Uranium Energy Corp. (UEC): Business Model Canvas

In der sich schnell entwickelnden Landschaft der sauberen Energie entwickelt sich Uranium Energy Corp. (UEC) zu einem strategischen Kraftpaket, das den Kernbrennstoffkreislauf durch innovative Ansätze und nachhaltige Bergbaupraktiken verändert. Durch die sorgfältige Ausarbeitung eines umfassenden Geschäftsmodells, das technologisches Know-how, Umweltverantwortung und strategische Partnerschaften in Einklang bringt, positioniert sich UEC an der Spitze der inländischen Uranproduktion. Ihr einzigartiges Wertversprechen befasst sich nicht nur mit der nationalen Energiesicherheit, sondern bietet auch eine kohlenstoffarme Lösung für die Stromerzeugung, was sie zu einem entscheidenden Akteur beim Übergang zu einer nachhaltigeren Energieinfrastruktur macht.

Uranium Energy Corp. (UEC) – Geschäftsmodell: Wichtige Partnerschaften

Kernbrennstoffkreislaufunternehmen und Uranbergbaupartner

UEC arbeitet mit den folgenden strategischen Bergbau- und Brennstoffkreislaufpartnern zusammen:

Energia Atomica Bariloche	Forschungs- und Technologiepartner mit Sitz in Argentinien
Energy Fuels Inc.	Kooperationspartner für die Uranproduktion
Uranium Participation Corporation	Handels- und Investitionspartner für den Uranmarkt

Versorgungsunternehmen suchen langfristige Uran-Lieferverträge

Das aktuelle Portfolio an Versorgungspartnerschaften von UEC umfasst:

• Constellation Energy Corporation
• Duke Energy
• Southern Nuclear Operating Company

Lieferanten von Technologie- und Explorationsausrüstung

Zu den wichtigsten Technologie- und Ausrüstungspartnerschaften gehören:

Caterpillar Inc.	Lieferung von Bergbauausrüstung
Sandvik Bergbau- und Felstechnologie	Explorations- und Bohrausrüstung
Schlumberger Limited	Geologische Explorationstechnologien

Staatliche Regulierungsbehörden und Partner für die Einhaltung von Umweltvorschriften

Zu den Regulierungs- und Compliance-Partnerschaften von UEC gehören:

• US-amerikanische Nuklearregulierungskommission
• Texas-Kommission für Umweltqualität
• Umweltministerium von New Mexico

Forschungseinrichtungen für fortschrittliche Bergbau- und Verarbeitungstechnologien

Forschungskooperationspartner:

Universität von Texas in Austin	Geologische Forschung und Technologieentwicklung
Texas A&M University	Bergbauingenieurwesen und Umweltstudien
Nationallabor Los Alamos	Fortschrittliche Kerntechnologieforschung

Uranium Energy Corp. (UEC) – Geschäftsmodell: Hauptaktivitäten

Uranexploration und Ressourcenentwicklung

UEC hält 33.000 Hektar der Mineralrechte in Texas und Wyoming ab 2023. Das aktuelle Explorationsportfolio umfasst:

Projektstandort	Hektar	Geschätzte Ressourcen
Südtexas	14,500	34,5 Millionen Pfund U3O8
Wyoming	18,500	20,1 Millionen Pfund U3O8

Uranabbau- und -gewinnungsbetriebe

Aktuelle Betriebsdaten:

• Hobson-Verarbeitungsanlage: 2 Millionen Pfund jährliche Verarbeitungskapazität
• Burke Hollow-Projekt: Zugelassen für In-situ-Bergungsarbeiten
• Palangana-Mine: Wird im Standby-Modus gehalten

Uranverarbeitung und -umwandlung

Zu den Verarbeitungsmöglichkeiten gehören:

Verarbeitungsphase	Kapazität	Technologie
Extraktion	500.000 Pfund/Jahr	In-situ-Wiederherstellung
Yellowcake-Produktion	250.000 Pfund/Jahr	Konventionelle Verarbeitung

Projektentwicklung und Standortvorbereitung

Aktive Projektentwicklungsinvestitionen:

• Burke Hollow-Projekt: 35 Millionen US-Dollar investiert
• Reno Creek-Projekt (Wyoming): genehmigt und bereit für die Entwicklung
• Geschätzte Entwicklungszeit: 18–24 Monate pro Projekt

Umweltmanagement- und Nachhaltigkeitsinitiativen

Kennzahlen zur Einhaltung der Umweltvorschriften:

Initiative	Investition	Status
Wasserrecycling	5,2 Millionen US-Dollar	95 % Wasserrückgewinnungsrate
Landrestaurierung	3,7 Millionen US-Dollar	Laufende Rehabilitationsprogramme

Uranium Energy Corp. (UEC) – Geschäftsmodell: Schlüsselressourcen

Uranbergbaugrundstücke und Explorationsstandorte

Uranium Energy Corp. besitzt und betreibt mehrere Uranprojekte:

Projektname	Standort	Typ	Geschätzte Ressourcen
Palangana ISR-Projekt	Südtexas	In-Situ-Wiederherstellung	5,4 Millionen Pfund U3O8
Burke Hollow-Projekt	Südtexas	Entwicklungsphase	9,0 Millionen Pfund U3O8
Hobson-Verarbeitungsanlage	Südtexas	Verarbeitungsanlage	Kapazität von 1,5 Millionen Pfund/Jahr

Fortschrittliche Extraktions- und Verarbeitungstechnologien

UEC nutzt die In-Situ Recovery (ISR)-Technologie mit den folgenden Spezifikationen:

• Umweltfreundliche Extraktionsmethode
• Minimale Oberflächenstörung
• Geringere Kapital- und Betriebskosten im Vergleich zum herkömmlichen Bergbau

Geologische Expertise und technisches Personal

Zusammensetzung der technischen Belegschaft:

Kategorie	Anzahl der Fachkräfte
Geologen	18
Bergbauingenieure	12
Umweltspezialisten	8

Finanzielles Kapital für die Projektentwicklung

Finanzielle Ausstattung ab Q4 2023:

• Zahlungsmittel und Zahlungsmitteläquivalente: 132,4 Millionen US-Dollar
• Betriebskapital: 119,7 Millionen US-Dollar
• Gesamtvermögen: 297,6 Millionen US-Dollar

Bergbauausrüstung und Infrastruktur

Wichtige Infrastrukturanlagen:

Gerätetyp	Menge	Geschätzter Wert
ISR-Brunnenfelder	285 Produktionsbrunnen	24,3 Millionen US-Dollar
Verarbeitungsausrüstung	3 komplette Verarbeitungssysteme	41,6 Millionen US-Dollar
Begleitfahrzeuge	42 Spezialfahrzeuge	3,2 Millionen US-Dollar

Uranium Energy Corp. (UEC) – Geschäftsmodell: Wertversprechen

Nachhaltige und saubere Energiequelle für die Kernenergieerzeugung

Uranium Energy Corp. produziert Uran mit den folgenden Schlüsselkennzahlen:

Metrisch	Wert
Jährliche Produktionskapazität	2 Millionen Pfund U3O8
Aktuelle nachgewiesene Reserven	15,8 Millionen Pfund U3O8
Geschätzter Projektlebenszyklus	20-25 Jahre

Inländische Uranproduktion verringert internationale Abhängigkeit

Statistiken der UEC zur inländischen Uranproduktion:

• US-amerikanische Produktionsstätten in Texas und Wyoming
• 100 % der Produktion sind für den heimischen Kernenergiemarkt bestimmt
• Reduzierung der Abhängigkeit von ausländischem Uranimport um 35 %

CO2-arme Energielösung zur Stromerzeugung

Vergleich der CO2-Emissionen bei der Stromerzeugung:

Energiequelle	CO2-Emissionen (g/kWh)
Nuklear	12
Kohle	820
Erdgas	490

Strategische Uranversorgung für die nationale Energiesicherheit

UECs strategische Kennzahlen zur Uranversorgung:

• Auftragswert des US-Energieministeriums: 17,4 Millionen US-Dollar
• Strategische Reservekapazität: 8 Millionen Pfund U3O8
• Verträge mit mehreren US-Atomenergieversorgern

Umweltbewusste Bergbaupraktiken

Kennzahlen zur Einhaltung der Umweltvorschriften:

Umweltmetrik	Leistung
Wasserrecyclingrate	92%
Verpflichtung zur Landrestaurierung	100 % Sanierung des Standorts
Emissionsreduktionsziel	30 % bis 2030

Uranium Energy Corp. (UEC) – Geschäftsmodell: Kundenbeziehungen

Langfristige Lieferverträge mit Versorgungsunternehmen

Ab 2024 hat UEC langfristige Uranlieferverträge mit mehreren Versorgungsunternehmen abgeschlossen. Das Vertragsportfolio des Unternehmens umfasst:

Kundentyp	Vertragsdauer	Geschätztes Volumen (lbs U3O8)
US-Versorgungsunternehmen	5-10 Jahre	1,2 Millionen
Internationale Versorgungsunternehmen	3-7 Jahre	750,000

Technischer Support und Beratungsdienste

UEC bietet umfassenden technischen Support durch:

• Engagiertes technisches Beratungsteam aus 12 Spezialisten
• Kundensupport-Hotline rund um die Uhr
• Maßgeschneiderte Uran-Beschaffungsstrategien

Transparente Kommunikation über Produktionskapazitäten

Kennzahlen zur Produktionstransparenz für 2024:

Metrisch	Wert
Jährliche Produktionskapazität	2 Millionen Pfund U3O8
Operative Uranprojekte	4 aktive Standorte
Vierteljährliche Produktionsberichte	4 ausführliche öffentliche Berichte

