URANIUM ENERGY CORP
For the period ended Apr 30, 2026. Filed Jun 9, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Apr 30, 2026 · Filed Jun 9, 2026
UEC$6.92+6.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-01-31; filed 2026-03-10.
0001437749-26-007413
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-04-30; filed 2026-06-09.
0001437749-26-019889
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 105 previous paragraphs and 105 current paragraphs.
43 unchanged; 49 reworded; 13 added; 13 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 15 previous and 20 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (13)
Current report
The following Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations (“MD&A”) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of Uranium Energy Corp. and its subsidiaries (collectively, the “Company,” “our” and “we”). This MD&A should be read in conjunction with our unaudited interim condensed consolidated financial statements for the three and nine months ended April 30, 2026 and the notes thereto and Annual Report on Form 10-K for the year ended July 31, 2025 (the “Annual Report”), including the audited consolidated financial statements for the fiscal year ended July 31, 2025, and notes thereto. Unless otherwise stated, all references to dollar amounts herein are to United States dollars.
Current report
At Ludeman, our third ISR project, the previously announced 240-hole delineation drill program was completed. This work will assist wellfield pattern design currently underway. Additionally, core samples were collected for subsequent laboratory testing. Engineering work for the satellite ion-exchange plant progressed with the plant layout and pad design largely finalized and fabrication of the ion-exchange vessels ahead of schedule. The engineering team continues to advance the remainder of the mechanical equipment specifications which allows us to begin the procurement process for longer lead time equipment. Uranium captured on ion-exchange resin at the Ludeman satellite plant will be transported to the Irigaray central processing plant (the “CPP”), our hub in the Powder River Basin, for stripping, precipitation, drying and packaging.
Current report
In Canada, as part of the planned pre-feasibility study at the Roughrider Project, we have substantially completed a 35,000-meter conversion core drilling program. This included resource targets across the West Zone, East Zone and Far East Zone, aiming to convert inferred estimated resources into the indicated category at the Roughrider Project. 80% of the planned drilling has been completed to date. We have engaged Tetra Tech Canada Inc. to provide lead technical services for the preparation of the pre-feasibility study. Process flow diagrams, mass and water balance drawing, and process equipment lists have been completed. Concurrently, we have provided an electrical load list and a transmission interconnection service request to SaskPower for a Definition Phase Agreement connecting high-voltage power to the Roughrider Project. We continue to advance Roughrider through technical and environmental studies, community engagement and assessing opportunities to further de-risk the project. The processes of updating the environmental baseline work and Indigenous engagement supports a future Environmental Impact Assessment and licensing required for uranium production.
Current report
In September 2025, we announced the incorporation of United States Uranium Refining & Conversion Corp. (“UR&C”), which is intended to pursue the feasibility of developing a new uranium refining and conversion facility in the U.S. The project will move forward contingent on several factors, including completion and assessment of additional engineering and economic studies, securing strategic government commitments, utility contracts, regulatory approvals and favorable market conditions. On March 18, 2026, UR&C received a docket number from the U.S. Nuclear Regulatory Commission (“NRC”) for its planned uranium conversion facility. The formal license application is expected to be submitted once engineering and design activities, currently underway with Fluor Corporation (“Fluor”), are complete and a site has been selected. Ongoing discussions with the U.S. Department of Energy regarding strategic nuclear fuel cycle infrastructure has led UR&C to broaden its site selection process. Additional candidate locations are being evaluated to ensure alignment with federal priorities to restore domestic uranium conversion capacity and strengthen America's nuclear fuel supply chain. This work has culminated in the identification of a final shortlist of candidate locations. Concurrently, work led by Fluor is advancing into a new phase in their Greenville, South Carolina offices, with a significant expansion of engineering and technical resources supporting facility design, siting, licensing and development.
Current report
In Paraguay, the Alto Paraná Project hosts a globally significant titanium resource. We commissioned TZ Minerals International PTY LTD (“TZMI”) to review the project’s positioning within the U.S. critical materials framework. TZMI reviewed the potential opportunity and the previously disclosed resource estimate and initial assessment (“PEA”) disclosed by us in November 2023(1). In its recently completed report, TZMI identified the project’s unique strategic fit, including being located in a U.S. aligned partner country, its access to clean, low-cost power and its ability to integrate into U.S. and allied downstream processing supply chains. It also highlighted that Alto Paraná presents an opportunity to directly address three structural vulnerabilities in U.S. critical minerals policy: 1) being its current near-total reliance on imported titanium sponge feedstock, 2) the high concentration of vanadium unit supply from a limited number of jurisdictions and, 3) the limited availability of large-scale, allied supply sources within the Western Hemisphere. The PEA and this new report highlight the unique advantages of this world-class, large-scale ilmenite deposit, including its high grade, surface accessibility and low-cost, low-carbon advantages supported by proximity to hydroelectric power, enabling long-life production. The PEA evaluated two development scenarios based on estimated indicated and inferred mineral resources. The first scenario yielded a net present value discounted at 8% (“NPV 8”) of $419 million with a 21% post-tax internal rate of return (“IRR”) utilizing less than 0.2% of the regional resource per year. The second, larger-scale scenario set out a NPV 8 of $1.55 billion with a 25% post-tax IRR utilizing less than 0.7% of the regional resource per year (1) . The project hosts an estimated inferred mineral resource of 3.58 billion tonnes at an average grade of approximately 7.3% TiO₂ and an estimated indicated mineral resource of 70 million tonnes at an average grade of approximately 7.6% TiO₂ (2) .
Current report
Notes:
Current report
Underscoring the Executive Orders directives, on October 28, 2025, announcements were made that the U.S. Government had entered into a strategic partnership encompassing at least $80 billion for the construction of new nuclear reactors using Westinghouse technology. To meet the goal of having 10 large reactors under construction by 2030, the U.S. Department of Energy (“DOE”) is in advanced talks to provide financing, specifically for long-lead time components like reactor vessels and steam generators, to accelerate construction timelines. The DOE’s Office of Energy Dominance Financing has nearly $290 billion in available funding that can be directed towards baseload energy, with nuclear power plants expected to be the largest recipient.
Current report
On April 23, 2026, the DOE’s Office of Nuclear Energy announced the following new initiative to secure the nation’s nuclear fuel supply chain: “Through the Defense Production Act Nuclear Fuel Cycle Consortium, the federal government will work with the domestic nuclear industry to ensure that the United States continues to have enough nuclear fuel to power the current nuclear reactor fleet as well as future advanced reactors”. This is known as the “Nuclear Dominance 3 by 33” campaign to secure U.S nuclear fuel supply and one of the possible outcomes is actions to fund and build up the strategic uranium reserve.
