What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2026-09-29 compared with 2025-09-24 · 347 added, 233 removed, 171 unchanged (77% of the section changed)

Market for Registrant ’ s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Shares of our common stock commenced trading on the OTC Bulletin Board under the symbol “URME” on December 5, 2005.

On September 28, 2007, shares of our common stock commenced trading on the NYSE American (formerly known as the American Stock Exchange, the NYSE Amex Equities Exchange and the NYSE MKT) under the symbol “UEC”.

The market for our common stock is limited and can be volatile.

The last reported closing price for our shares on the NYSE American on September 23, 2025 was $13.85 per share.

As of September 23, 2025, we had 239 registered shareholders.

Dividend Policy

No dividends have been declared or paid on our common stock.

Market Information

Our common stock is traded on the NYSE American under the trading symbol “UEC”.

As of September 25, 2026, we had approximately 241 holders of record of our common stock.

This number of holders of record does not represent the actual number of beneficial owners of our common stock because shares are frequently held in “street name” by securities dealers and others for the benefit of individual owners who have the right to vote their shares.

No dividends have been declared or paid on our common stock to date.

We have incurred recurring losses and do not currently intend to pay any cash dividends in the foreseeable future.

Securities Authorized For Issuance Under Compensation Plans

At July 31, 2025, we had one equity compensation plan, our 2024 Stock Incentive Plan (the “ 2024 Plan ”).

Our 2024 Plan was ratified by our shareholders on July 16, 2024 and thereby superseded and replaced our then 2023 Stock Incentive Plan (the “ 2023 Plan ”);

having been ratified by our shareholders on July 20, 2023;

with all stock-based compensation awards granted in accordance with our 2023 Plan and each of our preceding stock incentive plans being continued under our 2024 Plan (and the 2024 Plan, the 2023 Plan and all preceding stock incentive plans being, collectively, our “ Stock Incentive Plan ” herein).

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

Plan Category

Number of Securities to

be Issued Upon Exercise

of Outstanding Options,

Warrants and Rights (1)

Weighted Average

Exercise Price

of Outstanding

Options, Warrants

and Rights (2)

Number of Securities

Remaining Available

for Future Issuance

Compensation Plans

(excluding column (a))

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

Equity Compensation Plans Not Approved by Security Holders

This figure represents:

(i) 4,594,207 outstanding stock options having a weighted average exercise price of $2.71 and a weighted average remaining term of 6.32 years;

(ii) 1,203,197 shares of our common stock underlying restricted stock units (the “ RSUs ”);

and (iii) 2,217,957 shares of our common stock underlying performance based restricted stock units (the “ PRSUs ”).

Shares of our common stock underlying PRSUs are included assuming maximum payout, but may be paid out at lesser amounts, or not at all, depending on the achievement of performance criteria.

This price applies only to the stock options included in column (a) and is not applicable to the RSUs or PRSUs included in column (a).

Under our Stock Incentive Plan, stock-based awards are granted from a pool of available shares, with:

(i) every share issuable pursuant to the exercise of a stock option or SAR counting as one share of our common stock;

and (ii) every share underlying restricted stock, a RSU, a PRSU or other right or benefit under our Stock Incentive Plan counting as two shares of our common stock under and from our Stock Incentive Plan.

Securities Authorized For Issuance Under Compensation Plans

2024 Stock Incentive Plan

On May 24, 2024, our Board of Directors authorized and approved the adoption of the Company’s 2024 Plan, under which an aggregate of 29,755,663 of our shares may be issued, subject to adjustment as described in the 2024 Plan, and which, at that time, consisted of:

(i) 6,970,941 shares issuable pursuant to awards previously granted that were outstanding under our 2023 Plan;

(ii) 16,784,722 shares remaining available for issuance under the 2023 Plan;

and (iii) 6,000,000 additional shares that may be issued pursuant to awards that may be granted under the 2024 Plan.

On July 16, 2024, our shareholders approved the adoption of our 2024 Plan.

The 2024 Plan supersedes and replaces our most recent and prior equity compensation plan, being the 2023 Plan.

The purpose of our Stock Incentive Plan is to enhance our long-term stockholder value by offering opportunities to our directors, officers, employees and eligible consultants to acquire and maintain stock ownership in order to give these persons the opportunity to participate in our growth and success, and to encourage them to remain in our service.

Our Stock Incentive Plan is administered by our Compensation Committee (therein our “ Administrator ”) which shall determine, among other things:

(i) the persons to be granted awards under the Stock Incentive Plan (each an “ Award ” to an “ Eligible Participant ”);

(ii) the number of shares or amount of other Awards to be granted;

and (iii) the terms and conditions of the Awards granted.

We may issue shares, options, stock appreciation rights, RSUs, PRSUs, deferred stock units and dividend equivalent rights, among others, under our Stock Incentive Plan.

An Award may not be exercised after the termination date of the Award and may be exercised following the termination of an Eligible Participant’s continuous service only to the extent provided by the Administrator under the Stock Incentive Plan.

If the Administrator of our Stock Incentive Plan permits an Eligible Participant to exercise an Award following the termination of continuous service for a specified period, the Award terminates to the extent not exercised on the last day of the specified period or the last day of the original term of the Award, whichever occurs first.

In the event an Eligible Participant’s service has been terminated for “cause”, he or she shall immediately forfeit all rights to any of the Awards outstanding.

The foregoing summary of our Stock Incentive Plan is not complete and is qualified in its entirety by reference to the Stock Incentive Plan, a copy of which has been filed electronically with the SEC, which is available under the Company’s filings at www.sec.gov.

