Uganda’s latest Extractive Industries Transparency Initiative report, released in Kampala, reveals a 25.1% increase in extractive sector revenues, rising to Shs663.24 billion in the 2023/24 financial year. This growth is largely attributed to exploration, licensing fees, mining royalties, and field development—not yet commercial oil production. Significantly, this revenue surge occurred *before* the start of Uganda’s anticipated oil era. The report highlights an expanding extractive economy even without production revenue, demonstrating activity in the sector. This data underscores the importance of transparency in managing these funds. The findings suggest a promising, though preliminary, trend in Uganda's extractive industries. The true test of the sector’s impact will come with the commencement of commercial oil pumping.