What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2026-09-29 compared with 2025-09-24 · 354 added, 187 removed, 923 unchanged (37% of the section changed)

1 unchanged sentence

We currently have three hub and spoke platforms in South Texas and Wyoming with a combined licensed production capacity of approximately 12.1 million pounds U 3 O 8 per year.

These production platforms are anchored by licensed CPPs and are served by our ISR uranium projects.

In August 2024, we commenced ISR operations at our Christensen Ranch project in Wyoming, sending uranium loaded resin to the Irigaray CPP in Wyoming.

Other than Christensen Ranch, there was no production from our properties during the Fiscal 2025.

These production platforms are anchored by licensed CPPs and are served by our ISR and conventional uranium projects.

In August 2024, we commenced ISR operations at our Christensen Ranch Mine in Wyoming, sending uranium loaded resin to our Irigaray CPP in Wyoming.

In April 2026, we commenced ISR operations at our Burke Hollow Mine in Texas, sending uranium loaded resin to our Hobson CPP in Texas.

Other than the Christensen Ranch and Burke Hollow Mines, there was no production from our other properties during the Fiscal 2026.

The CPP for the Great Divide Basin (“ GDB ”) properties in Wyoming is our Sweetwater Mill, currently configured for conventional mining, that will be refurbished to also accept production from ISR mines.

The following sets forth the locations of our projects.

Figure 2.1 – Portfolio Overview of UEC Properties

Figure 2.1 – Portfolio Overview of Properties

Note on Mineral Property Disclosures

2 unchanged sentences

For Fiscal 2026, we reviewed the materiality of each of our mineral properties based on various factors in the context of our overall business and financial condition, including their individual book values, relative project stage, resource estimates, planned activities and existing operations.

Based on the foregoing, we determined that Christensen Ranch, Reno Creek and Ludeman in Wyoming, Burke Hollow in Texas and Roughrider in Saskatchewan, Canada are our material individual properties for the purposes of S-K 1300.

Further information regarding such material individual properties is set forth under “- Material Individual Properties” herein.

Based on the foregoing, we determined that our Christensen Ranch Mine, Reno Creek, Ludeman and Sweetwater Projects in Wyoming, our Burke Hollow Mine in Texas, and our Roughrider Project in Saskatchewan, Canada, are our material individual properties for the purposes of S-K 1300.

Further information regarding such material individual properties is set forth under “- Individual Material Properties” herein.

This Annual Report includes disclosure of initial assessments for certain of our projects that include a cash flow analysis to illustrate a property’s economic potential.

Such assessments are preliminary in nature, include inferred mineral resources that are considered too speculative geologically to have modifying factors applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that such economic assessments will be realized.

An initial assessment is a preliminary technical and economic study of the economic potential of mineral resources;

it is not a pre-feasibility study or feasibility study and does not demonstrate economic viability.

There is no certainty that the mineral resource estimates or the economic projections set forth in any initial assessment will be realized, and mineral resources are not mineral reserves and do not have demonstrated economic viability.

We commenced uranium extraction at our Christensen Ranch Mine in August 2024 and at our Burke Hollow Mine in April 2026;

the quantities of uranium produced from these mines since the effective dates of the applicable TRS have not been material relative to the estimated mineral resources and, accordingly, have not been deducted from the mineral resource estimates presented in this Annual Report.

We are not aware of any new information or data that would cause a material change to the mineral resource estimates as of July 31, 2026.

Summary Disclosure

The following table sets forth summary information regarding each of our mineral properties and is presented as at the date hereof.

The following table sets forth summary information regarding each of our mineral properties and is presented as of the date of this Annual Report.

Table 2.1(a) Uranium Projects

Ownership Interest

Mineralization Style

Mineralization

Central Shirley Basin

1 unchanged sentence

East Shirley Basin

Green Mountain

ISR and Conventional

Roll-Front (ISR);

Tabular (Conventional)

Ownership Interest

Mineralization

Sweetwater (Red Desert)

ISR and Conventional

West Crook's Creek

15 unchanged sentences

Unconformity Related

Ownership Interest

Mineralization

Saskatchewan, Canada

53 unchanged sentences

Mineralization

The following sets forth our aggregate annual uranium production from all of our properties for each of the three most recently completed fiscal years, which should be presented in tabular form.

We had no uranium production during the fiscal year ended July 31, 2024.

During the fiscal year ended July 31, 2025, following the restart of the Christensen Ranch Mine, we produced 129,966 pounds of precipitated uranium and dried and drummed U 3 O 8 , all from the Christensen Ranch Mine.

During the fiscal year ended July 31, 2026, we produced 229,294 pounds of precipitated uranium and dried and drummed U 3 O 8 , in the aggregate, from our Christensen Ranch Mine and our Burke Hollow Mine.

Other than the Christensen Ranch Mine and the Burke Hollow Mine, we had no production from our properties during these periods.

Mineral Resources

The following table sets forth the current mineral resource estimates for our uranium properties.

For further information regarding estimates concerning our material individual properties, please see "– Material Individual Properties" herein.

The following table sets forth the current mineral resource estimates for our uranium properties as of July 31, 2026.

For further information regarding estimates concerning our material individual properties, please see “– Individual Material Properties” herein.

State / Province

16 unchanged sentences

The point of reference for mineral resources is in-situ at the project.

In the year ended July 31, 2025, we commenced operations at Christensen Ranch which included minimal initial production as part of ramp up of 103,545 pounds and 26,421 pounds of precipitated uranium and dried and drummed concentrate, respectively, at the end of such period.

Such amount has not been deducted from estimate above.

In the year ended July 31, 2025, we commenced operations at our Christensen Ranch Mine which included minimal initial production as part of ramp up of 129,966 pounds of precipitated uranium and dried and drummed U 3 O 8 at the end of such period.

In the year ended July 31, 2026, we continued operations at our Christensen Ranch Mine and produced 211,942 pounds of precipitated uranium and dried and drummed concentrate at the end of such period.

The cumulative production of 341,908 pounds of precipitated uranium and dried and drummed concentrate as of July 31, 2026 has not been deducted from the estimate above.

In the year ended July 31, 2026, we commenced operations at our Burke Hollow Mine which included minimal initial production as part of ramp up of approximately 17,352 pounds of precipitated uranium and dried and drummed concentrate.

Mineral resources are estimated using a long-term uranium price of $40 per pound for ISR projects and $65 per pound for conventional projects, except for the Canadian projects where a price of $85 per pound was used for the Roughrider Project, a price of $75 per pound was used for the Horseshoe-Raven Project, a price of $50 per pound was used for the Shea Creek Project, a price of $50 per pound was used for the Christie Lake Project and a price of $62 per pound was used for the Millennium Project.

1 unchanged sentence

Where joint venture projects have resources that are attributable to other companies, these resources are not listed in the table.

Numbers may not add due to rounding.

In addition to our uranium properties, we also own the Alto Parana titanium project in Paraguay.

16 unchanged sentences

All grades are expressed as in situ grades.

Estimates for the mineral resources and the total and the total are rounded to two significant figures, as appropriate for inferred resources.

Estimates for the mineral resources and the total are rounded to two significant figures, as appropriate for inferred resources.

On the basis of sampling and comparison assays done to date it is estimated the inferred resources contain between 4 and 5% ilmenite.

A cut-off grade of 2% ilmenite has been applied where the ilmenite grade is known, otherwise whole rock TiO₂ of 5.75%

Cut-off grade was determined using the price of $1,025 per tonne for chlorite slag, $720 per tonne for Chlorite slag fines, and $747 for high purity pig iron

The Cut-off grade was determined using the price of $1,025 per tonne for chlorite slag, $720 per tonne for Chlorite slag fines, and $747 for high purity pig iron

As the salable product is a concentrate in the form of either slag or pig iron, metallurgical recovery occurs downstream from the salable product and cannot be reported for TiO 2 .

Internal Controls Respecting Exploration and Resource Estimation

Internal Controls Respecting Exploration and Mineral Resource Estimation

For Canadian and U.S.

exploration programs, Quality Control and Quality Assurance (“ QA/QC ”) programs for geologic data collection and resource estimation are defined in each TRS along with protocols and procedures for data collection.

exploration programs, Quality Control and Quality Assurance (“ QA/QC ”) programs for geologic data collection and resource estimation are defined in each Technical Report Summary (each, a “ TRS ”) along with protocols and procedures for data collection.

To summarize, the QA/QC programs for exploration data are in place that cover four categories:

3 unchanged sentences

and geochemical data.

The controls in each of these categories serve to help the Company and its qualified persons (each, a “ QP ”) under each TRS have confidence in the data and geologic interpretations that are being used in resource estimation.

The controls in each of these categories serve to help the Company and its QPs under each TRS have confidence in the data and geologic interpretations that are being used in resource estimation.

Geochemical data for Canadian exploration programs is supplied by the Geoanalytical Laboratory at the Saskatchewan Research Council (“ SRC ”).

