Slide 1: America's Leading Uranium Mining Company
AMERICA’S LEADING URANIUM MINING COMPANY Corporate Presentation – March 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 resources cannot form the basis of feasibility or other economic studies. Investors are cautioned not to that involve risks, uncertainties and other factors that could cause actual resu
Slide 3: America's Leading Uranium Mining Company
America’s Leading Uranium Mining Company Fastest growing, 100% unhedged pure play uranium company - listed on the NYSE American Production ready, low-cost ISR mining - largest resource base of fully permitted ISR projects of any U.S. based producer UEC’S HOBSON PLANT – TEXAS HUB & SPOKE OPERATIONS P
Slide 4: UEC Completes Acquisition of Uranium One Americas
UEC Completes Acquisition of Uranium One Americas – Creating America’s Leading Uranium Mining Company HIGHLY ACCRETIVE Doubles production capacity in three key categories: total number of permitted U.S. ISR projects, TRANSACTION resources, and processing infrastructure. WYOMING Creates Wyoming hub-a
Slide 5: Diversified Asset Portfolio - Low-Cost ISR & Production Ready
Diversified Asset Portfolio - Low-Cost ISR & Production Ready 4.1 M lbs. in physical uranium portfolio, $32/lb avg. cost to purchase U.S. warehoused uranium Canada - Athabasca Basin 42 M lbs. of Historical Resources in Wyoming(1) Resources (M lbs.) Project Name Stage 2.5 M lbs. of Permitted Annual C
Slide 6: 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 7: Robust Nuclear Power Growth
Robust Nuclear Power Growth 7 CHINA is planning at least 150 new reactors in the next 15 years2 439 INDIA plans for 21 new reactors by 2031 Operable Reactors Worldwide U.A.E. completed 3 reactors; 1 unit under construction3 52 U.K. upgrading nuclear fleet to new advanced reactors Units Under FRANCE
Slide 8: 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 equally in favor of nuclear energy. The U.S. Senate has passed a Bipartisan Infrastructure Bill that provides a $6B nuclear credit program for qualifying nuclear pla
Slide 9: Geopolitical Risk With High Production Concentration
Geopolitical Risk With High Production Concentration “Increasing price volatility, tightening supply in the spot market, and an increasing realization that long-term supply is under threat following a decade-long bear market, are all contributing to nuclear utilities becoming more concerned about se
Slide 10: Uranium Spot Price Appreciation Increases with Entry of Financial Players
Uranium Spot Price Appreciation Increases with Entry of Financial Players led by Sprott Uranium Trust At $52.50/lb, price still well below 2011 at $70 high and incentive levels for new primary production Spot Daily Long Term $160 $140 $138.00 US $/lb U308 $120 $70.00 $100 2011: Fukushima event $80 $
Slide 11: Texas & Wyoming ISR Production Profile
Texas & Wyoming ISR Production Profile Wyoming Hub & Spoke ISR Portfolio Irigaray Processing Plant Licensed Production Capacity of 2.5 Mlbs./year Texas Hub & Spoke ISR Portfolio Hobson Processing Plant WY Installed Production Capacity of 2 Mlbs./year Reno Creek Project TX Licensed Production Capacit
Slide 12: Physical Uranium Initiative
Physical Uranium Initiative Purchasing drummed uranium at prevailing spot prices below most global industry mining costs: ✓ Bolsters UEC ✓ Provides strategic inventory ✓ Increases the availability of our balance sheet to support future marketing Texas and Wyoming production as uranium prices and pro
Slide 13: UEC At a Glance
UEC At a Glance Member of the Russell 2000® Index Cash, Equity and $125 million, no debt Inventory Holdings(1,2,3) 267.2 M 4.5 M 11.3 M 283.0 M Share Structure Outstanding Warrants + Options & Stock Awards Fully Diluted(4) $4.58 9,703,859 Recent Activity As of Mar 7, 2022 Avg. Daily Vol. (3-mo) $1.2
Slide 14: 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 37 years o
Slide 15: Texas Hub & Spoke Production Strategy
Texas Hub & Spoke Production Strategy South Texas 15 URANIUM ENERGY URANIUM CORP ENERGY | NYSE CORP AMERICAN: | NYSE UEC UEC AMERICAN: | URANIUMENERGY.COM | URANIUMENERGY.COM
Slide 16: Hobson is fully licensed and permitted
Hobson is fully The Processing Plant has a 2M lbs. / year licensed and permitted physical capacity 16 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 17: Palangana ISR Mine
