The long-term uranium price closed September 2026 at $96.50 per pound, surpassing for the first time the $95 peak reached in 2007. The spot price closed the same month at $89.63 per pound, according to data published by Cameco. The signal is clear: the prices utilities lock in years ahead are now running above the spot market, indicating that buyers are positioning themselves in anticipation of a supply squeeze toward the end of the decade.
Against this backdrop, Uranium Energy Corp (NYSE American: UEC) closed its fiscal year 2026 — ending July 31 — with production of 229,294 pounds of uranium concentrate. In the fourth quarter alone, output grew 157% compared to the previous quarter, driven by the full ramp-up of three new header houses at Christensen Ranch in Wyoming and the first full operating season of the Burke Hollow project in Texas. The latter is the largest greenfield in-situ recovery (ISR) project launched in the United States in over a decade. Cumulative production since the start of operations has reached 359,260 pounds.
Costs remain competitive. The all-in cost per pound for the full fiscal year came in at $39.94, with a cash cost of $34.24. The company sold 400,000 pounds from inventory at a weighted average price of $93.13 per pound — the highest, according to management, among publicly listed uranium producers — generating revenues of $37.3 million and a gross profit of $16.9 million. The decision to forgo hedging contracts paid off: selling into an open market with rising prices delivered margins that would have been hard to replicate under fixed-price contracts signed years ago.
UEC now stands as the only U.S. company building a vertically integrated uranium supply chain, spanning from mining through planned refining and conversion. It operates two of its three ISR hub-and-spoke platforms in the U.S., while holding the country’s largest uranium resource base. The balance sheet is robust: $753 million in liquid assets and zero debt. President and CEO Amir Adnani stated that the company enters fiscal year 2027 “debt-free with an exceptional balance sheet and the ability to self-fund its growth.”
Breaking through the 2007 peak is not merely symbolic. That threshold was reached during a period of speculative enthusiasm, before Fukushima and the prolonged downturn that followed. This time, the driving force is structural fundamentals: utility demand planning decades ahead, explicit U.S. energy policy support for domestic production, and global supply struggling to keep pace. If UEC can rapidly scale up production capacity over the coming quarters — as promised — it will be among the few already-operating producers positioned to capture the highest uranium prices in twenty years.
