What changed in this filing

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Item 1. Financial Statements

2025-06-02 compared with 2025-03-12 · 341 added, 242 removed, 945 unchanged (38% of the section changed)

2 unchanged sentences

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE three and six months ended January 31, 2025

FOR THE three and nine months ended April 30, 2025

(Unaudited – Expressed in thousands of U.S.

3 unchanged sentences

(Unaudited – Expressed in thousands of U.S.

January 31, 2025

April 30, 2025

July 31, 2024

3 unchanged sentences

4 76,358 75,833

Prepaid expenses and deposits

Other current assets

Prepaid expenses and other receivables

Investment in equity securities

50 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

SALES AND SERVICE REVENUE

15 unchanged sentences

OTHER INCOME (EXPENSES)

Interest expenses and finance costs

Interest expense and finance costs

( 404 ) ( 205 ) ( 1,034 ) ( 620 )

7 unchanged sentences

571 993 2,897 1,559

39 ( 28 ) 101 16

OTHER INCOME (EXPENSES)

( 6,315 ) ( 7,667 ) ( 22,635 ) 19,606

INCOME (LOSS) BEFORE INCOME TAXES

LOSS BEFORE INCOME TAXES

( 29,778 ) ( 21,508 ) ( 62,936 ) ( 17,739 )

1 unchanged sentence

( 434 ) 1,831 2,332 3,633

NET INCOME (LOSS) FOR THE PERIOD

NET LOSS FOR THE PERIOD

( 30,212 ) ( 19,677 ) ( 60,604 ) ( 14,106 )

4 unchanged sentences

10,416 ( 5,850 ) ( 81 ) ( 9,167 )

TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD

TOTAL COMPREHENSIVE LOSS FOR THE PERIOD

$ ( 19,796 ) $ ( 25,527 ) $ ( 60,685 ) $ ( 23,273 )

NET INCOME (LOSS) PER SHARE

NET LOSS PER SHARE

$ ( 0.07 ) $ ( 0.05 ) $ ( 0.14 ) $ ( 0.04 )

7 unchanged sentences

(Unaudited – Expressed in thousands of U.S.

Six Months Ended January 31,

Nine Months Ended April 30,

OPERATING ACTIVITIES

Net income (loss) for the period

Adjustments to reconcile net income (loss) to cash flows in operating activities

Net loss for the period

$ ( 60,604 ) $ ( 14,106 )

Adjustments to reconcile net loss to cash flows in operating activities

Stock-based compensation

13 4,713 3,987

Depreciation, amortization and accretion

5,6,10 3,056 1,620

(Income) loss from equity-accounted investments

Gain on disposition of assets

8 3,722 ( 4,958 )

(Gain) loss on disposition of assets

(Gain) loss on revaluation of equity securities

9 22,583 ( 23,585 )

(Gain) loss on revaluation of derivative liabilities

11 ( 1,706 ) 9,892

Deferred tax recovery

( 2,332 ) ( 3,633 )

Changes in operating assets and liabilities

Prepaid expenses and deposits

Other current assets

304 ( 57,179 )

Prepaid expenses and other receivables

Accounts payable and accrued liabilities

( 10,761 ) ( 5,389 )

Other liabilities

NET CASH USED IN OPERATING ACTIVITIES

( 41,000 ) ( 93,871 )

FINANCING ACTIVITIES

Proceeds from share issuances, net of issuance costs

12 168,025 160,239

Payments for withholding of employee taxes related to options, RSUs and PRSUs

( 2,637 ) ( 947 )

NET CASH PROVIDED BY FINANCING ACTIVITIES

165,388 159,292

INVESTING ACTIVITIES

Acquisition of Sweetwater Assets

3 ( 177,328 ) -

Investment in mineral rights and properties

( 165 ) ( 1,391 )

Capital contribution to equity-accounted investment

8 ( 538 ) ( 2,388 )

Purchase of additional interest in equity-accounted investment

8 - ( 9,238 )

Investment in equity securities

9 ( 10,455 ) ( 12,115 )

Proceeds from sale of equity securities

9 54,372 3,008

Purchase of property, plant and equipment

( 4,505 ) ( 1,166 )

Proceeds from disposition of assets

NET CASH USED IN INVESTING ACTIVITIES

( 138,570 ) ( 23,282 )

NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

( 14,182 ) 42,139

FOREIGN EXCHANGE DIFFERENCE ON CASH

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD

94,784 52,865

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD

7 $ 80,604 $ 94,977

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

8 unchanged sentences

Balance, July 31, 2024

410,355,768 $ 410 $ 1,110,433 $ ( 318,901 ) $ ( 13,829 ) $ 778,113

Issued under ATM offerings, net of issuance costs

7,595,626 8 61,223 - - 61,231

Issued upon exercise of stock options

121,037 - 120 - - 120

Issued upon exercise of warrants

1,054,997 1 4,618 - - 4,619

Stock-based compensation

Common stock issued for consulting services

15,000 - 88 - - 88

Amortization of stock-based compensation

- - 1,733 - - 1,733

Net loss for the period

- - - ( 20,158 ) - ( 20,158 )

Other comprehensive loss

- - - - ( 1,728 ) ( 1,728 )

Balance, October 31, 2024

419,142,428 $ 419 $ 1,178,215 $ ( 339,059 ) $ ( 15,557 ) $ 824,018

Issued under ATM offering, net of issuance costs

9,231,030 9 70,624 - - 70,633

Issued upon exercise of stock options

38,065 - 9 - - 9

Issued upon vesting of RSUs

742 - - - - -

Stock-based compensation

Amortization of stock-based compensation

- - 1,556 - - 1,556

Net loss for the period

- - - ( 10,234 ) - ( 10,234 )

Other comprehensive loss

- - - - ( 8,769 ) ( 8,769 )

Balance, January 31, 2025

428,412,265 $ 428 $ 1,250,404 $ ( 349,293 ) $ ( 24,326 ) $ 877,213

Issued under ATM offering, net of issuance costs

6,578,235 7 34,027 - - 34,034

Issued upon exercise of stock options

15,428 - 5 - - 5

Issued upon vesting of RSUs

18,335 - - - - -

Stock-based compensation

Common stock issued for consulting services

3,699 - 19 - - 19

Amortization of stock-based compensation

- - 1,317 - - 1,317

Net loss for the period

- - - ( 30,212 ) - ( 30,212 )

Other comprehensive income

- - - - 10,416 10,416

Balance, April 30, 2025

435,027,962 $ 435 $ 1,285,772 $ ( 379,505 ) $ ( 13,910 ) $ 892,792

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

9 unchanged sentences

Balance, July 31, 2023

378,452,864 $ 378 $ 924,737 $ - $ ( 289,680 ) $ ( 3,608 ) $ 631,827

Issued under ATM offerings, net of issuance costs

10,770,000 11 56,259 - - - 56,270

Issued upon exercise of stock options

445,861 1 263 - - - 264

Stock-based compensation

Amortization of stock-based compensation

- - 1,572 - - - 1,572

Net income for the period

- - - - 3,321 - 3,321

Other comprehensive loss

- - - - - ( 11,049 ) ( 11,049 )

Balance, October 31, 2023

389,668,725 $ 390 $ 982,831 $ - $ ( 286,359 ) $ ( 14,657 ) $ 682,205

Issued under ATM offering, net of issuance costs

10,418,029 10 73,228 - - - 73,238

Issued upon exercise of stock options

669,999 1 ( 70 ) - - - ( 69 )

Issued upon exercise of warrants

302,220 - 1,965 517 - - 2,482

Stock-based compensation

Amortization of stock-based compensation

- - 1,312 - - - 1,312

Net income for the period

- - - - 2,250 - 2,250

Other comprehensive income

- - - - - 7,732 7,732

Balance, January 31, 2024

401,058,973 $ 401 $ 1,059,266 $ 517 $ ( 284,109 ) $ ( 6,925 ) $ 769,150

Issued under ATM offering, net of issuance costs

3,396,370 3 25,539 - - - 25,542

Issued upon exercise of stock options

345,077 1 209 - - - 210

Issued upon exercise of warrants

1,150,694 1 8,678 ( 517 ) - - 8,162

Stock-based compensation

Amortization of stock-based compensation

- - 1,103 - - - 1,103

Net loss for the period

- - - - ( 19,677 ) - ( 19,677 )

Other comprehensive loss

- - - - - ( 5,850 ) ( 5,850 )

Balance, April 30, 2024

405,951,114 $ 406 $ 1,094,795 $ - $ ( 303,786 ) $ ( 12,775 ) $ 778,640

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

1 unchanged sentence

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2025

April 30, 2025

(Unaudited - Expressed in thousands of U.S.

5 unchanged sentences

and its subsidiary companies and a controlled partnership (collectively, the “Company” or “we”) are engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing of uranium concentrates, on projects located in the United States, Canada and the Republic of Paraguay.

