Uranium Energy Corp. (UEC) 2026 Q2 法說會逐字稿

Good day and welcome to the Uranium Energy Corp.'s fiscal 2026 second-quarter results conference call. Today's call will be hosted by Amir Adnani, President and CEO. Also joining for the Q&A session of today's call are Josephine Man, Chief Executive Officer; Scott Melbye, Executive Vice President; and Brent Berg, Senior Vice President, US Operations. (Operator Instructions) Please note, this event is being recorded. (Operator Instructions)

各位好，歡迎參加鈾能源公司2026財年第二季業績電話會議。今天的電話會議將由總裁兼執行長 Amir Adnani 主持。參加今天電話會議問答環節的還有執行長 Josephine Man、執行副總裁 Scott Melbye 和美國營運資深副總裁 Brent Berg。（操作說明）請注意，本次活動正在錄影。（操作說明）

I would now like to turn the conference over to Amir Adnani, President and CEO. Please go ahead.

現在我謹將會議交給總裁兼執行長阿米爾·阿德納尼先生。請繼續。

Thank you, operator, and good morning, everyone. A presentation accompanying today's call is available on our website. Some of the commentary today will include forward-looking statements, and I would encourage everyone to review the cautionary language on slide 2 of the presentation.

謝謝接線員，大家早安。本次電話會議的簡報可在我們的網站上查看。今天的一些評論將包含前瞻性陳述，我建議大家仔細閱讀簡報第 2 頁上的警示文字。

With that, let's begin with highlights from the quarter. This quarter reflected continued execution of our long-term strategy, building America's first and only vertically integrated uranium fuel supply chain from mining through refining and conversion. What differentiates UEC is the scale of our asset base. We control the largest uranium resource base in the United States, which provides the foundation for decades of staged production growth as nuclear energy expands and supply chains increasingly shift back towards domestic fuel security. This is in strategic alignment with the strengthening US policy support and anticipated structural supply deficit.

接下來，讓我們先來看看本季的一些亮點。本季反映了我們長期策略的持續執行，即建立美國第一個也是唯一一個從開採到提煉和轉化的垂直一體化鈾燃料供應鏈。UEC 的獨特之處在於我們龐大的資產規模。我們控制著美國最大的鈾資源基地，這為未來幾十年分階段的生產成長奠定了基礎，因為隨著核能的擴張和供應鏈日益向國內燃料安全轉移，這一增長勢頭將更加強勁。這與美國不斷加強的政策支持和預期中的結構性供應短缺在戰略上保持一致。

During the quarter, we also demonstrated the advantage of our unhedged marketing strategy, we sold 200,000 pounds of U3O8 and $101 per pound approximately 25% above the quarterly average price of about $80 per pound. Our strategy has been consistent, maintain a strong balance sheet, hold physical uranium inventory and sell opportunistically when pricing supports value creation for shareholders. Those sales further strengthened our financial position.

本季度，我們也證明了我們未對沖行銷策略的優勢，我們售出了 20 萬磅 U3O8，每磅售價 101 美元，比季度平均價格（每磅約 80 美元）高出約 25%。我們的策略始終如一：保持強勁的資產負債表，持有實體鈾庫存，並在價格有利於股東創造價值時擇機出售。這些銷售進一步鞏固了我們的財務狀況。

We ended the quarter with $818 million in liquidity and no debt, maintaining one of the strongest balance sheets in the uranium sector. At the same time, we continued advancing the broader strategy that underpins UEC's long-term growth, expanding beyond mining into refining and conversion to help address both a critical and structural gap in the US nuclear fuel cycle. With the increasing focus on energy and national security, we believe UEC is strategically aligned with where both the market and policymakers are heading. In summary, the quarter reinforced three themes that continue to define UEC: Scale, financial strength, and strategic positioning within the US nuclear fuel supply chain.

本季末，我們擁有 8.18 億美元的流動資金，且無任何債務，保持鈾行業最強勁的資產負債表之一。同時，我們繼續推動支撐 UEC 長期發展的更廣泛策略，將業務從採礦擴展到提煉和轉化，以幫助解決美國核燃料循環中的關鍵性和結構性缺口。隨著人們對能源和國家安全的日益關注，我們認為UEC在策略上與市場和政策制定者的發展方向一致。總而言之，本季強化了持續定義 UEC 的三個主題：規模、財務實力以及在美國核燃料供應鏈中的戰略地位。

With that overview, let's turn to operational highlights. In the second quarter, our focus was on delivering significant construction milestones in Wyoming and Texas. We are thrilled with the completion of construction at Burke Hollow, which is now the newest ISR uranium mine in the United States. This project has been more than a decade in development since its discovery in 2012. And I want to recognize the outstanding work of our technical and operations team in bringing it to the stage.

有了以上概述，接下來讓我們來看看營運亮點。第二季度，我們的重點是實現懷俄明州和德克薩斯州的重要建設里程碑。我們對伯克霍洛礦的建設竣工感到非常興奮，它現在是美國最新的原地浸出鈾礦。該計畫自 2012 年發現以來，已經開發了十多年。我還要表揚我們的技術和營運團隊，感謝他們為將這部影片搬上舞台所付出的傑出努力。

With that, expanded production infrastructure required for higher output is now in place across our Burke Hollow and Christensen Ranch ISR projects ready for operations, pending final regulatory approvals. During fiscal Q2, the UEC produced 45,743 pounds of U308 driven by only two active header houses at Christensen Ranch at a total cost per pound of $44.14 and a cash cost per pound of $39.66. Since the restart of operations at Christensen Ranch, accumulated production has now reached 244,321 pounds at a total cost per pound of $37.28 and a cash cost per count of $30.50 and demonstrating the efficiency of our ISR operating platform.

