It's a high time to introduce the next speaker here. It's Uranium Energy Corp. And we will have Bruce Nicholson, Vice President of Corporate Development, if I'm not misinformed. Welcome. The stage is yours. America's leading fastest growing uranium mining company. That says a lot. Please tell us more.
Thank you so much. Thank you kindly. We'll be making some forward-looking comments today. Please spend some time with our disclaimer. We are the leading U.S. uranium company. We're positioned as the only vertically integrated U.S. company, all the way from mining to conversion, soup to nuts. You can see to the right here are three key U.S. processing plants. We have Irigaray. Let's see if this works here. Oh, maybe not. Irigaray is in Wyoming. Hobson's in Texas. Sweetwater is also in Wyoming. On the bottom, you see our world-class Athabasca Basin project. It's called Roughrider. We're going to cover that in a bit. We have the largest licensed production capacity in the United States of America, 12.1 million lbs of U3O8 licensed capacity. We're building for end-to-end capabilities. On September 2, we announced the launch of U.S. uranium refining and conversion to advance our nuclear fuel cycle.
We have a strong balance sheet, $321 million in cash, inventory, and equities at market prices, 100% unhedged price exposure. Recently, we put out our 2025 year-end results and highlights. You can see this was a breakthrough year for UEC. The most important metric is low-cost production was achieved. You can see a total cash cost per pound of $36. That includes $27 non-cash cost. The U.S. ISR production ramp-up is in full swing. The Christensen Ranch expansion in Wyoming is happening. We have two new ISR mine units constructed. Down in Texas and South Texas, we have a project called Burke Hollow. It's America's next ISR mine, and we're targeting a December 2025 startup at the Burke Hollow project. This establishes our third U.S. hub and spoke platform with the creative acquisition of Rio Tinto Sweetwater Complex. Sorry about that. We've also managed to vertically integrate with our recent UREC spin-out.
Here are some of the year-end highlights from the most recent results. $321 million in cash, inventory, and equities at current market prices. No debt. $66.8 million in revenue and 1.4 million lbs of production in the drum. Here's a very important chart. This is demand for uranium exceeding production. You see here the WNA projections. That's the dotted blue line on the top of this chart. The projected production is in green. Even if you lose the base case, which is the black line, you see right now we have a pretty significant gap in this market of about 51 million lbs. That could get as much as 1.75 billion lbs by 2045. That's using WNA base case. That does not take into account some of the recent press releases regarding tripling of global nuclear. There was a global pledge to do just that, triple global nuclear by 2050.
This happened at the most recent WNA event in London, England, where 31 countries basically pledged to do this. That's 140+ leading companies, including some of the biggest utilities in the world, 14 of the biggest banks in the world. As you can see, domestic uranium has really taken center stage with some of the big announcements that many of you have seen coming in from the tech companies, the hyperscalers, Amazon, Microsoft, Meta, NVIDIA. It's a who's who of tech, all wanting and needing nuclear fuel. This is in keeping with President Trump's executive orders to build out the nuclear power base in the United States. These are some of our partners, including Terra, Department of Energy, and Radiant.
This is probably the most important slide in terms of understanding how we got here as a company and in terms of making bottom-of-the-cycle acquisitions to create the largest footprint in the United States. It goes back to 2017 when we first did the Rio Tinto, or I should say Reno Creek acquisition back in 2017. That got us into Wyoming. If you look in rapid succession, 2021, 2022, 2023, 2024, we did pretty much a deal a year. You can see by the flags, two of those were in the United States, two of those were in Canada. The Uranium One deal in particular really put us on the map. That put us into Wyoming with a processing plant. UEX and Roughrider were two significant transactions in Canada. We'll get to Roughrider in a minute. Sweetwater, that was our most recent acquisition in Wyoming.
