What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2025-09-24 compared with 2024-09-27 · 207 added, 290 removed, 197 unchanged (72% of the section changed)

14 unchanged sentences

The table below sets forth information relating to our equity compensation plan at our fiscal year end July 31, 2025:

Securities to be

Average Exercise

Remaining Available

Plan Category

Number of Securities to

be Issued Upon Exercise

of Outstanding Options,

Warrants and Rights (1)

Weighted Average

Exercise Price

of Outstanding

for Future Issuance

Options, Warrants

Compensation Plans

and Rights (2)

(excluding column

Plan Category

Number of Securities

Remaining Available

for Future Issuance

Compensation Plans

(excluding column (a))

Equity Compensation Plans Approved by Security Holders (the 2024 Plan) (3)

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Recent Issuances of Unregistered Securities

All of our issuances of unregistered securities during our fiscal year ended July 31, 2024 were previously disclosed in our Quarterly Reports on Form 10-Q for our first, second and third quarters of our fiscal year ended July 31, 2024, and in our Current Reports on Form 8-K as filed periodically with the SEC.

During our fourth quarter ended July 31, 2024, we issued the following securities that were not registered under the Securities Act:

on May 14, 2024, we issued 39,393 shares of common stock pursuant to the exercise of warrants at a price of CA$3.22 per share.

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

on June 13, 2024, we issued 1,552 shares of common stock pursuant to the exercise of warrants at a price of CA$4.44 per share.

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

on June 14, 2024, we issued 814,965 shares of common stock pursuant to the exercise of warrants at a price of CA$4.44 per share.

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

on June 18, 2024, we issued an aggregate of 282,887 shares of common stock pursuant to the exercise of warrants at a price of CA$4.44 per share.

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

Comparative Stock Performance

The graph below compares the cumulative total stockholder return on our common stock assuming an investment of $100 and the reinvestment of all dividends, if any, for the years ended July 31, 2021, through to July 31, 2025, with:

(i) the cumulative total return on the shares of common stock of a current peer group index comprised of Black Stone Minerals, L.P., Cameco Corporation, Comstock Resources, Inc., Denison Mines Corp., Energy Fuels Inc., Filo Corp., Fission Uranium Corp., Gulfport Energy Corporation, Magnolia Oil & Gas Corporation, NexGen Energy Ltd., NGEx Minerals Ltd., Northern Oil and Gas, Inc.

(i) the cumulative total return on the shares of common stock of a current peer group index comprised of Cameco Corporation, Centrus Energy Corp., Comstock Resources, Inc., Denison Mines Corp., Energy Fuels Inc., Gulfport Energy Corporation, Magnolia Oil & Gas Corporation, NexGen Energy Ltd., NGEx Minerals Ltd., Northern Oil and Gas, Inc., NuScale Power Corporation, Oklo Inc.

and Vital Energy, Inc.

(collectively, the “ Peer Group ”);

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

and Torex Gold Resources Inc.

(ii) the cumulative total return on the shares of common stock of a previous peer group index comprised of Black Stone Minerals, L.P., Cameco Corporation, Comstock Resources, Inc., Denison Mines Corp., Energy Fuels Inc., Filo Corp., Fission Uranium Corp., Gulfport Energy Corporation, Magnolia Oil & Gas Corporation, NexGen Energy Ltd., NGEx Minerals Ltd., Northern Oil and Gas, Inc.

and Vital Energy, Inc.

(collectively, the “ Previous Peer Group ”);

1 unchanged sentence

The change in Peer Group was made to address changes in the external market and to better reflect our Company’s business.

Selected Financial Data

(Expressed in thousands of U.S.

dollars, except per share amounts)

The following tables provide selected financial data for each of the past five fiscal years, and should be read in conjunction with, and are qualified in their entirety by, reference to, Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations herein, and our consolidated financial statements and related notes for the fiscal year ended July 31, 2024, as presented under Item 8.

Financial Statements and Supplementary Data.

These historical results are not necessarily indicative of the results to be expected for any future period.

Consolidated Balance Sheets

July 31, 2024

July 31, 2023

July 31, 2022

July 31, 2021

July 31, 2020

Cash and cash equivalents

Working capital

Long-term obligations

Total liabilities

Stockholders' equity

Consolidated Statements of Operations

Year Ended July 31,

Sales and service revenue

Income (loss) from operations

Net income (loss)

Basic income (loss) per share

Diluted income (loss) per share

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

2 unchanged sentences

The following management ’ s discussion and analysis of the Company ’ s financial condition and results of operations 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-K filing for the fiscal year ended July 31, 2024, including the consolidated financial statements and related notes contained herein.

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 Annual Report for the fiscal year ended July 31, 2025, including the consolidated financial statements and related notes contained herein.

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 document.

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The following discussion summarizes the results of operations for each of our fiscal years ended July 31, 2025, 2024 and 2023 and our financial condition as at July 31, 2025 and 2024, with a particular emphasis on Fiscal 2025, our most recently completed fiscal year.

We have been 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.

During the fourth quarter of Fiscal 2024, we revised the financial information which our Chief Executive Officer, who is our chief operating decision maker ("CODM"), uses to evaluate performance and allocate resources.

