URANIUM ENERGY CORP
For the period ended Jul 31, 2026. Filed Sep 29, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2026 · Filed Sep 29, 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-K
Period ended 2025-07-31; filed 2025-09-24.
0001437749-25-029761
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2026-07-31; filed 2026-09-29.
0001437749-26-031414
Item 7. 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 115 previous paragraphs and 142 current paragraphs.
42 unchanged; 47 reworded; 52 added; 25 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 21 previous and 24 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 (52)
Current report
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) provides information that management believes is relevant to an assessment and understanding of the Company’s consolidated financial condition and results of operations. We use certain non-GAAP financial measures in this MD&A. For a description of these non-GAAP financial measures and reconciliations to the most directly comparable U.S. GAAP financial measures, refer to the discussion under “Non-GAAP Financial Measures” herein. This MD&A should be read in conjunction with our consolidated financial statements and the related notes included in this Annual Report.
Current report
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 129,966 pounds of precipitated uranium and dried and drummed U 3 O 8 (uranium concentrate). During Fiscal 2026, 211,942 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 and 2027. For a description of wellfield and header house development activity at Christensen Ranch during Fiscal 2026, see “Item 2. Properties” of this Annual Report.
Current report
At Ludeman, our next ISR project, the previously announced 240-hole delineation drill program was completed. Monitor, injection, and recovery wells for the first wellfield are under construction and being tested for mechanical integrity. Additionally, core samples were collected for laboratory testing. Engineering work for the satellite ion-exchange plant advanced during Fiscal 2026 allowing us to award contracts for some longer lead time equipment. The civil engineering for the plant pad was completed and a contract for construction issued. The powerline location has been established with the power company and surveys are expected to be completed in Fiscal 2027. Uranium captured on ion-exchange resin at the Ludeman satellite plant will be transported to our Irigaray CPP, our hub in the PRB , for stripping, precipitation, drying and packaging.
Current report
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 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. The FAST-41 Permitting Dashboard currently anticipates the completion of the Environmental Assessment in March 2027 and approval of the Plan of Operations in May 2027. Environmental baseline studies were largely completed during Fiscal 2026, with final reports expected for submittal to the BLM in Fiscal 2027. Drilling in the Sweetwater North area identified mineralization trends that support continued delineation. Building on these results, additional drilling is planned for Fiscal 2027 to further extend the mineralization identified in the initial program and to advance wellfield design for the first two production areas. 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.
Current report
In Canada, we continue to advance the planned pre-feasibility study at the Roughrider Project during Fiscal 2026, together with related technical, environmental and community engagement work, as described under “Item 1. Business” and “Item 2. Properties” of this Annual Report.
Current report
During Fiscal 2026, we increased our investments in Anfield and URC by acquiring additional shares. As of July 31, 2026, we owned 6,500,737 post-consolidated common shares of Anfield, representing approximately 32.6% of the outstanding common shares of Anfield. In addition, we owned 28,967,375 shares of URC, representing a 7.6% interest in URC as at July 31, 2026.
Current report
We recorded a net loss of $137.31 million ($0.28 per share) in Fiscal 2026, $87.66 million ($0.20 per share) in Fiscal 2025, and $29.22 million ($0.07 per share) in Fiscal 2024. Loss from operations during Fiscal 2026, Fiscal 2025 and Fiscal 2024 were $133.15 million, $73.32 million and $56.40 million, respectively. In Fiscal 2026, earnings before interest, taxes, depreciation and amortization (“EBITDA”) and adjusted EBITDA (“Adjusted EBITDA”) were a loss of $130.89 million and $118.11 million, respectively, compared to EBITDA and Adjusted EBITDA loss of $84.52 million and $62.83 million, respectively, in Fiscal 2025, and EBITDA and Adjusted EBITDA loss of $31.25 million and $49.00 million, respectively, in Fiscal 2024. EBITDA and Adjusted EBITDA are non-GAAP financial measures, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Annual Report.
Current report
In Fiscal 2026, we recorded a loss before income taxes of $120.94 million and $18.94 million for the mining and corporate segment, respectively. In Fiscal 2025, we recorded a loss before income taxes of $79.19 million and $11.25 million for the mining and corporate segment, respectively, compared to a loss before income taxes of $40.34 million and an income before taxes of $6.08 million for the mining and corporate segment, respectively, in Fiscal 2024. The increase in loss before income taxes for the mining segment was primarily attributable to the continued advancement of our uranium projects, including Burke Hollow Mine, Christensen Ranch Mine, Ludeman Project, Sweetwater Project and Roughrider Project, where we spent mineral property expenditures of $102.37 million, $66.06 million, and $32.38 million in Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively. Income or loss before income taxes for the corporate segment fluctuated across Fiscal 2026, Fiscal 2025 and Fiscal 2024, primarily due to variations in the sales volume, selling price and unit cost of sales of purchased uranium inventory, changes in the fair value of equity securities and other financial instruments, gain or loss from equity-accounted investments, and interest income.
Current report
No uranium inventory produced from our Christensen Ranch Mine or Burke Hollow Mine was sold during Fiscal 2026 and Fiscal 2025.
Current report
We have not established proven or probable reserves, as defined by the SEC under S-K 1300, for any of our mineral projects. As a result, and despite the fact that we commenced extraction of mineralized materials at some of the ISR Mines, we remain an exploration stage issuer, as defined by the SEC. In accordance with U.S. GAAP, expenditures relating to the acquisition of mineral rights are initially capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until such time as we exit the exploration stage by establishing proven or probable reserves. Expenditures relating to exploration activities, such as drill programs to establish mineralized materials, are expensed as incurred. Expenditures relating to pre-extraction activities, such as the construction of mine wellfields and disposal wells, are expensed as incurred until such time that proven or probable reserves are established for that project, after which expenditures relating to mine development activities for that particular project are capitalized as incurred.
