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Item 1B. Unresolved Staff Comments

2024-09-27 compared with 2023-09-29 · 911 added, 963 removed, 2331 unchanged (45% of the section changed)

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Not applicable

Cybersecurity

Globally, organizations are encountering cybersecurity incidents with growing frequency, and the nature of these threats is becoming more sophisticated and constantly changing.

We recognize the importance of developing, implementing and maintaining strong cybersecurity policies and processes to protect our information systems and the confidentiality, integrity and accessibility and availability of our data.

Risk Management and Strategy

Managing Material Risks & Integrated Overall Risk Management

We have developed and maintained policies, procedures and controls to mitigate material risks from cybersecurity threats, and assess and disclose information to investors concerning material cybersecurity incidents.

Further, we have strategically integrated cybersecurity risk management into our broader risk management framework to promote awareness and attention to cybersecurity risk management Company wide.

These risks are evaluated on an ongoing basis as part of our overall risk management strategy that is monitored and tracked by our Audit Committee.

The lead information technology (“IT”) manager (the “IT Manager”) of the Company evaluates the effectiveness of the data and information systems, which is to protect the data and information systems from security threats.

The evaluation stratifies IT systems based on the risk and severity of potential security breaches related to the data handled and assesses the effectiveness of the systems in safeguarding against cyber threats.

The evaluation includes attributes such as physical security, network security, host security, application security and data security.

Our Security Operations Center ("SOC") continuously monitors for security events and threats, responding and escalating when appropriate.

The IT Manager prepares a report which is then submitted to the Audit Committee, which is reviewed by the IT Manager and the Audit Committee.

The IT Manager reports directly to the Audit Committee to review the Company’s information security and cybersecurity risks.

Despite these efforts, no system is impenetrable, and we cannot provide assurances that we will prevent every attack or timely detect every incident.

Engage Third-parties on Cyber-Risk Management

We have engaged third-parties that supply IT services or have access to our systems or data to adhere to our security policies.

These third parties provide detailed information on their established security controls via our risk assessment process.

Specific certification may be required of critical third-party IT service providers.

The Company will consider resource and capital constraints when determining the nature and timing of enhancing our cybersecurity infrastructure.

Overseeing Risks stemming from Third-Party Service Providers

We maintain comprehensive internal protocols to mitigate cybersecurity threats associated with our use of third-party service providers.

We are currently enhancing these protocols to further strengthen our defenses and reduce potential vulnerabilities.

Risks from Cybersecurity Threats

We do not currently identify any major cybersecurity threats that have materially affected or are reasonably likely to materially affect us (including our business strategy, results of operations or financial condition).

Board of Directors Oversight

Our Board of Directors recognizes the importance of information security and mitigating cybersecurity and other data security threats and risks as part of our efforts to protect and maintain the confidentiality and security of our employees, service providers, consultants and business associates, as well as non-public information about our Company.

Although our full Board of Directors has ultimate responsibility with respect to risk management oversight, the Audit Committee of our Board of Directors is charged with and bears primary responsibility for, among other matters, overseeing risks specific to the identification and mitigation of cybersecurity risks.

Management ’ s Role Managing Risk

The IT Manager plays a pivotal role in informing the Audit Committee on cybersecurity risks.

The IT Manager will immediately notify the Audit Committee and Board of Directors of any cybersecurity incident that is determined to be material.

The IT Manager delivers focused updates to the Audit Committee annually, or more frequently as needed, in response to specific incidents or emerging threats.

These briefings encompass a broad range of topics, including:

Current cybersecurity landscape and emerging threats;

Status of ongoing cybersecurity initiatives, strategies, and best practices;

Incident reports and learnings from any cybersecurity events

As we progress in the assessment and enhancement of our cybersecurity program, we plan to consider the following areas for enhancement and incorporation into the cybersecurity risk management and governance program in the future:

Oversight of Third-Party cybersecurity risk;

Engaging/ outsourcing Risk management Personnel;

Monitoring system/ procedures for cybersecurity incidents;

Reporting to Board of Directors regarding cybersecurity risks and incidents

Risk Management Personnel

Primary responsibility for assessing, monitoring, and managing our cybersecurity risks rests with our Chief Financial Officer, Pat Obara, working in close coordination with Mr.

James Hu, the IT Manager of our Company.

Obara and Hu have experience in overseeing IT functions, including cybersecurity.

Hu graduated from Simon Fraser University with a major in Cognitive Science with a focus on computer science, with over 10 years of technical experience.

His expertise is critical in designing, implementing and executing our cybersecurity strategies.

Our IT Manager oversees our governance programs in partnership with our CFO, remediates known risks and leads our employee training program around cybersecurity.

Description of Properties

Figure 2.1 –

Portfolio Overview of Significant Properties

The Company is engaged in conventional and in situ recovery (ISR) uranium extraction and recovery, along with the exploration, permitting and evaluation of uranium properties in the United States, the Republic of Paraguay, and Canada.

Figure 2.1 – Portfolio Overview of Significant Properties

The Company is engaged in conventional and in-situ recovery (ISR) uranium extraction and recovery, along with the exploration, permitting and evaluation of uranium properties in the United States, in Canada and in the Republic of Paraguay.

Summary Disclosure

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Unconformity Related

Exploration Stage

Unconformity Related

Orano Canada Inc.

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Unconformity Related

Exploration Stage

Unconformity Related

Christie Lake

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Unconformity Related

Exploration Stage

Unconformity Related

Horseshoe-Raven

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Unconformity Related

Exploration Stage

Unconformity Related

Orano Canada Inc.

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Exploration Stage

Table 2.2 –

Titles, Mineral Rights, Leases, and Acreage Summaries

Table 2.2 – Titles, Mineral Rights, Leases, and Acreage Summaries

Fee Mineral Leases

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South Pine Ridge

South Reno Creek

South Sweetwater

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Titanium Projects

Table 2.3 –

Permit Status and Conditions

Table 2.3 – Permit Status and Conditions

Uranium Projects

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Exploration-Stage Project with no resources

Horseshoe-Raven

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Exploration-Stage Project with no resources

Moore Tomblin

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Not Permitted to Mine

Exploration-Stage Project with no resources

Table 2.4 –

Processing Plants and other Facilities

Exploration-Stage Project with resources

Table 2.4 – Processing Plants and other Facilities

State/Province

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WDEQ Class 1 Well Permits

TCEQ Radioactive Materials License

WDEQ Radioactive Materials License

Irigaray Central Processing Plant

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Production Suspended

4.0 Mlb/year

Our Mineral Properties

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Details regarding the mineral resource estimate disclosed herein can be found in Section 11, Mineral Resource Estimates, of each relevant TRS.

Table 2.5 –

Mineral Resources

Table 2.5(a) – Uranium Mineral Resources (material mineral properties)

Uranium Oxide Mineral Resources

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U 3 O 8 ('000's)

U 3 O 8  ('000's)

U 3 O 8 ('000's)

United States

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The point of reference for mineral resources is in-situ at the project.

Mineral Resources are estimated using a long-term uranium price of $40 per pound for ISR projects and $65 per pound for conventional projects.

Mineral Resources are estimated using a long-term uranium price of $40 per pound for ISR projects and $65 per pound for conventional projects, except for the Canadian projects where a price of $56 per pound was used for the Roughrider Project, a price of $75 per pound was used for the Horseshoe-Raven Project, a price of $50 per pound was used for the Shea Creek Project, a price of $50 per pound was used for the Christie Lake Project and a price of $62 per pound was used for the Millennium Project.

Mineral Resources are 100% attributable to the Company.

Where JV projects have resources that are attributable to other companies, these resources are not listed in the table.

Numbers may not add due to rounding.

Table 2.6 –

Year over Year Changes in Mineral Resources

UEC has recently completed updated mineral resource and reserve updates on the company’s material properties and presently does not have projects in production.

As such, there were no changes to stated resources between fiscal year 2022 and 2023.

Table 2.5(b) – Titanium (ilmenite- TiO 2 ) Mineral Resources (immaterial mineral properties)

Titanium Oxide Mineral Resource (Immaterial)

State / Department

Tonnes (10 6 )

Grade Whole Rock TiO 2

Whole Rock TiO 2 tonnes (10 6 )

Recoverable TiO 2 tonnes (10 6 )

Tonnes (10 6 )

Grade Whole Rock TiO 2

Whole Rock TiO 2 tonnes (10 6 )

Recoverable TiO 2 tonnes (10 6 )

Tonnes (10 6 )

Grade Whole Rock TiO 2

Whole Rock TiO 2 tonnes (10 6 )

Recoverable TiO 2 tonnes (10 6 )

Alto Parana and Canindeyú

‘heavy mineral’ particles between 45µm and 1mm, denser than 2.8g/cm 3 containing an average of 50% TiO 2

All grades are expressed as in situ grades.

Estimates for the resources and the total and the total are rounded to two significant figures, as appropriate for Inferred Resources.

On the basis of sampling and comparison assays done to date it is estimated the Inferred Resources contain between 4 and 5% ilmenite.

A cut-off grade of 2% ilmenite has been applied where the ilmenite grade is known, otherwise whole rock TiO₂ of 5.75%

Cut-off grade was determined using the price of $1,025 per tonne for chlorite slag, $720 per tonne for Chlorite slag fines, and $747 for high purity pig iron

As the salable product is a concentrate in the form of either slag or pig iron, metallurgical recovery occurs downstream from the salable product and cannot be reported for TiO 2 .

Table 2.6(a) – Year over Year Changes in Uranium Mineral Resources

UEC has recently completed updated mineral resource and reserve updates on the company’s material properties and presently does not have projects in production.

Changes to stated resources between fiscal year 2023 and 2024 are presented below.

Uranium Oxide Resources

State/Province

Measured Pounds U 3 O 8  ('000's)

Indicated Pounds U 3 O 8  ('000's)

Measured Pounds U 3 O 8 ('000's)

Indicated Pounds U 3 O 8 ('000's)

Inferred Pounds U 3 O 8 ('000's)

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Total Resources

Table 2.6(b) – Year over Year Changes in Titanium (ilmenite- TiO 2 ) Mineral Resources

Titanium Oxide Resources

Measured Tonnes TiO2 (Millions)

Indicated Tonnes TiO2 (Millions)

Inferred Tonnes TiO2 (Millions)

Measured Tonnes TiO2 (Millions)

Indicated Tonnes TiO2 (Millions)

Inferred Tonnes TiO2 (Millions)

% Change in Measured Tonnes

% Change in Indicated Tonnes

% Change in Inferred Tonnes

The Mineral Resource estimates in this table meet S-K 1300 definitions.

Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

The point of reference for mineral resources is in-situ at the Project.

Mineral Resources are estimated using a long-term uranium price of $40 per pound for ISR projects and $65 per pound for conventional projects.

The point of reference for mineral resources is in-situ at the P roject.

Mineral Resources are 100% attributable to the Company.

Where JV projects have resources that are attributable to other companies, these resources are not listed in the table.

Numbers may not add due to rounding.

A cut-off grade of 2% ilmenite has been applied where the ilmenite grade is known, otherwise whole rock TiO₂ of 5.75%

Recoverable TiO2 is contained in the Heavy Mineral fraction

‘heavy mineral’ particles between 45µm and 1mm, denser than 2.8g/cm3 containing an average of 50% TiO2

On the basis of sampling and comparison assays done to date it is estimated the Inferred Resources contain between 4 and 5% ilmenite.

Internal Controls Over Uranium Resource Estimation Efforts

For Canadian and U.S.

exploration programs, Quality Control and Quality Assurance (“QA/QC”) programs for geologic data collection and resource estimation are defined in each TRS along with protocols and procedures for data collection. 

To summarize, the QA/QC programs for exploration data are in place that cover four broad categories:

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radiometric equivalent data;

and geochemical data. 

The controls in each of these broad categories serve to help the Company and its QPs have confidence in the data and geologic interpretations that are being used in resource estimation.

Geochemical data for Canadian exploration programs is supplied by the Geoanalytical Laboratory at the Saskatchewan Research Council (“SRC”). 

The quality management system at SRC, Geoanalytical Laboratories, operates in accordance with ISO/IEC 17025, General Requirements for the Competence of Testing and Calibration Laboratories, and is also compliant to ASB, Requirements and Guidance for Mineral Analysis Testing Laboratories. 

The management system and selected methods are accredited by the Standards Council of Canada. 

As part of the SRC’s commitment to continually assess the effectiveness of the services, all processes are subject to internal, second party and third-party audits. 

In addition to the lab controls on QA/QC, the Company submits duplicate samples and blank samples to the lab at a rate of approximately one in 20 samples each along with standard and a round robin pulp that are inserted at the lab, so that in a 20-sample batch there are 16 geochemistry samples for analysis. 

Failures of lab standards, blanks or duplicates are investigated and can result in re-assay of the samples to replace the original data in the database if necessary. 

and geochemical data.

The controls in each of these broad categories serve to help the Company and its qualified persons (each, a “QP”) under each TRS have confidence in the data and geologic interpretations that are being used in resource estimation.

Geochemical data for Canadian exploration programs is supplied by the Geoanalytical Laboratory at the Saskatchewan Research Council (“SRC”).

The management system and selected methods are accredited by the Standards Council of Canada.

As part of the SRC’s commitment to continually assess the effectiveness of the services, all processes are subject to internal, second party and third-party audits.

Failures of lab standards, blanks or duplicates are investigated and can result in the re-assay of the samples to replace the original data in the database if necessary.

Samples of mineralization at a rate of about 5% of the population are checked externally with a different accredited lab to help assure accuracy.

exploration programs the preponderance of data utilized for resource and reserve estimates is generated from radiometric equivalent measurements made utilizing downhole geophysical logging techniques such as gamma-ray and prompt fission neutron (“PFN”) techniques. 

This technology has been employed in the exploration and development of sandstone uranium deposits in the U.S.

since the 1950s. 

QA/QC of gamma-ray and PFN probes from each logging truck are required to maintain calibration by regular cross-checking the probes at a U.S.

Department of Energy test pits located in George West, Texas, or Casper, Wyoming. 

The pit is set up for logging units to calibrate the probes with a known radioactive source. 

Each test run generates calibration files for the operator to review and make necessary tool adjustments. 

Calibration runs typically are made on a one- or two-month interval, and files with the test pit run results are maintained by the operator. 

since the 1950s.

QA/QC of gamma-ray and PFN probes from each logging truck are required to maintain calibration by regular cross-checking the probes at U.S.

DOE test pits located in George West, Texas, or Casper, Wyoming.

The pit is set up for logging units to calibrate the probes with a known radioactive source.

Each test run generates calibration files for the operator to review and make necessary tool adjustments.

Calibration runs typically are made on a one- or two-month interval, and files with the test pit run results are maintained by the operator.

The available data indicate that the logging provided by the Company and contract probe trucks at the various U.S.

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For resource estimation the internal controls are more common to the U.S.

and Canadian operations. 

Company staff will perform database verification on the geologic database which is then reviewed by the QP. 

If the QP was not involved in the primary data collection field program the QP will spot check a subset of drill collar locations and, if available, also compare collar elevations against a digital elevation model to evaluate and cross check the drill hole collar elevations. 

For resource estimation the block model is evaluated visually against geologic cross sections to ensure block grades match drill hole grades. 

The QP will evaluate probability plots and perform statistical analysis of the sample population to determine the need for an appropriate grade cap to limit the influence of high-grade samples to the appropriate area. 

and Canadian operations.