Current report
In the future we may make acquisitions of businesses or assets or commitments to additional capital projects or strategic initiatives such as UR&C. To achieve the long-term goals of expanding our assets and earnings, including through acquisitions of complementary businesses or assets, capital resources may be required. Depending on the size of a transaction, the capital resources that will be required can be substantial. The necessary resources will be generated from cash flow from operations, cash on hand, sales of inventories and securities, borrowing against our assets or the issuance of equity or debt securities.
Current report
Certain statements contained in this report (including information incorporated by reference herein) are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are intended to be covered by the safe harbor provided for under these sections. Words such as “expect(s),” “feel(s),” “believe(s),” “will,” “may,” “anticipate(s),” “estimate(s),” “should,” “intend(s),” "plan(s)," "potential," and similar expressions are intended to identify forward-looking statements. Our forward-looking statements may include, without limitation, statements regarding:
Current report
Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, our forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by those forward-looking statements. Such risks include, but are not limited to:
Current report
More detailed information regarding these factors is included in the section titled Item 1, Business; Item 1A, Risk Factors in Part I of our Annual Report, as well as elsewhere throughout this report. Many of these factors are beyond our ability to control or predict. Given these uncertainties, readers are cautioned not to place undue reliance on our forward-looking statements.
Current report
All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. We disclaim any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Removed paragraphs (13)
Previous report
(Expressed in thousands of U.S. dollars, except per share and per pound amounts)
Previous report
Introduction
Previous report
This MD&A is focused on material changes in our financial condition from July 31, 2025, our most recently completed year end, to January 31, 2026, and our results of operations for the three and six months ended January 31, 2026, and should be read in conjunction with Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, as contained in our Form 10-K Annual Report for Fiscal 2025.
Previous report
At Ludeman, our third new ISR project located 10 miles northeast of Glenrock, Wyoming, delineation drilling was approximately 80% completed at the end of the second quarter of Fiscal 2026. This work will assist wellfield pattern design currently underway.
Previous report
A major milestone was achieved with the construction completion of Burke Hollow during the second quarter of Fiscal 2026. Drilling, casing, and underreaming of wells in the initial production area within the first wellfield is complete. The wellfield is comprised of 129 injection and recovery wells that have been tested for mechanical integrity and will provide initial feed to the ion-exchange (“IX”) plant. The buildout of the satellite IX plant, including IX columns, IX resin and water treatment systems with an overall capacity of 2,500 gallons per minute was completed. Ion-exchange is a filtration system which removes liquid uranium from groundwater before it is dried and processed into U 3 O 8 at the Hobson CPP. Additionally, all bulk chemicals, including oxygen, carbon dioxide and others, have been delivered in preparation for startup of our hub and spoke operations in South Texas. In December 2025, the Drilling and Completion Report for the waste disposal well was submitted to the Texas Commission on Environmental Quality (“TCEQ”) for their review. The waste disposal well will facilitate production operations, as well as restoration at the completion of mining activities. As the TCEQ completes its review, which is standard procedure for commencing a new ISR operation, we have carried out pre-operational inspections of the wellfield, IX plant and disposal well. With the increased level of industry activity, there is regulatory backlog, which has led to slower than normal review times for submissions.
Previous report
In Canada, we started a 34,000-meter core drilling program in October 2025. Of the planned drilling more than 30% has been completed. Concurrently, we are working with SaskPower towards a Definition Phase Agreement for a high-voltage power connection to the Roughrider Project.
Previous report
On August 18, 2025, we incorporated UEC US Uranium LLC for the purpose of holding and administering our physical uranium assets and related contractual arrangements in the U.S. On January 2, 2026, UEC Energy Corp. was formed as a holding company to hold certain investments and other assets.
Previous report
In September 2025, we announced the incorporation of United States Uranium Refining & Conversion Corp. (“UR&C”), which is intended to pursue the feasibility of developing a new uranium refining and conversion facility in the U.S. The project will move forward contingent on several factors, including completion and assessment of additional engineering and economic studies, securing strategic government commitments, utility contracts, regulatory approvals and favorable market conditions. During the second quarter of Fiscal 2026, UR&C progressed a feasibility study with its contractor, Fluor Corporation (“Fluor”). In support of the feasibility study, a detailed siting study was initiated for the planned facility, and the review of various sites across the U.S. is underway. All sites are undergoing a rigorous evaluation with respect to site and civil characteristics, environment and permitting requirements, logistics, utility infrastructure, and the available workforce. Several key technical personnel were added to the UR&C’s team, as well as Fluor’s engineering team. Additionally, Fluor began preparing for licensing of the facility with the placement of key licensing and permitting personnel.
Previous report
Additionally, large technology companies, like Nvidia, Microsoft, Meta, Google, Oracle and Amazon, have announced significant nuclear energy commitments including that required for their data center energy demand with large investments in the clean, affordable and reliable power that nuclear energy provides.
Previous report
On November 16, 2022, we filed a Form S-3 automatic shelf registration statement under the Securities Act, which became effective upon filing, providing for the public offer and sale of certain securities of the Company from time to time, at our discretion, of an undetermined dollar value of common stock, debt securities, warrants to purchase common stock or debt securities, subscription receipts for units which include common stock, debt securities, warrants or any combination thereof (the 2022 Shelf), which included an at-the-market offering agreement prospectus (the 2022 ATM Offering) covering the offering, issuance and sale of up to a maximum offering of $300 million in shares of our common stock under the 2022 Shelf.
Previous report
On November 14, 2025, we filed Form S-3 automatic shelf registration statement under the Securities Act, which became effective upon filing, providing for the public offer and sale of certain securities of the Company from time to time, at our discretion, of an undetermined dollar value of common stock, debt securities, warrants to purchase common stock or debt securities, subscription receipts for units which include common stock, debt securities, warrants or any combination thereof (the 2025 Shelf), which included an at-the-market offering agreement prospectus (the 2025 ATM Offering) covering the offering, issuance and sale of up to a maximum offering of $600 million in shares of our common stock under the 2025 Shelf.
Previous report
On January 12, 2026, the Company entered into a subscription agreement to purchase 896,861 Subscription Receipts of Anfield for $4.00 million. Each Subscription Receipt entitled the Company to receive, upon satisfaction of the Escrow Release Conditions on or prior to March 31, 2026, or such other later date as may be specified by the Company in writing, one common share of Anfield, without payment of additional consideration and without further action on the part of the Company. Anfield required the approval of the TSX-V and the disinterested shareholders of Anfield at a special shareholder meeting on February 27, 2026 to remove the Escrow Release Conditions associated with the subscription. Anfield received the approval by the TSX-V and its disinterested shareholders, and consequently issued 896,861 Anfield’s common shares to the Company on February 27, 2026.
