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Item 1. Financial Statements

2025-12-10 compared with 2025-06-02 · 387 added, 645 removed, 641 unchanged (62% of the section changed)

2 unchanged sentences

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE three and nine months ended April 30, 2025

FOR THE three months ended October 31, 2025

(Unaudited – Expressed in thousands of U.S.

3 unchanged sentences

(Unaudited – Expressed in thousands of U.S.

April 30, 2025

October 31, 2025

July 31, 2025

4 unchanged sentences

Prepaid expenses and other receivables

Investment in equity securities

TOTAL CURRENT ASSETS

17 unchanged sentences

9 5,017 5,160

Derivative liabilities

Other current liabilities

21 unchanged sentences

$ 1,428,508 $ 1,107,653

COMMITMENTS AND CONTINGENCIES

SUBSEQUENT EVENTS

5 unchanged sentences

Three Months Ended

Nine Months Ended

SALES AND SERVICE REVENUE

12 $ - $ 17,087

COST OF SALES AND SERVICES

14 - - ( 42,360 ) ( 187 )

COST OF SALES

12 - ( 10,836 )

3 unchanged sentences

General and administrative

6,378 4,219 18,293 14,314

Depreciation, amortization and accretion

11 unchanged sentences

8 16,021 ( 10,349 )

Gain (loss) on revaluation of derivative liabilities

11 - 2,071 1,706 ( 9,892 )

Gain on revaluation of derivative liabilities

Interest income

571 993 2,897 1,559

39 ( 28 ) 101 16

OTHER INCOME (EXPENSES)

2 unchanged sentences

( 11,009 ) ( 21,495 )

DEFERRED TAX RECOVERY (EXPENSE)

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

DEFERRED TAX RECOVERY

NET LOSS FOR THE PERIOD

( 10,341 ) ( 20,158 )

OTHER COMPREHENSIVE INCOME (LOSS)

Translation gain (loss)

OTHER COMPREHENSIVE LOSS

Translation loss

( 2,532 ) ( 1,728 )

TOTAL OTHER COMPREHENSIVE INCOME (LOSS)

TOTAL OTHER COMPREHENSIVE LOSS

( 2,532 ) ( 1,728 )

11 unchanged sentences

(Unaudited – Expressed in thousands of U.S.

Nine Months Ended April 30,

Three Months Ended October 31,

OPERATING ACTIVITIES

8 unchanged sentences

7 ( 740 ) 476

(Gain) loss on disposition of assets

Gain on disposition of assets

(Gain) loss on revaluation of equity securities

8 ( 16,021 ) 10,349

(Gain) loss on revaluation of derivative liabilities

11 ( 1,706 ) 9,892

Gain on revaluation of derivative liabilities

Deferred tax recovery

3 unchanged sentences

Prepaid expenses and other receivables

( 3,004 ) ( 591 )

Accounts payable and accrued liabilities

6 unchanged sentences

10 342,760 64,647

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

Taxes and withholdings paid upon settlement of equity awards on a forfeiture basis

( 3,083 ) ( 2,637 )

2 unchanged sentences

INVESTING ACTIVITIES

Acquisition of Sweetwater Assets

3 ( 177,328 ) -

Investment in mineral rights and properties

( 165 ) ( 1,391 )

Capital contribution to equity-accounted investment

8 ( 538 ) ( 2,388 )

Purchase of additional interest in equity-accounted investment

8 - ( 9,238 )

Investment in equity securities

9 ( 10,455 ) ( 12,115 )

Proceeds from sale of equity securities

9 54,372 3,008

Purchase of property, plant and equipment

23 unchanged sentences

10,077,186 10 99,665 - - 99,675

Issued upon exercise of stock options

121,037 - 120 - - 120

Issued upon exercise of warrants

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

Stock-based compensation

Common stock issued for consulting services

15,000 - 88 - - 88

Amortization of stock-based compensation

- - 1,733 - - 1,733

Net loss for the period

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

Other comprehensive loss

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

Balance, October 31, 2024

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

Issued under ATM offering, net of issuance costs

Issued under private placement, net of issuance costs

575,000 - 7,880 - - 7,880

Issued upon exercise of stock options

Issued under public offering, net of issuance costs

17,825,000 18 231,587 - - 231,605

1 unchanged sentence

2,879 - - - - -

Stock-based compensation

Amortization of stock-based compensation

- - 1,556 - - 1,556

Net loss for the period

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

Other comprehensive loss

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

Balance, January 31, 2025

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

Issued under ATM offering, net of issuance costs

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

Issued upon exercise of stock options

713,305 1 652 - - 653

Issued upon vesting of RSUs

18,335 - - - - -

Stock-based compensation

Common stock issued for consulting services

3,699 - 19 - - 19

Amortization of stock-based compensation

- - 1,680 - - 1,680

Common stock forfeited for tax paid upon vesting of equity awards

- ( 37 ) - - ( 37 )

Net loss for the period

- - - ( 10,341 ) - ( 10,341 )

Other comprehensive income

Other comprehensive loss

- - - - ( 2,532 ) ( 2,532 )

Balance, April 30, 2025

Balance, October 31, 2025

483,209,225 $ 483 $ 1,745,847 $ ( 416,898 ) $ ( 16,949 ) $ 1,312,483

5 unchanged sentences

Additional Paid-in Capital

Share Issuance Obligation

Accumulated Deficit

7 unchanged sentences

121,037 - 120 - - 120

Stock-based compensation

Amortization of stock-based compensation

- - 1,572 - - - 1,572

Net income for the period

- - - - 3,321 - 3,321

Other comprehensive loss

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

Balance, October 31, 2023

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

Issued under ATM offering, net of issuance costs

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

Issued upon exercise of stock options

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

Issued upon exercise of warrants

1 unchanged sentence

Stock-based compensation

Amortization of stock-based compensation

- - 1,312 - - - 1,312

Net income for the period

- - - - 2,250 - 2,250

Other comprehensive income

- - - - - 7,732 7,732

Balance, January 31, 2024

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

Issued under ATM offering, net of issuance costs

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

Issued upon exercise of stock options

345,077 1 209 - - - 210

Issued upon exercise of warrants

Common stock issued for consulting services

15,000 - 88 - - 88

Stock-based compensation

Amortization of stock-based compensation

4 unchanged sentences

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

Balance, April 30, 2024

Balance, October 31, 2024

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

2 unchanged sentences

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2025

October 31, 2025

(Unaudited - Expressed in thousands of U.S.

5 unchanged sentences

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

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

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

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.

Historically, we have been reliant primarily on equity financings from the sale of our common stock and on debt financings in order to fund our operations, and this reliance is expected to continue for the foreseeable future.

Our continued operations, including the recoverability of the carrying values of our assets, are dependent ultimately on our ability to achieve and maintain profitability and positive cash flow from our operations.

