Uranium Energy Corp. (UEC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de energía limpia en rápida evolución, Uranium Energy Corp. (UEC) emerge como una potencia estratégica, transformando el ciclo de combustible nuclear a través de enfoques innovadores y prácticas mineras sostenibles. Al crear meticulosamente un modelo de negocio integral que equilibre la experiencia tecnológica, la responsabilidad ambiental y las asociaciones estratégicas, UEC se está posicionando a la vanguardia de la producción doméstica de uranio. Su propuesta de valor única no solo aborda la seguridad energética nacional, sino que también ofrece una solución baja en carbono para la generación de electricidad, lo que los convierte en un jugador crítico en la transición hacia una infraestructura energética más sostenible.

Uranium Energy Corp. (UEC) - Modelo de negocio: asociaciones clave

Empresas de ciclo de combustible nuclear y socios mineros de uranio

UEC colabora con los siguientes socios estratégicos de minería y ciclo de combustible:

Energia Atomica Bariloche	Socio de investigación y tecnología con sede en Argentina
Energy Fuels Inc.	Socio de colaboración de producción de uranio
Corporación de participación de uranio	Socio de comercio e inversión del mercado de uranio

Empresas de servicios públicos que buscan acuerdos de suministro de uranio a largo plazo

La cartera de asociación de utilidad actual de UEC incluye:

• Constellation Energy Corporation
• Energía de Duke
• Compañía Operativa Nuclear del Sur

Proveedores de equipos de tecnología y exploración

La tecnología clave y las asociaciones de equipos incluyen:

Caterpillar Inc.	Suministro de equipos mineros
Sandvik Mining and Rock Technology	Equipo de exploración y perforación
Schlumberger Limited	Tecnologías de exploración geológica

Agencias reguladoras gubernamentales y socios de cumplimiento ambiental

Las asociaciones regulatorias y de cumplimiento de UEC implican:

• Comisión Reguladora Nuclear de EE. UU.
• Comisión de Texas sobre Calidad Ambiental
• Departamento de Medio Ambiente de Nuevo México

Instituciones de investigación para tecnologías avanzadas de minería y procesamiento

Investigación de colaboración Socios:

Universidad de Texas en Austin	Investigación geológica y desarrollo de tecnología
Universidad de Texas A&M	Ingeniería minera y estudios ambientales
Laboratorio Nacional de Los Alamos	Investigación avanzada de tecnología nuclear

Uranium Energy Corp. (UEC) - Modelo de negocio: actividades clave

Exploración de uranio y desarrollo de recursos

UEC tiene 33,000 acres de derechos minerales en Texas y Wyoming a partir de 2023. La cartera de exploración actual incluye:

Ubicación del proyecto	Acres	Recursos estimados
South Texas	14,500	34.5 millones de libras U3O8
Wyoming	18,500	20.1 millones de libras U3O8

Operaciones de minería y extracción de uranio

Detalles operativos actuales:

• Instalación de procesamiento de Hobson: Capacidad de procesamiento anual de 2 millones de libras
• Proyecto Burke Hollow: permitido para operaciones de recuperación in situ
• Mina de Palangana: mantenido en modo de espera

Procesamiento y conversión de uranio

Las capacidades de procesamiento incluyen:

Etapa de procesamiento	Capacidad	Tecnología
Extracción	500,000 libras/año	Recuperación in situ
Producción de pasteles amarillos	250,000 libras/año	Procesamiento convencional

Desarrollo de proyectos y preparación del sitio

Inversiones de desarrollo de proyectos activos:

• Proyecto Burke Hollow: $ 35 millones invertidos
• Proyecto Reno Creek (Wyoming): Permitido y listo para el desarrollo
• Línea de tiempo de desarrollo estimado: 18-24 meses por proyecto

Iniciativas de gestión ambiental y sostenibilidad

Métricas de cumplimiento ambiental:

Iniciativa	Inversión	Estado
Reciclaje de agua	$ 5.2 millones	Tasa de recuperación de agua del 95%
Restauración de tierras	$ 3.7 millones	Programas de rehabilitación en curso

