What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2023-09-29 compared with 2022-09-29 · 193 added, 200 removed, 304 unchanged (56% of the section changed)

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The last reported closing price for our shares on the NYSE American on September 27, 2023 was $5.28 per share.

As of September 27, 2022, we had 238 registered shareholders.

As of September 27, 2023, we had 261 registered shareholders.

Dividend Policy

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The table below sets forth information relating to our equity compensation plan at our fiscal year end July 31, 2023:

Plan Category

Securities to be

Options, Warrants

and Rights (1)

Average Exercise

of Outstanding

Remaining Available

of Outstanding

for Future Issuance

Options, Warrants

Compensation Plans

and Rights (1)

(excluding column

Equity Compensation Plans Approved by Security Holders (the 2022 Plan)  (3)

Plan Category

Equity Compensation Plans Approved by Security Holders (the 2023 Plan) (3)

Equity Compensation Plans Not Approved by Security Holders

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Securities Authorized For Issuance Under Compensation Plans

2022 Stock Incentive Plan

On June 2, 2022, our Board of Directors authorized and approved the adoption of the Company’s 2022 Plan, under which an aggregate of 25,576,693 of our shares may be issued, subject to adjustment as described in the 2022 Plan, and which, at that time, consisted of:

2023 Stock Incentive Plan

On May 26, 2023, our Board of Directors authorized and approved the adoption of the Company’s 2023 Plan, under which an aggregate of 30,108,288 of our shares may be issued, subject to adjustment as described in the 2023 Plan, and which, at that time, consisted of:

(i) 9,987,917 shares issuable pursuant to awards previously granted that were outstanding under our 2022 Plan;

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and (iii) 10,000,000 additional shares that may be issued pursuant to awards that may be granted under the 2023 Plan.

On July 21, 2022, our shareholders approved the adoption of our 2022 Plan.

On July 20, 2023, our shareholders approved the adoption of our 2023 Plan. 

The 2023 Plan supersedes and replaces our most recent and prior equity compensation plan, being the 2022 Plan.

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(ii) the number of shares or amount of other Awards to be granted;

and (iii) the terms and conditions of the Awards granted.

We may issue shares, options, stock appreciation rights, restricted stock units, performance restricted stock units, deferred stock units and dividend equivalent rights, among others, under our Stock Incentive Plan.

An Award may not be exercised after the termination date of the Award and may be exercised following the termination of an Eligible Participant’s continuous service only to the extent provided by the Administrator under the Stock Incentive Plan.

If the Administrator of our Stock Incentive Plan permits an Eligible Participant to exercise an Award following the termination of continuous service for a specified period, the Award terminates to the extent not exercised on the last day of the specified period or the last day of the original term of the Award, whichever occurs first.

In the event an Eligible Participant’s service has been terminated for “cause”, he or she shall immediately forfeit all rights to any of the Awards outstanding.

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During our fourth quarter ended July 31, 2023, we issued the following securities that were not registered under the Securities Act:

on July 12, 2022, we issued an aggregate of 41,350 shares of common stock to a consultant in consideration for services under a consulting agreement at a deemed issuance price of $3.26 per share.  We relied on exemptions from registration under the Securities Act provided by Rule 506 of Regulation D and/or Section 4(a)(2) with respect to the issuance of these shares;

on July 22, 2022, we issued an aggregate of 2,854 shares of common stock to a consultant in consideration for services under a consulting agreement at a deemed issuance price of $4.73 per share.  We relied on exemptions from registration under the Securities Act provided by Regulation S and/or Section 4(a)(2) with respect to the issuance of these shares.

on May 2, 2023, we issued 12,796 shares of common stock pursuant to the exercise of warrants at a price of CAD$2.33 per share.

We relied on the exemption from the registration requirements under the Securities Act provided by Rule 903 of Regulation S with respect to the issuance of these shares; 

on May 16, 2023, we issued an aggregate of 77,906 shares of common stock pursuant to the exercise of warrants at a price of CAD$2.33 per share.

We relied on the exemption from the registration requirements under the Securities Act provided by Rule 903 of Regulation S with respect to the issuance of these shares;

on May 19, 2023, we issued an aggregate of 34,874, 7,500 and 69,704 shares of common stock pursuant to the exercise of warrants at prices of CAD$2.33, CAD$2.00 and CAD$1.44 per share respectively.

We relied on the exemption from the registration requirements under the Securities Act provided by Rule 903 of Regulation S with respect to the issuance of these shares.

On the same date, we issued an aggregate of 11,250 shares of common stock pursuant to the exercise of warrants at a price of CAD$2.33 per share.

We relied on the exemption from the registration requirements under the Securities Act provided by Rule 506(b) of Regulation D and/or Section 4(a)(2) under the Securities Act with respect to the issuance of these shares; 

on June 2, 2023, we issued an aggregate of 689,158 shares of common stock pursuant to the exercise of warrants at a price of CAD$2.00 per share.

We relied on the exemption from the registration requirements under the Securities Act provided by Rule 903 of Regulation S with respect to the issuance of these shares;

on July 26, 2023, we issued an aggregate of 34,566 shares of common stock to a certain vendor pursuant to a Property Purchase Agreement dated July 10, 2023, at a deemed issuance price of $3.2845 per share.

We relied on exemptions from registration under the Securities Act provided by Regulation S and/or Section 4(a)(2) with respect to the issuance of these shares.

Comparative Stock Performance

The graph below compares the cumulative total stockholder return on our common stock assuming an investment of $100 and the reinvestment of all dividends, if any, for the years ended July 31, 2019, through to July 31, 2023, with:

(i) the cumulative total return on the shares of common stock of a current peer group index comprised of Centrus Energy Corp., Comstock Resources, Inc., Denison Mines Corp., Energy Fuels Inc., Fission Uranium Corp., Global Atomic Corporation, Gulfport Energy Corporation, IsoEnergy Ltd., NACCO Industries, Inc., NexGen Energy Ltd., Northern Oil and Gas, Inc., Polymet Mining Corp.

and UR-Energy Inc.

(i) the cumulative total return on the shares of common stock of a current peer group index comprised of Centrus Energy Corp., Coeur Mining, Inc., Comstock Resources, Inc., Denison Mines Corp., enCore Energy Corp., Energy Fuels Inc., Filo Mining Corp., Fission Uranium Corp., Gulfport Energy Corporation, K92 Mining Inc., NexGen Energy Ltd., Northern Oil and Gas, Inc., Osisko Mining Inc., Seabridge Gold Inc.

and Torex Gold Resources Inc.

(collectively, the “Peer Group”);

(ii) the cumulative total return on the shares of common stock of a previous peer group index comprised of Centrus Energy Corp., Comstock Resources, Inc., Contango Oil & Gas Company, Denison Mines Corp., Energy Fuels Inc., Fission Uranium Corp., IsoEnergy Ltd., NACCO Industries, Inc., NexGen Energy Ltd., Polymet Mining Corp., Silvercorp Metals Inc., UEX Corporation and UR-Energy Inc.

(ii) the cumulative total return on the shares of common stock of a previous peer group index comprised of Centrus Energy Corp., Comstock Resources, Inc., Denison Mines Corp., Energy Fuels Inc., Fission Uranium Corp., Global Atomic Corporation, Gulfport Energy Corporation, IsoEnergy Ltd., NACCO Industries, Inc., NexGen Energy Ltd., Northern Oil and Gas, Inc., PolyMet Mining Corp.

and Ur-Energy Inc.

(collectively, the “Previous Peer Group”);

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Term deposits

Working capital (deficit)

Working capital

Long-term obligations

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Sales and service revenue

Operating costs

Net income (loss) for the year

Income (loss) from operations

Net income (loss)

Basic income (loss) per share

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We have two ISR Mines which utilize ISR mining to extract U 3 O 8 , or yellowcake.

We have two uranium processing facilities located in vicinity of our IRS Mines, which process material from our ISR Mines into drums of U 3 O 8 for shipping to a third-party storage and sales facility.

We have two uranium processing facilities located in the vicinity of our IRS Mines, which process material from our ISR Mines into drums of U 3 O 8 for shipping to a third-party storage and sales facility.

At July 31, 2023, we had no uranium supply or off-take agreements in place.

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We acquired the fully permitted Reno Creek Project in August 2017 and expanded our operations to the strategic Powder River Basin in Wyoming.