Company staff will perform database verification on the geologic database which is then reviewed by the QP.

For resource estimation the block model is evaluated visually against geologic cross sections to ensure block grades match drill hole grades.

The preparation of Swath Plots is another internal control which can inform the QP if high-grade samples have had an exaggerated influence on the resource model.

The resource estimates have inherent risks due to data accuracy, uncertainty from geological interpretation, mine plan assumptions, uncontrolled rights for mineral and surface properties, environmental challenges, uncertainty for future market supply and demand and changes in laws and regulations. 

Company management and QPs are aware of those risks that might directly impact the assessment of mineral reserves and resources. 

The current mineral resources are estimated based on the best information available and are subject to reassessment when conditions change.

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The Company conducts its ISR activities through two district scale hubs located in Wyoming and Texas.

The Irigaray Central Processing Plant (“CPP”) is located in northeastern Wyoming, was acquired in December 2021 through the acquisition of U1A.

The Hobson CPP is located in south Texas, which it acquired in 2009 from Uranium One.

The Irigaray Central Processing Plant (CPP) is located in northeastern Wyoming, and was acquired in December 2021 through the acquisition of U1A.

The Hobson CPP is located in south Texas, which we acquired in 2009 from Uranium One.

The Wyoming hub is comprised of the following material ISR projects that are intended to feed resources into the Irigaray CPP:

Christensen Ranch, Charlie, Reno Creek, Moore Ranch, Ludeman, Allemand-Ross, Barge, Jab/West Jab, the Nine Mile Lake, Red Rim and Clarkson Hill.

Christensen Ranch;

Allemand-Ross;

Jab/West Jab;

the Nine Mile Lake;

and Clarkson Hill Projects.

Please refer to Summary Disclosure Tables 1, 2, 3 and 4 for detailed information on each project.

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Below is a map showing our Wyoming projects:

Figure 2.2 –

Locations of our Projects in Wyoming

Figure 2.2 – Locations of our Projects in Wyoming

Permitting Requirements in Wyoming

The Irigaray CPP is fully permitted. 

The Christensen Ranch, Ludeman and Moore Ranch project areas are fully permitted for ISR operations through both the Wyoming Department of Environmental Quality/Land Quality Division (WDEQ/LQD) and the BLM as appropriate.

Portions of the Irigaray and Reno Creek project areas are also permitted for ISR operations.

The Allemand-Ross, Barge, Charlie, Clarkson Hill, Jab/West Jab, Nine Mile and Red Rim project areas are not permitted.

Portions of the Reno Creek project area and the majority of the Irigaray project area are also not permitted for ISR operations.

The Irigaray CPP is fully permitted.

The Christensen Ranch, Ludeman and Moore Ranch p roject areas are fully permitted for ISR operations through both the Wyoming Department of Environmental Quality/Land Quality Division (WDEQ/LQD) and the BLM as appropriate.

Portions of the Irigaray and Reno Creek p roject areas are also permitted for ISR operations.

The Allemand-Ross, Barge, Charlie, Clarkson Hill, Jab/West Jab, Nine Mile and Red Rim p roject areas are not permitted.

Portions of the Reno Creek p roject area and the majority of the Irigaray p roject area are also not permitted for ISR operations.

Geology and Mineralization in Wyoming

The Allemand-Ross, Barge, Charlie, Christensen Ranch, Irigaray, Ludeman, Moore Ranch, Nine Mile and Reno Creek project areas reside in the Powder River Basin (“PRB”).

The PRB is a structural basin that extends over much of northeastern Wyoming and southeastern Montana and consists of a large north-northwest trending asymmetric syncline. 

The basin is bounded by the Big Horn Mountains on the west and Casper Arch to the southwest, the Black Hills to the east and the Hartville Uplift and Laramie Mountains to the south. 

The Allemand-Ross, Barge, Charlie, Christensen Ranch, Irigaray, Ludeman, Moore Ranch, Nine Mile and Reno Creek p roject areas reside in the Powder River Basin (“PRB”).

The PRB is a structural basin that extends over much of northeastern Wyoming and southeastern Montana and consists of a large north-northwest trending asymmetric syncline.

The basin is bounded by the Big Horn Mountains on the west and Casper Arch to the southwest, the Black Hills to the east and the Hartville Uplift and Laramie Mountains to the south.

The PRB is filled with marine, non-marine and continental sediments ranging in age from early Paleozoic through Cenozoic.

The Jab/West Jab and Red Rim project areas are located within the northeastern portion of the Greater Green River Basin (“GGRB”).

The Jab/West Jab and Red Rim p roject areas are located within the northeastern portion of the Greater Green River Basin (“GGRB”).

The GGRB is a structural basin that extends over southwestern Wyoming and northwestern Colorado and is divided by the Rock Springs Uplift, a north-south trending anticline.

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The GGRB contains up to 25,000 feet of Cretaceous to recent sedimentary rocks.

The Clarkson Hill project area is located in the eastern portion of the Wind River Basin (“WRB”). 

The Clarkson Hill p roject area is located in the eastern portion of the Wind River Basin (“WRB”).

The WRB is a structural basin in west-central Wyoming.

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The WRB is filled with marine, lacustrine and fluvial sediments ranging in age from Paleozoic to Cenozoic.

Uranium mineralization at the project is typical of Wyoming roll-front sandstone deposits. 

The formation of roll-front deposits is largely a groundwater process that occurs when uranium rich, oxygenated groundwater interacts with a reducing environment in the subsurface and precipitates uranium.

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Geology of the Powder River Basin

The PRB extends over much of northeastern Wyoming and southeastern Montana and consists of a large north-northwest trending asymmetric syncline, with the basin axis located to the west of the projects. 

The PRB is bounded by the Big Horn Mountains and Casper Arch to the west, the Black Hills to the east and the Hartville Uplift and Laramie Mountains to the south. 

The PRB is filled with marine, non-marine and continental sediments ranging in age from early Paleozoic through Cenozoic.

Within the PRB, the Paleocene Fort Union Formation conformably overlies the Lance Formation and is a fluvial-sedimentary stratigraphic unit that consists of fine- to coarse-grained arkosic sandstone, which is interbedded with siltstone, mudstone and carbonaceous materials. 

In some areas of the PRB, the Fort Union Formation is divided into two members, identified as the Upper and Lower members of the Fort Union Formation. 

However, Flores divides the Fort Union into three members:

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The Lebo member consists of abundant drab gray mudstone, minor siltstone and sandstone and sparse coal and carbonaceous shale beds;

The Tongue River member consists of interbedded sandstone, conglomerate, siltstone, mudstone, limestone, anomalously thick coal beds and carbonaceous shale beds.  This member has been mined extensively for its coal beds, which can be hundreds of feet thick.

Uranium mineralization occurs in zones that are located in channel sands of the Fort Union Formation. 

These channel sands are typical fining upward sand sequences consisting of fine-grained sandstones. 

The Tongue River member consists of interbedded sandstone, conglomerate, siltstone, mudstone, limestone, anomalously thick coal beds and carbonaceous shale beds.

This member has been mined extensively for its coal beds, which can be hundreds of feet thick.

Uranium mineralization occurs in zones that are located in channel sands of the Fort Union Formation.

These channel sands are typical fining upward sand sequences consisting of fine-grained sandstones.

The zones of mineralization are formed as typical roll-front deposits in these sandstones.

The early Eocene Wasatch Formation unconformably overlies the Fort Union Formation around the margins of the PRB. 

However, the two formations are conformable and gradational towards the basin center. 

The relative amount of coarse, permeable clastics increases near the top of Fort Union, and the overlying Wasatch Formation contains numerous beds of sandstone that can sometimes be correlated over wide areas. 

The Wasatch-Fort Union contact is separated by Paleocene and Eocene rocks and is generally placed above the Roland coal. 

The early Eocene Wasatch Formation unconformably overlies the Fort Union Formation around the margins of the PRB.

However, the two formations are conformable and gradational towards the basin center.

The Wasatch-Fort Union contact is separated by Paleocene and Eocene rocks and is generally placed above the Roland coal.

However, other authors have placed the Wasatch-Fort Union contact above the School, Badger and Anderson Coals in other parts of the PRB.

The Wasatch Formation occurs at the surface in the central PRB, but has been mostly removed by erosion with only small, scattered outcrops still present in the southern PRB. 

The Wasatch Formation is also a fluvial sedimentary unit that consists of a series of silt to very coarse-grained gradational intervals in arkosic sandstone. 

The sandstone horizons in the Wasatch Formation are the host rocks for several uranium deposits in the central PRB. 

Within this area, mineralization is found in a 50- to 100-ft thick sandstone lens. 

On a regional scale, mineralization is localized and controlled by facies changes within this sandstone, including thinning of the sandstone unit, decrease in grain size and increase in clay and organic material content. 

The Wasatch Formation occurs at the surface in the central PRB, but has been mostly removed by erosion with only small, scattered outcrops still present in the southern PRB.

The Wasatch Formation is also a fluvial sedimentary unit that consists of a series of silt to very coarse-grained gradational intervals in arkosic sandstone.

The sandstone horizons in the Wasatch Formation are the host rocks for several uranium deposits in the central PRB.

Within this area, mineralization is found in a 50- to 100-ft thick sandstone lens.

The Wasatch Formation reaches a maximum thickness of about 1,600 feet and dips northwestward from one degree to two-and-a-half degrees in the southern and central parts of the PRB.

The Oligocene White River Formation overlies the Wasatch Formation and has been removed from most of the basin by erosion.

Remnants of this unit crop out on the Pumpkin Buttes, and at the extreme southern edge of the PRB. 

The White River Formation consists of clayey sandstone, claystone, a boulder conglomerate and tuffaceous sediments, which may be the primary source rock for uranium in the southern part of the PRB as a whole. 

Remnants of this unit crop out on the Pumpkin Buttes, and at the extreme southern edge of the PRB.

The youngest sediments consist of Quaternary alluvial sands and gravels locally present in larger valleys.

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The Jab/West Jab and Red Rim project areas are located within the northeastern portion of the Great Divide Basin.

The Great Divide Basin (“GDB”) and the Washakie Basin (“WB”) in the southwest together comprise the Greater Green River Basin (“GGRB”).

The GGRB is a structural basin that extends over southwestern Wyoming and northwestern Colorado and is divided by the Rock Springs Uplift, a north-south trending anticline. 

The basin is bounded by the Wyoming thrust belt to the west, the Rawlins Uplift and the Sierra Madre Mountains to the east, the Wind River Mountains to the north and the Uinta Mountains to the south. 

The Great Divide Basin (“GDB”) and the Washakie Basin (“WB”) in the southwest together comprise the GGRB.

The GGRB is a structural basin that extends over southwestern Wyoming and northwestern Colorado and is divided by the Rock Springs Uplift, a north-south trending anticline.

The basin is bounded by the Wyoming thrust belt to the west, the Rawlins Uplift and the Sierra Madre Mountains to the east, the Wind River Mountains to the north and the Uinta Mountains to the south.

The GGRB contains up to 25,000 feet of Cretaceous to recent sedimentary rocks.

During the end of the Cretaceous Period, the Laramide Orogeny divided the Wyoming Basin Province into a series of down warped basins. 

As these basins were created, uplift created the Granite and Seminoe Mountains, and older formations were altered during the same time. 

In the northern regions of the GDB, swamps, alluvial plains and fluvial fans were present at the margins of the uplifted Granite Mountains. 

To the southwest, the GDB is occupied by the lacustrine Eocene Green River Formation and by the lower energy Wasatch Formation. 

During the end of the Cretaceous Period, the Laramide Orogeny divided the Wyoming Basin Province into a series of down warped basins.

As these basins were created, uplift created the Granite and Seminoe Mountains, and older formations were altered during the same time.

In the northern regions of the GDB, swamps, alluvial plains and fluvial fans were present at the margins of the uplifted Granite Mountains.

To the southwest, the GDB is occupied by the lacustrine Eocene Green River Formation and by the lower energy Wasatch Formation.

These two facies interfinger with the high-energy fluvial facies of the Battle Spring Formation at the central and eastern areas in the GDB.

Uranium deposits occur principally in the Battle Spring Formation which consists of alluvial-fluvial fan deposits of west- to southwest-flowing paleodrainage. 

The common rock type is arkosic sandstone with interbedded claystone. 

These types of rock are typical of alluvial-fan facies. 

Much of this material is sourced from the Granite Mountains, by blockages in normal drainages due to differential subsidence rates. 

Uranium deposits occur principally in the Battle Spring Formation which consists of alluvial-fluvial fan deposits of west- to southwest-flowing paleodrainage.

The common rock type is arkosic sandstone with interbedded claystone.

These types of rock are typical of alluvial-fan facies.

Much of this material is sourced from the Granite Mountains, by blockages in normal drainages due to differential subsidence rates.

The Wasatch Formation, due to its fluvial nature, contains interbedded siltstones, coal, carbonaceous shale, fine-grained sandstone, sandy limestone and medium-grained fluvial sandstones.

The Battle Spring Formation consists of alluvial-fluvial fan deposits of west to southwest-flowing paleodrainage. 

The common rock type is arkosic sandstone with interbedded claystone. 

These types of rock are typical of alluvial-fan facies. 

Much of this material is sourced from the Granite Mountains by blockages in normal drainages due to differential subsidence rates. 

The Wasatch Formation, due to its fluvial nature, contains interbedded siltstones, coal, carbonaceous shale, fine-grained sandstone, sandy limestone and medium-grained fluvial sandstones. 

The permeable medium- to very coarse-grained sandstones and arkoses are a favorable host for sandstone-type uranium deposits. 

Fluvial channels incised into less permeable underlying siltstones and sandstones in the Battle Spring during early Eocene time. 

The channels were backfilled by the massive, poorly-sorted, coalescing alluvial fan deposits, known as the Battle Spring Formation. 

The Battle Spring Formation consists of alluvial-fluvial fan deposits of west to southwest-flowing paleodrainage.

The common rock type is arkosic sandstone with interbedded claystone.

These types of rock are typical of alluvial-fan facies.

Much of this material is sourced from the Granite Mountains by blockages in normal drainages due to differential subsidence rates.

The Wasatch Formation, due to its fluvial nature, contains interbedded siltstones, coal, carbonaceous shale, fine-grained sandstone, sandy limestone and medium-grained fluvial sandstones.

The permeable medium- to very coarse-grained sandstones and arkoses are a favorable host for sandstone-type uranium deposits.

Fluvial channels incised into less permeable underlying siltstones and sandstones in the Battle Spring during early Eocene time.

The channels were backfilled by the massive, poorly-sorted, coalescing alluvial fan deposits, known as the Battle Spring Formation.

The Battle Spring Formation includes impermeable carbonaceous shales that created an impermeable boundary for uranium deposits.

The Fort Union Formation surfaces around the boundary of the GDB. 

The Fort Union Formation is described as an interbedded sequence of white, gray, tan, buff and brown sandstone, gray to black shale, carbonaceous shale, siltstone, local conglomerate beds and (usually) thin coal beds. 

It may truncate and unconformably overlie older units near basin margins. 

The Fort Union Formation surfaces around the boundary of the GDB.

It may truncate and unconformably overlie older units near basin margins.

The Fort Union is unconformably underlain by the Cretaceous Lance Formation and regionally overlain by either the Eocene Wasatch or Battle Spring Formation.