2 unchanged sentences

As part of the SRC’s commitment to continually assess the effectiveness of the services, all processes are subject to internal, second party and third-party audits.

In addition to the lab controls on QA/QC, the Company submits duplicate samples and blank samples to the lab at a rate of approximately one in 20 samples each along with standard and a round robin pulp that are inserted at the lab, so that in a 20-sample batch there are 16 geochemistry samples for analysis.

In addition to the lab controls on QA/QC, we submit duplicate samples and blank samples to the lab at a rate of approximately one in 20 samples each along with standard and a round robin pulp that are inserted at the lab, so that in a 20-sample batch there are 16 geochemistry samples for analysis.

Failures of lab standards, blanks or duplicates are investigated and can result in the re-assay of the samples to replace the original data in the database if necessary.

3 unchanged sentences

since the 1950s.

QA/QC of gamma-ray and PFN probes from each logging truck are required to maintain calibration by regular cross-checking the probes at U.S.

DOE test pits located in George West, Texas, or Casper, Wyoming.

QA/QC of gamma-ray and PFN probes from each logging truck are required to maintain calibration by regular cross-checking the probes at DOE test pits located in George West, Texas, or Casper, Wyoming.

The pit is set up for logging units to calibrate the probes with a known radioactive source.

1 unchanged sentence

Calibration runs typically are made on a one- or two-month interval, and files with the test pit run results are maintained by the operator.

The available data indicate that the logging provided by the Company and contract probe trucks at the various U.S.

The available data indicate that the logging provided by us and contract probe trucks at the various U.S.

projects have maintained industry standard calibration procedures for their probes.

1 unchanged sentence

and Canadian operations.

Company staff will perform database verification on the geologic database which is then reviewed by the QP.

Our staff will perform database verification on the geologic database which is then reviewed by the QP.

If the QP was not involved in the primary data collection field program the QP will spot check a subset of drill collar locations and, if available, also compare collar elevations against a digital elevation model to evaluate and cross check the drill hole collar elevations.

3 unchanged sentences

The resource estimates have inherent risks due to data accuracy, uncertainty from geological interpretation, mine plan assumptions, uncontrolled rights for mineral and surface properties, environmental challenges, uncertainty for future market supply and demand and changes in laws and regulations.

Company management and QPs are aware of those risks that might directly impact the assessment of mineral reserves and resources.

Our management and QPs are aware of those risks that might directly impact the assessment of mineral reserves and resources.

The current mineral resources are estimated based on the best information available and are subject to reassessment when conditions change.

Central Processing Plants

We currently own three processing plants, consisting of the Irigaray CPP, an ISR plant located in northeastern Wyoming, the Hobson CPP, an ISR plant located in South Texas, and the Sweetwater Plant, a conventional plant located in Southwestern Wyoming.

We currently own three processing plants, consisting of the Irigaray CPP, an ISR plant located in northeastern Wyoming, the Hobson CPP, an ISR plant located in South Texas, and the Sweetwater Mill, a conventional mill located in Southwestern Wyoming.

Additional information regarding each processing facility is set forth where applicable in “Individual Material Properties” herein.

5 unchanged sentences

The Irigaray CPP is fully permitted.

The Christensen Ranch, Ludeman, Moore Ranch and portions of the Reno Creek Project areas are permitted for ISR operations through both WDEQ/LQD and the BLM as appropriate.

The Christensen Ranch, Ludeman, Moore Ranch and portions of the Reno Creek Project areas are permitted for ISR operations through WDEQ/LQD.

In the GDB of Wyoming, the Sweetwater Project is both permitted and licensed through WDEQ/LQD, and the Big Eagle and Jackpot properties hold Permits to Mine.

Geology and Mineralization in Wyoming

Uranium was first discovered in the southern PRB during the early 1950s.

Uranium was first discovered in the southern Powder River Basin (“ PRB ”) during the early 1950s.

By the mid- to late 1950s, small open pit mine operations were established in the PRB.

1 unchanged sentence

Extensive drill hole exploration has been utilized to locate deeper uranium mineralization since the 1960s to progress geologic models.

Uranium mineralization was discovered in the GDB at the Lost Creek Schoekingerite deposit in the early 1950s.

The Schoekingerite deposits were exposed at the surface along the Lost Creek drainage and were located using radiometric surveys.

The USGS used shallow exploration to further evaluate the deposits.

Uranium mineralization was discovered in the GDB at the Lost Creek Schroeckingerite deposit in the early 1950s.

The Schroeckingerite deposits were exposed at the surface along the Lost Creek drainage and were located using radiometric surveys.

Geological Survey used shallow exploration to further evaluate the deposits.

Similar to the PRB, drilling for deeper deposits began in the 1960s and exploration has primarily consisted of drilling since that time.

The Allemand-Ross, Barge, Charlie, Christensen Ranch, Irigaray, Ludeman, Moore Ranch, Nine Mile and Reno Creek Project areas reside in the Powder River Basin (“ PRB ”).

The Allemand-Ross, Barge, Charlie, Christensen Ranch, Irigaray, Ludeman, Moore Ranch, Nine Mile and Reno Creek Project areas reside in the PRB.

The PRB is a structural basin that extends over much of northeastern Wyoming and southeastern Montana and consists of a large north-northwest trending asymmetric syncline.

1 unchanged sentence

The PRB is filled with marine, non-marine and continental sediments ranging in age from early Paleozoic through Cenozoic.

The Jab/West Jab, Crooks Mountain, Crooks Creek, West Cooks Creek, Bull Springs, Stewart Creek, South Sweetwater, West Sweetwater, Antelope, Twin Buttes, Cyclone Rim, Red Desert, Green Mountain and Red Rim Project areas are located within the northeastern portion of the Greater Green River Basin (“ GGRB ”).

The Jab/West Jab, Crooks Mountain, Crooks Creek, West Cooks Creek, Bull Springs, Stewart Creek, South Sweetwater, West Sweetwater, Antelope, Twin Buttes, Cyclone Rim, Red Desert (Sweetwater), Green Mountain and Red Rim Project areas are located within the northeastern portion of the Greater Green River Basin (“ GGRB ”), which portion is also known as the Great Divide Basin.

The GGRB is a structural basin that extends over southwestern Wyoming and northwestern Colorado and is divided by the Rock Springs Uplift, a north-south trending anticline.

41 unchanged sentences

Geology of the Great Divide and Greater Green River Basins

The Jab/West Jab, Crooks Mountain, Crooks Creek, West Cooks Creek, Bull Springs, Stewart Creek, South Sweetwater, West Sweetwater, Antelope, Twin Buttes, Cyclone Rim, Red Desert (Sweetwater), Green Mountain and Red Rim Project areas are located within the northeastern portion of the GGRB, with this portion named the GDB.

The GDB and the Washakie Basin (“ WB ”) in the southwest together comprise the GGRB.

12 unchanged sentences

The Wasatch Formation, due to its fluvial nature, contains interbedded siltstones, coal, carbonaceous shale, fine-grained sandstone, sandy limestone and medium-grained fluvial sandstones.

The Battle Spring Formation consists of alluvial-fluvial fan deposits of west to southwest-flowing paleodrainage.

The common rock type is arkosic sandstone with interbedded claystone.

These types of rock are typical of alluvial-fan facies.

Much of this material is sourced from the Granite Mountains by blockages in normal drainages due to differential subsidence rates.

The Wasatch Formation, due to its fluvial nature, contains interbedded siltstones, coal, carbonaceous shale, fine-grained sandstone, sandy limestone and medium-grained fluvial sandstones.

The permeable medium- to very coarse-grained sandstones and arkoses are a favorable host for sandstone-type uranium deposits.

The permeable medium- to very coarse-grained sandstones and arkoses of the Battle Spring Formation are a favorable host for sandstone-type uranium deposits.

Fluvial channels incised into less permeable underlying siltstones and sandstones in the Battle Spring during early Eocene time.

16 unchanged sentences

The WRB is filled with marine, lacustrine and fluvial sediments ranging in age from Paleozoic to Cenozoic.

Both the Wind River and Fort Union Formations are Cenozoic fluvial sedimentary deposits containing sandstone with economic quantities of uranium.

Both the Wind River and Fort Union Formations are Cenozoic fluvial sedimentary deposits containing sandstones with economic quantities of uranium.

The primary source of sediments for the Wind River and Fort Union Formations in the eastern WRB was the ancestral Granite Mountains along the southern boundary of the basin.

16 unchanged sentences

Primarily, services and personnel are available from Buffalo, Gillette and Casper.

Casper and Gillette provide flight services with daily service to Denver, Billings and Salt Lake City.

Casper and Gillette provide flight services with daily service to Denver.

Water is sourced locally at the mine while electrical service is provided by a regional power company.

11 unchanged sentences

In addition, significant upgrades at the Irigaray CPP were initiated in the fourth quarter of Fiscal 2025, including a full rebuild of one of two yellowcake thickeners along with calciner improvements.