Current report
During Fiscal 2026, permitting and land payment expenditures were primarily spent on the following projects:
Current report
During Fiscal 2026, extraction readiness and mine site maintenance expenditures were primarily spent on the following projects:
Current report
The increase in permitting and land payments, as well as exploration and development expenditures, was primarily attributable to the continued advancement of our uranium projects. The decrease in extraction readiness and mine site maintenance expenditures from Fiscal 2025 to Fiscal 2026 reflects our progression into the second year of operations at our Christensen Ranch Mine, resulting in a reduction of these costs from $10.68 million in Fiscal 2025 to $4.27 million in Fiscal 2026.
Current report
Uranium refining and conversion project expenditures
Current report
During Fiscal 2026, we incurred $6.28 million (Fiscal 2025 and Fiscal 2024: $nil) in connection with the planning and evaluation of UR&C’s proposed uranium refining and conversion facility in the United States.
Current report
On April 29, 2026, we acquired beneficial ownership of and control over 10,989,011 newly issued subscription receipts (each, a “Subscription Receipt”) of URC through a private placement at a price of $3.64 per Subscription Receipt, for an aggregate purchase price of $40.0 million. Each Subscription Receipt entitled us to receive, without additional consideration, one URC common share upon satisfaction of the applicable escrow release conditions by URC. On July 27, 2026, all escrow release conditions were satisfied by URC and the Subscription Receipts were converted into 10,989,011 URC common shares. The Subscription Receipts were remeasured at fair value on the date of conversion and, as a result, we recognized a loss of $9.9 million on the revaluation of the Subscription Receipts in Fiscal 2026.
Current report
As at July 31, 2026, the total estimated reclamation costs for all of our projects were $93.92 million. We have secured $64.27 million of surety bonds as an alternate source of financial assurance for the estimated costs of our reclamation obligations, of which $1.89 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 $62.38 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.
Current report
In the future we may make acquisitions of businesses or assets, enter into new lines of business, or make commitments to additional capital projects or strategic initiatives such as the uranium refining and conversion facility. 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 and nature of a transaction or new business, 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
At-the-Market Offering
Current report
Subsequent to July 31, 2026, the Company did not issue any shares of its’ common stock under the 2025 ATM Offering Agreement.
Current report
Public Offering
Current report
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 us of $30.57 million. The total issuance costs were $2.79 million pursuant to the public offering and the over-allotment purchase.
Current report
Private Placement
Current report
On October 2, 2025, we completed a private placement offering of 575,000 shares of our common stock issued as “flow through shares” (the “FT Shares”), as defined in subsection 66(15) of the Income Tax Act (Canada), for gross proceeds of $8.63 million. The proceeds have been used to fund certain qualifying Canadian exploration expenditures, as defined in the Income Tax Act (Canada), at our Roughrider Project located in Saskatchewan, Canada.
Current report
During Fiscal 2026, net cash provided by financing activities totaled $526.88 million, comprised primarily of net proceeds of $529.96 million from our common stock sold under the 2024 ATM Offering Agreement and 2025 ATM Offering Agreement, public offering and private placement of FT shares, as well as from the exercises of stock options, partially offset by payments of $3.08 million for tax and withholdings upon settlement of equity awards on a forfeiture basis.
Current report
During Fiscal 2026, net cash used in investing activities totaled $89.09 million, mainly related to investment in equity securities of $40.43 million, investment in URC of $40.00 million, the purchase of property, plant and equipment of $8.78 million and cash used for capital contributions to JCU of $1.05 million, partially offset by proceeds from the sale of equity securities of $1.17 million.
Current report
Stock Options
Current report
Material Contractual and Other Obligations
Current report
Non-GAAP Financial Measures
Current report
The non-GAAP financial measures presented below are intended to provide supplemental information and do not have standardized meanings prescribed by U.S. GAAP. Accordingly, these measures may not be comparable to similarly titled measures presented by other companies. Non-GAAP financial measures should not be considered in isolation or as substitutes for financial measures prepared in accordance with U.S. GAAP.
Current report
EBITDA and Adjusted EBITDA
Current report
Management uses EBITDA and Adjusted EBITDA to evaluate operating performance and compare our results across periods. Adjusted EBITDA includes adjustments for certain items that management believes are not indicative of our core operating performance or that may have a disproportionate effect on our results for a particular period.
Current report
EBITDA and Adjusted EBITDA do not represent, and should not be considered alternatives to, net income (loss), operating income (loss), cash flows from operating activities or any other measure of financial performance or liquidity determined in accordance with U.S. GAAP.
Current report
We believe that EBITDA and Adjusted EBITDA provide useful supplemental information to investors and other users of its financial statements by facilitating an evaluation of our underlying operating performance and enhancing comparability between periods. However, because the calculation of these measures may differ among companies, our EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures used by other companies.
Current report
The following is a reconciliation of net loss to EBITDA and Adjusted EBITDA for the periods presented:
Current report
Adjusted EBITDA loss increased from $49.00 million in Fiscal 2024 to $62.83 million in Fiscal 2025, and further to $118.11 million in Fiscal 2026. This increase was primarily attributable to the fluctuation in gross profit, which was $0.04 million in Fiscal 2024, $24.48 million in Fiscal 2025, and $16.90 million in Fiscal 2026, driven mainly by variations in the sales volume, selling price and unit cost of sales of purchased uranium inventory. The higher Adjusted EBITDA loss also reflects increased mineral property expenditures, as discussed below, as well as project expense of $6.28 million incurred in Fiscal 2026 in connection with the planning and evaluation of UR&C’s proposed uranium refining and conversion facility in the United States.
Current report
(1) Net loss for the year included mineral property expenditures of $102.37 million, $66.06 million and $32.38 million for Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. These expenditures primarily related to exploration and development activities supporting our growth investments in our uranium projects, totaling to $81.03 million, $45.03 million and $21.32 million during Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. The remaining mineral property expenditures were associated with the holding and maintenance of our mineral projects and primarily comprised of permitting and land payments, together with extraction readiness and mine site maintenance costs, totaling to $21.34 million, $21.03 million and $11.06 million in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively.