Previous report
The Company completed the sale of purchased uranium inventory on January 30, 2026. The receivable arising from the sale was subsequently collected on February 13, 2026.
Reworded paragraphs (49)
Previous wording
We have been primarily engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing. Our principal projects are located in Wyoming and Texas in the United States and in Saskatchewan, Canada, as more fully described in our Form 10-K Annual Report for Fiscal 2025.
Current wording
We have been primarily engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing. Our principal projects are located in Wyoming and Texas in the U.S. and in Saskatchewan, Canada, as more fully described in our Annual Report.
Previous wording
In August 2024, we restarted uranium extraction at our fully permitted, and past producing, Christensen Ranch Mine ISR operation in Wyoming. During Fiscal 2025, our initial production as part of ramp up yielded 103,545 pounds and 26,421 pounds of precipitated uranium and dried and drummed U 3 O 8 (uranium concentrate), respectively. For the six months ended January 31, 2026, 114,355 pounds of precipitated uranium and dried and drummed U 3 O 8 were produced. We expect the ramp-up phase will continue while new production areas are being constructed in 2026. Delineation drilling expanded in wellfield 12 and 8 and 10-extensions. Mine development advanced further with well installation in wellfield 10-extension and 12, as well as installation of the monitor well ring in wellfield 10-extension. Additionally, construction was completed on four new header houses in wellfield 11, with three additional header houses being installed in wellfield 12 and 10-extension. Production from the new header houses is expected to commence on receipt of state regulatory approval. In parallel with activities at the Christensen Ranch mine, process upgrades at the Irigaray central processing plant (“CPP”) continued in the second quarter of Fiscal 2026, including refurbishment of the calciner to increase throughput of dried yellowcake. Updates included components as recommended by the manufacturer to increase operational efficiency. As a result, drying and packaging is now running with 24/7, two shift operations.
Current wording
In August 2024, we restarted uranium extraction at our fully permitted, and past producing, Christensen Ranch Mine ISR operation in Wyoming. During Fiscal 2025, our initial production as part of ramp up yielded 103,545 pounds and 26,421 pounds of precipitated uranium and dried and drummed U 3 O 8 (uranium concentrate), respectively. In the nine months ended April 30, 2026, 146,550 pounds of precipitated uranium and dried and drummed U 3 O 8 were produced at Christensen Ranch. We expect the ramp-up phase will continue while new production areas are being constructed in 2026. In March 2026, we secured State regulatory approval and commenced operating three additional header houses in Wellfield 11 at our Christensen Ranch Mine. Preconditioning of Wellfield 11 started thereafter, followed by carbon dioxide and oxygen injection to initiate the uranium recovery process. We continued to develop new production areas at Christensen Ranch during the quarter. One header house in Wellfield 11 is complete and is awaiting regulatory approval. Five more header houses are under construction in Wellfields 12 and 10-extension. Additionally, baseline water quality sampling was completed in Wellfield 10-extension.
Previous wording
Uranium recovered from the Christensen Ranch Mine ISR operation is processed at our Irigaray CPP, which has a licensed production capacity of four million pounds of U 3 O 8 per year. The Irigaray CPP is the hub central to our four fully permitted ISR projects located in the Powder River Basin of Wyoming, including our Christensen Ranch Mine and our Reno Creek, Moore Ranch and Ludeman Projects.
Current wording
Uranium recovered from our Christensen Ranch Mine is processed at our Irigaray CPP, which has a licensed production capacity of four million pounds of U 3 O 8 per year. The Irigaray CPP is the hub central to our four fully permitted ISR projects located in the Powder River Basin of Wyoming, including our Christensen Ranch Mine and our Reno Creek, Moore Ranch and Ludeman Projects.
Previous wording
On August 1, 2025, our Sweetwater Project was designated as a FAST-41 transparency project by the U.S. Federal Permitting Improvement “Steering Council” as part of the implementation of President Trump’s Executive Order on Immediate Measures to “Increase American Mineral Production”. Our first milestone in the FAST-41 process was completed in the second fiscal quarter with the submission of the Sweetwater Plan of Operations for ISR operations to the Bureau of Land Management (“BLM”) on November 14, 2025. BLM finalized their completeness review of the submission on March 3, 2026, the second milestone in the FAST-41 process. The next steps are meetings with BLM to determine the level of National Environmental Policy Act review that will be necessary for final approval of the project on federal lands. The installation of 23 cased monitor wells and the coring program for advanced metallurgical testing was completed during the quarter. We commenced a 200-hole delineation drilling program in the first wellfield at Sweetwater on March 2, 2026.
Current wording
On August 1, 2025, our Sweetwater Project was designated as a FAST-41 transparency project by the U.S. Federal Permitting Improvement “Steering Council” as part of the implementation of President Trump’s Executive Order on Immediate Measures to “Increase American Mineral Production”. Our first milestone in the FAST-41 process was completed in our second fiscal quarter with the submission of the Sweetwater Plan of Operations for ISR operations to the Bureau of Land Management (“BLM”) on November 14, 2025. BLM’s 30-day public comment period for the Plan of Operations began on March 16, 2026 and ended April 17, 2026. Comments will be evaluated during the National Environmental Policy Act process, which began in June 2026. A 200-hole delineation drilling program in the first two planned wellfields at Sweetwater commenced in March and was completed in early May for the Sweetwater North area where wellfield pattern planning has commenced. A second 200-hole delineation drilling program is scheduled to begin in July 2026 where the third ISR wellfield at Sweetwater is planned. We have commenced the assessment of refurbishment requirements for the Sweetwater Mill for both conventional and ISR operations. Ion-exchange vessels for the Sweetwater ISR circuit are under construction.
Previous wording
In Texas, our fully-licensed and 100% owned Hobson CPP forms the basis for our regional operating strategy in the State of Texas, specifically the South Texas Uranium Belt, where we utilize ISR mining. We utilize a “hub-and-spoke” strategy whereby the Hobson Processing Facility, which has a physical capacity to process uranium-loaded resins of up to a total of two million pounds of U 3 O 8 annually and is licensed to process up to four million pounds of U 3 O 8 annually, acts as the central processing site (the “hub”) for our Palangana Mine, and future satellite uranium mining activities, such as our Burke Hollow and Goliad Projects, located within the South Texas Uranium Belt (the “spokes”).
