Group 1 - International crude oil prices saw a significant increase, with West Texas Intermediate (WTI) closing at $58.25 per ton, up 3.48%, and Brent crude at $62.68 per ton, up 3.93% [1] - Precious metal prices continued to decline, with gold priced at $4478.4 per ounce, up 0.49%, while silver dropped to $76.35 per ounce, down 2.35% [3] - Base metals experienced notable declines, with nickel falling to $17,065 per ton, down 3.31%, and tin at $43,435 per ton, down 2.04% [3] Group 2 - Uranium (U3O8) prices increased slightly to $81.95 per pound, up 0.18% [2] - Iron ore prices showed mixed results, with 62% grade iron ore at $107.95 per ton, down 0.92%, while 58% grade iron ore remained stable around $95 per ton [3] - Copper futures on the London Metal Exchange (LME) decreased to $12,687.20 per ton, down 1.38%, while aluminum rose slightly to $3,087.50 per ton, up 0.16% [3]

Group 1: Oil and Iron Ore Prices - International crude oil prices experienced a slight increase, with West Texas Intermediate (WTI) closing at $57.81 per barrel, up by 1.56%, and Brent crude at $61.31 per barrel, up by 1.72% [1] - The price of 62% grade iron ore rose to $107.30 per ton, an increase of 0.14%, while 58% grade iron ore increased to $94.49 per ton, up by 0.04% [3] Group 2: Precious Metals and Other Commodities - Precious metals saw a significant decline, with palladium prices dropping by over 17.48% to $1,638.00 per ounce, platinum down by 14.35% to $2,113.60 per ounce, and silver decreasing by 7.66% to $73.05 per ounce [3] - Gold prices on the New York Mercantile Exchange fell to $4,333.00 per ounce, a decrease of 4.38% [3] - In the London Metal Exchange, copper futures rose to $12,183.67 per ton, up by 0.65%, while aluminum fell slightly by 0.08% to $2,950.50 per ton [3]

Group 1: Oil Prices - International crude oil prices experienced a decline, with West Texas Intermediate (WTI) closing at $56.92 per barrel, down 2.52% [1] - Brent crude oil closed at $60.27 per barrel, down 2.54% [1] Group 2: Metal Prices - Uranium (U3O8) price increased to $81.4 per pound, up 0.18% [2] - 62% iron ore fines remained stable at $107.15 per ton, while 58% iron ore fines also held steady at $94.45 per ton [3] - Gold prices on the New York Mercantile Exchange rose to $4531.5 per ounce, up 1.13% [3] - Silver surged to $79.11 per ounce, increasing by 5.89% [3] - Platinum reached $2467.7 per ounce, up 10.05% [3] - Palladium climbed to $1985.0 per ounce, up 12.37% [3]

来源：自然资源部 周二，国际矿产品价格多数上涨，铂钯继续飙升，白银突破70美元/盎司，铜期货价格接近12000美元/ 吨。 西德克萨斯中油（WTI）收于58.46美元/桶，上涨0.88%。布伦特（Brent）原油收于61.93美元/桶，上涨 0.77%。 铀（U3O8）收于81.15美元/磅，下跌0.31%。 62%品位铁矿粉收于107.15美元/吨，下跌0.07%。58%品位铁矿粉收于94.43美元/吨，下跌0.11%。 伦敦金属交易所（LME）铜期货价格收于12052.00美元/吨，上涨1.18%。铝2919.00美元/吨，下跌 0.02%。铅1981.50美元/吨，上涨0.66%。锌3094.50美元/吨，上涨0.60%。镍15635.00美元/吨，上涨 2.52%。锡42605.00美元/吨，下跌0.25%。 纽约商品交易所黄金价格收于4484.3美元/盎司，上涨0.89%。银72.32美元/盎司，上涨4.76%。铂2355.0 美元/盎司，上涨9.39%。钯1936.5美元/盎司，上涨6.25%。 ...