Palangana ISR Mine First Producing Mine Proof of Concept $10M 6 months construction timeline Initial CAPEX • Low cash-cost of $21.77/lb during operation Production Ready • Fully permitted including expanded mine permit • Received 10-year renewal permits in 2019 Similar Costs for • The major permits
Slide 18: Palangana Production Area (PA-1)
Palangana Production Area 1 (PA-1) In-Situ Recovery (ISR) Technology Low Cost & Environmentally Friendly Palangana Ion Exchange Facility URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 19: Resin Hauling Truck And Trailer
Resin Hauling Truck And Trailer URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 20: Burke Hollow ISR Project, South Texas
Burke Hollow ISR Project, South Texas Advancing Towards Uranium Extraction ▪ Discovery of six trends since 2012 ▪ 7.09M lbs. in 4.06Mt grading 0.088% U3O8 ▪ Leach amenability testing indicates recovery greater than 90% ▪ ~20,000 acres located ~50 miles from Hobson Processing Plant ▪ 50% of the prope
Slide 21: 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 ✓ Complete the installation of all monitor wells for PA-1 ✓ Permitting activities to include baseline sampling of all PA-1 monitor wells, pump tests and prepara
Slide 22: Wyoming Hub & Spoke Production Strategy
Wyoming Hub & Spoke Production Strategy 22 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 23: Irigaray & Christensen Ranch
Irigaray & Christensen Ranch Licensed Capacity of 2.5 M lbs. Per Year 15.5 M lbs Historic M&I and 0.14 M lbs Inferred U3O8 Resources* • One of the largest ISR central processing facilities in the U.S. - licensed capacity of 2.5 M lbs. U3O8 / year • Plant and infrastructure production ready - four fu
Slide 24: Ludeman ISR Project
Ludeman ISR Project Permitted, Construction Ready 9.7 M lbs Historic M&I | 1.3 M lbs Historic Inferred* 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 Reno Creek the prope
Slide 25: Moore Ranch ISR Project
Moore Ranch ISR Project Permitted, Construction Ready 3.21 M lbs. Historic M&I | 0.04 M lbs Historic Inferred* • Fully permitted - previously developed by Conoco in the early 1980’s. • Delineation drilling and wellfield pattern design complete • Monitoring well installation completed on Wellfield 2
Slide 26: Reno Creek ISR Project Pre-Feasibility Study Underway
Reno Creek ISR Project M & I Resource 26M lbs. of U3O8 grading 0.041% within 32Mt* Pre-Feasibility Study Inferred Resource 1.49M lbs. Underway of U3O8 grading 0.039% within 1.92Mt* First time since 1980 that the major mineralized trends have been consolidated Considerable ISR exploration and expansi
Slide 27: 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 • Strategic Location within the Heart of the Powder River Basin, Wyoming • First time since 1980 that the major mineralized trends have been consolidated under one
Slide 28: Other Projects
Anderson Project – Arizona Slick Rock Project – Colorado Other Projects Yuti, Oviedo ISR Projects – Paraguay Alto Paraná Titanium Project – Paraguay 28 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 29: Anderson Project - Arizona
Anderson Project - Arizona NI 43-101 compliant resource*: A Large U.S. Resource ▪ Indicated Resource: 29.5Mt, 17M lbs. avg. grade of 0.029% ▪ Inferred Resource: 14.3Mt, 12M lbs. with avg. grade of 0.046% 9,852 Acres Project located ~75 miles northwest of Phoenix, AZ Between 1955-1958 with ~$40M spen
Slide 30: Slick Rock Project - Colorado
Slick Rock Project - Colorado NI 43-101 Compliant Resource*: ▪ Inferred Resource: 2.5Mt, 11.6M lbs. avg. grade of 0.228% Technical Report ▪ Inferred Resource: 2.5Mt, 69.6M lbs. vanadium with avg. grade of 1.37% Low ▪ $21M initial CAPEX with an annual production of 438,000 pounds CAPEX U3O8 + vanadiu
Slide 31: 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 Resource (M lbs) Yuty Cue Resources / Exploration / 8.9M lbs. in 7.8Mt grading 0.052% U3O
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 ▪ NI 43-101 compliant resource with a mineral exploration claim of 70,498 hectares UEC pilot plant at Alto Parana ▪ The PEA’s first phase was completed in early 2021 and %
Slide 33: Titanium Feedstock Market - TiO2 prices hitting 3-year highs
Titanium Feedstock Market – TiO2 prices hitting 3-year highs Price of TiO2 Feedstock - ilmenite (USD per tonne) $400 $358 $350 ▪ 90% of TiO2 feedstocks (ilmenite) used for pigment $300 UEC acquired $250 manufacturing +225% Alto Paraná $200 $150 ▪ Strong price recovery for ilmenite since 2017, with $
Slide 34: Investment Summary
Investment Summary ▪ Fastest growing, 100% unhedged and pure play uranium business listed on the NYSE American ▪ 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
Slide 35: Nuclear Energy
Nuclear Energy Clean, Safe, Reliable & Economic Perfect Compliment to Renewable Wind and Solar Saves Lives and Improves Quality of Life 35 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 36: Nuclear Power = Carbon Free - Clean Energy
Nuclear Power = Carbon Free - Clean Energy 55% of America’s Clean Energy The only low carbon energy source that provides scalable, 24-7 baseload power Source: World Nuclear Association – Harmony Program 36 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 37: Nuclear Power = Safest Form of Electricity Generation
Nuclear Power = Safest Form of Electricity Generation © 2019 Source: World Nuclear Association – Harmony Program 37 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 38: 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 38 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 39: 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 years © 2019 Projected Costs of Generating Electricity, 2020 Edition, International Energy Agency and Nucl
Slide 40: 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 40 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM Source: U.S. Energy Information Administration; Orano Group
Slide 41: Support for Nuclear Energy is Strong and Increasing
Support for Nuclear Energy is Strong and Increasing Favorability to Nuclear Energy 1983-2021 Overall, do you strongly favor, somewhat favor, somewhat oppose the use of nuclear energy as one of the ways to provide electricity in the United States? Source: NuclearNewswire – ANS; Nuclearmatters.com/job
Slide 42: Small Modular Reactor (SMR) An Important Emerging Market
Small Modular Reactor (SMR) An Important Emerging Market Small Modular Reactors (SMR’s) Scalable, factory-built, smaller footprint, flexible operations, manageable investments, cost competitive, unique applications Advanced Reactors Leverages pros/cons of previous designs, takes advantage of technol
Slide 43: Reactor Demand Significantly Exceeds Primary Production
Reactor Demand Significantly Exceeds Primary Production Spot Prices Below Production Costs and Hedges Falling Off 2022 Demand expected = 200M lbs. 2022 Production expected = 136M lbs. 2022 Production gap is 64M lbs. below requirements Cumulative gap through 2029 is 341M lbs., 451M lbs. by 2032 Sourc
Slide 44: Global Supply & Demand
Global Supply & Demand Existing Primary Production + Secondary Market Supply ▪ Inventory Overhang Drawing Down ▪ Uranium Price Too Low to Stimulate New Production ▪ Within the Permitting and Development Lead Times to Bring On New Mines © 2019 *2021 Q2 U3O8 Requirements reflect reactor requirements,
Slide 45: Uranium Supply Removed from the Market
Uranium Supply Removed from the Market Restricted Primary Supply 2016 – 2035 Sequestered, Suspended, Covid, Operational & Depletion Reductions © 2019 Source: TradeTech, May 31, 2021 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 1.4 Billion Pounds of Contracting needed by 2035! Utility Uncommitted Demand Historic Long-Term Contracting Source: UxC Market Outlook Q3 2021 46 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 47: Bottom Line - Positive Market Outlook
Bottom Line - Positive Market Outlook ✓ Demand Growth – 61 reactors added to grid in past 9 years; 52 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 (excluding U1A Resources)
UEC Resource Summary(1) (excluding U1A Resources) Projects Measured & Indicated Inferred Hub & Spoke ISR Portfolio Tons Grade Lbs U3O8 Tons Grade Lbs U3O8 Texas ISR (‘000) (% U3O8) (‘000) (‘000) (% U3O8) (‘000) Palangana 393 0.14 1,057 328 0.18 1,154 Burke Hollow - - - 4,064 0.088 7,093 Goliad 3,790
Slide 50: U1A Historic Resource Summary
U1A Historic Resource Summary(1) U1A Acquisition Portfolio Historic Measured & Indicated Historic Inferred Hub & Spoke ISR Portfolio Tonnes Grade Lbs U3O8 Tonnes Grade Lbs U3O8 Wyoming ISR (Mt) (% U3O8) (Mlbs) (Mt) (% U3O8) (Mlbs) Irigaray & Christensen Ranch(a) 9.5 0.074% 15.50 0.1 0.068% 0.14 Moor
Slide 51: 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 52: Uranium Energy Corp Contact Information
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