What changed in this filing

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Item 1. Business

2025-09-24 compared with 2024-09-27 · 228 added, 236 removed, 244 unchanged (66% of the section changed)

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UEC is a pure-play uranium company and is advancing its next generation of low-cost, in-situ recovery (“ ISR ”) mining uranium projects, and which ISR mining process is expected to reduce the impact on the environment as compared to conventional mining.

The Company has two extraction ready ISR hub and spoke platforms in South Texas and Wyoming, anchored by fully licensed and operational processing capacity at its Hobson and Irigaray plants.

UEC also has seven U.S.

We have two extraction ready ISR hub and spoke platforms in South Texas and Wyoming, anchored by fully licensed and operational processing capacity at its Hobson and Irigaray plants.

UEC also has several U.S.

ISR uranium projects with all of their major permits in place, with additional diversified holdings of uranium assets across the U.S., Canada and the Republic of Paraguay.

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and globally.

Corporate Organization

Uranium Energy Corp.

was incorporated under the laws of the State of Nevada on May 16, 2003 under the name Carlin Gold Inc.

During 2004 we changed our business operations and focus from precious metals exploration to uranium exploration in the United States.

On January 24, 2005, we completed a reverse stock split of our common stock on the basis of one share for each two outstanding shares and amended our Articles of Incorporation to change our name to Uranium Energy Corp.

Effective February 28, 2006, we completed a forward stock split of our common stock on the basis of 1.5 shares for each outstanding share and amended our Articles of Incorporation to increase our authorized capital from 75,000,000 shares of common stock, with a par value of $0.001 per share, to 750,000,000 shares of common stock, with a par value of $0.001 per share.

In June 2007 we changed our fiscal year end from December 31 st to July 31 st (in each instance our “Fiscal” year now).

On December 31, 2007, we incorporated a wholly-owned subsidiary, UEC Resources Ltd., under the laws of the Province of British Columbia, Canada.

On December 18, 2009, we acquired a 100% interest in the South Texas Mining Venture, L.L.P.

(“STMV”), a Texas limited liability partnership, from each of URN Resources Inc., a subsidiary of Uranium One Inc.

(“Uranium One”), and Everest Exploration, Inc.

On September 3, 2010, we incorporated a wholly-owned subsidiary, UEC Paraguay Corp., under the laws of the State of Nevada.

On May 24, 2011, we acquired a 100% interest in Piedra Rica Mining S.A., a private company incorporated in Paraguay.

On September 9, 2011, we acquired a 100% interest in Concentric Energy Corp.

(“Concentric”), a private company incorporated in the State of Nevada.

On March 30, 2012, we acquired a 100% interest in Cue Resources Ltd.

(“Cue”), a formerly publicly-traded company incorporated in the Province of British Columbia, Canada.

On March 4, 2016, we acquired a 100% interest in JDL Resources Inc., a private company incorporated in the Cayman Islands.

On July 7, 2017, we acquired a 100% interest in CIC Resources (Paraguay) Inc., a private company incorporated in the Cayman Islands.

On August 9, 2017, we acquired a 100% interest in AUC Holdings (US), Inc.

On January 31, 2018, we incorporated a wholly-owned subsidiary, UEC Resources (SK) Corp.

(“UEC SK”), under the laws of the Province of Saskatchewan, Canada.

On December 17, 2021, we acquired a 100% interest in Uranium One Americas, Inc.

(“U1A”) (now UEC Wyoming Corp.

(“UEC Wyoming”)).

On August 19, 2022, we, through UEC 2022 Acquisition Co.

(“UEC Acquisition Co.”) (now UEX Corporation), acquired all of the issued and outstanding common shares of UEX Corporation (“UEX”), which we did not already own, by way of a statutory plan of arrangement (the “Arrangement”) under the Canada Business Corporations Act .

As part of the final steps of the Arrangement, UEC Acquisition Co.

and UEX amalgamated to continue as one corporation under the name UEX Corporation.

UEX Corporation holds a development stage uranium property portfolio in Saskatchewan, Canada, and Nunavut, Canada.

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

During 2004, we changed our business operations and focus from precious metals exploration to uranium exploration in the U.S.

Our principal executive office and corporate headquarters in the U.S.

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General Business

UEC’s goal is to provide the much needed fuel for the global energy transition.

The International Energy Outlook projects that worldwide electricity generation will grow by 1.8% per year, through to 2050.

As the global community calls on all governments and industries to curb their carbon emissions to stop the effects of climate change, there is growing need to combine intermittent renewable energy sources, such as wind and solar, with one or more “firm” zero-carbon sources, such as nuclear energy, to ensure the affordability and accessibility of the net-zero electricity grid.

We are primarily 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.

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Since commencement of uranium extraction from our ISR Mines in November 2010 to July 31, 2025, our Hobson Processing Facility has processed 578,000 pounds of U 3 O 8 .

As at July 31, 2024, 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.

In Texas, our fully-licensed and 100% owned Hobson Processing Facility forms the basis for our regional operating strategy in the State of Texas, specifically the South Texas Uranium Belt where we utilize ISR mining.

We utilize a “hub-and-spoke” strategy whereby the Hobson Processing Facility, which has a physical capacity to process uranium-loaded resins up to a total of two million pounds of U 3 O 8 annually and is licensed to process up to four million pounds of U 3 O 8 annually, acts as the central processing site (the “hub”) for our Palangana Mine, and future satellite uranium mining activities, such as our Burke Hollow and Goliad Projects, located within the South Texas Uranium Belt (the “spokes”).

On January 16, 2024, we announced plans to restart uranium extraction at our fully permitted, and past producing, Christensen Ranch Mine ISR operation in Wyoming.

During August of 2024 we commenced the process for uranium extraction which is being funded with existing cash on the Company’s balance sheet.

Uranium recovered from the Christensen Ranch Mine ISR Project 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.

An application to increase the licensed capacity of the Irigaray CPP from the 2.5 million pounds U 3 O 8 per year to 4.0 million pounds U 3 O 8 per year was submitted to the Wyoming Department of Environmental Quality in November 2023;

and approval is expected later in 2024.

To enable a faster extraction restart, extensive preparations at the Christensen Ranch Mine wellfields and satellite processing plant were completed in 2023.

This included the re-installation of equipment, re-attachment of piping and a variety of electrical testing, repairs and upgrades to the existing facilities.

Since that time, additional work has progressed, including the hiring of additional operational personnel, preparation of a detailed wellfield startup plan, final preparations for plant and wellfield operations and the installation of cased wells in two new wellfield header houses in Mine Unit 10 (Modules 10-7 and 10-8).

In 2022, we acquired a substantial portfolio of projects in Canada, with the purchase of UEX and the Roughrider Project from a subsidiary of Rio Tinto plc (“Rio Tinto”).

Our fully licensed and 100% owned Hobson Processing Facility forms the basis for our regional operating strategy in the State of Texas, specifically the South Texas Uranium Belt where we utilize ISR mining.

We utilize a “hub-and-spoke” strategy whereby the Hobson Processing Facility, which has a physical capacity to process uranium-loaded resins up to a total of two million pounds of U 3 O 8 annually and is licensed to process up to four million pounds of U 3 O 8 annually, acts as the central processing site (the “hub”) for our Palangana Mine and future satellite uranium mining activities, such as our Burke Hollow Project, located within the South Texas Uranium Belt (the “spokes”).

The Christensen Ranch ISR Project area is equipped with a satellite ion exchange (" IX ") plant with 6,500 gallons per minute installed capacity, a groundwater restoration plant with 1,000 gallons per minute capacity, two wastewater disposal wells and four lined evaporation ponds.

Loaded resin from Christensen Ranch's satellite IX plant is trucked to our Irigaray central processing plant (“ CPP ”) for processing.

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

The Irigaray CPP was first constructed in 1977-1978 and is located in Johnson County about 80 miles north of Casper, Wyoming.

The Irigaray CPP is a fully operational and licensed ISR processing plant for resin elution, precipitation, filtration and drying and packaging of U 3 O 8 .

On October 16, 2024, we received approval from the Wyoming Department of Environmental Quality (“ WDEQ ”), Uranium Recovery Program, to increase the licensed production capacity at the Irigaray CPP to 4.0 million pounds of U 3 O 8 annually.

