Announcement • Jun 10

Uranium Energy Corp Commences Production At Burke Hollow and Provides Operational Updates on Isr Projects

Uranium Energy Corp. commenced production at Burke Hollow, America's largest greenfield in-situ recovery project to come into production in over a decade started operations in South Texas. During the quarter, 32,195 pounds of uranium concentrate were produced at a Total Cost per Pound of $54.61, including a Cash Cost per Pound of $46.69. Total Cost per Pound rose in the third quarter primarily due to lower production resulting from timing of regulatory approvals for new header houses that started operating later in the quarter and an increase in State taxes. Since commissioning, Uranium Energy Corp.'s Total Cost per Pound remains a leader in the domestic industry at $39.30, including a Cash Cost per Pound of $32.40, across 276,516 pounds. Three new header houses in Wellfield 11 began production towards the end of the quarter. Five additional header houses are under construction and one additional header house is complete, awaiting regulatory approval. Production rates are expected to increase in the fourth fiscal quarter with new header houses at Christensen Ranch and Burke Hollow operational for the full quarter. The 240-hole delineation drilling program was completed. Ludeman is planned to be the Company's third operating ISR uranium mine and designed to feed the Irigaray Central Processing Plant. A 200-hole delineation drilling program in the first two planned wellfields at Sweetwater was completed. Core drilling is over 80% complete to support a planned pre-feasibility study for the Roughrider Project located in the Athabasca Basin of Saskatchewan, Canada. United States Uranium Refining & Conversion Corp. achieved its first U.S. Nuclear Regulatory Commission licensing milestone with receipt of a Docket Number for its planned uranium conversion facility. Ongoing discussions with the U.S. Department of Energy regarding strategic nuclear fuel cycle infrastructure has led United States Uranium Refining & Conversion Corp. to broaden its site selection process. Additional candidate locations were added to ensure alignment with federal priorities to restore domestic uranium conversion capacity and strengthen America's nuclear fuel supply chain. This work has culminated in the identification of a final shortlist of candidate locations. Concurrently, work led by Fluor Corporation is advancing into a new phase with the significant expansion of engineering and technical resources supporting facility design, siting, licensing and development. A recently completed independent report concluded that Uranium Energy Corp.'s Alto Paraná Titanium and Vanadium Project in Paraguay represents a globally significant critical minerals platform. The study determined the project has potential to materially contribute to the security and diversification of U.S. supply chains for titanium and vanadium. The report also reinforces the value of Uranium Energy Corp.'s disciplined approach to identifying, acquiring and developing assets aligned with national security, advanced manufacturing and resilient critical minerals supply chains. The report was conducted by TZ Minerals International PTY LTD, which evaluated the project and its positioning within the U.S. critical materials framework. As of April 30, 2026, total cumulative production from Christensen Ranch was approximately 277,000 pounds of precipitated uranium and dried and drummed U3O8 at the Irigaray Central Processing Plant at a Total Cost per Pound of $39.30, including a Cash Cost per Pound of $32.40. In the third fiscal quarter, 32,195 pounds of uranium were produced at Christensen Ranch at a Total Cost per Pound of $54.61, including a Cash Cost per Pound of $46.69. Total Cost per Pound increased from $44.14 in the prior quarter as a result of lower production due to timing of regulatory approvals for new header houses that started operating later in the quarter and an increase in State taxes. ProductionBased Royalties, Ad Valorem and Severance Tax per Pound increased from $6.67 in the second quarter to $8.11 in the third quarter of fiscal 2026 as a result of the increase in State taxes. On March 23, 2026, the Company announced that it had secured State regulatory approval and commenced operating three additional header houses in Wellfield 11 at Christensen Ranch. Preconditioning of Wellfield 11 started thereafter, followed by carbon dioxide and oxygen injection to initiate the uranium recovery process. At the end of April, a small amount of uranium extracted from Wellfield 11 had reached the precipitation stage. As a result, preconditioning, leaching and precipitation costs were capitalized as production costs for the quarter, while the associated production volume from Wellfield 11 has yet to be fully reflected. With new header houses online for the full quarter, production is expected to increase in the fourth fiscal quarter, which is expected to lower Total Cost per Pound at Christensen Ranch. The Company continued to develop new production areas at Christensen Ranch during the quarter. One header house in Wellfield 11 is complete and is awaiting regulatory approval. Five more header houses are under construction in Wellfields 12 and 10-extension. Additionally, baseline water quality sampling was completed in Wellfield 10-extension. At Ludeman, Uranium Energy Corp.'s third ISR project, the previously announced 240-hole delineation drill program was completed. This work will assist wellfield pattern design currently underway. Additionally, core samples were collected for subsequent laboratory testing. Engineering work for the satellite ion-exchange plant progressed with the plant layout and pad design largely finalized and with fabrication of the ion-exchange vessels ahead of schedule. The engineering team continues to advance the remainder of the mechanical equipment specifications, which allows the Company to begin the procurement process for longer lead time equipment. Uranium captured on ion-exchange resin at the Ludeman satellite plant will be transported to the Company's Irigaray Central Processing Plant, Uranium Energy Corp.'s hub in the Powder River Basin, for stripping, precipitation, drying and packaging. On April 8, 2026, the Company announced that it had received approval from the Texas Commission on Environmental Quality and commenced production at the Burke Hollow project in South Texas. In order to initiate the uranium recovery process, oxygen and carbon dioxide were injected into the wellfield and will provide initial feed to the ion-exchange plant. Burke Hollow is anticipated to contribute to production in the fiscal fourth quarter of 2026.

