URANIUM ENERGY CORP

Uranium Energy Corp.

Company at a glance

• Industry: Uranium mining, development and related nuclear fuel cycle activities
• Segments:
  • Mining: Uranium exploration, pre-extraction, extraction and processing (ISR and conventional where applicable) in the United States, Canada and Paraguay
  • Corporate: Investments and trading of purchased uranium inventory (Physical Uranium Program) and related strategic initiatives
• Headquarters:
  • U.S. corporate office: Corpus Christi, Texas
  • Canada office: Vancouver, British Columbia

Core operations and platforms

• Hub-and-spoke production model with three hubs and a Western processing mill:
  • Hobson Central Processing Plant (CPP), Texas — South Texas ISR hub
  • Irigaray CPP, Wyoming — Powder River Basin ISR hub
  • Sweetwater Mill, Wyoming — Great Divide Basin (conventional-configured mill undergoing refurbishment to accept ISR production)
• Spokes include multiple ISR mines linked to each hub:
  • South Texas: Palangana, Burke Hollow (commissioned April 2026), and other Texas project areas
  • Wyoming: Christensen Ranch, Reno Creek, Moore Ranch, Ludeman, and other Wyoming ISR projects
• Licensed production capacity across Wyoming and South Texas platforms: approximately 12.1 million pounds of U3O8 per year

Processing facilities (key assets)

• Hobson CPP (Texas) — central processor for South Texas ISR operations; licensed to process up to 4.0 million pounds U3O8 per year
• Irigaray CPP (Wyoming) — hub for Wyoming ISR projects; processing includes resin transfer, elution, precipitation, filtration and drying; licensed and operational with capacity increased to 4.0 million pounds U3O8 annually (Oct 2024)
• Sweetwater Mill (Wyoming) — conventional mill in standby/refurbishment to accept ISR production; undergoing ISR refurbishment and expansion work

Recent operational highlights (Fiscal 2026)

• Christensen Ranch (Wyoming)
  • Restarted August 2024; ramp-up continued in 2026
  • 2026 production (Christensen Ranch + Irigaray CPP): 211,942 pounds of precipitated uranium and dried/drummed U3O8
• Burke Hollow (South Texas)
  • Began production April 2026
  • First three months post-commissioning (2026): 17,352 pounds of precipitated uranium and dried/drummed U3O8
• Combined ISR production (Fiscal 2026)
  • Total precipitated uranium and dried U3O8 produced: 229,294 pounds (Irigaray CPP: 211,942; Hobson/Central Texas process: 17,352)
  • Cumulative production since commissioning (through July 31, 2026): 359,260 pounds
• Sweetwater permitting and delineation
  • FAST-41/NEPA permitting advanced; environmental baseline studies largely complete; final reports due in Fiscal 2027
  • Sweetwater North drilling: 200 holes completed by May 2026; program expanded with an additional 100 delineation holes in Fiscal 2027
• Canada (Roughrider)
  • 36,000 meters of diamond drilling completed for pre-feasibility/resource conversion
  • Definition Study Agreement with Saskatchewan Power Corporation signed Aug 2026; site studies and power transmission considerations ongoing
• Paraguay
  • Mineral rights and concessions under development discussions and appeals related to MOPC positions

Key financial and commercial metrics (as of July 31, 2026)

• Employees: 257 total
  • U.S.: 201
  • Canada: 36
  • Paraguay: 20
• Revenue history (selected)
  • Fiscal 2023: $164.4 million (uranium inventory sales and toll processing)
  • Fiscal 2025: $66.84 million (sales of purchased uranium inventory)
  • Fiscal 2026: $37.25 million (sales of purchased uranium inventory)
• Physical Uranium Program (PUU)
  • Purchased uranium held as of July 31, 2026: 1,256,000 pounds (excluding 359,260 pounds of produced precipitated uranium/U3O8)
  • PUU is designed to bolster liquidity and strategic inventory; no uranium purchase/sale agreements were in place as of that date
• Production capacity and market exposure
  • Maintains 100% unhedged uranium exposure
  • No U3O8 offtake agreements reported as existing; uranium sales referenced to spot markets or contracts

Acquisitions and strategic investments

• December 6, 2024: Completed acquisition of Kennecott Uranium Company (KUC) and Wyoming Coal Resources Company (WCRC) from Rio Tinto America Inc.
  • Acquired assets: Sweetwater Mill, Red Desert project, Green Mountain project
• Strategic equity positions (July 2025–July 2026)
  • Anfield Energy Inc.: ~32.6% ownership (6,500,737 post-consolidation shares as of July 31, 2026)
  • Uranium Royalty Corp. (URC): ~7.6% equity stake (28,967,375 shares as of July 31, 2026)

UR&C (Uranium Refining & Conversion Corp.)

• Incorporated September 2025 to pursue U.S. refining/conversion capabilities
• March 18, 2026: NRC docket number received for planned conversion facility; site selection and front-end engineering progressing with Fluor Enterprises, Inc.
• Initial concept: 10,000 metric tonne per year UF6 conversion facility; license application planned after further design work
• Strategic discussions with DOE regarding support and siting across multiple candidate locations

Canada and Paraguay portfolio highlights

• Roughrider Project (Saskatchewan, Canada)
  • 100% owned; high-grade conventional assets with ISR potential
  • 36,000 m of drilling completed in preparation for pre-feasibility; definition studies and environmental/community engagement ongoing
• Alto Parana Titanium (Paraguay)
  • Titanium project separate from uranium assets; part of the broader mineral portfolio

Summary

Uranium Energy Corp. is a uranium-focused mining and development company with operations in the U.S., Canada and interests in Paraguay. The company operates ISR and conventional projects within a hub-and-spoke model supported by three processing hubs (Hobson, Irigaray and Sweetwater). Key operational milestones in Fiscal 2026 included Christensen Ranch ramp-up, Burke Hollow commissioning and combined ISR production of 229,294 pounds for the year. UEC maintains a sizable purchased inventory through its Physical Uranium Program, holds a 100% unhedged market exposure, and has pursued vertical integration via UR&C while advancing permitting and pre-feasibility work at Sweetwater and Roughrider.