因此，我們伯克霍洛和克里斯滕森牧場ISR計畫所需的擴大生產基礎設施已經到位，可以投入運營，只待最終監管部門批准。在第二財季，UEC僅利用克里斯滕森牧場的兩座運作中的收割機，就生產了45,743磅U308，每磅總成本為44.14美元，每磅現金成本為39.66美元。自克里斯滕森牧場恢復營運以來，累計產量已達244,321磅，每磅總成本為37.28美元，每次收割現金成本為30.50美元，這充分證明了我們ISR營運平台的效率。

At Christensen Ranch, four new header houses were completed and three additional header houses are currently under construction, expanding well field capacity and supporting future ISR production growth once regulatory approvals are received. At the Irigaray central processing plant refurbishment of the Christensen Ranch was completed allowing the sort of 24/7 operations and fully optimizing the facility for increased processing throughput.

在克里斯滕森牧場，四個新的集水井房已經建成，另有三個集水井房正在建設中，這將擴大油田產能，並在獲得監管部門批准後支持未來的ISR產量成長。伊里加雷中央加工廠克里斯滕森牧場的翻新工程已經完成，可實現全天候運營，並全面優化設施以提高加工吞吐量。

At Ludeman, delineating continued at the first planned well field, while engineering progressed for the satellite ion exchange plant. Taken together, Christensen Ranch, Irigaray and Ludeman represent the next stage of near-term production across our Powder River Basin platform. As the uranium sector accelerates, we are also seeing something that has not occurred in the United States for more than 15 years, a broad restart of domestic uranium development activity that renewed activity is positive for the industry, but it also means regulators are processing significantly higher levels of permitting activity than they have in many years. resulting in some regulatory backlog across the sector.

在盧德曼，第一個計畫井場的圈定工作仍在繼續，同時衛星離子交換廠的工程建設也在進行中。克里斯滕森牧場、伊里加雷和盧德曼共同代表了我們在粉紅河流域平台上的下一個近期生產階段。隨著鈾礦業的加速發展，我們也看到美國15年來未曾出現過的現象：國內鈾礦開發活動全面重啟。這種復甦對產業而言是正面的，但也意味著監管機構需要處理的許可申請數量遠高於往年，導致整個產業出現監管積壓。

We are working constructively with regulators and industry peers through a coordinated working group aimed at supporting efficient and responsible approvals. These are normal growing pains when an industry transitions from dormancy back into expansion. And we believe the collaboration underway will help ensure that process continues to move forward effectively. Beyond our current production hubs, we also continued advancing our significant development assets.

我們正透過一個協調的工作小組，與監管機構和行業同行進行建設性合作，旨在支持高效、負責任的審批流程。這些都是產業從停滯期過渡到擴張期時的正常陣痛。我們相信，目前正在進行的合作將有助於確保這一進程繼續有效推進。除了我們目前的生產中心之外，我們也持續推動我們重要的研發資產。

At Sweetwater, development activities accelerated with the completion of 23 case monitor wells and the coring program for advanced metallurgical testing. Along with the commencement of the 200 whole delineation drilling program on March 2, 2026. And in Saskatchewan, we continued to achieve notable progress with the Roughrider project, completing more than 30% of the core drilling programs supporting the upcoming prefeasibility study. In parallel, our Canadian team is also working with SaskPower toward a definition phase agreement for a high-voltage power connection to the project.

在 Sweetwater，隨著 23 口井監測井的完工和先進冶金測試取芯計畫的發展，開發活動加快了步伐。隨著 2026 年 3 月 2 日 200 號井整體圈定鑽探計畫的啟動。在薩斯喀徹溫省，我們繼續在 Roughrider 項目上取得顯著進展，完成了超過 30% 的核心鑽探計劃，為即將進行的預可行性研究提供了支持。同時，我們的加拿大團隊也與 SaskPower 合作，爭取就該專案的高壓電力連接達成定義階段協議。

Turning to the financial results, we finished the quarter with $818 million in liquid assets, including $486 million in cash, along with accounts receivable, Uranium inventory and marketable equities and importantly, no debt. This financial strength provides the flexibility to advance production growth while maintaining a disciplined and opportunistic approach to uranium marketing.

再來看財務業績，本季末我們擁有 8.18 億美元的流動資產，其中包括 4.86 億美元的現金，以及應收帳款、鈾庫存和有價證券，更重要的是，我們沒有債務。這種財務實力使公司能夠在推進生產成長的同時，保持對鈾行銷的嚴謹和把握機會的態度。

As mentioned earlier, during the quarter, we sold 200,000 pounds of U3O8 and $101 per pound, well above the average quarterly uranium price of approximately $80. These sales generated over $20 million in revenue and $10 million in gross profit. As of January 31, 2026, the company held $1,456,000 U308 valued at approximately $144 million of market prices. Excluding an additional 244,321 pounds of precipitated uranium and dried and drone U308 at the Irigaray gare processing plant. Maintaining strong liquidity, including physical uranium inventory remains an integral part of our strategy as we position the company ahead of evolving policy developments and tightening uranium supply fundamentals.

如前所述，本季我們售出了 20 萬磅 U3O8，每磅售價 101 美元，遠高於每季約 80 美元的鈾平均價格。這些銷售活動產生了超過 2000 萬美元的收入和 1000 萬美元的毛利。截至 2026 年 1 月 31 日，該公司持有價值 1,456,000 美元的 U308，以市場價格計算價值約為 1.44 億美元。不包括伊里加雷加雷加工廠額外生產的 244,321 磅沉澱鈾和乾燥的無人機 U308。保持強勁的流動性，包括實體鈾庫存，仍然是我們策略的重要組成部分，因為我們正在為公司應對不斷變化的政策發展和日益收緊的鈾供應基本面做好準備。

A key component of our long-term strategy is United States uranium Refining & Conversion Corp., or URNC. Uranium conversion remains an acute bottleneck in the Western nuclear fuel cycle with insufficient commercial UF6 capacity outside Russia and China. At the same time, a critical gap in the US nuclear fuel cycle is the lack of an integrated domestic supplier, spanning mining, processing, refining and conversion. That gap underscores the importance of UEC's initiative with URNC.

