Opportunistic Uranium Sales at Premium Pricing
Sold 200,000 pounds of U3O8 at $101 per pound (~25% above the quarterly average price of ~$80), generating over $20.2 million in revenue and approximately $10 million in gross profit (gross margin ~49.5%).
Strong Liquidity and Balance Sheet
Ended the quarter with $818 million in liquidity, including $486 million in cash (≈59% of liquidity) and no debt, positioning the company with one of the strongest balance sheets in the sector.
Significant Physical Inventory Position
Reported holding approximately 1.456 million pounds of U3O8 valued at roughly $144 million (market prices), plus an additional ~244,321 pounds of precipitated/dried material at Irigaray — supporting strategic unhedged marketing and sales optionality.
Quarter Production and Low Operating Costs
Produced 45,743 pounds of U3O8 in the quarter (driven by 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.
Demonstrated ISR Operating Efficiency Since Restart
Since the Christensen Ranch restart, accumulated production reached 244,321 pounds at a total cost per pound of $37.28 and a cash cost per pound of $30.50, showing improving unit economics over the restart period.
Major Construction and Operational Milestones
Completed construction of the Burke Hollow ISR mine (now the newest ISR uranium mine in the U.S.) and finished refurbishment of the Irigaray central processing plant enabling 24/7 operations; Christensen Ranch added 4 new header houses with 3 additional header houses under construction.
Advancement of Development Pipeline
Accelerated development activities at Sweetwater (23 monitor wells completed, coring program complete, and a 200-well delineation drill program commenced March 2, 2026) and progressed Roughrider in Saskatchewan with >30% of core drilling for the prefeasibility study completed.
Strategic Progress on Domestic Refining & Conversion (URNC)
Continued high-level government engagement, expanded technical/licensing teams, advanced feasibility spend and initiated a detailed siting study for URNC to address U.S. conversion capacity bottlenecks and build an integrated domestic fuel supply chain.
Favorable Policy Backdrop
Uranium added to the U.S. Geological Survey Critical Minerals list (Nov 2025) and a Presidential Proclamation initiating Section 232 negotiations on process critical minerals (including uranium) — potential catalyst for domestic industry support and demand (report expected by July 13, 2026).