Uranium Energy Corp (NYSE American: $UEC) Stock Hub 2026: Burke Hollow In Production, $488 Million Of Cash, No Debt And No Reserves

01 What Uranium Energy Corp Is, After Burke Hollow

Uranium Energy Corp was incorporated in Nevada on May 16, 2003, trades on NYSE American under the
symbol UEC and runs its business from Corpus Christi, Texas. Its fiscal year ends on July 31, which
means the most recent audited picture is the annual report for the year to July 31, 2025, filed on
September 24, 2025, and the most recent numbers of any kind are those in the quarterly report for the
three months to April 30, 2026, filed on June 9, 2026.

The business is uranium extraction by in-situ recovery, the method that dissolves uranium out of a
sandstone aquifer with oxygenated water and pumps the loaded solution to the surface rather than
digging the rock out. UEC organises that around three hub-and-spoke platforms: a central processing
plant that dries and drums the final product, fed by satellite mines that ship uranium loaded onto
ion-exchange resin. The three hubs are Irigaray in the Powder River Basin of Wyoming, Hobson in south
Texas, and the Sweetwater mill in south-west Wyoming, bought from Rio Tinto in December 2024. The
annual report puts their combined licensed production capacity at approximately 12.1 million pounds
of U3O8 a year.

Two of the three platforms are now producing. Christensen Ranch, feeding Irigaray, began ISR
operations in August 2024. Burke Hollow, feeding Hobson, started on April 8, 2026 after the Texas
Commission on Environmental Quality signed off, which the company describes as the first new United
States ISR operation in more than a decade. Sweetwater is in permitting and refurbishment. A second
Wyoming satellite, Ludeman, is fully permitted and planned for startup in 2027, which would make it
the company’s third operating ISR mine.

Alongside the mines sit three other things that matter to the equity: a physical uranium
stockpile of 1,456,000 pounds carried on the balance sheet, a wholly owned subsidiary that intends to
build an American uranium refining and conversion facility, and a portfolio of shareholdings in other
uranium companies. At April 30, 2026 the company held $488.05 million of cash and had no debt of any
kind. The distance between that balance sheet and the size of the operating business is the first
thing a reader of the filings runs into: over the nine months to April 30, 2026, UEC recognised
$20.2 million of revenue and a net loss of $76.62 million.

Governance is stable and concentrated. At the annual meeting held on July 23, 2026, shareholders
elected Amir Adnani, Spencer Abraham, David Kong, Vincent Della Volpe, Gloria Ballesta and Trecia
Canty to the board, and ratified PricewaterhouseCoopers as auditor for the fiscal year ending
July 31, 2026. The board then reappointed Amir Adnani as President and Chief Executive Officer,
Josephine Man as Chief Financial Officer, Scott Melbye as Executive Vice President and Brent Berg as
Senior Vice President, U.S. Operations. On May 28, 2026 the company added Bradley Williams as Vice
President of Government Affairs, a hire drawn from the Department of Energy, Idaho National
Laboratory and Senate committee staff, which is a fair signal of where management thinks the
next few years of value will be decided.

02 The Wyoming Platform: Irigaray, Christensen Ranch And Ludeman

The Wyoming platform is the one that actually makes pounds today. The hub is the Irigaray central
processing plant; the producing spoke is Christensen Ranch, in Johnson and Campbell Counties in
the Powder River Basin, about 70 air miles north-northeast of Casper; the second spoke, Ludeman, is
under development.

Christensen Ranch restarted in August 2024 after a long idle period, and the fiscal 2025 annual
report describes what a restart of that kind involves in practice: a refurbishment of the wellfield
and header houses, then a rebuild of one of the two yellowcake thickeners and of the calciner
at Irigaray, finished in the first quarter of fiscal 2026, to allow the plant to run two shifts around the clock. Drying
and drumming resumed in November 2025, and approximately 49,000 pounds of U3O8 were packaged between
November 13 and November 30, 2025 alone, which gives a sense of how much of the ramp is plant
availability rather than geology.

Production comes from header houses, each of which collects a group of injection and recovery
wells. Through most of fiscal 2026 the majority of output came from only two active header houses. On
March 23, 2026 the company announced that the Wyoming Department of Environmental Quality had
approved three more in Wellfield 11, and that extraction had started there. Preconditioning of
Wellfield 11 followed, then carbon dioxide and oxygen injection, and by the end of April a small
amount of uranium from that wellfield had reached the precipitation stage. The costs of that work
were capitalised into the quarter while almost none of the associated pounds had come through, which
is the mechanical reason the reported cost per pound jumped in the third quarter.

At April 30, 2026 one further header house in Wellfield 11 was complete and waiting for
regulatory approval, and five more were under construction in Wellfield 12 and the Wellfield 10
extension. Baseline water quality sampling in the Wellfield 10 extension was finished during the
quarter, which is the step that has to precede a Class III underground injection control permit.

Ludeman is the next satellite. During the third quarter UEC completed a 240-hole delineation
drilling programme and collected core for laboratory testing, work that feeds the wellfield pattern
design. Engineering on the satellite ion-exchange plant progressed to the point where the plant
layout and pad design were largely settled and fabrication of the ion-exchange vessels was running
ahead of schedule, letting the company start procurement on long lead-time equipment. Uranium
captured on resin at Ludeman would travel to Irigaray for stripping, precipitation, drying and
packaging, which is the whole point of the hub-and-spoke design: one licensed plant, several cheap
satellites.