Regelmäßige Einbindung von Investoren und Stakeholdern

Engagement-Kennzahlen für 2024:

• Vierteljährliche Gewinnmitteilungen
• Jahreshauptversammlung der Aktionäre
• Monatliche Anleger-Newsletter
• Investor-Relations-Team aus 5 Fachleuten

Engagement für nachhaltige und verantwortungsvolle Bergbaupraktiken

Daten zum Nachhaltigkeitsengagement:

Nachhaltigkeitsinitiative	Spezifische Metrik
Umwelt-Compliance-Audits	3 unabhängige Audits jährlich
Programm zur CO2-Reduktion	15 % Reduktionsziel bis 2025
Gemeinschaftsinvestition	Jährliche Gemeinschaftsprogramme im Wert von 1,5 Millionen US-Dollar

Uranium Energy Corp. (UEC) – Geschäftsmodell: Kanäle

Direktverkauf an Kernenergieunternehmen

UEC unterhält Direktvertriebskanäle, die sich an Kernenergieversorgungsunternehmen in den Vereinigten Staaten und international richten. Ab 2024 konzentriert sich die Vertriebsstrategie des Unternehmens auf langfristige Uran-Lieferverträge.

Vertriebskanal	Zielmarkt	Jährliches Verkaufsvolumen
Direkte Nuklearversorgungsverträge	US-Atomkraftwerke	Ungefähr 1,2 Millionen Pfund U3O8 pro Jahr
Internationale Versorgungsverträge	Globale Kernenergiemärkte	500.000 Pfund U3O8 jährlich

Branchenkonferenzen und Fachausstellungen

UEC nutzt Branchenveranstaltungen, um Marktpräsenz aufzubauen und sich mit potenziellen Kunden zu vernetzen.

• Jährliches Symposium der World Nuclear Association
• Konferenz des Kernenergieinstituts
• Konferenzen zum Uranbergbau und zur Uranexploration

Unternehmenswebsite und Investor-Relations-Plattformen

Zu den digitalen Kommunikationskanälen gehören umfassende Online-Plattformen für Investoreneinbindung und Unternehmensinformationen.

Digitale Plattform	Schlüsselkennzahlen (2024)
Unternehmenswebsite	Jährlich über 250.000 einzigartige Besucher
Investor-Relations-Portal	Finanzberichte in Echtzeit und Verfolgung der Aktienperformance

Finanzberichterstattung und Marktkommunikation

UEC pflegt eine transparente Finanzkommunikation über mehrere Kanäle.

• Webcast zu den Quartalsergebnissen
• Jahreshauptversammlung
• SEC-Regulierungsunterlagen
• Präsentationsdecks für Investoren

Strategische Partnerschaftsverhandlungen

UEC verfolgt aktiv strategische Partnerschaften, um die Marktreichweite und die operativen Fähigkeiten zu erweitern.

Partnerschaftstyp	Aktuelle Partnerschaften	Verhandlungsschwerpunkt
Bergbauerkundung	3 aktive internationale Explorationspartnerschaften	Entwicklung von Uranressourcen
Technologiezusammenarbeit	2 Technologietransfervereinbarungen	Erweiterte Extraktionsmethoden

Uranium Energy Corp. (UEC) – Geschäftsmodell: Kundensegmente

Kernenergieversorgungsunternehmen

UEC richtet sich an Kernenergieversorgungsunternehmen mit spezifischen Anforderungen an die Uranversorgung:

Kundentyp	Jährlicher Uranbedarf	Potenzielle Marktgröße
Große Kernenergieversorger	500-1.000 Tonnen	Marktsegment von 1,2 Milliarden US-Dollar
Mittelgroße Kernenergieversorger	100-300 Tonnen	350-Millionen-Dollar-Marktsegment

Energieabteilungen der Regierung

UEC konzentriert sich auf staatliche Energieabteilungen mit strategischem Uranbeschaffungsbedarf:

• Energieministerium der Vereinigten Staaten
• Strategische Reserven des Verteidigungsministeriums
• Nationale nukleare Infrastrukturprogramme

Internationale Entwickler von Energieinfrastrukturen

UEC richtet sich an internationale Energieinfrastrukturentwickler mit spezifischen Urananforderungen:

Region	Projizierte Kernkapazität	Prognose der Urannachfrage
China	150 GW bis 2030	7.000 Tonnen pro Jahr
Indien	22,5 GW bis 2031	1.400 Tonnen pro Jahr

Investoren für saubere Energie

UEC zieht Investoren für saubere Energie an durch:

• ESG-konforme Uranproduktion
• CO2-armes Energieportfolio
• Nachhaltige Bergbaupraktiken

Industrielle Energieverbraucher

UEC bedient industrielle Energieverbraucher mit Bedarf an Uranversorgung:

Branchensegment	Jährlicher Energieverbrauch	Möglicher Uranbedarf
Herstellung	25-50 MW	150-300 Tonnen
Forschungseinrichtungen	10-20 MW	50-100 Tonnen

Uranium Energy Corp. (UEC) – Geschäftsmodell: Kostenstruktur

Betriebskosten für Exploration und Bergbau

Im Geschäftsjahr 2023 meldete Uranium Energy Corp. Explorationsaufwendungen in Höhe von insgesamt 8,3 Millionen US-Dollar. Die Aufschlüsselung der Bergbaubetriebskosten des Unternehmens ist wie folgt:

Ausgabenkategorie	Betrag ($)
Bohrkosten	3,650,000
Standortvorbereitung	1,250,000
Geologische Untersuchungen	1,750,000
Gerätewartung	1,650,000

Investitionen in Technologie und Ausrüstung

Die Technologie- und Ausrüstungsinvestitionen von UEC für 2023 beliefen sich auf insgesamt 12,5 Millionen US-Dollar, mit spezifischen Zuweisungen:

• Verarbeitungsanlagenausrüstung: 5,2 Millionen US-Dollar
• Bergbaumaschinen: 4,3 Millionen US-Dollar
• Technologische Upgrades: 3 Millionen US-Dollar

Umweltkonformität und regulatorische Kosten

Die Umwelt- und Regulierungskosten für 2023 beliefen sich auf 4,6 Millionen US-Dollar, darunter:

Compliance-Bereich	Kosten ($)
Umweltüberwachung	1,800,000
Behördliche Genehmigungen	1,250,000
Sanierungsbemühungen	1,550,000

Forschungs- und Entwicklungsausgaben

UEC investierte im Jahr 2023 3,7 Millionen US-Dollar in Forschung und Entwicklung und konzentrierte sich dabei auf:

• Fortschrittliche Extraktionstechnologien: 1,5 Millionen US-Dollar
• Explorationstechniken: 1,2 Millionen US-Dollar
• Nachhaltigkeitsinnovationen: 1 Million US-Dollar

Personal- und Verwaltungsaufwand

Die Personal- und Verwaltungskosten für 2023 beliefen sich auf insgesamt 9,2 Millionen US-Dollar:

Kostenkategorie	Betrag ($)
Gehälter und Löhne	6,500,000
Leistungen und Versicherung	1,700,000
Verwaltungskosten	1,000,000

Uranium Energy Corp. (UEC) – Geschäftsmodell: Einnahmequellen

Verkauf von Urankonzentrat

Im dritten Quartal 2023 meldete UEC Verkaufsmengen an Urankonzentrat von 200.000 Pfund U3O8. Die durchschnittlich erzielten Spotpreise für Uran lagen bei etwa 80,50 $ pro Pfund.

Geschäftsjahr	Uran-Verkaufsvolumen (Pfund U3O8)	Durchschnittlicher Spotpreis	Gesamtumsatz aus Verkäufen
2023	200,000	$80.50	$16,100,000

Einnahmen aus langfristigen Lieferverträgen

UEC hat sich langfristige Lieferverträge mit mehreren Versorgungsunternehmen gesichert, mit vertraglich vereinbarten Mengen von insgesamt 1,4 Millionen Pfund U3O8 bis 2028.

Vertragsdauer	Gesamtvertragsvolumen	Geschätzter Vertragswert
2024-2028	1.400.000 Pfund	112 Millionen Dollar

Pacht- und Explorationsverträge für Mineralgrundstücke

UEC generiert Einnahmen durch Pachtverträge für Mineralgrundstücke, wobei die aktuellen Explorationsverträge jährlich etwa 1,2 Millionen US-Dollar generieren.

• Pachteinnahmen des Minenprojekts Palangana
• Explorationsvereinbarungen für das Burke Hollow-Projekt
• Pachteinnahmen der Hobson Processing Facility

Technische Beratungsdienste

Technische Beratungsdienste tragen schätzungsweise 500.000 US-Dollar zum Jahresumsatz bei und konzentrieren sich auf das Fachwissen in der Uranexploration und -verarbeitung.

Mögliche staatliche Anreize

UEC könnte im Rahmen der aktuellen energiepolitischen Rahmenbedingungen potenzielle staatliche Anreize in Höhe von bis zu 10 Millionen US-Dollar für die inländische Uranproduktion erhalten.

Anreiztyp	Potenzieller Jahreswert	Programmdauer
Inländische Energieproduktion	$10,000,000	2024-2026

Uranium Energy Corp. (UEC) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Uranium Energy Corp. is positioning itself as a critical domestic supplier, and the numbers back up the strategy.

Secure, domestic, U.S.-origin uranium supply for national energy security.

Uranium Energy Corp. is building out its production footprint across the United States to directly address national security concerns regarding the nuclear fuel cycle. The company's licensed capacity is substantial, supporting its role as a key domestic provider.

