Uranium Energy Corp Files Quarterly Report For the First Quarter of Fiscal 2025

Press Release

Corpus Christi, TX, December 5, 2024 – Uranium Energy Corp (NYSE American: UEC, the “Company” or “UEC”) is pleased to report that it has filed its quarterly report on Form 10-Q for the quarter ended October 31, 2024 with the U.S. Securities and Exchange Commission (the “SEC”). The Form 10-Q filing, which includes the Company’s interim condensed consolidated financial statements, related notes thereto and management’s discussion and analysis, is available on the Company’s website at www.uraniumenergy.com and at www.sec.gov.

Amir Adnani, President and CEO, stated: “This quarter highlights UEC’s ability to execute on key initiatives that strengthen our production capabilities in addition to expanding our asset base. Our progress underscores the scalability of our U.S. In-Situ Recovery operations, while also advancing our strategic presence in Canada. These developments reflect our ongoing focus on building a robust, geographically diverse production pipeline in geopolitically stable jurisdictions, capable of meeting the increasing global demand for clean, reliable nuclear energy.”

Mr. Adnani continued: “Our financial position remains a core strength, with over $350 million⁽³⁾ in liquid assets and no debt as of October 31, 2024. This provides the flexibility to accelerate our production growth plans in a rapidly tightening uranium market. As demand continues to outpace supply, our decision to remain fully unhedged, positions UEC to maximize returns and deliver long-term value to our shareholders.”

Christensen Ranch and Irigaray Operations

Christensen Ranch Mine Units 8 and 10, along with the Satellite Plant ion exchange circuit, were commissioned in August and September 2024 with flow now sustained at >3,000 GPM. During this quarter, the Company received approval from the Wyoming Department of Environmental Quality, Uranium Recovery Program, to increase the licensed production capacity at its Irigaray Plant to 4.0 million pounds of U₃O₈ annually.

Production ramp-up continues, with Mine Unit 7 undergoing preparation for startup, which should further expand the number of injection and recovery wells, increasing flow rates to utilize available capacity of the ion exchange circuit at levels >6,000 GPM.

The workforce for Wyoming operations is now 50 employees. Wells in new production modules 10-7 and 10-8 in the Christensen Mine Unit 10 have been completed and surface construction is underway that is expected to add fresh production to the ion exchange plant in early 2025. Additionally, delineation drilling and well construction is underway in Mine Unit 11 with eight drilling rigs currently active.

Burke Hollow Project

Construction has commenced at the Burke Hollow Project with the ion exchange facility and the first production area (PAA-1) that will be a satellite operation to the Hobson Central Processing Plant. Development work has included installation of injection and recovery wells in PAA-1. Additional infrastructure advancements included construction of roads and ongoing installation of three-phase power into the project site.

The workforce for Texas operations is currently 32 employees.

Notes:

1. The economic analysis is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have modifying factors applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that this economic assessment will be realized. For further information regarding the Initial Economic Assessment, please refer to the technical report summary titled “S-K 1300 Initial Assessment Report – Roughrider Uranium Project, Saskatchewan, Canada” issued on November 5, 2024, available under the Company’s profile at www.sec.gov. For further information regarding the resource estimates for the Company’s projects, please refer to the Company’s most recent annual report on Form 10-K and technical report summaries, available under our profile at www.sec.gov.
2. Based upon internal studies and other historic data prepared by prior owners in regard to the projects and dated between 1984 and 2019. Such estimates are being treated by the Company as historical in nature and a qualified person has not done sufficient work to classify the historical estimates as current mineral resources. The Company is not treating them as current resource estimates and is disclosing these historic estimates for illustrative purposes and to provide readers with relevant information regarding the projects. In addition, such estimates were not prepared under S-K 1300 standards and the results of future estimates by the Company may vary from these historic estimates.
3. Market values for securities are based on closing prices as at October 31, 2024, and for uranium inventories are based on the spot price quoted on UxC CVD as of such date.

The technical information in this news release respecting our Roughrider Project has been reviewed and approved by Chris Hamel, P.Geo., Vice President Exploration, Canada, for the Company, being a Qualified Person as defined by SEC Regulation S-K 1300.

About Uranium Energy Corp

Uranium Energy Corp is America’s largest and fastest growing supplier of uranium needed to produce safe, clean, reliable nuclear energy. UEC is advancing the next generation of low-cost, environmentally friendly ISR mining uranium projects in the United States and high-grade conventional projects in Canada. The Company has two production-ready ISR hub-and- spoke platforms in South Texas and Wyoming. These two production platforms are anchored by fully operational Central Processing Plants and served by seven U.S. ISR uranium projects with all their major permits in place. In August 2024, operations were restarted, and ramp-up commenced, at the Christensen Ranch project in Wyoming, sending uranium loaded resin to the Irigaray Plant (Wyoming hub). Additionally, the Company has diversified uranium holdings including: (1) one of the largest physical uranium portfolios of U.S. warehoused U₃O₈; (2) a major equity stake in Uranium Royalty Corp., the only royalty company in the sector; and (3) a Western Hemisphere pipeline of resource stage uranium projects. The Company’s operations are managed by professionals with decades of hands-on experience in the key facets of uranium exploration, development and mining.

Contact Uranium Energy Corp Investor Relations at:
Toll Free: (866) 748-1030
Fax: (361) 888-5041
E-mail: info@uraniumenergy.com

Stock Exchange Information:
NYSE American: UEC
WKN: AØJDRR
ISN: US916896103

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