In August 2024, we restarted uranium extraction at our fully permitted, and past producing, Christensen Ranch Mine ISR operation in Wyoming.

During Fiscal 2025, our initial production as part of ramp up yielded 103,545 pounds and 26,421 pounds of precipitated uranium and dried and drummed concentrate, respectively, at the end of such period.

We expect the ramp-up phase will continue while new production areas are being constructed in 2025 and 2026.

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

On December 17, 2021, we acquired a 100% interest in Uranium One Americas, Inc.

(“ U1A ”) (now UEC Wyoming Corp.).

With the acquisition of U1A in Fiscal 2022, the Irigaray CPP forms the focus of our regional operating strategy in the Powder River and Great Divide uranium districts in the state of Wyoming.

In 2022, we acquired a substantial portfolio of projects in Canada, with the purchase of UEX Corporation (“ UEX ”) and the Roughrider Project from a subsidiary of Rio Tinto plc (“ Rio Tinto ”).

The UEX portfolio consists of a mix of uranium deposits, primarily focused on the Athabasca Basin uranium district in Saskatchewan, Canada.

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The two transactions provide a portfolio of medium to long term, high-grade, conventional projects that complement our nearer term, U.S.

In August 2023, we acquired a portfolio of exploration-stage projects in the Athabasca Basin for CA$1.5 million from Rio Tinto Exploration Canada Inc., a subsidiary of Rio Tinto Inc.

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

On November 7, 2024, we filed an initial assessment technical report summary (“ TRS ”) that includes an economic analysis and mineral resource estimate for our Roughrider Project, located in Northern Saskatchewan, Canada.

The economic analysis is included in a TRS titled “S-K 1300 Initial Assessment Report – Roughrider Uranium Project, Saskatchewan, Canada”, issued on November 5, 2024 and prepared for the Company by Tetra Tech Canada Inc., Understood Mineral Resources Ltd., Snowden Optiro, Terracon Geotechnique Ltd.

and Clifton Engineering Group Inc., in accordance with Item 1302 of S-K 1300.

On December 6, 2024, we completed the acquisition of all of the issued and outstanding shares of capital stock of Kennecott Uranium Company (“ KUC ”) and Wyoming Coal Resources Company (“ WCRC ”) from Rio Tinto America Inc.

(collectively, the “ Sweetwater Acquisition ”).

Sweetwater Uranium Inc, (formerly KUC) and WCRC collectively own or hold the following major assets:

(i) the facilities, equipment, improvements and fixtures for the processing of uranium located in Sweetwater County, Wyoming, and related facilities and impoundments (the Sweetwater Plant);

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

and (iii) the Green Mountain Project, a uranium project located 22 miles north of the Sweetwater Plant, with two deposits that have potential for ISR mining and three deposits that are considered appropriate for conventional mining.

The consideration for the Sweetwater Acquisition was $175.4 million in cash plus acquisition related costs of $4.2 million.

On August 5, 2025, Sweetwater was designated as a transparency project by the U.S.

Federal Permitting Improvement Steering Council as part of the implementation of President Trump’s March 20, 2025 Executive Order on Immediate Measures to Increase American Mineral Production.

With the completion of the Sweetwater Acquisition in December 2024, we expanded our footprints in Wyoming with our Wyoming hub-and-spoke operations.

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

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

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

and Paraguay, all of which require us to manage numerous challenges, risks and uncertainties inherent in our business and operations as more fully described in Item 1A.

Risk Factors herein.

During Fiscal 2025, we increased our equity interests in Anfield Energy Inc.

(“ Anfield ”) (TSX-V:

Effective August 1, 2025, Anfield completed a share consolidation on the basis of one (1) post-consolidation common share for every seventy-five (75) pre-consolidation common shares.

As at July 31, 2025, we owned 4,978,877 post-consolidated common shares of Anfield, representing approximately 31.8% of the outstanding common shares of Anfield on a non-diluted basis and approximately 36.99% on a partially diluted basis after assuming the exercise of 1,283,639 post-consolidated share purchase warrants of Anfield held by us.

On August 18, 2025, we incorporated UEC US Uranium LLC for the purpose of holding and administering our physical uranium assets and related contractual arrangements in the U.S.

In September 2025, we announced the incorporation of United States Uranium Refining & Conversion Corp.

(“ UR&C ”), which is intended to pursue the feasibility of developing a new uranium refining and conversion facility in the U.S.

To date, a conceptual study has been completed that envisions a conversion facility with an initial capacity of 10,000 metric tonnes uranium per year.

The project will move forward contingent on several factors, including completion and assessment of additional engineering and economic studies, securing strategic government commitments, utility contracts, regulatory approvals and favorable market conditions.

We have begun initial discussions with the U.S.

government, state-level energy authorities, utilities and financial entities, and will report further updates as these engagements advance.

As at July 31, 2025, we also hold certain mineral rights in various stages in the States of Arizona, New Mexico, Texas and Wyoming, in Canada and in the Republic of Paraguay, many of which are located in historically successful mining areas and have been the subject of past exploration and pre-extraction activities by other mining companies.

Our operating and strategic framework is to become a leading low-cost North American focused uranium supplier based on expanding our uranium extraction activities, which includes advancing certain uranium projects with established mineralized materials towards uranium extraction and establishing additional mineralized materials on our existing uranium projects or through acquisition of additional uranium projects.

With the completion of the acquisition of U1A in December 2021, together with the completion of the Sweetwater Acquisition in December 2024, we expanded our footprints in Wyoming with our Wyoming hub-and-spoke operations.

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

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

We continue to establish additional uranium projects through exploration and pre-extraction activities and direct acquisitions in the U.S., which require us to manage numerous challenges, risks and uncertainties inherent in our business and operations as more fully described in Item 1A.

Risk Factors herein.

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

Physical Uranium Program

The Company is investing in building the next generation of low-cost uranium projects that will be competitive on a global basis and which will use the ISR mining process which is expected to reduce the impact on the environment as compared to conventional mining.

We are investing in building the next generation of low-cost uranium projects that will be competitive on a global basis and which will use the ISR mining process which is expected to reduce the impact on the environment as compared to conventional mining.

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 July 31, 2024, we had 1,466,000 pounds of uranium and had entered into agreements to purchase 700,000 pounds of U.S.

warehoused uranium from Fiscal 2025 to Fiscal 2026 at the ConverDyn conversion facility located in Metropolis, Illinois, at a volume weighted average price of approximately $38.20 per pound.

Hence, we established a physical uranium portfolio (the “ Physical Uranium Program ”) and, as of July 31, 2025, we had 1,356,000 pounds of uranium, excluding 103,545 pounds and 26,421 pounds of precipitated uranium and dried and drummed concentrate, respectively, of initial production at Christensen Ranch ISR Project at the end of such period.

We 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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One such U.S.

origin specific opportunity is the Company’s plan to participate in supplying the Uranium Reserve, as outlined in the Nuclear Fuel Working Group report published by the U.S.

origin specific opportunity is our plan to participate in supplying the Uranium Reserve, as outlined in the Nuclear Fuel Working Group report published by the U.S.

Department of Energy (“ DOE ”).

During Fiscal 2024, we made significant advancements in various aspects of our operations, including:

we completed and filed technical report summary reports (each, a “TRS”) in accordance with S-K 1300 disclosing mineral resources for each of our Alto Parana Titanium Project, located in Paraguay, and our updated Texas ISR Hub and Spoke Project, on November 13, 2023 and June 12, 2024, respectively;

we acquired a portfolio of exploration-stage projects in the Athabasca Basin on August 4, 2023, adding an additional 44,444 acres of prospective ground in the Athabasca Basin to our existing portfolio;

we announced restarting uranium extraction at our fully permitted, and past producing, Christensen Ranch Mine ISR operation in Wyoming during August 2024;

we published our fiscal year 2023 sustainability report, which includes the Company’s first disclosure aligned with the recommendations of the Task Force on Climate-Related Financial Disclosures and highlights the Company’s achievements related to environmental stewardship;

we reported drill results from our Roughrider Project and both exploration and metallurgical sample drilling have been successful at intersecting uranium mineralization.

Uranium Market Developments

The uranium market is currently being driven by a macro demand for more electricity generation and an unprecedented global push to decarbonize electrical grids, among other factors.