The Lance Formation is described as a gray to buff fine-grained to very fine-grained silty sandstone interbedded with drab to light-green to gray locally carbonaceous siltstone and thin conglomeratic lenses locally. 

The Lance Formation contains the upper Red Rim Member and the lower (unnamed) member. 

The Red Rim Member is a prominent sandstone package named for its color as it crops out south of Interstate 80 on the eastern rim of the WB.

Overbank and floodplain deposits in the Battle Spring Formation also were likely to restrict groundwater flow. 

These boundaries focused uranium-rich waters into confined permeable units.

1 unchanged sentence

Geology of the Wind River Basin

The Clarkson Hill project area is located in the eastern portion of the Wind River Basin (“WRB”). 

The WRB is a structural basin in west-central Wyoming. 

The basin is bounded by the Wind River Range to the west, the Casper Arch to the east, the Owl Creek Mountains to the north and the Granite Mountains to the south. 

The Clarkson Hill p roject area is located in the eastern portion of the WRB.

The WRB is a structural basin in west-central Wyoming.

The basin is bounded by the Wind River Range to the west, the Casper Arch to the east, the Owl Creek Mountains to the north and the Granite Mountains to the south.

The WRB is filled with marine, lacustrine and fluvial sediments ranging in age from Paleozoic to Cenozoic.

10 unchanged sentences

Material Project Descriptions in Wyoming

The following technical and scientific description for the Irigaray CPP Project area (the “Irigaray Project Area”) is based in part on the TRS titled “S-K 1300 Mineral Resource Report Wyoming Assets ISR Hub and Spoke Project, WY USA”, dated March 31, 2022, prepared by Western Water Consultants d/b/a WWC Engineering (“WWC”), a qualified firm (the “QP”

herein). 

The Irigaray Project Area does not have mineral reserves and is therefore considered an Exploration Stage property under S-K 1300 definitions, despite a history of commercial production.

Figure 2.3 –

Location of the Irigaray Project

Figure 2.3 – Location of the Irigaray Project

Property Description

The Irigaray Project Area is located in Johnson County, Wyoming, northwest of Pumpkin Buttes and near Willow Creek, within the PRB, at latitude 43.8683 and longitude 106.1186 in decimal degrees. 

The Irigaray Project Area covers 2,320 acres, including all (or portions of) 12 sections of the PRB.

The Irigaray Project Area is approximately 70 air miles north-northeast of Casper, Wyoming, 48 air miles southeast of Buffalo, Wyoming, and 40 air miles southwest of Gillette. 

The Irigaray Project Area can be accessed from Casper, Wyoming, by traveling north on I-25, exit onto State Highway 259 at Midwest turn onto State Highway 387, turn left onto State Highway 192 toward Lynch, travel approximately six miles past Lynch, then turn right onto Streeter Road County Road 135 and follow signs to Irigaray and/or Christensen site.

From Buffalo travel south on I-25 exit onto Trabing Road County Road 13, travel for approximately 14 miles then exit left onto Irigaray Road and follow signs to the Irigaray site.

For access from Gillette, take State Highway 50 south approximately 25 miles exit right onto Black and Yellow Road, travel for approximately 20 miles and follow signs to Irigaray. 

The Irigaray Project Area is primarily located on private surface land, federal BLM land and a portion located on one section of state-managed land.

4 unchanged sentences

Water is sourced locally at the mine while electrical service is provided by a regional power company.

UEC’s mineral holdings in the Irigaray Project Area include two State of Wyoming uranium leases (480 acres) and 92 unpatented lode claims on federally administered minerals (1,840 acres). 

These mineral holdings comprise 2,320 acres. 

UEC’s mineral holdings in the Irigaray Project Area include two State of Wyoming uranium leases (480 acres) and 92 unpatented lode claims on federally administered minerals (1,840 acres).

These mineral holdings comprise 2,320 acres.

All payments for all leases and claims are up to date.

8 unchanged sentences

Results of Work

Homestake Mining (“Homestake”)

Original controller of the Irigaray Project Area.

2 unchanged sentences

Preliminary delineation of mineralized areas.

Westinghouse Electric Corporation (“Westinghouse”)

Acquired property from Homestake.

4 unchanged sentences

Began ISR production.

Malapai Resources Company (“Malapai”)

Acquired property from Westinghouse.

Ownership transition.

Total Minerals Corporation (“TOMIN”) and Électricité de France (“EDF”)

Total Minerals Corporation (“TOMIN”) and Électricité de France (“EDF”)

Acquired property from Malapai.

2 unchanged sentences

COGEMA Resources, Inc.

(“COGEMA”) (now Orano S.A.)/Areva

Replaced TOMIN as project operator in partnership with EDF.

1 unchanged sentence

Approximately 20

0.74 million lb. of U 3 O 8  produced from 1978 through 2000.

0.74 million lb.

of U 3 O 8 produced from 1978 through 2000.

Dried many millions of pounds from Christensen Ranch and through toll milling.

7 unchanged sentences

Facilities, Infrastructure and Underground Development

The Irigaray CPP was first constructed in 1977-1978. 

Mining occurred at the time in Wellfields 1 through 9. 

These wellfields have gone through groundwater restoration, decommissioning and final reclamation, which has been approved by the Wyoming DEQ. 

The Irigaray CPP was first constructed in 1977-1978.

Mining occurred at the time in Wellfields 1 through 9.

These wellfields have gone through groundwater restoration, decommissioning and final reclamation, which has been approved by the Wyoming DEQ.

Currently, the only facilities at the Irigaray Project are the CPP and associated infrastructure including evaporation ponds, access roads, power lines and chemical and fuel storage tanks.

The CPP was upgraded in 2009 by removing the original equipment and adding replacement elution systems, additional precipitation tanks, new concrete foundations and upgrades to the filter press and other equipment. 

The CPP now contains two complete resin elution systems, multiple precipitation areas, filter press, yellowcake thickeners, and a calciner for drying yellowcake product.

A vacuum dryer is in storage at the CPP for future installation when needed. 

The plant is capable of accepting third party resins for stripping, precipitation and drying of yellowcake product, as well as our own resins from Christensen Ranch and other properties.

Although the building is older, it has been maintained in good condition. 

The entire CPP roof was replaced in 2021.

Permit Status and Encumbrances

The Irigaray Project is permitted under Wyoming Department of Environmental Quality (“WDEQ”), Land Quality Division (“LQD”) Permit to Mine No.

The project is also licensed under WDEQ/LQD Uranium Recovery Program Radioactive Materials License WYSUA-1341, formerly a U.S.

NRC license. 

Wyoming became an Agreement State for NRC regulation in 2018. 

The Irigaray Project is permitted under WDEQ, LQD Permit to Mine No.

The project is also licensed under WDEQ/LQD Uranium Recovery Program RML WYSUA-1341, formerly a U.S.

Permit to Mine No.

478 and Radioactive Materials License WYSUA-1341 are in good standing, with no violations of permit or license conditions. 

Mining permit requirements can be found in Wyoming Statutes §35-11-400 through 437, with specific laws for ISR mining in sections 426 –

Conditions of the Radioactive Materials License applicable to ISR mining are generally standard for all licensees. 

Requirements of Radioactive Materials Licenses are found in WDEQ, LQD/Uranium Recovery Program Chapter 4 Rules and Regulations for Licensing of Source and Byproduct Material.

There are no materially significant encumbrances on the Irigaray Project. 

478 and RML WYSUA-1341 are in good standing, with no violations of permit or license conditions.

Mining permit requirements can be found in Wyoming Statutes §35-11-400 through 437, with specific laws for ISR mining in sections 426 – 436.

Conditions of the RMLs applicable to ISR mining are generally standard for all licensees.

Requirements of RMLs are found in WDEQ, LQD/Uranium Recovery Program Chapter 4 Rules and Regulations for Licensing of Source and Byproduct Material.

There are no materially significant encumbrances on the Irigaray Project.

Standard encumbrances include reclamation bonding, mining and surface lease royalties.

16 unchanged sentences

These sands in turn host the K1, K2, K3 and K4 uranium roll-front systems, each of which is composed of multiple stacked individual roll-front deposits.

Table 2.8 –

Mineral Resources for the Irigaray Project as at the date of this Annual Report

Table 2.8 – Mineral Resources for the Irigaray Project as at the date of this Annual Report

Classification

(000 ’

(1000 ’

(% eU 3 O 8 )

(000 ’

Total Resources

The sum of resource tons and lbs.

may not add up to the reported total due to rounding.

Measured, indicated and inferred mineral resources as defined in 17 CFR § 229.1300.

GT Cutoff = 0.25 m% eU 3 O 8

The sum of resource tons and pounds may not add up to the reported total due to rounding.

Measured, indicated and inferred mineral resources as defined in 17 CFR § 229.1300.

GT Cutoff = 0.25 ft% eU 3 O 8.

All reported resources occur below the static water table.

2 unchanged sentences

Christensen Ranch ISR Project

The following technical and scientific description for the Christensen Ranch Project area (the “Christensen Ranch Project Area”) is based in part on the TRS titled “S-K 1300 Mineral Resource Report Wyoming Assets ISR Hub and Spoke Project, WY USA”, dated March 31, 2022, prepared by WWC, a qualified firm (the “QP”

The Christensen Ranch Project Area does not have mineral reserves and is therefore considered an Exploration Stage property under S-K 1300 definitions, despite a history of commercial production.

Figure 2.4 –

Location of the Christensen Ranch Project

Figure 2.4 – Location of the Christensen Ranch Project

Property Description

The Christensen Ranch Project Area is located in Johnson and Campbell Counties, Wyoming, west of Pumpkin Buttes within the PRB, at latitude 43.7982 and longitude -106.0235 in decimal degrees. 

The Christensen Ranch Project Area covers 11,140 acres, including all (or portions of) 30 sections of the PRB.

The Christensen Ranch Project Area is approximately 70 air miles north-northeast of Casper, Wyoming, 48 air miles southeast of Buffalo, Wyoming and 40 air miles southwest of Gillette. 

The Christensen Ranch Project Area can be accessed from Casper, Wyoming, by traveling north on I-25, exit onto State Highway 259 at Midwest turn onto State Highway 387, turn left onto State Highway 192 toward Lynch, travel approximately six miles past Lynch, turn right onto Streeter Road County Road 135, and then follow the signs to the Christensen site.

From Buffalo travel south on I-25 exit onto Trabing Road County Road 13, travel for approximately 14 miles, then exit left onto Irigaray Road and follow signs to the Christensen site.

For access from Gillette, take State Highway 50 south approximately 25 miles exit right onto Black and Yellow Road, travel for approximately 20 miles, then follow signs to Christensen. 

The Christensen Ranch Project is located 13 miles to the southeast of the Irigaray Central Processing Plant and is accessed by travelling west on Black and Yellow Road to Irigaray Road. 

For access from Gillette, take State Highway 50 south approximately 25 miles exit right onto Black and Yellow Road, travel for approximately 20 miles, then follow signs to Christensen.

The Christensen Ranch Project is located 13 miles to the southeast of the Irigaray CPP and is accessed by travelling west on Black and Yellow Road to Irigaray Road.

The Christensen Ranch Project Area is primarily located on private surface land, with two portions located on federal BLM-managed land.

4 unchanged sentences

Water is sourced locally at the mine while electrical service is provided by a regional power company.

UEC’s mineral holdings in the Christensen Ranch Project Area include one State of Wyoming uranium lease (1,280 acres), 358 unpatented lode claims on federally administered minerals (9,140 acres) and one fee (private) mineral lease (720 acres). 

These mineral holdings comprise 11,140 acres. 

UEC’s mineral holdings in the Christensen Ranch Project Area include one State of Wyoming uranium lease (1,280 acres), 371 unpatented lode claims on federally administered minerals (7,420 acres) and one fee (private) mineral lease (720 acres).

These mineral holdings comprise 9,420 acres.

All payments for all leases and claims are up to date.

13 unchanged sentences

Preliminary delineation of mineralized areas.

Arizona Public Services (“APS”), parent company of Malapai

APS became a 50% partner in 1979.

1 unchanged sentence

Delineation of mineralized areas.

Malapai assumed sole ownership of the Christensen Ranch Project Area by acquiring the interests of Wold Energy (“Wold”) and Western Nuclear Corporation (“WNC”).

Malapai purchased the Irigaray Project Area from Westinghouse in 1987, and the Christensen Ranch Project Area was licensed for operations under the Irigaray U.S.

NRC and Wyoming Department of Environmental Quality (“WDEQ”) license/permit in 1988.

Uranium production by ISR was started by Malapai in 1989 and was placed on standby in 1990.

13 unchanged sentences

Approximately 3,690

3.70 million lbs of U 3 O 8  produced from 1989 through 2000.

3.70 million lbs of U 3 O 8 produced from 1989 through 2000.

COGEMA and Malapai

1 unchanged sentence

The Christensen Ranch Project Area was placed on standby from 2006 through 2010, at which time COGEMA and Malapai sold the project to Uranium One and Uranium One USA, Inc.

(collectively, “Uranium One”).

188,000 lbs of U 3 O 8  produced during restoration.

(collectively, “Uranium One”).

188,000 lbs of U 3 O 8 produced during restoration.

Mine Units 7, 8 and 10 were installed and operated.

1 unchanged sentence

Low production mode occurred in 2014 through 2018, and production ended in 2018, at which time the Christensen Ranch Project Area was placed on care and maintenance.

2.6 million lbs of U 3 O 8  produced.

2.6 million lbs of U 3 O 8 produced.

The Christensen Ranch Project Area acquired by UEC from Uranium One.

2 unchanged sentences

The condition of the property is very good while meeting all standards and requirements of federal, state and local regulations.

Development activity to advance the property includes the installation and completion of production and injection wells in Mine Unit 10.

Additionally, exploration and delineation holes are planned in an area adjacent to Mine Unit 5.

Development activity to advance the property included the drilling of 62 delineation holes for a total of 33,507 feet in an area adjacent to Mine Unit 5.

Additionally, a nine hole coring program was conducted in previously produced Mine Units to evaluate non-recovered resource potential remaining in those Mine Units.

The installation of 193 wells in MODS 10-7 and 10-8 is nearly complete while delineation drilling has begun in Mine Unit 11 and in Mine Unit 10.

Facilities, Infrastructure and Underground Development

The Christensen Ranch Project facilities include the ion exchange satellite plant, four evaporation ponds, one permeate storage pond, two EPA Class I injection disposal wells, several miles of buried production and injection trunklines connecting Mine Units to the satellite plant, access roads, office building, maintenance shop, powerlines, and eight installed wellfields (Mine Units 2, 3, 4, 5, 6, 7, 8 and 10). 

Mine Units 2, 3, 4 and 6 have gone through groundwater restoration, which has been approved by Wyoming DEQ. 

These wellfields are undergoing decommissioning. 

Mine Units 7, 8 and 10 have been partially mined and will be the focus of resuming operations. 

Operations in portions of Mine Unit 5 may also be resumed in the future. 

The Christensen Ranch Project facilities include the ion exchange satellite plant, four evaporation ponds, one permeate storage pond, two EPA Class I injection disposal wells, several miles of buried production and injection trunklines connecting Mine Units to the satellite plant, access roads, office building, maintenance shop, powerlines and eight installed wellfields (Mine Units 2, 3, 4, 5, 6, 7, 8 and 10).

Mine Units 2, 3, 4 and 6 have gone through groundwater restoration, which has been approved by WDEQ.

These wellfields are undergoing decommissioning.

