Uranium Energy’s Texas Startup and Conversion Bet Converge Ahead of June Earnings

Uranium Energy reports first output from Burke Hollow, Texas; strong Q2 sales at $101/lb; advancing conversion project ahead of Section 232 report.

Uranium Energy is entering its third-quarter reporting season with a dual narrative playing out in parallel: a freshly commissioned ISR operation in Texas that marks the first new US uranium mine of its kind in more than a decade, and a steady push into downstream processing that could tie the company more closely to government supply-chain policy. The results, due in June 2026, will land just weeks before a Section 232 report on critical minerals is expected from Washington – a timeline that adds a layer of policy anticipation to the operational milestones.

Burke Hollow Delivers First Output

Production at the Burke Hollow site in Texas received green?light from the state’s Commission on Environmental Quality in April, and the company has since started processing ore through the Hobson Central Processing Plant. Hobson has a licensed capacity of up to four million pounds of uranium per year. The project area spans roughly 20,000 acres, though only about half had been explored by the time production began.

The second fiscal quarter, which ended in January, offered a baseline ahead of the ramp?up. Uranium Energy sold 200,000 pounds of U?O? from its physical inventory at an average price of $101 per pound – a substantial premium to the quarterly spot average of $80.76. Total revenue for that period came in at $20.2 million. On the cost side, the company produced 45,743 pounds of uranium concentrate at an all?in cost of $44.14 per pound, while the cumulative cost since start?up stood at $37.28 per pound.

Cash, Inventory and Operational Costs

As of the end of January, Uranium Energy held roughly 1.46 million pounds of U?O? in inventory, valued at market prices of $144 million. The company’s balance sheet remained debt?free, with total liquidity of $818 million, of which $486 million was in cash.

At the Christensen Ranch operation in Wyoming, the company received state approval in March for three additional header houses, with three more either under construction or awaiting permits. Production costs at that site ran at $37.28 per pound on a total?cost basis, with cash costs at $30.52 per pound. The wholly unhedged uranium strategy means that both inventory valuations and realised selling prices move in lockstep with the spot market.

Downstream Ambitions and Policy Timing

Beyond mining, Uranium Energy is advancing a uranium refining and conversion project through its subsidiary United States Uranium Refining & Conversion Corp. A feasibility study involving engineering firm Fluor is under way, and the company has been in discussions with regulatory bodies. In July, the US government is scheduled to publish a status report under the Section 232 process for critical minerals – a document that could shape the strategic landscape for domestic conversion capacity.

The project’s first licensing step came earlier this year when the subsidiary filed an application with the Nuclear Regulatory Commission for a planned conversion facility. That application is still under review.

Stock Action and Quarterly Stakes

The shares have doubled over the past twelve months, but the ride has been anything but smooth. On the day of the primary article’s publication, the stock fell 5.6% to €12.51, leaving it roughly 28% below its annual high of €17.34. A separate measure puts the 52?week high at €16.89, from which the stock is down about 22%. With an RSI of 46 and annualised volatility above 87%, the market is clearly pricing in high sensitivity to operational news.

The third?quarter report will be released before the market opens, followed by a conference call. Investors will be looking for concrete production figures from Burke Hollow, updated cost data for the Wyoming ramp, and any commentary on the conversion project’s timeline. After more than a decade without a new US ISR mine, the numbers will show whether the historic restart is translating into measurable output.