美國鈾精煉轉化公司（URNC）是我們長期策略的關鍵組成部分。鈾轉化仍然是西方核燃料循環中的一個嚴重瓶頸，除俄羅斯和中國以外，商業化的六氟化鈾產能不足。同時，美國核燃料循環的關鍵缺口是缺乏涵蓋採礦、加工、提煉和轉化等環節的國內一體化供應商。這一差距凸顯了UEC與URNC合作倡議的重要性。

During the quarter, URC continued high-level engagement with government officials and further advance the feasibility spend at the floor while also expanding both the technical and licensing team supporting the project. We also initiated a detailed siting study, evaluating potential locations across the United States based on permitting considerations, infrastructure, logistics and workforce availability. The objective is straightforward build America's first and only company capable of anchoring the nuclear fuel supply chain required to support enrichment and the expansion of the US nuclear industrial base aligned with current US policy initiatives to grow nuclear power.

本季度，URC 繼續與政府官員進行高層接觸，進一步推進可行性研究支出，同時擴大支援該計畫的技術和許可團隊。我們還啟動了一項詳細的選址研究，根據許可考慮、基礎設施、物流和勞動力可用性，對美國各地的潛在地點進行了評估。目標很明確，就是建立美國第一家也是唯一一家能夠支撐核燃料供應鏈的公司，以支持濃縮核能和擴大美國核能工業基礎，這與美國當前發展核電的政策舉措一致。

Our operational platform is built around scalable hub-and-spoke ISR operations in Wyoming and South Texas. Supporting by longer-term development projects at Sweetwater and Roughrider. Starting in Wyoming, Christensen Ranch continues to operate as the first spoke to the Irigaray central processing plant, and we increased our work progress at the Ludeman project that will serve as the second spoke. During the quarter, we continued advancing new production areas at Christensen Ranch and Ludeman through delineation drilling header houses and additional well field development.

我們的營運平台以懷俄明州和德克薩斯州南部的可擴展中心輻射式 ISR 運營為核心構建。由 Sweetwater 和 Roughrider 的長期開發項目提供支援。從懷俄明州開始，克里斯滕森牧場繼續作為伊里加雷中央加工廠的第一道防線運營，我們加快了盧德曼計畫的工作進度，該計畫將成為第二道防線。本季度，我們繼續推進 Christensen Ranch 和 Ludeman 的新生產區域，並透過劃界鑽井集管房和額外的油田開發來實現。

Turning to South Texas and a major accomplishment, we have completed the construction of our Burke Hollow mine. The operations team is currently preparing for start-up while awaiting the state regulator's final approval of the drilling and completion report for the waste disposal one, which is a standard protocol before commencing ISR operations. The first production area at Burke Hollow includes 129 injection and recovery wells, all of which have been tested for mechanical integrity and should provide feed to the IX plant once operations begin. Looking further ahead, Sweetwater is earmarked to be a major future production center, and we're working expeditiously towards this operation as both the conventional mill and a CPP for processing ISR production.

再來看看德州南部，我們取得了一項重大成就：伯克霍洛礦場的建設已經完成。營運團隊目前正在為啟動做準備，同時等待國家監管機構對廢棄物處置井的鑽探和完工報告的最終批准，這是開始 ISR 作業之前的標準程序。伯克霍洛的第一個生產區包括 129 口注入井和回收井，所有這些井都經過了機械完整性測試，一旦開始運營，它們應該能夠為 IX 工廠提供原料。展望未來，Sweetwater 被指定為未來的主要生產中心，我們正在加快推進該運營，使其成為傳統的軋鋼廠和用於加工 ISR 產品的 CPP。

During the quarter, the Sweetwater plan of operations progressed through the Bureau of Land Management review process, positioning the project for the next phase of federal permitting. Finally, in Saskatchewan, we continued advancing the Roughrider project, one of the highest grade undeveloped uranium projects in the world. More than 30% of the planned 4,000-meter drilling program has now been completed in support of the upcoming prefeasibility study. The broader policy backdrop remains robust.

本季度，Sweetwater 的營運計劃順利通過了土地管理局的審查程序，為該項目進入下一階段的聯邦許可做好了準備。最後，在薩斯喀徹溫省，我們繼續推進 Roughrider 項目，這是世界上品位最高的未開發鈾礦項目之一。為支持即將進行的預可行性研究，計劃中的 4000 公尺鑽探項目已完成 30% 以上。整體政策環境依然穩健。

In January 2026, a President Trump issued a Presidential Proclamation directing negotiations under Section 232 related to national security risks associated with imports of process critical minerals, including Uranium. Uranium was formally added to the US Geological Survey Critical Minerals list in November 2025 and is now explicitly covered by this investigation. The proclamation highlighted the United States reliance on foreign uranium processing capacity and emphasize the need to rebuild a secure domestic uranium fuel supply chain.

2026 年 1 月，川普總統發布了一項總統公告，指示根據第 232 條就與進口工藝關鍵礦物（包括鈾）相關的國家安全風險進行談判。鈾於 2025 年 11 月正式被列入美國地質調查局關鍵礦產清單，現在已明確納入本調查範圍。該公告強調了美國對外國鈾處理能力的依賴，並強調了重建安全的國內鈾燃料供應鏈的必要性。

Negotiators are expected to provide a status report by July 13, 2026, after which additional measures for specific remedies may be considered. Against that backdrop, let me briefly summarize the progress we made during the quarter. First, we demonstrated the strength of our unhedged strategy, capturing a strong pricing opportunity. Second, we continued advancing staged production growth, including the completion of the Burke Hollow ISR mine and expansion of our Wyoming ISR production platform. And third, we progressed URC in the next stage of our fuel cycle strategy aimed at strengthening the US

談判代表預計將於 2026 年 7 月 13 日前提交一份情況報告，之後可能會考慮採取其他具體補救措施。在此背景下，讓我簡要總結一下我們本季的進展。首先，我們證明了我們未對沖策略的優勢，並抓住了強勁的定價機會。其次，我們繼續推動分階段生產成長，包括完成伯克霍洛 ISR 礦的建設和擴大我們在懷俄明州的 ISR 生產平台。第三，我們推進了URC項目，使其進入燃料循環戰略的下一階段，旨在加強美國

nuclear fuel supply chain. All of this was accomplished while maintaining one of the strongest balance sheets in the sector with significant liquidity and no debt.

