Uranium Energy Corp. (NYSE American: UEC) more than doubled quarterly uranium production in the fourth quarter of fiscal 2026 as output increased at Christensen Ranch and the Burke Hollow project completed its first full quarter of operations. Combined production rose 157% sequentially to 82,744 pounds of precipitated uranium and dried and drummed U3O8, while the non-GAAP total cost fell to $36.54 per pound.
The production increase marked a key step in UEC’s expansion into a multi-mine U.S. uranium producer. Fourth-quarter total cash cost was $30.01 per pound, compared with Christensen Ranch’s total cash cost of $46.69 per pound in the preceding quarter. The prior-quarter comparison did not include Burke Hollow production.
For the full fiscal year, UEC produced 229,294 pounds, up from 129,966 pounds in fiscal 2025. Full-year total cash cost was $34.24 per pound, compared with $27.63 a year earlier, while total cost increased to $39.94 from $36.41. The company has produced a cumulative 359,260 pounds since commissioning its operations.
UEC reported fiscal 2026 revenue of $37.3 million and gross profit of $16.9 million. It sold 400,000 pounds at a weighted-average realized price of $93.13 per pound. The company attributed the realized price to its unhedged sales strategy and said it believed the result was the highest among publicly traded uranium producers.
Christensen Ranch output doubles
Christensen Ranch produced 65,392 pounds in the fourth quarter, double the prior quarter’s 32,195 pounds, following the startup of three new header houses approved late in the third quarter. Total cash cost declined to $28.38 per pound from $46.69, while total cost decreased 35% to $35.63 from $54.61.
Regulators issued final approvals for another four header houses on Sept. 28, 2026, and UEC expects production from those facilities to begin in the coming weeks. Three additional header houses are under construction.
At the Powder River Basin operations in Wyoming, construction is underway on monitoring, injection and recovery wells for the initial wellfield at the Ludeman satellite project. Engineering for its ion-exchange plant has also advanced, including procurement of long-lead equipment and completion of civil engineering for the plant pad.
Burke Hollow begins ramp-up
Burke Hollow produced 17,352 pounds during its first full quarter, at a total cash cost of $36.13 per pound and total cost of $39.93. The project shipped its first uranium-loaded resin to the Hobson central processing plant in mid-May, and UEC said all processing stages at Hobson—including resin transfer, elution, precipitation, drying and packaging—have been commissioned.
Fourth-quarter activity was limited to a small section of Burke Hollow’s first production area, where 126 injection and recovery wells were brought online to establish operating parameters. The project contains 6.15 million pounds of measured and indicated resources and 4.88 million pounds of inferred resources.
Development portfolio advances
At Sweetwater, the federal FAST-41 permitting dashboard anticipates completion of an environmental assessment in March 2027 and approval of the plan of operations in May 2027. UEC said environmental baseline studies were largely completed during the quarter. Drilling at Sweetwater North identified mineralization trends supporting further delineation, with additional drilling planned for the first quarter of fiscal 2027 to advance wellfield design for the first two production areas.
The company is also assessing refurbishment requirements for the Sweetwater mill for conventional and in-situ recovery operations.
In Canada, UEC completed an expanded 36,000-meter diamond drilling program at Roughrider to support resource conversion and a pre-feasibility study. Geotechnical drilling for a potential tailings management facility was also completed. The company entered an agreement with Saskatchewan Power Corp. in August 2026 to advance engineering, environmental assessment and community engagement for a high-voltage transmission connection to the project.
Balance sheet supports conversion plans
As of July 31, UEC reported $753 million of liquid assets, including $495 million in cash, and no debt. The liquid-asset figure includes equity securities and uranium inventory measured at market value. It excludes in-process inventory and uranium concentrates from extraction at the Irigaray and Hobson processing plants.
UEC held 1.26 million pounds of U3O8 inventory valued at $109 million at market prices. That amount also excludes the 359,260 pounds produced at Irigaray and Hobson since commissioning.
Management is pursuing a broader U.S. fuel-cycle strategy through United States Uranium Refining & Conversion Corp., which is intended to add planned refining and conversion capabilities to UEC’s mining and processing operations. The company has begun preparing a U.S. Nuclear Regulatory Commission license application, completed core execution plans and advanced site selection. A dedicated project team with Fluor has grown to 63 professionals, and a Class IV cost estimate is expected in mid-2027.
The planned expansion remains subject to substantial uncertainty. UEC cautioned that exploration and development work may not be completed or deliver anticipated results, while regulatory approvals, permits and capital availability could affect project timing. Other disclosed risks include changes in government policy or uranium demand, mining and environmental hazards, labor disputes, weather, title claims and uncertainty surrounding mineral-resource estimates. The company also noted that inferred resources carry greater uncertainty and cannot be assumed to be upgraded or converted into reserves.
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