URANIUM ENERGY CORP recently released its 10-Q report. The company, incorporated in 2003 and based in Corpus Christi, Texas, was formerly known as Carlin Gold Inc. before adopting its current name in January 2005. It is engaged in uranium exploration, pre-extraction, extraction and processing, along with titanium concentrate activities, with properties in the United States, Canada and Paraguay.
In Item 2, management said the company’s core business remains uranium mining and related activities, with principal projects in Wyoming and Texas and additional work in Saskatchewan, Canada. The company said it restarted uranium extraction at Christensen Ranch in Wyoming in August 2024 and produced 146,550 pounds of precipitated uranium and dried and drummed U3O8 in the nine months ended April 30, 2026, following 103,545 pounds of precipitated uranium and 26,421 pounds of dried and drummed U3O8 in fiscal 2025. At Christensen Ranch, three additional header houses in Wellfield 11 received state approval in March 2026 and were brought into operation, one more header house in Wellfield 11 was completed and awaited approval, and five additional header houses were under construction in Wellfields 12 and 10-extension.
The company said its Irigaray CPP in Wyoming, which processes uranium recovered from Christensen Ranch, has licensed capacity of 4 million pounds of U3O8 per year and serves as the hub for four fully permitted ISR projects in the Powder River Basin: Christensen Ranch, Reno Creek, Moore Ranch and Ludeman. At Ludeman, the 240-hole delineation drill program was completed, core samples were collected for laboratory testing, and engineering work on the satellite ion-exchange plant advanced with layout and pad design largely finalized and fabrication of ion-exchange vessels ahead of schedule.
In South Dakota? No—at Sweetwater in Wyoming, the company said the project was designated a FAST-41 transparency project on August 1, 2025. The Sweetwater Plan of Operations for ISR operations was submitted to the Bureau of Land Management on November 14, 2025, the 30-day public comment period ran from March 16, 2026 to April 17, 2026, and the NEPA process began in June 2026. A 200-hole delineation drilling program in Sweetwater North was completed in early May 2026, with wellfield pattern planning underway, a second 200-hole program scheduled for July 2026, and refurbishment assessment work underway for the Sweetwater Mill; ion-exchange vessels for the ISR circuit are under construction.
In Texas, management said the Hobson CPP remains the center of its South Texas “hub-and-spoke” strategy. Hobson has physical capacity to process up to 2 million pounds of U3O8 annually and is licensed for up to 4 million pounds annually. In April 2026, the company received approval from the Texas Commission on Environmental Quality and began production at Burke Hollow. The satellite ion-exchange plant there, with columns, resin and water treatment systems and capacity of 2,500 gallons per minute, was commissioned in the fiscal third quarter, while Phase 1A wellfield development continued; 46 additional wells were completed and tested for mechanical integrity, and trunkline, piping, valves and oxygen-delivery piping were installed and tested.
In Canada, the company said it has substantially completed a 35,000-meter conversion core drilling program at Roughrider, with 80% of the planned drilling finished. Tetra Tech Canada is leading technical services for the pre-feasibility study, and process flow diagrams, mass and water balance drawings, and process equipment lists have been completed. The company also submitted an electrical load list and transmission interconnection service request to SaskPower for a Definition Phase Agreement.
For its planned U.S. uranium refining and conversion business, the company said UR&C was incorporated in September 2025 and received a docket number from the U.S. Nuclear Regulatory Commission on March 18, 2026. Engineering and design work with Fluor is continuing, a formal license application is expected after site selection and completion of engineering, and the company said it has narrowed the site search to a final shortlist of candidate locations.
In Paraguay, the Alto Paraná titanium project was reviewed by TZ Minerals International, which said the project fits within a U.S.-aligned critical materials framework. The company cited a preliminary economic assessment that outlined two development scenarios: one with an NPV8 of $419 million and a 21% post-tax IRR, and a larger scenario with an NPV8 of $1.55 billion and a 25% post-tax IRR. The project’s estimated inferred resource was 3.58 billion tonnes at 7.3% TiO2, and its estimated indicated resource was 70 million tonnes at 7.6% TiO2.
The company also reported financing activity after the quarter. On October 2, 2025, it completed a private placement of 575,000 flow-through shares for gross proceeds of $8.63 million. On October 6, 2025, it sold 15.5 million common shares at $13.15 each for gross proceeds of $203.83 million, and on October 9, 2025, the underwriter bought an additional 2.325 million shares for another $30.57 million. Total issuance costs were $2.79 million. The company said it intends to use the public-offering proceeds to support UR&C development and for general corporate and working capital purposes.
As of April 30, 2026, the company held 1,456,000 pounds of purchased uranium and had no remaining purchase agreements outstanding. As a result of these announcements, the company's shares have moved -10.27% on the market, and are now trading at a price of $11.315. For more information, read the company's full 10-Q submission here.