New demand projections outlined from the "US Data Center Power Outlook" report issued in July 2024 showed new data center demand growth ranging from 60 to 90 gigawatt (“GW”) in 2023-2030.

There is a growing realization that the highly reliable, safe, 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.

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

The spot market bottomed out in November 2016 at about $17.75 per pound U 3 O 8 , but has since shown appreciation, reaching $107.00 per pound U 3 O 8 on February 2, 2024.

During the three and twelve months ended July 31, 2024, uranium prices averaged $87.28 and $83.06 per pound U 3 O 8 , respectively.

As at July 31, 2024, the spot uranium price was $85.50 per pound, representing an approximate 52% increase from July 31, 2023 when the price was $56.25 per pound U 3 O 8 .

The period from May 2024 through July 2024 was marked by continued spot price fluctuations between $82.00 and $83.85 per pound U 3 O 8 (all price information is sourced from UxC LLC Historical Ux Daily Prices).

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

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.

An April 2025 study from the National Electrical Manufacturers Association projected that electricity demand in the United States will see a 50% increase by 2050.

This included expectations that artificial intelligence growth and demand to power data centers will increase by 300% over the next 10 years ( Source:

NEMA's Grid Reliability Study, April 7, 2025) .

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.

An increasing number of governments have announced that they are 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 United States, several pieces of bipartisan legislation have passed in recent years supporting nuclear development and expansion, including the Nuclear Fuel Security Act, the Advance Act and the Inflation Reduction Act.

In combination, these bills and other legislative efforts seek to encourage the restoration and rebuilding of a robust domestic fuel cycle in the United States.

For example, the United States Secretary of Energy signed a Secretarial Order directing the United States Department of Energy to "unleash commercial nuclear power in the United States" and "strengthen grid reliability and security” (Source:

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

On May 23, 2025 the President of the United States, Donald J.

Trump, signed Executive Orders that include a policy objective to quadruple United States nuclear energy by 2050.

Among other things, the orders directed the DOE to work with industry to deliver 5 Gigawatt electric (“ GW ”) of power uprates at existing nuclear plants and have 10 new large reactors under construction by 2030 in addition to restarting closed plants and completing advanced designs.

These Executive Orders mark a historic level of policy support to rejuvenate the United States nuclear industry and its infrastructure, underscoring its importance as a matter of national security.

The Executive Orders invoke the Defense Production Act and are intended to have significant positive policy and economic impacts on the domestic fuel cycle, reactor new builds, research and new technology advancements.

The Executive Orders also authorize the United States Secretary of Energy to support spent nuclear fuel management, an evaluation of policies regarding commercial recycling and reprocessing of nuclear fuels, and recommendations for the efficient use of nuclear waste materials.

The Executive Orders are expected to result in an accelerated and coordinated approach to regulatory actions, all aimed at a more secure and independent energy future for the United States.

Additionally, large technology companies like Microsoft, Meta, Google, Oracle and Amazon are making significant nuclear energy commitments 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, and 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 seen a corrective move, reaching a low of $63.45 per pound U 3 O 8 on March 17, 2025 before increasing to above $78.75 per pound U 3 O 8 on June 27, 2025.

Since that time, the market has experienced a shorter-term pullback, trading on light volume with prices ranging from $78.00 on July 1, 2025 to $80.80 on September 23, 2025.

UxC LLC Historical Ux Daily Prices ).

During the year ended July 31, 2025, uranium prices averaged $73.59 per pound U 3 O 8 representing an approximate 11.40% decrease compared to the average price of $83.06 per pound U 3 O 8 in the year ended July 31, 2024.

As at July 31, 2025, the U 3 O 8 price was $71.10 per pound U 3 O 8 , representing an approximate 16.84% decrease from $85.50 per pound as at July 31, 2024.

UxC LLC Historical Ux Daily Prices ).

Relative underinvestment in uranium mining operations over the past decade has been a major factor contributing to a structural deficit 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 2024 and 2025 the mid-case gap between production and requirements is projected to be more than 68 million pounds of U 3 O 8 , and by 2034 accumulates to a total above 370 million pounds of U 3 O 8 (UxC 2024 Q2 Uranium Market Outlook).

For context, the U.S.

utilities purchased 51.6 million pounds of U 3 O 8 in 2023 (U.S.

Energy Information Administration, June 6, 2024 - Uranium Marketing Annual Report).

In 2025 and 2026 the mid-case gap between production and requirements is projected to be 44 million pounds U 3 O 8 , and by 2035 accumulates to a total above 345 million pounds U 3 O 8 ( Source:

UxC 2025 Q2 Uranium Market Outlook ).

For context, utilities in the United States purchased 51.6 million pounds U 3 O 8 in 2023 ( Source:

United States Energy Information Administration, June 6, 2024 - Uranium Marketing Annual Report ).

The current gap is being filled with secondary market sources, including finite inventory that has been declining and is projected to decline further in coming years.

Secondary supply is also likely to be further reduced with western enrichers reversing operations from underfeeding to overfeeding that requires more uranium to increase the production of enrichment services.

As secondary supplies continue to diminish, and as existing mines deplete resources, new production will be needed to meet existing and future utility demand.

The timeline for new mining projects can be 10 years or longer and will require prices high enough to stimulate new mining investments.

Secondary supply is also expected to be further reduced with western enrichers, reversing operations from underfeeding to overfeeding that requires more uranium to increase the production of enrichment services.

As secondary supplies continue to diminish, and as existing mines deplete resources, new production will be needed to meet future demand.

The timeline for many new mining projects can be 10 years or longer and will require prices high enough to stimulate new mining investments.

Since 2022, uranium supply has become more complicated due to Russia's invasion of Ukraine with its State Atomic Energy Corporation, Rosatom, being a significant supplier of nuclear fuel around the globe.

Economic sanctions, transportation restrictions and recent U.S.

legislation banning the importation of Russian nuclear fuel is causing a fundamental change to the nuclear fuel markets.

Additionally, the 2023 coup in Niger, and the new government’s demand for the U.S.

and France to vacate the country, as well as the revocation of Canadian and French companies mining rights, and operating permits, has underscored jurisdictional risk.

Niger is the world's seventh largest producer and accounted for about 5% of global uranium production and about 14% of European Union supply in 2023 (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 more focus to production from areas of low geopolitical risk.

On the demand side of the equation, the global nuclear energy industry continues robust growth, with 69 new reactors connected to the grid in 2014 through July of 2024, and with another 61 reactors under construction.

Thus far in 2024, four new reactors have been connected to the grid and two reactors have been permanently shut down (International Atomic Energy Association Power Reactor Information System - August 15, 2024).

Total nuclear generating capacity for the world’s 439 operable reactors as of August 15, 2024, stands at 395 GWe (World Nuclear Association).

At COP28 United Nations Climate Change Conference, 22 countries, including the U.S., Canada, France, Japan and the United Kingdom, signed a declaration to triple nuclear energy by 2050, further supporting additional growth for the nuclear industry and uranium demand.

In the U.S., H.R.

1042, The Prohibiting Russian Uranium Imports Act was signed into law and went into effect on August 11, 2024 and extends through 2040.

The legislation bans Russian uranium imports but allows a U.S.

DOE waiver process through 2027 in the event no alternative viable source of low-enriched uranium (“LEU”) is available to:

(i) sustain the continued operation of a nuclear reactor or a U.S.

nuclear energy company;

or (ii) importation of Russian LEU is determined to be in the national interest.

In a separate but related action, The Nuclear Fuel Security Act (“NFSA”) was enacted as part of the National Defense Authorization Act in December of 2023 and was designed to help rebuild the domestic nuclear fuel cycle, including uranium production, conversion and enrichment.

The passage of H.R.

1042 unlocks $3.4 billion in funding under the NFSA and will be used by the DOE to acquire LEU and High Assay Low Enriched Uranium (“HALEU”) for advanced reactors.

Under this program DOE will acquire LEU and HALEU with priority given to domestic sources of produced uranium, conversion and enrichment.

In combination, the passage of these bills will help rebuild and restore a robust domestic fuel cycle in the U.S.

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 2034 is almost 900 million pounds U 3 O 8 (UxC Uranium Market Overview Q2 2024).

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

Titanium (TiO2) Industry Updates

During 2024, the market fundamentals for titanium dioxide remained robust.

Titanium dioxide is used in many “quality of life” products for which demand historically has been linked to global gross domestic product (“GDP”), ongoing urbanization trends and discretionary spending.

