Uranium Energy Corp (NYSE American: UEC) has filed its fiscal 2025 annual report, showcasing a significant shift to uranium production in Wyoming and the near completion of the Burke Hollow project in Texas. The company's operational highlights include an initial production ramp-up of approximately 130,000 pounds of precipitated uranium and dried and drummed U3O8 as of July 31, 2025. Notably, the total cost per pound of uranium production was $36.41, with a cash cost per pound of $27.63 and non-cash cost per pound of $8.78.
In terms of financial highlights, UEC reported a strong balance sheet with $321 million in cash, inventory, and equities at market prices, and no debt. The first half of fiscal 2025 saw sales of $66.8 million in revenue and $24.5 million of gross profit from the sales of 810,000 pounds of U3O8 at an average price of $82.52 per pound. By the end of July 31, 2025, the company held 1,356,000 pounds of U3O8 in inventory, valued at $96.6 million at market prices, excluding approximately 130,000 pounds of initial Wyoming production.
UEC's unhedged positioning provides maximum upside and flexibility, allowing for opportunistic first-half sales and deliberate second-half inventory accumulation, while preserving flexibility for future sales, including to the U.S. uranium reserve and other government, domestic, and global demand.
Operational highlights also include the progression of the Christensen Ranch and Irigaray ISR operations in Wyoming, where the company achieved a notable increase in uranium head grade. At the Burke Hollow ISR project in South Texas, construction of the ion exchange facility and first production area progressed on schedule, with the company's workforce in South Texas growing to 56 personnel.
UEC's acquisition of Rio Tinto's Sweetwater plant and Wyoming uranium assets for $175 million added approximately 175 million pounds of historic resources and expanded the licensed capacity to 12.1 million pounds U3O8 annually. The Sweetwater uranium complex was designated as a fast-41 transparency project by the U.S. federal permitting improvement "steering council," positioning it to become a cornerstone of America's uranium supply chain.
In preparation for a pre-feasibility study, the company advanced its Roughrider project in Saskatchewan, Canada, by drilling metallurgical holes across various zones and conducting metallurgical test work.
Finally, UEC launched the United States Uranium Refining & Conversion Corp ("UR&C") to pursue the feasibility of developing a new, state-of-the-art American uranium refining and conversion facility, aiming to position UEC as the only vertically integrated U.S. uranium company with mining and processing operations and planned refining and conversion capabilities. Following these announcements, the company's shares moved 1.16%, and are now trading at a price of $14.01. If you want to know more, read the company's complete 8-K report here.