Current report
We have not established proven or probable reserves, as defined by the SEC under S-K 1300, for any of our mineral projects. In accordance with U.S. GAAP, expenditures relating to exploration activities, such as drill programs to establish mineralized materials, are expensed as incurred. Expenditures relating to pre-extraction activities, such as the construction of mine wellfields and disposal wells, are expensed as incurred until such time that proven or probable reserves are established for that project, after which expenditures relating to mine development activities for that particular project are capitalized as incurred.
Current report
Management uses Total Cash Cost per Pound, Total Non-Cash Cost per Pound and Total Cost per Pound as non-GAAP financial measures to evaluate the operating performance and production efficiency of our uranium extraction activities and to analyze production-cost trends between periods.
Current report
Total Cash Cost per Pound is calculated as additions to in-process inventory and uranium concentrates from extraction, excluding depreciation, depletion and amortization, for the applicable period divided by the quantity, in pounds, of precipitated uranium and dried and drummed U₃O₈ produced during the period.
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Removed paragraphs (25)
Previous report
(Expressed in thousands of U.S. dollars, except per share amounts)
Previous report
Introduction
Previous report
The following discussion summarizes the results of operations for each of our fiscal years ended July 31, 2025, 2024 and 2023 and our financial condition as at July 31, 2025 and 2024, with a particular emphasis on Fiscal 2025, our most recently completed fiscal year.
Previous report
We utilize ISR mining for our uranium projects where possible which we believe, when compared to conventional open pit or underground mining, requires lower capital and operating expenditures with a shorter lead time to extraction and a reduced impact on the environment. At July 31, 2025, we had no uranium supply or off-take agreements in place.
Previous report
On December 17, 2021, we acquired a 100% interest in U1A (now UEC Wyoming Corp.). With the acquisition of U1A in Fiscal 2022, the Irigaray CPP forms the focus of our regional operating strategy in the Powder River and Great Divide uranium districts in the state of Wyoming.
Previous report
In 2022, we acquired a substantial portfolio of projects in Canada, with the purchase of UEX and the Roughrider Project from a subsidiary of Rio Tinto. The UEX portfolio consists of a mix of uranium deposits, primarily focused on the Athabasca Basin uranium district in Saskatchewan, Canada. This includes interests in the Shea Creek, Christie Lake, Horseshoe Raven, Millennium and Wheeler River Projects. In addition to advancing its uranium development projects through its ownership interest in JCU, UEX was advancing several other uranium deposits in the Athabasca Basin which include the Paul Bay, Ken Pen and Ōrora deposits at the Christie Lake Project, the Kianna, Anne, Colette and 58B deposits at its currently 49.1%-owned Shea Creek Project, and the Horseshoe and Raven deposits located on its 100%-owned Horseshoe-Raven Project. The Roughrider Project is an exploration stage asset, having been advanced by Rio Tinto over a decade of work. The acquisition brought in an exploration stage, high-grade, conventional asset into UEC’s portfolio that, along with the UEX acquisition, begins to develop a critical mass of 100% owned resources in the Athabasca Basin to accelerate extraction and/or production plans. The two transactions provide a portfolio of medium to long term, high-grade, conventional projects that complement our nearer term, U.S. ISR assets.
Previous report
On November 7, 2024, we filed an initial assessment TRS that includes an economic analysis and mineral resource estimate for our Roughrider Project, located in Northern Saskatchewan, Canada. The economic analysis is included in a TRS titled “S-K 1300 Initial Assessment Report – Roughrider Uranium Project, Saskatchewan, Canada”, issued on November 5, 2024 and prepared for the Company by Tetra Tech Canada Inc., Understood Mineral Resources Ltd., Snowden Optiro, Terracon Geotechnique Ltd. and Clifton Engineering Group Inc., in accordance with Item 1302 of S-K 1300.
Previous report
On December 6, 2024, the Company completed the acquisition of all of the issued and outstanding shares of capital stock of (i) Sweetwater Uranium Inc. (formerly Kennecott Uranium Company (again KUC)) and (ii) Wyoming Coal Resources Company (again WCRC) from Rio Tinto America Inc. (collectively, again, the Sweetwater Acquisition). KUC and WCRC collectively own or hold the following major assets: (i) the facilities, equipment, improvements and fixtures for the processing of uranium located in Sweetwater County, Wyoming, and related facilities and impoundments (again, the Sweetwater Plant); (ii) the Red Desert Project, a uranium project adjacent to the Sweetwater Plant; and (iii) the Green Mountain Project, a uranium project located 22 miles north of the Sweetwater Plant, with two deposits that have potential for ISR mining and three deposits that are considered appropriate for conventional mining. The consideration for the Sweetwater Acquisition was $175.4 million in cash plus acquisition related costs of $4.2 million.
Previous report
During Fiscal 2025, the Company increased its equity interests in Anfield (TSX-V: AEC, NASDAQ: AEC). Effective August 1, 2025, Anfield completed a share consolidation on the basis of one (1) post-consolidation common share for every seventy-five (75) pre-consolidation common shares. As at July 31, 2025, the Company owned 4,978,877 post-consolidated common shares of Anfield, representing approximately 31.8% of the outstanding common shares of Anfield on a non-diluted basis and approximately 36.99% on a partially diluted basis after assuming the exercise of 1,283,639 post-consolidated share purchase warrants of Anfield held by the Company.
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.
Previous report
We recorded a net loss of $87.66 million ($0.20 per share) for Fiscal 2025, $29.22 ($0.07 per share) for Fiscal 2024, and $3.31 million ($0.01 per share) for Fiscal 2023. Income (loss) from operations during Fiscal 2025, Fiscal 2024 and Fiscal 2023 were $(73.32) million, $(56.40) million and $8.87 million, respectively.
Previous report
As of July 31, 2025, we had 300,000 pounds of uranium inventory purchase commitments outstanding for a total purchase price of $11.11 million. Deliveries under these commitments are scheduled for Fiscal 2026 at a weighted average price of $37.05 per pound.