Mine Units 7, 8 and 10 have been partially mined and will be the focus of resuming operations.

Operations in portions of Mine Unit 5 may also be resumed in the future.

All facilities are in very good condition.

1 unchanged sentence

The Christensen Ranch Project is permitted under WDEQ Permit to Mine No.

The project is also licensed under WDEQ Radioactive Materials License WYSUA-1341, formerly a U.S.

NRC license. 

Wyoming became an Agreement State for NRC regulation in 2018. 

The project is also licensed under WDEQ RML WYSUA-1341, formerly a U.S.

Permit to Mine No.

478 and Radioactive Materials License WYSUA-1341 are in good standing, with no violations of permit or license conditions. 

Mining permit requirements can be found in Wyoming Statutes §35-11-400 through 437, with specific laws for ISR mining in sections 426 –

Conditions of the Radioactive Materials License applicable to ISR mining are generally standard for all licensees. 

Requirements of Radioactive Materials Licenses are found in WDEQ, LQD/Uranium Recovery Program Chapter 4 Rules and Regulations for Licensing of Source and Byproduct Material. 

There are no materially significant encumbrances on the Christensen Ranch Project. 

478 and RML WYSUA-1341 are in good standing, with no violations of permit or license conditions.

Mining permit requirements can be found in Wyoming Statutes §35-11-400 through 437, with specific laws for ISR mining in sections 426 – 436.

Conditions of the RML applicable to ISR mining are generally standard for all licensees.

Requirements of RMLs are found in WDEQ, LQD/Uranium Recovery Program Chapter 4 Rules and Regulations for Licensing of Source and Byproduct Material.

There are no materially significant encumbrances on the Christensen Ranch Project.

Standard encumbrances include reclamation bonding, mining and surface lease royalties.

6 unchanged sentences

Unaltered sandstones are generally gray, while altered sandstones are tan or pink due to hematite, or show yellowish coloring due to limonite.

Pyrite occurs in several forms within the host sandstones. 

 In unaltered sandstones, pyrite occurs as small to large single euhedral crystals associated with magnetite, ilmenite and other dark detrital minerals.

Pyrite occurs in several forms within the host sandstones.

In unaltered sandstones, pyrite occurs as small to large single euhedral crystals associated with magnetite, ilmenite and other dark detrital minerals.

In altered sandstone, pyrite is typically absent, but locally occurs as tarnished, very fine-grained euhedral crystals.

9 unchanged sentences

Interbedded mudstone, claystone and siltstone are often present and aid in the formation process by focusing groundwater flux.

The geometry of mineralization is dominated by the classic roll-front “C”

shape or crescent configuration at the redox interface.

The highest-grade portion of the front occurs in a zone termed the “nose”

within reduced ground just ahead of the alteration front.

Ahead of the nose, at the leading edge of the solution front, mineral quality gradually diminishes to barren within the “seepage”

Trailing behind the nose, in oxidized (altered) ground, are weak remnants of mineralization referred to as “tails”

which have resisted re-mobilization to the nose due to association with shale, carbonaceous material or other lithologies of lower permeability.

The geometry of mineralization is dominated by the classic roll-front “C” shape or crescent configuration at the redox interface.

The highest-grade portion of the front occurs in a zone termed the “nose” within reduced ground just ahead of the alteration front.

Ahead of the nose, at the leading edge of the solution front, mineral quality gradually diminishes to barren within the “seepage” zone.

Trailing behind the nose, in oxidized (altered) ground, are weak remnants of mineralization referred to as “tails” which have resisted re-mobilization to the nose due to association with shale, carbonaceous material or other lithologies of lower permeability.

Tails are generally not amenable to ISR because the uranium is typically found within strongly reduced or impermeable strata, therefore making it difficult to leach.

Table 2.10 –

Mineral Resources for the Christensen Ranch Project as at the date of this Annual Report

Table 2.10 – Mineral Resources for the Christensen Ranch Project as at the date of this Annual Report

Classification

(000 ’

(1000 ’

(% eU 3 O 8 )

(000 ’

Total Resources

The sum of resource tons and lbs.

may not add up to the reported total due to rounding.

Measured, indicated, and inferred mineral resources as defined in 17 CFR § 229.1300.

GT Cutoff = 0.25 m% eU 3 O 8

The sum of resource tons and pounds may not add up to the reported total due to rounding.

Measured, indicated, and inferred mineral resources as defined in 17 CFR § 229.1300.

GT Cutoff = 0.25 ft% eU 3 O 8.

All reported resources occur below the static water table.

The point of reference for mineral resources is in-situ at the Project.

The point of reference for mineral resources is in-situ at the P roject.

Mineral resources that are not mineral reserves do not have demonstrated economic viability.

A long-term uranium price of $40 per pound U 3 O 8 and an 80% metallurgical recovery factor were considered for the purposes of determining the reasonable prospect of economic extraction.

Moore Ranch ISR Project

The following technical and scientific description for the Moore Ranch Project area (the “Moore Ranch Project Area”) is based in part on the TRS titled “S-K 1300 Mineral Resource Report Wyoming Assets ISR Hub and Spoke Project, WY USA”, dated March 31, 2022, prepared by WWC, a qualified firm (the “QP”

herein). 

The Moore Ranch Project Area does not have mineral reserves and is therefore considered an Exploration Stage property under S-K 1300 definitions, despite a history of commercial production.

Figure 2.5 –

Location of the Moore Ranch Project

Figure 2.5 – Location of the Moore Ranch Project

Property Description

The Moore Ranch Project Area is located in Campbell County, Wyoming, the southern portion of the Pumpkin Buttes within the PRB, at latitude 43.5652 and longitude ‑105.8480 in decimal degrees.

The Moore Ranch Project area covers 4,180 acres, including all (or portions of) 16 sections of the PRB.

5 unchanged sentences

Water will be sourced locally while electrical service will be provided by a regional power company.

UEC’s mineral holdings within the Moore Ranch Project Area include three State of Wyoming uranium leases (1,280 acres), 86 unpatented lode claims on federally administered minerals (1,720 acres) and four fee (private) mineral leases (1,180 acres). 

These mineral holdings comprise 4,180 acres. 

These mineral holdings comprise 4,480 acres.

All payments for all leases and claims are up to date.

8 unchanged sentences

Results of Work

Conoco Minerals (“Conoco”) and Kerr-McGee Corporation (“Kerr-McGee”)

Conoco and Kerr-McGee operated as a joint venture.

11 unchanged sentences

Rio Algom Mining Corp.

(“Rio Algom”)

Rio Algom acquired the project in 1989.

6 unchanged sentences

Power Resources, Inc.

(“PRI”)

(now Cameco Resources)

1 unchanged sentence

Ownership transition.

Energy Metals Corporation (“EMC”)

EMC acquired most of the mining claims and state leases.

15 unchanged sentences

The Moore Ranch Project is permitted under WDEQ Permit to Mine No.

The project is also licensed under WDEQ Radioactive Materials License WYSUA-1596, formerly a U.S.

NRC license. 

Wyoming became an Agreement State for NRC regulation in 2018. 

The project is also licensed under WDEQ RML WYSUA-1596, formerly a U.S.

Permit to Mine No.

777 and Radioactive Materials License WYSUA-1596 are in good standing, with no violations of permit or license conditions. 

Mining permit requirements can be found in Wyoming Statutes §35-11-400 through 437, with specific laws for ISR mining in sections 426 –

Conditions of the Radioactive Materials License applicable to ISR mining are generally standard for all licensees. 

Requirements of Radioactive Materials Licenses are found in WDEQ, LQD/Uranium Recovery Program Chapter 4 Rules and Regulations for Licensing of Source and Byproduct Material. 

There are no materially significant encumbrances on the Moore Ranch Project. 

777 and RML WYSUA-1596 are in good standing, with no violations of permit or license conditions.

Mining permit requirements can be found in Wyoming Statutes §35-11-400 through 437, with specific laws for ISR mining in sections 426 – 436.

Conditions of the RML applicable to ISR mining are generally standard for all licensees.

Requirements of RMLs are found in WDEQ, LQD/Uranium Recovery Program Chapter 4 Rules and Regulations for Licensing of Source and Byproduct Material.

There are no materially significant encumbrances on the Moore Ranch Project.

Standard encumbrances include reclamation bonding, mining and surface lease royalties.

11 unchanged sentences

Geology at the Moore Ranch Project Area is similar to the geology at the North and Southwest Reno Creek resource areas and includes the Felix and Badger coals.

The mineralized host sand lies 5 to 30 feet below this coal bed and at a depth of 200–350 feet below the surface.

The mineralized host sand lies 5 to 30 feet below this coal bed and at a depth of 200–350 feet below the surface.

The host sandstone is 80-150 feet thick.

3 unchanged sentences

Interbedded mudstone, claystone and siltstone are often present and aid in the formation process by focusing groundwater flux.

The geometry of mineralization is dominated by the classic roll-front “C”

shape or crescent configuration at the redox interface.

The highest-grade portion of the front occurs in a zone termed the “nose”

within reduced ground just ahead of the alteration front.

Ahead of the nose, at the leading edge of the solution front, mineral quality gradually diminishes to barren within the “seepage”

Trailing behind the nose, in oxidized (altered) ground, are weak remnants of mineralization referred to as “tails”

which have resisted re-mobilization to the nose due to association with shale, carbonaceous material or other lithologies of lower permeability.

The geometry of mineralization is dominated by the classic roll-front “C” shape or crescent configuration at the redox interface.

The highest-grade portion of the front occurs in a zone termed the “nose” within reduced ground just ahead of the alteration front.

Ahead of the nose, at the leading edge of the solution front, mineral quality gradually diminishes to barren within the “seepage” zone.

Tails are generally not amenable to ISR because the uranium is typically found within strongly reduced or impermeable strata, therefore making it difficult to leach.

Table 2.12 –

Mineral Resources for the Moore Ranch Project as at the date of this Annual Report

Table 2.12 – Mineral Resources for the Moore Ranch Project as at the date of this Annual Report

Classification

(000 ’

(1000 ’

(% eU 3 O 8 )

(000 ’

Total Resources

The sum of resource tons and lbs.

may not add up to the reported total due to rounding.

Measured, indicated, and inferred mineral resources as defined in 17 CFR § 229.1300.

GT Cutoff = 0.3 m% eU 3 O 8

The sum of resource tons and pounds may not add up to the reported total due to rounding.

Measured, indicated, and inferred mineral resources as defined in 17 CFR § 229.1300.

GT Cutoff = 0.3 ft% eU 3 O 8.

All reported resources occur below the static water table.

1 unchanged sentence

Mineral resources that are not mineral reserves do not have demonstrated economic viability.

A long-term uranium price of $40 per pound U 3 O 8 and an 80% metallurgical recovery factor were considered for the purposes of determining the reasonable prospect of economic extraction.

Reno Creek ISR Project

The following technical and scientific description for the Reno Creek Project area (the “Reno Creek Project Area”) is based in part on the TRS titled “S-K 1300 Mineral Resource Report Wyoming Assets ISR Hub and Spoke Project, WY USA”, dated March 31, 2022, prepared by WWC, a qualified firm (the “QP”

The Reno Creek Project Area does not have mineral reserves and is therefore considered an Exploration Stage property under S-K 1300 definitions.

1 unchanged sentence

Property Description

The Reno Creek Project Area is in Campbell County, Wyoming, within the PRB, at latitude 43.6796 and longitude ‑105.7226 in decimal degrees.

The Reno Creek Project Area covers 18,763 acres, including all (or portions of) 46 sections of the PRB.

7 unchanged sentences

Water will be sourced locally while electrical service will be provided by a regional power company.

UEC’s mineral holdings in the Reno Creek Project Area include four State of Wyoming uranium leases (3,200 acres), 549 unpatented lode claims on federally administered minerals (10,980 acres) and 36 fee (private) mineral leases (4,583 acres). 

The mineral holdings comprise 18,763 acres. 

All payments for all leases and claims are up to date.

8 unchanged sentences

Results of Work

Reno Creek –

 North Reno Creek

Rocky Mountain Energy Company (“RME”)

Reno Creek – North Reno Creek

Rocky Mountain Energy Company (“RME”)

Drilled exploration holes at and around North Reno Creek resource area.

1 unchanged sentence

Delineated Approximately 10 miles of roll-front deposits.

RME, Mono Power Company (“Mono”) and Halliburton Services

Partnership formed to develop North Reno Creek Resource Area using ISR methods.

2 unchanged sentences

Energy Fuels Nuclear Inc.

acquired RME’s North Reno Creek Resource Area and later became International Uranium Corporation.

Acquisition of the Reno Creek Project Area.

Rio Algom acquired International Uranium Corporation’s property.

Acquisition of the Reno Creek Project Area.

1 unchanged sentence

Acquisition of the Reno Creek Project Area and mining claims dropped.

Strathmore Minerals Corporation and American Uranium Corporation (“AUCA”)

Re-staked and filed new mining claims on approximately 16,000 acres.

5 unchanged sentences

Auditing of project resources.

Reno Creek –

 Southwest Reno Creek

Reno Creek – Southwest Reno Creek

AUCA and Tennessee Valley Authority JV

7 unchanged sentences

Auditing of the Reno Creek Project Area resources.

Reno Creek –

 Moore, Pine Tree, and Bing

Reno Creek – Moore, Pine Tree, and Bing

Utah International Mining Company

22 unchanged sentences

The Reno Project is permitted under WDEQ Permit to Mine No.

The project is also licensed under WDEQ Radioactive Materials License WYSUA-1602, formerly a U.S.

NRC license. 

Wyoming became an Agreement State for NRC regulation in 2018. 

The project is also licensed under WDEQ RML WYSUA-1602, formerly a U.S.

Permit to Mine No.

824 and Radioactive Materials License WYSUA-1602 are in good standing, with no violations of permit or license conditions. 

Mining permit requirements can be found in Wyoming Statutes §35-11-400 through 437, with specific laws for ISR mining in sections 426 –

Conditions of the Radioactive Materials License applicable to ISR mining are generally standard for all licensees. 

Requirements of Radioactive Materials Licenses are found in WDEQ, LQD/Uranium Recovery Program Chapter 4 Rules and Regulations for Licensing of Source and Byproduct Material. 

There are no materially significant encumbrances on the Reno Creek Project. 

824 and RML WYSUA-1602 are in good standing, with no violations of permit or license conditions.

Mining permit requirements can be found in Wyoming Statutes §35-11-400 through 437, with specific laws for ISR mining in sections 426 – 436.

Conditions of the RML applicable to ISR mining are generally standard for all licensees.

Requirements of RMLs are found in WDEQ, LQD/Uranium Recovery Program Chapter 4 Rules and Regulations for Licensing of Source and Byproduct Material.

There are no materially significant encumbrances on the Reno Creek Project.

Standard encumbrances include reclamation bonding, mining and surface lease royalties.

1 unchanged sentence

The Reno Creek Project Area targets mineralization in the Eocene-aged Wasatch Formation.

Mineralization in the Reno Creek Project Area occurs in fluvial sandstones of the lower parts of the Wasatch Formation. 

Most of the upper Wasatch Formation has been eroded away. 

The sandstones are arkosic, fine- to coarse-grained with local calcareous lenses. 

The sandstones contain minor amounts of organic carbon that occurs as dispersed bits or as stringers. 

Mineralization in the Reno Creek Project Area occurs in fluvial sandstones of the lower parts of the Wasatch Formation.

Most of the upper Wasatch Formation has been eroded away.

