Uranium Energy Corp.

Q2 2026 Earnings Call — March 10, 2026

Brian Lee (Goldman Sachs): Hey, everyone. Thanks for taking the questions. I guess first to start off on the uranium marketing, be curious, Amir, if you can comment on whether there's been any subsequent sales of uranium past the quarter outside of the $101 per pound price. You realize there were periods of pricing well in the 90s for a period of time as well, so just curious if you continue to sell down some inventory and then just maybe bigger picture. I know historically you've talked about $80, $85 a pound sort of being the sweet spot, if you will, to start thinking about monetizing some of the 308 on your balance sheet. And we spent most of this year at or above that level. Be curious, different thoughts around the pricing environment and what incentive to sell has changed.

Amir Adnani (CEO): Thank you for that question. And just starting out to answer your question, as this goes in the quarter that we just filed, there are no subsequent event notes with respect to additional sales pursuant to the sales that were made during the quarter and reported, which was at the $101 per pound level. With respect to the strategy, again, I think it's very important to drive home the points that we made already. We've always felt and we've always positioned the company with this unique 100% unhedged strategy. This quarter in particular demonstrates the true strength of an unhedged strategy in a market that is in a structural deficit based on global supply-demand fundamentals, not to mention in the U.S., where we are as a company, and where we had U.S. inventory, U.S. produced pounds, the U.S. has even a more acute supply-demand profile. The U.S. is effectively importing over 95 percent of its uranium requirements. Just to even share some color, we've seen a situation in the market when prices are really not being tested by normal run rate utility demand. And so we think as things normalize, we expect to see a strong price.

So it's important for us to demonstrate the power of our unhedged strategy from time to time, which is what we did during this quarter. But we also finished the quarter with 1.46 million of inventory on hand and an additional 244,000 pounds of precipitated uranium and dried and ramp up. So ultimately, the last point I'll make to all of that, Brian, is UEC's capital intensity being on the lower end for mine development when it comes to in-situ recovery. In-situ recovery projects do have the benefit of lower capital intensity. And as a result, you see UEC's balance sheet with no debt and $818 million of liquid assets, arguably one of the strongest balance sheets in the entire sector. So we'll remain opportunistic, Brian. We'll remain aligned with the fact that the company's capital needs, total capital requirements are more than adequately covered with liquidity on hand. The inventory position that we have is very strategic and valuable. And look, we expect, again, so much more to still happen this year on the policy front with the U.S. government, with the presidential proclamations that I spoke about earlier and we discussed in the press release.

And so we're wanting to see how things develop also with the national security concerns that the U.S. government has right now with respect to too much uranium imports coming into the country, particularly from sources like Russia and China. Hope that answers your question, Brian.

Brian Lee (Goldman Sachs): Absolutely. Thank you for all that additional color. Maybe my follow-up question, a two-parter on the URNC. The Solstice recently expanded capacity, made an announcement, I think, on their last earnings call. We'll be curious what, if any, implications that had for your strategy going forward. And then secondly, it sounds like you've accelerated a bit on that front. Could you talk a little bit, maybe in more precise terms around timing of key milestones and have you been able to accelerate what you expect the timing for siting, maybe breaking ground and the feasibility study and any other milestones you might point to that you have a bit more grasp on timing? Thank you.

Amir Adnani (CEO): Yeah, for sure, Brian. The conversion market remains one of the tightest segments of the nuclear fuel cycle anywhere in the world. There's a real bottleneck and there's a lot of concern about simple lack of capacity that's available globally. The same goes in the U.S. In the U.S., which is the world's largest market for nuclear fuel demand, there's only one conversion facility that was built in the 50s. By comparison, there's now a foot race to stand up at least five or six new enrichment facilities. And obviously, there are several mines operating in the country. So when you look at the fuel cycle, conversion is the real bottleneck, again, both in the U.S. and globally. There's only five conversion facilities in the world, and China and Russia really control that market globally. And so when you think about the same playbook that we've seen in the rare earth markets, where there's too much control in the hands of adversaries, the U.S. needs more capacity and can't have a single point of failure with just one facility. And there needs to be more capacity to meet demand.