On December 17, 2021, we completed the acquisition of all the issued and outstanding shares of U1A (now UEC Wyoming Corp.;

“UEC Wyoming”) for total cash consideration of $128,495.

On December 17, 2021, we completed the acquisition of all the issued and outstanding shares of Uranium One Americas, Inc. (now UEC Wyoming Corp.;

UEC Wyoming) for total cash consideration of $128,495.

The UEC Wyoming portfolio primarily consists of 12 projects located in Wyoming, six of which are located in the Powder River Basin with four fully permitted, and six of which are located in the Great Divide Basin (the “UEC Wyoming Portfolio”).

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(“Anfield”), whereby the Company received Anfield’s portfolio of 25 ISR uranium projects in Wyoming (the “Anfield ISR Projects”) in exchange for UEC’s Slick Rock and Long Park projects located in Colorado.

The Anfield ISR Projects increase UEC’s Wyoming land holdings by 50%, adding 55,119 acres of federal mining claims and state mineral leases. 

The Anfield ISR Projects are comprised of the Charlie Project, located immediately adjacent to UEC’s Christensen Ranch property, along with nine projects in the Powder River Basin, seven projects in the Great Divide Basin, four projects in the Wind River Basin, three projects in the Shirley Basin and one project in Black Hills.

Subsequent to July 31, 2022, we completed the acquisition of UEX Corporation (“UEX”) through a plan of arrangement (the “UEX Acquisition”). 

UEX is a Canadian uranium and cobalt exploration and development company involved with an exceptional portfolio of uranium projects.

UEX’s directly-owned portfolio of projects is located in the eastern, western and northern perimeters of the Athabasca Basin, one of the world’s richest uranium region.

The Anfield ISR Projects increased UEC’s Wyoming land holdings by 50%, adding 55,119 acres of federal mining claims and state mineral leases. 

On August 19, 2022, we completed the acquisition of UEX Corporation (UEX) through a plan of arrangement (the UEX Acquisition). 

UEX is a Canadian uranium and cobalt exploration and development company involved with a portfolio of uranium projects.

UEX’s directly-owned portfolio of projects is located in the eastern, western and northern perimeters of the Athabasca Basin, one of the world’s richest uranium regions.

In addition to advancing its uranium development projects through its ownership interest in a joint venture entity, UEX is currently advancing several other uranium deposits in the Athabasca Basin which include the Paul Bay, Ken Pen and Ōrora deposits at the Christie Lake Project, the Kianna, Anne, Colette and 58B deposits at its currently 49.1%-owned Shea Creek Project, the Horseshoe and Raven deposits located on its 100%-owned Horseshoe-Raven Project and the West Bear Uranium Deposit located at its 100%-owned West Bear Project.

On October 14, 2022, we acquired, through UEC Resources (SK) Corp., Roughrider Mineral Holdings Inc., a Saskatchewan corporation and wholly-owned subsidiary of Rio Tinto Fer Et Titane Inc., which, in turn, owns all of the issued and outstanding shares of Roughrider Mineral Assets Inc., also a Saskatchewan corporation, that holds certain mineral leases totaling approximately 598 hectares in northern Saskatchewan that is commonly referred to as the “Roughrider Project”

located in the Athabasca Basin in Saskatchewan, Canada.

Subsequent to July 31, 2023, we acquired a portfolio of exploration-stage projects in the Athabasca Basin, Saskatchewan, Canada, for CAD$1.5 million from Rio Tinto Exploration Canada Inc., a subsidiary of Rio Tinto Inc., whereby we acquired a 60% equity stake in the Henday Lake joint venture, 100% of the Milliken project and a 50% equity stake in the Carswell joint venture project. 

With this transaction, we added an additional 44,444 acres of prospective ground in the Athabasca Basin to our existing portfolio.

We also hold certain mineral rights in various stages in the States of Arizona, New Mexico, Texas and Wyoming, and in Canada and in the Republic of Paraguay, many of which are located in historically successful mining areas and have been the subject of past exploration and pre-extraction activities by other mining companies.

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Our operating and strategic framework is based on expanding our uranium extraction activities, which includes advancing certain uranium projects with established mineralized materials towards uranium extraction and establishing additional mineralized materials on our existing uranium projects or through acquisition of additional uranium projects.

Since commencing uranium extraction at our Palangana Mine in November 2010, we have been focused primarily on expanding our South Texas uranium mining activities.

Since the completion of the U1A Acquisition in December 2021, we further expanded our footprints in Wyoming with our Wyoming hub-and-spoke operations.

Since commencing uranium extraction at our Palangana Mine in November 2010, we have been focused primarily on our South Texas uranium mining activities.

Since the completion of the U1A Acquisition in December 2021, we expanded our footprints in Wyoming with our Wyoming hub-and-spoke operations.

The acquisition of UEX in August 2022 and the acquisition of Roughrider Mineral Holdings Inc.

in October 2022 further expanded our footprint in Canada and, in particular, the Athabasca Basin in Saskatchewan. 

In the meantime, we continue to establish additional uranium mines through exploration and pre-extraction activities and direct acquisitions in both the U.S.

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Historically, we have been reliant primarily on equity financings from the sale of our common stock and, for Fiscal 2014 and Fiscal 2013, on debt financing, in order to fund our operations.

We have also relied on cash flows generated from our mining activities during Fiscal 2015, Fiscal 2013 and Fiscal 2012.

In the future we may also rely on cash flows generated from the sales of our uranium inventories under our Physical Uranium Program to fund our operations.

However, we have yet to achieve profitability or develop positive cash flow from operations.

We have also relied on cash flows generated from our mining activities during Fiscal 2015, Fiscal 2013 and Fiscal 2012 and have relied on cash flows generated from the sales of our purchased uranium inventories under our Physical Uranium Program to fund our operations since Fiscal 2022.

However, we have yet to achieve consistent profitability or develop consistent positive cash flow from operations.

Our reliance on equity and debt financings is expected to continue for the foreseeable future, and their availability whenever such additional financing is required will be dependent on many factors beyond our control including, but not limited to, the market price of uranium, the continuing public support of nuclear power as a viable source of electricity generation, the volatility in the global financial markets affecting our stock price and the status of the worldwide economy, any one of which may cause significant challenges in our ability to access additional financing, including access to the equity and credit markets.

We may also be required to seek other forms of financing, such as asset divestitures or joint venture arrangements, to continue advancing our uranium projects which would depend entirely on finding a suitable third party willing to enter into such an arrangement, typically involving an assignment of a percentage interest in the mineral project.

We may also be required to seek other forms of financing, such as asset divestitures or additional joint venture arrangements, to continue advancing our uranium projects which would depend entirely on finding a suitable third party willing to enter into such an arrangement, typically involving an assignment of a percentage interest in the mineral project.

However, there is no assurance that we will be successful in securing any form of additional financing when required and on terms favorable to us.

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or “bankable”

feasibility study for any of our mineral projects.

feasibility study for any of the mineral projects we operate.

We have established the existence of mineralized materials for certain uranium projects, including our ISR Mines.

Since we commenced uranium extraction at our ISR Mines without having established proven or probable reserves, there may be greater inherent uncertainty as to whether or not any mineralized material can be economically extracted as originally planned and anticipated.

The Palangana Mine has been our sole source to generate sales revenues from the sales of U 3 O 8 during Fiscal 2015, Fiscal 2013 and Fiscal 2012.

The economic viability of our mining activities, including the expected duration and profitability of our ISR Mines and of any future satellite ISR mines, such as our Burke Hollow and Goliad Projects and recently acquired Ludeman, Antelope and Charlie Projects, has many risks and uncertainties.

The Palangana Mine was our sole source to generate sales revenues from the sales of U 3 O 8 during Fiscal 2015, Fiscal 2013 and Fiscal 2012.

The economic viability of our mining activities, including the expected duration and profitability of our ISR Mines, of any future satellite ISR mines, such as our Burke Hollow and Goliad Projects, Ludeman, Antelope and Charlie Projects, and of our recently acquired traditional uranium mines in Athabasca Basin in Saskatchewan, Canada, has many risks and uncertainties.

These include, but are not limited to:

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Our mining activities may change as a result of any one or more of these risks and uncertainties and there is no assurance that any ore body that we extract mineralized materials from will result in achieving and maintaining profitability and developing positive cash flow.