SUMMARY OF SIGNIFICANT POLICIES

6 unchanged sentences

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

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

Operating results for the three months ended October 31, 2025 are not necessarily indicative of the results that may be expected for the fiscal year ending July 31, 2026 (“Fiscal 2026 ”).

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

2 unchanged sentences

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

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

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

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

1 unchanged sentence

Since we commenced extraction of mineralized materials at 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.

URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2025

(Unaudited - Expressed in thousands of U.S.

dollars unless otherwise stated)

In accordance with U.S.

2 unchanged sentences

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.

URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

October 31, 2025

(Unaudited - Expressed in thousands of U.S.

dollars unless otherwise stated)

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

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 the capitalization of expenditures relating to ongoing mine development activities.

We are in the Exploration Stage which has resulted in our Company reporting larger losses than if we would have been in the Production Stage due to the expensing, instead of the 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.

1 unchanged sentence

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

Accounting Pronouncements Not Yet Adopted

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023 - 07, Segment Reporting (Topic 280 ):

Improvements to Reportable Segment Disclosures.

This ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets.

All disclosure requirements under this ASU are also required for public entities with a single reportable segment.

This ASU is effective for the Company’s Annual Report on Form 10 -K for the fiscal year ending July 31, 2025, and subsequent interim periods, with early adoption permitted.

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

In December 2023, the FASB issued ASU 2023 - 09, Income Taxes (Topic 740 ):

Recently Adopted Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023 - 09, Income Taxes (Topic 740 ):

Improvements to Income Tax Disclosures.

4 unchanged sentences

Early adoption is permitted.

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

The Company adopted this standard as of August 1, 2025 and will reflect the new disclosure requirements in its annual report.

Accounting Pronouncements Not Yet Adopted

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

5 unchanged sentences

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2025

(Unaudited - Expressed in thousands of U.S.

dollars unless otherwise stated)

ACQUSITION OF THE SWEETWATER ASSETS

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 (“KUC”)) and (ii) Wyoming Coal Resources Company (“WCRC”) (collectively, the “Sweetwater Acquisition”) from Rio Tinto America Inc.

KUC and WCRC collectively own or hold the following assets:

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

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

and (iii) the Green Mountain Project, an uranium project located 22 miles north of the Sweetwater Plant.

The Sweetwater Acquisition is accounted for as an acquisition of assets rather than a business as both KUC and WCRC do not meet the definition of a business in accordance with ASC 805 Business Combinations.

The following table summarizes the fair value of the consideration paid, and the fair value of the assets acquired and liabilities assumed, on the closing date of the Sweetwater Acquisition:

Consideration paid

Acquisition related costs

Total consideration

Assets acquired and liabilities assumed

Prepaid expenses

Property, plant and equipment

Mineral rights and properties

Asset retirement obligations (Note 10)

Deferred tax liabilities

Total liabilities

Total net assets

The Company recognized the assets and liabilities acquired in this acquisition by allocating the cost of the acquisition to the assets and liabilities based on their relative fair values.

The fair value of the mineral rights and properties was based on a value per pound of uranium which was determined using an in situ multiples analysis.

Management used data from comparable public companies and precedent transactions in the in situ multiples analysis to estimate a value per pound of uranium and apply that to the property resource estimates, taking into account project-specific characteristics.

The fair value of asset retirement obligations was measured based on the expected costs and timing for final well closure, plant and equipment decommissioning and removal, and environmental remediation, which are discounted to present value using credit adjusted risk-free rates.

Cash flow on acquisition:

Acquisition related costs

Acquisition of Sweetwater assets

URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2025

October 31, 2025

(Unaudited - Expressed in thousands of U.S.

dollars unless otherwise stated)

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

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

1,356,000 ) pounds of purchased uranium concentrate inventory.

Costs of inventories consist of the following:

April 30, 2025

October 31, 2025

July 31, 2025

Material and supplies

$ 1,496 $ 1,470

In-process inventory

3 unchanged sentences

$ 81,662 $ 79,279

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

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

Purchase Commitments

2 unchanged sentences

300,000 $ 11,114

Subsequent to October 31, 2025 , we received 200,000 pounds of uranium inventory pursuant to these commitments at a purchase price of $ 7.49 million.

URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2025

October 31, 2025

(Unaudited - Expressed in thousands of U.S.

2 unchanged sentences

Mineral Rights

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

As at October 31, 2025 , we owned mineral rights in the United States, Canada and the Republic of Paraguay.

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

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

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

United States

1 unchanged sentence

$ 326,192 $ 376,027 $ 15,014 $ 717,233

Sweetwater Acquisition

145,749 - - 145,749

Asset retirement obligations (Note 10)

7,688 - - 7,688

Impact of foreign currency translation

- ( 2,263 ) - ( 2,263 )

Balance, April 30, 2025

Balance, October 31, 2025

326,192 373,764 15,014 714,970

4 unchanged sentences

( 275 ) - - ( 275 )

Balance, April 30, 2025

Balance, October 31, 2025

( 7,752 ) ( 105 ) - ( 7,857 )

2 unchanged sentences

$ 318,715 $ 375,922 $ 15,014 $ 709,651

Balance, April 30, 2025

Balance, October 31, 2025

$ 318,440 $ 373,659 $ 15,014 $ 707,113

We have not established proven or probable reserves, as defined by the SEC under S-K 1300, for any of our mineral projects.

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

Since we commenced uranium extraction at some of 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.

Mineral property expenditures recorded during the period are as follows:

Three Months Ended April 30,

Nine Months Ended April 30,

Permitting and compliance

$ 253 $ 394 $ 855 $ 1,733

Property maintenance

1,246 1,073 3,738 3,020

3,079 4,668 8,919 9,985

6,493 1,769 18,759 3,414

Extraction readiness

Three Months Ended October 31,

Permitting and land payments

$ 1,356 $ 1,478

Extraction readiness and mine site maintenance

$ 20,920 $ 13,514

1 unchanged sentence

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2025

October 31, 2025

(Unaudited - Expressed in thousands of U.S.

2 unchanged sentences

Property, plant and equipment consists of the following:

April 30, 2025

October 31, 2025

July 31, 2025

16 unchanged sentences

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

April 30, 2025

October 31, 2025

July 31, 2025

4 unchanged sentences

$ 462,375 $ 158,137

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

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

4 unchanged sentences

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

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

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

As of October 31, 2025 , approximately $ 318.87 million of our cash and cash equivalents is held in a single financial institution, which is among the largest banks in the U.S.

and subject to concentration risk.

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

URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2025

October 31, 2025

(Unaudited - Expressed in thousands of U.S.

1 unchanged sentence

EQUITY-ACCOUNTED INVESTMENTS

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

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

(“URC”), representing a 13.0 % ( July 31, 2025 :

2 unchanged sentences

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

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

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

Should URC’s outstanding options be fully exercised, the Company’s ownership interest would decrease from 13.0 % to 12.8 %.