The sandstones are arkosic, fine- to coarse-grained with local calcareous lenses.

The sandstones contain minor amounts of organic carbon that occurs as dispersed bits or as stringers.

Unaltered sandstones are generally gray, while altered sandstones are tan or pink due to hematite or show yellowish coloring due to limonite.

11 unchanged sentences

Interbedded mudstone, claystone and siltstone are often present and aid in the formation process by focusing groundwater flux.

The geometry of mineralization is dominated by the classic roll-front “C”

shape or crescent configuration at the redox interface.

The highest-grade portion of the front occurs in a zone termed the “nose”

within reduced ground just ahead of the alteration front.

Ahead of the nose, at the leading edge of the solution front, mineral quality gradually diminishes to barren within the “seepage”

Trailing behind the nose, in oxidized (altered) ground, are weak remnants of mineralization referred to as “tails”

which have resisted re-mobilization to the nose due to association with shale, carbonaceous material or other lithologies of lower permeability.

The geometry of mineralization is dominated by the classic roll-front “C” shape or crescent configuration at the redox interface.

The highest-grade portion of the front occurs in a zone termed the “nose” within reduced ground just ahead of the alteration front.

Ahead of the nose, at the leading edge of the solution front, mineral quality gradually diminishes to barren within the “seepage” zone.

Tails are generally not amenable to ISR because the uranium is typically found within strongly reduced or impermeable strata, therefore making it difficult to leach.

Table 2.14 –

Mineral Resources for the Reno Creek Project as at the date of this Annual Report

Table 2.14 – Mineral Resources for the Reno Creek Project as at the date of this Annual Report

Classification

(000 ’

(1000 ’

(% eU 3 O 8 )

(000 ’

Total Resources

The sum of resources tons and lbs.

may not add up to the reported total due to rounding.

Measured, indicated, and inferred mineral resources as defined in 17 CFR § 229.1300.

GT Cutoff = 0.20 m% eU 3 O 8

The sum of resources tons and pounds may not add up to the reported total due to rounding.

Measured, indicated, and inferred mineral resources as defined in 17 CFR § 229.1300.

GT Cutoff = 0.20 ft% eU 3 O 8.

All reported resources occur below the static water table.

1 unchanged sentence

Mineral resources that are not mineral reserves do not have demonstrated economic viability.

A long-term uranium price of $40 per pound U 3 O 8 and an 80% metallurgical recovery factor were considered for the purposes of determining the reasonable prospect of economic extraction.

Ludeman ISR Project

The following technical and scientific description for the Ludeman Project area (the “Ludeman Project Area”) is based in part on the TRS titled “S-K 1300 Mineral Resource Report Wyoming Assets ISR Hub and Spoke Project, WY USA”, dated March 31, 2022, prepared by WWC, a qualified firm (the “QP”

The Ludeman Project Area does not have mineral reserves and is therefore considered an Exploration Stage property under S-K 1300 definitions, despite a history of successful in situ research and development testing.

Figure 2.7 –

Location of the Ludeman Project

Figure 2.7 – Location of the Ludeman Project

Property Description

The Ludeman Project Area is located in Converse County, Wyoming, in the southern portion of the PRB, at latitude 42.9119 and longitude ‑105.6277 in decimal degrees.

The Ludeman Project Area covers 18,117.71 acres including all (or portions of) 31 sections of the PRB.

6 unchanged sentences

Water will be sourced locally at the site while electrical service will be provided by a regional power company.

UEC’s mineral holdings in the Ludeman Project Area include four State of Wyoming uranium leases (1,440 acres), 746 unpatented lode claims on federally administered minerals (14,920 acres) and two fee (private) mineral leases (1,741.89 acres). 

These mineral holdings comprise 18,101.89 acres. 

These mineral holdings comprise 18,117.71 acres.

All payments for all leases and claims are up to date.

9 unchanged sentences

Cordero Mining

Numerous exploration companies including Teton Exploration (“Teton”), PRI, Uranium Resources, Inc.

(“URI”) and Malapai (a subsidiary of APS) collectively explored in the Ludeman Project Area.

Numerous exploration companies including Teton Exploration (“Teton”), PRI, Uranium Resources, Inc.

(“URI”) and Malapai (a subsidiary of APS) collectively explored in the Ludeman Project Area.

Approximately 5,420

1 unchanged sentence

United Nuclear Corp.

(“UNC”) and partner Teton

Constructed and operated the Leuenberger ISR pilot test facility for 12 months.

1 unchanged sentence

Due to a decline in the market, the permitted mine was not placed into commercial operation and the permit expired.

Produced 12,800 lbs of U 3 O 8  from the pilot facility.

Produced 12,800 lbs of U 3 O 8 from the pilot facility.

Constructed and operated the North Platte ISR project on a portion of the Ludeman Project Area.

The pilot test facility produced for five months during 1982.

Produced 1,515 lbs of U 3 O 8  from the pilot facility.

Produced 1,515 lbs of U 3 O 8 from the pilot facility.

Permitted the Peterson Project for pilot operations but was never operated.

9 unchanged sentences

Early to Mid- 2000s

High Plains Uranium (“HPU”) and EMC

HPU held most claims and leases in the Ludeman Project Area.

15 unchanged sentences

Facilities, Infrastructure and Underground Development

The Ludeman property is fully permitted and licensed for commercial ISR production. 

The engineering and design work has been completed for the satellite plant, evaporation ponds, infrastructure, and the first Mine Unit. 

The Ludeman property is fully permitted and licensed for commercial ISR production.

The engineering and design work has been completed for the satellite plant, evaporation ponds, infrastructure, and the first Mine Unit.

Construction of these facilities has not occurred to date.

1 unchanged sentence

The Ludeman Project is permitted under WDEQ Permit to Mine No.

The project is also licensed under WDEQ Radioactive Materials License WYSUA-1341, formerly a U.S.

NRC license. 

Wyoming became an Agreement State for NRC regulation in 2018. 

The project is also licensed under WDEQ RML WYSUA-1341, formerly a U.S.

Permit to Mine No.

844 and Radioactive Materials License WYSUA-1341 are in good standing, with no violations of permit or license conditions. 

Mining permit requirements can be found in Wyoming Statutes §35-11-400 through 437, with specific laws for ISR mining in sections 426 –

Conditions of the Radioactive Materials License applicable to ISR mining are generally standard for all licensees. 

Requirements of Radioactive Materials Licenses are found in WDEQ, LQD/Uranium Recovery Program Chapter 4 Rules and Regulations for Licensing of Source and Byproduct Material. 

There are no materially significant encumbrances on the Ludeman Project. 

844 and RML WYSUA-1341 are in good standing, with no violations of permit or license conditions.

Mining permit requirements can be found in Wyoming Statutes §35-11-400 through 437, with specific laws for ISR mining in sections 426 – 436.

Conditions of the RML applicable to ISR mining are generally standard for all licensees.

Requirements of Radioactive Materials Licenses are found in WDEQ, LQD/Uranium Recovery Program Chapter 4 Rules and Regulations for Licensing of Source and Byproduct Material.

There are no materially significant encumbrances on the Ludeman Project.

Standard encumbrances include reclamation bonding, mining and surface lease royalties.

Geologic Setting, Mineralization, and Deposit

The Ludeman Project Area targets mineralization in the Fort Union Formation, which underlies the Wasatch Formation. 

The host rocks for the uranium ore deposits in the project areas are the arkosic sandstones of the Fort Union Formation. 

The Ludeman Project Area targets mineralization in the Fort Union Formation, which underlies the Wasatch Formation.

The host rocks for the uranium ore deposits in the project areas are the arkosic sandstones of the Fort Union Formation.

These channel deposits are confined by mudstones that serve as aquitards to the water saturated aquifers.

3 unchanged sentences

Interbedded mudstone, claystone and siltstone are often present and aid in the formation process by focusing groundwater flux.

The geometry of mineralization is dominated by the classic roll-front “C”

shape or crescent configuration at the redox interface.

The highest-grade portion of the front occurs in a zone termed the “nose”

within reduced ground just ahead of the alteration front.

Ahead of the nose, at the leading edge of the solution front, mineral quality gradually diminishes to barren within the “seepage”

Trailing behind the nose, in oxidized (altered) ground, are weak remnants of mineralization referred to as “tails”

which have resisted re-mobilization to the nose due to association with shale, carbonaceous material or other lithologies of lower permeability.

The geometry of mineralization is dominated by the classic roll-front “C” shape or crescent configuration at the redox interface.

The highest-grade portion of the front occurs in a zone termed the “nose” within reduced ground just ahead of the alteration front.

Ahead of the nose, at the leading edge of the solution front, mineral quality gradually diminishes to barren within the “seepage” zone.

Tails are generally not amenable to ISR because the uranium is typically found within strongly reduced or impermeable strata, therefore making it difficult to leach.

Table 2.16 –

Mineral Resources for the Ludeman Project as at the date of this Annual Report

Table 2.16 – Mineral Resources for the Ludeman Project as at the date of this Annual Report

Classification

(000 ’

(1000 ’

(% eU 3 O 8 )

(000 ’

Total Resources

The sum of measured and indicated tons and lbs.

may not add up to the reported total due to rounding.

Measured and indicated mineral resources as defined in 17 CFR § 229.1300.

GT Cutoff = 0.25 m% eU 3 O 8

The sum of measured and indicated tons and pounds may not add up to the reported total due to rounding.

Measured and indicated mineral resources as defined in 17 CFR § 229.1300.

GT Cutoff = 0.25 ft% eU 3 O 8.

All reported resources occur below the static water table.

The point of reference for mineral resources is in-situ at the Project.

The point of reference for mineral resources is in-situ at the P roject.

Mineral resources that are not mineral reserves do not have demonstrated economic viability.

A long-term uranium price of $40 per pound U 3 O 8 and an 80% metallurgical recovery factor were considered for the purposes of determining the reasonable prospect of economic extraction

Allemand-Ross ISR Project

The following technical and scientific description for the Allemand-Ross Project area (the “Allemand-Ross Project Area”) is based in part on the TRS titled “S-K 1300 Mineral Resource Report Wyoming Assets ISR Hub and Spoke Project, WY USA”, dated March 31, 2022, prepared by WWC, a qualified firm (the “QP”

The Allemand-Ross Project Area does not have mineral reserves and is therefore considered an Exploration Stage property under S-K 1300 definitions.

Figure 2.8 –

Location of the Allemand-Ross Project

Figure 2.8 – Location of the Allemand-Ross Project

Property Description

The Allemand-Ross Project Area is located in Converse County, Wyoming, in the southern PRB Uranium District of Wyoming, at latitude 43.3101 and longitude -105.7787 in decimal degrees.

The Allemand-Ross Project Area covers 13,331.72 acres, including all (or portions of) 21 sections within three townships of the PRB.

The Allemand-Ross Project Area covers 13,331.72 acres, including all (or portions of) 21 sections within three townships of the PRB.

The Allemand-Ross Project Area is located approximately 42 air miles northeast of Casper, Wyoming., The Allemand-Ross Project Area is primarily located on private surface land with some areas of federal or state-managed land.

4 unchanged sentences

Water will be sourced locally at the site while electrical service will be provided by a regional power company.

UEC’s mineral holdings in the Allemand-Ross project area include three State of Wyoming uranium leases (958 acres), 452 unpatented lode claims on federally administered minerals (9,040 acres) and seven fee (private) mineral leases (3,333.72 acres). 

These mineral holdings comprise 13,331.72 acres. 

UEC’s mineral holdings in the Allemand-Ross project area include three State of Wyoming uranium leases (958.03 acres), 452 unpatented lode claims on federally administered minerals (9,040 acres) and seven fee (private) mineral leases (3,572.61 acres).

These mineral holdings comprise 13,570.64 acres.

All payments for all leases and claims are up to date.

15 unchanged sentences

In 1970, Conoco entered an agreement with National Resources Corporation to earn in on the Allemand-Ranch land holdings.

National Resources Corporation’s interests were acquired by Pioneer Nuclear in 1972 and the joint venture partnership was maintained until 1975.

In 1979, Conoco continued to operate the drilling program.

2 unchanged sentences

A significant amount of the mineralization within the Allemand-Ross Project Area was delineated.

Power Reactor and Nuclear Fuel Development Corporation (“PNC”)

PNC assumed control of the Allemand-Ross Project Area and continued exploration.

23 unchanged sentences

Permit Status and Encumbrances

The Allemand Ross Project has not been permitted or licensed for ISR operations. 

Exploration and delineation drilling is conducted under a WDEQ LQD Drilling Notification. 

There are no materially significant encumbrances on the Allemand Ross Project. 

The Allemand Ross Project has not been permitted or licensed for ISR operations.

Exploration and delineation drilling is conducted under a WDEQ LQD Drilling Notification.

There are no materially significant encumbrances on the Allemand Ross Project.

Standard encumbrances include reclamation bonding, mining and surface lease royalties.

Geologic Setting, Mineralization and Deposit

Union Formation, which underlies the Wasatch Formation and is part of the thick PRB sedimentary series. 

It consists of mudstones, siltstones and clays with minor cross bedded sandstone channels and occasional thin limestone and lignite beds (Lemmers and Smith, 1981). 

The Fort Union Formation sandstones were deposited in a fluvial paleo-drainage system, which flowed generally in a north-northeasterly direction. 

The targeted host rocks for uranium ore deposits in the Allemand-Ross Project area are the arkosic sandstones of the Lebo member of the Fort Union formation. 

Union Formation, which underlies the Wasatch Formation and is part of the thick PRB sedimentary series.

It consists of mudstones, siltstones and clays with minor cross bedded sandstone channels and occasional thin limestone and lignite beds (Lemmers and Smith, 1981).

The Fort Union Formation sandstones were deposited in a fluvial paleo-drainage system, which flowed generally in a north-northeasterly direction.

The targeted host rocks for uranium ore deposits in the Allemand-Ross Project area are the arkosic sandstones of the Lebo member of the Fort Union formation.

These channel deposits are confined by mudstones that serve as aquitards to the water saturated aquifers.

Pyrite occurs in several forms within the host sandstones. 

In unaltered sandstones, pyrite occurs as small to large single euhedral crystals associated with magnetite, ilmenite and other dark detrital minerals. 

In altered sandstone, pyrite is typically absent, but locally occurs as tarnished, very fine-grained euhedral crystals. 

Pyrite occurs in several forms within the host sandstones.

In unaltered sandstones, pyrite occurs as small to large single euhedral crystals associated with magnetite, ilmenite and other dark detrital minerals.

In altered sandstone, pyrite is typically absent, but locally occurs as tarnished, very fine-grained euhedral crystals.

In areas of intense or heavy mineralization, pyrite locally occurs as massive, tarnished crystal aggregates.

Uranium mineralization at the Allemand-Ross Project Area is typical of Wyoming roll-front sandstone deposits. 

The formation of roll-front deposits is largely a groundwater process that occurs when uranium-rich, oxygenated groundwater interacts with a reducing environment in the subsurface and precipitates uranium. 

The most favorable host rocks for roll-fronts are permeable sandstones with large aquifer systems. 

Interbedded mudstone, claystone and siltstone are often present and aid in the formation process by focusing groundwater flux. 

The geometry of mineralization is dominated by the classic roll-front “C”

shape or crescent configuration at the redox interface. 

The highest-grade portion of the front occurs in a zone termed the “nose”

within reduced ground just ahead of the alteration front. 

