Uranium Energy Corp. · AMEX:UEC
Uranium Energy — Investor Presentation (February 2023)
59 slides from Uranium Energy's investor presentation, February 2023
Slide 1: Largest & Diversified North American Focused Uranium Company
LARGEST & DIVERSIFIED NORTH AMERICAN FOCUSED URANIUM COMPANY Corporate Presentation – February 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 $570 Million Accretive acquisitions of Rosatom’s Uranium One Americas, Accretive Acquisitions UEX and Rio Tinto’s Roughrider 198.4 M lbs. M&I Over 3x increase of total resources, 4x increase of 67.7 M lbs. Inferred production capacity. Resourc
Slide 4: UEC Wins DOE Award to Supply 300,000 lbs. U3O8
UEC Wins Award from the U.S. Department of Energy to Supply 300,000 lbs. U3O8 at $59.50/lb. to the Strategic Uranium Reserve UEC U.S. domestic production pipeline • The U.S. Strategic Uranium Reserve was originally with permitted TX and WY assets designed as a 10-year, $1.5 billion program • Plan to
Slide 5: Sanctions on Uranium Imports from Russia
Sanctions on Uranium Imports from Russia On Feb 7, 2023 - The U.S. House Energy and Commerce Committee’s Legislative On Feb 2, 2023 - The European Parliament hearing discussed introduced legislation: passed a resolution with 489 votes in favour that: “To prohibit the importation into the United “cal
Slide 6: Staged Production Growth
Staged Production Growth Resource Expansion Advanced Production-Ready Wyoming Hub & Spoke ISR Portfolio Eastern Athabasca Western Athabasca 37.4 Mlb. M&I 16.8 Mlb. Inf. 33.2 Mlb. M&I 13.8 Mlb. Inf. Other Canadian Joint Ventures Texas Hub & Spoke ISR Portfolio Paraguay 11.4 Mlb. M&I 9.0 Mlb. M&I 4.4
Slide 7: Physical Uranium Portfolio 5.8 M lbs.
Physical Uranium Portfolio Majority of drummed uranium purchased at spot prices below most producers’ mining costs ✓ Bolsters UEC balance sheet ✓ Provides strategic inventory as uranium prices appreciate to support M&A activities and and generates profits responsiveness to sales opportunities U.S. w
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 Licensed Production Capacity of 4 M lbs./year WY 7 satellite projects 5 satellite p
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 is fully licensed and permitted
Hobson is fully licensed and permitted The Processing Plant has 4 M lbs. /year Licensed Production 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 d
Slide 18: 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 82.0 M lbs. U3O8 Resources (1) Attributable Inferred 35.0 M lbs. U3O8 Resources (1) Do
Slide 19: UEC Acquired Roughrider from Rio Tinto
UEC Acquired Roughrider from Rio Tinto Total Consideration of $146.2 million ($82.1 M in Cash and $64.1 M in UEC Stock)1 • Uranium Energy Corp and Rio Tinto Roughrider Project completed transaction on the World-class McClean Lake Mill development-stage Roughrider Uranium Project in Canada • Historic
Slide 20: 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 (1) Millennium resources as reported by Cameco on their website at https://www.cam
Slide 21: 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 • Pre-production work includes shaft and decline modelling, geotechnical drilling and monitor
Slide 22: UEC To Advance Christie Lake in 2023
UEC To Advance 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 Million lb. U3O8 in three existing deposits before discovery of Sakura Zon
Slide 23: Christie Lake 2023 Program
Christie Lake 2023 Program Focused on Expanding Sakura Zone • Sakura represents a new parallel trend to previous zones • Primary focus to follow up & expand Sakura Zone mineralization • First hole of 2023 winter program intersects 23.2% eU3O8 over 3.4 m • Approx $4.8 million exploration program Saku
Slide 24: 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 instit
Slide 25: 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 2005: Major Mine $120 Disruptions US $/lb U308 (Cigar Lake, $70.00 McArthur $100 River) 2011: $53.00 Fukushima event $80 $51.85 $60 $40 $20 Fin
Slide 26: UEC At a Glance
UEC At a Glance Member of the Russell 2000® Index Cash, Equity and $110.5 million, no debt Inventory Holdings(1,2,3) UEC Team, Blackrock, Vanguard Group, Avg. Daily Vol. (3-mo) 8,151,565 State Street, Fidelity, Northern Trust, UBS, Top Shareholders CEF Holdings, Sprott, KCR Fund, Global X Management
Slide 27: Strengthened Positioning and Liquidity Among Peer Group
Strengthened Positioning and Liquidity Among Peer Group 1 Year Average Daily Traded Value – U.S. Listings ($ M)(1) Cameco $171.0 UEC $45.9 Energy Fuels $24.7 NexGen $11.5 Denison $9.9 Ur-Energy $2.6 Uranium Royalty Corp $1.8 Source: FactSet (1) Based on last 1 year of trading across U.S. listings 27
Slide 28: 840 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 39 years o
Slide 29: Investment Summary
Investment Summary ▪ Total resources of 266.1 M lbs. U3O8 (198.4 M&I / 67.7 Inf.)1, set to increase upon completion of the pending Roughrider report ▪ 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 ▪
Slide 30: 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 31: 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 32: 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 33: 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 34: 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 35: 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 36: Nuclear Energy
Nuclear Energy Clean, Safe, Reliable & Economic Perfect Compliment to Renewable Wind and Solar Saves Lives and Improves Quality of Life 36 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 37: Reactor Demand Significantly Exceeds Primary Production
Reactor Demand Significantly Exceeds Primary Production U.S. Uranium Production Needed to Fill Gap 2023 Demand expected ~ 194 M lbs. 2023 Production expected ~ 143 M lbs. 2023 Production gap is > 50 M lbs. below requirements Cumulative gap in 2030 is ~345 M lbs. and ~454 M lbs. by 2032 Source: UxC M
Slide 38: Robust Nuclear Power Growth
Robust Nuclear Power Growth – 38 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 438 58 66 3.1% Operable Reactors Units Under New Reactors Connected CAGR Uranium Demand Growth
Slide 39: 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 – All-time high support with Democrats and Republicans now both in favor of nuc
Slide 40: 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 40 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | U
Slide 41: 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 41 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM Source: U.S. Energy Information Administration; Orano Group
Slide 42: 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 43: 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 43 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 44: 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 44 URANIUM ENERGY CORP | N
Slide 45: 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 45 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 46: 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 47: 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 48: 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 49: 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 49 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 50: 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 Q4 2022 50 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 51: Bottom Line - Positive Market Outlook
Bottom Line - Positive Market Outlook ✓ Demand Growth – 66 reactors added to grid in past 10 years; 58 reactors under construction – nuclear generation has recovered to pre-Fukushima levels – More new reactors are planned ✓ Strategic Interest Growing in Physical Inventory – Producers, Developers, Fi
Slide 52: Appendix
Appendix 52 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 53: 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 – 4 M lbs./year production capacity Wyoming Hub and Spoke I
Slide 54: 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 55: 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 56: 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 57: 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 58: 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, incl. Non-Current Paraguay Kazatomprom Cameco Paladin 3% ✓ ✓ Diversified Americas Diversified Americas Diversified Ame
Slide 59: 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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