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

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

As at October 31, 2025 , the fair value of our investment in URC was approximately $ 87.37 million ( July 31, 2025 :

$ 46.56 million).

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

As at October 31, 2025 , we owned 50 % of the outstanding shares of JCU (Canada) Exploration Company Limited (“JCU”).

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

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

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

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

Investment in

1 unchanged sentence

$ 34,657 $ 21,168 $ 55,825

Capital contribution

Share of loss

Share of income (loss)

381 ( 1,158 ) ( 777 )

Gain on dilution of ownership interest

1,517 - 1,517

Foreign exchange difference

( 416 ) ( 233 ) ( 649 )

Balance, April 30, 2025

Balance, October 31, 2025

$ 36,139 $ 19,777 $ 55,916

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

Three Months Ended April 30,

Nine Months Ended April 30,

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

Three Months Ended October 31,

Share of income (loss)

2 unchanged sentences

$ 740 $ ( 476 )

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

URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2025

October 31, 2025

(Unaudited - Expressed in thousands of U.S.

1 unchanged sentence

INVESTMENTS IN EQUITY SECURITIES

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

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

Balance, July 31, 2025

Sale of investment in publicly listed companies

Investment in public listed companies

Fair value loss on equity securities

Foreign exchange difference

Balance, April 30, 2025

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

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

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

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

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

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

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

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

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

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

Fair value gain on equity securities

Balance, October 31, 2025

Pursuant to Accounting Standards Codification (“ASC”) 323 Investments – Equity Method and Joint Ventures, there is a rebuttable presumption that equity method of accounting shall be applied for investments of 20% or more of the investee’s outstanding voting common stock.

As at October 31, 2025 , the Company owned 4,978,877 common shares of Anfield Energy Inc.

(“Anfield”) ( July 31, 2025 :

4,978,877 on a post-consolidated basis ( 1 ) ), representing approximately 31.4 % ( July 31, 2025 :

31.8 %) of the outstanding common shares of Anfield on a non-diluted basis and approximately 36.5 % ( July 31, 2025 :

37.0 %) on a partially diluted basis after assuming the exercise of 1,283,639 post-consolidated share purchase warrants of Anfield (the “Anfield Warrants”) held by the Company.

As a result, the Company’s investment in Anfield’s common shares is subject to equity method of accounting.

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

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

As at October 31, 2025 , the fair value of the Company’s investment in Anfield’s common shares was $ 41.27 million ( July 31, 2025 :

$ 26.14 million) and the fair value of our Anfield Warrants was $ 2.06 million ( July 31, 2025 :

$ 1.39 million).

The cumulative revaluation adjustment since acquisition of the equity securities held as at October 31, 2025 is a gain of $ 7.85 million.

( 1 ) 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.

All references to Anfield’s common shares in this note are presented on a post-consolidated basis.

ASSET RETIREMENT OBLIGATIONS

1 unchanged sentence

Balance, July 31, 2025

Assumed from Sweetwater Acquisition (Note 3)

Liabilities settled in cash

Balance, April 30, 2025

Balance, October 31, 2025

Asset retirement obligations, current

Asset retirement obligations, non-current

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

April 30, 2025

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

October 31, 2025

July 31, 2025

Undiscounted amount of estimated cash flows

88,527 88,669

Payable in years

6 unchanged sentences

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2025

October 31, 2025

(Unaudited - Expressed in thousands of U.S.

dollars unless otherwise stated)

DERIVATIVE LIABILITIES

On August 19, 2022, the Company issued replacement warrants (each, a “Replacement Warrant”) in connection with the UEX Acquisition.

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

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

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

Balance, July 31, 2024

Exercise of Replacement Warrants

Change in fair value during the period

Balance, April 30, 2025

CAPITAL STOCK

Equity Financing

On November 16, 2022, we filed a Form S- 3 automatic shelf registration statement under the United States Securities Act of 1933, as amended (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 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”) covering the offering, issuance and sale of up to a maximum offering of $ 300 million under the 2022 Shelf.

At-the-Market Offerings

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

3 unchanged sentences

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.

On November 14, 2025, we filed 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 units which include common stock, debt securities, warrants or any combination thereof (the “2025 Shelf”), which included an at-the-market offering agreement prospectus (the “2025 ATM Offering”) covering the offering, issuance and sale of up to a maximum offering of $ 600 million in shares of our common stock under the 2025 Shelf.

On November 14, 2025, we also entered into an at-the-market offering agreement (the “2025 ATM Offering Agreement”) with Goldman Sachs & Co.

LLC and certain co-managers (collectively, the “2025 ATM Managers”).

Under the 2025 ATM Offering Agreement, we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $ 600 million through the 2025 ATM Managers selected by us.

During the three months ended October 31, 2024 , we issued 7,595,626 of the Company’s common stock under the 2022 ATM Offering for gross cash proceeds of $ 62.64 million.

The total issuance costs were $ 1.41 million, all of which were related to compensation paid to the 2022 ATM Managers.

During the three months ended October 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 were related to compensation paid to the 2024 ATM Managers.

Public Offering

On October 6, 2025, we completed a public offering of 15,500,000 shares of our common stock at a price of $ 13.15 per share, resulting in gross proceeds of $ 203.83 million.

On October 9, 2025, the underwriter exercised its over-allotment option to purchase an additional 2,325,000 shares of common stock at the same offering price, providing additional gross proceeds to the Company of $ 30.57 million.

The total issuance costs were $ 2.79 million pursuant to the public offering and the over-allotment purchase.

URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2025

October 31, 2025

(Unaudited - Expressed in thousands of U.S.

dollars unless otherwise stated)

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

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

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

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

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

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

Private Placement

On October 2, 2025, we completed a private placement offering of 575,000 shares of our common stock issued as “flow-through shares” (the “FT Shares”), as defined in subsection 66 ( 15 ) of the Income Tax Act (Canada), for gross proceeds of $ 8.63 million.

The proceeds will be applied toward certain qualifying Canadian exploration expenditures (“CEE”), as defined in the Income Tax Act (Canada), at the Company’s Roughrider Project located in Saskatchewan, Canada.

The difference between the Company’s trading price at the time of issuance and the price of the FT Shares is recorded as a flow-through share premium (the “FT Premium Liability”).

The FT Premium Liability of $ 0.75 million is recorded within accrued liabilities on our Consolidated Balance Sheet.

The FT Premium Liability will be derecognized in subsequent periods when the Company incurs qualifying CEE and submits the required documentation to renounce the related tax benefits to the FT Share subscriber.