Response to COVID-19 Pandemic

In response to the COVID-19 pandemic for the protection of our employees, we have arranged, where and when needed from time to time, for our teams at our Vancouver, Corpus Christi and Paraguay offices to work remotely and we have implemented certain health protocols for our employees and contractors who work at the field.

In the meantime, we continue to operate our Palangana Mine and recently acquired Christensen Mine at a reduced pace to capture residual uranium only and continue to advance our ISR projects with engineering and geologic evaluations that support the Company’s extraction readiness strategy.

As at July 31, 2023, we had no uranium supply or off-take agreements in place.

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Results of Operations

During Fiscal 2022, we recorded sales and service revenue of $23,161 and realized gross profit of $7,293.

No sales and service revenues were recorded during Fiscal 2021 and Fiscal 2020.

For Fiscal 2022, we recorded net income of $5,252 ($0.02 per share), while for Fiscal 2021 and Fiscal 2020, we recorded a net loss of $14,813 ($0.07 per share) and $14,610 ($0.08 per share), respectively.

Loss from operations during Fiscal 2022, Fiscal 2021 and Fiscal 2020 totaled $22,710, $17,512 and $14,334, respectively. 

During Fiscal 2022, we continued with our strategic plan for reduced operations at our Palangana Mine and, since the closing of the U1A Acquisition, we continued reduced operations at the Christensen Ranch Mine, to capture residual pounds of U 3 O 8 only. 

While we remain in a state of operational readiness, uranium extraction expenditures incurred at the Palangana Mine and the Christensen Ranch Mine, which are directly related to regulatory/mine permit compliance, lease maintenance obligations and maintaining a necessary labor force, are being charged to our consolidated statement of operations.

As a result, no uranium concentrate was extracted at our ISR Mines and processed at the Hobson and the Irigaray Processing Facilities, respectively, during Fiscal 2022 and Fiscal 2021.

During Fiscal 2023, we recorded sales and service revenue of $164,389 and realized gross profit of $49,670.

For Fiscal 2022, we recorded sales and service revenue of $23,161 and realized gross profit of $7,293. 

No sales and service revenues were recorded during Fiscal 2021.

We recorded a net loss of $3,307 ($0.01 per share) for Fiscal 2023 and net income of $5,252 

($ 0.02 per share) for Fiscal 2022, while we recorded a net loss of $14,813 ($0.07 per share) for Fiscal 2021. 

Income (loss) from operations during Fiscal 2023, Fiscal 2022 and Fiscal 2021 was $8,867, $ (22,710) and $(17,512), respectively. 

During Fiscal 2023, we continued with our strategic plan for reduced operations at our Palangana Mine, and we continued reduced operations at the Christensen Ranch Mine, to capture residual pounds of U 3 O 8 only. Since the acquisition of UEX and Roughrider Mineral Holdings Inc., we have increased our exploration activities in Canada. 

As a result, no uranium concentrate was extracted at our ISR Mines and processed at the Hobson and the Irigaray Processing Facilities during Fiscal 2023 and Fiscal 2022.

We established our Physical Uranium Program in Fiscal 2021. 

As of the date of this Annual Report, we have 3.1 million pounds of uranium inventory purchase commitments outstanding for a total purchase price of $118.8 million.

Various deliveries are scheduled to occur in December 2022 into December 2025 at a weighted average price of $38.32 per pound of uranium.

During Fiscal 2022, as part of our Physical Uranium Program, we received 1,300,000 pounds of uranium concentrates with a total cost of $52,858.

As of July 31, 2022, the carrying value of our inventories was $66,570 (July 31, 2021:

As of July 31, 2023, we have 1,695,000 pounds of uranium inventory purchase commitments outstanding for a total purchase price of $72,517.

Various deliveries are scheduled to occur from Fiscal 2024 into Fiscal 2026 at a weighted average price of $42.78 per pound of uranium.

During Fiscal 2023, as part of our Physical Uranium Program, we purchased  1,521,000 poun ds of uranium concentrates with a total cost of $53.7 million.

As of July 31, 2023, the carrying value of our uranium inventories was $5,801 (July 31, 2022:

Sales and Service Revenue

During Fiscal 2022, we recorded sales of $22,946 from the sale of 500,000 pounds of uranium concentrate inventory.

In addition, we recorded revenue from toll processing services of $215, which was generated from processing uranium resins according to a toll processing agreement resulting from the U1A Acquisition.

As a result, we realized gross profit of $7,293, representing a gross profit margin of 31.5%.

No sales and service revenues were recorded during Fiscal 2021 and Fiscal 2020.

During Fiscal 2023, we recorded sales of $163,950 from the sale of uranium concentrate inventory, which increased by $141,004 or 614.5% compared to Fiscal 2022.

In addition, we recorded revenue from toll processing services of $439 in Fiscal 2023, increased by $224 compared to Fiscal 2022, which was generated from processing uranium resins according to a toll processing agreement resulting from the U1A Acquisition.

As a result, we realized gross profit of $49,670, representing a gross profit margin of 30.2% in Fiscal 2023, an increase of $42,377 from Fiscal 2022.

 No sales and service revenues were recorded during Fiscal 2021.

The table below provides a breakdown of sales and service revenue and cost of sales and services:

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Mineral property expenditures consisted of expenditures relating to permitting, property maintenance, exploration and pre-extraction activities and all other non-extraction related activities on our mineral projects.

The following table provides mineral property expenditures on a project basis during the past three fiscal years:

The following table provides the nature of mineral property expenditures during the past three fiscal years:

Year Ended July 31,

Mineral Property Expenditures

Permitting and compliance

Property maintenance

Production readiness

During Fiscal 2023, the exploration expenditures, such as drilling and preliminary economic assessments, were primarily spent on the following projects:

Buke Hollow Project:

$3,107 (Fiscal 2022:

$1,105, Fiscal 2021:

Christie Lake Project:

$3,105 (Fiscal 2022:

$nil, Fiscal 2021:

Roughrider Project:

$1,287 (Fiscal 2022:

$nil, Fiscal 2021:

During Fiscal 2023, the production readiness expenditures were primarily spent on the following projects:

Palangana Mine:

Burke Hollow Project

Goliad Project

Anderson Project

Workman Creek Project

$905 (Fiscal 2022:

$505, Fiscal 2021:

Christensen Ranch Mine:

$1,799 (Fiscal 2022:

$225, Fiscal 2021:

During Fiscal 2023, the property maintenance expenditures were primarily spent on the following projects:

Buke Hollow Project:

$703 (Fiscal 2022:

$313, Fiscal 2021:

Reno Creek Project:

$391 (Fiscal 2022:

$409, Fiscal 2021:

Christensen Ranch Mine:

$323 (Fiscal 2022:

$109, Fiscal 2021:

Ludeman Project:

Antelope Project

Moore Ranch Project

Barge Project

Oviedo Project

Alto Paraná

Titanium Project

Other Mineral Property Expenditures

During Fiscal 2022, Fiscal 2021 and Fiscal 2020, mineral property expenditures included costs directly related to maintaining operational readiness and permit compliance at our Palangana Mine and Hobson Processing Facility, which totaled $1,105, $924 and $1,130, respectively.

Since the closing of the U1A Acquisition, costs directly related to maintaining operational readiness and permit compliance at our Christensen Ranch Mine and Irigaray Processing Facility totaled $1,161.

The following provides a discussion of significant mineral property expenditures on certain projects:

Palangana Mine

During Fiscal 2022, Fiscal 2021 and Fiscal 2020, mineral property expenditures at our Palangana Mine totaled $1,060, $890 and $1,343, respectively, which were comprised of maintenance of operational readiness and permit compliance of $670, $609 and $772, permitting and property maintenance of $390, $270 and $554, and exploration and development costs of $Nil, $11 and $17, respectively.

Burke Hollow Project

During Fiscal 2022, Fiscal 2021 and Fiscal 2020, mineral property expenditures at our Burke Hollow Project totaled $3,647, $1,446 and $1,130, respectively, which were comprised of permitting and property maintenance costs of $524, $388 and $385, exploration drilling costs of $1,199, $1,025 and $214, and wellfield development costs of $1,924, $33 and $531, respectively.

During Fiscal 2022, we continued the drilling campaign initiated in Fiscal 2021 and drilled 91 holes and cased 40 wells totaling 63,682 feet.

