Uranium Energy Corp. · AMEX:UEC
Uranium Energy — Investor Presentation (November 2023)
58 slides from Uranium Energy's investor presentation, November 2023
Slide 1: Largest & Diversified North American Focused Uranium Company
LARGEST & DIVERSIFIED NORTH AMERICAN FOCUSED URANIUM COMPANY Corporate Presentation – November 2023 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 2: Disclaimer
Disclaimer Statements contained in this presentation which are not historical facts are forward-looking statements that involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that
Slide 3: Fastest Growing, 100% Unhedged Pure Play Uranium Company
Fastest Growing, 100% Unhedged Pure Play Uranium Company North American Resource & Infrastructure $566 Million Rosatom’s Uranium One Americas, UEX, Rio Tinto’s Roughrider Project, and Accretive Acquisitions(1) a portfolio of Canadian uranium exploration projects from Rio Tinto HOBSON PLANT – TEXAS H
Slide 4: Total Resources of 226.2 M lbs. U3O8 as M&I and 102.7 M lbs. Inferred
Total Resources of 226.2 M lbs. U3O8 as M&I and 102.7 M lbs. U3O8 as Inferred Largest, Diversified Resource Base in the Western Hemisphere Saskatchewan Portfolio (S-K 1300 compliant)(2) Nunavut Attr. Resources (M lbs.) Project Name M&I Inferred Hub and Spoke ISR Portfolio (S-K 1300 compliant)(1) Sas
Slide 5: Creating Value by Delivering on our Pipeline
Creating Value by Delivering on our Pipeline 328.9 Million lbs. (226.2 M&I / 102.7 Inf.)(1) Resource Expansion Advanced Production-Ready UEC-Operated Athabasca Joint Athabasca Projects Ventures 65.3 Mlb. M&I 44.6 Mlb. M&I 52.9 Mlb. Inf. 18.2 Mlb. Inf. Wyoming Hub & Spoke ISR Portfolio Arizona Paragu
Slide 6: Fundamentals Favor Significant Price Appreciation
Fundamentals Favor Significant Price Appreciation – Prices Still Well Below Previous Highs and Global Production Cost Spot Daily Long Term $160 $140 $138.00 $120 2005: US $/lb U308 Major Mine Disruptions $70.00 $76.90(1) $100 (Cigar Lake, McArthur River) 2011: (2) Fukushima event $65.00 $80 $60 $40
Slide 7: UEC Wins Award from the U.S. DOE to Supply 300,000 lbs. U3O8
UEC Wins Award from the U.S. Department of Energy to Supply 300,000 lbs. U3O8 to the Strategic Uranium Reserve at a 20% Premium (Based on Spot Market Price At the Time) UEC U.S. domestic production pipeline with permitted Texas and Wyoming assets • The U.S. Strategic Uranium Reserve was originally d
Slide 8: Physical Portfolio - North American Warehoused Uranium
Physical Portfolio - North American Warehoused Uranium Bolsters UEC balance sheet and provides strategic inventory Spot market sales of FY 2023 3,150,000 (YE July 31, 2023) pounds of uranium Gross Profits of $49.60 $163.95 Million million Record Revenue from spot uranium market Weighted sales(1) Ave
Slide 9: U.S. ISR Production Platform
U.S. ISR Production Platform 7 Fully Permitted Projects in Texas and Wyoming Texas Hub 9.1 M lbs. M&I | 9.9 M lbs. Inferred U3O8 Texas Hobson Processing Plant Goliad Project Athabasca City Basin Salvo Burke Hollow Uranium Belt Wyoming Longhom 0 25 50mi Corpus Christi Arizona Palangana Warehoused Inv
Slide 10: In-Situ Recovery (ISR) Overview
In-Situ Recovery (ISR) Overview Low Cost & Environmentally Friendly Watch how the In Situ Recovery (ISR) Technology works Click Here URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 11: UEC Acquires Uranium One Americas for $112 Million Cash
UEC Acquires Uranium One Americas for $112 Million Cash Transformative Acquisition Creating America’s Leading Uranium Mining Company Highly Accretive Positioned to lead Proven Production Resource Transaction resurgence of U.S. with Significant Past Expansion uranium production Investment Potential •
Slide 12: Texas & Wyoming Hub & Spoke Platform Fully Permitted
Texas & Wyoming Hub & Spoke Platform Fully Permitted Wyoming Hub & Spoke Texas Hub & Spoke ISR Portfolio ISR Portfolio Irigaray Processing Plant Hobson Processing Plant Licensed Production Capacity of 2.5 M lbs./yr Licensed Production Capacity of 4 M lbs./yr WY (Plans to increase to 4 M lbs./year li
Slide 13: Irigaray & Christensen Ranch
Irigaray & Christensen Ranch Licensed Capacity of 2.5 M lbs. Per Year (Plans to increase to 4 M lbs./year licensed capacity) 15.50 M lbs. Indicated and 0.14 M lbs. Inferred U3O8 Resources(1) July 2023: UEC Completes Restart Program at the Christensen Ranch ISR Project in Wyoming ✓ Steps for operatio
Slide 14: Reno Creek ISR Project
Reno Creek ISR Project The largest permitted, pre-construction ISR uranium project in the U.S. 26 M lbs. M&I | 1.5 M lbs. Inferred U3O8(1) • 45 miles by road from Irigaray Central Processing Plant • Licensed for 2 M lbs./year • Significant CAPEX savings expected • Considerable ISR exploration and ex
Slide 15: Ludeman ISR Project
Ludeman ISR Project Permitted, Construction Ready 9.7 M lbs. M&I | 1.3 M lbs. Inferred U3O8(1) Irigaray North Butte Christensen Ranch Cameco • Most of the project area was held by Power Resources (Cameco) until 2003, after which Energy Metals (precursor to U1A) acquired the properties Moore Ranch •
Slide 16: Texas Hub & Spoke Production Strategy
Texas Hub & Spoke Production Strategy 16 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 17: Hobson CPP is fully licensed and permitted 4 M lbs./year
Hobson CPP is fully licensed and permitted 4 M lbs. /year Licensed Production Capacity 17 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 18: Burke Hollow ISR Project, South Texas
Burke Hollow ISR Project, South Texas The Newest & Largest ISR Wellfield Being Developed and Discovered in the U.S. July 2023: Advancing development of two Production Areas (PA-1 and PA-2) towards the extraction phase ✓ Drilling at PA-2: Five drilling rigs incl. the final design and installation of
Slide 19: Burke Hollow ISR Project, South Texas
Burke Hollow ISR Project, South Texas • Discovery of six trends since 2012 • Leach amenability testing Advancing indicates recovery >90% Towards Uranium • ~20,000 acres Extraction • ~50 miles from Hobson CPP • 50% of the property unexplored • Mine Production Area Final Permits • Two Class I disposal
Slide 20: Palangana ISR Mine First Producing Mine Proof of Concept
HOBSON Palangana ISR Mine Goliad First Producing Mine Proof of Concept Salvo Longhorn Burke Hollow July 2023: Advancing the fully permitted, past producing Palangana project for production re-start Corpus Christi ✓ Drilling commenced at Production Area-4 (PA-4) ✓ 30 delineation holes completed, guid
Slide 21: Scaling Up in Canada's High-Grade Athabasca Basin
Scaling Up in Canada’s High-Grade Athabasca Basin After Cameco and Orano, UEC now controls the largest diversified resource base, hosted in multiple assets in Canada’s Athabasca and Thelon Basins Attributable M&I 109.9 M lbs. U3O8 Resources (1) Attributable Inferred 71.0 M lbs. U3O8 Resources (1) La
Slide 22: UEC Acquired the Roughrider Project from Rio Tinto
UEC Acquired the World-Class Development-Stage Roughrider Project from Rio Tinto Total Consideration of $146.2 million ($82.1 M in Cash and $64.1 M in UEC Stock)1 • New S-K 1300 resource estimate(2) • 27.8 M lbs. Indicated resources grading 3.25% U3O8 in 389,000 tonnes and 36.0 M lbs. Inferred resou
Slide 23: Advancing the Roughrider Project
Advancing the Roughrider Project 100% Owned, Highest Grade, Advanced Uranium Project, Licensed for Toll Milling May 2023: Commencing S-K 1300 Initial Assessment Economic Study and Environmental Baseline Program - Drilling to start in fall 2023 • Significant prior investment by Rio Tinto and Hathor -
Slide 24: UEC Acquired A Portfolio of Canadian Uranium Exploration Projects from Rio Tinto
UEC Acquired A Portfolio of Canadian Uranium Exploration Projects from Rio Tinto Total Consideration of C$1.5 million Cash1 • 60% in the Henday JV Project • 100% of the Milliken Project • 50% in the Carswell JV Project • UEC’s Athabasca land portfolio of 1,136,083 acres (459,757 Ha) for exploration
Slide 25: UEC Advances Christie Lake in 2023
UEC Advances Christie Lake in 2023 New High-Grade Deposit Along Trend From McArthur River • Christie Lake is the only exploration project not controlled by Cameco and Orano along McArthur River – Cigar Lake Corridor • 20.35 M lbs. U3O8 in three existing deposits before the discovery of Sakura Zone i
Slide 26: Christie Lake 2023 Program
Christie Lake 2023 Program Focused on Expanding Sakura Zone • Sakura represents new mineralization that exploits a new trend at Christie Lake • Primary focus was follow-up & expansion of new Sakura Zone mineralization • First hole of 2023 winter program intersected 23.2% eU3O8 over 3.4 m, follow-up
Slide 27: Strong Joint-Venture Partnerships
Strong Joint-Venture Partnerships Established Uranium Miners as Operators Allows UEC to Focus on Growth Shea Creek – ~50.9% Owner and Operator Millennium – 69.9% Owner and Operator Kiggavik – ~66.2% Owner and Operator Millennium is a Feasibility Study stage project located Shea Creek between Cameco’
Slide 28: U.S. Conventional Mining
U.S. Conventional Mining Anderson Project – Arizona A Large U.S. S-K 1300 Compliant Resource(1) Resource ▪ Indicated Resource: 32.05 M lbs. within 16.17 Mt, avg. grade of 0.099% 8,268 Acres Project located ~75 miles northwest of Phoenix, AZ Between 1955-1958 with ~$40M spent by previous operators, i
Slide 29: UEC At a Glance
UEC At a Glance Member of the Russell 2000® Index Cash, Equity(1) and $192.3 million, no debt Inventory Holdings (2) UEC Team, Blackrock, Vanguard Group, State Street, Fidelity, Northern Trust, UBS, CEF Avg. Daily Vol. (3-mo) 7,335,778 Top Shareholders Holdings, Sprott, KCR Fund, Global X Management
Slide 30: Years of Combined Experience in the Uranium Industry
865 Years of Combined Experience in the Uranium Industry Amir Adnani Spencer Abraham Scott Melbye Robert Underdown Donna Wichers President, CEO, Director Chairman, Board of Directors Executive Vice President VP of Production - Texas VP of Wyoming Operations An entrepreneur, founding CEO of Served as
Slide 31: Investment Summary
Investment Summary ▪ Total resources of 328.9 M lbs. U3O8 (226.2 M&I / 102.7 Inf.)(1) ▪ Two Central Processing Plants in Wyoming and Texas with the largest resource base of fully permitted ISR projects of any U.S. based producer ▪ Advancing the High-grade Roughrider Project with Initial Assessment E
Slide 32: ISR District Opportunity in Paraguay
ISR District Opportunity in Paraguay Similar geology as South Texas and leveraging ~$50M of historic exploration work by Anschutz and Cameco, including new work completed by UEC. Project Historic Operator Stage SK-1300 Resource (M lbs) Yuty Cue Resources / Exploration / 8.96 M lbs. in 9.074 Mt gradi
Slide 33: World-Class High Titania Slag Project
World-Class High Titania Slag Project World-class ilmenite deposit • Large High-Grade Resource ~ 3.6 billion tonnes grading 7.3% TiO2 • Surface deposit, extensive lateral grade and consistency • Base case 150ktpa slag utilises < 0.2% of Regional Resource per year Amongst the Highest-grade & Largest
Slide 34: S-K 1300 Exceptional Indicative Economic Highlights
S-K 1300 Exceptional Indicative Economic Highlights Base Case Stretch Case 150ktpa high titania slag & 500ktpa high titania slag & 100ktpa pig iron 320ktpa pig iron NPV8% US$419m Post-Tax US$1,554m 21% IRR 25% 4.7 years Real, Post-Tax Payback 4.2 years 23 years < 4.2% Regional resource used < 14.5%
Slide 35: Emergence of a World-Class High Titania Slag Producer
Emergence of a World-Class High Titania Slag Producer Exceptional Progress to Date 2008-2011 2012-2015 2016-2019 2020-2023 2008 – Discovered Mintek Smelter test TiO2 slag Optioned by UEC TZMI TRS & Economic Pilot Plant & HMC production PEA & NI 43-101 Resource Revised NI 43-101 Resource Analysis Str
Slide 36: Alto Paraná Titanium Development Strategy
Alto Paraná Titanium Development Strategy Salient Points Low-cost hydro mining and ▪ Fully integrated and powered by renewable energy progressive rehabilitation ▪ Low-cost mining operation ▪ Proven conventional process producing an ilmenite smelter feed ▪ Arc furnace/s to produce a high titania slag
Slide 37: Investing in UEC Supports ESG Goals and a Low Carbon Future
Investing in UEC Supports ESG Goals and a Low Carbon Future Nuclear is the largest carbon-free electricity To achieve net zero by 2050, source in the U.S., uranium is fueling ~18% of the world needs nuclear4 total electricity produced today1 This is equivalent to removing the Leading research instit
Slide 38: Nuclear Energy
Nuclear Energy Clean, Safe, Reliable & Economic Perfect Compliment to Renewable Wind and Solar Saves Lives and Improves Quality of Life 38 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 39: Reactor Demand Significantly Exceeds Primary Production
Reactor Demand Significantly Exceeds Primary Production U.S. Uranium Production Needed to Fill Gap 2023 Global(1) 2023 U.S. Demand – 44.4 M lbs. (2) Former Soviet Union Production Region:(2) Demand expected ~ 195 M lbs. Kazakhstan - 54.6 M lbs. Production expected ~ 143 M lbs. Uzbekistan – 8.8 M lbs
Slide 40: Robust Nuclear Power Growth
Robust Nuclear Power Growth – 40 More Than a Doubling of Nuclear Generation by 205011 Global investments in nuclear energy generation are projected to average well over $100 B per year through mid-century8 437 63 69 4.1% Operable Reactors Units Under New Reactors Connected CAGR Uranium Demand Growth
Slide 41: U.S. Close to Banning Russian Uranium
U.S. Close to Banning Russian Uranium Oct 25, 2023 – The White House sent a request to Congress for supplemental appropriations for “critical domestic needs,” which includes funding to “strengthen our energy independence.” “This is a national security priority as dependence on Russian sources of ura
Slide 42: U.S. Bipartisan Legislation (Pending)
U.S. Bipartisan Legislation (Pending) The Bipartisan Amendment of U.S. National Defense Nuclear Fuel Security Act Approved by House Energy Authorization Act for Fiscal Year 2024 Approved(1) and Commerce Subcommittee(2) July 31, 2023 - The US Senate has voted by 96-3 to approve legislation that Oct 2
Slide 43: Nuclear Power is Critical to U.S. Energy
Nuclear Power is Critical to U.S. Energy Largest Source of Carbon-Free Power Generation and Electricity Virtually No U.S. Uranium Production - Despite operating the world’s largest nuclear reactor fleet Bi-Partisan Support – Aug 1, 2023: U.S. Senators introduced a bi-partisan resolution supporting n
Slide 44: Reversal of Early Retirements - Plant Life Extensions - Uprates
Reversal of Early Retirements - Plant Life Extensions - Uprates • Nuclear phase-outs or reductions are being abandoned • License renewals – Operational extensions to 80 years • Power uprates – Equivalent to 8 new, large-scale reactors in the U.S. alone 44 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | U
Slide 45: Global Approval for Nuclear Power Continues to Grow
Global Approval for Nuclear Power Continues to Grow EU Taxonomy Includes Nuclear as an Environmentally Sustainable Investment 45 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM Source: U.S. Energy Information Administration; Orano Group