As of September 23, 2025, there were stock options outstanding under our Stock Incentive Plan exercisable for an aggregate of 3,845,354 shares of our common stock.

Common Stock Purchase Warrants

As of September 23, 2025, there were common stock purchase warrants issued and outstanding exercisable for an aggregate of 159,091 shares of our common stock.

Recent Issuances of Unregistered Securities

Comparative Stock Performance

Performance Graph

The graph below compares the cumulative total stockholder return on our common stock assuming an investment of $100 and the reinvestment of all dividends, if any, for the years ended July 31, 2022, through to July 31, 2026, with:

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

and Vital Energy, Inc.

(collectively, the “ Peer Group ”);

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

(i) the cumulative total return on the shares of common stock of a current peer group index comprised of Cameco, Comstock Resources, Inc., Core Natural Resources, Inc., Denison Mines Corp., Gulfport Energy Corporation, Magnolia Oil & Gas Corporation, Matador Resources Company, MP Materials Corp., Murphy Oil Corporation, NexGen Energy Ltd., Northern Oil and Gas, Inc., NuScale Power Corporation, Oklo Inc., USA Rare Earth, Inc.

and X-Energy, Inc.

(collectively, the “ Current Peer Group ”);

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

and Vital Energy, Inc.

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and (iii) the cumulative return on the Russell 3000 Index.

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

The changes made to arrive at the Current Peer Group were made to address changes in the external market and to better reflect our Company’s business.

July 31, 2021

July 31, 2022

July 31, 2023

July 31, 2024

July 31, 2025

July 31, 2026

Uranium Energy Corp.

Current Peer Group

Previous Peer Group

Russell 3000 Index

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

(Expressed in thousands of U.S.

dollars, except per share amounts)

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

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

We use certain non-GAAP financial measures in this MD&A.

For a description of these non-GAAP financial measures and reconciliations to the most directly comparable U.S.

GAAP financial measures, refer to the discussion under “Non-GAAP Financial Measures” herein.

This MD&A should be read in conjunction with our consolidated financial statements and the related notes included in this Annual Report.

The following MD&A contains forward-looking statements that involve risks, uncertainties and assumptions including, among others, statements regarding our capital needs, business plans and expectations.

In evaluating these statements, you should consider various factors, including the risks, uncertainties and assumptions set forth in reports and other documents we have filed with or furnished to the SEC and, including, without limitation, this Annual Report for the fiscal year ended July 31, 2026, including the consolidated financial statements and related notes contained herein.

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Risk Factors herein.

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

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

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

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

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

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.

During Fiscal 2025, our initial production as part of ramp up yielded 129,966 pounds of precipitated uranium and dried and drummed U 3 O 8 (uranium concentrate).

During Fiscal 2026, 211,942 pounds of precipitated uranium and dried and drummed U 3 O 8 were produced at Christensen Ranch.

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

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

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

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

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

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

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

On December 17, 2021, we acquired a 100% interest in U1A (now UEC Wyoming Corp.).

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

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

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

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

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

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

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

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

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

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

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

On December 6, 2024, the Company completed the acquisition of all of the issued and outstanding shares of capital stock of (i) Sweetwater Uranium Inc.

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

(collectively, again, the Sweetwater Acquisition).

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

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

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

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

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

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

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

in October 2022 further expanded our 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.

For a description of wellfield and header house development activity at Christensen Ranch during Fiscal 2026, see “Item 2.

Properties” of this Annual Report.

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

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

Additionally, core samples were collected for laboratory testing.

Engineering work for the satellite ion-exchange plant advanced during Fiscal 2026 allowing us to award contracts for some 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 surveys are expected to be completed in Fiscal 2027.

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.

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

The Irigaray CPP is the hub central to our four fully permitted ISR projects located in the PRB, including our Christensen Ranch Mine and our Reno Creek, Moore Ranch and Ludeman Projects.

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

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

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

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

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

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 during Fiscal 2026, with final reports expected for submittal to the BLM in Fiscal 2027.

Drilling in the Sweetwater North area identified mineralization trends that support continued delineation.

Building on these results, additional drilling is planned for Fiscal 2027 to further extend the mineralization identified in the initial program and to advance wellfield design for the first two production areas.

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

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

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

We utilize a “hub-and-spoke” strategy whereby the Hobson 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 (i.e., a hub) for our Burke Hollow Mine and our Palangana Mine, and future satellite uranium mining activities, such as our Goliad Project, located within the South Texas Uranium Belt (i.e., the spokes).

Production processes at the Burke Hollow PAA-1 and Hobson CPP were started in April and May, respectively, with the first shipment of uranium-loaded resin from Burke Hollow to Hobson CPP in mid-May.

All processes including resin transfer, elution, precipitation, drying and packaging in the Hobson CPP have been commissioned.

Production continues to improve, with some of the higher-grade wells still increasing in uranium concentration, while overall flow across the wellfield is steady.

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

In Fiscal 2026, we produced an initial 17,352 pounds of precipitated uranium and dried and drummed concentrate during the ramp-up phase at the Burke Hollow ISR operation.

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

In Canada, we continue to advance the planned pre-feasibility study at the Roughrider Project during Fiscal 2026, together with related technical, environmental and community engagement work, as described under “Item 1.

Business” and “Item 2.

Properties” of this Annual Report.

In September 2025, we announced the incorporation of United States Uranium Refining & Conversion Corp., which is intended to pursue the feasibility of developing a new uranium refining and conversion facility in the United States.

For a description of UR&C and its activities during Fiscal 2026, see “Item 1.

Business” of this Annual Report.

During Fiscal 2026, we increased our investments in Anfield and URC by acquiring additional shares.

