Uranium Energy Corp.

Q3 2026 Earnings Call — June 9, 2026

Brian Lee (Goldman Sachs): Hey, guys. Thanks for taking the questions. I guess I had a couple here. First, on the cost side, Amir, be curious. I know you said it's going to normalize a bit here into fiscal Q4 and beyond. and the lower volumes in fiscal Q3, and the taxes obviously pushed costs up in the quarter. Can you maybe quantify a little bit sort of what that normalization is going to look like over the next quarter or two? Are you back into the 30s as quickly as fiscal Q4? Is that going to take a couple quarters? And then maybe give us some of the moving pieces beyond volume. Are there other cost drivers beyond just higher production volumes?

Amir (Executive): Hi, Brian. Thank you for the question. And as you've seen in the press release and the remarks earlier that I made, we did highlight sort of the key drivers here. And really, to expand on it and your question, as you know, a large portion of our operating costs are fixed. So again, when production volumes are temporarily lower due to the timing of these well field approvals, unit costs are impacted. We would definitely sort of draw attention to the total cost per pound over the course of the £276,000 produced, which comes in, as you know, within a cash cost per pound of production, roughly $32.40. This remains industry competitive and a leading number in the domestic industry in the U.S. As we mentioned in the press release and the material, Brian, we do expect that the trend on production going into fiscal Q4 and beyond is higher. So again, in an environment where this is the biggest sensitivity for us and the economies of scale do matter, definitely think that we should be improving on the numbers that you saw in this quarter. Let me just pause and hand it over to our CFO, Josephine Mann, for just any additional color or commentary on that.

Josephine Mann (CFO): Thanks, Amir. Hey, this is Josephine. Yeah, I think Amir is correct. As we are expecting to increase our production in the coming quarters, definitely we will see the total cost per pound and cash cost per pound to be comparatively lower than this quarter. As what Amir mentioned that, you know, a big portion of our operating costs are fixed. So when the production volumes are temporarily low, during this quarter, it definitely drives the total cost per pound increase as compared to Q2. But with the new wellfields at Christensen Ranch and at Burke Hollow coming to production in the full fourth quarter this fiscal year, we are expecting to have a lower cost per pound in the coming quarters. Back to you, Amir.

Brian Lee (Goldman Sachs): Yeah, no, that's helpful. Maybe just as we think about those production volumes, with the three header houses on in Christianson Ranch and Brook-Per-Collo producing in Q4. What's the step function? It seems like there should be a step function increase in volumes. Is it pretty linear where we can kind of take the header houses in Christianson Ranch and look at the volume from Q3 and sort of triple that, or what's sort of the ramp-up cadence, if you will, at least in the near term? And then maybe last question, if I could squeeze it in, just thoughts around URNC and the timing of key milestones as we think about the second half of the calendar year here. Thank you.

Amir (Executive): Thank you, Brian. And you certainly squeezed a lot in there, but okay, we'll unpack all of that. We've been really ramping up when it comes to our construction capability and campaigns to build additional header houses, which is basically production capacity. And yes, there is a linear relationship there. And again, for context, if we step back, this is after our industry really collectively collapsed. was dormant for about 15 years. And the last couple of years, we're coming back into this area and this time of incredible progress and activity. I'm going to hand it to Brent Burke to speak a bit about the growth we've had year over year in terms of our personnel workforce capacity and the ability to keep expanding and constructing this production capability. Brent, over to you.

Brent Burke (Executive): Go ahead. You were muted, Brent, but just start again.

Brent Burke (Executive): Okay, very good. Ryan, I was just saying that a year ago, we had 103 employees in Wyoming and Texas. Today, we've grown our operations team to 185 personnel. So in 2025, the UEC team was heavily dependent on external contractors for construction and continued mine development. Today, much of that work is being done in-house by our own team. And we continue to build a team that can rapidly deploy to other projects in UEC's portfolio. And maybe just one other note with respect to production and normalizing. So during the quarter, the bulk of that production came from well fields eight and 10 with eight active header houses. And production predominantly came from new wells that were installed in 2025 with header houses 10-7 and 10-8 accounting for the bulk of the production during the fiscal quarter. Of course, we started up well field 11, three new header houses at the end of the quarter. And we really won't see that production until this fourth quarter, but anticipate that to move up substantially. Thank you. Back to you, Amir.