During Fiscal 2021, we initiated a drilling campaign and drilled 81 exploration holes totaling 38,785 feet.

During Fiscal 2020, we drilled 26 exploration holes and 21 monitor wells totaling 21,069 feet.

Goliad Project

During Fiscal 2022, Fiscal 2021 and Fiscal 2020, mineral property expenditures at our Goliad Project totaled $240, $237 and $190, respectively, which were comprised of permitting and property maintenance costs of $160, $165 and $117, and exploration and development costs of $80, $72 and $73, respectively.

Reno Creek Project

During Fiscal 2022, Fiscal 2021 and Fiscal 2020, mineral property expenditures at our Reno Creek Project totaled $821, $672 and $597, respectively, which were comprised of property maintenance costs of $508, $521 and $484, and permitting and exploration costs of $313, $151 and $113, respectively.

During Fiscal 2022, Fiscal 2021 and Fiscal 2020, mineral property expenditures at our Yuty Project totaled $86, $31 and $66, respectively, primarily for general expenditures.

Oviedo Project

During Fiscal 2022, Fiscal 2021 and Fiscal 2020, mineral property expenditures at our Oviedo Project totaled $619, $372 and $350, respectively, which were comprised of property maintenance costs of $257, $151 and $78, and exploration expenditures of $362, $221 and $272, respectively, primarily for an exploration drilling program conducted.

Alto Paraná Titanium Project

During Fiscal 2022, Fiscal 2021 and Fiscal 2020, mineral property expenditures at our Alto Paraná

Titanium Project totaled $574, $199 and $230, respectively, which were comprised of exploration costs of $570, $179 and $230, and property maintenance costs of $4, $20 and $Nil, respectively. 

During Fiscal 2022, we completed an exploration drilling program and drilled 42 holes totaling 931 feet at the Alto Paraná

Titanium Project.

UEC Wyoming Portfolio

During Fiscal 2022, we completed the U1A Acquisition and acquired the UEC Wyoming Portfolio including the Irigaray Processing Facility, the Christensen Ranch Mine and the Ludeman, Antelope, Moore Ranch and Barge Projects.

During Fiscal 2022, the expenditures occurred at the UEC Wyoming Portfolio totaled $2,296, of which $1,257 was for maintenance of operational readiness, permitting and property maintenance at the Christensen Ranch Mine, with the balance of $1,039 mainly related to property maintenance expenditures for various projects of our UEC Wyoming Portfolio.

$328 (Fiscal 2022:

$122, Fiscal 2021:

Allemand Ross Project:

$372 (Fiscal 2022:

$139, Fiscal 2021:

General and Administrative

During Fiscal 2022, general and administrative expenses totaled $15,026, which increased by $2,386 compared to $12,640 in Fiscal 2021, which increased by $3,198 compared to $9,442 in Fiscal 2020.

During Fiscal 2023, general and administrative (“G&A”) expenses totaled $20,064, compared to $15,026 in Fiscal 2022 and $12,640 in Fiscal 2021.

G&A expenses were comprised of the following:

Year Ended July 31,

Salaries and management fees

Office, IR, communication, insurance and travel

Foreign exchange loss

Professional fees

Stock-based compensation

Total general and administrative expenses

The following summary provides a discussion of the major expense categories, including analyses of factors that caused significant variances from year-to-year:

during Fiscal 2022, salaries, wages and management fees totaled $4,281, an increase of $1,864 compared to $2,417 during Fiscal 2021, which was primarily the result of the corporate-wide salary increases to adjust for inflation, payment of short-term incentive cash bonus for executive officers, as well as additional salary expenses related to the UEC Wyoming operations.

During Fiscal 2021, salaries, wages and management fees totaled $2,417, an increase of $706 compared to $1,711 during Fiscal 2020, which was primarily the result of the reinstatement of salaries and management fees.

During Fiscal 2020, in response to the financial market uncertainty due to the COVID-19 pandemic, we reduced cash outlays by implementing corporate-wide pay reductions, ceasing cash bonuses and utilizing share compensation in lieu of cash for the Company’s employees, consultants, officers and directors salaries and fees;

during Fiscal 2022, office, filing and listing fees, insurance, corporate development, investor relations and travel expenses totaled $4,501, an increase of $736 compared to $3,765 during Fiscal 2021, which was primarily the result of increases in expenses for office, administration and insurance, and expansion of our Wyoming’s operations.

During Fiscal 2021, office, filing and listing fees, insurance, corporate development, investor relations and travel expenses increased by $533 compared to $3,232 during Fiscal 2020, primarily due to corporate-wide cost reductions implemented in Fiscal 2020 in response to the COVID-19 pandemic;

during Fiscal 2022, professional fees totaled $1,387, an increase of $435 compared to $952 during Fiscal 2021, which was consistent with $953 during Fiscal 2020.

during Fiscal 2023, salaries, wages and management fees totaled $5,168, compared to $4,281 during Fiscal 2022, which was primarily the result of the corporate-wide salary increases to adjust for inflation, payment of short-term incentive cash bonuses for executive officers, employee and consultants as well as additional salary expenses due to the acquisition of U1A in December 2021 and the acquisition of UEX in August 2022. 

The increase in salaries and managements fee in Fiscal 2022 from Fiscal 2021 was primarily due to the corporate-wide salary increase and the acquisition of U1A.

during Fiscal 2023, office, filing and listing fees, insurance, corporate development, investor relations and travel expenses totaled $6,801, compared to $4,501 during Fiscal 2022, which was primarily the result of increases in expenses for expansion of our Wyoming’s and UEX's operations. 

During Fiscal 2022, office, filing and listing fees, insurance, corporate development, investor relations and travel expenses totaled $4,501, compared to $3,765 during Fiscal 2021, which was primarily the result of increases in expenses for office, administration and insurance, and expansion of our Wyoming’s operations. 

professional fees are comprised primarily of legal services related to transactional activities, regulatory compliance and for audit, accounting and tax compliance services.

during Fiscal 2022, we recorded a foreign exchange loss of $317, primarily resulting from foreign currency transactions, compared to $95 and $53 for Fiscal 2021 and Fiscal 2020, respectively;

during Fiscal 2022, stock-based compensation expense totaled $4,540, a decrease of $871 compared to $5,411 during Fiscal 2021, an increase of $1,918 compared to $3,493 during Fiscal 2020.

Stock-based compensation includes the fair value of stock options granted to optionees and the fair value of shares of the Company issued to directors, officers, employees and consultants of the Company under our Stock Incentive Plan.

In recent years, we have utilized equity-based payments to our directors, officers, employees and consultants as part of our continuing efforts to reduce cash outlays.

During Fiscal 2023, professional fees totaled $2,609, compared to $1,387 in Fiscal 2022.

During Fiscal 2022, professional fees totaled $1,387, compared to $952 during Fiscal 2021. The overall increasing trend in professional fees is due to the growth in business activities and the expansion of our operations;

stock-based compensation includes the fair value of stock options granted to optionees and the fair value of shares of the Company issued to directors, officers, employees and consultants of the Company under our Stock Incentive Plan. 

In recent years, we have utilized equity-based payments to our directors, officers, employees and consultants as part of our continuing efforts to reduce cash outlays. 

Stock-based compensation expense totaled $5,415, compared to $4,540 during Fiscal 2022. 

The stock-based compensation varied from year to year primarily as a result of changes in the amount of compensation shares and stock award expenses which were amortized on an accelerating basis, resulting in more expenses being recorded at the beginning of the vesting period than at the end.

Acquisition-related Costs

During Fiscal 2022, we incurred acquisition-related costs of $3,444 in connection with the U1A Acquisition.

During Fiscal 2023, the acquisition-related costs of UEX and Roughrider Project were capitalized in the consolidated balance sheets as both the UEX and Roughrider Project acquisitions were accounted for as assets acquisition under US GAAP.

During Fiscal 2022, we incurred acquisition-related costs of $3,444 in the statement of operations in connection with the U1A Acquisition, as it was accounted for as a business combination. 

Depreciation, Amortization and Accretion

During Fiscal 2022, depreciation, amortization and accretion totaled $1,379, which increased by $986 compared to $393 during Fiscal 2021, primarily due to depreciation of our plant and equipment acquired from the U1A Acquisition.