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 URC, representing a 7.6% interest in URC as at July 31, 2026.

As at July 31, 2026, we 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.

Our operating and strategic framework is to become a leading North American focused uranium supplier based on expanding our uranium extraction activities, which includes advancing certain uranium projects with established mineralized materials towards uranium extraction and establishing additional mineralized materials on our existing uranium projects or through acquisition of additional uranium projects.

We continue to establish additional uranium projects through exploration and pre-extraction activities and direct acquisitions in the United States, 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.

During Fiscal 2025, the Company increased its equity interests in Anfield (TSX-V:

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

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

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

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

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

The Company has begun initial discussions with the U.S.

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

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

Our operating and strategic framework is to become a leading low-cost North American focused uranium supplier based on expanding our uranium extraction activities, which includes advancing certain uranium projects with established mineralized materials towards uranium extraction and establishing additional mineralized materials on our existing uranium projects or through acquisition of additional uranium projects.

Results of Operations

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

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

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

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

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

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

In Fiscal 2026, we had sales of $37.25 million and realized gross profit of $16.90 million, compared to recorded sales of $66.84 million and realized gross profit of $24.48 million in Fiscal 2025.

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

We recorded a net loss of $137.31 million ($0.28 per share) in Fiscal 2026, $87.66 million ($0.20 per share) in Fiscal 2025, and $29.22 million ($0.07 per share) in Fiscal 2024.

Loss from operations during Fiscal 2026, Fiscal 2025 and Fiscal 2024 were $133.15 million, $73.32 million and $56.40 million, respectively.

In Fiscal 2026, earnings before interest, taxes, depreciation and amortization (“ EBITDA ”) and adjusted EBITDA (“ Adjusted EBITDA ”) were a loss of $130.89 million and $118.11 million, respectively, compared to EBITDA and Adjusted EBITDA loss of $84.52 million and $62.83 million, respectively, in Fiscal 2025, and EBITDA and Adjusted EBITDA loss of $31.25 million and $49.00 million, respectively, in Fiscal 2024.

EBITDA and Adjusted EBITDA are non-GAAP financial measures, see “Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Annual Report.

In Fiscal 2026, we recorded a loss before income taxes of $120.94 million and $18.94 million for the mining and corporate segment, respectively.

In Fiscal 2025, we recorded a loss before income taxes of $79.19 million and $11.25 million for the mining and corporate segment, respectively, compared to a loss before income taxes of $40.34 million and an income before taxes of $6.08 million for the mining and corporate segment, respectively, in Fiscal 2024.

The increase in loss before income taxes for the mining segment was primarily attributable to the continued advancement of our uranium projects, including Burke Hollow Mine, Christensen Ranch Mine, Ludeman Project, Sweetwater Project and Roughrider Project, where we spent mineral property expenditures of $102.37 million, $66.06 million, and $32.38 million in Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively.

Income or loss before income taxes for the corporate segment fluctuated across Fiscal 2026, Fiscal 2025 and Fiscal 2024, primarily due to variations in the sales volume, selling price and unit cost of sales of purchased uranium inventory, changes in the fair value of equity securities and other financial instruments, gain or loss from equity-accounted investments, and interest income.

Throughout Fiscal 2026, we continued ramping up mining activities, including at our Christensen Ranch Mine and our Burke Hollow Mine, where 211,942 pounds and 17,352 pounds of precipitated uranium and dried and drummed U 3 O 8 were produced, respectively.

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

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

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

The rest of our uranium projects are expected to remain in a state of operational readiness and the relevant expenditures, which are directly related to regulatory/mine permit compliance, lease maintenance obligations and maintaining a necessary labor force, are being charged to our Consolidated Statement of Operations.

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

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

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

As of July 31, 2026, the aggregate carrying value of our uranium concentrates from extraction and purchased uranium was $73.54 million (July 31, 2025:

$74.04 million).

Sales and Service Revenue

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

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

Year Ended July 31,

(in thousands of U.S.

Sales of purchased uranium inventory

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Total cost of sales and services

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

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

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

During Fiscal 2026, we generated revenue of $37.25 million and had gross profit of $16.90 million from sales of 400,000 pounds of purchased uranium inventory at a weighted average price of $93.13 per pound, compared to revenue of $66.84 million and gross profit of $24.48 million from sales of 810,000 pounds of purchased uranium inventory at a weighted average price of $82.52 per pound in Fiscal 2025.

The decrease in revenue resulted from lower sales volumes in Fiscal 2026.

We did not engage in any sales activities during Fiscal 2024.

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

No uranium inventory produced from our Christensen Ranch Mine or Burke Hollow Mine was sold during Fiscal 2026 and Fiscal 2025.

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

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Mineral Property Expenditures

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

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

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

As a result, and despite the fact that we commenced extraction of mineralized materials at some of the ISR Mines, we remain an exploration stage issuer, as defined by the SEC.

In accordance with U.S.

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

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

Expenditures relating to pre-extraction activities, such as the construction of mine wellfields and disposal wells, are expensed as incurred until such time that proven or probable reserves are established for that project, after which expenditures relating to mine development activities for that particular project are capitalized as incurred.

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

Year Ended July 31,

Permitting and compliance

Property maintenance

Production readiness

During Fiscal 2025, the exploration expenditures, such as drilling and preliminary economic assessments, were primarily spent on the following projects:

Roughrider Project:

(in thousands of U.S.