As a result, the Company’s reportable segments have been changed from one reportable segment to the following:

Mining segments

Corporate and admin segment

We have been primarily engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing.

Our principal projects are located in Wyoming and Texas in the United States and in Saskatchewan, Canada.

We utilize ISR mining for our uranium projects where possible which we believe, when compared to conventional open pit or underground mining, requires lower capital and operating expenditures with a shorter lead time to extraction and a reduced impact on the environment.

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

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

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

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

The first extraction is expected prior to the end of our next quarter and will be 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 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 Projects.

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

and approval is expected later in 2024.

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

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 reinstallation 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 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 2.0 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 August 4, 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.

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

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 U1A Acquisition in December 2021, we expanded our footprint in Wyoming with our Wyoming hub-and-spoke operations.

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.

Uranium recovered from the Christensen Ranch Mine ISR operation will be processed at our Irigaray CPP.

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.

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

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 of 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).

On December 17, 2021, we acquired a 100% interest in 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 and the Roughrider Project from a subsidiary of Rio Tinto.

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

This includes interests in the Shea Creek, Christie Lake, Horseshoe Raven, Millennium and Wheeler River Projects.

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

The Roughrider Project is an exploration stage asset, having been advanced by Rio Tinto over a decade of work.

The acquisition brought in an exploration stage, high-grade, conventional asset into UEC’s portfolio that, along with the UEX acquisition, begins to develop a critical mass of 100% owned resources in the Athabasca Basin to accelerate extraction and/or production plans.

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

On November 7, 2024, we filed an initial assessment 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, the Company completed the acquisition of all of the issued and outstanding shares of capital stock of (i) Sweetwater Uranium Inc.

(formerly Kennecott Uranium Company (again KUC)) and (ii) Wyoming Coal Resources Company (again WCRC) from Rio Tinto America Inc.

(collectively, again, the Sweetwater Acquisition).

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 (again, 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.

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 footprint in Canada and, in particular, the Athabasca Basin in Saskatchewan.

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

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.

Our operations are capital intensive, and we will require significant additional financing to continue with our exploration and pre-extraction activities and acquire additional uranium projects.

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

For the years ended July 31, 2023 and 2022, we have also relied on cash flows generated from the sales of our purchased uranium inventories under our Physical Uranium Program to fund our operations, which resulted in total of $57.0 million in gross profits.

However, we did not sell any of our purchased uranium during Fiscal 2024.

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

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

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

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

Our inability to obtain additional financing would have a negative impact on our operations, including delays, curtailment or abandonment of any one or all of our uranium projects.

We have not established proven or probable reserves through the completion of a final or bankable feasibility study for any of the mineral projects we operate.

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

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

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

These include, but are not limited to:

(i) a significant, prolonged decrease in the market price of uranium;

(ii) difficulty in marketing and/or selling uranium concentrates;

(iii) significantly higher than expected capital costs to construct a mine and/or processing plant;

(iv) significantly higher than expected extraction costs;

(v) significantly lower than expected uranium extraction;

(vi) significant delays, reductions or stoppages of uranium extraction activities;

and (vii) the introduction of significantly more stringent regulatory laws and regulations.

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 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.

The table below provides the high/low/average/close for the uranium spot price for each of our last five fiscal years as obtained from UxC:

Fiscal Year Ended

July 31, 2024

July 31, 2023

July 31, 2022

July 31, 2021

July 31, 2020

Historically, the uranium spot price has been difficult to predict and subject to significant volatility and will continue to be affected by numerous factors beyond our control.

During Fiscal 2025, the Company increased its equity interests in 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, the Company 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 the Company.

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

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.

The Company has 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.

Results of Operations

During Fiscal 2024, we recorded sales and service revenue of $224 and realized gross profit of $37.

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

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

We recorded a net loss of $29,221 ($0.07 per share) for Fiscal 2024 and $3,307 ($0.01 per share) for Fiscal 2023, respectively, while we recorded a net income of $5,252 ($0.02 per share) for Fiscal 2022.

Income (loss) from operations during Fiscal 2024, Fiscal 2023 and Fiscal 2022 was $(56,402), $8,867 and $(22,710), respectively.

While we remain in a state of operational readiness, uranium extraction expenditures incurred at our ISR Mines, 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.

We established our p hysical u ranium p rogram to purchase drummed uranium at prevailing spot prices which are below most global industry mining costs in Fiscal 2021.

As of July 31, 2024, we have 700,000 pounds of uranium inventory purchase commitments outstanding for a total purchase price of $26,740.

Various deliveries are scheduled to occur from Fiscal 2025 into Fiscal 2026 at a weighted average price of $38.20 per pound of uranium.

During Fiscal 2024, as part of our Physical Uranium Program, we purchased 1,295,000 poun ds of uranium concentrates with a total cost of $69.6 million.

As of July 31, 2024, the carrying value of our uranium inventories was $75,440 (July 31, 2023:

For Fiscal 2025, we recorded sales and service revenue of $66.84 million and realized gross profit of $24.48 million.

For Fiscal 2024, we recorded sales and service revenue of $0.22 million and realized gross profit of $0.04 million.

For Fiscal 2023, we recorded sales and service revenue of $164.39 million and realized gross profit of $49.67 million.