Currently, and even with any expansion plans, Brian, at the existing facility, the U.S. will only meet half of its demand. And that demand is, of course, expected to increase significantly judging by the presidential executive orders, the demand coming from growth in SMRs and advanced reactors, and the needs of the U.S. government, including nuclear propulsion, Department of War, and of course, with the U.S. Strategic Uranium Reserve. And so all of that, we'll look at uranium, we'll look at the need for more conversion. Our plans are, as we've mentioned in the quarter, accelerating and intensifying. We will have a lot more to report over the course of this calendar year. The feasibility study is advancing with floor permitting work, team building, and our engagement with the government. We'll look forward to those updates. Thanks, guys. I'll pass it on.

Amir Adnani (CEO): Yeah, thanks, Brian. And just a last point on that before we go to the next question. We've said this during the call already, but just to repeat it, what again differentiates UEC's effort to enter conversion is to truly build an American supply chain from mining, refining to conversion. That's never been done before in the U.S. under one roof. That's what really also differentiates the supply chain solution from anything else that currently exists that doesn't have the same control that we expect to have and want to build on the front end of the fuel cycle front, mining to conversion.

Alexander Pierce (BMO Capital): Morning all. So, Amir, production was down a little bit quarter on quarter. Maybe you could just provide a little bit more color on what drove that. Was it related to the calciner and thicker upgrades that you were making in the previous quarter? And then maybe you can just talk about, you know, what the ramp-up could look like over the next quarter or two?

Amir Adnani (CEO): Hey, Alex. Thank you for that. And it was good to see you recently at your BMO conference. We were extremely busy over those few days. Let's be clear. The last quarter, we reported several fronts where we had production infrastructure under construction. This quarter, we've delivered very much on completed construction activities across those key projects at Christianson Ranch with new header houses and the construction of Berkolo being completed, which is the newest uranium mine in the United States, Alex, as you know. So now we are awaiting the regulatory approval. The bulk of the production, Alex, in the last few quarters have been carried again, majority of the production has been carried by only two header houses at Christensen Ranch, only two. And so any production step change here and growth will come from the additional header houses that have now been constructed and the Burkado satellite project that has been completed and expected to come on. You heard us talk about pending regulatory approval. Let me first emphasize that both Christiansen Ranch and Burk Hollow are fully permitted projects.

This is a significant advantage for both projects and for us. The reviews that are currently underway in Wyoming really relate to well-filled data packages that have been submitted and the regulators classify these as non-significant revisions. Ordinary course, these would take significantly less time, but with the resurgence, which is a positive we're seeing for the industry, this means regulators are also processing higher volumes of permitting activity more than they've seen in recent years. So essentially, these are somewhat growing pains in the industry that's moving from dormancy back into expansion. But these approvals will come in, and as they do, Alex, we'll have a better handle very soon on how the sequencing and the ramp will look like. And I'm going to also let Brent Berg chime in on that as well with regards to the work that we've done.

Brent Berg (COO): Yeah, thanks, Amir. Alexander, I would just add that, you know, production is predominantly coming from new wells installed in 2025 with header houses 10-7 and 10-8 at Christensen Ranch. And as Amir said, we're continuing our production ramp up with ongoing mine development. That continued in Wellfield 11 where we have four header houses that were constructed, pressure tested, and they're now ready for recirculation. And those header houses will start up following state agency review and approvals. So, you know, I think we're in a pretty good spot in terms of additional construction capacity and header houses ready to start in Wyoming. And then, of course, with the Burke Hollow Mine ready for operational startup.

Alexander Pierce (BMO Capital): Maybe I can just ask a follow-up question, which is maybe you could just remind us of the process. You know, once you've got those approvals, is it then almost immediate that you can start recovering the uranium from those head houses?

Brent Berg (COO): Yes, it is. And Brent, if you want to maybe just expand on that a bit with the operational readiness we're developing.

Brent Berg (COO): Yeah, sure. Thank you. Yeah, it's a normal process. You know, the chemicals, including oxygen and carbon dioxide, are on site. And they're added to those production areas to activate the uranium recovery process. As the variety of uranium increases in the feed to the ion exchange plant, the uranium content on the loaded resin subsequently increases. Once that resin is loaded, it's transported in a resin hauling trailer to the central processing plant for processing. So essentially, those units are ready to go following regulatory approval.