As at January 31, 2025 , we had working capital (current assets less current liabilities) of $ 126.45 million including cash and cash equivalents of $ 61.51 million and purchased uranium inventories of $ 72.90 million.

As at April 30, 2025 , we had working capital (current assets less current liabilities) of $ 137.57 million including cash and cash equivalents of $ 71.40 million and purchased uranium inventories of $ 72.90 million.

We believe our existing cash resources and cash flow from sale of uranium concentrates, and, if necessary, cash generated from the sale of the Company’s liquid assets, will provide sufficient funds to carry out our planned operations including uranium mining and our inventory purchase commitments for 12 months from the date that these unaudited interim condensed consolidated financial statements are issued.

10 unchanged sentences

In the opinion of management, all adjustments of a normal recurring nature and considered necessary for a fair presentation have been made.

Operating results for the six months ended January 31, 2025 are not necessarily indicative of the results that may be expected for the fiscal year ending July 31, 2025 (“Fiscal 2025 ”).

Operating results for the nine months ended April 30, 2025 are not necessarily indicative of the results that may be expected for the fiscal year ending July 31, 2025 (“Fiscal 2025 ”).

All amounts in the tables are expressed in thousands of U.S.

1 unchanged sentence

Mineral Rights and Properties

We have established the existence of mineralized materials for certain uranium projects, including our Palangana Mine, Christensen Ranch Mine (collectively, the “ISR Mines”) and our Red Desert, Green Mountain, Roughrider and Christie Lake Projects.

We have established the existence of mineralized materials for certain uranium projects, including our Palangana Mine and Christensen Ranch Mine (collectively, the “ISR Mines”), and our Red Desert, Green Mountain, Roughrider and Christie Lake Projects.

We have not established proven or probable reserves, as defined by the United States Securities and Exchange Commission (“SEC”) subpart 1300 of Regulation S-K (“S-K 1300” ), through the completion of a “final” or “bankable” feasibility study for any of the uranium projects we operate, including our ISR Mines.

4 unchanged sentences

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2025

April 30, 2025

(Unaudited - Expressed in thousands of U.S.

3 unchanged sentences

Expenditures relating to exploration activities, such as drill programs to establish mineralized materials, are expensed as incurred.

Expenditures relating to pre-extraction activities, such as the construction of mine wellfields, ion exchange facilities and disposal wells, are expensed as incurred until such time that proven or probable reserves are established for that project, after which expenditures relating to mine development activities for that particular project are capitalized as incurred.

Expenditures relating to pre-extraction activities, such as the construction of mine wellfields and disposal wells, are expensed as incurred until such time that proven or probable reserves are established for that project, after which expenditures relating to mine development activities for that particular project are capitalized as incurred.

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

18 unchanged sentences

The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

In March 2024, the FASB issued ASU 2024 - 02, Codification Improvements - Amendments to Remove References to the Concepts Statements.

This ASU contains amendments to the Codification that remove references to various FASB Concepts Statements.

The effort facilitates Codification updates for technical corrections such as conforming amendments, clarifications to guidance, simplifications to wording or the structure of guidance, and other minor improvements.

While the amendments are not expected to result in significant changes for most entities, the FASB provided transition guidance since some entities could be affected.

This ASU will be effective for fiscal years beginning after December 15, 2024, with early adoption permitted.

The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU 2024 - 03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220 - 40 ):

5 unchanged sentences

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2025

April 30, 2025

(Unaudited - Expressed in thousands of U.S.

4 unchanged sentences

KUC and WCRC collectively own or hold the following assets:

(i) a fully-licensed conventional uranium processing mill, including buildings and equipment, located in Sweetwater County, Wyoming (“Sweetwater Plant”);

(i) a fully-licensed conventional uranium processing mill, including buildings and equipment, located in Sweetwater County, Wyoming (the “Sweetwater Plant”);

(ii) the Red Desert Project, an uranium project adjacent to the Sweetwater Plant;

22 unchanged sentences

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2025

April 30, 2025

(Unaudited - Expressed in thousands of U.S.

dollars unless otherwise stated)

As at January 31, 2025 , we held 1,356,000 ( July 31, 2024 :

As at April 30, 2025 , we held 1,356,000 ( July 31, 2024 :

1,466,000 ) pounds of purchased uranium concentrate inventory.

Costs of inventories consist of the following:

January 31, 2025

April 30, 2025

July 31, 2024

5 unchanged sentences

$ 76,358 $ 75,833

As of January 31, 2025 , our uranium inventory purchase commitments for the next five fiscal years are as the follows:

As of April 30, 2025 , our uranium inventory purchase commitments for the next five fiscal years are as follows:

Purchase Commitments

4 unchanged sentences

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2025

April 30, 2025

(Unaudited - Expressed in thousands of U.S.

2 unchanged sentences

Mineral Rights

As at January 31, 2025 , we own mineral rights in the States of Arizona, New Mexico, Texas and Wyoming, in Canada and in the Republic of Paraguay.

As at April 30, 2025 , we own mineral rights in the States of Arizona, New Mexico, Texas and Wyoming, in Canada and in the Republic of Paraguay.

These mineral rights were acquired through staking, purchase or lease or option agreements and are subject to varying royalty interests, some of which are indexed to the sale price of uranium.

As of January 31, 2025 , annual maintenance payments of approximately $ 5.89 million will be required to maintain these mineral rights.

As at January 31, 2025 , the carrying value of our mineral rights and properties were as follows:

As at April 30, 2025 , the carrying value of our mineral rights and properties were as follows:

United States

3 unchanged sentences

145,749 - - 145,749

Asset retirement obligations (Note 10)

7,688 - - 7,688

Impact of foreign currency translation

- ( 42 ) - ( 42 )

Balance, January 31, 2025

Balance, April 30, 2025

326,142 376,482 15,014 717,638

4 unchanged sentences

( 804 ) - - ( 804 )

Impact of foreign currency translation

Balance, January 31, 2025

Balance, April 30, 2025

( 7,193 ) ( 105 ) - ( 7,298 )

2 unchanged sentences

$ 166,151 $ 376,418 $ 15,014 $ 557,583

Balance, January 31, 2025

Balance, April 30, 2025

$ 318,949 $ 376,377 $ 15,014 $ 710,340

Mineral property expenditures recorded during the period are as follows:

Three Months Ended January 31,

Six Months Ended January 31,

Three Months Ended April 30,

Nine Months Ended April 30,

Permitting and compliance

9 unchanged sentences

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2025

April 30, 2025

(Unaudited - Expressed in thousands of U.S.

2 unchanged sentences

Property, plant and equipment consists of the following:

January 31, 2025

April 30, 2025

July 31, 2024

16 unchanged sentences

Cash, cash equivalents and restricted cash are included in the following accounts:

January 31, 2025

April 30, 2025

July 31, 2024

Cash and cash equivalents

$ 71,397 $ 87,533

Restricted cash

Total cash, cash equivalents and restricted cash

During the six months ended January 31, 2025, we paid $ 1.96 million of surety bond collateral related to the Sweetwater Acquisition.

$ 80,604 $ 94,784

During the nine months ended April 30, 2025 , we paid $ 1.96 million of surety bond collateral related to the Sweetwater Acquisition.

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents and restricted cash.

4 unchanged sentences

Federal Deposit Insurance Corporation, should the financial institutions with which these amounts are invested be rendered insolvent.

As of January 31, 2025 , approximately $ 54.82 million of our cash and cash equivalents are held in a single financial institution at one of the largest banks in Canada and subject to concentration risk.

The Company does not consider any of its financial assets to be impaired as of January 31, 2025 .

As of April 30, 2025 , approximately $ 59.50 million of our cash and cash equivalents are held in a single financial institution at one of the largest banks in Canada and subject to concentration risk.

The Company does not consider any of its financial assets to be impaired as of April 30, 2025 .

URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2025

April 30, 2025

(Unaudited - Expressed in thousands of U.S.

1 unchanged sentence

EQUITY-ACCOUNTED INVESTMENTS

As at January 31, 2025 , we owned 17,978,364 shares of Uranium Royalty Corp.

As at April 30, 2025 , we owned 17,978,364 shares of Uranium Royalty Corp.

(“URC”), representing a 13.5 % ( July 31, 2024 :

2 unchanged sentences

Furthermore, one of these executive officers also holds an executive position within URC.

As a consequence, our ability to exercise significant influence over URC’s operating and financing policies continued to exist during the three and six months ended January 31, 2025 .

Should URC’s outstanding options and warrants be fully exercised, the Company’s ownership interest would decrease from 13.5 % to 13.3 %.

As a consequence, our ability to exercise significant influence over URC’s operating and financing policies continued to exist during the three and nine months ended April 30, 2025 .

Should URC’s outstanding options be fully exercised, the Company’s ownership interest would decrease from 13.5 % to 13.3 %.

URC is a public company listed on the Toronto Stock Exchange with the trading symbol “URC” and on NASDAQ with the trading symbol “UROY”.