Previous report
During Fiscal 2025, the production readiness expenditures were primarily spent on the following projects:
Previous report
In connection with the UEX Acquisition, we issued replacement warrants (each, a “Replacements Warrant”), which are accounted for as derivative liabilities as the exercise prices of the UEX warrants were denominated in Canadian dollars which differs from the functional currency of the Company. As at July 31, 2025, all Replacement Warrants had been either exercised or expired. A gain of $1.71 million and $3.29 million on revaluation of derivative liabilities was recorded in Fiscal 2025 and Fiscal 2023 due to the decrease in time value of the Replacement Warrants. During Fiscal 2024, we recorded a loss of $8.23 million primarily due to changes in our share price.
Previous report
Our operations are capital intensive and future capital expenditures are expected to be substantial. We will require significant additional financing to fund our operations, including continuing with our exploration, pre-extraction and extraction activities and acquiring additional uranium projects. In the absence of such additional financing, we would not be able to fund our operations, including continuing with our exploration, pre-extraction and extraction activities, which may result in delays, curtailment or abandonment of any one or all of our uranium projects.
Previous report
We believe our existing cash resources, and if necessary, cash generated from the sale of the Company’s liquid assets, will provide sufficient funds to carry out our planned operations for 12 months from the date that this Annual Report is issued. Our continuation as a going concern for a period beyond those 12 months will be dependent upon our ability to achieve consistent positive cash flow from the sale of our produced and purchased uranium inventories and to obtain adequate additional financing, as our operations are capital intensive and future capital expenditures are expected to be substantial.
Previous report
On May 17, 2021, we filed a Form S-3 shelf registration statement under the Securities Act, which was declared effective by the SEC on June 1, 2021, providing for the public offer and sale of certain securities of the Company from time to time, at our discretion, of up to an aggregate offering amount of $200 million (the “2021 Shelf”), which included an at-the-market offering agreement prospectus (the “May 2021 ATM Offering”) covering the offering, issuance and sale of up to a maximum offering of $100 million as part of the $200 million under the 2021 Shelf.
Previous report
On November 26, 2021, we filed a prospectus supplement to our 2021 Shelf with respect to the continuation of the 2021 ATM Offering Agreement with the ATM Managers under which we may, if eligible, from time to time, sell shares of our common stock having an aggregate offering price of up to an additional $100 million for a total of $200 million through the ATM Managers selected by us (the “November 2021 ATM Offering”; and, together with the May 2021 ATM Offering, the “2021 ATM Offering”).
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 and 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”; and, together with the 2021 ATM Offering, the “ATM Offerings”) covering the offering, issuance and sale of up to a maximum offering of $300 million under the 2022 Shelf.
Previous report
During Fiscal 2023, we issued 15,171,253 shares of the Company’s common stock under our ATM Offerings for gross cash proceeds of $59.82 million. The total issuance costs were $1.40 million, which includes compensation of $1.35 million paid to the ATM Managers.
Previous report
During Fiscal 2023, we recorded net cash provided by operating activities of $72.57 million. The positive cash flow was primarily driven by the gross profit of $49.67 million, a decrease in our inventory balance of $60.36 million and was partially offset by operating expenditures such as mineral property expenditures and G&A expenses.
Previous report
During Fiscal 2023, net cash provided from financing activities totaled $65.42 million, primarily from net cash of $66.53 million from our ATM Offerings and the exercises of stock options and share purchase warrants, offset by payments of $1.04 million for tax withholding amounts related to the issuance of RSU and PRSU shares.
Previous report
During Fiscal 2023, net cash used for investing activities totaled $124.78 million, primarily comprised of net cash used for the acquisition of the Roughrider Project of $82.12 million, investment in equity securities of $47.19 million, capital contributions to JCU of $1.42 million, investment in mineral rights and properties of $0.10 million and the purchase of property, plant and equipment of $0.56 million, offset by cash received as a result of the acquisition of UEX of $1.98 million.
Previous report
Stock Options and Warrants
Previous report
Material Contractual Obligations and Commitments
Reworded paragraphs (47)
Previous wording
The following management’s discussion and analysis of the Company’s financial condition and results of operations contain forward-looking statements that involve risks, uncertainties and assumptions including, among others, statements regarding our capital needs, business plans and expectations. *** In evaluating these statements, you should consider various factors, including the risks, uncertainties and assumptions set forth in reports and other documents we have filed with or furnished to the SEC and, including, without limitation, this Annual Report for the fiscal year ended*** *** July 31, 2025,including the consolidated financial statements and related notes contained herein. *** These factors, or any one of them, may cause our actual results or actions in the future to differ materially from any forward-looking statement made in this document. *** Refer to***“Cautionary Note Regarding Forward-Looking Statements”*** and Item 1A. Risk Factors herein.***
Current wording
The following MD&A contains forward-looking statements that involve risks, uncertainties and assumptions including, among others, statements regarding our capital needs, business plans and expectations. In evaluating these statements, you should consider various factors, including the risks, uncertainties and assumptions set forth in reports and other documents we have filed with or furnished to the SEC and, including, without limitation, this Annual Report for the fiscal year ended July 31, 2026, including the consolidated financial statements and related notes contained herein. *** These factors, or any one of them, may cause our actual results or actions in the future to differ materially from any forward-looking statement made in this document.*** *** Refer to***“Cautionary Note Regarding Forward-Looking Statements”*** and Item 1A. Risk Factors herein.***
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 concentrate, respectively, at the end of such period. We expect the ramp-up phase will continue while new production areas are being constructed in 2025 and 2026. At the same time, we have continued to advance our Roughrider and Burke Hollow Projects with resource expansions and development programs, respectively. Uranium recovered from the Christensen Ranch Mine ISR operation will be processed at our Irigaray CPP. The Irigaray CPP is the hub central to our fully permitted ISR projects located in the Powder River Basin of Wyoming, including our Christensen Ranch Mine, Reno Creek and Ludeman Projects. On October 16, 2024, we received approval from the WDEQ Quality, Uranium Recovery Program, to increase the licensed production capacity at the Irigaray CPP to 4.0 million pounds of U 3 O 8 annually.