Joseph Rager (Roth Capital Partners): Hi, Amir and team. Thanks for taking the questions. Most of what I wanted to touch on was already touched on, but just want to follow up on the regulatory side. Has there been any indication from them on a time frame that they expect they caught up in since this sounds like such a kind of minor approval?

Amir Adnani (CEO): Hey, Joe. Thank you for joining. It's very difficult to provide a date, but the good news is that again when we're not talking about long delays here, we really are optimistic that, you know, we're talking days and weeks and not, you know, months and quarters, Joe. But Brent, maybe you can speak to some of the industry working group and some of the other interactions that you're closer to.

Brent Berg (COO): Thanks, Amir. Joe, I would just add that the regulatory agencies have been very collaborative and are working to address some of the longer lead time challenges that naturally occur when the industry actively accelerates. We're in open dialogue with the state agencies and continue advancing our well-filled development activities in parallel. Because the timing of these reviews are, you know, ultimately they sit with the regulators. We're not providing guidance on approval timelines. But what we can say is that the infrastructure and development work is continuing to advance and will certainly provide updates as key operational milestones are reached.

Joseph Rager (Roth Capital Partners): Oh, okay. That's fair. And then the other item was, you know, most of your peers who are producers tend to provide, like, production sales data, you know, ahead of time, ahead of their earnings. Is that something you guys might consider doing going forward, you know, given, you know, obviously you're not hedged, you don't have, you know, a sales schedule, just, you know, so we can all be a little bit more accurate around the earnings?

Amir Adnani (CEO): Hey, Joe. Thanks for that. As you know, there are these unique points about UEC's positioning and differentiation to the more kind of, let's say, contracted or hedged peer group. But I think for sure, as we see things not normalized, but some of the potential or some of the developments that we're waiting to see how they play out, like U.S. government policy and Section 232, U.S. reserve, et cetera, as you can appreciate as a U.S. producer with U.S. capabilities and U.S. eligibility to sell to the U.S. government. There are very strategic reasons here as to why we've kept our books on hedge and production available to maximize value. So I think this is hopefully seen as the positive and differentiating point that it is. And as we get a better handle on those specific volumes of demand from those sources within U.S. government or the Reserve or Department of Energy, etc., then we can also pinpoint better and share with you some of the expectations around the sales that are going to be coming up. But for the time being, as you can see, our total working capital requirements to advance all the production expansion are very adequately funded. And so as a result, the inventory that we have and the sales we will make will be extremely positioned for maximizing returns and creating value for shareholders. And we see it all as, again, kind of a positive that we're set up this way for very specific purposes in the United States.

Justin Chen (SCP): Hi, Amir, Brent, Scott, and team. Great to be on the line with you guys. Maybe just my first question is just a bit more clarification around production in the upcoming quarters. So for Q3, which we're in now, is it still the two header houses or how many header houses and which wellfield should we be modeling production from? And then if you could give us some color on maybe Q4 or is that the quarter where, I guess this quarter or next quarter, is that where you're kind of waiting on regulatory approval for the new header houses you've constructed?

Amir Adnani (CEO): Hey, Justin. Yeah, thank you. I'll let Brent go into the details, but at a high level, Justin, so as mentioned, the production that is currently, the current production is, again, majority from the two and only two header houses at Christensen Ranch. As soon as we received the regulatory approvals that we've been discussing on this call, then we're able to turn on a new capacity at Christianson Ranch and Bercolo. So Justin, we're obviously still inside fiscal Q3 right now. And so those developments could still happen in Q3 and positively impact Q3. But for the most part, as we said in the last quarter as well, we did expect to see this fiscal year's production volumes be weighted towards the second half of the fiscal year. That still seems to be the case and arguably increasingly weighted towards Q4. But Q3 possibilities are still alive and well and we're literally in daily interactions with the state regulators. Brent, over to you.