03 South Texas: Hobson And The Burke Hollow Start-Up

The south Texas platform is built the same way. Hobson is the central processing plant, wholly
owned, with the physical capacity to process uranium-loaded resin into two million pounds of U3O8 a
year and a licence that allows up to four million. Burke Hollow, in the South Texas Uranium Belt, is
the spoke. The distinction between the licence and the plant matters: the twelve million pound figure
the company uses for its combined platforms is licensed capacity, not installed capacity, and at
Hobson the two differ by a factor of two. From the start of extraction in November 2010 to
July 31, 2025, Hobson had processed 578,000 pounds of U3O8 in total.

Burke Hollow is the asset that changed status in 2026. UEC discovered it in 2012, and on
April 8, 2026 announced that the Texas Commission on Environmental Quality had granted approval and
that production had begun, making it the largest greenfield ISR project in the United States to enter
production in over a decade. The announcement carried supporting quotes from United States Energy
Secretary Chris Wright and from Texas Governor Greg Abbott, which says something about how closely
this particular startup is tied to federal and state energy politics.

The mechanics of the start were ordinary. Oxygen and carbon dioxide were injected into the
wellfield to begin the recovery process and provide initial feed to the ion-exchange plant. The
satellite ion-exchange plant itself, with columns, resin and water treatment systems and an overall
capacity of 2,500 gallons per minute, was commissioned during the third quarter. Wellfield
development continued in phase 1A, where a further 46 wells were completed and tested for mechanical
integrity, and the main trunkline, piping, valves and oxygen delivery lines were installed and
tested.

The company was explicit that Burke Hollow would contribute to production in the fourth fiscal
quarter, the three months to July 31, 2026, and not before. Nothing in the third quarter production
figures comes from Texas. That matters when reading the cost per pound: the 32,195 pounds produced in
the third quarter were all from Christensen Ranch.

The scale argument at Burke Hollow rests on how little of it has been looked at. The company describes
the property as covering about 20,000 acres, while the claims table in the annual report totals
17,511 acres, and states that only about half of it has been explored, with multiple
mineralised trends and horizons supporting a phased approach to further wellfield development. The
S-K 1300 estimate in the fiscal 2025 annual report puts Burke Hollow at 6.16 million pounds of
measured and indicated resources and 4.88 million pounds inferred, at grades of 0.083 and 0.104 per
cent respectively. Against Hobson’s four million pound licence, that resource is a starting position
rather than a mine plan.

04 Sweetwater: The Third Platform And The Federal Permitting Track

Sweetwater is the platform that has not started, and it is also the one that changed the company’s
standing in the United States industry. UEC bought the Sweetwater plant and Rio Tinto’s other Wyoming
uranium assets in December 2024 for $175 million, a transaction that shows up in the fiscal 2025 cash
flow statement as $179.60 million of cash used. The plant is a 3,000-ton-per-day conventional mill with a
licensed capacity of 4.1 million pounds of U3O8 a year, and the acquisition brought with it
approximately 175 million pounds of historic resources.

The word historic is doing real work in that sentence. Those pounds are not S-K 1300 resources
prepared for UEC by a qualified person: they are estimates inherited with the properties, and the
annual report treats Sweetwater separately from the five properties it designates as individually
material. Anyone adding 175 million pounds to the company’s compliant resource base is combining two
different standards of evidence.

The interesting part of Sweetwater in 2026 is regulatory rather than geological. The project sits
on the federal FAST-41 permitting track, the coordinated process created to put deadlines and
transparency around infrastructure approvals. During the third quarter the Bureau of Land Management
finished its completeness review of UEC’s Plan of Operations for ISR operations, and a 30-day public
comment period ran from March 16 to April 17, 2026. The comments feed into the National Environmental
Policy Act review, which began in June 2026. That is the gate that decides whether Sweetwater becomes
a third producing platform or stays a mill with a licence.

Field work has run ahead of the permit. A 200-hole delineation drilling programme on the first two
planned wellfields started in March and was completed in early May 2026 for the Sweetwater North
area, where wellfield pattern planning has begun, and a second 200-hole programme was scheduled to
start in July 2026 on the third planned ISR wellfield. The company has begun assessing what
refurbishing the Sweetwater mill would require for both conventional and ISR operation, and
ion-exchange vessels for the Sweetwater ISR circuit are under construction. No capital budget or
restart date for the mill has been published.

05 Roughrider And The Canadian Portfolio

Roughrider is the asset that does not look like anything else UEC owns. It sits in the eastern
Athabasca Basin of Saskatchewan, the district that hosts the highest-grade uranium deposits in the
world, and it is a hard-rock deposit, not an ISR one. The grades in the fiscal 2025 annual report
make the difference plain: 27.86 million pounds of indicated resources at 1.81 per cent U3O8 and
33.38 million pounds inferred at 2.45 per cent, across three zones known as West, East and Far East.
The Wyoming and Texas ISR properties are measured in tenths of a per cent or less.

