What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-06-09 compared with 2026-03-10 · 396 added, 382 removed, 625 unchanged (55% of the section changed)

2 unchanged sentences

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE three and six months ended January 31, 2026

FOR THE three and nine months ended April 30, 2026

(Unaudited – Expressed in thousands of U.S.

3 unchanged sentences

(Unaudited – Expressed in thousands of U.S.

January 31, 2026

April 30, 2026

July 31, 2025

1 unchanged sentence

Cash and cash equivalents

$ 486,347 $ 148,930

Accounts receivable

Prepaid expenses and other receivables

3 84,693 79,279

TOTAL CURRENT ASSETS

597,652 234,016

MINERAL RIGHTS AND PROPERTIES

4 712,986 709,651

PROPERTY, PLANT AND EQUIPMENT

5 68,256 67,513

RESTRICTED CASH

6 7,657 9,207

EQUITY-ACCOUNTED INVESTMENTS

7 59,684 55,825

INVESTMENT IN EQUITY SECURITIES

8 83,963 28,470

OTHER NON-CURRENT ASSETS

$ 1,532,648 $ 1,107,653

CURRENT LIABILITIES

Accounts payable and accrued liabilities

$ 15,293 $ 20,560

Asset retirement obligations - current

9 4,847 5,160

Other current liabilities

TOTAL CURRENT LIABILITIES

20,806 26,433

ASSET RETIREMENT OBLIGATIONS

9 35,690 33,904

OTHER NON-CURRENT LIABILITIES

DEFERRED TAX LIABILITIES

62,000 62,123

TOTAL LIABILITIES

119,687 123,753

STOCKHOLDERS’ EQUITY

3 unchanged sentences

Additional paid-in capital

1,854,064 1,404,420

Accumulated deficit

( 430,835 ) ( 406,557 )

Accumulated other comprehensive loss

( 10,757 ) ( 14,417 )

1,412,961 983,900

TOTAL LIABILITIES AND EQUITY

$ 1,532,648 $ 1,107,653

SUBSEQUENT EVENTS

5 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

COST OF SALES

13 unchanged sentences

LOSS BEFORE INCOME TAXES

DEFERRED TAX (EXPENSES) RECOVERY

DEFERRED TAX RECOVERY (EXPENSES)

NET LOSS FOR THE PERIOD

OTHER COMPREHENSIVE LOSS

OTHER COMPREHENSIVE INCOME (LOSS)

Translation gain (loss)

TOTAL OTHER COMPREHENSIVE LOSS

TOTAL OTHER COMPREHENSIVE INCOME (LOSS)

TOTAL COMPREHENSIVE LOSS FOR THE PERIOD

5 unchanged sentences

(Unaudited – Expressed in thousands of U.S.

Six Months Ended January 31,

Nine Months Ended April 30,

OPERATING ACTIVITIES

4 unchanged sentences

(Income) loss from equity-accounted investments

Gain on disposition of assets

(Gain) loss on disposition of assets

(Gain) loss on revaluation of equity securities

2 unchanged sentences

Changes in operating assets and liabilities

Accounts receivable

Prepaid expenses and other receivables

10 unchanged sentences

Capital contribution to equity-accounted investment

Investment in subscription receipts

Investment in equity securities

35 unchanged sentences

Net loss for the period

Other comprehensive loss

Other comprehensive income

Balance, January 31, 2026

Issued under ATM offering, net of issuance costs

Issued upon exercise of stock options

Issued upon vesting of RSUs

Stock-based compensation

Amortization of stock-based compensation

Net loss for the period

Other comprehensive loss

Balance, April 30, 2026

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

22 unchanged sentences

Amortization of stock-based compensation

Net income for the period

Other comprehensive income

Net loss for the period

Other comprehensive loss

Balance, January 31, 2025

Issued under ATM offering, net of issuance costs

Issued upon exercise of stock options

Issued upon exercise of warrants

Stock-based compensation

Common stock issued for consulting services

Amortization of stock-based compensation

Net loss for the period

Other comprehensive income

Balance, April 30, 2025

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

1 unchanged sentence

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2026

April 30, 2026

(Unaudited - Expressed in thousands of U.S.

4 unchanged sentences

Uranium Energy Corp.

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.

and its subsidiary companies and a controlled partnership (collectively, the “Company”) 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.

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 six months ended January 31, 2026 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.

dollars unless otherwise stated.

Operating results for the nine months ended April 30, 2026 are not necessarily indicative of the results that may be expected for the fiscal year ending July 31, 2026 (“Fiscal 2026 ”).

Mineral Rights and Properties

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”) 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.

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

Since we commenced extraction of mineralized materials at 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.

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

The Company has 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 the Company operates, including our ISR Mines.

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

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

Since the Company 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.

In accordance with U.S.

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

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

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

2 unchanged sentences

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2026

April 30, 2026

(Unaudited - Expressed in thousands of U.S.

1 unchanged sentence

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 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.

The Company is in the Exploration Stage which has resulted in the Company reporting larger losses than if the Company 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 the 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 the Company would have been in the Production Stage.

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

5 unchanged sentences

The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions.

This ASU will be effective for fiscal years beginning after December 15, 2024.

This ASU is effective for fiscal years beginning after December 15, 2024.

The guidance will be applied on a prospective basis with the option to apply the standard retrospectively.

Early adoption is permitted.

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

5 unchanged sentences

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

As at January 31, 2026 , we held 1,456,000 ( July 31, 2025 :

As at April 30, 2026 , the Company held 1,456,000 ( July 31, 2025 :

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

Costs of inventories consist of the following:

January 31, 2026

April 30, 2026

July 31, 2025

5 unchanged sentences

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2026

April 30, 2026

(Unaudited - Expressed in thousands of U.S.

2 unchanged sentences

Mineral Rights

As at January 31, 2026 , we owned mineral rights in the United States, Canada and the Republic of Paraguay.

As at April 30, 2026 , the Company 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 January 31, 2026 , the carrying value of our mineral rights and properties were as follows:

As at April 30, 2026 , the carrying value of our mineral rights and properties were as follows:

United States

1 unchanged sentence

Impact of foreign currency translation

Balance, January 31, 2026

Balance, April 30, 2026

Accumulated Depletion and Amortization

2 unchanged sentences

Impact of foreign currency translation

Balance, January 31, 2026

Balance, April 30, 2026

Carrying Value

Balance, July 31, 2025

Balance, January 31, 2026

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 January 31,

Six Months Ended January 31,

Balance, April 30, 2026

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

The Company has established the existence of mineral resources for certain uranium projects, including our ISR Mines.

Since the Company 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 were as follows:

Three Months Ended April 30,

Nine Months Ended April 30,

Permitting and land payments

2 unchanged sentences

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2026

April 30, 2026

(Unaudited - Expressed in thousands of U.S.

2 unchanged sentences

Property, plant and equipment consists of the following:

January 31, 2026

April 30, 2026

July 31, 2025

8 unchanged sentences

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

January 31, 2026

April 30, 2026

July 31, 2025

2 unchanged sentences

Total cash, cash equivalents and restricted cash

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

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

These assets include Canadian dollar and U.S.

3 unchanged sentences

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

As of January 31, 2026 , approximately $ 472.29 million of our cash and cash equivalents is held in two financial institutions, which are among the largest banks in the U.S.

As of April 30, 2026 , approximately $ 464.96 million of our cash and cash equivalents is held in two financial institutions, which are among the largest banks in the U.S.

and Canada and subject to concentration risk.

The Company does not consider any of its financial assets to be impaired as of January 31, 2026 .

The Company does not consider any of its financial assets to be impaired as of April 30, 2026 .

URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2026

April 30, 2026

(Unaudited - Expressed in thousands of U.S.

1 unchanged sentence

EQUITY-ACCOUNTED INVESTMENTS

As at January 31, 2026 , we owned 17,978,364 shares of Uranium Royalty Corp.

As at April 30, 2026 , the Company owned 17,978,364 shares of Uranium Royalty Corp.

(“URC”), representing a 12.3 % ( 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 six months ended January 31, 2026 .

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, 2026 .

Should URC’s outstanding options be fully exercised, the Company’s ownership interest would decrease from 12.3 % to 12.1 %.

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

As at January 31, 2026 , the fair value of our investment in URC was approximately $ 83.06 million ( July 31, 2025 :

As at April 30, 2026 , the fair value of our investment in URC was approximately $ 70.12 million ( July 31, 2025 :

$ 46.56 million).

As at January 31, 2026 , we owned 50 % of the outstanding shares of JCU (Canada) Exploration Company Limited (“JCU”).

On April 29, 2026, the Company acquired beneficial ownership of and control over 10,989,011 newly issued subscription receipts (each a “Subscription Receipt”) of URC by way of a private placement, in consideration for $ 3.64 per Subscription Receipt for a total aggregate purchase price of $ 40.00 million.

Each Subscription Receipt entitles us to receive, without any additional consideration, one common share in the event all escrow release conditions set out in the subscription agreement for the Subscription Receipts are satisfied, including satisfaction of the conditions precedent of an arrangement between URC and other third parties (the “Arrangement”) and receipt of conditional approval of the Arrangement from the Toronto Stock Exchange and approval from shareholders of URC.