Ahead of the nose, at the leading edge of the solution front, mineral quality gradually diminishes to barren within the “seepage”

Trailing behind the nose, in oxidized (altered) ground, are weak remnants of mineralization referred to as “tails”, which have resisted re-mobilization to the nose due to association with shale, carbonaceous material or other lithologies of lower permeability. 

Uranium mineralization at the Allemand-Ross Project Area is typical of Wyoming roll-front sandstone deposits.

The most favorable host rocks for roll-fronts are permeable sandstones with large aquifer systems.

Interbedded mudstone, claystone and siltstone are often present and aid in the formation process by focusing groundwater flux.

The geometry of mineralization is dominated by the classic roll-front “C” shape or crescent configuration at the redox interface.

The highest-grade portion of the front occurs in a zone termed the “nose” within reduced ground just ahead of the alteration front.

Ahead of the nose, at the leading edge of the solution front, mineral quality gradually diminishes to barren within the “seepage” zone.

Tails are generally not amenable to ISR because the uranium is typically found within strongly reduced or impermeable strata, therefore making it difficult to leach.

Table 2.18 –

Mineral Resources for the Allemand Ross Project as at the date of this Annual Report

Table 2.18 – Mineral Resources for the Allemand Ross Project as at the date of this Annual Report

Classification

(000 ’

(1000 ’

(% eU 3 O 8 )

(000 ’

Total Resources

The sum of resource tons and lbs.

may not add up to the reported total due to rounding.

Measured and indicated mineral resources as defined in 17 CFR § 229.1300.

GT Cutoff = 0.25 m% eU 3 O 8

The sum of resource tons and pounds may not add up to the reported total due to rounding.

Measured and indicated mineral resources as defined in 17 CFR § 229.1300.

GT Cutoff = 0.25 ft% eU 3 O 8.

All reported resources occur below the static water table.

The point of reference for mineral resources is in-situ at the Project.

The point of reference for mineral resources is in-situ at the P roject.

Mineral resources that are not mineral reserves do not have demonstrated economic viability.

A long-term uranium price of $40 per pound U 3 O 8 and an 80% metallurgical recovery factor were considered for the purposes of determining the reasonable prospect of economic extraction.

Barge ISR Project

The following technical and scientific description for the Barge Project area (the “Barge Project Area”) is based in part on the TRS titled “S-K 1300 Mineral Resource Report Wyoming Assets ISR Hub and Spoke Project, WY USA”, dated March 31, 2022, prepared by WWC, a qualified firm (the “QP”

The Barge Project Area does not have mineral reserves and is therefore considered an Exploration Stage property under S-K 1300 definitions.

Figure 2.9 –

Location of the Barge Project

Figure 2.9 – Location of the Barge Project

Property Description

6 unchanged sentences

Water will be sourced locally at the site while electrical service will be provided by a regional power company.

UEC’s mineral holdings in the Barge project area include one State of Wyoming uranium lease (640 acres) and 342 unpatented lode claims on federally administered minerals (6,840 acres). 

These mineral holdings comprise 7,480 acres. 

UEC’s mineral holdings in the Barge project area include one State of Wyoming uranium lease (640 acres) and 342 unpatented lode claims on federally administered minerals (6,840 acres).

These mineral holdings comprise 7,480 acres.

All payments for the lease and claims are up to date.

25 unchanged sentences

Property Condition and Proposed Development

The condition of the property is good while meeting all standards and requirements of Federal, State and local regulations.

The condition of the property is good while meeting all standards and requirements of F ederal, S tate and local regulations.

There are no immediate plans for exploration or delineation drilling.

2 unchanged sentences

Permit Status and Encumbrances

The Barge Project has not been permitted or licensed for ISR operations. 

Exploration and delineation drilling is conducted under a WDEQ LQD Drilling Notification. 

There are no materially significant encumbrances on the Barge Project. 

The Barge Project has not been permitted or licensed for ISR operations.

Exploration and delineation drilling is conducted under a WDEQ LQD Drilling Notification.

There are no materially significant encumbrances on the Barge Project.

Standard encumbrances include reclamation bonding, mining and surface lease royalties.

1 unchanged sentence

The Barge Project Area mineralization occurs in both the Wasatch Formation and the Paleocene Fort Union Formation.

Mineralization in the Barge Project Area occurs in fluvial sandstones of the lower parts of the Wasatch Formation. 

Most of the upper Wasatch Formation has been eroded away. 

The sandstones are arkosic, fine- to coarse-grained with local calcareous lenses. 

The sandstones contain minor amounts of organic carbon that occurs as dispersed bits or as stringers. 

Mineralization in the Barge Project Area occurs in fluvial sandstones of the lower parts of the Wasatch Formation.

Most of the upper Wasatch Formation has been eroded away.

The sandstones are arkosic, fine- to coarse-grained with local calcareous lenses.

The sandstones contain minor amounts of organic carbon that occurs as dispersed bits or as stringers.

Unaltered sandstones are generally gray while altered sandstones are tan or pink due to hematite, or show yellowish coloring due to limonite.

Pyrite occurs in several forms within the host sandstones.

In unaltered sandstones, pyrite occurs as small to large single euhedral crystals associated with magnetite, ilmenite and other dark detrital minerals. 

In altered sandstone, pyrite is typically absent, but locally occurs as tarnished, very fine-grained euhedral crystals. 

In unaltered sandstones, pyrite occurs as small to large single euhedral crystals associated with magnetite, ilmenite and other dark detrital minerals.

In altered sandstone, pyrite is typically absent, but locally occurs as tarnished, very fine-grained euhedral crystals.

In areas of intense or heavy mineralization, pyrite locally occurs as massive, tarnished crystal aggregates.

Table 2.20 –

Mineral Resources for the Barge Project as at the date of this Annual Report

Table 2.20 – Mineral Resources for the Barge Project as at the date of this Annual Report

Classification

Tons Ore (000 ’

Tonnes Ore (1000 ’

Tons Ore (000 ’ s)

Tonnes Ore (1000 ’ s)

Average Grade (% eU 3 O 8 )

Pounds eU 3 O 8  (000 ’

Pounds eU 3 O 8 (000 ’ s)

Total Resources

The sum of measured and indicated tons and lbs.

may not add up to the reported total due to rounding.

Measured and indicated mineral resources as defined in 17 CFR § 229.1300.

GT Cutoff = 0.25 m% eU 3 O 8

The sum of measured and indicated tons and pounds may not add up to the reported total due to rounding.

Measured and indicated mineral resources as defined in 17 CFR § 229.1300.

GT Cutoff = 0.25 ft% eU 3 O 8.

All reported resources occur below the static water table.

The point of reference for mineral resources is in-situ at the Project.

The point of reference for mineral resources is in-situ at the P roject.

Mineral resources that are not mineral reserves do not have demonstrated economic viability.

A long-term uranium price of $40 per pound U 3 O 8 and an 80% metallurgical recovery factor were considered for the purposes of determining the reasonable prospect of economic extraction.

Jab/West Jab ISR Project

The following technical and scientific description for the Jab/West Jab Project area (the “Jab/West Jab Project Area”) is based in part on the TRS titled “S-K 1300 Mineral Resource Report Wyoming Assets ISR Hub and Spoke Project, WY USA”, dated March 31, 2022, as prepared by WWC, a qualified firm (the “QP”

The Jab/West Jab Project Area does not have mineral reserves and is therefore considered an Exploration Stage property under S-K 1300 definitions.

Figure 2.10 –

Location of the Jab/West Jab Project

Figure 2.10 – Location of the Jab/West Jab Project

Property Description

The Jab/West Jab Project Area is located in the GDB in Fremont and Sweetwater Counties, Wyoming. 

The Jab/West Jab Project Area consists of two separate areas of mining claims and state leases separated by less than two miles in the GDB. 

The Jab/West Jab Project Area is located in both Fremont and Sweetwater Counties in all or portions of 11 sections (5,300 acres), at latitude 42.2611 and longitude -108.1225 in decimal degrees.

The Jab/West Jab Project Area is approximately 100 air miles southwest of Casper, Wyoming, and 20 air miles southwest of Jeffrey City, Wyoming. 

The Jab/West Jab Project Area is accessed from State Highway 287 and through Bairoil, Wyoming, by traveling west on Bairoil Road (County Road 22). 

Alternatively, the Jab/West Jab Project Area may be accessed by traveling south from Jeffrey City, Wyoming, following Crooks Gap Road. 

The Jab/West Jab Project Area is located on federal BLM and state-managed land.

The Jab/West Jab Project Area is located in the GDB in Fremont and Sweetwater Counties, Wyoming.

The Jab/West Jab Project Area consists of two separate areas of mining claims and state leases separated by less than two miles in the GDB.

The Jab/West Jab Project Area is located in both Fremont and Sweetwater Counties in all or portions of 11 sections (5,300 acres), at latitude 42.2611 and longitude -108.1225 in decimal degrees.

The Jab/West Jab Project Area is approximately 100 air miles southwest of Casper, Wyoming, and 20 air miles southwest of Jeffrey City, Wyoming.

The Jab/West Jab Project Area is accessed from State Highway 287 and through Bairoil, Wyoming, by traveling west on Bairoil Road (County Road 22).

Alternatively, the Jab/West Jab Project Area may be accessed by traveling south from Jeffrey City, Wyoming, following Crooks Gap Road.

The Jab/West Jab Project Area is located on federal BLM and state-managed land.

The site is accessible year-round on county roads.

1 unchanged sentence

Water will be sourced locally at the site while electrical service will be provided by a regional power company.

UEC’s mineral holdings in the Jab/West Jab Project Area include three State of Wyoming uranium leases (960 acres) and 217 unpatented lode claims on federally administered minerals (4,340 acres). 

These mineral holdings comprise 5,300 acres. 

UEC’s mineral holdings in the Jab/West Jab Project Area include three State of Wyoming uranium leases (960 acres) and 217 unpatented lode claims on federally administered minerals (4,340 acres).

These mineral holdings comprise 5,300 acres.

All payments for all leases and claims are up to date.

11 unchanged sentences

The Jab/West Jab Project Area initially developed.

Union Carbide Corporation (“UCC”)

Delineated an area of shallow oxidized mineralization and completed feasibility studies for open pit mining.

31 unchanged sentences

Permit Status and Encumbrances

The JAB/West JAB Project has not been permitted or licensed for ISR operations. 

Exploration and delineation drilling is conducted under a WDEQ LQD Drilling Notification. 

There are no materially significant encumbrances on the JAB/West JAB Project. 

Standard encumbrances include reclamation bonding for drilling work. 

The JAB/West JAB Project has not been permitted or licensed for ISR operations.

Exploration and delineation drilling is conducted under a WDEQ LQD Drilling Notification.

There are no materially significant encumbrances on the JAB/West JAB Project.

Standard encumbrances include reclamation bonding for drilling work.

There are no royalties on this project.

Geologic Setting, Mineralization and Deposit

The Jab/West Jab Project Area is located within the north-central part of the Great Divide Basin. 

Mineralization at the Jab/West Jab project area occurs in the Battle Spring Formation.

9 unchanged sentences

Mineralized thickness at the West Jab project area ranges from less than 1 to over 25 ft.

Table 2.22 –

Mineral Resources for the Jab/West Jab Project as at the date of this Annual Report

Table 2.22 – Mineral Resources for the Jab/West Jab Project as at the date of this Annual Report

Classification

Tons Ore (000 ’

Tonnes Ore (1000 ’

Tons Ore (000 ’ s)

Tonnes Ore (1000 ’ s)

Average Grade (% eU 3 O 8 )

Pounds eU 3 O 8  (000 ’

Pounds eU 3 O 8 (000 ’ s)

Total Resources

The sum of resource tons and lbs.

may not add up to the reported total due to rounding.

Measured, indicated, and inferred mineral resources as defined in 17 CFR § 229.1300.

GT Cutoff = 0.25 m% eU 3 O 8

The sum of resource tons and pounds may not add up to the reported total due to rounding.

Measured, indicated, and inferred mineral resources as defined in 17 CFR § 229.1300.

GT Cutoff = 0.25 ft% eU 3 O 8.

Measured and indicated resources occur below the static water table.

The inferred resources at Jab/West Jab occur above the water table and may not be amenable to ISR.

The point of reference for mineral resources is in-situ at the Project.

The point of reference for mineral resources is in-situ at the P roject.

Mineral resources that are not mineral reserves do not have demonstrated economic viability.

A long-term uranium price of $40 per pound U 3 O 8 and an 80% metallurgical recovery factor were considered for the purposes of determining the reasonable prospect of economic extraction.

Charlie ISR Project

The following technical and scientific description for the Charlie Project area (the “Charlie Project Area”) is based in part on the TRS titled “S-K 1300 Mineral Resource Report Wyoming Assets ISR Hub and Spoke Project, WY USA”, dated March 31, 2022, prepared by WWC, a qualified firm (the “QP”

herein). 

The Charlie Project Area does not have mineral reserves and is therefore considered an Exploration Stage property under S-K 1300 definitions, though it is intended to be mined as part of the Christensen Ranch mine plan.

Figure 2.11 –

Location of the Charlie Project

Figure 2.11 – Location of the Charlie Project

Property Description

The Charlie Project Area is in the PRB in Johnson County at latitude 43.8274 and longitude -106.0594 in decimal degrees. 

It is surrounded by the Christensen Ranch Project Area. 

The Charlie Project Area is in the PRB in Johnson County at latitude 43.8274 and longitude -106.0594 in decimal degrees.

It is surrounded by the Christensen Ranch Project Area.

The Charlie Project Area covers 720 acres including all (or portions of) two sections of the PRB.

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Water will be sourced locally at the site while electrical service will be provided by a regional power company.

UEC’s mineral holdings in the Charlie project area include one State of Wyoming uranium lease (720 acres) and five unpatented lode claims on federally administered minerals (100 acres). 

UEC’s mineral holdings in the Charlie project area include one State of Wyoming uranium lease (720 acres) and five unpatented lode claims on federally administered minerals.

These mineral holdings comprise 720 acres.

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Preston Oil Co.

(“Preston Oil”)

Awarded the state lease for 720 acres.

Right to mine secured.

Inexco Oil Company (“Inexco”)

Inexco assigned lease from Preston Oil in 1966 and conducted exploration drilling program in 1969 and 1970.

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Not specified

Cotter Corporation (“Cotter”)

Cotter acquired the property and evaluated both conventional open pit and in situ mining methods.

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Not specified

Falling uranium prices in the 1980’s halted

further development.

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Anfield Energy Inc.

(“Anfield”)

Anfield acquired the Charlie Project Area from Cotter.

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Property Condition and Proposed Development

The condition of the property is good while meeting all standards and requirements of Federal, State and local regulations.

There are no immediate plans for exploration or delineation drilling. 

The condition of the property is good while meeting all standards and requirements of F ederal, S tate and local regulations.

There are no immediate plans for exploration or delineation drilling.

The Charlie Project will eventually be mined as part of the Christensen Ranch Life of Mine.

Facilities, Infrastructure and Underground Development

The Charlie Project is essentially an extension of the Christensen Ranch ore body located in Mine Units 8 and 10. 

There are currently no facilities located on the Charlie Project other than various monitor wells that have been used for groundwater baseline studies to permit the property.

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The Charlie Project was permitted through Permit to Mine No.

489 years ago for an open pit uranium mine. 

It is not permitted or licensed for ISR operations. 