UEC is trying to convert that from a resource into a study. The company has substantially
completed a 35,000-metre conversion core drilling programme aimed at moving inferred material into
the indicated category, with 80 per cent of the planned metres drilled as of the third quarter
report, and has engaged Tetra Tech Canada to lead the technical work for a pre-feasibility study.
Process flow diagrams, mass and water balance drawings and process equipment lists have been
completed. In parallel UEC has sent SaskPower an electrical load list and a transmission
interconnection service request for a Definition Phase Agreement, the first step towards
high-voltage power on site. Environmental baseline work and Indigenous engagement continue, both of
which are prerequisites for a future Environmental Impact Assessment and licensing.

No date has been given for the pre-feasibility study itself, and a pre-feasibility study is still
two formal steps away from a construction decision. Roughrider is a long-dated option, not a near
catalyst.

The Canadian position is broader than one project. UEC owns 50 per cent of JCU (Canada)
Exploration Company Limited, a private Canadian company holding interests in Canadian uranium
exploration assets, accounted for as a joint venture under the equity method and carried at
$19.28 million at April 30, 2026, down from $21.17 million at July 31, 2025 after a $2.95 million
share of losses. Part of the October 2025 financing was raised as Canadian flow-through shares
specifically to fund qualifying exploration expenditure at Roughrider, which is a tax structure
available for Canadian exploration and one of the few pieces of UEC’s funding that is earmarked for a
named property.

06 The Conversion Bet: United States Uranium Refining And Conversion Corp

The most consequential thing UEC did in the last two years may have nothing to do with mining. In
fiscal 2025 it launched United States Uranium Refining & Conversion Corp, a wholly owned
subsidiary whose purpose is to build an American uranium refining and conversion plant, and it has
been feeding that project steadily since.

Conversion is the step between mining and enrichment. Uranium concentrate has to be turned into
uranium hexafluoride before it can be enriched, and the United States has effectively one
conversion facility. That bottleneck is the strategic argument: a country can mine all the uranium it
likes and still depend on foreign plants to make it usable.

The subsidiary reached its first regulatory milestone on March 18, 2026, when the Nuclear
Regulatory Commission issued a Docket Number for the planned facility, following a Letter of Intent
to pursue a licence under 10 CFR Part 40. The next step in that sequence is pre-application
engagement with the NRC. The formal licence application is expected once engineering and design work,
being carried out by Fluor Corporation, is complete and a site has been chosen. During the third
quarter Fluor’s work moved into a new phase at its Greenville, South Carolina offices with a
significant expansion of engineering and technical resources.

Siting is where the project intersects with Washington. After what the company describes as
ongoing discussions with the Department of Energy about strategic nuclear fuel cycle infrastructure,
UR&C widened its site search to add candidate locations aligned with federal priorities, and has
since narrowed to a final shortlist. The criteria named are local incentives, workforce, utilities,
highway, rail and port logistics and industry synergies. No site, no cost estimate, no construction
timetable and no financing plan for the facility have been published.

That is the honest state of the conversion story at August 2026: a docket number, an engineering
contractor, a shortlist and an ambition. It is the part of UEC that could re-rate the equity if it
turns into a funded, licensed plant, and it is also the part where the least is currently known.

07 The Resource Base, And The Word Missing From It

The fiscal 2025 annual report contains a sentence that sits oddly against the company’s public
description of itself as America’s largest uranium company: “We currently do not have any
‘Proven Mineral Reserves’ or ‘Probable Mineral Reserves’.” UEC files as an exploration stage
issuer under S-K 1300 and states that it cannot expect to have reserves unless and until an
appropriate technical and economic study is completed for its mines or other properties.

That is not a criticism of the deposits and it is not unusual for ISR operators, whose economics
are established wellfield by wellfield rather than through a single mine-wide feasibility study. It
does mean that every pound in the resource tables is a resource, that resources are not reserves, and
that mineral resources which are not mineral reserves have not demonstrated economic viability. It
also means comparisons with producers that do report reserves are not like for like.

For fiscal 2025 UEC designated five properties as individually material: Christensen Ranch, Reno
Creek and Ludeman in Wyoming, Burke Hollow in Texas and Roughrider in Saskatchewan. Their stated
resources are set out below, with the reported grades.

Three observations follow from that table. Roughrider alone is half the compliant resource base
and it is the asset furthest from production. The single producing property, Christensen Ranch, holds
under eight per cent of it. And the roughly 175 million pounds of historic Sweetwater material, which
would more than double the total if it were included, sits outside the S-K 1300 tables entirely.

Around those five sit a long tail of exploration-stage holdings with no compliant resource
estimate attached: the fiscal 2025 property table lists uranium projects in Wyoming, Texas, Arizona
and New Mexico in the United States, in Saskatchewan and Nunavut in Canada, and in Paraguay. The Alto
Paraná titanium project in Paraguay is a different commodity and is dealt with separately.

08 Production And Cost Per Pound

UEC reports production in pounds of precipitated uranium and dried and drummed U3O8, and reports
what that costs with three measures of its own construction: Total Cost per Pound, Cash Cost per
Pound, and a line for production-based royalties, ad valorem and severance tax per pound. None of the
three is defined under United States accounting standards. The company defines Total Cost per Pound
as the addition to in-process inventory and to uranium concentrates from extraction for the period,
divided by the pounds produced in that period, with the cash version excluding depreciation,
depletion and amortisation.

