For decades, the United States allowed much of its nuclear fuel supply chain to move overseas.

Now the clock is running to rebuild it.

Uranium Energy Corp. reported Tuesday that production from its American uranium mines is rising rapidly while costs are falling.

But the bigger story may be what comes next.

On January 1, 2028, waivers allowing some Russian uranium imports into the United States must expire.

The underlying Russian uranium ban took effect in 2024, but Congress allowed temporary waivers to prevent disruptions while alternative supplies were developed.

That leaves the United States with a little more than a year to continue rebuilding parts of a nuclear fuel supply chain it spent decades allowing to disappear.

UEC wants to be near the center of that rebuilding.

“We’re about a year away from the market here really starting to feel tight,” CEO Amir Adnani told investors Tuesday.

The numbers help explain why.

American nuclear operators purchased 46.9 million pounds of uranium in 2025.

And just 7% of that was of United States origin.

Canada supplied 32%, Kazakhstan 28%, and Australia 15%.

Utilities also have enormous future needs that have not yet been filled.

The Energy Information Administration (EIA) estimates American nuclear operators have about 186 million pounds of unfilled uranium requirements between 2026 and 2035.

UEC executives said Tuesday that they are already seeing increased interest from utilities, including more requests for long-term proposals.

That is management’s characterization of the current market, but it lines up with the large unfilled requirements reported by the EIA.

Meanwhile, Washington is becoming another potential customer.

The National Nuclear Security Administration has asked the industry about supplying 4 million pounds of unobligated United States-origin uranium annually, with deliveries potentially beginning in 2030.

The United States Army is also moving forward with more than 20 planned nuclear microreactors that would require domestic uranium and conversion services.

And UEC believes it can eventually supply the entire 4-million-pound uranium requirement from its Wyoming and Texas operations.

That would represent a dramatic expansion from where the company is today.

UEC produced about 229,000 pounds during fiscal 2026.

But production accelerated sharply late in the year.

Fourth-quarter production increased 157% from the previous quarter while total cost fell 33%.

The company is also choosing not to sell most of what it owns.

UEC finished the year with about 1.26 million pounds of uranium inventory, $495 million in cash, and no debt.

Management says that balance sheet allows it to remain unhedged rather than locking future production into long-term contracts at today’s prices.

That strategy carries risk if uranium prices fall. But it gives UEC direct exposure if an increasingly tight market pushes prices higher.

But mining is only part of the equation for UEC.

Uranium must also be converted and enriched before it eventually becomes nuclear fuel.

And UEC is attempting to build a domestic conversion business through United States Uranium Refining & Conversion Corp.

The project is not operating yet. But UEC is preparing its Nuclear Regulatory Commission license application and working toward a more detailed cost estimate expected in 2027.

Adnani described the opportunity Tuesday as “once-in-a-lifetime.”

For years, America solved its uranium needs largely by buying from somewhere else.

Now that Russian supply is being removed, companies have an economic incentive to build physical assets at home.

America has an opportunity to rebuild an industry it once allowed to disappear.

UEC is betting heavily that it can help build it before the clock runs out.