Amir (Executive): Okay. And Brian, I think you were asking about the URNC. And specifically, as we mentioned in the release, we're really ramping up into the next phase here of engineering work, siting, permitting with an expansion of the engineering team. and the work that's being provided by FLUR as well. Our own team increased in size and scope over this period. The siting work has been coordinated, as we mentioned in the press release, with some of the initiatives that are taking place at the Department of Energy, making sure we have maximum alignment there. We've always believed that the project and really the need to build a new conversion facility has maximum alignment with priorities in the U.S. right now around creating a more resilient nuclear fuel cycle and to really repatriate the nuclear fuel cycle with the Russian ban kicking in by end of 2027. Really, that's around the corner. The current key bottleneck in our mind and in the market really remains a shortage of sufficient domestic conversion. So that work is advancing and really has kicked into next year from a standpoint of the engineering siting and licensing, as we mentioned. Thank you, Ryan.

Heiko Ile (HC Wainwright): Hello, Amir and team. Thanks for taking my questions. And I just want to point out the stock's still up, you know, 68% year over year. So something's going right. That said, how much in this quarter would you say was the continuation of regulatory delays that was seen in the last quarter? I mean, it looks like you're working past all of that, but maybe just give a bit of color. I mean, it's now, you know, almost mid-June. some color on the current quarter and maybe even the remainder of calendar 2026.

Amir (Executive): Thank you, Heiko, and I appreciate the context that your question provides. And if we step back and if you've been following the company, you know that we talked about these regulatory delays extensively in our last quarter. And so really, this is a continuation of that. And it's a continuation of a broader theme of industry growing pains that we're experiencing just as the industry and ourselves are ramping up. Brent spoke about the fact that the sheer size of our workforce has gone from just over 100 people to almost 200 people year over year. Imagine that kind of growth. Well, the regulators are going through similar type of staffing and other bandwidth capacity that they need to have. And so these regulatory delays that we experienced, which impacted lower production in this quarter, were discussed and really described in the last quarter. And we're making good progress. Those approvals did come in, except that they came in near the end of this quarter. And so hence, it was a delay, but these are delays that have been resolved. And so that's important to highlight as well. So things are progressing.

And that's why it gives us the confidence as well to be able to speak to a better outlook and improve the numbers going into the fourth fiscal year of the for the company and beyond that. So for sure, I think to your point, if we step back, there should be no surprises here. But at the same time, when you look at even the numbers for this quarter from a production cost point of view, you zoom out and look at it over the 276,000 pounds produced, the company is still delivering on the lowest cost production in the United States and in the domestic industry. So we've got a lot of capacity in front of us coming online, the additional header houses at Christensen Ranch, the construction that's going to be taking place at Ludeman. That'll be our third ISR operation in Wyoming. and not to mention Burke Hollow that did start operations this quarter and will be contributing to production moving forward. We're very proud of the work at Burke Hollow. As you know, that's a project that's 14 years in the making. I talked about it earlier in my remarks. And so can't lose sight of all the construction development and deliverables that we have here as well.

Heiko Ile (HC Wainwright): Fair enough. Completely different thing. Let's talk about your equity book a little bit. I mean, this obviously has been creating a decent amount of volatility, you know, the past few quarters. Is there a way to more normalize this going forward, you know, just for stability and more predictability for the analyst community?