Process upgrades at the Irigaray CPP continued in the second quarter of Fiscal 2026, including refurbishment of the calciner to increase throughput of dried yellowcake.

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

As a result, the CPP is capable of operating the drying and packaging processes 24/7 under a two shift schedule.

Christensen Ranch Project

The following technical and scientific description for the Christensen Ranch Project area (the “ Christensen Ranch Project Are a”) is based in part on the TRS titled “S-K 1300 Mineral Resource Report Wyoming Assets ISR Hub and Spoke Project, WY USA”, dated March 9, 2023, prepared for the Company by WWC, a qualified firm (the QP herein) who is not affiliated with UEC.

Figure 2.4 – Location of the Christensen Ranch Project

6 unchanged sentences

Limited services are available from several smaller towns proximal to the site.

Primarily, services and personnel are available from Buffalo, Gillette and Casper.

Casper and Gillette provide flight services with daily service to Denver, Billings and Salt Lake City.

Services and personnel are available from Buffalo, Gillette, Casper and Douglas.

Casper and Gillette provide flight services with daily service to Denver.

Water is sourced locally at the mine while electrical service is provided by a regional power company.

20 unchanged sentences

Malapai purchased the Irigaray Project Area from Westinghouse in 1987, and the Christensen Ranch Project Area was licensed for operations under the Irigaray U.S.

NRC and Wyoming Department of Environmental Quality (“ WDEQ ”) license/permit in 1988.

NRC and WDEQ license/permit in 1988.

Uranium production by ISR was started by Malapai in 1989 and was placed on standby in 1990.

14 unchanged sentences

3.70 million pounds of U 3 O 8 produced from 1989 through 2000.

Operations/Activity

Results of Work

COGEMA and Malapai

10 unchanged sentences

Restarted uranium extraction and ramp-up phase expected to continue while new production areas are being constructed and completed through 2025 and 2027.

The Christensen Ranch Mine had no production during the fiscal year ended July 31, 2024.

During the fiscal year ended July 31, 2025, following the restart of operations, the Christensen Ranch Mine produced 129,966 pounds of precipitated uranium and dried and drummed U 3 O 8 as part of its initial ramp-up.

During the fiscal year ended July 31, 2026, the Christensen Ranch Mine produced 211,942 pounds of precipitated uranium and dried and drummed U 3 O 8 .

Property Condition and Proposed Development

3 unchanged sentences

Production from header houses 10-7 and 10-8 has begun, marking the first two new production areas at Christensen Ranch as part of its phased restart.

Construction of four new header houses in Mine Unit 11 are underway with power poles placed and buildings being set on their foundations.

Wellfield development advanced with active well installation (piloting, casing, underreaming) in Mine Unit 11, delineation drilling completed in Mine Unit 12, and extensions planned in Mine Unit 8 and Mine Unit 10.

Construction of four new header houses in Mine Unit 11 was completed.

Three of the four header houses in Mine Unit 11 are in production as of July 31, 2026, with header house 11-2 remaining offline until fully permitted.

Wellfield development advanced with active well installation (piloting, casing and underreaming) in Mine Unit 12, Mine Unit 10-extension, and Mine Unit 8-extension.

At the end of Fiscal 2026, four header houses were fully constructed in Mine Unit 10-extension, bringing the total to five that were awaiting regulatory approval for startup at such time.

On September 28, 2026, final regulatory approvals were issued for four of these.

One header house in Mine Unit 12 was completed at the end of Fiscal 2026.

Facilities, Infrastructure and Underground Development

The Christensen Ranch Project facilities include the ion exchange satellite plant, four evaporation ponds, one permeate storage pond, two EPA Class I injection disposal wells, several miles of buried production and injection trunklines connecting Mine Units to the satellite plant, access roads, office building, maintenance shop, powerlines and eight installed wellfields (Mine Units 2, 3, 4, 5, 6, 7, 8 and 10).

The Christensen Ranch Project facilities include the ion exchange satellite plant, four evaporation ponds, one permeate storage pond, two EPA Class I injection disposal wells, several miles of buried production and injection trunklines connecting Mine Units to the satellite plant, access roads, office building, maintenance shop, powerlines and nine installed wellfields (Mine Units 2, 3, 4, 5, 6, 7, 8, 10 and 11).

Mine Units 2, 3, 4 and 6 have gone through groundwater restoration, which has been approved by WDEQ.

These wellfields are undergoing decommissioning with plugging and abandonment of injection and recovery wells undertaken in Mine Unit 2.

Mine Units 7, 8 and 10 have been partially mined and have resumed operations.

Mine Units 10 and 11 have been partially mined and continue to produce uranium.

Operations in portions of Mine Unit 5 may also be resumed in the future.

8 unchanged sentences

Requirements of RMLs are found in WDEQ, LQD/Uranium Recovery Program Chapter 4 Rules and Regulations for Licensing of Source and Byproduct Material.

There are no materially significant encumbrances on the Christensen Ranch Project.

Standard encumbrances include reclamation bonding, mining and surface lease royalties.

Standard encumbrances on the Christensen Ranch Project include reclamation bonding, mining and surface lease royalties, including production-based royalties and sales-based royalties.

In addition, the Wyoming Department of Revenue collects severance and ad valorem tax on the value of uranium extracted from our Christensen Ranch Project.

The Christensen Ranch Project permitting details are tabulated below.

Table 2.4 Christensen Ranch Permit Details

Fully Permitted

Partially Permitted

25 unchanged sentences

Tails are generally not amenable to ISR because the uranium is typically found within strongly reduced or impermeable strata, therefore making it difficult to leach.

Table 2.5 – Mineral Resources for the Christensen Ranch Project as at the date of this Annual Report

Table 2.5 – Mineral Resources for the Christensen Ranch Project as of July 31, 2026 and 2025

Classification

2 unchanged sentences

The sum of resource tons and pounds may not add up to the reported total due to rounding.

Measured, indicated, and inferred mineral resources as defined in 17 CFR § 229.1300.

Measured, indicated, and inferred mineral resources as defined in S-K 1300.

GT Cutoff = 0.25 ft% eU 3 O 8.

2 unchanged sentences

Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Such amount has not been deducted from estimate above.

In the year ended July 31, 2025, we commenced operations at Christensen Ranch which included minimal initial production as part of ramp up of 129,966 pounds of precipitated uranium and dried and drummed U 3 O 8 at the end of such period.

In the year ended July 31, 2026, we continued operations at Christensen Ranch and produced 211,942 pounds of precipitated uranium and dried and drummed concentrate at the end of such period.

The cumulative production of 341,908 pounds of precipitated uranium and dried and drummed concentrate as of July 31, 2026 has not been deducted from estimate above.

A long-term uranium price of $40 per pound U 3 O 8 and an 80% metallurgical recovery factor were considered for the purposes of determining the reasonable prospect of economic extraction.

Reno Creek Project

The following technical and scientific description for the Reno Creek Project area (the “ Reno Creek Project Area ”) is based in part on the TRS titled “S-K 1300 Mineral Resource Report Wyoming Assets ISR Hub and Spoke Project, WY USA”, dated March 9, 2023, prepared by WWC, a qualified firm (the QP herein) who is not affiliated with UEC.

Figure 2.5 - Location of the Reno Creek Project

7 unchanged sentences

Services and personnel are available from Gillette or Casper.

Flight service is offered from Gillette or Casper with daily service to Denver, Billings and Salt Lake City.

Flight service is offered from Gillette or Casper with daily service to Denver.

Water will be sourced locally while electrical service will be provided by a regional power company.

8 unchanged sentences

Operations/Activity

of Drill holes)

Results of Work

28 unchanged sentences

Delineation of mineralized areas.

Operations/Activity

Results of Work

Advanced project through acquisition of most major permits and required authorizations.

3 unchanged sentences

Auditing of the Reno Creek Project Area resources.

Operations/Activity

of Drill holes)

Results of Work

Reno Creek – Moore, Pine Tree, and Bing

22 unchanged sentences

Permit Status and Encumbrances

The Reno Project is permitted under WDEQ Permit to Mine No.

The Reno Creek Project is permitted under WDEQ Permit to Mine No.

The project is also licensed under WDEQ RML WYSUA-1602, formerly a U.S.

4 unchanged sentences

Requirements of RMLs are found in WDEQ, LQD/Uranium Recovery Program Chapter 4 Rules and Regulations for Licensing of Source and Byproduct Material.

There are no materially significant encumbrances on the Reno Creek Project.

Standard encumbrances include reclamation bonding, mining and surface lease royalties.

Standard encumbrances on the Reno Creek Project include reclamation bonding, mining and surface lease royalties.

The details of the Reno Creek Project Permit status are tabulated below.

Table 2.8 Reno Creek Permit Details

Fully Permitted

Partially Permitted

15 unchanged sentences

Stacking of depositional cycles resulted in sandstone body accumulations over 200 feet thick.

Uranium mineralization at the Reno Creek Project Area is typical of Wyoming roll-front sandstone deposits.