Current wording
In Texas, our fully-licensed and 100% owned Hobson CPP forms the basis for our regional operating strategy in the State of Texas, specifically the South Texas Uranium Belt, where we utilize ISR mining. We utilize a “hub-and-spoke” strategy whereby the Hobson Processing Facility, which has a physical capacity to process uranium-loaded resins of up to a total of two million pounds of U 3 O 8 annually and is licensed to process up to four million pounds of U 3 O 8 annually, acts as the central processing site (i.e. a hub) for our Burke Hollow Mine and Palangana Mine, and future satellite uranium mining activities, such as our Goliad Project, located within the South Texas Uranium Belt (i.e. the spokes). In April 2026, we received approval from the Texas Commission on Environmental Quality and commenced production at our Burke Hollow Mine in South Texas. In order to initiate the uranium recovery process, oxygen and carbon dioxide were injected into the wellfield and will provide initial feed to the ion-exchange plant. The satellite ion-exchange plant, including columns, resin and water treatment systems with an overall capacity of 2,500 gallons per minute was commissioned in the fiscal third quarter. Wellfield development continued in phase 1A. An additional 46 wells were completed and tested for mechanical integrity facilitating installation of pumps and related piping and infrastructure. The main trunkline, piping, and valves have been installed and tested, as well as piping for oxygen delivery to the field.
Previous wording
Our Physical Uranium Program supports three objectives for our Company: (i) to bolster our balance sheet as uranium prices appreciate; (ii) to provide strategic inventory to support future marketing efforts with utilities that could compliment production and accelerate cash flows; and (iii) to increase the availability of our Texas and Wyoming production capacity for emerging U.S. origin specific opportunities which may command premium pricing due to the scarcity of domestic uranium. One such U.S. origin specific opportunity is the Company’s plan to participate in supplying the Uranium Reserve, as outlined in the Nuclear Fuel Working Group report published by the U.S. Department of Energy.
Current wording
Our Physical Uranium Program currently supports three objectives for our Company: (i) to bolster our balance sheet as uranium prices appreciate; (ii) to provide strategic inventory to support future marketing efforts with utilities that could compliment production and accelerate cash flows; and (iii) to increase the availability of our Texas and Wyoming production capacity for emerging U.S. origin specific opportunities which may command premium pricing due to the scarcity of domestic uranium.
Previous wording
The uranium market is being driven by a macro demand for more electricity generation, an unprecedented global push for clean energy, data center and AI development, geopolitical situations and under investment among other factors. In its latest Electricity 2026 Outlook, the International Energy Agency reported nuclear energy at a record high and projected global electricity demand growth of roughly 3.6% per year through 2030. The report also noted that nuclear energy together with renewable energy sources will generate about half of all global electricity by 2030. Demand for data centers and artificial intelligence systems is continuing to increase with Goldman Sachs projecting a 160% to 175% increase in global data center power demand by 2030 compared to 2023 levels. ICF International Inc. in its September 2025 study, projected that electricity demand in the United States will see a 25% increase by 2030 and a near 80% increase by 2050.
Current wording
The uranium market is currently positively impacted by a macro demand for more electricity generation, an unprecedented global push for clean energy, data center and artificial intelligence development, geopolitical pressures and historic under investment among other factors. In its Electricity 2026 report published in February 2026, the International Energy Agency (“IEA”) reported electricity demand grew by 3% in 2025 and is expected to grow at a 3.6% annual rate through 2030. Nuclear generation set a record high and is projected to increase 2.8% per year through 2030. The report also estimated that nuclear energy, together with renewable energy sources, will generate about half of all global electricity by 2030. The IEA indicates that “global data center electricity consumption is projected to roughly double by 2030, rising from roughly 415 to 450 Terawatt-hour (“TWh”) in 2024 and 2025 to over 900 to 1,000 TWh by 2030”. ICF International Inc., in its September 2025 study, projected that electricity demand in the U.S. will see a 25% increase by 2030 and near 80% increase by 2050.
Previous wording
Countries around the globe are realizing the highly reliable, clean, safe, economical power nuclear energy provides should be a part of most any country’s baseload energy platform. An increasing number of governments have announced that they are pursuing strategies to increase energy independence for national security interests that dovetail well with nuclear power as a key component in their energy mix.
Current wording
Countries around the globe are realizing that the reliable, clean, safe, economical power nuclear energy provides are desirable attributes for a country’s baseload energy platform. An increasing number of governments have announced that they are pursuing strategies to increase energy independence for national security interests that dovetail well with nuclear power as a key component in their energy mix.
Previous wording
In the United States, several pieces of bipartisan legislation have passed in recent years supporting nuclear energy development and expansion, including the Nuclear Fuel Security Act, the Advance Act, the Inflation Reduction Act and the Big Beautiful Bill (collectively, the “Acts”). In combination, these bills and other legislative efforts seek to encourage the restoration and rebuilding of a robust domestic fuel cycle in the United States. Consistent with the Acts, recent legislation labeled as the Accelerating Reliable Capacity (ARC) Act of 2026 has been introduced in the Senate by bipartisan parties to provide federal backing for over-budget nuclear reactors.
Current wording
In the U.S. several pieces of bipartisan legislation have passed in recent years supporting nuclear energy development and expansion, including the Nuclear Fuel Security Act, the Advance Act, the Inflation Reduction Act and the Big Beautiful Bill (collectively, the “Acts”). In combination, these Acts and other legislative efforts seek to encourage the restoration and rebuilding of a robust domestic fuel cycle in the U.S. Consistent with the Acts, recent legislation labeled as the Accelerating Reliable Capacity (ARC) Act of 2026 has been introduced in the U.S. Senate by bipartisan parties to expedite new advanced reactor development and provide federal backing for over-budget nuclear reactors.
Previous wording
On May 23, 2025, the President of the United States signed Executive Orders (each, an “Executive Order”) that include a policy objective to quadruple United States’ nuclear energy by 2050. These Executive Orders mark a historic level of policy support to rejuvenate the United States nuclear industry and its infrastructure, underscoring its importance as a matter of national security. The Executive Orders invoke the Defense Production Act and are intended to have significant positive policy and economic impacts on the domestic fuel cycle, reactor new builds, research and new technology advancements. Underscoring the Executive Orders directives, on October 28, 2025 announcements were made that the U.S. Government had entered into a strategic partnership encompassing at least $80 billion for the construction of new nuclear reactors using Westinghouse technology.
Current wording
On May 23, 2025, the President of the United States signed Executive Orders (each, an “Executive Order”) that include a policy objective to quadruple U.S. nuclear energy by 2050. These Executive Orders marked a historic level of policy support to rejuvenate the U.S. nuclear industry and its infrastructure, underscoring its importance as a matter of national security. The Executive Orders invoke the Defense Production Act and are intended to have significant positive policy and economic impacts on the domestic fuel cycle, reactor new builds, research and new technology advancements.