In the event that the escrow release conditions are not satisfied or the Arrangement is terminated, the Subscription Receipts will expire and the Company will be entitled to return of the subscription amount.

As of April 30, 2026, the Subscription Receipts had a carrying value of $ 40.00 million, which was classified as other non-current assets on the Company’s consolidated balance sheet.

As at April 30, 2026 , the Company 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 six months ended January 31, 2026 , the changes in carrying value of our equity-accounted investments are summarized as follows:

During the nine months ended April 30, 2026 , the changes in carrying value of our equity-accounted investments is summarized as follows:

Investment in

Balance, July 31, 2025

Capital contribution

Share of income (loss)

1 unchanged sentence

Foreign exchange difference

Balance, January 31, 2026

For the three and six months ended January 31, 2026 and 2025 , income (loss) from our equity-accounted investments consisted of the following:

Three Months Ended January 31,

Six Months Ended January 31,

Balance, April 30, 2026

For the three and nine months ended April 30, 2026 and 2025 , income (loss) from our equity-accounted investments consisted of the following:

Three Months Ended April 30,

Nine Months Ended April 30,

Share of income (loss)

2 unchanged sentences

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2026

April 30, 2026

(Unaudited - Expressed in thousands of U.S.

1 unchanged sentence

INVESTMENTS IN EQUITY SECURITIES

During the six months ended January 31, 2026 , the changes in our investments in equity securities are summarized as follows:

During the nine months ended April 30, 2026 , the changes in our investments in equity securities is summarized as follows:

Balance, July 31, 2025

2 unchanged sentences

Fair value gain on equity securities

Balance, January 31, 2026

Balance, April 30, 2026

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 January 31, 2026 , the Company owned 4,978,876 common shares of Anfield Energy Inc.

As at April 30, 2026 , the Company owned 5,875,738 common shares of Anfield Energy Inc.

(“Anfield”) ( July 31, 2025 :

2 unchanged sentences

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

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

As a result, our investment in Anfield’s common shares is subject to the 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 our consolidated statements of operations.

On January 12, 2026, the Company entered into a subscription agreement to purchase 896,861 subscription receipts (the “Subscription Receipts”) of Anfield for $ 4.00 million.

Each Subscription Receipt entitled the Company to receive, upon satisfaction of the Escrow Release Conditions (as defined below) on or prior to March 31, 2026, or such other later date as may be specified by the Company in writing, one common share of Anfield, without payment of additional consideration and without further action on the part of the Company.

Anfield required the approval of the TSX-Venture Exchange (the “TSX-V”) and the disinterested shareholders of Anfield at a special shareholder meeting on February 27, 2026 ( the “Escrow Release Conditions”) to remove the Escrow Release Conditions associated with the subscription.

Anfield received the approval by the TSX-V and its disinterested shareholders, and consequently issued 896,861 Anfield’s common shares to the Company on February 27, 2026.

On January 31, 2026, the Company remeasured the fair value of the Subscription Receipts using the closing price of Anfield’s common shares on that date, and recognized the resulting change as fair value gain on equity securities in the consolidated statements of operations.

As at January 31, 2026, the fair value of the Company’s investment in Anfield’s common shares and Subscription Receipts was $ 48.71 million ( July 31, 2025:

As at April 30, 2026 , the fair value of our investment in Anfield’s common shares was $ 29.38 million ( July 31, 2025:

$ 26.14 million) and the fair value of our Anfield Warrants was $ 1.41 million ( July 31, 2025:

$ 1.39 million).

The cumulative revaluation adjustment since acquisition of the equity securities and Subscription Receipts of Anfield held as at January 31, 2026 is a gain of $ 11.74 million.

The cumulative revaluation adjustment since acquisition of the equity securities as at April 30, 2026 is a loss of $ 7.69 million.

(*) 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.

2 unchanged sentences

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2026

April 30, 2026

(Unaudited - Expressed in thousands of U.S.

4 unchanged sentences

Liabilities settled in cash

Balance, January 31, 2026

Balance, April 30, 2026

Asset retirement obligations, current

1 unchanged sentence

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

January 31, 2026

April 30, 2026

July 31, 2025

9 unchanged sentences

At-the-Market Offerings

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 in shares of our common stock under the 2022 Shelf.

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

Wainwright & Co., LLC and certain co-managers (collectively, the “2022 ATM Managers”) as set forth in the 2022 ATM Offering Agreement under which we could, 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 (the “2024 ATM Offering”) under which we could, from time to time, sell shares of our common stock having an aggregate offering price of up to $ 300 million pursuant to an at-the-market offering agreement (the “2024 ATM Offering Agreement”) we have with Goldman Sachs & Co.

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

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

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

Wainwright & Co., LLC and certain other co-managers (collectively, the “2022 ATM Managers”) as set forth in the 2022 ATM Offering Agreement under which the Company could, 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, the Company entered into an at-the-market offering agreement (the “2024 ATM Offering Agreement”) with Goldman Sachs & Co.

LLC and certain other co-managers (the “2024 ATM Managers”), pursuant to which the Company may sell shares of our common stock having an aggregate offering price of up to $ 300 million pursuant to an at-the-market offering (the “2024 ATM Offering”) .

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

URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2026

April 30, 2026

(Unaudited - Expressed in thousands of U.S.

dollars unless otherwise stated)

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

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

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

Under the 2025 ATM Offering Agreement, the Company 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 nine months ended April 30, 2025 , the Company issued 11,516,375 and 11,888,516 of the Company’s common stock under the 2022 ATM Offering Agreement and the 2024 ATM Offering Agreement 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.

During the six months ended January 31, 2026 , we issued 10,077,186 and 5,758,936 of the Company’s common stock under the 2024 ATM Offering and the 2025 ATM Offering for gross cash proceeds of $ 101.97 million and $ 107.98 million, respectively.

During the nine months ended April 30, 2026 , the Company issued 10,077,186 and 9,709,167 of the Company’s common stock under the 2024 ATM Offering Agreement and the 2025 ATM Offering Agreement for gross cash proceeds of $ 101.97 million and $ 168.52 million, respectively.

The total issuance costs were $ 2.29 million and $ 3.37 million, all of which were related to compensation paid to the 2024 ATM Managers and the 2025 ATM Managers, respectively.

Subsequent to January 31, 2026 , we issued 869,556 of the Company’s common stock under the 2025 ATM Offering for gross cash proceeds of $ 14.77 million.

Subsequent to April 30, 2026 , the Company issued 1,390,880 of the Company’s common stock under the 2025 ATM Offering Agreement for gross cash proceeds of $ 22.11 million.

The total issuance costs were $ 0.44 million, all of which were related to compensation paid to the 2025 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 6, 2025, the Company 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.

1 unchanged sentence

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.

On October 2, 2025, the Company 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.

3 unchanged sentences

Share Purchase Warrants

As at January 31, 2026 , our number of outstanding share purchase warrants was nil ( July 31, 2025:

No share purchase warrants were outstanding as at April 30, 2026 ( July 31, 2025:

URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2026

April 30, 2026

(Unaudited - Expressed in thousands of U.S.

2 unchanged sentences

Stock Options

A continuity schedule of our outstanding stock options for the six months ended January 31, 2026 , is as follows:

A continuity schedule of our outstanding stock options for the nine months ended April 30, 2026 , is as follows:

Number of Stock

2 unchanged sentences

Balance, July 31, 2025

Balance, January 31, 2026

( 1,146,020 )

Balance, April 30, 2026

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

Three Months Ended January 31,

Six Months Ended January 31,

Three Months Ended April 30,

Nine Months Ended April 30,

Number of Options Exercised on a Cash Basis

6 unchanged sentences

Total Intrinsic Value of Options Exercised

A continuity schedule of our outstanding unvested stock options as of January 31, 2026 , and the changes during the period, is as follows:

A continuity schedule of our outstanding unvested stock options as of April 30, 2026 , and the changes during the period, is as follows:

Number of Unvested Stock Options

1 unchanged sentence

Balance, July 31, 2025

Balance, January 31, 2026

As at January 31, 2026 , the aggregate intrinsic value of all of our outstanding stock options was esti mated at $ 51.34 million (vested:

Balance, April 30, 2026

As at April 30, 2026 , the aggregate intrinsic value of all of our outstanding stock options was esti mated at $ 41.62 million (vested:

$ 39.77 million and unvested:

$ 1.85 million).

As at January 31, 2026 , our unrecognized compensation cost related to unvested stock options was $ 0.29 million ( July 31, 2025 :

As at April 30, 2026 , our unrecognized compensation cost related to unvested stock options was $ 0.18 million ( July 31, 2025 :

$ 0.75 million), which is expected to be recognized over a weighted average period of 0.70 years.

