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.

智通财经APP获悉，核电股早盘集体走高，截至发稿，中核国际(02302)涨20.37%，报6.5港元；中广核 矿业(01164)涨5.34%，报3.55港元。 消息面上，据中银国际，Sprottt现货天然铀基金在过去的22个交易日中有18天成功融资，且筹资规模达 到2021-22年以来的新高。自9月1日以来，SPUT已募集超3亿美元，并在现货市场购买了超380万磅 U3O8。9月期间，现货铀价从76.03美元攀升至83美元。中邮证券认为，随着美联储持续降息，SPUT基 金购买行为将维持较长时间。此外，随着欧洲夏休结束，长贸交易逐渐活跃，历史看四季度为全年采购 旺季，下游核电业主或陆续进场采购，看好铀价下半年持续上行。 此外，摩根大通近日报告揭示了一个日益紧张的市场现实：一边是核能复兴和AI革命带来的爆炸性需 求，另一边却是主要生产商的减产和地缘政治引发的供应瓶颈。今年以来，铀的现货和期货价格已上涨 约5%。价格上涨的背后，是全球主要生产商如Kazatomprom和Cameco纷纷削减产量，而中国迅猛的核 电建设与AI数据中心带来的巨大电力需求，正推动需求强劲增长。 ...

核电股早盘集体走高，截至发稿，中核国际(02302)涨20.37%，报6.5港元；中广核矿业(01164)涨 5.34%，报3.55港元。 此外，摩根大通近日报告揭示了一个日益紧张的市场现实：一边是核能复兴和AI革命带来的爆炸性需 求，另一边却是主要生产商的减产和地缘政治引发的供应瓶颈。今年以来，铀的现货和期货价格已上涨 约5%。价格上涨的背后，是全球主要生产商如Kazatomprom和Cameco纷纷削减产量，而中国迅猛的核 电建设与AI数据中心带来的巨大电力需求，正推动需求强劲增长。 消息面上，据中银国际，Sprottt现货天然铀基金在过去的22个交易日中有18天成功融资，且筹资规模达 到2021-22年以来的新高。自9月1日以来，SPUT已募集超3亿美元，并在现货市场购买了超380万磅 U3O8。9月期间，现货铀价从76.03美元攀升至83美元。中邮证券认为，随着美联储持续降息，SPUT基 金购买行为将维持较长时间。此外，随着欧洲夏休结束，长贸交易逐渐活跃，历史看四季度为全年采购 旺季，下游核电业主或陆续进场采购，看好铀价下半年持续上行。 ...

Sprottt现货天然铀基金在过去的22个交易日中有18天成功融资，且筹资规模达到2021-22年以来的新 高。自9月1日以来，SPUT已募集超3亿美元，并在现货市场购买了超380万磅U3O8。9月期间，现货铀 价从76.03美元攀升至83美元。 绿地铀矿开发商融资与签约 NexGen今晨同时募集了4亿加元与4亿澳元，用于其Rook I项目的前期工程。该项目为目前最大的绿地 铀矿项目之一。WNA大会后绿地铀矿投资热度提升，市场对2030年代供需缺口共识进一步增强。 天然铀长贸价格突破80美元关口 智通财经APP获悉，中银国际发布研报称，重申对中广核矿业(01164)的买入评级，继续视其为现货价格 上涨和估值提升的关键受益者。自9月初的WNA后，该行看到整个核电产业链的融资进一步加速，上游 燃料环节尤甚。无论是实物铀基金还是绿地铀矿开发商均获得越来越多的投资者青睐，近期筹集资金的 规模就是明证。 中银国际主要观点如下： 现货抢购热潮 至9月底升至83美元每磅。在以较优惠的价格与绿地项目签约的选项用尽后，核电公司正转向以更高的 价格与在产主流天然铀生产商签订长贸合同。在今年春季现货价跌至60多美元时主流生产商仍坚 ...

