中信建投证券股份有限公司（以下简称"中信建投证券"、"保荐人（联席主承销商）"或"保荐人"）担任 本次发行的保荐人（联席主承销商），中信证券股份有限公司（以下简称"中信证券"）担任本次发行的 联席主承销商（中信建投证券和中信证券以下合称"联席主承销商"）。 本次发行的初步询价和网下发行均通过深交所网下发行电子平台（以下简称"网下发行电子平台"）及中 国证券登记结算有限责任公司深圳分公司（以下简称"中国结算深圳分公司"）登记结算平台进行，请网 下投资者认真阅读本公告。关于初步询价和网下发行的详细内容，请查阅深交所网站（www.szse.cn） 公布的《网下发行实施细则》等相关规定。 本次网下发行部分限售期安排：网下发行部分采用比例限售方式，网下投资者应当承诺其获配股票数量 的30%（向上取整计算）限售期限为自发行人首次公开发行并上市之日起6个月。即每个配售对象获配 的股票中，70%的股份无限售期，自本次发行股票在深交所上市交易之日起即可流通；30%的股份限售 期为6个月，限售期自本次发行股票在深交所上市交易之日起开始计算。 中国铀业股份有限公司（以下简称"中国铀业"、"发行人"或"公司"）根据中国证券监督管理委 ...

Industry Overview - The demand for nuclear power is expected to increase significantly, with the International Atomic Energy Agency forecasting that global operational capacity could more than double by 2050 due to new reactor designs and increased demand from data centers [3][30]. - The U.S. government has announced billions of dollars in incentives to grow domestic uranium capacity, focusing more on the back end of the nuclear supply chain rather than mining [8][10]. - There is a growing recognition of the need for the U.S. to secure its uranium supplies, especially given that it currently produces less than 2% of its uranium needs domestically [7][10]. Company Overview - Homeland Uranium is a newly established company focused on developing two uranium deposits in Northern Colorado, aiming to become a significant player in the U.S. uranium industry [5][45]. - The company plans to prove up historical resources and move quickly into operational phases, targeting a production timeline of around 2029 to 2030 [21][63]. - The company is looking to utilize modern mining techniques and technologies to lower costs and increase efficiency, potentially achieving a 25% reduction in costs compared to historical methods [56][59]. Project Development Timeline - The company aims to reach an initial inferred resource for its first project within six months and an indicated resource within 18 months, with parallel timelines for the second project [24][80]. - A construction timeline of approximately four years is anticipated, with the goal of starting production by 2029 or 2030 [22][26]. - Key milestones include initial resource assessments, advanced engineering studies, and permitting processes, which are critical for moving forward [80][81]. Market Demand and Supply Dynamics - The current uranium market requires about 170 million pounds annually, with demand expected to grow by about a third by 2030 and potentially double by 2040 [68][70]. - The industry is facing a supply gap due to a lack of investment in uranium production over the past decade, which could hinder the ability to meet future demand [31][70]. - The company believes that the existing operations in the U.S. can recover between 500,000 to 1 million pounds of uranium annually, but new projects could significantly increase output [66][67]. Competitive Landscape - The company aims to differentiate itself by focusing on scalable, open-pit mining operations that can produce multiple million pounds of uranium per year, which is a significant increase compared to historical small-scale operations [60][67]. - The competitive landscape is influenced by global uranium prices, with Kazakhstan and Canadian producers currently being the lowest-cost suppliers [56][57]. - The company plans to build a portfolio of operations to stabilize supply and enable long-term contracts with utilities, which is crucial for financial stability [76][78].