If you look at the largest publicly listed Americas focus portfolio, you can see where we stand versus our peer group. This asset base in excess of 500 million lbs, that's measured, indicated, inferred, and historical versus the peer group that you see to the right. How does it shape up? To the left, you will see Wyoming and Texas. To the right, you will see some of the projects that we acquired through UEX and Roughrider, Shade Creek, Millennium, Horseshoe- Raven, Christie Lake. Also, a couple of hard rock projects in Arizona. That would be Anderson and Workman Creek. Again, four hubs, three of them in the U.S., one in Canada, all very much ramping towards a 4 million per year production capacity. That's Irigaray in Wyoming, Hobson in Texas, Sweetwater also in Wyoming, and Roughrider in Canada.
This is the recent launch of United States Uranium Refining and Conversion. We launched this September 2. As you can see here, we have the capability to move now vertically in the fuel cycle. This is a little bit about in-situ recovery, how it works. It's really just drilling water wells. Here's the Irigaray Central Processing Plant. This is what we acquired from the Russians. It's in production. It's got 4 million lbs per year licensed production capacity, four fully permitted projects, 17 satellite projects. You see the ones that have stars are the ones that are fully permitted. That would be Christensen Ranch, Moore Ranch, Reno Creek, and Ludeman. A photo inside the plant. Aerial view of the Irigaray Central Processing Plant. You can see a little bit of what it looks like with our logo, the U.S. flag demonstrated proudly, some of the plant infrastructure.
We recently had a production milestone at Irigaray, sort of a proof of concept, if you will, 130,000 lbs of precipitated uranium for the fiscal year ending July 31. The cash cost came in extremely competitive, $27 per lbs, $36 all-in, including non-cash costs. Some photos of Irigaray, Christensen satellite, and some stuff from the field. Sometimes people will ask, how are you going to feed Irigaray? What are the key projects in the portfolio feeding into that processing plant, that central processing plant? It's three, really. It's Reno Creek, what we acquired in 2017, Ludeman, and Moore Ranch. Reno Creek is probably the most interesting of the three by virtue of its size, 26 million lbs M&I, 1.5 million lbs inferred. It's 50 mi by road to Irigaray, so it's quite close to be processed. Ludeman, a bit smaller than Reno, 9.7 million lbs M&I, 1.3 million lbs inferred.
There's engineering underway for the plant facility. A little bit further away, 120 mi by road to Irigaray CPP, and Moore Ranch is the smallest of the three, also about 120 miles from the CPP. Here's the Hobson Central Processing Plant. We acquired this pre-Fukushima, again from the Russians, 4 million lbs per annum licensed production capacity, three fully permitted projects, five satellite projects. You see the ones with the green arrow. Goliad, Burke Hollow, and Palangana have those permits in place, and they're ready to produce. You can see here the construction progress at Burke Hollow, aerial view of the plant. Burke Hollow is 90% complete. It will be America's next ISR mine. It's positioning for a startup in December. Just under 11 million lbs measured, indicated, inferred. We have the construction of the IX facility pretty much done and the columns. We're looking at December production coming out of Texas.
We'll have Wyoming and Texas producing simultaneously at that point. Moving over to Sweetwater, this is another processing plant that's going to happen. $4.1 million lbs licensed production capacity, six satellite projects, 175 million lbs in historical resources. You will see an SK 1300 report proving up those resources in the future. Here you see what the acquisition of the Wyoming assets from Rio Tinto did for us in terms of creating a third hub and spoke, accretive growth, the land package, and significant scarcity value. A little bit more about Sweetwater. It is the third hub and spoke. Recently, the President put into line FAST-41. It's a permitting advancement that would take a permit that would normally take five years, and we can do it in a year.
For Sweetwater, it's very important because as you can see here, Sweetwater is going to be hard rock mining and ISR mining. That'll advance that ISR permit in a year's time. Here's just a footprint of the map. Moving to Canada, to the Athabasca Basin, we're scaling up in the world's most prolific uranium mining district. This is truly the elephant country. After Cameco and Orano, UEC controls the largest base in that region. It's 109 million lbs M&I, 68 million lbs inferred, and 1.14 million acres of land. You can see from the graph where we're situated in the basin, the Athabasca Basin, that is. Roughrider, truly world-class project. You can't say enough about it. Pre-feasibility has commenced, subject of the one and only bidding war in the uranium sector. Back in the day, Rio Tinto beat out Cameco. They paid $640 million.