核燃料供應鏈。所有這一切的實現，都是在保持業內最強勁的資產負債表之一、擁有充足的流動性且無債務的情況下完成的。

With the largest uranium resource space in the United States, growing production infrastructure and a clear pathway towards expanding our role across the nuclear fuel cycle we believe UEC is well positioned for the next phase of growth in the uranium market. Before we open the line for questions, I'd like to note that I'm joined today by Josephine Man, our Chief Financial Officer; Scott Melbye, our Executive Vice President; and Brent Berg, our Senior Vice President of US Operations. Together, our leadership team is supported by UEC workforce representing more than 900 years of combined uranium industry experience, which continues to drive our operational execution and strategic development. With that, operator, please open the line for questions.

UEC擁有美國最大的鈾資源儲量，不斷增長的生產基礎設施，以及在核燃料循環中擴大自身作用的明確路徑，我們相信UEC已為鈾市場的下一階段增長做好了充分準備。在開放提問環節之前，我想先說明一下，今天與我一同出席的有：財務長 Josephine Man；執行副總裁 Scott Melbye；以及美國營運資深副總裁 Brent Berg。我們的領導團隊得到了 UEC 全體員工的支持，他們擁有超過 900 年的鈾行業經驗，這持續推動著我們的營運執行和策略發展。接線員，請開啟提問頻道。

(Operator Instructions) Brian Lee, Goldman Sachs.

（操作說明）布萊恩李，高盛。

I guess, first, to start off on the uranium marketing. I'd be curious, Amir, if you can comment on whether there's been any subsequent sales of uranium the quarter outside of the $101 per pound price you realized there were periods of pricing well in the 90s for a period of time as well. So I'm just curious if you continue to sell down some inventory? And then just maybe bigger picture.

我想，首先要從鈾的行銷說起。阿米爾，我很想知道，除了每磅 101 美元的價格之外，本季鈾價是否還有其他後續銷售。你也意識到，鈾價在一段時間內也曾經達到 90 美元左右。所以我很好奇你們是否會繼續清倉甩賣一些庫存？然後，或許應該從更宏觀的角度來看問題。

I know historically, you've talked about $80, $85 a pound sort of being the sweet spot, if you will, to start thinking about monetizing some of the on your balance sheet. We spent most of this year at or above that level. I'm curious if your thoughts around the pricing environment and what in the sense you to sell has changed at?

我知道從歷史上看，你曾說過每磅 80 到 85 美元算是比較理想的價格區間，可以開始考慮將資產負債表上的一些資產變現。今年大部分時間我們都保持或超過了這個水平。我很好奇您對定價環境的看法，以及您認為銷售方式發生了哪些變化？

All right, Brian, thank you for that question. And just starting out to answer your question, as the schools in the quarter that we just filed, there are no subsequent event notes with respect to additional sales pursuant to the sales that were made during the quarter and reported, which was at the $101 per pound level. With respect to the strategy, again, I think it's very important to drive on the points that we made already. We've always felt and we've always positioned the company with this unique 100% unhedged strategy.

好的，布萊恩，謝謝你的提問。首先回答您的問題，就我們剛提交的季度報告而言，對於本季度已報告的銷售額（每磅 101 美元）之外的額外銷售額，沒有後續事項說明。關於策略方面，我認為非常重要的一點是繼續推進我們已經提出的觀點。我們一直秉持著這種獨特的 100% 無對沖策略，並且一直以來都以此策略來定位公司。

This quarter, in particular, demonstrates the true strength of an unhedged strategy in a market that is in a structural deficit based on global supply-demand fundamentals not to mention in the US where we are as a company and where we have US inventory, US produced pounds, the US has even a more acute supply-demand profile.

尤其本季度，在基於全球供需基本面的結構性缺口市場中，不進行對沖策略的真正優勢顯而易見，更不用說我們公司所在的美國市場，我們在美國擁有庫存，美國生產的磅數，美國的供需狀況更加嚴峻。

The US is effectively importing over 95% of its uranium requirements. Just to even share some color, we've seen a situation in the market when prices are really not being tested by normal run rate utility demand. And so we think as things normalize, we expect to see a strong price.

美國實際上超過95%的鈾需求依賴進口。為了更清楚地說明情況，我們看到市場上出現了這樣一種情況：價格實際上並沒有受到正常公用事業需求的考驗。因此，我們認為隨著情況恢復正常，價格有望走強。

So, it's important for us to demonstrate the power of our unhedged strategy from time to time, which is what we did during this quarter. But we also finished the quarter with $1.46 million of inventory on hand and an additional 244,000 pounds of precipitated uranium and Dried and Drunk at Irigaray with production expected to obviously ramp up. So ultimately, the last point I'll make to all of that, Brian, is UEC's capital intensity being on the lower end for mine development when it comes to institute recovery. institute recovery projects do have the benefit of lower capital in Ten City.