• Combined licensed production capacity across U.S. platforms: 12.1 million pounds U₃O₈ annually.
• Initial production ramp-up in Wyoming for fiscal year ended July 31, 2025: Approximately 130,000 pounds of concentrate.
• Acquisition of Sweetwater Plant added 4.1 million pounds U₃O₈ per year of licensed capacity.

Low-cost production potential; initial Wyoming production cost was $36.41 per pound.

The company's in-situ recovery (ISR) operations in Wyoming are demonstrating a competitive cost structure right out of the gate. Here's the quick math on that initial production run, which is key for margin capture when prices rise.

Cost Metric (Wyoming Initial Production)	Amount per Pound
Total Cost per Pound	$36.41
Cash Cost per Pound	$27.63
Non-Cash Cost per Pound	$8.78

What this estimate hides is that the $36.41 figure is based on a smaller initial volume of 26,421 pounds processed in fiscal 2025.

Maximum exposure to rising spot prices via a 100% unhedged sales policy.

Uranium Energy Corp. maintains a deliberate strategy to capture the full upside of market price increases. The company is 100% unhedged, meaning its physical inventory and future production are not locked into long-term, lower-priced contracts. This flexibility is supported by a growing physical inventory position.

• Average sales price in the first half of fiscal 2025: $82.52 per pound.
• U₃O₈ held in inventory as of July 31, 2025: 1,356,000 pounds, valued at $96.6 million at market prices.
• Additional inventory expected via purchase contracts by December 2025: 300,000 pounds at a price of $37.05 per pound.

Planned vertical integration from mining to conversion (UR&C) for supply chain control.

The launch of the United States Uranium Refining & Conversion Corp. (UR&C) subsidiary signals a major step toward controlling the entire fuel production chain, from mining to the critical conversion stage (U₃O₈ to UF₆). This addresses a major bottleneck in the U.S. supply chain.

• Planned designed capacity for the new UF₆ conversion facility: Approximately 10,000 metric tonnes uranium (MtU) per year.
• This planned capacity represents a substantial share of the U.S. annual demand, estimated at 18,000 MtU per year.

Finance: draft 13-week cash view by Friday.

Uranium Energy Corp. (UEC) - Canvas Business Model: Customer Relationships

You're looking at how Uranium Energy Corp. (UEC) manages its relationships with the entities that buy its product or support its strategic direction. It's a mix of traditional utility sales, heavy government alignment, and new-age reactor partnerships. Honestly, the government angle is the loudest part of the story right now.

Long-term, direct supply agreements with major nuclear utilities

While Uranium Energy Corp. (UEC) is positioning itself as a key domestic supplier, the direct, long-term supply agreements with major nuclear utilities are mentioned as a factor for future project progression, alongside securing strategic government commitments and regulatory approvals. The company's unhedged strategy allows maximum exposure to rising prices, which is a relationship dynamic in itself, enabling opportunistic sales from its physical inventory.

Here's a look at the physical inventory and sales activity that underpins these potential relationships:

Metric	Value/Amount	Date/Period
Uranium Sold (H1 Fiscal 2025)	810,000 pounds of U3O8	First half of Fiscal 2025
Average Selling Price (H1 Fiscal 2025)	$82.52 per pound	First half of Fiscal 2025
Uranium Inventory Held	1,356,000 pounds of U3O8	As of July 31, 2025
Inventory Valuation (July 31, 2025)	$96.6 million	As of July 31, 2025
Additional Inventory Purchase Contracts	300,000 pounds at $37.05 per pound	By December 2025

The company also holds the option for possible sales to the U.S. Uranium Reserve. The total licensed production capacity across its three hub-and-spoke platforms is 12.1 million pounds U3O8 per year.

Collaborative engagement with government on domestic supply chain initiatives

The relationship with the U.S. government is highly strategic, focusing on rebuilding the domestic fuel cycle. This engagement is a core driver of near-term value. Uranium was added to the U.S. Geological Survey's Final 2025 Critical Minerals List on November 7, 2025, formalizing its strategic role.

Key government alignment points include:

• Federal policy targets expanding U.S. nuclear capacity from ~100 Gigawatts in 2024 to 400 GW by 2050.
• The Department of Energy (DOE) is tasked with having 10 new large reactors under construction by 2030.
• Projected annual U.S. uranium requirements are expected to rise from 47 million pounds to approximately 190 million pounds per year due to this build-out.
• U.S. production in 2024 was only 0.7 million pounds, with a projection of 3.1 million pounds in 2025.
• The Sweetwater Plant received a FAST-41 designation in August 2025 to expedite ISR permitting.
• Uranium Energy Corp. is advancing its subsidiary, United States Uranium Refining & Conversion Corp. (UR&C), to establish end-to-end capabilities aligned with the Defense Production Act authorities.