Permitting and land payments

Extraction readiness and mine site maintenance

During Fiscal 2026, exploration expenditures, such as drilling and initial economic assessments, were primarily spent on the following projects:

Burke Hollow Mine:

$3.78 million (compared to Fiscal 2025:

1 unchanged sentence

$5.23 million), respectively;

Burke Hollow Project:

Roughrider Project:

$13.51 million (compared to Fiscal 2025:

1 unchanged sentence

$6.32 million), respectively;

Sweetwater Project:

$1.56 million (compared to Fiscal 2025:

$0.60 million, Fiscal 2024:

$nil), respectively.

During Fiscal 2026, development expenditures were primarily spent on the following projects:

Burke Hollow Project:

Burke Hollow Mine:

$16.99 million (compared to Fiscal 2025:

$12.11 million, Fiscal 2024:

$1.01 million), respectively;

Christensen Ranch Mine:

$36.28 million (compared to Fiscal 2025:

$17.19 million, Fiscal 2024:

$2.64 million), respectively;

Ludeman Project:

$3.87 million (compared to Fiscal 2025:

$0.85 million, Fiscal 2024:

$nil), respectively.

During Fiscal 2026, permitting and land payment expenditures were primarily spent on the following projects:

Sweetwater Project:

$3.78 million (compared to Fiscal 2025:

$0.65 million, Fiscal 2024:

$nil), respectively;

Burke Hollow Mine:

$1.07 million (compared to Fiscal 2025:

$0.96 million, Fiscal 2024:

$0.78 million), respectively;

Christensen Ranch Mine:

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$0.41 million), respectively;

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

Roughrider Project:

$0.31 million (compared to Fiscal 2025:

$0.30 million, Fiscal 2024:

$1.46 million), respectively.

During Fiscal 2026, extraction readiness and mine site maintenance expenditures were primarily spent on the following projects:

Christensen Ranch Mine:

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$0.45 million, respectively);

Palangana Mine:

$0.86 (compared to Fiscal 2024:

Burke Hollow Mine:

$1.22 million (compared to Fiscal 2025:

$0.03 million, Fiscal 2024:

$0.02 million, respectively);

$1.77 million (compared to Fiscal 2025:

$1.09 million, Fiscal 2024:

$0.57 million, respectively).

The increase in permitting and land payments, as well as exploration and development expenditures, was primarily attributable to the continued advancement of our uranium projects.

The decrease in extraction readiness and mine site maintenance expenditures from Fiscal 2025 to Fiscal 2026 reflects our progression into the second year of operations at our Christensen Ranch Mine, resulting in a reduction of these costs from $10.68 million in Fiscal 2025 to $4.27 million in Fiscal 2026.

General and Administrative

During Fiscal 2026, general and administrative (“ G&A ”) expenses totaled $34.47 million, compared to $27.26 million in Fiscal 2025 and $21.87 million in Fiscal 2024.

G&A expenses were comprised of the following:

G&A expenses were comprised of the following for the periods indicated:

Year Ended July 31,

(in thousands of U.S.

Salaries and management fees

Office, investor relations, communication, insurance and travel

Foreign exchange (gain) loss

Office, investor communication and travel

Rent and property tax

Foreign exchange gain

Professional fees

1 unchanged sentence

Total general and administrative expenses

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

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

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

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

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

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

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

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

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

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

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

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

During Fiscal 2026, salaries and management fees totaled $12.43 million, compared to $9.96 million during Fiscal 2025 and $7.71 million during Fiscal 2024, respectively.

The increases were primarily the result of the expansion of our operations team and the hiring of additional mid-level management and office personnel to support our operational expansion and initiatives, as well as corporate-wide salary increases to adjust for inflation;

During Fiscal 2026, office expenses, including information technology and filing fees, investor communications and travel expenses totaled $7.08 million, compared to $5.20 million during Fiscal 2025 and $4.09 million during Fiscal 2024, respectively.

The increases were primarily due to increased business activities and the expansion of our operations;

During Fiscal 2026, professional fees totaled $4.47 million, compared to $4.39 million during Fiscal 2025 and $3.34 million during Fiscal 2024, respectively.

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

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

During Fiscal 2026 stock-based compensation expense totaled $8.04 million, compared to $6.02 million during Fiscal 2025 and $5.17 million during Fiscal 2024, respectively.

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

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

Uranium refining and conversion project expenditures

During Fiscal 2026, we incurred $6.28 million (Fiscal 2025 and Fiscal 2024:

$nil) in connection with the planning and evaluation of UR&C’s proposed uranium refining and conversion facility in the United States.

Depreciation, Amortization and Accretion

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

During Fiscal 2026, depreciation, amortization and accretion totaled $6.92 million, compared to $4.47 million during Fiscal 2025 and $2.18 million during Fiscal 2024, respectively.

The increase in Fiscal 2026 was primarily due to the increase of property, plant and equipment and asset retirement obligations from the Sweetwater Acquisition.

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

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

Other Income and Expenses

2 unchanged sentences

Year Ended July 31,

(in thousands of U.S.

Surety bond premium

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

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

The increases in surety bond premium in Fiscal 2026 and Fiscal 2025 were due to additional surety bonds associated with the Sweetwater Acquisition and the development of our Burke Hollow Mine.

Income (Loss) from Equity-Accounted Investment

1 unchanged sentence

Year Ended July 31,

(in thousands of U.S.

Share of income (loss)

Gain on dilution of ownership interest

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

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

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

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

During Fiscal 2026, Fiscal 2025 and Fiscal 2024, we recorded a gain on dilution of ownership interest in URC as a result of URC issuing more shares from its equity financing and pursuant to exercises of warrants and/or stock options.

As at July 31, 2026, we had a 7.60% equity interest in URC compared to a 13.5% equity interest as at July 31, 2025 and a 14.8% equity interest as at July 31, 2024, respectively.