During Fiscal 2021, depreciation, amortization and accretion totaled $393, which was consistent with $310 during Fiscal 2020.

During Fiscal 2023, depreciation, amortization and accretion totaled $2,007, which increased by $628 compared to $1,379 during Fiscal 2022, primarily due to a full-year depreciation of our plant and equipment acquired from the U1A Acquisition compared to 7 months of depreciation in Fiscal 2022.

During Fiscal 2022, depreciation, amortization and accretion totaled $393.

Depreciation, amortization and accretion includes depreciation and amortization of long-term assets acquired in the normal course of operations and accretion of asset retirement obligations.

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Interest and Finance Costs

During Fiscal 2022, interest and finance costs totaled $1,519, a decrease of $1,361 compared to $2,880 during Fiscal 2021, which decreased by $582 compared to $3,462 during Fiscal 2020.

Interest and finance costs were comprised of the following:

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Surety bond premium

The decrease in interest on long-term debt and amortization of debt discount resulted from the decrease in the outstanding principal amount of our long-term debt to $Nil as at January 31, 2022, from $10,000 as at July 31, 2021, and from $20,000 as at July 31, 2020 due to the principal repayments we made during the last two fiscal years.

The increases in surety bond premiums in Fiscal 2022 resulted from the surety bonds assumed as a result of the U1A Acquisition, and the increases in Fiscal 2021 were the result of increases in surety bond premium rates.

During Fiscal 2023 the decrease in interest on long-term debt and amortization of debt discount resulted from the decrease in the outstanding principal amount of our long-term debt to $Nil as at January 31, 2022, from $10,000 as at July 31, 2021, and from $20,000 as at July 31, 2020 due to the principal repayments we made.

The increase in surety bond premiums in Fiscal 2022 resulted from the surety bonds assumed as a result of the U1A Acquisition.

Income from Equity-Accounted Investment

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Year Ended July 31,

Share of income (loss) from URC

Share of income (loss)

Gain on dilution of ownership interest

During Fiscal 2022 and Fiscal 2021, we recorded a gain on dilution of ownership interest of $3,973 and $4,473, respectively, as a result of URC issuing more shares from its equity financings, which decreased our ownership interest in URC to $15.5% at July 31, 2022, from 18.1% at July 31, 2021 and from 19.5% at July 31, 2020.

During Fiscal 2020, URC completed its initial public offering and other private placements.

As a result, our ownership interest in URC decreased to 19.5% at July 31, 2020 from 32.6% at July 31, 2019, which resulted in a gain on ownership interest dilution of $3,057 being recorded.

During Fiscal 2023, Fiscal 2022 and Fiscal 2021, we recorded a gain on dilution of ownership interest in Uranium Royalty Corp.

(“URC”) of $654, $3,973 and $4,473, respectively, as a result of URC issuing more shares from its equity financings, which decreased our ownership interest in URC to 14.9% at July 31, 2023, from 15.5% at July 31, 2022 and from 18.1% at July 31, 2021.

During Fiscal 2023, Fiscal 2022 and Fiscal 2021, we recorded a share of URC’s income of $414, $153 and $732, respectively. During Fiscal 2023, we also recorded a share of JCU (Canada) Exploration Company Limited (“JCU”)'s loss of $2,062 since the acquisition of UEX which owns 50% of JCU. 

Debt Receivable Recovery and Gain on Settlement of Debt Receivable

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Pursuant to the Anfield Agreements, the Anfield Debt was settled by the payment by Anfield to UEC of $9,171 in cash and the issuance by Anfield to UEC in units of Anfield (each, an “Anfield Unit”) with a deemed value of $9,171, with each such Anfield Unit being comprised of one common share in the capital of Anfield (each, an “Anfield Common Share”) and one Anfield Common Share purchase warrant (each whole such warrant being an “Anfield Warrant”).

Each Anfield Warrant entitles UEC to acquire one Anfield Common Share at a price of CA$0.18 until May 12, 2027 (collectively, the “Anfield Debt Settlement”).

Each Anfield Warrant entitles UEC to acquire one Anfield Common Share at a price of CAD$0.18 until May 12, 2027 (collectively, the “Anfield Debt Settlement”).

Completion of the Anfield Agreements was contingent on Anfield raising additional financing.

On June 7, 2022, we closed the Anfield Debt Settlement whereby we received $9,171 in cash and Anfield Units, being comprised of 96,272,918 Anfield Common Shares with a fair value of $7,702 and 96,272,918 Anfield Warrants with a fair value of $3,249.

As a result, UEC owns approximately 16% of Anfield’s outstanding shares. 

Consequently, we reversed the entire expected credit loss on the debt receivable and recognized a recovery on debt receivable of $18,342 on our consolidated statements of operations and comprehensive income.

The fair value of the cash and the Anfield Common Shares and Anfield Warrants totaled $20,122, which exceeded the amounts of $18,342 previously written off at the date of U1A Acquisition by $1,780, resulting in a gain on settlement of the Anfield Debt receivable on our consolidated statements of operations and comprehensive income.

Refer to Note 4:

Anfield Debt Settlement and Property Swap to our Consolidated Financial Statements for Fiscal 2022 contained herein.

Gain on Disposition of Assets

Concurrent with the Anfield Debt Settlement, we completed the Swap Agreement whereby we have received from Anfield 25 ISR uranium projects with a fair value of $6,500 located in Wyoming in exchange for the Company’s Slick Rock Project and Long Park Project located in Colorado with a total carrying value of $92.

As a result, we recorded a gain of $6,408 on disposition of assets on our consolidated statements of operations and comprehensive income.

Refer to Note 4:

Anfield Debt Settlement and Property Swap to our Consolidated Financial Statements for Fiscal 2022 contained herein.

Unrealized Loss on Equity Securities

As at July 31, 2022, our investments in certain equity securities are re-evaluated using the market values at period end, which resulted in an unrealized loss totaling $1,898, which was comprised of $1,925 in unrealized loss from re-valuation of our investment in the Anfield Shares and $1,105 in unrealized loss from a re-valuation of the Anfield Warrants, offset by an unrealized gain of $1,132 from a re-valuation of our investment in UEX.

Fair value loss on Equity Securities

As at July 31, 2023, our investments in certain equity securities are re-evaluated using the market values at period end, which resulted in fair value loss totaling $13,083 compared to fair value loss of $1,898 in Fiscal 2022. 

Refer to Note 17:

Unrealized Loss on Equity Securities contained herein.

Fair Value Loss on Equity Securities contained herein.

Liquidity and Capital Resources

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Working capital

During Fiscal 2022, we received net proceeds of $163,755 from the 2021 ATM Offerings and $4,259 from the exercises of stock options and share purchase warrants, which significantly strengthened our working capital position.

As at July 31, 2022, we had a working capital of $93,693, an increase of $31,917 from $61,776 as at July 31, 2021.

Subsequent to July 31, 2022, we received additional cash proceeds of $14,808 under our 2021 ATM Offering, $7,178 from sales of uranium inventory, and we entered into agreements to sell an additional 600,000 pounds of uranium inventory for gross proceeds of $30,675.

We believe our existing cash resources, if necessary, and the cash generated from the sale of the Company’s liquid assets, will provide sufficient funds to carry out our planned operations for the next 12 months from the date that this Annual Report is issued.

Although our planned principal operations commenced in Fiscal 2012, from which significant revenues from U 3 O 8 sales were realized, our revenues generated from sales of produced U 3 O 8 have been inconsistent and we have yet to achieve consistent profitability.

We have a history of operating losses resulting in an accumulated deficit balance since inception.

Although we recorded net income totaling $5,252 in Fiscal 2022, we recorded net losses in all prior years (Fiscal 2021:

$14,610) and we had an accumulated deficit balance of $286,373 as at July 31, 2022.

During Fiscal 2022, net cash used in operating activities totaled $52,987, which included $37,206 net cash used for the purchase of uranium concentrates.

During Fiscal 2023, we received net proceeds of $66,527 from equity financing, and exercises of stock options and share purchase warrants. 

As at July 31, 2023, we had a working capital of $43,011.

Subsequent to July 31, 2023, we received additional cash proceeds of $36,217 under our ATM Offering (as described herein).

We have a history of operating losses resulting in an accumulated deficit balance since inception. 

Although we recorded net income in Fiscal 2022, we recorded net losses in Fiscal 2023 and all prior years, and we had an accumulated deficit balance of $289,680 as at July 31, 2023. 