We recorded a net loss of $87.66 million ($0.20 per share) for Fiscal 2025, $29.22 ($0.07 per share) for Fiscal 2024, and $3.31 million ($0.01 per share) for Fiscal 2023.

Income (loss) from operations during Fiscal 2025, Fiscal 2024 and Fiscal 2023 were $(73.32) million, $(56.40) million and $8.87 million, respectively.

Throughout Fiscal 2025, we continued ramping up mining activities at our Christensen Ranch Mine, resulting in initial production of 103,545 pounds and 26,421 pounds of precipitated uranium and dried and drummed concentrate, respectively, as of the end of the period.

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

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 July 31, 2025, we had 300,000 pounds of uranium inventory purchase commitments outstanding for a total purchase price of $11.11 million.

Deliveries under these commitments are scheduled for Fiscal 2026 at a weighted average price of $37.05 per pound.

As of July 31, 2025, the carrying value of our uranium inventories, including uranium concentrates from extraction and purchased uranium) was $74.04 million (July 31, 2024:

$75.62 million).

Sales and Service Revenue

During Fiscal 2024, we recorded sales of $Nil from the sale of uranium concentrate inventory, which decreased by $163,950 and $22,946 compared to Fiscal 2023 and Fiscal 2022, respectively.

In addition, we recorded revenue from toll processing services of $224 in Fiscal 2024, which was generated from processing uranium resins according to a toll processing agreement resulting from the U1A Acquisition, compared to $439 in Fiscal 2023 and $215 in Fiscal 2022.

As a result, we realized gross profit of $37, representing a gross profit margin of 16.5% in Fiscal 2024, compared to $49,670 in Fiscal 2023 and $7,293 in Fiscal 2022.

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

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

Year Ended July 31,

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Total cost of sales and services

During Fiscal 2025, we generated revenue of $66.84 million and achieved a gross profit of $24.48 million from sales of purchased uranium inventory.

The Company did not engage in any sales activities during Fiscal 2024 while sales of purchased uranium inventory totaled $163.95 million in Fiscal 2023.

Variations in sales of purchased uranium inventory depend on our cash position, prevailing market prices, and the liquidity of the uranium market.

Revenue from toll processing services is related to a toll processing agreement which was terminated in Fiscal 2024.

Operating Costs

Mineral Property Expenditures

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

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

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

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Roughrider Project:

$6,317 (Fiscal 2023:

$1,287, Fiscal 2022:

Buke Hollow Project:

$5,230 (Fiscal 2023:

$3,107, Fiscal 2022:

$5.68 million (compared to Fiscal 2024:

$6.32 million, Fiscal 2023:

$1.29 million, respectively);

Burke Hollow Project:

$2.86 million (compared to Fiscal 2024:

$5.23 million, Fiscal 2023:

$3.11 million, respectively).

During Fiscal 2025, development expenditures were primarily spent on the following projects:

Burke Hollow Project:

$12.11 million (compared to Fiscal 2024:

$1.01 million, Fiscal 2023:

$nil, respectively);

Christensen Ranch Mine:

$1,060 (Fiscal 2023:

$470, Fiscal 2022:

$17.19 million (compared to Fiscal 2024:

$2.64 million, Fiscal 2023:

$0.02 million, respectively).

During Fiscal 2025, the production readiness expenditures were primarily spent on the following projects:

Palangana Mine:

$1,269 (Fiscal 2023:

$905, Fiscal 2022:

Christensen Ranch Mine:

$2,900 (Fiscal 2023:

$1,799, Fiscal 2022:

During Fiscal 2024, the property maintenance expenditures were primarily spent on the following projects:

Buke Hollow Project:

$681 (Fiscal 2023:

$703, Fiscal 2022:

Reno Creek Project:

$585 (Fiscal 2023:

$391, Fiscal 2022:

Christensen Ranch Mine:

$364 (Fiscal 2023:

$323, Fiscal 2022:

Ludeman Project:

$353 (Fiscal 2023:

$328, Fiscal 2022:

Allemand Ross Project:

$405 (Fiscal 2023:

$372, Fiscal 2022:

$10.66 million (compared to Fiscal 2024:

$2.90 million, Fiscal 2023:

$1.80 million, respectively);

Irigaray CPP:

$2.29 million (compared to Fiscal 2024:

$0.45 million, Fiscal 2023:

$0.27 million, respectively);

Palangana Mine:

$0.86 (compared to Fiscal 2024:

$1.27 million, Fiscal 2023:

$0.91 million, respectively).

General and Administrative

During Fiscal 2024, general and administrative (“G&A”) expenses totaled $21,873, compared to $20,064 in Fiscal 2023 and $15,026 in Fiscal 2022.

During Fiscal 2025, general and administrative (“ G&A ”) expenses totaled $27.26 million, compared to $21.87 million in Fiscal 2024 and $20.06 million in Fiscal 2023.

G&A expenses were comprised of the following:

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

during Fiscal 2024, salaries and management fees totaled $7,705, compared to $5,168 in Fiscal 2023, which was primarily the result of hiring additional general and administrative personnel to support the Company's expansion and a corporate-wide salary increase.

During Fiscal 2023, salaries, wages and management fees totaled $5,168, compared to $4,281 during Fiscal 2022.