As at January 31, 2025 , the fair value of our investment in URC was approximately $ 42.79 million ( July 31, 2024 :

As at April 30, 2025 , the fair value of our investment in URC was approximately $ 32.54 million ( July 31, 2024 :

$ 43.33 million).

As at January 31, 2025 , we owned 50 % of the outstanding shares of JCU (Canada) Exploration Company Limited (“JCU”) acquired through our acquisition of UEX Corporation completed on August 19, 2022 ( the “UEX Acquisition”).

As at April 30, 2025 , we owned 50 % of the outstanding shares of JCU (Canada) Exploration Company Limited (“JCU”) acquired through our acquisition of UEX Corporation completed on August 19, 2022 ( the “UEX Acquisition”).

JCU is a private Canadian company engaged in the exploration and development of uranium assets in Canada.

The Company’s 50 % interest in JCU is a joint venture, which is accounted for using the equity method.

During the six months ended January 31, 2025 , the changes in carrying value of our equity-accounted investments are summarized as follows:

During the nine months ended April 30, 2025 , the changes in carrying value of our equity-accounted investments are summarized as follows:

Investment in

7 unchanged sentences

( 3 ) ( 56 ) ( 59 )

Balance, January 31, 2025

Balance, April 30, 2025

$ 34,551 $ 21,015 $ 55,566

For the three and six months ended January 31, 2025 and 2024 , income (loss) from our equity-accounted investments consisted of the following:

Three Months Ended January 31,

Six Months Ended January 31,

For the three and nine months ended April 30, 2025 and 2024 , income (loss) from our equity-accounted investments consisted of the following:

Three Months Ended April 30,

Nine Months Ended April 30,

Share of income (loss)

2 unchanged sentences

1 3,202 28 3,633

$ ( 2,255 ) $ 3,306 $ ( 3,722 ) $ 4,958

URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2025

April 30, 2025

(Unaudited - Expressed in thousands of U.S.

1 unchanged sentence

INVESTMENTS IN EQUITY SECURITIES

During the six months ended January 31, 2025 , the changes in our investments in equity securities are summarized as follows:

During the nine months ended April 30, 2025 , the changes in our investments in equity securities are summarized as follows:

Balance, July 31, 2024

3 unchanged sentences

Foreign exchange difference

Balance, January 31, 2025

Balance, April 30, 2025

On January 15, 2025, we completed the acquisition of 107,142,857 common shares (the “Anfield Shares”) of Anfield Energy Inc.

(“Anfield”) for total consideration of $ 10.46 million pursuant to a subscription agreement between the Company and Anfield.

The cumulative revaluation adjustment since acquisition of the equity securities held as at January 31, 2025 is a loss of $ 8.53 million.

As at April 30, 2025 , the Company owns 17.63 % of the outstanding shares of Anfield.

During the three months ended April 30, 2025, the Company entered into an indemnification support agreement with Anfield.

Under this agreement the Company provides an indemnity of $ 3 million in favour of Anfield for its surety bond and, in return, obtains the right to nominate members to Anfield board of directors in proportion to the Company’s ownership of outstanding Anfield Shares.

The Company’s ability to appoint directors to Anfield’s board results in the investment in Anfield Shares being subject to equity method of accounting.

However, as permitted under ASC 825 Financial Instruments, the Company elected to apply the fair value option to account for its investment in Anfield Shares.

All subsequent changes in fair value of Anfield Shares are recognized in the consolidated statements of operations.

The indemnity may be canceled by the Company upon delivery of 30 days’ written notice.

The cumulative revaluation adjustment since acquisition of the equity securities held as at April 30, 2025 is a loss of $ 12.79 million.

ASSET RETIREMENT OBLIGATIONS

2 unchanged sentences

Assumed from Sweetwater Acquisition (Note 3)

Balance, January 31, 2025

Liabilities settled in cash

Balance, April 30, 2025

Asset retirement obligations, current

Asset retirement obligations, non-current

The estimated amounts and timing of cash flows and assumptions used for our ARO estimates are as follows:

January 31, 2025

The estimated timing of cash flows and assumptions used for our ARO estimates are as follows:

April 30, 2025

July 31, 2024

Undiscounted amount of estimated cash flows

$ 50,296 $ 29,030

Payable in years

4 unchanged sentences

3.72 % to 6.35 % 3.72 % to 6.35 %

Our undiscounted amounts of estimated cash flows for the next five fiscal years and beyond are as follows:

Remaining balance

URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2025

April 30, 2025

(Unaudited - Expressed in thousands of U.S.

3 unchanged sentences

The Replacement Warrants are accounted for as derivative liabilities as the exercise prices of the Replacement Warrants are denominated in Canadian dollars which differs from our functional currency.

As at January 31, 2025 , there were no Replacement Warrants outstanding.

As at April 30, 2025 , there were no Replacement Warrants outstanding.

The movement in derivative liabilities during the period is as follows:

2 unchanged sentences

Change in fair value during the period

Balance, January 31, 2025

Balance, April 30, 2025

CAPITAL STOCK

8 unchanged sentences

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2025

April 30, 2025

(Unaudited - Expressed in thousands of U.S.

dollars unless otherwise stated)

During the six months ended January 31, 2024 , we issued 21,188,029 of the Company’s common stock under the 2022 ATM Offering for gross cash proceeds of $ 132.49 million.

During the nine months ended April 30, 2024 , we issued 24,584,399 of the Company’s common stock under the 2022 ATM Offering for gross cash proceeds of $ 158.62 million.

The total issuance costs were $ 3.57 million, all of which were related to compensation paid to the 2022 ATM Managers.

During the six months ended January 31, 2025 , we issued 11,516,375 and 5,310,281 of the Company’s common stock under the 2022 ATM Offering and the 2024 ATM Offering for gross cash proceeds of $ 94.40 million and $ 40.52 million, respectively.

During the nine months ended April 30, 2025 , we issued 11,516,375 and 11,888,516 of the Company’s common stock under the 2022 ATM Offering and the 2024 ATM Offering for gross cash proceeds of $ 94.40 million and $ 75.34 million, respectively.

The total issuance costs were $ 2.15 million and $ 1.69 million, all of which were related to compensation paid to the 2022 ATM Managers and the 2024 ATM Managers, respectively.

Subsequent to January 31, 2025 , we issued 295,000 of the Company’s common stock under the 2024 ATM Offering for gross cash proceeds of $ 2.09 million.

Subsequent to April 30, 2025 , we issued 9,306,188 of the Company’s common stock under the 2024 ATM Offering for gross cash proceeds of $ 56.08 million.

The total issuance costs were $ 1.26 million, all of which were related to compensation paid to the 2024 ATM Managers.

Share Purchase Warrants

A continuity schedule of our outstanding share purchase warrants for the six months ended January 31, 2025 , is as follows:

A continuity schedule of our outstanding share purchase warrants for the nine months ended April 30, 2025 , is as follows:

Weighted Average

1 unchanged sentence

Balance, July 31, 2024

1,265,319 $ 3.29

( 1,065,899 ) 3.21

( 40,329 ) 2.35

Balance, January 31, 2025

159,091 $ 4.13

A summary of our share purchase warrants outstanding and exercisable as of January 31, 2025 , is as follows:

Balance, April 30, 2025

A summary of our share purchase warrants outstanding and exercisable as of April 30, 2025 , is as follows:

Weighted Average Remaining

2 unchanged sentences

April 5, 2026

During the six months ended January 31, 2025 , we received cash proceeds totalin g $ 3.30 million from the exercise of share purchase warrants.

D uring the six months ended January 31, 2024, we received cash proceeds totaling $ 0.74 million from the exercise of share purchase warrants and cash advances of $ 0.52 million for shares that had been issued in the subsequent quarter from a warrant exercise during the quarter ended January 31, 2024.

During the nine months ended April 30, 2025 , we received cash proceeds totaling $ 3.30 million from the exercise of share purchase warrants.

During the nine months ended April 30, 2024, we received cash proceeds totaling $ 4.51 million from the exercise of share purchase warrants.

URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2025

April 30, 2025

(Unaudited - Expressed in thousands of U.S.