Amir (Executive): Yeah, that's a fair question, Heiko. And as you know, our equity book is strategically positioned in some names that we have exposure to in the sector. It does cause this quarterly mark-to-market volatility. This quarter, as you also know, given some weakness and kind of flat movement we saw in the uranium prices, we selected to continue to maintain our inventory position. So there were no sales this quarter. And again, that was intentional. And that's a function of our own head strategy. But moving forward, as we achieve more of a regular quarterly cadence of sales and reporting around that equity book, I think can probably move towards more on an adjusted basis where we can maybe pull that out and not have it impact the reported numbers. And Josephine, if you want to comment on that as well, but I think that's part of the progression of where we're hopefully heading.

Josephine Mann (CFO): Yes, thanks, Amir, and hi, Cole. I think that's right. The volatility in the market creates a little bit of unknown to the income statements, as you can see in our quarterly results. About $90 million was attributed to that change in fair market value of our equity securities. So moving forward, you know, the reconciliation of this close of adjusted EBITDA, I think would help the community and our stakeholders to understand our results of operations better. Back to you, Amir.

Amir (Executive): All right. Thank you. Thank you, Heiko. And

the next question comes from Alexander Pierce with BMO. Please go ahead.

Alexander Pierce (BMO): Great, thanks. Morning all. So, Amir, well, this may be a question for Brent, but just building on the question we had before about production in a quarter, if we took the delayed new header houses aside from it, production was down quarter on quarter. So maybe you can just talk about what you're seeing in the older header houses and was this a function of tie-ins or flow rates or what? That's the first part of the question. Thanks.

Amir (Executive): Hi, Alex. Yeah, thank you for that and good to have you on the call. Yeah, I'll hand it over to Brent here shortly, but definitely... I would say, again, most of what you would normally see, Alex, in terms of how an operation like this with really multiple header houses would be able to manage some of the near-term natural decline curves that are going to be inevitable in some of the producing well fields with much fewer numbers online right now. There's bound to be some greater volatility in kind of the quarter over quarter numbers. But certainly as that bandwidth increases in terms of number of wells, well fields and header houses, we should be able to smooth the numbers out and better manage that natural decline curve that exists in institute recovery. And I'll hand it over to Brent now.

Brent Burke (Executive): Yeah, thanks, Amir. Alex, maybe just a little color on that. So the production at Christensen Ranch came predominantly from well fields eight and 10 with eight active header houses operating. And that production came predominantly from new wells that were installed in 2025. So header houses 10-7 and 10-8 accounted for over 50% of that production in the fiscal Q3. And 87% of overall production came from new well field patterns that we installed in the same year. So, you know, with that, we've really focused our production ramp up with ongoing mine development and that development continued in both Wellfield 12 and 10 extension where we have five header houses under construction. Two of those in Wellfield 10 are nearing completion with another two under construction and one header house in Wellfield 12 is nearing completion of construction. So in total, four header houses are planned in well field 12 for future production. The monitor wells have been completed. The pump test is planned. With respect to well installation, all drilling is completed for header house 12-1.

And in that well field 10 extension, drilling at header houses 10-9, 10-10, and 10-11 is complete. And drilling started for header house 10-12. So we've been really focused on development and, you know, of course, you know, collaboration with our regulators is important, but, you know, really, I think the best way we can ensure that new production comes online quickly is by steadily advancing new infrastructure on the ground. Amir, back to you.

Amir (Executive): All right. Thank you, Brent. Alex, back to you.

Alexander Pierce (BMO): Okay. Thanks for that. Maybe a second part of the question then. Obviously, you've mentioned the new wellfields coming on with the new regulatory approvals, but have you seen any streamlining of the process for getting the regulatory approval so that going forward, maybe you can manage better and avoid some of the delays that you saw for this round?

Brent Burke (Executive): Go ahead, Brent.

Brent Burke (Executive): Yeah, I would say that state regulatory agencies have demonstrated a very high level of collaboration and they're actively working to address some of those longer lead time challenges that naturally arise during periods of increased industry activity. UEC, of course, has remained active and has an ongoing dialogue with the agencies, continuing to advance well-field development in parallel. I'd say this coordinated approach allows us to progress and maintain both regulatory and operational fronts. The timing for the reviews ultimately rests with the agencies themselves. However, I can confirm that the infrastructure development and related activities continue to move forward and we'll certainly provide more updates as key operational milestones are achieved. I would say you know, the regulator, much like us, when we restarted operations, is, of course, growing and responding to increased regulatory submissions that come across their desks. And, you know, we are seeing some progress and some improvement. Back to you, Amir.

