UEC Fortifies US Uranium Supply Chain with Major Expansions

CORPUS CHRISTI, TX – March 10, 2026 – Uranium Energy Corp (NYSE: UEC) has signaled a significant acceleration in its mission to rebuild America's domestic nuclear fuel capabilities, reporting a robust second fiscal quarter for 2026 marked by the completion of a new mine, expanded production capacity, and a debt-free balance sheet boasting $818 million in liquid assets. The company's progress comes at a pivotal moment, as Washington intensifies its focus on securing critical mineral supply chains and reducing reliance on foreign uranium processing.

In its latest quarterly report, UEC announced the construction completion of its Burke Hollow in-situ recovery (ISR) project in South Texas, now poised to become the newest uranium mine in the United States pending final state regulatory approvals. This milestone, coupled with strategic expansions at its Wyoming operations and a bold initiative to establish domestic uranium conversion facilities, positions UEC at the forefront of a revitalized American nuclear industry. The company's unhedged sales strategy also paid dividends, with uranium sales executed at $101 per pound—over 25% above the quarter's average spot price—generating $20.2 million in revenue.

A Two-Pronged Push in Texas and Wyoming

UEC is aggressively advancing its "hub-and-spoke" operational model across two key U.S. states. In South Texas, the newly constructed Burke Hollow project, a project in the making since its discovery in 2012, stands ready for startup. The facility, which includes a satellite ion-exchange plant capable of processing 2,500 gallons per minute, will feed the central Hobson Processing Plant. The final hurdle remains a standard regulatory review by the Texas Commission on Environmental Quality (TCEQ) for a waste disposal well, a critical component for both production and eventual site restoration.

Simultaneously, in Wyoming's Powder River Basin, the company is scaling up its Christensen Ranch operations. Four new header houses—the field infrastructure that manages the ISR process—have been completed, with three more under construction. This expansion is set to significantly increase the production feed to the Irigaray Central Processing Plant, which itself has been upgraded for 24/7 operations after a full calciner refurbishment. Since commissioning, the Wyoming operations have produced over 244,000 pounds of uranium at a highly efficient total cost of $37.28 per pound.

"This quarter we reached a significant milestone for UEC with completing the construction of Burke Hollow, the newest ISR uranium mine in the U.S.," stated Amir Adnani, President and CEO. "We expanded our ISR production capacity in Wyoming and South Texas, which are awaiting final regulatory approvals."

The company is also expediting development at two other Wyoming sites. Delineation drilling is nearly complete at the Ludeman ISR Project, and at the major Sweetwater project, a 200-hole drilling program has commenced alongside engineering assessments to refurbish its mill for both conventional and ISR processing.

Navigating the 'Growing Pains' of a Resurgent Industry

While construction milestones are being met, UEC's leadership acknowledges the challenges of a sector reawakening after a long slumber. Adnani pointed to "regulatory growing pains" as the industry experiences a level of activity unseen in over fifteen years. This has led to backlogs and slower-than-normal review times for permits and approvals, a bottleneck affecting both the Burke Hollow startup in Texas and the activation of new wellfields at Christensen Ranch in Wyoming.

The issue is not unique to UEC. As multiple companies rush to meet resurgent demand, state and federal regulatory bodies are facing a surge in complex permit applications. In response, UEC has joined a coordinated industry working group to engage with state regulators, aiming to find constructive solutions that support "responsible and timely production expansion approvals" while upholding environmental standards. This regulatory lag represents a crucial variable in how quickly new domestic uranium supply can come online to meet market demand.

A Favorable Tide from National Security Policy

UEC's expansion efforts are powerfully aligned with a strategic shift in U.S. policy. The formal addition of uranium to the U.S. Geological Survey's Critical Minerals List in November 2025 underscored its national importance. This designation potentially streamlines environmental reviews and prioritizes domestic projects for federal support.

This policy momentum was further amplified by a January 2026 Presidential Proclamation under Section 232 of the Trade Expansion Act. The proclamation initiated an investigation that concluded the U.S. is "overly reliant on foreign processing capacity" for critical minerals, including uranium. Federal negotiators are now tasked with pursuing new supply chain agreements, with potential trade remedies like minimum import prices on the table if a status report, due in July 2026, finds insufficient progress. This follows the Prohibiting Russian Uranium Imports Act, which took effect in 2024 and was backed by $2.7 billion in funding to stimulate domestic enrichment capabilities. These federal actions create a significant tailwind for companies like UEC that are focused on building an end-to-end American supply chain.

The Ultimate Goal: A Vertically Integrated Domestic Fuel Cycle

Perhaps UEC's most ambitious endeavor is its plan to close a critical gap in the American nuclear fuel cycle through its subsidiary, United States Uranium Refining & Conversion Corp (UR&C). Currently, the U.S. lacks sufficient commercial capacity to convert mined uranium oxide (U₃O₈) into uranium hexafluoride (UF₆), the feedstock for enrichment. This forces reliance on foreign facilities, primarily in Russia and China.

To address this vulnerability, UEC has engaged engineering giant Fluor Corporation to conduct a feasibility study for a new, state-of-the-art American conversion facility. A detailed siting study is already underway, evaluating potential locations across the country. The vision is for a plant capable of producing 10,000 metric tonnes of uranium as UF₆ annually, which would satisfy a substantial portion of U.S. demand.

"Our objective remains clear: to build the only vertically integrated U.S. nuclear fuel supply chain platform with uranium mining to domestic conversion capability," Adnani affirmed.

This long-term strategic play is underpinned by the company's formidable financial position. With $486 million in cash and zero debt, UEC has the financial endurance to navigate regulatory delays and fund the significant capital expenditures required for its multi-faceted expansion and vertical integration projects, positioning itself to not only mine uranium but to become a cornerstone of America's future energy security.