Brent Berg (COO): Yeah, thanks, Amir. Justin, thanks for the question. So production in the fiscal quarter came from well fields 8 and 10 at Christensen Ranch. And as Amir mentioned, the production is predominantly coming from new wells that were installed in 2025 and at our houses 10-7 and 10-8. In terms of what's currently under development and what's coming up, we have Wellfield 11 where there's four header houses that are constructed. They were pressure tested. They're now ready for circulation. Startup will follow from review and approval of the state. We've got another three that are under construction. In wellfield 12, header house 12-1, the wells are 97% cased, the house is set, and the PLC and MCC are in place. In wellfield 10 extension, header house 10-9, 94% of the wells are cased, the house is set and the PLC and MCC are in place. So those are both well along in the construction path. Header house 10-9, the pattern layout is completed by the geology team and drill holes are planned and staked in the field at the end of the fiscal quarter. So what lots of construction activity underway and while we await the regulatory approval, we're continuing to press on the gas with well-filled development.

Justin Chen (SCP): Gotcha. Thanks, Brent. With these new houses, when they're approved, is there much preconditioning you need to do, or can you put solution directly in and there's not much of a lead time there?

Brent Berg (COO): Yeah, good question, Justin. We typically precondition for a very short period, and then we'll start adding chemical oxygen and carbon dioxide very quickly. Start the leaching process.

Justin Chen (SCP): Okay, gotcha. And Texas, are the timelines for preconditioning similar to Wyoming?

Brent Berg (COO): Yeah. Yeah, we'll follow the same type of startup that we would in Wyoming for the initial wellfield down in Texas.

Management: This concludes our question and answer session. I would like to turn the conference back over to management for any closing remarks.

Management: Thank you for that. Again, in summary, this quarter for UEC reinforces three themes that continue to define the company: scale, financial strength, and strategic positioning within the U.S. nuclear fuel supply chain. With that, thank you everyone for joining us today.

Operator: The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

Q1 2026 Earnings Call — December 10, 2025

Brian Lee (Goldman Sachs): Hey, everyone. Thanks for taking my questions. I just wanted to first start on the UR&C venture. Amir, I know you're making progress there, but just trying to understand a little bit better maybe the next set of milestones in the development of UR&C, maybe the timing, what you're expecting there through the first half of 2026, and then maybe where you'd like to be on that venture by the end of next year. And I had some questions around production as well.

Amir (Management): With respect to URNC, we are moving as fast as possible and mobilizing various initiatives around siting study that is now progressing very well, state-level discussions and meetings that we've had with stakeholders and state-level governments. We would like to, and we'll provide more information on this, Brian, but the work has commenced on our feasibility study with Floor and other consultants that we have involved in that. We really want to be in a position to deliver that inside 2026 calendar year and hopefully, you know, towards the midpoint of that. But again, that's a date that we'll be able to speak to with more confidence as we approach fiscal Q2 for UEC. In the meanwhile, we've been very pleased with the way team building has been coming around in terms of building our technical team and technical bench strength around this new initiative. So overall, kind of multiple parallel tracks, all moving forward. And we'll have a lot more to share in our fiscal Q2 results when those come out.

Brian Lee (Goldman Sachs): And then just second question around production, a lot of moving pieces here. You know, you had the upgrade that you were, Gary, you're starting to move forward, I'll move them in. Um maybe as we zoom out can you kind of give us a sense of you know what the production cadence is going to look like here at the 2Q and then through the rest of the year and maybe just specifically on Erigari you know the 49,000 pounds in less than three weeks um uh you know you sort of run rate that it looks like it's a quarter million pounds in a quarter potentially is that the right type of run rate that Erigari is going to be running at now and what does that mean for the cadence of production overall across the various sites through the rest of the year and the next couple quarters?