Slide 46: Global Supply & Demand
Global Supply & Demand Existing Primary Production + Secondary Market Supply ▪ Inventory overhang drawing down more rapidly than expected ▪ Secondary supply from Russia to western nations will be reduced/ eliminated ▪ Enrichment underfeeding is changing to overfeeding- increasing uranium demand ▪ Ne
Slide 47: Nuclear Emits the Lowest CO2 Emissions Over Lifecycle of a Power Plant
Nuclear Emits the Lowest CO2 Emissions Over Lifecycle of a Power Plant Source: TradeTech Uranium Market Study 2023: Issue 3 47 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 48: Nuclear Power = Safest Form of Electricity Generation
Nuclear Power = Safest Form of Electricity Generation “Nuclear energy is the safest of all the electricity technologies we have.” - Patrick Moore, former director of Greenpeace(1) © 2019 Source: World Nuclear Association – Harmony Program (1) Nuclear NewsWire July 13, 2022 48 URANIUM ENERGY CORP | N
Slide 49: 2022 Polar Vortex – Nuclear Reliability at 93%
2022 Polar Vortex – Nuclear Reliability at 93% Nuclear 92.6% Capacity Factor by Natural Gas 61.7% Energy Source in 2022 Coal 49.3% Hydropower 37.4% Wind 36.1% Solar 24.8% Source: Stout bit.ly/3Qrop2v 49 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 50: Nuclear Power = Lowest Levelized Cost of Electricity
Nuclear Power = Lowest Levelized Cost of Electricity For Extended Life Plants vs any Other Source Most nuclear plants in the U.S. have or will extend their operational lives by at least 20 - 40 years1 80 years Second license renewals will extend carbon-free production to 80-years3 more than 3x the u
Slide 51: Support for Nuclear Energy is Strong and Increasing
Support for Nuclear Energy is Strong and Increasing Public favors nuclear for reliability, clean air, energy security, energy independence Favorability to Nuclear Energy 1983-2023 • 76% of the public favored nuclear energy Public Support for Nuclear Energy Stays at Record Level For Third Year in a R
Slide 52: Small Modular Reactor (SMR) An Important Emerging Market
Small Modular Reactor (SMR) An Important Emerging Market Small Modular Reactors (SMR’s) 300 SMRs (99 GWe of Scalable, factory-built, smaller footprint, nuclear power) expected flexible operations, manageable investments, to be added to the U.S. cost competitive, unique applications grid over the nex
Slide 53: Restricted Primary Supply 2016 – 2035
Uranium Supply Removed from the Market Restricted Primary Supply 2016 – 2035 Sequestered, Suspended, Covid, Operational & Depletion Reductions © 2019 Source: TradeTech, October 2022 53 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 54: Old Contracts Rolling Off…New Contracts Need to be Signed
Utility Procurement Cycle: Old Contracts Rolling Off…New Contracts Need to be Signed 1.24 Billion Pounds of Contracting needed by 2035! Utility Uncommitted Demand Historic Long-Term Contracting Source: UxC Market Outlook Q3 2023 54 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 55: Bottom Line - Positive Market Outlook
Bottom Line - Positive Market Outlook ✓ Demand Growth – 69 reactors added to the grid in the past 10 years; 60 reactors are under construction – nuclear generation has recovered to pre-Fukushima levels – More new reactors are planned ✓ Strategic Interest Growing in Physical Inventory – Producers, De
Slide 56: Appendix
Appendix 56 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 57: 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 389 5.91 27.84 359 8.36 36.04 Christie Lake - - - 488 1.57% 16.84 Horseshoe-Raven 10,353 0.16% 3
Slide 58: 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 Investor Relations: Bruce J. Nicholson President and CEO: Amir Adnani Executive Vice President Sc
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