During Fiscal 2026, Fiscal 2025 and Fiscal 2024, we recorded a share of URC’s income (loss) of $6.83 million, $(0.27) million and $2.03 million, respectively and a share of loss of JCU Canada Exploration Company Limited (“ JCU ”) of $4.99 million, $3.11 million and $1.44 million, respectively.

Loss on Revaluation of Subscription Receipts

On April 29, 2026, we acquired beneficial ownership of and control over 10,989,011 newly issued subscription receipts (each, a “ Subscription Receipt ”) of URC through a private placement at a price of $3.64 per Subscription Receipt, for an aggregate purchase price of $40.0 million.

Each Subscription Receipt entitled us to receive, without additional consideration, one URC common share upon satisfaction of the applicable escrow release conditions by URC.

On July 27, 2026, all escrow release conditions were satisfied by URC and the Subscription Receipts were converted into 10,989,011 URC common shares.

The Subscription Receipts were remeasured at fair value on the date of conversion and, as a result, we recognized a loss of $9.9 million on the revaluation of the Subscription Receipts in Fiscal 2026.

Fair Value Gain (Loss) on Equity Securities

1 unchanged sentence

Year Ended July 31,

(in thousands of U.S.

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

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

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

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

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

Gain (Loss) on Revaluation of Derivative Liabilities

In connection with the UEX Acquisition, we issued replacement warrants (each, a “ Replacements Warrant ”), which are accounted for as derivative liabilities as the exercise prices of the UEX warrants were denominated in Canadian dollars which differs from the functional currency of the Company.

As at July 31, 2025, all Replacement Warrants had been either exercised or expired.

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

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

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

During Fiscal 2026, we recognized a realized gain of $0.23 million from the disposition of certain equity securities, with the remaining loss attributable to the revaluation of equity securities at the year end, compared to a realized loss of $14.37 million during Fiscal 2025.

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

Interest income

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

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

Interest income totaled $15.58 million, $4.02 million and $2.63 million for Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively.

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

Liquidity and Capital Resources

(in thousands of U.S.

July 31, 2026

4 unchanged sentences

Working capital

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

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

As at July 31, 2026, the total estimated reclamation costs for all of our projects were $93.92 million.

We have secured $64.27 million of surety bonds as an alternate source of financial assurance for the estimated costs of our reclamation obligations, of which $1.89 million is funded and held as restricted cash for collateral purposes as required by the surety.

We may be required at any time to fund the remaining $62.38 million or any portion thereof for a number of reasons including, but not limited to, the following:

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

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

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

or (iv) the surety encounters financial difficulties.

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

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

We had an accumulated deficit balance of $543.87 million as at July 31, 2026.

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

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

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

During Fiscal 2026, we received net proceeds of $529.96 million from our at-the-market offerings, public offerings, a flow-through share private placement and from exercises of our stock options.

As at July 31, 2026, we had a working capital (current assets less current liabilities) of $547.61 million.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

3 unchanged sentences

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

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

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

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

In the future we may make acquisitions of businesses or assets, enter into new lines of business, or make commitments to additional capital projects or strategic initiatives such as the uranium refining and conversion facility.

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

Depending on the size and nature of a transaction or new business, the capital resources that will be required can be substantial.

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

Equity Financings

On May 17, 2021, we filed a Form S-3 shelf registration statement under the Securities Act, which was declared effective by the SEC on June 1, 2021, providing for the public offer and sale of certain securities of the Company from time to time, at our discretion, of up to an aggregate offering amount of $200 million (the “ 2021 Shelf ”), which included an at-the-market offering agreement prospectus (the “ May 2021 ATM Offering ”) covering the offering, issuance and sale of up to a maximum offering of $100 million as part of the $200 million under the 2021 Shelf.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

At-the-Market Offering

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

Wainwright & Co., LLC and certain other co-managers (collectively, the “ 2022 ATM Managers ”).

Under the 2022 ATM Offering Agreement, we could, from time to time, sell shares of our common stock having an aggregate offering price of up to $300 million through the 2022 ATM Managers selected by us.

On December 20, 2024, we entered into an at-the-market offering agreement (the “ 2024 ATM Offering Agreement ”) with Goldman Sachs & Co.

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

Under the 2024 ATM Offering Agreement, we could, from time to time, sell shares of our common stock having an aggregate offering price of up to $300 million through the 2024 ATM Managers selected by us.

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

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

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

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

The total issuance costs were $3.86 million, all of which were related to compensation paid to the 2022 ATM Managers.

During Fiscal 2025, we issued 11,516,375 and 30,247,661 of our common stock under the 2022 ATM Offering Agreement and the 2024 ATM Offering Agreement for gross cash proceeds of $94.40 million and $197.95 million, respectively.

The total issuance costs for stock sold under the 2022 ATM Offering Agreement and 2024 ATM Offering Agreement were $2.15 million and $4.45 million, respectively, which is comprised of a total compensation of $6.58 million paid to the 2022 ATM Managers and 2024 ATM Managers.

During Fiscal 2026, we issued 10,077,186 and 11,100,047 shares of our common stock under the 2024 ATM Offering Agreement and the 2025 ATM Offering Agreement for gross cash proceeds of $101.97 million and $190.64 million, respectively.

The total issuance costs for stock sold under the 2024 ATM Offering Agreement and 2025 ATM Offering Agreement were $2.29 million and $3.82 million, respectively, all of which were related to compensation paid to the 2024 ATM Managers and the 2025 ATM Managers.

Subsequent to July 31, 2026, the Company did not issue any shares of its’ common stock under the 2025 ATM Offering Agreement.