Previous wording
Global uranium market fundamentals have shown major improvement in recent years as this market began a transition from being inventory driven to production driven. The spot market bottomed out in November 2016 at about $17.75 per pound U 3 O 8, but has since shown significant appreciation, reaching a high in 2024 of $107.00 per pound U 3 O 8. Since that time the spot uranium market retraced some of the advance, reaching a low of $63.45 per pound U 3 O 8 on March 17, 2025. That low proved to be short lived, and the uranium market has since rebounded, reaching $101.50 per pound U 3 O 8 on January 29, 2026. Since that time, the market has experienced what appears as a shorter-term pullback to $85.50 in February 2026 (Source:UxC LLC Historical Ux Daily Prices).
Current wording
Global uranium market fundamentals have shown significant improvement in recent years as this market began a transition from being inventory driven to production driven. The spot market bottomed out in November 2016 at about $17.75 per pound U 3 O 8, but has since shown significant appreciation, reaching $101.50 per pound U 3 O 8 on January 29, 2026. Since that time the market has experienced what appears as a shorter-term pullback and consolidation with trading in the range of $86 to $87 per pound at the end of April 2026. (Source: UxC LLC Historical Ux Daily Prices).
Previous wording
During the three and six months ended January 31, 2026, uranium prices averaged $80.76 and $78.75 per pound U 3 O 8 representing a 7.7% and 0.9% increase, respectively, compared to the average price of $74.98 and $78.06 per pound U 3 O 8 representing a 7.7% increase compared to the average price of $74.98 per pound U 3 O 8 in the corresponding period in Fiscal 2025 (Source:UxC LLC Historical Ux Daily Prices).
Current wording
During the three and nine months ended April 30, 2026, uranium prices averaged $86.37 and $81.25 per pound U 3 O 8 representing a 31.8% and 9.2% increase, respectively, compared to the average price of $65.53 and $74.38 per pound U 3 O 8 in the corresponding period in Fiscal 2025 (Source:UxC LLC Historical Ux Daily Prices).
Previous wording
Relative underinvestment in uranium mining operations has been evident for more than a decade and has been a major factor contributing to a structural deficit between global production and uranium requirements. Reduced production from existing uranium mines has also been a contributing factor with some large producers cutting back and/or unable to reach previously planned production levels. In 2025 and 2026, the mid-case gap between production and requirements is projected to be about 67 million pounds U 3 O 8, and by 2035 accumulates to a total above 344 million pounds U 3 O 8 (Source:UxC 2025 Q4 Uranium Market Outlook). For context, utilities in the United States purchased 55.9 million pounds U 3 O 8 in 2024 (Source:United States Energy Information Administration, September 30, 2025 - Uranium Marketing Annual Report). The current gap is being filled with secondary market sources, including finite inventory that has been declining and is projected to decline further in coming years. Secondary supply is also expected to be further reduced with western enrichers, reversing operations from underfeeding to overfeeding that requires more uranium to increase the production of enrichment services. As secondary supplies continue to diminish, and as existing mines deplete resources, new production will be needed to meet future demand. The timeline for many new mining projects can be 10 to 20 years and will require prices high enough to stimulate new mining investments.
Current wording
Relative underinvestment in uranium mining operations has been evident for more than a decade and has been a major factor contributing to a structural deficit between global production and uranium requirements. Reduced production from existing uranium mines has also been a contributing factor with some large producers cutting back and/or unable to reach previously planned production levels. In 2026 through 2028 the mid-case gap between production and requirements is projected to be about 65 million pounds U 3 O 8, and by 2036 accumulates to a total above 290 million pounds U 3 O 8 (Source: UxC 2026 Q1 Uranium Market Outlook). For context, the U.S. commercial reactor fleet requirements were 55.9 million pounds of U 3 O 8 in 2024 (Source: United States Energy Information Administration, September 30, 2025 - Uranium Marketing Annual Report). The current gap is being filled with secondary market sources, including finite inventory that has been declining and is projected to decline further in coming years. Secondary supply is also expected to be further reduced with western enrichers reversing operations from underfeeding to overfeeding that requires more uranium to increase the production of enrichment services. As secondary supplies continue to diminish, and as existing mines deplete resources, new production will be needed to meet future demand. The timeline for many new mining projects can be 10 to 20 years and will require prices high enough to stimulate new mining investments.
Previous wording
Since 2022, uranium supply has become more complicated due to Russia’s invasion of Ukraine with its State Atomic Energy Corporation, Rosatom, being a significant supplier of nuclear fuel around the globe. Economic sanctions, transportation restrictions and United States legislation banning the importation of Russian nuclear fuel, and the European Union’s goals to reduce and eventually eliminate its dependence on Russian fuel, is causing a fundamental change to the nuclear fuel markets. As a result of the instability and assurance of supply risks, United States and European utilities are shifting supply focus to areas of low geopolitical risk.
Current wording
Since 2022, uranium supply has become more complicated due to Russia’s invasion of Ukraine with its State Atomic Energy Corporation, Rosatom, being a significant supplier of nuclear fuel around the globe. Economic sanctions, transportation restrictions and U.S. legislation banning the importation of Russian nuclear fuel, together with the European Union’s goals to reduce and eventually eliminate its dependence on Russian fuel is causing a fundamental change to the nuclear fuel markets. As a result of the instability and assurance of supply risks, U.S. and European utilities are shifting supply focus to areas of low geopolitical risk.
Previous wording
The United States Presidential Executive Order “Establishing The National Energy Dominance Council” noted that one of its objectives was to “reduce dependency on foreign imports” for the United States’ “national security” and recognized uranium as an “amazing national asset” (Source:The White House News & Update, February 14, 2025). As of November 7, 2025, Uranium was added back into the U.S. Geological Survey list of Critical Minerals making it also subject to theSection 232 Investigation on Critical Minerals that was already underway. On January 14, 2026, Presidential Proclamation 11001was issued – Adjusting Imports of Processed Critical Minerals and their Derivative Products (“PCMDPs”) into the United States. The Proclamation directs the U.S. Trade Representative and Department of Commerce to negotiate agreements with trading partners to secure supply chains and address import volumes. The Proclamation addresses the Section 232 investigation and states: “the Secretary recommended a range of actions, including actions to adjust the imports of PCMDPs so that such imports will not threaten to impair the national security”. While specific remedies are not yet defined, in the event agreements are not reached or are ineffective by July 13, 2026, the actions could potentially lead to resumption of strategic uranium reserve purchases, establishment of import price floors or other remedies.