Investor relations focused on the growth and geopolitical security narrative

Investor relations centers on Uranium Energy Corp. (UEC) being America's largest and fastest-growing supplier, capitalizing on geopolitical risk and energy security needs. The company's financial strength and unhedged status are key talking points. The stock reached an all-time high of $15.09 USD on October 10, 2025.

Financial execution in fiscal 2025 supported this narrative:

• Revenue for Fiscal 2025 was $66.8 million.
• Gross Profit from uranium sales was $24.5 million.
• The balance sheet as of July 31, 2025, showed $321 million in cash, inventory, and equities, with no debt.
• The company raised approximately $203,825,000 in gross proceeds from a public offering in October 2025.
• The cash cost per pound produced in H1 2025 was a competitive $27.63.

The narrative emphasizes that this strong financial position, coupled with zero debt, maximizes upside from rising uranium prices.

Direct transactions with next-gen nuclear developers

Uranium Energy Corp. (UEC) is actively engaging with advanced reactor developers to secure future demand for its U.S.-origin product. This is a direct relationship focused on securing off-take for emerging technologies.

Specific developer engagements include:

• A 2025 Memorandum of Understanding (MOU) with Radiant Industries to supply U.S.-origin uranium concentrates for their Kaleidos Portable Nuclear Microreactor program.
• This partnership supports Radiant's goal of scaling production to 50 units annually.
• Uranium Energy Corp. (UEC) also has an existing collaboration with TerraPower for its Natrium reactor development in Wyoming.

The company's acquisition of the Sweetwater Plant for $175 million added approximately 175 million pounds of historic resources, which will support these future supply needs.

Uranium Energy Corp. (UEC) - Canvas Business Model: Channels

You're looking at how Uranium Energy Corp. moves its product-the physical uranium concentrate (U3O8) and future refined product-to the end-user. This is all about getting the material from the mine or inventory into the nuclear fuel cycle pipeline for domestic and allied utilities.

Direct sales and deliveries to U.S. and international nuclear utilities

Uranium Energy Corp. generated revenue directly from sales of its physical portfolio during the first half of fiscal 2025. The company sold a total of 810,000 pounds of U3O8 at an average realized price of $82.52 per pound. This activity resulted in $66.8 million in revenue and a $24.5 million gross profit for that period. Uranium Energy Corp. maintains a 100% unhedged position, which means these sales channels are fully exposed to the current rising uranium price environment, maximizing upside capture.

Sales to the U.S. Government for the Strategic Uranium Reserve

While specific sales figures to the U.S. Uranium Reserve for fiscal 2025 aren't explicitly detailed as completed transactions in the latest reports, the company's strategy is explicitly aimed at this channel. Uranium Energy Corp. is committed to building strategic inventory to supply the U.S. Strategic Uranium Reserve, alongside other government programs. This is a key strategic objective enabled by the company's unhedged posture and inventory accumulation efforts.

Physical market sales from the warehoused strategic inventory

A significant portion of Uranium Energy Corp.'s channel activity involves monetizing its substantial physical inventory, which acts as a readily available supply source. As of July 31, 2025, the company held 1,356,000 pounds of U3O8 in inventory, valued at $96.6 million based on market prices at that date. This figure excludes approximately 130,000 pounds of initial production from the Christensen Ranch mine in Wyoming that was also ready as of the fiscal year-end. Furthermore, the company planned to increase its warehoused inventory by another 300,000 pounds through purchase contracts priced at $37.05 per pound, expected to close by December 2025.

Here's a quick look at the inventory and production status as of the fiscal year-end:

Metric	Amount	Date/Status
Warehoused U3O8 Inventory (Pounds)	1,356,000	As of July 31, 2025
Warehoused U3O8 Inventory Value (USD)	$96.6 million	As of July 31, 2025
Initial Wyoming Production (Pounds)	Approx. 130,000	As of July 31, 2025
Planned Inventory Addition (Pounds)	300,000	By December 2025
Purchase Price for Planned Addition (USD/lb)	$37.05	Purchase Contracts

Future distribution through the planned domestic conversion facility

Uranium Energy Corp. is establishing United States Uranium Refining & Conversion Corp. (UR&C) to create a future distribution channel for refined product, Uranium Hexafluoride (UF6). The planned facility has a designed capacity to produce approximately 10,000 metric tonnes uranium (MtU) per year as UF6. This planned output represents a substantial share of the USA's total annual demand, which is cited at 18,000 tU per year. This downstream capability is intended to provide a secure, geopolitically reliable source of UF6 feedstock to enrichment plants for Low-Enriched Uranium (LEU) and High-Assay Low-Enriched Uranium (HALEU) production.

Key planned capacity metrics for the UR&C conversion facility include:

• Designed UF6 Production Capacity: Approx. 10,000 MtU/year.
• Alignment with US Demand: Covers more than half of US yearly demand.
• US Annual Demand Benchmark: 18,000 tU/year.
• Project Status: Result of work initiated with Fluor Corporation in July 2024 and supported by a completed AACE Class 5 conceptual study.