There is no economical substitute or environmentally safe alternative to titanium dioxide.

The majority of all the mined titanium feedstocks are used to manufacture pure titanium dioxide – a pigment that enhances brightness and opacity in paints, inks, paper, plastics, food products and cosmetics.

The remaining approximately 10% of supply is used in the production of titanium metal and steel fabrication.

Demand for titanium feedstocks, such as ilmenite and titanium slag, is closely tied to titanium dioxide pigment demand with most feedstock produces reporting a robust demand for feedstocks with increasing global pigment production.

Ilmenite prices remained steady in the period, but short-term outlook became more cautious due to macroeconomic conditions.

Chinese TiO2 pigment production continued at record levels during the most recent quarter and towards the end there was an increase in operating rates among pigment producers in Europe and the U.S.

to meet stronger underlying demand.

While current global supply of titanium feedstocks remains sufficient to meet demand, new supplies from Chinese producers in African countries shipping concentrates to China for processing are being partially offset by the suspension of operations in Sierra Leone and Kenya.

Indications are that in the medium to long term supply constraints will lead to global demand for titaniferous feedstocks exceeding supply, requiring the development of new sources of supply.

What appear to be longer-term supply and demand fundamentals and, more specifically, the long-term global shift towards higher grade feedstocks, have the potential to keep upward pressure on high-quality feedstock prices and hence the potential product from our Alto Parana Project.

Economic sanctions, transportation restrictions and United States legislation banning the importation of Russian nuclear fuel and the European Union’s goals to reduce and eventually eliminate its dependence on Russian fuel is causing a fundamental change to the nuclear fuel markets.

As a result of the instability and assurance of supply risks, United States and European utilities are shifting supply focus to areas of low geopolitical risk.

Additionally, the United States Presidential Executive Order “Establishing the National Energy Dominance Council” noted one of its objectives is to “reduce dependency on foreign imports” for the United States’ national security and recognized uranium as an “amazing national asset” ( Source:

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

Critical minerals, including uranium are also receiving additional scrutiny as mandated by the Trump Administration's Executive Order initiating a new investigation under Section 232 of the Trade Expansion Act of 1962 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, and with another 62 reactors under construction.

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

International Atomic Energy Association Power Reactor Information System – August 10, 2025 ).

Total nuclear generating capacity for the world's 439 operable reactors as of July 11, 2025, stands at 398 GW ( Source:

World Nuclear Association ).

In November 2024, at the United Nations Climate Change Conference (COP29), 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.

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.

Additionally, there is positive momentum from the utility industry as they return to a longer-term contracting cycle to replace expiring contracts and inventory drawdowns.

It is estimated that cumulative uncommitted demand through 2035 is more than 926 million pounds U 3 O 8 ( Source:

UxC Uranium Market Overview Q2 2025 ).

This utility demand, together with potential demand from financial entities, government programs and the overall increase in interest in nuclear energy as a source for growing electricity demand from artificial intelligence and data center applications, are continuing to add positive tailwinds to the strong fundamentals in the uranium market.

During Fiscal 2025, we made significant advancements in various aspects of our operations, including:

we acquired, through the Sweetwater Acquisition, the Sweetwater Plant, the Red Desert Project and the Green Mountain Project, further expanding our portfolio;

we announced restarting uranium extraction at our fully permitted, and past producing, Christensen Ranch Mine ISR operation in Wyoming during August 2024.

we announced an increase in the licensed production capacity at its Irigaray Central Processing Plant to 4.0 million pounds of U 3 O 8 annually;

we completed and filed a TRS in accordance with S-K 1300, that included an economic analysis and mineral resource estimate, for our Roughrider Project, located in Northern Saskatchewan, Canada, on November 7, 2024;

we commenced construction at our Burke Hollow Project in Texas, with our initial planned production area and a new satellite ion exchange facility.

In-Situ Recovery (ISR) Mining

We utilize in-situ recovery or ISR uranium mining for our South Texas projects as well as our Reno Creek Project in Wyoming, and will continue to utilize ISR mining whenever such an alternative is available to conventional mining.

We are utilizing in-situ recovery or ISR uranium mining for our South Texas projects as well as our Christensen Ranch Project in Wyoming.

We will continue to utilize ISR mining whenever such an alternative is available to conventional mining.

When compared to conventional mining, ISR mining requires lower capital expenditures, has a reduced impact on the environment and results in a shorter lead time to uranium recovery.

ISR mining is considered considerably more environmentally friendly compared to alternative, traditional mining approaches, as the ISR process does not require blasting or waste rock movement, resulting in less damage to the environment, minimal dust, and no resulting tailings or tailings facilities.

ISR mining is considered significantly more environmentally friendly than alternative, traditional mining approaches as the ISR process does not require blasting or waste rock movement, resulting in less damage to the environment, minimal dust, and no resulting tailings or tailings facilities.

Further, ISR mining is more discrete and, therefore, land access does not typically have to be restricted, and the area may be restored to its pre-mining usage faster than when applying traditional mining approaches.

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The slurry is then dried in a zero-emissions rotary vacuum dryer, packed in metal drums and shipped out as uranium concentrates, or yellowcake, to a conversion facility for storage and sales.

Each project is divided into a mining unit, known as a Production Area Authorization (“PAA”), which lies inside an approved Mine Permit Boundary.

Each PAA will be developed, extracted and restored as one unit and will have its own set of monitor wells.

It is common to have multiple PAAs in extraction at any one time with additional units in various states of exploration, pre-extraction and/or restoration.

After mining is complete in a PAA, aquifer restoration will begin as soon as practicable and will continue until the groundwater is restored to pre-mining conditions.

Each project is divided into a mining unit, known as a Production Area Authorization (“ PAA ”) or Mine Unit (“ Mine Unit ”), which lies inside an approved Mine Permit Boundary.

Each PAA or Mine Unit will be developed, extracted and restored as one unit and will have its own set of monitor wells.

It is common to have multiple PAAs or Mine Units in extraction at any one time with additional units in various states of exploration, pre-extraction and/or restoration.

After mining is complete in a PAA or Mine Unit, aquifer restoration will begin as soon as practicable and will continue until the groundwater is restored to pre-mining conditions.

Once restoration is complete, a stability period of no less than one year is scheduled with quarterly baseline and monitor well sampling.

Wellfield reclamation will follow after aquifer restoration is complete and the stability period has passed.

Hobson Processing Facility

Our Hobson Processing Facility is located in Karnes County, Texas, about 100 miles northwest of Corpus Christi.

It was originally licensed and constructed in 1978, serving as the hub for several satellite mining projects until 1996, and completely refurbished in 2008.

On December 18, 2009, we acquired the Hobson Processing Facility as part of our acquisition of STMV.

With a physical capacity to process uranium-loaded resins up to a total of two million pounds of U 3 O 8 annually and licensed to process up to four million pounds of U 3 O 8 annually, our fully-licensed and 100%-owned Hobson Processing Facility forms the basis for our “hub-and-spoke” strategy in the State of Texas, specifically in the South Texas Uranium Belt, where we utilize ISR mining.

Palangana Mine

We hold various mining lease and surface use agreements generally having an initial five-year term with extension provisions, granting us the exclusive right to explore, develop and mine for uranium at our Palangana Mine, a 6,969-acre property located in Duval County, Texas, approximately 100 miles south of our Hobson Processing Facility.

These agreements are subject to certain royalty and overriding royalty interests indexed to the sales price of uranium.

Material Relationships Including Long-Term Delivery Contracts

As at July 31, 2024, we had no uranium supply or “off-take” agreements in place.

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.

As a result, our sales are neither tied to nor dependent upon any particular season.

In addition, our ability to extract and process uranium does not change on a seasonal basis.

Over the past ten years uranium prices have tended to decline during the calendar third quarter before rebounding during the fourth quarter, but there does not appear to be a strong correlation.

In addition, our ability to conduct exploration on our Canadian projects can be limited in the spring and fall seasons when access to lakes is limited by thin and or unstable ice.

Mineral Rights

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We have amended the majority of the leases to extend the time period for an additional five years past the original five-year renewal periods.

Our Burke Hollow and some of our Goliad Project leases have a fixed royalty amount based on net proceeds from sales of uranium, and our other projects have production royalties calculated on a sliding-scale basis tied to the gross sales price of uranium.