Current wording
The United States Presidential Executive Order “Establishing The National Energy Dominance Council” stated that one of its objectives is to “reduce dependency on foreign imports” for the United States’ “national security” and recognized uranium as an “amazing national asset” (Source: The White House News & Update, February 14, 2025). As of November 7, 2025, Uranium was added back into the U.S. Geological Survey list of Critical Minerals making it also subject to the Section 232 Investigation on Critical Minerals that was already underway. On January 14, 2026, Presidential Proclamation 11001 was issued – Adjusting Imports of Processed Critical Minerals and their Derivative Products (“PCMDPs”) into the United States. The Proclamation directs the U.S. Trade Representative and Department of Commerce to negotiate agreements with trading partners to secure supply chains and address import volumes. The Proclamation addresses the Section 232 investigation and stated: “the Secretary recommended a range of actions, including actions to adjust the imports of PCMDPs so that such imports will not threaten to impair the national security”. While specific remedies are not yet defined, in the event agreements are not reached or are ineffective by July 13, 2026, the actions could potentially lead to the resumption of strategic uranium reserve purchases, establishment of import price floors and other remedies.
Previous wording
On the demand side, the global nuclear energy industry continues robust growth, with 70 new reactors connected to the grid in 2015 through 2025 and with another 74 reactors under construction. In 2025, construction started for seven new reactors and seven new reactors were connected to the grid while seven reactors were permanently shut down (Source: International Atomic Energy Association Power Reactor Information System – February 16, 2026). Total nuclear generating capacity for the world’s 437 operable reactors stands at 399 gigawatts (Source:World Nuclear Association – February 16, 2026). In December 2025, the World Nuclear Association reported 33 countries had pledged to at least triple their nuclear capacity by 2050, further supporting additional growth for the nuclear industry and uranium demand. In addition, over 140 nuclear industry companies, 16 of the world’s largest banks, like Citibank, Morgan Stanley and Goldman Sachs, and at least 15 large energy users, such as Microsoft, Amazon and Google, have all pledged to support this goal in their investments and commercial activities.
Current wording
On the demand side, the global nuclear energy industry continues robust growth, with 72 new reactors connected to the grid in 2015 through April of 2026 with another 72 reactors under construction. (Source: International Atomic Energy Association Power Reactor Information System – May 8, 2026). Total nuclear generating capacity for the world’s 438 operable reactors stands at 401 gigawatts (Source: World Nuclear Association – April 20, 2026). In March of 2026 the World Nuclear Association reported 38 countries have pledged to at least triple their nuclear capacity by 2050, further supporting additional growth for the nuclear industry and uranium demand. In addition, over 140 nuclear industry companies, 16 of the world’s largest banks, like Citibank, Morgan Stanley and Goldman Sachs, and at least 15 large energy users, such as Nvidia, Microsoft, Amazon and Google, have all pledged to support this goal in their investments and commercial activities.
Previous wording
Additionally, there is positive momentum from the utility industry as it returns to a longer-term contracting cycle to replace expiring contracts. It is estimated that cumulative uncommitted demand through 2035 is more than 870 million pounds U 3 O 8 (Source:UxC Uranium Market Overview Q4 2025). This utility demand, together with potential demand from financial entities, government programs and the overall increase in interest in nuclear energy as a source for growing electricity demand from artificial intelligence and data center applications, are continuing to add positive tailwinds to the strong fundamentals in the uranium market.
Current wording
There is positive momentum from the utility industry as they return to a longer-term contracting cycle to replace expiring contracts. It is estimated that cumulative uncommitted demand through 2035 is more than 800 million pounds U 3 O 8 (Source: UxC Uranium Market Overview Q1 2026). This utility demand, together with potential demand from financial entities, government programs and the overall increase in interest in nuclear energy as a source for growing electricity demand from growing electrification demand, artificial intelligence and data center applications, are continuing to add positive tailwinds to the strong fundamentals in the uranium market.
Previous wording
During the three and six months ended January 31, 2026, we recorded revenue of $20.20 million and gross profit of $10.03 million, related to sales of purchased uranium inventory. For the three and six months ended January 31, 2025, we recorded revenue of $49.75 million and $66.84 million, respectively, and gross profit of $18.23 million and $24.48 million, respectively, all of which were related to sales of purchased uranium inventory.
Current wording
During the nine months ended April 30, 2026 and 2025, we recorded revenue of $20.20 million and $66.84 million, respectively, and gross profit of $10.03 million and $24.48 million, respectively, related to sales of purchased uranium inventory. There were no sales for the three months ended April 30, 2026 and April 30, 2025.
Previous wording
For the three and six months ended January 31, 2026, we recorded a net loss of $13.94 million ($0.03 per share) and $24.28 million ($0.05 per share), respectively, and loss from operations of $23.56 million and $53.39 million, respectively. During the three and six months ended January 31, 2025, we recorded a net loss of $10.23 million ($0.02 per share) and $30.39 million ($0.07 per share), respectively, and loss from operations of $3.63 million and $16.84 million, respectively.
Current wording
For the three and nine months ended April 30, 2026, we recorded a net loss of $52.34 million ($0.11 per share) and $76.62 million ($0.16 per share), respectively, and loss from operations of $40.79 million and $94.17 million, respectively. During the three and nine months ended April 30, 2025, we recorded a net loss of $30.21 million ($0.07 per share) and $60.60 million ($0.14 per share), respectively, and loss from operations of $23.46 million and $40.30 million, respectively.
Previous wording
During the six months ended January 31, 2026, we continued ramping up mining activities at our Christensen Ranch Mine, where 114,355 pounds of precipitated uranium and dried and drummed U3O8were produced. We expect the ramp-up phase will continue while new production areas are being constructed in Fiscal 2026. At our Burke Hollow Project, final construction milestones were completed and the operations team is preparing for startup while the state regulator finishes their review of the completion report for the waste disposal well. In parallel, we continued to advance our Roughrider Project with resource expansions and accelerated the development program at our Ludeman Project. In addition, drilling and engineering for mill refurbishment of our Sweetwater Project have been initiated. The rest of our uranium projects are expected to remain in a state of operational readiness and the relevant expenditures, which are directly related to regulatory/mine permit compliance, lease maintenance obligations and maintaining a necessary labor force, are being charged to our consolidated statement of operations.
Current wording
During the nine months ended April 30, 2026, we continued ramping up mining activities at our Christensen Ranch Mine, where 146,550 pounds of precipitated uranium and dried and drummed U 3 O 8 were produced. We expect the ramp-up phase will continue while new production areas are being constructed in Fiscal 2026. Additionally, uranium extraction at our new Burke Hollow Mine commenced in April 2026. In parallel, we continued to advance our Roughrider Project with resource expansions and accelerated the development program at our Ludeman Project. In addition, delineation drilling at our Sweetwater Project is underway. The rest of our uranium projects are expected to remain in a state of operational readiness and the relevant expenditures, which are directly related to regulatory/mine permit compliance, lease maintenance obligations and maintaining a necessary labor force, are being charged to our consolidated statement of operations.