因此，對我們來說，時不時地展示我們無對沖策略的威力非常重要，而這正是我們本季所做的。但本季末，我們的庫存價值為 146 萬美元，伊里加雷工廠的沉澱鈾和乾燥鈾產量增加了 24.4 萬磅，預計產量將大幅增加。最後，布萊恩，我要補充一點，UEC在礦場開發中，就礦體回收而言，資本密集度相對較低。在十城，礦體回收計畫確實具有資本投入較低的優勢。

And as a result, you see UEC's balance sheet with no debt at $818 million of liquid assets, arguably one of the strongest balance sheets in the entire sector. So we'll remain opportunistic, Brian. We'll remain aligned with the fact that the company's capital needs total capital requirements are more than adequately covered with liquidity on hand. The inventory position that we have is very strategic and valuable. And look, we expect, again, so much more to still happen this year on the policy front with the US government with the presidential proformations that I spoke about earlier and we discussed in the press release.

因此，您可以看到 UEC 的資產負債表顯示其擁有 8.18 億美元的流動資產，且無任何債務，可以說是整個行業中最強勁的資產負債表之一。所以我們會繼續伺機而動，布萊恩。我們始終認為，公司現有的流動資金足以充分滿足其全部資本需求。我們目前的庫存狀況非常具有戰略意義和價值。而且，我們預計今年美國政府在政策方面還會有更多事情發生，包括我之前提到的總統就職典禮，以及我們在新聞稿中討論過的事宜。

And so we're wanting to see how things develop also with the national security concerns that the US government has right now. with respect to too much uranium imports coming into the country, particularly from sources like Russia and China. Hope that answers your question, Brian.

因此，我們也想看看事態將如何發展，尤其是在美國政府目前關注的國家安全問題上，特別是關於過多鈾進口到美國的問題，特別是來自俄羅斯和中國等國的鈾進口。希望這能解答你的疑問，布萊恩。

Absolutely. Maybe my follow-up question to partner on the Solstice recently expanded to [indiscernible], you made an announcement, I think, on the last earnings call, I would be curious what, if any implication of that add for your strategy going forward?

絕對地。也許我最近就 Solstice 專案向合作夥伴提出的後續問題已經擴展到[聽不清楚]，您在上次財報電話會議上宣布了一項消息，我想，這項新增投資對您未來的策略有何影響？

And then Secondly, it sounds like you've accelerated a bit on that front. Could you talk a little bit maybe in more precise terms around timing of milestones and then you've been able to accelerate what you expect the timing for siting, maybe breaking ground and the feasibility study and any other milestones you might point to you actually have a bit more graph on timing?

其次，聽起來你在這方面加快了腳步。您能否更精確地談談各個里程碑的時間安排，以及您如何加快選址、破土動工、可行性研究和其他里程碑的預期時間？您能否提供更詳細的時間安排圖表？

Yes, for sure, Brian. The conversion market remains one of the tightest segments of the nuclear fuel cycle anywhere in the world. There's a real bottleneck, and there's a lot of concern about simple lack of capacity that's available globally. The same goes in the US and the US, which is the world's largest market for nuclear fuel demand, there's only 1 conversion facility that was built in the 50s.

是的，當然，布萊恩。在全球範圍內，轉化市場仍然是核燃料循環中最緊張的環節之一。目前存在嚴重的瓶頸，全球可用產能的不足令人擔憂。美國的情況也是如此。美國是世界上最大的核燃料需求市場，但只有一座轉化設施，建於 20 世紀 50 年代。

By comparison, there's now a foot race to stand up at least 5 or 6 new enrichment facilities.

相較之下，現在各方都在爭分奪秒地建造至少 5 到 6 個新的濃縮設施。

And obviously, there are several mines operating in the country. So when you look at the fuel cycle, conversion is the real bottleneck, again, both in the US and globally. There's only 5 conversion facilities in the world, and China and Russia really control that market globally. And so when you think about the same playbook that we've seen in the rare earth markets where there's too much control in the hands of the adversaries.

顯然，該國有好幾座礦場正在運作。所以，從燃料循環的角度來看，轉換才是真正的瓶頸，無論是在美國還是在全球範圍內都是如此。世界上只有 5 家加工工廠，而中國和俄羅斯實際上控制著全球市場。因此，想想我們在稀土市場看到的那種策略，對手掌握了過多的控制權。

The US needs more capacity and can't have a single point of failure with just one facility, and there needs to be more capacity to meet demand currently and even with any expansion plans, Brian, at the existing facility. US will only meet half of its demand and that demand is, of course, expected to increase significantly, judging by the presidential executive orders, the demand coming from growth in SMRs and advanced reactors and the needs of the US government, including nuclear propulsion, Department of War and of course, with the US strategic uranium reserve.

美國需要更大的產能，不能只有一個工廠出現單點故障，而且現有工廠的產能需要更大才能滿足當前的需求，即使未來還有擴建計劃，布萊恩也是如此。根據總統行政命令、小型模組化反應器和先進反應器的增長以及美國政府的需求（包括核動力推進、戰爭部以及美國戰略鈾儲備），美國只能滿足其一半的需求，而且預計這一需求還會大幅增加。

And so all of that will look at Uranium. We'll look at the need for more conversion. Our plans are, as we've mentioned in the quarter, accelerating and intensifying. We will have a lot more to report over the course of this calendar year. The feasibility study is advancing with floor permitting work, team building and our engagement with the government.

因此，所有這些都將與鈾有關。我們將探討提高轉換率的必要性。正如我們在本季中所提到的，我們的計劃正在加速推進和加強。今年接下來的時間裡，我們將發布更多報導。可行性研究正在推進，包括樓層許可工作、團隊建設以及我們與政府的溝通。

I look forward to those updates. Thanks, guys. I will pass it on.

我期待這些更新。謝謝各位。我會轉達。

Yes. Thanks, Brian. And just the last point on that before we go to the next question. And we've said this during the call already, but just to repeat it, what again differentiates UEC's effort to enter conversion is to truly build an American supply chain from mining, refining to conversion. That's never been done before in the US

是的。謝謝你，布萊恩。在進入下一個問題之前，最後一點需要說明。我們在電話會議中已經說過這​​一點，但為了重申一下，UEC 進軍轉換領域的獨特之處在於，它真正建立了一條從採礦、提煉到轉換的美國供應鏈。這在美國以前從未發生過。

under one roof. That's what really also differentiates the supply chain solution from anything else that currently exists that doesn't have the same control that we expect to have and want to build on the front end of the fuel cycle from mine to conversion.