The formation of roll-front deposits is largely a groundwater process that occurs when uranium-bearing, oxygenated groundwater interacts with a reducing environment in the subsurface and precipitates uranium.

The most favorable host rocks for roll-fronts are permeable sandstones with large aquifer systems.

Interbedded mudstone, claystone and siltstone are often present and aid in the formation process by focusing groundwater flux.

The geometry of mineralization is dominated by the classic roll-front “C” shape or crescent configuration at the redox interface.

The highest-grade portion of the front occurs in a zone termed the “nose” within reduced ground just ahead of the alteration front.

Ahead of the nose, at the leading edge of the solution front, mineral quality gradually diminishes to barren within the “seepage” zone.

Trailing behind the nose, in oxidized (altered) ground, are weak remnants of mineralization referred to as “tails” which have resisted re-mobilization to the nose due to association with shale, carbonaceous material or other lithologies of lower permeability.

Tails are generally not amenable to ISR because the uranium is typically found within strongly reduced or impermeable strata, therefore making it difficult to leach.

Table 2.9 – Mineral Resources for the Reno Creek Project as at the date of this Annual Report

Uranium mineralization at the Reno Creek Project Area is typical of Wyoming roll-front sandstone deposits, the formation and geometry of which, including the classic roll-front “C” shape and the associated “nose”, “seepage” and “tails” zones, are described above under “—Christensen Ranch Project”.

Table 2.9 – Mineral Resources for the Reno Creek Project as of July 31, 2026 and 2025

Classification

9 unchanged sentences

Ludeman Project

The following technical and scientific description for the Ludeman Project area (the “ Ludeman Project Area ”) is based in part on the TRS titled “S-K 1300 Mineral Resource Report Wyoming Assets ISR Hub and Spoke Project, WY USA”, dated March 9, 2023, prepared by WWC, a qualified firm (the QP herein) who is not affiliated with UEC.

The Ludeman Project Area does not have mineral reserves and is therefore considered an exploration stage property under S-K 1300 definitions, despite a history of successful in situ research and development testing.

7 unchanged sentences

The site is accessible year-round on state and county roads.

Services and personnel are available from Glenrock, Douglas or from Casper, which has full services and the nearest airport with daily service to Denver and Salt Lake City.

Services and personnel are available from Glenrock, Douglas or from Casper, which has full services and the nearest airport with daily service to Denver.

Water will be sourced locally at the site while electrical service will be provided by a regional power company.

5 unchanged sentences

Expiration Date

2026 and Jan.

One lease expires in Jan.

2029 and the other lease is held by development, production and reclamation

The table below describes the historic ownership and operations at the Ludeman Project Area.

1 unchanged sentence

Operations/Activity

of Drill holes)

Results of Work

29 unchanged sentences

Consolidation through acquisition.

Operations/Activity

Results of Work

Uranium One acquired Energy Metals in late 2007 and continued exploration of the Ludeman Project Area from 2007 through 2012.

10 unchanged sentences

Facilities, Infrastructure and Underground Development

The Ludeman property is fully permitted and licensed for commercial ISR production.

The engineering and design work has been completed for the satellite plant, evaporation ponds, infrastructure, and the first Mine Unit.

Construction of these facilities has not occurred to date.

The Ludeman property is fully permitted and licensed for commercial ISR production and is our third ISR project in Wyoming.

Monitor, injection and recovery wells for the first wellfield are currently under construction and being tested for mechanical integrity.

Procurement of wellfield development piping, mechanical and electrical components is underway for the first seven header houses.

Additionally, core samples have been collected for a review of mineralogy.

Engineering for the satellite ion-exchange plant was significantly advanced during the fourth quarter of Fiscal 2026, allowing us to award contracts for longer lead time equipment.

The civil engineering for the plant pad was completed and a contract for construction issued.

The powerline location has been established with the power company, and land surveys of the powerline route are underway.

Uranium captured on ion-exchange resin at the Ludeman satellite plant will be transported to our Irigaray CPP, our hub in the PRB, for stripping, precipitation, drying and packaging.

Permit Status and Encumbrances

6 unchanged sentences

Requirements of Radioactive Materials Licenses are found in WDEQ, LQD/Uranium Recovery Program Chapter 4 Rules and Regulations for Licensing of Source and Byproduct Material.

There are no materially significant encumbrances on the Ludeman Project.

Standard encumbrances include reclamation bonding, mining and surface lease royalties.

Standard encumbrances on the Ludeman Project include reclamation bonding, mining and surface lease royalties.

Ludeman permit status is tabulated below.

Table 2.12 Ludeman Permit Details

Fully Permitted

Partially Permitted

Byproduct Materials License

WDEQ/EPA Aquifer Exemption

Byproduct Materials

WDEQ/EPA Aquifer

Geologic Setting, Mineralization, and Deposit

2 unchanged sentences

These channel deposits are confined by mudstones that serve as aquitards to the water saturated aquifers.

Uranium mineralization at the Ludeman Project Area is typical of Wyoming roll-front sandstone deposits.

The most favorable host rocks for roll-fronts are permeable sandstones with large aquifer systems.

Interbedded mudstone, claystone and siltstone are often present and aid in the formation process by focusing groundwater flux.

The geometry of mineralization is dominated by the classic roll-front “C” shape or crescent configuration at the redox interface.

The highest-grade portion of the front occurs in a zone termed the “nose” within reduced ground just ahead of the alteration front.

Ahead of the nose, at the leading edge of the solution front, mineral quality gradually diminishes to barren within the “seepage” zone.

Tails are generally not amenable to ISR because the uranium is typically found within strongly reduced or impermeable strata, therefore making it difficult to leach.

Table 2.13 – Mineral Resources for the Ludeman Project as at the date of this Annual Report

Uranium mineralization at the Ludeman Project Area is typical of Wyoming roll-front sandstone deposits, the formation and geometry of which, including the classic roll-front “C” shape and the associated “nose”, “seepage” and “tails” zones, are described above under “—Christensen Ranch Project.”

Table 2.13 – Mineral Resources for the Ludeman Project as of July 31, 2026 and 2025.

Classification

8 unchanged sentences

A long-term uranium price of $40 per pound U 3 O 8 and an 80% metallurgical recovery factor were considered for the purposes of determining the reasonable prospect of economic extraction

Sweetwater Project

Information for the Sweetwater Project area (the “ Sweetwater Project Area ”) is provided below.

Property Description

The Sweetwater Project consists of a collection of uranium exploration and development projects in Wyoming, comprised of:

Sweetwater (Red Desert) property mining rights, past producing Sweetwater mine, mill and tailings facility;

Green Mountain property mining rights, past producing Big Eagle open pit and the planned Jackpot underground mine.

The CPP for the GDB properties in Wyoming is the Sweetwater Mill, currently configured for conventional mining, which will be refurbished to also accept production from ISR mines.

These properties are located in the Great Divide Basin of Wyoming in the following locations:

Figure 2.7 - Location of the Sweetwater (Red Desert) Project Area

Figure 2.8 - Location of the Green Mountain Project Area

The primary facilities existing at the Sweetwater Project are located approximately 40 air miles northwest of Rawlins, Wyoming at latitude 42.0535 and longitude -107.8994 in decimal degrees, in Sweetwater County, Wyoming.

The site is remote, with the nearest town of Bairoil, population 68, located 22 miles to the northeast of the site.

The project is accessible year-round from the east via the Minerals Exploration Road (County Road 63), that connects with US Highway (US 287).

The site is also accessible from the west via the Wamsutter-Crooks Gap Road (CR23) and BLM roads.

Flight service is available from Rock Springs (108 miles to the west of Rawlins) or Casper (approximately 140 miles to the northeast of the site).

Services and personnel are available from Rawlins, Casper, Lander and Rock Springs.

Water at the site is sourced locally with electrical service provided by Rocky Mountain Power.

The Green Mountain area is located in the southeast corner of Fremont County, 40 miles southeast of Lander, Wyoming, and 45 miles north of Rawlins on Wyoming Highway 287.

The area extends eastward from Crooks Gap to Jan-PH in Townships 27 and 28 North, Ranges 90, 91, 92 West.

The Green Mountain portion of the Sweetwater Project is approximately 22 miles north of the primary Sweetwater facilities location.

It contains two permitted conventional mines (Big Eagle – open pit and Jackpot – underground), one un-permitted conventional project (Big Eagle Phase II) and two potential ISR deposits.

The only facilities in this area are located within the Big Eagle permit area and consist of two buildings for truck maintenance and washing and two partially reclaimed open pit mines.

A decline to access the orebody at the Jackpot Mine has been reclaimed to state standards, therefore no facilities are located on this property

Land Position

Table 2.14 Sweetwater Project Land Position

Fee Mineral Leases

Federal Lode Mining Claims

Federal Mill Site Claims

UEC-Owned Land

Expiration Date

On December 6, 2024, we completed the acquisition of all of the issued and outstanding shares of capital stock of KUC and WCRC from Rio Tinto America Inc.