Some of our project leases have a fixed royalty amount based on net proceeds from sales of uranium, and our other projects have production royalties calculated on a sliding-scale basis tied to the gross sales price of uranium.

Remediation of a property is required in accordance with regulatory standards, which may include the posting of reclamation bonds.

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Bureau of Land Management (“ BLM ”) and the appropriate counties.

These claims provide for all mineral rights including surface access rights for an indefinite period.

Annual maintenance requirements include BLM claim fees of $165 per claim due yearly on September 1 st .

To hold the BLM claims, fees of $200 per claim must be paid annually by September 1 st .

Our state mineral leases are registered with their respective states.

These leases provide for all mineral rights, including surface access rights, to be subject to a production royalty of 4% in Wyoming and 5% to 6% in Arizona, ranging from a five-year term in Arizona to a ten-year term in Wyoming.

Annual maintenance requirements include lease fees of between $1 and $3 per acre and minimum exploration expenditure requirements of between $10 and $20 per acre in Arizona.

These leases provide for mineral rights, and are subject to a production royalty of 4% in Wyoming and 5% to 6% in Arizona, ranging from a five-year term in Arizona to a ten-year term in Wyoming.

Annual maintenance requirements include lease fees of between $1 and $4 per acre in Wyoming and minimum exploration expenditure requirements of between $10 and $20 per acre in Arizona.

Our private mineral leases are negotiated directly with the owners of the land/mineral/surface rights with varying terms.

These leases provide for uranium and certain other specified mineral rights only, including surface access rights, subject to production royalties, ranging from an initial term of five to seven years and renewal for a second five-year to seven-year term, and some of which have an initial term of 20 years.

In Wyoming, the Sweetwater site contains 410 mill site claims that are paid for annually at $200 per claim as are mineral claims.

A mill site claim must be located on "non-mineral lands” and must include the erection of a mill and other structures that will support a mining operation.

The Sweetwater mill, SX building, process tanks and tailings storage facility are all located on these mill site claims.

Under the mining laws of Saskatchewan, Canada, title to mineral rights for our projects in Saskatchewan is held through The Crown Minerals Act of the Province of Saskatchewan.

In addition, The Mineral Resources Act, 1985 and The Mineral Tenure Registry Regulations affect the rights and administration of mineral tenure in Saskatchewan.

The lands of our Saskatchewan projects are currently claimed as “Crown dispositions” or “mineral dispositions”.

The lands of our Saskatchewan projects are currently claimed as “Crown dispositions” or “mineral dispositions”, or “mineral leases”.

Subject to section 19 of The Crown Minerals Act , a claim grants to the holder the exclusive right to explore for any Crown minerals that are subject to these regulations within the claim lands.

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A claim may be converted to a mineral lease upon application and payment of a registration fee.

Under the mining laws of the Republic of Paraguay, title to mineral rights for our Yuty Project is held through a Mineral Concession Contract approved by the National Congress and signed between the Government of the Republic of Paraguay and the Company, and titles to mineral rights for our Oviedo and Alto Paraná Titanium Projects are held through Exploration Mining Permits granted by the Ministry of Public Works and Communications (“MOPC”), the mining regulator in Paraguay.

These mineral rights provide for the exploration of metallic and non-metallic minerals and precious and semi-precious gems within the territory of Paraguay for up to a six-year period, and for the exploitation of minerals for a minimum period of 20 years from the beginning of the production phase, extendable for an additional ten years.

Environmental, Social and Governance Overview

UEC is dedicated to preserving the environment in which we operate, and to being a responsible neighbor to our local communities.

We believe in mining in a responsible manner, such as through the deployment of ISR technology when possible, adhering to all applicable environmental regulations and managing and reducing our carbon emissions.

We believe in mining in a responsible manner, such as through the deployment of ISR technology when possible, adhering to all applicable environmental regulations and minimizing our impact on the environment.

UEC believes that uranium and nuclear energy will be an important part of the energy transition as it can provide reliable and consistent power to the grid.

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Environmental Governance

UEC approved an Environmental, Health and Safety Policy in Fiscal 2022 which sets out objectives and provides overarching guidelines for the management of the environment.

This enterprise-wide policy can be found at https://www.uraniumenergy.com/about/corporate-governance/ .

Our objectives for the management of the environment are set out in an Environmental, Health and Safety Policy, which can be found on our website.

Topics covered in this policy include the management of hazardous waste, water, biodiversity and land use, air quality and pollutants, green-house gas (“ GHG ”) emissions and energy management.

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We believe that we comply with all federal, state and local applicable laws and regulations which govern environmental quality and pollution control.

Our operations are subject to stringent environmental regulation by state and federal authorities including the Railroad Commission of Texas (“RCT”), the Texas Commission on Environmental Quality (“TCEQ”), the Wyoming Department of Environmental Quality (“WDEQ”) Land, Water and Air Quality Divisions, the United States BLM (Wyoming) and the United States Environmental Protection Agency (“EPA”).

Our operations are subject to stringent environmental regulation by state and federal authorities including the Railroad Commission of Texas (“ RCT ”), the Texas Commission on Environmental Quality (“ TCEQ ”), the WDEQ Land, Water and Air Quality Divisions, the United States BLM (Wyoming) and the United States Environmental Protection Agency (“ EPA ”).

In Texas, where the Company’s hub-and-spoke operations are anchored by our fully licensed Hobson Processing Facility, surface extraction and exploration for uranium is regulated by the RCT, while ISR uranium extraction is regulated by the TCEQ.

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The application will also include a financial security plan for wellfield restoration and reclamation which must be funded and in place prior to commencing uranium extraction.

As at July 31, 2024, we held four PAA permits for our Palangana Mine and one for our Goliad Project.

An application for PAA-1 for the Burke Hollow Project was submitted in February 2023.

As at July 31, 2025, we held four PAA permits for our Palangana Mine, one for our Goliad Project and one for our Burke Hollow Project.

A Class I disposal well permit application is also required for submission to the TCEQ for authorization for deep underground wastewater injection.

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The SDWA allows states to issue underground injection control (“ UIC ”) permits under two conditions:

the state’s program must have been granted primacy;

and the EPA must have granted an aquifer exemption upon the state’s request (an “Aquifer Exemption”).

the state’s program must have been granted primacy, and the EPA must have granted an aquifer exemption upon the state’s request (an “ Aquifer Exemption ”).

Texas, being a primacy state, is therefore authorized to grant UIC permits and makes the official requests for an Aquifer Exemption to the EPA.

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As at July 31, 2025, we held an Aquifer Exemption for each of our Palangana Mine and our Goliad and Burke Hollow Projects.

In Wyoming ISR mining activities are regulated by the Wyoming Department of Environmental Quality (“WDEQ”), Land Quality Division (“LQD”), under Wyoming Administrative Code §35-11-401 through §35-11-437.

In Wyoming, ISR mining activities are regulated by the WDEQ, Land Quality Division (“ LQD ”), under Wyoming Administrative Code §35-11-401 through §35-11-437.

Before ISR uranium mining is allowed to proceed in Wyoming, certain permits and licenses must be granted by WDEQ, which are subject to financial assurance plans to ensure anticipated future costs for decontamination, decommissioning, reclamation, groundwater restoration, disposal or any other reclamation requirements are adequately funded.

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As at July 31, 2025, UEC held Permits to Mine and RMLs for each of its Christensen Ranch, Irigaray, Ludeman, Moore Ranch and Reno Creek Projects.

Mine Permits are also held for UEC’s Sweetwater, Big Eagle and Jackpot mines in the Great Divide Basin of Wyoming and an RML for the Sweetwater mine, mill and tailing storage facility.

In Wyoming, a Class I disposal well permit is required for deep underground wastewater injection (same process as in Texas).

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After reclamation is completed, the LQD will inspect the drill hole sites and either approve the reclamation and release the bond, or make recommendations for further corrective action.

As at July 31, 2024, UEC holds three Drilling Notification Permits, two for various exploration projects in the Powder River Basin and one for exploration in the Great Divide Basin of Wyoming.

Under the WDEQ Bonding Provisions (§35-11-417) and the regulations for Financial Assurance Requirements for Closure, Post Closure and Corrective Action, they outline financial assurance for ISR uranium sites to include costs relating to:

As at July 31, 2025, UEC holds five Drilling Notification Permits, two for various exploration projects in the Powder River Basin and three for exploration in the Great Divide Basin of Wyoming.

