% in 2027E, driven by new off-take agreements and low base effects [1] - Long-term uranium price assumptions have been revised up from US$96 to US$120 per pound starting from 2031E [1] Group 3 - The multiple for NPV has been increased to 3.5x from 3x, indicating a higher likelihood of resource conversion to reserves due to rising uranium prices [1]

机构：中信建投证券 研究员：覃静/王介超/邵三才 核心观点 1、国际贸易业务毛利下降及天然铀价格回落致公司上半年亏损。 2、公司自产贸易端，谢、奥公司均实现生产经营正常，且2025H1公司所得税已回归正常计提水平。 3、新销售框架协议已获股东特别大会表决通过，相比上一期的销售框架协议，此次基价大幅提高且现 货指数比例由60%调整为70%，公司业绩弹性可期。 4、天然铀价格易涨难跌，持续看好天然铀第三轮牛市。 事件 公司发布2025 年中期报告 2025 上半年，本集团实现营业额17.09 亿港元，同比下降58%；本集团录得亏损0.68 亿港元，同比下降 160%。 简评 1、国际贸易业务毛利下降及天然铀价格回落致公司上半年亏损 （1）受天然铀国际贸易合约价格大幅波动，叠加存货按加权平均成本法核算的影响，公司旗下中广核 国际销售公司的天然铀销售业务中的单位销售成本高于当期执行的单位销售价格，叠加上半年天然铀国 际贸易市场冷清，中广核国际销售公司销售量同比下降，共同导致本集团天然铀贸易毛利较2024 年同 期下降；（2）受天然铀价格回落影响，自产贸易业绩较2024 年同期下降。 2、公司整体生产经营尤其是矿山端保 ...

0:00 作为核电的核心原料，天然铀是保障国家安全的重要战略资源和能源矿产，被称为核工业的"粮食"，铀 资源的高效利用与环境的可持续发展成了一个亟待解答的重要课题。今天，跟随记者一起走进钱家店铀 矿，探索绿色矿山的科技密码。 编者按 千万IP创科普，共筑科技强国梦。为普及科学知识，弘扬科学精神，提高全民科学文化素质，助力实现 高水平科技自立自强，中国科协科普部与人民网联合策划推出"见证科技之路"主题报道，聚焦国家科技 战略政策、重要科技奖项、"卡脖子"关键核心技术等，深入基层一线开展采访调研，推出一批生动鲜活 的科普精品，大力弘扬科学家精神，为建设科技强国汇聚磅礴力量。 ...

Core Viewpoint - Roth Capital upgraded Uranium Energy Corp (UEC) to a "Buy" rating and increased the price target from $11.50 to $16, indicating strong confidence in the company's growth potential in the uranium industry [1][6]. Company Developments - UEC has initiated uranium production in Wyoming and is set to start operations at Burke Hollow in Texas, establishing itself as the only vertically integrated uranium company in the U.S. [2][6]. - The acquisition of Rio Tinto's Sweetwater Complex has expanded UEC's licensed capacity to 12.1 million pounds of UO annually, solidifying its position as the largest U.S. uranium company by estimated resources and licensed production capacity [3][6]. Operational Performance - UEC ramped up production, achieving approximately 130,000 pounds of precipitated uranium and dried and drummed UO by July 31, 2025, while maintaining low production costs with a total cost per pound of $36.41 [4]. - The cash cost per pound is reported at $27.63, with a non-cash cost of $8.78, attributed to the successful commissioning of the Irigaray Central Processing Plant [4]. Market Position - UEC's current stock price is $13.77, reflecting a slight decrease of 0.58%, with a market capitalization of approximately $6.12 billion and a trading volume of 27.9 million shares [5].