1 unchanged sentence

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2026

April 30, 2026

(Unaudited - Expressed in thousands of U.S.

dollars unless otherwise stated)

A summary of our stock options outstanding and exercisable as of January 31, 2026 , is as follows:

A summary of our stock options outstanding and exercisable as of April 30, 2026 , is as follows:

Options Outstanding

2 unchanged sentences

Exercisable at

January 31, 2026

April 30, 2026

Exercise Price

January 31, 2026

April 30, 2026

Exercise Price

$ 0.91 to $ 0.99

882,750 0.92 4.29 882,750 0.92 4.29

$ 1.00 to $ 1.99

475,000 1.10 4.45 475,000 1.10 4.45

$ 2.00 to $ 2.99

434,649 2.28 5.41 434,649 2.28 5.41

$ 3.00 to $ 3.99

1,272,555 3.62 6.64 1,222,432 3.61 6.60

$ 4.00 to $ 4.99

14,000 4.36 8.73 6,500 4.53 8.21

$ 5.00 to $ 5.99

331,243 5.49 8.48 236,763 5.49 8.47

$ 6.00 to $ 6.99

64,558 6.51 8.33 42,316 6.56 8.29

$ 7.00 to $ 7.99

10,000 7.63 7.98 10,000 7.63 7.98

$ 8.00 to $ 8.68

66,332 8.68 9.49 16,586 8.68 9.49

3,551,087 $ 2.78 5.88 3,326,996 $ 2.57 5.70

Restricted Stock Units

A summary of our outstanding and unvested restricted stock units (each, an “RSU”) as of January 31, 2026 , is as follows:

A summary of our outstanding and unvested restricted stock units (each, an “RSU”) as of April 30, 2026 , is as follows:

Number of RSUs

1 unchanged sentence

Balance, July 31, 2025

Balance, January 31, 2026

Balance, April 30, 2026

URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2026

April 30, 2026

(Unaudited - Expressed in thousands of U.S.

dollars unless otherwise stated)

During the three and six months ended January 31, 2026 , our stock-based compensation related to RSUs was $ 1.58 million and $ 2.64 million ( three and six months ended January 31, 2025 :

During the three and nine months ended April 30, 2026 , our stock-based compensation related to RSUs was $ 1.75 million and $ 4.39 million ( three and nine months ended April 30, 2025 :

$ 0.74 million and $ 2.27 million), respectively.

As at January 31, 2026 , our unrecognized compensation costs related to unvested RSUs totaled $ 6.06 million ( July 31, 2025 :

As at April 30, 2026 , our unrecognized compensation costs related to unvested RSUs totaled $ 4.38 million ( July 31, 2025 :

$ 6.35 million), which is expected to be recognized over a weighted average period of approximately 1.55 years.

Performance Based Restricted Stock Units

During the three and six months ended January 31, 2026 , our stock-based compensation related to the amortization of performance based restricted stock units (each, a “PRSU”) totaled $ 0.36 million and $ 0.73 million ( three and six months ended January 31, 2025 :

During the three and nine months ended April 30, 2026 , our stock-based compensation related to the amortization of performance based restricted stock units (each, a “PRSU”) totaled $ 0.36 million and $ 1.10 million ( three and nine months ended April 30, 2025 :

$ 0.29 million and $ 0.86 million), respectively.

As at January 31, 2026 , our unrecognized compensation costs related to unvested PRSUs totaled $ 2.39 million ( July 31, 2025 :

As at April 30, 2026 , our unrecognized compensation costs related to unvested PRSUs totaled $ 2.02 million ( July 31, 2025 :

$ 3.12 million), which is expected to be recognized over a period of approximately 1.88 years.

Stock-Based Compensation

A summary of our stock-based compensation expense for the three and six months ended January 31, 2026 , is as follows:

A summary of our stock-based compensation expense for the three and nine months ended April 30, 2026 , is as follows:

Three Months Ended

Six Months Ended

Nine Months Ended

Stock-Based Compensation for Consultants

10 unchanged sentences

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

Three Months Ended January 31,

Six Months Ended January 31,

Three Months Ended April 30,

Nine Months Ended April 30,

Sales of purchased uranium inventory

Cost of purchased uranium inventory

The sale of purchased uranium inventory was completed on January 30, 2026.

The receivable arising from the sale was subsequently collected on February 13, 2026.

URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2026

April 30, 2026

(Unaudited - Expressed in thousands of U.S.

1 unchanged sentence

The table below provides a breakdown of major customers:

Three Months Ended January 31,

Six Months Ended January 31,

Three Months Ended April 30,

Nine Months Ended April 30,

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 January 31,

Six Months Ended January 31,

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

Three Months Ended April 30,

Nine Months Ended April 30,

Net Loss for the Period

6 unchanged sentences

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 our 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.

Our Chief Executive Officer, who is also our 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.

2 unchanged sentences

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2026

April 30, 2026

(Unaudited - Expressed in thousands of U.S.

4 unchanged sentences

All intercompany transactions have been eliminated.

Three months ended January 31, 2026

Three Months Ended April 30, 2026

Statement of Operations

$ - $ - $ - $ - $ 20,200 $ 20,200

Cost of sales

- - - - ( 10,172 ) ( 10,172 )

Depreciation, amortization and accretion

( 1,279 ) ( 374 ) ( 46 ) ( 5 ) ( 1 ) ( 1,705 )

Other operating expenses (1)

( 14,715 ) ( 6,017 ) ( 4,742 ) ( 336 ) ( 6,076 ) ( 31,886 )

Other income (expenses)

Income from equity-accounted investment

- - - - 2,153 2,153

Fair value gain on equity securities

- - - - 4,064 4,064

Fair value loss on equity securities

Interest expense and finance costs

( 425 ) ( 70 ) - ( 5 ) - ( 500 )

Interest income

- - - - 3,903 3,903

Income (loss) before income taxes

$ ( 16,419 ) $ ( 6,455 ) $ ( 4,783 ) $ ( 345 ) $ 14,071 $ ( 13,931 )

$ 370,760 $ 35,624 $ 381,387 $ 21,014 $ 723,863 $ 1,532,648

Loss before income taxes

Equity-accounted investments

$ - $ - $ - $ - $ 59,684 $ 59,684

Capital additions

$ 984 $ 533 $ - $ 25 $ - $ 1,542

Three months ended January 31, 2025

Three Months Ended April 30, 2025

Statement of Operations

$ - $ - $ - $ - $ 49,750 $ 49,750

Cost of sales

- - - - ( 31,524 ) ( 31,524 )

Depreciation, amortization and accretion

( 864 ) ( 139 ) ( 39 ) ( 1 ) ( 2 ) ( 1,045 )

Other operating expenses (1)

( 10,225 ) ( 4,120 ) ( 694 ) ( 375 ) ( 5,401 ) ( 20,815 )

Other income (expenses)

Loss from equity-accounted investment

- - - - ( 991 ) ( 991 )

Fair value loss on equity securities

- - - - ( 7,967 ) ( 7,967 )

Interest expense and finance costs

( 259 ) - - ( 5 ) ( 25 ) ( 289 )

Interest income

- - - - 1,201 1,201

- ( 11 ) 4 2 23 18

Income (loss) before income taxes

$ ( 11,348 ) $ ( 4,270 ) $ ( 729 ) $ ( 379 ) $ 5,064 $ ( 11,662 )

$ 364,988 $ 24,812 $ 369,361 $ 20,816 $ 201,980 $ 981,957

Loss before income taxes

Equity-accounted investments

$ - $ - $ - $ - $ 55,181 $ 55,181

Capital additions

$ 190,645 $ 807 $ - $ 52 $ - $ 191,504

URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2026

April 30, 2026

(Unaudited - Expressed in thousands of U.S.

dollars unless otherwise stated)

Six months ended January 31, 2026

Nine Months Ended April 30, 2026

Statement of Operations

$ - $ - $ - $ - $ 20,200 $ 20,200

Cost of sales

- - - - ( 10,172 ) ( 10,172 )

Depreciation, amortization and accretion

( 2,389 ) ( 695 ) ( 90 ) ( 7 ) ( 3 ) ( 3,184 )

Other operating expenses (1)

( 27,677 ) ( 13,510 ) ( 6,670 ) ( 582 ) ( 11,790 ) ( 60,229 )

Other income (expenses)

Income from equity-accounted investment

- - - - 2,893 2,893

Fair value gain on equity securities

- - - - 20,085 20,085

Interest expense and finance costs

( 766 ) ( 447 ) - ( 10 ) - ( 1,223 )

Interest income

- - - - 6,666 6,666

- 13 9 2 - 24

Income (loss) before income taxes

$ ( 30,832 ) $ ( 14,639 ) $ ( 6,751 ) $ ( 597 ) $ 27,879 $ ( 24,940 )

Capital additions

$ 1,298 $ 1,331 $ 57 $ 81 $ - $ 2,767

Six months ended January 31, 2025

Nine Months Ended April 30, 2025

Statement of Operations

$ - $ - $ - $ - $ 66,837 $ 66,837

Cost of sales

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

Depreciation, amortization and accretion

( 1,288 ) ( 272 ) ( 75 ) ( 4 ) ( 4 ) ( 1,643 )

Other operating expenses (1)

( 15,948 ) ( 8,452 ) ( 4,723 ) ( 839 ) ( 9,710 ) ( 39,672 )

Other income (expenses)

Loss from equity-accounted investment

- - - - ( 1,467 ) ( 1,467 )

Fair value loss on equity securities

- - - - ( 18,317 ) ( 18,317 )

Gain on revaluation of derivative liabilities

- - - - 1,706 1,706

Interest expense and finance costs

( 402 ) - - ( 10 ) ( 218 ) ( 630 )

Interest income

- - - - 2,326 2,326

- ( 167 ) 9 3 217 62

Loss before income taxes

$ ( 17,638 ) $ ( 8,891 ) $ ( 4,789 ) $ ( 850 ) $ ( 990 ) $ ( 33,158 )

Capital additions

$ 191,333 $ 1,178 $ 273 $ 52 $ - $ 192,836

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

1 unchanged sentence

Long-lived assets (2)

January 31, 2026

April 30, 2026

July 31, 2025

United States

385,601 384,779

380,184 377,004

15,457 15,381

781,242 777,164

( 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

(Expressed in thousands of U.S.

dollars, except per share and per pound amounts)

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

In evaluating these statements you should consider various factors, including the risks, uncertainties and assumptions set forth in reports and other documents we have filed with or furnished to the SEC and, including, without limitation, this Form 10-Q Quarterly Report for the six months ended January 31, 2026, 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, 2025, our most recently completed year end, to January 31, 2026, and our results of operations for the three and six months ended January 31, 2026, 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.

