Uzbek Uranium Giant Navoiyuran Reports Record $1.1 Billion Revenue

Uzbekistan's state-owned uranium mining enterprise, Navoiyuran, has announced preliminary financial results for 2025, revealing a historic revenue milestone and a significant surge in production. The company, ranked sixth globally by uranium output, achieved these results while maintaining its status as one of the world's lowest-cost producers.

The company's revenue for the year reached $1.112 billion, marking a 20.2% increase from the $925 million recorded in 2024. This figure represents the highest revenue in the company's history as disclosed in its latest report.

However, profitability growth was far more modest. Adjusted EBITDA saw a marginal increase of 0.33%, rising to $624 million from $609 million the previous year. Similarly, adjusted net profit remained virtually flat at $472 million compared to $471 million in 2024.

The stark contrast between the robust revenue growth and stagnant profit is attributed to substantial capital investments. Total CAPEX for 2025 amounted to $551 million, with funds allocated to field development ($322 million), acquisition of fixed assets ($162 million), and geological exploration ($67 million).

On the operational front, uranium production volume jumped by 35%, climbing from 5,200 tons to 7,000 tons. The average realized price was $69.5 per pound of U₃O₈.

The company maintained high operational efficiency with total cash costs (TCC) at $27 per pound and all-in sustaining costs (AISC) at $35 per pound. The gap between the realized price and AISC indicates a significant operating margin.

This production increase was driven primarily by further development of In-Situ Recovery (ISR) technology and preparatory work at new sites like Kyzylkok and Arnassay.

A key financial highlight was a sharp 59.7% rise in free cash flow, which grew from $288 million to $460 million. This demonstrates the company's strong cash generation capability despite heavy capital expenditure.

Navoiyuran maintains minimal debt levels, with net debt standing at just $72 million and a net debt-to-EBITDA ratio of 0.12x—a conservative figure for the mining industry.

Investments in exploration yielded substantial results. According to an SRK Consulting report dated January 1, 2026, JORC-compliant uranium reserves increased by 52%, from 63.4 thousand tons in 2024 to 96.6 thousand tons in 2025.

Beyond ramping up output at existing wellfields, Navoiyuran accelerated the implementation of alternative leaching technologies—oxygen and carbonate-based—in 2025. This move aims to enhance operational efficiency and reduce reliance on volatile sulfuric acid prices traditionally used in ISR mining.

The company's strategic priorities include continuing to expand its mineral resource base, advancing projects at Kyzylkok and Arnassay deposits, deploying next-generation leaching technologies, and strengthening international partnerships within the nuclear fuel supply chain.