Exploration and delineation drilling is conducted under a WDEQ LQD Drilling Notification or the Permit to Mine. 

There are no materially significant encumbrances on the Charlie Project. 

489 years ago for an open pit uranium mine.

It is not permitted or licensed for ISR operations.

Exploration and delineation drilling is conducted under a WDEQ LQD Drilling Notification or the Permit to Mine.

There are no materially significant encumbrances on the Charlie Project.

Standard encumbrances include reclamation bonding, mining, and surface lease royalties.

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The Charlie Project Area targets mineralization in the Eocene-aged Wasatch Formation.

Mineralization in the Charlie Project Area occurs in fluvial sandstones of the lower parts of the Wasatch Formation. 

Most of the upper Wasatch Formation has been eroded away. 

The sandstones are arkosic, fine to coarse-grained with local calcareous lenses. 

The sandstones contain minor amounts of organic carbon that occurs as dispersed bits or as stringers. 

Mineralization in the Charlie Project Area occurs in fluvial sandstones of the lower parts of the Wasatch Formation.

Most of the upper Wasatch Formation has been eroded away.

The sandstones are arkosic, fine to coarse-grained with local calcareous lenses.

The sandstones contain minor amounts of organic carbon that occurs as dispersed bits or as stringers.

Unaltered sandstones are generally gray while altered sandstones are tan or pink due to hematite or show yellowish coloring due to limonite.

Pyrite occurs in several forms within the host sandstones. 

In unaltered sandstones, pyrite occurs as small to large single euhedral crystals associated with magnetite, ilmenite, and other dark detrital minerals. 

In altered sandstone, pyrite is typically absent, but locally occurs as tarnished, very fine-grained euhedral crystals. 

Pyrite occurs in several forms within the host sandstones.

In unaltered sandstones, pyrite occurs as small to large single euhedral crystals associated with magnetite, ilmenite, and other dark detrital minerals.

In altered sandstone, pyrite is typically absent, but locally occurs as tarnished, very fine-grained euhedral crystals.

In areas of intense or heavy mineralization, pyrite locally occurs as massive, tarnished crystal aggregates.

At the Charlie Project Area, the Wasatch Formation sand units have been subdivided into eight separate sub-roll-fronts within the overall mineralized horizon. 

The sands have been designated locally as A through G in descending order. 

The majority of the currently defined mineral resource falls within the A through D sands, which have a combined thickness of approximately 80 to 100 feet. 

At the Charlie Project Area, the Wasatch Formation sand units have been subdivided into eight separate sub-roll-fronts within the overall mineralized horizon.

The sands have been designated locally as A through G in descending order.

The majority of the currently defined mineral resource falls within the A through D sands, which have a combined thickness of approximately 80 to 100 feet.

While mineralization is present in the F and G sands, less than 40 of the over 1,100 drill holes fully penetrated the F and G sands.

Similarly, the E sand has only been partially explored.

Uranium mineralization at all of the Charlie Project Area is typical of Wyoming roll-front sandstone deposits. 

The most favorable host rocks for roll-fronts are permeable sandstones with large aquifer systems. 

Interbedded mudstone, claystone and siltstone are often present and aid in the formation process by focusing groundwater flux. 

The geometry of mineralization is dominated by the classic roll-front “C”

shape or crescent configuration at the redox interface. 

The highest-grade portion of the front occurs in a zone termed the “nose”

within reduced ground just ahead of the alteration front. 

Ahead of the nose, at the leading edge of the solution front, mineral quality gradually diminishes to barren within the “seepage”

Trailing behind the nose, in oxidized (altered) ground, are weak remnants of mineralization referred to as “tails”

which have resisted re-mobilization to the nose due to association with shale, carbonaceous material or other lithologies of lower permeability. 

Uranium mineralization at all of the Charlie Project Area is typical of Wyoming roll-front sandstone deposits.

The most favorable host rocks for roll-fronts are permeable sandstones with large aquifer systems.

Interbedded mudstone, claystone and siltstone are often present and aid in the formation process by focusing groundwater flux.

The geometry of mineralization is dominated by the classic roll-front “C” shape or crescent configuration at the redox interface.

The highest-grade portion of the front occurs in a zone termed the “nose” within reduced ground just ahead of the alteration front.

Ahead of the nose, at the leading edge of the solution front, mineral quality gradually diminishes to barren within the “seepage” zone.

Tails are generally not amenable to ISR because the uranium is typically found within strongly reduced or impermeable strata, therefore making it difficult to leach.

Table 2.24 –

Mineral Resources for the Charlie Project as at the date of this Annual Report

Table 2.24 – Mineral Resources for the Charlie Project as at the date of this Annual Report

Classification

Tons Ore (000 ’

Tonnes Ore (1000 ’

Tons Ore (000 ’ s)

Tonnes Ore (1000 ’ s)

Average Grade (% eU 3 O 8 )

Pounds eU 3 O 8  (000 ’

Pounds eU 3 O 8 (000 ’ s)

Total Resources

The sum of resource tons and lbs.

may not add up to the reported total due to rounding.

Measured, indicated, and inferred mineral resources as defined in 17 CFR § 229.1300.

GT Cutoff = 0.20 m% eU 3 O 8

The sum of resource tons and pounds may not add up to the reported total due to rounding.

Measured, indicated, and inferred mineral resources as defined in 17 CFR § 229.1300.

GT Cutoff = 0.20 ft% eU 3 O 8.

All reported resources occur below the static water table.

The point of reference for mineral resources is in-situ at the Project.

The point of reference for mineral resources is in-situ at the P roject.

Mineral resources that are not mineral reserves do not have demonstrated economic viability.

A long-term uranium price of $40 per pound U 3 O 8 and an 80% metallurgical recovery factor were considered for the purposes of determining the reasonable prospect of economic extraction.

Nine Mile Lake ISR Project

The following technical and scientific description for the Nine Mile Lake Project area (the “Nine Mile Lake Project Area”) is based in part on the TRS titled “S-K 1300 Mineral Resource Report Wyoming Assets ISR Hub and Spoke Project, WY USA”, dated March 31, 2022, prepared by WWC, a qualified firm (the “QP”

herein). 

The Nine Mile Lake Project Area does not have mineral reserves and is therefore considered an Exploration Stage property under S-K 1300 definitions, but the area has undergone test mining for ISR mining processes.

Figure 2.12 –

Location of the Nine Mile Lake Project

Figure 2.12 – Location of the Nine Mile Lake Project

Property Description

The Nine Mile Lake Project Area is located in Natrona County, Wyoming, in the PRB, at latitude 42.9807 and longitude ‑106.3278 in decimal degrees. 

The Nine Mile Lake Project Area covers all or portions of approximately 22 sections of the PRB.

The Nine Mile Lake Project Area is located approximately 1.5 miles north of Casper, Wyoming, and is located on private surface land and state managed land. 

The Nine Mile Lake Project Area is bisected by Interstate 25 and is accessible from the Salt Creek highway which parallels Interstate 25 and from County Road 705. 

Casper is the major population center with a population of 58,287 and is located 5 miles south of the Nine Mile Lake Project Area. 

The Nine Mile Lake Project Area is located approximately 1.5 miles north of Casper, Wyoming, and is located on private surface land and state managed land.

The Nine Mile Lake Project Area is bisected by Interstate 25 and is accessible from the Salt Creek highway which parallels Interstate 25 and from County Road 705.

Casper is the major population center with a population of 58,287 and is located 5 miles south of the Nine Mile Lake Project Area.

The east-west railway owned by BNSF is located approximately five miles south of the Nine Mile Lake Project Area.

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Water will be sourced locally at the site or the City of Casper, while electrical service will be provided by a regional power company.

UEC’s mineral holdings in the Nine Mile project area include two State of Wyoming uranium leases (1,280 acres), 67 unpatented lode claims on federally administered minerals (1,340 acres). 

These mineral holdings comprise 2,620 acres. 

UEC’s mineral holdings in the Nine Mile project area include two State of Wyoming uranium leases (1,280 acres), 67 unpatented lode claims on federally administered minerals (1,340 acres).

These mineral holdings comprise 2,620 acres.

All payments for all leases and claims are up to date.

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Vickers of Casper, Wyoming, who reportedly discovered surficial mineralization and mined some 100 tons at an average grade of 0.30 % U 3 O 8 which was shipped to the U.S.

Atomic Energy Commission (the “AEC”) buying station at Edgemont, South Dakota.

Rocky Mountain Energy (“RME”) acquired an interest in the Nine Mile Lake Project Area in 1972 and conducted extensive drilling through 1978.

Atomic Energy Commission (the “AEC”) buying station at Edgemont, South Dakota.

Rocky Mountain Energy (“RME”) acquired an interest in the Nine Mile Lake Project Area in 1972 and conducted extensive drilling through 1978.

Pilot scale ISR mining was conducted using four seven-spot patterns with a 50-foot radius.

The first three patterns used sulfuric acid as the primary lixiviant and the fourth sodium carbonate-bicarbonate as the primary lixiviant.

Bureau of Mines assisted RME in conducting the pilot testing and documented the results in a publication titled “Case History of a Pilot-Scale Acidic In-Situ Uranium Leaching Experiment”.

RME controlled the Nine Mile Lake Project Area until the late 1980s after which it dropped its mineral interests due to the declining uranium market.

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The first 3 patterns used sulfuric acid as the primary lixiviant and the fourth sodium carbonate-bicarbonate as the primary lixiviant.

Bureau of Mines assisted RME in conducting the pilot testing and documented the results in a publication titled “Case History of a Pilot-Scale Acidic In Situ Uranium Leaching Experiment” (Nigbor, N.

T., et al, 1982).

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Property Condition and Proposed Development

The property is in good condition. 

There are no plans for near term exploration or delineation drilling.

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Permit Status and Encumbrances

The Nine Mile Lake Project has not been permitted or licensed for ISR operations. 

Exploration and delineation drilling is conducted under a WDEQ LQD Drilling Notification. 

Standard encumbrances include reclamation bonding for drill holes, mining, and surface lease royalties. 

It should be noted that parts of the surface in the Nine Mile Lake vicinity are privately owned with dwellings. 

The Nine Mile Lake Project has not been permitted or licensed for ISR operations.

Exploration and delineation drilling is conducted under a WDEQ LQD Drilling Notification.

Standard encumbrances include reclamation bonding for drill holes, mining, and surface lease royalties.

It should be noted that parts of the surface in the Nine Mile Lake vicinity are privately owned with dwellings.

Geologic Setting, Mineralization and Deposit

The Nine Mile Lake Project Area resides in the PRB. 

The Nine Mile Lake Project Area is located along the southwestern flank of the PRB which is an asymmetric syncline trending north-northwest.

The project is bounded to the west by the Casper Arch, a regional fold sub-parallel to the axis of the basin. 

In the vicinity of the project no major faults have been identified and the formation dip is less than 6°

to the east, north-east.

Uranium deposits at the Nine Mile Lake Project Area are roll-front uranium deposits as defined in the “World Distribution of Uranium Deposits (UDEPO) with Uranium Deposit Classification”. 

The mineralization at the Nine Mile Lake Project Area is typical of the Wyoming roll-front sandstone deposits. 

Table 2.26 –

Mineral Resources for the Nine Mile Lake Project as at the date of this Annual Report

The project is bounded to the west by the Casper Arch, a regional fold sub-parallel to the axis of the basin.

In the vicinity of the project no major faults have been identified and the formation dip is less than 6° to the east, north-east.

Uranium deposits at the Nine Mile Lake Project Area are roll-front uranium deposits as defined in the “World Distribution of Uranium Deposits (UDEPO) with Uranium Deposit Classification”.

The mineralization at the Nine Mile Lake Project Area is typical of the Wyoming roll-front sandstone deposits.

Table 2.26 – Mineral Resources for the Nine Mile Lake Project as at the date of this Annual Report

Classification

Tons Ore (000 ’

Tonnes Ore (1000 ’

Tons Ore (000 ’ s)

Tonnes Ore (1000 ’ s)

Average Grade (% eU 3 O 8 )

Pounds eU 3 O 8  (000 ’

Pounds eU 3 O 8 (000 ’ s)

Total Resources

The sum of resource tons and lbs.

may not add up to the reported total due to rounding.

Measured, indicated, and inferred mineral resources as defined in 17 CFR § 229.1300.

GT Cutoff = 0.25 m% eU 3 O 8

The sum of resource tons and pounds may not add up to the reported total due to rounding.

Measured, indicated, and inferred mineral resources as defined in 17 CFR § 229.1300.

GT Cutoff = 0.25 ft% eU 3 O 8.

All reported resources occur below the static water table.

The point of reference for mineral resources is in-situ at the Project.

The point of reference for mineral resources is in-situ at the P roject.

Mineral resources that are not mineral reserves do not have demonstrated economic viability.

A long-term uranium price of $40 per pound U 3 O 8 and an 80% metallurgical recovery factor were considered for the purposes of determining the reasonable prospect of economic extraction.

Red Rim Project

The following technical and scientific description for the Red Rim Project area (the “Red Rim ISR Project Area”) is based in part on the TRS titled “S-K 1300 Mineral Resource Report Wyoming Assets ISR Hub and Spoke Project, WY USA”, dated March 31, 2022, as prepared by WWC, a qualified firm (the “QP”

The Red Rim Project Area does not have mineral reserves and is therefore considered an Exploration Stage property under S-K 1300 definitions.

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Property Description

The Red Rim Project Area is in the GGRB in Carbon County at latitude 41.6502 and longitude ‑107.5755 in decimal degrees.

The Red Rim Project Area covers 680 acres, including all (or portions of) four sections.

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Water will be sourced locally at the site while electrical service will be provided by a regional power company.

UEC’s mineral holdings in the Red Rim Project Area include 34 unpatented federal mining lode claims (680 acres). 

All payments for all claims are up to date.

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Property Condition and Proposed Development

The property is in good condition. 

There are no plans for near term exploration or delineation drilling.

2 unchanged sentences

Permit Status and Encumbrances

The Red Rim Project has not been permitted or licensed for ISR operations. 

Exploration and delineation drilling is conducted under a WDEQ LQD Drilling Notification. 

There are no materially significant encumbrances on the Red Rim Project. 

The Red Rim Project has not been permitted or licensed for ISR operations.

Exploration and delineation drilling is conducted under a WDEQ LQD Drilling Notification.

There are no materially significant encumbrances on the Red Rim Project.

Standard encumbrances include reclamation bonding for drilling, mining and surface lease royalties.

Geologic Setting, Mineralization and Deposit

The Red Rim Project Area is located within the WB portion of the GGRB. 

Together, the GDB and WB compromise the eastern portion of the GGRB.

8 unchanged sentences

Mineralized thickness ranges from 1 to 23.5 ft.

Table 2.28 –

Mineral Resources for the Red Rim Project as at the date of this Annual Report

Table 2.28 – Mineral Resources for the Red Rim Project as at the date of this Annual Report

Classification

Tons Ore (000 ’

Tonnes Ore (1000 ’

Tons Ore (000 ’ s)

Tonnes Ore (1000 ’ s)

Average Grade (% eU 3 O 8 )

Pounds eU 3 O 8  (000 ’

Pounds eU 3 O 8 (000 ’ s)

Total Resources

The sum of resource tons and lbs.

may not add up to the reported total due to rounding.

Measured, indicated, and inferred mineral resources as defined in 17 CFR § 229.1300.

GT Cutoff = 0.25 m% eU 3 O 8

The sum of resource tons and pounds may not add up to the reported total due to rounding.