The following Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations (“MD&A”) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of Uranium Energy Corp.

and its subsidiaries (collectively, the “Company,” “our” and “we”).

This MD&A should be read in conjunction with our unaudited interim condensed consolidated financial statements for the three and nine months ended April 30, 2026 and the notes thereto and Annual Report on Form 10-K for the year ended July 31, 2025 (the “Annual Report”), including the audited consolidated financial statements for the fiscal year ended July 31, 2025, and notes thereto.

Unless otherwise stated, all references to dollar amounts herein are to United States dollars.

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.

Our principal projects are located in Wyoming and Texas in the U.S.

and in Saskatchewan, Canada, as more fully described in our Annual Report.

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

During Fiscal 2025, our initial production as part of ramp up yielded 103,545 pounds and 26,421 pounds of precipitated uranium and dried and drummed U 3 O 8 (uranium concentrate), respectively.

For the six months ended January 31, 2026, 114,355 pounds of precipitated uranium and dried and drummed U 3 O 8 were produced.

In the nine months ended April 30, 2026, 146,550 pounds of precipitated uranium and dried and drummed U 3 O 8 were produced at Christensen Ranch.

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

Delineation drilling expanded in wellfield 12 and 8 and 10-extensions.

Mine development advanced further with well installation in wellfield 10-extension and 12, as well as installation of the monitor well ring in wellfield 10-extension.

Additionally, construction was completed on four new header houses in wellfield 11, with three additional header houses being installed in wellfield 12 and 10-extension.

Production from the new header houses is expected to commence on receipt of state regulatory approval.

In parallel with activities at the Christensen Ranch mine, process upgrades at the Irigaray central processing plant (“CPP”) continued in the second quarter of Fiscal 2026, including refurbishment of the calciner to increase throughput of dried yellowcake.

Updates included components as recommended by the manufacturer to increase operational efficiency.

As a result, drying and packaging is now running with 24/7, two shift operations.

At Ludeman, our third new ISR project located 10 miles northeast of Glenrock, Wyoming, delineation drilling was approximately 80% completed at the end of the second quarter of Fiscal 2026.

In March 2026, we secured State regulatory approval and commenced operating three additional header houses in Wellfield 11 at our Christensen Ranch Mine.

Preconditioning of Wellfield 11 started thereafter, followed by carbon dioxide and oxygen injection to initiate the uranium recovery process.

We continued to develop new production areas at Christensen Ranch during the quarter.

One header house in Wellfield 11 is complete and is awaiting regulatory approval.

Five more header houses are under construction in Wellfields 12 and 10-extension.

Additionally, baseline water quality sampling was completed in Wellfield 10-extension.

At Ludeman, our third ISR project, the previously announced 240-hole delineation drill program was completed.

This work will assist wellfield pattern design currently underway.

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

Additionally, core samples were collected for subsequent laboratory testing.

Engineering work for the satellite ion-exchange plant progressed with the plant layout and pad design largely finalized and fabrication of the ion-exchange vessels ahead of schedule.

The engineering team continues to advance the remainder of the mechanical equipment specifications which allows us to begin the procurement process for longer lead time equipment.

Uranium captured on ion-exchange resin at the Ludeman satellite plant will be transported to the Irigaray central processing plant (the “CPP”), our hub in the Powder River Basin, for stripping, precipitation, drying and packaging.

Uranium recovered from our Christensen Ranch Mine is 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.

1 unchanged sentence

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

Our first milestone in the FAST-41 process was completed in the second fiscal quarter with the submission of the Sweetwater Plan of Operations for ISR operations to the Bureau of Land Management (“BLM”) on November 14, 2025.

BLM finalized their completeness review of the submission on March 3, 2026, the second milestone in the FAST-41 process.

The next steps are meetings with BLM to determine the level of National Environmental Policy Act review that will be necessary for final approval of the project on federal lands.

The installation of 23 cased monitor wells and the coring program for advanced metallurgical testing was completed during the quarter.

We commenced a 200-hole delineation drilling program in the first wellfield at Sweetwater on March 2, 2026.

Our first milestone in the FAST-41 process was completed in our second fiscal quarter with the submission of the Sweetwater Plan of Operations for ISR operations to the Bureau of Land Management (“BLM”) on November 14, 2025.

BLM’s 30-day public comment period for the Plan of Operations began on March 16, 2026 and ended April 17, 2026.

Comments will be evaluated during the National Environmental Policy Act process, which began in June 2026.

A 200-hole delineation drilling program in the first two planned wellfields at Sweetwater commenced in March and was completed in early May for the Sweetwater North area where wellfield pattern planning has commenced.

A second 200-hole delineation drilling program is scheduled to begin in July 2026 where the third ISR wellfield at Sweetwater is planned.

We have commenced the assessment of refurbishment requirements for the Sweetwater Mill for both conventional and ISR operations.

Ion-exchange vessels for the Sweetwater ISR circuit are under construction.

In Texas, our fully-licensed and 100% owned Hobson CPP 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”).

A major milestone was achieved with the construction completion of Burke Hollow during the second quarter of Fiscal 2026.

Drilling, casing, and underreaming of wells in the initial production area within the first wellfield is complete.

The wellfield is comprised of 129 injection and recovery wells that have been tested for mechanical integrity and will provide initial feed to the ion-exchange (“IX”) plant.

The buildout of the satellite IX plant, including IX columns, IX resin and water treatment systems with an overall capacity of 2,500 gallons per minute was completed.

Ion-exchange is a filtration system which removes liquid uranium from groundwater before it is dried and processed into U 3 O 8 at the Hobson CPP.

Additionally, all bulk chemicals, including oxygen, carbon dioxide and others, have been delivered in preparation for startup of our hub and spoke operations in South Texas.

In December 2025, the Drilling and Completion Report for the waste disposal well was submitted to the Texas Commission on Environmental Quality (“TCEQ”) for their review.

The waste disposal well will facilitate production operations, as well as restoration at the completion of mining activities.

As the TCEQ completes its review, which is standard procedure for commencing a new ISR operation, we have carried out pre-operational inspections of the wellfield, IX plant and disposal well.

With the increased level of industry activity, there is regulatory backlog, which has led to slower than normal review times for submissions.

In Canada, we started a 34,000-meter core drilling program in October 2025.

Of the planned drilling more than 30% has been completed.

Concurrently, we are working with SaskPower towards a Definition Phase Agreement for a high-voltage power connection to the Roughrider Project.

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.

On January 2, 2026, UEC Energy Corp.

was formed as a holding company to hold certain investments and other assets.

a hub) for our Burke Hollow Mine and Palangana Mine, and future satellite uranium mining activities, such as our Goliad Project, located within the South Texas Uranium Belt (i.e.

In April 2026, we received approval from the Texas Commission on Environmental Quality and commenced production at our Burke Hollow Mine in South Texas.

In order to initiate the uranium recovery process, oxygen and carbon dioxide were injected into the wellfield and will provide initial feed to the ion-exchange plant.

The satellite ion-exchange plant, including columns, resin and water treatment systems with an overall capacity of 2,500 gallons per minute was commissioned in the fiscal third quarter.

Wellfield development continued in phase 1A.

An additional 46 wells were completed and tested for mechanical integrity facilitating installation of pumps and related piping and infrastructure.

The main trunkline, piping, and valves have been installed and tested, as well as piping for oxygen delivery to the field.

In Canada, as part of the planned pre-feasibility study at the Roughrider Project, we have substantially completed a 35,000-meter conversion core drilling program.

This included resource targets across the West Zone, East Zone and Far East Zone, aiming to convert inferred estimated resources into the indicated category at the Roughrider Project.

80% of the planned drilling has been completed to date.

We have engaged Tetra Tech Canada Inc.

to provide lead technical services for the preparation of the pre-feasibility study.

Process flow diagrams, mass and water balance drawing, and process equipment lists have been completed.

Concurrently, we have provided an electrical load list and a transmission interconnection service request to SaskPower for a Definition Phase Agreement connecting high-voltage power to the Roughrider Project.

We continue to advance Roughrider through technical and environmental studies, community engagement and assessing opportunities to further de-risk the project.

The processes of updating the environmental baseline work and Indigenous engagement supports a future Environmental Impact Assessment and licensing required for uranium production.

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

1 unchanged sentence

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.

During the second quarter of Fiscal 2026, UR&C progressed a feasibility study with its contractor, Fluor Corporation (“Fluor”).

In support of the feasibility study, a detailed siting study was initiated for the planned facility, and the review of various sites across the U.S.

All sites are undergoing a rigorous evaluation with respect to site and civil characteristics, environment and permitting requirements, logistics, utility infrastructure, and the available workforce.

Several key technical personnel were added to the UR&C’s team, as well as Fluor’s engineering team.

Additionally, Fluor began preparing for licensing of the facility with the placement of key licensing and permitting personnel.

On March 18, 2026, UR&C received a docket number from the U.S.

Nuclear Regulatory Commission (“NRC”) for its planned uranium conversion facility.

The formal license application is expected to be submitted once engineering and design activities, currently underway with Fluor Corporation (“Fluor”), are complete and a site has been selected.

Ongoing discussions with the U.S.

Department of Energy regarding strategic nuclear fuel cycle infrastructure has led UR&C to broaden its site selection process.

Additional candidate locations are being evaluated to ensure alignment with federal priorities to restore domestic uranium conversion capacity and strengthen America's nuclear fuel supply chain.

This work has culminated in the identification of a final shortlist of candidate locations.

Concurrently, work led by Fluor is advancing into a new phase in their Greenville, South Carolina offices, with a significant expansion of engineering and technical resources supporting facility design, siting, licensing and development.

In Paraguay, the Alto Paraná Project hosts a globally significant titanium resource.

We commissioned TZ Minerals International PTY LTD (“TZMI”) to review the project’s positioning within the U.S.

critical materials framework.

TZMI reviewed the potential opportunity and the previously disclosed resource estimate and initial assessment (“PEA”) disclosed by us in November 2023 (1) .

In its recently completed report, TZMI identified the project’s unique strategic fit, including being located in a U.S.

aligned partner country, its access to clean, low-cost power and its ability to integrate into U.S.

and allied downstream processing supply chains.

It also highlighted that Alto Paraná presents an opportunity to directly address three structural vulnerabilities in U.S.

critical minerals policy:

1) being its current near-total reliance on imported titanium sponge feedstock, 2) the high concentration of vanadium unit supply from a limited number of jurisdictions and, 3) the limited availability of large-scale, allied supply sources within the Western Hemisphere.

The PEA and this new report highlight the unique advantages of this world-class, large-scale ilmenite deposit, including its high grade, surface accessibility and low-cost, low-carbon advantages supported by proximity to hydroelectric power, enabling long-life production.

The PEA evaluated two development scenarios based on estimated indicated and inferred mineral resources.

The first scenario yielded a net present value discounted at 8% (“NPV 8 ”) of $419 million with a 21% post-tax internal rate of return (“IRR”) utilizing less than 0.2% of the regional resource per year.

The second, larger-scale scenario set out a NPV 8 of $1.55 billion with a 25% post-tax IRR utilizing less than 0.7% of the regional resource per year (1) .

The project hosts an estimated inferred mineral resource of 3.58 billion tonnes at an average grade of approximately 7.3% TiO₂ and an estimated indicated mineral resource of 70 million tonnes at an average grade of approximately 7.6% TiO₂ (2) .

The assessment is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have modifying factors applied to them that would enable them to be categorized as mineral reserves and there is no certainty that this economic assessment will be realized.

Reported grades are expressed as in-situ whole rock TiO₂ grades.

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.

4 unchanged sentences

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 January 31, 2026, 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.

As at April 30, 2026, 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.

5 unchanged sentences

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

As of January 31, 2026, we held 1,456,000 pounds of purchased uranium, and all previously disclosed purchase commitments for uranium had been fulfilled as of such date with no outstanding purchase agreements remaining.

Our Physical Uranium Program supports three objectives for our Company:

As of April 30, 2026, we held 1,456,000 pounds of purchased uranium, and all previously disclosed purchase commitments for uranium had been fulfilled as of such date with no outstanding purchase agreements remaining.

Our Physical Uranium Program currently supports three objectives for our Company:

(i) to bolster our balance sheet as uranium prices appreciate;

2 unchanged sentences

origin specific opportunities which may command premium pricing due to the scarcity of domestic uranium.

One such U.S.

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

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, data center and AI development, geopolitical situations and under investment among other factors.

In its latest Electricity 2026 Outlook, the International Energy Agency reported nuclear energy at a record high and projected global electricity demand growth of roughly 3.6% per year through 2030.

The report also noted that nuclear energy together with renewable energy sources will generate about half of all global electricity by 2030.

Demand for data centers and artificial intelligence systems is continuing to increase with Goldman Sachs projecting a 160% to 175% increase in global data center power demand by 2030 compared to 2023 levels.

ICF International Inc.

in its September 2025 study, projected that electricity demand in the United States will see a 25% increase by 2030 and a near 80% increase by 2050.

Countries around the globe are realizing the highly reliable, clean, safe, economical power nuclear energy provides should be a part of most any country’s baseload energy platform.

The uranium market is currently positively impacted by a macro demand for more electricity generation, an unprecedented global push for clean energy, data center and artificial intelligence development, geopolitical pressures and historic under investment among other factors.

In its Electricity 2026 report published in February 2026, the International Energy Agency (“IEA”) reported electricity demand grew by 3% in 2025 and is expected to grow at a 3.6% annual rate through 2030.

Nuclear generation set a record high and is projected to increase 2.8% per year through 2030.

The report also estimated that nuclear energy, together with renewable energy sources, will generate about half of all global electricity by 2030.

The IEA indicates that “global data center electricity consumption is projected to roughly double by 2030, rising from roughly 415 to 450 Terawatt-hour (“TWh”) in 2024 and 2025 to over 900 to 1,000 TWh by 2030”.

ICF International Inc., in its September 2025 study, projected that electricity demand in the U.S.

will see a 25% increase by 2030 and near 80% increase by 2050.

Countries around the globe are realizing that the reliable, clean, safe, economical power nuclear energy provides are desirable attributes for a country’s baseload energy platform.

An increasing number of governments have announced that they are pursuing strategies to increase energy independence for national security interests that dovetail well with nuclear power as a key component in their energy mix.

In the United States, several pieces of bipartisan legislation have passed in recent years supporting nuclear energy development and expansion, including the Nuclear Fuel Security Act, the Advance Act, the Inflation Reduction Act and the Big Beautiful Bill (collectively, the “Acts”).

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.

Consistent with the Acts, recent legislation labeled as the Accelerating Reliable Capacity (ARC) Act of 2026 has been introduced in the Senate by bipartisan parties to provide federal backing for over-budget nuclear reactors.

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.

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 (collectively, the “Acts”).

In combination, these Acts and other legislative efforts seek to encourage the restoration and rebuilding of a robust domestic fuel cycle in the U.S.

Consistent with the Acts, recent legislation labeled as the Accelerating Reliable Capacity (ARC) Act of 2026 has been introduced in the U.S.

Senate by bipartisan parties to expedite new advanced reactor development and provide federal backing for over-budget nuclear reactors.

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

nuclear energy by 2050.

These Executive Orders marked 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 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.

1 unchanged sentence

Government had entered into 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 this 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 $101.50 per pound U 3 O 8 on January 29, 2026.

Since that time, the market has experienced what appears as a shorter-term pullback to $85.50 in February 2026 (Source:

To meet the goal of having 10 large reactors under construction by 2030, the U.S.

Department of Energy (“DOE”) is in advanced talks to provide financing, specifically for long-lead time components like reactor vessels and steam generators, to accelerate construction timelines.

The DOE’s Office of Energy Dominance Financing has nearly $290 billion in available funding that can be directed towards baseload energy, with nuclear power plants expected to be the largest recipient.

Global uranium market fundamentals have shown significant improvement in recent years as this 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 $101.50 per pound U 3 O 8 on January 29, 2026.

Since that time the market has experienced what appears as a shorter-term pullback and consolidation with trading in the range of $86 to $87 per pound at the end of April 2026.

UxC LLC Historical Ux Daily Prices ).

During the three and six months ended January 31, 2026, uranium prices averaged $80.76 and $78.75 per pound U 3 O 8 representing a 7.7% and 0.9% increase, respectively, compared to the average price of $74.98 and $78.06 per pound U 3 O 8 representing a 7.7% increase compared to the average price of $74.98 per pound U 3 O 8 in the corresponding period in Fiscal 2025 (Source:

During the three and nine months ended April 30, 2026, uranium prices averaged $86.37 and $81.25 per pound U 3 O 8 representing a 31.8% and 9.2% increase, respectively, compared to the average price of $65.53 and $74.38 per pound U 3 O 8 in the corresponding period in Fiscal 2025 (Source:

UxC LLC Historical Ux Daily Prices ).

1 unchanged sentence

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 about 67 million pounds U 3 O 8 , and by 2035 accumulates to a total above 344 million pounds U 3 O 8 (Source:

In 2026 through 2028 the mid-case gap between production and requirements is projected to be about 65 million pounds U 3 O 8 , and by 2036 accumulates to a total above 290 million pounds U 3 O 8 ( Source:

UxC 2026 Q1 Uranium Market Outlook ).

