On March 18, 2026, United States Uranium Refining & Conversion Corp. ("UR&C"), a wholly- owned subsidiary of Uranium Energy Corp, received a Docket Number from the U.S. Nuclear Regulatory Commission ("NRC") for its planned uranium conversion facility. This follows the Company's previously submitted Letter of Intent ("LOI") to pursue a license under 10 CFR Part 40.
The next step in the licensing process is the initial Pre-Application Engagement with the NRC. The formal license application is expected to be submitted once engineering and design activities, currently underway with Fluor, are complete and a site has been selected. The siting process has identified several viable locations in various states that are under consideration.
Multiple factors, including local incentives, workforce, utilities, highway, rail and port logistics and industry synergies, are evaluated in determining a preferred home for America's newest uranium hexafluoride conversion facility. This step represents a significant milestone for UEC on its path to becoming the only American vertically integrated nuclear fuel supplier, from mining to conversion, and supports the resiliency of the U.S. nuclear fuel supply chain. The LOI outlines the Company's plan to develop a state-of-the-art American uranium refining and conversion facility, building on nearly two years of pre-feasibility and planning.
UR&C seeks to play a critical role in mitigating national security risks stemming from U.S. overreliance on foreign uranium imports. It also aligns with American energy dominance objectives, while aiming to supply an increasingly constrained conversion market.