Financial Data and Key Metrics Changes - Fiscal 2025 was a breakthrough year with initial low-cost production of approximately 130,000 pounds at a total cost of $36 per pound [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 [6] - As of July 31, 2025, the company maintained a robust balance sheet with $321 million in cash, inventory, and equities, and no debt [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 [5][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 [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 to over $80 per pound [24][61] - A structural supply deficit in uranium is projected to continue and widen, reaching a cumulative deficit of 1.7 billion pounds by 2045 [14] Company Strategy and Development Direction - The company is moving towards becoming America's only vertically integrated uranium company, expanding into refining and conversion with the launch of URNC [5][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][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position to capitalize on opportunities presented by favorable U.S. nuclear policy and a tightening uranium market [15][16] - The company is strategically positioned to meet the growing demand for secure domestic uranium supply, with a focus on building inventory to supply U.S. strategic uranium reserves [6][61] Other Important Information - The Sweetwater Complex was designated as a FAST 41 transparency project, expediting ISR permitting for deposits on federal lands [12] - The company is actively advancing its projects, with significant progress reported at the Christensen Ranch and Brook Hollow sites [10][11] Q&A Session Summary Question: What are the target production ranges for the next 12 months? - Management indicated that production is ramping up and could reach multi-million pounds per year, depending on market conditions and government policy [23][24] Question: Thoughts on the strategic uranium reserve and government involvement? - Management highlighted the importance of the strategic uranium reserve for energy security and national security, with ongoing lobbying efforts to support this initiative [33][34] Question: Updates on the conversion business and vertical integration? - The company is focused on creating an end-to-end capability in the nuclear fuel cycle, which has been well received by market participants [39][40] Question: How will cash costs progress as production ramps up? - Management expects cash production costs to remain stable, with ongoing upgrades aimed at increasing capacity rather than impacting costs [74][75]

证券研究报告 海外 行业定期报告 请务必仔细阅读正文之后的评级说明和重要声明 海外 AI：本周 KAP 公布 2026 年生产战略，将主动减产。公司计划 2026 年在名义产量 32777 吨 U3O8（约 8500 万磅 U3O8）的基础上削减约 10%，产量将降至 29697 吨（约 7700 万磅）U3O8。这一调整主要来自 JV Budenovskoye 项目的产能下调。管理层明确表示，当前市场供需尚未充分匹配，公司选择通过减产来维持价格 稳定和市场平衡，同时确保履行长期合同下的交付义务。公司保持稳健的库存状况和严谨的销售策略，确保所有 交付义务均能全额履行，同时保持灵活性，以快速响应市场发展。我们认为铀板块在近期因美俄关系变化带来短 期回调，但中长期逻辑依旧坚实：全球核能扩张趋势明确，Kazatomprom 等龙头的减产举措有助于巩固供需格 局并托底铀价。值得关注的是，即将召开的世界核能大会或将成为行业重要催化剂，市场可能借此契机重新聚焦 于核能在能源转型中的战略地位，以及铀资源在未来十年供给缺口中的稀缺价值。 板块行情回顾：本周（2025/8/18 至 2025/8/22）港美科技股先跌后涨。本周 ...

Core Insights - enCore Energy Corp. reported its financial and operational results for the six months ended June 30, 2025, highlighting significant operational improvements and financial metrics [1][5]. Financial Performance - For the three months ended June 30, 2025, the company recorded a net loss per share of $(0.03), an improvement from $(0.12) in the same period of 2024 [5]. - The weighted average cost of U3O8 sold was $59.42 per pound, down from $100.71 per pound in the same period of 2024 [5]. - The closing cash and equivalent balance was $26.9 million, with working capital of $30.2 million [5]. Operational Updates - The company extracted 203,798 pounds of U3O8 in Q2 2025, representing an increase of 79% from the first quarter of 2025 [5]. - Daily production averaged 2,678 pounds in June 2025, up from 2,103 pounds in May and 1,942 pounds in April 2025 [5]. - The company delivered 350,000 pounds of U3O8 into sales contracts at an average price of $62.58 per pound [5]. Inventory and Costs - The closing balance of U3O8 inventory was 244,204 pounds at a cost of $39.63 per pound [5]. - Total costs of U3O8 sold in Q2 2025 amounted to $20,796, with a cost per pound of $59.42 [4]. Project Developments - The Alta Mesa ISR Uranium Project continues to expand, with the addition of 75 wells during the second quarter [5]. - The company made important permitting progress by including the Upper Spring Creek ISR Uranium Project in the existing Radioactive Materials License from the Texas Commission on Environmental Quality [5]. - Construction activities for the wellfields and a Satellite Ion Exchange Plant commenced during the quarter [5]. Future Outlook - The company plans to increase the number of drill rigs operating to 30 in the third quarter of 2025 [5]. - Future projects in the pipeline include the Dewey-Burdock project in South Dakota and the Gas Hills project in Wyoming [17].