Share Purchase Warrants

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

Weighted Average

Exercise Price

Balance, July 31, 2024

Balance, April 30, 2025

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

As at October 31, 2025, our number of outstanding share purchase warrants was 159,091 ( July 31, 2025:

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

Weighted Average Remaining

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4.13 159,091 0.43 April 5, 2026

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

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

URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2025

(Unaudited - Expressed in thousands of U.S.

dollars unless otherwise stated)

STOCK-BASED COMPENSATION

Stock Options

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

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

Number of Stock

4 unchanged sentences

( 857,220 ) 2.58

Cancelled/Forfeited

( 1,200 ) 5.49

1 unchanged sentence

3,735,787 $ 2.74

( 63,852 ) 3.34

Cancelled/Forfeited

( 22,524 ) 4.37

Balance, January 31, 2025

4,857,230 $ 2.66

( 29,750 ) 3.50

Cancelled/Forfeited

( 17,988 ) 4.73

Balance, April 30, 2025

4,819,492 $ 2.65

URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

October 31, 2025

(Unaudited - Expressed in thousands of U.S.

dollars unless otherwise stated)

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

Three Months Ended April 30,

Nine Months Ended April 30,

Three Months Ended October 31,

Number of Options Exercised on a Cash Basis

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Cash Received from Exercise of Stock Options

$ 5 $ 281 $ 134 $ 681

Total Intrinsic Value of Options Exercised

$ 7,548 $ 809

URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2025

(Unaudited - Expressed in thousands of U.S.

dollars unless otherwise stated)

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

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

Number of Unvested Stock Options

2 unchanged sentences

359,619 $ 3.80

Cancelled/Forfeited

( 30,060 ) 4.43

( 87,325 ) 3.19

Balance, October 31, 2025

329,559 $ 3.75

Cancelled/Forfeited

( 22,449 ) 2.89

( 280,059 ) 2.50

Balance, January 31, 2025

710,797 $ 2.97

Cancelled/Forfeited

( 15,125 ) 3.20

( 42,462 ) 2.89

Balance, April 30, 2025

663,210 $ 2.96

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

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

Exercise Price

Expected Risk Free Interest Rate

Expected Volatility

Expected Life in Years

Expected Dividend Yield

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

As at October 31, 2025 , the aggregate intrinsic value of all of our outstanding stock options was estimated at $ 46.30 million (vested:

$ 43.25 million and unvested:

$ 3.05 million).

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

As at October 31, 2025 , our unrecognized compensation cost related to unvested stock options was $ 0.49 million ( July 31, 2025 :

$ 0.75 million), which is expected to be recognized over 0.90 years.

URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2025

(Unaudited - Expressed in thousands of U.S.

dollars unless otherwise stated)

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

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

Options Outstanding

2 unchanged sentences

Exercisable at

April 30, 2025

October 31, 2025

Exercise Price

April 30, 2025

October 31, 2025

Exercise Price

18 unchanged sentences

3,735,787 $ 2.74 6.07 3,406,228 $ 2.43 5.81

URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

October 31, 2025

(Unaudited - Expressed in thousands of U.S.

dollars unless otherwise stated)

Restricted Stock Units

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

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

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

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

A summary of our outstanding and unvested restricted stock units (each, an “RSU”) as of October 31, 2025 , is as follows:

Restricted Stock

1 unchanged sentence

Intrinsic Value

19,608 $ 4.25 0.09 $ 103

July 31, 2023

206,800 $ 3.32 0.83 $ 3,129

July 31, 2023

413,593 3.32 1.34 2,171

January 2, 2024

778 6.44 1.76 4

April 1, 2024

2 unchanged sentences

406,732 5.49 1.82 6,154

September 1, 2024

709 5.23 0.42 4

October 1, 2024

4 unchanged sentences

14,344 7.12 2.10 217

November 18, 2024

323 8.28 0.64 2

January 6, 2025

3 unchanged sentences

194 6.61 1.69 3

July 31, 2025

535,638 8.68 2.84 8,104

October 22, 2025

106 13.51 2.06 2

1,197,552 $ 6.60 2.11 $ 18,119

During the three months ended October 31, 2025 , our stock-based compensation related to RSUs was $ 1.06 million ( three months ended October 31, 2024 :

$ 0.75 million).

As at October 31, 2025 , our unrecognized compensation costs related to unvested RSUs totaled $ 5.29 million ( July 31, 2025 :

$ 6.35 million), which is expected to be recognized over a period of approximately 1.67 years.

Performance Based Restricted Stock Units

During the three months ended October 31, 2025 , our stock-based compensation related to the amortization of performance based restricted stock units (each, a “PRSU”) totaled $ 0.37 million ( three months ended October 31, 2024 :

$ 0.29 million).

As at October 31, 2025 , our unrecognized compensation costs related to unvested PRSUs totaled $ 2.75 million ( July 31, 2025 :

$ 3.12 million), which is expected to be recognized over a period of approximately 2.26 years.

URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2025

October 31, 2025

(Unaudited - Expressed in thousands of U.S.

dollars unless otherwise stated)

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

$ 0.45 million and 1.33 million), respectively.

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

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

Performance Based Restricted Stock Units

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

$ 0.18 million and $ 0.53 million), respectively.

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

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

Stock-Based Compensation

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

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

Three Months Ended

Nine Months Ended

Stock-Based Compensation for Consultants

Common stock issued to consultants

$ 18 $ - $ 106 $ -

Amortization of stock option expenses

24 87 121 302

Amortization of RSU expenses

43 87 260 302

Stock-Based Compensation for Management

Amortization of stock option expenses

115 120 494 488

Amortization of RSU and PRSU expenses

957 585 2,902 1,774

1,072 705 3,396 2,262

Stock-Based Compensation for Employees

Amortization of stock option expenses

151 285 858 1,362

Amortization of RSU expenses

$ 1,681 $ 1,821

SALES AND COST OF SALES

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

Three Months Ended October 31,

Sales of purchased uranium inventory

Cost of purchased uranium inventory

$ - $ ( 10,836 )

The table below provides a breakdown of major customers:

Three Months Ended October 31,

URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2025

October 31, 2025

(Unaudited - Expressed in thousands of U.S.

dollars unless otherwise stated)

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 service revenue:

Three Months Ended April 30,

Nine Months Ended April 30,

Sales of purchased uranium inventory

$ - $ - $ 66,837 $ -

Revenue from toll processing services

Total sales and service revenue

$ - $ - $ 66,837 $ 224

Cost of purchased uranium inventory

$ - $ - $ ( 42,360 ) $ -

Cost of toll processing services

- - - ( 187 )

Total cost of sales and services

$ - $ - $ ( 42,360 ) $ ( 187 )

The table below provides a breakdown of major customers:

Three Months Ended April 30,

Nine Months Ended April 30,

0 % 0 % 50 % 0 %

0 % 0 % 24 % 0 %

0 % 0 % 14 % 0 %

0 % 0 % 12 % 0 %

0 % 0 % 0 % 100 %

0 % 0 % 100 % 100 %

INCOME (LOSS) PER SHARE

LOSS PER SHARE

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

Three Months Ended April 30,

Nine Months Ended April 30,

Three Months Ended October 31,

Net Loss for the Period

11 unchanged sentences

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2025

October 31, 2025

(Unaudited - Expressed in thousands of U.S.