2 unchanged sentences

Stock Options

A continuity schedule of our outstanding stock options for the three and six months ended January 31, 2025 , is as follows:

A continuity schedule of our outstanding stock options for the three and nine months ended April 30, 2025 , is as follows:

Number of Stock

13 unchanged sentences

4,857,230 $ 2.66

( 29,750 ) 3.50

Cancelled/Forfeited

( 17,988 ) 4.73

Balance, April 30, 2025

4,819,492 $ 2.65

The table below sets forth the number of shares issued and cash received upon the exercise of our stock options:

Three Months Ended January 31,

Six Months Ended January 31,

Three Months Ended April 30,

Nine Months Ended April 30,

Number of Options Exercised on a Cash Basis

16 unchanged sentences

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2025

April 30, 2025

(Unaudited - Expressed in thousands of U.S.

dollars unless otherwise stated)

A continuity schedule of our outstanding unvested stock options as of January 31, 2025 , and the changes during the period, is as follows:

A continuity schedule of our outstanding unvested stock options as of April 30, 2025 , and the changes during the period, is as follows:

Number of Unvested Stock Options

12 unchanged sentences

710,797 $ 2.97

During the six months ended January 31, 2025 , we granted a stock option under our 2024 Stock Incentive Plan (the “Stock Incentive Plan”) to one of our officers to purchase an ag gregate of 24,415 sha res of the Company which are subject to a 24 -month vesting provision whereby, at the end of each of the first three and six months after the grant date, 12.5 % of the total stock options become exercisable, and whereby at the end of each of 12, 18 and 24 months after the grant date, 25 % of the total stock options become exercisable.

For the six months ended January 31, 2025 , the weighted average fair value of the stock options granted was $ 4.17 per share and it was estimated at the date of grant using the Black-Scholes model with the following assumptions, which is level 2 of the fair value measurement hierarchy:

Cancelled/Forfeited

( 15,125 ) 3.20

( 42,462 ) 2.89

Balance, April 30, 2025

663,210 $ 2.96

During the nine months ended April 30, 2025 , we gran ted a stock option under our 2024 Stock Incentive Plan (the “Stock Incentive Plan”) to one of our officers to purchase an aggregate of 24,415 shares of the Company which are subject to a 24 -month vesting provision whereby, at the end of each of the first three and six months after the grant date, 12.5 % of the total stock options become exercisable, and whereby at the end of each of 12, 18 and 24 months after the grant date, 25 % of the total stock options become exercisable.

For the nine months ended April 30, 2025 , the weighted av erage fair value of the stock options granted was $ 3.75 per share and it was estimated at the date of grant using the Black-Scholes model with the following assumptions, which is level 2 of the fair value measurement hierarchy:

Exercise Price

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Expected Dividend Yield

As at January 31, 2025 , the aggregate intrinsic value of all of our outstanding stock options was estimated at $ 21.40 million (vested:

As at April 30, 2025 , the aggregate intrinsic value of all of our outstanding stock options was estimated at $ 12.75 million (vested:

$ 12.20 million and unvested:

$ 0.55 million).

As at January 31, 2025 , our unrecognized compensation cost related to unvested stock options was $ 1.01 million ( July 31, 2024 :

As at April 30, 2025 , our unrecognized compensation cost related to unvested stock options was $ 0.69 million ( July 31, 2024 :

$ 2.18 million), which is expected to be recognized over 0.84 years.

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NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2025

April 30, 2025

(Unaudited - Expressed in thousands of U.S.

dollars unless otherwise stated)

A summary of our stock options outstanding and exercisable as of January 31, 2025 , is as follows:

A summary of our stock options outstanding and exercisable as of April 30, 2025 , is as follows:

Options Outstanding

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Exercisable at

January 31, 2025

April 30, 2025

Exercise Price

January 31, 2025

April 30, 2025

Exercise Price

19 unchanged sentences

Restricted Stock Units

During the six months ended January 31, 2025 , the Company g ranted 16,103 restricte d stock units (each, an “RSU”) to one of our officers under our Stock Incentive Plan.

During the nine months ended April 30, 2025 , the Company g ran ted 16,103 restricted stock units (each, an “RSU”) to one of our officers under our Stock Incentive Plan.

RSUs granted during the period have a vesting period of three years from the grant date, whereby one - third of the RSUs will vest at the end of the first, second and third year, respectively, from the date of grant.

The fair value of these RSUs was determined using the share prices at the respective grant dates.

A summary of our outstanding and unvested RSUs as of January 31, 2025 , is as follows:

A summary of our outstanding and unvested RSUs as of April 30, 2025 , is as follows:

Restricted Stock

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778 6.44 1.76 4

January 22, 2024

8,919 7.63 0.06 63

March 13, 2024

2,288 6.49 0.20 16

April 1, 2024

19 unchanged sentences

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2025

April 30, 2025

(Unaudited - Expressed in thousands of U.S.

dollars unless otherwise stated)

During the three and six months ended January 31, 2025 , our stock-based compensation related to RSUs was $ 0.78 million and $ 1.53 million ( three and six months ended January 31, 2024 :

During the three and nine months ended April 30, 2025 , our stock-based compensation related to RSUs was $ 0.74 million and $ 2.27 million ( three and nine months ended April 30, 2024 :

$ 0.45 million and 1.33 million), respectively.

As at January 31, 2025 , our unrecognized compensation costs related to unvested RSUs totaled $ 3.17 million ( July 31, 2024 :

As at April 30, 2025 , our unrecognized compensation costs related to unvested RSUs totaled $ 2.43 million ( July 31, 2024 :

$ 4.42 million), which is expected to be recognized over a period of approximately 1.46 years.

Performance Based Restricted Stock Units

During the three and six months ended January 31, 2025 , our stock-based compensation related to the amortization of performance based restricted stock units (each, a “PRSU”) tota led $ 0.29 million and $ 0.57 million ( three and six months ended January 31, 2024 :

During the three and nine months ended April 30, 2025 , our stock-based compensation related to the amortization of performance based restricted stock units (each, a “PRSU”) totaled $ 0.29 million and $ 0.86 million ( three and nine months ended April 30, 2024 :

$ 0.18 million and $ 0.53 million), respectively.

As at January 31, 2025 , our unrecognized compensation costs related to unvested PRSUs totaled $ 2.16 million ( July 31, 2024 :

As at April 30, 2025 , our unrecognized compensation costs related to unvested PRSUs totaled $ 1.88 million ( July 31, 2024 :

$ 2.74 million), which is expected to be recognized over a period of approximately 1.90 years.

Stock-Based Compensation

A summary of our stock-based compensation expense for the three and six months ended January 31, 2025 , is as follows:

A summary of our stock-based compensation expense for the three and nine months ended April 30, 2025 , is as follows:

Three Months Ended

Six Months Ended

Nine Months Ended

Stock-Based Compensation for Consultants

2 unchanged sentences

Amortization of stock option expenses

24 87 121 302

Amortization of RSU expenses

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NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2025

April 30, 2025

(Unaudited - Expressed in thousands of U.S.

2 unchanged sentences

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

Three Months Ended January 31,

Six Months Ended January 31,

Three Months Ended April 30,

Nine Months Ended April 30,

Sales of purchased uranium inventory

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The table below provides a breakdown of major customers:

Three Months Ended January 31,

Six Months Ended January 31,

Three Months Ended April 30,

Nine Months Ended April 30,

0 % 0 % 50 % 0 %

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The following table reconciles the weighted average number of shares used in the calculation of our basic and diluted loss per share:

Three Months Ended January 31,

Six Months Ended January 31,

Net Income (Loss) for the Period

Three Months Ended April 30,

Nine Months Ended April 30,

Net Loss for the Period

$ ( 30,212 ) $ ( 19,677 ) $ ( 60,604 ) $ ( 14,106 )

Basic Weighted Average Number of Shares

429,941,797 404,104,490 421,670,287 393,425,716

Dilutive Effect of Stock Awards and Warrants

Diluted Weighted Average Number of Shares

Net Income (Loss) Per Share – Basic

Net Income (Loss) Per Share – Diluted

429,941,797 404,104,490 421,670,287 393,425,716

Net Loss Per Share – Basic

$ ( 0.07 ) $ ( 0.05 ) $ ( 0.14 ) $ ( 0.04 )

Net Loss Per Share – Diluted

$ ( 0.07 ) $ ( 0.05 ) $ ( 0.14 ) $ ( 0.04 )

URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2025

April 30, 2025

(Unaudited - Expressed in thousands of U.S.

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All intercompany transactions have been eliminated.:

Three Months Ended January 31, 2025

Three Months Ended April 30, 2025

Sales and service revenue

2 unchanged sentences

Interest income

Income (loss) before income taxes

Loss before income taxes

Total expenditures for additions to long-lived assets

6 unchanged sentences

$ - $ 1,405 $ ( 2,255 ) $ 571 $ ( 29,778 ) $ 2,152

Three Months Ended January 31, 2024

Three Months Ended April 30, 2024

Sales and service revenue

Depreciation, amortization and accretion Income from equity-accounted investment Interest income

Income (loss) before income taxes Total expenditures for additions to long-lived assets

Loss before income taxes Total expenditures for additions to long-lived assets

$ - $ 400 $ - $ - $ ( 4,311 ) $ -

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NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2025

April 30, 2025

(Unaudited - Expressed in thousands of U.S.

dollars unless otherwise stated)

Six Months Ended January 31, 2025

Nine Months Ended April 30, 2025

Sales and service revenue

2 unchanged sentences

Interest income

Income (loss) before income taxes

Loss before income taxes

Total expenditures for additions to long-lived assets

6 unchanged sentences

$ 66,837 $ 3,048 $ ( 3,722 ) $ 2,897 $ ( 62,936 ) $ 194,988

Six Months Ended January 31, 2024

Nine Months Ended April 30, 2024

Sales and service revenue

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$ 224 $ 1,620 $ 4,958 $ 1,559 $ ( 17,739 ) $ 2,588

As of January 31, 2025

As of April 30, 2025

Equity-Accounted Investments

17 unchanged sentences

$ 889,828 $ 58,809 $ 581,991

URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2025

(Unaudited - Expressed in thousands of U.S.

dollars unless otherwise stated)

Management ’ s Discussion and Analysis of Financial Condition and Results of Operations

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The following management ’ s discussion and analysis of the Company ’ s financial condition and results of operations (the “ MD&A ” ) contain forward-looking statements that involve risks, uncertainties and assumptions including, among others, statements regarding our capital needs, business plans and expectations.