Amir (Management): Just to zoom out again and again for perspective. And as I mentioned during my prepared remarks, 12 months ago, we were sitting in a place where we were just starting to ramp up at Christensen Ranch. We now have two solid quarters of results demonstrating the low cost that we're delivering at Christensen Ranch and Erigiri, amongst the lowest in the U.S. We are talking about bringing online Brook Hollow very soon, six additional header houses at Christensen Ranch, and now Lutemann is in the development construction pipeline as well. So you're right, there are a lot of moving parts. Brian, as you recall, much of the production that's been reported has come since April of this year from header houses 10-7 and 10-8. And now there are six new header houses coming online, which will be most hopefully inside this second fiscal quarter. And then with Bercolo coming online, most of the production from Bercolo really contributing towards fiscal Q3. So to answer your question on cadence, we would expect to see more of a step change in that cadence in fiscal Q3 and Q4 as we see a greater contribution of production coming in from Bercolo and from most of the six header houses that are currently under construction at Christensen Ranch.

Heiko Avery (HC Wainwright): Hello, Josephine, Amir, and Scott. Just a couple of follow-ups here. With Irrigaray, the plant upgrades, obviously you're done now. I assume the answer is no, but this doesn't really have a ramp-up period, right? In other words, this goes from off to full capacity pretty much at the flip of a button, right?

Amir (Management): Yeah, correct, Heiko. So most of that work is basically what we mentioned in the press release since coming online on November 13th. So again, just to step back, the refurbishment of the Yellowcake thickener and calciner were sequential. And so as such, the equipment was offline for much of the quarter while this repair and replacement of key components were underway. Once online on November 13th, we were at steady state operations and had, you know, steady state operations had resumed basically with the drying and packaging throughput, really nearing a rate of almost a million pounds per year.

Brent Berg (Senior VP of Operations): Yeah, thanks. Thanks, Amir. You know, I would just add that, you know, similar to the refurbishment that was undertaken in fiscal 25 for Christensen Ranch with the ion exchange plant, we felt that it was an opportune time to do those similar upgrades to the Irrigary Central Processing Plant. And so the refurbishment to the calciner was really centered around increasing throughput of dried yellow cake. And all of the updates that we did were things that included components as recommended by the manufacturer to increase operational efficiency. And, you know, that work has really led to continuous 24-7 operation and the ability to operate the plant at design capacity.

Heiko Avery (HC Wainwright): And then with uranium refining and conversion, URC, just a couple of follow-ups here. I mean, what would you say the major misconceptions in market are? I mean, we've been getting a lot of questions on scalability and time to profitability even. How should analysts like myself show off how this thing can unlock shareholder value? And are there maybe any catalysts that are underappreciated by the market in your opinion?

Amir (Management): Hey, thank you, Heiko. At a strategic level and at a positioning level, clearly, this is an opportunity and a new business line that highly differentiates UEC. There are simply no other companies in the U.S. that have end-to-end capabilities from uranium resources to mining to processing that And now the planned refining and conversion that we have in place. So strategically speaking, it's a highly differentiated positioning for UEC to be a true supply chain provider. With respect to the way the financial analysis around it work, the best outcome there is when our feasibility study is completed and reported. And as I mentioned earlier, we're aiming for that to be hopefully around the midpoint of 2026 calendar year. But again, we will firm that up as we report fiscal Q2 results. But we are moving very rapidly. We're capitalized to be able to move rapidly. And of course, as you know, this is work that is building on the last couple of years of prior early work that we completed that was the foundation of what allowed us to be in a position to announce this URNC initiative in early September.

So it was only early September that we formally announced it and in just 60 to 90 days, we're making incredibly fast progress. And look, this is a very essential piece of the overall value chain and the supply chain for nuclear fuel. This is a serious bottleneck without another conversion facility in operation. This is the real kind of pinch point right now between connecting mining and enrichment. So it's very integral and we're very excited by it. And I think you'll have hopefully much more information to be able to value and assess the SPY in the coming quarters.

Katie LaChapelle (Canaccord Genuity): Hi, I'm Erin Teen. Thanks for taking my question. In your prepared remarks, you noted that you've made a positive development decision for the Lutemann project. Can you provide any guidance on the potential production timelines or operating rates that you expect for that wellfield? And then in addition to that, how are you now thinking about the sequencing of the various ISR wellfields in Wyoming?