As a result of such acquisition, we acquired:

(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 (now called Sweetwater) uranium mining claims and state leases 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 table below describes the historic ownership and operations at the Sweetwater Project Area.

Table 2.15 Historic Ownership of the Sweetwater Project Area (Sweetwater/Red Desert and Green Mountain)

Operations/Activity

Minerals Exploration Company, subsidiary of Union Oil Company of California (UNOCAL)

Built the Sweetwater Mine and Mill

Minerals Exploration Company, subsidiary of Union Oil Company of California (UNOCAL)

Mining and milling;

production of 1.3 million pounds of uranium;

production ceased due to low uranium prices;

facilities placed on standby

Sweetwater Project sold to Kennecott Uranium Company and Green Mountain Mining Venture (“ GMMV ”) (joint venture among Kennecott Uranium Company, U.S.

and Crested Corp.)

Standby status only

GMMV sold to Kennecott Uranium Company and Wyoming Coal Resources Company

Standby status only

Kennecott Uranium Company, GMMV and Wyoming Coal Resources Company sold to Uranium Energy Corp.

Standby status continued

Property Condition and Proposed Development

The condition of the properties is good while meeting all standards and requirements of federal, state and local regulations.

The Sweetwater (Red Desert) property is permitted and licensed for conventional mining.

We are currently pursuing an amendment to its permits in order for Sweetwater to be mined using ISR methodologies.

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

A second 100-hole delineation drilling program began in August 2026 in the same area to further define potential resources.

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

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

The development plans for the Green Mountain properties are currently on standby while ISR is pursued at the Sweetwater property.

Facilities, Infrastructure and Underground Development

The construction of the Sweetwater Mill occurred in 1979 and 1980, and Minerals Exploration Company processed ore mined from an adjacent open pit from February 1981 through April 1983.

It is one of only three conventional uranium mills in the United States and the only mill located in Wyoming.

The mill has an ore processing capacity of 3,000 tons/day and is licensed for 4.1 million pounds U 3 O 8 per year, making it the second largest mill in the United States.

Mill tailings from the previous processing were disposed of in a tailings storage facility next to the mill, a 60-acre, below-grade lined impoundment, which exists today.

The mill has been in standby status since cessation of operation in 1983.

Although the Sweetwater Mill has been on standby status for over 40 years, we believe the buildings and equipment have been maintained in exceptional shape throughout this time.

The Sweetwater Mill site covers approximately 580 hectares (1,432 acres), consisting of the main mill, ancillary buildings and existing tailings impoundment, as well as an area of proposed new impoundments, evaporation ponds, and diversion channels.

The mill and ancillary buildings contain:

• offices and a laboratory;

• warehouse, change rooms, and maintenance shop;

• grinding, leaching, and counter-current decantation equipment;

• thickener tanks;

• scrubber emission control, stacks;

• solvent extraction equipment;

• equipment, tire, and lubrication bay.

The previous mining that occurred to feed the Sweetwater Mill was an open pit mine adjacent to the mill called the Sweetwater pit.

This mine has been reclaimed, leaving a small high wall area and pit lake.

The State of Wyoming has accepted that the reclamation is final and meets state standards.

As noted before, there are two partially reclaimed open pit mines at the Big Eagle property and a reclaimed underground decline at the Jackpot property.

Permit Status and Encumbrances

The Sweetwater (Red Desert) Project is permitted under WDEQ Permit to Mine No.

The project is also licensed under WDEQ RML WYSUA-1350, formerly a U.S.

Permit to Mine No.

481 and RML WYSUA-1350 are in good standing, with no violations of permit or license conditions.

The Big Eagle Project on Green Mountain is permitted under WDEQ Permit to Mine No.

451, and Jackpot is permitted under WDEQ Permit to Mine No.

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

Mining permit requirements can be found in Wyoming Statutes §35-11-400 through 437, with specific laws for ISR mining in sections 426 – 436.

Requirements of RMLs are found in WDEQ, LQD/Uranium Recovery Program Chapter 4 Rules and Regulations for Licensing of Source and Byproduct Material.

The details of the Sweetwater Project Permit status are tabulated below.

Table 2.16 Sweetwater Permit Details

Drilling Notification for Exploration

Class III UIC Permit to Mine

WDEQ Class I Well Permits

Radioactive Materials License

BLM Plan of Operations

WDEQ/EPA Aquifer Exemption

In progress for ISR

1 Conventional open pit mining

Sweetwater (Red Desert)

2 Will be revised to add ISR mining

Green Mountain

1 Conventional open pit mining

2 Will require revision to mine plan for continued operations

1 Conventional underground mining

2 Will require revision to mine plan for continued operations

Standard encumbrances include reclamation bonding, mining and surface lease royalties.

There is a corrective action program (“ CAP ”) in place for the mill tailings storage facility due to a liner breach that occurred between 1983 and 1985, when an estimated 55 million gallons of tailings fluids were released into a shallow perched aquifer as a result of the synthetic liner being damaged by windblown debris, predominately ice.

Approximately 2.2 million cubic yards of tailings were deposited in the TSF during site operations from 1981 through 1983.

The cleanup under the CAP has substantially reduced the leakage created by the breach;

results of the CAP are reported to the WDEQ annually.

Geologic Setting, Mineralization and Deposit

The Sweetwater Project is located within the GDB, which forms part of the GGRB.

The GDB is an enclosed basin bounded by the Continental Divide and has no groundwater outlet.

As a result, precipitation within the basin either evaporates or infiltrates into the ground rather than draining into major river systems.

The basin contains as much as 25,000 feet of Cretaceous to recent sedimentary rocks.

During the end of the Cretaceous Period, the Laramide Orogeny divided the Wyoming Basin Province into a series of down-warped basins.

As these basins were created, uplifts created the Granite and Seminoe Mountains and older formations were altered during the same time.

In the northern regions of the GGRB, swamps, alluvial plains and fluvial fans were present at the margins of the uplifted Granite Mountains.

To the southwest, the GGRB is occupied by the lacustrine Eocene Green River Formation and by the lower energy Wasatch Formation.

These two facies interfinger with the high-energy fluvial facies of the Battle Spring Formation at the central and eastern areas in the GGRB.

In the Green Mountain area, the Battle Spring Formation is capped by the Eocene-Oligocene Crooks Gap Conglomerate, and the Paleocene Fort Union Formation underlies the Wasatch or Battle Spring Formation depending on position within the basin.

Uranium deposits in the GDB predominantly occur in roll-front red-ox deposits but also in desert evaporite (Gregory et al.

Roll-front deposits occur in the Battle Spring, Wasatch and Fort Union formations.

The Battle Spring Formation, described above under “Geology of the Great Divide and Greater Green River Basins,” is the principal host for uranium mineralization at the Sweetwater Project.

Its permeable medium- to very coarse-grained sandstones and arkoses are a favorable host for sandstone-type uranium deposits, while interbedded impermeable carbonaceous shales create boundaries that focus and trap mineralization.

The Fort Union Formation is exposed at the surface around the boundary of the GDB.

The Fort Union Formation is described as an interbedded sequence of white, gray, tan, buff and brown sandstone, gray to black shale, carbonaceous shale, siltstone, local conglomerate beds and (usually) thin coal beds (Gregory et al.

It may truncate and unconformably overlie older units near basin margins.

The Fort Union Formation is unconformably underlain by the Cretaceous Lance Formation and regionally overlain by either the Eocene Wasatch or Battle Spring Formation.

At the Sweetwater property, overbank and floodplain deposits in the Battle Spring Formation were likely to restrict groundwater flow.

These boundaries focused uranium-rich waters into confined permeable units.

Mineralization occurs across multiple sandstone horizons within the Battle Spring Formation.

The sand units of the Battle Spring Formation dip at approximately one to three degrees to the north-northwest in this area.

At the time of deposition, the beds likely dipped toward the south-southwest as alluvial detritus was shed off the ancestral Granite Mountains.

Following deposition of the Battle Spring Formation, subsidence within GDB may have reversed the dip direction.

The mineralization was deposited in roll fronts with mineralizing solutions appearing to have migrated in the opposite direction of the present-day dip direction, from the northwest to the southeast.

In general, roll fronts typically migrate downdip from outcrops toward basin centers.

On Green Mountain, the uranium mineralization in the Battle Spring Formation is located at the redox boundary of three generally southward advancing oxidizing alteration lobes.

This alteration destroyed heavy minerals, mafic minerals and syn-depositional carbon, and remobilized uranium to the leading edge of the alteration front.

Uranium bearing groundwater migrated through the coarse-grained permeable elastics and deposited mineralization along and within finer-grained impermeable carbon-rich mudstones.

Texas Properties

1 unchanged sentence

ISR Uranium Activities in Texas

Our ISR operations in Texas consist of the following projects, (i) the Hobson CPP;

(ii) the Palangana Project;

(iii) the Burke Hollow Project;

Our ISR operations in Texas consist of the following projects:

(i) the Hobson CPP;

(ii) the Palangana Mine;

(iii) the Burke Hollow Mine;

(iv) the Goliad Project;

and (v) the Salvo Project.