During Fiscal 2023, net cash provided by operating activities totaled $72,573, but we recorded negative operating cash flow in prior years.

Furthermore, we may not achieve and maintain profitability or develop positive cash flow from our operations in the near term.

Historically, we have been reliant primarily on equity financings from the sale of our common stock and on debt financing in order to fund our operations.

As detailed in the preceding paragraph, we have also relied to a limited extent on cash flows generated from our mining activities during Fiscal 2015, Fiscal 2013 and Fiscal 2012, however, we have yet to achieve consistent profitability or develop positive cash flow from operations.

In the future, we may also rely on cash flows generated from the sales of our uranium concentrates to fund our operations.

We have yet to achieve consistent profitability or develop consistent positive cash flow from operations.

Currently, we also rely on cash flows generated from the sales of our purchased uranium concentrates to fund our operations.

Our reliance on equity and debt financings is expected to continue for the foreseeable future, and their availability whenever such additional financing is required will be dependent on many factors beyond our control and including, but not limited to, the market price of uranium, the continuing public support of nuclear power as a viable source of electricity generation, the volatility in the global financial markets affecting our stock price and the status of the worldwide economy, any one of which may cause significant challenges in our ability to access additional financing, including access to the equity and credit markets.

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In the absence of such additional financing, we would not be able to fund our operations, including continuing with our exploration and pre-extraction activities, which may result in delays, curtailment or abandonment of any one or all of our uranium projects.

For our fiscal year ending July 31, 2023 (“Fiscal 2023”), we estimate that a total of up to $3.7 million will be incurred on our mineral projects for permitting, exploration and pre-extraction activities.

We hold mineral rights in the States of Arizona, New Mexico, Texas and Wyoming, in Canada and in the Republic of Paraguay, with annual land-related payments totaling $4.2 million to maintain these rights in good standing.

We hold mineral rights in the States of Arizona, New Mexico, Texas and Wyoming, in Canada and in the Republic of Paraguay, with annual land-related payments totaling $5.8 million to maintain these rights in good standing.

Our anticipated operations, including exploration and pre-extraction activities, however, will be dependent on and may change as a result of our financial position, the market price of uranium and other considerations, and such change may include accelerating the pace or broadening the scope of reducing our operations.

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if the market price of our common stock weakens;

if the COVID-19 pandemic worsens or continues over an extended period and causes further financial market uncertainty;

if a nuclear incident, such as the event that occurred in Japan in March 2011, were to occur, continuing public support of nuclear power as a viable source of electricity generation may be adversely affected, which may result in significant and adverse effects on both the nuclear and uranium industries.

Our continuation as a going concern beyond 12 months from the date this Annual Report is filed will be dependent upon our ability to obtain adequate additional financing, as our operations are capital intensive and future capital expenditures are expected to be substantial.

We believe our existing cash resources and, if necessary, cash generated from the sale of the Company’s liquid assets, will provide sufficient funds to carry out our planned operations for 12 months from the date that this Annual Report is issued. 

Our continuation as a going concern for a period beyond those 12 months will be dependent upon our ability to generate cash flow from the sales of our uranium inventories under our Physical Uranium Program and to obtain adequate additional financing, as our operations are capital intensive and future capital expenditures are expected to be substantial.

Our long-term success, including the recoverability of the carrying values of our assets and our ability to acquire additional uranium projects and continue with exploration and pre-extraction activities and mining activities on our existing uranium projects, will depend ultimately on our ability to achieve and maintain profitability and positive cash flow from our operations by establishing ore bodies that contain commercially recoverable uranium and to develop these into profitable mining activities.

Equity Financings

On February 21, 2020, we filed a Form S-3 shelf registration statement under the Securities Act which was declared effective by the SEC on March 3, 2020 (the “2020 Shelf”) providing for the public offer and sale of certain securities of the Company from time to time, at our discretion, of up to an aggregate offering amount of $100 million.

As a result of the 2020 Shelf, our March 10, 2017 Form S-3 registration statement was then deemed terminated and, as a consequence, our then April 9, 2019 ATM Offering Agreement (the “April 2019 ATM Offering Agreement”) with H.C.

Wainwright & Co, LLC (as the lead manager) and the co-managers as set forth in the April 2019 ATM Offering Agreement (collectively, the ATM Managers”) and its related offering terminated unless renewed under the 2020 Shelf.

On March 19, 2020, we entered into an Amending Agreement to the April 2019 ATM Offering Agreement with the ATM Managers under which the Company may, from time to time, sell shares of its common stock having an aggregate offering price of up to $30 million through the ATM Managers through the 2020 Shelf (the “2020 ATM Offering”).

On September 23, 2020, and under our 2020 Shelf, we completed an offering of 12,500,000 units at a price of $1.20 per unit for gross proceeds of $15,000 (the “September 2020 Offering”).

Each unit was comprised of one share of the Company and one-half of one share purchase warrant, and each whole warrant entitles its holder to acquire one share at an exercise price of $1.80 per share exercisable immediately upon issuance and expiring 24 months from the date of issuance.

In connection with the September 2020 Offering, we also issued compensation share purchase warrants to agents as part of share issuance costs to purchase 583,333 shares of our Company exercisable at an exercise price of $1.80 per share and expiring 24 months from the date of issuance.

During Fiscal 2021, we issued 13,668,906 shares of the Company’s common stock under our 2020 ATM Offering for net cash proceeds of $29,321.

On March 19, 2021, and under our 2020 Shelf, we completed an offering of 10,000,000 shares of the Company’s common stock at a price of $3.05 per share for net proceeds of $29,084.

On April 8, 2021, and under our 2020 Shelf, we completed an offering of 3,636,364 shares of the Company’s common stock at a price of $3.30 per share for net proceeds of $11,316 (the “April 2021 Offering”).

In connection with the April 2021 Offering, we also issued, on a private placement basis, 181,818 Agent Warrants to the agent as partial compensation, and each Agent Warrant entitles its holder to acquire one share of common stock at an exercise price of $4.125 per share and expiring five years from the date of issuance.

On May 17, 2021, we filed a Form S-3 shelf registration statement under the Securities Act which was declared effective by the SEC on June 1, 2021, providing for the public offer and sale of certain securities of the Company from time to time, at our discretion, of up to an aggregate offering amount of $200 million (the “2021 Shelf”), which included an at-the-market offering agreement prospectus (the “May 2021 ATM Offering”) covering the offering, issuance and sale of up to a maximum offering of $100 million as part of the $200 million under the 2021 Shelf.

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Wainwright & Co., LLC and certain co-managers (collectively, the “2021 ATM Managers”) as set forth in the 2021 ATM Offering Agreement under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $100 million through the 2021 ATM Managers selected by us.

On November 26, 2021, we filed a prospectus supplement to our 2021 Shelf with respect to the continuation of the May 2021 ATM Offering Agreement with the ATM Managers under which we may, if eligible, from time to time, sell shares of our common stock having an aggregate offering price of up to $100 million through the ATM Managers selected by us (the “November 2021 ATM Offering”;

and, collectively with May 2021 ATM Offering, the “2021 ATM Offerings”).

During Fiscal 2021, we issued 2,265,700 shares of the Company’s common stocks under our May 2021 ATM Offering for net cash proceeds of $6,157.

During Fiscal 2022, we issued 47,507,536 shares of the Company’s common stocks under our 2021 ATM Offerings for net cash proceeds of $163,814.

Subsequent to July 31, 2022, we issued a further 3,510,100 shares of the Company’s common stock under our 2021 ATM Offerings for net cash proceeds of $14,808 and received proceeds of $6,141 from the exercise of share purchase warrants.

On November 26, 2021, we filed a prospectus supplement to our 2021 Shelf with respect to the continuation of the May 2021 ATM Offering Agreement with the 2021 ATM Managers under which we may, if eligible, from time to time, sell shares of our common stock having an aggregate offering price of up to an additional $100 million for a total of $200 million through the 2021 ATM Managers selected by us (the “November 2021 ATM Offering”;

and, collectively with the May 2021 ATM Offering, the “2021 ATM Offering”).