Under the WDEQ Bonding Provisions (§35-11-417) and the regulations for Financial Assurance Requirements for Closure, Post Closure and Corrective Action, financial assurance for ISR uranium sites will include costs relating to:

decommissioning;

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and radiological surveying for final release of the lands.

Funding for the financial assurance is in the form of cash, reclamation bonds, letters of credit and other mechanisms approved by the WDEQ.

Funding for the financial assurance is in the form of cash, reclamation bonds, letters of credit and/or other mechanisms approved by the WDEQ.

The financial assurance calculations include an excess of 15% for contingencies and 10% for overhead, adjusted annually for inflation.

As at July 31, 2024, UEC held reclamation bonds for all of its Permits to Mine and RML licenses plus three Drilling Notifications (exploration by drilling permits).

As at July 31, 2025, UEC held reclamation bonds for all of its Permits to Mine and RML licenses plus five Drilling Notifications (exploration by drilling permits).

As in Texas, the State of Wyoming is allowed to issue UIC permits under two conditions:

the state’s program must have been granted primacy;

and the EPA must have granted an Aquifer Exemption upon the state’s request.

the state’s program must have been granted primacy, and the EPA must have granted an Aquifer Exemption upon the state’s request.

Wyoming issues UIC Class I permits (disposal wells) and UIC Class III permits for ISR wells.

Wyoming requests the official Aquifer Exemption from the EPA for these permits.

As at July 31, 2024, UEC held Aquifer Exemptions for each of its Christensen Ranch, Irigaray, Ludeman, Moore Ranch and Reno Creek Projects, as well as the Christensen Ranch Class I disposal wells.

As at July 31, 2025, UEC held Aquifer Exemptions for each of its Christensen Ranch, Irigaray, Ludeman, Moore Ranch and Reno Creek Projects, as well as the Christensen Ranch, Irigaray, Moore Ranch and Reno Creek Class I disposal wells.

Canada Environmental Regulations

Uranium mining and milling projects in Canada are among the most heavily regulated types of projects in the country with full regulatory oversight from both the federal and provincial levels of government.

That full regulatory oversight includes a strong, independent federal nuclear regulator, the Canadian Nuclear Safety Commission (“CNSC”), which is charged with regulating all aspects of nuclear activities in Canada.

Modern uranium mines, despite their strong safety and environmental protection record, operate in this heavily regulated environment effectively using integrated management systems maintain compliance and extensive reporting to demonstrate ongoing compliance.

Monitoring includes community groups (e.g., North Environmental Quality Committee), First Nations, periodic state of the environment reporting and occasional independent third-party monitoring funded by the CNSC.

For mining in Saskatchewan, a surface lease is required prior to work commencing on site.

The surface lease will generally cover all areas that are predicted to be disturbed and accrues annual fees per hectare.

Surface leases are coordinated through the Ministry of Government Relations, Northern Engagement Branch, and the Ministry of Environment (“MOE”), Lands Branch, and includes input from other government agencies where appropriate.

While negotiations can start early, and in parallel with a provincial Environmental Impact Assessment (“EIA”) process, a precondition of the issuance of a surface lease is the successful outcome of the EIA process.

In Saskatchewan, the EIA and licensing process are sequential, as the EIA process must be completed prior to the issuance of specific leases, licenses and permits.

To require an EIA, a project must be deemed a Development per section 2(d) of the Saskatchewan Environmental Assessment Act (“EAA”) and a formal Ministerial Determination to that effect.

The work required for an EIA includes any delegated Duty to Consult engagement and consultation along with environmental baseline work.

That full regulatory oversight includes a strong, independent federal nuclear regulator, the Canadian Nuclear Safety Commission (“ CNSC ”), which is charged with regulating all aspects of nuclear activities in Canada under the Nuclear Safety and Control Act (“ NSCA ”).

Modern uranium mines, despite their strong safety and environmental protection record, operate in this heavily regulated environment effectively using integrated management systems to maintain compliance and includes extensive reporting to demonstrate that ongoing compliance.

Monitoring includes regulatory agencies, community groups (e.g., North Environmental Quality Committee), Indigenous groups, periodic state of the environment reporting and occasional independent third-party monitoring funded by the CNSC.

Province of Saskatchewan

The first step in the provincial Environmental Impact Assessment (“ EIA ”) process is for the proponent to develop a Technical Proposal that details the project and its potential impacts to the environment and human health and safety.

That Technical Proposal is reviewed under the Saskatchewan Environmental Assessment Review Panel (“ SEARP ”), which represents most of the ministries.

Following review of the Technical Proposal, to require a provincial EIA, a project must be deemed a Development per section 2(d) of the Saskatchewan Environmental Assessment Act (“ EAA ”) by triggering one or more of the six criteria, and be issued a formal Ministerial Determination to that effect.

The proponent will them develop a draft project-specific Terms of Reference for review by the Environmental Assessment and Stewardship Branch (“ EASB ”).

The work required for an EIA includes any delegated engagement and consultation in support of the province’s Duty to Consult requirements along with site characterization and environmental baseline work.

It is the responsibility of the proponent to fulfill all of the information requirements of the EAA and the project-specific final Terms of Reference.

Once an EIA is submitted and the provincial internal reviews are finished, the EASB compiles the comments and produces a technical review comments (“ TRC ”) document.

If there are deficiencies in the EIA, the proponent will be required to address them before the TRC document and the final EIS are placed into public review.

Public review is generally 30 or 60 days.

If there are deficiencies in the EIA, the proponent will be required to address them before the TRC document and the final EIA are placed into public review.

Public review is generally for 30 or 60 days.

When the public comments period is complete, the EASB will produce an EIA decision document for the Minister of Environment.

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With approval of the EIA, licensing and permitting can be completed.

While the EIA is in progress, the proponent can develop the surface lease application, and other provincial licensing packages for review by the government, although approval of these cannot occur until the EIA process is completed and a positive outcome obtained.

Provincially, the licensing is through the MOE Environmental Protection Branch, which largely provides a one window approach for mining project licensing on behalf of other branches and ministries.

For mining in Saskatchewan, a surface lease is required prior to work commencing on site.

The surface lease will generally cover all areas that are predicted to be disturbed, plus a buffer zone, and will accrue annual fees per hectare.

Surface leases are coordinated through the Ministry of Government Relations, Northern Engagement Branch, and the Ministry of Environment (“ ENV ”), Lands Branch, and includes input from other government agencies where appropriate.

While negotiations can start early, and in parallel with the provincial EIA process, a precondition of the issuance of a surface lease is the successful outcome of the EIA process.

In Saskatchewan, the EIA and licensing processes are sequential, as the EIA process must be completed prior to the issuance of specific leases, licenses and permits.

While the EIA is in progress, the proponent can work with the government to finalize the surface lease and licensing packages, although approval of these cannot occur until there is a positive EIA outcome.

Provincially, the licensing is through the ENV Environmental Protection Branch, which largely provides a one window approach for mining project licensing on behalf of other branches and ministries.

There will be other ministries and permitting required related to health and safety, labour, employment, and royalties.

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Most ministries will indicate their interest and the need for any permits at the Technical Proposal and EIA review stages and those comments will come forward in the TRC.

Canadian Government

The federal Impact Assessment Act, 2019 (“ IAA ”) and the need to produce an Impact Assessment (“ IA ”) can be triggered in two ways.

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Currently, our proposed project does not trigger any thresholds in the Physical Activities Regulations.

The CNSC and Saskatchewan MOE have historically worked closely together and the CNSC has the ability to review the provincial EIA.

The regulators have demonstrated recently that they can cooperate in their review of projects despite the expiration of their cooperation agreement.

As such, there is no federal IA required for our projects.

The CNSC and Saskatchewan ENV have historically worked closely together and the CNSC can participate in the provincial EIA process.

The regulators have demonstrated that they can cooperate in their review of projects despite the expiration of their cooperation agreement.

The CNSC can review and provide comments on any submission to EASB.

In addition, the CNSC will act as a technical advisor and is a participant in the EIA process;

however, the provincial EIA decision is independent of the federal government.

The main federal licensing agency for the project, the CNSC, will need to be satisfied that the environment, writ large, is protected.

