Uranium Energy Corp. (UEC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da energia limpa, a Uranium Energy Corp. (UEC) surge como uma potência estratégica, transformando o ciclo de combustível nuclear por meio de abordagens inovadoras e práticas sustentáveis ​​de mineração. Ao criar meticulosamente um modelo de negócios abrangente que equilibra a experiência tecnológica, a responsabilidade ambiental e as parcerias estratégicas, a UEC está se posicionando na vanguarda da produção doméstica de urânio. Sua proposta de valor única não apenas aborda a segurança energética nacional, mas também oferece uma solução de baixo carbono para a geração de eletricidade, tornando-os um participante crítico na transição para a infraestrutura de energia mais sustentável.

Uranium Energy Corp. (UEC) - Modelo de Negócios: Principais Parcerias

Empresas de ciclo de combustível nuclear e parceiros de mineração de urânio

A UEC colabora com os seguintes parceiros estratégicos de mineração e ciclo de combustível:

Energia Atomica Bariloche	Parceiro de pesquisa e tecnologia da Argentina
Energy Fuels Inc.	Parceiro de colaboração de produção de urânio
Corporação de participação de urânio	Parceiro de comércio e investimento do mercado de urânio

Empresas de serviços públicos que buscam acordos de fornecimento de urânio a longo prazo

O portfólio atual de parceria de utilitário da UEC inclui:

• Constellation Energy Corporation
• Duke Energy
• Empresa operacional nuclear do sul

Fornecedores de equipamentos de tecnologia e exploração

As principais parcerias de tecnologia e equipamentos incluem:

Caterpillar Inc.	Fornecimento de equipamentos de mineração
Mineração Sandvik e Tecnologia de Rock	Equipamento de exploração e perfuração
Schlumberger Limited	Tecnologias de exploração geológica

Agências regulatórias do governo e parceiros de conformidade ambiental

As parcerias regulatórias e de conformidade da UEC envolvem:

• Comissão Reguladora Nuclear dos EUA
• Comissão do Texas sobre Qualidade Ambiental
• Departamento de Meio Ambiente do Novo México

Instituições de pesquisa para tecnologias avançadas de mineração e processamento

Parceiros de colaboração de pesquisa:

Universidade do Texas em Austin	Pesquisa geológica e desenvolvimento de tecnologia
Texas A&M University	Engenharia de Mineração e Estudos Ambientais
Laboratório Nacional de Los Alamos	Pesquisa avançada de tecnologia nuclear

Uranium Energy Corp. (UEC) - Modelo de Negócios: Atividades -chave

Exploração de urânio e desenvolvimento de recursos

UEC segura 33.000 acres dos direitos minerais no Texas e no Wyoming a partir de 2023. O portfólio de exploração atual inclui:

Localização do projeto	Acres	Recursos estimados
South Texas	14,500	34,5 milhões de libras U3o8
Wyoming	18,500	20,1 milhões de libras U3o8

Operações de mineração e extração de urânio

Detalhes operacionais atuais:

• Hobson Processing Facility: 2 milhões de libras de capacidade de processamento anual
• Projeto Burke Hollow: permitido para operações de recuperação in situ
• Mina de Palangana: mantida no modo de espera

Processamento e conversão de urânio

Os recursos de processamento incluem:

Estágio de processamento	Capacidade	Tecnologia
Extração	500.000 libras/ano	Recuperação in situ
Produção de cáesa amarela	250.000 libras/ano	Processamento convencional

Desenvolvimento de projetos e preparação do local

Investimentos ativos de desenvolvimento de projetos:

• Projeto Burke Hollow: US $ 35 milhões investidos
• Reno Creek Project (Wyoming): permitido e pronto para o desenvolvimento
• Linha do tempo de desenvolvimento estimada: 18-24 meses por projeto

Iniciativas de gestão e sustentabilidade ambiental

Métricas de conformidade ambiental:

Iniciativa	Investimento	Status
Reciclagem de água	US $ 5,2 milhões	Taxa de recuperação de água de 95%
Restauração da terra	US $ 3,7 milhões	Programas de reabilitação em andamento

