Uranium Energy Corp. · AMEX:UEC
Uranium Energy — Investor Presentation (October 2022)
54 slides from Uranium Energy's investor presentation, Oct 12, 2022
Slide 1: Largest & Diversified North American Focused Uranium Company
LARGEST & DIVERSIFIED NORTH AMERICAN FOCUSED URANIUM COMPANY Corporate Presentation – October 2022 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 UEC has invested $570 million with the accretive acquisitions of Rosatom’s Uranium One Americas, UEX and Rio Tinto’s Roughrider in last 12-months Over 3x increase of total resources, 2x increase of production capacity Total Resources of 198 M
Slide 4: UEC To Acquire Roughrider from Rio Tinto
UEC To Acquire Roughrider from Rio Tinto Total Consideration of $150 million comprised of $80 M in Cash and $70 M in UEC Stock Athabasca Hub • Uranium Energy Corp and Rio Tinto Agree to a Transaction on the World-Class Development- Lake Athabasca Stage Roughrider Uranium Project in Canada • Cash Por
Slide 5: Roughrider Project Overview
Roughrider Project Overview High-grade uranium deposit in the infrastructure-rich eastern portion of the world class Athabasca uranium district • World-class Project in a Premier Uranium Mining Jurisdiction • Historic resource of 58 million lbs. at an average grade of 4.73% U3O8 • Pre-production wor
Slide 6: 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 Basin. Athabasca Hub Attributable M&I Attributable Inferred U3O8 Resources(1) U3O8 Resources(1) 82 M lbs. 35 M lbs. Lake A
Slide 7: Total Resources of 198 M lbs. U3O8 as M&I and 68 M lbs. Inferred
Total Resources of 198 M lbs. U3O8 as M&I and 68 M lbs. U3O8 as Inferred Largest, Diversified Resource Base in the Western Hemisphere Canadian Portfolio (S-K 1300 compliant)(2) Irigaray Plant – 2.5 M lbs./year licensed capacity Hobson Plant – 2 M lbs./year production capacity Wyoming Hub and Spoke I
Slide 8: 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 9: 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 10: 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 11: 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./year Installed Production Capacity of 2 M lbs./year WY 7 satellite projects 5 satellite
Slide 12: Irigaray Reno Creek ISR Project
Irigaray One of the largest ISR central processing facilities in the U.S. Reno Creek ISR Project The largest permitted, pre- construction ISR uranium project in the U.S. 12 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 13: Irigaray & Christensen Ranch
Irigaray & Christensen Ranch Licensed Capacity of 2.5 M lbs. Per Year 15.5 M lbs. M&I and 0.14 M lbs. Inferred U3O8 Resources(1) • One of the largest ISR central processing facilities in the U.S. Irigaray CPP Christensen Satellite Plant • Plant and infrastructure production ready - four fully instal
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: Texas Hub & Spoke Production Strategy
Texas Hub & Spoke Production Strategy 15 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 16: Hobson Processing Plant
Hobson is fully licensed and permitted The Processing Plant has a 2 M lbs. / yr physical capacity 16 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 17: Burke Hollow ISR Project, South Texas
Burke Hollow ISR Project, South Texas The Newest & Largest ISR Wellfield Being Developed in the U.S. 2022 Production Area Development Plans ✓ Completed the installation of 106 monitor wells for Production Area Authorization 1 (“PAA-1”) ✓ Transitioning into additional exploration and delineation dril
Slide 18: UEC Physical Uranium Portfolio 5.5 M lbs.
UEC Physical Uranium Portfolio The largest inventory position for a U.S. based uranium company Majority of drummed uranium purchased at spot prices below most producers’ mining costs ✓ Bolsters UEC ✓ Provides strategic inventory ✓ Increases the availability of our balance sheet to support future mar
Slide 19: 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 20% of the world needs nuclear4 total electricity produced today1 This is equivalent to removing the Leading research institu
Slide 20: Environmental Social & Governance Program
Environmental Social & Governance Program A Responsible Steward of Our Environment, Protecting Our Employees & Communities Where We Operate UEC ISR URANIUM SUPPORTS ESG ENERGY GOALS: • ISR projects have a low-carbon profile, contributes to “net zero” targets • Uranium fuels safe, clean-air nuclear e
Slide 21: Nuclear Power is Critical to U.S. Energy
Nuclear Power is Critical to U.S. Energy Bi-Partisan Support – All-time high in public support with Democrat and Republican voters now both in favor of nuclear energy Biden Administration wants Congressional approval allowing DOE to purchase $4.3B of domestic uranium, conversion and enrichment - end
Slide 22: UEC At a Glance
UEC At a Glance Member of the Russell 2000® Index Cash, Equity and $173.3 million, no debt Inventory Holdings(1,2,3) UEC Team, Blackrock, Vanguard Group, Avg. Daily Vol. (3-mo) 10,947,745 State Street, Fidelity, Northern Trust, UBS, Top Shareholders CEF Holdings, Sprott, KCR Fund, and Global X Manag
Slide 23: Strengthened Positioning and Liquidity Among Peer Group
Strengthened Positioning and Liquidity Among Peer Group 1 Year Average Daily Traded Value – U.S. Listings ($ M)(4) Cameco $173.6 UEC $43.8 Energy $31.9 Fuels Denison $16.6 NexGen $12.4 Ur-Energy $4.4 Uranium Royalty $3.0 Corp Source: Company filings, FactSet (1) The Company’s press release dated Jun
Slide 24: Years of Combined Experience in the Uranium Industry
840 Years of Combined Experience in the Uranium Industry Amir Adnani Spencer Abraham Scott Melbye Robert Underdown President, CEO, Director Chairman, Board of Directors Executive Vice President VP of Production - Texas An entrepreneur, founding CEO of Served as a U.S. Senator from 1995 to 37 years o
Slide 25: Investment Summary
Investment Summary ▪ Total Resources of 198 M lbs. U3O8 as M&I and 68 M lbs. U3O8 as Inferred(1) ▪ Production ready, low-cost In-Situ Recovery (ISR) mining with the largest resource base of fully permitted ISR projects of any U.S. based producer ▪ Production profile of 6.5 M lbs. U308 per year based
Slide 26: 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 27: Moore Ranch ISR Project
Moore Ranch ISR Project Permitted, Construction Ready 3.21 M lbs. M&I | 0.04 M lbs. Inferred U3O8(1) • Fully permitted for 3 M lbs./yr full processing plant, although will be constructed and operated as a satellite to Irigaray CPP • Delineation drilling and wellfield pattern design complete • Pilot
Slide 28: Palangana ISR Mine First Producing Mine Proof of Concept
HOBSON Palangana ISR Mine Goliad First Producing Mine Proof of Concept Longhorn Salvo Burke Hollow $10M 6 months construction timeline Initial CAPEX Corpus Christi • Low cash cost of $21.77/lb. during Palangana Production operation Ready • Fully permitted incl. expanded mine permit • Received 10-yea
Slide 29: Burke Hollow ISR Project, South Texas
Burke Hollow ISR Project, South Texas Advancing Towards Uranium Extraction 2.32 M lbs. M&I and 4.86 M lbs. Inferred U3O8 Resources(1) ▪ Discovery of six trends since 2012 ▪ Leach amenability testing indicates recovery greater than 90% ▪ ~20,000 acres located ~50 miles from Hobson Processing Plant ▪
Slide 30: 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 31: 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 32: Alto Paraná Titanium Project
Alto Paraná Titanium Project Project Overview ▪ One of the highest-grade and largest-known Ferro- Titanium deposits in the world ▪ Mineral exploration claim of 70,498 hectares ▪ The PEA’s first phase was completed in early 2021 and UEC pilot plant at Alto Parana Resource estimation updated % Ilmenit
Slide 33: Titanium Feedstock Market
Titanium Feedstock Market – TiO2 prices hitting 3-year highs Price of TiO2 Feedstock - ilmenite (USD per tonne)2 $450 $419 $400 $350 ▪ 90% of TiO2 feedstocks (ilmenite) used for pigment $300 UEC acquired +274% manufacturing $250 Alto Paraná $200 ▪ Strong price recovery for ilmenite since 2017, with
Slide 34: Nuclear Energy
Nuclear Energy Clean, Safe, Reliable & Economic Perfect Compliment to Renewable Wind and Solar Saves Lives and Improves Quality of Life 34 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 35: Reactor Demand Significantly Exceeds Primary Production
Reactor Demand Significantly Exceeds Primary Production U.S. Uranium Production Needed to Fill Gap 2022 Demand expected = 189 M lbs. 2022 Production expected = 133 M lbs. 2022 Production gap is 56 M lbs. below requirements Cumulative gap in 2022 & 2023 is > 100 M lbs. Cumulative gap through 2029 is
Slide 36: Robust Nuclear Power Growth
Robust Nuclear Power Growth 36 Global investments in nuclear energy generation are projected to average well over $100 billion per year through mid-century8 426 57 64 3.1% Operable Reactors Units Under New Reactors Connected CAGR Uranium Demand Growth1 Worldwide Construction since 2013 Expected (202
Slide 37: 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 37 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM Source: U.S. Energy Information Administration; Orano Group
Slide 38: 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 likely to change to overfeeding - increasing uranium deman
Slide 39: America's Largest Clean Energy Source
Nuclear Power = Carbon Free - Clean Energy America’s Largest Clean Energy Source The only low carbon energy source that provides scalable, 24-7 baseload power Source: World Nuclear Association – Harmony Program 39 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 40: 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 40 URANIUM ENERGY CORP | N
Slide 41: 2021 Polar Vortex – Nuclear Reliability at 95%
2021 Polar Vortex – Nuclear Reliability at 95% Nuclear 92.5% Geothermal 74.3% Capacity Factor by Energy Source Natural Gas 56.6% in 2020 Hydropower 41.5% Coal 40.2% Wind 35.4% Solar 24.9% Source: U.S. Energy Information Administration 41 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 42: 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 43: Support for Nuclear Energy is Strong and Increasing
Support for Nuclear Energy is Strong and Increasing Favorability to Nuclear Energy 1983-2022 Overall, do you strongly favor, somewhat favor, somewhat oppose the use of • 86% agreed that we nuclear energy as one of the ways to provide electricity in the United States? should renew the license of nucl
Slide 44: Small Modular Reactor (SMR) An Important Emerging Market
Small Modular Reactor (SMR) An Important Emerging Market Small Modular Reactors (SMR’s) 300 SMRs (90 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 45: 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 45 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 46: Utility Procurement Cycle: Old Contracts Rolling Off
Utility Procurement Cycle: Old Contracts Rolling Off…New Contracts Need to be Signed 1.3 Billion Pounds of Contracting needed by 2035! Utility Uncommitted Demand Historic Long-Term Contracting Source: UxC Market Outlook Q3 2022 46 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 47: Bottom Line - Positive Market Outlook
Bottom Line - Positive Market Outlook ✓ Demand Growth – 64 reactors added to grid in past 9 years; 57 reactors under construction – nuclear generation has recovered to pre-Fukushima levels – More new reactors are planned ✓ Strategic Interest Growing in Physical Inventory – Producers, Developers, Fin
Slide 48: Appendix
Appendix 48 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 49: UEC Resource Summary
UEC 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) ('000) (% U3O8) (
Slide 50: Uranium One Americas
Uranium One Americas ▪ Located in Wyoming, U.S. strategic uranium mine region ▪ Development of uranium properties commenced in 1970’s Location, ▪ 2007 – U.S. assets including Wyoming properties acquired from EMC for $1.5B History, Origin ▪ 2010 – Willow Creek and Texas operations, acquired from COGE
Slide 51: 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 Christie Lake - - - 488 1.57% 16.84 Horseshoe-Raven 10,353 0.16% 37.43 - - - Shea Creek 1,009 1.49% 33.18 6
Slide 52: UEC Acquisition of UEX - Doubling of UEC's Underlying Resources
UEC Acquisition of UEX - Doubling of UEC’s Underlying Resources Adds significant uranium resources in a prospective and politically stable mining jurisdiction Pro Forma Texas, Wyoming, Key Locations Texas, Wyoming Athabasca Basin Athabasca Basin Adds breadth to diverse portfolio of assets Reno Creek
Slide 53: Largest Diversified Americas-Focused Uranium Portfolio
Largest Diversified Americas-Focused Uranium Portfolio Combining U.S. Production and Canadian Development Assets Attributable M&I (inclusive) Resources by Geographic Region Kazatomprom Cameco Paladin NexGen Diversified Geographically? Americas Focused? Diversified Geographically? ✓ Americas Focu
Slide 54: Uranium Energy Corp Contact
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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