Uranium Energy Corp. · AMEX:UEC
Uranium Energy — Investor Presentation (November 2025)
45 slides from Uranium Energy's investor presentation, November 2025
Slide 1: America's Largest & Fastest Growing Uranium Company
AMERICA’S LARGEST & FASTEST GROWING URANIUM COMPANY Corporate Presentation – November 2025 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: Leading U.S. Uranium Company
Leading U.S. Uranium Company Positioning as the only vertically integrated U.S. company from mining to conversion Leading North American Resource Base IRIGARAY PLANT – WYOMING HUB & SPOKE OPERATIONS America’s Largest, 230.1 M lbs. M&I | 100.0 M lbs. Inferred U3O8 Resources(1) Fastest Growing 175 M l
Slide 4: 2025 Year End Results and Highlights
2025 Year End Results and Highlights Breakthrough Year Transitioning to Uranium Production in Wyoming • Produced ~130,000 pounds of precipitated uranium and dried/drummed Low-Cost U3O8 Production • Total Cost per Pound(1) of $36.41, including Cash Cost(1) of $27.63 and Achieved Non-Cash Cost(1) of $
Slide 5: 2025 Year End Results and Highlights
2025 Year End Results and Highlights Robust Balance Sheet with Unhedged Inventory Position Providing Maximum Upside and Flexibility $321 M • Strong Balance Sheet, with no debt Cash, inventory(1), and • Inventory and Equity Values as of July 31, 2025 equities at market price(2) • $24.5 million of gro
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 Aligned with market needs and American energy dominance policies Designed to give UEC end-to-end capabilities, providing a secure, geopolitically reliable source
Slide 7: Demand for Uranium Significantly Exceeds Primary Production
Demand for Uranium Significantly Exceeds Primary Production Growing demand coupled with underinvestment in uranium has led to a structural supply deficit that is projected to continue and widen through 2045 450 (1) Demand- Call to triple global Projected Production Gap Global Production and Demand(1
Slide 8: Global Pledge To Triple Nuclear Energy by 2050
Global Pledge To Triple Nuclear Energy by 2050 Growing Global Commitment Strong Nuclear Power Outlook(1) 31+ 438 Countries Operable Reactors Worldwide June 2025 World Bank ends decade 140+ + long ban on financing Industry Leading 68 nuclear energy, a New Reactors Connected since momentous shift in g
Slide 9: Domestic Uranium Takes Center Stage with Government Policy and Big Tech Demand
Domestic Uranium Takes Center Stage with Unprecedented Government Policy and Big Tech Demand for Nuclear Power Bipartisan support to re-domesticate the Electricity demand from U.S. data uranium supply chain centers is expected to double by 2028(1) President Trump signs multiple Enters into PPA with
Slide 10: Unprecedented Bipartisan & White House Support
Unprecedented Bipartisan & White House Support Resulting in Investments to Increase Domestic Uranium & Fuel Cycle Supply May 2025 March 2025 Four Executive Orders Represent an July 2024 Executive Order Unprecedented Level of Policy Support to February 2023 “ADVANCE” Act to Increase Revitalize the U.
Slide 11: Strengthening America's Nuclear Fuel Supply Chain
Strengthening America’s Nuclear Fuel Supply Chain to Meet Emerging Demand for Domestic Uranium URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM 11
Slide 12: Bottom of Cycle Acquisitions Creates Largest U.S. Uranium Company
Bottom of Cycle Acquisitions Creates Largest U.S. Uranium Company Positioned for Production Growth UEC Acquisition Timeline and Uranium Spot Price(1) ($/lb) $100.00 Recent U3O8 $90.00 Price Range: UEC acquisition strategy initiated in 2017 $70-80/lb with uranium price at $20 per pound $80.00 $70.00
Slide 13: Largest, Diversified Resource Base in the Western Hemisphere
Largest, Diversified Resource Base in the Western Hemisphere Total Resources of 230.1 M lbs. U3O8 as M&I, 100.0 M lbs. U3O8 as Inferred, 175 M lbs. Historical(3) Athabasca Basin (S-K 1300 compliant)(2) Irigaray Hub and Spoke ISR Portfolio (S-K 1300 compliant)(1,4) Attr. Resources Four Projects are F
Slide 14: Four Production Growth Pillars
Four Production Growth Pillars Complemented by an Extensive Exploration Portfolio Irigaray Central Hobson Central Sweetwater Central Roughrider Conventional Processing Plant Processing Plant Processing Plant Asset 66.2 M lbs. M&I & 15.1 M lbs. 12.96 M lbs. M&I & 9.95 M lbs. 175 M lbs. Pounds U3O8 $9
Slide 15: Irigaray Central Processing Plant Now in Production
Irigaray Central Processing Plant Now in Production 4M lbs/yr 4 17 Licensed Fully Satellite Production Permitted Projects Capacity Projects Irigaray CPP, Wyoming URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM 15