Read literally, that is an inventory-build measure, not a full cost of production: it captures
what was capitalised into inventory in the quarter, not corporate overhead, exploration, or the
mineral property expenditures that dominate the income statement. It is a useful gauge of wellfield
efficiency and a poor gauge of what a pound costs the shareholder.

The trajectory through fiscal 2026 is unambiguous. In the first quarter, 68,612 pounds at a Total
Cost per Pound of $34.35. In the second, 45,743 pounds at $44.14. In the third, 32,195 pounds at
$54.61, with a cash cost of $46.69. Production has fallen in each successive quarter and cost per
pound has risen in each. Cumulative production since commissioning stood at 276,516 pounds at
April 30, 2026, at a cumulative Total Cost per Pound of $39.30 and a cumulative Cash Cost per Pound
of $32.40, both of which flatter the current run rate because they are dominated by the cheaper early
quarters.

The company’s explanation for the third quarter is specific and checkable. Lower volume came from
the timing of regulatory approvals: the three new header houses in Wellfield 11 only started
operating late in the quarter, and preconditioning, leaching and precipitation costs were capitalised
while the associated pounds had not yet been produced. Separately, the Wyoming Department of Revenue
raised the industry factor used to value extracted uranium for severance and ad valorem tax, which
pushed the royalties and taxes component from $6.67 per pound in the second quarter to $8.11 in the
third. The full quarter reconciliation published with the results shows cash production costs of
$1.242 million, royalties of $49,000, ad valorem and severance tax of $212,000 and depreciation,
depletion and amortisation of $255,000, for total costs of $1.758 million against 32,195 pounds.

Two numbers frame the whole production discussion. Nine months of fiscal 2026 produced 146,550
pounds. The combined licensed capacity of the three platforms is approximately 12.1 million pounds a
year. Even annualised generously, output is running at roughly one to two per cent of the licence.
Management has guided that production will increase in the fourth fiscal quarter, with the new
Christensen Ranch header houses running for a full quarter and Burke Hollow contributing for the
first time, and that this should bring the cost per pound down. That guidance is the single most
testable claim in the company’s story, and the fiscal 2026 annual results are where it gets
tested.

09 The Third Quarter Of Fiscal 2026 In Numbers

The third quarter of fiscal 2026 covers February, March and April 2026. It produced no revenue at
all, because UEC did not sell a pound during it.

The single largest expense is not a mine cost in the conventional sense. Mineral property
expenditures of $29.54 million in the quarter and $74.14 million over nine months are the wellfield
development, drilling, permitting and project work that UEC expenses as incurred rather than
capitalising, and they nearly doubled year on year. That line, not cost of sales, is what a
shareholder is paying for the ramp.

General and administrative costs of $9.43 million in the quarter were up 47.8 per cent on the
$6.38 million a year earlier, and $25.06 million over nine months against $18.29 million, an increase
of 37.0 per cent. Part of that is the build-out of the conversion subsidiary and the Washington
presence.

Below the operating line the picture is dominated by financial assets rather than uranium.
Interest income of $4.22 million in the quarter, on a cash balance that has more than tripled since
July 2025, is now a meaningful offset. Against it, a $19.43 million fair value loss on equity
securities turned a $40.79 million operating loss into a $52.34 million net loss. Over nine months
the same line was a small gain of $0.65 million. Roughly a third of the quarterly loss came from the
marked value of shares in other companies, which is a volatility the operating business does not
control.

Cash flow tells the cleanest version of the story. Over the nine months, operating activities
consumed $90.06 million, investing consumed $83.27 million, of which $40.00 million went into
subscription receipts and $37.93 million into equity securities, and financing raised
$505.11 million net. Cash, cash equivalents and restricted cash rose from $158.14 million to
$489.93 million.

10 The Balance Sheet, And What Liquid Assets Means Here

The balance sheet at April 30, 2026 is the strongest argument in the bull case, and the line items
say more than the headline does.

There is no debt on it. Every liability is an operating payable, a reclamation obligation or a
deferred tax entry, and the largest single item, the $61.30 million deferred tax liability, is an
accounting consequence of past acquisitions rather than a claim on cash. Current assets of
$581.64 million cover current liabilities of $17.81 million more than thirty times over. Book value
works out at $2.88 a share on the 493,317,899 shares outstanding, and cash alone at $0.99 a
share.

The results release leads on a different number: $794 million of liquid assets. That measure is
defined in a footnote as cash, equity securities, subscription receipts and uranium inventories at
market prices, excluding in-process inventory and the drummed concentrate sitting at Irigaray. It is
not a balance sheet line, it mixes audited cost with market marks, and its definition changed between
quarters — the second quarter release defined it as cash, accounts receivable, equity securities
and uranium inventories, and gave a total of $818 million at January 31, 2026.