1 unchanged sentence

SEGMENTED INFORMATION

We currently operate in four reportable segments, three of which are focused on uranium mining and related activities, including exploration, pre-extraction, extraction and processing of uranium concentrates, plus a corporate and administrative segment.

Segment results for the prior periods have been updated to reflect the change in reportable segments.

The tables below provide financial information relating to the Company’s segments.

The Company’s operating segments consist of uranium exploration and mining activities in Wyoming, Texas, Saskatchewan and Others, as well as a corporate segment engaged in investments and the trading of purchased uranium inventory.

Our Chief Executive Officer who is the Chief Operating Decision Maker (“CODM”) evaluates performance and allocates resources for all of the Company’s reportable segments based on income (loss) before income taxes.

The CODM uses segment income (loss) before income taxes to allocate resources, including decisions related to capital investment in mining operations and potential expansion opportunities.

The significant segment expenses reviewed by the CODM are consistent with the operating expense line items presented in the Company’s consolidated statements of operations.

The Company adopted ASU 2023 - 07, Segment Reporting (Topic 280 ), on August 1, 2024.

The new segment reporting requirement is applied retrospectively to all prior periods presented in these consolidated financial statements.

The tables below present financial information for each of the Company’s reportable segments.

All intercompany transactions have been eliminated.

Three Months Ended April 30, 2025

Sales and service revenue

Depreciation, amortization and accretion

Loss from equity-accounted investment

Interest income

Loss before income taxes

Total expenditures for additions to long-lived assets

$ - $ 1,098 $ - $ - $ ( 12,644 ) $ 190

Three months ended October 31, 2025

Statement of Operations

$ - $ - $ - $ - $ - $ -

Cost of sales

Depreciation, amortization and accretion

( 1,110 ) ( 321 ) ( 44 ) ( 2 ) ( 2 ) ( 1,479 )

Other operating expenses (1)

( 12,962 ) ( 7,493 ) ( 1,928 ) ( 246 ) ( 5,714 ) ( 28,343 )

Corporate and administrative

Other income (expenses)

Income from equity-accounted investment

- - - - 740 740

Fair value gain on equity securities

- - - - 16,021 16,021

Three Months Ended April 30, 2024

Sales and service revenue

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

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

Interest expense and finance costs

( 341 ) ( 377 ) - ( 5 ) - ( 723 )

Interest income

- - - - 2,763 2,763

Income (loss) before income taxes

$ ( 14,413 ) $ ( 8,184 ) $ ( 1,968 ) $ ( 252 ) $ 13,808 $ ( 11,009 )

$ 368,068 $ 35,524 $ 375,720 $ 20,961 $ 628,235 $ 1,428,508

Corporate and administrative

Equity-accounted investments

$ - $ - $ - $ - $ 55,916 $ 55,916

Capital additions

$ 314 $ 798 $ 57 $ 56 $ - $ 1,225

1 unchanged sentence

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2025

October 31, 2025

(Unaudited - Expressed in thousands of U.S.

dollars unless otherwise stated)

Nine Months Ended April 30, 2025

Sales and service revenue

Depreciation, amortization and accretion

Loss from equity-accounted investment

Interest income

Loss before income taxes

Total expenditures for additions to long-lived assets

$ - $ 2,386 $ - $ - $ ( 30,282 ) $ 191,523

- 536 - - ( 13,205 ) 3,140

- 113 - - ( 10,408 ) 273

- 6 - - ( 954 ) 52

Corporate and administrative

Three months ended October 31, 2024

Statement of Operations

$ - $ - $ - $ - $ 17,087 $ 17,087

Cost of sales

- - - - ( 10,836 ) ( 10,836 )

Nine Months Ended April 30, 2024

Sales and service revenue

Depreciation, amortization and accretion

Income from equity-accounted investment

Interest income

Income (loss) before income taxes

Total expenditures for additions to long-lived assets

( 424 ) ( 133 ) ( 36 ) ( 3 ) ( 2 ) ( 598 )

- 376 - - ( 8,314 ) 186

- 55 - - ( 9,301 ) 2,088

Other operating expenses (1)

( 5,723 ) ( 4,332 ) ( 4,029 ) ( 464 ) ( 4,308 ) ( 18,856 )

Corporate and administrative

Other income (expenses)

Loss from equity-accounted investment

- - - - ( 476 ) ( 476 )

Fair value loss on equity securities

- - - - ( 10,349 ) ( 10,349 )

As of April 30, 2025

Equity-Accounted Investments

Long-lived assets other than financial instruments

Gain on revaluation of derivative liabilities

- - - - 1,706 1,706

Interest expense and finance costs

( 142 ) - - ( 5 ) ( 194 ) ( 341 )

Interest income

- - - - 1,124 1,124

- ( 156 ) 5 1 194 44

Corporate and administrative

Loss before income taxes

$ ( 6,289 ) $ ( 4,621 ) $ ( 4,060 ) $ ( 471 ) $ ( 6,054 ) $ ( 21,495 )

$ 171,700 $ 24,064 $ 378,066 $ 20,830 $ 323,138 $ 917,798

As of July 31, 2024

Equity-accounted investments

Long-lived assets other than financial instruments

$ - $ - $ - $ - $ 58,438 $ 58,438

Capital additions

$ 688 $ 372 $ 273 $ - $ - $ 1,333

( 1 ) Other operating expenses include mineral property expenditures and general and administrative expenses.

Geographic Information

Long-lived assets (2)

October 31, 2025

July 31, 2025

United States

384,685 384,779

374,750 377,004

Corporate and administrative

15,436 15,381

774,871 777,164

( 2 ) Long-lived assets include mineral rights and properties and property, plant and equipment.

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 (the “ MD&A ” ) contain forward-looking statements that involve risks, uncertainties and assumptions including, among others, statements regarding our capital needs, business plans and expectations.

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

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

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

Refer to “ Cautionary Note Regarding Forward-looking Statements ” as disclosed in our Form 10-K Annual Report for Fiscal 2025, and Item 1A, Risk Factors, under Part II - Other Information, of this Quarterly Report.

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

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

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

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, as more fully described in our Form 10-K Annual Report for 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 and completed in 2025.

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 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.

On October 16, 2024, we received approval from the Wyoming Department of Environmental 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.

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 U 3 O 8 (uranium concentrate), respectively.

For the three months ended October 31, 2025, 68,612 pounds of precipitated uranium and dried and drummed U 3 O 8 was produced.

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

Mine development at Christensen Ranch advanced with active well installation (piloting, casing, underreaming) in wellfields 11 and 12 and delineation drilling in wellfields 8 and 10 extensions.

Additionally, construction continued on six new header houses in wellfields 11, 12, and 10-extension.

In parallel, process upgrades at the Irigaray central processing plant (“CPP”) continued in the first quarter of Fiscal 2026, including a full rebuilt of one of the two yellowcake thickeners along with the repair or replacement of multiple calciner components.