Core Viewpoint - China Uranium Industry (001280.SZ) has announced its initial public offering (IPO) and plans to list on the main board, offering 248 million shares, which represents 12.00% of the total share capital post-issuance [1] Group 1: Company Overview - China Uranium Industry focuses on the comprehensive utilization of natural uranium and radioactive co-associated mineral resources, primarily engaging in the mining, sales, and trade of natural uranium resources [1] - The company holds significant domestic and international natural uranium resources, with 6 exploration rights and 19 mining rights [1] - It ranks among the top ten global natural uranium producers, contributing to over 90% of the world's natural uranium production according to WNA statistics [1] Group 2: Financial Performance - The company's revenue for the reporting period was 10.535 billion, 14.801 billion, 17.279 billion, and 9.551 billion [1] - Net profits for the same periods were 1.52 billion, 1.511 billion, 1.712 billion, and 0.871 billion [1] - The company demonstrates a stable expansion in business scale and an overall growth trend in operational performance [1] Group 3: Fund Utilization - The funds raised from the IPO will be allocated to several key projects, including in-situ leaching uranium extraction projects in Inner Mongolia and Xinjiang, as well as various technical upgrades and new material projects [2]

Core Points - The U.S. government has made its largest adjustment to the critical minerals list since its inception, directly impacting the Section 232 investigation announced by the Trump administration in April, which may lead to tariffs and trade restrictions on related products [1] - The updated list now includes copper, uranium, silver, metallurgical coal, potash, rhenium, silicon, and lead, marking a significant change from the 2022 version [1] - This adjustment aims to reduce U.S. reliance on imports and expand domestic production, as stated by U.S. Secretary of the Interior Doug Burgum [1] Group 1 - The inclusion of copper and potash addresses supply chain risks, with copper being crucial for electrification, defense, and clean energy [4][5] - The U.S. imports nearly half of its copper consumption, primarily from Chile, Peru, and Canada, while most global copper refining capacity is concentrated in China [5] - Potash, used mainly for fertilizer production, is largely imported from Canada, with 80% of U.S. usage coming from there [5] Group 2 - The addition of silver has raised concerns among precious metal traders and manufacturers reliant on the material, as the U.S. heavily depends on imports to meet domestic silver demand [6] - Silver's inclusion is a response to potential supply disruptions from Mexico, with the U.S. Geological Survey (USGS) categorizing minerals by risk levels for the first time [6] - The new assessment method considers economic consequences of supply shocks and highlights vulnerabilities from reliance on single domestic producers [6] Group 3 - Metallurgical coal and uranium were added to the final list despite not being included in the draft published in August, indicating a comprehensive evaluation process [7] - Metallurgical coal is essential for steel production, while uranium serves as fuel for nuclear power plants [7] - The USGS removed arsenic and tellurium from the critical minerals list due to decreased supply disruption risks and increased domestic production [7]

Financial Data and Key Metrics Changes - Spot prices for uranium rose 16% to $83.25 per pound during Q3 2025, driven by increased market liquidity [7] - The term price for uranium increased to $86 per pound, the highest level since May 2008, indicating a shift towards a higher price environment [8][10] Business Line Data and Key Metrics Changes - The company has signed four contracts and is engaged in 600 additional negotiations with utilities, reflecting a strong demand for diversified uranium supply [26][27] - The company reported a cash balance of approximately CAD 1.2 billion, positioning it well for upcoming development activities [16] Market Data and Key Metrics Changes - The uranium market is experiencing unprecedented demand, with forecasts indicating annual uranium demand could reach 530 million pounds in the next 15 years, compared to current demand of just under 180 million pounds [10][11] - The U.S. government announced an $80 billion investment in new commercial reactors, further driving demand for uranium [4][5] Company Strategy and Development Direction - The company is preparing for its first commission hearing for the Rook I project, which is expected to set new benchmarks in economic, environmental, and social stewardship [2][13] - The company emphasizes the importance of supply diversification and is positioned as a key provider to allied nations' uranium needs [12][24] Management's Comments on Operating Environment and Future Outlook - Management highlighted a clear alignment of policy and capital in support of nuclear energy, with utilities actively seeking long-term supply contracts [3][11] - The company anticipates continued strength in uranium prices as it enters a seasonally strong contracting period [11] Other Important Information - The company successfully raised AUD 1 billion in a global equity offering, strengthening its financial position for the Rook I project [15][16] - The company has maintained a strong focus on community engagement and has secured support from local indigenous nations for the Rook I project [14][15] Q&A Session Summary Question: What has been your experience in dealing with utilities and building confidence in delivery targets? - The company is actively engaged in multiple negotiations with utilities and has signed four contracts, with pricing terms higher than reported market levels [26][27] Question: Can you expand on what you mean by utilities looking to finance NexGen into production? - The company is exploring various financing options, including prepayments and project interests, reflecting utilities' proactive approach to securing future supply [31][32] Question: How do you see the timing of the Rook I project affecting utility behavior? - The timing of permit approvals is not a significant factor in current negotiations, as contracts are based on the commencement of commercial production [37][38] Question: What is the current status of detailed engineering for the project? - Detailed engineering for the first 18 months of construction is complete, and the company is well-prepared for the next phases [45][46] Question: How do you plan to manage production levels in relation to uranium prices? - The company has a flexible production strategy, capable of adjusting output based on market conditions while maintaining profitability [49][50] Question: Are there plans for exploring additional acreage for future projects? - The company is focused on long-term exploration and development, with significant potential remaining in the Patterson Corridor [53][54]

Core Viewpoint - Tanzania has reopened its border with Zambia, restoring the flow of goods between the two major copper-exporting countries in Africa after a period of disruption due to post-election unrest [1] Group 1: Trade and Economic Impact - The border reopening allows for the resumption of trade, with authorities managing to release an average of 250 trucks in each direction daily to reduce cargo backlogs [1] - The port of Dar es Salaam in Tanzania serves as a crucial hub for transporting copper and cobalt from the Democratic Republic of Congo and Zambia to China, as well as being a significant fuel import terminal for the region [1] Group 2: Political Context - The situation has improved since President Samia Suluhu Hassan took office, following a controversial election that was marred by violence [1] - Neighboring Malawi, an uranium exporter, has attributed its fuel shortages to the regional trade disruptions caused by the unrest in Tanzania, highlighting the interconnectedness of regional economies [1]

Financial Data and Key Metrics Changes - The company reported an improved net loss of $16.7 million for Q3 2025, compared to a net loss of $21.8 million in Q2 2025 [27] - Total assets at the end of the quarter were $750 million, with working capital approximately $300 million, including $235 million in cash and marketable securities [27] - The company expects working capital to reach between $900 million to $1 billion by the end of the year [27] Business Line Data and Key Metrics Changes - Uranium production increased, with the company mining approximately 415,000 lbs of uranium at an average grade of 1.27% in Q3 2025 [9] - The company expects to produce between 1.1-1.4 million lbs of uranium in Q1 2026, with a target of over 2 million lbs per year at the Pinyon Plain Mine in 2026 [10][11] - The rare earth segment is progressing, with nearly 30 kilograms of DY oxide produced at 99.9% purity through September 2025 [13] Market Data and Key Metrics Changes - The prices for rare earth oxides, particularly outside of China, have increased, with NdPr prices rising 13% over September 2025 [18] - The company anticipates significant demand for non-China sourced materials, particularly from the Donald project in Australia [36] Company Strategy and Development Direction - The company aims to maintain its position as the largest uranium producer in the U.S. while expanding its rare earth and heavy mineral sands operations [30] - The Donald project is expected to make a final investment decision (FID) as early as Q1 2026, with significant government support and financing [17][36] - The company is focused on integrating its operations across uranium, rare earths, and heavy mineral sands to capitalize on market opportunities [6][47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver on its promises and capitalize on the growing demand for critical minerals [2] - The management highlighted the importance of strategic partnerships and government interest in securing U.S. processed materials [52][53] - The company is optimistic about improving margins and production capabilities in the coming years [30][29] Other Important Information - The company completed a $700 million convertible note offering, which was oversubscribed and will be used for project expansions [25][26] - The White Mesa Mill is being expanded to double its capacity, allowing for simultaneous processing of uranium and rare earths [26] Q&A Session Summary Question: Regarding the Donald project and its timeline - Management indicated that the project is ready to go and is exploring options with potential off-takers to maximize value [36][38] Question: Clarification on preliminary guidance for uranium sales - The delta in sales guidance is due to the flexibility in contracts, allowing for adjustments based on market conditions [39] Question: Inquiry about the rare earth separation plant's financial metrics - Management stated that feasibility studies are underway, and updated financial metrics will be provided by the end of the year [40][41] Question: Discussion on uranium production guidance - The company is managing production between uranium and rare earth processing, with plans to stockpile unprocessed material for future use [42] Question: Long-term contracting philosophy for uranium - Management aims for a balanced approach, targeting around 50% of production for long-term contracts while remaining flexible to market conditions [55]

Core Points - The Ministry of Industry and Information Technology has announced the seventh batch of national industrial heritage sites, including the Zhonghe Shaoguan Uranium Mine located in Wengyuan and Nanhua cities [1] Group 1: Historical Significance - The 741 Mine, located in Wengyuan, was the first uranium mine in Guangdong and one of the earliest developed uranium mines in China, playing a crucial role in the country's nuclear defense efforts during the 1950s [3][5] - During its peak, the mining area had a resident population exceeding 6,000, forming a complete mining and living system, and it provided essential raw materials for the nuclear industry [8] Group 2: Contributions to National Defense - The workers established China's first uranium hydrometallurgical plant in less than six months and supplied 71.3 tons of ammonium diuranate, which accounted for two-thirds of the initial materials needed for China's first atomic bomb [5] - The mine's contributions significantly impacted China's national defense and nuclear industry development, marking a historical milestone in the country's development [5] Group 3: Transition and Current Status - In 2002, the 741 Mine was restructured and its uranium assets were transferred to the newly established China Nuclear Shaoguan Jin Hong Uranium Industry Company, leading to its eventual closure in 2004 [6] - Although both the 741 and 743 mines have ceased operations, they are now recognized as industrial cultural heritage sites, serving as platforms for patriotism and science education [8]

Investment Rating - The report gives a "Recommended" rating for the industry [4] Core Insights - In Q3 2025, the company produced a record 1,066,496 pounds of U₃O₈, reflecting a 7% increase quarter-on-quarter and a 67% increase year-on-year, with an average recovery rate of 86% [1][2] - The company sold 533,789 pounds of U₃O₈ in Q3 2025, a decrease of 25% quarter-on-quarter and 14% year-on-year, primarily due to shipment delays [1] - The average realized price for U₃O₈ in Q3 2025 was $67.4 per pound, up 21% from the previous quarter but down 4% year-on-year [1][2] - The company signed a new uranium sales agreement, bringing the total to 14 agreements with global clients in the US, Europe, and Asia [2] - The company received a prepayment of $29.7 million, which will be recognized in Q4 2025 [2] Production and Mining Activities - Mining activities remained active, with total mined volume reaching 5.27 million tons, a 63% increase from the previous quarter [3] - The company is focusing on waste removal in the G pit area to ensure increased ore production in the first half of 2026 [5] - The average ore feed grade was stable at 477 ppm U₃O₈, with the plant recovery rate at 86% [3][9] Financial Performance - The company completed a fully underwritten equity financing, raising approximately AUD 300 million, which will enhance balance sheet flexibility [6][7] - As of September 30, 2025, the company held $269.4 million in unrestricted cash and investments, an increase of $180.4 million from the previous quarter [7] - The unit production cost in Q3 2025 was $41.6 per pound, an 11% increase quarter-on-quarter but a 1% decrease year-on-year [2][9]

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]