They put $90 million into the asset. We bought it for $150 million, buying again at the bottom of the cycle. Great economics to talk about here. You're going to be producing 6.8 million lbs per year off of this asset. That's 61 million lbs life of mine, nine-year mine life. As you can see, the EBITDA gets very interesting. Even if you keep prices at the same level of around $85, that still throws off almost $400 million of cash flow per year. If you get back to all-time highs around $150, that EBITDA rises to $730 million per year for that one world-class asset. We're very excited about the leverage to the uranium price that Roughrider possesses. You can see here some of the technical metrics of the project. There are other growth prospects here in the portfolio.
We picked this up from our acquisition of UEX, Christie Lake being one of the situations we're very excited about. 20.35 million lbs of uranium there. Also, Horseshoe -Raven is a project that we're very keen on. 37.43 million lbs of indicated resource at Horseshoe -Raven. Strong JV partnerships on some of these. Cameco, also Orano in there, in the case of Millennium owning 15%, in the case of Shade Creek owning 48.1%. We're also at the forefront of Sustainalytics. We have a good score, an ESG rating of 23.8. You can see that ranks quite high, medium risk. UEC at a glance, this is just some key metrics to consider in terms of the share price. Some of them are lagging.
The big rally we had this week, you'll see now that some of these metrics, for example, if you look at the average daily value traded, you see about $100 million USD a day. We did over $200 million yesterday. In terms of where the stock is, you see $13.05 on October 6th. We closed at $14 yesterday. We raised money at $13.15 with Goldman Sachs. We put away $200 million. We have no debt and a great capital structure. The team. We have to talk about the team just a bit. Great world-class team. From left to right, Amir Adnani, CEO, founder, sits on the World Nuclear Association Board. Spencer Abraham, former Secretary of Energy, Bush Administration. Scott Melbye, he is the President of the Uranium Producers of America. He is also CEO of Uranium Royalty.
Brent Berg, ran Cameco's ISR in Nebraska and Wyoming, over 20 years of experience. Donna Wichers, who worked for the Russians, worked for Uranium One as COO for many years, a technical expert in the field of uranium. This is just some of the pipeline that we possess moving forward with some of our other projects. We're very keen on especially the ISR production platform to the far right. As you can see, that represents a 12 million production base in terms of pounds. Kind of wrapping it up, we're going to just leave you with a couple of thoughts. 12.1 million lbs of combined U.S. Licensed production capacity. That's the key takeaway. That's from the three hub and spokes in Wyoming and Texas. You have the Roughrider project, which is a world-class asset coming online with a pre-feasibility by the end of the year. Strong balance sheet, no debt.
Stock's at an all-time high. We have great sector fundamentals behind us. With that, I'm going to give it back to, I guess, the moderator. We can go from there.
Yeah, let's have some questions. Thank you for that.
Oh, sure.
If you stand here, the camera will be.
Oh, yeah, sure.
Right here. I have to expose my ignorance here because when it comes to uranium, how is the price set?
Yeah, the price set is, let's talk about the spot market versus the long-term market. Historically, the long-term market has dominated. That is, let's say a contract you would sign with a utility would represent, let's say, 80% of the market. The remaining 20% of the market, we would place into the spot market. The spot market, it could be anyone. There are nuclear fuel brokers. There are utilities buying and trading. Japanese trading houses are quite active in this market. Even uranium producers themselves. If you have a production shortfall and you need to deliver, let's say, to a utility, you might go into the spot market, grab $500,000 or $1 million so that you can deliver as per a contractual agreement you may have with a utility. It's basically an 80/20 split.
Okay, I think you answered one of my questions here. I'm looking out. You can sell to anyone. There's no restriction on the buyer?