The components disclosed across the quarterly report add to about $791 million: $488.05 million of
cash, $127 million of uranium inventory valued at market, $70.12 million as the fair value of the
Uranium Royalty Corp stake, $65.88 million of other equity securities and $40.00 million of
subscription receipts. The release does not itemise the figure, so the last few million cannot be
tied out from public disclosure. The fall from $818 million to $794 million across a quarter in which
the cash balance barely moved, from $486.35 million to $488.05 million, is explained mostly by the
uranium mark: the same
1,456,000 pounds were valued at $144 million on January 31 and $127 million on April 30, as the price used to value them fell. Dividing
those stated market values by the 1,456,000 pounds gives about $99 a pound at January 31 and about
$87 at April 30, which is arithmetic on the company’s own figures rather than a quoted price.

11 The Inventory And The Unhedged Strategy

UEC holds 1,456,000 pounds of purchased uranium concentrate in inventory, unchanged from
January 31, 2026 and up from 1,356,000 pounds at July 31, 2025. On the balance sheet those pounds are
carried at cost: purchased uranium inventories of $73.93 million within total inventories of
$86.46 million, the balance being $8.38 million of concentrates from extraction, $2.67 million of
in-process material and $1.49 million of materials and supplies. Valued at the spot price on
April 30, 2026, the company puts the same pounds at $127 million.

The gap between $73.93 million of cost and $127 million of market value is roughly $53 million of
unrecognised gain that will only ever appear in the income statement if the pounds are sold. Under
the accounting UEC applies, inventory is not marked up; it sits at cost until a sale converts the
difference into revenue and gross profit. That is why revenue is so lumpy: the company chooses when
to recognise it.

The strategy behind that is stated plainly and repeated in every release: UEC is 100 per cent
unhedged. It signs no long-term fixed-price contracts of the kind that give Cameco or Kazatomprom a
predictable revenue line. Every pound is exposed to the spot and term market, and every sale is a
discretionary decision.

The second quarter of fiscal 2026 is the case for that approach. UEC sold 200,000 pounds at
$101 per pound, against an average spot price of $80.76 for the quarter, generating $20.2 million of
revenue and $10.0 million of gross profit at a gross margin of 49.6 per cent. Fiscal 2025 was the
same trade at a smaller premium: 810,000 pounds at an average of $82.52, for $66.84 million of
revenue and $24.48 million of gross profit. Then the company simply stopped selling. The third
quarter of fiscal 2026 recorded no sales at all, and management framed that as preserving inventory
and pricing optionality.

The cost of the approach is equally plain. A company with no contracted revenue has no visibility
for anyone modelling it, and an equity that is unhedged against uranium is, in effect, a leveraged
position on the uranium price with a mining company attached. When the price falls, nothing cushions
it. The same 1,456,000 pounds lost $17 million of stated market value in three months without a
single operational thing going wrong.

12 The Share Count: How Half A Billion Dollars Was Raised

The cash did not come from selling uranium. Over the nine months to April 30, 2026 UEC raised
$508.20 million from share issuances net of costs, against $90.06 million consumed by operations. The
components are disclosed individually.

Share count is the place where reconstructions usually go wrong, so the anchor is the figure the
company states: 493,317,899 shares issued and outstanding at April 30, 2026, against 454,015,855 at
July 31, 2025, and 494,872,366 on the cover of the quarterly report at June 8, 2026. That is an
increase of 40,856,511 shares, or 9.00 per cent, in a little over ten months. The issuances named in
the table, including the 1,390,880 shares sold immediately after the quarter end, account for
39,577,233 of them. The residual 1,279,278 shares are the settlement of restricted stock units and
option exercises, consistent with $6.04 million of stock-based compensation over the nine months and
$3.08 million paid in taxes and withholdings on award settlements.

Two features of that funding stand out. First, the average realised price was high: the October
offering priced at $13.15 when the stock was near its highs, and the 2025 at-the-market programme
sold 9,709,167 shares for $168.52 million, an average of $17.36 a share, well above the $12.76 close
on August 21, 2026. Dilution taken near the top of a cycle is the cheapest kind there is.

Second, the facility is far from exhausted. The 2025 at-the-market agreement signed on
November 14, 2025 allows up to $600 million of stock to be sold, of which $168.52 million had been
used by April 30, 2026 and a further $22.11 million immediately after, leaving roughly $409 million
of authorised capacity. A company with $488 million of cash, no debt and $409 million of remaining
at-the-market authority is not short of funding, and the share count has risen in every reporting
period of fiscal 2026. Warrants are no longer a factor: none were outstanding at April 30, 2026,
against 159,091 at July 31, 2025.

13 The Portfolio: Uranium Royalty Corp, Anfield And JCU

A quarter of UEC’s balance sheet is other people’s uranium companies, and the third quarter loss
came mostly from that side of the business.

Uranium Royalty Corp. UEC owned 17,978,364 shares at April 30, 2026, a 12.3 per
cent interest, down from 13.5 per cent at July 31, 2025 through dilution. The stake is accounted for
under the equity method rather than as a simple investment because two UEC executive officers sit on
the URC board and one of them holds an executive position there, which the company states gives it
significant influence. Carrying value was $44.50 million; fair value was approximately
$70.12 million. Over the nine months the position contributed $5.84 million of share of income and a
$3.46 million gain on dilution of ownership interest.