Measured, indicated, and inferred mineral resources as defined in 17 CFR § 229.1300.

GT Cutoff = 0.25 ft% eU 3 O 8.

All reported resources occur below the static water table.

The point of reference for mineral resources is in-situ at the Project.

The point of reference for mineral resources is in-situ at the P roject.

Mineral resources that are not mineral reserves do not have demonstrated economic viability.

A long-term uranium price of $40 per pound U 3 O 8 and an 80% metallurgical recovery factor were considered for the purposes of determining the reasonable prospect of economic extraction.

Clarkson Hill Project

The following technical and scientific description for the Clarkson Hill Project area (the “Clarkson Hill Project Area”) is based in part on the TRS titled “S-K 1300 Mineral Resource Report Wyoming Assets ISR Hub and Spoke Project, WY USA”, dated March 31, 2022, as prepared by WWC, a qualified firm (the “QP”

herein). 

The Clarkson Hill Project Area does not have mineral reserves and is therefore considered an Exploration Stage property under S-K 1300 definitions.

Figure 2.14 –

Location of the Clarkson Project

Figure 2.14 – Location of the Clarkson Project

Property Description

The Clarkson Hill Project is located in Natrona County, Wyoming, about 20 air miles southwest of Casper, Wyoming, at latitude 42.6593 and longitude -106.7006 in decimal degrees. 

The property is located on portions of sections 7, 17, and 18 of T31N R82W. 

Land ownership consists of federal lands administered by the BLM, state lands and private lands. 

The Clarkson Hill Project Area is accessible from either Highway 220 or from the Oregon Trail Road, a Natrona County improved gravel road. 

From Highway 220, the site is approximately four miles northwest of the junction of the highway with Natrona County Road 318. 

From the Oregon Trail Road, the site is approximately three miles to the southeast. 

Site access from either route will require an arrangement with intervening private landowners for ingress/egress. 

The communities of Alcova and Bessemer Bend are located 10 and 13 miles away, respectively, and have limited services. 

The Clarkson Hill Project is located in Natrona County, Wyoming, about 20 air miles southwest of Casper, Wyoming, at latitude 42.6593 and longitude -106.7006 in decimal degrees.

The property is located on portions of sections 7, 17, and 18 of T31N R82W.

Land ownership consists of federal lands administered by the BLM, state lands and private lands.

The Clarkson Hill Project Area is accessible from either Highway 220 or from the Oregon Trail Road, a Natrona County improved gravel road.

From Highway 220, the site is approximately four miles northwest of the junction of the highway with Natrona County Road 318.

From the Oregon Trail Road, the site is approximately three miles to the southeast.

Site access from either route will require an arrangement with intervening private landowners for ingress/egress.

The communities of Alcova and Bessemer Bend are located 10 and 13 miles away, respectively, and have limited services.

The east-west BNSF railway in Casper is approximately 25 miles northeast of the Clarkson Hill Project Area.

2 unchanged sentences

Water will be sourced locally at the site, while electrical service will be provided by a regional power company.

UEC’s mineral holdings in the Clarkson Hill Project Area include 20 unpatented lode claims on federally administered minerals (400 acres). 

All payments for all claims are up to date.

The initial discovery of mineralization at the Clarkson Hill Claims was made in the 1950s and “small amounts of ore were mined and shipped for treatment from the old pit area located in Section 17, T31N, R82W”

(Ljung et al, March 1974).

However, USGS and the U.S.

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Surface disturbance is limited and there is no known infrastructure, tailings or mine waste apparent at the site.

Drill data utilized in the estimation of mineral resources at the Clarkson Hill Project Area Claims in the TRS reflect a deeper horizon and is not affected by the presence of “old pit”.

Surface disturbance from past exploration and/or limited mining activities at the site are readily apparent from current aerial views and on the ground.

6 unchanged sentences

Not specified.

Minerals Exploration Company (“MEC”) and Nuclear Reserves Inc.

MEC performed exploratory drilling between 1968 and 1981.

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Delineation of mineralized areas.

Falling uranium prices in the 1980’s halted further development.

EMC performed initial staking of 14 claims and compiled relevant data for the Clarkson Hill Project Area.

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Property Condition and Proposed Development

The property is in good condition. 

There are currently no plans for near term exploration or delineation drilling.

2 unchanged sentences

Permit Status and Encumbrances

The Clarkson Hill Project has not been permitted or licensed for ISR operations. 

Exploration and delineation drilling is conducted under a WDEQ LQD Drilling Notification. 

There are no materially significant encumbrances on the Clarkson Hill Project. 

The Clarkson Hill Project has not been permitted or licensed for ISR operations.

Exploration and delineation drilling is conducted under a WDEQ LQD Drilling Notification.

There are no materially significant encumbrances on the Clarkson Hill Project.

Standard encumbrances may include reclamation bonding for drilling, mining and surface lease royalties.

Geologic Setting, Mineralization and Deposit

The Clarkson Hill Project Area is located near the southern and eastern margin of the WRB, just west of the Casper Arch, which separates the PRB and WRB. 

Mineralization at the Clarkson Hill Project Area occurs in the Fort Union Formation. 

The Clarkson Hill Project Area is located near the southern and eastern margin of the WRB, just west of the Casper Arch, which separates the PRB and WRB.

Mineralization at the Clarkson Hill Project Area occurs in the Fort Union Formation.

Mineralization has also been reported in the overlying Wind River Formation, but exploration has not characterized this mineralization.

The Paleocene Fort Union Formation is a terrestrial sedimentary deposit consisting of sandstone, siltstone, shale, coal and local conglomerates. 

The primary source of Fort Union Formation sediments was the ancestral Granite Mountains west and south of the Clarkson Hill Project Area. 

The Paleocene Fort Union Formation is a terrestrial sedimentary deposit consisting of sandstone, siltstone, shale, coal and local conglomerates.

The primary source of Fort Union Formation sediments was the ancestral Granite Mountains west and south of the Clarkson Hill Project Area.

At the Clarkson Hill Project Area, the Fort Union Formation is approximately 75 to 150 feet thick.

At the Clarkson Hill Project Area, mineralization occurs at multiple depths within the Fort Union Formation. 

Mineralized thickness ranges from less than five feet to over 20 feet, and the mineralized trend is approximately 5,500 feet long.

Table 2.30 –

Mineral Resources for the Clarkson Hill Project as at the date of this Annual Report

Table 2.30 – Mineral Resources for the Clarkson Hill Project as at the date of this Annual Report

Classification

Tons Ore (000 ’

Tonnes Ore (1000 ’

Tons Ore (000 ’ s)

Tonnes Ore (1000 ’ s)

Average Grade (% eU 3 O 8 )

Pounds eU 3 O 8  (000 ’

Pounds eU 3 O 8 (000 ’ s)

Total Resources

The sum of resource tons and lbs.

may not add up to the reported total due to rounding.

Measured, indicated, and inferred mineral resources as defined in 17 CFR § 229.1300.

GT Cutoff = 0.25 m% eU 3 O 8

The sum of resource tons and pounds may not add up to the reported total due to rounding.

Measured, indicated, and inferred mineral resources as defined in 17 CFR § 229.1300.

GT Cutoff = 0.25 ft% eU 3 O 8.

All reported resources occur below the static water table.

The point of reference for mineral resources is in-situ at the Project.

The point of reference for mineral resources is in-situ at the P roject.

Mineral resources that are not mineral reserves do not have demonstrated economic viability.

A long-term uranium price of $40 per pound U 3 O 8 and an 80% metallurgical recovery factor were considered for the purposes of determining the reasonable prospect of economic extraction.

Texas Properties

Figure 2.15 –

Location of our Projects in Texas

Figure 2.15 – Location of our Projects in Texas

ISR Uranium Activities in Texas

10 unchanged sentences

The Salvo Project still requires all mining permits.

Regulatory agencies include the Texas Commission on Environmental Quality (“TCEQ”), the Railroad Commission of Texas (“RRC”) and the Environmental Protection Agency (“EPA”).

Regulatory agencies include the TCEQ, the Railroad Commission of Texas (“RRC”) and the EPA.

Other potential permitting requirements, depending on the status of each project area, may include:

the TCEQ will require UEC to apply for and obtain a radioactive material license pursuant to Title 30 Texas Administrative Code Chapters 305 and 336.

the TCEQ will require UEC to apply for and obtain a RML pursuant to Title 30 Texas Administrative Code Chapters 305 and 336.

The application must address a number of matters including, but not limited to, site characteristics (ecology, geology, topography, hydrology, meteorology, historical and cultural landmarks and archaeology), radiological and non-radiological impacts, environmental effects of accidents, decommissioning, decontamination and reclamation;

to produce uranium from subsurface deposits, an operator must obtain an area permit and production area authorization (PAA) pursuant to the Texas Water Code, Chapter 27.

to produce uranium from subsurface deposits, an operator must obtain a PAA pursuant to the Texas Water Code, Chapter 27.

Underground injection activities cannot commence until the TCEQ has issued an area permit and PAA to authorize such activities.

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Therefore, UEC will need to acquire the appropriate permits in order to construct and operate these wells.

In terms of leases and mineral rights, UEC’s mineral rights in Texas are held through private (fee) mineral leases.

Fee mineral leases were obtained through negotiation with individual mineral owners.

1 unchanged sentence

In addition, surface use and access agreements may include a production royalty, depending on agreements negotiated with individual surface owners at various levels.

UEC’s average combined mineral plus surface production royalty applicable to each project are variable and based upon the selling price of U 3 O 8 .

Most of the leases have term periods of 5 years with a 5-year renewal option.

UEC’s average combined mineral plus surface production royalty applicable to each project are variable and based upon the selling price of U 3 O 8 .

Most of the leases have term periods of five years with a five-year renewal option.

The primary lease stipulation for ISR mining is the royalty payments as a percentage of production.

1 unchanged sentence

The various lease fees and royalty conditions are negotiated with individual lessors and conditions may vary from lease to lease.

No resources are reported in areas outside of the project area boundaries, which are determined by each project area’s leases.

Surface ownership at each project consists of fee lands predominantly used for agriculture and wind turbine development.

On the project areas that are currently permitted, UEC has surface use agreements in place with the private landowners where appropriate.

Obtaining surface access rights is a standard process in mine permitting and UEC does not anticipate that maintaining these rights presents a significant risk to UEC’s ability to perform work in Texas.

Geology and Mineralization in Texas

The Texas ISR Projects resides in the Gulf of Mexico Basin (“GMB”).

The GMB extends over much of South Texas and includes the Texas coastal plain and South Texas Uranium Province (“STUP”) where the project is located.

The Texas ISR Projects resides in the Gulf of Mexico Basin (“GMB”).

The GMB extends over much of South Texas and includes the Texas coastal plain and South Texas Uranium Province (“STUP”) where the project is located.

The coastal plain is bounded by the Rocky Mountain uplift to the west and drains into the Gulf of Mexico.

4 unchanged sentences

Interbedded mudstone, claystone and siltstone are often present and aid in the formation process by focusing groundwater flux.

The coastal plains of the GMB were formed by the downfaulting and down warping of Paleozoic Era (252-541 Mya) basement rocks during the breakup of the Paleozoic mega continent, Pangaea and the opening of the North Atlantic Ocean in the Late Triassic Epoch (201-237 Mya). 

The Rocky Mountain Uplift in the Paleogene Period (43-65 Mya) gave rise to the vast river systems that flowed toward the Gulf of Mexico carrying abundant sediments. 

Deposits typically thicken down-dip towards the Gulf of Mexico from western-northwestern sources. 

Stratigraphy in this area can be complex because of the cyclic deposition of sedimentary facies. 

Shallow inland seas formed broad continental shelves that covered most of Texas and deposited sedimentary units that are dominantly continental clastic with some near shore and shallow marine facies. 

The Rocky Mountain Uplift in the Paleogene Period (43-65 Mya) gave rise to the vast river systems that flowed toward the Gulf of Mexico carrying abundant sediments.

Deposits typically thicken down-dip towards the Gulf of Mexico from western-northwestern sources.

Stratigraphy in this area can be complex because of the cyclic deposition of sedimentary facies.

Shallow inland seas formed broad continental shelves that covered most of Texas and deposited sedimentary units that are dominantly continental clastic with some near shore and shallow marine facies.

Volcanic episodes during deposition (more than 20 Mya) are credited as being the source of the uranium deposits through ash-fall and related sediments.

All mineralization at our Texas projects occurs in the Goliad Formation.

The Goliad Formation was originally classified as Pliocene in age by most sources, but the formation has been reclassified as early Pliocene to middle Miocene after recent research revealed the presence of indigenous Pliocene-aged mega-fossils occurring in upper Goliad sands, whereas the lower Goliad fluvial sands are correlative with down-dip strata containing benthic foraminifera indicating a Miocene age. 

The Geology of Texas map published by BEG in 1992 classifies the Goliad as Miocene in age.

The BEG’s geologic map of Texas describes the Goliad Formation as clays, sandstones, marls, caliches, limestones and conglomerates with a thickness of 100 to 500 feet. 

The Geology of Texas map published by the Texas Bureau of Economic Geology (“BEG”) in 1992 classifies the Goliad as Miocene in age.

The BEG’s geologic map of Texas describes the Goliad Formation as clays, sandstones, marls, caliches, limestones and conglomerates with a thickness of 100 to 500 feet.

Above the Goliad Formation lies the Deweyville Formation, Beaumont Clay, Lissie Formation, Montgomery Formation and the Willis Sand, which are composed of sand, gravel, silt and clay.

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the San Marcos Arch;

and the Rio Grande Embayment. 

The Balcones Fault Zone is north of the Hobson Project Area and divides the Upper Cretaceous and Eocene strata. 

The Balcones Fault Zone is comprised of mainly normal faults that displace sediments by up to 1,500 feet, moving downward to the Gulf of Mexico. 

The San Marcos Arch, northeast of the Hobson Project Area between the Rio Grande Embayment and East Texas Basin, is a broad area of lesser subsidence and a subsurface extension of the Llano Uplift. 

The arch is crossed by basement-related normal faults that parallel the buried Ouachita Orogenic Belt of Paleozoic age. 

The Rio Grande Embayment is a small, deformed basin that lies between the El Burro Uplift in northeast Mexico and the basin marginal Balcones Fault Zone to the south. 

Some data indicate that the embayment was possibly compressed during the Laramide Orogeny in the Late Cretaceous–Paleogene.

and the Rio Grande Embayment.

The Balcones Fault Zone is north of the Hobson Project Area and divides the Upper Cretaceous and Eocene strata.

The Balcones Fault Zone is comprised of mainly normal faults that displace sediments by up to 1,500 feet, moving downward to the Gulf of Mexico.

The San Marcos Arch, northeast of the Hobson Project Area between the Rio Grande Embayment and East Texas Basin, is a broad area of lesser subsidence and a subsurface extension of the Llano Uplift.

The arch is crossed by basement-related normal faults that parallel the buried Ouachita Orogenic Belt of Paleozoic age.

The Rio Grande Embayment is a small, deformed basin that lies between the El Burro Uplift in northeast Mexico and the basin marginal Balcones Fault Zone to the south.

Some data indicate that the embayment was possibly compressed during the Laramide Orogeny in the Late Cretaceous–Paleogene.

The uranium-bearing units in the STUP include most sands and sandstones in Tertiary formations ranging in age from Eocene (oldest) to Lower Pliocene (youngest).