The CNSC will conduct an environmental protection review (“EPR”) for the license application in accordance with their mandate under the NSCA to ensure the protection of the environment and the health of persons.

In addition, the CNSC will act as a technical advisor and is a participant in the EIA review process;

however, the provincial EIA decision is independent of the federal government’s.

The main federal licensing agency for the project, the CNSC, will conduct an environmental protection review (“ EPR ”) for the license application in accordance with their mandate under the NSCA to ensure the protection of the environment and the health of persons.

The CNSC follows the federal mandates with respect to Indigenous peoples and other initiatives such as climate change.

Per the NSCA, a project needs to initiate the licensing process in order to have meaningful discussions with the CNSC and early discussions with the CNSC on the licensing process, engagement and consultation expectations, and the scope of the project’s licensing are meaningful to help advance a project.

While the option of sequentially doing the provincial EIA and the CNSC licensing is available to the proponent, the CNSC suggests doing these two distinct processes in parallel to save time.

Per the NSCA, a project needs to initiate the licensing process have discussions with the agency and early discussions with the CNSC on the licensing process, engagement and consultation expectations, and the scope of the project’s licensing are essential to advance the project in a timely manner.

While the option of sequentially doing the provincial EIA and the CNSC licensing is available to the proponent, the CNSC suggests doing these two distinct processes in parallel to save time, although they will need the results of the provincial EIA to support the EPR.

Effectively, while the EIA process is proceeding, the development and submission of the provincial and CNSC licensing packages can proceed in parallel.

It is assumed that a successful outcome for the provincial EIA would be an important part of the CNSC’s EPR, which would be presented to the Commission Tribunal as part of the licensing reviews.

As for Saskatchewan, a positive environmental decision is required prior to the Commission approving any licensing packages.

As with Saskatchewan, a positive environmental decision is required prior to the CNSC approving any licensing packages.

The CNSC’s licensing and oversight processes are done on a cost recovery basis through the Cost Recovery Fees Regulations .

In support of licensing, proponents are required to develop management systems complete with policies, systems/programs, procedures and monitoring commensurate with the proposed scope of activities.

To protect human health and the environment, the CNSC focusses on their regulated areas of safety and control in their assessment of projects, including areas of higher risk such as quality management, occupational health and safety, environmental protection, radiation protection, tailings management and safeguards and non-proliferation, to name a few.

To protect human health and the environment, the CNSC focuses on their regulated areas of safety and control in their assessment of projects, including areas of higher risk such as quality management, occupational health and safety, environmental protection, radiation protection, tailings management and safeguards and non-proliferation, to name a few.

The CNSC staff will present the findings on the safety and control areas to the CNSC as part of their licensing deliberations.

A licensing stage can take 26 months from the time the application is deemed sufficient to the written Commission license decision.

There may be a need to engage with Fisheries and Oceans Canada (under the Fisheries Act) regarding treated effluent discharge or pump stations for fresh water.

Transport Canada authorization may be required if there are any in-water works with a potential to impact navigation (under the Canadian Navigable Waters Act or under the Canadian Aviation Regulations ).

Transport Canada authorization may be required if there are any works with a potential to impact navigation (under the Canadian Navigable Waters Act or under the Canadian Aviation Regulations ).

Water quality and the monitoring of biological effects will be governed by the Metal and Diamond Mining Effluent Regulations to the Fisheries Act, in addition to any provincial requirements.

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the need for a woodland caribou management plan) and the Migratory Birds Convention Act .

It is not clear whether the proposed federal Policy on Biodiversity will have an impact on our project but, if enacted, it could mean more bio-physical offsets will be required for disturbed ground.

As part of the environmental assessment process, projects are required to develop conceptual decommissioning plans for inclusion in the EIA, which detail the steps to be taken to decommission project facilities and reclaim the land at the end of project life.

As part of licensing, the conceptual plan is expanded into a more detailed Preliminary Decommissioning Plan (“PDP”) and a cost estimate for implementation is prepared from that;

It is not clear whether the proposed federal Policy on Biodiversity will have an impact on our projects but, if enacted, it could mean more bio-physical offsets will be required for disturbed ground.

Project End of Life

As part of the environmental assessment process, projects are required to develop conceptual decommissioning plans for inclusion in the EIA that detail the steps to be taken to decommission project facilities and reclaim the land at the end of project life.

For both levels of government and as part of licensing, the conceptual plan is expanded into a more detailed Preliminary Decommissioning Plan (“ PDP ”) and a cost estimate for implementation is prepared from that:

the Preliminary Decommissioning Cost (“ PDC ”).

The Company will then be required to provide some form of surety or bond to cover the cost of carrying out the PDP.

The Company will then be required to provide some form of security or bond to cover the cost of carrying out the work detailed in the PDP.

The surety is designed to cover the unlikely situation whereby the proponent is unable to complete the decommissioning and reclamation and the government must step in to complete the work in a ‘decommission tomorrow’ scenario.

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In the unlikely event that the site does not behave as predicted, the government can seek redress from the proponent if the costs exceed the funds available.

Indigenous Engagement in Saskatchewan

Indigenous Engagement

For both the federal and provincial EIA and permitting/licensing processes, engagement and consultation are required with Indigenous groups.

Engagement in Saskatchewan consists of the Crown’s Duty to Consult, a legal requirement and interest-based engagement, which is essential to a project’s social license.

Both levels of government (‘the Crown’) have a Duty to Consult First Nations and Métis groups on any decision within their purview with the potential to affect Aboriginal or Treaty Rights.

As the project progresses through the regulatory process, several provincial and federal decisions will be made that must be informed by engagement and consultation.

Both levels of government (‘the Crown’) have a Duty to Consult potentially impacted Indigenous groups (i.e.

First Nations, Inuit and Métis groups) on any decision within their purview with the potential to affect Aboriginal or Treaty Rights.

As the project progresses through the regulatory process, several provincial and federal decisions will be made that must be informed by engagement and consultation results.

Implementation of the Duty to Consult is guided by a combination of provincial and federal regulatory requirements and guidance documents (e.g.

Section 35, The Constitution Act, 1982 ).

Although the Duty to Consult lies with the federal and provincial governments, the procedural aspects of the Duty to Consult are frequently delegated to the proponent to undertake.

This often results in the proponent entering into engagement agreements with some First Nations and Metis governments to do studies to identify any potential impacts to rights.

Companies are expected to meet with each potentially affected community to discuss engagement plans and an appropriate budget for the communities to complete the necessary meetings and studies, although the level of effort is generally commensurate with proximity to the site.

The engagement plan should include opportunities to inform communities of the nature of the proposed activities, the potential impacts of a project and proposed mitigation strategies.

The purpose is to receive feedback or information on current traditional land uses and potential impacts to Treaty and Aboriginal rights.

Although the Duty to Consult lies with the federal and provincial governments, the procedural aspects of the Duty to Consult are largely delegated to the proponent to undertake.

This often results in the proponent entering into engagement agreements with some First Nations and Metis governments to do studies to identify potential impacts to rights.

The engagement plan should include opportunities to inform communities of the nature of the proposed activities and potential impacts of a project, and to discuss the proposed mitigation strategies.

The purpose is to receive feedback on current traditional land uses and potential impacts to Treaty and Aboriginal rights.

Companies are expected to work with the communities to determine the impacts of the projects and mitigation strategies.

Accommodation may be required if potential impacts cannot be avoided, and this may take the form of an Impact benefit Agreement.

Waste Disposal

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Under the auspices of the EPA, the individual states administer some or all of the provisions of RCRA, sometimes in conjunction with their own, more stringent requirements.

Comprehensive Environmental Response, Compensation and Liability Act

The federal Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) imposes joint and several liability for costs of investigation and remediation and for natural resource damages, without regard to fault or the legality of the original conduct, on certain classes of persons with respect to the release into the environment of substances designated under CERCLA as hazardous substances (collectively, “Hazardous Substances”).

These classes of persons or potentially responsible parties include the current and certain past owners and operators of a facility or property where there is or has been a release or threat of release of a Hazardous Substance and persons who disposed of or arranged for the disposal of the Hazardous Substances found at such a facility.

CERCLA also authorizes the EPA and, in some cases, third parties, to take actions in response to threats to the public health or the environment and to seek to recover the costs of such action.

