Uranium Energy Corp. (UEC): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage rapide de l'énergie propre, Uranium Energy Corp. (UEC) émerge comme une centrale stratégique, transformant le cycle du carburant nucléaire par des approches innovantes et des pratiques minières durables. En créant méticuleusement un modèle commercial complet qui équilibre l'expertise technologique, la responsabilité environnementale et les partenariats stratégiques, l'UEC se positionne à la pointe de la production domestique d'uranium. Leur proposition de valeur unique aborde non seulement la sécurité nationale de l'énergie, mais offre également une solution à faible teneur en carbone pour la production d'électricité, ce qui en fait un acteur critique dans la transition vers une infrastructure énergétique plus durable.

Uranium Energy Corp. (UEC) - Modèle d'entreprise: partenariats clés

Les sociétés du cycle du combustible nucléaire et les partenaires minières d'uranium

L'UEC collabore avec les partenaires stratégiques d'extraction et de cycle de carburant suivant:

Energia atomica bariloche	Partenaire de recherche et technologique basé en Argentine
Energy Fuels Inc.	Partenaire de collaboration de production d'uranium
Corporation de participation d'uranium	Partenaire de trading et d'investissement sur le marché de l'uranium

Les sociétés de services publics à la recherche d'accords d'approvisionnement en uranium à long terme

Le portefeuille de partenariat utilitaire actuel de l'UEC comprend:

• Constellation Energy Corporation
• Énergie duc
• Southern Nuclear Exploitation Company

Fournisseurs d'équipements de technologie et d'exploration

Les partenariats clés de la technologie et de l'équipement comprennent:

Caterpillar Inc.	Alimentation en équipement d'exploitation
Sandvik Mining et Rock Technology	Équipement d'exploration et de forage
Schlumberger Limited	Technologies d'exploration géologique

Agences de réglementation gouvernementales et partenaires de conformité environnementale

Les partenariats réglementaires et de conformité de l'UEC impliquent:

• Commission de réglementation nucléaire américaine
• Commission du Texas sur la qualité de l'environnement
• Département de l'environnement du Nouveau-Mexique

Institutions de recherche pour les technologies avancées et de traitement

Partners de collaboration de recherche:

Université du Texas à Austin	Recherche géologique et développement technologique
Texas A&M University	Ingénierie minière et études environnementales
LABORATOIRE NATIONAL LOS ALAMOS	Recherche de technologie nucléaire avancée

Uranium Energy Corp. (UEC) - Modèle d'entreprise: activités clés

Exploration d'uranium et développement des ressources

UEC tient 33 000 acres des droits minéraux au Texas et au Wyoming en 2023. Le portefeuille d'exploration actuel comprend:

Emplacement du projet	Acres	Ressources estimées
South Texas	14,500	34,5 millions de livres U3O8
Wyoming	18,500	20,1 millions de livres U3O8

Opérations d'extraction et d'extraction d'uranium

Détails opérationnels actuels:

• Facilité de traitement de Hobson: Capacité de traitement annuelle de 2 millions de livres
• Burke Hollow Project: Autorisé pour les opérations de récupération in situ
• Mine Palangana: maintenu en mode veille

Traitement et conversion de l'uranium

Les capacités de traitement comprennent:

Étape de traitement	Capacité	Technologie
Extraction	500 000 livres / an	Reprise in situ
Production de jaune	250 000 livres / an	Traitement conventionnel

Développement du projet et préparation du site

Investissements de développement de projets actifs:

• Burke Hollow Project: 35 millions de dollars investis
• Reno Creek Project (Wyoming): autorisé et prêt pour le développement
• Time de développement estimé: 18-24 mois par projet

Initiatives de gestion de l'environnement et de durabilité

Métriques de la conformité environnementale:

Initiative	Investissement	Statut
Recyclage de l'eau	5,2 millions de dollars	Taux de récupération de l'eau à 95%
Restauration des terres	3,7 millions de dollars	Programmes de réadaptation en cours

Uranium Energy Corp. (UEC) - Modèle d'entreprise: Ressources clés

Propriétés d'extraction d'uranium et sites d'exploration

Uranium Energy Corp. possède et exploite plusieurs projets d'uranium:

Nom du projet	Emplacement	Taper	Ressources estimées
Projet Palangana ISR	South Texas	Reprise in situ	5,4 millions de livres U3O8
Projet Burke Hollow	South Texas	Étape de développement	9,0 millions de livres U3O8
Usine de transformation de Hobson	South Texas	Installation de traitement	Capacité de 1,5 million de livres / an

Technologies d'extraction et de traitement avancées

L'UEC utilise la technologie de récupération in situ (ISR) avec les spécifications suivantes:

• Méthode d'extraction à faible impact à faible impact
• Perturbation de surface minimale
• Réduire les coûts de capital et d'exploitation par rapport à la mine traditionnelle

Expertise géologique et personnel technique

Composition technique de la main-d'œuvre:

Catégorie	Nombre de professionnels
Géologues	18
Ingénieurs minières	12
Spécialistes de l'environnement	8

Capital financier pour le développement de projets

Ressources financières au quatrième trimestre 2023:

• Equivalents en espèces et en espèces: 132,4 millions de dollars
• Fonds de roulement: 119,7 millions de dollars
• Actif total: 297,6 millions de dollars

Équipement d'exploitation et infrastructure

Actifs clés de l'infrastructure:

Type d'équipement	Quantité	Valeur estimée
ISR Well Fields	285 puits de production	24,3 millions de dollars
Équipement de traitement	3 systèmes de traitement complet	41,6 millions de dollars
Soutenir les véhicules	42 véhicules spécialisés	3,2 millions de dollars

Uranium Energy Corp. (UEC) - Modèle d'entreprise: propositions de valeur

Source d'énergie durable et propre pour la production d'énergie nucléaire

Uranium Energy Corp. produit de l'uranium avec les mesures clés suivantes:

Métrique	Valeur
Capacité de production annuelle	2 millions de livres U3O8
Réserves actuelles éprouvées	15,8 millions de livres U3O8
Cycle de vie du projet estimé	20-25 ans

Production d'uranium intérieure réduisant la dépendance internationale

Statistiques de production intérieure de l'UEC: UEC:

• Installations de production basées aux États-Unis au Texas et au Wyoming
• 100% de la production ciblée pour le marché national de l'énergie nucléaire
• Réduction de la dépendance à l'importation d'uranium étrangère de 35%

Solution d'énergie à faible teneur en carbone pour la production d'électricité

Comparaison des émissions de carbone pour la production d'électricité:

Source d'énergie	Émissions de CO2 (g / kWh)
Nucléaire	12
Charbon	820
Gaz naturel	490

Approvisionnement stratégique d'uranium pour la sécurité nationale de l'énergie

Les mesures d'approvisionnement stratégique d'uranium de l'UEC:

• Valeur du contrat du Département de l'énergie américain: 17,4 millions de dollars
• Capacité de réserve stratégique: 8 millions de livres U3O8
• Contractes avec plusieurs services publics de l'énergie nucléaire américaine

Pratiques minières responsables de l'environnement

Métriques de la conformité environnementale:

Métrique environnementale	Performance
Taux de recyclage de l'eau	92%
Engagement de restauration des terres	100% réhabilitation du site
Cible de réduction des émissions	30% d'ici 2030

Uranium Energy Corp. (UEC) - Modèle d'entreprise: relations avec les clients

Contrats d'approvisionnement à long terme avec des sociétés de services publics

Depuis 2024, l'UEC a établi des accords d'approvisionnement à long terme d'uranium avec plusieurs sociétés de services publics. Le portefeuille de contrats de la société comprend:

Type de client	Durée du contrat	Volume estimé (LBS U3O8)
Entreprises de services publics américains	5-10 ans	1,2 million
Services publics internationaux	3-7 ans	750,000

Services de support technique et de consultation

L'UEC fournit un support technique complet à travers:

• Équipe de consultation technique dédiée de 12 spécialistes
• Hotline de support client 24/7
• Stratégies d'achat d'uranium personnalisés

Communication transparente sur les capacités de production

Métriques de transparence de la production pour 2024:

Métrique	Valeur
Capacité de production annuelle	2 millions de lbs U3O8
Projets d'uranium opérationnels	4 sites actifs
Rapports de production trimestriels	4 rapports publics détaillés

Engagement régulier des investisseurs et des parties prenantes

Mesures d'engagement pour 2024:

• Appels de résultats trimestriels
• Réunion des actionnaires annuelle
• Newsletters des investisseurs mensuels
• Équipe de relations avec les investisseurs de 5 professionnels

Engagement envers les pratiques minières durables et responsables

Données d'engagement en matière de durabilité:

Initiative de durabilité	Métrique spécifique
Audits de conformité environnementale	3 Audits indépendants chaque année
Programme de réduction du carbone	Target de réduction de 15% d'ici 2025
Investissement communautaire	1,5 million de dollars de programmes communautaires annuels

Uranium Energy Corp. (UEC) - Modèle d'entreprise: canaux

Ventes directes aux entreprises de services publics nucléaires

L'UEC maintient les canaux de vente directs ciblant les sociétés de services publics nucléaires aux États-Unis et à l'étranger. Depuis 2024, la stratégie de vente de l'entreprise se concentre sur les contrats d'approvisionnement à long terme d'uranium.

Canal de vente	Marché cible	Volume des ventes annuelles
Contrats d'utilité nucléaire directs	Centrales nucléaires américaines	Environ 1,2 million de livres U3O8 par an
Accords de services publics internationaux	Marchés mondiaux de l'énergie nucléaire	500 000 livres U3O8 par an

Conférences de l'industrie et expositions commerciales

L'UEC exploite les événements de l'industrie pour établir la présence du marché et réseauter avec des clients potentiels.

• Symposium annuel de l'Association nucléaire mondiale
• Conférence de l'Institut d'énergie nucléaire
• Conférences d'exploitation et d'exploration d'uranium

Plateforme de relations avec le site Web de l'entreprise et les investisseurs

Les canaux de communication numérique comprennent des plateformes en ligne complètes pour l'engagement des investisseurs et les informations sur les entreprises.

Plate-forme numérique	Mesures clés (2024)
Site Web de l'entreprise	Plus de 250 000 visiteurs uniques par an
Portail des relations avec les investisseurs	Informations financières en temps réel et suivi des performances des actions

Rapports financiers et communications du marché

L'UEC maintient une communication financière transparente via plusieurs canaux.

• Webdication trimestriel
• Réunion des actionnaires annuelle
• Dossages réglementaires de la SEC
• Disques de présentation des investisseurs

Négociations de partenariat stratégique

L'UEC poursuit activement des partenariats stratégiques pour étendre la portée du marché et les capacités opérationnelles.

Type de partenariat	Partenariats actuels	Focus de négociation
Exploration minière	3 partenariats d'exploration internationale actifs	Développement des ressources d'uranium
Collaboration technologique	2 accords de transfert de technologie	Méthodologies d'extraction avancées

Uranium Energy Corp. (UEC) - Modèle d'entreprise: segments de clientèle

Sociétés de services publics d'énergie nucléaire

L'UEC cible les sociétés de services publics d'énergie nucléaire avec des exigences spécifiques d'alimentation en uranium:

Type de client	Demande annuelle d'uranium	Taille du marché potentiel
Grands services nucléaires	500 à 1 000 tonnes métriques	Segment de marché de 1,2 milliard de dollars
Utilitaires nucléaires de taille moyenne	100-300 tonnes métriques	Segment de marché de 350 millions de dollars

Services énergétiques du gouvernement

L'UEC se concentre sur les départements d'énergie du gouvernement ayant des besoins stratégiques d'achat d'uranium:

• Département de l'énergie des États-Unis
• Réserves stratégiques du ministère de la Défense
• Programmes nationaux d'infrastructure nucléaire

Développeurs internationaux d'infrastructure énergétique

L'UEC cible les développeurs d'infrastructures énergétiques internationales avec des exigences spécifiques d'uranium:

Région	Capacité nucléaire projetée	Prévisions de la demande d'uranium
Chine	150 GW d'ici 2030	7 000 tonnes métriques par an
Inde	22,5 GW d'ici 2031	1 400 tonnes métriques par an