Public Offering

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

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

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

Private Placement

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

The proceeds have been used to fund certain qualifying Canadian exploration expenditures, as defined in the Income Tax Act (Canada), at our Roughrider Project located in Saskatchewan, Canada.

Operating Activities

During Fiscal 2025, net cash used in operating activities totaled $64.46 million, which was primarily related to mineral property expenditures of $66.06 million, G&A expenses excluding stock-based compensation of $21.25 million and changes in operating assets and liabilities, partially offset by a gross profit from the sale of purchased uranium inventory of $24.48 million.

During Fiscal 2026, net cash used in operating activities totaled $98.56 million, which was primarily related to mineral property expenditures of $102.37 million, G&A expenses excluding stock-based compensation of $26.43 million, uranium refining and conversion project expenditures of $6.28 million, and changes in operating assets and liabilities, partially offset by a gross profit of $16.90 million from the sale of purchased uranium inventory.

During Fiscal 2025, net cash used in operating activities totaled $64.46 million, which was primarily related to mineral property expenditures of $66.06 million, G&A expenses excluding stock-based compensation of $21.25 million and changes in operating assets and liabilities, partially offset by a gross profit of $24.48 million from the sale of purchased uranium inventory.

During Fiscal 2024, we recorded net cash used in operating activities of $106.49 million.

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

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

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

Financing Activities

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

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

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

During Fiscal 2026, net cash provided by financing activities totaled $526.88 million, comprised primarily of net proceeds of $529.96 million from our common stock sold under the 2024 ATM Offering Agreement and 2025 ATM Offering Agreement, public offering and private placement of FT shares, as well as from the exercises of stock options, partially offset by payments of $3.08 million for tax and withholdings upon settlement of equity awards on a forfeiture basis.

During Fiscal 2025, net cash provided by financing activities totaled $284.84 million, from net cash of $287.51 million from our common stock sold under the 2022 ATM Offering Agreement and 2024 ATM Offering Agreement, and the exercises of stock options and share purchase warrants, offset by payments of $2.67 million for tax and withholdings upon settlement of equity awards on a forfeiture basis.

During Fiscal 2024, net cash provided by financing activities totaled $173.08 million, from net cash of $176.71 million from our common stock sold under the 2022 ATM Offering Agreement and the exercises of stock options and share purchase warrants, offset by payments of $3.63 million for tax and withholdings upon settlement of equity awards on a forfeiture basis.

Investing Activities

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

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

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

Stock Options and Warrants

As at July 31, 2025, the Company had 4,594,207 stock options outstanding at a weighted-average exercise price of $2.71 per share, and 159,091 share purchase warrants outstanding at a weighted-average exercise price of $4.13 per share.

As at July 31, 2025, the Company had 4,527,875 in-the-money stock options outstanding at a weighted-average exercise price of $2.62 per share and 159,091 in-the-money share purchase warrants outstanding at a weighted-average exercise price of $4.13 per share.

As at July 31, 2025, outstanding in-the-money stock options and share purchase warrants represented a total of 4,686,966 shares issuable for gross proceeds of approximately $12.52 million should the stock options and the share purchase warrants be exercised in full.

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

During Fiscal 2026, net cash used in investing activities totaled $89.09 million, mainly related to investment in equity securities of $40.43 million, investment in URC of $40.00 million, the purchase of property, plant and equipment of $8.78 million and cash used for capital contributions to JCU of $1.05 million, partially offset by proceeds from the sale of equity securities of $1.17 million.

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

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

Stock Options

As at July 31, 2026, we had 3,366,053 stock options outstanding at a weighted-average exercise price of $3.03 per share.

As at July 31, 2026, we had in-the-money stock options outstanding representing 3,246,053 shares at a weighted-average exercise price of $2.78 per share, issuable for gross proceeds of approximately $9.04 million should these stock options be exercised in full on a cash basis.

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

Plan of Operations

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

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

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

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

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

Material Contractual Obligations and Commitments

As at July 31, 2025, significant payment obligations of the Company over the next five years and beyond are as follows:

Production process at our Burke Hollow Mine ISR operation was also commenced in April 2026.

We expect the ramp-up phase will continue while new production areas are being constructed at our Christensen Ranch Mine and our Burke Hollow Mine in 2026 and 2027.

We will hire additional personnel for future wellfield development and expand extraction at the Christensen Ranch Mine and Burke Hollow Mine in Fiscal 2027.

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

In addition, we will continue construction of the ion-exchange facility and production area at our Ludeman Project, along with advancing wellfield pattern planning and assessing refurbishment requirements for our Sweetwater Project.

Concurrently, we will continue to advance our Roughrider Projects, carry out additional exploration activities as required across our remaining project portfolio, and pursue the feasibility of developing a new uranium refining and conversion facility in the United States through UR&C.

Material Contractual and Other Obligations

As at July 31, 2026, our significant payment obligations over the next five years and beyond are as follows:

(in thousands of U.S.

Payment Due by Period

Contractual Obligations

Contractual and Other Obligations

Less Than 1 Year

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Operating Lease Obligations

Uranium Inventory Purchase Obligations

Off-Balance Sheet Arrangements

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

Non-GAAP Financial Measures

The non-GAAP financial measures presented below are intended to provide supplemental information and do not have standardized meanings prescribed by U.S.

Accordingly, these measures may not be comparable to similarly titled measures presented by other companies.

Non-GAAP financial measures should not be considered in isolation or as substitutes for financial measures prepared in accordance with U.S.

EBITDA and Adjusted EBITDA

Management uses EBITDA and Adjusted EBITDA to evaluate operating performance and compare our results across periods.