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

For context, the U.S.

commercial reactor fleet requirements were 55.9 million pounds of U 3 O 8 in 2024 ( Source:

United States Energy Information Administration, September 30, 2025 - Uranium Marketing Annual Report ).

4 unchanged sentences

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 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 that one of its objectives was to “reduce dependency on foreign imports” for the United States’ “national security” and recognized uranium as an “amazing national asset” (Source:

Economic sanctions, transportation restrictions and U.S.

legislation banning the importation of Russian nuclear fuel, together with 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, U.S.

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” stated that 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).

4 unchanged sentences

Trade Representative and Department of Commerce to negotiate agreements with trading partners to secure supply chains and address import volumes.

The Proclamation addresses the Section 232 investigation and states:

The Proclamation addresses the Section 232 investigation and stated:

“the Secretary recommended a range of actions, including actions to adjust the imports of PCMDPs so that such imports will not threaten to impair the national security”.

While specific remedies are not yet defined, in the event agreements are not reached or are ineffective by July 13, 2026, the actions could potentially lead to resumption of strategic uranium reserve purchases, establishment of import price floors or other remedies.

On the demand side, the global nuclear energy industry continues robust growth, with 70 new reactors connected to the grid in 2015 through 2025 and with another 74 reactors under construction.

In 2025, construction started for seven new reactors and seven new reactors were connected to the grid while seven reactors were permanently shut down (Source:

I nternational Atomic Energy Association Power Reactor Information System – February 16, 2026 ).

While specific remedies are not yet defined, in the event agreements are not reached or are ineffective by July 13, 2026, the actions could potentially lead to the resumption of strategic uranium reserve purchases, establishment of import price floors and other remedies.

On April 23, 2026, the DOE’s Office of Nuclear Energy announced the following new initiative to secure the nation’s nuclear fuel supply chain:

“Through the Defense Production Act Nuclear Fuel Cycle Consortium, the federal government will work with the domestic nuclear industry to ensure that the United States continues to have enough nuclear fuel to power the current nuclear reactor fleet as well as future advanced reactors”.

This is known as the “Nuclear Dominance 3 by 33” campaign to secure U.S nuclear fuel supply and one of the possible outcomes is actions to fund and build up the strategic uranium reserve.

On the demand side, the global nuclear energy industry continues robust growth, with 72 new reactors connected to the grid in 2015 through April of 2026 with another 72 reactors under construction.

International Atomic Energy Association Power Reactor Information System – May 8, 2026).

Total nuclear generating capacity for the world’s 438 operable reactors stands at 401 gigawatts (Source:

World Nuclear Association – February 16, 2026 ).

In December 2025, the World Nuclear Association reported 33 countries had pledged to at least triple their nuclear capacity by 2050, further supporting additional growth for the nuclear industry and uranium demand.

In addition, over 140 nuclear industry companies, 16 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 it returns to a longer-term contracting cycle to replace expiring contracts.

World Nuclear Association – April 20, 2026).

In March of 2026 the World Nuclear Association reported 38 countries have pledged to at least triple their nuclear capacity by 2050, further supporting additional growth for the nuclear industry and uranium demand.

In addition, over 140 nuclear industry companies, 16 of the world’s largest banks, like Citibank, Morgan Stanley and Goldman Sachs, and at least 15 large energy users, such as Nvidia, Microsoft, Amazon and Google, have all pledged to support this goal in their investments and commercial activities.

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 800 million pounds U 3 O 8 ( Source:

UxC Uranium Market Overview Q1 2026 ).

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.

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 growing electrification demand, 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.

2 unchanged sentences

Results of Operations

During the three and six months ended January 31, 2026, we recorded revenue of $20.20 million and gross profit of $10.03 million, related to sales of purchased uranium inventory.

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

For the three and six months ended January 31, 2026, we recorded a net loss of $13.94 million ($0.03 per share) and $24.28 million ($0.05 per share), respectively, and loss from operations of $23.56 million and $53.39 million, respectively.

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

During the six months ended January 31, 2026, we continued ramping up mining activities at our Christensen Ranch Mine, where 114,355 pounds of precipitated uranium and dried and drummed U 3 O 8 were produced.

During the nine months ended April 30, 2026 and 2025, we recorded revenue of $20.20 million and $66.84 million, respectively, and gross profit of $10.03 million and $24.48 million, respectively, related to sales of purchased uranium inventory.

There were no sales for the three months ended April 30, 2026 and April 30, 2025.

For the three and nine months ended April 30, 2026, we recorded a net loss of $52.34 million ($0.11 per share) and $76.62 million ($0.16 per share), respectively, and loss from operations of $40.79 million and $94.17 million, respectively.

During 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), respectively, and loss from operations of $23.46 million and $40.30 million, respectively.

During the nine months ended April 30, 2026, we continued ramping up mining activities at our Christensen Ranch Mine, where 146,550 pounds of precipitated uranium and dried and drummed U 3 O 8 were produced.

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

At our Burke Hollow Project, final construction milestones were completed and the operations team is preparing for startup while the state regulator finishes their review of the completion report for the waste disposal well.

Additionally, uranium extraction at our new Burke Hollow Mine commenced in April 2026.

In parallel, we continued to advance our Roughrider Project with resource expansions and accelerated the development program at our Ludeman Project.

In addition, drilling and engineering for mill refurbishment of our Sweetwater Project have been initiated.

In addition, delineation drilling at our Sweetwater Project is underway.

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.

Sales Revenue and Costs

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

Three Months Ended January 31,

Six Months Ended January 31,

The following table below provides a breakdown of our sales revenue and cost of sales for the periods indicated:

Three Months Ended April 30,

Nine Months Ended April 30,

Sales of purchased uranium inventory

5 unchanged sentences

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

Three Months Ended January 31,

Six Months Ended January 31,

Three Months Ended April 30,

Nine Months Ended April 30,

Permitting and land payments

Extraction readiness and mine site maintenance

During the three and six months ended January 31, 2026 , exploration expenditures, such as drilling and preliminary economic assessments, were primarily spent on the following projects:

During the three and nine months ended April 30, 2026, exploration expenditures, such as drilling and initial economic assessments, were primarily spent on the following projects:

Burke Hollow Project:

$0.52 million and $1.70 million ( January 31, 2025 :

$0.75 million and $2.44 million (April 30, 2025:

$0.43 million and $1.91 million), respectively;

Roughrider Project:

$3.80 million and $4.81 million ( January 31, 2025 :

$4.97 million and $9.78 million (April 30, 2025:

$2.08 million and $5.30 million), respectively;

During the three and six months ended January 31, 2026 , development expenditures were primarily spent on the following projects:

Sweetwater Project:

$1.01 million and $1.01 million (April 30, 2025:

$0.18 million and $0.19 million), respectively.

During the three and nine months ended April 30, 2026, development expenditures were primarily spent on the following projects:

Burke Hollow Project:

$3.80 million and $8.63 million ( January 31, 2025 :

$4.82 million and $13.45 million (April 30, 2025:

$2.31 million and $6.90 million), respectively;

Christensen Ranch Mine:

$9.54 million and $17.96 million ( January 31, 2025 :

$10.29 million and $28.24 million (April 30, 2025:

$4.39 million and $8.60 million), respectively;

Ludeman Project:

$0.66 million and $0.70 million (January 31, 2025:

$0.59 million and $1.29 million (April 30, 2025:

$0.16 million and $0.83 million), respectively.

During the three and six months ended January 31, 2026, mine site services and maintenance expenditures were primarily spent on optimization of our Irigaray CPP, including a full rebuild of one of two yellowcake thickeners and replacing the rake, gearbox and motor along with a full refurbishment of the calciner.

During the three and nine months ended April 30, 2026, mine site services and maintenance expenditures were primarily spent on optimization of our Irigaray CPP, including a full rebuild of one of two yellowcake thickeners, replacing the rake, gearbox and motor and installation of two new precipitation tanks along with a full refurbishment of the calciner.

General and Administrative

General and administrative expenses were comprised of the following:

Three Months Ended January 31,

Six Months Ended January 31,

General and administrative expenses were comprised of the following for the periods indicated:

Three Months Ended April 30,

Nine Months Ended April 30,

Salaries and management fees

6 unchanged sentences

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

For the three and six months ended January 31, 2026, salaries and management fees increased compared to the three and six months ended January 31, 2025, 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 and six months ended January 31, 2026, office, investor communications and travel and professional fees increased compared to the three and six months ended January 31, 2025, which was primarily the result of increases in business activities and the expansion of our operations.

For the three and nine months ended April 30, 2026, salaries and management fees increased compared to the three and nine months ended April 30, 2025, which was primarily the result of hiring additional mid-level management and office personnel to support the Company’s operational expansion and initiatives and corporate-wide salary increases to adjust for inflation;

For the three and nine months ended April 30, 2026, office, investor communications and travel and professional fees increased compared to the three and nine months ended April 30, 2025, which was primarily due to increases in business activities and the expansion of our operations.

Additionally, we also incurred $1.28 million and $1.75 million for the three and nine months ended April 30, 2026, respectively, in connection with the planning and evaluation of our proposed uranium refining and conversion facility in the U.S.

Income (Loss) from Equity-Accounted Investments

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

Three Months Ended January 31,

Six Months Ended January 31,

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

Three Months Ended April 30,

Nine Months Ended April 30,

Share of income (loss)

Gain on dilution of ownership interest

During the three and six months ended January 31, 2026 and 2025, we recorded a gain on dilution of ownership interest in URC as a result of URC issuing more shares from its equity financing and exercises of warrants and/or stock options.

As at January 31, 2026, we had a 12.3% equity interest in URC compared to a 13.5% equity interest as at July 31, 2025.

During the three and six months ended January 31, 2026, we recorded a share of URC’s income of $0.59 million and $0.97 million (three and six months ended January 31, 2025:

loss of $0.24 million and $0.30 million), and a share of loss of JCU of $0.38 million and $1.54 million (three and six months ended January 31, 2025:

During the three and nine months ended April 30, 2026 and 2025, we recorded a gain on dilution of ownership interest in URC as a result of URC issuing more shares from its equity financing and pursuant to exercises of warrants and/or stock options.

As at April 30, 2026, we had a 12.3% equity interest in URC compared to a 13.5% equity interest as at July 31, 2025.

During the three and nine months ended April 30, 2026, we recorded a share of URC’s income of $4.87 million and $5.84 million (three and nine months ended April 30, 2025:

loss of $0.15 million and $0.45 million), and a share of loss of JCU of $1.42 million and $2.95 million (three and nine months ended April 30, 2025:

$2.11 million and $3.30 million), respectively.

Fair Value Gain (Loss) on Equity Securities

As at January 31, 2026, our investments in equity securities were revalued using the market values at period end, which resulted in a fair value gain of $4.06 million and $20.09 million on revaluation of equity securities for the three and six months ended January 31, 2026 (three and six months ended January 31, 2025:

As at April 30, 2026, our investments in equity securities were revalued using the market values at period end, which resulted in a fair value loss of $19.43 million and a gain of $0.65 million on revaluation of equity securities for the three and nine months ended April 30, 2026 (three and nine months ended April 30, 2025:

loss of $4.27 million and $22.58 million), respectively.

Interest income

During the three and six months ended January 31, 2026, interest income totaled $3.90 million and $6.67 million, respectively, compared to $1.20 million and $2.33 million for the same period in Fiscal 2025.

During the three and nine months ended April 30, 2026, interest income totaled $4.22 million and $10.89 million, respectively, compared to $0.57 million and $2.90 million for the three and nine months ended April 30, 2025.

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

January 31, 2026

April 30, 2026

July 31, 2025

3 unchanged sentences

Working capital (Current assets less Current liabilities)

As at January 31, 2026, the total estimated reclamation costs for all of our projects was $89.10 million.

As at April 30, 2026, the total estimated reclamation costs for all of our projects was $88.90 million.

We have secured $63.89 million of surety bonds as an alternate source of financial assurance for the estimated costs of our reclamation obligations, of which $1.88 million is funded and held as restricted cash for collateral purposes as required by the surety.

4 unchanged sentences

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.

Should any one or more of these events occur in the future, it may have an adverse impact on our financial condition.

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

We had an accumulated deficit balance of $430.84 million as at January 31, 2026.

We had an accumulated deficit balance of $483.18 million as at April 30, 2026.

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

During the six months ended January 31, 2026, we received net proceeds of $448.85 million (six months ended January 31, 2025:

$135.29 million) from our at-the-market offerings, public offering and flow-through share private placement and from exercises of stock options.

As at January 31, 2026, we had a working capital of $576.85 million.

During the nine months ended April 30, 2026, we received net proceeds of $508.20 million (nine months ended April 30, 2025:

$168.03 million) from our at-the-market offerings, public offering and flow-through share private placement and from exercises of our stock options.

As at April 30, 2026, we had a working capital of $563.83 million.

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

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

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

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

In recent periods, we have also generated cash through the sales from uranium inventories.

Our reliance on equity is expected to continue for the foreseeable future and we may need to seek additional equity and/or debt financing in the future to manage our liquidity needs.

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

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

7 unchanged sentences

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.

In the future we may make acquisitions of businesses or assets or commitments to additional capital projects or strategic initiatives such as UR&C.

To achieve the long-term goals of expanding our assets and earnings, including through acquisitions of complementary businesses or assets, capital resources may be required.

Depending on the size of a transaction, the capital resources that will be required can be substantial.

The necessary resources will be generated from cash flow from operations, cash on hand, sales of inventories and securities, borrowing against our assets or the issuance of equity or debt securities.

Equity Financings

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 (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 in shares of our common stock under the 2022 Shelf.

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

Wainwright & Co., LLC and certain co-managers (collectively, the 2022 ATM Managers) as set forth in the 2022 ATM Offering Agreement under which we could, 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 (the 2024 ATM Offering) under which we could, from time to time, sell shares of our common stock having an aggregate offering price of up to $300 million pursuant to an at-the-market offering agreement (the 2024 ATM Offering Agreement) we have with Goldman Sachs & Co.

LLC and certain co-managers (collectively, the 2024 ATM Managers).

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).

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

Wainwright & Co., LLC and certain other co-managers (collectively, the 2022 ATM Managers) as set forth in the 2022 ATM Offering Agreement under which we could, 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 entered into an at-the-market offering agreement (the 2024 ATM Offering Agreement) with Goldman Sachs & Co.

LLC and certain other co-managers (the 2024 ATM Managers), pursuant to which the Company may sell shares of our common stock having an aggregate offering price of up to $300 million pursuant to an at-the-market offering (the 2024 ATM Offering) .

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

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

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

During the nine months ended April 30, 2025, we issued 11,516,375 and 11,888,516 of the Company’s common stock under the 2022 ATM Offering Agreement and the 2024 ATM Offering Agreement 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.

six months ended January 31, 2026, we issued

10,077,186 and

5,758,936 of the Company’s common stock under the 2024 ATM Offering and the 2025 ATM Offering for gross cash proceeds of $

101.97 million and $

107.98 million, respectively.

The total issuance costs were $

2.29 million and $

2.16 million, all of which were related to compensation paid to the 2024 ATM Managers and the 2025 ATM Managers, respectively.

Subsequent to January 31, 2026 , we issued 869,556 of the Company’s common stock under the 2025 ATM Offering for gross cash proceeds of $ 14.77 million.

During the nine months ended April 30, 2026, we issued 10,077,186 and 9,709,167 of the Company’s common stock under the 2024 ATM Offering Agreement and the 2025 ATM Offering Agreement for gross cash proceeds of $101.97 million and $168.52 million, respectively.

The total issuance costs were $2.29 million and $3.37 million, all of which were related to compensation paid to the 2024 ATM Managers and the 2025 ATM Managers, respectively.

Subsequent to April 30, 2026, we issued 1,390,880 of the Company’s common stock under the 2025 ATM Offering Agreement for gross cash proceeds of $22.11 million.

The total issuance costs were $0.44 million, all of which were related to compensation paid to the 2025 ATM Managers.

7 unchanged sentences

Operating Activities

During the six months ended January 31, 2026, net cash used in operating activities totaled $72.43 million, which was primarily related to mineral property expenditures of $44.60 million, general and administrative expenses excluding stock-based compensation of $11.81 million and changes in operating assets and liabilities.

The proceeds of $20.20 million from sale of purchased uranium inventory during six months ended January 31, 2026 was subsequently collected on February 13, 2026.

During the six months ended January 31, 2025, net cash used in operating activities was $20.26 million, which was primarily attributable to mineral property expenditures of $27.76 million and general and administrative expenses excluding stock-based compensation of $8.54 million, as well as changes in operating assets and liabilities, partially offset by a gross profit of $24.48 million from the sale of purchased uranium inventory.

During the nine months ended April 30, 2026, net cash used in operating activities totaled $90.06 million, which was primarily related to mineral property expenditures of $74.14 million, general and administrative expenses excluding stock-based compensation of $19.02 million and changes in operating assets and liabilities, offset by a gross profit of $10.03 million from the sale of purchased uranium inventory.

During the nine months ended April 30, 2025, net cash used in operating activities was $41.00 million, which was primarily attributable to mineral property expenditures of $43.44 million and general and administrative expenses excluding stock-based compensation of $13.58 million, as well as changes in operating assets and liabilities, partially offset by a gross profit of $24.48 million from the sale of purchased uranium inventory.

Financing Activities

During the six months ended January 31, 2026, net cash provided by financing activities totaled $445.77 million, comprised primarily of net proceeds of $448.85 million from our 2024 and 2025 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 six months ended January 31, 2025, net cash provided by financing activities totaled $132.65 million, comprised primarily of net proceeds of $135.29 million from our 2022 and 2024 ATM Offerings 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.

During the nine months ended April 30, 2026, net cash provided by financing activities totaled $505.11 million, comprised primarily of net proceeds of $508.20 million from our 2024 and 2025 at-the-market 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 nine months ended April 30, 2025, net cash provided by financing activities totaled $165.39 million, comprised primarily of net proceeds of $168.03 million from our 2022 and 2024 at-the-market offerings 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 six months ended January 31, 2026, net cash used in investing activities totaled $37.48 million, mainly related to investment in equity securities of $36.58 million.