On November 16, 2022, we filed a Form S-3 automatic shelf registration statement under the Securities Act, which became effective upon filing, providing for the public offer and sale of certain securities of the Company from time to time, at our discretion, of an undetermined dollar value of common stock, debt securities, warrants to purchase common stock or debt securities, subscription receipts for and units which include common stock, debt securities, warrants or any combination thereof (the “2022 Shelf”), which included an at-the-market offering agreement prospectus (the “2022 ATM Offering”;

and, collectively, with the 2021 ATM Offering, the “ATM Offerings”) covering the offering, issuance and sale of up to a maximum offering of $300 million under the 2022 Shelf.

On November 16, 2022, we entered into an at-the-market offering agreement (the “2022 ATM Offering Agreement”) with H.C.

Wainwright & Co., LLC and certain co-managers (collectively, the “2022 ATM Managers”) as set forth in the 2022 ATM Offering Agreement under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $300 million through the 2022 ATM Managers selected by us.

During Fiscal

2022, we issued

15,934,606 shares of the Company’s common stock under our ATM Offerings for net cash proceeds of $

During Fiscal

2023, we issued

15,171,253 shares of the Company’s common stock under our ATM Offerings for net cash proceeds of $

Subsequent to

July 31, 2023, we issued a further 7,010,000 shares of the Company’s common stock under our ATM Offerings for net cash proceeds of $36,217.

Credit Facility

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The Third Credit Amended and Restated Agreement superseded, in their entirety, the Company’s prior Second Amended and Restated Credit Agreement, dated and effective February 9, 2016, the Amended and Restated Credit Agreement, dated and effective March 13, 2014, and the Credit Agreement dated and effective July 30, 2013, with our Lenders.

During Fiscal 2021, we made voluntary payments totaling $10,000 to certain Lenders, and during Fiscal 2022, we made payment of $10,000 to the remaining Lender, which decreased the principal balance outstanding to $Nil as at July 31, 2022 under the Credit Facility.

Pursuant to the terms of the Third Amended and Restated Credit Agreement, during Fiscal 2022, we issued 161,594 shares with a fair value of $600, during Fiscal 2021, we issued an aggregate of 1,249,039 shares with a fair value of $1,170, and during Fiscal 2020, we issued an aggregate of 1,743,462 shares to our Lenders, with a fair value of $1,400, as payment of anniversary fees to our Lenders.

Refer to Note 11:

Long-Term Debt to our Consolidated Financial Statements herein.

Pursuant to the terms of the Third Amended and Restated Credit Agreement, during Fiscal 2022, we issued 161,594 shares with a fair value of $600, and during Fiscal 2021, we issued an aggregate of 1,249,039 shares to our Lender, with a fair value of $1,170, as payment of anniversary fees to our Lender. 

Operating Activities

During Fiscal 2022 and Fiscal 2021, net cash used in operating activities totaled $52,987 and $41,470, respectively, of which $37,206 and $28,961, respectively, was for purchases of uranium concentrates.

Other significant operating expenditures included mineral property expenditures, general and administrative expenses and interest payments.

During Fiscal 2020, net cash used in operating activities totaled $12,870, primarily for maintaining production readiness, mineral property expenditures and general and administrative expenses.

During Fiscal 2023, we recorded net cash provided by operating activities totaled $72,573.

The positive cash flow was primarily driven by the gross profit of $49,670, decrease in our inventory balance of $60,363, and was partially offset by operating expenditures such as mineral property expenditures and general and administrative expenses.  During Fiscal 2022 and Fiscal 2021, net cash used in operating activities totaled $52,987 and $41,470, respectively, of which $37,206 and $28,961, respectively, was for purchases of uranium concentrates. 

Financing Activities

During Fiscal 2023, net cash provided from financing activities totaled $65,417, primarily from net cash of $66,527 from our ATM Offerings and the exercises of stock options and share purchase warrants, offset by payments of $1,044 for tax withholding amounts related to the issuance of RSU and PRSU shares.

During Fiscal 2022 net cash provided from financing activities totaled $157,266, primarily from net cash of $163,755 from the 2021 ATM Offerings and $4,259 from the exercises of stock options and share purchase warrants, offset by the payments of $557 for tax withholding amounts related to the issuance of RSU and PRSU shares, the principal payment of $10,000 to our remaining Lender under the Credit Facility and $191 for a promissory note.

During Fiscal 2021, net cash provided by financing activities totaled $84,458, primarily from net cash of $89,932 from various offerings, and $5,504 from the exercises of stock options and share purchase warrants, offset by the payments of $833 for tax withholding amounts related to the issuance of RSU shares, the principal payment of $10,000 to certain Lenders under the Credit Facility and $145 for a promissory note and a government loan.

During Fiscal 2020, net cash provided by financing activities totaled $307 from certain government loans.

Investing Activities

During Fiscal 2022, net cash used by investing activities totaled $110,843, comprised of net cash used in the U1A Acquisition of $113,588, cash used in investment in equity securities of $15,215, cash used for investment in mineral rights and properties of $590 and cash used for the purchase of property, plant and equipment of $620, offset by cash proceeds of $9,980 from sales of equity securities, $9,171 from recovery of the Anfield Debt receivable and $19 from the disposition of assets.

During Fiscal 2021, net cash used by investing activities totaled $3,625, primarily for cash used in investment in term deposits of $10,000, cash used in the acquisition of URC shares of $3,397, cash used in the investment in mineral rights and properties of $80 and cash used in the purchase of property, plant and equipment of $148, offset by cash received from the redemption of term deposits of $10,000.

During Fiscal 2020, net cash provided by investing activities totaled $11,671, primarily from cash received from the redemption of term deposits totaling $11,832, offset by cash used in the investment in mineral rights and properties of $80 and cash used in the purchase of property, plant and equipment of $84. 

During Fiscal 2023, net cash used for investing activities totaled $124,780, comprised of net cash used for the acquisition of Roughrider of $82,117, cash used for investment in equity securities of $42,602, capital contribution to JCU of $1,415, cash used for investment in mineral rights and properties of $101 and cash used for the purchase of property, plant and equipment of $555, offset by cash received as a resulting of the acquisition of UEX of $1,984 and $26 from the disposition of assets.

During Fiscal 2022, net cash used for investing activities totaled $110,843, comprised of net cash used in the U1A Acquisition of $113,588, cash used in investment in equity securities of $15,215, cash used for investment in mineral rights and properties of $590 and cash used for the purchase of property, plant and equipment of $620, offset by cash proceeds of $9,980 from sales of equity securities, $9,171 from recovery of the Anfield Debt receivable and $19 from the disposition of assets.

During Fiscal 2021, net cash used for investing activities totaled $3,625, primarily for cash used in investment in term deposits of $10,000, cash used in the acquisition of URC shares of $3,397, cash used in the investment in mineral rights and properties of $80 and cash used for the purchase of property, plant and equipment of $148, offset by cash received from the redemption of term deposits of $10,000.

Stock Options and Warrants

As at July 31, 2022, the Company had 8,880,527 stock options outstanding at a weighted-average exercise price of $1.58 per share, and 3,615,454 share purchase warrants outstanding at a weighted-average exercise price of $1.92 per share.

As at July 31, 2022, outstanding stock options and share purchase warrants, which were all in-the-money, represented a total 12,495,981 shares issuable for gross proceeds of approximately $21.0 million should these stock options and share purchase warrants be exercised in full.

The exercise of these stock options and share purchase warrants is at the discretion of the respective holders and, accordingly, there is no assurance that any of these stock options or share purchase warrants will be exercised in the future.

As at July 31, 2023, the Company had 8,326,983 stock options outstanding at a weighted-average exercise price of $ 1.92 per share, and 3,857,030 share purchase warrants outstanding at a weighted-average exercise price of $3.31 per share.

As at July 31, 2023, the Company had 7,150,361 in-the-money stock options outstanding at a weighted-average exercise price of $1.58 per share and 3,675,212 in-the-money share purchase warrants outstanding at a weighted-average exercise price of $3.27 per share.

As at July 31, 2023, outstanding in-the-money stock options and share purchase warrants represented a total of 10,825,573 shares issuable for gross proceeds of approximately $23.3 million should the stock options and share purchase warrants exercised in full. The exercise of these stock options and share purchase warrants is at the discretion of the respective holders and, accordingly, there is no assurance that any of these stock options or share purchase warrants will be exercised in the future.