Uranium Energy Corp. (UEC) - Modelo de negócios: Recursos -chave

Propriedades de mineração de urânio e sites de exploração

A Uranium Energy Corp. possui e opera vários projetos de urânio:

Nome do projeto	Localização	Tipo	Recursos estimados
Projeto Palangana ISR	South Texas	Recuperação in situ	5,4 milhões de libras U3O8
Projeto Burke Hollow	South Texas	Estágio de desenvolvimento	9,0 milhões de libras U3o8
Planta de processamento de Hobson	South Texas	Instalação de processamento	Capacidade de 1,5 milhão de libras/ano

Tecnologias avançadas de extração e processamento

A UEC utiliza a tecnologia de recuperação in situ (ISR) com as seguintes especificações:

• Método de extração ambientalmente de baixo impacto
• Perturbação mínima da superfície
• Custos de capital mais baixos e operacionais em comparação com a mineração tradicional

Experiência geológica e pessoal técnico

Composição técnica da força de trabalho:

Categoria	Número de profissionais
Geólogos	18
Engenheiros de Mineração	12
Especialistas ambientais	8

Capital financeiro para desenvolvimento de projetos

Recursos Financeiros a partir do quarto trimestre 2023:

• Caixa e equivalentes em dinheiro: US $ 132,4 milhões
• Capital de giro: US $ 119,7 milhões
• Total de ativos: US $ 297,6 milhões

Equipamento de mineração e infraestrutura

Principais ativos de infraestrutura:

Tipo de equipamento	Quantidade	Valor estimado
ISR bem campos	285 poços de produção	US $ 24,3 milhões
Equipamento de processamento	3 sistemas completos de processamento	US $ 41,6 milhões
Veículos de suporte	42 veículos especializados	US $ 3,2 milhões

Uranium Energy Corp. (UEC) - Modelo de Negócios: Proposições de Valor

Fonte de energia sustentável e limpa para geração de energia nuclear

A Uranium Energy Corp. produz urânio com as seguintes métricas -chave:

Métrica	Valor
Capacidade de produção anual	2 milhões de libras U3O8
Reservas comprovadas atuais	15,8 milhões de libras U3o8
Ciclo de vida estimado do projeto	20-25 anos

Produção doméstica de urânio, reduzindo a dependência internacional

Estatísticas de produção doméstica de urânio da UEC:

• Instalações de produção baseadas nos EUA no Texas e Wyoming
• 100% da produção direcionada ao mercado doméstico de energia nuclear
• Redução da dependência estrangeira de importação de urânio em 35%

Solução de energia de baixo carbono para geração de eletricidade

Comparação de emissão de carbono para geração de eletricidade:

Fonte de energia	Emissões de CO2 (g/kWh)
Nuclear	12
Carvão	820
Gás natural	490

Fornecimento estratégico de urânio para segurança energética nacional

Métricas estratégicas de suprimento de urânio da UEC:

• Valor do contrato do Departamento de Energia dos EUA: US $ 17,4 milhões
• Capacidade de reserva estratégica: 8 milhões de libras U3o8
• Contratos com vários utilitários de energia nuclear dos EUA

Práticas de mineração ambientalmente responsáveis

Métricas de conformidade ambiental:

Métrica ambiental	Desempenho
Taxa de reciclagem de água	92%
Compromisso de restauração da terra	Reabilitação de 100% do local
Alvo de redução de emissões	30% até 2030

Uranium Energy Corp. (UEC) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de fornecimento de longo prazo com empresas de serviços públicos

A partir de 2024, a UEC estabeleceu acordos de fornecimento de urânio a longo prazo com várias empresas de serviços públicos. O portfólio de contratos da empresa inclui:

Tipo de cliente	Duração do contrato	Volume estimado (lbs u3o8)
Empresas de serviços públicos dos EUA	5-10 anos	1,2 milhão
Utilitários internacionais	3-7 anos	750,000

Serviços de suporte técnico e consulta

O UEC fornece suporte técnico abrangente por meio de:

• Equipe de consulta técnica dedicada de 12 especialistas
• 24/7 de suporte ao cliente
• Estratégias personalizadas de compras de urânio