同屬一個屋簷下。這也正是供應鏈解決方案與其他現有解決方案的真正區別所在，因為其他解決方案無法像我們期望的那樣，在燃料循環的前端（從礦山到轉換）建立起控制權。

Alexander Pearce, BMO Capital.

Alexander Pearce，BMO Capital。

So production was down a little bit quarter-on-quarter. Maybe you could just provide a little bit more color on what drove that. Was it related to sort of the California refigure upgrades that you were making in the previous quarter? And then maybe you can just talk about what the ramp-up could look like over the next quarter.

所以產量較上季略有下降。或許您可以再詳細說說是什麼原因導致了這種情況。這是否與您上一季在加州進行的調整升級有關？然後，或許你可以談談下一季的成長計畫會是什麼樣的。

Alex, thank you for that. And it was good to see you recently at your BMO conference. We were extremely busy over those few days. Let's be clear. The last quarter, we reported several fronts where we had production infrastructure under construction.

Alex，謝謝你。很高興最近在BMO會議上見到你。那幾天我們非常忙。讓我們把話說清楚。上個季度，我們報告了幾個正在建造生產基礎設施的項目。

This quarter, we've delivered very much on completed construction activities across those key projects at Christensen Ranch with new header houses and their construction of Burke Hollow being completed, which is the newest uranium mine in the United States, Alex, as you know. So now we are awaiting the regulatory approval.

本季度，我們在克里斯滕森牧場的關鍵項目中完成了大量的建設活動，包括新建集管房，以及伯克霍洛礦的建設。伯克霍洛礦是美國最新的鈾礦，亞歷克斯，你知道的。所以現在我們正在等待監管部門的批准。

The bulk of the production, Alex, in the last few quarters had been carried. Again, majority of the production has been carried by only header houses at Christensen Ranch, only two. And so any production step change here and growth will come from the additional houses that have now been constructed. And the Burke Hollow satellite project that has been completed and expected to come on. You heard us talk about pending regulatory approval.

亞歷克斯，過去幾季的大部分生產工作已經完成。再次強調，大部分生產工作都只由克里斯滕森牧場的兩座收割機房完成。因此，這裡的任何生產階梯變化和增長都將來自現在已經建造的額外房屋。還有已經完工並即將投入使用的伯克霍洛衛星計畫。你們都聽到我們談到了正在等待監管部門批准的問題。

Let me emphasize that both Christensen Ranch and Burke Hollow are fully permitted projects. This is a significant advantage for both projects and for use. The reviews that are currently underway in Wyoming really relate to well field data packages that have been submitted, and the regulators classify these as nonsignificant revisions.

我要強調的是，克里斯滕森牧場和伯克霍洛都是已獲得全面許可的計畫。這對專案和使用都是一個巨大的優勢。懷俄明州目前正在進行的審查實際上與已提交的油井資料包有關，監管機構將這些審查歸類為非重大修訂。

Ordinary course these take significantly less time but with the resurgence which is a positive we're seeing for the industry. This means regulators are also processing higher volumes of permitting activity more than they've seen in recent years. So essentially, these are somewhat growing pains in the industry that's moving from dormancy back into expansion, but these approvals will come in. And as they do Alex, we'll have a better handle very soon. on how the sequencing and the ramp will look like.

通常情況下，這些耗時會大大減少，但隨著產業的復甦，我們看到這是一個正面的現象。這意味著監管機構正在處理的許可活動數量也比近年來要多。所以從本質上講，這些是業界從沉寂狀態恢復擴張過程中必然會經歷的一些陣痛，但這些審批最終都會獲得通過。隨著 Alex 的進展，我們很快就能更掌握排序與調整的流程。

And I'm going to also let Brent Berg chime in on that as well, with regards to the work that we've done. Go ahead, Brent.

我還要請布倫特·伯格就我們所做的工作發表一下看法。請繼續，布倫特。

Yes. Thanks, Amir. Alexander, I would just add that production is predominantly coming from new wells installed in 2025 with header houses and 107 and 108 at Christensen Ranch. And as Amir said, we're continuing our production ramp-up with ongoing mine development. That continued in well filled 11 where we have 4 header houses that were constructed, pressure tested, and they're now ready for recirculation.

是的。謝謝你，阿米爾。Alexander，我還要補充一點，產量主要來自 2025 年安裝的新井，以及 Christensen Ranch 的 107 號和 108 號井（有集水井）。正如阿米爾所說，隨著礦山開發的持續進行，我們正在繼續提高產量。這種情況在 11 號井中繼續發生，那裡有 4 個集水房已經建成、經過壓力測試，現在已準備好進行循環。

And those header houses will start up following state agency review and approvals. So I think we're in a pretty good spot in terms of additional construction capacity and header houses ready to start in Wyoming and then, of course, with the Burke Hollow mine ready for operational start-up.

這些集材廠將在經過州政府機構審查和批准後開始動工。所以我認為，就額外的建設能力和懷俄明州即將開工的集管房而言，我們目前處境相當不錯；當然，伯克霍洛礦也已準備好投入運作。

Maybe I can just ask a follow-up question, which -- maybe you could just remind us of the process once you've got those approvals, is it then almost immediate that you can start recovering the uranium from those head houses? Yes, it is. And Brent, if you want to maybe just expand on that a bit with the operational readiness we're developing.