Production from existing wellfields at the Palangana Project ceased in 2016 and the project was put in care and maintenance.

In order for Palangana to engage in future uranium production, the Company will need to incur capital expenditures to restart idled wellfields.

Production from existing wellfields at the Palangana Mine ceased in 2016 and the project was put in care and maintenance.

In order for Palangana Mine to engage in future uranium production, we will need to incur capital expenditures to restart idled wellfields.

Permitting Requirements in Texas

1 unchanged sentence

The Burke Hollow, Goliad and Palangana Projects are fully permitted to mine.

The Goliad Project has received its major permits and licenses, certain of which have been challenged and await final regulatory or judicial resolution.

The Salvo Project still requires all mining permits.

Regulatory agencies include the TCEQ, the Railroad Commission of Texas (“ RRC ”) and the EPA.

Regulatory agencies include the TCEQ, the RCT and the EPA.

Other potential permitting requirements, depending on the status of each project area, may include:

6 unchanged sentences

As additional production areas are proposed to be activated within the area permit, additional PAA applications must be submitted to the TCEQ for processing and issuance before injecting within the production area;

in 1975, the Texas Legislature gave the RRC jurisdiction to regulate surface mining for coal and uranium.

in 1975, the Texas Legislature gave the RCT jurisdiction to regulate surface mining for coal and uranium.

No surface mining for uranium is currently conducted at the Project, but uranium exploration for ISR operations is administered by the Surface Mining and Reclamation Division of the RRC.

Active uranium exploration sites are inspected monthly (RRC, 2023).

The RRC requires exploration permits for any uranium exploration in the state;

The RCT requires exploration permits for any uranium exploration in the state;

Texas state law does not provide any agency with the authority to regulate the use or production of groundwater unless the location lies within a water conservation district (“ WCD ”).

4 unchanged sentences

Therefore, UEC will need to acquire the appropriate permits in order to construct and operate these wells.

In terms of leases and mineral rights, UEC’s mineral rights in Texas are held through private (fee) mineral leases.

In terms of leases and mineral rights, our mineral rights in Texas are held through private (fee) mineral leases.

Fee mineral leases were obtained through negotiation with individual mineral owners.

1 unchanged sentence

In addition, surface use and access agreements may include a production royalty, depending on agreements negotiated with individual surface owners at various levels.

UEC’s average combined mineral plus surface production royalty applicable to each project are variable and based upon the selling price of U 3 O 8 .

Our average combined mineral plus surface production royalty applicable to each project are variable and based upon the selling price of U 3 O 8 .

Most of the leases have term periods of five years with a five-year renewal option.

4 unchanged sentences

Surface ownership at each project consists of fee lands predominantly used for agriculture and wind turbine development.

On the project areas that are currently permitted, UEC has surface use agreements in place with the private landowners where appropriate.

Obtaining surface access rights is a standard process in mine permitting and UEC does not anticipate that maintaining these rights presents a significant risk to UEC’s ability to perform work in Texas.

On the project areas that are currently permitted, we have surface use agreements in place with the private landowners where appropriate.

Obtaining surface access rights is a standard process in mine permitting and we do not anticipate that maintaining these rights presents a significant risk to our ability to perform work in Texas.

Geology and Mineralization in Texas

3 unchanged sentences

The coastal plain is comprised of marine, non-marine and continental sediments ranging in age from Paleozoic through Cenozoic.

Uranium mineralization at the projects is typical of Texas roll-front sandstone deposits.

The most favorable host rocks for roll-fronts are permeable sandstones with large aquifer systems.

Interbedded mudstone, claystone and siltstone are often present and aid in the formation process by focusing groundwater flux.

Uranium mineralization at the projects is typical of Texas roll-front sandstone deposits, which form where uranium-bearing, oxygenated groundwater interacts with a reducing environment in permeable host sandstones and precipitates uranium.

The coastal plains of the GMB were formed by the downfaulting and down warping of Paleozoic Era (252-541 Mya) basement rocks during the breakup of the Paleozoic mega continent, Pangaea and the opening of the North Atlantic Ocean in the Late Triassic Epoch (201-237 Mya).

20 unchanged sentences

The uranium-bearing units in the STUP include most sands and sandstones in Tertiary formations ranging in age from Eocene (oldest) to Lower Pliocene (youngest).

The most favorable host rocks for roll-fronts are permeable sandstones with large aquifer systems.

Interbedded mudstone, claystone and siltstone are often present and aid in the formation process by focusing groundwater flux.

The geometry of mineralization is dominated by the classic roll-front “C” shape or crescent configuration at the redox interface.

The highest-grade portion of the front occurs in a zone termed the “nose” within reduced ground just ahead of the alteration front.

Ahead of the nose, at the leading edge of the solution front, mineral quality gradually diminishes to barren within the “seepage” zone.

Tails are generally not amenable to ISR because the uranium is typically found within strongly reduced or impermeable strata, therefore making it difficult to leach.

The geometry of roll-front mineralization at the Texas projects, including the classic roll-front “C” shape and the associated “nose”, “seepage” and “tails” zones, is as described above under “—Christensen Ranch Project.”

Material Properties in Texas

The following technical and scientific description for the Hobson CPP Project area (the “ Hobson Project Area ”) is based in part on the TRS titled “S-K 1300 Initial Assessment Texas Hub and Spoke ISR Project, U.S.A.”, dated June 10, 2024, prepared for the Company by WWC, a qualified firm (the QP herein) who is not affiliated with UEC.

This TRS identifies and summarizes the scientific and technical information and conclusions reached from the initial assessment (“ IA ”) to support disclosure of mineral resources on projects surrounding the Hobson Project Area.

2 unchanged sentences

The Hobson Project Area is located in Karnes County, Texas, northwest of Karnes City, within the GMB, approximately 100 miles northwest of Corpus Christi and 40 miles southeast of San Antonio at Latitude / Longitude of 28.945 / -97.989.

This facility represents the ‘hub’ of UEC’s ‘hub-and-spoke’ business model, which comprises a central processing facility supplied with uranium-loaded IX resin from ISR mining at one or more of the project areas.

This facility represents the ‘hub’ of our ‘hub-and-spoke’ business model, which comprises a central processing facility supplied with uranium-loaded ion-exchange resin from ISR mining at one or more of the project areas.

The Hobson CPP was constructed in 1978 when the Hobson Project Area was mined.

In 2008, the plant was refurbished.

The Hobson CPP has previously processed uranium from UEC’s Palangana Mine satellite facility (i.e., the first UEC ‘spoke’), and UEC plans to also process uranium from its Burke Hollow, Goliad, and Salvo Project satellite facilities.

The Hobson CPP consists of a resin transfer circuit for loading/unloading IX resin from tanker trucks, an elution circuit to strip uranium from the IX resin, a circuit to precipitate uranium oxide solids, a yellowcake thickener (if necessary) and a modern, zero-emission vacuum dryer.

The Hobson CPP has previously processed uranium from our Palangana Mine satellite facility (i.e., the first UEC ‘spoke’), and we plan to also process uranium from our Burke Hollow, Goliad, and Salvo Project satellite facilities.

The Hobson CPP consists of a resin transfer circuit for loading/unloading ion-exchange resin from tanker trucks, an elution circuit to strip uranium from the ion-exchange resin, a circuit to precipitate uranium oxide solids, a yellowcake thickener (if necessary) and a modern, zero-emission vacuum dryer.

Other facilities and equipment include an advanced laboratory with inductively coupled plasma mass spectrometry, office building, yellowcake and byproduct material storage area, chemical storage tanks and one permitted and constructed waste disposal well.

2 unchanged sentences

An amendment to the license to increase annual capacity up to 4.0 million pounds per year was recently approved, so the Hobson CPP is now permitted for production of up to four million pounds per year of uranium concentrates (yellowcake or U 3 O 8 ).

WWC personnel visited the Hobson CPP on November 2, 2021, and found it to be in a well-maintained and apparently fully operational condition, although the plant was inactive (i.e., not processing a batch of uranium-loaded resin) during the site visit.

WWC personnel visited the Hobson CPP on November 2, 2021, and found it to be in a well-maintained and in fully operational condition.

During Fiscal 2026, the plant was restarted to process uranium loaded resin from the Burke Hollow Mine.

The Hobson CPP will serve as the ‘hub’ of the Hobson Project Area with the other project areas serving as satellite facilities, or the ‘spokes”.

21 unchanged sentences

of Drill holes)

Results of Work

Everest Minerals Corporation (later Everest Exploration, Inc.

7 unchanged sentences

Burke Hollow ISR Project

The following technical and scientific description for the Burke Hollow Project area (the “ Burke Hollow Project Area ”) is based in part on the TRS titled “S-K 1300 Initial Assessment Texas Hub and Spoke ISR Project, U.S.A.”, dated June 10, 2024, prepared for the Company by WWC, a qualified firm (the QP herein) who is not affiliated with UEC.