The increase in salaries and managements fee in Fiscal 2023 from Fiscal 2022 was primarily due to the corporate-wide salary increase and the acquisition of UEX.

during Fiscal 2024, office, investor relations, communications, insurance and travel expenses totaled $5,807, compared to $6,801 during Fiscal 2023, which was primarily the result of decreases in corporate development, investor relations and travel expenses.

During Fiscal 2023, office, filing and listing fees, insurance, corporate development, investor relations and travel expenses totaled $6,801, compared to $4,501 during Fiscal 2022, which was primarily the result of increases in expenses due to the inclusion of our Wyoming and Canadian projects.

during Fiscal 2024, professional fees totaled $3,340, compared to $2,609 in Fiscal 2023.

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

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

During Fiscal 2025, salaries and management fees totaled $9.96 million, compared to $7.71 million in Fiscal 2024, which was primarily the result of hiring additional mid-level management and office personnel to support the Company's expansion and corporate-wide salary increases to adjust for inflation, and compared to $5.17 million in Fiscal 2023.

The increase in salaries and managements fee in Fiscal 2024 from Fiscal 2023 was primarily due to corporate-wide salary increases and the acquisition of UEX;

During Fiscal 2025, office, investor relations, communications, insurance and travel expenses totaled $7.00 million, compared to $5.81 million during Fiscal 2024, primarily due to increased business activities and the expansion of our operations, and compared to $6.80 million in Fiscal 2023.

The decrease in these expenses in Fiscal 2024 compared to Fiscal 2023 was mainly attributable to lower corporate development, investor relations and travel expenses;

During Fiscal 2025, professional fees totaled $4.39 million, compared to $3.34 million in Fiscal 2024 and $2.61 million in Fiscal 2023.

Professional fees are comprised primarily of legal services related to regulatory compliance and legal affairs, and for audit, accounting and tax compliance services.

The overall increasing trend in professional fees is due to the growth in our business activities and the expansion of our operations;

During Fiscal 2024 stock-based compensation expense totaled $5,172, compared to $5,415 during Fiscal 2023 and $4,540 during Fiscal 2022.

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

During Fiscal 2025 stock-based compensation expense totaled $6.02 million, compared to $5.17 million during Fiscal 2024 and $5.42 million during Fiscal 2023.

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

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

Acquisition-related Costs

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

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

Depreciation, Amortization and Accretion

During Fiscal 2024, depreciation, amortization and accretion totaled $2,183, which increased by $176 compared to $2,007 during Fiscal 2023.

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

During Fiscal 2025, depreciation, amortization and accretion totaled $4.47 million, compared to $2.18 million during Fiscal 2024 and $2.01 million during Fiscal 2023.

The increase in Fiscal 2025 was primarily due to the increase of property, plant and equipment and asset retirement obligations from the Sweetwater Acquisition.

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

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Year Ended July 31,

Interest paid on long-term debt

Amortization of debt discount

Surety bond premium

During Fiscal 2024, surety bond premium was $772 compared to $760 during Fiscal 2023 and $539 during Fiscal 2022.

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

During Fiscal 2023, the decrease in interest on long-term debt and amortization of debt discount resulted from the decrease in the outstanding principal amount of our long-term debt to $Nil as at January 31, 2022.

Income from Equity-Accounted Investment

The surety bond premiums resulted from the surety bonds related to our uranium mines and projects.

The increase in surety bond premium in Fiscal 2025 was due to additional surety bonds associated with the Sweetwater Acquisition and the development of our Burke Hollow Project.

Income (Loss) from Equity-Accounted Investment

During Fiscal 2025, Fiscal 2024 and Fiscal 2023, income from the equity-accounted investment comprised of the following:

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During Fiscal 2025, Fiscal 2024 and Fiscal 2023, we recorded a gain on dilution of ownership interest in Uranium Royalty Corp.

(“URC”) of $425, $654 and $3,973, respectively, as a result of URC issuing more shares from its equity financings, which decreased our ownership interest in URC to 14.8% at July 31, 2024, from 14.9% at July 31, 2023 and from 15.5% at July 31, 2022.

During Fiscal 2024, Fiscal 2023 and Fiscal 2022, we recorded a share of URC’s income of $2,032, $414 and $153, respectively.

During Fiscal 2024 and Fiscal 2023, we also recorded a share of JCU’s loss of $1,440 and $2,062, respectively, since the acquisition of UEX which owns 50% of JCU.

Debt Receivable Recovery and Gain on Settlement of Debt Receivable

In connection with the U1A Acquisition, we acquired certain indebtedness totaling $18,342 due from Anfield, which was owed to U1A prior to the closing of the U1A Acquisition (the “Anfield Debt”).

We assigned a value of $Nil to the Anfield Debt net of the expected credit loss on the preliminary purchase price allocation given that the probability of the Anfield Debt being collectable was remote at December 17, 2021.

On April 19, 2022, we entered into a debt settlement agreement (the “Settlement Agreement”) and a property swap agreement (the “Swap Agreement”;

and together with the Settlement Agreement, the “Anfield Agreements”) with Anfield to settle the Anfield Debt.

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

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

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

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

Consequently, we reversed the entire expected credit loss on the debt receivable and recognized a recovery on debt receivable of $18,342 on our consolidated statements of operations and comprehensive income in Fiscal 2022.