Adjusted EBITDA includes adjustments for certain items that management believes are not indicative of our core operating performance or that may have a disproportionate effect on our results for a particular period.

EBITDA and Adjusted EBITDA do not represent, and should not be considered alternatives to, net income (loss), operating income (loss), cash flows from operating activities or any other measure of financial performance or liquidity determined in accordance with U.S.

We believe that EBITDA and Adjusted EBITDA provide useful supplemental information to investors and other users of its financial statements by facilitating an evaluation of our underlying operating performance and enhancing comparability between periods.

However, because the calculation of these measures may differ among companies, our EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures used by other companies.

The following is a reconciliation of net loss to EBITDA and Adjusted EBITDA for the periods presented:

Year Ended July 31,

(in thousands of U.S.

Net loss as reported for the year (1)

Deferred tax recovery

Depreciation, amortization and accretion

Interest expenses and finance costs

Share-based compensation included in general and administrative expenses

Loss on revaluation of Subscription Receipts

(Gain) loss on revaluation of derivative liabilities

Fair value (gain) loss on equity securities

(Income) loss from equity-accounted investment

Interest income

Adjusted EBITDA

Adjusted EBITDA loss increased from $49.00 million in Fiscal 2024 to $62.83 million in Fiscal 2025, and further to $118.11 million in Fiscal 2026.

This increase was primarily attributable to the fluctuation in gross profit, which was $0.04 million in Fiscal 2024, $24.48 million in Fiscal 2025, and $16.90 million in Fiscal 2026, driven mainly by variations in the sales volume, selling price and unit cost of sales of purchased uranium inventory.

The higher Adjusted EBITDA loss also reflects increased mineral property expenditures, as discussed below, as well as project expense of $6.28 million incurred in Fiscal 2026 in connection with the planning and evaluation of UR&C’s proposed uranium refining and conversion facility in the United States.

(1) Net loss for the year included mineral property expenditures of $102.37 million, $66.06 million and $32.38 million for Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively.

These expenditures primarily related to exploration and development activities supporting our growth investments in our uranium projects, totaling to $81.03 million, $45.03 million and $21.32 million during Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively.

The remaining mineral property expenditures were associated with the holding and maintenance of our mineral projects and primarily comprised of permitting and land payments, together with extraction readiness and mine site maintenance costs, totaling to $21.34 million, $21.03 million and $11.06 million in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively.

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

In accordance with U.S.

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

Uranium Production Cost

Management uses Total Cash Cost per Pound, Total Non-Cash Cost per Pound and Total Cost per Pound as non-GAAP financial measures to evaluate the operating performance and production efficiency of our uranium extraction activities and to analyze production-cost trends between periods.

Total Cash Cost per Pound is calculated as additions to in-process inventory and uranium concentrates from extraction, excluding depreciation, depletion and amortization, for the applicable period divided by the quantity, in pounds, of precipitated uranium and dried and drummed U₃O₈ produced during the period.

Total Non-Cash Cost per Pound represents depreciation, depletion and amortization included in additions to in-process inventory and uranium concentrates from extraction for the applicable period divided by the quantity, in pounds, of precipitated uranium and dried and drummed U₃O₈ produced during the period.

Total Cost per Pound is calculated as additions to in-process inventory and uranium concentrates from extraction for the applicable period divided by the quantity, in pounds, of precipitated uranium and dried and drummed U₃O₈ produced during the period.

Cash Production Cost per Pound is calculated as Total Cash Cost per Pound excluding Production-Based Royalties, Ad Valorem and Severance Tax per Pound.

Production-Based Royalties, Ad Valorem and Severance Tax per Pound , which is a component of Total Cash Cost per Pound, is calculated as production-based royalties and ad valorem and severance taxes accrued for the applicable period divided by the quantity, in pounds, of precipitated uranium and dried and drummed U₃O₈ produced during the period.

Production‑Based Royalties, Ad Valorem and Severance Tax per Pound does not include royalties on sales, which will be recognized as part of cost of sales in future periods when the uranium concentrates are sold.

We believe these measures provide investors and other stakeholders with useful supplemental information regarding the cost and efficiency of our uranium production activities and facilitates comparisons of production performance between periods.

These measures do not have standardized meanings prescribed by U.S.

GAAP and may not be comparable to similarly titled measures reported by other mining companies.

They should not be considered in isolation or as substitutes for cost of sales, gross profit, net income or loss, cash flows from operating activities or other measures determined in accordance with U.S.

Because uranium produced during a period may remain in in-process or finished-goods inventory at the end of that period, these non-GAAP measures may differ from the costs recognized in cost of sales and may not correspond to the uranium sales or revenue recognized during the same period.

Total Cost per Pound incurred during the ramp-up phase is not necessarily indicative of the results that may be achieved once the operation attains a steady-state level of production.

The following table reconciles Cash Production Costs, being the additions to in-process inventory and uranium concentrates from extraction for the period (excluding depreciation, depletion and amortization), to Cash Production Cost per Pound, Total Cash Cost per Pound, Total Non-Cash Cost per Pound and Total Cost per Pound for the periods presented.

Year Ended July 31,

(in thousands of U.S.

dollars, except cost per pound)

Cash Production Costs

Production-Based Royalties

Ad Valorem and Severance Tax

Total Production-Based Royalties and Taxes

Total Cash Costs

Depreciation, depletion and amortization

Total Non-Cash Costs

Precipitated Uranium and Dried and Drummed Uranium Concentrate (pounds)

Cash Production Costs Per Pound

Production-Based Royalties, Ad Valorem and Severance Tax Per Pound

Total Cash Cost Per Pound

Total Non-Cash Cost Per Pound

Total Cost Per Pound

Growth Capital Deployed

Management uses Growth Capital Deployed, a non-GAAP measure, in reviewing the allocation of capital to growth initiatives, including to execute our strategy, advance our projects and expand our strategic investments.