This TRS identifies and summarizes the scientific and technical information and conclusions reached from the IA to support disclosure of mineral resources on the Burke Hollow Project Area.

There are no reserves associated with the Burke Hollow Project Area.

Permit Status and Encumbrances

Standard encumbrances include reclamation bonding, mining and surface lease royalties, including sales-based royalties.

The permit for the initial PAA is in place and we will be seeking for the permits for PAAs 2, 3, and 4 in the coming years.

To date, there have been no violations or fines levied on the property.

A surety estimate for the Burke Hollow Project restoration, reclamation and decommissioning costs have been prepared and approved by the TCEQ.

A surety bond for the current restoration, reclamation and decommissioning requirements is in place.

Table 2.18 describes the permit status of the project.

Table 2.18 Burke Hollow Project Permit Status

Fully Permitted to Mine

Partially Permitted to Mine

Fully Permitted

Partially Permitted

Not Permitted

5 unchanged sentences

TCEQ Radioactive Materials License

Has all major permits and first production area authorization

Has all major permits and first PAA

Figure 2.10 – Location of the Burke Hollow Project

Property Description

UEC’s Burke Hollow Project property is located within the extensive STUP.

The Burke Hollow Project is about 18 miles southeast of the town of Beeville and is located on the western side of US 77 and northeasterly of US 181, which links with US 59 in Beeville at Latitude / Longitude of 27.6756 / -97.5176.

Our Burke Hollow Mine is located within the extensive STUP.

The Burke Hollow Mine is about 18 miles southeast of the town of Beeville and is located on the western side of US 77 and northeasterly of US 181, which links with US 59 in Beeville at Latitude / Longitude of 27.6756 / -97.5176.

Details of project location, area and number of claims are tabulated below.

1 unchanged sentence

Four-wheel drive vehicles may be needed during high rainfall periods.

The Burke Hollow Project consists of one fee (private) mineral lease area that would allow for the mining of uranium by ISR methods while utilizing the land surface (with variable conditions) as needed, for mining wells and above ground surface facilities for fluid processing and uranium production during the mining and groundwater restoration phases of the Burke Hollow Project.

The Burke Hollow Mine consists of one fee (private) mineral lease area that would allow for the mining of uranium by ISR methods while utilizing the land surface (with variable conditions) as needed, for mining wells and above ground surface facilities for fluid processing and uranium production during the mining and groundwater restoration phases of the Burke Hollow Project.

No mineral resources are reported in areas outside of the Burke Hollow Project boundary.

The present condition of the property is considered advanced with monitor well installation completed in the first production area.

A caliche pad site with offices and storage containers in addition to some all-weather roads are constructed, and plans are in place for power and other infrastructure needs.

Construction of the Burke Hollow IX facility and first production area were initiated in Fiscal 2025.

IX columns were installed and loaded with resin, and drilling of the deep disposal well was completed with testing underway, necessary for the well completion report to be submitted to TCEQ.

Additionally, the high-density polyethylene trunkline between the satellite IX facility and the first production area was fused, pressure tested and connected to the IX facility.

Installation of wellfield and IX facility equipment has continued concurrently through Fiscal 2025 with provision of three-phase power to the project site by the utility provider.

No significant encumbrances exist on the property.

The permit for the initial PAA is in place and we will be seeking for the permits for PAAs 2, 3, and 4 in the coming years.

To date, there have been no violations or fines levied on the property.

A surety estimate for Burke Hollow’s project restoration, reclamation and decommissioning costs have been prepared and approved by the TCEQ.

A surety bond for the current restoration, reclamation and decommissioning requirements is in place.

Table 2.19 Burke Hollow Project Claims Details

18 unchanged sentences

The earliest known uranium exploration in the immediate area of the Burke Hollow Project Area was performed by Nufuels Corporation (“ Nufuels ”, a Mobil Corporation subsidiary) in 1982.

Nufuels drilled a total of 18 exploration holes on or nearby UEC’s 1,825 acre Welder lease.

Nufuels drilled a total of 18 exploration holes on or nearby our then-effective 1,825 acre Welder lease.

We terminated the Welder lease in January 2023.

These holes were drilled in conjunction with a larger regional program that was conducted by Nufuels.

Each exploration hole was drilled to an average total depth of approximately 1,100 ft in order to test the entire prospective Goliad Formation.

UEC acquired copies of the Nufuels logs through its purchase of TOMIN’s database.

Each exploration hole was drilled to an average total depth of approximately 1,100 feet in order to test the entire prospective Goliad Formation.

We acquired copies of the Nufuels logs through its purchase of TOMIN’s database.

Following Nufuels, in 1993, TOMIN conducted a short reconnaissance exploration drilling program on the Thomson-Barrow lease.

9 unchanged sentences

Original controller of the Burke Hollow Project Area.

18 exploration holes on or nearby the Welder Lease

18 exploration holes on or nearby the Welder Lease (which UEC terminated in 2023)

Nufuels drilled 18 exploration holes on or nearby UEC’s 1,825 acre Welder lease in conjunction with a larger regional program, which was conducted by Nufuels.

6 unchanged sentences

11 of the 12 drill holes intersected anomalous gamma ray log signatures indicative of uranium mineralization, but there was insufficient data to link economically viable uranium mineralization.

Operations/Activity

of Drill holes)

Results of Work

The Burke Hollow Project Area was acquired by UEC from TOMIN.

From 2012-2017, 707 uranium exploration drill holes, including 30 monitor wells completed at the Welder lease (Kurrus et al.

From 2012-2017, 707 uranium exploration drill holes, including 30 monitor wells completed at the Welder lease (which was terminated in 2023) (Kurrus et al.

The historic data package was obtained and reviewed by UEC for portions of the current Burke Hollow Project Area (Kurrus and Yancy, 2017).

5 unchanged sentences

In 2017, UEC estimated an Inferred Mineral Resource of 4,064,575 tons grading 0.088% pU 3 O 8 (PFN determination) containing approximately 7.09 million pounds U 3 O 8 in the combined Graben and Eastern Lower B trends.

Operations/Activity

of Drill holes)

Results of Work

Exploration program.

1 unchanged sentence

From 2021-2022, 168 delineation and exploration holes were drilled.

In 2019, UEC completed 129 drill holes, mostly focusing on delineating the Lower B1 and Lower B2 sands in the proposed PA-1.

In addition, UEC began installing perimeter monitor wells in proposed PA-1.

In 2019, UEC completed 129 drill holes, mostly focusing on delineating the Lower B1 and Lower B2 sands in the proposed PAA-1.

In addition, UEC began installing perimeter monitor wells in proposed PAA-1.

In total, 57 holes were drilled solely for delineation and exploration purposes and 72 holes were drilled for monitoring purposes.

From 2021 to 2022, UEC conducted another drilling program to upgrade a portion of their resources from inferred to measured and indicated, to better define the ore body in proposed PA-1 and to install monitor wells.

168 delineation and exploration holes were drilled as of March 7, 2022.

1 unchanged sentence

This drilling program is ongoing for the purpose of completing more monitor wells.

The first production area authorization application has been submitted and 533 exploration and delineation holes have been drilled within PA-2 area as of July 31, 2023.

The first PAA application was submitted and 533 exploration and delineation holes were drilled within PAA-2 area as of July 31, 2023.

Property Condition and Facilities, Infrastructure and Underground Development

The present condition of the property is considered advanced with ISR production in PAA-1 having commenced in April 2026, and with the first shipment of uranium-loaded resin from the Burke Hollow Mine to the Hobson CPP.

In August 2023, drilling programs focused on delineation of PAA-1 and additional exploration and delineation of PAA-2.

Beginning in July 2024, delineation and production well installation in PAA-1 commenced.

Production pattern wells in Phase 1 of PAA-1 were installed alongside further delineation toward sequential production well drilling in phases in the remainder of PAA-1.

In conjunction with PAA-1 wellfield installation, PAA-2 was delineated, defined and advanced with monitor well installation.

During Fiscal 2025, the construction of the satellite plant, disposal well, wellfield utilities and production wells in Phase 1 of PAA1 was completed.

In addition, delineation and installation of production wells beyond Phase 1 of PAA-1 was initiated and is ongoing.

PAA-2 was advanced into the permitting stage with delineation and installation of monitor wells through the end of Fiscal 2026.

As of July 31, 2026, 73 monitor wells had been drilled.

The Burke Hollow Mine had no production during the fiscal years ended July 31, 2024 and 2025.

The Burke Hollow Mine commenced production in April 2026 and, during the fiscal year ended July 31, 2026, produced 17,352 pounds of precipitated uranium and dried and drummed U 3 O 8 as part of its initial ramp-up.

Geologic Setting, Mineralization and Deposit

13 unchanged sentences

The faulting may have served as conduits for reducing waters and natural gas to migrate upward from deeper horizons, as well as altering the groundwater flow system in the uranium-bearing sands.