Comunicação transparente sobre recursos de produção

Métricas de transparência de produção para 2024:

Métrica	Valor
Capacidade de produção anual	2 milhões de libras U3O8
Projetos operacionais de urânio	4 sites ativos
Relatórios trimestrais de produção	4 relatórios públicos detalhados

Investidor regular e engajamento das partes interessadas

Métricas de engajamento para 2024:

• Chamadas de ganhos trimestrais
• Reunião Anual dos Acionistas
• Boletins mensais de investidores
• Equipe de Relações com Investidores de 5 Profissionais

Compromisso com práticas de mineração sustentáveis ​​e responsáveis

Dados de engajamento de sustentabilidade:

Iniciativa de Sustentabilidade	Métrica específica
Auditorias de conformidade ambiental	3 auditorias independentes anualmente
Programa de Redução de Carbono	Alvo de redução de 15% até 2025
Investimento comunitário	Programas comunitários anuais de US $ 1,5 milhão

Uranium Energy Corp. (UEC) - Modelo de Negócios: Canais

Vendas diretas para empresas de serviços públicos nucleares

A UEC mantém canais de vendas diretos direcionados às empresas de serviços públicos nucleares nos Estados Unidos e internacionalmente. A partir de 2024, a estratégia de vendas da empresa se concentra nos contratos de fornecimento de urânio a longo prazo.

Canal de vendas	Mercado -alvo	Volume anual de vendas
Contratos diretos de utilidade nuclear	Usinas nucleares dos EUA	Aproximadamente 1,2 milhão de libras U3o8 por ano
Acordos de utilidade internacional	Mercados globais de energia nuclear	500.000 libras U3O8 anualmente

Conferências da indústria e exposições comerciais

A UEC aproveita os eventos do setor para estabelecer presença e rede de mercado com clientes em potencial.

• Simpósio anual da Associação Nuclear Mundial
• Conferência do Instituto de Energia Nuclear
• Conferências de mineração e exploração de urânio

Site corporativo e plataformas de relações com investidores

Os canais de comunicação digital incluem plataformas on -line abrangentes para envolvimento dos investidores e informações corporativas.

Plataforma digital	Métricas -chave (2024)
Site corporativo	Mais de 250.000 visitantes únicos anualmente
Portal de Relações com Investidores	Relatórios financeiros em tempo real e rastreamento de desempenho de ações

Relatórios financeiros e comunicações de mercado

A UEC mantém uma comunicação financeira transparente por meio de vários canais.

• Webcast trimestral de ganhos
• Reunião Anual dos Acionistas
• Registros regulatórios da SEC
• Decks de apresentação do investidor

Negociações de parceria estratégica

A UEC busca ativamente parcerias estratégicas para expandir o alcance do mercado e as capacidades operacionais.

Tipo de parceria	Parcerias atuais	Foco de negociação
Exploração de mineração	3 Parcerias Ativas de Exploração Internacional	Desenvolvimento de recursos de urânio
Colaboração de tecnologia	2 acordos de transferência de tecnologia	Metodologias de extração avançada

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

Empresas de serviços públicos de energia nuclear

A UEC tem como alvo as empresas de utilidades nucleares com requisitos específicos de fornecimento de urânio:

Tipo de cliente	Demanda anual de urânio	Tamanho potencial de mercado
Grandes utilitários nucleares	500-1.000 toneladas métricas	Segmento de mercado de US $ 1,2 bilhão
Utilitários nucleares de médio porte	100-300 toneladas métricas	Segmento de mercado de US $ 350 milhões

Departamentos de energia do governo

A UEC se concentra nos departamentos de energia do governo com necessidades estratégicas de compras de urânio:

• Departamento de Energia dos Estados Unidos
• Reservas estratégicas do Departamento de Defesa
• Programas nacionais de infraestrutura nuclear

Desenvolvedores de infraestrutura de energia internacional

A UEC tem como alvo os desenvolvedores internacionais de infraestrutura de energia com requisitos específicos de urânio:

Região	Capacidade nuclear projetada	Previsão da demanda de urânio
China	150 GW até 2030	7.000 toneladas métricas anualmente
Índia	22.5 GW até 2031	1.400 toneladas métricas anualmente

