# EDGAR Filing Document

**Accession Number:** 0001334933
**File Stem:** 0000000000-23-001608
**Filing Date:** 2023-2
**Character Count:** 18868
**Document Hash:** e96a2ea7a61b9d38d272d3236f3ade36
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-001608.hdr.sgml**: 20230606

**ACCESSION NUMBER**: 0000000000-23-001608

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230216

**FILED FOR**: 

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

**FILING VALUES:**
- **FORM TYPE:** UPLOAD

**BUSINESS ADDRESS:**
- **STREET 1:** 500 NORTH SHORELINE BOULEVARD
- **STREET 2:** SUITE 800N
- **CITY:** CORPUS CHRISTI
- **STATE:** TX
- **ZIP:** 78401
- **BUSINESS PHONE:** 361-888-8235

**MAIL ADDRESS:**
- **STREET 1:** 500 NORTH SHORELINE BOULEVARD
- **STREET 2:** SUITE 800N
- **CITY:** CORPUS CHRISTI
- **STATE:** TX
- **ZIP:** 78401
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001437749-22-023256

## Text-Extract

```

United States securities and exchange commission logo

                              February 16, 2023

       Patrick Obara
       Chief Financial Officer
       URANIUM ENERGY CORP
       1030 West Georgia Street, Suite 1830
       Vancouver, British Columbia, Canada V6E 2Y3

                                                        Re: URANIUM ENERGY CORP
                                                            Form 10-K for
Fiscal Year Ended July 31, 2022
                                                            Form 10-Q for
Fiscal Quarter Ended October 31, 2022
                                                            File No. 001-33706

       Dear Patrick Obara:

              We have reviewed your filing and have the following comments. In
some of our
       comments, we may ask you to provide us with information so we may better
understand your
       disclosure.

              Please respond to these comments within ten business days by
providing the requested
       information or advise us as soon as possible when you will respond. If
you do not believe our
       comments apply to your facts and circumstances, please tell us why in
your response.

                                                        After reviewing your
response to these comments, we may have additional comments.

       Form 10-K for Fiscal Year Ended July 31, 2022

       Item 2. Description of Properties, page 28

   1.                                                   Please disclose the
selected point of reference with your summary resource table as
                                                        required by Item 1303
(b)(3)(v) of Regulation S-K, and clarify the commodity price used
                                                        for the Yuty resource.
   2.                                                   For each material
property please include the location, accurate to within one mile, using
                                                        an easily recognizable
coordinate system as required by Item 1304 (b)(1)(i) of Regulation
                                                        S-K.
   3.                                                   For each mineral
resource disclosed in the individual property section of your filing please
                                                        disclose the point of
reference used, the metallurgical recovery factor, and the cut-off
                                                        grade as required by
Item 1304 (d)(1) of Regulation S-K. In addition please include the
                                                        mineral price for
Clarkson Hill and Anderson.
   4.                                                   We note you use a
mineral resource uranium price of $65 per pound for certain properties,
 Patrick Obara
FirstName
URANIUMLastNamePatrick
            ENERGY CORPObara
Comapany16,
February   NameURANIUM
             2023       ENERGY CORP
February
Page  2 16, 2023 Page 2
FirstName LastName
         as compared to $40 per pound for other properties. Please expand your
disclosure to
         explain the reasons for using $65 per pound price as required by Item
1302 (d)(2) of
         Regulation S-K.
5.       We note your disclosure of historical resources beginning on page 143
of your filing.
         Estimated quantities of historical resources are not defined under
Item 1300 of Regulation
         S-K and therefore should be removed from your filing.
6.       Please revise to include a section that includes a description of
internal controls with
         respect to exploration and mineral resource and reserve estimation
efforts as required by
         Item 1305 of Regulation S-K.
Item 9A. Controls and Procedures
Evaluation of Disclosure Controls and Procedures, page 237

7.       We note you do not state a conclusion regarding the effectiveness of
your disclosure
         controls and procedures as of the end of July 31, 2022. Please revise
to disclose
         management   s conclusion with regard to the effectiveness of your
disclosure controls and
         procedures. Refer to Item 307 of Regulation S-K.
Item 15. Exhibits, Financial Statement Schedules
96.6, page 276

8.       It appears that your Wyoming ISR Hub and Spoke project technical
report summary is
         missing several figures. For example it appears Figure 3-1 through
Figure 3-3, Figure 6-2
         through Figure 6-3b, and other figures have been omitted. Please
consult with the
         associated qualified persons to obtain and file revised technical
report summaries that
         includes the omitted figures. To the extent similar information has
been omitted from your
         other technical report summaries that you have filed, advise us of
your assessments in this
         regard, and of any actions that are necessary to similarly resolve.
9.       We note that you have included a section in your technical report
summary titled
         exploration potential. Please consult with your qualified person and
revise this section
         of your technical report summary to comply with Item 1302 (c) of
Regulation S-K. To the
         extent similar information has been included in your other technical
report summaries that
         you have filed, advise us of your assessments in this regard, and of
any actions that are
         necessary to similarly resolve.
10.      We note from Table 10-1 that no recent processing or metallurgical
testing has been
         conducted on material from certain project areas. Please consult with
your qualified
         person and revise to explain how the qualified person determined the
assumed mineral
         extraction process supports mineral resource reporting for these
project areas. To the
         extent similar information has been included in your other technical
report summaries that
         you have filed, advise us of your assessments in this regard, and of
any actions that are
         necessary to similarly resolve.
 Patrick Obara
FirstName
URANIUMLastNamePatrick
            ENERGY CORPObara
Comapany16,
February   NameURANIUM
             2023       ENERGY CORP
February
Page  3 16, 2023 Page 3
FirstName LastName
11.      Please revise to include the qualified person's estimates of cut-off
grades based on
         assumed costs and commodity prices that provide a reasonable basis for
establishing the
         prospects of economic extraction for mineral resources, as required by
Item
         601(b)(96)(iii)(B)(11)(iii) of Regulation S-K. To the extent similar
information has been
         omitted from the your other technical report summaries that you have
filed, advise us of
         your assessments in this regard, and of any actions that are necessary
to similarly resolve.
12.      We note that in section 11.4 of your technical report summary that
your qualified person
         has provided an opinion that as your project contains multiple project
areas in
         different geologic settings and stages of development, it is virtually
impossible to fully
         resolve all issues relating to relevant technical and economic factors
likely to influence the
         prospect of economic extraction. This statement seems to run contrary
to the definition of
         a mineral resource in that, as defined under Item 1300 of Regulation
S-K, a mineral
         resource has a reasonable prospect of economic extraction and with
assumed and
         justifiable technical and economical conditions is likely to become
economically
         extractable. Please explain this statement and revise this section as
necessary. To the
         extent similar information has been included in your other technical
report summaries that
         you have filed, advise us of your assessments in this regard, and of
any actions that are
         necessary to similarly resolve.
Notes to the Consolidated Financial Statements
Note 9: Equity-Accounted Investment, page F-23

13.      We note your equity interest in Uranium Royalty Corp. (   URC   ) has
decreased to 15.5%
         as of July 31, 2022 and further to 15.4% as of October 31, 2022, but
that you continue to
         believe you have the ability to exercise significant influence with
representation on URC   s
         board of directors. Please explain in further detail why you believe
it remains appropriate
         to account for your investment in URC using the equity method of
accounting. As part of
         your response, address how you concluded your ability to exercise
significant influence
         over URC based on the factors in FASB ASC 323-10-15-6 overcame the
presumption
         in FASB ASC 323-10-15-8.
Form 10-Q for Fiscal Quarter Ended October 31, 2022

Note 3: Acquisition of UEX Corporation, page F-11

14.      Please provide a detailed analysis of how you concluded that the UEX
Acquisition was
         the acquisition of assets rather than a business under FASB ASC 805.
        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence of
action by the staff.

       You may contact Jennifer O'Brien, Staff Accountant, at 202-551-3721 or
Shannon
Buskirk, Staff Accountant, at 202-551-3717 if you have questions regarding
comments on the
 Patrick Obara
URANIUM ENERGY CORP
February 16, 2023
Page 4

financial statements and related matters. Please contact John Coleman, Mining
Engineer, at 202-
551-3610 if you have questions regarding the engineering comments.

FirstName LastNamePatrick Obara                           Sincerely,
Comapany NameURANIUM ENERGY CORP
                                                          Division of
Corporation Finance
February 16, 2023 Page 4                                  Office of Energy &
Transportation
FirstName LastName

```

### Attached PDF Documents

**Attachment 1:** `filename1`

DIVISION OF
CORPORATION FINANCE

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

February 16, 2023

Patrick Obara
Chief Financial Officer
URANIUM ENERGY CORP
1030 West Georgia Street, Suite 1830
Vancouver, British Columbia, Canada V6E 2Y3

**Re: URANIUM ENERGY CORP**

**Form 10-K for Fiscal Year Ended July 31, 2022**

**Form 10-Q for Fiscal Quarter Ended October 31, 2022**

**File No. 001-33706**

Dear Patrick Obara:

We have reviewed your filing and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure.

Please respond to these comments within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe our comments apply to your facts and circumstances, please tell us why in your response.

After reviewing your response to these comments, we may have additional comments.

Form 10-K for Fiscal Year Ended July 31, 2022

Item 2. Description of Properties, page 28

1. Please disclose the selected point of reference with your summary resource table as required by Item 1303 (b)(3)(v) of Regulation S-K, and clarify the commodity price used for the Yuty resource.
2. For each material property please include the location, accurate to within one mile, using an easily recognizable coordinate system as required by Item 1304 (b)(1)(i) of Regulation S-K.
3. For each mineral resource disclosed in the individual property section of your filing please disclose the point of reference used, the metallurgical recovery factor, and the cut-off grade as required by Item 1304 (d)(1) of Regulation S-K. In addition please include the mineral price for Clarkson Hill and Anderson.
4. We note you use a mineral resource uranium price of $65 per pound for certain properties,

Patrick Obara
URANIUM ENERGY CORP
February 16, 2023
Page 2

as compared to $40 per pound for other properties. Please expand your disclosure to explain the reasons for using $65 per pound price as required by Item 1302 (d)(2) of Regulation S-K.

5. We note your disclosure of historical resources beginning on page 143 of your filing. Estimated quantities of historical resources are not defined under Item 1300 of Regulation S-K and therefore should be removed from your filing.

6. Please revise to include a section that includes a description of internal controls with respect to exploration and mineral resource and reserve estimation efforts as required by Item 1305 of Regulation S-K.

# Item 9A. Controls and Procedures

# Evaluation of Disclosure Controls and Procedures, page 237

7. We note you do not state a conclusion regarding the effectiveness of your disclosure controls and procedures as of the end of July 31, 2022. Please revise to disclose management's conclusion with regard to the effectiveness of your disclosure controls and procedures. Refer to Item 307 of Regulation S-K.

# Item 15. Exhibits, Financial Statement Schedules

# 96.6, page 276

8. It appears that your Wyoming ISR Hub and Spoke project technical report summary is missing several figures. For example it appears Figure 3-1 through Figure 3-3, Figure 6-2 through Figure 6-3b, and other figures have been omitted. Please consult with the associated qualified persons to obtain and file revised technical report summaries that includes the omitted figures. To the extent similar information has been omitted from your other technical report summaries that you have filed, advise us of your assessments in this regard, and of any actions that are necessary to similarly resolve.

9. We note that you have included a section in your technical report summary titled exploration potential. Please consult with your qualified person and revise this section of your technical report summary to comply with Item 1302 (c) of Regulation S-K. To the extent similar information has been included in your other technical report summaries that you have filed, advise us of your assessments in this regard, and of any actions that are necessary to similarly resolve.

10. We note from Table 10-1 that no recent processing or metallurgical testing has been conducted on material from certain project areas. Please consult with your qualified person and revise to explain how the qualified person determined the assumed mineral extraction process supports mineral resource reporting for these project areas. To the extent similar information has been included in your other technical report summaries that you have filed, advise us of your assessments in this regard, and of any actions that are necessary to similarly resolve.

Patrick Obara
URANIUM ENERGY CORP
February 16, 2023
Page 3

11. Please revise to include the qualified person's estimates of cut-off grades based on assumed costs and commodity prices that provide a reasonable basis for establishing the prospects of economic extraction for mineral resources, as required by Item 601(b)(96)(iii)(B)(11)(iii) of Regulation S-K. To the extent similar information has been omitted from the your other technical report summaries that you have filed, advise us of your assessments in this regard, and of any actions that are necessary to similarly resolve.

12. We note that in section 11.4 of your technical report summary that your qualified person has provided an opinion that as your project contains multiple project areas in different geologic settings and stages of development, it is virtually impossible to fully resolve all issues relating to relevant technical and economic factors likely to influence the prospect of economic extraction. This statement seems to run contrary to the definition of a mineral resource in that, as defined under Item 1300 of Regulation S-K, a mineral resource has a reasonable prospect of economic extraction and with assumed and justifiable technical and economical conditions is likely to become economically extractable. Please explain this statement and revise this section as necessary. To the extent similar information has been included in your other technical report summaries that you have filed, advise us of your assessments in this regard, and of any actions that are necessary to similarly resolve.

Notes to the Consolidated Financial Statements

Note 9: Equity-Accounted Investment, page F-23

13. We note your equity interest in Uranium Royalty Corp. ("URC") has decreased to 15.5% as of July 31, 2022 and further to 15.4% as of October 31, 2022, but that you continue to believe you have the ability to exercise significant influence with representation on URC's board of directors. Please explain in further detail why you believe it remains appropriate to account for your investment in URC using the equity method of accounting. As part of your response, address how you concluded your ability to exercise significant influence over URC based on the factors in FASB ASC 323-10-15-6 overcame the presumption in FASB ASC 323-10-15-8.

Form 10-Q for Fiscal Quarter Ended October 31, 2022

Note 3: Acquisition of UEX Corporation, page F-11

14. Please provide a detailed analysis of how you concluded that the UEX Acquisition was the acquisition of assets rather than a business under FASB ASC 805.

We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff.

You may contact Jennifer O'Brien, Staff Accountant, at 202-551-3721 or Shannon Buskirk, Staff Accountant, at 202-551-3717 if you have questions regarding comments on the

Patrick Obara
URANIUM ENERGY CORP
February 16, 2023
Page 4

financial statements and related matters. Please contact John Coleman, Mining Engineer, at 202-551-3610 if you have questions regarding the engineering comments.

Sincerely,

Division of Corporation Finance
Office of Energy & Transportation