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

Gain on Disposition of Assets

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

UROY) as a result of URC issuing more shares from its equity financing and exercises of warrants and/or stock options, which decreased our ownership interest in URC to 13.5% at July 31, 2025, from 14.8% at July 31, 2024, from 14.9% at July 31, 2023 and from 15.5% at July 31, 2022.

During Fiscal 2025, Fiscal 2024 and Fiscal 2023, we recorded a share of URC’s income (loss) of $(0.27) million, $2.03 million and $0.41 million, respectively.

The remaining share of loss during these periods was attributable to JCU.

Fair Value Gain (Loss) on Equity Securities

As at July 31, 2024, our investments in certain equity securities are re-evaluated using the market values at period end, which resulted in fair value gain totaling $27,506 compared to fair value losses of $13,083 in Fiscal 2023 and $1,351 in Fiscal 2022.

Refer to Note 19:

Fair Value Gain (Loss) on Equity Securities of the Consolidated Financial Statements for the year ended July 31, 2024 contained herein.

During Fiscal 2025, Fiscal 2024 and Fiscal 2023, fair value gain (loss) on equity securities comprised of the following:

Year Ended July 31,

Unrealized and realized gain (loss) from common shares and warrants of public listed companies

Unrealized gain (loss) from fair value changes of Anfield common shares

Realized loss from investment in UEX shares transferred as consideration for UEX Acquisition

During Fiscal 2025, we recognized a realized loss of $14.37 million from the disposition of certain equity securities, with the remaining loss attributable to the revaluation of equity securities at the year end.

In Fiscal 2024 and Fiscal 2023, substantially all fair value gain or loss on equity securities were attributable to year-end revaluation at market values.

Gain (Loss) on Revaluation of Derivative Liabilities

In connection with the UEX Acquisition, we issued replacement warrants (each, a “ Replacements Warrant ”), 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 July 31, 2025, all Replacement Warrants had been either exercised or expired.

A gain of $1.71 million and $3.29 million on revaluation of derivative liabilities was recorded in Fiscal 2025 and Fiscal 2023 due to the decrease in time value of the Replacement Warrants.

During Fiscal 2024, we recorded a loss of $8.23 million primarily due to changes in our share price.

Interest income

Interest income totaled $4.02 million, $2.63 million, $0.35 million for Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively.

The interest earned resulted from the investment of cash proceeds received from our at-the-market offerings and the sale of equity securities in short-term deposits.

Liquidity and Capital Resources

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Working capital

During Fiscal 2024, we received net proceeds of $176,708 from equity financing and from exercises of stock options and share purchase warrants.

As at July 31, 2024, we had a working capital of $206,022.

The increase in accounts payable and accrued liabilities from July 31, 2023 to July 31, 2024 is primarily attributable to the purchase of uranium inventory amounting to $8.9 million at the end of Fiscal 2024, which had no impact on the working capital as at July 31, 2024.

During Fiscal 2025, we received net proceeds of $287.51 million from at-the-market offerings and from exercises of stock options and share purchase warrants.

As at July 31, 2025, we had a working capital of $207.58 million.

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

Although we recorded net income in Fiscal 2022, we recorded net losses in Fiscal 2024 and all prior years, and we had an accumulated deficit balance of $318,901 as at July 31, 2024.

During Fiscal 2024, net cash used in operating activities totaled $106,487.

We had an accumulated deficit balance of $406.56 million as at July 31, 2025.

During Fiscal 2025, net cash used in operating activities totaled $64.46 million.

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

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

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

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

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

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

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

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

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

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

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

Our operations are capital intensive and future capital expenditures are expected to be substantial.

We will require significant additional financing to fund our operations, including continuing with our exploration and pre-extraction activities and acquiring additional uranium projects.

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

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 $3.8 million to maintain these rights in good standing.

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

We will require significant additional financing to fund our operations, including continuing with our exploration, pre-extraction and extraction activities and acquiring additional uranium projects.

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.

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.

Our ability to secure adequate funding for these activities will be impacted by our operating performance, other uses of cash, the market price of uranium, the market price of our common stock and other factors which may be beyond our control.

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

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

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

Our continuation as a going concern for a period beyond those 12 months will be dependent upon our ability to achieve consistent positive cash flow from the sale of our produced and purchased uranium inventories and to obtain adequate additional financing, as our operations are capital intensive and future capital expenditures are expected to be substantial.

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

Equity Financings

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On May 14, 2021, we entered into an at-the-market offering agreement (the “ 2021 ATM Offering Agreement ”) with H.C.

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

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

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

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

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

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

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

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

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

On November 16, 2022, we entered into an at-the-market offering agreement (the “ 2022 ATM Offering Agreement ”) with the ATM Managers as set forth in the 2022 ATM Offering Agreement under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $300 million through the ATM Managers selected by us.

During Fiscal 2022, we issued 47,507,536 shares of the Company’s common stock under our ATM Offerings for gross cash proceeds of $167,588.

The total issuance costs were $3,833, which includes compensation of $3,774 paid to the ATM Managers.

During Fiscal 2023, we issued 15,171,253 shares of the Company’s common stock under our ATM Offerings for gross cash proceeds of $59,816.