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more during the specified period [6]. Core Insights - The company produced 180,000 pounds of U3O8 in Q2 2025 and expects a total production of approximately 1 million pounds of finished U3O8 for the year [1][9]. - The average uranium grade at the Pinyon Plain mine is reported to be 2.23%, making it one of the highest-grade uranium mines in U.S. history [1]. - The company anticipates a decrease in production costs starting from Q4 2025, with expected sales costs dropping to between $30 and $40 per pound by Q1 2026 [7][8]. Production and Sales - In Q2 2025, the company sold 50,000 pounds of U3O8 at an average price of $77.00 per pound, generating total revenue of $3.85 million with a gross margin of 31% [2]. - The company holds a total inventory of 1.875 million pounds of U3O8 as of June 30, 2025, which includes 725,000 pounds of finished U3O8 [4][10]. - The company has adjusted its sales guidance for 2025 from 220,000 pounds to 350,000 pounds of U3O8, reflecting increased demand from utility customers [12]. Cost Structure - The weighted average cost of finished U3O8 inventory as of June 30, 2025, is approximately $53.00 per pound [8]. - The company expects to achieve a total weighted average sales cost of $23 to $30 per pound of U3O8, positioning it among the lowest production costs globally [7]. Project Development - The company is actively developing its Pinyon Plain mine and has reported excellent drilling results, indicating the potential for increased uranium resources [13]. - The Donald rare earth project in Australia has received final regulatory approval, with a final investment decision expected by Q4 2025 [16]. Financial Performance - In Q2 2025, the company reported total revenues of $4.212 million, a decrease of 52% year-over-year and a 75% decrease quarter-over-quarter [23]. - The net loss for Q2 2025 was $21.812 million, with total operating funds of $253.23 million, including $71.49 million in cash and cash equivalents [24].

Core Insights - Energy Fuels Inc. reported record-breaking performance at its Pinyon Plain uranium mine, which is expected to drive lower-cost U3O8 production and improve financial results compared to Q1 2025 [1][2][3] - The company is advancing its rare earth element (REE) projects, including receiving final regulatory approval for the Donald Project, and is benefiting from a significantly improved pricing environment for REEs [1][4][5] Financial Highlights - The company had a working capital of $253.23 million as of June 30, 2025, with no debt, positioning it strongly for project advancements [10][27] - A net loss of $21.81 million was reported for Q2 2025, an improvement from a net loss of $26.32 million in Q1 2025 [10][25] - Total revenues for Q2 2025 were $4.21 million, down from $8.72 million in Q2 2024, primarily due to lower uranium sales [25] Uranium Production and Sales - The company produced 180,000 pounds of finished U3O8 during Q2 2025 and sold 50,000 pounds on the spot market for $77.00 per pound [10][25] - Expected uranium mine production for 2025 is projected to be between 875,000 to 1,435,000 pounds of U3O8, with additional contributions from third-party ore purchases [10][11] - The average cost of goods sold for U3O8 is expected to decline to approximately $23 to $30 per pound by Q4 2025, enhancing profit margins [14] Rare Earth Elements (REE) Developments - The company has made significant progress in its REE projects, with Chinese neodymium-praseodymium prices increasing by approximately 19.5% recently [4][16] - The Donald Project has received final regulatory approval, allowing for the finalization of financing arrangements and a potential final investment decision by the end of 2025 [5][17] - Pilot-scale production of heavy REEs, including dysprosium and terbium, is underway, with commercial-scale production expected as early as Q4 2026 [6][17] Market Context - The spot price of U3O8 was reported at $71.50 per pound as of August 1, 2025, with long-term prices at $82.00 per pound [16] - The REE market is experiencing significant price increases, with European dysprosium and terbium prices exceeding Chinese prices by substantial margins [4][16] Strategic Initiatives - The company is enhancing its technical capabilities to produce heavy REEs at scale and is exploring various feedstocks for its production processes [21][29] - Energy Fuels is also advancing its Toliara Project in Madagascar, aiming for a final investment decision as early as 2026, contingent on negotiations with the government [21][29]

bossenergy.com positive catalysts. For personal use only Boss Energy well positioned to benefit from rising Long-Term price A global multi-mine Uranium producer For personal use only First mover advantage in a rising Uranium market Diggers and Dealers 4 August 2025 ASX: BOE | OTCQX: BQSSF Uranium Industry Update 0 20 40 60 80 100 120 140 160 180 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 AU$ U3O8 Spot Price U3O8 Long-Term Price Source: UxC, LLC https://www.uxc.com/ Term price (which represents ~ ...