Amir (Management): So again, for context and as we zoom out, UEC has a very powerful position in the Powder River Basin of Wyoming. Wyoming and the Powder River Basin have multi-decades of productive history for uranium mining. And we've assembled over the years of M&A and consolidation that we did, a platform that includes our central hub, that's the Arrigieri Central Processing Plant, and 17 satellite projects, four of which are fully permitted, and two that we're talking about now, Christensen Ranch that's in operation, and now Lutemann that we wanna bring online next. So Katie, this is all speaking to the production ramp up that obviously we have planned and that bench strength that we have in the sheer number of properties that we control, including fully permitted projects. So sequentially, you can see Christensen obviously is going to continue to grow Lutemann, we've commenced the development work. And most likely, again, depending on market conditions, depending on the outcome of Section 232, we may even develop Reno Creek and more in parallel track. Again, we're taking our cues from the market. And when you're in a position where you're already operating, you're already permitted, you have the luxury to be able to make those decisions and respond accordingly. The Luderman project is very well situated in terms of being just south of previously producing Smith Ranch mines that were in production for a very long time.

Brent (Management): Sure. Thanks, Amir. Katie, I would just add that you know, at Christensen Ranch, header houses 10-7 and 10-8 accounted for a large percentage of 2025 mine production. And it really highlights the importance of these new mining areas as we continue to ramp up production with mine development now routine at the Christensen Ranch operation. We've continued that development in well fields 11, 12, and 10 extension where we've got six header houses underway, with cased well installation nearing completion and surface construction on schedule for start the coming year. Glutamine, of course, is an attractive project for us being fully licensed and permitted and, you know, just down the road from our Irrigary Central Processing Plant. And so we will develop that project just as we would our new well fields at Christensen Ranch. And we'll truck-loaded resin to Uruguay for processing, no different than we are doing at Christensen Ranch. But it's, you know, a little further out in the next exciting phase of our development at UEC.

Katie LaChapelle (Canaccord Genuity): Awesome. And maybe just one quick follow-up. Just now you referenced the potential for the U.S. Strategic Uranium Reserve as a potential outcome of the Section 232 investigation. I'm just wondering if you can provide any comments on expected timelines for that release and then any additional key outcomes that you anticipate from the Section 232 investigation.

Scott Melby (Executive VP): Great. Thanks, Amir. And Katie, we are optimistic about the potential for the strategic uranium reserve being really expanded over what was done in the first term. The report, the 232 report has been submitted to the president. He has a statutory timeline to reply to that. Why are we so optimistic? Because none of those details have been released publicly. But we know we have a precedent from the previous 232 investigation. It was a remedy that President Trump chose to institute the first time around. I think the findings of import penetration hasn't changed over what were the conditions back then. In fact, the world has gotten more complicated with geopolitics. So we think the conclusion is the same, and we feel that that's a remedy the president may go to. Secondly, we've also heard very supportive comments from Secretary Wright and Secretary Burgum on the need for an expanded uranium reserve, public remarks that they've made in the last weeks and months. Three, I think it's safe to say this was in a very small way in the first term a successful policy initiative.

And speaking on behalf of UEC and I think the broader U.S. domestic industry, reinstituting the strategic reserve would result in advanced development activities at U.S. uranium operations. And then four, Don't underestimate the defense needs for U.S. origin unobligated uranium for things like the naval propulsion program. If we're building more aircraft carriers and submarines, as is President Trump's desire, we need more U.S. origin uranium. And I just direct people's attention to language in the current National Defense Appropriations Act legislation that's before Congress right now. does direct Department of War and NSA to report on the status of our stockpiles of U.S. origin uranium and really the adequacy of those stockpiles to move forward with further growth in our naval propulsion program. So we're optimistic. We'll see, like everyone else, what comes from that. But I think the legislative mandated timelines really kind of come around the end of the year. So we're hopeful we'll hear something in December. But if not, early January, we should hear the president's recommendations.

Katie LaChapelle (Canaccord Genuity): Perfect. Thank you, Scott. That's it for on my end. I'll go back into the queue, guys.

Joseph Rieger (Roth Capital Partners): Hey, Amir and team, thanks for taking the questions. Most of mine are kind of follow-ups to other people's at this point. I guess first one, just as a follow-up on Section 232, is it fair for us to assume that you guys will probably withhold from making any spot sales, barring a jump in the spot price between now and the Section 232 readout?