Plan of Operations

For Fiscal 2023, uranium extraction at PAA-1, 2 and 3 of our Palangana Mine and at the recently acquired Christensen Ranch Mine is expected to continue being operated at a reduced pace, including the deferral of major pre-extraction expenditures, and to remain in a state of operational readiness in anticipation of a recovery in uranium prices.

In addition, we will continue the drilling program at our Burke Hollow Project.

For Fiscal 2024, uranium extraction at PAA-1, 2 and 3 of our Palangana Mine and at the Christensen Ranch Mine is expected to continue being operated at a reduced pace, including the deferral of major pre-extraction expenditures, and to remain in a state of operational readiness in anticipation of a sustained recovery of uranium prices.

In addition, we will continue the drilling program at our Burke Hollow Project and our recently acquired Roughrider Project, as well as carry out additional exploration activities as required on our remaining portfolio. 

Material Commitments

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Uranium Inventory Purchase Obligations

Other Loan Obligations - Principal and Interests

As at July 31, 2023, we were renting or leasing office premises in Texas, Arizona and Wyoming, U.S., Vancouver, British Columbia, Canada, and Paraguay for total monthly payments of $37.

Office lease agreements for the U.S.

and Canada expire between July 2023 and March 2027.

and Canada expire between September 2023 and November 2028.

Commitments for Management Services

As at July 31, 2022, we were committed to paying our key executives a total of $888 per year for management services.

As at July 31, 2023, we have committed to pay our key executives a total of $1,065 per year for management services for Fiscal 2024.

Off-Balance Sheet Arrangements

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We have established the existence of mineralized materials for certain uranium projects, including our ISR Mines.

However, we have not established proven or probable reserves for any of our uranium projects, including our ISR Mines.

However, we have not established proven or probable reserves for any of the uranium projects we operate, including our ISR Mines.

Furthermore, we have no plans to establish proven or probable reserves for any of our uranium projects for which we plan on utilizing ISR mining.

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Companies in the Production Stage that have established proven and probable reserves and exited the Exploration Stage, typically capitalize expenditures relating to ongoing development activities, with corresponding depletion calculated over proven and probable reserves using the units-of-production method and allocated to future reporting periods to inventory and, as that inventory is sold, to cost of goods sold.

Since we are in the Exploration Stage, it has resulted in our reporting of larger losses than if we had been in the Production Stage due to the expensing, instead of capitalization, of expenditures relating to ongoing mine development activities.

Since we are in the Exploration Stage, it has resulted in our reporting of lower income or larger losses than if we had been in the Production Stage due to the expensing, instead of capitalization, of expenditures relating to ongoing mine development activities.

Additionally, there would be no corresponding amortization allocated to our future reporting periods since those costs would have been expensed previously, resulting in both lower inventory costs and cost of goods sold and results of operations with higher gross profits and lower losses than if we had been in the Production Stage.

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As a result, our consolidated financial statements may not be directly comparable to the financial statements of companies in the Production Stage.

Business Combination

We recognize and measure the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date, while transaction costs related to business combinations are expensed as incurred.

Business Combination and Asset Acquisition

When an acquisition does not meet the definition of a business combination, as the acquired entity does not have an input and a substantive process that together significantly contribute to the ability to create outputs, we account for the acquisition as an asset acquisition.

In an asset acquisition, any direct acquisition-related transaction costs are capitalized as part of the purchase consideration. Deferred taxes are recorded on temporary book/tax differences in an asset acquisition using the simultaneous equations method and adjusted the assigned value of the non-monetary assets acquired to include the deferred tax liability 

When an acquisition is accounted for as a business combination, we recognize and measure the assets acquired and liabilities assumed based on their estimated fair values at the acquisition date, while transaction costs related to business combinations are expensed as incurred.

An income, market or cost valuation method may be utilized to estimate the fair value of the assets acquired and liabilities assumed, if any, in a business combination.

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(ii) appropriate discount rates;

and (iii) expected future capital requirements.

The market valuation method uses prices paid for a similar asset by other purchasers in the market, normalized for any differences between the assets.

The cost valuation method is based on the replacement cost of a comparable asset at the time of the acquisition adjusted for depreciation and economic and functional obsolescence of the asset.

and (iii) expected future capital requirements (the “income valuation method”).

The market valuation method uses prices paid for a similar asset by other purchasers in the market, normalized for any differences between the assets (the “market valuation method”).

The cost valuation method is based on the replacement cost of a comparable asset at the time of the acquisition adjusted for depreciation and economic and functional obsolescence of the asset (the “cost valuation method”).

If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, an estimate will be recorded.

Subsequent to the acquisition date, and not later than one year from the acquisition date, we will record any material adjustments to the initial estimate based on new information obtained that would have existed as of the date of the acquisition.

Any adjustment that arises from information obtained that did not exist as of the date of the acquisition will be recorded in the period the adjustments arise.

Any adjustment that arises from information obtained that did not exist as of the date of the acquisition will be recorded in the period the adjustments arises.

Equity Investments

Investments in an entity in which our ownership is greater than 20% but less than 50%, or where other facts and circumstances indicate that we have the ability to exercise significant influence over the operating and financing policies of an entity, are accounted for using the equity method in accordance with ASC 323:

Investments in an entity in which our ownership is greater than 20% but less than 50%, a 50/50 joint venture which the Company does not have control, or an entity where other facts and circumstances indicate that we have the ability to exercise significant influence over its operating and financing policies, are accounted for using the equity method in accordance with ASC 323:

Investments –

Equity Method and Joint Ventures.

Equity-accounted investments are recorded initially at cost and adjusted subsequently to recognize our share of the earnings, losses or other changes in capital of the investee entity after the date of acquisition.

Equity Method and Joint Ventures. Equity-accounted investments are recorded initially at cost and adjusted subsequently to recognize our share of the earnings, losses or other changes in capital of the investee entity after the date of acquisition.

We periodically evaluate whether declines in fair values of our equity investments below the carrying value are other-than-temporary and, if so, whether an impairment loss is required.

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Subsequent Events

On June 13, 2022, we entered into of a definitive UEX Agreement with UEX pursuant to which UEC would acquire all of the issued and outstanding common shares of UEX in an all-share transaction by way of statutory plan of arrangement (the UEX Acquisition).  

On June 21, 2022, under the UEX Agreement, we completed a private placement in UEX, whereby UEC acquired 11,627,907 UEX common shares at a price of CA$0.43 per UEX common share for total consideration of $3,867. 

Subsequently, UEC acquired an additional 6,844,000 UEX common shares for total consideration of $1,914 by making purchases through the facilities of the Toronto Stock Exchange subject to and in accordance with applicable laws.

As of July 31, 2022, we owned 18,471,907 UEX common shares, representing a 3% interest in UEX, with a fair value of $6,914.

The investment in UEX was accounted for as investment in equity securities with a change in fair value of $1,132 recorded as unrealized gain in our consolidated statements of operations and comprehensive income.

Subsequent to July 31, 2022, we closed the UEX Acquisition under the Canada Business Corporations Act, pursuant to which UEC acquired all of the issued and outstanding common shares of UEX that we did not already own.

The UEX Acquisition was approved at a special meeting of UEX securityholders held on August 15, 2022, and was subsequently approved by the Supreme Court of British Columbia on August 18, 2022.

Pursuant to the terms of the UEX Acquisition, UEX shareholders received 0.090 common shares of UEC for each UEX common share held. 

As a result, we issued 48,518,745 shares of UEC in exchange for the common shares of UEX that UEC did not already own.

The UEX shares we owned before closing the UEX Acquisition were returned to treasury.

Subsequent to July 31, 2022, we sold 150,000 pounds of purchased uranium inventory for gross proceeds of $7,178 and entered into agreements to sell 600,000 pounds of purchased uranium inventory for gross proceeds of $30,675.

Subsequent to July 31, 2022, we issued 3,510,100 shares of the Company’s common stock under our 2021 ATM Offerings for net cash proceeds of $14,808 and received cash proceeds of $6,141 from the exercise of share purchase warrants.

On August 22, 2023, we acquired a portfolio of exploration-stage projects in the Athabasca Basin, Saskatchewan, Canada, which includes 60% equity stake in the Henday Lake joint venture, 100% of the Milliken project and a 50% equity stake in the Carswell joint venture project from Rio Tinto Exploration Canada Inc.

for approximately $1.1 million (CAD$1.5 million). 

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity