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NOTICE OF CONFIDENTIALITY RIGHTS: IF YOU ARE A NATURAL PERSON, YOU MAY REMOVE OR
STRIKE ANY OF THE FOLLOWING INFORMATION FROM ANY INSTRUMENT THAT TRANSFERS AN
INTEREST IN REAL PROPERTY BEFORE IT IS FILED OF RECORD IN THE PUBLIC RECORDS:
YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER’S LICENSE NUMBER.

MEMORANDUM OF IN-SITU URANIUM MINING LEASE

STATE OF TEXAS §   § COUNTY OF DUVAL §

               WHEREAS, ANDERSON LAND, LTD., JOE P. PRITCHETT, VICTORIA TRADING
CO., L.L.C., AND BOTTOM INVESTMENT CO., LTD. (collectively, “Lessor”), whose
mailing address is 5005 Woodway, Suite 300, Houston, Texas 77056, and URANIUM
ENERGY, CORP., (collectively “Lessee”) a Nevada Corporation, whose address is
545 N. Upper Broadway, Suite 403, Corpus Christi, Texas, 78401, (“Lessee”),
entered into an In-Situ Uranium Mining Lease (the “Lease”) of even date herewith
covering 1,005.54 acres, more particularly described on Exhibit “A” which is
attached hereto and incorporated herein for all purposes (the “Leased
Premises”); and

               WHEREAS, Lessor and Lessee wish to give notice that said In-Situ
Uranium Mining Lease leases and lets the above-referenced 1,005.54 acres, more
or less, unto Lessee upon and subject to the terms, conditions, limitations,
covenants, exceptions and reservations contained in the Lease for the following
sole purposes:

  (a)

investigating, exploring, prospecting, drilling, solution or in-situ mining,
operating for, producing, extracting, milling, treating, processing, upgrading,
removing, transporting, stockpiling, storing and selling Uranium-bearing
Products, By- Products and Other Mineral Products (as those terms are
hereinafter defined in the Lease), including, but not limited to, uranium,
uranium-bearing ores, thorium and all other fissionable materials, and vanadium,
molybdenum and other associated substances, uranium oxide (U308 ), uranium
concentrate (yellowcake), uranium- bearing material, leachate solutions and
products manufactured therefrom, and all other ores, metals, materials and
minerals of any nature, to the extent and only to the extent they are produced
from the Leased Premises by virtue of In-Situ leaching solution mining methods
(hereinafter referred to either individually or collectively as “Leased
Substances”). Notwithstanding anything to the contrary stated elsewhere herein,
it is controllingly provided that Leased Substances shall exclude sand, sulfur,
gravel, caliche, coal, lignite, oil, gas, condensate, casinghead gas,
distillate, and other hydrocarbon substances, and also any mineral or substance
of any kind or character that is produced on the Leased Premises by any method
other than In-Situ leaching solution mining methods. Other than In-Situ mining
methods, no other methods including open pits and strip mining shall be utilized
without Lessor’s prior written consent; and

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        (b)

injecting gas, water, other fluids, air and any other substances or fluids
commonly associated with generally accepted In-Situ leaching solution mining
practices into subsurface strata, and conducting all types of generally accepted
solution mining recovery operations for Leased Substances, and to the extent
legally allowed by all requisite Federal, State and local authorities, law and
administrative rules establishing and using facilities for the acquisition,
disposition or disposal of Leased Substances, salt, water, In-Situ leaching
solutions, tailings and other waste materials produced or generated in the
extraction of the Leases Substances;

        (c)

laying pipelines, building roads, bridges, tanks, power lines, telephone lines,
satellite ion-exchange units, together with the maintenance and removal thereof,
and any other improvements, structures and facilities thereupon that are
necessary to conduct In-Situ Leaching Solution mining recovery, and restoration
operations under this Lease;

        (d)

reclaiming and restoring the Leased Premises pursuant to the terms of this Lease
and any governmental rules and regulations; and

        (e)

together with such rights and easements in the Leased Premises which are
necessary, convenient, or useful in Lessee’s operations on the Leased Premises
to carry out the limited purposes of the Lease.

               NOW, THEREFORE, the undersigned parties hereby give notice of the
following: (i) the Lease has a primary term ending at 11:59 o’clock p.m. on the
19th day of February, 2016, (ii) the primary term of the Lease may be extended
until February 19, 2019 at the option of the Lessee in the event the terms and
conditions of the option are met, (iii) the Lease may be continued in force
hereafter in accordance with the provisions set out in the Lease; (iv) the
provisions of the Lease may affect each party’s respective title to the subject
property; (v) the terms, conditions, limitations, covenants, exceptions and
reservations contained in the Lease contain enforcement mechanisms that may
affect title; (vi) the terms, conditions, limitations, covenants, exceptions,
and reservations of the Lease are incorporated herein by reference and made a
part hereof for all purposes as though the same were fully set forth herein; and
(vii) duplicate originals of the Lease are kept by Lessor and Lessee at their
offices where the same may be examined by any person having the lawful right or
legitimate interest therein.

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               This Memorandum of In-Situ Uranium Mining Lease may be executed
in multiple counterparts, each of which shall, for all purposes, be deemed an
original and shall be binding on any and all persons executing same or any
counterpart thereof, whether or not all of the herein-named parties have signed.
For the purpose of recordation, this document may be disassembled and the
signature and acknowledgment page from each counterpart may be reassembled with
one full counterpart into a single instrument.

               IN WITNESS WHEREOF, this instrument is executed effective the
20th day of February, 2012 at 12:01 a.m. (Corpus Christi, Texas time).

LESSOR:   LESSEE:       ANDERSON LAND, LTD.   Uranium Energy corp.       By:
CROSSFIRE, LLC   By: “Harry L. Anthony”   The General Partner of Anderson Land,
Ltd.                 By:                              “Neal B. Andossd”   Name:
  Name:                              Neal B. Andossd   Title:   Title:          
                     “Vice-President”      

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"Joe P. Pritchett”                                                        Joe P.
Pritchett     VICTORIA TRADING CO., L.L.C.   By:
                                          David O. Rogers, Member         BOTTOM
INVESTMENT COMPANY, LTD.   By: _______________________________   Elliott B.
Bottom, General Partner

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_______________________________ Joe P. Pritchett     VICTORIA TRADING CO.,
L.L.C.   By: “David O. Rogers”                                                 
David O. Rogers, Member OWNER/MANAGER   JR.     BOTTOM INVESTMENT COMPANY, LTD.
  By: _______________________________   Elliott B. Bottom, General Partner

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_________________________________________ Joe P. Pritchett     VICTORIA TRADING
CO., L.L.C.     By: _______________________________   David O. Rogers, Member  
  BOTTOM INVESTMENT COMPANY, LTD.     By: “Elliott B.
Botttom”                                          Elliott B. Bottom, General
Partner  

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STATE OF TEXAS §   § COUNTY OF HARRIS §

                 This instrument was acknowledged before me on this __“6th”day
of ___“March”, 2012, by CROSSFIRE, LLC, the Gen al Partner of ANDERSON LAND,
LTD., a Texas Limited Partnership, by ____“Neal B. Anderson” Vice
President___(title) Vice-President of CROSSFIRE, LLC, on behalf of ANDERSON
LAND, LTD.

“Debra Yorek”                                           Notary Public My
Commission Expires: 9/15/2012

STATE OF TEXAS §   § COUNTY OF NUECES §

                 This instrument was acknowledged before me on this day of
______________, 2012, by Joe P. Pritchett.

_______________________________ Notary Public My Commission Expires:
________________

STATE OF TEXAS §   § COUNTY OF §

                 This instrument was acknowledged before me on this _____day of
_______________, 2012, by VICTORIA TRADING CO., L.L.C. by David 0. Rogers, Jr.,
Member of VICTORIA TRADING CO., L.L.C., a Texas Limited Liability Company.

_______________________________ Notary Public My Commission Expires:
____________

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STATE OF TEXAS §   § COUNTY OF NUECES §

                 This instrument was acknowledged before me on this _______day
of ________________, 2012, by CROSSFIRE, LLC, the General Partner of ANDERSON
LAND, LTD., a Texas Limited Partnership, by _______________________,
_____________(title) Vice-President of CROSSFIRE, LLC, on behalf of ANDERSON
LAND, LTD.

_______________________________ Notary Public My Commission Expires:
____________

STATE OF TEXAS §   § COUNTY OF NUECES §

                 This instrument was acknowledged before me on this “2/13” day
of ___“February”_________, 2012, by Joe P. Pritchett.

“Dorothy A. Pelham”                                     Notary Public My
Commission Expires: ____________

STATE OF TEXAS §   § COUNTY OF NUECES §

                 This instrument was acknowledged before me on this
___________day of _______________, 2012, by VICTORIA TRADING CO., L.L.C. by
David O. Rogers, Jr., Member of VICTORIA TRADING CO., L.L.C., a Texas Limited
Liability Company.

_____________________________ Notary Public My Commission Expires: ___________

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STATE OF TEXAS §   § COUNTY OF NUECES §

                 This instrument was acknowledged before me on this _______day
of ________________, 2012, by CROSSFIRE, LLC, the General Partner of ANDERSON
LAND, LTD., a Texas Limited Partnership, by _______________________,
_____________(title) Vice-President of CROSSFIRE, LLC, on behalf of ANDERSON
LAND, LTD.

_______________________________ Notary Public My Commission Expires:
_______________

STATE OF TEXAS §   § COUNTY OF NUECES §

                 This instrument was acknowledged before me on this
_________________day of ____________, 2012, by Joe P. Pritchett.

______________________________

Notary Public My Commission Expires: ____________________

STATE OF TEXAS §   § COUNTY OF HIDALGO §

                 This instrument was acknowledged before me on this 7TH day of
_March, 2012, by VICTORIA TRADING CO., L.L.C. by David O. Rogers, Jr., Member of
VICTORIA TRADING CO., L.L.C., a Texas Limited Liability Company.

 “Sylvia Gonzales”                                                   
                 Notary Public My Commission Expires: MARCH 30, 2013

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STATE OF TEXAS §   § COUNTY OF HIDALGO §

           This instrument was acknowledged before me on this 8TH day of March,
2012, by BOTTOM INVESTMENT COMPANY, LTD., by Elliott B. Bottom, a General
Partner of BOTTOM INVESTMENT COMPANY, LTD., a Texas Limited Partnership.

“Judy R. Miller”                                       Notary Public My
Commission Expires: 6/22/15

STATE OF TEXAS §   § COUNTY OF HUECES §

           This instrument was acknowledged before me on this 20 day of March,
2012, by URANIUM ENERGY CORP., by “Harry L. Anthony” , COO of URANIUM ENERGY
CORP., a Nevada Corporation.

“Robert Gaston”                                                        Notary
Public My Commission Expires: ___________

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Exhibit “A”
To
Memorandum of In-Situ Uranium Mining Lease

ATTACHED TO AND MADE A PART OF THAT CERTAIN MEMORANUM OF IN-SITU URANIUM MINING
LEASE BY AND BETWEEN ANDERSON LAND, LTD., ET AL LESSOR, AND URANIUM ENERGY
CORP., LESSEE, DATED EFFECTIVE February 20, 2012 at 12:01 a.m. (Corpus Christi,
Texas time).

LEASED PREMISES DESCRIPTION

Being a called, 1,005.54 acre tract, being all of a called 320 acre tract, being
all of the E. GRAVIS Survey No. 242 N12, Abstract No. 1651 and described as
First Tract, all of a called 551 acre tract, being out of the E. GRAVIS Survey
No. 240, Abstract No. 1648 and described as Seventh Tract and the West 129 acres
of a called 254 acre tract, being out of the S.A. & M.G.R.R.CO. Survey No. 87,
Abstract o. 519, all recorded in Volume 190, Page 399, in the Deed Records of
Duval County, Texas. Said 1,005.54 acre tract being located approximately 5.5
miles North Northeast of Benavides, Texas and is described, more particularly,
by metes and bounds as follows:

BEGINNING at a point on the East line of a called 3,100.64 acre tract, as
described in Volume 61, Page 285 in the Deed Records of Duval County, Texas,
same being the East line of the S.K. & K. Survey No. 241, Abstract No. 551,
being the Northwest corner of the M. CADENA Survey S/2 242, Abstract No. 1240,
same being the Southwest corner of said Survey N/2 242 and for the Southwest
corner of this tract of land herein described:

HENCE-N 00° 30’ 00” E, with the West line of said Survey No. 242 and No. 240, a
distance of 6,652.50 feet to a point for the Northwest corner of said 551 acre
tract and a corner of this tract of land herein described;

THENCE-N 78° 28’ 00” E, with the North line of said 551 acre tract a distance of
3,181.94 feet to a point for corner of said 551 acre tract and of this tract of
land herein described;

THENCE-S 81° 05’ 00” E, with the North line of said 551 acre tract, a distance
of 513.19 feet to a point for corner of said 551 acre tract and of this tract of
land herein described;

THENCE-S 80° 00’ 00” E, with the North line of said 551 acre tract, a distance
of 671.53 feet to a point for corner of said 551 acre tract and of this tract of
land herein described;

THENCE-N 06° 30’ 00” E, with the North line of said 551 acre tract, a distance
of 779.39 feet to a point for corner of said 551 acre tract and of this tract of
land herein described;

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THENCE-EAST, a distance of 380.97 feet to a point on the West line of Said
Survey No. 87, same being the West line of said 254 acre tract, for a corner of
said 551 acre tract and of this tract of land herein described;

THENCE-NORTH, a distance of 1,581.19 feet to a point on the West line of Said
Survey No. 87, for the Northwest corner of said 254 acre tract and a corner of
this tract of land herein described;

THENCE-S 77° 00’ 00” E, with the North line of said 254 acre tract, a distance
of 1,672.26 feet to a point for corner of this tract of land herein described;

THENCE-SOUTH, a distance of 3,260.59 feet to a point on the South line of Said
Survey No. 87 and of said 254 acre tract, for a corner of this tract of land
herein described;

THENCE-N 89° 59’ 57” W, along and with the South line of said Survey No 87 and
said 254 acre tract, a distance of 907.18 feet to a point for corner of said
Survey No. 240, same being the Northwest corner of the E. GRAVIS Survey o. 88,
Abstract No. 1649, same being a corner of said 551 acre tract of this tract of
land herein described;

THENCE-SOUTH, along and with the East line of said 551 acre tract and 320 acre
tract, same being the East line of said Survey No. 240 and No. 242, same being
the West line of said Survey No. 88, a distance of 5,811.11 feet to a pint on
the West line of the M. CADENA Survey, Abstract No. 977, being the Southeast
corner of said 320 acre tract and of this tract of land herein described;

THENCE-WEST, along and with the South line of said 320 acre tract, same being
the South line of the North 1/2 of Survey No. 242, a distanced of 5,535.49 feet
to the POINT OF BEGINNING and containing 1,005.54 acres of land, more or less,
within these metes and bounds.

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