Uranium Energy Corp. (UEC) - Modelo de negocio: recursos clave

Propiedades mineras de uranio y sitios de exploración

Uranium Energy Corp. posee y opera múltiples proyectos de uranio:

Nombre del proyecto	Ubicación	Tipo	Recursos estimados
Proyecto Palangana ISR	South Texas	Recuperación in situ	5.4 millones de libras U3O8
Proyecto Burke Hollow	South Texas	Etapa de desarrollo	9.0 millones de libras U3O8
Planta de procesamiento de Hobson	South Texas	Instalación de procesamiento	Capacidad de 1.5 millones de libras/año

Tecnologías avanzadas de extracción y procesamiento

UEC utiliza la tecnología de recuperación in situ (ISR) con las siguientes especificaciones:

• Método de extracción ambientalmente de bajo impacto
• Perturbación de la superficie mínima
• Costos más bajos de capital y operación en comparación con la minería tradicional

Experiencia geológica y personal técnico

Composición de la fuerza laboral técnica:

Categoría	Número de profesionales
Geólogos	18
Ingenieros mineros	12
Especialistas ambientales	8

Capital financiero para el desarrollo de proyectos

Recursos financieros a partir del cuarto trimestre 2023:

• Efectivo y equivalentes de efectivo: $ 132.4 millones
• Capital de trabajo: $ 119.7 millones
• Activos totales: $ 297.6 millones

Equipo de minería e infraestructura

Activos de infraestructura clave:

Tipo de equipo	Cantidad	Valor estimado
ISR Well Fields	285 pozos de producción	$ 24.3 millones
Equipo de procesamiento	3 sistemas de procesamiento completos	$ 41.6 millones
Vehículos de apoyo	42 vehículos especializados	$ 3.2 millones

Uranium Energy Corp. (UEC) - Modelo de negocio: propuestas de valor

Fuente de energía sostenible y limpia para la generación de energía nuclear

Uranium Energy Corp. produce uranio con las siguientes métricas clave:

Métrico	Valor
Capacidad de producción anual	2 millones de libras U3O8
Reservas comprobadas actuales	15.8 millones de libras U3O8
Ciclo de vida estimado del proyecto	20-25 años

La producción doméstica de uranio que reduce la dependencia internacional

Estadísticas de producción doméstica de uranio de UEC:

• Instalaciones de producción con sede en Estados Unidos en Texas y Wyoming
• El 100% de la producción dirigida al mercado nacional de energía nuclear
• Reducción de la dependencia de la importación de uranio extranjero en un 35%

Solución de energía baja en carbono para la generación de electricidad

Comparación de emisiones de carbono para la generación de electricidad:

Fuente de energía	Emisiones de CO2 (G/KWH)
Nuclear	12
Carbón	820
Gas natural	490

Suministro estratégico de uranio para seguridad energética nacional

Métricas estratégicas de suministro de uranio de UEC:

• Valor del Contrato del Departamento de Energía de los Estados Unidos: $ 17.4 millones
• Capacidad de reserva estratégica: 8 millones de libras U3O8
• Contratos con múltiples servicios públicos de energía nuclear en los Estados Unidos

Prácticas mineras con el medio ambiente

Métricas de cumplimiento ambiental:

Métrica ambiental	Actuación
Tasa de reciclaje de agua	92%
Compromiso de restauración de tierras	100% de rehabilitación del sitio
Objetivo de reducción de emisiones	30% para 2030

Uranium Energy Corp. (UEC) - Modelo de negocio: relaciones con los clientes

Contratos de suministro a largo plazo con compañías de servicios públicos

A partir de 2024, UEC ha establecido acuerdos de suministro de uranio a largo plazo con múltiples compañías de servicios públicos. La cartera de contratos de la compañía incluye:

Tipo de cliente	Duración del contrato	Volumen estimado (LBS U3O8)
Empresas de servicios públicos estadounidenses	5-10 años	1.2 millones
Servicios públicos internacionales	3-7 años	750,000

Soporte técnico y servicios de consulta

UEC proporciona soporte técnico integral a través de:

• Equipo de consulta técnica dedicada de 12 especialistas
• Línea directa de soporte al cliente 24/7
• Estrategias de adquisición de uranio personalizadas

Comunicación transparente sobre las capacidades de producción

Métricas de transparencia de producción para 2024:

Métrico	Valor
Capacidad de producción anual	2 millones de libras U3O8
Proyectos de uranio operativo	4 sitios activos
Informes de producción trimestrales	4 informes públicos detallados

Compromiso regular de inversionistas y partes interesadas

Métricas de compromiso para 2024:

• Llamadas de ganancias trimestrales
• Reunión anual de accionistas
• Boletines de inversores mensuales
• Equipo de relaciones con inversores de 5 profesionales

Compromiso con prácticas mineras sostenibles y responsables

Datos de compromiso de sostenibilidad:

Iniciativa de sostenibilidad	Métrica específica
Auditorías de cumplimiento ambiental	3 auditorías independientes anualmente
Programa de reducción de carbono	Objetivo de reducción del 15% para 2025
Inversión comunitaria	Programas comunitarios anuales de $ 1.5 millones

Uranium Energy Corp. (UEC) - Modelo de negocio: canales

Ventas directas a compañías de servicios nucleares

UEC mantiene canales de ventas directos dirigidos a compañías de servicios nucleares en los Estados Unidos e internacionalmente. A partir de 2024, la estrategia de ventas de la compañía se centra en los contratos de suministro de uranio a largo plazo.

Canal de ventas	Mercado objetivo	Volumen de ventas anual
Contratos directos de servicios nucleares	Plantas de energía nuclear de EE. UU.	Aproximadamente 1.2 millones de libras U3O8 por año
Acuerdos internacionales de servicios públicos	Mercados mundiales de energía nuclear	500,000 libras U3O8 anualmente

Conferencias de la industria y exposiciones comerciales

UEC aprovecha los eventos de la industria para establecer la presencia y la red del mercado con clientes potenciales.

• Simposio anual de la Asociación Nuclear Mundial
• Conferencia del Instituto de Energía Nuclear
• Conferencias de minería y exploración de uranio

Sitio web corporativo y plataformas de relaciones con los inversores

Los canales de comunicación digital incluyen plataformas integrales en línea para la participación de los inversores e información corporativa.

Plataforma digital	Métricas clave (2024)
Sitio web corporativo	Más de 250,000 visitantes únicos anualmente
Portal de relaciones con los inversores	Rastreo de informes financieros y rendimiento de acciones en tiempo real

Información financiera y comunicaciones de mercado

UEC mantiene la comunicación financiera transparente a través de múltiples canales.

• Transmisión web de ganancias trimestrales
• Reunión anual de accionistas
• Presentaciones regulatorias SEC
• Mazos de presentación de inversores

Negociaciones de asociación estratégica

UEC persigue activamente asociaciones estratégicas para expandir el alcance del mercado y las capacidades operativas.

Tipo de asociación	Asociaciones actuales	Enfoque de negociación
Exploración minera	3 Asociaciones de exploración internacional activa	Desarrollo de recursos de uranio
Colaboración tecnológica	2 acuerdos de transferencia de tecnología	Metodologías de extracción avanzadas

Uranium Energy Corp. (UEC) - Modelo de negocio: segmentos de clientes

Compañías de servicios públicos de energía nuclear

UEC se dirige a las compañías de servicios de energía nuclear con requisitos específicos de suministro de uranio:

Tipo de cliente	Demanda anual de uranio	Tamaño potencial del mercado
Grandes servicios nucleares	500-1,000 toneladas métricas	Segmento de mercado de $ 1.2 mil millones
Servicios nucleares de tamaño mediano	100-300 toneladas métricas	Segmento de mercado de $ 350 millones

Departamentos de energía del gobierno

UEC se centra en los departamentos de energía del gobierno con necesidades estratégicas de adquisición de uranio:

• Departamento de Energía de los Estados Unidos
• Reservas Estratégicas del Departamento de Defensa
• Programas nacionales de infraestructura nuclear

Desarrolladores internacionales de infraestructura energética

UEC se dirige a desarrolladores internacionales de infraestructura energética con requisitos específicos de uranio:

Región	Capacidad nuclear proyectada	Pronóstico de demanda de uranio
Porcelana	150 GW para 2030	7,000 toneladas métricas anualmente
India	22.5 GW para 2031	1.400 toneladas métricas anualmente

Inversores de energía limpia

UEC atrae a los inversores de energía limpia a través de:

• Producción de uranio compatible con ESG
• Cartera de energía baja en carbono
• Prácticas mineras sostenibles

Consumidores de energía industrial

UEC sirve a los consumidores de energía industrial con requisitos de suministro de uranio:

Segmento de la industria	Consumo anual de energía	Posible demanda de uranio
Fabricación	25-50 MW	150-300 toneladas métricas
Instalaciones de investigación	10-20 MW	50-100 toneladas métricas

Uranium Energy Corp. (UEC) - Modelo de negocio: estructura de costos

Exploración y gastos operativos mineros

En el año fiscal 2023, Uranium Energy Corp. reportó gastos de exploración totales de $ 8.3 millones. El desglose de costos operativos mineros de la compañía es el siguiente:

Categoría de gastos	Monto ($)
Costos de perforación	3,650,000
Preparación del sitio	1,250,000
Encuestas geológicas	1,750,000
Mantenimiento del equipo	1,650,000

Inversiones de tecnología y equipos

La inversión de tecnología y equipos de UEC para 2023 totalizó $ 12.5 millones, con asignaciones específicas:

• Procesamiento de equipos de plantas: $ 5.2 millones
• Maquinaria minera: $ 4.3 millones
• Actualizaciones tecnológicas: $ 3 millones

Cumplimiento ambiental y costos regulatorios

Los gastos ambientales y regulatorios para 2023 ascendieron a $ 4.6 millones, que incluyen:

Área de cumplimiento	Costo ($)
Monitoreo ambiental	1,800,000
Permisos regulatorios	1,250,000
Esfuerzos de remediación	1,550,000

Gastos de investigación y desarrollo

UEC invirtió $ 3.7 millones en I + D durante 2023, centrándose en:

• Tecnologías de extracción avanzada: $ 1.5 millones
• Técnicas de exploración: $ 1.2 millones
• Innovaciones de sostenibilidad: $ 1 millón

Personal y gastos generales administrativos

El personal y los costos administrativos para 2023 totalizaron $ 9.2 millones:

Categoría de costos	Monto ($)
Salarios y salarios	6,500,000
Beneficios y seguro	1,700,000
Gastos administrativos	1,000,000

Uranium Energy Corp. (UEC) - Modelo de negocio: flujos de ingresos

Ventas de concentrados de uranio

A partir del tercer trimestre de 2023, UEC informó volúmenes de ventas de concentrados de uranio de 200,000 libras U3O8. Los precios de uranio promedio de uranio fueron aproximadamente $ 80.50 por libra.

Año fiscal	Volumen de ventas de uranio (LBS U3O8)	Precio spot promedio	Ingresos totales de las ventas
2023	200,000	$80.50	$16,100,000

Ingresos del contrato de suministro a largo plazo

UEC ha asegurado contratos de suministro a largo plazo con múltiples compañías de servicios públicos, con volúmenes contratados por un total de 1,4 millones de libras U3O8 a 2028.

Duración del contrato	Volumen contratado total	Valor estimado del contrato
2024-2028	1,400,000 libras	$ 112 millones

Acuerdos de arrendamiento y exploración de propiedades minerales

UEC genera ingresos a través de contratos de arrendamiento de propiedades minerales, con acuerdos de exploración actuales que generan aproximadamente $ 1.2 millones anuales.

• Ingresos de arrendamiento del proyecto de la mina Palangana
• Acuerdos de exploración de proyectos de Burke Hollow
• Ingresos de arrendamiento de la instalación de procesamiento de Hobson

Servicios de consultoría técnica

Los servicios de consultoría técnica contribuyen con un estimado de $ 500,000 a los ingresos anuales, centrándose en la experiencia en exploración y procesamiento de uranio.

Incentivos gubernamentales potenciales

UEC puede recibir hasta $ 10 millones en posibles incentivos gubernamentales para la producción doméstica de uranio bajo los marcos actuales de política energética.

Tipo de incentivo	Valor anual potencial	Duración del programa
Producción de energía doméstica	$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.