Amir (Executive): All right. Thank you. Thank you, Alex. Thank you. And

the next question comes from Justin Chan with CPR Financial. Please go ahead.

Justin Chan (CPR Financial): It's SCP, but I'll forgive him that. I probably bumbled there. Thanks for taking questions, Amir and Brad. Hi, guys. Maybe just to follow up on Alex's question, maybe first to clarify, I guess you would have five header houses now producing at Christensen Ranch, like five plus five? or two plus three. And then maybe just as a bigger kind of my main question on this direction is what level of header houses and maybe rollouts per month do you think you'd need to get to that 1 million or 2 million pounds a year level given some of the wells will be declining, you'll need new ones to come on. I guess, what do you see as steady state in that regard?

Amir (Executive): Hey, Justin, thanks for the question. And there's no doubt, and this is what you're building on, that there is a linear relationship between this construction activity, building new header houses and well fields, and the increase in production that we're expecting and building out. We're right now, as you know, reporting and kind of providing updates on this activity in our quarterly reports and by the time I think you see us report the fiscal year end where we've had a chance to bring several more of the header houses online and see them actually in operation, there'll be a better ability to kind of forecast and see the contribution from each header house towards a segment of production. Bottom line is that not every header house is the same size or created equal so while there is a linear relationship I think some of that ability to kind of just extrapolate that forward may not be as simple as kind of this many header houses to get to that end result. And as you know, we're really looking to get to those higher production outputs. We have the largest resource base in the US. We've got 12 million pounds of combined license capacity.

But to really increase production, we need to be able to continue to deliver on some new projects and new header houses, all of which is moving forward and advancing. Burke Hollow being a notable one and so we'll have more information on all of that but Brent if you want to just comment on that too additionally for Justin's question.

Brent Burke (Executive): Yeah, absolutely hi Justin. As you noted, we had two header houses constructed and installed in 2025 those are header houses in wellfield 10 extension 10 7 and 10 8. Of course, we recently added three into production in well field 11. So that's 11, 1, 3, and 4. And we've got five under construction now. The other thing I would note, Justin, is, you know, we've significantly increased our drilling capacity to install wells that, of course, drive production as well. And, you know, we've got a three-fold increase from when we started the operation at Christensen Ranch to today. So, you know, we're really ramping up our construction capacity and, you know, zeroing in on increasing our production profile as we move forward. Amir, back to you.

Amir (Executive): All right. Thank you for that. Thank you, Justin. And

the next question comes from Joseph Rager with Roth Capital Partners. Please go ahead.

Joseph Rager (Roth Capital Partners): Hey, Amir and team. Thanks for taking the questions. A lot of what I wanted to ask was already touched on, but just kind of a few things left. I guess you guys did a good job of explaining why production declines over time. But as you look back at Christian Durant's performance to date compared to what was, let's say, you know, the model ahead of time, you know, has it performed in line with expectations slightly better, slightly worse, obviously the, you know, regulatory stuff's out of your control, but how is the mind performing compared to the model?

Amir (Executive): Hey, Joe. I mean, thank you for that. And we couldn't be any more clear about the performance. I mean, the ultimate performance of any mine is the cost and the output and the efficiencies there. And for a project that... On this call in particular, we've spent a lot of airtime given to regulatory delays that are outside of our control. We can't lose sight of the fact that we're 277,000 pounds in across really a modest number of header houses, and we have industry leading production costs. That's really a testament to the efficiency of the operation, the quality of our team, and the work that's being done to really deliver these industry-leading numbers. So I would argue, and I think you and I have talked about this, that the cost numbers out of Christensen Ranch, in fact, have come in better than expected and better than expectations that folks had in terms of how the project can do.

