What changed in this filing

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Item 1. Business

2026-09-29 compared with 2025-09-24 · 345 added, 426 removed, 46 unchanged (94% of the section changed)

Uranium Energy Corp.

is a fast growing, uranium mining company listed on the NYSE American.

UEC is working towards fueling the global demand for carbon-free nuclear energy, a key solution to climate change, and energy source for the low-carbon future.

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

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

UEC also has several U.S.

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

We believe nuclear energy will continue to be an important part of the energy transition and the energy mix of a future low carbon economy.

As such, we are focused on scaling our business to meet the future energy needs for nuclear in the U.S.

and globally.

Uranium Energy Corp.

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

We are a uranium mining and development company.

In August 2024, we re-commenced production at our Christensen Ranch ISR project in Wyoming and, in April 2026, we commenced production at our Burke Hollow ISR mine in South Texas.

We have three ISR mining “hub and spoke” platforms, one in South Texas and two in Wyoming.

We operate out of two of these platforms, anchored by fully licensed and operational uranium central processing plants (“ CPPs ”):

our Hobson CPP located in Texas and our Irigaray CPP located in Wyoming.

The third platform is anchored by our Sweetwater Mill located in Wyoming, currently configured for conventional mining and undergoing refurbishment to accept production from ISR mines.

ISR mining is considered a proven mining method with reduced environmental impacts compared to alternative methods.

UEC has several U.S.

ISR uranium extraction projects with all of their major permits in place, which can be scaled up to feed existing processing facilities.

We have a significant uranium resource base and have licensed production capacity of approximately 12.1 million pounds per year across our Wyoming and South Texas platforms.

In Canada, we control one of the most extensive land and resource portfolios in the Athabasca Basin, anchored by the Roughrider Project (as defined below) in Saskatchewan.

Through our wholly owned subsidiary, United States Uranium Refining & Conversion Corp.

(“ UR&C ”), we are pursuing domestic refining and conversion capabilities to further strengthen the U.S.

nuclear fuel supply chain.

We maintain a 100% unhedged uranium strategy, providing full exposure to uranium market fundamentals.

We believe nuclear energy has cemented itself as a key energy form due to its unique ability to provide reliable, carbon-free baseload power.

Uranium is the essential fuel needed to power nuclear energy and yet, the United States, which has the largest fleet of nuclear reactors globally, remains heavily dependent on foreign uranium inputs.

As such, we are focused on scaling our business to rebuild the domestic nuclear fuel supply chain, strengthen U.S.

energy and national security, and meet the future energy needs for nuclear in the U.S.

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

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

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800, Corpus Christi, Texas, 78401, and our principal executive office and corporate headquarters in Canada is located at 1188 West Georgia Street, Suite 1830, Vancouver, British Columbia, Canada, V6E 4A2.

General Business

We are primarily engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing, on uranium projects located in the United States, Canada and the Republic of Paraguay.

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

We do not expect, however, to utilize ISR mining for all of our uranium projects in which case we would expect to rely on conventional open pit and/or underground mining techniques.

We have one uranium mine located in the State of Texas, our Palangana Mine, which utilizes ISR mining and commenced extraction of U 3 O 8 , or yellowcake, in November 2010.

We have one uranium processing facility located in the State of Texas, our Hobson Processing Facility, which processes material from our ISR Mines into drums of U 3 O 8 , our only sales product and source of revenue, for shipping to a third-party storage and sales facility.

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

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

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

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

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

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

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

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

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

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

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

Recent Developments

During Fiscal 2026, we made significant advancements in various aspects of our operations, including:

We expanded ISR production at our Christensen Ranch Mine in Wyoming through the construction of additional header houses.

We produced 211,942 pounds of precipitated uranium and dried and drummed U 3 O 8 during Fiscal 2026 at our Christensen Ranch Mine and the Irigaray CPP.

In April 2026, we commenced production at our Burke Hollow Mine in South Texas.

In the first three months since commissioning, we have produced 17,352 pounds of precipitated uranium and dried and drummed U 3 O 8 at Burke Hollow and the Hobson CPP.

In total, we produced 229,294 pounds of precipitated uranium and dried and drummed U 3 O 8 during Fiscal 2026 and a total of 359,260 pounds since commissioning.

At our Sweetwater Project, the FAST-41 and National Environmental Policy Act (“ NEPA ”) federal permitting process continued to advance under the leadership of the Bureau of Land Management (“ BLM ”).

Environmental baseline studies have been largely completed, with final reports expected to be submitted to the BLM in Fiscal 2027.

Drilling in Sweetwater North identified mineralization trends that support further delineation and advance the first two production areas.

We continue to assess the refurbishment requirements for the Sweetwater Mill (as defined below) for both conventional and ISR operations.

As part of the planned pre-feasibility study at our Roughrider Project, we completed 36,000 meters of diamond drilling to support resource conversion.

This included resource targets throughout the West Zone, East Zone and Far East Zones, targeting intersections to convert inferred estimated resources into the indicated resources category at the Roughrider Project.

We progressed our strategy towards building a vertically integrated U.S.

uranium fuel supply chain from mining to conversion, through UR&C.

Working with our engineering partner, Fluor Enterprises, Inc.

(“ Fluor ”), UR&C completed core execution plans, built a combined dedicated 63-member project team, began preparing its U.S.

Nuclear Regulatory Commission license application and progressed site selection.

Business Overview

Our operations consist of two reportable segments:

(i) mining, which encompasses uranium exploration and mining activities, and (ii) corporate, which encompasses investments and the trading of purchased uranium inventory.

Mining Segment

The mining segment engages in uranium mining and related activities, including exploration, pre-extraction, extraction and processing, on uranium projects located in the United States, Canada and the Republic of Paraguay.

We utilize ISR mining to extract uranium at our South Texas and Wyoming projects.

We plan to continue to utilize ISR mining wherever such an alternative is available to conventional open pit or underground mining.

When compared to conventional mining, we believe ISR mining requires lower capital and operating expenditures with a shorter lead time to extraction.

Furthermore, we believe ISR mining has a reduced impact on the environment since the ISR mining process does not require blasting or waste rock movement, resulting in less damage to the environment and minimal dust, and does not produce tailings or require tailings facilities.

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

We do not expect, however, to utilize ISR mining for all of our uranium projects, in which case we expect to rely on conventional open pit and/or underground mining techniques.

ISR mining involves circulating oxidized water through an underground uranium deposit, dissolving the uranium and then pumping the uranium-rich solution to the surface for processing.

Oxidizing solution enters the formation through a series of injection wells and is drawn to a series of communicating extraction wells.

To create a localized hydrologic cone of depression in each wellfield, more groundwater will be produced than injected.

Under this gradient, the natural groundwater movement from the surrounding area is toward the wellfield, providing control of the injection fluid.

Over-extraction is adjusted as necessary to maintain a cone of depression which ensures that the injection fluid does not move outside the permitted area.

The uranium-rich solution is pumped from an ore zone to the surface and circulated through a series of ion exchange columns located at the mine site.

The solution flows across resin beads inside an ion exchange column where the uranium bonds to small resin beads.

As the solution exits the ion exchange column, it is mostly void of uranium and is re-circulated back to the wellfield and through the ore zone.

Once the resin beads are fully loaded with uranium, they are transported by truck to one of our CPPs and transferred to a tank for flushing with a brine solution, or elution, which strips the uranium from the resin beads.

The stripped resin beads are then transported back to the mine and reused in the ion exchange columns.

The uranium solution, now free from the resin, is precipitated and concentrated into a slurry mixture and fed to a filter press to wash and then dewater.

The filter cake is then dried in a zero-emissions rotary vacuum dryer at our Hobson CPP in Texas or in a multi-hearth calciner at our Irigaray CPP in Wyoming, packed in 55-gallon metal drums and shipped out as uranium concentrate, or yellowcake, to a conversion facility for storage and sales.

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

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

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

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

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

Wellfield reclamation, including plugging and abandonment of wells and removal of surface infrastructure, will follow after aquifer restoration is complete and the stability period has passed.

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 CPP, 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 the Palangana Mine and the Burke Hollow Mine, located within the South Texas Uranium Belt (the “spokes”).

At the end of Fiscal 2026, our Hobson CPP has processed 17,352 pounds of precipitated uranium and dried and drummed U 3 O 8 .

Our fully licensed and 100% owned Irigaray CPP is the hub to our permitted ISR projects located in the Powder River Basin of Wyoming, including our Christensen Ranch Mine, Reno Creek, Moore Ranch and Ludeman Projects.

The Irigaray CPP contains resin transfer and elution processes, precipitation, filtration and drying and packaging of U 3 O 8 .

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

Our Irigaray CPP has processed 211,942 pounds of precipitated uranium and dried and drummed U 3 O 8 during Fiscal 2026.

We expect the ramp-up phase will continue while new production areas are being constructed in 2026 and 2027.

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

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

(“ U1A ”) (now UEC Wyoming Corp.).

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

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

At the same time, we have continued to advance our Ludeman and Sweetwater Projects with installation of wellfields and wellfield delineation, respectively.

Precipitated uranium and dried and drummed U 3 O 8

Year Ended July 31,

Cumulative since beginning of

July 31, 2026

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

(collectively, the “ Sweetwater Acquisition ”).

Sweetwater Uranium Inc.

(formerly KUC) and WCRC collectively own or hold the following major assets:

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

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

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

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

On August 1, 2025, Sweetwater (specifically the Sweetwater Mill and Red Desert Project) was designated as a transparency project by the U.S.

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

Our first milestone in the process was completed with the submission of the Sweetwater Plan of Operations for ISR operations to the BLM on November 14, 2025.

During 2026, the FAST-41 and the NEPA federal permitting process continued to advance under the leadership of the BLM.

The FAST-41 Permitting Dashboard currently anticipates the completion of the Environmental Assessment in March 2027 and approval of the Plan of Operations in May 2027.

Environmental baseline studies were largely completed in Fiscal 2026, with final reports expected for submittal to BLM in Fiscal 2027.

A 200-hole delineation drilling program in the first two planned wellfields at our Sweetwater Project was completed in early May 2026 for the Sweetwater North area, where wellfield pattern planning has commenced.

This program has now been expanded by an additional 100 delineation holes expected to be completed in Fiscal 2027 to test the presence of additional resources identified during the first drilling program.

We continue to assess the refurbishment requirements for the Sweetwater Mill for both conventional and ISR operations.

The current focus is the installation of ion exchange and elution systems for ISR operations.

In 2022, we acquired a substantial portfolio of projects in Canada, with the acquisition of UEX Corporation (“ UEX ”) and the acquisition of Roughrider Mineral Holdings Inc.

(the “ Roughrider Project ”) from a subsidiary of Rio Tinto plc (“ Rio Tinto ”).

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

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

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

In addition to advancing its uranium development projects through its ownership interest in JCU (Canada) Exploration Company, Limited (“ JCU ”), UEX was advancing several other uranium deposits in the Athabasca Basin which include the Horseshoe and Raven deposits located on its 100%-owned Horseshoe-Raven Project.

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

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

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

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

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

(collectively, the “ Sweetwater Acquisition ”).

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

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

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

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

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

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

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

As part of the planned pre-feasibility study at our Roughrider Project, we have completed 36,000 meters of diamond drilling to support resource conversion.

This included resource targets throughout the West Zone, East Zone and Far East Zones, targeting intersections which are expected to convert inferred estimated resources into the indicated resources category.

All drilling has been completed to date with uranium assays to follow.

We have engaged Tetra Tech Canada Inc.

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

In September 2025, a site visit was completed by qualified persons (“ QPs ”) and a technical team consisting of our representatives to review core samples, discuss mine planning, metallurgical processing, tailings management and operational considerations for the pre-feasibility study.

The visit facilitated cross-disciplinary discussions among the QPs and our representatives.

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

In August 2026, we entered into a Definition Study Agreement with Saskatchewan Power Corporation to advance engineering, environmental assessment and community engagement work specifically for the connection of a high-voltage transmission line to the Roughrider Project.

Geotechnical drilling to study future tailings management facility locations, collect water samples and set up water level monitoring stations has been completed.

We continue to advance the Roughrider Project 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 are expected to support a future Environmental Impact Assessment and licensing required for uranium production.

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

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

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

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

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

The acquisitions of UEX in August 2022 and the acquisition of the Roughrider Project in October 2022 further expanded our footprints in Canada and, in particular, the Athabasca Basin in Saskatchewan.

We continue to establish additional uranium mines through exploration and pre-extraction activities and direct acquisitions in the United States, Canada and the Republic of Paraguay, all of which require us to manage numerous challenges, risks and uncertainties inherent in our business and operations as more fully described in Part I, “Item 1A.

Risk Factors” herein.

As of July 31, 2026, we also hold certain mineral rights in various stages in the States of Arizona, New Mexico, Texas and Wyoming, in Canada and in the Republic of Paraguay, many of which are located in historically successful mining areas and have been the subject of past exploration and pre-extraction activities by other mining companies.

Corporate Segment

In addition to our uranium mining and related activities, we have established a physical uranium portfolio (the “ Physical Uranium Program ”) in order to capitalize on unique opportunities to purchase drummed uranium at prevailing spot prices that are below most global industry mining costs.

Our Physical Uranium Program supports three of our objectives:

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

(ii) to provide strategic inventory to support future marketing efforts with utilities that could complement production and accelerate cash flows;

and (iii) to increase the availability of our Texas and Wyoming production capacity for emerging U.S.-origin specific opportunities which may command premium pricing due to the scarcity of domestic uranium.

Demand from the U.S.

Department of Energy (“ DOE ”) for unobligated U.S.-origin uranium is expected to increase in the coming years.

U.S.-origin is expected to be needed to supply various DOE programs like the U.S.

Uranium Reserve, fuel for the U.S.

Navy and other U.S.

needs requiring unobligated U.S.-origin uranium.

As of July 31, 2026, we held 1,256,000 pounds of purchased uranium, excluding 359,260 pounds of precipitated uranium and dried and drummed U 3 O 8 of production at the Burke Hollow and Christensen Ranch Mines as of July 31, 2026.

United States Uranium Refining & Conversion Corp.

In September 2025, we announced the incorporation of UR&C, which is intended to pursue the feasibility of developing a new uranium refining and conversion facility in the U.S.

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

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

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

Nuclear Regulatory Commission for its planned uranium conversion facility.

The formal license application is expected to be submitted once engineering and design activities, currently underway with Fluor, are at a sufficient level of detail and a site has been selected.

Ongoing discussions with the DOE regarding strategic nuclear fuel cycle infrastructure have led UR&C to broaden its site selection process.

Additional candidate locations are being evaluated for location-dependent operating costs, excluding incentives and site-independent investment costs, risks associated for each location, and to ensure alignment with federal priorities to restore domestic uranium conversion capacity and strengthen America’s nuclear fuel supply chain.

Concurrently, work led by Fluor is advancing into a new phase with a significant expansion of engineering and technical resources, including increased and accelerated staffing, supporting facility design, siting, licensing and development.

Uranium Purchase or Sale Agreements

As of July 31, 2026, we had no uranium purchase or sale agreements in place.

Future sales of U 3 O 8 are expected to generally occur through uranium spot market pricing mechanisms in short-term or long-term contracts, with any fluctuations in the market price continuing to have a direct impact on our revenues and cash flows.

Strategic Investments

During Fiscal 2026, we increased our equity interests in Anfield Energy Inc.

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

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

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

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

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

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

We have begun initial discussions with the U.S.

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

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

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

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

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

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

Risk Factors herein.

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

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

Physical Uranium Program

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

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

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

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

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

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

(ii) to provide strategic inventory to support future marketing efforts with utilities that could compliment production and accelerate cash flows;

and (iii) to increase the availability of our Texas and Wyoming production capacity for emerging U.S.

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

One such U.S.

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

Department of Energy (“ DOE ”).

As of July 31, 2026, we owned 6,500,737 post-consolidated common shares of Anfield, representing approximately 32.6% of the outstanding common shares of Anfield.

In addition, we owned 28,967,375 shares of common stock of Uranium Royalty Corp.

(“ URC ”), representing a 7.6% interest in URC as of July 31, 2026.

Uranium Market Developments

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

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

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

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

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

The uranium market is being driven by macro demand for increased electricity generation, an unprecedented global push for clean energy, data center and artificial intelligence (“ AI ”) development, geopolitical pressures, national security and underinvestment, among other factors.

In its February 6, 2026 Electricity Report, 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 13% to 32% by 2030.

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

IEA projects “global data center electricity consumption is to roughly double by 2030, rising from roughly 415 to 450 Terawatt-hour (“ TWh ”) in 2024 to 2025, to over 900 to 1,000 TWh by 2030.” 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 nearly 80% increase by 2050.

Countries around the globe are realizing the highly reliable, clean, safe, and economical power nuclear energy provides is a desirable attribute 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 development and expansion, including the Nuclear Fuel Security Act, the Advance Act and the Inflation Reduction Act.

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

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

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

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

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

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

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

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

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

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

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

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

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

Since that time the spot uranium market has seen a corrective move, reaching a low of $63.45 per pound U 3 O 8 on March 17, 2025 before increasing to above $78.75 per pound U 3 O 8 on June 27, 2025.

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

In the United States, several pieces of bipartisan legislation have passed in recent years supporting nuclear energy development and expansion.

On May 23, 2025, President Donald Trump signed Executive Orders (the “ Executive Orders ”) that include a policy objective to quadruple U.S.

nuclear energy by 2050.

The Executive Orders mark a historic level of policy support to rejuvenate the U.S.

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

The Executive Orders invoke the Defense Production Act of 1950 and are intended to have significant positive policy and economic impacts on the domestic fuel cycle, reactor new builds, research and new technology advancements.

In partnership with the DOE, four private advanced reactor developers demonstrated criticality by July 4, 2026, exceeding the goal of three criticalities established in Executive Order 14301, Reforming Nuclear Reactor Testing, at the DOE.

These reactor criticality demonstrations were authorized by the DOE and represent an important milestone toward accelerated commercial advanced reactor deployment in the United States.

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

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

To meet the goal of having 10 large reactors under construction by 2030, the DOE Office of Energy Dominance recently announced a commitment to provide $17.5 billion to speed up the development effort in building the Westinghouse reactors.

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.

Over 150 nuclear industry companies and 14 of the world’s largest banks, including Citibank, Morgan Stanley, Bank of America, Barclay’s, and Goldman Sachs, have all pledged to support the growth of nuclear energy in their investments and commercial activities.

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

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

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

That low proved to be short-lived, with the market rebounding from that level and reaching $101.50 per pound of U 3 O 8 on January 29, 2026.

Since the end of May 2026, the near-term spot price has been in a narrow trading range of approximately $2.00 per pound and has been capped in the $87.00 area.

However, recently, the price has broken out of this range to the upside, registering a price of $89.75 per pound of U 3 O 8 on August 31, 2026 at ConverDyn.

UxC LLC Historical Ux Daily Prices)

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

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

During Fiscal 2026, uranium prices averaged $82.32 per pound U 3 O 8 representing an approximate 11.86% increase compared to the average price of $73.59 per pound U 3 O 8 in Fiscal 2025.

As of July 31, 2026, the U 3 O 8 price was $86.45 per pound U 3 O 8 , representing an approximate 21.59% increase from $71.10 per pound as of July 31, 2025.

UxC LLC Historical Ux Daily Prices)

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

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

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

Relative underinvestment in uranium mining operations has been evident for more than a decade and has been a major factor contributing to a structural deficit between global production and uranium requirements.

Reduced production expectations from some new and existing uranium mines have also been a contributing factor, with several producers cutting back and/or unable to reach previously planned production levels.

From 2026 through 2028, the mid-case gap between production and requirements is projected to be about 65 million pounds of U 3 O 8 , and by 2036, the cumulative gap is projected to exceed 250 million pounds of U 3 O 8 (Source:

UxC 2026 Q2 Uranium Market Outlook).

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

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

For context, the U.S.

commercial reactor fleet requirements have averaged about 45 million pounds of U 3 O 8 per year.

United States Energy Information Administration, July 29, 2026 - Uranium Marketing Annual Report – uranium loaded in fuel assemblies in 2024 and 2025)

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

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

Secondary supply is also expected to be further reduced as Western enrichers reverse operations from underfeeding to overfeeding, which requires more uranium to increase the production of enrichment services.

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

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

The timeline for many new mining projects can be 10 to 20 years and they are expected to require prices high enough to stimulate new mining investments.

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

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

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

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

Economic sanctions, transportation restrictions, U.S.

legislation banning the importation of Russian nuclear fuel and the European Union’s goals to reduce and eventually eliminate its dependence on Russian fuel are causing a fundamental change to the nuclear fuel markets.

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

Kazakhstan supply, which has been providing Western utilities with significant quantities, is increasingly being committed to sovereign governments like India, China and Russia as well as being reserved for their own evolving nuclear program.

In essence, the global market has become bifurcated with Western utilities increasing their efforts to contract for uranium supply from Western jurisdictions.

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

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

Critical minerals, including uranium are also receiving additional scrutiny as mandated by the Trump Administration's Executive Order initiating a new investigation under Section 232 of the Trade Expansion Act of 1962 to ensure imports are not in such quantities or circumstances as to threaten or impair national security and or economic resilience.

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

On the demand side, the global nuclear energy industry continues robust growth, with 68 new reactors connected to the grid in 2015 through March of 2025, and with another 62 reactors under construction.

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

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

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

World Nuclear Association ).

In November 2024, at the United Nations Climate Change Conference (COP29), six more countries joined the pledge to triple their nuclear capacity by 2050, bringing the total to 31 countries, further supporting additional growth for the nuclear industry and uranium demand.

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

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

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

UxC Uranium Market Overview Q2 2025 ).

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

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

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

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

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

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

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

In-Situ Recovery (ISR) Mining

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

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

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

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

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

ISR mining involves circulating oxidized water through an underground uranium deposit, dissolving the uranium and then pumping the uranium-rich solution to the surface for processing.

Oxidizing solution enters the formation through a series of injection wells and is drawn to a series of communicating extraction wells.

To create a localized hydrologic cone of depression in each wellfield, more groundwater will be produced than injected.

Under this gradient, the natural groundwater movement from the surrounding area is toward the wellfield, providing control of the injection fluid.

Over-extraction is adjusted as necessary to maintain a cone of depression which ensures that the injection fluid does not move outside the permitted area.

The uranium-rich solution is pumped from an ore zone to the surface and circulated through a series of ion exchange columns located at the mine site.

The solution flows through resin beads inside an ion exchange column where the uranium bonds to small resin beads.

As the solution exits the ion exchange column, it is mostly void of uranium and is re-circulated back to the wellfield and through the ore zone.

Once the resin beads are fully loaded with uranium, they are transported by truck to our Hobson Processing Facility and transferred to a tank for flushing with a brine solution, or elution, which strips the uranium from the resin beads.

The stripped resin beads are then transported back to the mine and reused in the ion exchange columns.

The uranium solution, now free from the resin, is precipitated out and concentrated into a slurry mixture and fed to a filter press to remove unwanted solids and contaminants.

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

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

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

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

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

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

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

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

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

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

Mineral Rights

In Texas, our mineral rights are held exclusively through private leases from the owners of the land/mineral/surface rights with varying terms.

In general, these leases provide for uranium and certain other specified mineral rights only including surface access rights for an initial term of five years and renewal for a second five-year term.

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

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

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

In Arizona, New Mexico and Wyoming, our mineral rights are held either exclusively or through a combination of federal mining claims and state and private mineral leases.

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

Our federal mining claims consist of both unpatented lode and placer mining claims registered with the U.S.

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

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

Our state mineral leases are registered with their respective states.

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

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

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

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

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

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

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

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

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

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

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

Claims are renewed annually and the claim holder is required to satisfy work expenditure requirements.

Expenditure requirements are $Nil for the first year, $15 per hectare for the second year to the tenth year of assessment work periods and $25 per hectare for the eleventh year and subsequent assessment work periods.

For registering exploration expenditures, mineral dispositions may be grouped at the time of submission if the total mineral disposition area is not greater than 18,000 hectares.

The holder may also submit a cash payment or cash deposit in lieu of a work assessment submission for not more than three consecutive work periods.

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

Environmental, Social and Governance Overview

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

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

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

Ensuring responsible mining practices better positions nuclear to be an energy source of choice to governments, and enables us to be a better partner and corporate citizen to our local communities.

Environmental Management

Environmental Governance

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

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

Adherence to and performance against this policy will be reviewed by our Board of Directors’ (the “ Board of Directors ” or “ Board ”) Sustainability Committee annually.

As of November 7, 2025, uranium was added back into the U.S.

Geological Survey list of Critical Minerals, making it also subject to the Section 232 Investigation on Critical Minerals that was already underway.

On July 30, 2026, a Presidential Determination “delegated Defense Production Act authority to the Commerce Department to institute export restrictions on critical minerals.” While specific remedies are not yet defined, the actions could potentially lead to resumption of strategic uranium reserve purchases, establishment of import price floors, or other remedies.

This determination builds on President Trump’s Proclamation 11001, issued on January 14, 2026, directing the U.S.

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

On July 28, 2026, Energy Secretary Chris Wright signed a non-binding memoranda of understanding with five states (Idaho, Louisiana, Oklahoma, Tennessee and Utah) to continue negotiations toward establishing cradle to grave Nuclear Lifecycle Innovation Campuses, ultimately leading to the selection of sites for permanent storage and disposal of used nuclear fuel and nuclear waste.

Campuses are expected to include everything from new conversion, enrichment, and fuel fabrication facilities to used nuclear fuel recycling facilities and associated storage and disposal.

On August 26, 2026, the Department of the Army announced the selection of five nuclear reactor developers to be awarded up to a combined $2.2 billion to own, construct, and operate nuclear microreactors on five military installations.

The Army anticipated more than 20 microreactors to be deployed through the Janus Program, with all requiring domestically produced unobligated uranium.

The global nuclear energy industry continues robust growth, with 72 new reactors connected to the grid from 2015 through July 2026, and with another 72 reactors under construction.

International Atomic Energy Association Power Reactor Information System – August 18, 2026.) Total nuclear generating capacity for the world’s 441 operable reactors stands at 404 Gigawatt electric (Source:

World Nuclear Association – August 18, 2026 data).

In March 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.

The utility industry has still not returned to a full long term replacement level contracting to replace expiring contracts.

It is estimated that cumulative uncommitted global demand through 2035 is almost 800 million pounds of U 3 O 8 (Source:

UxC LLC Uranium Market Overview Q2 2026).

Energy Information Administration’s July 2026 Uranium Marketing Annual report noted that the U.S.

10-year cumulative unfilled market requirement figure through 2035 was 186 million pounds.

This utility contracting demand, together with potential demand from financial entities, data center development and government programs, continues to add positive tailwinds to the strong fundamentals in the uranium market.

Current uranium producers include diverse ownership types, including state-owned entities, publicly-traded companies, and mixed ownership companies with majority ownership held by state and privately-held producers.

Uranium mining projects can be multi-decade and multi-billion dollar endeavors, which generally require financing underpinned by offtake agreements and/or state sponsored financings.

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

Due to their greater financial and technical resources, we may not be able to acquire additional uranium projects in a competitive bidding process involving such companies.

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

We also compete with other mining and exploration companies for the procurement of equipment, materials and skilled personnel necessary to explore, develop and extract uranium.

Government Regulations

Our properties and facilities are subject to extensive laws and regulations which are administered by federal, state, provincial, local and foreign authorities.

These laws and regulations govern exploration, construction, extraction, recovery, processing, exports, various taxes, labor standards, occupational health and safety, waste disposal, protection and remediation of the environment, protection of endangered and protected species, toxic and hazardous substances and other matters.

Uranium minerals exploration, extraction, recovery and processing are also subject to risks and liabilities associated with the perceived potential for impacts to the environment and disposal of waste products occurring as a result of such activities.

Compliance with these laws and regulations may impose substantial costs on us and may subject us to significant potential liabilities or impacts to operations or project development.

Changes in these regulations or changes in regulatory attitudes or interpretations could require us to expend significant resources to comply with new laws or regulations, attitudes or interpretations relating thereto, or changes to current requirements and could have a material adverse effect on our business operations.

However, compliance with government regulations generally, including but not limited to environmental regulations, is an integral part of our day-to-day business and impacts virtually all our capital expenditure and operating decisions at its facilities, as our facilities and operations must comply with this extensive array of environmental, health and safety laws and regulations.

The costs of compliance with these laws and regulations are therefore well understood and assumed by us in all its capital budgeting decisions, project analyses and cost and earnings projections.

As all of our competitors in the uranium mining industry in the U.S.

face the same or similar regulatory requirements, we do not believe its need to comply with this extensive array of laws and regulations materially affects our competitive position within the U.S.

uranium mining industry.

Environmental Regulations

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

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

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

An exploration permit is the initial permit granted by the RCT that authorizes exploration drilling activities inside an approved area.

This permit authorizes specific drilling and plugging activities requiring documentation for each borehole drilled.

All documentation is submitted to the RCT on a monthly basis and each borehole drilled under the exploration permit is inspected by an RCT inspector to ensure compliance.

As at July 31, 2025, we held one exploration permit in each of Bee, Duval and Goliad Counties in Texas.

As an example of the regulation that guides our industry, before ISR uranium extraction can begin in Texas, a number of permits must be granted by the TCEQ.

A Mine Area Permit (“ MAP ”) application is required for submission to the TCEQ to establish a specific permit area boundary, aquifer exemption boundary and the mineral zones of interests or production zones.

The application also includes a financial surety plan to ensure funding for all plugging and abandonment requirements.

Funding for surety is in the form of cash or bonds, including an excess of 15% for contingencies and 10% for overhead, adjusted annually for inflation.

As at July 31, 2025, we held MAPs for our Palangana Mine and our Goliad and Burke Hollow Projects.

A Radioactive Material License (“ RML ”) application is also required for submission to the TCEQ for authorization to operate a uranium recovery facility.

The application includes baseline environmental data for soil, vegetation, surface water and groundwater along with operational sampling frequencies and locations.

A Radiation Safety Manual is a key component of the application which defines the environmental health and safety programs and procedures to protect employees and the environment.

Another important component of the application is a financial surety mechanism to ensure plant and wellfield decommissioning is properly funded and maintained.

Surety funding is in the form of cash or bonds, and includes an excess of 15% for contingencies and 10% for overhead, adjusted annually for inflation.

As at July 31, 2025, we held RMLs for our Palangana Mine, Burke Hollow and Goliad Projects and Hobson Processing Facility.

PAA applications are also required for submission to the TCEQ to establish specific extraction areas inside the MAP boundary.

These are typically 30 to 100-acre units that have been delineated and contain extractible quantities of uranium.

The PAA application includes baseline water quality data that is characteristic of that individual unit, proposes upper control limits for monitor well analysis and establishes restoration values.

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

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

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

It is the primary method for disposing of excess fluid from the extraction areas and for reverse osmosis concentrate during the restoration phase.

This permit authorizes injection into a specific injection zone within a designated injection interval.

The permit requires continuous monitoring of numerous parameters, including injection flow rate, injection pressure, annulus pressure and injection/annulus differential pressure.

Mechanical integrity testing is required initially and annually to ensure the well is mechanically sound.

Surety funding for plugging and abandonment of each well is in the form of cash or bonds, including 15% for contingencies and 10% for overhead, adjusted annually for inflation.

As at July 31, 2025, we held two Class I disposal well permits for each of our Hobson Processing Facility, Palangana Satellite Facility and Burke Hollow and Goliad Projects.

The federal Safe Drinking Water Act (“ SDWA ”) creates a regulatory program to protect groundwater and is administered by the EPA.

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

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

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

The Aquifer Exemption request is submitted by the Company to the TCEQ and, once approved, is then submitted by the TCEQ to the EPA for concurrence and final issuance.

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

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

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

Bonding regulations for ISR facilities are discussed in §35-11-417 of the Wyoming Administrative Code and further in WDEQ/LQD regulations contained in Non-Coal Chapters 1 through 13.

There are two major permits/licenses required for ISR uranium mining in Wyoming.

The first is the Permit to Mine, issued by the WDEQ/LQD.

The second is the RML, previously issued by the U.S.

Nuclear Regulatory Commission (“ NRC ”), now issued by the WDEQ/LQD Uranium Recovery Program (“ URP ”).

In 2018, the State of Wyoming became an NRC agreement state for the licensing of uranium recovery operations.

RMLs are now issued and regulated by the WDEQ/LQD/URP.

Annual financial surety updates are required on the Mine Permit anniversary date and are reviewed by both the WDEQ/LQD and WDEQ/LQD/URP as part of the approval process.

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

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

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

It is the primary method for disposing of excess fluid from the extraction areas and for reverse osmosis concentrate during the restoration phase.

Permits for Class I Injection wells are authorized by the WDEQ Water Quality Division who has primacy for this program under EPA.

In Wyoming, as at July 31, 2025, UEC holds Class I Injection well permits for four disposal wells at the Christensen Ranch Project, two disposal wells at the Irigaray Project, four disposal wells at the Moore Ranch Project and four disposal wells at its Reno Creek Project.

Exploration drilling outside of areas within a Permit to Mine is regulated by the WDEQ LQD.

To conduct exploration drilling, an application must be filed with the LQD that provides location details of the areas to be explored, the number of drill holes anticipated, the methods of drill hole abandonment to be used, the location of access roads to be used or constructed and an estimate of the cost to reclaim all drill holes and surfaces impacted by the drilling program.

If approved, the LQD will approve the reclamation cost estimate and the Company will post a bond or other financial assurance instrument acceptable to the LQD.

After the financial assurance instrument is approved by the LQD, they will issue a Drilling Notification permit to the Company to conduct the exploration drilling.

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

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

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

decommissioning;

decontamination;

demolition and waste disposal for buildings;

equipment and utilities;

well plugging and abandonment;

surface reclamation of operating areas;

wellfields and surface impoundments;

groundwater restoration in mining areas;

and radiological surveying for final release of the lands.

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

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

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

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

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

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

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

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

Canada Environmental Regulations

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

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

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

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

Province of Saskatchewan

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

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

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

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

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

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

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

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

Public review is generally for 30 or 60 days.

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

While there are three outcomes possible, the likely outcome for a project that gets to this stage is approval of the EIA with conditions.

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

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

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

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

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

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

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

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

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

Overall, a number of permissions, of one form or another, are required to complete the project, but when compared to the EIA process, they are rarely material to the schedule or budget if organized properly.

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

Canadian Government

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

The first is by triggering one of the activity thresholds in the Physical Activities Regulations, 2019 , and the second is that the project can be designated by the federal Minister of Environment and Climate Change (the “ Minister ”) in response to a request to designate the project and a supporting recommendation from the Canadian Impact Assessment Agency (“ CIAA ”).

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Other federal legislation of importance to a project will be compliance with the Species at Risk Act (e.g.

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

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

Project End of Life

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

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

the Preliminary Decommissioning Cost (“ PDC ”).

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

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

While salvage of some materials is likely, these cannot be considered in the PDC.

The plan and costs are periodically reviewed and updated and can be scaled to reflect the current state of a project.

As operations progress, progressive decommissioning is encouraged as it lowers close-out liabilities which, in turn, can reduce the amount of a surety bond, and often reduces the cost of disturbed-land lease fees.

For a uranium mining and milling project, once operations have stopped, the first step is to conduct systematic surveys to determine the extent of contamination, if any.

Contamination may be chemical or radiological.

Areas that can be decontaminated will be cleaned and re-surveyed to ensure that the clean-up criteria are met.

Material that cannot be decontaminated to release standards would be disposed of on site or at an approved off-site disposal facility.

The remainder of the site will be decommissioned as the facilities are no longer required with the material salvaged for reuse, recycling or disposal.

In Saskatchewan, reclaimed land can be returned to the Crown under The Reclaimed Industrial Sites Act and The Reclaimed Industrial Sites Regulations , which establish an Institutional Control Program.

This program is implemented once a decommissioned site has been deemed to be reclaimed in a stable, self-sustaining and non-polluting manner.

The property can then be transferred back to the province for monitoring and maintenance.

For this to happen, the proponent pays a calculated sum into the Institutional Control Monitoring and Maintenance Fund, and the Institutional Control Unforeseen Events Fund for long term monitoring of the property and maintenance, if required.

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

Indigenous Engagement

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

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

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

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

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

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

Section 35, The Constitution Act, 1982 ).

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

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

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

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

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

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

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

Our projects, exploration, and development activities, and mining and processing operations, are subject to the federal, state, provincial, regional, local and foreign environmental laws and regulations of the jurisdictions in which our activities and facilities are located.

For example, in the United States, we are subject to a number of such laws and regulations, including, without limitation:

the Comprehensive Environmental Response, Compensation and Liability Act;

the Atomic Energy Act;

the Uranium Mill Tailings Radiation Control Act;

the Emergency Planning and Community Right to Know Act;

the Endangered Species Act;

the Federal Land Policy and Management Act;

the Resource Conservation and Recovery Act;

the Clean Water and Safe Drinking Water Acts;

the Toxic Substances Control Act;

the Clean Air Act;

the Pollution Prevention Act;

the Low-Level Radioactive Waste Policy Amendments Act;

the Nuclear Waste Policy Act;

and related state laws.

In Canada, we are subject to similar laws and regulations, including, without limitation, the Nuclear Safety and Control Act (the “ NSCA ”);

the Impact Assessment Act, 2019 (the “ Impact Assessment Act ”);

the Fisheries Act and the Metal and Diamond Mining Effluent Regulations thereunder;

the Canadian Navigable Waters Act;

the Canadian Aviation Regulations;

the Species at Risk Act;

the Migratory Birds Convention Act;

the Reclaimed Industrial Sites Act and the Reclaimed Industrial Sites Regulations thereunder;

and federal and provincial regulatory requirements implementing a “duty to consult” with Indigenous groups (i.e., First Nations, Inuit and Métis groups) on any decision within their purview with the potential to affect Aboriginal or Treaty Rights.

We are subject to similar laws in other jurisdictions in which we operate.

In all jurisdictions in which we operate, environmental licenses, permits and other regulatory approvals are required to engage in projects, exploration, mining and processing, and mine closure and reclamation activities.

Regulatory approval of a detailed plan of operations and an environmental impact assessment (or equivalent) is required prior to initiating mining or processing activities or for any substantive change to previously approved plans.

In all jurisdictions in which we operate, specific statutory and regulatory requirements must be met throughout the life of the mining or processing operations regarding air quality, water quality, fisheries, wildlife and biodiversity protection, archaeological and cultural resources, water rights, solid and hazardous waste management and disposal, the management and transportation of hazardous chemicals, toxic substances, noise, community right-to-know, land use and reclamation.

Such laws and regulations, which may change over time, increase the costs of these activities and may prevent or delay the commencement or continuance of a given operation.

Compliance with these laws and regulations has not had a material effect on our operations or financial condition to date, compared to industry norms.

However, changes in such laws and regulations could require us to expend significant resources and could have a material adverse effect on our business operations.

The posting of reclamation and remediation performance bonds and the costs associated with permitting and licensing activities require a substantial budget and ongoing cash commitments, including capital expenditures and operating costs that are incorporated into our budgets, project analyses and earnings projections.

We do not currently expect, for the current fiscal year or for any subsequent period, capital expenditures for environmental control facilities to be material beyond amounts included in its ordinary-course project, permitting, restoration and compliance budgets.

In addition to pursuing ongoing permitting and licensure for new projects and additions to our existing projects, these expenditures include ongoing monitoring (e.g., wildlife, groundwater and effluent monitoring) and other activities to ensure regulatory and legal compliance, as well as compliance with our permits and licenses.

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

The appropriate regulatory agencies review reports for compliance with permit and license requirements and also conduct routine and regular inspections of our activities at our permitted and licensed sites and, to date, we have not been notified of any material non-compliance that would require any form of financial penalty or operating restriction.

The following summarizes certain material environmental and regulatory requirements applicable to our U.S.

and Canadian uranium projects.

United States

Licenses and Permits

In Texas, the Railroad Commission of Texas (the “ RCT ”) regulates surface extraction and exploration for uranium and issues the necessary permits for exploration drilling inside an approved area, and the Texas Commission on Environmental Quality (the “ TCEQ ”) regulates ISR uranium extraction and issues the necessary licenses and permits.

The RCT has issued us exploration permits for each of Bee, Duval and Goliad Counties in Texas.

The TCEQ has issued Mine Area Permits for our Palangana and Burke Hollow Mines and projects in Goliad County (such projects, the “ Goliad Project ”) and Radioactive Material Licenses (“ RMLs ”) for our Palangana and Burke Hollow Mines, Goliad Project and the Hobson CPP, PAA permits for our Palangana and Burke Hollow Mines and Goliad Project, and Class I disposal well permits for each of our Hobson CPP, Palangana Satellite Facility and Burke Hollow and Goliad Projects.

All permits and licenses issued by the RCT and the TCEQ are currently in effect and are expected to be timely renewed;

however, certain of Goliad Project’s permits, namely its Class III Injection Well Permit, Production Area Authorization and Aquifer Exemption Order, as amended, and Class I disposal well permits, have been challenged and await final regulatory or judicial resolution.

In 2018, the U.S.

Nuclear Regulatory Commission (“ NRC ”) delegated authority to the State of Wyoming for regulation of uranium and thorium milling facilities, source material possessed at the milling facilities, and certain byproduct material regulated under the Atomic Energy Act.

In Wyoming, the WDEQ, Land Quality Division (the “ WDEQ/LQD ”) regulates ISR uranium mining activities and issues necessary permits and licenses, the WDEQ/LQD Uranium Recovery Program (the “ WDEQ/LQD/URP ”) regulates uranium recovery operations and issues the necessary licenses, and the WDEQ Water Quality Division (the “ WDEQ/WQD ”) regulates deep underground wastewater injections and issues the necessary permits.

The WDEQ/LQD has issued Permits to Mine and the WDEQ/LQD/URP has issued RMLs for each of our Christensen Ranch, Irigaray, Ludeman, Moore Ranch and Reno Creek Projects.

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

The WDEQ/LQD has also issued Drilling Notification Permits, which cover exploration drilling outside of areas within a Permit to Mine, for our various exploration projects in the Powder River Basin and in the Great Divide Basin of Wyoming.

The WDEQ/WQD has issued Class I disposal well permits for our Christensen Ranch Mine, our Irigaray Project, our Moore Ranch Project and our Reno Creek Mine.

All such permits and licenses issued by the WDEQ/LQD, the WDEQ/LQD/URP and the WDEQ/WQD are currently in effect and are expected to be timely renewed.

The federal Safe Drinking Water Act (“ SDWA ”) creates a nationwide regulatory program to protect groundwater and is administered by the US.

Environmental Protection Agency (the “ EPA ”).

However, to avoid the burden of dual federal and state regulation, the SDWA allows for states to issue underground injection control (“ UIC ”) permits to satisfy the UIC requirements under the SDWA under two conditions:

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

As of July 31, 2026, we held Aquifer Exemptions for each of our Palangana Mine, our Goliad, Burke Hollow, Christensen Ranch, Irigaray, Ludeman, Moore Ranch and Reno Creek Projects, and our Christensen Ranch, Irigaray, Moore Ranch and Reno Creek Class I disposal wells.

Waste Disposal

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In Texas, the TCEQ issues an exemption for those processes that meet the criteria for low to zero emission by issuing a permit by rule.

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

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

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

We have an air quality permit for the calciner present at the Irigaray CPP.

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

Water Management

UEC commits its management team, employees and contractors to be good stewards of the water it utilizes in all parts of its operations.

From exploration to restoration, water is the critical factor for ISR mining and responsibly managing that water is crucial to our business.

At all UEC’s ISR projects the ore hosted groundwater does not meet either primary or secondary drinking water standards and should only be used for industrial or agricultural use without proper treatment.

Water consumption at UEC’s ISR mining projects is primarily natural groundwater.

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

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

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

In order to ensure appropriate water management, and to ensure our team can continuously make decisions to reduce our water usage, UEC closely monitors our water consumption.

UEC is identifying ways to reduce water consumption on an ongoing basis.

Compliance with the Clean Water Act

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

Clean Water Act

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

Permits must be obtained to discharge pollutants into federal waters.

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State laws governing discharges to water also provide varying civil, criminal and administrative penalties and impose liabilities in the case of a discharge of petroleum or its derivatives, or other hazardous substances, into state waters.

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

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

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

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

Sustainability

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

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

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

GHG Emissions Management

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

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

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

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

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

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

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

Health and Safety

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

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

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

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

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

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

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

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

In Fiscal 2025, UEC has provided training to staff on a variety of safety topics, including, but not limited to, the following topics:

Annual radiation safety training for all plant and wellfield employees;

Bi-Annual Radiation Safety Officer training;

Radiation Safety Technician training;

Logging training;

First Aid/CPR training;

Rig Safety/Inspections training;

Annual DOT Training/HazMat training and TDG training.

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

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

Due to their greater financial and technical resources, we may not be able to acquire additional uranium projects in a competitive bidding process involving such companies.

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

Research and Development Activities

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

Human Capital

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

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

In addition, the EPA has promulgated regulations that may require us to obtain permits to discharge storm water runoff, and Wyoming requires storm water permits for the construction and operation of ISR wellfields and plants.

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

Management believes that we are in substantial compliance with current requirements to obtain permits to discharge storm water runoff;

however, in the event of unauthorized discharge of waste, we may be liable for penalties and costs.

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

The Canadian Nuclear Safety Commission (the “ CNSC ”) is the independent federal nuclear regulator responsible for regulating nuclear activities in Canada under the NSCA.

Canadian uranium projects are also subject to provincial environmental assessment, permitting and land-use requirements, as well as consultation obligations with Indigenous groups where project approvals may affect Aboriginal or Treaty Rights.

Compliance generally requires environmental assessment, licensing, management systems, monitoring, reporting and ongoing regulatory engagement.

Province of Saskatchewan

In Saskatchewan, uranium mining projects may be subject to The Environmental Assessment Act and the provincial Environmental Impact Assessment (“ EIA ”) process.

The process generally begins with a Technical Proposal describing the project and potential impacts to the environment and human health and safety.

Following provincial review, a project may be designated as a “development” requiring an EIA and project-specific terms of reference.

The EIA process typically includes environmental baseline work, site characterization and engagement or consultation activities, including any activities delegated in support of the province’s duty to consult.

After submission of an EIA, provincial authorities review the filing, identify any deficiencies and, if appropriate, place the EIA into public review.

Following completion of the review process, the Minister of Environment may approve the EIA, typically subject to conditions, after which project-specific leases, licenses and permits may be completed.

A surface lease is required before mining work may commence in Saskatchewan and generally covers the areas expected to be disturbed, together with an appropriate buffer.

Although lease discussions and licensing preparation may proceed in parallel with the EIA process, final issuance of material leases, licenses and permits generally requires a positive EIA decision.

Provincial mining project licensing is generally coordinated through the Saskatchewan Ministry of Environment, with additional approvals potentially required from other ministries or agencies for matters such as health and safety, labor, employment, royalties, lands and related project activities.

Depending on project design and water source, Saskatchewan uranium projects may also require water rights licenses and approvals to construct and operate water-related works from the Saskatchewan Water Security Agency, including for surface water or groundwater use and associated diversion, supply or operating works.

Canadian Government

At the federal level, the Impact Assessment Act may require an Impact Assessment where a project meets prescribed thresholds under the Physical Activities Regulations, 2019 or is designated by the federal Minister of Environment and Climate Change.

Our current proposed Canadian projects do not trigger the prescribed thresholds and therefore do not require a federal Impact Assessment on that basis, although they remain subject to possible ministerial designation.

The CNSC may participate in or provide technical comments during the provincial EIA process, although the provincial EIA decision is made independently by the provincial authorities.

The CNSC is the principal federal licensing authority for uranium projects and conducts an environmental protection review in connection with license applications under the NSCA to ensure protection of the environment and human health.

CNSC review also addresses applicable federal requirements and policy considerations, including those relating to Indigenous peoples.

The CNSC licensing process may proceed in parallel with the provincial EIA process, although a positive environmental decision is required before the CNSC may approve applicable licensing packages.

CNSC licensing and oversight are conducted on a cost-recovery basis under the Cost Recovery Fees Regulations.

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

The CNSC assesses projects across safety and control areas, including quality management, occupational health and safety, environmental protection, radiation protection, tailings management, safeguards and non-proliferation.

CNSC staff present their findings to the Commission as part of licensing deliberations.

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

Mineral Rights

In Texas, our mineral rights are held exclusively through private leases from the owners of the land/mineral/surface rights with varying terms.

In general, these leases provide for uranium and certain other specified mineral rights only including surface access rights for an initial term of five years and renewal for a second five-year term.

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

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

In Arizona, New Mexico and Wyoming, our mineral rights are held either exclusively or through a combination of federal mining claims and state and private mineral leases.

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

Our federal mining claims consist of both unpatented lode and mill site claims registered with the BLM and the appropriate counties.

Annual fees must be paid to maintain unpatented mining claims with the BLM.

Our state mineral leases are registered with their respective states.

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

Annual fees must be paid to maintain state mineral leases, and minimum exploration expenditures are required.

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

In Wyoming, annual fees must be paid to maintain the 410 mill site claims at our Sweetwater Project site.

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

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

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

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

Claims are renewed annually and the claim holder is required to satisfy work expenditure requirements.

With respect to certain of our mineral rights in Paraguay, the Ministry of Public Works and Communications (“ MOPC ”), the mining regulator in Paraguay, has taken the position that certain concessions forming part of our Yuty, Alto Parana and Colonel Oviedo Projects are not eligible for extension as to exploration or continuation to exploitation in their current stages.

As we remain fully committed to our development path forward in Paraguay, we have filed certain applications and appeals in Paraguay to reverse the MOPC’s position in order to protect our continuing rights in those concessions.

Human Capital Resources

As of July 31, 2026, we had 257 employees, 201 of whom were located in the United States, 36 in Canada and 20 in Paraguay.

We seek to attract and retain talented and experienced individuals to manage and support our operations.

We engage in a variety of learning and development opportunities with our employees, including ongoing training, continuing education courses, workshops and seminars and membership in professional organizations relating to employees’ projects areas of expertise.

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Available Information

The Company’s website address is www.uraniumenergy.com and our annual reports on Form 10-K and quarterly reports on Form 10-Q, and amendments to such reports, are available free of charge on our website as soon as reasonably practicable after such materials are filed or furnished electronically with the SEC.

These same reports, as well as our current reports on Form 8-K, and amendments to those reports, filed or furnished electronically with the SEC are available for review at the SEC’s website at www.sec.gov .

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

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

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

Our website address is www.uraniumenergy.com.

Our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and amendments to such reports, are available free of charge on our website as soon as reasonably practicable after such materials are filed or furnished electronically with the SEC.

Reports and amendments thereto filed or furnished electronically with the SEC are available at the SEC’s website at www.sec.gov.

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

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

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

The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this Annual Report or any other report or document filed with or furnished to the SEC.

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

What changed 10-K

Item 1. Business