Scott (Management): Yeah, Joe. I mean, we're quite content to build that strategic inventory, of course, to have U.S. origin uranium available to sell into strategic reserve. is one objective, but two, we just believe that this market is in such a structural deficit today and doesn't seem to be getting, the gap isn't closing, if anything, with a doubling of nuclear generation now and production lagging, we're quite content to have these new pounds produced and our inventory to sell into stronger markets in the coming year.

Joseph Rieger (Roth Capital Partners): Okay, fair enough. And then over at Eargary, one question I don't think has been asked yet is, do you guys have a rough estimate of how many pounds of production were held back because of the upgrades during fiscal Q1?

Amir (Management): Hey, Joe, nothing was held back because we continued to keep material basically in circuit. So operations kept going and it was really just the final step of packaging the uranium that did not occur. And the cost associated with that final step is extremely nominal. So really, now that you've seen kind of from mid-November to end of November, things have resumed post all those upgrades. It's finishing that final step. But otherwise, everything was working at the plant and supporting the feed that was coming in from Christensen. Brent, would you like to add to that?

Brent (Management): Sure. Thanks, Amir. Maybe I'd just add that the upgrades that we did were sequential. So we first tackled the thickener in the precipitation circuit. And this is one of two storage vessels for storing precipitated yellow cake prior to drying and packaging. So we did a full replacement of the rake, the gearbox, and the motor for the rake drive. And then with the calciner, you know, we did a number of upgrades, including all the wear parts like bearings, sand seals. We replaced the rake arms with insulated components and new teeth to increase retention time in the dryer. And additionally, the drive, the motor, the gearbox, the bevel pinion were all replaced. But, you know, as a result, drying and packaging is now running faster. 24-7, two-shift operation as it should.

Joseph Rieger (Roth Capital Partners): Okay. One final thing, if I could. Do you guys have a budget, a capital budget yet for Ludman? Or if not, when might we be getting one?

Amir (Management): Yeah. Hey, Joe, we'll look to provide more feedback on that in the next quarter coming up or current quarter that we're in for fiscal. But at the same time, you can expect very similar development costs there as we've seen with Christensen Ranch and that we're looking basically, we're utilizing many of the same drilling companies or drilling rigs that we use that Christensen. So one of the key components of our development costs, which is drilling to delineate the well fields and install the wells, that cost is quite consistent in terms of what we've seen so far. And also, Ludermann is much more of an accessible project that's closer to nearby town. And so we also feel we may have some benefits there in terms of development costs as we move forward. Again, some good parallels and similarities with what you've seen out of Christianson Ranch exists with Lutemann.

Justin Chan (SCP Resource Finance): I'm here, Scott, Brent. Thanks for hosting the call. I guess as a follow-up to the questions on Christianson Ranch and Ludman, so you've got the six header houses that are under construction. Do you plan to construct more over the next, let's say, the remainder of this fiscal year? Or will the six at Christianson Ranch be what you're planning there and then the new header houses are at Ludman? Yeah, can you just give us an update on that? And for Texas, can you give a sense of what the milestones are over the next, let's say, next quarter and then the quarter after that so we can judge progress?

Brent (Management): Sure. Justin, thanks for the question. So at Christensen Ranch, of course, when you were at site, we toured the well development, well field development, and we were very much focused on mine unit 11 or well field 11 at that time. We've since started development in Wellfield 12, as well as 10 extension, but we will continue on with further development and additional header houses at Christensen Ranch. So Wellfield's 10 extension, as well as an extension to Wellfield 8, are both quite large and there are a number of header houses associated with both. So you'll continue to see this pace as we progress. In terms of Burke Hollow, construction is substantially complete. So what the team is very focused on right now is pre-operational testing and commissioning of equipment, training key personnel, and finalizing as-built drawings, mechanical integrity tests, and well completion reports. You know, as far as next milestones, you know, the well field at Bark Hollow will be brought online gradually and, you know, increasing the flow to the satellite ion exchange plant.

