# EDGAR Filing Document

**Accession Number:** 0001334933
**File Stem:** 0001437749-25-019737
**Filing Date:** 2025-6
**Character Count:** 220663
**Document Hash:** c22a8cf914cf7a19e4f441964a46c6f9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-019737.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001437749-25-019737

**CONFORMED SUBMISSION TYPE**: ARS

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20240731

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** URANIUM ENERGY CORP
- **CENTRAL INDEX KEY:** 0001334933
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS METAL ORES [1090]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 980399476
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** ARS
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33706
- **FILM NUMBER:** 251031279

**BUSINESS ADDRESS:**
- **STREET 1:** 1830 - 1188 WEST GEORGIA STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6E 4A2
- **BUSINESS PHONE:** 361-888-8235

**MAIL ADDRESS:**
- **STREET 1:** 1830 - 1188 WEST GEORGIA STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6E 4A2

### Attached PDF Documents

**Attachment 1:** `uec_ars.pdf`

UEC
Uranium Energy Corp

# 2024 Annual Report

## EXPLANATORY NOTE

Uranium Energy Corp. (the “Company”) is hereby furnishing a copy of its Annual Report on Form 10-K for the fiscal year ended July 31, 2024 (the “2024 Form 10-K”), which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on September 27, 2024, in satisfaction of the requirement to provide its shareholders with an “annual report to security holders” pursuant to Rule 14a-3(b) under the Securities Exchange Act of 1934, as amended. You are encouraged to review such information together with any subsequent information that the Company has filed with the SEC after the filing of the 2024 Form 10-K, including but not limited to the Company’s Definitive Proxy Statement for the 2025 annual meeting of stockholders.

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# UNITED STATES
# SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

# FORM 10-K

☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended July 31, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________

Commission file number: 001-33706

# URANIUM ENERGY CORP.

(Exact name of registrant as specified in its charter)

| Nevada | 98-0399476 |
| --- | --- |
| (State or other jurisdiction of incorporation of organization) | (I.R.S. Employer Identification No.) |
| 500 North Shoreline, Ste. 800, Corpus Christi, Texas, U.S.A. | 78401 |
| (U.S. corporate headquarters) | (Zip Code) |
| 1830 - 1188 West Georgia Street | V6E 4A2 |
| Vancouver, British Columbia, Canada | (Zip Code) |
| (Canadian corporate headquarters) |  |

(Address of principal executive offices)

(361) 888-8235

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

| Title of each class: | Trading Symbol(s) | Name of each exchange on which registered: |
| --- | --- | --- |
| Common Stock | UEC | NYSE American |

Securities registered pursuant to Section 12(g) of the Act:

N/A

(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☑ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes ☐ No ☑

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☑ No ☐

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Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

☑ Large accelerated filer
☐ Non-accelerated filer

☐ Accelerated filer
☐ Smaller reporting company
☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☑

The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter ($7.64 on January 31, 2024) was approximately $3,012,574,156.

The registrant had 411,405,851 shares of common stock outstanding as of September 26, 2024.

ii

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# CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Form 10-K Annual Report and any documents incorporated herein by reference (collectively, the "Annual Report") include statements and information about our strategy, objectives, plans and expectations for the future that are not statements or information of historical fact. These statements and information are considered to be forward-looking statements, or forward-looking information, within the meaning of and under the protection provided by the safe harbor provisions for forward-looking statements as contained in the Private Securities Litigation Reform Act of 1995 and similar Canadian securities laws.

Forward-looking statements, and any estimates and assumptions upon which they are based, are made in good faith and reflect our views and expectations for the future as of the date of this Annual Report, which can change significantly. Furthermore, forward-looking statements are subject to known and unknown risks and uncertainties which may cause actual results, performance, achievements or events to be materially different from any future results, performance, achievements or events implied, suggested or expressed by such forward-looking statements. Accordingly, forward-looking statements in this Annual Report should not be unduly relied upon.

Forward-looking statements may be based on a number of material estimates and assumptions, of which any one or more may prove to be incorrect. Forward-looking statements may be identifiable by terminology concerning the future, such as "anticipate", "believe", "continue", "could", "estimate", "expect", "forecast", "intend", "goal", "likely", "may", "might", "outlook", "plan", "predict", "potential", "project", "should", "schedule", "strategy", "target", "will" or "would", and similar expressions or variations thereof including the negative use of such terminology. Examples in this Annual Report include, but are not limited to, such forward-looking statements reflecting or pertaining to:

- our overall strategy, objectives, plans and expectations for the fiscal year ended July 31, 2024 ("Fiscal 2024") and beyond;
- our expectations for worldwide nuclear power generation and future uranium supply and demand, including long-term market prices for uranium oxide ("U3O8");
- our belief and expectations of in-situ recovery mining for our uranium projects, where applicable;
- our estimation of mineralized materials, which are based on certain estimates and assumptions, and the economics of future extraction for our uranium projects including our Palangana Mine and Christensen Ranch Mine (collectively, the "ISR Mines");
- our plans and expectations including anticipated expenditures relating to exploration, pre-extraction, extraction and reclamation activities for our uranium projects including our ISR Mines;
- our ability to obtain, maintain and amend, within a reasonable period of time, required rights, permits and licenses from landowners, governments and regulatory authorities;
- our ability to obtain adequate additional financing including access to the equity and credit markets;
- our ability to remain in compliance with the terms of our indebtedness; and
- our belief and expectations including the possible impact of any legal proceedings or regulatory actions against the Company.

Forward-looking statements, and any estimates and assumptions upon which they are based, are made as of the date of this Annual Report, and we do not intend or undertake to revise, update or supplement any forward-looking statements to reflect actual results, future events or changes in estimates and assumptions or other factors affecting such forward-looking statements, except as required by applicable securities laws. Should one or more forward-looking statements be revised, updated or supplemented, no inference should be made that we will revise, update or supplement any other forward-looking statements.

Forward-looking statements are subject to known and unknown risks and uncertainties. As discussed in more detail under Item 1A. Risk Factors herein, we have identified a number of material risks and uncertainties which reflect our outlook and conditions known to us as of the date of this Annual Report, including but not limited to the following:

- our limited financial and operating history;
- our need for additional financing;
- our ability to service our indebtedness;
- our limited uranium extraction and sales history;
- our operations are inherently subject to numerous significant risks and uncertainties, of which many are beyond our control;
- our exploration activities on our mineral properties may not result in commercially recoverable quantities of uranium;
- limits to our insurance coverage;
- the level of government regulation, including environmental regulation;
- changes in governmental regulation and administrative practices;
- nuclear incidents;
- the marketability of uranium concentrates;
- the competitive environment in which we operate;
- our dependence on key personnel; and
- conflicts of interest of our directors and officers.

Any one of the foregoing material risks and uncertainties has the potential to cause actual results, performance, achievements or events to be materially different from any future results, performance, achievements or events implied, suggested or expressed by any forward-looking statements made by us or by persons acting on our behalf. Furthermore, there is no assurance that we will be successful in preventing the material adverse effects that any one or more of these material risks and uncertainties may cause on our business, prospects, financial condition and operating results, or that the foregoing list represents a complete list of the material risks and uncertainties facing us. There may be additional risks and uncertainties of a material nature that, as of the date of this Annual Report, we are unaware of or that we consider immaterial that may become material in the future, any one or more of which may result in a material adverse effect on us.

Forward-looking statements made by us or by persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary information.

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# CAUTIONARY NOTE TO U.S. RESIDENTS CONCERNING DISCLOSURE OF MINERAL RESOURCES

The Company is a U.S. Domestic Issuer for United States Securities and Exchange Commission (“SEC”) purposes, most of its shareholders are U.S. residents, the Company is required to report its financial results under U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) and its only trading market is the NYSE American. However, because the Company is a reporting issuer in Canada, certain prior regulatory filings required of the Company in Canada contain or incorporate by reference therein certain disclosure that satisfies the additional requirements of Canadian securities laws, which differ from the requirements of United States’ securities laws. Unless otherwise indicated, all Company resource estimates included in those Canadian filings, and in the documents incorporated by reference therein, had been prepared in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum classification system. NI 43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.

On October 31, 2018, the SEC adopted the Modernization of Property Disclosures for Mining Registrants (the “New Rule”), introducing significant changes to the existing mining disclosure framework to better align it with international industry and regulatory practice, including NI 43-101. The New Rule was codified as 17 CFR Subpart 220.1300 and 229.601(b)(96) (collectively, “S-K 1300”) and replaced SEC Industry Guide 7. The New Rule became effective as of February 25, 2019, and issuers are required to comply with the New Rule as of the annual report for their first fiscal year beginning on or after January 1, 2021, and earlier in certain circumstances. The Company has been complying with the New Rule since the filing of its Annual Report for the fiscal year ended July 31, 2022 and its related filings.

All mineral estimates constituting mining operations that are material to our business or financial condition included in this Annual Report for Fiscal 2024, and in the documents incorporated by reference herein, have been prepared in accordance with S-K 1300 and are supported by initial assessments prepared in accordance with the requirements of S-K 1300. S-K 1300 provides for the disclosure of: (i) “Inferred Mineral Resources”, which investors should understand have the lowest level of geological confidence of all mineral resources and thus may not be considered when assessing the economic viability of a mining project and may not be converted to a Mineral Reserve; (ii) “Indicated Mineral Resources”, which investors should understand have a lower level of confidence than that of a “Measured Mineral Resource” and thus may be converted only to a “Probable Mineral Reserve”; and (iii) Measured Mineral Resources, which investors should understand have sufficient geological certainty to be converted to a “Proven Mineral Reserve” or to a “Probable Mineral Reserve”. Investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves as defined by S-K 1300. Investors are cautioned not to assume that all or any part of an Inferred Mineral Resource exists or is economically or legally mineable, or that an Inferred Mineral Resource will ever be upgraded to a higher category.

# CAUTIONARY NOTE REGARDING EXPLORATION STAGE COMPANIES

We are an exploration stage company and do not currently have any known mineral reserves and cannot expect to have known mineral reserves unless and until an appropriate technical and economic study is completed for ISR Mines or any of our other properties that shows “Proven Mineral Reserves” or “Probable Mineral Reserves” as defined by Regulation S-K 1300. We currently do not have any “Proven Mineral Reserves” or “Probable Mineral Reserves.” There can be no assurance that ISR Mines or any of our other properties contains or will contain any such SEC-compliant “Proven Mineral Reserves” or “Probable Mineral Reserves” or that, even if such reserves are found, the quantities of any such reserves warrant continued operations or that we will be successful in economically recovering them. During August of 2024 we commenced the process for uranium extraction which is being funded with existing cash on the Company’s balance sheet.

# REFERENCES

As used in this Annual Report: (i) the terms “we”, “us”, “our”, “Uranium Energy”, “UEC” and the “Company” mean Uranium Energy Corp., including our wholly-owned subsidiaries and a controlled partnership; (ii) “SEC” refers to the United States Securities and Exchange Commission; (iii) “Securities Act” refers to the United States Securities Act of 1933, as amended; (iv) “Exchange Act” refers to the United States Securities Exchange Act of 1934, as amended; and (v) all dollar amounts refer to United States dollars unless otherwise indicated.

Table of Contents

# TABLE OF CONTENTS

## PART I

Item 1. Business 2
Item 1A. Risk Factors 11
Item 1B. Unresolved Staff Comments 18
Item 1C. Cybersecurity 19
Item 2. Description of Properties 21
Item 3. Legal Proceedings 101
Item 4. Mine Safety Disclosures 101

## PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 102
Item 6. Selected Financial Data 104
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 104
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 114
Item 8. Financial Statements and Supplementary Data 114
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 115
Item 9A. Controls and Procedures 115
Item 9B. Other Information 115
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 115

## Part III

Item 10. Directors, Executive Officers and Corporate Governance 116
Item 11. Executive Compensation 124
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 148
Item 13. Certain Relationships and Related Transactions, and Director Independence 150
Item 14. Principal Accounting Fees and Services 150

## Part IV

Item 15. Exhibits, Financial Statement Schedules 152
Item 16. Form 10-K Summary 156

Table of Contents

# PART I

## Item 1. Business

Uranium Energy Corp. is a fast growing, uranium mining company listed on the NYSE American. UEC is working towards fueling the global demand for carbon-free nuclear energy, a key solution to climate change, and energy source for the low-carbon future.

UEC is a pure-play uranium company and is advancing its next generation of low-cost, in-situ recovery (“ISR”) mining uranium projects, and which ISR mining process is expected to reduce the impact on the environment as compared to conventional mining. The Company has two extraction ready ISR hub and spoke platforms in South Texas and Wyoming, anchored by fully licensed and operational processing capacity at its Hobson and Irigaray plants.

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

We believe nuclear energy will continue to be an important part of the energy transition and the energy mix of a future low carbon economy. As such, we are focused on scaling our business to meet the future energy needs for nuclear in the U.S. and globally.

## Corporate Organization

Uranium Energy Corp. was incorporated under the laws of the State of Nevada on May 16, 2003 under the name Carlin Gold Inc. During 2004 we changed our business operations and focus from precious metals exploration to uranium exploration in the United States. On January 24, 2005, we completed a reverse stock split of our common stock on the basis of one share for each two outstanding shares and amended our Articles of Incorporation to change our name to Uranium Energy Corp. Effective February 28, 2006, we completed a forward stock split of our common stock on the basis of 1.5 shares for each outstanding share and amended our Articles of Incorporation to increase our authorized capital from 75,000,000 shares of common stock, with a par value of $0.001 per share, to 750,000,000 shares of common stock, with a par value of $0.001 per share. In June 2007 we changed our fiscal year end from December 31st to July 31st (in each instance our “Fiscal” year now).

On December 31, 2007, we incorporated a wholly-owned subsidiary, UEC Resources Ltd., under the laws of the Province of British Columbia, Canada. On December 18, 2009, we acquired a 100% interest in the South Texas Mining Venture, L.L.P. (“STMV”), a Texas limited liability partnership, from each of URN Resources Inc., a subsidiary of Uranium One Inc. (“Uranium One”), and Everest Exploration, Inc. On September 3, 2010, we incorporated a wholly-owned subsidiary, UEC Paraguay Corp., under the laws of the State of Nevada. On May 24, 2011, we acquired a 100% interest in Piedra Rica Mining S.A., a private company incorporated in Paraguay. On September 9, 2011, we acquired a 100% interest in Concentric Energy Corp. (“Concentric”), a private company incorporated in the State of Nevada. On March 30, 2012, we acquired a 100% interest in Cue Resources Ltd. (“Cue”), a formerly publicly-traded company incorporated in the Province of British Columbia, Canada. On March 4, 2016, we acquired a 100% interest in JDL Resources Inc., a private company incorporated in the Cayman Islands. On July 7, 2017, we acquired a 100% interest in CIC Resources (Paraguay) Inc., a private company incorporated in the Cayman Islands. On August 9, 2017, we acquired a 100% interest in AUC Holdings (US), Inc. (“AUC”). On January 31, 2018, we incorporated a wholly-owned subsidiary, UEC Resources (SK) Corp. (“UEC SK”), under the laws of the Province of Saskatchewan, Canada. On December 17, 2021, we acquired a 100% interest in Uranium One Americas, Inc. (“U1A”) (now UEC Wyoming Corp. (“UEC Wyoming”)). On August 19, 2022, we, through UEC 2022 Acquisition Co. (“UEC Acquisition Co.”) (now UEX Corporation), acquired all of the issued and outstanding common shares of UEX Corporation (“UEX”), which we did not already own, by way of a statutory plan of arrangement (the “Arrangement”) under the Canada Business Corporations Act. As part of the final steps of the Arrangement, UEC Acquisition Co. and UEX amalgamated to continue as one corporation under the name UEX Corporation. UEX Corporation holds a development stage uranium property portfolio in Saskatchewan, Canada, and Nunavut, Canada. On October 14, 2022, we acquired, through UEC SK, Roughrider Mineral Holdings Inc., a Saskatchewan corporation and wholly-owned subsidiary of Rio Tinto Fer Et Titane Inc., which, in turn, owns all of the issued and outstanding shares of Roughrider Mineral Assets Inc., also a Saskatchewan corporation, that holds certain mineral leases totaling approximately 598 hectares in northern Saskatchewan that is commonly referred to as the “Roughrider Project” located in the Athabasca Basin in Saskatchewan, Canada.

Our principal executive office and corporate headquarters in the U.S. is located at 500 North Shoreline, Ste. 800, Corpus Christi, Texas, 78401, and our principal executive office and corporate headquarters in Canada is located at 1188 West Georgia Street, Suite 1830, Vancouver, British Columbia, Canada, V6E 4A2.

## General Business

UEC’s goal is to provide the much needed fuel for the global energy transition. The International Energy Outlook projects that worldwide electricity generation will grow by 1.8% per year, through to 2050. As the global community calls on all governments and industries to curb their carbon emissions to stop the effects of climate change, there is growing need to combine intermittent renewable energy sources, such as wind and solar, with one or more “firm” zero-carbon sources, such as nuclear energy, to ensure the affordability and accessibility of the net-zero electricity grid.

We are primarily engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing, on uranium projects located in the United States, Canada and the Republic of Paraguay. We utilize ISR mining where possible which we believe, when compared to conventional open pit or underground mining, requires lower capital and operating expenditures with a shorter lead time to extraction and a reduced impact on the environment. We do not expect, however, to utilize ISR mining for all of our uranium projects in which case we would expect to rely on conventional open pit and/or underground mining techniques. We have one uranium mine located in the State of Texas, our Palangana Mine, which utilizes ISR mining and commenced extraction of U3O8, or yellowcake, in November 2010. We have one uranium processing facility located in the State of Texas, our Hobson Processing Facility, which processes material from our ISR Mines into drums of U3O8, our only sales product and source of revenue, for shipping to a third-party storage and sales facility. Since commencement of uranium extraction from our ISR Mines in November 2010 to July 31, 2024, our Hobson Processing Facility has processed 578,000 pounds of U3O8. As at July 31, 2024, we had no uranium supply or “off-take” agreements in place. Future sales of U3O8 are therefore expected to generally occur through the uranium spot market, with any fluctuations in the market price continuing to have a direct impact on our revenues and cash flows.

In Texas, our fully-licensed and 100% owned Hobson Processing Facility forms the basis for our regional operating strategy in the State of Texas, specifically the South Texas Uranium Belt where we utilize ISR mining. We utilize a “hub-and-spoke” strategy whereby the Hobson Processing Facility, which has a physical capacity to process uranium-loaded resins up to a total of two million pounds of U3O8 annually and is licensed to process up to four million pounds of U3O8 annually, acts as the central processing site (the “hub”) for our Palangana Mine, and future satellite uranium mining activities, such as our Burke Hollow and Goliad Projects, located within the South Texas Uranium Belt (the “spokes”).

On January 16, 2024, we announced plans to restart uranium extraction at our fully permitted, and past producing, Christensen Ranch Mine ISR operation in Wyoming. During August of 2024 we commenced the process for uranium extraction which is being funded with existing cash on the Company’s balance sheet.

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Uranium recovered from the Christensen Ranch Mine ISR Project will be processed at our Irigaray central processing plant (“CPP”). The Irigaray CPP is the hub central to our four fully permitted ISR projects located in the Powder River Basin of Wyoming, including our Christensen Ranch Mine, Reno Creek, Moore Ranch and Ludeman Projects. An application to increase the licensed capacity of the Irigaray CPP from the 2.5 million pounds $\mathrm{U}_3\mathrm{O}_8$ per year to 4.0 million pounds $\mathrm{U}_3\mathrm{O}_8$ per year was submitted to the Wyoming Department of Environmental Quality in November 2023; and approval is expected later in 2024.

To enable a faster extraction restart, extensive preparations at the Christensen Ranch Mine wellfields and satellite processing plant were completed in 2023. This included the reinstallation of equipment, re-attachment of piping and a variety of electrical testing, repairs and upgrades to the existing facilities. Since that time, additional work has progressed, including the hiring of additional operational personnel, preparation of a detailed wellfield startup plan, final preparations for plant and wellfield operations and the installation of cased wells in two new wellfield header houses in Mine Unit 10 (Modules 10-7 and 10-8).

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 plc (“Rio Tinto”). The UEX portfolio consists of a mix of uranium deposits, primarily focused on the Athabasca Basin uranium district in Saskatchewan, Canada. This includes interests in the Shea Creek, Christie Lake, Horseshoe Raven, Millennium and Wheeler River Projects. In addition to advancing its uranium development projects through its ownership interest in JCU (Canada) Exploration Company, Limited (“JCU”), UEX was advancing several other uranium deposits in the Athabasca Basin which include the Paul Bay, Ken Pen and Orora 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. ISR assets.

In August 2023, we acquired a portfolio of exploration-stage projects in the Athabasca Basin for CA$1.5 million from Rio Tinto Exploration Canada Inc., a subsidiary of Rio Tinto Inc. With this acquisition, we added an additional 44,444 acres of prospective ground in the Athabasca Basin to our existing portfolio.

As at July 31, 2024, we also hold certain mineral rights in various stages in the States of Arizona, New Mexico, Texas and Wyoming, in Canada and in the Republic of Paraguay, many of which are located in historically successful mining areas and have been the subject of past exploration and pre-extraction activities by other mining companies.

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.

## Physical Uranium Program

The Company is investing in building the next generation of low-cost uranium projects that will be competitive on a global basis and which will use the ISR mining process which is expected to reduce the impact on the environment as compared to conventional mining. Despite our focus on low cost ISR mining with its low capital requirements, we saw a unique opportunity to purchase drummed uranium at prevailing spot prices which are below most global industry mining costs. Hence, we established a physical uranium portfolio (the “Physical Uranium Program”) and, as of July 31, 2024, we had 1,466,000 pounds of uranium and had entered into agreements to purchase 700,000 pounds of U.S. warehoused uranium from Fiscal 2025 to Fiscal 2026 at the ConverDyn conversion facility located in Metropolis, Illinois, at a volume weighted average price of approximately $38.20 per pound.

Our Physical Uranium Program will support three objectives for our Company: (i) to bolster our balance sheet as uranium prices appreciate; (ii) to provide strategic inventory to support future marketing efforts with utilities that could compliment production and accelerate cash flows; and (iii) to increase the availability of our Texas and Wyoming production capacity for emerging U.S. origin specific opportunities which may command premium pricing due to the scarcity of domestic uranium. One such U.S. origin specific opportunity is the Company’s plan to participate in supplying the Uranium Reserve, as outlined in the Nuclear Fuel Working Group report published by the U.S. Department of Energy (“DOE”).

During Fiscal 2024, we made significant advancements in various aspects of our operations, including:

- we completed and filed technical report summary reports (each, a “TRS”) in accordance with S-K 1300 disclosing mineral resources for each of our Alto Parana Titanium Project, located in Paraguay, and our updated Texas ISR Hub and Spoke Project, on November 13, 2023 and June 12, 2024, respectively;
- we acquired a portfolio of exploration-stage projects in the Athabasca Basin on August 4, 2023, adding an additional 44,444 acres of prospective ground in the Athabasca Basin to our existing portfolio;
- we announced restarting uranium extraction at our fully permitted, and past producing, Christensen Ranch Mine ISR operation in Wyoming during August 2024;
- we published our fiscal year 2023 sustainability report, which includes the Company’s first disclosure aligned with the recommendations of the Task Force on Climate-Related Financial Disclosures and highlights the Company’s achievements related to environmental stewardship; and
- we reported drill results from our Roughrider Project and both exploration and metallurgical sample drilling have been successful at intersecting uranium mineralization.

## Uranium Market Developments

The uranium market is currently being driven by a macro demand for more electricity generation and an unprecedented global push to decarbonize electrical grids, among other factors. New demand projections outlined from the "US Data Center Power Outlook" report issued in July 2024 showed new data center demand growth ranging from 60 to 90 gigawatt (“GW”) in 2023-2030. There is a growing realization that the highly reliable, safe, baseload power nuclear energy provides should be a part of any clean energy platform. Governments around the globe are also pursuing strategies to increase energy independence for national security interests that dovetail well with nuclear power as a key component in their energy mix.

Over the past few years, global uranium market fundamentals have improved as the market began a transition from being an inventory driven to a production driven market. The spot market bottomed out in November 2016 at about $17.75 per pound $\mathrm{U}_3\mathrm{O}_8$, but has since shown appreciation, reaching $107.00 per pound $\mathrm{U}_3\mathrm{O}_8$ on February 2, 2024. During the three and twelve months ended July 31, 2024, uranium prices averaged $87.28 and $83.06 per pound $\mathrm{U}_3\mathrm{O}_8$, respectively. As at July 31, 2024, the spot uranium price was $85.50 per pound, representing an approximate 52% increase from July 31, 2023 when the price was $56.25 per pound $\mathrm{U}_3\mathrm{O}_8$. The period from May 2024 through July 2024 was marked by continued spot price fluctuations between $82.00 and $83.85 per pound $\mathrm{U}_3\mathrm{O}_8$(all price information is sourced from UxC LLC Historical Ux Daily Prices).

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Underinvestment in uranium mining operations over the past decade has been a major factor contributing to a structural deficit between global production and uranium requirements. Reduced production from existing uranium mines has also been a contributing factor with some large producers cutting back and/or unable to reach previously planned production levels. In 2024 and 2025 the mid-case gap between production and requirements is projected to be more than 68 million pounds of $\mathrm{U}_2\mathrm{O}_8$ and by 2034 accumulates to a total above 370 million pounds of $\mathrm{U}_2\mathrm{O}_8$(UxC 2024 Q2 Uranium Market Outlook). For context, the U.S. utilities purchased 51.6 million pounds of $\mathrm{U}_2\mathrm{O}_8$ in 2023 (U.S. Energy Information Administration, June 6, 2024 - Uranium Marketing Annual Report). The current gap is being filled with secondary market sources, including finite inventory that has been declining and is projected to decline further in coming years. Secondary supply is also likely to be further reduced with western enrichers reversing operations from underfeeding to overfeeding that requires more uranium to increase the production of enrichment services. As secondary supplies continue to diminish, and as existing mines deplete resources, new production will be needed to meet existing and future utility demand. The timeline for new mining projects can be 10 years or longer and will require prices high enough to stimulate new mining investments.

Since 2022, uranium supply has become more complicated due to Russia's invasion of Ukraine with its State Atomic Energy Corporation, Rosatom, being a significant supplier of nuclear fuel around the globe. Economic sanctions, transportation restrictions and recent U.S. legislation banning the importation of Russian nuclear fuel is causing a fundamental change to the nuclear fuel markets. Additionally, the 2023 coup in Niger, and the new government's demand for the U.S. and France to vacate the country, as well as the revocation of Canadian and French companies mining rights, and operating permits, has underscored jurisdictional risk. Niger is the world's seventh largest producer and accounted for about $5\%$ of global uranium production and about $14\%$ of European Union supply in 2023 (Euratom Supply Agency, World Nuclear Association - Uranium in Niger July 23, 2024, World Nuclear News). As a result of the instability and assurance of supply risks, U.S. and European utilities are shifting more focus to production from areas of low geopolitical risk.

On the demand side of the equation, the global nuclear energy industry continues robust growth, with 69 new reactors connected to the grid in 2014 through July of 2024, and with another 61 reactors under construction. Thus far in 2024, four new reactors have been connected to the grid and two reactors have been permanently shut down (International Atomic Energy Association Power Reactor Information System - August 15, 2024). Total nuclear generating capacity for the world's 439 operable reactors as of August 15, 2024, stands at 395 GWe (World Nuclear Association). At COP28 United Nations Climate Change Conference, 22 countries, including the U.S., Canada, France, Japan and the United Kingdom, signed a declaration to triple nuclear energy by 2050, further supporting additional growth for the nuclear industry and uranium demand.

In the U.S., H.R. 1042, The Prohibiting Russian Uranium Imports Act was signed into law and went into effect on August 11, 2024 and extends through 2040. The legislation bans Russian uranium imports but allows a U.S. DOE waiver process through 2027 in the event no alternative viable source of low-enriched uranium ("LEU") is available to: (i) sustain the continued operation of a nuclear reactor or a U.S. nuclear energy company; or (ii) importation of Russian LEU is determined to be in the national interest. In a separate but related action, The Nuclear Fuel Security Act ("NFSA") was enacted as part of the National Defense Authorization Act in December of 2023 and was designed to help rebuild the domestic nuclear fuel cycle, including uranium production, conversion and enrichment. The passage of H.R. 1042 unlocks $3.4 billion in funding under the NFSA and will be used by the DOE to acquire LEU and High Assay Low Enriched Uranium ("HALEU") for advanced reactors. Under this program DOE will acquire LEU and HALEU with priority given to domestic sources of produced uranium, conversion and enrichment. In combination, the passage of these bills will help rebuild and restore a robust domestic fuel cycle in the U.S.

Additional upside market pressure is also occurring as utilities continue their return to a longer-term contracting cycle to replace expiring contracts. Cumulative uncommitted demand through 2034 is almost 900 million pounds $\mathrm{U}_2\mathrm{O}_8$(UxC Uranium Market Overview Q2 2024). This utility demand, along with that from financial entities and various producers, as well as the increasing interest in nuclear energy for data centers, are adding to the strong fundamentals supporting the uranium market.

## Titanium (TiO2) Industry Updates

During 2024, the market fundamentals for titanium dioxide remained robust. Titanium dioxide is used in many "quality of life" products for which demand historically has been linked to global gross domestic product ("GDP"), ongoing urbanization trends and discretionary spending. There is no economical substitute or environmentally safe alternative to titanium dioxide. The majority of all the mined titanium feedstocks are used to manufacture pure titanium dioxide - a pigment that enhances brightness and opacity in paints, inks, paper, plastics, food products and cosmetics. The remaining approximately $10\%$ of supply is used in the production of titanium metal and steel fabrication.

Demand for titanium feedstocks, such as ilmenite and titanium slag, is closely tied to titanium dioxide pigment demand with most feedstock produces reporting a robust demand for feedstocks with increasing global pigment production. Ilmenite prices remained steady in the period, but short-term outlook became more cautious due to macroeconomic conditions.

Chinese TiO2 pigment production continued at record levels during the most recent quarter and towards the end there was an increase in operating rates among pigment producers in Europe and the U.S. to meet stronger underlying demand.

While current global supply of titanium feedstocks remains sufficient to meet demand, new supplies from Chinese producers in African countries shipping concentrates to China for processing are being partially offset by the suspension of operations in Sierra Leone and Kenya. Indications are that in the medium to long term supply constraints will lead to global demand for titaniferous feedstocks exceeding supply, requiring the development of new sources of supply.

What appear to be longer-term supply and demand fundamentals and, more specifically, the long-term global shift towards higher grade feedstocks, have the potential to keep upward pressure on high-quality feedstock prices and hence the potential product from our Alto Parana Project.

## In-Situ Recovery (ISR) Mining

We utilize in-situ recovery or ISR uranium mining for our South Texas projects as well as our Reno Creek Project in Wyoming, and will continue to utilize ISR mining whenever such an alternative is available to conventional mining. When compared to conventional mining, ISR mining requires lower capital expenditures, has a reduced impact on the environment and results in a shorter lead time to uranium recovery.

ISR mining is considered considerably more environmentally friendly compared to alternative, traditional mining approaches, as the ISR process does not require blasting or waste rock movement, resulting in less damage to the environment, minimal dust, and no resulting tailings or tailings facilities. Further, ISR mining is more discrete and, therefore, land access does not typically have to be restricted, and the area may be restored to its pre-mining usage faster than when applying traditional mining approaches.

ISR mining involves circulating oxidized water through an underground uranium deposit, dissolving the uranium and then pumping the uranium-rich solution to the surface for processing. Oxidizing solution enters the formation through a series of injection wells and is drawn to a series of communicating extraction wells. To create a localized hydrologic cone of depression in each wellfield, more groundwater will be produced than injected. Under this gradient, the natural groundwater movement from the surrounding area is toward the wellfield, providing control of the injection fluid. Over-extraction is adjusted as necessary to maintain a cone of depression which ensures that the injection fluid does not move outside the permitted area.

The uranium-rich solution is pumped from an ore zone to the surface and circulated through a series of ion exchange columns located at the mine site. The solution flows through resin beads inside an ion exchange column where the uranium bonds to small resin beads. As the solution exits the ion exchange column, it is mostly void of uranium and is recirculated back to the wellfield and through the ore zone. Once the resin beads are fully-loaded with uranium, they are transported by truck to our Hobson Processing Facility and transferred to a tank for flushing with a brine solution, or elution, which strips the uranium from the resin beads. The stripped resin beads are then transported back to the mine and reused in the ion exchange columns. The uranium solution, now free from the resin, is precipitated out and concentrated into a slurry mixture and fed to a filter press to remove unwanted solids and contaminants. The slurry is then dried in a zero-emissions rotary vacuum dryer, packed in metal drums and shipped out as uranium concentrates, or yellowcake, to a conversion facility for storage and sales.

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Each project is divided into a mining unit, known as a Production Area Authorization ("PAA"), which lies inside an approved Mine Permit Boundary. Each PAA will be developed, extracted and restored as one unit and will have its own set of monitor wells. It is common to have multiple PAAs in extraction at any one time with additional units in various states of exploration, pre-extraction and/or restoration.

After mining is complete in a PAA, aquifer restoration will begin as soon as practicable and will continue until the groundwater is restored to pre-mining conditions. Once restoration is complete, a stability period of no less than one year is scheduled with quarterly baseline and monitor well sampling. Wellfield reclamation will follow after aquifer restoration is complete and the stability period has passed.

## Hobson Processing Facility

Our Hobson Processing Facility is located in Karnes County, Texas, about 100 miles northwest of Corpus Christi. It was originally licensed and constructed in 1978, serving as the hub for several satellite mining projects until 1996, and completely refurbished in 2008. On December 18, 2009, we acquired the Hobson Processing Facility as part of our acquisition of STMV.

With a physical capacity to process uranium-loaded resins up to a total of two million pounds of $\mathrm{U}_3\mathrm{O}_8$ annually and licensed to process up to four million pounds of $\mathrm{U}_3\mathrm{O}_8$ annually, our fully-licensed and $100\%$-owned Hobson Processing Facility forms the basis for our "hub-and-spoke" strategy in the State of Texas, specifically in the South Texas Uranium Belt, where we utilize ISR mining.

## Palangana Mine

We hold various mining lease and surface use agreements generally having an initial five-year term with extension provisions, granting us the exclusive right to explore, develop and mine for uranium at our Palangana Mine, a 6,969-acre property located in Duval County, Texas, approximately 100 miles south of our Hobson Processing Facility. These agreements are subject to certain royalty and overriding royalty interests indexed to the sales price of uranium.

## Material Relationships Including Long-Term Delivery Contracts

As at July 31, 2024, we had no uranium supply or "off-take" agreements in place.

## Seasonality

The timing of our uranium concentrate sales is dependent upon factors such as extraction results from our mining activities, cash requirements, contractual requirements and perception of the uranium market. As a result, our sales are neither tied to nor dependent upon any particular season. In addition, our ability to extract and process uranium does not change on a seasonal basis. Over the past ten years uranium prices have tended to decline during the calendar third quarter before rebounding during the fourth quarter, but there does not appear to be a strong correlation.

## Mineral Rights

In Texas our mineral rights are held exclusively through private leases from the owners of the land/mineral/surface rights with varying terms. In general, these leases provide for uranium and certain other specified mineral rights only including surface access rights for an initial term of five years and renewal for a second five-year term. We have amended the majority of the leases to extend the time period for an additional five years past the original five-year renewal periods. Our Burke Hollow and some of our Goliad Project leases have a fixed royalty amount based on net proceeds from sales of uranium, and our other projects have production royalties calculated on a sliding-scale basis tied to the gross sales price of uranium. Remediation of a property is required in accordance with regulatory standards, which may include the posting of reclamation bonds.

In Arizona, New Mexico and Wyoming our mineral rights are held either exclusively or through a combination of federal mining claims and state and private mineral leases. Remediation of a property is required in accordance with regulatory standards, which may include the posting of reclamation bonds. Our federal mining claims consist of both unpatented lode and placer mining claims registered with the U.S. Bureau of Land Management ("BLM") and the appropriate counties. These claims provide for all mineral rights including surface access rights for an indefinite period. Annual maintenance requirements include BLM claim fees of $165 per claim due yearly on September 1st. Our state mineral leases are registered with their respective states. These leases provide for all mineral rights, including surface access rights, to be subject to a production royalty of 4% in Wyoming and 5% to 6% in Arizona, ranging from a five-year term in Arizona to a ten-year term in Wyoming. Annual maintenance requirements include lease fees of between $1 and $3 per acre and minimum exploration expenditure requirements of between $10 and $20 per acre in Arizona. Our private mineral leases are negotiated directly with the owners of the land/mineral/surface rights with varying terms. These leases provide for uranium and certain other specified mineral rights only, including surface access rights, subject to production royalties, ranging from an initial term of five to seven years and renewal for a second five-year to seven-year term, and some of which have an initial term of 20 years.

Under the mining laws of Saskatchewan, Canada, title to mineral rights for our projects in Saskatchewan is held through The Crown Minerals Act of the Province of Saskatchewan. In addition, The Mineral Resources Act, 1985 and The Mineral Tenure Registry Regulations affect the rights and administration of mineral tenure in Saskatchewan. The lands of our Saskatchewan projects are currently claimed as "Crown dispositions" or "mineral dispositions". Subject to section 19 of The Crown Minerals Act, a claim grants to the holder the exclusive right to explore for any Crown minerals that are subject to these regulations within the claim lands. Claims are renewed annually and the claim holder is required to satisfy work expenditure requirements. Expenditure requirements are $Nil for the first year, $15 per hectare for the second year to the tenth year of assessment work periods and $25 per hectare for the eleventh year and subsequent assessment work periods. For registering exploration expenditures, mineral dispositions may be grouped at the time of submission if the total mineral disposition area is not greater than 18,000 hectares. The holder may also submit a cash payment or cash deposit in lieu of a work assessment submission for not more than three consecutive work periods. A claim may be converted to a mineral lease upon application and payment of a registration fee.

Under the mining laws of the Republic of Paraguay, title to mineral rights for our Yuty Project is held through a Mineral Concession Contract approved by the National Congress and signed between the Government of the Republic of Paraguay and the Company, and titles to mineral rights for our Oviedo and Alto Paraná Titanium Projects are held through Exploration Mining Permits granted by the Ministry of Public Works and Communications ("MOPC"), the mining regulator in Paraguay. These mineral rights provide for the exploration of metallic and non-metallic minerals and precious and semi-precious gems within the territory of Paraguay for up to a six-year period, and for the exploitation of minerals for a minimum period of 20 years from the beginning of the production phase, extendable for an additional ten years.

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# Environmental, Social and Governance Overview

UEC is dedicated to preserving the environment in which we operate, and to being a responsible neighbor to our local communities. We believe in mining in a responsible manner, such as through the deployment of ISR technology when possible, adhering to all applicable environmental regulations and managing and reducing our carbon emissions. UEC believes that uranium and nuclear energy will be an important part of the energy transition as it can provide reliable and consistent power to the grid. Ensuring responsible mining practices better positions nuclear to be an energy source of choice to governments, and enables us to be a better partner and corporate citizen to our local communities.

# Environmental Management

## Environmental Governance

UEC approved an Environmental, Health and Safety Policy in Fiscal 2022 which sets out objectives and provides overarching guidelines for the management of the environment. This enterprise-wide policy can be found at https://www.uraniamenergy.com/about/corporate-governance/. Topics covered in this policy include the management of hazardous waste, water, biodiversity and land use, air quality and pollutants, green-house gas ("GHG") emissions and energy management. Adherence to and performance against this policy will be reviewed by our Board of Directors' (the "Board of Directors" or "Board") Sustainability Committee annually.

## U.S. Environmental Regulations

We believe that we comply with all federal, state and local applicable laws and regulations which govern environmental quality and pollution control. Our operations are subject to stringent environmental regulation by state and federal authorities including the Railroad Commission of Texas ("RCT"), the Texas Commission on Environmental Quality ("TCEQ"), the Wyoming Department of Environmental Quality ("WDEQ") Land, Water and Air Quality Divisions, the United States BLM (Wyoming) and the United States Environmental Protection Agency ("EPA").

## Texas

In Texas, where the Company's hub-and-spoke operations are anchored by our fully-licensed Hobson Processing Facility, surface extraction and exploration for uranium is regulated by the RCT, while ISR uranium extraction is regulated by the TCEQ. An exploration permit is the initial permit granted by the RCT that authorizes exploration drilling activities inside an approved area. This permit authorizes specific drilling and plugging activities requiring documentation for each borehole drilled. All documentation is submitted to the RCT on a monthly basis and each borehole drilled under the exploration permit is inspected by an RCT inspector to ensure compliance. As at July 31, 2024, we held one exploration permit in each of Bee, Duval and Goliad Counties in Texas.

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

A Mine Area Permit ("MAP") application is required for submission to the TCEQ to establish a specific permit area boundary, aquifer exemption boundary and the mineral zones of interests or production zones. The application also includes a financial surety plan to ensure funding for all plugging and abandonment requirements. Funding for surety is in the form of cash or bonds, including an excess of 15% for contingencies and 10% for overhead, adjusted annually for inflation. As at July 31, 2024, we held MAPs for our Palangana Mine and our Goliad and Burke Hollow Projects.

A Radioactive Material License ("RML") application is also required for submission to the TCEQ for authorization to operate a uranium recovery facility. The application includes baseline environmental data for soil, vegetation, surface water and groundwater along with operational sampling frequencies and locations. A Radiation Safety Manual is a key component of the application which defines the environmental health and safety programs and procedures to protect employees and the environment. Another important component of the application is a financial surety mechanism to ensure plant and wellfield decommissioning is properly funded and maintained. Surety funding is in the form of cash or bonds, and includes an excess of 15% for contingencies and 10% for overhead, adjusted annually for inflation. As at July 31, 2024, we held RMLs for our Palangana Mine, Burke Hollow and Goliad Projects and Hobson Processing Facility.

PAA applications are also required for submission to the TCEQ to establish specific extraction areas inside the MAP boundary. These are typically 30 to 100-acre units that have been delineated and contain extractible quantities of uranium. The PAA application includes baseline water quality data that is characteristic of that individual unit, proposes upper control limits for monitor well analysis and establishes restoration values. The application will also include a financial security plan for wellfield restoration and reclamation which must be funded and in place prior to commencing uranium extraction. As at July 31, 2024, we held four PAA permits for our Palangana Mine and one for our Goliad Project. An application for PAA-1 for the Burke Hollow Project was submitted in February 2023.

A Class I disposal well permit application is also required for submission to the TCEQ for authorization for deep underground wastewater injection. It is the primary method for disposing of excess fluid from the extraction areas and for reverse osmosis concentrate during the restoration phase. This permit authorizes injection into a specific injection zone within a designated injection interval. The permit requires continuous monitoring of numerous parameters, including injection flow rate, injection pressure, annulus pressure and injection/annulus differential pressure. Mechanical integrity testing is required initially and annually to ensure the well is mechanically sound. Surety funding for plugging and abandonment of each well is in the form of cash or bonds, including 15% for contingencies and 10% for overhead, adjusted annually for inflation. As at July 31, 2024, we held two Class I disposal well permits for each of our Hobson Processing Facility, Palangana Satellite Facility and Burke Hollow and Goliad Projects.

The federal Safe Drinking Water Act ("SDWA") creates a regulatory program to protect groundwater and is administered by the EPA. The SDWA allows states to issue underground injection control ("UIC") permits under two conditions: the state's program must have been granted primacy; and the EPA must have granted an aquifer exemption upon the state's request (an "Aquifer Exemption"). Texas, being a primacy state, is therefore authorized to grant UIC permits and makes the official requests for an Aquifer Exemption to the EPA. The Aquifer Exemption request is submitted by the Company to the TCEQ and, once approved, is then submitted by the TCEQ to the EPA for concurrence and final issuance. As at July 31, 2024, we held an Aquifer Exemption for each of our Palangana Mine and our Goliad and Burke Hollow Projects.

## Wyoming

In Wyoming ISR mining activities are regulated by the Wyoming Department of Environmental Quality ("WDEQ"), Land Quality Division ("LQD"), under Wyoming Administrative Code §35-11-401 through §35-11-437. Before ISR uranium mining is allowed to proceed in Wyoming, certain permits and licenses must be granted by WDEQ, which are subject to financial assurance plans to ensure anticipated future costs for decontamination, decommissioning, reclamation, groundwater restoration, disposal or any other reclamation requirements are adequately funded. Bonding regulations for ISR facilities are discussed in §35-11-417 of the Wyoming Administrative Code and further in WDEQ/LQD regulations contained in Non-Coal Chapters 1 through 13.

There are two major permits/licenses required for ISR uranium mining in Wyoming. The first is the Permit to Mine, issued by the WDEQ/LQD. The second is the RML, previously issued by the U.S. Nuclear Regulatory Commission ("NRC"), now issued by the WDEQ/LQD Uranium Recovery Program ("URP"). In 2018 the State of Wyoming became an NRC agreement state for the licensing of uranium recovery operations. RMLs are now issued and regulated by the WDEQ/LQD/URP. Annual financial surety updates are required on the Mine Permit anniversary date and are reviewed by both the WDEQ/LQD and WDEQ/LQD/URP as part of the approval process. As at July 31, 2024, UEC held Permits to Mine and RMLs for each of its Christensen Ranch, Irigaray, Ludeman, Moore Ranch and Reno Creek Projects.

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In Wyoming, a Class I disposal well permit is required for deep underground wastewater injection (same process as in Texas). It is the primary method for disposing of excess fluid from the extraction areas and for reverse osmosis concentrate during the restoration phase. Permits for Class I Injection wells are authorized by the WDEQ Water Quality Division who has primacy for this program under EPA. In Wyoming, as at July 31, 2024, UEC holds Class I Injection well permits for four disposal wells at the Christensen Ranch Project, two disposal wells at the Irigaray Project, four disposal wells at the Moore Ranch Project and four disposal wells at its Reno Creek Project.

Exploration drilling outside of areas within a Permit to Mine is regulated by the WDEQ LQD. To conduct exploration drilling, an application must be filed with the LQD that provides location details of the areas to be explored, the number of drill holes anticipated, the methods of drill hole abandonment to be used, the location of access roads to be used or constructed and an estimate of the cost to reclaim all drill holes and surfaces impacted by the drilling program. If approved, the LQD will approve the reclamation cost estimate and the Company will post a bond or other financial assurance instrument acceptable to the LQD. After the financial assurance instrument is approved by the LQD, they will issue a Drilling Notification permit to the Company to conduct the exploration drilling. After reclamation is completed, the LQD will inspect the drill hole sites and either approve the reclamation and release the bond, or make recommendations for further corrective action. As at July 31, 2024, UEC holds three Drilling Notification Permits, two for various exploration projects in the Powder River Basin and one for exploration in the Great Divide Basin of Wyoming.

Under the WDEQ Bonding Provisions (§35-11-417) and the regulations for Financial Assurance Requirements for Closure, Post Closure and Corrective Action, they outline financial assurance for ISR uranium sites to include costs relating to: decommissioning; decontamination; demolition and waste disposal for buildings; structures; foundations; equipment and utilities; well plugging and abandonment; surface reclamation of operating areas; roads; wellfields and surface impoundments; groundwater restoration in mining areas; and radiological surveying for final release of the lands. Funding for the financial assurance is in the form of cash, reclamation bonds, letters of credit and other mechanisms approved by the WDEQ. The financial assurance calculations include an excess of 15% for contingencies and 10% for overhead, adjusted annually for inflation. As at July 31, 2024, UEC held reclamation bonds for all of its Permits to Mine and RML licenses plus three Drilling Notifications (exploration by drilling permits).

As in Texas, the State of Wyoming is allowed to issue UIC permits under two conditions: the state's program must have been granted primacy; and the EPA must have granted an Aquifer Exemption upon the state's request. Wyoming issues UIC Class I permits (disposal wells) and UIC Class III permits for ISR wells. Wyoming requests the official Aquifer Exemption from the EPA for these permits. As at July 31, 2024, UEC held Aquifer Exemptions for each of its Christensen Ranch, Irigaray, Ludeman, Moore Ranch and Reno Creek Projects, as well as the Christensen Ranch Class I disposal wells.

# Canada Environmental Regulations

Uranium mining and milling projects in Canada are among the most heavily regulated types of projects in the country with full regulatory oversight from both the federal and provincial levels of government. That full regulatory oversight includes a strong, independent federal nuclear regulator, the Canadian Nuclear Safety Commission ("CNSC"), which is charged with regulating all aspects of nuclear activities in Canada. Modern uranium mines, despite their strong safety and environmental protection record, operate in this heavily regulated environment effectively using integrated management systems maintain compliance and extensive reporting to demonstrate ongoing compliance. Monitoring includes community groups (e.g., North Environmental Quality Committee), First Nations, periodic state of the environment reporting and occasional independent third-party monitoring funded by the CNSC.

For mining in Saskatchewan, a surface lease is required prior to work commencing on site. The surface lease will generally cover all areas that are predicted to be disturbed and accrues annual fees per hectare. Surface leases are coordinated through the Ministry of Government Relations, Northern Engagement Branch, and the Ministry of Environment ("MOE"), Lands Branch, and includes input from other government agencies where appropriate. While negotiations can start early, and in parallel with a provincial Environmental Impact Assessment ("EIA") process, a precondition of the issuance of a surface lease is the successful outcome of the EIA process. In Saskatchewan, the EIA and licensing process are sequential, as the EIA process must be completed prior to the issuance of specific leases, licenses and permits.

To require an EIA, a project must be deemed a Development per section 2(d) of the Saskatchewan Environmental Assessment Act ("EAA") and a formal Ministerial Determination to that effect. The work required for an EIA includes any delegated Duty to Consult engagement and consultation along with environmental baseline work.

Once an EIA is submitted and the provincial internal reviews are finished, the EASB compiles the comments and produces a technical review comments ("TRC") document. If there are deficiencies in the EIA, the proponent will be required to address them before the TRC document and the final EIS are placed into public review. Public review is generally 30 or 60 days. When the public comments period is complete, the EASB will produce an EIA decision document for the Minister of Environment. While there are three outcomes possible, the likely outcome for a project that gets to this stage is approval of the EIA with conditions. With approval of the EIA, licensing and permitting can be completed.

While the EIA is in progress, the proponent can develop the surface lease application, and other provincial licensing packages for review by the government, although approval of these cannot occur until the EIA process is completed and a positive outcome obtained. Provincially, the licensing is through the MOE Environmental Protection Branch, which largely provides a one window approach for mining project licensing on behalf of other branches and ministries. There will be other ministries and permitting required related to health and safety, labour, employment, and royalties. Overall, a number of permissions, of one form or another, are required to complete the project, but when compared to the EIA process, they are rarely material to the schedule or budget if organized properly. Most ministries will indicate their interest and the need for any permits at the Technical Proposal and EIA review stages and those comments will come forward in the TRC.

The federal Impact Assessment Act, 2019 ("IAA") and the need to produce an Impact Assessment ("IA") can be triggered in two ways. The first is by triggering one of the activity thresholds in the Physical Activities Regulations, 2019, and the second is that the project can be designated by the federal Minister of Environment and Climate Change (the "Minister") in response to a request to designate the project and a supporting recommendation from the Canadian Impact Assessment Agency ("CIAA"). Currently, our proposed project does not trigger any thresholds in the Physical Activities Regulations.

The CNSC and Saskatchewan MOE have historically worked closely together and the CNSC has the ability to review the provincial EIA. The regulators have demonstrated recently that they can cooperate in their review of projects despite the expiration of their cooperation agreement. The CNSC can review and provide comments on any submission to EASB. In addition, the CNSC will act as a technical advisor and is a participant in the EIA process; however, the provincial EIA decision is independent of the federal government.

The main federal licensing agency for the project, the CNSC, will need to be satisfied that the environment, writ large, is protected. The CNSC will conduct an environmental protection review ("EPR") for the license application in accordance with their mandate under the NSCA to ensure the protection of the environment and the health of persons. The CNSC follows the federal mandates with respect to Indigenous peoples and other initiatives such as climate change.

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Per the NSCA, a project needs to initiate the licensing process in order to have meaningful discussions with the CNSC and early discussions with the CNSC on the licensing process, engagement and consultation expectations, and the scope of the project's licensing are meaningful to help advance a project. While the option of sequentially doing the provincial EIA and the CNSC licensing is available to the proponent, the CNSC suggests doing these two distinct processes in parallel to save time. Effectively, while the EIA process is proceeding, the development and submission of the provincial and CNSC licensing packages can proceed in parallel. It is assumed that a successful outcome for the provincial EIA would be an important part of the CNSC's EPR, which would be presented to the Commission Tribunal as part of the licensing reviews. As for Saskatchewan, a positive environmental decision is required prior to the Commission approving any licensing packages. The CNSC's licensing and oversight processes are done on a cost recovery basis through the Cost Recovery Fees Regulations.

In support of licensing, proponents are required to develop management systems complete with policies, systems/programs, procedures and monitoring commensurate with the proposed scope of activities. To protect human health and the environment, the CNSC focuses on their regulated areas of safety and control in their assessment of projects, including areas of higher risk such as quality management, occupational health and safety, environmental protection, radiation protection, tailings management and safeguards and non-proliferation, to name a few.

There may be a need to engage with Fisheries and Oceans Canada (under the Fisheries Act) regarding treated effluent discharge or pump stations for fresh water. Transport Canada authorization may be required if there are any in-water works with a potential to impact navigation (under the Canadian Navigable Waters Act or under the Canadian Aviation Regulations). Water quality and the monitoring of biological effects will be governed by the Metal and Diamond Mining Effluent Regulations to the Fisheries Act, in addition to any provincial requirements. Other federal legislation of importance to a project will be compliance with the Species at Risk Act (e.g. the need for a woodland caribou management plan) and the Migratory Birds Convention Act. It is not clear whether the proposed federal Policy on Biodiversity will have an impact on our project but, if enacted, it could mean more bio-physical offsets will be required for disturbed ground.

As part of the environmental assessment process, projects are required to develop conceptual decommissioning plans for inclusion in the EIA, which detail the steps to be taken to decommission project facilities and reclaim the land at the end of project life. As part of licensing, the conceptual plan is expanded into a more detailed Preliminary Decommissioning Plan ("PDP") and a cost estimate for implementation is prepared from that; the Preliminary Decommissioning Cost ("PDC"). The Company will then be required to provide some form of surety or bond to cover the cost of carrying out the PDP. The surety is designed to cover the unlikely situation whereby the proponent is unable to complete the decommissioning and reclamation and the government must step in to complete the work in a 'decommission tomorrow' scenario. While salvage of some materials is likely, these cannot be considered in the PDC. The plan and costs are periodically reviewed and updated and can be scaled to reflect the current state of a project. As operations progress, progressive decommissioning is encouraged as it lowers close-out liabilities which, in turn, can reduce the amount of a surety bond, and often reduces the cost of disturbed-land lease fees.

For a uranium mining and milling project, once operations have stopped, the first step is to conduct systematic surveys to determine the extent of contamination, if any. Contamination may be chemical or radiological. Areas that can be decontaminated will be cleaned and re-surveyed to ensure that the clean-up criteria are met. Material that cannot be decontaminated to release standards would be disposed of on site or at an approved off-site disposal facility. The remainder of the site will be decommissioned as the facilities are no longer required with the material salvaged for reuse, recycling or disposal.

In Saskatchewan, reclaimed land can be returned to the Crown under The Reclaimed Industrial Sites Act and The Reclaimed Industrial Sites Regulations, which establish an Institutional Control Program. This program is implemented once a decommissioned site has been deemed to be reclaimed in a stable, self-sustaining and non-polluting manner. The property can then be transferred back to the province for monitoring and maintenance. For this to happen, the proponent pays a calculated sum into the Institutional Control Monitoring and Maintenance Fund, and the Institutional Control Unforeseen Events Fund for long term monitoring of the property and maintenance, if required. In the unlikely event that the site does not behave as predicted, the government can seek redress from the proponent if the costs exceed the funds available.

## Indigenous Engagement in Saskatchewan

For both the federal and provincial EIA and permitting/licensing processes, engagement and consultation are required with Indigenous groups. Engagement in Saskatchewan consists of the Crown's Duty to Consult, a legal requirement and interest-based engagement, which is essential to a project's social license. Both levels of government ('the Crown') have a Duty to Consult First Nations and Métis groups on any decision within their purview with the potential to affect Aboriginal or Treaty Rights. As the project progresses through the regulatory process, several provincial and federal decisions will be made that must be informed by engagement and consultation. Implementation of the Duty to Consult is guided by a combination of provincial and federal regulatory requirements and guidance documents (e.g. Section 35, The Constitution Act, 1982).

Although the Duty to Consult lies with the federal and provincial governments, the procedural aspects of the Duty to Consult are frequently delegated to the proponent to undertake. This often results in the proponent entering into engagement agreements with some First Nations and Metis governments to do studies to identify any potential impacts to rights. Companies are expected to meet with each potentially affected community to discuss engagement plans and an appropriate budget for the communities to complete the necessary meetings and studies, although the level of effort is generally commensurate with proximity to the site. The engagement plan should include opportunities to inform communities of the nature of the proposed activities, the potential impacts of a project and proposed mitigation strategies. The purpose is to receive feedback or information on current traditional land uses and potential impacts to Treaty and Aboriginal rights. Companies are expected to work with the communities to determine the impacts of the projects and mitigation strategies.

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## Waste Disposal

The Resource Conservation and Recovery Act (“RCRA”) and comparable state statutes affect mineral exploration and production activities by imposing regulations on the generation, transportation, treatment, storage, disposal and cleanup of “hazardous wastes” and on the disposal of non-hazardous wastes. Under the auspices of the EPA, the individual states administer some or all of the provisions of RCRA, sometimes in conjunction with their own, more stringent requirements.

## Comprehensive Environmental Response, Compensation and Liability Act

The federal Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) imposes joint and several liability for costs of investigation and remediation and for natural resource damages, without regard to fault or the legality of the original conduct, on certain classes of persons with respect to the release into the environment of substances designated under CERCLA as hazardous substances (collectively, “Hazardous Substances”). These classes of persons or potentially responsible parties include the current and certain past owners and operators of a facility or property where there is or has been a release or threat of release of a Hazardous Substance and persons who disposed of or arranged for the disposal of the Hazardous Substances found at such a facility. CERCLA also authorizes the EPA and, in some cases, third parties, to take actions in response to threats to the public health or the environment and to seek to recover the costs of such action. We may also in the future become an owner of facilities on which Hazardous Substances have been released by previous owners or operators. We may in the future be responsible under CERCLA for all or part of the costs to clean up facilities or properties at which such substances have been released and for natural resource damages.

## Air Emissions

Our operations are subject to local, state and federal regulations for the control of emissions of air pollution. Major sources of air pollutants are subject to more stringent, federally imposed permitting requirements. Administrative enforcement actions for failure to comply strictly with air pollution regulations or permits are generally resolved by payment of monetary fines and correction of any identified deficiencies. Alternatively, regulatory agencies could require us to forego construction, modification or operation of certain air emission sources. In Texas, the TCEQ issues an exemption for those processes that meet the criteria for low to zero emission by issuing a permit by rule. Presently our Palangana Mine, our Hobson Processing Facility and our Goliad Project all have permits by rule covering air emissions.

## Water Management

UEC commits its management team, employees and contractors to be good stewards of the water it utilizes in all parts of its operations. From exploration to restoration, water is the critical factor for ISR mining and responsibly managing that water is crucial to our business.

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

Water consumption at UEC’s ISR mining projects is primarily natural groundwater. During the recovery process, water is pumped from the ore hosted aquifer and piped to the satellite facility. The groundwater is filtered for solids, stripped of uranium, allowed to settle and then approximately 95% is reinjected or recirculated back into the same aquifer it was recovered from. This recycling process is an overwhelming advantage of ISR mining compared to other methods such as conventional or open pit.

In order to ensure appropriate water management, and to ensure our team can continuously make decisions to reduce our water usage, UEC closely monitors our water consumption. UEC is identifying ways to reduce water consumption on an ongoing basis.

## Compliance with the Clean Water Act

The Clean Water Act (“CWA”) imposes restrictions and strict controls regarding the discharge of wastes, including mineral processing wastes, into waters of the U.S.; a term broadly defined. Permits must be obtained to discharge pollutants into federal waters. The CWA provides for civil, criminal and administrative penalties for unauthorized discharges of hazardous substances and other pollutants. It imposes substantial potential liability for the costs of removal or remediation associated with discharges of oil or hazardous substances. State laws governing discharges to water also provide varying civil, criminal and administrative penalties and impose liabilities in the case of a discharge of petroleum or its derivatives, or other hazardous substances, into state waters. In addition, the EPA has promulgated regulations that may require us to obtain permits to discharge storm water runoff. Management believes that we are in substantial compliance with current applicable environmental laws and regulations.

## GHG Emissions Management

Mining is an essential industry to enable the global transition to net-zero. Uranium mining, at the heart of UEC’s business, fuels nuclear energy, which is an essential carbon-free energy source. Beyond this, we understand that our operational activities do contribute to climate change through the release of emissions. Therefore, over the next several years we will begin a process to understand our emissions profile, as well as identify and implement opportunities to reduce emissions, where and when possible.

In 2022, we created an emissions inventory of all sources (mobile and stationary) for each Texas project, including tracking fuel consumption by individual source at each project. In Fiscal 2024, we expanded our emissions measurement approach to cover all sites, including Wyoming, Saskatchewan and Paraguay. Scope 1 emissions covers direct emissions from owned or controlled sources. Scope 2 emissions covers indirect emissions from the generation of purchased electricity, steam, heating and cooling consumed by the Company.

Through developing this inventory, we have been able to identify, assess and conduct a cost benefit analysis for emission reduction opportunities at UEC’s Texas projects. Such opportunities include exploring ways to upgrade our Hobson plant into a zero-emissions processing plant.

Aligned to responsibly managing our emissions in the short-term, we will look to purchase carbon offset credits for our Scope 1 and 2 emissions for our corporate sites.

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# Health and Safety

Health and safety is one of our top priorities. We pride ourselves on employing safe practices in all aspects of its work.

In Fiscal 2022, UEC’s Board approved an Environmental, Health and Safety Policy that provides overall objectives and guidance for our health and safety management. Supporting this Policy, at each site, UEC has a number of operational policies and practices covering radiation safety and procedures, spills and leakage reporting, equipment training and emergency response procedures. There is also a company-wide Injury and Incident Policy covered in the employee handbook that all employees are familiar with and are required to comply with.

Training for employees on health and safety protocols are essential to ensuring we employ best safety practices at all times. In Fiscal 2024, UEC has provided training to staff on a variety of safety topics, including, but not limited to, the following topics:

- Annual radiation safety training for all plant and wellfield employees;
- Bi-Annual Radiation Safety Officer training;
- Radiation Safety Technician training;
- Logging training;
- First Aid/CPR training (every two years);
- Rig Safety/Inspections training; and
- Annual DOT Training/HazMat training.

UEC’s health and safety practices are developed to ensure that all regulatory requirements are met. Across all of our sites, our employees are required to report all injuries to their supervisor. On an annual basis, all reports are analyzed and tracked as required by the Occupational Health and Safety Association (“OSHA”). Given the nature of UEC’s specialized industry, there are site-specific emergency procedures in place that identify the steps employees should take in the event of a health and safety emergency.

# Competition

The uranium industry is highly competitive, and our competition includes larger, more established companies with longer operating histories that not only explore for and produce uranium but also market uranium and other products on a regional, national or worldwide basis. Due to their greater financial and technical resources, we may not be able to acquire additional uranium projects in a competitive bidding process involving such companies. Additionally, these larger companies have greater resources to continue with their operations during periods of depressed market conditions.

The global titanium market is highly competitive, with the top six producers accounting for approximately 60% of the world’s production capacity according to TZ Minerals International Pty. Ltd. Competition is based on a number of factors, such as price, product quality and service. Among our competitors are companies that are vertically-integrated (those that have their own raw material resources).

# Research and Development Activities

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

# Employees

Amir Adnani is our President and Chief Executive Officer and, effective October 29, 2015, Pat Obara was appointed our Chief Financial Officer. These individuals are primarily responsible for all our day-to-day operations. Effective September 8, 2014, Scott Melbye was appointed our Executive Vice President. Other services are provided by outsourcing and consulting and special purpose contracts. As of July 31, 2024, we had 94 persons employed on a full-time basis and 10 individuals providing services on a contractual basis.

# Human Capital

As of July 31, 2024, our employee population consisted of 94 individuals working for us and our consolidated subsidiaries, 65 of whom were located in the U.S., 25 in Canada and 4 in Paraguay. Our Company is committed to attracting and retaining talented and experienced individuals to manage and support our operations. We engage in a variety of learning and development opportunities with our employees, including ongoing training, continuing education courses, workshops and seminars and membership in professional organizations relating to employees’ projects areas of expertise. We strive to fill employment openings through internal promotions or transfers of qualified employees, as appropriate.

# Available Information

The Company’s website address is www.uraniumenergy.com and our annual reports on Form 10-K and quarterly reports on Form 10-Q, and amendments to such reports, are available free of charge on our website as soon as reasonably practicable after such materials are filed or furnished electronically with the SEC. These same reports, as well as our current reports on Form 8-K, and amendments to those reports, filed or furnished electronically with the SEC are available for review at the SEC’s website at www.sec.gov. Printed copies of the foregoing materials are available free of charge upon written request by email at info@uraniumenergy.com. Additional information about the Company can be found on our website, however, such information is neither incorporated by reference nor included as part of this or any other report or information filed with or furnished to the SEC.

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# Item 1A. Risk Factors

In addition to the information contained in this Form 10-K Annual Report, we have identified the following material risks and uncertainties which reflect our outlook and conditions known to us as of the date of this Annual Report. These material risks and uncertainties should be carefully reviewed by our stockholders and any potential investors in evaluating the Company, our business and the market value of our common stock. Furthermore, any one of these material risks and uncertainties has the potential to cause actual results, performance, achievements or events to be materially different from any future results, performance, achievements or events implied, suggested or expressed by any forward-looking statements made by us or by persons acting on our behalf. Refer to "Cautionary Note Regarding Forward-looking Statements".

There is no assurance that we will be successful in preventing the material adverse effects that any one or more of the following material risks and uncertainties may cause on our business, prospects, financial condition and operating results, which may result in a significant decrease in the market price of our common stock. Furthermore, there is no assurance that these material risks and uncertainties represent a complete list of the material risks and uncertainties facing us. There may be additional risks and uncertainties of a material nature that, as of the date of this Annual Report, we are unaware of or that we consider immaterial that may become material in the future, any one or more of which may result in a material adverse effect on us. You could lose all or a significant portion of your investment due to any one of these material risks and uncertainties.

# Risks Related to Our Company and Business

Evaluating our future performance may be difficult since we have a limited financial and operating history, with significant negative operating cash flow and an accumulated deficit to date. Our long-term success will depend ultimately on our ability to achieve and maintain profitability and to develop positive cash flow from our mining activities.

As more fully described under Item 1. Business herein, Uranium Energy Corp. was incorporated under the laws of the State of Nevada on May 16, 2003 and, since 2004, we have been primarily engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing, on projects located in the United States, Canada and the Republic of Paraguay. In November 2010, we commenced uranium extraction for the first time at our Palangana Mine utilizing ISR methods and processed those materials at our Hobson Processing Facility into drums of  $\mathrm{U}_2\mathrm{O}_8$ . We also hold uranium projects in various stages of exploration and pre-extraction in the States of Arizona, New Mexico, Texas and Wyoming, in Canada and the Republic of Paraguay. Since we completed the acquisition of our Alto Paraná Project located in the Republic of Paraguay in July 2017, we are also involved in mining and related activities, including exploration, pre-extraction, extraction and processing, of titanium minerals. During August of 2024 we commenced the process for uranium extraction which is being funded with existing cash on the Company's balance sheet.

As more fully described under "Liquidity and Capital Resources" of Item 7. Management's Discussion and Analysis of Financial Condition and Result of Operations herein, we have a history of significant negative cash flow and net losses, with an accumulated deficit balance of $318.9 million as at July 31, 2024. Historically, we have been reliant primarily on equity financings, from the sale of our common stock and on debt financing in order to fund our operations. Although we generated revenues from sales of  $\mathrm{U}_2\mathrm{O}_8$  we extracted during Fiscal 2015, Fiscal 2013 and Fiscal 2012 of $3.1 million, $9.0 million and $13.8 million, respectively, and generated revenues from sales of purchased uranium inventory and toll processing services totaling $164.4 million during Fiscal 2023, we have yet to achieve consistent profitability or develop consistent positive cash flow from our operations, and we do not expect to achieve consistent profitability or develop consistent positive cash flow from operations in the near term. As a result of our limited financial and operating history, including our significant negative cash flow from operations and net losses to date, it may be difficult to evaluate our future performance.

As at July 31, 2024, we had working capital (current assets less current liabilities) of  $206,022 including cash and cash equivalents of$87,533 and uranium inventory holdings of $75,440. We believe that 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 of this Annual Report. Our continuation as a going concern for a period beyond those 12 months will be dependent upon our ability to obtain adequate additional financing, as our operations are capital intensive and future capital expenditures are expected to be substantial. Our continued operations, including the recoverability of the carrying values of our assets, are dependent ultimately on our ability to achieve and maintain profitability and positive cash flow from our operations.

Our reliance on equity and debt financings 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 including, but not limited to, the market price of uranium, the continuing public support of nuclear power as a viable source of electrical 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. We may also be required to seek other forms of financing, such as asset divestitures or joint venture arrangements, to continue advancing our projects which would depend entirely on finding a suitable third party willing to enter into such an arrangement, typically involving an assignment of a percentage interest in the mineral project.

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 and pre-extraction activities 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. The economic viability of our mining activities, including the expected duration and profitability of our ISR Mines and of any future satellite ISR mines, such as our Burke Hollow and Goliad Projects located within the South Texas Uranium Belt, our Christensen Ranch Mine and Reno Creek Project located in the Powder River Basin, Wyoming, and our projects in Canada and in the Republic of Paraguay, have many risks and uncertainties. These include, but are not limited to: (i) a significant, prolonged decrease in the market price of uranium and titanium minerals; (ii) difficulty in marketing and/or selling uranium concentrates; (iii) significantly higher than expected capital costs to construct a mine and/or processing plant; (iv) significantly higher than expected extraction costs; (v) significantly lower than expected mineral extraction; (vi) significant delays, reductions or stoppages of uranium extraction activities; and (vii) the introduction of significantly more stringent regulatory laws and regulations. Our mining activities may change as a result of any one or more of these risks and uncertainties and there is no assurance that any ore body that we extract mineralized materials from will result in achieving and maintaining profitability and developing positive cash flow.

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Our operations are capital intensive and we will require significant additional financing to acquire additional mineral projects and continue with our exploration and pre-extraction activities on our existing projects.

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 acquiring additional mineral projects and continuing with our exploration and pre-extraction activities which include assaying, drilling, geological and geochemical analysis and mine construction costs. In the absence of such additional financing we would not be able to fund our operations or continue with our exploration and pre-extraction activities, which may result in delays, curtailment or abandonment of any one or all of our projects.

Our uranium extraction and sales history is limited. Our ability to generate revenue is subject to a number of factors, any one or more of which may adversely affect our financial condition and operating results.

We have a limited history of uranium extraction and generating revenue. In November 2010, we commenced uranium extraction at our Palangana Mine, which has been our sole source of revenues from the sales of produced $\mathrm{U}_3\mathrm{O}_8$ during Fiscal 2015, Fiscal 2013 and Fiscal 2012, with no revenues from sales of produced $\mathrm{U}_3\mathrm{O}_8$ during Fiscal 2024 or any other fiscal years.

During Fiscal 2024, we continued to remain in a state of operational readiness at our ISR Mines. This strategy has included the deferral of major pre-extraction expenditures and remaining in a state of operational readiness in anticipation of a recovery in uranium prices. Our ability to generate revenue from our Palangana and recently acquired Christensen Ranch Mines is subject to a number of factors which include, but are not limited to: (i) a significant, prolonged decrease in the market price of uranium; (ii) difficulty in marketing and/or selling uranium concentrates; (iii) significantly higher than expected extraction costs; (iv) significantly lower than expected uranium extraction; (v) significant delays, reductions or stoppages of uranium extraction activities; and (vi) the introduction of significantly more stringent regulatory laws and regulations. Furthermore, continued mining activities at our ISR Mines will eventually deplete the mines or cause such activities to become uneconomical, and if we are unable to directly acquire or develop existing uranium projects, such as our Moore Ranch, Reno Creek, Burke Hollow and Goliad Projects, into additional uranium mines from which we can commence uranium extraction, it will negatively impact our ability to generate revenues. Any one or more of these occurrences may adversely affect our financial condition and operating results.

Exploration and pre-extraction programs and mining activities are inherently subject to numerous significant risks and uncertainties, and actual results may differ significantly from expectations or anticipated amounts. Furthermore, exploration programs conducted on our projects may not result in the establishment of ore bodies that contain commercially recoverable uranium.

Exploration and pre-extraction programs and mining activities are inherently subject to numerous significant risks and uncertainties, with many beyond our control and including, but not limited to: (i) unanticipated ground and water conditions and adverse claims to water rights; (ii) unusual or unexpected geological formations; (iii) metallurgical and other processing problems; (iv) the occurrence of unusual weather or operating conditions and other force majeure events; (v) lower than expected ore grades; (vi) industrial accidents; (vii) delays in the receipt of or failure to receive necessary government permits; (viii) delays in transportation; (ix) availability of contractors and labor; (x) government permit restrictions and regulation restrictions; (xi) unavailability of materials and equipment; and (xii) the failure of equipment or processes to operate in accordance with specifications or expectations. These risks and uncertainties could result in: (i) delays, reductions or stoppages in our mining activities; (ii) increased capital and/or extraction costs; (iii) damage to, or destruction of, our mineral projects, extraction facilities or other properties; (iv) personal injuries; (v) environmental damage; (vi) monetary losses; and (vii) legal claims.

Success in mineral exploration is dependent on many factors including, without limitation, the experience and capabilities of a company's management, the availability of geological expertise and the availability of sufficient funds to conduct the exploration program. Even if an exploration program is successful and commercially recoverable material is established, it may take a number of years from the initial phases of drilling and identification of the mineralization until extraction is possible, during which time the economic feasibility of extraction may change such that the material ceases to be economically recoverable. Exploration is frequently non-productive due, for example, to poor exploration results or the inability to establish ore bodies that contain commercially recoverable material, in which case the project may be abandoned and written-off. Furthermore, we will not be able to benefit from our exploration efforts and recover the expenditures that we incur on our exploration programs if we do not establish ore bodies that contain commercially recoverable material and develop these projects into profitable mining activities, and there is no assurance that we will be successful in doing so for any of our projects.

Whether an ore body contains commercially recoverable material depends on many factors including, without limitation: (i) the particular attributes, including material changes to those attributes, of the ore body such as size, grade, recovery rates and proximity to infrastructure; (ii) the market price of uranium, which may be volatile; and (iii) government regulations and regulatory requirements including, without limitation, those relating to environmental protection, permitting and land use, taxes, land tenure and transportation.

We have not established proven or probable reserves through the completion of a final or bankable feasibility study for any of our projects, including our ISR Mines. Furthermore, we currently have no plans to establish proven or probable reserves for any of our uranium projects for which we plan on utilizing ISR mining, such as our ISR Mines. Since we commenced extraction of mineralized materials from our ISR Mines without having established proven or probable reserves, it may result in our mining activities at our ISR Mines, and at any future projects for which proven or probable reserves are not established, being inherently riskier than other mining activities for which proven or probable reserves have been established.

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We have established the existence of mineralized materials for certain of our projects, including our ISR Mines. We have not established proven or probable reserves, as defined by the SEC, through the completion of a final or bankable feasibility study for any of our projects, including our ISR Mines. Furthermore, we have no present plans to establish proven or probable reserves for any of our projects for which we plan on utilizing ISR mining. Since we commenced the extraction of mineralized materials at our ISR Mines without having established proven or probable reserves, there may be greater inherent uncertainty as to whether or not any mineralized material can be economically extracted as originally planned and anticipated. Any mineralized materials established or extracted from our ISR Mines should not in any way be associated with having established or produced from proven or probable reserves.

On October 31, 2018, the SEC adopted the Modernization of Property Disclosures for Mining Registrants (the New Rule), introducing significant changes to the existing mining disclosure framework to better align it with international industry and regulatory practice. The New Rule became effective as of February 25, 2019, and issuers are required to comply with the New Rule as of the annual report for their first fiscal year beginning on or after January 1, 2021, and earlier in certain circumstances. The Company believes that it is presently in compliance with the New Rule.

Since we are in the Exploration Stage, pre-production expenditures including those related to pre-extraction activities are expensed as incurred, the effects of which may result in our consolidated financial statements not being directly comparable to the financial statements of companies in the Production Stage.

Despite the fact that we commenced uranium extraction at our ISR Mines, we remain in the Exploration Stage (as defined by the SEC) and will continue to remain in the Exploration Stage until such time as proven or probable reserves have been established, which may never occur. We prepare our consolidated financial statements in accordance with United States generally accepted accounting principles (U.S. GAAP) under which acquisition costs of mineral rights are initially capitalized as incurred while pre-production expenditures are expensed as incurred until such time as we exit the Exploration Stage. Expenditures relating to exploration activities are expensed as incurred and expenditures relating to pre-extraction activities are expensed as incurred until such time as proven or probable reserves are established for that uranium project, after which subsequent expenditures relating to mine development activities for that particular project are capitalized as incurred.

We have neither established nor do we have any present plans to establish proven or probable reserves for our uranium projects for which we plan on utilizing ISR mining. Companies in the Production Stage (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 inventory and, as that inventory is sold, to cost of goods sold. As we are in the Exploration Stage, it has resulted in us reporting larger losses than if we had been in the Production Stage due to the expensing, instead of capitalization, of expenditures relating to ongoing processing facility and mine pre-extraction activities. Additionally, there would be no corresponding amortization allocated to our future reporting periods since those costs would have 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 had 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. As a result, our consolidated financial statements may not be directly comparable to the financial statements of companies in the Production Stage.

Estimated costs of future reclamation obligations may be significantly exceeded by actual costs incurred in the future. Furthermore, only a portion of the financial assurance required for the future reclamation obligations has been funded.

We are responsible for certain remediation and decommissioning activities in the future, primarily for our Hobson and Irigaray Processing Facilities, our ISR Mines and our recently acquired Roughrider Project, and have recorded a liability of $19.6 million on our balance sheet at July 31, 2024, to recognize the present value of the estimated costs of such reclamation obligations. Should the actual costs to fulfill these future reclamation obligations materially exceed these estimated costs, it may have an adverse effect on our financial condition and operating results, including not having the financial resources required to fulfill such obligations when required to do so.

During Fiscal 2015, we secured $5.6 million of surety bonds as an alternate source of financial assurance for the estimated costs of the reclamation obligations of our Hobson Processing Facility and Palangana Mine, of which we have $1.7 million funded and held as restricted cash for collateral purposes as required by the surety. In connection with the acquisition of U1A in December 2021 (the "U1A Acquisition"), we assumed $13.7 million of restricted cash as surety bond collateral for total estimated reclamation costs of $18.6 million for the Christensen Ranch Mine and Irigaray Processing Facility. During Fiscal 2022, $8.6 million of surety bond collateral related to the Christensen Ranch Mine and Irigaray Processing Facility was released. We may be required at any time to fund the remaining $17.4 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, we may not have the financial resources to fund the remaining amount or any portion thereof when required to do so.

We cannot provide any assurance that our Physical Uranium Program involving the strategic acquisition of physical uranium will be successful, which may have an adverse effect on our results of operations.

We have used or allocated a large portion of our cash on hand in order to fund the acquisition of drummed uranium under our Physical Uranium Program. This strategy will be subject to a number of risks and there is no assurance that the strategy will be successful. Future deliveries are subject to performance by other parties and there is a possibility of default by those parties, thus depriving us of potential benefits.

Due to the fluctuation of uranium prices, the price of uranium will fluctuate and we will be subject to losses should we ultimately determine to sell the uranium at prices lower than the acquisition cost. The primary risks associated with physical uranium will be the normal risks associated with supply and demand fundamentals affecting price movements.

We may be required to sell a portion or all of the physical uranium accumulated to fund our operations should other forms of financing not be available to meet our capital requirements.

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Since there is no public market for uranium, selling the uranium may take extended periods of time and suitable purchasers may be difficult to find, which could have a material adverse effect on our financial condition and may have a material adverse effect on our securities.

There is no public market for the sale of uranium, although there are several trading and brokerage houses that serve the industry with bid and ask data as well as locations and quantities. The uranium futures market on the New York Mercantile Exchange does not provide for physical delivery of uranium, only cash on settlement, and that trading forum does not offer a formal market but rather facilitates the introduction of buyers to sellers.

The pool of potential purchasers and sellers is limited, and each transaction may require the negotiation of specific provisions. Accordingly, a sale may take several weeks or months to complete. If we determine to sell any physical uranium that we have acquired, we may likewise experience difficulties in finding purchasers that are able to accept a material quantity of physical uranium at a price and at a location that is compatible with our interests. The inability to sell uranium on a timely basis in sufficient quantities and at a desired price and location could have a material adverse effect on our securities.

As part of our Physical Uranium Program, we have entered into commitments to purchase $\mathrm{U}_2\mathrm{O}_8$ and may purchase additional quantities. There is no certainty that any future purchases contemplated by us will be completed.

Storage arrangements, including the extension of storage arrangements, along with credit and operational risks of uranium storage facilities, may result in the loss or damage of our physical uranium which may not be covered by insurance or indemnity provisions and could have a material adverse effect on our financial condition.

Currently, the uranium we purchase is or will be stored at the licensed uranium conversion facilities at ConverDyn, located in Metropolis, Illinois, owned by Honeywell, and at Cameco Corporation's facilities, located in Ontario, Canada. There can be no assurance that storage arrangements that have been negotiated will be extended indefinitely, forcing actions or costs not currently contemplated. Failure to negotiate commercially reasonable storage terms for a subsequent storage period with ConverDyn and Cameco may have a material adverse effect on our financial condition.

By holding our uranium inventory at the ConverDyn conversion facility and Cameco Corporation's facility we are exposed to the credit and operational risks of the facility. There is no guarantee that we can fully recover all of our investment in uranium held with the facility in the event of a disruptive event. Failure to recover all uranium holdings could have a material adverse effect on our financial condition. Any loss or damage of the uranium may not be fully covered or absolved by contractual arrangements with ConverDyn, Cameco Corporation or our insurance arrangements, and we may be financially and legally responsible for losses and/or damages not covered by indemnity provisions or insurance. Such responsibility could have a material adverse effect on our financial condition.

The uranium industry is subject to influential political and regulatory factors which could have a material adverse effect on our business and financial condition.

The international uranium industry, including the supply of uranium concentrates, is relatively small, competitive and heavily regulated. Worldwide demand for uranium is directly tied to the demand for electricity produced by the nuclear power industry, which is also subject to extensive government regulation and policies. In addition, the international marketing and trade of uranium is subject to political changes in governmental policies, regulatory requirements and international trade restrictions (including trade agreements, customs, duties and/or taxes). International agreements, governmental policies and trade restrictions are beyond our control. Changes in regulatory requirements, customs, duties or taxes may affect the availability of uranium, which could have a material adverse effect on our business and financial condition.

We do not insure against all of the risks we face in our operations.

In general, where coverage is available and not prohibitively expensive relative to the perceived risk, we will maintain insurance against such risk, subject to exclusions and limitations. We currently maintain insurance against certain risks, including securities and general commercial liability claims and certain physical assets used in our operations, subject to exclusions and limitations, however, we do not maintain insurance to cover all of the potential risks and hazards associated with our operations. We may be subject to liability for environmental, pollution or other hazards associated with our exploration, pre-extraction and extraction activities, which we may not be insured against, which may exceed the limits of our insurance coverage or which we may elect not to insure against because of high premiums or other reasons. Furthermore, we cannot provide assurance that any insurance coverage we currently have will continue to be available at reasonable premiums or that such insurance will adequately cover any resulting liability.

Acquisitions that we may make from time to time could have an adverse impact on us.

From time to time we examine opportunities to acquire additional mining assets and businesses. Any acquisition that we may choose to complete may be of a significant size, may change the scale of our business and operations and may expose us to new geographic, political, operating, financial and geological risks. Our success in our acquisition activities depends on our ability to identify suitable acquisition candidates, negotiate acceptable terms for any such acquisition and integrate the acquired operations successfully with those of our Company. Any acquisitions would be accompanied by risks which could have a material adverse effect on our business. For example: (i) there may be a significant change in commodity prices after we have committed to complete the transaction and established the purchase price or exchange ratio; (ii) a material ore body may prove to be below expectations; (iii) we may have difficulty integrating and assimilating the operations and personnel of any acquired companies, realizing anticipated synergies and maximizing the financial and strategic position of the combined enterprise and maintaining uniform standards, policies and controls across the organization; (iv) the integration of the acquired business or assets may disrupt our ongoing business and our relationships with employees, customers, suppliers and contractors; and (v) the acquired business or assets may have unknown liabilities which may be significant. In the event that we choose to raise debt capital to finance any such acquisition, our leverage will be increased. If we choose to use equity as consideration for such acquisition, existing shareholders may suffer dilution. Alternatively, we may choose to finance any such acquisition with our existing resources. There can be no assurance that we would be successful in overcoming these risks or any other problems encountered in connection with such acquisitions.

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The uranium and titanium industries are subject to numerous stringent laws, regulations and standards, including environmental protection laws and regulations. If any changes occur that would make these laws, regulations and standards more stringent, it may require capital outlays in excess of those anticipated or cause substantial delays, which would have a material adverse effect on our operations.

Uranium and titanium exploration and pre-extraction programs and mining activities are subject to numerous stringent laws, regulations and standards at the federal, state and local levels governing permitting, pre-extraction, extraction, exports, taxes, labor standards, occupational health, waste disposal, protection and reclamation of the environment, protection of endangered and protected species, mine safety, hazardous substances and other matters. Our compliance with these requirements requires significant financial and personnel resources.

The laws, regulations, policies or current administrative practices of any government body, organization or regulatory agency in the U.S., or any other applicable jurisdiction, may change or be applied or interpreted in a manner which may also have a material adverse effect on our operations. The actions, policies or regulations, or changes thereto, of any government body or regulatory agency or special interest group may also have a material adverse effect on our operations.

Uranium and titanium exploration and pre-extraction programs and mining activities are subject to stringent environmental protection laws and regulations at the federal, state and local levels. These laws and regulations include permitting and reclamation requirements, regulate emissions, water storage and discharges and disposal of hazardous wastes. Uranium mining activities are also subject to laws and regulations which seek to maintain health and safety standards by regulating the design and use of mining methods. Various permits from governmental and regulatory bodies are required for mining to commence or continue, and no assurance can be provided that required permits will be received in a timely manner.

Our compliance costs, including the posting of surety bonds associated with environmental protection laws and regulations and health and safety standards, have been significant to date, and are expected to increase in scale and scope as we expand our operations in the future. Furthermore, environmental protection laws and regulations may become more stringent in the future, and compliance with such changes may require capital outlays in excess of those anticipated or cause substantial delays, which would have a material adverse effect on our operations.

While the very heart of our business - uranium extraction, which is the fuel for carbon-free, emission-free baseload nuclear power - and our recycling programs, help address global climate change and reduce air pollution, the world's focus on addressing climate change will require the Company to continue to conduct all of its operations in a manner that minimizes the use of resources, including enhancing energy efficiency and reducing our reliance on fossil fuels, in order to continue to minimize air emissions at our facilities, which can also increase mine and facility, construction, development and operating costs. Regulatory and environmental standards may also change over time to address global climate change, which could further increase these costs.

To the best of our knowledge, our operations are in compliance, in all material respects, with all applicable laws, regulations and standards. If we become subject to liability for any violations, we may not be able or may elect not to insure against such risk due to high insurance premiums or other reasons. Where coverage is available and not prohibitively expensive relative to the perceived risk, we will maintain insurance against such risk, subject to exclusions and limitations. However, we cannot provide any assurance that such insurance will continue to be available at reasonable premiums or that such insurance will be adequate to cover any resulting liability.

We may not be able to obtain, maintain or amend rights, authorizations, licenses, permits or consents required for our operations.

Our exploration and mining activities are dependent upon the grant of appropriate rights, authorizations, licences, permits and consents, as well as continuation and amendment of these rights, authorizations, licences, permits and consents already granted, which may be granted for a defined period of time, or may not be granted or may be withdrawn or made subject to limitations. There can be no assurance that all necessary rights, authorizations, licences, permits and consents will be granted to us, or that authorizations, licences, permits and consents already granted will not be withdrawn or made subject to limitations.

Major nuclear and global market incidents may have adverse effects on the nuclear and uranium industries.

The nuclear incident that occurred in Japan in March 2011 had significant and adverse effects on both the nuclear and uranium industries. If another nuclear incident were to occur, it may have further adverse effects for both industries. Public opinion of nuclear power as a source of electrical generation may be adversely affected, which may cause governments of certain countries to further increase regulation for the nuclear industry, reduce or abandon current reliance on nuclear power or reduce or abandon existing plans for nuclear power expansion. Any one of these occurrences has the potential to reduce current and/or future demand for nuclear power, resulting in lower demand for uranium and lower market prices for uranium, adversely affecting the operations and prospects of our Company. Furthermore, the growth of the nuclear and uranium industries is dependent on continuing and growing public support of nuclear power as a viable source of electrical generation.

In March 2020 the COVID-19 pandemic resulted in a black swan event impacting about 50% of the world's uranium production and has accelerated the market rebalancing. In 2020 significant production cuts were announced in response to the global COVID-19 pandemic, including uranium facilities in Canada, Kazakhstan and Namibia. By 2024, although most production impacted by COVID-19 has returned to an operating status, some production has continued to be affected. It is unknown at this time exactly how long all the impacts will last or how much uranium production will ultimately be removed from the market as a result of the COVID-19 pandemic. The Company also believes that a large degree of uncertainty exists in the market, primarily due to the size of mobile uranium inventories, transportation issues, premature reactor shutdowns in the U.S. and the length of time of any uranium mine, conversion or enrichment facility shutdowns.

The marketability of uranium concentrates will be affected by numerous factors beyond our control which may result in our inability to receive an adequate return on our invested capital.

The marketability of uranium concentrates extracted by us will be affected by numerous factors beyond our control. These factors include: (i) macroeconomic factors; (ii) fluctuations in the market price of uranium; (iii) governmental regulations; (iv) land tenure and use; (v) regulations concerning the importing and exporting of uranium; and (vi) environmental protection regulations. The future effects of these factors cannot be accurately predicted, but any one or a combination of these factors may result in our inability to receive an adequate return on our invested capital.

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The titanium industry is affected by global economic factors, including risks associated with volatile economic conditions, and the market for many titanium products is cyclical and volatile, and we may experience depressed market conditions for such products.

Titanium is used in many “quality of life” products for which demand historically has been linked to global, regional and local GDP and discretionary spending, which can be negatively impacted by regional and world events or economic conditions. Such events are likely to cause a decrease in demand for products and, as a result, may have an adverse effect on our results of operations and financial condition. The timing and extent of any changes to currently prevailing market conditions is uncertain, and supply and demand may be unbalanced at any time. Uncertain economic conditions and market instability make it particularly difficult for us to forecast demand trends. As a consequence, we may not be able to accurately predict future economic conditions or the effect of such conditions on our financial condition or results of operations. We can give no assurances as to the timing, extent or duration of the current or future economic cycles impacting the industries in which we operate.

Historically, the market for large volume titanium applications, including coatings, paper and plastics, has experienced alternating periods of tight supply, causing prices and margins to increase, followed by periods of lower capacity utilization, resulting in declining prices and margins. The volatility this market experiences occurs as a result of significant changes in the demand for products as a consequence of global economic activity and changes in customers’ requirements. The supply-demand balance is also impacted by capacity additions or reductions that result in changes of utilization rates. In addition, titanium margins are impacted by significant changes in major input costs, such as energy and feedstock. Demand for titanium depends in part on the housing and construction industries. These industries are cyclical in nature and have historically been impacted by downturns in the economy. In addition, pricing may affect customer inventory levels as customers may from time to time accelerate purchases of titanium in advance of anticipated price increases or defer purchases of titanium in advance of anticipated price decreases. The cyclicality and volatility of the titanium industry results in significant fluctuations in profits and cash flow from period to period and over the business cycle.

The uranium industry is highly competitive and we may not be successful in acquiring additional projects.

The uranium industry is highly competitive, and our competition includes larger, more established companies with longer operating histories that not only explore for and produce uranium, but also market uranium and other products on a regional, national or worldwide basis. Due to their greater financial and technical resources, we may not be able to acquire additional uranium projects in a competitive bidding process involving such companies. Additionally, these larger companies have greater resources to continue with their operations during periods of depressed market conditions.

The titanium industry is concentrated and highly competitive, and we may not be able to compete effectively with our competitors that have greater financial resources or those that are vertically integrated, which could have a material adverse effect on our business, results of operations and financial condition.

The global titanium market is highly competitive, with the top six producers accounting for approximately 60% of the world’s production capacity. Competition is based on a number of factors, such as price, product quality and service. Among our competitors are companies that are vertically-integrated (those that have their own raw material resources). Changes in the competitive landscape could make it difficult for us to retain our competitive position in various products and markets throughout the world. Our competitors with their own raw material resources may have a competitive advantage during periods of higher raw material prices. In addition, some of the companies with whom we compete may be able to produce products more economically than we can. Furthermore, some of our competitors have greater financial resources, which may enable them to invest significant capital into their businesses, including expenditures for research and development.

We hold mineral rights in foreign jurisdictions which could be subject to additional risks due to political, taxation, economic and cultural factors.

We hold certain mineral rights located in the Republic of Paraguay through Piedra Rica Mining S.A., Transandes Paraguay S.A., Trier S.A. and Metalicos Y No Metalicos Paraguay S.R.L., which are incorporated in Paraguay. Operations in foreign jurisdictions outside of the United States and Canada, especially in developing countries, may be subject to additional risks as they may have different political, regulatory, taxation, economic and cultural environments that may adversely affect the value or continued viability of our rights. These additional risks include, but are not limited to: (i) changes in governments or senior government officials; (ii) changes to existing laws or policies on foreign investments, environmental protection, mining and ownership of mineral interests; (iii) renegotiation, cancellation, expropriation and nationalization of existing permits or contracts; (iv) foreign currency controls and fluctuations; and (v) civil disturbances, terrorism and war.

In the event of a dispute arising at our foreign operations in Paraguay, we may be subject to the exclusive jurisdiction of foreign courts or may not be successful in subjecting foreign persons to the jurisdiction of the courts in the United States or Canada. We may also be hindered or prevented from enforcing our rights with respect to a government entity or instrumentality because of the doctrine of sovereign immunity. Any adverse or arbitrary decision of a foreign court may have a material and adverse impact on our business, prospects, financial condition and results of operations.

The title to our mineral property interests may be challenged.

Although we have taken reasonable measures to ensure proper title to our interests in mineral properties and other assets, there is no guarantee that the title to any of such interests will not be challenged. No assurance can be given that we will be able to secure the grant or the renewal of existing mineral rights and tenures on terms satisfactory to us, or that governments in the jurisdictions in which we operate will not revoke or significantly alter such rights or tenures or that such rights or tenures will not be challenged or impugned by third parties, including local governments, aboriginal peoples or other claimants. The Company has had communications and filings with the MOPC, whereby the MOPC is taking the position that certain concessions forming part of the Company’s Yuty, Alto Parana and Colonel Oviedo Projects are not eligible for extension as to exploration or continuation to exploitation in their current stages. While we remain fully committed to our development path forward in Paraguay, we have filed certain applications and appeals in Paraguay to reverse the MOPC’s position in order to protect the Company’s continuing rights in those concessions. Our mineral properties may be subject to prior unregistered agreements, transfers or claims, and title may be affected by, among other things, undetected defects. A successful challenge to the precise area and location of our claims could result in us being unable to operate on our properties as permitted or being unable to enforce our rights with respect to our properties.

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Due to the nature of our business, we may be subject to legal proceedings which may divert management's time and attention from our business and result in substantial damage awards.

Due to the nature of our business, we may be subject to numerous regulatory investigations, securities claims, civil claims, lawsuits and other proceedings in the ordinary course of our business including those described under Item 3, Legal Proceedings, herein. The outcome of these lawsuits is uncertain and subject to inherent uncertainties, and the actual costs to be incurred will depend upon many unknown factors. We may be forced to expend significant resources in the defense of these suits, and we may not prevail. Defending against these and other lawsuits in the future may not only require us to incur significant legal fees and expenses, but may become time-consuming for us and detract from our ability to fully focus our internal resources on our business activities. The results of any legal proceeding cannot be predicted with certainty due to the uncertainty inherent in litigation, the difficulty of predicting decisions of regulators, judges and juries and the possibility that decisions may be reversed on appeal. There can be no assurances that these matters will not have a material adverse effect on our business, financial position or operating results.

We depend on certain key personnel, and our success will depend on our continued ability to retain and attract such qualified personnel.

Our success is dependent on the efforts, abilities and continued service of certain senior officers and key employees and consultants. A number of our key employees and consultants have significant experience in the uranium industry. A loss of service from any one of these individuals may adversely affect our operations, and we may have difficulty or may not be able to locate and hire a suitable replacement.

Certain directors and officers may be subject to conflicts of interest.

The majority of our directors and officers are involved in other business ventures including similar capacities with other private or publicly-traded companies. Such individuals may have significant responsibilities to these other business ventures, including consulting relationships, which may require significant amounts of their available time. Conflicts of interest may include decisions on how much time to devote to our business affairs and what business opportunities should be presented to us. Our Code of Conduct and Ethics provides for guidance on conflicts of interest.

The laws of the State of Nevada and our Articles of Incorporation may protect our directors and officers from certain types of lawsuits.

The laws of the State of Nevada provide that our directors and officers will not be liable to our Company or to our stockholders for monetary damages for all but certain types of conduct as directors and officers. Our Bylaws provide for broad indemnification powers to all persons against all damages incurred in connection with our business to the fullest extent provided or allowed by law. These indemnification provisions may require us to use our limited assets to defend our directors and officers against claims, and may have the effect of preventing stockholders from recovering damages against our directors and officers caused by their negligence, poor judgment or other circumstances.

Several of our directors and officers are residents outside of the United States, and it may be difficult for stockholders to enforce within the United States any judgments obtained against such directors or officers.

Several of our directors and officers are nationals and/or residents of countries other than the United States, and all or a substantial portion of such persons' assets are located outside of the United States. As a result, it may be difficult for investors to effect service of process on such directors and officers, or enforce within the United States any judgments obtained against such directors and officers, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state thereof. Consequently, stockholders may be effectively prevented from pursuing remedies against such directors and officers under United States federal securities laws. In addition, stockholders may not be able to commence an action in a Canadian court predicated upon the civil liability provisions under United States federal securities laws. The foregoing risks also apply to those experts identified in this document that are not residents of the United States.

Disclosure controls and procedures and internal control over financial reporting, no matter how well designed and operated, are designed to obtain reasonable, and not absolute, assurance as to its reliability and effectiveness.

Management's evaluation on the effectiveness of disclosure controls and procedures is designed to ensure that information required for disclosure in our public filings is recorded, processed, summarized and reported on a timely basis to our senior management, as appropriate, to allow timely decisions regarding required disclosure. Management's report on internal control over financial reporting is designed to provide reasonable assurance that transactions are properly authorized, assets are safeguarded against unauthorized or improper use and transactions are properly recorded and reported. However, any system of controls, no matter how well designed and operated, is based in part upon certain assumptions designed to obtain reasonable, and not absolute, assurance as to its reliability and effectiveness. Any failure to maintain effective disclosure controls and procedures in the future may result in our inability to continue meeting our reporting obligations in a timely manner, qualified audit opinions or restatements of our financial reports, any one of which may affect the market price for our common stock and our ability to access the capital markets.

Proposed and new legislation in the U.S. Congress, including changes in U.S. tax law, may adversely impact the Company and the value of shares of our common stock.

Changes to U.S. tax laws (which changes may have retroactive application) could adversely affect the Company or holders of shares of our common stock. In recent years, many changes to U.S. federal income tax laws have been proposed and made, and additional changes to U.S. federal income tax laws are likely to continue to occur in the future.

The U.S. Congress passed and is currently considering numerous items of legislation which may be enacted prospectively or with retroactive effect, and which legislation could adversely impact the Company's financial performance and the value of shares of our common stock. In particular, we understand that new legislation known as the "Build Back Better Act" has been passed by both houses of the U.S. Congress. The legislation includes, without limitation, new corporate minimum income taxes. We understand that the proposals would be effective for 2022 or later years.

In addition, the Inflation Reduction Act of 2022 was recently signed into law and includes provisions that will impact the U.S. federal income taxation of corporations. Among other items, this legislation includes provisions that will impose a minimum tax on the book income of certain large corporations and an excise tax on certain corporate stock repurchases that would be imposed on the corporation repurchasing such stock. It is unclear how this legislation will be implemented by the U.S. Department of the Treasury and the Company cannot predict how this legislation or any future changes in tax laws might affect the Company or purchasers of our common stock.

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# Risks Related to Our Common Stock

Historically, the market price of our common stock has been and may continue to fluctuate significantly.

On September 28, 2007, 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) and prior to that, traded on the OTC Bulletin Board.

The global markets have experienced significant and increased volatility in the past, and have been impacted by the effects of mass sub-prime mortgage defaults and liquidity problems of the asset-backed commercial paper market, resulting in a number of large financial institutions requiring government bailouts or filing for bankruptcy. The effects of these past events and any similar events in the future may continue to or further affect the global markets, which may directly affect the market price of our common stock and our accessibility for additional financing. Although this volatility may be unrelated to specific company performance, it can have an adverse effect on the market price of our shares which, historically, has fluctuated significantly and may continue to do so in the future.

In addition to the volatility associated with general economic trends and market conditions, the market price of our common stock could decline significantly due to the impact of any one or more events including, but not limited to, the following: (i) volatility in the uranium market; (ii) occurrence of a major nuclear incident such as the events in Japan in March 2011; (iii) changes in the outlook for the nuclear power and uranium industries; (iv) failure to meet market expectations on our exploration, pre-extraction or extraction activities, including abandonment of key uranium projects; (v) sales of a large number of our shares held by certain stockholders including institutions and insiders; (vi) downward revisions to previous estimates on us by analysts; (vii) removal from market indices; (viii) legal claims brought forth against us; and (ix) introduction of technological innovations by competitors or in competing technologies.

A prolonged decline in the market price of our common stock could affect our ability to obtain additional financing which would adversely affect our operations.

Historically, we have relied on equity financing and, more recently, on debt financing, as primary sources of financing. A prolonged decline in the market price of our common stock or a reduction in our accessibility to the global markets may result in our inability to secure additional financing which would have an adverse effect on our operations.

Additional issuances of our common stock may result in significant dilution to our existing shareholders and reduce the market value of their investment.

We are authorized to issue 750,000,000 shares of common stock of which 410,355,768 shares were issued and outstanding as of July 31, 2024. Future issuances for financings, mergers and acquisitions, exercise of stock options and share purchase warrants and for other reasons may result in significant dilution to and be issued at prices substantially below the price paid for our shares held by our existing stockholders. Significant dilution would reduce the proportionate ownership and voting power held by our existing stockholders and may result in a decrease in the market price of our shares.

We are subject to the Continued Listing Criteria of the NYSE American and our failure to satisfy these criteria may result in delisting of our common stock.

Our common stock is currently listed on the NYSE American. In order to maintain this listing, we must maintain certain share prices, financial and share distribution targets, including maintaining a minimum amount of shareholders' equity and a minimum number of public shareholders. In addition to these objective standards, the NYSE American may delist the securities of any issuer: (i) if in its opinion, the issuer's financial condition and/or operating results appear unsatisfactory; (ii) if it appears that the extent of public distribution or the aggregate market value of the security has become so reduced as to make continued listing on the NYSE American inadvisable; (iii) if the issuer sells or disposes of principal operating assets or ceases to be an operating company; (iv) if an issuer fails to comply with the NYSE American's listing requirements; (v) if an issuer's common stock sells at what the NYSE American considers a "low selling price" and the issuer fails to correct this via a reverse split of shares after notification by the NYSE American; or (vi) if any other event occurs or any condition exists which makes continued listing on the NYSE American, in its opinion, inadvisable.

If the NYSE American delists our common stock, investors may face material adverse consequences including, but not limited to, a lack of trading market for our securities, reduced liquidity, decreased analyst coverage of our securities, and an inability for us to obtain additional financing to fund our operations.

# Item 1B. Unresolved Staff Comments

Not applicable

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## Item 1C. Cybersecurity

Globally, organizations are encountering cybersecurity incidents with growing frequency, and the nature of these threats is becoming more sophisticated and constantly changing. We recognize the importance of developing, implementing and maintaining strong cybersecurity policies and processes to protect our information systems and the confidentiality, integrity and accessibility and availability of our data.

## Risk Management and Strategy

### Managing Material Risks &amp; Integrated Overall Risk Management

We have developed and maintained policies, procedures and controls to mitigate material risks from cybersecurity threats, and assess and disclose information to investors concerning material cybersecurity incidents. Further, we have strategically integrated cybersecurity risk management into our broader risk management framework to promote awareness and attention to cybersecurity risk management Company wide. These risks are evaluated on an ongoing basis as part of our overall risk management strategy that is monitored and tracked by our Audit Committee. The lead information technology ("IT") manager (the "IT Manager") of the Company evaluates the effectiveness of the data and information systems, which is to protect the data and information systems from security threats. The evaluation stratifies IT systems based on the risk and severity of potential security breaches related to the data handled and assesses the effectiveness of the systems in safeguarding against cyber threats. The evaluation includes attributes such as physical security, network security, host security, application security and data security. Our Security Operations Center ("SOC") continuously monitors for security events and threats, responding and escalating when appropriate. The IT Manager prepares a report which is then submitted to the Audit Committee, which is reviewed by the IT Manager and the Audit Committee.

The IT Manager reports directly to the Audit Committee to review the Company's information security and cybersecurity risks. Despite these efforts, no system is impenetrable, and we cannot provide assurances that we will prevent every attack or timely detect every incident.

### Engage Third-parties on Cyber-Risk Management

We have engaged third-parties that supply IT services or have access to our systems or data to adhere to our security policies. These third parties provide detailed information on their established security controls via our risk assessment process. Specific certification may be required of critical third-party IT service providers.

The Company will consider resource and capital constraints when determining the nature and timing of enhancing our cybersecurity infrastructure.

### Overseeing Risks stemming from Third-Party Service Providers

We maintain comprehensive internal protocols to mitigate cybersecurity threats associated with our use of third-party service providers. We are currently enhancing these protocols to further strengthen our defenses and reduce potential vulnerabilities.

### Risks from Cybersecurity Threats

We do not currently identify any major cybersecurity threats that have materially affected or are reasonably likely to materially affect us (including our business strategy, results of operations or financial condition).

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## Governance

### Board of Directors Oversight

Our Board of Directors recognizes the importance of information security and mitigating cybersecurity and other data security threats and risks as part of our efforts to protect and maintain the confidentiality and security of our employees, service providers, consultants and business associates, as well as non-public information about our Company. Although our full Board of Directors has ultimate responsibility with respect to risk management oversight, the Audit Committee of our Board of Directors is charged with and bears primary responsibility for, among other matters, overseeing risks specific to the identification and mitigation of cybersecurity risks.

### Management's Role Managing Risk

The IT Manager plays a pivotal role in informing the Audit Committee on cybersecurity risks. The IT Manager will immediately notify the Audit Committee and Board of Directors of any cybersecurity incident that is determined to be material. The IT Manager delivers focused updates to the Audit Committee annually, or more frequently as needed, in response to specific incidents or emerging threats. These briefings encompass a broad range of topics, including:

- Current cybersecurity landscape and emerging threats;
- Status of ongoing cybersecurity initiatives, strategies, and best practices;
- Incident reports and learnings from any cybersecurity events

As we progress in the assessment and enhancement of our cybersecurity program, we plan to consider the following areas for enhancement and incorporation into the cybersecurity risk management and governance program in the future:

- Oversight of Third-Party cybersecurity risk;
- Engaging/ outsourcing Risk management Personnel;
- Monitoring system/ procedures for cybersecurity incidents; and
- Reporting to Board of Directors regarding cybersecurity risks and incidents

### Risk Management Personnel

Primary responsibility for assessing, monitoring, and managing our cybersecurity risks rests with our Chief Financial Officer, Pat Obara, working in close coordination with Mr. James Hu, the IT Manager of our Company. Messrs. Obara and Hu have experience in overseeing IT functions, including cybersecurity. Mr. Hu graduated from Simon Fraser University with a major in Cognitive Science with a focus on computer science, with over 10 years of technical experience. His expertise is critical in designing, implementing and executing our cybersecurity strategies. Our IT Manager oversees our governance programs in partnership with our CFO, remediates known risks and leads our employee training program around cybersecurity.

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# Item 2. Description of Properties

![img-0.jpeg](img-0.jpeg)
Figure 2.1 - Portfolio Overview of Significant Properties

# Overview

The Company is engaged in conventional and in-situ recovery (ISR) uranium extraction and recovery, along with the exploration, permitting and evaluation of uranium properties in the United States, in Canada and in the Republic of Paraguay.

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# Summary Disclosure

Table 2.1 - Location, Ownership Interest, Operator, Stage, Mining Method, and Mineralization Style Summary

| Country | State/Province | Project | Location (Latitude) | Location (Longitude) | Equity Interest | Operator | Stage | Mining Method | Mineralization Style |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Uranium Projects |  |  |  |  |  |  |  |  |  |
| United States | Wyoming | Allemand-Ross | 43.3101 | -105.7787 | 100% | UEC | Exploration Stage | BR | Roll-Front |
|  |  | Antelope | 42.2263 | -107.9095 | 100% | UEC | Exploration Stage | BR | Roll-Front |
|  |  | Barge | 43.2729 | -105.5905 | 100% | UEC | Exploration Stage | BR | Roll-Front |
|  |  | Black Hills | 44.7764 | -104.8831 | 100% | UEC | Exploration Stage | BR | Roll-Front |
|  |  | Brown Ranch | 43.7377 | -105.9684 | 100% | UEC | Exploration Stage | BR | Roll-Front |
|  |  | Bull Springs | 42.1584 | -107.6305 | 100% | UEC | Exploration Stage | BR | Roll-Front |
|  |  | Central Shirley Basin | 42.3378 | -106.4100 | 100% | UEC | Exploration Stage | BR | Roll-Front |
|  |  | Charlie | 43.8274 | -106.0594 | 100% | UEC | Exploration Stage | BR | Roll-Front |
|  |  | Christenson Ranch | 43.7982 | -106.0235 | 100% | UEC | Exploration Stage | BR | Roll-Front |
|  |  | Clarkson Hills | 42.6593 | -106.7006 | 100% | UEC | Exploration Stage | BR | Roll-Front |
|  |  | Crooks Creek | 42.2867 | -107.7660 | 100% | UEC | Exploration Stage | BR | Roll-Front |
|  |  | Creek's Mountain | 42.3840 | -107.9060 | 100% | UEC | Exploration Stage | BR | Roll-Front |
|  |  | Crossroads | 43.0040 | -105.6364 | 100% | UEC | Exploration Stage | BR | Roll-Front |
|  |  | Cyclone Rim | 42.2943 | -108.3332 | 100% | UEC | Exploration Stage | BR | Roll-Front |
|  |  | East Shirley Basin | 42.3192 | -106.1616 | 100% | UEC | Exploration Stage | BR | Roll-Front |
|  |  | Gas Hills | 42.7094 | -107.6521 | 100% | UEC | Exploration Stage | BR | Roll-Front |
|  |  | Horse Creek | 42.5957 | -106.9867 | 100% | UEC | Exploration Stage | BR | Roll-Front |
|  |  | Irigaray | 43.8683 | -106.1186 | 100% | UEC | Exploration Stage | BR | Roll-Front |
|  |  | Jub/West Jab | 42.2209/42.2611 | -108.0439/-108.1225 | 100% | UEC | Exploration Stage | BR | Roll-Front |
|  |  | Ludeman | 42.9119 | -105.6277 | 100% | UEC | Exploration Stage | BR | Roll-Front |
|  |  | Moore Ranch | 43.5652 | -105.8480 | 100% | UEC | Exploration Stage | BR | Roll-Front |
|  |  | Male Creek | 42.2118 | -105.8143 | 100% | UEC | Exploration Stage | BR | Roll-Front |
|  |  | Niles Ranch | 43.8024 | -105.7961 | 100% | UEC | Exploration Stage | BR | Roll-Front |
|  |  | Nine Mile Lake | 42.9807 | -106.3278 | 100% | UEC | Exploration Stage | BR | Roll-Front |
|  |  | Pine Ridge | 43.4591 | -106.0725 | 100% | UEC | Exploration Stage | BR | Roll-Front |
|  |  | Pine Tree U1 | 43.6173 | -105.7860 | 100% | UEC | Exploration Stage | BR | Roll-Front |
|  |  | Pumpkin Creek | 43.8163 | -105.8955 | 100% | UEC | Exploration Stage | BR | Roll-Front |
|  |  | Red Rim | 41.6502 | -107.5755 | 100% | UEC | Exploration Stage | BR | Roll-Front |
|  |  | Reno Creek | 43.6796 | -105.7226 | 100% | UEC | Exploration Stage | BR | Roll-Front |
|  |  | Ross Flats | 43.5224 | -105.8861 | 100% | UEC | Exploration Stage | BR | Roll-Front |
| Sand Creek | 42.7007 | -105.2645 | 100% | UEC | Exploration Stage | BR | Roll-Front |  |  |
| South Pine Ridge | 43.1204 | -105.9251 | 100% | UEC | Exploration Stage | BR | Roll-Front |  |  |
| South Reno Creek | 43.6440 | -105.6199 | 100% | UEC | Exploration Stage | BR | Roll-Front |  |  |

Table of Contents

| Country | State/Province | Project | Location (Latitude) | Location (Longitude) | Equity Interest | Operator | Stage | Mining Method | Mineralization Style |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Uranium Projects |  |  |  |  |  |  |  |  |  |  |
|  |  | South Sweetwater | 41.9694 | -107.9820 | 100% | UEC | Exploration Stage | ISR | Roll-Front |  |
|  |  | Stewart Creek | 43.3124 | -105.7342 | 100% | UEC | Exploration Stage | ISR | Roll-Front |  |
|  |  | Taylor Ranch | 43.5578 | -106.0098 | 100% | UEC | Exploration Stage | ISR | Roll-Front |  |
|  |  | Twin Buttes | 42.2316 | -107.7205 | 100% | UEC | Exploration Stage | ISR | Roll-Front |  |
|  |  | West Beaver Rim | 42.5967 | -108.1568 | 100% | UEC | Exploration Stage | ISR | Roll-Front |  |
|  |  | West Creek's Creek | 42.2984 | -107.8603 | 100% | UEC | Exploration Stage | ISR | Roll-Front |  |
|  |  | West Sweetwater | 42.1318 | -108.0931 | 100% | UEC | Exploration Stage | ISR | Roll-Front |  |
|  | Texas | Burke Hollow | 27.6756 | -97.5176 | 100% | UEC | Exploration Stage | ISR | Roll-Front |  |
|  |  | Goliad | 28.8686 | -97.3433 | 100% | UEC | Exploration Stage | ISR | Roll-Front |  |
|  |  | La Palangana | 28.2638 | -98.3959 | 100% | UEC | Exploration Stage | ISR | Roll-Front |  |
|  |  | Salvo | 28.2632 | -97.7889 | 100% | UEC | Exploration Stage | ISR | Roll-Front |  |
|  |  | Longhorn | 28.1700 | -98.1200 | 100% | UEC | Exploration Stage | ISR | Roll-Front |  |
|  | Arizona | Anderson | 34.1829 | -113.1632 | 100% | UEC | Exploration Stage | Conventional | Tabular |  |
|  |  | Los Cuatro | 33.548 | -112.322 | 100% | UEC | Exploration Stage | Conventional | Tabular |  |
|  |  | Workman Creek | 33.50 | -110.57 | 100% | UEC | Exploration Stage | Conventional | Tabular |  |
|  | New Mexico | C de Baca | 34.18 | -107.15 | 100% | UEC | Exploration Stage | Conventional | Tabular |  |
|  |  | Dalton Pass | 35.40 | -108.14 | 100% | UEC | Exploration Stage | Conventional | Tabular |  |
|  |  |  | Alexandra | 58.023 | -109.789 | 21.05% | Orano Canada Inc. | Exploration Stage | Conventional | Unconformity Related |
|  |  |  | Beatty River | 57.897 | -109.542 | 32.76% | Orano Canada Inc. | Exploration Stage | Conventional | Unconformity Related |
|  |  |  | Black Lake | 59.1167 | -105.905 | 51.43% | UEC | Exploration Stage | Conventional | Unconformity Related |
| Brander Lake |  |  | 58.2895 | -109.888 | 49.10% | Orano Canada Inc. | Exploration Stage | Conventional | Unconformity Related |  |
| Candle Lake |  |  | 57.9969 | -104.93 | 12.50% | Denison Mines Corp. | Exploration Stage | Conventional | Unconformity Related |  |
| Cariwell |  |  | 58.4286 | -109.481 | 100% | UEC | Exploration Stage | Conventional | Unconformity Related |  |
| Christie Lake |  |  | 57.8128 | -104.86 | 82.77% | UEC | Exploration Stage | Conventional | Unconformity Related |  |
| Close Lake |  |  | 57.9729 | -105.082 | 5.16% | Orano Canada Inc. | Exploration Stage | Conventional | Unconformity Related |  |
| Cree Extension |  |  | 57.5881 | -105.551 | 15.05% | Cameco Corporation | Exploration Stage | Conventional | Unconformity Related |  |
| Diabase Peninsula |  |  | 57.4294 | -106.913 | 100.00% | UEC | Exploration Stage | Conventional | Unconformity Related |  |
| Erica |  |  | 58.1465 | -109.731 | 49.10% | Orano Canada Inc. | Exploration Stage | Conventional | Unconformity Related |  |
| Henday |  |  | 58.4675 | -103.970 | 60% | UEC | Exploration Stage | Conventional | Unconformity Related |  |
| Hidden Bay |  |  | 58.157 | -103.88 | 100.00% | UEC | Exploration Stage | Conventional | Unconformity Related |  |
| Horseshoe-Raven |  |  | 58.1331 | -103.76 | 100.00% | UEC | Exploration Stage | Conventional | Unconformity Related |  |
| Key West |  |  | 57.2731 | -106.217 | 100.00% | UEC | Exploration Stage | Conventional | Unconformity Related |  |
| Laurie |  |  | 57.6579 | -108.721 | 32.99% | Orano Canada Inc. | Exploration Stage | Conventional | Unconformity Related |  |
| Millennium |  |  | 57.5138 | -105.639 | 15.05% | Cameco Corporation | Exploration Stage | Conventional | Unconformity Related |  |
| Milliken |  |  | 58.0293 | -104.095 | 100% | UEC | Exploration Stage | Conventional | Unconformity Related |  |
| Mirror River |  |  | 57.6078 | -108.423 | 32.34% | Orano Canada Inc. | Exploration Stage | Conventional | Unconformity Related |  |
| Moon Lake |  |  | 57.4669 | -105.634 | 10.07% | Orano Canada Inc. | Exploration Stage | Conventional | Unconformity Related |  |
| Moore Tomblin |  |  | 57.4512 | -105.135 | 6.80% | Orano Canada Inc. | Exploration Stage | Conventional | Unconformity Related |  |
| Nikita | 58.0107 | -109.574 | 12.72% | Orano Canada Inc. | Exploration Stage | Conventional | Unconformity Related |  |  |  |

Table of Contents

| Country | State/Province | Project | Location (Latitude) | Location (Longitude) | Equity Interest | Operator | Stage | Mining Method | Mineralization Style |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Uranium Projects |  |  |  |  |  |  |  |  |  |  |
|  |  | Riou Lake | 59.0491 | -106.156 | 100.00% | UEC | Exploration Stage | Conventional | Unconformity Related |  |
|  |  | Roughnider | 58.3374 | -104.021 | 100.00% | UEC | Exploration Stage | Conventional | Unconformity Related |  |
|  |  | Shea Creek | 58.1804 | -109.49 | 49.10% | Orano Canada Inc. | Exploration Stage | Conventional | Unconformity Related |  |
|  |  | Uchrich | 57.7196 | -108.483 | 30.48% | Orano Canada Inc. | Exploration Stage | Conventional | Unconformity Related |  |
|  |  | Waterfound River | 58.4588 | -104.548 | 12.90% | Orano Canada Inc. | Exploration Stage | Conventional | Unconformity Related |  |
|  |  | West Bear | 57.8744 | -103.975 | 100.00% | UEC | Exploration Stage | Conventional | Unconformity Related |  |
|  |  | Wheeler River | 57.5000 | -105.421 | 5.00% | Denison Mines Corp. | Development | ISR | Unconformity Related |  |
|  |  | Wolly | 58.3927 | -103.799 | 6.38% | Orano Canada Inc. | Exploration Stage | Conventional | Unconformity Related |  |
|  | Nunavut | Kiggavik | 64.3752 | -97.7685 | 16.91% | Orano Canada Inc. | Exploration Stage | Conventional | Unconformity Related |  |
| Paraguay |  | Yaty | 25.2702 | 56.3125 | 100.00% | UEC | Exploration Stage | ISR | Roll-Front |  |
|  |  | Oviedo | 25.2702 | 56.2828 | 100.00% | UEC | Exploration Stage | ISR | Roll-Front |  |
| Titanium Projects |  |  |  |  |  |  |  |  |  |  |
| Paraguay |  | Alto Parana | 24.8147 | 54.9083 | 100.00% | UEC | Exploration Stage | Conventional | Surficial |  |

Table 2.2 - Titles, Mineral Rights, Leases, and Acreage Summaries

|  |  |  | Acres | Hectares | State Leases |  |  | Fee Mineral Leases |  |  | Federal Lode Mining Claims |  |  | Provincial Mineral Dispositions |  |  | Provincial Mining Leases |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Country | State/Province | Project | Total | Total | Number | Acres | Expiration Date | Number | Acres | Expiration Date | Number | Acres | Expiration Date | Number | Hectares | Expiration Date | Number | Hectares | Expiration Date |
| Uranium Projects |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| United States | Wyoming | Allemand-Ross | 13,570.64 | 5,491.84 | 3 | 958.03 | Annual | 7 | 3,572.61 | July 2025 through Feb. 2029 (variable) | 452 | 9,040 | Annual |  |  |  |  |  |  |
|  |  | Antelope | 13,220 | 5,349.94 | 1 | 640 | Annual |  |  |  | 629 | 12,580 | Annual |  |  |  |  |  |  |
|  |  | Barge | 7,480 | 3,027.05 | 1 | 640 | Annual |  |  |  | 342 | 6,840 | Annual |  |  |  |  |  |  |
|  |  | Black Hills | 1,280 | 518.00 | 1 | 640 | Annual |  |  |  | 32 | 640 | Annual |  |  |  |  |  |  |
|  |  | Brown Ranch | 3,480 | 1,408.31 | 1 | 640 | Annual |  |  |  | 142 | 2,840 | Annual |  |  |  |  |  |  |
|  |  | Bull Springs | 5,702.8 | 2,307.84 | 2 | 1,922.8 | Annual |  |  |  | 189 | 3,780 | Annual |  |  |  |  |  |  |
|  |  | Central Shirley Basin | 2,380 | 963.15 | 2 | 760 | Annual |  |  |  | 81 | 1,620 | Annual |  |  |  |  |  |  |
|  |  | Charlie | 720 | 291.37 | 1 | 720 | Annual |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Christensen Ranch | 9,420 | 3,812.14 | 1 | 1,280 | Annual | 1 | 720 | Annual | 371 | 7,420 | Annual |  |  |  |  |  |  |
|  |  | Clarkson Hills | 400 | 161.87 |  |  |  |  |  |  | 20 | 400 | Annual |  |  |  |  |  |  |
|  |  | Crooks Creek | 8,379.25 | 3,390.96 | 6 | 3,999.25 | Annual |  |  |  | 219 | 4,380 | Annual |  |  |  |  |  |  |
|  |  | Crook's Mountain | 2,480 | 1,003.62 | 2 | 1,280 | Annual |  |  |  | 60 | 1,200 | Annual |  |  |  |  |  |  |
|  |  | Crossroads | 5,680 | 2,298.61 | 2 | 1,280 | Annual |  |  |  | 220 | 4,400 | Annual |  |  |  |  |  |  |
|  |  | Cyclone Rim | 4,280 | 1,732.06 |  |  |  |  |  |  | 214 | 4,280 | Annual |  |  |  |  |  |  |
|  |  | East Shirley Basin | 4,599.90 | 1,861.51 | 4 | 2,099.9 | Annual |  |  |  | 125 | 2,500 | Annual |  |  |  |  |  |  |
|  |  | Gas Hills | 6,114.76 | 2,474.56 | 5 | 3,394.76 | Annual |  |  |  | 136 | 2,720 | Annual |  |  |  |  |  |  |

Table of Contents

|  |  |  | Acres | Hectares | State Leases |  |  | Fee Mineral Leases |  |  | Federal Lode Mining Claims |  |  | Provincial Mineral Dispositions |  |  | Provincial Mining Leases |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Country | State/Province | Project | Total | Total | Number | Acres | Expiration Date | Number | Acres | Expiration Date | Number | Acres | Expiration Date | Number | Hectares | Expiration Date | Number | Hectares | Expiration Date |  |
|  |  | Horse Creek | 540 | 218.53 |  |  |  |  |  |  | 27 | 540 | Annual |  |  |  |  |  |  |  |
|  |  | Irigaray | 2,320 | 938.87 | 2 | 480 | Annual |  |  |  | 92 | 1,840 | Annual |  |  |  |  |  |  |  |
|  |  | Jab/West Jab | 5,300 | 2,144.85 | 3 | 960 | Annual |  |  |  | 217 | 4,340 | Annual |  |  |  |  |  |  |  |
|  |  | Ludeman | 18,117.71 | 7,331.98 | 4 | 1,440 | Annual | 2 | 1,757.71 | Sept. 2026 and Jan. 2029 | 746 | 14,920 | Annual |  |  |  |  |  |  |  |
|  |  | Moore Ranch | 4,480 | 1,812.99 | 3 | 1,280 | Annual | 4 | 1,480 | Aug. 2025 through Mar. 2027 (variable) | 86 | 1,720 | Annual |  |  |  |  |  |  |  |
|  |  | Mule Creek | 260 | 105.22 |  |  |  |  |  |  | 13 | 260 | Annual |  |  |  |  |  |  |  |
|  |  | Niles Ranch | 3,560 | 1,440.68 | 6 | 2,560 | Annual |  |  |  | 50 | 1,000 | Annual |  |  |  |  |  |  |  |
|  |  | Nine Mile Lake | 2,620 | 1,060.28 | 3 | 1,280 | Annual |  |  |  | 67 | 1,340 | Annual |  |  |  |  |  |  |  |
|  |  | Pine Ridge | 3,780 | 1,529.71 | 2 | 720 | Annual |  |  |  | 153 | 3,060 | Annual |  |  |  |  |  |  |  |
|  |  | Pine Tree U1 | 1,940 | 785.09 | 1 | 80 | Annual |  |  |  | 93 | 1,860 | Annual |  |  |  |  |  |  |  |
|  |  | Pumpkin Creek | 1,000 | 404.69 |  |  |  |  |  |  | 50 | 1,000 | Annual |  |  |  |  |  |  |  |
|  |  | Red Rim | 680 | 275.19 |  |  |  |  |  |  | 34 | 680 | Annual |  |  |  |  |  |  |  |
|  |  | Reno Creek | 18,763 | 7,593.12 | 4 | 3,200 | Annual | 36 | 4,583 | Variable | 549 | 10,980 | Annual |  |  |  |  |  |  |  |
|  |  | Ross Flats | 5,640 | 2,282.43 | 3 | 1,040 | Annual | 3 | 1,840 | Mar. 2027 | 138 | 2,760 | Annual |  |  |  |  |  |  |  |
|  |  | Sand Creek | 3,000 | 1,214.06 | 3 | 1,920 | Annual |  |  |  | 54 | 1,080 | Annual |  |  |  |  |  |  |  |
|  |  | South Pine Ridge | 4,020 | 1,626.84 | 5 | 2,360 | Annual |  |  |  | 83 | 1,660 | Annual |  |  |  |  |  |  |  |
|  |  | South Reno | 2,640 | 1,068.37 | 1 | 80 | Annual |  |  |  | 128 | 2,560 | Annual |  |  |  |  |  |  |  |
|  |  | South Sweetwater | 1,120 | 453.25 | 1 | 640 | Annual |  |  |  | 24 | 480 | Annual |  |  |  |  |  |  |  |
|  |  | Stewart Creek | 2,460 | 995.53 | 1 | 640 | Annual |  |  |  | 91 | 1,820 | Annual |  |  |  |  |  |  |  |
|  |  | Taylor Ranch | 4,699.65 | 1,901.88 | 6 | 2,839.65 | Annual |  |  |  | 93 | 1,860 | Annual |  |  |  |  |  |  |  |
|  |  | Twin Buttes | 8,380 | 3,391.27 | 3 | 2,2400 | Annual |  |  |  | 307 | 6,140 | Annual |  |  |  |  |  |  |  |
|  |  | West Beaver Rim | 1,900 | 768.90 | 1 | 640 | Annual |  |  |  | 63 | 1,260 | Annual |  |  |  |  |  |  |  |
|  |  | West Crook's Creek | 1,520 | 615.12 | 1 | 640 | Annual |  |  |  | 44 | 880 | Annual |  |  |  |  |  |  |  |
|  |  | West Sweetwater | 1,080 | 437.06 |  |  |  |  |  |  | 54 | 1,080 | Annual |  |  |  |  |  |  |  |
|  |  | Texas | Burke Hollow | 17,511 | 7,086 |  |  |  | 1 | 17,511 | 2032 |  |  |  |  |  |  |  |  |  |
|  |  |  | Goliad | 636 | 257 |  |  |  | 7 | 636 | 2024 & 2025 |  |  |  |  |  |  |  |  |  |
|  |  |  | Palangana | 6,969 | 2,820 |  |  |  | 12 | 6,969 | 2025 thru 2032 |  |  |  |  |  |  |  |  |  |
| Salvo | 800 |  | 324 |  |  |  | 2 | 800 | 2026 & 2027 |  |  |  |  |  |  |  |  |  |  |  |
| Longhorn | 594 |  | 240 |  |  |  | 40 | 594 | 2027 thru 2028 |  |  |  |  |  |  |  |  |  |  |  |
| Arizona | Anderson | 8,268 | 3,346 | 6 | 3,640 | 2025 |  |  |  | 471 | 9,328 | 2024 |  |  |  |  |  |  |  |  |
|  | Los Cuatros | 640 | 259 | 1 | 640 | 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

Table of Contents

|  |  |  | Acres | Hectares | State Leases |  |  | Fee Mineral Leases |  |  | Federal Lode Mining Claims |  |  | Provincial Mineral Dispositions |  |  | Provincial Mining Leases |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Country | State/Province | Project | Total | Total | Number | Acres | Expiration Date | Number | Acres | Expiration Date | Number | Acres | Expiration Date | Number | Hectares | Expiration Date | Number | Hectares | Expiration Date |
|  |  | Workman Creek | 4,036 | 1,374 |  |  |  |  |  |  | 198 | 4,036 | 2024 |  |  |  |  |  |  |
|  | New Mexico | C de Baca | 600 | 243 |  |  |  |  |  |  | 30 | 600 | 2024 |  |  |  |  |  |  |
|  |  | Dalton Pass | 1,020 | 413 |  |  |  |  |  |  | 51 | 1,020 | 2024 |  |  |  |  |  |  |
| Canada | Saskatchewan | Alexandra | 36,485 | 14,765 |  |  |  |  |  |  |  |  |  | 6 | 14,765 | Oct. 2042 |  |  |  |
|  |  | Beatty River | 16,526 | 6,688 |  |  |  |  |  |  |  |  |  | 7 | 6,688 | Sept. 2027 |  |  |  |
|  |  | Black Lake | 78,335 | 31,701 |  |  |  |  |  |  |  |  |  | 13 | 31,701 | Nov. 2024 |  |  |  |
|  |  | Brander Lake | 34,577 | 13,993 |  |  |  |  |  |  |  |  |  | 9 | 13,993 | Apr. 2035 |  |  |  |
|  |  | Candle Lake | 6,412 | 2,595 |  |  |  |  |  |  |  |  |  | 1 | 2,595 | Oct. 2038 |  |  |  |
|  |  | Carowell | 51,492 | 20,838 |  |  |  |  |  |  |  |  |  | 15 | 20,838 | Jan 2026 |  |  |  |
|  |  | Christie Lake | 19,575 | 7,922 |  |  |  |  |  |  |  |  |  | 6 | 7,922 | Mar. 2044 |  |  |  |
|  |  | Christie West | 813 | 329 |  |  |  |  |  |  |  |  |  | 2 | 329 | Jun. 2023 |  |  |  |
|  |  | Close Lake | 95,578 | 38,679 |  |  |  |  |  |  |  |  |  | 21 | 38,679 | May 2024 |  |  |  |
|  |  | Cree Extension | 30,115 | 12,187 |  |  |  |  |  |  |  |  |  | 11 | 12,187 | Aug. 2040 |  |  |  |
|  |  | Diabase Peninsula | 77,164 | 31,227 |  |  |  |  |  |  |  |  |  | 22 | 31,227 | Sep. 2025 |  |  |  |
|  |  | Erica | 91,409 | 36,992 |  |  |  |  |  |  |  |  |  | 20 | 36,992 | Nov. 2036 |  |  |  |
|  |  | Henday | 17,801 | 7,204 |  |  |  |  |  |  |  |  |  | 3 | 7,204 | Apr. 2042 |  |  |  |
|  |  | Hidden Bay | 126,933 | 51,368 |  |  |  |  |  |  |  |  |  | 45 | 51,368 | Aug. 2037 |  |  |  |
|  |  | Horseshoe Raven | 11,085 | 4,486 |  |  |  |  |  |  |  |  |  | 1 | 4,486 | Feb. 2041 |  |  |  |
|  |  | Key West | 31,827 | 12,880 |  |  |  |  |  |  |  |  |  | 4 | 12,880 | Apr. 2025 |  |  |  |
|  |  | Laurie | 21,691 | 8,778 |  |  |  |  |  |  |  |  |  | 4 | 8,778 | May 2027 |  |  |  |
|  |  | Millennium | 1,458 | 590 |  |  |  |  |  |  |  |  |  | 1 | 590 | Feb. 2039 |  |  |  |
|  |  | Milliken | 9,872 | 3,995 |  |  |  |  |  |  |  |  |  | 1 | 3,995 | Feb. 2025 |  |  |  |
|  |  | Mirror River | 42,996 | 17,400 |  |  |  |  |  |  |  |  |  | 5 | 17,400 | Apr. 2025 |  |  |  |
|  |  | Moon Lake | 9,385 | 3,798 |  |  |  |  |  |  |  |  |  | 5 | 3,798 | Oct. 2039 |  |  |  |
|  |  | Moore Tomblin | 3,249 | 1,315 |  |  |  |  |  |  |  |  |  | 2 | 1,315 | May 2028 |  |  |  |
|  |  | Nikita | 37,390 | 15,131 |  |  |  |  |  |  |  |  |  | 6 | 15,131 | Jun. 2043 |  |  |  |
|  |  | Rion Lake | 27,634 | 11,183 |  |  |  |  |  |  |  |  |  | 14 | 11,183 | Feb. 2026 |  |  |  |
|  |  | Roughrider | 1,475 | 597 |  |  |  |  |  |  |  |  |  |  |  |  | 1 | 597 | Jan. 2028 |
|  |  | Shea Creek | 81,451 | 32,962 |  |  |  |  |  |  |  |  |  | 18 | 32,962 | Mar. 2035 |  |  |  |
|  |  | Uchrich | 5,592 | 2,263 |  |  |  |  |  |  |  |  |  | 1 | 2,263 | May 2027 |  |  |  |
|  |  | Waterfount River | 28,837 | 11,670 |  |  |  |  |  |  |  |  |  | 25 | 11,670 | Jul. 2040 |  |  |  |
|  |  | West Bear | 27,439 | 11,104 |  |  |  |  |  |  |  |  |  | 26 | 10,807 | Feb 2043 | 1 | 297 | June 2035 |
|  |  | Wheeler River | 28,961 | 11,720 |  |  |  |  |  |  |  |  |  | 19 | 11,720 | Oct. 2042 |  |  |  |
| Wolty | 58,564 | 23,700 |  |  |  |  |  |  |  |  |  | 17 | 23,700 | Nov. 2038 |  |  |  |  |  |
| Nunavut | Kiggavik | 45,638 | 18,469 |  |  |  |  |  |  |  |  | 37 | 18,469 | Oct. 2038 |  |  |  |  |  |
| Paraguay |  | Yuty | 289,687 | 117,232 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Ovindo | 223,754 | 90,550 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Titanium Projects |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Paraguay |  | Alto Parana | 174,204 | 70,498 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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Table 2.3 - Permit Status and Conditions

| Uranium Projects |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Texas |  |  |  |  |  |  |  |  |  |  |
| Property | Fully Permitted to Mine | Partially Permitted to Mine | Not Permitted to Mine | RRC Exploration Permit | TCEQ Class I Well Permits | TCEQ Injection Control Permit | TCEQ Area Permit | TCEQ/EPA Aquifer Exemption | TCEQ Radioactive Materials License | Notes |
| Burke Hollow | X |  |  | Yes | 2 | Yes | Yes | Yes | Yes | Has all major permits, waiting on final production authorization |
| Goliad | X |  |  | Yes | 2 | Yes | Yes | Yes | Yes | Has all major permits and first production authorization |
| La Palangana | X |  |  | Yes | 2 | Yes | Yes | Yes | Yes | Has all major permits and four production authorizations |
| Salvo |  |  | X | No | 0 | No | No | No | No |  |
| Longhorn |  |  | X | No | 0 | No | No | No | No |  |
| Wyoming |  |  |  |  |  |  |  |  |  |  |
| Property | Fully Permitted to Mine | Partially Permitted to Mine | Not Permitted to Mine | Class III UIC Permit to Mine | WDEQ Class I Well Permits | Source and Byproduct Materials License | BLM Plan of Operations | WDEQ/EPA Aquifer Exemption |  | Notes |
| Allemand-Ross |  |  | X |  |  |  |  |  |  | Drilling Notification DN339 |
| Antelope |  |  | X |  |  |  | Yes |  |  | Drilling Notification DN355 |
| Barge |  |  | X |  |  |  |  |  |  |  |
| Black Hills |  |  | X |  |  |  |  |  |  |  |
| Brown Ranch |  |  | X |  |  |  |  |  |  |  |
| Bull Springs |  |  | X |  |  |  |  |  |  |  |
| Central Shirley Basin |  |  | X |  |  |  |  |  |  |  |
| Charlie |  | X |  |  |  |  |  |  |  | Permitted as an open pit mine not SSR |
| Christensen Ranch | X |  |  | Yes | Yes | Yes |  | Yes |  |  |
| Clarkson Hill |  |  | X |  |  |  |  |  |  |  |
| Crooks Creek |  |  | X |  |  |  |  |  |  |  |
| Crook's Mountain |  |  | X |  |  |  |  |  |  |  |
| Crossroads |  |  | X |  |  |  |  |  |  |  |
| Cyclone Rim |  |  | X |  |  |  |  |  |  |  |
| East Shirley Basin |  |  | X |  |  |  |  |  |  |  |
| Gas Hills |  |  | X |  |  |  |  |  |  |  |
| Horse Creek |  |  | X |  |  |  |  |  |  |  |
| Irigaray Project | X |  |  | Yes | Yes | Yes |  | Yes |  | Irigaray mine expansion to north and south will require a permit revision. Drilling Notification DN342 |
| Jab/West Jab |  |  | X |  |  |  |  |  |  | Drilling Notification DN355 |
| Ludeman | X |  |  | Yes |  | Yes |  | Yes |  |  |
| Moore Ranch | X |  |  | Yes | Yes | Yes |  | Yes |  |  |
| Mule Creek |  |  | X |  |  |  |  |  |  |  |

27

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| Niles Ranch |  |  | X |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Nine Mile Lake |  |  | X |  |  |  |  |  |  | Drilling Notification DN339 |
| Pine Ridge |  |  | X |  |  |  |  |  |  | Drilling Notification DN342 |
| Pine Tree U1 |  |  | X |  |  |  |  |  |  | Drilling Notification DN342 |
| Pumpkin Creek |  |  | X |  |  |  |  |  |  | Drilling Notification DN342 |
| Red Rim |  |  | X |  |  |  |  |  |  |  |
| Reno Creek | X |  |  | Yes | Yes | Yes |  | Yes |  | North Reno Creek and SW Reno Creek Resource areas are permitted. |
| Ross Flat |  |  | X |  |  |  |  |  |  | Drilling Notification DN342 |
| Sand Creek |  |  | X |  |  |  |  |  |  |  |
| South Pine Ridge |  |  | X |  |  |  |  |  |  |  |
| South Reno Creek |  |  | X |  |  |  |  |  |  |  |
| South Sweetwater |  |  | X |  |  |  |  |  |  |  |
| Stewart Creek |  |  | X |  |  |  |  |  |  |  |
| Taylor Ranch |  |  | X |  |  |  |  |  |  | Drilling Notification DN342 |
| Twin Buttes |  |  | X |  |  |  |  |  |  |  |
| West Beaver Rim |  |  | X |  |  |  |  |  |  |  |
| West Crook's Creek |  |  | X |  |  |  |  |  |  |  |
| West Sweetwater |  |  | X |  |  |  |  |  |  |  |
| Arizona |  |  |  |  |  |  |  |  |  |  |
| Property | Fully Permitted to Mine | Partially Permitted to Mine | Not Permitted to Mine | Class III UIC Permit to Mine | WDEQ Class 1 Well Permits | Source and Byproduct Materials License | BLM Plan of Operations | WDEQ/EPA Aquifer Exemption |  | Notes |
| Anderson |  |  | X |  |  |  |  |  |  |  |
| Los Cuatros |  |  | X |  |  |  |  |  |  |  |
| Workman Creek |  |  | X |  |  |  |  |  |  |  |
| New Mexico |  |  |  |  |  |  |  |  |  |  |
| Property | Fully Permitted to Mine | Partially Permitted to Mine | Not Permitted to Mine | Class III UIC Permit to Mine | WDEQ Class 1 Well Permits | Source and Byproduct Materials License | BLM Plan of Operations | WDEQ/EPA Aquifer Exemption |  | Notes |
| C de Baca |  |  | X |  |  |  |  |  |  |  |
| Dalton Pass |  |  | X |  |  |  |  |  |  |  |
| Canada |  |  |  |  |  |  |  |  |  |  |
| Property | Fully Permitted to Mine | Partially Permitted to Mine | Not Permitted to Mine |  |  |  |  |  |  | Notes |
| Alexandra |  |  | X |  |  |  |  |  |  | Exploration-Stage Project with no resources |
| Axis Lake |  |  | X |  |  |  |  |  |  | Exploration-Stage Project with no resources |
| Heatty River |  |  | X |  |  |  |  |  |  | Exploration-Stage Project with no resources |
| Black Lake |  |  | X |  |  |  |  |  |  | Exploration-Stage Project with no resources |
| Brander Lake |  |  | X |  |  |  |  |  |  | Exploration-Stage Project with no resources |
| Candle Lake |  |  | X |  |  |  |  |  |  | Exploration-Stage Project with no resources |
| Christie Lake |  |  | X |  |  |  |  |  |  | Exploration-Stage Project with resources |
| Christie West |  |  | X |  |  |  |  |  |  | Exploration-Stage Project with no resources |
| Close Lake |  |  | X |  |  |  |  |  |  | Exploration-Stage Project with no resources |

28

Table of Contents

| Cree Extension |  |  | X |  |  |  |  |  |  | Exploration-Stage Project with no resources |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Diabase Peninsula |  |  | X |  |  |  |  |  |  | Exploration-Stage Project with no resources |
| Erica |  |  | X |  |  |  |  |  |  | Exploration-Stage Project with no resources |
| Henday |  |  | X |  |  |  |  |  |  | Exploration-Stage Project with no resources |
| Hidden Bay |  |  | X |  |  |  |  |  |  | Exploration-Stage Project with no resources |
| Horseshoe-Raven |  |  | X |  |  |  |  |  |  | Exploration-Stage Project with resources |
| Key West |  |  | X |  |  |  |  |  |  | Exploration-Stage Project with no resources |
| Laurie |  |  | X |  |  |  |  |  |  | Exploration-Stage Project with no resources |
| Millennium |  |  | X |  |  |  |  |  |  | Exploration-Stage Project with resources |
| Milliken |  |  | X |  |  |  |  |  |  | Exploration-Stage Project with no resources |
| Mirror River |  |  | X |  |  |  |  |  |  | Exploration-Stage Project with no resources |
| Moon Lake |  |  | X |  |  |  |  |  |  | Exploration-Stage Project with no resources |
| Moore Tomblin |  |  | X |  |  |  |  |  |  | Exploration-Stage Project with no resources |
| Nikita |  |  | X |  |  |  |  |  |  | Exploration-Stage Project with no resources |
| Riou Lake |  |  | X |  |  |  |  |  |  | Exploration-Stage Project with no resources |
| Roughrider |  |  | X |  |  |  |  |  |  | Exploration-Stage Project with resources |
| Shea Creek |  |  | X |  |  |  |  |  |  | Exploration-Stage Project with resources |
| Uchrich |  |  | X |  |  |  |  |  |  | Exploration-Stage Project with no resources |
| Waterfound River |  |  | X |  |  |  |  |  |  | Exploration-Stage Project with no resources |
| West Bear |  |  | X |  |  |  |  |  |  | Exploration-Stage Project with no resources |
| Wheeler River |  | X |  |  |  |  |  |  |  | Feasibility Field Test mining completed |
| Wolly |  |  | X |  |  |  |  |  |  | Exploration-Stage Project with no resources |
| Kiggavik |  |  | X |  |  |  |  |  |  | Development-Stage, not permitted to mine |
| Paraguay |  |  |  |  |  |  |  |  |  |  |
| Property | Fully Permitted to Mine | Partially Permitted to Mine | Not Permitted to Mine |  |  |  |  |  |  | Notes |
| Yuty |  |  | X |  |  |  |  |  |  | Exploration-Stage Project with resources |
| Oviedo |  |  | X |  |  |  |  |  |  | Exploration-Stage Project with no resources |
| Titanium Projects |  |  |  |  |  |  |  |  |  |  |
| Property | Fully Permitted to Mine | Partially Permitted to Mine | Not Permitted to Mine |  |  |  |  |  |  | Notes |
| Alto Parana |  |  | X |  |  |  |  |  |  | Exploration-Stage Project with resources |

29

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Table 2.4 - Processing Plants and other Facilities

| State/Province | Plant | Location (Latitude) | Location (Longitude) | Equity Interest | Operator | Status | Annual Permitted Production Capacity | Fully Permitted to Mine | Partially Permitted to Mine | Not Permitted to Mine | WDEQ Class 1 Well Permits | WDEQ Radioactive Materials License |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Wyoming | Irigaray Central Processing Plant |  |  | 100% | UEC | Production Suspended | 2.5 Mlb/year | X |  |  | 2 | Yes |
|  | Christensen Ranch Satellite Production Plant |  |  | 100% | UEC | Standby | 9,000 gpm | X |  |  | 4 | Yes |

| State/Province | Plant | Location (Latitude) | Location (Longitude) | Equity Interest | Operator | Status | Annual Permitted Production Capacity | Fully Permitted to Mine | Partially Permitted to Mine | Not Permitted to Mine | TCEQ Class 1 Well Permits | TCEQ Radioactive Materials License |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Texas | Hobson Central Processing Plant | 28.945 | -97.989 | 100% | UEC | Production Suspended | 4.0 Mlb/year | X |  |  | 2 | Yes |

## Our Mineral Properties

Below is a table setting out our summary disclosure of current measured, indicated, and inferred mineral resource estimates. Details regarding the mineral resource estimate disclosed herein can be found in Section 11, Mineral Resource Estimates, of each relevant TRS.

Table 2.5(a) - Uranium Mineral Resources (material mineral properties)

| Uranium Oxide Mineral Resources |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Country | State/Province | Project | Measured |  |  |  | Indicated |  |  |  |  |  |  |  |  |
|  |  |  | Tons ('000's) | Tonnes ('000's) | Grade (% U 2 O 8 ) | Pounds U 2 O 8 ('000's) | Tons ('000's) | Tonnes ('000's) | Grade (% U 2 O 8 ) | Pounds U 2 O 8 ('000's) | Tons ('000's) | Tonnes ('000's) | Grade (% U 2 O 8 ) | Pounds U 2 O 8 ('000's) |  |
| United States | Wyoming | Allemand-Ross | 246 | 223 | 0.08% | 417 | 32 | 29 | 0.07% | 42 | 1,275 | 1,157 | 0.10% | 2,496 |  |
|  |  | Barge |  |  |  |  | 4,301 | 3,902 | 0.05% | 4,361 |  |  |  |  |  |
|  |  | Charlie |  |  |  |  | 1,255 | 1,139 | 0.12% | 3,100 | 411 | 373 | 0.12% | 988 |  |
|  |  | Christensen Ranch |  |  |  |  | 6,555 | 5,947 | 0.07% | 9,596 |  |  |  |  |  |
|  |  | Clarkson Hill |  |  |  |  |  |  |  |  | 957 | 868 | 0.06% | 1,113 |  |
|  |  | Irigaray |  |  |  |  | 3,881 | 3,521 | 0.08% | 5,899 | 104 | 94 | 0.07% | 141 |  |
|  |  | Jab/West Jab | 1,621 | 1,471 | 0.07% | 2,335 | 253 | 230 | 0.08% | 392 | 1,402 | 1,272 | 0.06% | 1,677 |  |
|  |  | Ludeman | 2,674 | 2,426 | 0.09% | 5,017 | 2,660 | 2,413 | 0.09% | 4,697 | 866 | 786 | 0.07% | 1,258 |  |
|  |  | Moore Ranch | 2,675 | 2,427 | 0.06% | 3,210 |  |  |  |  | 46 | 42 | 0.05% | 44 |  |
|  |  | Nine Mile Lake |  |  |  |  |  |  |  |  | 3,405 | 3,089 | 0.04% | 4,308 |  |
|  |  | Red Rim |  |  |  |  | 337 | 306 | 0.17% | 1,142 | 473 | 429 | 0.16% | 1,539 |  |
|  |  | Reno Creek | 14,990 | 13,599 | 0.04% | 12,920 | 16,980 | 15,404 | 0.04% | 13,070 | 1,920 | 1,742 | 0.04% | 1,490 |  |
|  | Wyoming Total | 22,206 | 20,145 | 0.05% | 23,899 | 36,254 | 32,889 | 0.06% | 42,299 | 10,859 | 9,851 | 0.07% | 15,054 |  |  |
|  | Texas | Burke Hollow | 581 | 527 | 0.08% | 964 | 3,020 | 1,213 | 0.083% | 5,191 | 2,596 | 2,355 | 0.10% | 4,883 |  |
|  |  | Goliad | 1,595 | 1,447 | 0.05% | 2,668 | 1,504 | 1,364 | 0.10% | 3,492 | 1,548 | 1,403 | 0.20% | 1,225 |  |
|  |  | Palengana |  |  |  |  | 232 | 210 | 0.13% | 643 | 302 | 274 | 0.18% | 1,001 |  |
|  |  | Salvo |  |  |  |  |  |  |  |  | 1125 | 1,020 | 0.09% | 2,839 |  |
|  |  | Texas Total | 2,176 | 1,974 | 0.06% | 3,632 | 5,065 | 4,594 | 0.092% | 9,326 | 4,356 | 3,951 | 0.11% | 9,948 |  |
|  | Arizona | Anderson |  |  |  |  | 16,175 | 14,674 | 0.10% | 32,055 |  |  |  |  |  |
|  |  | Workman Creek |  |  |  |  |  |  |  |  | 1,981 | 1,797 | 0.11% | 4,459 |  |
|  |  | Arizona Total |  |  |  |  | 16,175 | 14,674 | 0.10% | 32,055 | 1,981 | 1,797 | 0.11% | 4,459 |  |
| United States Total |  | 24,382 | 22,120 | 0.05% | 27,531 | 57,494 | 52,157 | 0.07% | 83,680 | 17,196 | 15,599 | 0.08% | 29,461 |  |  |
| Canada |  | Saskatchewan | Christie Lake |  |  |  |  |  |  |  |  | 537 | 488 | 1.57% | 16,836 |
|  | Roughrider |  |  |  |  |  | 429 | 389 | 3.25% | 27,842 | 396 | 359 | 4.55% | 36,043 |  |
|  | Horseshoe-Raven |  |  |  |  |  | 11,412 | 10,353 | 0.16% | 37,426 |  |  |  |  |  |
|  | Shea Creek |  |  |  |  |  | 1,113 | 1,009 | 1.49% | 33,175 | 679 | 616 | 1.02% | 13,775 |  |
|  | Millennium |  |  |  |  |  | 239 | 217 | 2.39% | 11,423 | 68 | 62 | 3.19% | 4,364 |  |
|  | Canada Total |  |  |  |  |  | 13,192 | 11,968 | 0.42% | 109,867 | 1,681 | 1,525 | 2.11% | 71,019 |  |
| Paraguay |  | Yuty |  |  |  |  | 9,074 | 8,232 | 0.05% | 8,962 | 2,733 | 2,479 | 0.04% | 2,203 |  |
| Total Resources |  |  | 23,871 | 21,655 | 0.06% | 26,682 | 77,768 | 70,550 | 0.13% | 199,527 | 22,797 | 20,681 | 0.23% | 102,658 |  |

Notes:
1. The Mineral Resource estimates in this table meet S-K 1300 definitions.
2. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
3. The point of reference for mineral resources is in-situ at the project.
4. Mineral Resources are estimated using a long-term uranium price of $40 per pound for ISR projects and $65 per pound for conventional projects, except for the Canadian projects where a price of $56 per pound was used for the Roughrider Project, a price of $75 per pound was used for the Horseshoe-Raven Project, a price of $50 per pound was used for the Shea Creek Project, a price of $50 per pound was used for the Christie Lake Project and a price of $62 per pound was used for the Millennium Project.
5. Mineral Resources are 100% attributable to the Company. Where JV projects have resources that are attributable to other companies, these resources are not listed in the table.
6. Numbers may not add due to rounding.

Table of Contents

Table 2.5(b) - Titanium (ilmenite- TiO2) Mineral Resources (immaterial mineral properties)

| Titanium Oxide Mineral Resource (Immaterial) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Country | State / Department | Project | Measured |  |  |  |  | Indicated |  |  |  | Inferred |  |  |  |
|  |  |  | Tons (106) | Tonnes (106) | Grade Whole Rock TiO2 | Whole Rock TiO2 tonnes (106) | Recoverable TiO2 tonnes (106) | Tons (106) | Tonnes (106) | Grade Whole Rock TiO2 | Whole Rock TiO2 tonnes (106) | Recoverable TiO2 tonnes (106) | Tons (106) | Tonnes (106) | Grade Whole Rock TiO2 |
| Paraguay | Alto Parana and Canindeyá | Alto Parana |  |  |  |  |  | 77 | 70 | 7.60% | 5.32 | 2.86 | 3,945 | 3,580 | 7.31% |

Notes:

1. Ilmenite: 'heavy mineral' particles between 45μm and 1mm, denser than 2.8g/cm3 containing an average of 50% TiO2
2. All grades are expressed as in situ grades.
3. Estimates for the resources and the total and the total are rounded to two significant figures, as appropriate for Inferred Resources.
4. On the basis of sampling and comparison assays done to date it is estimated the Inferred Resources contain between 4 and 5% ilmenite.
5. A cut-off grade of 2% ilmenite has been applied where the ilmenite grade is known, otherwise whole rock TiO2 of 5.75%
6. Cut-off grade was determined using the price of $1,025 per tonne for chlorite slag, $720 per tonne for Chlorite slag fines, and $747 for high purity pig iron
7. As the salable product is a concentrate in the form of either slag or pig iron, metallurgical recovery occurs downstream from the salable product and cannot be reported for TiO2.

Table 2.6(a) - Year over Year Changes in Uranium Mineral Resources

UEC has recently completed updated mineral resource and reserve updates on the company's material properties and presently does not have projects in production. Changes to stated resources between fiscal year 2023 and 2024 are presented below.

| Uranium Oxide Resources |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  | FY 2023 |  |  | FY 2024 |  |  | YOY Change |  |  |  |
| Country | State/Province | Project | Measured Pounds U2O8 (’000’s) | Indicated Pounds U2O8 (’000’s) | Inferred Pounds U2O8 (’000’s) | Measured Pounds U2O8 (’000’s) | Indicated Pounds U2O8 (’000’s) | Inferred Pounds U2O8 (’000’s) | % Change in Measured Pounds | % Change in Indicated Pounds | % Change in Inferred Pounds |  |
| United States | Wyoming | Allemand-Ross | 417 | 42 | 2,496 | 417 | 42 | 2,496 | 0% | 0% | 0% |  |
|  |  | Barge |  | 4,361 |  |  | 4,361 |  |  | 0% |  |  |
|  |  | Charlie |  | 3,100 | 988 |  | 3,100 | 988 |  | 0% | 0% |  |
|  |  | Christensen Ranch |  | 9,596 |  |  | 9,596 |  |  | 0% |  |  |
|  |  | Clerkson Hill |  |  | 1,113 |  |  | 1,113 |  |  | 0% |  |
|  |  | Irigaray |  | 5,899 | 141 |  | 5,899 | 141 |  | 0% | 0% |  |
|  |  | Jab/West Jab | 2,335 | 392 | 1,677 | 2,335 | 392 | 1,677 | 0% | 0% | 0% |  |
|  |  | Ludeman | 5,017 | 4,697 | 1,258 | 5,017 | 4,697 | 1,258 | 0% | 0% | 0% |  |
|  |  | Moore Ranch | 3,210 |  | 44 | 3,210 |  | 44 | 0% |  | 0% |  |
|  |  | Nine Mile Lake |  |  | 4,308 |  |  | 4,308 |  |  | 0% |  |
|  |  | Red Rim |  | 1,142 | 1,539 |  | 1,142 | 1,539 |  | 0% | 0% |  |
|  |  | Reno Creek | 12,920 | 13,070 | 1,490 | 12,920 | 13,070 | 1,490 | 0% | 0% | 0% |  |
|  |  | Wyoming Total | 23,899 | 42,299 | 15,054 | 23,899 | 42,299 | 15,054 | 0% | 0% | 0% |  |
|  | Texas | Burke Hollow | 115 | 2,209 | 4,859 | 964 | 5,191 | 4,883 | 738% | 135% | 0.5% |  |
|  |  | Goliad | 2,668 | 3,492 | 1,225 | 2,668 | 3,492 | 1,225 | 0% | 0% | 0% |  |
|  |  | Palangana |  | 643 | 1,001 |  | 643 | 1,001 |  | 0% | 0% |  |
|  |  | Salvo |  |  | 2,839 |  |  | 2,839 |  |  | 0% |  |
|  |  | Texas Total | 2,783 | 6,344 | 9,924 | 3,632 | 9,326 | 9,948 | 31% | 47% | 0.2% |  |
|  | Arizona | Anderson |  | 32,055 |  |  | 32,055 |  |  | 0% |  |  |
|  |  | Workman Creek |  |  | 4,459 |  |  | 4,459 |  |  | 0% |  |
|  |  | Arizona Total |  | 32,055 | 4,459 |  | 32,055 | 4,459 |  | 0% | 0% |  |
|  | United States Total |  | 26,682 | 80,698 | 29,437 | 27,531 | 83,680 | 29,461 | 3.2% | 3.7% | 0.1% |  |
| Canada | Saskatchewan | Christie Lake |  |  | 16,836 |  |  | 16,836 |  |  | 0% |  |
|  |  | Roughbider |  | 27,842 | 36,043 |  | 27,842 | 36,043 |  | 0% | 0% |  |
|  |  | Horseshoe-Raven |  | 37,426 |  |  | 37,426 |  |  | 0% |  |  |
|  |  | Shea Creek |  | 33,175 | 13,775 |  | 33,175 | 13,775 |  | 0% | 0% |  |
|  |  | Millennium |  | 11,423 | 4,364 |  | 11,423 | 4,364 |  | 0% | 0% |  |
|  | Canada Total |  |  | 109,867 | 71,019 |  | 109,867 | 71,019 |  | 0% | 0% |  |
| Paraguay |  | Yuty |  | 8,962 | 2,203 |  | 8,962 | 2,203 |  | 0% | 0% |  |
| Total Resources |  |  | 26,682 | 199,527 | 102,658 | 27,531 | 202,509 | 102,683 | 3.2% | 1.5% | 0% |  |

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Table 2.6(b) - Year over Year Changes in Titanium (ilmenite- TiO2) Mineral Resources

| Titanium Oxide Resources |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Country | Project | FY2023 |  |  | FY 2024 |  |  | YOY Change |  |  |
|  |  | Measured Tonnes TiO2 (Millions) | Indicated Tonnes TiO2 (Millions) | Inferred Tonnes TiO2 (Millions) | Measured Tonnes TiO2 (Millions) | Indicated Tonnes TiO2 (Millions) | Inferred Tonnes TiO2 (Millions) | % Change in Measured Tonnes | % Change in Indicated Tonnes | % Change in Inferred Tonnes |
| Paraguay | Alto Parana | 0 | 0 | 0 | 0 | 5.32 | 261.66 | 0% | 100% | 100% |

Notes:

1. The Mineral Resource estimates in this table meet S-K 1300 definitions.
2. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
3. The point of reference for mineral resources is in-situ at the project.
4. Mineral Resources are estimated using a long-term uranium price of $40 per pound for ISR projects and $65 per pound for conventional projects, except for the Canadian projects where a price of $56 per pound was used for the Roughrider Project, a price of $75 per pound was used for the Horseshoe-Raven Project, a price of $50 per pound was used for the Shea Creek Project, a price of $50 per pound was used for the Christie Lake Project and a price of $62 per pound was used for the Millennium Project.
5. Mineral Resources are 100% attributable to the Company. Where JV projects have resources that are attributable to other companies, these resources are not listed in the table.
6. Numbers may not add due to rounding.
7. A cut-off grade of 2% ilmenite has been applied where the ilmenite grade is known, otherwise whole rock TiO2 of 5.75%
8. Recoverable TiO2 is contained in the Heavy Mineral fraction
9. Ilmenite: 'heavy mineral' particles between 45μm and 1mm, denser than 2.8g/cm3 containing an average of 50% TiO2
10. On the basis of sampling and comparison assays done to date it is estimated the Inferred Resources contain between 4 and 5% ilmenite.

## Internal Controls Over Uranium Resource Estimation Efforts

For Canadian and U.S. exploration programs, Quality Control and Quality Assurance ("QA/QC") programs for geologic data collection and resource estimation are defined in each TRS along with protocols and procedures for data collection. To summarize, the QA/QC programs for exploration data are in place that cover four broad categories: geologic data collection; data verification; radiometric equivalent data; and geochemical data. The controls in each of these broad categories serve to help the Company and its qualified persons (each, a "QP") under each TRS have confidence in the data and geologic interpretations that are being used in resource estimation.

Geochemical data for Canadian exploration programs is supplied by the Geoanalytical Laboratory at the Saskatchewan Research Council ("SRC"). The quality management system at SRC, Geoanalytical Laboratories, operates in accordance with ISO/IEC 17025, General Requirements for the Competence of Testing and Calibration Laboratories, and is also compliant to ASB, Requirements and Guidance for Mineral Analysis Testing Laboratories. The management system and selected methods are accredited by the Standards Council of Canada. As part of the SRC's commitment to continually assess the effectiveness of the services, all processes are subject to internal, second party and third-party audits. In addition to the lab controls on QA/QC, the Company submits duplicate samples and blank samples to the lab at a rate of approximately one in 20 samples each along with standard and a round robin pulp that are inserted at the lab, so that in a 20-sample batch there are 16 geochemistry samples for analysis. Failures of lab standards, blanks or duplicates are investigated and can result in the re-assay of the samples to replace the original data in the database if necessary. Samples of mineralization at a rate of about 5% of the population are checked externally with a different accredited lab to help assure accuracy.

For U.S. exploration programs the preponderance of data utilized for resource and reserve estimates is generated from radiometric equivalent measurements made utilizing downhole geophysical logging techniques such as gamma-ray and prompt fission neutron ("PFN") techniques. This technology has been employed in the exploration and development of sandstone uranium deposits in the U.S. since the 1950s. QA/QC of gamma-ray and PFN probes from each logging truck are required to maintain calibration by regular cross-checking the probes at U.S. DOE test pits located in George West, Texas, or Casper, Wyoming. The pit is set up for logging units to calibrate the probes with a known radioactive source. Each test run generates calibration files for the operator to review and make necessary tool adjustments. Calibration runs typically are made on a one- or two-month interval, and files with the test pit run results are maintained by the operator. The available data indicate that the logging provided by the Company and contract probe trucks at the various U.S. projects have maintained industry standard calibration procedures for their probes.

For resource estimation the internal controls are more common to the U.S. and Canadian operations. Company staff will perform database verification on the geologic database which is then reviewed by the QP. If the QP was not involved in the primary data collection field program the QP will spot check a subset of drill collar locations and, if available, also compare collar elevations against a digital elevation model to evaluate and cross check the drill hole collar elevations. For resource estimation the block model is evaluated visually against geologic cross sections to ensure block grades match drill hole grades. The QP will evaluate probability plots and perform statistical analysis of the sample population to determine the need for an appropriate grade cap to limit the influence of high-grade samples to the appropriate area. The preparation of Swath Plots is another internal control which can inform the QP if high-grade samples have had an exaggerated influence on the resource model.

The resource estimates have inherent risks due to data accuracy, uncertainty from geological interpretation, mine plan assumptions, uncontrolled rights for mineral and surface properties, environmental challenges, uncertainty for future market supply and demand and changes in laws and regulations. Company management and QPs are aware of those risks that might directly impact the assessment of mineral reserves and resources. The current mineral resources are estimated based on the best information available and are subject to reassessment when conditions change.

## ISR Uranium Activities

The Company conducts its ISR activities through two district scale hubs located in Wyoming and Texas. The Irigaray Central Processing Plant (CPP) is located in northeastern Wyoming, and was acquired in December 2021 through the acquisition of U1A. The Hobson CPP is located in south Texas, which we acquired in 2009 from Uranium One.

The Wyoming hub is comprised of the following material ISR projects that are intended to feed resources into the Irigaray CPP: Christensen Ranch; Charlie; Reno Creek; Moore Ranch; Ludeman; Allemand-Ross; Barge; Jab/West Jab; the Nine Mile Lake; Red Rim; and Clarkson Hill Projects. Please refer to Summary Disclosure Tables 1, 2, 3 and 4 for detailed information on each project. Production from existing wellfields at Christensen Ranch ceased in 2018 and the project was put in care and maintenance mode. Processing of toll resins from other projects continues at the Irigaray CPP. In order for Christensen Ranch to engage in future uranium extraction, the Company will need to incur capital expenditures to restart idled wellfields.

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United States Properties

Wyoming Properties

Below is a map showing our Wyoming projects:

![img-0.jpeg](img-0.jpeg)
Figure 2.2 - Locations of our Projects in Wyoming

## Permitting Requirements in Wyoming

The Irigaray CPP is fully permitted. The Christensen Ranch, Ludeman and Moore Ranch Project areas are fully permitted for ISR operations through both the Wyoming Department of Environmental Quality/Land Quality Division (WDEQ/LQD) and the BLM as appropriate. Portions of the Irigaray and Reno Creek Project areas are also permitted for ISR operations.

The Allemand-Ross, Barge, Charlie, Clarkson Hill, Jab/West Jab, Nine Mile and Red Rim Project areas are not permitted. Portions of the Reno Creek Project area and the majority of the Irigaray Project area are also not permitted for ISR operations.

## Geology and Mineralization in Wyoming

The Allemand-Ross, Barge, Charlie, Christensen Ranch, Irigaray, Ludeman, Moore Ranch, Nine Mile and Reno Creek Project areas reside in the Powder River Basin (“PRB”). The PRB is a structural basin that extends over much of northeastern Wyoming and southeastern Montana and consists of a large north-northwest trending asymmetric syncline. The basin is bounded by the Big Horn Mountains on the west and Casper Arch to the southwest, the Black Hills to the east and the Hartville Uplift and Laramie Mountains to the south. The PRB is filled with marine, non-marine and continental sediments ranging in age from early Paleozoic through Cenozoic.

The Jab/West Jab and Red Rim Project areas are located within the northeastern portion of the Greater Green River Basin (“GGRB”). The GGRB is a structural basin that extends over southwestern Wyoming and northwestern Colorado and is divided by the Rock Springs Uplift, a north-south trending anticline. The basin is bounded by the Wyoming thrust belt to the west, the Rawlins Uplift and the Sierra Madre Mountains to the east, the Wind River Mountains to the north and the Uinta Mountains to the south. The GGRB contains up to 25,000 feet of Cretaceous to recent sedimentary rocks.

The Clarkson Hill Project area is located in the eastern portion of the Wind River Basin (“WRB”). The WRB is a structural basin in west-central Wyoming. The basin is bounded by the Wind River Range to the west, the Casper Arch to the east, the Owl Creek Mountains to the north and the Granite Mountains to the south. The WRB is filled with marine, lacustrine and fluvial sediments ranging in age from Paleozoic to Cenozoic.

Uranium mineralization at the project is typical of Wyoming roll-front sandstone deposits. The formation of roll-front deposits is largely a groundwater process that occurs when uranium rich, oxygenated groundwater interacts with a reducing environment in the subsurface and precipitates uranium. The most favorable host rocks for roll-fronts are permeable sandstones with large aquifer systems. Interbedded mudstone, claystone and siltstone are often present and aid in the formation process by focusing groundwater flow.

## Geology of the Powder River Basin

The PRB extends over much of northeastern Wyoming and southeastern Montana and consists of a large north-northwest trending asymmetric syncline, with the basin axis located to the west of the projects. The PRB is bounded by the Big Horn Mountains and Casper Arch to the west, the Black Hills to the east and the Hartville Uplift and Laramie Mountains to the south. The PRB is filled with marine, non-marine and continental sediments ranging in age from early Paleozoic through Cenozoic.

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Within the PRB, the Paleocene Fort Union Formation conformably overlies the Lance Formation and is a fluvial-sedimentary stratigraphic unit that consists of fine- to coarse-grained arkosic sandstone, which is interbedded with siltstone, mudstone and carbonaceous materials. In some areas of the PRB, the Fort Union Formation is divided into two members, identified as the Upper and Lower members of the Fort Union Formation. However, Flores divides the Fort Union into three members: the Tullock; Lebo; and Tongue River members (listed from oldest to youngest); as follows:

- The Tullock member consists of sandstone, siltstone and sparse coal and carbonaceous shale;
- The Lebo member consists of abundant drab gray mudstone, minor siltstone and sandstone and sparse coal and carbonaceous shale beds; and
- The Tongue River member consists of interbedded sandstone, conglomerate, siltstone, mudstone, limestone, anomalously thick coal beds and carbonaceous shale beds. This member has been mined extensively for its coal beds, which can be hundreds of feet thick.

Uranium mineralization occurs in zones that are located in channel sands of the Fort Union Formation. These channel sands are typical fining upward sand sequences consisting of fine-grained sandstones. The zones of mineralization are formed as typical roll-front deposits in these sandstones.

The early Eocene Wasatch Formation unconformably overlies the Fort Union Formation around the margins of the PRB. However, the two formations are conformable and gradational towards the basin center. The relative amount of coarse, permeable clastics increases near the top of Fort Union, and the overlying Wasatch Formation contains numerous beds of sandstone that can sometimes be correlated over wide areas. The Wasatch-Fort Union contact is separated by Paleocene and Eocene rocks and is generally placed above the Roland coal. However, other authors have placed the Wasatch-Fort Union contact above the School, Badger and Anderson Coals in other parts of the PRB.

The Wasatch Formation occurs at the surface in the central PRB, but has been mostly removed by erosion with only small, scattered outcrops still present in the southern PRB. The Wasatch Formation is also a fluvial sedimentary unit that consists of a series of silt to very coarse-grained gradational intervals in arkosic sandstone. The sandstone horizons in the Wasatch Formation are the host rocks for several uranium deposits in the central PRB. Within this area, mineralization is found in a 50- to 100-ft thick sandstone lens. On a regional scale, mineralization is localized and controlled by facies changes within this sandstone, including thinning of the sandstone unit, decrease in grain size and increase in clay and organic material content. The Wasatch Formation reaches a maximum thickness of about 1,600 feet and dips northwestward from one degree to two-and-a-half degrees in the southern and central parts of the PRB.

The Oligocene White River Formation overlies the Wasatch Formation and has been removed from most of the basin by erosion. Remnants of this unit crop out on the Pumpkin Buttes, and at the extreme southern edge of the PRB. The White River Formation consists of clayey sandstone, claystone, a boulder conglomerate and tuffaceous sediments, which may be the primary source rock for uranium in the southern part of the PRB as a whole. The youngest sediments consist of Quaternary alluvial sands and gravels locally present in larger valleys. Quaternary eolian sands can also be found locally.

## Geology of the Great Divide and Greater Green River Basins

The Jab/West Jab and Red Rim project areas are located within the northeastern portion of the Great Divide Basin.

The Great Divide Basin ("GDB") and the Washakie Basin ("WB") in the southwest together comprise the GGRB. The GGRB is a structural basin that extends over southwestern Wyoming and northwestern Colorado and is divided by the Rock Springs Uplift, a north-south trending anticline. The basin is bounded by the Wyoming thrust belt to the west, the Rawlins Uplift and the Sierra Madre Mountains to the east, the Wind River Mountains to the north and the Uinta Mountains to the south. The GGRB contains up to 25,000 feet of Cretaceous to recent sedimentary rocks.

During the end of the Cretaceous Period, the Laramide Orogeny divided the Wyoming Basin Province into a series of down warped basins. As these basins were created, uplift created the Granite and Seminoe Mountains, and older formations were altered during the same time. In the northern regions of the GDB, swamps, alluvial plains and fluvial fans were present at the margins of the uplifted Granite Mountains. To the southwest, the GDB is occupied by the lacustrine Eocene Green River Formation and by the lower energy Wasatch Formation. These two facies interfinger with the high-energy fluvial facies of the Battle Spring Formation at the central and eastern areas in the GDB.

Uranium deposits occur principally in the Battle Spring Formation which consists of alluvial-fluvial fan deposits of west- to southwest-flowing paleodrainage. The common rock type is arkosic sandstone with interbedded claystone. These types of rock are typical of alluvial-fan facies. Much of this material is sourced from the Granite Mountains by blockages in normal drainages due to differential subsidence rates. The Wasatch Formation, due to its fluvial nature, contains interbedded siltstones, coal, carbonaceous shale, fine-grained sandstone, sandy limestone and medium-grained fluvial sandstones.

The Battle Spring Formation consists of alluvial-fluvial fan deposits of west to southwest-flowing paleodrainage. The common rock type is arkosic sandstone with interbedded claystone. These types of rock are typical of alluvial-fan facies. Much of this material is sourced from the Granite Mountains by blockages in normal drainages due to differential subsidence rates. The Wasatch Formation, due to its fluvial nature, contains interbedded siltstones, coal, carbonaceous shale, fine-grained sandstone, sandy limestone and medium-grained fluvial sandstones. The permeable medium- to very coarse-grained sandstones and arkoses are a favorable host for sandstone-type uranium deposits. Fluvial channels incised into less permeable underlying siltstones and sandstones in the Battle Spring during early Eocene time. The channels were backfilled by the massive, poorly-sorted, coalescing alluvial fan deposits, known as the Battle Spring Formation. The Battle Spring Formation includes impermeable carbonaceous shales that created an impermeable boundary for uranium deposits.

The Fort Union Formation surfaces around the boundary of the GDB. The Fort Union Formation is described as an interbedded sequence of white, gray, tan, buff and brown sandstone, gray to black shale, carbonaceous shale, siltstone, local conglomerate beds and (usually) thin coal beds. It may truncate and unconformably overlie older units near basin margins. The Fort Union is unconformably underlain by the Cretaceous Lance Formation and regionally overlain by either the Eocene Wasatch or Battle Spring Formation.

The Lance Formation is described as a gray to buff fine-grained to very fine-grained silty sandstone interbedded with drab to light-green to gray locally carbonaceous siltstone and thin conglomeratic lenses locally. The Lance Formation contains the upper Red Rim Member and the lower (unnamed) member. The Red Rim Member is a prominent sandstone package named for its color as it crops out south of Interstate 80 on the eastern rim of the WB.

Overbank and floodplain deposits in the Battle Spring Formation also were likely to restrict groundwater flow. These boundaries focused uranium-rich waters into confined permeable units. Faulting also created structural and permeability control.

## Geology of the Wind River Basin

The Clarkson Hill Project area is located in the eastern portion of the WRB. The WRB is a structural basin in west-central Wyoming. The basin is bounded by the Wind River Range to the west, the Casper Arch to the east, the Owl Creek Mountains to the north and the Granite Mountains to the south. The WRB is filled with marine, lacustrine and fluvial sediments ranging in age from Paleozoic to Cenozoic.

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Both the Wind River and Fort Union Formations are Cenozoic fluvial sedimentary deposits containing sandstone with economic quantities of uranium. The primary source of sediments for the Wind River and Fort Union Formations in the eastern WRB was the ancestral Granite Mountains along the southern boundary of the basin. The Granite Mountains were formed during the Laramide Orogeny, a period of extensive mountain building, which began at the end of the Mesozoic Era and continued into the early Cenozoic Era. Subsequent erosion of the Granite Mountain highlands coupled with the down-warping of adjacent basins, such as the Wind River and Powder River Basins, combined to accumulate thousands of feet of sedimentary deposits.

The Paleocene Fort Union is the oldest Tertiary formation and consists of sandstone, siltstone, shale, coal and local conglomerates. The Fort Union is overlain, often unconformably, by the Eocene Wind River Formation, which consists of sandstones, conglomerates, siltstones and shale. Overlying the Wind River Formation is the Oligocene White River Formation. The White River Formation also consists of sandstones, siltstone and shale, however, along with fluvial deposition of the sands and clays, substantial volumes of windblown volcanic ash (tuffs) were also deposited. This volcanic ash is regarded by many as the source of uranium for many Wyoming sandstone uranium deposits. Economic uranium deposits in the WRB typically occur as roll-front deposits in porous sandstones within the Wind River and Fort Union Formations.

## Material Project Descriptions in Wyoming

## Irigaray CPP

The following technical and scientific description for the Irigaray CPP Project area (the "Irigaray Project Area") is based in part on the TRS titled "S-K 1300 Mineral Resource Report Wyoming Assets ISR Hub and Spoke Project, WY USA", dated March 31, 2022, prepared by Western Water Consultants d/b/a WWC Engineering ("WWC"), a qualified firm (the QP herein). The Irigaray Project Area does not have mineral reserves and is therefore considered an Exploration Stage property under S-K 1300 definitions, despite a history of commercial production.

![img-1.jpeg](img-1.jpeg)
Figure 2.3 - Location of the Irigaray Project

## Property Description

The Irigaray Project Area is located in Johnson County, Wyoming, northwest of Pumpkin Buttes and near Willow Creek, within the PRB, at latitude 43.8683 and longitude 106.1186 in decimal degrees. The Irigaray Project Area covers 2,320 acres, including all (or portions of) 12 sections of the PRB.

The Irigaray Project Area is approximately 70 air miles north-northeast of Casper, Wyoming, 48 air miles southeast of Buffalo, Wyoming, and 40 air miles southwest of Gillette. The Irigaray Project Area can be accessed from Casper, Wyoming, by traveling north on I-25, exit onto State Highway 259 at Midwest turn onto State Highway 387, turn left onto State Highway 192 toward Lynch, travel approximately six miles past Lynch, then turn right onto Streeter Road County Road 135 and follow signs to Irigaray and/or Christensen site. From Buffalo travel south on I-25 exit onto Trabing Road County Road 13, travel for approximately 14 miles then exit left onto Irigaray Road and follow signs to the Irigaray site. For access from Gillette, take State Highway 50 south approximately 25 miles exit right onto Black and Yellow Road, travel for approximately 20 miles and follow signs to Irigaray. The Irigaray Project Area is primarily located on private surface land, federal BLM land and a portion located on one section of state-managed land.

The site is accessible year-round on county and private roads which are shared by oil and gas operators and ranchers. Limited services are available from several smaller towns proximal to the site. Primarily, services and personnel are available from Buffalo, Gillette and Casper. Casper and Gillette provide flight services with daily service to Denver, Billings and Salt Lake City. Water is sourced locally at the mine while electrical service is provided by a regional power company.

UEC's mineral holdings in the Irigaray Project Area include two State of Wyoming uranium leases (480 acres) and 92 unpatented lode claims on federally administered minerals (1,840 acres). These mineral holdings comprise 2,320 acres. All payments for all leases and claims are up to date.

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