Uranium Energy Corp.

uranium, and dried and drummed U-308 at our Erigeri CPP. As part of the ongoing production ramp-up, UEC continued to develop new production areas at Christensen Ranch. Mine development advanced with active well installation, pilot encasing and under-rimming in well fields 11 and 12, and delineation drilling in well fields 8 and 10 extensions. Additionally, construction continued on six new header houses in Wellfield's 11, 12, and 10 extension. These new production areas will form the base for UEC's future production plans at Christensen Ranch. In parallel, process upgrades at our Erigiri CPP continued in the first quarter of fiscal 2026, including a full rebuild of one of two yellow cake thickeners, replacing the rake, gearbox, and motor, along with the repair of a replacement of multiple calciner components. Together with the refurbishment completed at Christensen Ranch earlier in the year, these timely investments are expected to support higher production rates in addition to improved operational efficiency and performance. We are excited to announce that development plans have commenced at the Lutemann Satellite Project. This is a fully licensed and permitted project that will be constructed as a satellite ion exchange plant, sending uranium-loaded resin to the Erigeri CPP for resin elution, precipitation, drying, and packaging. Just 10 miles northeast of Glen Rock, Wyoming, delineation drilling in the first production area at Lutemann commenced on November 19, 2025, with 200 holes planned. The delineation drilling will assist well-filled pattern design. Lutemann's SK1300 compliant resources are 9.7 million pounds of measured and indicated and 1.3 million pounds of inferred uranium. 41 monitor wells are already installed for the first production area and baseline water quality sampling is planned for these wells in Q4 fiscal 26. Engineering for the satellite plant is in progress using internal technical expertise with external engineering plan to commence in January 2026. Design and procurement of the ion exchange vessels for the plant is also underway. Just as a reminder that in the Powder River Basin, the Erigiri CPP has a license capacity of 4 million pounds per year, surrounded by 17 satellite projects, four of which are fully permitted, including Christensen Ranch and Ludumint. Turning to South Texas, construction of the Burke Hollow Ion Exchange Facility and first production area progressed on schedule during the quarter with key advances made across well field development and processing infrastructure. All large diameter tanks have been installed at the ion exchange facility and testing of the disposal well was completed with the state regulatory agency in attendance. The utility provider completed the installation of three-phase power into the project site and all facilities have been energized. Well completion and mechanical integrity testing reports are underway following completion of construction. The company's workforce in South Texas has grown to 86 personnel in preparation for startup of the Bercolo project. As we close out calendar 2025, the macro backdrop for uranium has never been this encouraging. With strong bipartisan support for safe, clean, reliable nuclear energy, we see strong support from the US government, including the recent designation of uranium as a critical mineral. Big tech is a key component of new demand, and with the largest hyperscalers continuing to invest heavily in the energy sector to secure the necessary power required for their massive data center investments. Overarching all of this is the fundamental supply deficit, which is expected to exceed 1.7 billion pounds by 2045 on a cumulative basis. As I've stated before, we have never seen a more positive policy environment for our industry. In summary, this quarter, UEC has neared an exciting inflection point of growing from a single asset producer towards diversified uranium production while becoming a U.S. origin supply chain from mine to conversion. UEC is uniquely positioned to meet the growing demand for secure domestic uranium supply. We're excited about the opportunities ahead and look forward to delivering further value to our shareholders. Before I turn it back to the operator, a couple of points. First, today's call is scheduled to conclude around noon Eastern. If we don't get to your question, please don't hesitate to reach out to our investor relations team and we'll be happy to follow up directly. Second, please note that I'm joined today by Josephine Mann, our Chief Financial Officer. Scott Melby, our Executive Vice President, and Brent Berg, our Senior Vice President of U.S. Operations. Together, the four of us are backed by a UEC team with more than 900 years of combined experience in the uranium industry. That depth of experience is what drives our daily execution across operations, finance, and strategy. With that, we'll open the call to questions. Operator, please go ahead.

We will now begin the question and answer session. To ask a question, you may press star then one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. Please, just a reminder to limit yourself to one question and one follow-up. At this time, we will pause momentarily to assemble our roster. The first question comes from Brian Lee with Goldman Sachs. Please go ahead.

Hey, everyone. Thanks for taking my questions. I just wanted to first start on the UR&C venture. Amir, I know you're making progress there, but just trying to understand a little bit better maybe the next set of milestones in the development of UR&C, maybe the timing, what you're expecting there through the first half of 2026, and then maybe where you'd like to be on that venture by the end of next year. And I had some questions around production as well.