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 PRB, including our Christensen Ranch Mine and our Reno Creek, Moore Ranch and Ludeman Projects.
Previous wording
Our fully-licensed and 100% owned Hobson processing facility 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 Project, 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 CPP, 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 our Palangana Mine, and future satellite uranium mining activities, such as our Goliad Project, located within the South Texas Uranium Belt (i.e., the spokes). Production processes at the Burke Hollow PAA-1 and Hobson CPP were started in April and May, respectively, with the first shipment of uranium-loaded resin from Burke Hollow to Hobson CPP in mid-May. All processes including resin transfer, elution, precipitation, drying and packaging in the Hobson CPP have been commissioned. Production continues to improve, with some of the higher-grade wells still increasing in uranium concentration, while overall flow across the wellfield is steady. PAA-2 was advanced into the permitting stage with delineation and installation of monitor wells through the end of Fiscal 2026. In Fiscal 2026, we produced an initial 17,352 pounds of precipitated uranium and dried and drummed concentrate during the ramp-up phase at the Burke Hollow ISR operation. We expect the ramp-up phase will continue while new production areas are being constructed and completed in 2026 and 2027.
Previous wording
In September 2025, we announced the incorporation of 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. The Company has begun initial discussions with the U.S. government, state-level energy authorities, utilities and financial entities, and will report further updates as these engagements advance.
Current wording
In September 2025, we announced the incorporation of United States Uranium Refining & Conversion Corp., which is intended to pursue the feasibility of developing a new uranium refining and conversion facility in the United States. For a description of UR&C and its activities during Fiscal 2026, see “Item 1. Business” of this Annual Report.
Previous wording
We also hold certain mineral rights in various stages in the States of Arizona, New Mexico, Texas and Wyoming, and in Canada and in the Republic of Paraguay, many of which are located in historically successful mining areas and have been the subject of past exploration and pre-extraction activities by other mining companies.
Current wording
As at July 31, 2026, we hold certain mineral rights in various stages in the States of Arizona, New Mexico, Texas and Wyoming, in Canada and in the Republic of Paraguay, many of which are located in historically successful mining areas and have been the subject of past exploration and pre-extraction activities by other mining companies.
Previous wording
Our operating and strategic framework is to become a leading low-cost North American focused uranium supplier based on expanding our uranium extraction activities, which includes advancing certain uranium projects with established mineralized materials towards uranium extraction and establishing additional mineralized materials on our existing uranium projects or through acquisition of additional uranium projects.
Current wording
Our operating and strategic framework is to become a leading North American focused uranium supplier based on expanding our uranium extraction activities, which includes advancing certain uranium projects with established mineralized materials towards uranium extraction and establishing additional mineralized materials on our existing uranium projects or through acquisition of additional uranium projects.
Previous wording
With the completion of the Sweetwater Acquisition in December 2024, we expanded our footprints in Wyoming with our Wyoming hub-and-spoke operations. The acquisition of UEX in August 2022 and the acquisition of Roughrider Mineral Holdings Inc. in October 2022 further expanded our footprints in Canada and, in particular, the Athabasca Basin in Saskatchewan. We continue to establish additional uranium mines through exploration and pre-extraction activities and direct acquisitions in both the U.S. and Paraguay, all of which require us to manage numerous challenges, risks and uncertainties inherent in our business and operations as more fully described in Item 1A. Risk Factors herein.
Current wording
We continue to establish additional uranium projects through exploration and pre-extraction activities and direct acquisitions in the United States, which require us to manage numerous challenges, risks and uncertainties inherent in our business and operations as more fully described in Item 1A. Risk Factors herein.
Previous wording
For Fiscal 2025, we recorded sales and service revenue of $66.84 million and realized gross profit of $24.48 million. For Fiscal 2024, we recorded sales and service revenue of $0.22 million and realized gross profit of $0.04 million. For Fiscal 2023, we recorded sales and service revenue of $164.39 million and realized gross profit of $49.67 million.
Current wording
In Fiscal 2026, we had sales of $37.25 million and realized gross profit of $16.90 million, compared to recorded sales of $66.84 million and realized gross profit of $24.48 million in Fiscal 2025. In Fiscal 2024, we recorded service revenue of $0.22 million and realized gross profit of $0.04 million.
Previous wording
Throughout Fiscal 2025, we continued ramping up mining activities at our Christensen Ranch Mine, resulting in initial production of 103,545 pounds and 26,421 pounds of precipitated uranium and dried and drummed concentrate, respectively, as of the end of the period. We expect the ramp-up phase will continue while new production areas are being constructed in 2025 and 2026. 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
Throughout Fiscal 2026, we continued ramping up mining activities, including at our Christensen Ranch Mine and our Burke Hollow Mine, where 211,942 pounds and 17,352 pounds of precipitated uranium and dried and drummed U 3 O 8 were produced, respectively. We expect the ramp-up phase will continue while new production areas are being constructed in 2026 and 2027. In parallel, we continued to advance our Roughrider Project with resource expansions and accelerated the development program at our Ludeman Project. In addition, additional 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
As of July 31, 2025, the carrying value of our uranium inventories, including uranium concentrates from extraction and purchased uranium) was $74.04 million (July 31, 2024: $75.62 million).
Current wording
As of July 31, 2026, the aggregate carrying value of our uranium concentrates from extraction and purchased uranium was $73.54 million (July 31, 2025: $74.04 million).
Previous wording
The table below provides a breakdown of our sales and service revenue and cost of sales and services:
Current wording
The table below provides a breakdown of our sales and service revenue and cost of sales and services for the periods indicated:
Previous wording
During Fiscal 2025, we generated revenue of $66.84 million and achieved a gross profit of $24.48 million from sales of purchased uranium inventory. The Company did not engage in any sales activities during Fiscal 2024 while sales of purchased uranium inventory totaled $163.95 million in Fiscal 2023. Variations in sales of purchased uranium inventory depend on our cash position, prevailing market prices, and the liquidity of the uranium market.