In evaluating these statements you should consider various factors, including the risks, uncertainties and assumptions set forth in reports and other documents we have filed with or furnished to the SEC and, including, without limitation, this Form 10-Q Quarterly Report for the six months ended January 31, 2025, and our Form 10-K Annual Report for Fiscal 2024, including the consolidated financial statements and related notes contained therein.

In evaluating these statements you should consider various factors, including the risks, uncertainties and assumptions set forth in reports and other documents we have filed with or furnished to the SEC and, including, without limitation, this Form 10-Q Quarterly Report for the nine months ended April 30, 2025, and our Form 10-K Annual Report for Fiscal 2024, including the consolidated financial statements and related notes contained therein.

These factors, or any one of them, may cause our actual results or actions in the future to differ materially from any forward-looking statement made in this Quarterly Report.

Refer to “ Cautionary Note Regarding Forward-looking Statements ” as disclosed in our Form 10-K Annual Report for Fiscal 2024, and Item 1A, Risk Factors, under Part II - Other Information, of this Quarterly Report.

This MD&A is focused on material changes in our financial condition from July 31, 2024, our most recently completed year end, to January 31, 2025, and our results of operations for the three and six months ended January 31, 2025, and should be read in conjunction with Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, as contained in our Form 10-K Annual Report for Fiscal 2024.

This MD&A is focused on material changes in our financial condition from July 31, 2024, our most recently completed year end, to April 30, 2025, and our results of operations for the three and nine months ended April 30, 2025, and should be read in conjunction with Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, as contained in our Form 10-K Annual Report for Fiscal 2024.

We are engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing, on uranium projects located in the United States, Canada and the Republic of Paraguay, as more fully described in our Form 10-K Annual Report for Fiscal 2024.

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At the same time, we have continued to advance our Roughrider and Burke Hollow Projects with resource expansions and development programs, respectively.

Uranium recovered from the Christensen Ranch Mine ISR Project will be processed at our Irigaray central processing plant (“CPP”).

Uranium recovered from the Christensen Ranch Mine ISR operation will be processed at our Irigaray central processing plant (“CPP”).

The Irigaray CPP is the hub central to our four fully permitted ISR projects located in the Powder River Basin of Wyoming, including our Christensen Ranch Mine, Reno Creek, Moore Ranch and Ludeman p rojects.

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AEC) for total consideration of $10.46 million ($15 million Canadian dollars) pursuant to a subscription agreement between the Company and Anfield, whereby the Company subscribed for the Anfield Shares at a price of $0.14 per share (Canadian dollars).

Immediately after the acquisition, the Company had beneficial ownership, and control and direction over, a total of 203,415,775 Anfield Shares, representing approximately 17.8% of the outstanding Anfield Shares on a non-diluted basis and approximately 24.2% of the outstanding Anfield Shares on a partially diluted basis after assuming the exercise of all warrants held by the Company.

Immediately after the acquisition, the Company had beneficial ownership, and control and direction over, a total of 203,415,775 Anfield Shares, representing approximately 17.8% of the outstanding Anfield Shares on a non-diluted basis and approximately 24.2% of the outstanding Anfield Shares on a diluted basis after assuming the exercise of all warrants held by the Company.

The Anfield Shares were acquired by the Company for investment purposes.

During the three months ended April 30, 2025, the Company entered into an indemnification support agreement with Anfield, whereby the Company provides an indemnity of $3 million in favour of Anfield for its surety bond and, in return, obtains the right to nominate members to Anfield’s board of directors in proportion to the Company’s ownership of outstanding Anfield Shares.

The indemnity can be canceled by the Company upon the delivery of 30 day’s written notice.

We will continue to monitor the business, prospects, financial condition and potential capital requirements of Anfield.

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

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

Our reliance on equity financings is expected to continue for the foreseeable future.

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

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

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

As at January 31, 2025, we had no uranium supply or off-take agreements in place.

As at April 30, 2025, we had no uranium supply or off-take agreements in place.

Future sales of U 3 O 8 are therefore expected to generally occur through the uranium spot market, with any fluctuations in the market price continuing to have a direct impact on our revenues and cash flows.

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Despite our focus on low cost ISR mining with its low capital requirements, we saw a unique opportunity to purchase drummed uranium at prevailing spot prices which are below most global industry mining costs.

Hence, we established a physical uranium portfolio (the “Physical Uranium Program”) and, as of January 31, 2025, we had 1,356,000 pounds of uranium and had entered into agreements to purchase 300,000 pounds of warehoused uranium in Fiscal 2026 at conversion facilities located in North America at a volume weighted average price of approximately $37.05 per pound.

Hence, we established a physical uranium portfolio (the “Physical Uranium Program”) and, as of April 30, 2025, we had 1,356,000 pounds of uranium and had entered into agreements to purchase 300,000 pounds of warehoused uranium in Fiscal 2026 at conversion facilities located in North America at a volume weighted average price of approximately $37.05 per pound.

Our Physical Uranium Program will support three objectives for our Company:

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Uranium Market Developments

The uranium market is currently being driven by a macro demand for more electricity generation, an unprecedented global push for clean energy, geopolitical situations and under investment among other factors.

The uranium market is being driven by a macro demand for more electricity generation, an unprecedented global push for clean energy, geopolitical situations and under investment among other factors.

McKinsey & Company noted that global electricity demand is expected to more than double from 25,000 terawatt-hours (TWh) to between 52,000 and 71,000 TWh by 2050, due to the growth in emerging markets’ energy needs and electrification across the economy.

The DOE projects that electricity demand in the U.S.

will grow 15–20% in the next decade and double by 2050.

This includes artificial intelligence growth and demand to power data centers that is expected to consume approximately 6.7% to 12% of total U.S.

electricity by 2028.

The DOE notes that total data center electricity usage climbed from 58 TWh in 2014 to 176 TWh in 2023 and estimates an increase between 325 to 580 TWh by 2028.

There is a growing realization that the highly reliable, safe, baseload power nuclear energy provides should be a part of any clean energy platform.

An April 2025 study from the National Electrical Manufacturers Association projects that electricity demand in the U.S.

will see a 50% increase by 2050.

This includes expectations that artificial intelligence growth and demand to power data centers will increase by 30% over the next ten years.

There is a growing realization that the highly reliable, safe, economical baseload power nuclear energy provides should be a part of any clean energy platform.

Governments around the globe are also pursuing strategies to increase energy independence for national security interests that dovetail well with nuclear power as a key component in their energy mix.

In the U.S., several pieces of bipartisan legislation have passed in recent years supporting nuclear development and expansion, including the Nuclear Fuel Security Act, Advance Act, and the Inflation Reduction Ac t.

In combination, these bills and others like The Prohibiting Russian Uranium Imports Act will help rebuild and restore a robust domestic fuel cycle in the U.S.

Certainly, the May 2025 Executive Orders (“EOs”) designed to reinvigorate nuclear power in the U.S.

issued by the Trump Administration support this theme.

Countries that have been less than enthusiastic about nuclear energy are reversing attitudes and advancing programs to include or extend the generation of electricity produced from nuclear power.

In the U.S., several pieces of unprecedented bipartisan legislation have passed in recent years supporting nuclear development and expansion, including the Nuclear Fuel Security Act, Advance Act, and the Inflation Reduction Act.

In combination, these bills and others like The Prohibiting Russian Uranium Imports Act and the EOs will help rebuild and restore a robust domestic fuel cycle in the U.S.

The new Trump Administration is also firmly behind nuclear energy with priority actions stating, “unleash commercial nuclear power in the U.S.” and “strengthen grid reliability and security.” (Source:

Energy.Gov - Secretary Wright Acts to Unleash Golden Era of American Energy Dominance, February 5, 2025).

New capacity gains are anticipated to come from multiple sources, including building new nuclear power plants, uprating existing reactors, and restarting some retired reactors.

technology companies like Microsoft, Meta, Google, Oracle and Amazon have jumped on the nuclear wagon for their data center energy demand with large investments in their pursuit of clean, reliable power that nuclear provides.