Interest coverage ratio	n/a
Cash	US$488.05m
Equity	US$1.42b
Total liabilities	US$116.58m
Total assets	US$1.54b

Data	Last Updated (UTC time)
Company Analysis	2026/07/06 09:21
End of Day Share Price	2026/07/06 00:00
Earnings	2026/04/30
Annual Earnings	2025/07/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Alexander Robert Pearce	BMO Capital Markets Equity Research
Katie Lachapelle	Canaccord Genuity
Sai Chang	Cantor Fitzgerald Canada Corporation

Uranium Energy Balance Sheet Health

Financial Health criteria checks 5/6

Key information

Recent financial health updates

Recent updates

Uranium Energy (UEC) Stock Could Be 47.9% Undervalued After Burke Hollow Production Start

Uranium Energy Stock Falls on Q3 Loss as Production Grows and Sales Are Deferred

Uranium Energy Corp Commences Production At Burke Hollow and Provides Operational Updates on Isr Projects

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Uranium Energy Corp Commences Production At Burke Hollow

Insufficient new directors

Uranium Energy Corp.'s Subsidiary United States Uranium Refining & Conversion Corp Receives Docket Number from the U.S. Nuclear Regulatory Commission for Its Planned Uranium Conversion Facility

New minor risk - Shareholder dilution

Forecast breakeven date pushed back to 2028

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Now 25% overvalued after recent price rise

Price target increased by 8.5% to US$18.17

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New minor risk - Shareholder dilution

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Full year 2025 earnings: EPS and revenues miss analyst expectations

Price target increased by 9.6% to US$12.00

New major risk - Revenue and earnings growth

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Price target increased by 9.7% to US$10.83

Uranium Energy Corp Sweetwater Project Designated by U.S. Government for Fast-Track Permitting to Add In-Situ Recovery Capability, Creating the Largest Dual-Feed Uranium Facility in the U.S

President exercised options and sold US$2.6m worth of stock

New minor risk - Share price stability

New minor risk - Profitability

Uranium Energy Corp., Annual General Meeting, Jul 17, 2025

New major risk - Revenue and earnings growth

Consensus revenue estimates fall by 29%

Second quarter 2025 earnings released: US$0.024 loss per share (vs US$0.006 profit in 2Q 2024)

Uranium Energy Corp. has filed a Follow-on Equity Offering in the amount of $300 million.

Consensus revenue estimates increase by 18%

Uranium Energy Corp. (NYSEAM:UEC) completed the acquisition of Kennecott Uranium Company and Wyoming Coal Resources Company from Rio Tinto America Inc.

Full year 2024 earnings released: US$0.074 loss per share (vs US$0.009 loss in FY 2023)

Now 20% overvalued after recent price rise

Now 20% overvalued after recent price rise

Insufficient new directors

Uranium Energy Corp. Announces Executive Changes

Uranium Energy Corp. (NYSEAM:UEC) agreed to acquire Assets of Rio Tinto America Inc for approximately $180 million.

Uranium Energy Corp. announced that it has received $0.10395 million in funding

Uranium Energy Corp Intersects 11.4% Eu3o8 over 2.4 Metres At Roughrider North Discovery, 850 Meters Northeast of the Roughrider Deposit

Uranium Energy Corp Intersects 12.7% Eu3o8 over 7.2 Metres, 850 M Northeast of Roughrider Deposit

Uranium Energy Corp Announces Restart of ISR Uranium Production in Wyoming

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Secretary exercised options and sold US$439k worth of stock

Now 21% undervalued after recent price drop

Uranium Energy Corp.(NYSEAM:UEC) dropped from Russell Small Cap Comp Value Index

Now 4.2% undervalued after recent price drop

Now 21% overvalued

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President exercised options and sold US$3.7m worth of stock

Insufficient new directors

Uranium Energy Corp. Announces the Appointment of Brent Berg as Senior Vice-President, U.S. Operations

Uranium Energy Corp. announced that it has received $0.007692 million in funding

Uranium Energy Corp Intersects 6.28% Eu3o8 over 2.9 Metres in 25 Metre Step Out from the Roughrider East Zone Deposit

Uranium Energy Corp Restarting 100% Unhedged Uranium Production in Wyoming

Price target increased by 20% to US$8.39

Now 22% undervalued

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Secretary recently sold US$258k worth of stock

Secretary exercised options and sold US$512k worth of stock

Uranium Energy Corp Reports S-K 1300 Initial Assessment and Economic Study for the Alto Parana Titanium Project

Now 20% undervalued

New minor risk - Profitability

Uranium Energy Corp. (NYSEAM:UEC) acquired Exploration Project Portfolio in Athabasca Basin, Saskatchewan from Rio Tinto Exploration Canada Inc. for CAD 1.5 million.

President exercised options and sold US$443k worth of stock