Chemicals, including oxygen, carbon dioxide, and bicarbonate will be added to the initial production area to activate the uranium recovery process. And then as the grade increases in the feed to the plant, the uranium content loaded on the resin will subsequently increase. And of course, once that resin is loaded, it'll be transported in one of the new resin hauling trailers to Hobson for processing. So that's what I foresee the next few months looking like.

Justin Chan (SCP Resource Finance): Gotcha. Thanks, Brent. So at Burke Hollow, let's say this time next quarter, you'll have a solution into the wellfield. Presumably it'll be at target pH and we'll start to get some information about grades and flow rates and stuff like that. Is that a good way of tracking how the next few months, you know, what I might be asking you in three months time?

Brent (Management): Yeah, Justin, I think that's exactly right. So as we start adding the chemical to the well field, we'll see the uranium grade respond as well as the pH, and we'll get a lot better picture of what that production profile is going to look like as we ramp up Mercolo and send that uranium-loaded resin to Hobson for processing.

Mohammed Sadad (National Bank Financial): Hi, I'm here in Timan. Thanks for taking my question. Most of my questions have been answered, but maybe just on your NNC, given the work that you're advancing in fiscal year 2026 ahead of the feasibility study, can you maybe provide us with a little bit of color on maybe the span required to advance some of these initiatives specifically for fiscal year 2026?

Amir (Management): Sorry, Mo, just heard your question. What was the required part you asked for?

Mohammed Sadad (National Bank Financial): The spend. So just trying to understand how much spend to advance the feasibility study, the engineering work, advanced negotiations with our host governments, just to understand a little bit better the impact your balance should use for fiscal year 2026 as your advanced work on the conversion facility.

Amir (Management): Okay, understood. Thank you for clarifying that. And thank you for the question. Relative to the size of our balance sheet and relative to the current quarterly cash burn rate, given the sort of study phase that we're at right now with URNC, the requirements, the capital requirements are still very modest. In the coming quarter or two, we'll be able to obviously speak to that with more estimates, and especially as the feasibility study comes out. But certainly, I would say we are very sufficiently capitalized for the work that needs to happen there. And the current spending is very modest, again, because we're at that study stage and that work you would appreciate is going to be like that. But ultimately, again, there is a serious kind of ramp up in work and efforts coming and there'll be another kind of step change in the work we're doing once the feasibility study is released, once the siting work has been completed, once site selection has been announced and sort of planned. So again, major milestones ahead, but between now and then, very adequately funded to continue to advance the work.

Mohammed Sadad (National Bank Financial): Great. Thanks for answering my question.

Amir (Management): Thank you, Mo. This concludes our question and answer session. I would like to turn the conference back over to management for any closing remarks.

Management: All right, thank you for that. Thank you for everyone who participated in today's call. We really appreciate it. Again, as we said at the outset, this quarter represents a major step change for UEC, both in terms of the strategic initiative that we have launched with our uranium, the United States Uranium Refining and Conversion Corp. Again, this highly differentiates UEC as being the only company with U.S. origin supply chain from mine to conversion, the work that has been done in operations. Again, we were just a year ago just resuming at Christensen Ranch and came into this quarter as a single asset producer, and we've laid the groundwork during this quarter to become a multi-asset producer with Borcolo coming into production eminently. and with Ludumine now in development and construction. The other area in terms of the operating results at Christensen Ranch, we're really pleased with demonstrating the continued low-cost production profile that that project carries between uranium recovered and processed between Christensen Ranch and Erigiri Plant.

So again, all in all, a lot happening, a lot of significant progress. We're very excited by it all, but also to highlight that we remain in an incredibly strong balance sheet position. In fact, even stronger than before. We continue to be debt-free and with almost $700 million of cash, physical uranium, and liquid assets. With 1.4 million pounds of uranium in inventory, not including the 199,000 pounds produced and not including another 300,000 pounds that we have the ability to purchase this month, we're sitting also in a very strong inventory position ahead of the Section 232 decision. And hopefully that will be a positive catalyst, as we believe it could be for our industry, particularly the U.S. uranium industry, where UEC is the leading company in that space and the fastest growing and largest U.S. uranium company. Thank you again for your time today and wishing everyone a pleasant December. Merry Christmas and happy holidays. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.