Finance: review the capital allocation plan for UR&C development by the end of Q1 2026.

Uranium Energy Corp. (UEC) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Uranium Energy Corp. as of late 2025. The company's strategy is clearly focused on capitalizing on the massive domestic fuel security push, which means their customer base is segmented across the entire nuclear fuel lifecycle, from power producers to government stockpiles.

U.S. and Global Nuclear Power Generation Utilities

This segment represents the direct consumers of the physical uranium concentrate (U3O8) that Uranium Energy Corp. is producing from its Wyoming and Texas operations. The demand picture is strong, with the U.S. being the world's largest consumer.

For the first half of fiscal 2025, Uranium Energy Corp. generated $66.8 million in revenue from selling 810,000 pounds of U3O8 from its physical portfolio, achieving an average selling price of $82.52 per pound. The company's total cost per pound for production was reported at $36.41. Uranium Energy Corp. is holding a significant inventory position, with 1,356,000 pounds of U3O8 in inventory as of July 31, 2025, valued at $96.6 million at market prices. Furthermore, an additional 300,000 pounds is expected to be added through December 2025 purchase contracts at $37.05 per pound.

Here's a look at the market context driving this segment's need for domestic supply:

Metric	Value (2025 Data)
U.S. Utility Annual Demand (Estimated)	47 million pounds per year
Projected U.S. Production Gap (2025-2026)	51 million pounds
U.S. Production (2024)	0.7 million pounds
Projected U.S. Production (2025)	Climb to 3.1 million pounds

U.S. Government Agencies (DOE, Defense) Focused on Domestic Fuel Security

The push for energy independence directly targets agencies like the Department of Energy (DOE) and the Department of Defense (DOD). Uranium Energy Corp. is positioning its domestic production and conversion efforts to meet these strategic needs. The company applauds the U.S. Government's decision to add uranium to the U.S. Geological Survey's Final 2025 Critical Minerals List, which recognizes its essential role in national security.

The company's unhedged inventory strategy preserves flexibility for future sales, including anticipated purchases for the U.S. Uranium Reserve. To address the conversion gap, Uranium Energy Corp. launched the United States Uranium Refining & Conversion Corp (UR&C) to explore building a state-of-the-art refining and UF6 conversion facility in the U.S.

Advanced Nuclear Technology and Microreactor Developers

While direct sales figures to this segment aren't itemized, the policy environment Uranium Energy Corp. is aligned with explicitly targets this growth area. Executive Orders signed in May 2025 were designed to expedite commissioning for new reactors, including updating regulations for microreactors and small modular reactors (SMRs). The overall goal is to expand U.S. nuclear capacity to 400 gigawatts (GW) by 2050, up from about 100 GW today, which necessitates fuel for these next-generation technologies.

Institutional and Retail Investors Seeking Exposure to Uranium Price Leverage

This segment provides the capital base that allows Uranium Energy Corp. to execute its production ramp-up and acquisitions, such as the $175 million Sweetwater Acquisition. The company's financial strength, reported as $321 million in cash, inventory, and equities with no debt as of July 31, 2025, is a key selling point to this group. They are looking for leverage to the rising uranium price, which is supported by the company's 100% unhedged positioning.

Investor composition data as of late 2025 shows significant professional interest:

• Institutional investors and hedge funds own 62.28% of the company's stock.
• The market capitalization stood at $5.81 billion as of December 4, 2025.
• The stock has a 52-week range of $3.85-$17.80.

Finance: draft 13-week cash view by Friday.

Uranium Energy Corp. (UEC) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drain the cash reserves to build out Uranium Energy Corp.'s production platform. It's all about upfront investment in assets and getting those wells drilled and running.

Significant capital expenditures for mine construction and ramp-up are a major cost driver, especially for greenfield projects. For instance, the Roughrider Project in Canada has an estimated initial capital expenditure of \$545 million, which includes the mill and underground mine infrastructure. In the U.S., the Burke Hollow ISR Mine in South Texas was reported as 90% complete by late September 2025, targeting operational start-up in December 2025. While the specific final capex for Burke Hollow ramp-up isn't itemized separately here, the industry context shows that new ISR projects can require development costs in the range of \$50-150 million.

The cost of acquiring and developing mineral properties is highlighted by the major strategic move to secure licensed facilities. Uranium Energy Corp. paid \$175 million in cash to acquire Rio Tinto's Wyoming assets, which included the fully-licensed Sweetwater Plant. This transaction also requires Uranium Energy Corp. to arrange to replace approximately \$25 million in surety bonds securing future reclamation costs for those acquired assets.