Table 2.18 – Mineral Resources for the Burke Hollow Project as at the date of this Annual Report

Table 2.21 – Mineral Resources for the Burke Hollow Project as of July 31, 2026 and 2025

Classification

7 unchanged sentences

GT Cutoff = 0.30 ft% eU 3 O 8.

In the year ended July 31, 2026, we commenced operations at the Burke Hollow Mine which included minimal initial production as part of ramp up of approximately 17,352 pounds of precipitated uranium and dried and drummed concentrate.

All reported resources occur below the static water table.

6 unchanged sentences

Figure 2.11 – Saskatchewan Uranium Projects

The following technical and scientific description for the Roughrider Project area (the “ Roughrider Project Area ”) is based on the TRS titled “S-K 1300 Initial Assessment Report – Roughrider Uranium Project, Saskatchewan, Canada”, dated November 5, 2024, prepared for the Company by each of Tetra Tech Canada Inc., Understood Mineral Resources Ltd., Clifton Engineering Group Ltd., Snowden Optiro and Terracon Geotechnique Ltd., qualified firms (the QPs herein) who are not affiliated with UEC.

This TRS identifies and summarizes the scientific and technical information and conclusions reached from the initial assessment to support disclosure of mineral resources on the Roughrider Project Area.

1 unchanged sentence

Property Description

The Roughrider Project Area is 100% held by UEC, and located seven kms north, via gravel road, of Points North Landing, a service centre on Provincial Road 905, in the eastern Athabasca basin of northern Saskatchewan, Canada.

The Roughrider Project Area is 100% held by us, and located seven kms north, via gravel road, of Points North Landing, a service centre on Provincial Road 905, in the eastern Athabasca basin of northern Saskatchewan, Canada.

The Roughrider Project Area is approximately 440 kms north of La Ronge, and 700 kms north of Saskatoon at Latitude / Longitude of 58.3374 / -104.021, details of project location, area, and number of claims are tabulated below.

2 unchanged sentences

The Roughrider Project Area can be accessed by a seven km gravel road, floatplane or helicopter from Points North Landing.

Points North Landing is on Provincial Road 905 which is linked to the nearest sizeable population centre, La Ronge 440 kms south, by Highway 102.

Points North Landing is on Provincial Road 905 which is linked to the nearest sizeable population center, La Ronge 440 kilometers south, by Highway 102.

There are several weekly commercial airline services from Saskatoon to Points North Landing, and regular charter flights for Orano’s McLean Lake operation.

The project is a mature exploration stage project, with significant historical drilling, environmental baseline work and historical economic assessment work as outlined below.

On November 5, 2024, UEC completed an updated economic analysis and mineral resource estimate at the project.

UEC intends to complete additional resource delineation work in the upcoming 2025/2026 fiscal year to further advance the project.

On November 5, 2024, we completed an updated economic analysis and mineral resource estimate at the project.

We completed a resource delineation drilling program during the 2026 fiscal year to further advance the project.

The current exploration camp facilities are over 10 years old but remain in good condition.

No mine infrastructure or underground development is present on the project.

Table 2.19 Burke Hollow Project Claims Details

Table 2.22 Roughrider Project Claims Details

Provincial Mineral Dispositions

Provincial Mining Leases

Provincial Mineral Lease

Expiration Date

5 unchanged sentences

(“ Asamera ”) initiated the Dawn Lake project, located approximately six kms southeast of the current Roughrider Project Area.

In 1983, the Saskatchewan Mining and Development Corporation (“ SMDC ”), predecessor to Cameco Corporation (“ Cameco ”), became the operator of the Dawn Lake Joint Venture.

In 1983, the Saskatchewan Mining and Development Corporation (“ SMDC ”), predecessor to Cameco, became the operator of the Dawn Lake Joint Venture.

By 1995, the Dawn Lake Joint Venture consisted of Cameco, Cogema Resources Inc.

13 unchanged sentences

Under an agreement dated September 10, 2004, between Roughrider Uranium Corp.

(“ Roughrider ”) and Bullion Fund Inc.

(“ Bullion Fund ”), Roughrider earned a 90% interest in claim S-107243 (and six other claims that became part of Roughrider’s Russell South property).

On August 10, 2006, Roughrider became a wholly owned subsidiary of Hathor.

(“ Roughrider Uranium ”) and Bullion Fund Inc.

(“ Bullion Fund ”), Roughrider Uranium earned a 90% interest in claim S-107243 (and six other claims that became part of Roughrider Uranium’s Russell South property).

On August 10, 2006, Roughrider Uranium became a wholly owned subsidiary of Hathor.

On April 12, 2007, Terra Ventures Inc.

8 unchanged sentences

On April 18, 2011, Hathor and Terra announced that they had executed a binding letter agreement pursuant to which Hathor would acquire, in an all-share transaction, all of the issued and outstanding shares of Terra.

On May 9, 2011, Hathor and Terra announced that they had executed a definitive plan of arrangement agreement (the “ Arrangement ”) to complete the previously announced merger.

The result of the Arrangement was consolidation of 100% ownership of the Roughrider Project.

On May 9, 2011, Hathor and Terra announced that they had executed a definitive plan of arrangement agreement to complete the previously announced merger.

The result of such plan of arrangement was consolidation of 100% ownership of the Roughrider Project.

On August 5, 2011, Hathor and Terra announced the completion of the Arrangement and Terra became a wholly owned subsidiary of Hathor.

2 unchanged sentences

After acquiring the Roughrider Project, RTCU continued to advance the Roughrider Project Area.

On October 17, 2022, UEC completed the acquisition of 100% of the Roughrider Project Area from RTCU.

Since acquisition UEC completed a drill program to explore on the property for additional deposits and also collect an updated metallurgy sample that would support a potential future economic study.

On October 17, 2022, we completed the acquisition of 100% of the Roughrider Project Area from RTCU.

Proposed Development

Since acquisition, we have completed a drill program to explore the property for additional deposits and also collect an updated metallurgy sample that would support a potential future economic study.

As part of a planned pre-feasibility study, during Fiscal 2026, 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.

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

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.

Updating the environmental baseline studies and advancing Indigenous engagement activities will support a future Environmental Impact Assessment and the licensing process required for uranium production.

Permitting and Licensing

Should the Roughrider Project Area proceed, either to advanced exploration or to full development, the necessary development and operational approvals will need to be obtained.

Should the Roughrider Project Area proceed, either to advanced exploration or to full development, necessary development and operational approvals will need to be obtained.

This includes federal and provincial EIA and permitting/licensing processes and engagement and consultation with Indigenous groups.

It is estimated the environmental and social assessment and CSNC licensing for the Roughrider Project Area may require between 48 months and 72 months to complete.

It is estimated the environmental and social assessment and CNSC licensing for the Roughrider Project Area may require between 48 months and 72 months to complete.

A comprehensive list of the potential permits, approvals and authorizations required for the Roughrider Project Area can be found in the Roughrider Project Area TRS as filed.

8 unchanged sentences

Consequently, the basal Athabasca stratigraphy is underlain by a regolith of deeply weathered, hematite-stained basement.

In places, the preserved regolith can reach a thickness of up to 50 m, but typically less than 10 m.

In places, the preserved regolith can reach a thickness of up to 50 meters, but typically less than 10 meters.

Unconformably overlying the basement rocks is the late Mesoproterozoic Athabasca Group consisting mainly of fluvial clastic sedimentary rocks, which are about 1,400 m thick in the central part of the basin (Ramaekers, 2001).

15 unchanged sentences

The gneisses have been intruded by syn- to post-peak metamorphic felsic pegmatites, granites, and microgranites of Hudsonian age.

These rocks locally contain up to 400 ppm of primary uranium.

These rocks locally contain up to 400 parts per million of primary uranium.

Proximal to mineralization, graphite in graphitic pelitic gneisses has been consumed by alteration and mineralization;

31 unchanged sentences

Mineral Resources and Reserves

The year over year change in the resources from FY 2024 to FY 2025 is that in the November 5, 2024 TRS the estimated pounds in the indicated resource category have increased from 27,842,000 Lb.

U 3 O 8 to 27,860,000 Lb.

U 3 O 8 , in FY 2025, an increase of 0.1%.

The pounds of U 3 O 8 in the inferred category have decreased from 36,043,000 Lb.

U 3 O 8 to 33,380,000 Lb.

U 3 O 8 , in Fy 2025, a decrease of 7.4%.

The decrease is largely the result of a revised mining plan for the project.

There is no year over year change in the resources from Fiscal 2025 to Fiscal 2026.

The current Mineral Resource estimate for the Roughrider Project is outlined in the following table:

Table 2.20– Mineral Resources for the Roughrider Project as at the date of this Annual Report

Table 2.23 – Mineral Resources for the Roughrider Project as of July 31, 2026 and 2025

Classification

Tons (’000’s)

Pounds U 3 O 8 ( ‘ 000s)

U 3 O 8 (’000’s)

Combined RRW, RRE, and RRFE

7 unchanged sentences

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 2. Properties