After quarter end, drying and packaging operations resumed on November 13, 2025, producing approximately 49,000 pounds of dried and drummed U 3 O 8 subsequent to that date during the month of November.

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

At Burke Hollow, major construction milestones, including the ion-exchange plant and wellfield, are substantially complete.

All large diameter tanks have been installed at the ion-exchange facility and testing of the disposal well was completed with the state regulatory agency in attendance.

The utility provider completed the installation of three-phase power into the project site, and all facilities have been energized.

Well completion and mechanical integrity testing reports are underway following completion of construction.

In Saskatchewan, Canada, we commenced a conversion core drilling program at the Roughrider Project in October 2025.

On August 1, 2025, our Sweetwater Project was designated as a FAST-41 transparency project by the U.S.

Federal Permitting Improvement “Steering Council”.

Significant progress was made during this quarter on our Sweetwater Plan of Operations which was submitted to the Bureau of Land Management on November 14, 2025.

Plans for the installation of cased monitor wells for environmental baseline data collection were completed as well as the plans for a 200-hole delineation drilling program for the first wellfield at Sweetwater.

Core will be collected for advanced mineralogical testing.

UEC’s Ludeman project, located 10 miles northeast of Glenrock, Wyoming, is fully licensed and permitted.

Plans for a 200-hole delineation drilling program in the first production area at Ludeman were finalized with drilling expected to begin in November.

Forty-one monitor wells are already installed for the first production area and baseline water quality sampling is planned for these wells in the fourth quarter of fiscal 2026.

Engineering for the satellite plant is in progress using internal technical expertise, with external engineering planned to commence in January 2026.

Design and procurement of the ion exchange vessels for the plant is underway.

Uranium recovered from the Christensen Ranch Mine ISR operation will be processed at our Irigaray CPP, which has a licensed production capacity of four million pounds of U 3 O 8 per year.

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 and our Reno Creek, Moore Ranch and Ludeman Projects.

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 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 and Goliad Projects, located within the South Texas Uranium Belt (the “spokes”).

On November 7, 2024, we filed an initial assessment technical report summary 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 technical report summary 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) 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.

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

(again Anfield) (TSX-V:

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

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

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

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

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

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

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.

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.

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.

During the first quarter of Fiscal 2026, we completed a $234 million public offering to advance the new U.S.

refining and conversion facility, initiated the Fluor feasibility study, expanding the size of the project technical team, and progressed federal engagement and multi-state siting activities.

On October 2, 2025, we completed a private placement offering of 575,000 shares of our common stock issued as “flow-through shares”, as defined in subsection 66(15) of the Income Tax Act (Canada), for gross proceeds of $8.63 million.

The proceeds will be applied toward certain qualifying Canadian exploration expenditures, as defined in the Income Tax Act (Canada), at the Company’s Roughrider Project located in Saskatchewan, Canada

On October 6, 2025, we completed a public offering of 15,500,000 shares of our common stock at a price of $13.15 per share, resulting in gross proceeds of $203.83 million.

The total issuance costs were $2.79 million pursuant to the public offering and the over-allotment purchase.

We intend to use the proceeds from this offering to support the development of a new uranium refining and conversion facility through UR&C, as well as for general corporate and working capital purposes

As at October 31, 2025, we 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 acquisition of Uranium One Americas, Inc.

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 Corporation 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.

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.

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

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

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.

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

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

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

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

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 traditional uranium mines in the 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 April 30, 2025, we had no uranium supply or off-take agreements in place.

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

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 April 30, 2025, we had 1,356,000 pounds of uranium and had entered into agreements to purchase 300,000 pounds of warehoused uranium in Fiscal 2026 at conversion facilities located in North America at a volume weighted average price of approximately $37.05 per pound.

Hence, we established a physical uranium portfolio (the “Physical Uranium Program”).

As of October 31, 2025, we had 1,356,000 pounds of purchased uranium, excluding 157,318 pounds and 41,260 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.

Subsequent to October 31, 2025, we received 200,000 pounds of uranium inventory at a purchase price of $7.49 million.

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

5 unchanged sentences

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.

Department of Energy (“DOE”).

Department of Energy.

Uranium Market Developments

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

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

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

will see a 50% increase by 2050.

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

A June 2025 study from ICF International Inc.

projected that electricity demand in the United States will see a 25% increase by 2030 and near 80% increase by 2050.

Demand to power data centers and artificial intelligence systems is continuing to increase with projections showing an increase of 300% expected over the next 10 years (Source:

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

The International Energy Agency’s World Energy Outlook 2025 (the “WEO 2025”) reported nuclear generation reached an all-time high in 2024.

The WEO 2025 report noted that, after decades of stagnation, global nuclear power capacity is set to increase by at least one-third by 2035.

The WEO 2025 also stated that more than 40 countries now include nuclear energy in their strategies and are taking steps to develop new projects.”

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

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

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

issued by the Trump Administration support this theme.

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

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

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

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

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

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

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

nuclear energy generation capacity by 2050.

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

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

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

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

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

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

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

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

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

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

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

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

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

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 energy development and expansion, including the Nuclear Fuel Security Act, the Advance Act, the Inflation Reduction Act and the Big Beautiful Bill.

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.

On May 23, 2025, the President of the United States signed Executive Orders (each, an “Executive Order”) that include a policy objective to quadruple United States nuclear energy by 2050.

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.

Underscoring the Executive Orders directives, on October 28, 2025 announcements were made that the U.S.

Government had entered a strategic partnership encompassing at least $80 billion for the construction of new nuclear reactors using Westinghouse technology.

Additionally, large technology companies like Nvidia, Microsoft, Meta, Google, Oracle and Amazon have announced significant nuclear energy commitments including that required 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 shown major improvement in recent years as the market began a transition from being inventory driven to production driven.

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

Since that time the spot uranium market retraced some of the advance, reaching a low of $63.45 per pound U 3 O 8 on March 17, 2025.

That low proved to be short lived, and the uranium market has since rebounded, reaching $84.00 per pound U 3 O 8 in September of 2025.

Since that time, the market has experienced a shorter-term pullback, trading on light volume with prices ranging from $83.00 per pound on October 1, 2025 to $76.00 per pound on December 8, 2025.

UxC LLC Historical Ux Daily Prices ).

During the three months ended October 31, 2025, uranium prices averaged $76.78 per pound U 3 O 8 representing a 5.4% decrease compared to the average price of $81.13 per pound U 3 O 8 in the corresponding period ended October 31, 2024.

As at October 31, 2025, the U 3 O 8 price was $82.20 per pound, representing a 15.6% increase from $71.10 per pound at July 31, 2025.

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

In 2025 and 2026 the mid-case gap between production and requirements is projected to be 51 million pounds U 3 O 8 , and by 2035 accumulates to a total above 355 million pounds U 3 O 8 ( Source:

UxC 2025 Q3 Uranium Market Outlook ).

