Navoiyuran announces H1 2026 Financial Results

Revenue and net profit more than double as the Company advances its growth strategy

Uzbekistan’s 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 financial results for the six months ended 30 June 2026 (the “Period”).

During the Period, the Company delivered strong financial performance, supported by higher natural uranium sales volumes and an increase in the average realised uranium price. Revenue increased by 114% year-on-year to approximately US$795 million, net profit rising by 138% to US$348 million and operating cash flow increasing by 57.7%. In line with its long-term strategy, the Company continued to invest in the development of its production assets and the expansion of its mineral resource base.

Key highlights

• Revenue reached approximately US$795 million, up 114% year-on-year (H1 2025: US$371 million).
• Gross profit increased by 110% to approximately US$448.5 million (H1 2025: US$213.4 million).
• Operating profit reached approximately US$422.2 million, up 133% year-on-year (H1 2025: US$181 million).

• Net profit increased by 138% to approximately US$348 million (H1 2025: US$146.2 million).
• Net cash generated from operating activities increased by 57.7% to approximately US$293.7 million (H1 2025: US$186.2 million).
• EBITDA increased by 138% to US$477.2 million, compared with US$200.7 million in H1 2025.
• EBITDA margin increased by 6 percentage points to 54%, compared with 60% in H1 2025.
• Average realised uranium price increased by 25% to US$86.06 per pound U₃O₈, compared with US$68.71 per pound U₃O₈ in H1 2025.
• Total Cash Costs (TCC) amounted to US$14.70 per pound U₃O₈.
• All-In Sustaining Costs (AISC) amounted to US$31.97 per pound U₃O₈, ensuring the company maintained its leading cost position.
• Capital expenditure (CAPEX) totalled US$263.3 million, comprising US$135.4 million in mine development, US$93.4 million in property, plant and equipment purchases and US$34.5 million in exploration and evaluation activities.

Djamal Sabakhonovich Fayzullayev, General Director of Navoiyuran, commented:

“In the first half of 2026, Navoiyuran delivered a strong financial and operational performance, with revenue and net profit more than doubling compared with the same period last year. At the same time, we continued to develop our existing production assets and advance new deposits. In April 2026, we commenced commercial uranium production at the Qizilkok deposit, while also progressing development activities at the Arnasoy and Dzhengeldi deposits.

In line with the objectives set by the President of the Republic of Uzbekistan, Shavkat Mirziyoyev, and the priorities of the Uzbekistan 2030 Strategy, as well as the state programme to increase uranium mining and processing volumes by 2030, we will continue to expand our mineral resource base, invest in modern mining technologies and advance new production projects.”

Operational Highlights

During the Period, Navoiyuran continued to develop its existing mining operations and advance new deposits, supported by ongoing investment in production infrastructure, equipment and geological exploration.

Total capital expenditure (CAPEX) amounted to approximately US$263.3 million, including US$135.4 million in mine development, US$93.4 million in property, plant and equipment and US$34.5 million in exploration and evaluation activities. These investments form part of the Company’s broader strategy to expand production capacity, strengthen its mineral resource base and support sustainable long-term growth.

In April 2026, the Company commenced commercial production of natural uranium at the Qizilkok deposit in the Navoi region. Qizilkok is the third-largest deposit in Navoiyuran’s portfolio, with a planned annual production capacity of 1,200 tonnes and an estimated mine life of 15 years. As operations develop, the deposit is expected to make an increasing contribution to Navoiyuran’s overall production volumes. The deposit is being developed using oxygen-based in-situ leaching technology, reflecting the Company’s continued commitment to deploying modern extraction methods across its operations.

Outlook

Navoiyuran will continue to advance its exploration and mine development programme, including activities across prospective areas and the further development of the Qizilkok deposit as production operations expand.

The Company will also broaden the application of modern in-situ leaching technologies to improve uranium recovery rates, manage production costs and strengthen operational resilience.

Alongside the continued development of its operations, Navoiyuran will further strengthen cooperation with international industry partners, maintaining its position as a reliable supplier of natural uranium to the global nuclear fuel market.