No restriction on the buyer. We pride ourselves on being 100% unhedged in our book. That is to say, we don't have any commitments because we really want to give our shareholders the most torque and leverage to the uranium price. You'll see some of our competitors do it a bit differently. They'll sign contracts with ceilings and floors. We're not big advocates of that. The last thing our shareholders want and need is a ceiling. If the price of uranium goes back to all-time highs, which we believe it will happen in this cycle, we want to make sure that there's no ceiling preventing our shareholders from reaping those benefits.
We have a question here, please.
Could you please enlighten me on any difference in profitability between hard rock extraction and the in-situ extraction?
Excellent question. I would say the reason that UEC is in business now and producing in Wyoming is actually, it points to your question. The difference is that most ISR producers, including UEC, can operate profitably at a production cost around $27 cash cost, which is our cost. It's very similar across the ISR landscape, perhaps a bit lower in places like Kazakhstan because they can use acid leaching and some methods that are not permissible by Western standards.
Overall, in order to get that price signal to really do hard rock mining, which is not being done as much as it was in the past, you really would need a minimum of $100 a pound, but many say even closer to $150 a pound because the extraction cost of hard rock mining of uranium, particularly in the Western U.S., can exceed very easily $75, even $100 a pound versus $27 cash cost per lbs for our ISR operations in places like Wyoming and South Texas, which is a proven technology. It's been around for 50 years. We just put out our first fiscal results. We believe you'll continuously see those types of numbers moving forward. I hope that answers the question.
Could you elaborate a little bit about the competition here? This has been a sector that's been really in the dog room, and all of a sudden it's a global revival here. You need authorization to mine, I take it, and it takes time to get the permit. Who do you compete with? Do you compete with anyone?
Yeah, so in terms of permitting, the good news is many of our projects are fully licensed and permitted already. The ones that are not, the good news is, for example, we just acquired some assets from Rio Tinto, which are called Sweetwater. That's also in Wyoming, by the way. We believe that that could be coming online in the next two years. That's a great example. The old regime, pre-Donald J. Trump, that could take upwards of five years to receive an ISR permit to mine ISR in the state of Wyoming. Trump has come in, completely overhauled permitting. He's created something called FAST-41. FAST-41 takes a five-year permitting process, narrows it down to a year. He's been basically taking a blowtorch to all the bureaucracy in Washington, D.C. He's shuffled up the NRC. He's making bold moves to move these projects forward.
Not just in uranium, he's making big moves in rare earths, lithiums. He's the most pro-mining president since Herbert Hoover. He's been great for the sector. We haven't had a president or an administration that cared about mining like this man in many, many years, maybe 100 years. We're just ecstatic at what we see in the U.S.
You raised capital, and that was easy?
Yeah, you know what, easier than we thought. In a market like this, with our good friends Goldman Sachs leading the deal, we put away $200 million about a week ago at $13.15 a share. Guess what? We closed at $14 yesterday, all-time high close. The market certainly endorsed that transaction and the use of proceeds to move our efforts into more vertical integration in the fuel cycle. You'll hear more about that, by the way, in the coming weeks when we put out more press releases about it.
I know you mentioned no debt. Is that a strong cash position? Is that by necessity or by choice?
Yeah, we have many opportunities, and our peers have taken advantage of many opportunities. As you know, the convertible bond space is on fire. Some of our competitors have put away big convertible bond raises. Many of our competition have convertible bond debt. We prefer to be a bit more conservative than that. We believe in having a debt-free balance sheet. We're a very liquid stock, and we have a very tight capital structure. We've never done a rollback, so it's worked out well for us.
It seems like you're ready for the future here. You mentioned that we will get more information on the financial side. Is that what you want the market to look for in the near term?
Yeah, I would say before year-end, let's say by Christmas, you'll see updates on U3O8, the refining and conversion effort. You'll see an update on the Roughrider project in Athabasca on the pre-feasibility study, and perhaps even some more comments about how Sweetwater is going in Wyoming. Those are three big key areas.
It will be a busy space.
A busy space for sure.
All right, Bruce, thank you so much.
Thank you so much.