The total issuance costs were $1,396, which includes compensation of $1,346 paid to the ATM Managers.

During Fiscal 2024, we issued 26,375,699 shares of the Company’s common stock under our ATM Offerings for gross cash proceeds of $171,738.

The total issuance costs were $3,864, all of which were related to compensation paid to the ATM Managers.

Credit Facility

On December 5, 2018, we entered into the Third Amended and Restated Credit Agreement to our credit facility (the “Credit Facility”) with our lenders (each, a “Lender”), whereby we and the Lenders agreed to certain further amendments to our Credit Facility, under which initial funding of $10,000 was received by the Company upon closing of the Credit Facility on July 30, 2013, and additional funding of $10,000 was received by the Company upon closing of the amended Credit Facility on March 13, 2014.

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

Pursuant to the terms of the Third Amended and Restated Credit Agreement, during Fiscal 2022, we issued 161,594 shares with a fair value of $600.

During Fiscal 2022, we made payment of $10,000 to the remaining Lender, which decreased the principal balance outstanding to $Nil, and the Credit Facility was terminated as at July 31, 2022.

On December 20, 2024, we filed a prospectus supplement to our 2022 Shelf (the “ 2024 ATM Offering ”) under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $300 million pursuant to an at-the-market offering agreement (the “ 2024 ATM Offering Agreement ”) we have with Goldman Sachs & Co.

LLC and certain co-managers (the “ 2024 ATM Managers ”).

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 Fiscal 2023, we issued 15,171,253 shares of the Company’s common stock under our ATM Offerings for gross cash proceeds of $59.82 million.

The total issuance costs were $1.40 million, which includes compensation of $1.35 million paid to the ATM Managers.

During Fiscal 2024, we issued 26,375,699 shares of the Company’s common stock under our 2022 ATM Offering for gross cash proceeds of $171.74 million.

The total issuance costs were $3.86 million, all of which was related to compensation paid to the ATM Managers.

During Fiscal 2025, we issued 41,764,036 shares of the Company’s common stock under the 2022 ATM Offering and 2024 ATM Offering for gross cash proceeds of $292.35 million.

The total issuance costs were $6.60 million, which includes compensation of $6.58 million paid to the ATM Managers and 2024 ATM Managers.

Subsequent to July 31, 2025, we issued 10,077,186 of the Company’s common stock under the 2024 ATM Offering for gross cash proceeds of $101.97 million.

The total issuance costs were $2.29 million, all of which was related to compensation paid to the 2024 ATM Managers.

Operating Activities

During Fiscal 2024, we recorded net cash used in operating activities of $106,487.

The negative cash flow was primarily driven by the purchase of uranium concentrates of $69,626 and operating expenditures such as mineral property expenditures and G&A expenses.

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

The positive cash flow was primarily driven by the gross profit of $49,670, a decrease in our inventory balance of $60,363 and was partially offset by operating expenditures such as mineral property expenditures and G&A expenses.

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

During Fiscal 2025, net cash used in operating activities totaled $64.46 million, which was primarily related to mineral property expenditures of $66.06 million, G&A expenses excluding stock-based compensation of $21.25 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 Fiscal 2024, we recorded net cash used in operating activities of $106.49 million.

The negative cash flow was primarily driven by the purchase of uranium concentrates of $69.63 million and operating expenditures such as mineral property expenditures and G&A expenses.

During Fiscal 2023, we recorded net cash provided by operating activities of $72.57 million.

The positive cash flow was primarily driven by the gross profit of $49.67 million, a decrease in our inventory balance of $60.36 million and was partially offset by operating expenditures such as mineral property expenditures and G&A expenses.

Financing Activities

During Fiscal 2024, net cash provided from financing activities totaled $173,076, primarily from net cash of $176,708 from our ATM Offerings and the exercises of stock options and share purchase warrants, offset by payments of $3,632 for tax withholding amounts related to the issuance of options, RSU and PRSU shares.

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

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

During Fiscal 2025, net cash provided from financing activities totaled $284.84 million, from net cash of $287.51 million from our 2022 ATM Offering and 2024 ATM Offering, and the exercises of stock options and share purchase warrants, offset by payments of $2.67 million for tax withholding amounts related to the issuance of options, RSU and PRSU shares.

During Fiscal 2024, net cash provided from financing activities totaled $173.08 million, from net cash of $176.71 million from our 2022 ATM Offering and the exercises of stock options and share purchase warrants, offset by payments of $3.63 million for tax withholding amounts related to the issuance of options, RSU and PRSU shares.

During Fiscal 2023, net cash provided from financing activities totaled $65.42 million, primarily from net cash of $66.53 million from our ATM Offerings and the exercises of stock options and share purchase warrants, offset by payments of $1.04 million for tax withholding amounts related to the issuance of RSU and PRSU shares.

Investing Activities

During Fiscal 2024, net cash used for investing activities totaled $24,641, comprised of cash used for investment in equity securities of $12,115, the purchase of an additional interest in URC of $9,238, capital contributions to JCU of $2,876, cash used for investment in mineral rights and properties of $1,441 and cash used for the purchase of property, plant and equipment of $1,987, offset by cash proceeds of $3,008 from the sale of equity securities and $8 from the disposition of assets.