Current wording
During Fiscal 2026, we generated revenue of $37.25 million and had gross profit of $16.90 million from sales of 400,000 pounds of purchased uranium inventory at a weighted average price of $93.13 per pound, compared to revenue of $66.84 million and gross profit of $24.48 million from sales of 810,000 pounds of purchased uranium inventory at a weighted average price of $82.52 per pound in Fiscal 2025. The decrease in revenue resulted from lower sales volumes in Fiscal 2026. We did not engage in any sales activities during Fiscal 2024. Variations in sales of purchased uranium inventory are dependent on our cash position, prevailing market prices and the liquidity of the uranium market.
Previous wording
Mineral property expenditures primarily consisted of costs relating to permitting, property maintenance, exploration and pre-extraction activities and other non-extraction related activities on our mineral projects.
Current wording
Mineral property expenditures primarily consisted of costs relating to permitting and land payments, mine site services and maintenance, exploration and development, pre-extraction activities and other non-extraction related activities on our mineral projects.
Previous wording
During Fiscal 2025, the exploration expenditures, such as drilling and preliminary economic assessments, were primarily spent on the following projects:
Current wording
During Fiscal 2026, exploration expenditures, such as drilling and initial economic assessments, were primarily spent on the following projects:
Previous wording
During Fiscal 2025, general and administrative (“G&A”) expenses totaled $27.26 million, compared to $21.87 million in Fiscal 2024 and $20.06 million in Fiscal 2023. G&A expenses were comprised of the following:
Current wording
During Fiscal 2026, general and administrative (“G&A”) expenses totaled $34.47 million, compared to $27.26 million in Fiscal 2025 and $21.87 million in Fiscal 2024. G&A expenses were comprised of the following for the periods indicated:
Previous wording
The following summary provides a discussion of the major expense categories, including analyses of factors that caused significant variances from year-to-year:
Current wording
The following summary provides a discussion of our major expense categories including analyses of the factors that caused significant variances from year-to-year:
Previous wording
During Fiscal 2025, depreciation, amortization and accretion totaled $4.47 million, compared to $2.18 million during Fiscal 2024 and $2.01 million during Fiscal 2023. The increase in Fiscal 2025 was primarily due to the increase of property, plant and equipment and asset retirement obligations from the Sweetwater Acquisition.
Current wording
During Fiscal 2026, depreciation, amortization and accretion totaled $6.92 million, compared to $4.47 million during Fiscal 2025 and $2.18 million during Fiscal 2024, respectively. The increase in Fiscal 2026 was primarily due to the increase of property, plant and equipment and asset retirement obligations from the Sweetwater Acquisition.
Previous wording
Depreciation, amortization and accretion includes depreciation and amortization of long-term assets acquired in the normal course of operations and accretion of asset retirement obligations.
Current wording
Depreciation, amortization and accretion include depreciation and amortization of long-term assets acquired in the normal course of operations and accretion of asset retirement obligations.
Previous wording
The surety bond premiums resulted from the surety bonds related to our uranium mines and projects. The increase in surety bond premium in Fiscal 2025 was due to additional surety bonds associated with the Sweetwater Acquisition and the development of our Burke Hollow Project.
Current wording
The surety bond premiums resulted from the surety bonds related to our uranium mines and projects. The increases in surety bond premium in Fiscal 2026 and Fiscal 2025 were due to additional surety bonds associated with the Sweetwater Acquisition and the development of our Burke Hollow Mine.
Previous wording
During Fiscal 2025, Fiscal 2024 and Fiscal 2023, we recorded a gain on dilution of ownership interest in Uranium Royalty Corp. (“URC”; TSX: URC, NASDAQ: UROY) as a result of URC issuing more shares from its equity financing and exercises of warrants and/or stock options, which decreased our ownership interest in URC to 13.5% at July 31, 2025, from 14.8% at July 31, 2024, from 14.9% at July 31, 2023 and from 15.5% at July 31, 2022.
Current wording
During Fiscal 2026, Fiscal 2025 and Fiscal 2024, 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 July 31, 2026, we had a 7.60% equity interest in URC compared to a 13.5% equity interest as at July 31, 2025 and a 14.8% equity interest as at July 31, 2024, respectively.
Previous wording
During Fiscal 2025, Fiscal 2024 and Fiscal 2023, we recorded a share of URC’s income (loss) of $(0.27) million, $2.03 million and $0.41 million, respectively. The remaining share of loss during these periods was attributable to JCU.
Current wording
During Fiscal 2026, Fiscal 2025 and Fiscal 2024, we recorded a share of URC’s income (loss) of $6.83 million, $(0.27) million and $2.03 million, respectively and a share of loss of JCU Canada Exploration Company Limited (“JCU”) of $4.99 million, $3.11 million and $1.44 million, respectively.
Previous wording
Gain (Loss) on Revaluation of Derivative Liabilities
Current wording
Loss on Revaluation of Subscription Receipts
Previous wording
During Fiscal 2025, we recognized a realized loss of $14.37 million from the disposition of certain equity securities, with the remaining loss attributable to the revaluation of equity securities at the year end. In Fiscal 2024 and Fiscal 2023, substantially all fair value gain or loss on equity securities were attributable to year-end revaluation at market values.
Current wording
During Fiscal 2026, we recognized a realized gain of $0.23 million from the disposition of certain equity securities, with the remaining loss attributable to the revaluation of equity securities at the year end, compared to a realized loss of $14.37 million during Fiscal 2025. In Fiscal 2024, substantially all fair value gain or loss on equity securities were attributable to year-end revaluation at market values.
Previous wording
Interest income totaled $4.02 million, $2.63 million, $0.35 million for Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. The interest earned resulted from the investment of cash proceeds received from our at-the-market offerings and the sale of equity securities in short-term deposits.
