Slide 1: America's Largest & Fastest Growing Uranium Company
AMERICA’S LARGEST & FASTEST GROWING URANIUM COMPANY Building America’s Only Vertically Integrated Fuel Supply Chain, from Mining to Conversion to Support U.S. Enrichment Fiscal 2026 First Quarter Results December 10, 2025 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 2: Disclaimer
Disclaimer Except for the statements of historical fact contained in this presentation, the information presented in this presentation constitutes “forward-looking statements” as such term is used in applicable United States and Canadian securities laws. They include, among others, statements regard
Slide 3: Results for First Quarter of Fiscal 2026
Results for First Quarter of Fiscal 2026 Building America’s Only Vertically Integrated VERTICAL INTEGRATION Uranium Fuel Supply Chain, from Mining to Conversion, Supporting U.S. Enrichment Increasing Production Through Construction of New GROWING PRODUCTION Low-Cost In-Situ Recovery Capacity in Wyom
Slide 4: First Quarter 2026 Highlights
First Quarter 2026 Highlights • Total Cost per Pound(1) of $34.35, including Cash Cost per Pound(1) of $29.90 and Non- Maintained Low- Cash Cost per Pound(1) of $4.45 on 68,612 pounds of precipitated uranium and dried and Cost Production drummed U3O8 • Irigaray plant upgrades completed to support 24
Slide 5: First Quarter 2026 Financial Highlights
First Quarter 2026 Financial Highlights Strong Balance Sheet with Strategic Inventory Buildup Ahead of Section 232 Decision $698 M 1.36 M 100% Cash, inventory(1)(2), and Pounds of U₃O₈ in inventory(1) equities(2) at market price Unhedged • Robust Balance Sheet, • Inventory excludes • Building 100% u
Slide 6: Launch of United States Uranium Refining & Conversion Corp
Launch of United States Uranium Refining & Conversion Corp Positioning UEC as the only vertically integrated U.S. company from U3O8 to UF6 Launched new business line, designed to give UEC end-to- end capabilities, providing a secure, geopolitically reliable source of uranium hexafluoride. Completed
Slide 7: Four Production Growth Pillars
Four Production Growth Pillars Scalable Hub-and-Spoke Platforms with Robust Development Portfolio Irigaray Central Hobson Central Sweetwater Central Roughrider Project Processing Plant Processing Plant Processing Plant U.S. ISR Operations U.S. ISR Operations U.S. ISR & Conventional Development Canad
Slide 8: Powder River Basin, Wyoming, Hub-and-Spoke Operations: Irigaray & Christensen
Powder River Basin, Wyoming, Hub-and-Spoke Operations Expanding Production Capacity at Irigaray CPP & Christensen Ranch Continued Ramp Up while Maintaining Low-Cost Production ✓ Accumulated production of ~199,000 pounds of precipitated uranium and dried and drummed U3O8 from Christensen Ranch, as of
Slide 9: Development Commenced at the Ludeman Satellite Project
Powder River Basin, Wyoming, Hub-and-Spoke Operations Development Commenced at the Ludeman Satellite Project Company’s Second Satellite Project at Irigaray Hub-and-Spoke Operations ✓ 9.7 Million lbs. Measured and Indicated Resources, and 1.3 Million lbs. Inferred resources.(1) ✓ Fully licensed and p
Slide 10: Burke Hollow Satellite ISR Project Nears Operational Status
South Texas Hub-and-Spoke Operations Burke Hollow Satellite ISR Project Nears Operational Status Construction Substantially Completed at America’s Newest ISR Project ✓ 6.15 Million lbs. Measured and Indicated Resources, and 4.88 Million lbs. Inferred resources.(1) ✓ Construction of the Burke Hollow
Slide 11: Unprecedented Bipartisan & White House Support
Unprecedented Bipartisan & White House Support Investments in Nuclear, Domestic Uranium and Fuel Cycle Supply October November U.S. government U.S. – Japan U.S. government signs $80B Agreement includes designates investment into new $25B investment Uranium as a domestic nuclear into SMRs & data crit
Slide 12: Step Change Quarter Establishing America's Only Vertically Integrated Uranium Company
Step Change Quarter Establishing America’s Only Vertically Integrated Uranium Company ▪ Ramp-up of low-cost production on track ▪ Irigaray plant upgrades to enable 24/7 operations ▪ Major expansion of ISR production in Wyoming including at Christensen Ranch and Ludeman ▪ Burke Hollow nears operation
Slide 13: Uranium Energy Corp
URANIUM ENERGY CORP Toll Free: (866) 748-1030 info@uraniumenergy.com www.uraniumenergy.com Corporate Office 500 North Shoreline Ste. 800N Corpus Christi, TX 78401 Tel: (361) 888-8235 Fax: (361) 888-5041 President and CEO: Amir Adnani Executive Vice President Scott Melbye Investor Relations: Bruce J.
Slide 14: Appendix
Appendix URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM 14
Slide 15: UEC U.S. and Paraguay Resource Summary
UEC U.S. and Paraguay Resource Summary(1) Measured Resources Indicated Resources M+I Inferred Exploration Target Historic** PROJECTS Tons Grade lbs. U3O8 Tons Grade lbs. U3O8 lbs. U3O8 Tons Grade lbs. U3O8 Tons Grade lbs. U3O8 Tons Grade lbs. U3O8 ('000) (% U3O8) ('000) ('000) (% U3O8) ('000) ('000)
Slide 16: Canadian Attributable Resource Summary
Canadian Attributable Resource Summary S-K 1300 Resources (1) Project Indicated Resources Inferred Resources Tonnes Grade M lbs. Tonnes Grade M lbs. (000's) (% U3O8) U3O8 (000's) (% U3O8) U3O8 Roughrider 699 1.81 27.86 619 2.45 33.38 Christie Lake - - - 488 1.57% 16.84 Horseshoe-Raven 10,353 0.16% 3
Slide 17: Non-GAAP Measures
Non-GAAP Measures This presentation includes reference to "Total Cost per Pound", “Cash Cost per Pound” and “Non-Cash Cost per Pound”, which do not have standardized meanings under GAAP. We define (i) Total Cost Per Pound as the addition to in-process inventory and uranium concentrates from extracti