On April 29, 2026 UEC put another $40.00 million into URC, buying 10,989,011 subscription receipts
at $3.64 each in a private placement, carried at $40.00 million in other non-current assets at
April 30 and repayable if the conditions attached to them were not met. Those conditions were met.
A Schedule 13D filed by UEC on July 28, 2026 reports that under an arrangement agreement dated
April 16, 2026 Uranium Royalty Corp domesticated as a Delaware corporation with effect from
July 27, 2026, and that UEC’s 28,967,375 URC shares held immediately before the arrangement, which is
exactly the 17,978,364 shares plus the 10,989,011 subscription receipts, were exchanged one for one
into shares of the domesticated company.

The same filing carries the number that changes the picture. UEC’s 28,967,375 shares represent
7.7 per cent of the 377,210,623 URC shares outstanding at July 27, 2026, against 12.3 per cent at
April 30. URC’s share count roughly two and a half times larger than the roughly 146 million shares
implied by the April holding means UEC put $40 million in and came out with a smaller proportional
stake in a much larger company. Nothing in the accounting for that transition appears in the accounts
published so far: the first set of figures to reflect it will be the fiscal 2026 annual report.

Anfield Energy. UEC held 5,875,738 shares at April 30, 2026, approximately
32.22 per cent of Anfield’s outstanding shares and about 36.68 per cent partially diluted for
1,283,639 warrants. A holding above twenty per cent would ordinarily require equity accounting, but
UEC elected the fair value option, so every move in Anfield’s share price runs through the income
statement. Fair value of the shares was $29.38 million and of the warrants $1.41 million. The
cumulative revaluation adjustment since acquisition is a loss of $7.69 million. Anfield completed a
one-for-seventy-five share consolidation effective August 1, 2025, so any comparison with older share
counts needs that adjustment.

JCU (Canada) Exploration. A 50 per cent joint venture holding Canadian uranium
exploration interests, equity accounted, carried at $19.28 million after a $2.95 million share of
losses over the nine months.

Together the equity-accounted investments and equity securities are $129.66 million of the
$1.54 billion balance sheet at carrying value, plus $40 million of subscription receipts. The
accounting consequence is that UEC’s reported earnings move with the share prices of other uranium
companies. The governance consequence is that a company with executives on the board of an affiliate
it also invests in carries a related-party dimension that a reader should weigh for themselves.

14 Alto Paraná: Titanium And Vanadium In Paraguay

Alto Paraná is the outlier in the portfolio: a titanium and vanadium project in Paraguay,
174,204 acres, wholly owned, and nothing to do with uranium.

The numbers attached to it come from an initial assessment, or preliminary economic assessment,
disclosed in November 2023 and filed as a technical report summary with an 8-K dated November 13,
2023. It set out two development scenarios. The smaller one produced a net present value at an eight
per cent discount rate of $419 million with a post-tax internal rate of return of 21 per cent, using
less than 0.2 per cent of the regional resource a year. The larger one produced a net present value
of $1.55 billion with a 25 per cent post-tax return, using less than 0.7 per cent a year. The
resource behind those scenarios is an estimated inferred mineral resource of 3.58 billion tonnes at
approximately 7.3 per cent titanium dioxide, plus an estimated indicated resource of 70 million
tonnes at approximately 7.6 per cent.

The company’s own cautionary language is the right frame for those figures. The assessment is
preliminary, it includes inferred mineral resources that are considered too speculative geologically
to have modifying factors applied to them, and there is no certainty the economics will be realised.
A net present value that rests largely on inferred material is a modelling exercise, not a valuation.
Grades are reported as in-situ whole rock titanium dioxide.

What changed in 2026 is the framing rather than the geology. UEC commissioned TZ Minerals
International, a titanium and critical minerals consultancy, to look at where the project sits within
United States critical materials policy. The report, described in the third quarter release,
concluded that Alto Paraná is located in a United States aligned partner country, has access
to low-cost hydroelectric power, and could integrate into allied downstream processing. It framed
three structural vulnerabilities the project could address: near-total American reliance on imported
titanium sponge feedstock, concentration of vanadium supply in a small number of jurisdictions, and
the shortage of large-scale allied supply in the Western Hemisphere.

That is a positioning document, not a financing or a permit. No development decision, capital
budget or partner has been announced for Alto Paraná, and no line of the current income
statement depends on it. Alto Paraná is optionality on the critical minerals theme, carried
within mineral rights and properties, and nothing more definite than that.

15 The Uranium Price And The Policy Backdrop

An unhedged producer is a bet on a price. Cameco publishes
an industry average of the month-end spot and long-term uranium prices calculated from the figures
put out by UxC and TradeTech, and that series shows two different markets.

Spot rose from $75.13 a pound at the end of August 2025 to a peak monthly average of $94.28 at the
end of January 2026, then gave most of that back and has spent the six months since in a band between
$84.18 and $86.95. The reading at the end of July 2026 was $86.38. The long-term price, which is the
reference used when utilities contract years of supply, has done something quieter and more
interesting: it has risen in almost every month of the period, from $81.00 at the end of August 2025
to $95.50 at the end of July 2026, and has now been above spot since February 2026. Utilities are
paying up for security of supply at the same time as the spot market drifts.

That is the commercial background. The policy background has moved faster.