Current wording
Interest income totaled $15.58 million, $4.02 million and $2.63 million for Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. 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
We have a history of operating losses resulting in an accumulated deficit balance since inception. We had an accumulated deficit balance of $406.56 million as at July 31, 2025. During Fiscal 2025, net cash used in operating activities totaled $64.46 million. Furthermore, we may not achieve and maintain profitability or develop positive cash flow from our operations in the near term.
Current wording
We have a history of operating losses resulting in an accumulated deficit balance since inception. We had an accumulated deficit balance of $543.87 million as at July 31, 2026. We may not achieve and maintain profitability or develop positive cash flow from our operations in the near term or at all. During Fiscal 2026, we received net proceeds of $529.96 million from our at-the-market offerings, public offerings, a flow-through share private placement and from exercises of our stock options. As at July 31, 2026, we had a working capital (current assets less current liabilities) of $547.61 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 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
Our anticipated operations, including exploration, pre-extraction and extraction activities, however, will be dependent on and may change as a result of our financial position, the market price of uranium and other considerations, and such changes may include accelerating the pace or broadening the scope of reducing our operations. Our ability to secure adequate funding for these activities will be impacted by our operating performance, other uses of cash, the market price of uranium, the market price of our common stock and other factors which may be beyond our control. Specific examples of such factors include, but are not limited to:
Current wording
Our operations are capital intensive and future capital expenditures are expected to be substantial. Our anticipated operations, including exploration, pre-extraction and extraction activities, however, will be dependent on and may change as a result of our financial position, the market price of uranium and other considerations, and such changes may include accelerating, broadening, curtailing or reducing the pace or scope of our operations. Our ability to secure adequate funding for these activities will be impacted by our operating performance, other uses of cash, the market price of uranium, the market price of our common stock and other factors which may be beyond our control. Specific examples of such factors include, but are not limited to:
Previous wording
On May 14, 2021, we entered into an at-the-market offering agreement (the “2021 ATM Offering Agreement”) with H.C. Wainwright & Co., LLC and certain co-managers (the “ATM Managers”) as set forth in the 2021 ATM Offering Agreement under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $100 million through the 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”). Under the 2022 ATM Offering Agreement, 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 November 16, 2022, we entered into an at-the-market offering agreement (the “2022 ATM Offering Agreement”) with the ATM Managers as set forth in the 2022 ATM Offering Agreement under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $300 million through the ATM Managers selected by us.
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”). Under the 2024 ATM Offering Agreement, we could, from time to time, sell shares of our common stock having an aggregate offering price of up to $300 million through the 2024 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 may, 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 (the “2024 ATM Managers”). Under the 2024 ATM Offering Agreement, we may, from time to time, sell shares of our common stock through the 2024 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 could, 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 Fiscal 2024, we issued 26,375,699 shares of the Company’s common stock under our 2022 ATM Offering for gross cash proceeds of $171.74 million. The total issuance costs were $3.86 million, all of which was related to compensation paid to the ATM Managers.
Current wording
During Fiscal 2024, we issued 26,375,699 shares of our common stock under the 2022 ATM Offering Agreement for gross cash proceeds of $171.74 million. The total issuance costs were $3.86 million, all of which were related to compensation paid to the 2022 ATM Managers.
Previous wording
During Fiscal 2025, we issued 41,764,036 shares of the Company’s common stock under the 2022 ATM Offering and 2024 ATM Offering for gross cash proceeds of $292.35 million. The total issuance costs were $6.60 million, which includes compensation of $6.58 million paid to the ATM Managers and 2024 ATM Managers.
Current wording
During Fiscal 2025, we issued 11,516,375 and 30,247,661 of our common stock under the 2022 ATM Offering Agreement and the 2024 ATM Offering Agreement for gross cash proceeds of $94.40 million and $197.95 million, respectively. The total issuance costs for stock sold under the 2022 ATM Offering Agreement and 2024 ATM Offering Agreement were $2.15 million and $4.45 million, respectively, which is comprised of a total compensation of $6.58 million paid to the 2022 ATM Managers and 2024 ATM Managers.
Previous wording
Subsequent to July 31, 2025, we issued 10,077,186 of the Company’s common stock under the 2024 ATM Offering for gross cash proceeds of $101.97 million. The total issuance costs were $2.29 million, all of which was related to compensation paid to the 2024 ATM Managers.
Current wording
During Fiscal 2026, we issued 10,077,186 and 11,100,047 shares of our common stock under the 2024 ATM Offering Agreement and the 2025 ATM Offering Agreement for gross cash proceeds of $101.97 million and $190.64 million, respectively. The total issuance costs for stock sold under the 2024 ATM Offering Agreement and 2025 ATM Offering Agreement were $2.29 million and $3.82 million, respectively, all of which were related to compensation paid to the 2024 ATM Managers and the 2025 ATM Managers.
Previous wording
During Fiscal 2025, net cash used in operating activities totaled $64.46 million, which was primarily related to mineral property expenditures of $66.06 million, G&A expenses excluding stock-based compensation of $21.25 million and changes in operating assets and liabilities, partially offset by a gross profit from the sale of purchased uranium inventory of $24.48 million.
Current wording
During Fiscal 2025, net cash used in operating activities totaled $64.46 million, which was primarily related to mineral property expenditures of $66.06 million, G&A expenses excluding stock-based compensation of $21.25 million and changes in operating assets and liabilities, partially offset by a gross profit of $24.48 million from the sale of purchased uranium inventory.
Previous wording
During Fiscal 2025, net cash provided from financing activities totaled $284.84 million, from net cash of $287.51 million from our 2022 ATM Offering and 2024 ATM Offering, and the exercises of stock options and share purchase warrants, offset by payments of $2.67 million for tax withholding amounts related to the issuance of options, RSU and PRSU shares.
Current wording
During Fiscal 2025, net cash provided by financing activities totaled $284.84 million, from net cash of $287.51 million from our common stock sold under the 2022 ATM Offering Agreement and 2024 ATM Offering Agreement, and the exercises of stock options and share purchase warrants, offset by payments of $2.67 million for tax and withholdings upon settlement of equity awards on a forfeiture basis.
