Uranium Energy Starts Burke Hollow and Lifts Fourth-Quarter Output
Combined fourth-quarter production reached 82,744 pounds of precipitated uranium and dried and drummed U3O8, with a total cost of $36.54 a pound.
Uranium Energy Corp (UEC) became a two-mine U.S. uranium producer in fiscal 2026, starting Burke Hollow in South Texas and more than doubling combined fourth-quarter output as Christensen Ranch in Wyoming ramped after new header houses came online.
Combined production from Christensen Ranch and Burke Hollow totaled 82,744 pounds of precipitated uranium, dried and drummed as U3O8, in the fourth quarter, up from 32,195 pounds in the third quarter, at a total cash cost of $30.01 a pound and a total cost of $36.54 a pound. President and CEO Amir Adnani said that twelve months earlier the company was producing from a single mine in Wyoming and that it was now producing from two mines in two states.
Christensen Ranch production doubled to 65,392 pounds in the fourth quarter from 32,195 pounds in the third quarter, with a total cash cost of $28.38 a pound and a total cost of $35.63 a pound, down from $46.69 and $54.61. Higher production reduced total cost per pound by 35% from the prior quarter. Three new header houses in Wellfield 11 had begun production late in the third quarter. Four additional header houses were constructed and tested by the end of the fourth quarter, bringing the total awaiting regulatory approval to five; on September 28, 2026, final approvals were issued for four of those, with production expected in the coming weeks. Three more header houses were under construction.
Burke Hollow, described as the largest greenfield in-situ recovery mine to come online in the United States in over a decade, produced 17,352 pounds in its first full quarter of operation at a total cash cost of $36.13 a pound and a total cost of $39.93 a pound. Operations began at the mine in April and at the Hobson Central Processing Plant in May. The initial phase was limited to 126 injection and recovery wells in a small section of the first production area to establish operating parameters such as lixiviant chemistry, pump sizing and wellfield patterns, with those results to guide expansion across the full wellfield.
For the full fiscal year ended July 31, 2026, production totaled 229,294 pounds at a total cash cost of $34.24 a pound and a total cost of $39.94 a pound, versus 129,966 pounds in fiscal 2025. Since commissioning through year-end, 359,260 pounds had been produced.
The company sold 400,000 pounds from inventory in fiscal 2026 at a weighted average realized price of $93.13 a pound, which it said it believed was the highest among publicly traded uranium producers, generating revenue of $37.3 million and gross profit of $16.9 million. It maintained a 100% unhedged strategy.
Liquid assets were $753 million as of July 31, 2026, including cash of $495 million, with no debt. Uranium inventory stood at 1,256,000 pounds of U3O8, valued at $109 million at current market prices, excluding 359,260 pounds of precipitated uranium, dried and drummed as U3O8, at the Irigaray and Hobson plants.
Drilling capacity expanded. The company had 17 drill rigs in the Powder River Basin at fiscal year-end, up from 12 a year earlier, and 21 rigs in South Texas, up from 8. At Ludeman, its next ISR mine, installation of monitoring, injection and recovery wells in the initial wellfield was underway, and engineering for the satellite ion-exchange plant had progressed to procurement of long-lead equipment. At Sweetwater, drilling in the north area identified mineralization trends; additional drilling is planned for the first quarter of fiscal 2027.
Roughrider diamond drilling was completed at 36,000 meters during the quarter to support resource conversion and a planned pre-feasibility study in Saskatchewan.
United States Uranium Refining & Conversion Corp advanced toward a Class IV cost estimate with Fluor, expected by mid-2027, and began preparing its Nuclear Regulatory Commission license application. In response to a National Nuclear Security Administration request outlining a need for 4 million pounds a year of unobligated U.S.-origin uranium with deliveries as soon as 2030, UEC affirmed its capability to fully support that requirement. The U.S. Army plans to deploy more than 20 microreactors requiring unobligated U.S.-origin uranium.