On January 14, 2026 the President signed a proclamation under Section 232 of the Trade Expansion
Act directing the Secretary of Commerce and the United States Trade Representative to negotiate
agreements with trading partners on imports of processed critical minerals and their derivative
products. The proclamation was published in the Federal
Register on January 20, 2026, and UEC has consistently described uranium as falling within its scope,
which is the company’s reading rather than a phrase lifted from the text. It directs negotiators to consider price floors for trade in these
materials and states that if agreements are not entered into within 180 days, further action may
follow. That window closed in mid-July 2026, and no announcement of concluded agreements covering
uranium has been identified as of August 22, 2026.

On the demand side of policy, the Department of Energy’s Office of Nuclear Energy, working through
the Defense Production Act Nuclear Fuel Cycle Consortium, launched a campaign it calls Nuclear
Dominance — 3 by 33 at the consortium’s second public meeting on April 23, 2026. The consortium
brings together representatives of more than ninety companies across the nuclear industrial base and
sets three objectives to be reached by 2033: a secure and cost-competitive domestic fuel supply chain
across mining, milling, conversion, enrichment and recycling; faster advanced reactor deployment
toward a closed fuel cycle; and use of the Defense Production Act framework to align workforce,
financing and industry collaboration.

Both of those matter to UEC in the same specific way. The company is one of the few American
issuers positioned across mining and, prospectively, conversion, which is exactly the stretch of the
chain both initiatives target. Neither initiative has so far produced a contract, an offtake or a
payment to UEC. What they produce is a probability that policy support turns into procurement, and
the market is pricing some of that probability today.

16 Market Snapshot: Price, Float And Short Interest

UEC closed at $12.76 on Friday August 21, 2026, up 14.44 per cent on the day, on 16.64 million
shares against an average of 9.39 million. That was the largest one-day move in the sector, but it
was not company-specific: Denison Mines rose 11.46 per cent, Energy Fuels 8.92 per cent, Cameco
7.24 per cent, Ur-Energy 6.77 per cent, NexGen 6.26 per cent and Centrus 5.75 per cent, while the
Global X Uranium ETF added 5.09 per cent and the Sprott Uranium Miners ETF 7.66 per cent. The S&P
500 tracker rose 0.41 per cent. No filing was made by the company that day. Its most recent
substantive disclosures are the annual meeting results of July 23, 2026 and a Schedule 13D of
July 28, 2026 on its Uranium Royalty Corp holding; everything filed since consists of insider Forms 4
and third-party Schedule 13G notices. A sector repriced, and the reason for it is not visible in any
company document.

Three lines of that table interact. The stock is up 32.64 per cent over a year
and still 37.3 per cent below the January high, which is the signature of a sector that ran hard and
then corrected. Institutional ownership above eighty-four per cent against insider ownership under
two per cent means the register is dominated by funds and index vehicles rather than by management.
And 12.17 per cent of the float sold short, at a short ratio above six days of average volume, is
enough to make sharp upward moves sharper than the news behind them warrants.

On the sell-side aggregate: the consensus target of $18.03 and the 1.22 recommendation are
aggregates published by a data provider rather than a set of individual notes with identified houses
and dates, and they summarise positioning rather than research.

The comparison that gives the valuation debate its shape is the first row against the third.
Cameco is worth about seven times UEC and produced, contracted and sold uranium on an industrial
scale through the same period in which UEC produced 146,550 pounds. UEC trades at 4.43 times book
value. What the market is paying for is the resource base, the licensed capacity, the unhedged
inventory and the American address, not the current output.

17 Retail Sentiment On Stocktwits

Stocktwits is a retail message board, not a research service, and its sentiment tags are
self-reported by users who are not professional investors. Read with that caveat, it measures how
crowded one side of a conversation has become.

On the reading taken on August 22, 2026, after Friday’s close, every sentiment-tagged message on
$UEC was marked bullish, giving a bull share of 100 per cent and a normalised sentiment score of 57
on a 0 to 100 scale, with the platform’s label reading bullish and its message-volume label reading
high at a score of 63. The symbol had 19,041 watchers.

The content of the stream matches the tape rather than the filings. The most-engaged posts on
August 21 were about the sector move rather than about UEC: one described a massive up-day for
uranium producers and developers across half a dozen tickers, another simply noted that uranium was
trending. Recurring themes were the ban on certain Russian enriched uranium imports, artificial
intelligence power demand as the reason nuclear has to scale, and comparisons with larger producers.
No post referenced the third quarter results, the cost per pound, or the share count.

That is the useful signal in it. A stream that is unanimously bullish on a day when the whole
sector rose, on a stock with 12.17 per cent of its float sold short, is describing momentum. It says
nothing about whether the fourth quarter production ramp arrives on schedule.

18 The Catalyst Map To 2027

Nothing in UEC’s near-term calendar is a binary event in the way a regulatory decision is. The
catalysts are a results date, a set of operational milestones without confirmed dates, and one policy
process outside the company’s control.

The dates that exist are estimates and are labelled as such. UEC has been consistent about
announcing its results date in advance through a short newswire release roughly a week ahead, so the
fiscal 2026 date should become visible before the report itself.