For context, the U.S.

utilities purchased 51.6 million pounds of U 3 O 8 in 2023 (Source:

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

For context, utilities in the United States purchased 55.9 million pounds U 3 O 8 in 2024 ( Source:

United States Energy Information Administration, September 30, 2025 - 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 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 to 20 years 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 U.S.

legislation banning the importation of Russian nuclear fuel and Russia’s retaliation with an U.S.

export ban is causing a fundamental change to the nuclear fuel markets.

Additionally, the 2023 coup in Niger, and the 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, operating permits and export capabilities, has underscored jurisdictional risk.

Niger is the world’s seventh largest producer and accounted for approximately 5% of global uranium production and approximately 14% of European Union supply in 2023 ( Source:

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

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

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.

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 232 investigation to ensure imports are not in such quantities or circumstances as to threaten or impair national security and or economic resilience.

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

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

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

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

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

Geological Survey’s 2025 List of Critical Minerals includes uranium and is 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 resumption of strategic uranium reserve purchases, or other remedies the President deems helpful in increasing our energy security.

On the demand side, the global nuclear energy industry continues robust growth, with 68 new reactors connected to the grid in 2015 through October of 2025, with another 70 reactors under construction – one of the highest levels in 30 years (Source:

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

International Atomic Energy Association Power Reactor Information System – November 3, 2025).

Total nuclear generating capacity for the world’s 438 operable reactors as of November 12, 2025, stands at 397 gigawatts (Source:

World Nuclear Association).

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

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

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

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

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 140 nuclear industry companies, 14 of the world’s largest banks, like Citibank, Morgan Stanley and Goldman Sachs, and at least 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.

It is estimated that cumulative uncommitted demand through 2035 is more than 900 million pounds U 3 O 8 ( Source:

UxC Uranium Market Overview Q3 2025 ).

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

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.

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.

Results of Operations

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

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

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

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

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

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

During the three months ended October 31, 2025, we did not recognize any revenue.

For the three months ended October 31, 2024, we recorded revenue of $17.09 million and gross profit of $6.25 million, which were all related to sales of purchased uranium inventory.

For the three months ended October 31, 2025, we recorded a net loss of $10.34 million ($0.02 per share), and loss from operations of $29.82 million.

During the three months ended October 31, 2024, we recorded a net loss of $20.16 million ($0.05 per share) and loss from operations of $13.20 million.

During the three months ended October 31, 2025, we continued ramping up mining activities at our Christensen Ranch Mine, where 68,612 pounds of precipitated uranium and dried and drummed U 3 O 8 was produced.

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

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

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

Deliveries are scheduled to occur in Fiscal 2026.

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

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

$75.44 million).

Sales and Service Revenue

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

Three Months Ended April 30,

Nine Months Ended April 30,

Sales Revenue and Costs

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

Three Months Ended October 31,

Sales of purchased uranium inventory

Revenue from toll processing services

Total sales and service revenue

Cost of purchased uranium inventory

Cost of toll processing services

Total cost of sales and services

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

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

The Company did not engage in any sales activities during the three months ended October 31, 2025.

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

Operating Costs

Mineral Property Expenditures

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.

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

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

Three Months Ended April 30,

Nine Months Ended April 30,

Permitting and compliance

Property maintenance

Extraction readiness

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

Three Months Ended October 31,

Permitting and land payments

Extraction readiness and mine site maintenance

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

Burke Hollow Project:

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

$1.59 million and $3.68 million), respectively;

$1.18 million ( October 31, 2024 :

$1.30 million);

Roughrider Project:

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

$2.36 million and $3.62 million), respectively.

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

$1.01 million ( October 31, 2024 :

$2.89 million).

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

Burke Hollow Project:

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

$nil and $nil), respectively;

Christensen Ranch Mine:

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

$1.43 million and $1.43 million), respectively.

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

$4.83 million ( October 31, 2024 :

$1.84 million);

Christensen Ranch Mine:

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

$0.56 million and $1.52 million), respectively;

Irigaray Plant:

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

$0.12 million and $0.30 million), respectively;

Palangana Mine:

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

$0.30 million and $1.03 million), respectively.

$8.42 million ( October 31, 2024 :

$1.81 million).

During the three months ended October 31, 2025, mine site services and maintenance expenditures were primarily spent on process upgrades at the Irigaray CPP, including a full rebuild of one of two yellowcake thickeners, replacing the rake, gearbox and motor along with repair or replacement of multiple calciner improvements.

During the three months ended October 31, 2024, extraction readiness expenditures were primarily spent on activities at the Christensen Ranch Mine to support the restart of ISR operations.

General and Administrative

General and administrative expenses were comprised of the following:

Three Months Ended April 30,

Nine Months Ended April 30,

Three Months Ended October 31,

Salaries and management fees

Office, investor communications, insurance and travel

Foreign exchange (gain) loss

Office, investor communications and travel

Rent and property tax

Foreign exchange gain

Professional fees

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

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

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

For the three months ended October 31, 2025, salaries and management fees increased compared to the three months ended October 31, 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;

For the three months ended October 31, 2025, office, investor communications and travel and professional fees increased compared to the three months ended October 31, 2024, which was primarily the result of increases in business activities and the expansion of our operations.

Income (Loss) from Equity-Accounted Investments

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

Three Months Ended April 30,

Nine Months Ended April 30,

Three Months Ended October 31,

Share of income (loss)

Gain on dilution of ownership interest

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

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

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

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

$0.42 million and $1.07 million), respectively.

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

As at October 31, 2025, we had a 13.0% equity interest in URC compared to a 13.5% equity interest as at July 31, 2025.

During the three months ended October 31, 2025, we recorded a share of URC’s income of $0.38 million (three months ended October 31, 2024:

loss of $0.06 million) and a share of JCU’s loss of $1.16 million (three months ended October 31, 2024:

$0.42 million).

Fair Value Gain (Loss) on Equity Securities

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

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

Gain (Loss) on Revaluation of Derivative Liabilities

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

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

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

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

As at October 31, 2025, our investments in certain equity securities were revalued using the market values at period end, which resulted in a fair value gain of $16.02 million on revaluation of equity securities for the three months ended October 31, 2025 (three months ended October 31, 2024:

loss of $10.35 million).

Interest income

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

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

Summary of Quarterly Results

For the Quarters Ended

April 30, 2025

January 31, 2025

October 31, 2024

July 31, 2024

Sales and service revenue

Total comprehensive loss

Basic and diluted loss per share

For the Quarters Ended

April 30, 2024

January 31, 2024

October 31, 2023

July 31, 2023

Sales and service revenue

Net income (loss)

Total comprehensive income (loss)

Basic and diluted income (loss) per share

During the three months ended October 31, 2025, interest income totaled $2.76 million, compared to $1.12 million for the three months ended October 31, 2024.

The interest earned resulted from the investment in short-term deposits of cash proceeds received from our at-the-market offerings and our public offering during that period.