During Fiscal 2023, net cash used for investing activities totaled $124,780, comprised of net cash used for the acquisition of the Roughrider Project of $82,117, cash used for investment in equity securities of $47,192, capital contributions to JCU of $1,415, cash used for investment in mineral rights and properties of $101 and cash used for the purchase of property, plant and equipment of $555, offset by cash received as a result of the acquisition of UEX of $1,984 and $26 from the disposition of assets.

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

During Fiscal 2025, net cash used for investing activities totaled $157.03 million, primarily comprised of cash used for the acquisition of Sweetwater Assets of $179.60 million, purchase of property, plant and equipment of $5.48 million, the purchase of equity securities and an additional interest in Anfield for a total of $25.70 million, capital contributions to JCU of $0.54 million, investment in mineral rights and properties of $0.22 million, partially offset by cash proceeds of $54.44 million from the sale of equity securities.

During Fiscal 2024, net cash used for investing activities totaled $24.64 million, primarily comprised of cash used for investment in equity securities of $12.12 million, the purchase of an additional interest in URC of $9.24 million, capital contributions to JCU of $2.88 million, investment in mineral rights and properties of $1.44 million and the purchase of property, plant and equipment of $1.99 million, offset by cash proceeds of $3.01 million from the sale of equity securities.

During Fiscal 2023, net cash used for investing activities totaled $124.78 million, primarily comprised of net cash used for the acquisition of the Roughrider Project of $82.12 million, investment in equity securities of $47.19 million, capital contributions to JCU of $1.42 million, investment in mineral rights and properties of $0.10 million and the purchase of property, plant and equipment of $0.56 million, offset by cash received as a result of the acquisition of UEX of $1.98 million.

Stock Options and Warrants

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Plan of Operations

We restarted extracting uranium at Christensen Ranch Mine in August 2024 and expect first shipment of yellowcake in November or December 2024.

We will hire additional personnel for future wellfield development and expand extraction at the Christensen Ranch Mine in Fiscal 2025.

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

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

We will hire additional personnel for future wellfield development and expand extraction at the Christensen Ranch Mine and Burke Hollow Project in Fiscal 2026.

Our Palangana Mine is expected to continue being operated at a reduced pace, including the deferral of major pre-extraction expenditures, and to remain in a state of operational readiness.

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

In addition, we will continue the construction of ion exchange facility and production area at our Burke Hollow, along with the drilling program at Roughrider Projects, as well as carry out additional exploration activities as required on our remaining project portfolio.

Material Contractual Obligations and Commitments

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Uranium Inventory Purchase Obligations

As at July 31, 2024, we were renting or leasing office premises in Texas, Arizona and Wyoming, U.S., Vancouver, British Columbia, Canada, and Paraguay for total monthly payments of $44.

Office lease agreements for the U.S.

and Canada expire between July 2026 and November 2029.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Critical Accounting Policies

Critical Accounting Estimates

The preparation of financial statements in conformity with U.S.

GAAP requires management to make judgements, estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported revenues and expenses during the reported periods.

We have identified the accounting estimates listed below as critical to understanding and evaluating the financial results reported in our consolidated financial statements.

These accounting estimates require the application of significant management judgment and are critical due to the significant level of estimation uncertainty regarding the assumptions involved and the magnitude of the asset, liability, revenue or expense being reported.

We base our assumptions and estimates on historical experience and various other sources that we believe to be reasonable under the circumstances.

We review the underlying factors used in our estimates regularly, including reviewing the significant accounting policies impacting the estimates, to ensure compliance with U.S.

However, due to the uncertainty inherent in our estimates, actual results may materially differ from the estimates we calculate due to changes in circumstances, global economics and politics, and general business conditions.

For a complete summary of all of our significant accounting policies, refer to Note 2:

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Financial Statements and Supplementary Data herein.

The preparation of financial statements in conformity with U.S.

Areas requiring significant judgements, estimates and assumptions include the valuation of acquired mineral rights and properties, existence of impairment indicators for the Company’s long-lived assets, valuation and measurement of impairment losses on mineral rights and properties, valuation of recoverability of a credit loss, valuation of stock-based compensation and valuation of asset retirement obligations.

Other areas requiring estimates include allocations of expenditures to inventories, depletion and amortization of mineral rights and properties and depreciation of property, plant and equipment.

Actual results could differ significantly from those estimates and assumptions.

The following summary provides a description of our critical accounting policies.

Mineral Rights and Exploration Stage

Mineral Rights and Properties

Acquisition costs of mineral rights are initially capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until such time proven or probable reserves are established for that project.

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

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

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

As a result, and despite the fact that we commenced extraction of mineralized materials at our ISR Mines, we remain in the Exploration Stage and will continue to remain in the Exploration Stage until such time proven or probable reserves have been established.

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

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

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

Any capitalized costs, such as expenditures relating to the acquisition of mineral rights, are depleted over the estimated extraction life using the straight-line method.

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

We have not established proven or probable reserves, as defined by 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.

Furthermore, we currently have no plans to establish proven or probable reserves for any of our uranium projects for which we plan on utilizing in-situ recovery mining, such as our ISR Mines.

