Navoiyuran announces 2025 Full Year Preliminary Results
Revenue growth, strong cash generation and continued development of assets
State Enterprise “Navoiyuran” (the “Company”), one of the world’s largest uranium mining companies and a leading low-cost producer of natural uranium, today announces its unaudited preliminary results for the year ended 31 December 2025 (the “Period”). The Company will, per its normal procedure, publish its full financial statements and the independent Auditors’ report for the period in May 2026.
During the year, the Company, a key supplier to the global nuclear fuel market, delivered a strong performance, achieving record revenues, supported by a 35% increase in production levels and ongoing investment in the development of its assets, which has led to a 52% increase in reserves.
Key highlights
Financial Highlights
- Revenue reached $1,112 million, up 20.2% from $925 million in the 2024 financial year.
- Adjusted EBITDA amounted to $624 million, exceeding last year’s level of $609 million (+0.33%).
- Adjusted net profit increased to $472 million, compared to $471 million in the previous year (+0.21%).
- CAPEX (2025) – $551 million: $322 million – mine development, $162 million – PPE purchases, $67 million – exploration and evaluation.
- Free cash flow increased by 59.7%, rising from $288 million to $460 million.
- Total Cash Costs (TCC) – $27 per pound U₃O₈.
- All-In Sustaining Costs (AISC) – $35 per pound U₃O₈.
- Net debt stands at $72 million.
- Net debt to EBITDA ratio – 0.12x.
Operational Highlights
- Production volume increased by 35% to 7,000 tonnes (2024 financial year: 5,200 tonnes).
- Average realized uranium price – $69.5 per pound U₃O₈.
- Uranium reserves (JORC Code): 63.4 thousand tonnes in 2024 vs. 96.6 thousand tonnes in 2025 (+52%)*.
- Mineral resources (JORC Code): 52.2 thousand tonnes in 2024 vs. 53.9 thousand tonnes in 2025 (+3%)*.
*Based on the Mineral Resource and Ore Reserve Statements report prepared by SRK Consulting as of 1 January 2026.
Strategic highlights
- Continued expansion of the Company’s mineral resource base, supported by ongoing exploration and development activities.
- Progress in advancing new deposits, including Qizilkok and Arnasoy, alongside the implementation of next-generation leaching technologies.
- Strengthening of international partnerships and continued engagement with global industry participants, reinforcing Navoiyuran’s position within the nuclear fuel supply chain.
Djamal Sabakhonovich Fayzullayev, General Director of Navoiyuran, commented:
“In 2025, our company demonstrated significant revenue growth in line with our expectations, while continuing to invest in asset development and growing our reserves.
Our focus on development and production growth, as well as on improving production efficiency through the application of modern mining technologies, is delivering strong financial results and creating a solid foundation for further growth that will meet the rising demand for natural uranium.
Against this backdrop, Navoiyuran strengthens its leading position as a highly efficient and reliable supplier of natural uranium using best-in-class modern mining technologies, whilst continuing to strengthen its international partnerships and generate value for all its stakeholders”.
Operational Review
During the reporting period, Navoiyuran continued to increase production volumes across its entire resource base, supported by the further development of its in-situ recovery (ISR) operations.
The Company made progress at a number of deposits, including preparatory work at the Qizilkok and Arnasay sites, while also continuing to optimize existing wellfields. At the same time, Navoiyuran accelerated the deployment of alternative leaching technologies, including oxygen and carbonate leaching, in order to improve operational efficiency and reduce dependence on sulfuric acid and its price volatility.
Outlook
Looking ahead, Navoiyuran expects to maintain stable production and revenue performance, supported by its established operational base and long-term partnerships with international industry participants.
The Company will continue to focus on expanding its mineral resource base, advancing key development projects, including Qizilkok and Arnasoy, and implementing next-generation leaching technologies to enhance efficiency and operational resilience.
Navoiyuran also remains committed to its ESG strategy, including continued investment in climate-related initiatives and progress towards its long-term decarbonisation targets.
Contact details
Hudson Sandler – International PR / Media
About Navoiyuran
Navoiyuran is one of the world’s largest uranium mining companies and a leading low-cost producer of natural uranium, headquartered in the Navoi region, Uzbekistan. The company is currently the sixth-largest uranium producer globally, operating 43 uranium deposits with a mineral resource base of 151,100 tonnes of uranium, including approximately 96,600 tonnes of ore reserves under JORC standards, and has a strong track record of continuing to expand its resource base.
Navoiyuran plays a strategic role in Uzbekistan’s mining sector and the global nuclear fuel supply chain, supporting stable uranium production as Uzbekistan continues to rank among the world’s leading uranium producers.