Investisseurs à l'énergie propre

L'UEC attire les investisseurs d'énergie propre à travers:

• Production d'uranium conforme à l'ESG
• Portefeuille d'énergie à faible teneur en carbone
• Pratiques minières durables

Consommateurs d'énergie industrielle

L'UEC dessert les consommateurs d'énergie industrielle ayant des exigences d'approvisionnement en uranium:

Segment de l'industrie	Consommation d'énergie annuelle	Demande potentielle d'uranium
Fabrication	25-50 MW	150-300 tonnes métriques
Installations de recherche	10-20 MW	50-100 tonnes métriques

Uranium Energy Corp. (UEC) - Modèle d'entreprise: Structure des coûts

Exploration et exploits opérationnels

Au cours de l'exercice 2023, Uranium Energy Corp. a déclaré des frais d'exploration totaux de 8,3 millions de dollars. La rupture des coûts opérationnels de l'entreprise est la suivante:

Catégorie de dépenses	Montant ($)
Frais de forage	3,650,000
Préparation du site	1,250,000
Enquêtes géologiques	1,750,000
Entretien de l'équipement	1,650,000

Investissements technologiques et équipements

L'investissement technologique et d'équipement de l'UEC pour 2023 a totalisé 12,5 millions de dollars, avec des allocations spécifiques:

• Traitement de l'équipement des usines: 5,2 millions de dollars
• Machinerie minière: 4,3 millions de dollars
• Mises à niveau technologique: 3 millions de dollars

Compliance environnementale et frais de réglementation

Les dépenses environnementales et réglementaires pour 2023 s'élevaient à 4,6 millions de dollars, notamment:

Zone de conformité	Coût ($)
Surveillance environnementale	1,800,000
Permis de réglementation	1,250,000
Efforts de correction	1,550,000

Dépenses de recherche et développement

L'UEC a investi 3,7 millions de dollars en R&D en 2023, en se concentrant sur:

• Technologies d'extraction avancées: 1,5 million de dollars
• Techniques d'exploration: 1,2 million de dollars
• Innovations sur la durabilité: 1 million de dollars

Personnel et frais généraux administratifs

Le personnel et les coûts administratifs pour 2023 ont totalisé 9,2 millions de dollars:

Catégorie de coûts	Montant ($)
Salaires et salaires	6,500,000
Avantages et assurance	1,700,000
Frais administratifs	1,000,000

Uranium Energy Corp. (UEC) - Modèle d'entreprise: Strots de revenus

Ventes de concentrés d'uranium

Depuis le troisième trimestre 2023, l'UEC a signalé des volumes de ventes de concentrés d'uranium de 200 000 livres U3O8. Les prix du ponctuels réalisés moyens réalisés étaient d'environ 80,50 $ la livre.

Exercice fiscal	Volume des ventes d'uranium (LBS U3O8)	Prix ​​au comptant moyen	Revenu total des ventes
2023	200,000	$80.50	$16,100,000

Revenus de contrat d'approvisionnement à long terme

L'UEC a obtenu des contrats d'approvisionnement à long terme avec plusieurs sociétés de services publics, avec des volumes contractuels totalisant 1,4 million de livres U3O8 à 2028.

Durée du contrat	Volume total contracté	Valeur du contrat estimé
2024-2028	1 400 000 lbs	112 millions de dollars

Accords de location et d'exploration de biens minéraux

L'UEC génère des revenus grâce à des accords de location de biens minéraux, les accords d'exploration actuels générant environ 1,2 million de dollars par an.

• Palangana Mine Project Bail Revenues
• Accords d'exploration de projet Burke Hollow
• Installation de traitement de Hobson revenu de location

Services de conseil technique

Les services de conseil technique contribuent à 500 000 $ estimés aux revenus annuels, en se concentrant sur l'expertise d'exploration et de traitement de l'uranium.

Incitations potentielles du gouvernement

L'UEC peut recevoir jusqu'à 10 millions de dollars d'incitations publiques potentielles pour la production intérieure d'uranium dans le cadre des cadres de politique énergétique actuels.

Type d'incitation	Valeur annuelle potentielle	Durée du programme
Production d'énergie intérieure	$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.