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

During the nine months ended April 30, 2026, net cash used in investing activities totaled $83.27 million, mainly related to investment in Subscription Receipts of $40.00 million, investments in equity securities of $37.93 million and $5.70 million invested in mineral properties and the purchase of equipment.

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 acquisition of our Sweetwater assets, $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.

Stock Options

As of January 31, 2026 , we had in-the-money stock options outstanding representing 3,551,087 shares at a weighted-average exercise price of $2.78 per share, issuable for gross proceeds of approximately $9.88 million should these stock options be exercised in full on a cash basis.

As of April 30, 2026, we had in-the-money stock options outstanding representing 3,435,312 shares at a weighted-average exercise price of $2.78 per share, issuable for gross proceeds of approximately $9.54 million should these stock options be exercised in full on a cash basis.

The exercise of these stock options 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.

1 unchanged sentence

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

During the six months ended January 31, 2026 and 2025, the Company did not enter into any material contracts or undertake any significant commitment or obligation with any related parties.

During the nine months ended April 30, 2026 and 2025, the Company did not enter into any material contracts or undertake any significant commitment or obligation with any related parties.

Off-Balance Sheet Arrangements

2 unchanged sentences

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

Summary of Significant Accounting Policies of the Notes to the consolidated financial statements as presented under Item 8, Financial Statements and Supplementary Data, in our Annual Report on Form 10-K for Fiscal 2025.

Summary of Significant Accounting Policies of the Notes to the consolidated financial statements as presented under Item 8, Financial Statements and Supplementary Data, in our Annual Report.

For a discussion of the recently issued accounting pronouncements, refer to Note 2 of the interim condensed consolidated financial statements contained in this Quarterly Report.

Refer to “Critical Accounting Policies” under Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, in our Annual Report on Form 10-K for Fiscal 2025.

Refer to “Critical Accounting Policies” under Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, in our Annual Report.

Subsequent Events

On January 12, 2026, the Company entered into a subscription agreement to purchase 896,861 Subscription Receipts of Anfield for $4.00 million.

Each Subscription Receipt entitled the Company to receive, upon satisfaction of the Escrow Release Conditions on or prior to March 31, 2026, or such other later date as may be specified by the Company in writing, one common share of Anfield, without payment of additional consideration and without further action on the part of the Company.

Anfield required the approval of the TSX-V and the disinterested shareholders of Anfield at a special shareholder meeting on February 27, 2026 to remove the Escrow Release Conditions associated with the subscription.

Anfield received the approval by the TSX-V and its disinterested shareholders, and consequently issued 896,861 Anfield’s common shares to the Company on February 27, 2026.

The Company completed the sale of purchased uranium inventory on January 30, 2026.

The receivable arising from the sale was subsequently collected on February 13, 2026.

Subsequent to January 31, 2026 , we issued 869,556 of the Company’s common stock under the 2025 ATM Offering for gross cash proceeds of $ 14.77 million.

The total issuance costs were $ 0.30 million, all of which were related to compensation paid to the 2025 ATM Managers.

Subsequent to April 30, 2026, we issued 1,390,880 of the Company’s common stock under our 2025 ATM Offering Agreement for gross cash proceeds of $22.11 million.

The total issuance costs were $0.44 million, all of which were related to compensation paid to our 2025 ATM Managers.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this report (including information incorporated by reference herein) are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are intended to be covered by the safe harbor provided for under these sections.

Words such as “expect(s),” “feel(s),” “believe(s),” “will,” “may,” “anticipate(s),” “estimate(s),” “should,” “intend(s),” "plan(s)," "potential," and similar expressions are intended to identify forward-looking statements.

Our forward-looking statements may include, without limitation, statements regarding:

our overall strategy, objectives, plans and expectations and beyond;

expectations for worldwide nuclear power generation and future uranium supply and demand, including long-term market prices for uranium oxides;

plans and expectations regarding our projects, UR&C and other strategic initiatives;

expectations regarding government initiatives regarding nuclear energy and uranium and their potential impacts on our industry and the markets for uranium;

expectations regarding permitting and other regulatory matters;

our ability to obtain adequate additional financing including access to capital markets;

our belief and expectations including the possible impact of any legal proceedings or regulatory actions against us.

Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis.

However, our forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by those forward-looking statements.

Such risks include, but are not limited to:

our operations are capital intensive and we will require significant additional financing to acquire additional mineral projects and continue with our exploration, pre-extraction and extraction activities on our existing projects;

any failure to successfully develop and/or ramp-up operations at our projects may adversely affects our financial condition and operating results;

exploration, pre-extraction and extraction programs and mining activities are inherently subject to numerous significant risks and uncertainties, and actual results may differ significantly from expectations or anticipated amounts;

we prepare estimates of future uranium extraction and recovery, and there are no assurances that such estimates will be achieved;

there is uncertainty in the estimation of mineral resources;

our mineral resource estimates may not be reliable and are inherently more uncertain than estimates of proven and probable reserves;

there is risk and increased uncertainty to commencing and conducting production without established mineral reserves;

estimated costs of future reclamation obligations may be significantly exceeded by actual costs incurred in the future;

furthermore, only a portion of the financial assurance required for the future reclamation obligations has been funded;

there can be no assurance that our physical uranium program will be successful, which may have an adverse effect on our results of operations;

since there is no public market for uranium, selling the uranium may take extended periods of time and suitable purchasers may be difficult to find, which could have a material adverse effect on our financial condition and may have a material adverse effect on our securities;

storage arrangements, including the extension of storage arrangements, along with credit and operational risks of uranium storage facilities, may result in the loss or damage of our physical uranium which may not be covered by insurance or indemnity provisions and could have a material adverse effect on our financial condition;

the uranium industry is subject to influential political and regulatory factors which could have a material adverse effect on our business and financial condition;

we do not insure against all of the risks we face in our operations;

acquisitions that we may make from time to time could have an adverse impact on us;

we may not be able to obtain, maintain or amend rights, authorizations, licenses, permits or consents required for our operations;

the marketability of uranium concentrates will be affected by numerous factors beyond our control which may result in our inability to receive an adequate return on our invested capital;

we hold mineral rights in foreign jurisdictions which could be subject to additional risks due to political, taxation, economic and cultural factors;

the title to our mineral property interests may be challenged;

due to the nature of our business, we may be subject to legal proceedings which may divert management's time and attention from our business and result in substantial damage awards;

we depend on certain key personnel, and our success will depend on our continued ability to retain and attract such qualified personnel;

certain directors and officers may be subject to conflicts of interest;

the laws of the State of Nevada and our Articles of Incorporation and Bylaws may protect our directors and officers from certain types of lawsuits;

several of our directors and officers are residents outside of the United States, and it may be difficult for stockholders to enforce within the United States any judgments obtained against such directors or officers;

disclosure controls and procedures and internal control over financial reporting, no matter how well designed and operated, are designed to obtain reasonable, and not absolute, assurance as to its reliability and effectiveness;

proposed and new legislation in the U.S.

Congress, including changes in U.S.

tax law, may adversely impact the Company and the value of shares of our common stock;

mining, extraction, recovery, processing, construction, development and exploration activities depend, to a substantial degree, on adequate infrastructure;

tariffs and other changes in international trade policy could adversely affect our business, financial condition and results of operations;

we have historically had negative cash flow from our mining activities;

UR&C and its development of a uranium refining and conversion project is at the early stage, and is subject to a number of risks;

we are subject to the risks normally encountered by companies in the mineral extraction industry;

mining operations involve a high degree of risk;

major nuclear and global market incidents may have adverse effects on the nuclear and uranium industries;

the uranium industry is subject to numerous stringent laws, regulations and standards, including environmental protection laws and regulations.

If any changes occur that would make these laws, regulations and standards more stringent, it may require capital outlays in excess of those anticipated or cause substantial delays, which would have a material adverse effect on our operations

the uranium industry is subject to influential political and regulatory factors which could have a material adverse effect on our business and financial condition;

the uranium industry is highly competitive and we may not be successful in acquiring additional projects;

historically, the market price of our common stock has been and may continue to fluctuate significantly;

prolonged decline in the market price of our common stock could affect our ability to obtain additional financing which would adversely affect our operations;

additional issuances of our common stock may result in significant dilution to our existing shareholders and reduce the market value of their investment.

More detailed information regarding these factors is included in the section titled Item 1, Business;

Item 1A, Risk Factors in Part I of our Annual Report, as well as elsewhere throughout this report.

Many of these factors are beyond our ability to control or predict.

Given these uncertainties, readers are cautioned not to place undue reliance on our forward-looking statements.

All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by these cautionary statements.

We disclaim any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Quantitative and Qualitative Disclosures About Market Risk

Refer to Item 7A., Quantitative and Qualitative Disclosures About Market Risk, in our Annual Report on Form 10-K for Fiscal 2025.

Refer to Item 7A, Quantitative and Qualitative Disclosures About Market Risk, in our Annual Report

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

What changed 10-Q

Item 1. Financial Statements