Financial Data and Key Metrics Changes - Fiscal 2025 was a breakthrough year with initial low-cost production in Wyoming of approximately 130,000 pounds at a total cost of $36 per pound [3][4] - The company maintained a robust balance sheet with $321 million in cash, inventory, and equities, and no debt as of July 31, 2025 [4][5] - Revenue for the first half of fiscal 2025 was $68.8 million with a gross profit of $24.5 million from the sale of 810,000 pounds of U3O8 at an average price above $82.50 per pound [5][6] Business Line Data and Key Metrics Changes - The company achieved substantial scale through the acquisition of the Rio Tinto Sweetwater Complex, expanding licensed capacity to 12.1 million pounds annually, making it the largest U.S. uranium company by estimated resources and total licensed production capacity [4][7] - The company has 1,356,000 pounds of U3O8 held in inventory, valued at $96.6 million at a market price of $71.25 as of July 31, 2025 [5][6] Market Data and Key Metrics Changes - The strong uranium price environment is driven by global demand for nuclear energy and U.S. policy support, with uranium prices rising to over $80 per pound [7][25] - A structural supply deficit in uranium is projected to continue and widen, reaching a cumulative deficit of 1.7 billion pounds by 2045 [15][49] Company Strategy and Development Direction - The company is moving towards becoming America's only vertically integrated uranium company, expanding downstream into refining and conversion with the launch of URNC [4][8] - The company is focused on four key pillars of production growth: Eri-Gary Central Processing Plant, Hobson CPP, Sweetwater CPP, and the Roughrider Project in Canada [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position to capitalize on opportunities presented by a favorable policy environment and a tightening uranium market [17][25] - The company is strategically positioned to meet the growing demand for secure domestic uranium supply, especially with the anticipated ban on Russian uranium imports by the end of 2027 [47][49] Other Important Information - The Sweetwater Complex was designated as a FAST 41 transparency project, expediting ISR permitting for deposits on federal lands [12][13] - The company is actively advancing its projects and has initiated a new drilling program to define future ISR wellfield areas at Sweetwater [13][14] Q&A Session Summary Question: Production targets for the next 12 months - Management indicated that production is ramping up and could reach hundreds of thousands of pounds in 2026, with ambitions to build a multi-million pound per year uranium producer [21][24] Question: Government policy and strategic uranium reserve - Management discussed the strategic uranium reserve as a policy to ensure energy security and build domestic stockpiles, with ongoing lobbying efforts to support this initiative [29][35] Question: Updates on conversion business and vertical integration - Management highlighted the importance of vertical integration in the nuclear fuel cycle, aiming to create an American champion that can control the entire supply chain from mining to conversion [41][42] Question: Cash costs and production costs - Management provided clarity on cash costs, indicating that total cash costs are expected to remain stable, with ongoing upgrades aimed at increasing capacity rather than impacting costs [79][81]

Financial Data and Key Metrics Changes - Fiscal 2025 was a breakthrough year with initial low-cost production in Wyoming of approximately 130,000 lbs at a total cost of $36/lb [3][4] - The company maintained a robust balance sheet with $321 million in cash, inventory, and equities, and no debt [4][5] - Revenue for the first half of fiscal 2025 was $68.8 million with a gross profit of $24.5 million from the sale of 810,000 lbs of UO at an average price above $82.50/lb [5][6] Business Line Data and Key Metrics Changes - The company achieved substantial scale through the acquisition of the Rio Tinto Sweetwater Complex, expanding licensed capacity to 12.1 million lbs annually [4][7] - Inventory at the end of fiscal 2025 included 1,356,000 lbs of UO valued at $96.6 million, not including the initial production from Wyoming [5][6] Market Data and Key Metrics Changes - The uranium price environment is strong, driven by global demand for nuclear energy and U.S. policy support, with prices rising from around $70/lb to over $80/lb [25][66] - A structural supply deficit in uranium is projected to continue and widen, reaching a cumulative deficit of 1.7 billion lbs by 2045 [15][48] Company Strategy and Development Direction - The company aims to become America's only vertically integrated uranium company, expanding into refining and conversion [4][8] - The launch of UR&C is designed to position the company as a leader in the U.S. nuclear fuel cycle, with a focus on domestic supply chain security [8][31] - The company is actively advancing four key production pillars: Irigaray CPP, Hobson CPP, Sweetwater CPP, and the Roughrider Project [7][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the favorable policy environment for the uranium industry, highlighting bipartisan support for nuclear energy [16][37] - The company is positioned to capitalize on the growing demand for secure domestic uranium supply amid a tightening market [17][46] Other Important Information - The Sweetwater Complex was designated as a FAST 41 Transparency Project, expediting ISR permitting for deposits on federal lands [12][13] - The company has a 100% unhedged strategy to maximize exposure to rising uranium prices [6][66] Q&A Session Summary Question: Production targets for the next 12 months - Management indicated that production is ramping up and could reach multi-million pound levels in the coming years, depending on market conditions [21][25] Question: Strategic uranium reserve and government involvement - Management discussed the potential for government funding and partnerships in the UR&C initiative, emphasizing the need for a vertically integrated approach to compete globally [29][31] Question: Updates on Irigaray upgrades - Management clarified that upgrades at Irigaray are aimed at increasing capacity and are not currently bottlenecking production [54][56] Question: Inventory strategy and future sales timing - Management stated that while uranium prices have risen, they are focused on pending developments from Washington and are not rushing to sell at current prices [64][66] Question: Cash costs and production cost expectations - Management provided clarity on cash costs, indicating stability in future production costs due to ongoing upgrades and operational efficiencies [78][80]