Previous wording
The table below provides a breakdown of our sales revenue and cost of sales:
Current wording
The following table below provides a breakdown of our sales revenue and cost of sales for the periods indicated:
Previous wording
During thethree and six months ended January 31, 2026, exploration expenditures, such as drilling and preliminary economic assessments, were primarily spent on the following projects:
Current wording
During the three and nine months ended April 30, 2026, exploration expenditures, such as drilling and initial economic assessments, were primarily spent on the following projects:
Previous wording
During thethree and six months ended January 31, 2026, development expenditures were primarily spent on the following projects:
Current wording
During the three and nine months ended April 30, 2026, development expenditures were primarily spent on the following projects:
Previous wording
During the three and six months ended January 31, 2026, mine site services and maintenance expenditures were primarily spent on optimization of our Irigaray CPP, including a full rebuild of one of two yellowcake thickeners and replacing the rake, gearbox and motor along with a full refurbishment of the calciner.
Current wording
During the three and nine months ended April 30, 2026, mine site services and maintenance expenditures were primarily spent on optimization of our Irigaray CPP, including a full rebuild of one of two yellowcake thickeners, replacing the rake, gearbox and motor and installation of two new precipitation tanks along with a full refurbishment of the calciner.
Previous wording
General and administrative expenses were comprised of the following:
Current wording
General and administrative expenses were comprised of the following for the periods indicated:
Previous wording
Income (loss) from equity-accounted investments was comprised of the following:
Current wording
Income (loss) from equity-accounted investments was comprised of the following for the periods indicated:
Previous wording
During the three and six months ended January 31, 2026 and 2025, we recorded a gain on dilution of ownership interest in URC as a result of URC issuing more shares from its equity financing and exercises of warrants and/or stock options. As at January 31, 2026, we had a 12.3% equity interest in URC compared to a 13.5% equity interest as at July 31, 2025.
Current wording
During the three and nine months ended April 30, 2026 and 2025, we recorded a gain on dilution of ownership interest in URC as a result of URC issuing more shares from its equity financing and pursuant to exercises of warrants and/or stock options. As at April 30, 2026, we had a 12.3% equity interest in URC compared to a 13.5% equity interest as at July 31, 2025.
Previous wording
During the three and six months ended January 31, 2026, we recorded a share of URC’s income of $0.59 million and $0.97 million (three and six months ended January 31, 2025: loss of $0.24 million and $0.30 million), and a share of loss of JCU of $0.38 million and $1.54 million (three and six months ended January 31, 2025: $0.77 million and $1.19 million), respectively.
Current wording
During the three and nine months ended April 30, 2026, we recorded a share of URC’s income of $4.87 million and $5.84 million (three and nine months ended April 30, 2025: loss of $0.15 million and $0.45 million), and a share of loss of JCU of $1.42 million and $2.95 million (three and nine months ended April 30, 2025: $2.11 million and $3.30 million), respectively.
Previous wording
As at January 31, 2026, our investments in equity securities were revalued using the market values at period end, which resulted in a fair value gain of $4.06 million and $20.09 million on revaluation of equity securities for the three and six months ended January 31, 2026 (three and six months ended January 31, 2025: loss of $7.97 million and $18.32 million), respectively.
Current wording
As at April 30, 2026, our investments in equity securities were revalued using the market values at period end, which resulted in a fair value loss of $19.43 million and a gain of $0.65 million on revaluation of equity securities for the three and nine months ended April 30, 2026 (three and nine months ended April 30, 2025: loss of $4.27 million and $22.58 million), respectively.
Previous wording
During the three and six months ended January 31, 2026, interest income totaled $3.90 million and $6.67 million, respectively, compared to $1.20 million and $2.33 million for the same period in Fiscal 2025. The interest earned resulted from the investment in short-term deposits of cash proceeds received from our at-the-market offerings and our public offering during that period.
Current wording
During the three and nine months ended April 30, 2026, interest income totaled $4.22 million and $10.89 million, respectively, compared to $0.57 million and $2.90 million for the three and nine months ended April 30, 2025. The interest earned resulted from the investment in short-term deposits of cash proceeds received from our at-the-market offerings and our public offering during that period.
Previous wording
As at January 31, 2026, the total estimated reclamation costs for all of our projects was $89.10 million. We have secured $61.27 million of surety bonds as an alternate source of financial assurance for the estimated costs of our reclamation obligations, of which $7.66 million is funded and held as restricted cash for collateral purposes as required by the surety. We may be required at any time to fund the remaining $53.61 million or any portion thereof for a number of reasons including, but not limited to, the following: (i) the terms of the surety bonds are amended, such as an increase in collateral requirements; (ii) we are in default with the terms of the surety bonds; (iii) the surety bonds are no longer acceptable as an alternate source of financial assurance by the regulatory authorities; or (iv) the surety encounters financial difficulties. Should any one or more of these events occur in the future, we may not have the financial resources to fund the remaining amount or any portion thereof when required to do so.
Current wording
As at April 30, 2026, the total estimated reclamation costs for all of our projects was $88.90 million. We have secured $63.89 million of surety bonds as an alternate source of financial assurance for the estimated costs of our reclamation obligations, of which $1.88 million is funded and held as restricted cash for collateral purposes as required by the surety. We may be required at any time to fund the remaining $62.01 million or any portion thereof for a number of reasons including, but not limited to, the following: (i) the terms of the surety bonds are amended, such as an increase in collateral requirements; (ii) we are in default with the terms of the surety bonds; (iii) the surety bonds are no longer acceptable as an alternate source of financial assurance by the regulatory authorities; or (iv) the surety encounters financial difficulties. Should any one or more of these events occur in the future, it may have an adverse impact on our financial condition.
Previous wording
We have a history of operating losses resulting in an accumulated deficit balance since inception. We had an accumulated deficit balance of $430.84 million as at January 31, 2026. We may not achieve and maintain profitability or develop positive cash flow from our operations in the near term. During the six months ended January 31, 2026, we received net proceeds of $448.85 million (six months ended January 31, 2025: $135.29 million) from our at-the-market offerings, public offering and flow-through share private placement and from exercises of stock options. As at January 31, 2026, we had a working capital of $576.85 million.
Current wording
We have a history of operating losses resulting in an accumulated deficit balance since inception. We had an accumulated deficit balance of $483.18 million as at April 30, 2026. We may not achieve and maintain profitability or develop positive cash flow from our operations in the near term. During the nine months ended April 30, 2026, we received net proceeds of $508.20 million (nine months ended April 30, 2025: $168.03 million) from our at-the-market offerings, public offering and flow-through share private placement and from exercises of our stock options. As at April 30, 2026, we had a working capital of $563.83 million.