Over the past few years, global uranium market fundamentals have improved as the market began a transition from being inventory driven to a production driven.

The DOE has called for a significant expansion of nuclear energy capacity from 97 GWe to 300 GWe by 2050.

On May 23, 2025, President Trump signed the EOs that include a policy objective to quadruple U.S.

nuclear energy generation capacity by 2050.

President Trump’s EOs mark a historic level of policy support to rejuvenate the U.S.

nuclear industry and its infrastructure, underscoring its importance as a matter of national security.

The EOs invoke the Defense Production Act that will have significant positive policy and economic impacts on the domestic fuel cycle, reactor new builds, research and new technology advancements.

The EOs will also result in an accelerated and coordinated approach to regulatory actions, all aimed at a more secure and independent energy future for the United States.

Generating capacity gains are anticipated to come from multiple sources, including building new nuclear power plants, uprating existing reactors, and restarting retired reactors that meet appropriate safety and economic criteria.

technology companies like Microsoft, Meta, Google, Oracle and Amazon are making significant nuclear energy commitment for their data center energy demand with large investments in the clean, affordable and reliable power that nuclear energy provides.

Global uranium market fundamentals have improved in recent years as the market began a transition from being inventory driven to production driven.

The spot market bottomed out in November 2016 at about $17.75 per pound U 3 O 8 , but has since shown appreciation, reaching a high in 2024 of $107.00 per pound U 3 O 8 .

Since that time the spot uranium market has been in a pullback reaching a low of $66.50 per pound on February 28, 2025.

During the three and twelve months ended, January 31, 2025, uranium prices averaged $74.98 and $83.98 per pound U 3 O 8 , respectively.

The period including November 2024 through January 2025 was marked by continued spot price fluctuations between $82.00 and $67.30 per pound U 3 O 8 (all pricing information is sourced from UxC LLC Historical Ux Daily Prices).

Since that time the spot uranium market has seen a pullback reaching a low of $63.45 per pound U 3 O 8 on March 17, 2025 before starting a rebound move that has since carried the spot market back above $70.00 per pound U 3 O 8 in May 2025.

During the three and nine months ended, April 30, 2025, uranium prices averaged $65.53 and $74.38 per pound U 3 O 8 , respectively.

The period including November 2024 through April 2025 was marked by continued spot price fluctuations between $82.00 and $63.45 per pound U 3 O 8 (all pricing information is sourced from UxC LLC Historical Ux Daily Prices).

Reinforcing the strength of the longer-term market fundamentals, UxC LLC long term prices have remained constant at $80.00 per pound U 3 O 8 in all of 2025 through the month of April.

Underinvestment in uranium mining operations over the past decade has been a major factor contributing to a structural deficit that is apparent between global production and uranium requirements.

Reduced production from existing uranium mines has also been a contributing factor with some large producers cutting back and/or unable to reach previously planned production levels.

In 2025 and 2026 the mid-case gap between production and requirements is projected to be more than 43 million pounds of U 3 O 8 , and by 2035 accumulates to a total near 380 million pounds of U 3 O 8 (UxC 2024 Q4 Uranium Market Outlook).

In 2025 and 2026 the mid-case gap between production and requirements is projected to be more than 54 million pounds of U 3 O 8 , and by 2035 accumulates to a total near 336 million pounds of U 3 O 8 (Source:

UxC 2025 Q1 Uranium Market Outlook).

For context, the U.S.

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Euratom Supply Agency, World Nuclear Association - Uranium in Niger July 23, 2024, World Nuclear News ).

As a result of the instability and assurance of supply risks, U.S.

and European utilities are shifting supply focus to production from areas of low geopolitical risk.

The recent White House executive order Establishing “The National Energy Dominance Council” noted one of the objectives is to “reduce dependency on foreign imports” for America’s “national security” and recognized uranium as an ‘amazing national asset’ ( Source:

The White House's Executive Order establishing “The National Energy Dominance Council” noted one of the objectives is to “reduce dependency on foreign imports” for America’s “national security” and recognized uranium as an ‘amazing national asset’ ( Source:

The White House News & Update, February 14, 2025 ).

On the demand side, the global nuclear energy industry continues robust growth, with 70 new reactors connected to the grid in 2014 through December of 2024, and with another 65 reactors under construction.

In 2024, five new reactors were connected to the grid and four reactors were permanently shut down ( Source:

International Atomic Energy Association Power Reactor Information System – February 14, 2025 ).

Total nuclear generating capacity for the world’s 439 operable reactors as of January 7, 2025, stands at 398 GWe ( Source:

Critical minerals, including uranium are also receiving additional scrutiny as mandated by the Trump Administration’s Executive Order initiating a new 232 investigation to ensure imports are not in such quantities or circumstances as to threaten or impair national security and or economic resilience.

This action being performed by the Department of Commerce could potentially lead to tariffs or other import restrictions on foreign uranium to bolster domestic production.

On the demand side, the global nuclear energy industry continues robust growth, with 68 new reactors connected to the grid in 2015 through March of 2025, with another 61 reactors under construction.

In 2024, 6 new reactors were connected to the grid and 4 reactors were permanently shut down (Source:

International Atomic Energy Association Power Reactor Information System – May 19, 2025).

Total nuclear generating capacity for the world’s 439 operable reactors as of May 19, 2025 stands at 398 GWe (Source:

World Nuclear Association).

At the COP29 United Nations Climate Change Conference, six more countries joined the pledge to triple their nuclear capacity by 2050, bringing the total to 31 countries, further supporting additional growth for the nuclear industry and uranium demand.

At least 31 countries have pledged to triple their nuclear capacity by 2050 further supporting additional growth for the nuclear industry and uranium demand.

In addition, over 150 nuclear industry companies, 14 of the world’s largest banks like Citibank, Morgan Stanley and Goldman Sachs, and more recently, 15 large energy users such as Microsoft, Amazon and Google have all pledged to support this goal in their investments and commercial activities.

Additional upside market pressure is also occurring as utilities continue their return to a longer-term contracting cycle to replace expiring contracts.

Cumulative uncommitted demand through 2035 is more than a billion pounds U 3 O 8 ( Source:

Cumulative uncommitted demand through 2035 is more than 950 million pounds U 3 O 8 (Source:

UxC Uranium Market Overview Q1 2025).

This utility demand, along with that from financial entities, government programs, various producers, as well as the increasing interest in nuclear energy for data centers, are adding to the strong fundamentals supporting the uranium market.

This utility demand, along with that from financial entities, government programs in the EOs, and various producers, as well as the increasing interest in nuclear energy for artificial intelligence data centers, are adding to the strong fundamentals supporting the uranium market.

The timing of our uranium concentrate sales is dependent upon factors such as extraction results from our mining activities, cash requirements, contractual requirements and perception of the uranium market.

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Results of Operations

For the three and six months ended January 31, 2025, we recorded revenue of $49.75 million and $66.84 million, and realized gross profit of $18.23 million and $24.48 million, respectively, which were all related to sales of purchased uranium inventory.

For the three and six months ended January 31, 2024, we recorded revenue of $0.12 million and $0.22 million, and realized gross profit of $0.02 million and $0.04 million, respectively, which were all generated from toll processing services.

For the three and six months ended January 31, 2025, we recorded a net loss of $10.23 million ($0.02 per share) and $30.39 million ($0.07 per share), and loss from operations of $3.63 million and $16.84 million, respectively.

During the three and six months ended January 31, 2024, we recorded net income of $2.25 million ($0.01 per share) and $5.57 million ($0.01 per share), and loss from operations of $12.12 million and $23.50 million, respectively.

While we have commenced uranium extraction at Christensen Ranch in August 2024, we are still ramping up our mining activities during the three and six months ended January 31, 2025.

For the three and nine months ended April 30, 2025, we recorded revenue of $0.00 million and $66.84 million, and realized gross profit of $0.00 million and $24.48 million, respectively, which were all related to sales of purchased uranium inventory.

For the three and nine months ended April 30, 2024, we recorded revenue of $0.00 million and $0.22 million, and realized gross profit of $0.00 million and $0.04 million, respectively, which were all generated from toll processing services.

For the three and nine months ended April 30, 2025, we recorded a net loss of $30.21 million ($0.07 per share) and $60.60 million ($0.14 per share), and loss from operations of $23.46 million and $40.30 million, respectively.

During the three and nine months ended April 30, 2024, we recorded net loss of $19.68 million ($0.05 per share) and $14.11 million ($0.04 per share), and loss from operations of $13.84 million and $37.35 million, respectively.

While we have commenced uranium extraction at our Christensen Ranch Mine in August 2024, we are still ramping up our mining activities during the three and nine months ended April 30, 2025.

We expect the ramp-up phase will continue while new production areas are being constructed and completed in 2025.