So there's no doubt that as we continue to expand the project our confidence is built on the foundation that this could be a very efficient low-cost operation and it really is about making sure we can install and construct and build that additional output and capacity which header houses afford and provide so certainly something that we're very pleased about this is a project that is a brownfield and historically has prior to our restart, had six, seven years of prior operating history as well. So it's certainly a notable project. Along the way, as you know, we've had not just refurbishments, but upgrades and all types of work done that we've reported in prior quarters. So we've come a long way in a very short period of time. And it's really only been about 15, 16 months since production started. And as I mentioned in the last quarter, most of this low-cost production so far has been carried. I'd say almost 70% of the load has been carried by two header houses. That's quite remarkable. So certainly gives us the confidence to continue to invest.

And you've seen that in our numbers that we had increased investment in Christiansen Ranch this past quarter, which was really driven by the additional construction work that we're doing and are completing and have underway.

Joseph Rager (Roth Capital Partners): Yeah, just good to have you say it. That was a sense I got. And then the other item. You know, it's mentioned in the release that, you know, you're working on the PFS for Rough Rider. What's the timing goal for you guys to have that PFS, like to have the summary release?

Amir (Executive): Joe, that's a great question. And we're, as you noticed in the release, didn't list an end time on that. And that's mainly because we're almost done with the conversion drilling. We're 80% done. We need that work to be completed. We need to make sure that all the steps with respect to getting our chemical assay results back on that drilling is in hand. And so the work can be completed with the third party technical and engineering firms that are on board and available. If I had to sort of estimate at this point what we're looking at, Joe, I would say we're estimating towards the end of the calendar year to have that PFS ready. But that's an estimate at this point, but something that we're definitely working towards and hopefully we'll have it by then.

Christian Kashani (National Bank Capital Markets): Hi, Amir and all. Hi, Christian. Thanks for taking my question. Pauline on behalf of Mohammed. Just going back to the UR&C timing that we were talking about earlier, I just wanted to confirm that the conversion study should now be expected in 2027.

Amir (Executive): Hey, yeah, Christian, thanks for that question. It... It should be a 2027 event. Between now and then, we will have further updates along the way as we're progressing on the work, including again, whether it's on siting, whether it's any of our discussions with strategic partners and or the US government and or even potential utility offtake discussions that we're having. So there will be updates along the way, but with respect to the work that will culminate in supporting what would ultimately be a class four cost study, which is what the next phase of study on this will be, will be a first half of calendar 2027 events.

Christian Kashani (National Bank Capital Markets): Great. Thanks very much. And then I was wondering if you folks could provide us with some more color on the change in ad valorem taxes. and or production based royalties in Wyoming for modeling purposes?

Josephine Mann (CFO): Yeah, I'm going to hand it over to our CFO Josephine Mann to provide some color on that. Go ahead, Josephine.

Josephine Mann (CFO): Yeah, thanks, Amir. Thanks for the question. Yeah, so this is a normal and routine process with the Wyoming Department of Revenue. So they have been very fair to the uranium industry during the previous ups and downs in the commodity cycle. So we see that the state of Wyoming tax levies two separate tax on the mineral production in the state. So it's a service tax and the volume tax. The service tax is imposed at the state level while the volume tax is imposed on the county level. So right now we see that there is an increase in the industry factors that the Department of Revenue used to capture the value of the uranium production to calculate both taxes. So in this quarter, we saw there's an increase in this industry factors, and the increase was for a four-year cycle. So this new industry factors is applied prospectively from 2026 to 2029. So we'll see a steady industry factor that will be applied to uranium production in the next couple of years. Back to you, Amir.

Amir (Executive): Okay. Thank you, Josephine. And thank you, Christian. This concludes our question and answer session. I would like to turn the conference back over to Amir and Nani for any closing remarks.

Amir (Executive): Yes, thank you. And thank you all for joining the call today. And we look forward to any follow-on communications that we might have with you in the coming days and look forward to the quarter ahead. Thank you all and have a good rest of your day. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

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.