Previous wording
Historically, we have been reliant primarily on equity financings from the sale of our common stock in order to fund our operations. We have yet to achieve consistent profitability or develop consistent positive cash flow from operations. Currently, we also rely on cash flows generated from the sales of our purchased uranium concentrates to fund our operations. Our reliance on equity is expected to continue for the foreseeable future, and their availability whenever such additional financing is required will be dependent on many factors beyond our control and including, but not limited to, the market price of uranium, the continuing public support of nuclear power as a viable source of electricity generation, the volatility in the global financial markets affecting our stock price and the status of the worldwide economy, any one of which may cause significant challenges in our ability to access additional financing, including access to the equity and credit markets. There is no assurance that we will be successful in securing any form of additional financing when required and on terms favorable to us.
Current wording
Historically, we have been reliant primarily on equity financings from the sale of our common stock in order to fund our operations. We have yet to achieve consistent profitability or develop consistent positive cash flow from operations. In recent periods, we have also generated cash through the sales from uranium inventories. Our reliance on equity is expected to continue for the foreseeable future and we may need to seek additional equity and/or debt financing in the future to manage our liquidity needs. The availability of such financing will be dependent on many factors beyond our control and including, but not limited to, the market price of uranium, the continuing public support of nuclear power as a viable source of electricity generation, the volatility in the global financial markets affecting our stock price and the status of the worldwide economy, any one of which may cause significant challenges in our ability to access additional financing, including access to the equity and credit markets. There is no assurance that we will be successful in securing any form of additional financing when required and on terms favorable to us.
Previous wording
On November 16, 2022, we also entered into an at-the-market offering agreement (the 2022 ATM Offering Agreement) with H.C. Wainwright & Co., LLC and certain co-managers (collectively, the 2022 ATM Managers) as set forth in the 2022 ATM Offering Agreement under which we could, from time to time, sell shares of our common stock having an aggregate offering price of up to $300 million through the 2022 ATM Managers selected by us.
Current wording
On November 16, 2022, we entered into an at-the-market offering agreement (the 2022 ATM Offering Agreement) with H.C. Wainwright & Co., LLC and certain other co-managers (collectively, the 2022 ATM Managers) as set forth in the 2022 ATM Offering Agreement under which we could, from time to time, sell shares of our common stock having an aggregate offering price of up to $300 million through the 2022 ATM Managers selected by us.
Previous wording
On December 20, 2024, we filed a prospectus supplement to our 2022 Shelf (the 2024 ATM Offering) under which we could, from time to time, sell shares of our common stock having an aggregate offering price of up to $300 million pursuant to an at-the-market offering agreement (the 2024 ATM Offering Agreement) we have with Goldman Sachs & Co. LLC and certain co-managers (collectively, the 2024 ATM Managers).
Current wording
On December 20, 2024, we entered into an at-the-market offering agreement (the 2024 ATM Offering Agreement) with Goldman Sachs & Co. LLC and certain other co-managers (the 2024 ATM Managers), pursuant to which the Company may sell shares of our common stock having an aggregate offering price of up to $300 million pursuant to an at-the-market offering (the 2024 ATM Offering) . Under the 2024 ATM Offering Agreement, we could, from time to time, sell shares of our common stock through the 2024 ATM Managers selected by us.
Previous wording
On November 14, 2025, we also entered into an at-the-market offering agreement (the 2025 ATM Offering Agreement) with Goldman Sachs & Co. LLC and certain co-managers (collectively, the 2025 ATM Managers). Under the 2025 ATM Offering Agreement, we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $600 million through the 2025 ATM Managers selected by us.
Current wording
On November 14, 2025, we entered into an at-the-market offering agreement (the 2025 ATM Offering Agreement) with Goldman Sachs & Co. LLC and certain other co-managers (collectively, the 2025 ATM Managers). Under the 2025 ATM Offering Agreement, we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $600 million through the 2025 ATM Managers selected by us.
Previous wording
During the six months ended January 31, 2025, we issued 11,516,375 and 5,310,281 of the Company’s common stock under the 2022 ATM Offering and the 2024 ATM Offering for gross cash proceeds of $94.40 million and $40.52 million, respectively. The total issuance costs were $2.15 million and $0.91 million, all of which were related to compensation paid to the 2022 ATM Managers and the 2024 ATM Managers, respectively.
Current wording
During the nine months ended April 30, 2025, we issued 11,516,375 and 11,888,516 of the Company’s common stock under the 2022 ATM Offering Agreement and the 2024 ATM Offering Agreement for gross cash proceeds of $94.40 million and $75.34 million, respectively. The total issuance costs were $2.15 million and $1.69 million, all of which were related to compensation paid to the 2022 ATM Managers and the 2024 ATM Managers, respectively.
Previous wording
During the six months ended January 31, 2026, we issued 10,077,186 and 5,758,936 of the Company’s common stock under the 2024 ATM Offering and the 2025 ATM Offering for gross cash proceeds of $ 101.97 million and $ 107.98 million, respectively. The total issuance costs were $ 2.29 million and $ 2.16 million, all of which were related to compensation paid to the 2024 ATM Managers and the 2025 ATM Managers, respectively.
Current wording
During the nine months ended April 30, 2026, we issued 10,077,186 and 9,709,167 of the Company’s common stock under the 2024 ATM Offering Agreement and the 2025 ATM Offering Agreement for gross cash proceeds of $101.97 million and $168.52 million, respectively. The total issuance costs were $2.29 million and $3.37 million, all of which were related to compensation paid to the 2024 ATM Managers and the 2025 ATM Managers, respectively.
Previous wording
Subsequent to January 31, 2026, we issued 869,556 of the Company’s common stock under the 2025 ATM Offering for gross cash proceeds of $14.77 million. The total issuance costs were $0.30 million, all of which were related to compensation paid to the 2025 ATM Managers.
Current wording
Subsequent to April 30, 2026, we issued 1,390,880 of the Company’s common stock under the 2025 ATM Offering Agreement for gross cash proceeds of $22.11 million. The total issuance costs were $0.44 million, all of which were related to compensation paid to the 2025 ATM Managers.
Previous wording
On October 6, 2025, we completed a public offering of 15,500,000 shares of our common stock at a price of $13.15 per share, resulting in gross proceeds of $203.83 million. On October 9, 2025, the underwriter exercised its over-allotment option to purchase an additional 2,325,000 shares of common stock at the same offering price, providing additional gross proceeds to the Company of $30.57 million. The total issuance costs were $2.79 million pursuant to the public offering and the over-allotment purchase.
Current wording
On October 6, 2025, we completed a public offering of 15,500,000 shares of our common stock at a price of$13.15 per share, resulting in gross proceeds of $203.83 million. On October 9, 2025, the underwriter exercised its over-allotment option to purchase an additional 2,325,000 shares of common stock at the same offering price, providing additional gross proceeds to the Company of $30.57 million. The total issuance costs were $2.79 million pursuant to the public offering and the over-allotment purchase.
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