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 [4] - The balance sheet remains strong with $698 million in cash, inventory, and equities at market prices and no debt [7] - The uranium inventory stands at 1,356,000 lbs U3O8 as of October 31, 2025, excluding an additional 199,000 lbs produced since restarting production [8] Business Line Data and Key Metrics Changes - The company launched the United States Uranium Refining and Conversion Corp, positioning itself as the only U.S. supplier with both uranium and UF6 production capabilities [3] - Production at Christensen Ranch has accumulated approximately 199,000 pounds of precipitated uranium and dried and drummed U3O8 since operations resumed [10] - The company is nearing operational status at Burke Hollow, with major construction milestones substantially complete [6] Market Data and Key Metrics Changes - The company continues to increase uranium inventory ahead of the Section 232 decision, benefiting from a tightening global market with a structural supply deficit [8] - The current uranium price backdrop is supported by growing global nuclear demand and favorable U.S. policy [9] - The supply deficit is expected to exceed 1.7 billion pounds by 2045 on a cumulative basis [15] Company Strategy and Development Direction - The company is focused on four key pillars of production growth: Powder River Basin, South Texas, Sweetwater, and Roughrider projects [10] - The development of the Ludeman ISR project is underway, which is fully licensed and permitted [12] - The company aims to build a fully American supply chain aligned with U.S. energy policy and defense needs [9] 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 [15] - The company is positioned to benefit from expected higher uranium prices due to a structural supply deficit [8] - Management highlighted the importance of the URNC initiative as a differentiator in the market, providing end-to-end capabilities from uranium resources to processing [37] 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] - The company is 100% unhedged, maintaining full exposure ahead of the Section 232 investigation results [8] Q&A Session Summary Question: What are the next milestones for the URNC venture? - Management indicated that they are progressing well with state-level discussions and feasibility studies, aiming to deliver more information in fiscal Q2 [21][22] 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 [27] Question: Can you provide guidance on the potential production timelines for the Ludeman project? - Management stated that Ludeman is well-situated for development and will follow a similar approach to Christensen Ranch, with production ramp-up planned [44] Question: What is the expected timeline for the Strategic Uranium Reserve release? - Management is optimistic about the potential for an expanded Strategic Uranium Reserve and expects to hear recommendations from the president by December or early January [52] Question: What is the estimated spend required to advance the URNC initiatives for fiscal year 2026? - Management indicated that current spending is modest and the company is adequately capitalized for the work needed at this stage [76]

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]

Core Insights - International mineral prices mostly increased, with silver showing the highest gain [1] Group 1: Oil Prices - West Texas Intermediate (WTI) crude oil closed at $58.55 per barrel, up 0.77% [1] - Brent crude oil closed at $62.47 per barrel, up 0.92% [1] Group 2: Uranium and Iron Ore Prices - Uranium (U3O8) closed at $76.35 per pound, up 0.26% [2] - 62% iron ore fines closed at $104.90 per ton, up 0.10% [3] - 58% iron ore fines closed at $91.67 per ton, essentially unchanged [3] Group 3: Base and Precious Metal Prices - LME copper futures closed at $10,960.92 per ton, up 1.26% [3] - Aluminum closed at $2,864.61 per ton, up 2.29% [3] - Lead closed at $1,973.50 per ton, down 0.30% [3] - Zinc closed at $3,055.28 per ton, up 1.91% [3] - Nickel closed at $14,840.50 per ton, down 0.43% [3] - Tin closed at $38,090.00 per ton, up 1.25% [3] - Gold price on the NYMEX closed at $4,162.70 per ounce, up 0.77% [3] - Silver closed at $53.35 per ounce, up 3.65% [3] - Platinum closed at $1,587.60 per ounce, up 2.47% [3] - Palladium closed at $1,424.00 per ounce, up 2.15% [3]

Investment Rating - The report assigns a "Recommended" investment rating for the industry [6]. Core Insights - In Q2 2025, the uranium production volume reached 6,609 tons U3O8, representing a 17% increase quarter-over-quarter and a 14% increase year-over-year [1]. - The group's uranium sales volume for Q2 2025 was 5,065 tons U3O8, which is a significant 98% increase from the previous quarter and a 1% increase from the same period last year [1]. - The average realized price for the group in Q2 2025 was $60.36 per pound, reflecting a 10% increase from the previous quarter but a 12% decrease year-over-year [1]. - The average spot price at the end of Q2 2025 was $72.59 per pound, which is a 10% increase quarter-over-quarter but a 17% decrease year-over-year [2]. Production and Sales Performance - The uranium production volume for the first half of 2025 was 12,242 tons U3O8, a 13% increase compared to the same period in 2024 [9]. - The attributable uranium production volume for Q2 2025 was 3,467 tons U3O8, marking a 17% increase quarter-over-quarter and a 13% increase year-over-year [1]. - The KAP uranium sales volume for Q2 2025 was 4,429 tons U3O8, which is a 73% increase from the previous quarter and a 1% increase year-over-year [1]. Company Developments - The company has applied for a credit line from the Kazakhstan Development Bank to finance the construction of a sulfuric acid plant, with a total project cost of approximately 113 billion KZT [3]. - A new uranium processing plant operated by the joint venture KATCO has commenced operations, with an annual capacity of 2,000 tons of uranium [4]. - The company is exploring opportunities to expand its sales region into the European Union [5]. Updated Guidance for 2025 - The company maintains its production guidance for 2025 at 25,000 - 26,500 tons U3O8 (100% basis) and 13,000 - 14,000 tons (attributable basis) [8][10]. - The expected sales volume for the group in 2025 is projected to be between 17,500 - 18,500 tons, with KAP sales volume adjusted to 13,500 - 14,500 tons [8][10]. - The revenue from group uranium sales is expected to be between 1,400 - 1,500 billion KZT [10].