19 Risks And Red Flags

The gap between capacity and production. Licensed capacity of approximately
12.1 million pounds a year against 146,550 pounds produced in nine months, or roughly 195,000 pounds
annualised, is a ratio of about sixty to one. Licensed capacity is a permit, not a plant that runs, and at Hobson the installed
capacity is half the licensed figure. Closing that gap requires wellfields, header houses, permits
and capital in sequence, and each of the last three quarters has shown how easily the sequence
slips.

Cost per pound moving the wrong way. $34.35, then $44.14, then $54.61. The
company’s explanation is credible and mechanical, and the fourth quarter should reverse part of it.
But the measure itself excludes the mineral property expenditures that are the largest line in the
income statement, so the true cost of a UEC pound is higher than any of those numbers.

Revenue is discretionary and therefore absent. Two of the last three quarters had
no revenue at all. That is a choice rather than a failure, and it is a choice that makes conventional
valuation multiples meaningless and leaves the equity to be valued on assets and on the uranium
price.

Unhedged cuts both ways. A 100 per cent unhedged position delivered a sale at
$101 against an $80.76 average spot in the second quarter. The same position cost $17 million of
stated inventory value in the third quarter, and would cost more in a sustained decline, with no
contracted revenue to cushion it.

Dilution is continuous. Shares up 9.00 per cent in ten months, roughly
$409 million of at-the-market capacity still authorised under the November 2025 agreement, and an
operating cash burn of $90.06 million over nine months. The company will not run out of money; the
share count will keep rising.

Earnings driven by other companies’ shares. A $19.43 million fair value loss on
equity securities was more than a third of the third quarter net loss. The portfolio also carries a
related-party dimension, with two UEC executive officers on the board of Uranium Royalty Corp, a
company in which UEC held 12.3 per cent at April 30, 2026, to which it committed a further
$40 million that month, and in which its stake stood at 7.7 per cent of an enlarged share count after
the arrangement that took effect on July 27, 2026.

Historic resources are not compliant resources. The approximately 175 million
pounds attributed to the Sweetwater acquisition are historic estimates that sit outside the S-K 1300
tables. Any resource comparison that includes them is mixing standards.

Preliminary economics are preliminary. The Alto Paraná net present values
of $419 million and $1.55 billion rest on an assessment that includes inferred resources the company
itself describes as too speculative geologically to have modifying factors applied.

Reclamation and tax obligations are real. Asset retirement obligations of
$40.90 million and deferred tax liabilities of $61.30 million are the two largest items on the
liability side, and reclamation obligations grow with every wellfield.

Positioning risk. With 12.17 per cent of the float short and a register that is
84.24 per cent institutional, moves in this stock are amplified in both directions by flows that have
nothing to do with the mines.

20 Scenarios

The scenarios below are descriptions of how the known facts could develop. They carry no
probabilities, no price levels and no recommendation.

Between the two sits the case that most of the evidence currently supports: a company with an
unusually clean balance sheet and unusually slow operational delivery, whose equity trades on the
uranium price and on American industrial policy far more than on anything it reported in its last
income statement. The fiscal 2026 annual results in late September are the first hard test of which
direction the operating side is taking.

21 Bottom Line

Uranium Energy Corp at August 2026 is two businesses stapled together. One is a balance sheet:
$488.05 million of cash, no debt, 1,456,000 pounds of uranium bought at $73.93 million and marked at
$127 million, and $129.66 million of shareholdings in other uranium companies. That side is genuinely
strong and gives management the rare luxury of choosing when to sell.

The other is a mining operation that produced 32,195 pounds in its most recent quarter at
$54.61 a pound, has no revenue in two of the last three quarters, and is running at roughly one to
two per cent of its licensed capacity. Between them sits a $6.31 billion market value, 4.43 times
book, in a sector that repriced 5 to 14 per cent in a single session on August 21 with no company
news behind it.

The bridge between the two is supposed to be built in the next four quarters: Burke Hollow’s first
full contribution, six more header houses at Christensen Ranch, Ludeman in 2027, Sweetwater through
federal permitting, and a conversion facility that today consists of a docket number and an
engineering contract. Each of those is checkable on a date, and the first checkpoint, the fiscal 2026
annual results expected in late September, will show whether the fourth quarter ramp management
guided to actually happened.

What UEC is not, on the evidence of its own filings, is a producer at scale, and it does not claim
to be. It is the largest American uranium company by licensed capacity and stated resources, with no
reserves, an unhedged inventory, a rising share count and an equity that trades on the price of
uranium and on the direction of American nuclear policy. Anyone holding it is holding those two
things first and the mines second.

Related Research On Merlintrader

• Uranium Energy
  Corp ($UEC): America’s ISR uranium restart, Burke Hollow, Christensen Ranch and the nuclear fuel
  chain bet — the deep dive published on July 6, 2026.
• Energy, Minerals
  & Rare Earths Stock Hubs — the full sector index, each hub with its own update
  date.
• The HALEU
  enrichment bottleneck: $OKLO, $LEU and $CCJ — the step of the fuel cycle that sits
  immediately after conversion.
• Advanced
  nuclear stocks compared: $OKLO, $XE, $SMR and IMSR — the reactor side of the same demand
  story.
• $OKLO Stock Hub — the
  advanced reactor developer whose fuel demand the uranium chain is being built for.