The rest of our uranium projects are expected to remain in a state of operational readiness and the relevant expenditures, which are directly related to regulatory/mine permit compliance, lease maintenance obligations and maintaining a necessary labor force, are being charged to our consolidated statement of operations.

As of January 31, 2025, we have 300,000 pounds of uranium inventory purchase commitments outstanding at a volume weighted average price of approximately $37.05 per pound.

As of April 30, 2025, we have 300,000 pounds of uranium inventory purchase commitments outstanding at a volume weighted average price of approximately $37.05 per pound.

Deliveries are scheduled to occur in Fiscal 2026.

As of January 31, 2025, the carrying value of our inventories was $75.69 million (July 31, 2024:

As of April 30, 2025, the carrying value of our inventories was $76.36 million (July 31, 2024:

$75.83 million), of which purchased uranium concentrate inventories was $72.90 million (July 31, 2024:

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

Three Months Ended January 31,

Six Months Ended January 31,

Three Months Ended April 30,

Nine Months Ended April 30,

Sales of purchased uranium inventory

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Total cost of sales and services

During the nine months ended April 30, 2025, we generated revenue of $66.84 million and achieved a gross profit of $24.48 million, both derived from the sales of purchased uranium inventory.

However, due to volatility in the uranium market and broader global economic conditions, the Company did not engage in any sales activities during the three months ended April 30, 2025.

Operating Costs

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The following table provides the nature of mineral property expenditures for the periods indicated:

Three Months Ended January 31,

Six Months Ended January 31,

Three Months Ended April 30,

Nine Months Ended April 30,

Permitting and compliance

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Extraction readiness

During the three and six months ended January 31, 2025 , exploration expenditures, such as drilling and preliminary economic assessments, were primarily spent on the following projects:

During the three and nine months ended April 30, 2025 , exploration expenditures, such as drilling and preliminary economic assessments, were primarily spent on the following projects:

Burke Hollow Project:

$0.18 million and $1.48 million ( January 31, 2024 :

$0.43 million and $1.91 million ( April 30, 2024 :

$1.59 million and $3.68 million), respectively;

Roughrider Project:

$0.33 million and $3.22 million ( January 31, 2024 :

$2.08 million and $5.30 million ( April 30, 2024 :

$2.36 million and $3.62 million), respectively.

During the three and six months ended January 31, 2025 , development expenditures were primarily spent on the following projects:

During the three and nine months ended April 30, 2025 , development expenditures were primarily spent on the following projects:

Burke Hollow Project:

$2.75 million and $4.59 million ( January 31, 2024 :

$2.31 million and $6.90 million ( April 30, 2024 :

$nil and $nil), respectively;

Christensen Ranch Mine:

$2.40 million and $4.21 million ( January 31, 2024 :

$nil and $0.01 million), respectively;

Roughrider Project:

$0.18 million and $0.70 million ( January 31, 2024 :

$4.39 million and $8.60 million ( April 30, 2024 :

$1.43 million and $1.43 million), respectively.

During the three and six months ended January 31, 2025 , extraction readiness expenditures were primarily spent on the following projects:

During the three and nine months ended April 30, 2025 , extraction readiness expenditures were primarily spent on the following projects:

Christensen Ranch Mine:

$3.25 million and $4.85 million ( January 31, 2024 :

$3.53 million and $8.37 million ( April 30, 2024 :

$0.56 million and $1.52 million), respectively;

Irigaray Plant:

$0.56 million and $0.79 million ( January 31, 2024 :

$0.65 million and $1.44 million ( April 30, 2024 :

$0.12 million and $0.30 million), respectively;

Palangana Mine:

$0.20 million and $0.42 million ( January 31, 2024 :

$0.21 million and $0.63 million ( April 30, 2024 :

$0.30 million and $1.03 million), respectively.

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General and Administrative expenses were comprised of the following:

Three Months Ended January 31,

Six Months Ended January 31,

Three Months Ended April 30,

Nine Months Ended April 30,

Salaries and management fees

Office, investor communications, insurance and travel

Foreign exchange gain

Foreign exchange (gain) loss

Professional fees

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The following summary provides a discussion of our major expense categories including analyses of the factors that caused significant variances compared to the same period last year:

for the three and six months ended January 31, 2025, salaries, wages and management fees increased compared to the three and six months ended January 31, 2024, which was primarily the result of an increase in personnel and corporate-wide salary increases to adjust for inflation;

for the three and six months ended January 31, 2025, professional fees and office, investor communications, insurance and travel increased compared to the three and six months ended January 31, 2024, which was primarily the result of increase in business activities and the expansion of our operations.

for the three and nine months ended April 30, 2025, salaries, wages and management fees increased compared to the three and nine months ended April 30, 2024, which was primarily the result of an increase in personnel and corporate-wide salary increases to adjust for inflation;

for the three and nine months ended April 30, 2025, professional fees and office, investor communications, insurance and travel increased compared to the three and nine months ended April 30, 2024, which was primarily the result of increase in business activities and the expansion of our operations.

Income (Loss) from Equity-Accounted Investments

Income (loss) from equity-accounted investments was comprised of the following:

Three Months Ended January 31,

Six Months Ended January 31,

Three Months Ended April 30,

Nine Months Ended April 30,

Share of income (loss)

Gain on dilution of ownership interest

During the three and six months ended January 31, 2025 and 2024, we recorded a gain on dilution of ownership interest in URC as a result of URC issuing more shares from its equity financing and exercises of warrants and/or stock options.

As at January 31, 2025, we had a 13.5% equity interest in URC compared to a 14.8% equity interest as at July 31, 2024.

During the three and six months ended January 31, 2025, we recorded a share of URC’s loss of $0.24 million and $0.30 million (three and six months ended January 31, 2024:

income of $0.56 million and $1.88 million) and a share of JCU’s loss of $0.77 million and $1.19 million (three and six months ended January 31, 2024:

During the three and nine months ended April 30, 2025 and 2024, we recorded a gain on dilution of ownership interest in URC as a result of URC issuing more shares from its equity financing and exercises of warrants and/or stock options.

As at April 30, 2025, we had a 13.5% equity interest in URC compared to a 14.8% equity interest as at July 31, 2024.

During the three and nine months ended April 30, 2025, we recorded a share of URC’s loss of $0.15 million and $0.45 million (three and nine months ended April 30, 2024:

income of $0.52 million and $2.40 million) and a share of JCU’s loss of $2.11 million and $3.30 million (three and nine months ended April 30, 2024:

$0.42 million and $1.07 million), respectively.

Fair Value Gain (Loss) on Equity Securities

As at January 31, 2025, our investments in certain equity securities were revalued using the market values at period end, which resulted in a fair value loss of $7.97 million and $18.32 million on revaluation of equity securities for the three and six months ended January 31, 2025 (three and six months ended January 31, 2024:

gain of $20.08 million and $37.39 million), respectively.

As at April 30, 2025, our investments in certain equity securities were revalued using the market values at period end, which resulted in a fair value loss of $4.27 million and $22.58 million on revaluation of equity securities for the three and nine months ended April 30, 2025 (three and nine months ended April 30, 2024:

loss of $13.80 million and gain of $23.59 million), respectively.

Gain (Loss) on Revaluation of Derivative Liabilities

In connection with the UEX Acquisition, we issued Replacements Warrants, which are accounted for as derivative liabilities as the exercise prices of the UEX warrants were denominated in Canadian dollars which differs from the functional currency of the Company.

As at January 31, 2025, all Replacement Warrants had been either exercised or expired.

A gain of $nil and $1.71 million on revaluation of derivative liabilities was recorded for the three and six months ended January 31, 2025 , respectively, due to the decrease in time value of the Replacement Warrants as they expired in the first quarter of Fiscal 2025.

During the three and six months ended January 31, 2024, we recorded a loss on revaluation of derivative liabilities of $5.06 million and $11.96 million, respectively, primarily due to changes in our share price.

Interest income (expenses)

During the three and six months ended January 31, 2025, interest income totaled $1.20 million and $2.33 million, compared to $0.35 million and $0.57 million for the three and six months ended January 31, 2024, respectively.

As at April 30, 2025, all Replacement Warrants had been either exercised or expired.

A gain of $nil and $1.71 million on revaluation of derivative liabilities was recorded for the three and nine months ended April 30, 2025, respectively, due to the decrease in time value of the Replacement Warrants as they expired in the first quarter of Fiscal 2025.

During the three and nine months ended April 30, 2024, we recorded a gain on revaluation of derivative liabilities of $2.07 million and a loss of $9.89 million, respectively, primarily due to changes in our share price.

Interest income

During the three and nine months ended April 30, 2025, interest income totaled $0.57 million and $2.90 million, compared to $0.99 million and $1.56 million for the three and nine months ended April 30, 2024, respectively.

The interest earned resulted from the investment of cash proceeds received from our 2022 ATM Offering and our 2024 ATM Offering (collectively, the “ATM Offerings”) and the sale of equity securities in short-term deposits.