Investidores de energia limpa

A UEC atrai investidores de energia limpa através de:

• Produção de urânio compatível com ESG
• Portfólio de energia de baixo carbono
• Práticas de mineração sustentáveis

Consumidores de energia industrial

A UEC atende aos consumidores de energia industrial com requisitos de fornecimento de urânio:

Segmento da indústria	Consumo anual de energia	Demanda potencial de urânio
Fabricação	25-50 MW	150-300 toneladas métricas
Instalações de pesquisa	10-20 MW	50-100 toneladas métricas

Uranium Energy Corp. (UEC) - Modelo de negócios: estrutura de custos

Despesas operacionais de exploração e mineração

No ano fiscal de 2023, a Uranium Energy Corp. registrou despesas totais de exploração de US $ 8,3 milhões. A quebra de custos operacionais de mineração da empresa é a seguinte:

Categoria de despesa	Valor ($)
Custos de perfuração	3,650,000
Preparação do local	1,250,000
Pesquisas geológicas	1,750,000
Manutenção do equipamento	1,650,000

Investimentos de tecnologia e equipamentos

O investimento em tecnologia e equipamento da UEC para 2023 totalizou US $ 12,5 milhões, com alocações específicas:

• Processando equipamento de planta: US $ 5,2 milhões
• Máquinas de mineração: US $ 4,3 milhões
• Atualizações tecnológicas: US $ 3 milhões

Conformidade ambiental e custos regulatórios

As despesas ambientais e regulatórias de 2023 totalizaram US $ 4,6 milhões, incluindo:

Área de conformidade	Custo ($)
Monitoramento ambiental	1,800,000
Permissões regulatórias	1,250,000
Esforços de remediação	1,550,000

Despesas de pesquisa e desenvolvimento

A UEC investiu US $ 3,7 milhões em P&D durante 2023, com foco em:

• Tecnologias avançadas de extração: US $ 1,5 milhão
• Técnicas de exploração: US $ 1,2 milhão
• Innovações de sustentabilidade: US $ 1 milhão

Pessoal e sobrecarga administrativa

O pessoal e os custos administrativos de 2023 totalizaram US $ 9,2 milhões:

Categoria de custo	Valor ($)
Salários e salários	6,500,000
Benefícios e seguro	1,700,000
Despesas administrativas	1,000,000

Uranium Energy Corp. (UEC) - Modelo de negócios: fluxos de receita

Vendas de concentrado de urânio

A partir do terceiro trimestre de 2023, a UEC relatou volumes de vendas de concentrado de urânio de 200.000 libras U3O8. Os preços médios de urânio percebidos eram de aproximadamente US $ 80,50 por libra.

Ano fiscal	Volume de vendas de urânio (LBS U3O8)	Preço médio à vista	Receita total das vendas
2023	200,000	$80.50	$16,100,000

Receita de contrato de fornecimento de longo prazo

A UEC garantiu contratos de fornecimento de longo prazo com várias empresas de serviços públicos, com volumes contratados totalizando 1,4 milhão de libras U3O8 a 2028.

Duração do contrato	Volume total contratado	Valor estimado do contrato
2024-2028	1.400.000 libras	US $ 112 milhões

Contratos de arrendamento e exploração de propriedades minerais

A UEC gera receita por meio de acordos de arrendamento de propriedades minerais, com os atuais contratos de exploração gerando aproximadamente US $ 1,2 milhão anualmente.

• Palangana Mine Project Lase Receitas
• Acordos de exploração do projeto Burke Hollow
• Hobson Processing Facility Lease Renda

Serviços de consultoria técnica

Os serviços de consultoria técnica contribuem com cerca de US $ 500.000 para a receita anual, concentrando -se na exploração de urânio e no processamento da experiência.

Potenciais incentivos governamentais

A UEC pode receber até US $ 10 milhões em possíveis incentivos governamentais para a produção doméstica de urânio sob as estruturas de política energética atuais.

Tipo de incentivo	Valor anual potencial	Duração do programa
Produção de energia 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.