官方指引：无具体数值范围；2026 年销售承诺可通过现有库存及下半年 Shirley Basin 投产、Lost Creek 砂滤系统上线及其他增产措施来满足（CEO）
管理层引述：
“捕获量 110,000 磅，较上季度增长 41%，较去年同期增长 48%”（CEO）
“失 Creek 平均现金成本降至 37.5 美元/磅，环比下降 13%”（CEO）
“我们正越来越接近拥有两座 ISR 铀矿同时投入商业生产”（CEO）
“Shirley Basin 已捕获铀树脂，基础设施基本完工，预计夏季启动运输”（CEO）
“2026 年交付计划中绝大部分安排在下半年”（CEO）
Prepared Metrics
指标
数值
来源/背景
Lost Creek 树脂捕获量
110,000 磅
Q1 2026，环比+41%，同比+48%（CEO）
干燥包装量
96,000 磅
Q1 2026（CEO）
转化设施成品库存
>417,000 磅
期末，环比年初+14%（CEO）
平均现金成本（含税）
37.5 美元/磅
Q1 2026，环比-13%（CEO）
销售量
55,000 磅
Q1 2026（CEO）
平均销售价格
71 美元/磅
Q1 2026，环比+12%（CEO）
期末无限制现金
1.23 亿美元
截至 Q1 2026 末（CEO）
4 月 Lost Creek 装桶量
>57,000 磅
2023 年增产以来最高月水平（CEO）
Shirley Basin 钻完井数
540 口钻、312 口完井
截至 Q1 末（CEO）
Shirley Basin 集控室
5 座建成
截至 Q1 末（CEO）
North Hadsell 勘探井
33 口完成，13 个见矿点
截至 3 月（CEO）
Q&A Batch (1-5 of 5)
Q1 — Heiko Ihle
Topic: Utility contracting activity and Shirley Basin CapEx
Key points:
U.S. utilities are highly active in Q1 contracting future uranium supply, with more focus on securing supply than price.
Shirley Basin 2025 CapEx commitment remains unchanged at $25.5 million; Q1 spend was ~$11 million, leaving ~$15 million for rest of year.
Lost Creek water treatment upgrades CapEx forecast raised to $25M–$33M due to expedited sand filter installation.
Mgmt stance: Bullish — strong utility demand and steady CapEx execution; sand filter acceleration supports production goals.
Q2 — Anthony Taglieri
Topic: Lost Creek production ramp and Shirley Basin start-up
Key points:
April 2025 production at Lost Creek exceeded internal plans; mgmt advises looking at quarter-to-quarter linearity, not month-to-month.
Shirley Basin start-up expected to bring total production to 1.3 million pounds; final regulatory step is a preoperational inspection.
Mgmt believes nothing precludes passing the inspection; timing aligns with original assumptions (summer months, likely mid-June).
Mgmt stance: Neutral — cautious on monthly guidance but confident in resource and regulatory path.
Q3 — Ryan Schierman
Topic: Final regulatory approval for Shirley Basin
Key points:
Preoperational inspection is a verification of infrastructure and safety programs; mgmt has prepared and sees no obstacles.
Timing expectation remains consistent with prior assumptions (summer months).
Mgmt stance: Neutral — standard regulatory process, no concerns flagged.
Q4 — Jeffrey Grampp
Topic: Lost Creek optimization and Lost Soldier permitting
Key points:
Non-capital improvements at Lost Creek focus on maintenance systems and procurement alignment; no capital spend involved.
Lost Soldier technical report is progressing; baseline surveys for permitting have begun as a modest, prudent spend to accelerate process.
Permitting timeline for Lost Soldier estimated at 3–5 years.
Mgmt stance: Bullish — confident in resource and proactive permitting spend to accelerate development.
Q5 — Joseph Reagor
Topic: Delivery contract weighting and Lost Creek resource performance
Key points:
Delivery contracts are second-half weighted to match production ramp-up; Q1 was light, and lumpy delivery schedules are typical.
Lost Creek resource is solid; updated technical report added ~4 million pounds; fines (iron mineralization, “orange grunge”) are the main ramp-up constraint, not the ore body.
Sand filters and wellfield filtration are being installed to address fines; mgmt sees this as the next inflection point for production.
Mgmt stance: Bullish — resource performance confirmed; fines issue is operational, not geological, and solutions are in progress.
Q&A Batch (6–7 of 7)
Q6 — Soundarya Iyer
Topic: 2026年已实现价格指引及铀行业并购前景
Key points:
Q1 已实现价格约$71/磅，较上季度和去年同期显著提升
全年承诺交付130万磅，预期总收入$8320万（对应隐含加权均价约$64/磅）
公司位于怀俄明州，拥有健康资产负债表和现金，具备参与行业整合的能力
Mgmt stance: 中性偏乐观 – 明确指引全年加权均价，同时表示当前是铀生产商并购的有利窗口，但措辞谨慎（“appears to be amenable”）