As a result, and despite the fact that we commenced extraction of mineralized materials at some of our ISR Mines, we remain an Exploration Stage Issuer, as defined by the SEC, and will continue to remain as an Exploration Stage Issuer until such time proven or probable reserves have been established.

Since we commenced extraction of mineralized materials at some of our ISR Mines without having established proven or probable reserves, any mineralized materials established or extracted from our ISR Mines should not in any way be associated with having established or produced from proven or probable reserves.

In accordance with U.S.

GAAP, expenditures relating to the acquisition of mineral rights are initially capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until such time as we exit the exploration stage by establishing proven or probable reserves.

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 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 that are Production Stage Issuers, 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.

We are in the exploration stage which has resulted in our Company reporting larger losses than if it would have been in the production stage due to the expensing, instead of capitalization, of expenditures relating to ongoing mine development activities.

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

Any capitalized costs, such as acquisition costs of mineral rights, are depleted over the estimated extraction life using the straight-line method.

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

Business Combination and Asset Acquisition

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

In an asset acquisition, any direct acquisition-related transaction costs are capitalized as part of the purchase consideration.

Deferred taxes are recorded on temporary book/tax differences in an asset acquisition using the simultaneous equations method and adjusted the assigned value of the non-monetary assets acquired to include the deferred tax liability.

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

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

We recognize and measure the assets acquired and liabilities assumed based on their estimated fair values at the acquisition date.

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

The income valuation method represents the present value of future cash flows over the life of the asset using:

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(ii) appropriate discount rates;

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

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

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

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

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

and (iii) expected future capital requirements.

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

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

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

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

Equity Investments

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

Investments – Equity Method and Joint Ventures.

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

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

Additionally, we hold certain equity investments in entities that we do not have the ability to exercise significant influence.

These equity investments represent our ownership interests in certain entities, and therefore meet the definition of an equity security under ASC 321 Investments – Equity Securities and are measured at fair value at each period end, with unrealized holding gains or losses recorded to earnings.

Impairment of Long-lived Assets

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Forfeitures are accounted for as they occur.

Subsequent Events

Acquisition of Wyoming project

On September 20, 2024, the Company, through its wholly-owned subsidiary, UEC Sweetwater Corp., a Delaware corporation (the “Buyer”) entered into a stock purchase agreement (the “Stock Purchase Agreement”) with Rio Tinto America Inc., a Delaware corporation (the “Seller”), pursuant to which the Company through the Buyer will acquire from the Seller all of the issued and outstanding shares of capital stock (the “Shares”) of (i) Kennecott Uranium Company, a Delaware corporation (“KUC”), which is a joint venture participant of, and owns a 50% ownership interest in, the Green Mountain Mining Venture, an unincorporated Wyoming contractual joint venture (“GMMV”), and (ii) Wyoming Coal Resources Company, a Delaware corporation (“WCRC”), which is a joint participant of, and owns a 50% ownership interest in GMMV (collectively, the “Acquisition”).

KUC, WCRC and GMMV, collectively, own or hold the assets, rights and obligations comprised of:

(i) the facilities, equipment, improvements and fixtures for the processing of uranium located in Sweetwater County, Wyoming owned by KUC, WCRC and GMMV, and related facilities and impoundments;

(ii) the Jackpot and Big Eagle properties located in Wyoming;

(iii) the mineral and real property interests which are owned or leased by KUC, WCRC or GMMV, subject to the permitted encumbrances, including patented and unpatented mining and millsite claims, leaseholds, and material easements and rights-of-way of record;

and (iv) the other rights and interests in uranium mineralization located in Fremont and Sweetwater Counties, Wyoming owned or held by any of KUC, WCRC or GMMV (collectively, the “Project”).

The consideration for the Acquisition payable at closing of the Stock Purchase Agreement is $175 million in cash, subject to customary working capital adjustments as provided for in the Stock Purchase Agreement, with closing expected to occur in the fourth quarter of calendar year 2024.

Upon completion of the Acquisition, the Company will arrange to replace approximately $25 million in surety bonds securing future reclamation costs relating to the Project.

In addition, from and after the completion of the Acquisition the Company and the Buyer shall continue to indemnify the Seller from most of the liabilities associated with the Project.

The closing of the Acquisition is subject to certain conditions customary for an Acquisition of this nature, including that the Wyoming Nuclear Regulator shall have preliminarily approved the application for the transfer of a Radioactive Materials License to the Buyer, and the same shall not have been stayed or enjoined.

The foregoing description of the Stock Purchase Agreement does not purport to be complete and is subject to, and qualified in its entirety by reference to, the Stock Purchase Agreement, which is filed as Exhibit 2.1 to the Company’s Current Report on Form 8-K dated September 23, 2024.

Other subsequent events

Subsequent to July 31, 2024,

we received gross proceeds of approximately $55 million from the sale of certain of our investment in equity securities as at September 26, 2024;

we sold 110,000 pounds of physical uranium inventory for gross proceeds of $9,062;

1,043,172 share purchase warrants were exercised and proceeds of $3,387 were received;

we entered into an agreement to sell 100,000 pounds of our physical uranium inventory at a price of $80.25 per pound and with a settlement date on or about October 18, 2024.

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

What changed 10-K

Item 5. Market for Registrant’s Common Equity