Liquidity and Capital Resources

April 30, 2025

October 31, 2025

July 31, 2025

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Working capital (Current assets less Current liabilities)

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

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

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

As at October 31, 2025, the total estimated reclamation costs for all of our projects was $88.53 million.

We have secured $60.82 million of surety bonds as an alternate source of financial assurance for the estimated costs of the reclamation obligations, of which $7.66 million is funded and held as restricted cash for collateral purposes as required by the surety.

We may be required at any time to fund the remaining $53.16 million or any portion thereof for a number of reasons including, but not limited to, the following:

(i) the terms of the surety bonds are amended, such as an increase in collateral requirements;

(ii) we are in default with the terms of the surety bonds;

(iii) the surety bonds are no longer acceptable as an alternate source of financial assurance by the regulatory authorities;

or (iv) the surety encounters financial difficulties.

Should any one or more of these events occur in the future, we may not have the financial resources to fund the remaining amount or any portion thereof when required to do so.

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

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

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

We had an accumulated deficit balance of $416.90 million as at October 31, 2025.

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

During the three months ended October 31, 2025, we received net proceeds of $342.76 million (three months ended October 31, 2024:

$64.65 million) from our at-the-market offerings, public offering and flow-through share private placement and from exercises of stock options.

As at October 31, 2025, we had a working capital of $523.42 million.

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

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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.

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.

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, 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.

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

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 Quarterly 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, 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

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 units which include common stock, debt securities, warrants or any combination thereof (again, the 2022 Shelf), which included an at-the-market offering agreement prospectus (again, the 2022 ATM Offering) covering the offering, issuance and sale of up to a maximum offering of $300 million under the 2022 Shelf.

At-the-Market Offerings

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 units which include common stock, debt securities, warrants or any combination thereof (again, the “2022 Shelf”), which included an at-the-market offering agreement prospectus (again, the “2022 ATM Offering”) covering the offering, issuance and sale of up to a maximum offering of $300 million in shares of our common stock under the 2022 Shelf.

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

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

On December 20, 2024, we filed a prospectus supplement to our 2022 Shelf, 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 (again, the 2024 ATM Offering Agreement) we have with Goldman Sachs & Co.

On December 20, 2024, we filed a prospectus supplement to our 2022 Shelf (again, 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 (again, the “2024 ATM Offering Agreement”) we have with Goldman Sachs & Co.

LLC and certain co-managers (collectively, again, 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 the nine months ended April 30, 2024, we issued 24,584,399 of the Company’s common stock under the 2022 ATM Offering for gross cash proceeds of $158.62 million.

On November 14, 2025, we filed 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 units which include common stock, debt securities, warrants or any combination thereof (again, the “2025 Shelf”), which included an at-the-market offering agreement prospectus (again, the “2025 ATM Offering”) covering the offering, issuance and sale of up to a maximum offering of $600 million in shares of our common stock under the 2025 Shelf.

On November 14, 2025, we also entered into an at-the-market offering agreement (again, the “2025 ATM Offering Agreement”) with Goldman Sachs & Co.

LLC and certain co-managers (collectively, again, the “2025 ATM Managers”).

Under the 2025 ATM Offering Agreement, we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $600 million through the 2025 ATM Managers selected by us.

During the three months ended October 31, 2024, we issued 7,595,626 of the Company’s common stock under the 2022 ATM Offering for gross cash proceeds of $62.64 million.

The total issuance costs were $1.41 million, all of which were related to compensation paid to the 2022 ATM Managers.

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

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

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

During the three months ended October 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 were related to compensation paid to the 2024 ATM Managers.

Public Offering

On October 6, 2025, we completed a public offering of 15,500,000 shares of our common stock at a price of $13.15 per share, resulting in gross proceeds of $203.83 million.

The total issuance costs were $2.79 million pursuant to the public offering and the over-allotment purchase.

Private Placement

On October 2, 2025, we completed a private placement offering of 575,000 shares of our common stock issued as “flow-through shares” (again, the “FT Shares”), as defined in subsection 66(15) of the Income Tax Act (Canada), for gross proceeds of $8.63 million.

Operating Activities

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

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

During the three months ended October 31, 2025, net cash used in operating activities totaled $34.31 million, which was primarily related to mineral property expenditures of $20.92 million, general and administrative expenses excluding stock-based compensation of $5.74 million and changes in operating assets and liabilities.

During the three months ended October 31, 2024, net cash used in operating activities was $11.45 million, which was primarily attributable to mineral property expenditures of $13.51 million and general and administrative expenses excluding stock-based compensation of $3.52 million, as well as changes in operating assets and liabilities, partially offset by a gross profit of $6.25 million from sale of purchased uranium inventory.

Financing Activities

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

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

During the three months ended October 31, 2025, net cash provided by financing activities totaled $339.68 million, comprised primarily of net proceeds of $342.76 million from our 2024 ATM Offerings, public offering and private placement of FT Shares, as well as from the exercises of stock options, partially offset by payments of $3.08 million for tax and withholdings upon settlement of equity awards on a forfeiture basis.

During the three months ended October 31, 2024, net cash provided by financing activities totaled $62.01 million, comprised primarily of net proceeds of $64.65 million from our 2022 ATM Offering and the exercises of stock options and share purchase warrants, partially offset by payments of $2.64 million for tax and withholdings upon settlement of equity awards on a forfeiture basis.

Investing Activities

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

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

During the three months ended October 31, 2025, net cash used in investing activities totaled $1.13 million, related to purchases of property, plant and equipment.

During the three months ended October 31, 2024, net cash provided by investing activities totaled $52.51 million, comprised of proceeds from the sale of equity securities of $54.37 million, cash used for the capital contribution of $0.54 million and investment in mineral properties and the purchase of equipment for a total of $1.33 million.

Stock Options and Warrants

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

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

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

As of October 31, 2025 , we had in-the-money stock options outstanding representing 3,735,787 shares at a weighted-average exercise price of $2.74 per share, and in-the-money share purchase warrants outstanding representing 159,091 shares at a weighted-average exercise price of $4.13 per share.

As of October 31, 2025 , outstanding in-the-money stock options and warrants represented a total of 3,894,878 shares issuable for gross proceeds of approximately $10.88 million should these stock options and warrants be exercised in full on a cash basis.

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

Transactions with Related Parties

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

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

Material Contractual Obligations and Commitments

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

Payment Due by Period

Asset Retirement Obligations

Operating Lease Obligations

Uranium Inventory Purchase Obligations

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

Office lease agreements for the U.S.

and Canada expire between July 2026 and November 2029.

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

Off-Balance Sheet Arrangements

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Subsequent Events

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

Subsequent to October 31, 2025, we received 200,000 pounds of uranium inventory at a purchase price of $7.49 million.

Quantitative and Qualitative Disclosures About Market Risk

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

What changed 10-Q

Item 1. Financial Statements