FQ3/26 Production Lags Expectations

Research evidence excerpt

FQ3/26 Production Lags Expectations

June 9, 2026 | 07:57 ET~

Uranium Energy Corp Uranium

Alexander Pearce Analyst

alexander.pearce@bmo.com +44 (0)20 7246 5435

UEC-NYSE Rating Price: Jun-8 Target Total Rtn

Market Perform $12.61 $15.00 19% Kodees Waran VP Associate

kodees.waran@bmo.com +44 (0)20 7246 5431

Legal Entity: BMO Capital Markets Limited

Bottom Line:

UEC's FQ3/26 missed our forecasts overall, with production lagging expectations and

down ~30% on FQ2 (attributed to delayed header house approvals, now in place). No 25 2YR Price Volume Chart

sales this quarter, thus financials largely immaterial. Looking forward, with two hubs

now operating we expect production to improve, although a more consistent ramp-up

is key to de-risking the outlook. Conference call today, 11:00am ET # +1 412 902 6510. 15 80

10 7060

Key Points 5 4030

Production Ramp-Up Continues to Lag Expectations: In FQ3/26, UEC reported total 0 Dec Jun Dec Jun 0

precipitated, dried and drummed production of 32kIb U3O8 at its Irigaray operations, LHS: Price ($) / RHS: Volume (mm) Source: FactSet

well below our expectation of 114klb and down ~30% on the 46klb produced in FQ2.

The company points to timing of regulatory approvals impacting production, with three

new header houses at Christensen Ranch beginning production late in the quarter

(approvals obtained March 23). The company expects production to increase into FQ4,

with the new header houses at Christensen Ranch contributing for a full quater, while

its Burke Hollow operation (Texas hub) is anticipated to contribute first production

following start up in April. UEC reported total costs of ~US$55/Ib.

No Sales With EPS Miss: No sales were made during the quarter, with the company

reporting a net loss of US$52M or US$0.11/sh (BMO US$0.01/sh).