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For the Quarters Ended

April 30, 2025

January 31, 2025

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July 31, 2024

April 30, 2024

Sales and service revenue

Net income (loss)

Total comprehensive income (loss)

Basic and diluted income (loss) per share

Total comprehensive loss

Basic and diluted loss per share

For the Quarters Ended

April 30, 2024

January 31, 2024

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July 31, 2023

April 30, 2023

Sales and service revenue

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Liquidity and Capital Resources

January 31, 2025

April 30, 2025

July 31, 2024

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Working capital (Current assets less Current liabilities)

During the six months ended January 31, 2025, we received net proceeds of $135.29 million (six months ended January 31, 2024:

During the nine months ended April 30, 2025, we received net proceeds of $168.03 million (nine months ended April 30, 2024:

$160.24 million) from our ATM Offerings and from exercises of stock options and share purchase warrants.

Subsequent to January 31, 2025, we received additional net proceeds of $2.04 million under our 2024 ATM Offering.

Subsequent to April 30, 2025, we received additional net proceeds of $54.82 million under our 2024 ATM Offering.

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

We had an accumulated deficit balance of $349.29 million as at January 31, 2025.

We had an accumulated deficit balance of $379.51 million as at April 30, 2025.

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

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

We hold mineral rights in the States of Arizona, New Mexico, Texas and Wyoming, in Canada and in the Republic of Paraguay, with annual land-related payments totaling $5.89 million being required to maintain these rights in good standing.

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

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Under the 2024 ATM Offering Agreement, we may, from time to time, sell shares of our common stock through the 2024 ATM Managers selected by us.

During the six months ended January 31, 2024, we issued 21,188,029 of the Company’s common stock under the 2022 ATM Offering for gross cash proceeds of $132.49 million.

During the nine months ended April 30, 2024, we issued 24,584,399 of the Company’s common stock under the 2022 ATM Offering for gross cash proceeds of $158.62 million.

The total issuance costs were $3.57 million, all of which were related to compensation paid to the 2022 ATM Managers.

During the six months ended January 31, 2025, we issued 11,516,375 and 5,310,281 of the Company’s common stock under the 2022 ATM Offering and 2024 ATM Offering for gross cash proceeds of $94.40 million and $40.52 million, respectively.

During the nine months ended April 30, 2025, we issued 11,516,375 and 11,888,516 of the Company’s common stock under the 2022 ATM Offering and the 2024 ATM Offering for gross cash proceeds of $94.40 million and $75.34 million, respectively.

The total issuance costs were $2.15 million and $1.69 million, all of which were related to compensation paid to the 2022 ATM Managers and the 2024 ATM Managers, respectively.

Subsequent to January 31, 2025, we issued 295,000 of the Company’s common stock under the 2024 ATM Offering for gross cash proceeds of $2.09 million.

Subsequent to April 30, 2025, we issued 9,306,188 of the Company’s common stock under the 2024 ATM Offering for gross cash proceeds of $56.08 million.

The total issuance costs were $1.26 million, all of which were related to compensation paid to the 2024 ATM Managers.

Operating Activities

During the six months ended January 31, 2025, net cash used in operating activities totaled $20.26 million, which was primarily related to mineral property expenditures incurred in the first half of Fiscal 2025 of $27.76 million, general and administrative expenses of $11.92 million and changes in operating assets and liabilities, partially offset by a gross profit from the sale of purchased uranium inventory of $24.48 million.

During the six months ended January 31, 2024, net cash used in operating activities was $81.41 million, of which $57.19 million was related to the change in uranium concentrate inventory.

During the nine months ended April 30, 2025, net cash used in operating activities totaled $41.00 million, which was primarily related to mineral property expenditures of $43.44 million, general and administrative expenses of $18.29 million and changes in operating assets and liabilities, partially offset by a gross profit from the sale of purchased uranium inventory of $24.48 million.

During the nine months ended April 30, 2024, net cash used in operating activities was $93.87 million, of which $57.18 million was related to the change in uranium concentrate inventory.

Financing Activities

During the six months ended January 31, 2025, net cash provided by financing activities totaled $132.65 million, primarily from the net proceeds of $135.29 million from our ATM Offerings, as well as the exercises of stock options and share purchase warrants, partially offset by payments of $2.64 million for tax withholding amounts related to RSU and PRSU net share issuances.

During the six months ended January 31, 2024, net cash provided by financing activities totaled $130.29 million, primarily from the net proceeds of $131.16 million from our 2022 ATM Offering and the exercises of stock options and share purchase warrants, partially offset by payments of $0.88 million for tax withholding amounts related to RSU and PRSU net share issuances.

During the nine months ended April 30, 2025, net cash provided by financing activities totaled $165.39 million, primarily from the net proceeds of $168.03 million from our ATM Offerings, as well as the exercises of stock options and share purchase warrants, partially offset by payments of $2.64 million for tax withholding amounts related to RSU and PRSU net share issuances.

During the nine months ended April 30, 2024, net cash provided by financing activities totaled $159.29 million, primarily from the net proceeds of $160.24 million from our 2022 ATM Offering and the exercises of stock options and share purchase warrants, partially offset by payments of $0.95 million for tax withholding amounts related to RSU and PRSU net share issuances.

Investing Activities

During the six months ended January 31, 2025, net cash used in investing activities totaled $136.44 million, comprised of $177.29 million paid for the Sweetwater Acquisition, $10.46 million invested in equity securities, $0.54 million used for the capital contribution to JCU and $2.54 million invested in mineral properties and the purchase of equipment, partially offset by proceeds from the sale of equity securities of $54.37 million.

During the six months ended January 31, 2024, net cash used in investing activities totaled $12.19 million, comprised of a capital contribution to JCU of $1.65 million, investment in equity securities of $5.55 million, additional investment in URC of $5.68 million, and cash from the sale of equity securities of $3.01 million.

During the nine months ended April 30, 2025, net cash used in investing activities totaled $138.57 million, comprised of $177.33 million paid for the Sweetwater Acquisition, $10.46 million invested in equity securities, $0.54 million used for the capital contribution to JCU and $4.67 million invested in mineral properties and the purchase of equipment, partially offset by proceeds from the sale of equity securities of $54.37 million.

During the nine months ended April 30, 2024, net cash used in investing activities totaled $23.28 million, comprised of capital contribution to JCU of $2.39 million, investment in equity securities of $12.12 million, additional investment in URC of $9.24 million, and cash from the sale of equity securities of $3.01 million.

Stock Options and Warrants

As of January 31, 2025 , we had in-the-money stock options outstanding representing 4,845,941 shares at a weighted-average exercise price of $2.64 per share, and in-the-money share purchase warrants outstanding representing 159,091 shares at a weighted-average exercise price of $4.13 per share.

As of January 31, 2025 , outstanding in-the-money stock options and warrants represented a total 5,005,032 shares issuable for gross proceeds of approximately $13.47 million should these stock options and warrants be exercised in full on a cash basis.

As of April 30, 2025 , we had in-the-money stock options outstanding representing 4,361,328 shares at a weighted-average exercise price of $2.33 per share, and in-the-money share purchase warrants outstanding representing 159,091 shares at a weighted-average exercise price of $4.13 per share.

As of April 30, 2025 , outstanding in-the-money stock options and warrants represented a total 4,520,419 shares issuable for gross proceeds of approximately $10.80 million should these stock options and warrants be exercised in full on a cash basis.

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

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Related party transactions are based on the amounts agreed to by the parties.

During three and six months ended January 31, 2025 and 2024, the Company did not enter into any material contracts or undertake any significant commitment or obligation with any related parties.

During three and nine months ended April 30, 2025 and 2024, the Company did not enter into any material contracts or undertake any significant commitment or obligation with any related parties.

Material Contractual Obligations and Commitments

As at January 31, 2025, significant payment obligations of the Company over the next five years and beyond are as follows:

As at April 30, 2025, significant payment obligations of the Company over the next five years and beyond are as follows:

Payment Due by Period

Contractual Obligations

Asset Retirement Obligations

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Uranium Inventory Purchase Obligations

As of January 31, 2025, we were renting or leasing office premises in the States of Texas, Arizona and Wyoming, British Columbia and Saskatchewan, Canada, and Par aguay, for total monthly payments of $0.04 million.

O ffice lease agreements for the U.S.

As of April 30, 2025, we were renting or leasing office premises in the States of Texas, Arizona and Wyoming, British Columbia and Saskatchewan, Canada, and Par aguay, for total monthly paym ents of $0.05 million.

Office lease agreements for the U.S.

and Canada expire between July 2026 and November 2029.

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Subsequent Events

Subsequent to January 31, 2025, we received additional net cash proceeds of $2.04 million under our 2024 ATM Offering.

Subsequent to April 30, 2025, we received additional net cash proceeds of $54.82 million under our 2024 ATM Offering.

Quantitative and Qualitative Disclosures About Market Risk

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

What changed 10-Q

Item 1. Financial Statements