Previous wording
During Fiscal 2024, net cash provided from financing activities totaled $173.08 million, from net cash of $176.71 million from our 2022 ATM Offering and the exercises of stock options and share purchase warrants, offset by payments of $3.63 million for tax withholding amounts related to the issuance of options, RSU and PRSU shares.
Current wording
During Fiscal 2024, net cash provided by financing activities totaled $173.08 million, from net cash of $176.71 million from our common stock sold under the 2022 ATM Offering Agreement and the exercises of stock options and share purchase warrants, offset by payments of $3.63 million for tax and withholdings upon settlement of equity awards on a forfeiture basis.
Previous wording
During Fiscal 2025, net cash used for investing activities totaled $157.03 million, primarily comprised of cash used for the acquisition of Sweetwater Assets of $179.60 million, purchase of property, plant and equipment of $5.48 million, the purchase of equity securities and an additional interest in Anfield for a total of $25.70 million, capital contributions to JCU of $0.54 million, investment in mineral rights and properties of $0.22 million, partially offset by cash proceeds of $54.44 million from the sale of equity securities.
Current wording
During Fiscal 2025, net cash used in investing activities totaled $157.03 million, primarily comprised of cash used for the Sweetwater Acquisition of $179.60 million, the purchase of property, plant and equipment of $5.48 million, the purchase of equity securities and an additional interest in Anfield for a total of $25.70 million, capital contributions to JCU of $0.54 million and investment in mineral rights and properties of $0.22 million, partially offset by proceeds from the sale of equity securities of $54.44 million.
Previous wording
During Fiscal 2024, net cash used for investing activities totaled $24.64 million, primarily comprised of cash used for investment in equity securities of $12.12 million, the purchase of an additional interest in URC of $9.24 million, capital contributions to JCU of $2.88 million, investment in mineral rights and properties of $1.44 million and the purchase of property, plant and equipment of $1.99 million, offset by cash proceeds of $3.01 million from the sale of equity securities.
Current wording
During Fiscal 2024, net cash used in investing activities totaled $24.64 million, primarily comprised of cash used for investment in equity securities of $12.12 million, the purchase of an additional interest in URC of $9.24 million, capital contributions to JCU of $2.88 million, investment in mineral rights and properties of $1.44 million and the purchase of property, plant and equipment of $1.99 million, offset by proceeds from the sale of equity securities of $3.01 million.
Previous wording
As at July 31, 2025, the Company had 4,594,207 stock options outstanding at a weighted-average exercise price of $2.71 per share, and 159,091 share purchase warrants outstanding at a weighted-average exercise price of $4.13 per share. As at July 31, 2025, the Company had 4,527,875 in-the-money stock options outstanding at a weighted-average exercise price of $2.62 per share and 159,091 in-the-money share purchase warrants outstanding at a weighted-average exercise price of $4.13 per share. As at July 31, 2025, outstanding in-the-money stock options and share purchase warrants represented a total of 4,686,966 shares issuable for gross proceeds of approximately $12.52 million should the stock options and the share purchase warrants be exercised in full. The exercise of these stock options and share purchase warrants is at the discretion of their respective holders and, accordingly, there is no assurance that any of these stock options or share purchase warrants will be exercised in the future.
Current wording
As at July 31, 2026, we had 3,366,053 stock options outstanding at a weighted-average exercise price of $3.03 per share. As at July 31, 2026, we had in-the-money stock options outstanding representing 3,246,053 shares at a weighted-average exercise price of $2.78 per share, issuable for gross proceeds of approximately $9.04 million should these stock options be exercised in full on a cash basis. The exercise of these stock options is at the discretion of their respective holders and, accordingly, there is no assurance that any of these stock options will be exercised in the future.
Previous wording
In August 2024, we restarted uranium extraction at our fully permitted, and past producing, Christensen Ranch Mine ISR operation in Wyoming. We expect the ramp-up phase will continue while new production areas are being constructed in 2025 and 2026. We will hire additional personnel for future wellfield development and expand extraction at the Christensen Ranch Mine and Burke Hollow Project in Fiscal 2026. Our Palangana Mine is expected to continue being operated at a reduced pace, including the deferral of major pre-extraction expenditures, and to remain in a state of operational readiness. In addition, we will continue the construction of ion exchange facility and production area at our Burke Hollow, along with the drilling program at Roughrider Projects, as well as carry out additional exploration activities as required on our remaining project portfolio.
Current wording
In August 2024, we restarted uranium extraction at our fully permitted, and past producing, Christensen Ranch Mine ISR operation in Wyoming. Production process at our Burke Hollow Mine ISR operation was also commenced in April 2026. We expect the ramp-up phase will continue while new production areas are being constructed at our Christensen Ranch Mine and our Burke Hollow Mine in 2026 and 2027. We will hire additional personnel for future wellfield development and expand extraction at the Christensen Ranch Mine and Burke Hollow Mine in Fiscal 2027. Our Palangana Mine is expected to continue operating at a reduced pace, including the deferral of major pre-extraction expenditures, and to remain in a state of operational readiness. In addition, we will continue construction of the ion-exchange facility and production area at our Ludeman Project, along with advancing wellfield pattern planning and assessing refurbishment requirements for our Sweetwater Project. Concurrently, we will continue to advance our Roughrider Projects, carry out additional exploration activities as required across our remaining project portfolio, and pursue the feasibility of developing a new uranium refining and conversion facility in the United States through UR&C.
Showing the first 40 of 47 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
During Fiscal 2026, net cash used in operating activities totaled $98.56 million, which was primarily related to mineral property expenditures of $102.37 million, G&A expenses excluding stock-based compensation of $26.43 million, uranium refining and conversion project expenditures of $6.28 million, and changes in operating assets and liabilities, partially offset by a gross profit of $16.90 million from the sale of purchased uranium inventory.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
During Fiscal 2025, we received net proceeds of $287.51 million from at-the-market offerings and from exercises of stock options and share purchase warrants. As at July 31, 2025, we had a working capital of $207.58 million.