Net Strategic Capital Deployed is calculated as the sum of (i) net cash used in investing activities, excluding (ii) purchase of property, plant and equipment, which is included in the reconciliation for the Project Development Capital below, and (iii) proceeds from sale of equity securities and disposition of assets.

Because it is net of these disposition and securities-sale proceeds, Net Strategic Capital Deployed represents the net capital deployed to our long-term strategic investments in our mineral properties and company equities in the applicable period.

Project Development Capital represents the spending at our uranium operations with goal of increasing and expanding operation levels and developing new mine units.

They are calculated as the sum of (i) purchase of property, plant and equipment, and (ii) exploration and development expenditures, each a component of mineral property expenditures.

Growth Capital Deployed is calculated as the sum of Net Strategic Capital Deployed and Project Development Capital.

Our management utilizes these measures to determine capital allocation strategies.

We believe these measures are useful to investors because they illustrate the proportion of capital allocated to growth related activities.

Growth Capital Deployed, Net Strategic Capital Deployed and Project Development Capital are non-GAAP financial measures that do not have any standardized meaning prescribed by U.S.

GAAP, and our method of calculating these measures may differ from the methods used by other companies and, accordingly, they may not be comparable to similarly titled measures presented by other companies.

These measures are intended to provide supplemental information and should not be considered in isolation or as a substitute for, or superior to, measures of financial performance or liquidity prepared in accordance with U.S.

GAAP, including net income or loss and cash flows from investing activities, and should be read in conjunction with our consolidated financial statements prepared in accordance with U.S.

The following table reconciles Growth Capital Deployed to the applicable line items in our annual audited consolidated financial statements for the periods presented:

Year Ended July 31,

(in thousands of U.S.

Net Cash Used In Investing Activities

Purchase of property, plant and equipment

Proceeds from sale of equity securities

Proceeds from disposition of assets

Net Strategic Capital Deployed

Purchase of property, plant and equipment

Mineral property exploration expenditures

Mineral property development expenditures

Project Development Capital

Growth Capital Deployed

(1) Included $179.60 million paid for the Sweetwater Acquisition.

Critical Accounting Estimates

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

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

We have established the existence of mineralized materials for certain uranium projects, including our ISR Mines, and our Red Desert, Green Mountain, Roughrider and Christie Lake Projects.

We have not established proven or probable reserves, as defined by S-K 1300, through the completion of a “final” or “bankable” feasibility study for any of the uranium projects we operate, including our ISR Mines.

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

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

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

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

Because we are in the exploration stage and expense the ongoing development expenditures as incurred, we report larger losses than if we would have been in the production stage.

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

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

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Long-lived assets including mineral rights and property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset or asset group may not be recoverable.

Management applies judgment to assess whenever events or changes in circumstances indicate the carrying amount of an asset or asset group may not be recoverable giving rise to the requirement to conduct an impairment test.

Management applies significant judgment to assess whenever events or changes in circumstances indicate the carrying amount of an asset or asset group may not be recoverable giving rise to the requirement to conduct an impairment test.

Circumstances which could trigger an impairment test include, but are not limited to:

(i) significant decreases in the market price of the asset;

(ii) significant adverse changes in the business climate or legal factors including significant decreases in uranium prices and material adverse changes relating to the Company’s legal rights to its mineral rights and properties;

(ii) significant adverse changes in the business climate or legal factors including significant decreases in uranium prices and material adverse changes relating to our legal rights to its mineral rights and properties;

(iii) significant increase in reclamation costs and accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset;

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Restoration and Remediation Costs (Asset Retirement Obligations)

Various federal and state mining laws and regulations require our Company to reclaim the surface areas and restore underground water quality to the pre-existing quality or class of use after the completion of mining.

Various federal and state mining laws and regulations require us to reclaim the surface areas and restore underground water quality to the pre-existing quality or class of use after the completion of mining.

We recognize the present value of the future restoration and remediation costs as an asset retirement obligation (each, an “ ARO ”) in the period in which we incur an obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development and/or normal use of the assets.

AROs consist of estimated final well closure, plant and equipment decommissioning and removal and environmental remediation costs to be incurred by our Company in the future.

AROs consist of estimated final well closure, plant and equipment decommissioning and removal and environmental remediation costs to be incurred by us in the future.

The AROs are estimated based on the current costs escalated at an inflation rate and discounted at a credit adjusted risk-free rate.

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Stock-based Compensation

We measure stock-based awards at fair value on the date of the grant and expense the Awards in our Consolidated Statements of Operations and Comprehensive Loss over the requisite service period of employees or consultants.

We measure stock-based awards at fair value on the date of the grant and expense the awards in our Consolidated Statements of Operations over the requisite service period of employees or consultants.

The fair value of stock options is determined using the Black-Scholes Valuation Model.

The fair value of RSUs is determined using the share price of the Company at the date of grant.

The fair value of PRSUs is determined using a Monte Carlo Simulation Model.

The fair value of restricted stock units is determined using the price of the shares of our common stock at the date of grant.

The fair value of performance based restricted stock units is determined using a Monte Carlo Simulation Model.

Stock-based compensation expense related to stock awards is recognized over the requisite service period on a graded vesting basis.

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

What changed 10-K

Item 5. Market for Registrant’s Common Equity