或許我可以再問一個後續問題，您能否提醒我們一下，一旦獲得這些批准，是不是就可以立即開始從那些煙囪裡回收鈾？是的。布倫特，如果你想就我們正在開發的作戰準備方面再詳細闡述一下的話。

Yes, sure. Thank you. Yes, it's a normal process. the chemicals, including oxygen and carbon dioxide are on site, and they're added to those production areas to activate the uranium recovery process as the great uranium increases in the feed to the in exchange plant, the Uranium content on the loaded resin subsequently increases. Once that resin is loaded, it's transported in a resin hauling trailer to the central processing plant for processing. So essentially, those units are ready to go following regulatory approval.

當然可以。謝謝。是的，這是一個正常的流程。包括氧氣和二氧化碳在內的化學物質都已備好，並被添加到生產區域以啟動鈾回收過程。隨著交換廠進料中鈾含量的增加，負載樹脂上的鈾含量也會隨之增加。樹脂裝載完畢後，會用樹脂運送拖車運送到中央加工廠處理。因此，基本上，這些設備在獲得監管部門批准後即可投入使用。

Joseph Reagor, ROTH Capital Partners.

Joseph Reagor，ROTH Capital Partners。

Most of what I want to touch on was already touched on, but just want to follow up on the regulatory side, has there been any indication from them on a time frame that they expect they caught up in since it sounds like such a kind of minor approval?

我想談的大部分內容之前都已經談過了，但我只想跟進一下監管方面的情況，他們有沒有表示預計會在某個時間範圍內完成審批，因為這聽起來像是一個很小的審批問題？

Joe, thank you for joining. And again, it's very difficult to provide. But the good news is that, again, we're not talking about long delays here, we really are optimistic that we're talking days and weeks and not months and quarters, Joe. But Brent, maybe you can speak to some of the industry working group and some of the some of the other interactions that you're closer to.

喬，謝謝你的參與。而且，這很難做到。但好消息是，我們說的不是長時間的延誤，我們真的很樂觀，我們說的只是幾天或幾週，而不是幾個月或幾個季度，喬。布倫特，也許你可以和一些行業工作小組成員以及你比較熟悉的其他人士談談。

So thanks, Amir. Joe, I would just add that the regulatory agencies has been very collaborative and are working to address some of the longer lead time challenges that naturally occur when the industry actively accelerates. We're an open dialogue with the state agencies and continue investing our well field development activities in parallel. Because the timing of these reviews are. Ultimately, they sit with the regulators. We're not providing guidance on approval time lines.

謝謝你，阿米爾。喬，我還要補充一點，監管機構一直非常配合，並且正在努力解決行業積極加速發展時自然而然出現的一些較長的交付週期方面的挑戰。我們與州政府機構保持公開對話，並繼續同步投資我們的油田開發活動。因為這些評論的時機是。最終，他們要和監管機構協商。我們不提供審批時間表的指導。

But what we can say is that the infrastructure and development work is continuing to advance, and we'll certainly provide updates as key operational milestones are reached.

但我們可以肯定的是，基礎設施和開發工作正在持續推進，我們一定會在達到關鍵營運里程碑時提供最新資訊。

Okay. That's fair enough. And then the other item was most of your peers who are producers tend to provide like production sales data production ahead of time, ahead of their earnings. Is that something you guys might consider doing going forward, given, obviously, you're not hedged, you don't have sales schedule just so we can all be a little bit more accurate around the earnings?

好的。這很合理。還有一點是，你們大多數同行，也就是生產商，往往會事先提供生產銷售數據，也就是在獲利之前就提供生產數據。鑑於你們顯然沒有進行對沖，也沒有銷售計劃，為了讓我們能夠更準確地預測收益，你們是否會考慮在未來採取這樣的措施？

Joe, thanks for that. As you know, there are these unique points about UEC's positioning and differentiation to the more kind of, let's say, contracted or hedged peer group. But I think, for sure, as we see things not normalized, but some of the potential or some of the developments that we're waiting to see how they play out like US government policy and Section 232 US reserve, et cetera, as you can appreciate as a US producer with US capabilities and US eligibility to sell to the US government. There are very strategic reasons here as to why we've kept our books on hedged and production available to maximize value.

喬，謝謝你。如您所知，UEC 的定位和差異化與那些採取了合約或對沖措施的同行群體相比，具有一些獨特的特徵。但我認為，可以肯定的是，儘管我們看到事情還沒有恢復正常，但一些潛在的或一些發展，例如美國政府政策和第 232 條款美國儲備等等，我們正在等待它們如何發展，正如您作為一家擁有美國能力和資格向美國政府出售產品的美國生產商所理解的那樣。我們之所以堅持對沖交易並保持生產可用，是為了最大限度地提高價值，這其中有著非常重要的戰略原因。

So I think this is hopefully seen as the positive and differentiating point that it is. And as we get a better handle on those specific volumes of demand from those sources within US government or the reserve or Department of Energy, et cetera, then we can also pinpoint better and share with you some of the expectations around the sales that are going to be coming up. But for the time being, as you can see, our total working capital requirements to advance all the production expansion are very adequately funded.

所以我認為，這一點應該被視為它積極的、與眾不同的特徵。隨著我們對美國政府、儲備部門或能源部等機構的具體需求量有了更深入的了解，我們也可以更好地確定並與您分享一些關於即將到來的銷售的預期。但就目前而言，正如你所看到的，我們推進所有生產擴張所需的全部營運資金都非常充足。

And so as a result, the inventory that we have and the sales we will make will be extremely positioned for maximizing returns and creating value for shareholders. And we see it all as again, kind of a positive that we're set up this way for very specific purposes in the United States.

因此，我們現有的庫存和即將進行的銷售將非常有利於實現收益最大化，並為股東創造價值。我們認為這一切，從某種意義上來說，是一件好事，因為美國的這種制度是為非常具體的目的而設計的。

Yes. No, it's good to see a $100-plus price realization. Yes. I'll turn it over.

是的。不，很高興看到最終成交價超過 100 美元。是的。我把它翻過來。

Justin Chan, SCP.