We may also in the future become an owner of facilities on which Hazardous Substances have been released by previous owners or operators.

We may in the future be responsible under CERCLA for all or part of the costs to clean up facilities or properties at which such substances have been released and for natural resource damages.

Air Emissions

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Presently our Palangana Mine, our Hobson Processing Facility and our Goliad Project all have permits by rule covering air emissions.

In Wyoming, air permits are required for point source emissions of particulate.

UEC has an air quality permit for the calciner present at the Irigaray Central Processing Plant.

Typically air quality permits are not required for ISR mining operations as emissions are near zero.

Water Management

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During the recovery process, water is pumped from the ore hosted aquifer and piped to the satellite facility.

The groundwater is filtered for solids, stripped of uranium, allowed to settle and then approximately 95% is reinjected or recirculated back into the same aquifer it was recovered from.

The groundwater is filtered for solids, stripped of uranium, and then approximately 95% is reinjected or recirculated back into the same aquifer it was recovered from.

This recycling process is an overwhelming advantage of ISR mining compared to other methods such as conventional or open pit.

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Compliance with the Clean Water Act

The Clean Water Act (“CWA”) imposes restrictions and strict controls regarding the discharge of wastes, including mineral processing wastes, into waters of the U.S.;

a term broadly defined.

The Clean Water Act (“ CWA ”) imposes restrictions and strict controls regarding the discharge of wastes, including mineral processing wastes, into waters of the U.S., a term broadly defined.

Permits must be obtained to discharge pollutants into federal waters.

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In addition, the EPA has promulgated regulations that may require us to obtain permits to discharge storm water runoff.

In Wyoming, storm water permits for construction and operation of ISR wellfields and plants are required.

We have storm water permits for Christensen Ranch where wellfields are under construction.

Management believes that we are in substantial compliance with current applicable environmental laws and regulations.

Sustainability

At UEC, we are committed to conducting our business in a responsible and transparent manner.

We hold ourselves accountable for quality and detailed sustainability reporting to ensure our stakeholders have access to the information most important to them.

The Company’s annual sustainability reports, which can be found on the Company’s website at www.uraniumenergy.com , document the Company’s efforts to manage key operational environmental and social risks.

GHG Emissions Management

Mining is an essential industry to enable the global transition to net-zero.

Mining is an essential industry to enable the global energy transition to net-zero.

Uranium mining, at the heart of UEC’s business, fuels nuclear energy, which is an essential carbon-free energy source.

Beyond this, we understand that our operational activities do contribute to climate change through the release of emissions.

Therefore, over the next several years we will begin a process to understand our emissions profile, as well as identify and implement opportunities to reduce emissions, where and when possible.

In 2022, we created an emissions inventory of all sources (mobile and stationary) for each Texas project, including tracking fuel consumption by individual source at each project.

In Fiscal 2024, we expanded our emissions measurement approach to cover all sites, including Wyoming, Saskatchewan and Paraguay.

Scope 1 emissions covers direct emissions from owned or controlled sources.

Scope 2 emissions covers indirect emissions from the generation of purchased electricity, steam, heating and cooling consumed by the Company.

Through developing this inventory, we have been able to identify, assess and conduct a cost benefit analysis for emission reduction opportunities at UEC’s Texas projects.

Such opportunities include exploring ways to upgrade our Hobson plant into a zero-emissions processing plant.

Aligned to responsibly managing our emissions in the short-term, we will look to purchase carbon offset credits for our Scope 1 and 2 emissions for our corporate sites.

Therefore, over the last several years, we have developed a process to track and report on scope 1, 2 and 3 emissions, as well as identify and implement opportunities to reduce emissions, where and when possible.

Based on our emissions tracking and reporting, the Company has developed emissions reduction pathways for its Texas and Wyoming ISR operations, as well as conducted decarbonization studies related to the Roughrider mine design in Northern Saskatchewan.

In Fiscal 2025, the Company purchased Renewable Energy Credits to offset scope 2 emissions from purchased electricity.

Additionally, the Company updated its climate-risk assessment, highlighting physical and transition risks and opportunities for the Company.

Health and Safety

Health and safety is one of our top priorities.

We pride ourselves on employing safe practices in all aspects of its work.

In Fiscal 2022, UEC’s Board approved an Environmental, Health and Safety Policy that provides overall objectives and guidance for our health and safety management.

Supporting this Policy, at each site, UEC has a number of operational policies and practices covering radiation safety and procedures, spills and leakage reporting, equipment training and emergency response procedures.

There is also a company-wide Injury and Incident Policy covered in the employee handbook that all employees are familiar with and are required to comply with.

Our operations are under strict health and safety regulations with the priority to keep individuals safe as they work.

The Company’s Environmental, Health and Safety Policy provides overall objectives and guidance for our health and safety management.

Supporting this policy, at each site, UEC has a number of operational policies and practices covering many aspects of health and safety, including radiation safety and procedures, spills and leakage reporting, equipment training and emergency response procedures.

We closely monitor the health and safety risks of our employees and contractors, which include risks from day-to-day operation of equipment and exposure to uranium and radon.

Operational procedures and protocols are in place to address these risks and keep employees safe.

UEC workers are asked to follow procedures for identifying potential hazards, assessing health and safety risks, reporting risks and developing solutions to address them.

All injuries are recorded and reports are analyzed and tracked annually as required by our regulators.

Training for employees on health and safety protocols are essential to ensuring we employ best safety practices at all times.

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Logging training;

First Aid/CPR training (every two years);

First Aid/CPR training;

Rig Safety/Inspections training;

Annual DOT Training/HazMat training.

Annual DOT Training/HazMat training and TDG training.

UEC’s health and safety practices are developed to ensure that all regulatory requirements are met.

Across all of our sites, our employees are required to report all injuries to their supervisor.

On an annual basis, all reports are analyzed and tracked as required by the Occupational Health and Safety Association (“OSHA”).

Given the nature of UEC’s specialized industry, there are site-specific emergency procedures in place that identify the steps employees should take in the event of a health and safety emergency.

Given the nature of UEC’s specialized industry, the Company maintains site-specific emergency procedures in place that identify the steps employees should take in the event of a health and safety emergency.

The uranium industry is highly competitive, and our competition includes larger, more established companies with longer operating histories that not only explore for and produce uranium but also market uranium and other products on a regional, national or worldwide basis.

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Additionally, these larger companies have greater resources to continue with their operations during periods of depressed market conditions.

The global titanium market is highly competitive, with the top six producers accounting for approximately 60% of the world’s production capacity according to TZ Minerals International Pty.

Competition is based on a number of factors, such as price, product quality and service.

Among our competitors are companies that are vertically-integrated (those that have their own raw material resources).

Research and Development Activities

No research and development expenditures have been incurred, either on our account or sponsored by customers, for our three most recently completed fiscal years.

Amir Adnani is our President and Chief Executive Officer and, effective October 29, 2015, Pat Obara was appointed our Chief Financial Officer.

These individuals are primarily responsible for all our day-to-day operations.

Effective September 8, 2014, Scott Melbye was appointed our Executive Vice President.

Other services are provided by outsourcing and consulting and special purpose contracts.

As of July 31, 2024, we had 94 persons employed on a full-time basis and 10 individuals providing services on a contractual basis.

Human Capital

As of July 31, 2024, our employee population consisted o f 94 i ndividuals working for us and our consolidated subsidiarie s, 65 of whom were located in the U.S., 25 in Canada and 4 in Paraguay.

As of July 31, 2025, our employee population consisted of 171 individuals working for us and our consolidated subsidiaries, 129 of whom were located in the U.S., 28 in Canada and 14 in Paraguay.

Our Company is committed to attracting and retaining talented and experienced individuals to manage and support our operations.

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Printed copies of the foregoing materials are available free of charge upon written request by email at info@uraniumenergy.com .

Additional information about the Company can be found on our website, however, such information is neither incorporated by reference nor included as part of this or any other report or information filed with or furnished to the SEC.

Additional information about the Company can be found on our website;

however, such information is neither incorporated by reference nor included as part of this or any other report or information filed with or furnished to the SEC.

We routinely post important information for investors on our website, www.uraniumenergy.com , in the “Invest” section.

We also may use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD.

Accordingly, investors should monitor the Invest section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts.

The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this Annual Report.

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

What changed 10-K

Item 1. Business