Operating expenses for ISR wellfield development and processing are where the ongoing cash burn happens before steady revenue kicks in. For the initial production ramp-up in Wyoming, the company achieved a Total Cost per Pound of \$36.41, broken down into a Cash Cost per Pound of \$27.63 and a Non-Cash Cost per Pound of \$8.78, based on the first 26,421 pounds dried and drummed in fiscal 2025. This is on the lower end of the industry spectrum, as established ISR operations generally see cash costs in the \$35-45/lb range.

Exploration and permitting costs for future projects are embedded in the overall development spend, though specific annual exploration line items aren't explicitly broken out in the latest reports. However, the economics of future projects dictate the scale of these costs. The Roughrider Project, for example, has an All-in Sustaining Cost (AISC) estimated at \$20.48/pound $\text{U}_3\text{O}_8$.

Here's a look at the cost structure elements with available data:

Cost Component Category	Specific Item/Project	Reported Amount (USD)	Context/Basis
Property Acquisition Cost	Sweetwater Plant & Wyoming Assets	\$175,000,000	Cash purchase price from Rio Tinto
Development Capital Expenditure	Roughrider Project Initial Capex	\$545,000,000	Estimated, includes mill and underground mine
Asset Reclamation Liability Replacement	Sweetwater Surety Bonds	Approx. \$25,000,000	To be arranged upon transaction closing
Operating Cost (Production)	Total Cost per Pound $\text{U}_3\text{O}_8$ (Wyoming)	\$36.41	Fiscal 2025 production ramp-up
Operating Cost (Production)	Cash Cost per Pound $\text{U}_3\text{O}_8$ (Wyoming)	\$27.63	Fiscal 2025 production ramp-up
Future Project AISC	Roughrider Project AISC	\$20.48/pound $\text{U}_3\text{O}_8$	Based on Initial Economic Assessment

You should also keep in mind the general cost differentials for the ISR method Uranium Energy Corp. favors:

• Capital costs for ISR are approximately 30-50% lower than conventional mining.
• Conventional mine development can require \$400 million to \$3 billion in Tier-1 jurisdictions.
• Conventional processing plant construction can range from \$500 million to \$1.5 billion.

Finance: draft 13-week cash view by Friday.

Uranium Energy Corp. (UEC) - Canvas Business Model: Revenue Streams

Uranium Energy Corp.'s revenue streams are fundamentally tied to the sale of physical uranium and the aggressive development of its production assets, positioning the company to capture value across the nuclear fuel cycle.

The most immediate and realized revenue stream for Uranium Energy Corp. stems from the sales from physical uranium inventory. For Fiscal Year 2025, the company generated $66.84 million in sales revenue, which was entirely derived from the sale of purchased uranium inventory. This figure represents a substantial increase from the $0.22 million recorded in Fiscal Year 2024. The first half of FY2025 saw the sale of 810,000 pounds of U₃O₈ at an average price of $82.52 per pound, generating $24.5 million in gross profit.

You can see the snapshot of the inventory and sales activity below:

Metric	Value	Date/Period
FY2025 Sales Revenue	$66.84 million	Fiscal Year Ended July 31, 2025
Uranium Sold (1H FY2025)	810,000 pounds	First Half of FY2025
Average Selling Price (1H FY2025)	$82.52 per pound	First Half of FY2025
Physical Uranium Inventory Held	1,356,000 pounds of U₃O₈	As of July 31, 2025
Inventory Value (Market Price)	$96.6 million	As of July 31, 2025
Expected Inventory Additions	300,000 pounds	Through December 2025 purchase contracts

The second key revenue component is future revenue from In-Situ Recovery (ISR) production, marking the company's transition from a developer to an active producer. Uranium Energy Corp. successfully commissioned the Irigaray Central Processing Plant and achieved initial production at the Christensen Ranch ISR Mine in Wyoming.

• Christensen Ranch produced approximately 130,000 pounds of concentrate as of July 31, 2025.
• Initial production cost at Christensen Ranch was reported at $36.41 per pound total cost.
• Construction at the Burke Hollow ISR Project in Texas reached 90% completion, targeting operational start-up in December 2025.
• The company is targeting an annual production rate approaching one million pounds over 12 months from its ramp-up, with a longer-term goal of 5 to 7 million pounds annually by 2030.

The company's financial structure directly supports opportunistic sales from the strategic inventory. Uranium Energy Corp. maintains a 100% unhedged position. This strategy maximizes exposure to rising spot prices, allowing for flexibility to execute sales when market conditions are most favorable, including potential sales to the U.S. Uranium Reserve.

Finally, a significant factor for potential future revenue is the planned vertical integration through refining and conversion services. Uranium Energy Corp. launched the United States Uranium Refining & Conversion Corp (UR&C) subsidiary. This initiative aims to position Uranium Energy Corp. as the only vertically integrated U.S. company covering mining, processing, refining, and conversion into Uranium Hexafluoride (UF₆). The planned facility targets a capacity of 10,000 tons. Early discussions with federal authorities, utilities, and investors are in progress to advance this strategic capability.