Uranium Energy Corp (UEC) is a U.S.-focused uranium mining company that produces and sells uranium concentrate (U3O8, or yellowcake) to nuclear utilities. UEC's primary mining method is in-situ recovery (ISR), which involves circulating oxygenated water through underground deposits to dissolve uranium and pump it to the surface for processing. ISR requires lower capital and operating costs than conventional mining and has a shorter lead time to production. UEC operates two active hub-and-spoke ISR platforms in the U.S. — one centered on the Hobson Processing Facility in South Texas and one centered on the Irigaray Central Processing Plant in Wyoming's Powder River Basin, with multiple satellite mines feeding each hub. UEC recently acquired the Sweetwater conventional uranium mill in Wyoming's Great Divide Basin, establishing a third hub. UEC sells yellowcake exclusively on the spot market with no long-term contracts, meaning revenue is directly tied to the spot uranium price. UEC's strategy is deliberately unhedged, with management pacing sales to market conditions. UEC also holds a physical uranium inventory of roughly 1.4M lbs purchased at an average cost well below current spot prices, providing balance sheet flexibility and a potential supply source for U.S. government reserve programs. Longer-dated assets include high-grade uranium deposits in Canada's Athabasca Basin, and UEC is exploring a downstream expansion into uranium conversion through a newly incorporated subsidiary, which would make UEC the only vertically integrated uranium company in the U.S.