Slide 16: Production Milestone at Irigaray CPP
Production Milestone at Irigaray CPP Expanding Christensen Ranch for Continued Production Growth Produced approx. 130,000 pounds of precipitated uranium and dried and drummed U3O8 as of July 31, 2025 ✓ Successfully commissioned the Irigaray CPP from elution through to packaged product at a Total Cos
Slide 17: Irigaray Permitted, Construction Ready Growth Projects
Irigaray Central Processing Plant Permitted, Construction Ready Growth Projects Reno Creek ISR Project • Largest, permitted, pre-construction ISR project in U.S. • 26.0 M lbs. M&I | 1.5 M lbs. Inferred U3O8(1) • Licensed for 2.0 M lbs./year; Production permits in place • 50 miles by road to Irigaray
Slide 18: Hobson Central Processing Plant
Hobson Central Processing Plant Production Restart Preparations Ongoing 4M lbs/yr 3 5 Licensed Fully Satellite Production Permitted Projects Capacity Projects Hobson CPP, South Texas URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM 18
Slide 19: Burke Hollow Satellite ISR Project 90% Complete
Burke Hollow Satellite ISR Project 90% Complete, America’s Next ISR Mine Targeting November 2025 Completion Date ✓ Positioning for operational start-up in December Drilling at Burke Hollow Drill Rig at Burke Hollow ✓ 6.15 Million lbs. Measured and Indicated Resources, and 4.88 Million lbs. Inferred
Slide 20: Sweetwater Central Processing Plant
Sweetwater Central Processing Plant Third Central Processing Plant Added 4.1M lbs/yr 4 175M Licensed Satellite Pounds in Production Projects Historical(1) Capacity Resources Sweetwater Plant, Wyoming URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM (1) Based upon internal studies and oth
Slide 21: Acquisition of Wyoming Uranium Assets from Rio Tinto
Acquisition of Wyoming Uranium Assets from Rio Tinto ✓ ✓ ✓ ✓ ✓ Creates UEC’s Third U.S. Markedly Extensive Land Package, Highly Invested Asset Significant Scarcity Hub-and-Spoke Accretive Geological Data and Base with Operating Value and Production Platform Resource Growth Exploration Optionality Sy
Slide 22: Sweetwater Uranium Project
Sweetwater Uranium Project Acquisition of Rio Tinto America's Sweetwater Mill and Properties Creates UEC’s 3rd Hub-and-Spoke Production Platform in the U.S. ✓ Added 4.1 million pounds U3O8 per year of licensed production capacity and 175 million pounds of historic resources(1) ✓ Sweetwater Mill, 3,0
Slide 23: Sweetwater Project Added to FAST-41 Transparency Dashboard
Sweetwater Project Added to FAST-41 Transparency Dashboard Provides unmatched flexibility to scale production across the Great Divide Basin. NATRONA CARBON Fremont Crook’s Mountain 28N 97W 28N 96W 28N 95W 28N 94W 28N 93W 28N 92W 28N 91W 28N 90W 28N 89W 220 220 Green Mountain Cyclone Rim 27N 95W 27N
Slide 24: Athabasca Basin, Canada
Athabasca Basin, Canada Scaling-up in the World’s Most Prolific Uranium Mining District Roughrider Project, Athabasca Basin After Cameco and Orano, UEC controls the largest diversified resource base(1), hosted in multiple assets in Canada’s Athabasca and Thelon Basins 109.9Mlbs 68.4Mlbs 1.14M Acres
Slide 25: World Class Roughrider Project Pre-Feasibility Commenced
World Class Roughrider Project Pre-Feasibility Commenced Pre-Feasibility Commenced & Metallurgical Test Work Significantly Advanced ✓ Metallurgical test work significantly advanced with bulk solvent extraction and yellowcake precipitation completed ✓ Initial Economic Assessment demonstrated industry
Slide 26: Roughrider World-Class Mine Plan with Leverage to Uranium Price
Roughrider World-Class Mine Plan with Leverage to Uranium Price Initial Assessment Report Physical Highlights(1)(2) Roughrider Project Financial Estimates based on Uranium Price(1)(2) Avg. LOM Annual Production M lbs U3O8 6.8 Uranium Price Average Annual LOM Production M lbs U3O8 61.2 (US$ / lb U3O8
Slide 27: Roughrider High-quality Asset with Robust Mine Design
Roughrider High-quality Asset with Robust Mine Design URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM 27
Slide 28: Athabasca Growth Portfolio
Athabasca Growth Portfolio Strong Project Pipeline & Strategically Placed Assets Christie Lake • High-grade deposit along Cameco’s McArthur River trend – the only exploration project not controlled by Cameco or Orano • 20.35 M lbs. U3O8 in three existing deposits • Exploration potential: • High-grad
Slide 29: Strong Joint-Venture Partnerships
Strong Joint-Venture Partnerships Partnering with Established Uranium Miners allowing UEC to focus on Near-Term Growth UEC exposure to 44.6 M lbs. Indicated, 18.2 M lbs. Inferred, and 21.5 M lbs. Historical Shea Creek ~ 49.1% Millennium ~ 15.1% Kiggavik ~ 16.9% • Millennium is an advanced uranium pr
Slide 30: Leading Uranium Sector Sustainalytics Score
Leading Uranium Sector Sustainalytics Score ✓ UEC holds the leading Sustainalytics and ISS Quality Score ESG ratings amongst uranium mining companies assessed ✓ UEC is ranked in the top 5th percentile (12th of 231) when assessed on its sustainability practices against global diversified metals and m
Slide 31: UEC At a Glance
UEC At a Glance Cash, Inventory(1) and Member of the Russell 2000® Index $321 million, no debt Equities(2) Average Daily Traded UEC Team, T. Rowe Price Associates, $179 M Value - 3 months(3) Blackrock, Vanguard Group, Mirae Asset Financial Group, State Street, Van Eck Top Shareholders Shares Outstan
Slide 32: Over 900 Years of Combined Experience in the Uranium Industry
Over 900 Years of Combined Experience in the Uranium Industry Amir Adnani Spencer Abraham Scott Melbye Brent Berg Donna Wichers President, CEO, Director Chairman, Board of Directors Executive Vice President Senior VP of U.S. Operations Senior VP - Production Growth An entrepreneur, founding CEO of S
Slide 33: Creating Value by Delivering on a Robust Pipeline
Creating Value by Delivering on a Robust Pipeline 330.1 Million lbs. (230.1 M&I / 100.0 Inf.) Plus 175 Historical(1,2) Exploration Advanced ISR Production Platforms Minority Asset Interests: • Millennium (15.0% interest – operated by Cameco) • Kiggavik (16.9% interest – operated by Orano) Christie L
Slide 34: Uniquely Positioned with 100% Unhedged Production and Growth Pipeline
Uniquely Positioned with 100% Unhedged Production and Significant Growth Pipeline ▪ Goal to become positioned as the only U.S. vertically integrated Company with mining, processing, refining and conversion capabilities ▪ Advancing the Phased Ramp-Up of Low-Cost U.S. ISR operations ▪ 12.1 M lbs of co
Slide 35: Appendix
Appendix URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM 35
Slide 36: UEC U.S. and Paraguay Resource Summary
UEC U.S. and Paraguay Resource Summary(1) Measured Resources Indicated Resources M+I Inferred Exploration Target(2) 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) ('0
Slide 37: 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 38: Fundamentals Favor Significant Price Appreciation
Fundamentals Favor Significant Price Appreciation Prices Still Well Below Previous Highs $160 Spot Daily Long Term $140 $138.00 $78.00(1) $120 $86.00(2) US $/lb U308 $70.00 $100 2011: Fukushima event $80 $60 $40 Financial Crisis $20 Nov 2016: $17.75/lb 12 year low $0 Nov 2005 Nov 2010 Nov 2015 Nov 2
Slide 39: Historical Ux Conversion Prices 1995-2025
Historical Ux Conversion Prices 1995-2025 Ux Conversion Prices, 1995-2025(1) $100.00 $95.00 $90.00 $85.00 $80.00 $75.00 $70.00 $65.00 US$/kgU as UF6 $60.00 $55.00 $50.00 $45.00 $40.00 $35.00 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $0.00 North American (NA) Spot Price Term Prices URANIUM ENERGY CORP
Slide 40: Emerging U.S. Government and SMR Demand for American Uranium
Emerging U.S. Government and SMR Demand for American Uranium UEC and TerraPower announce a memorandum of understanding UEC wins award from the U.S. Department of Energy to supply 300,000 lbs. (“MOU”) with the objective of reestablishing domestic supply chains of U3O8 to the strategic uranium reserve
Slide 41: The Environmentally Friendly In-Situ Recovery Method
The Environmentally Friendly In-Situ Recovery Method VISIT OUR WEBSITE ISR is considered considerably more environmentally friendly compared to alternative, traditional mining approaches, as the ISR process does FOR MORE INFORMATION not require blasting or waste rock movement, resulting in less dama
Slide 42: In-Situ Recovery Overview
In-Situ Recovery Overview Low Cost & Environmentally Friendly Watch In Situ Recovery how the (ISR) Technology works Watch how the In Situ Recovery (ISR) Technology works ClickHere ClickHere URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM 42
Slide 43: UEC's Role in the Nuclear Energy Value Chain
UEC's Role in the Nuclear Energy Value Chain In-Situ Recovery Enrichment Reactors Electrical Users Uranium ore is extracted from the ground. UEC uses the cost- The utility that purchases our Nuclear reactors, which use the End users receive safe, effective and environmentally friendly in-situ recove
Slide 44: 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
Slide 45: 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 uranium concentrates from extraction (a component of inve
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