賈斯汀·陳，SCP。

Maybe just my first question is just a bit more clarification around production in the upcoming quarters. So for Q3, which we're in now, is it still the two header houses or how many header houses and which well field should we be modeling production from?

我的第一個問題可能只是想更清楚地了解接下來幾季的生產情況。那麼，對於我們現在所處的第三季度，我們仍然需要兩個集氣站，還是需要幾個集氣站，以及應該模擬哪個油田的生產情況？

And then if you could give us some color on maybe Q4 or is that the quarter where I guess, this quarter or next quarter. Is that where you're kind of waiting on regulatory approval for the new header houses you've constructed?

然後，如果您能給我們介紹一下第四季度的情況，或者我猜是指本季還是下個季度。你是不是在等待監理機關對你新建的集水房進行審批？

Yes, thank you. I'll let Brent go into the details, but at a high level, Justin. So as mentioned, the production that is currently -- the current production is, again, majority from the two and only two header houses at Christensen Ranch. As soon as we receive the regulatory approvals that we've been discussing on this call, then we're able to turn on new capacity at Christensen Ranch and Burke Hollow.

是的，謝謝。我會讓布倫特詳細介紹，但賈斯汀，你先概括一下。如同前面所提到的，目前的產量——目前的產量，再次強調，大部分來自克里斯滕森牧場僅有的兩座軋鋼廠。一旦我們收到我們在這次電話會議中討論的監管部門的批准，我們就可以啟用 Christensen Ranch 和 Burke Hollow 的新產能。

So, Justin, we're obviously still inside fiscal Q3 right now. And so those developments could still happen in Q3 and positively impact Q3. But for the most part, as we said in the last quarter as well, we did expect to see this fiscal year's production volumes be weighted towards the second half of the fiscal year. That still seems to be the case and arguably, increasingly weighted towards Q4, but Q3 possibilities are still alive and well, and we're literally in daily interactions with the state regulators. Brent, over to you.

賈斯汀，我們現在顯然還處於第三財季。因此，這些進展仍有可能在第三季發生，並對第三季產生正面影響。但總的來說，正如我們在上個季度所說，我們預計本財年的產量將主要集中在下半年。這種情況似乎仍然如此，可以說越來越傾向於第四季度，但第三季度實現的可能性仍然存在，我們實際上每天都在與州監管機構互動。布倫特，該你了。

Yes. Thanks, Amir. Justin, thanks for the question. So production in the fiscal quarter came from well fields 8 and 10 at Christensen Ranch. And as Amir mentioned, the production is predominantly coming from new wells that were installed in 2025.

是的。謝謝你，阿米爾。賈斯汀，謝謝你的提問。因此，本財季的產量來自 Christensen Ranch 的 8 號和 10 號油田。正如阿米爾所提到的那樣，產量主要來自 2025 年安裝的新井。

And our houses 10, 7 and 10 8. In terms of what's currently under development and what's coming up, we have well field 11, where there's 4 header houses that are constructed, they were pressure tested. They're not ready for circulation.

還有我們的10號、7號和10號8號房子。就目前正在開發和即將開展的項目而言，我們有 11 號油田，那裡已經建造了 4 個集油井房，並且已經進行了壓力測試。它們還不適合流通。

Startup will follow review or follow from review and approval of the state. We've got another 3 that are under construction in Wellfield 12, header houses 12, one the Wells, 97% case. The house is set and the PLC and MCC are in place in Wellfield 10 extension, Header House 109, 94% of the wells are cased the house is set and the PLC and MCC are in place.

新創公司將遵循州政府的審查或批准流程。我們在 Wellfield 12 還有 3 個正在建設中，主屋 12，其中一個在 Wells，97% 的情況。井場 10 號擴建區，井房 109 號已安裝井筒及 PLC 及 MCC，94% 的井已套管，井房已安裝井筒及 PLC 及 MCC。

So those are both well along in the construction path. At our house 109, the pattern layout is completed by the geology team and drill holes are planned and stated in the field at the end of the fiscal quarter. So lots of construction activity underway. And while we await the regulatory approval, we're continuing to press on the gas with well field development.

所以這兩個專案都已經順利推進建設進程。在我們109號樓，地質團隊完成了圖案佈局，並在財政季度末規劃並確定了現場鑽孔位置。目前有很多建築活動正在進行中。在等待監管部門批准的同時，我們將繼續推動油田開發，並加大天然氣開採力度。

Got you. And with these new houses, when they're approved, is there much preconditioning you need to do? Or can you put solution directly and there's not much of a lead time there?

抓到你了。這些新建房屋獲得批准後，需要做很多前期準備工作嗎？或者您可以直接提供解決方案，這樣不需要太多的準備時間嗎？

Yes. Good question, Justin. We typically preconditioned for a very short period, and then we'll start adding chemical oxygen and carbon dioxide very quickly. Start the leaching process.

是的。問得好，賈斯汀。我們通常會進行很短時間的預處理，然後迅速開始添加化學氧和二氧化碳。開始浸出過程。

Okay. Got you. And Texas is -- are the time lines for preconditioning similar to Wyoming?

好的。抓到你了。德克薩斯州的預處理時間表是否與懷俄明州類似？

Yes. We'll follow the same type of start-up that we would in Wyoming for the initial well field down in Texas.

是的。我們將採用與在懷俄明州相同的啟動方式，來啟動德州的第一個油井計畫。

This concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks.

我們的問答環節到此結束。我想把會議交還給管理階層，請他們作總結發言。

Thank you for that. Again, in summary, this quarter for UEC reinforces three themes that continue to define the company, scale financial strength and strategic positioning within the US nuclear fuel supply chain. With that, thank you, everyone, for joining us today. Operator, back to you.

謝謝。再次總結一下，本季 UEC 的業績鞏固了三個繼續定義公司的主題：規模、財務實力和在美國核燃料供應鏈中的戰略地位。最後，感謝各位今天蒞臨本節目。接線員，已接通。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。