Core Viewpoint - Nuclear energy is a critical arena in great power competition, and control over uranium resources equates to control over future energy security [1] Group 1: Historical Context - Initially, China had minimal uranium resources, with only 17.4 million tons identified from 1950 to 2000, failing to rank in the top ten globally [3][5] - By 2009, China's nuclear power capacity surged, requiring 9,830 tons of uranium annually, while domestic production was only 1,885 tons, leading to a significant shortfall of 8,000 tons [3][5] Group 2: Challenges Faced - China relied heavily on uranium imports from countries like Kazakhstan, Australia, and Namibia, facing challenges such as price volatility and geopolitical pressures [5][14] - The phrase "we are a nuclear power but a uranium-poor country" encapsulated the frustration within China's nuclear industry during this period [5] Group 3: Breakthroughs in Uranium Exploration - A shift in geological exploration theory led Chinese geologists to explore sedimentary basins for uranium, resulting in the discovery of significant deposits in regions like Ordos and Tarim [7][9] - The introduction of innovative exploration methods, such as "coal-uranium co-exploration" and "oil-uranium co-exploration," drastically reduced costs and doubled efficiency [9][12] Group 4: Recent Discoveries and Developments - The discovery of the Daying uranium mine in the Ordos Basin, with over 50,000 tons of reserves, marked a significant milestone in China's uranium mining history [11] - By 2025, China is expected to have discovered one-third of its total uranium resources in the past decade, establishing four major uranium mining bases [13] Group 5: Future Projections - China's uranium self-sufficiency is projected to rise from under 20% in 2020 to over 40% by 2025 and potentially exceed 60% by 2030, reducing reliance on imports [14] - The shift in uranium resource control is expected to alter the international uranium pricing dynamics, enhancing China's bargaining power [14][16] Group 6: Strategic Implications - The advancements in uranium mining signify a move towards energy independence for China, impacting its nuclear power generation and military capabilities [16][19] - The goal is to establish a global uranium supply chain and enhance China's position in the international energy landscape [16][19]

Summary of Paladin Energy Conference Call - September 15, 2025 Company Overview - **Company**: Paladin Energy Limited - **Industry**: Uranium Mining Key Points Equity Raising - Announced a fully underwritten equity raising of AUD 300 million to enhance balance sheet flexibility for the PLF project and Langerhine Wreck mine operations [1] - Breakdown of the equity raise: - AUD 231 million from ASX institutional placement - AUD 30 million from Canadian bought deal financing on TSX - AUD 36 million from the sale of existing shares from the Fish and Uranium transaction in 2024 - AUD 20 million share purchase plan for eligible retail shareholders [1] Allocation of Funds - AUD 170 million allocated for PLS development, including: - Completion of front-end engineering and design (FEED) in 2026 - Detailed design work ahead of final investment decision (FID) - General and administrative costs for permitting approvals and community engagement [2] - AUD 20 million for infill and exploration drilling at PLS and Langerhine mine during FY 2026 [2] - AUD 100 million for general working capital to support Langerhine mine operations ramp-up to full capacity by FY 2027 [2] Operational Updates - Langerhine mine produced 727,000 pounds at a cost of USD 40.7 per pound, meeting expectations for FY 2026 [3] - The mine is on track to achieve FY 2026 guidance [3] Strategic Focus - The equity raise is primarily aimed at accelerating PLS development and providing liquidity for ongoing operations at Langerhine [19][20] - The PLS project is described as a world-class undeveloped uranium asset, with strong economics supporting its development [2] Exploration and Development Plans - Plans for a winter drilling program at PLS as part of the FY 2026 exploration budget [20] - Detailed design work is crucial for ensuring timely CNSC construction approvals, with a focus on derisking the project [23][43] Market Outlook - Strong demand for uranium driven by the build-out of nuclear capacity, positioning Paladin favorably for future growth [56] Community Engagement - Ongoing discussions with the Maty Nation regarding a mutual benefits agreement, with a commitment to addressing community concerns [50] Financial Guidance - The company is committed to delivering first production from the PLS project by early 2031, with a focus on minimizing project risks and ensuring funding flexibility [56] Additional Insights - The company is exploring opportunities for strategic partnerships to enhance funding options for the PLS project [25][26] - There is a focus on optimizing engineering and operational processes to improve efficiency and reduce costs [52][54] This summary encapsulates the key discussions and strategic directions outlined during the Paladin Energy conference call, highlighting the company's commitment to advancing its projects while maintaining financial flexibility and community engagement.