Uranium Energy Corp. · AMEX:UEC
Uranium Energy — Investor Presentation (March 2024)
59 slides from Uranium Energy's investor presentation, March 2024
Slide 1: Largest & Diversified North American Focused Uranium Company
LARGEST & DIVERSIFIED NORTH AMERICAN FOCUSED URANIUM COMPANY Corporate Presentation – March 2024 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: U.S. Production Restarting August 2024
U.S. Production Restarting August 2024 100% Unhedged, Full Spot Market Exposure Fastest Growing North American Uranium Company $564 Million Rosatom’s Uranium One Americas, UEX, Rio Tinto’s Roughrider Project, and Accretive Acquisitions(1) a portfolio of Canadian uranium exploration projects from Rio
Slide 4: Disciplined Growth Strategy
Disciplined Growth Strategy Acquisitions through the bottom of the Uranium Cycle UEC Acquisition Timeline and Uranium Spot Price(1) ($/lb) Recent $110.00 U3O8 Price: $100.00 $91.00/lb $90.00 UEC Acquisitions since 2017 at uranium $80.00 prices ranging from $20 to $45 per pound $70.00 $60.00 $50.00 S
Slide 5: 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 6: Creating Value by Delivering on a Production Pipeline
Creating Value by Delivering on a Production Pipeline 328.9 Million lbs. (226.2 M&I / 102.7 Inf.)(1) Resource Expansion Advanced Production Restarting 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
Slide 7: Fundamentals Favor Significant Price Appreciation
Fundamentals Favor Significant Price Appreciation – Prices Still Well Below Previous Highs Spot Daily Long Term $160 $140 $138.00 $91.00(1) 2005: (2) $120 $75.00 US $/lb U308 Major Mine Disruptions $70.00 $100 (Cigar Lake, McArthur River) 2011: Fukushima event $80 $60 $40 Financial Crisis $20 Nov 20
Slide 8: U.S. ISR Production Platform – Restarting Production in 2024
U.S. ISR Production Platform – Restarting Production in 2024 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
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: 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 11: 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 12: 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 13: Production Restarting in Wyoming, August 2024
Production Restarting in Wyoming, August 2024 7 Fully Permitted Projects in Texas and Wyoming 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
Slide 14: Irigaray & Christensen Ranch – Production Restarting August 2024
Irigaray & Christensen Ranch – Production Restarting August 2024 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) August 2024 Production Restart expected to be fully funded with cash on h
Slide 15: 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) • 50 miles by road from Irigaray Central Processing Plant • Licensed for 2 M lbs./year • Significant CAPEX savings expected • Considerable ISR exploration and ex
Slide 16: 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 • Past p
Slide 17: 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 18: Texas Hub & Spoke Production Strategy
Texas Hub & Spoke Production Strategy 18 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 19: Hobson CPP is fully licensed and permitted
Hobson CPP is fully licensed and permitted 4 M lbs. /year Licensed Production Capacity 19 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 20: 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-3: Discovered June 27, 2023 is currently being delineated with fi
Slide 21: 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 22: 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 23: 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 24: 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 25: Advancing the Roughrider Project
Advancing the Roughrider Project 100% Owned, High Grade, Advanced Uranium Project, near Licensed Toll Millings Jan 2024: UEC Intersects 6.28% eU3O8 Over 2.9 metres in a 25 metre Step Out from the Roughrider East Zone Deposit(1) • Exploration Drilling Extends Potential of East Zone Deposit • Metallur
Slide 26: 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 • 100% in the Carswell Project • UEC’s Athabasca land portfolio of 1,136,083 acres (459,757 Ha) for exploration an
Slide 27: 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 28: 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 29: 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 30: 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 31: UEC At a Glance
UEC At a Glance Member of the Russell 2000® Index Cash, Equity(1) and $332.4 million, no debt Inventory Holdings (2) UEC Team, Blackrock, Vanguard Group, State Avg. Daily Vol. (3-mo) 7,670,027 Street, Fidelity, Norges Bank, Northern Trust, Top Shareholders UBS, CEF Holdings, Sprott, KCR Fund, Global
Slide 32: 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 33: Uniquely Positioned with 100% Unhedged Production and Significant Growth Pipeline
Uniquely Positioned with 100% Unhedged Production and Significant Growth Pipeline ▪ Wyoming Production Restarting August 2024 ▪ 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 Roug
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: 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 36: 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 37: 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 38: 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 39: 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 40: Nuclear Energy
Nuclear Energy Clean, Safe, Reliable & Economic Perfect Compliment to Renewable Wind and Solar Saves Lives and Improves Quality of Life 40 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 41: Reactor Demand Significantly Exceeds Primary Production
Reactor Demand Significantly Exceeds Primary Production U.S. Uranium Production 2024 Global (1) Demand expected ~ 198 M lbs. 2024 U.S. Demand Projected at 47.2 M lbs.(2) Production expected ~ 162 M lbs. 2024 U.S. Production of uranium concentrate Production gap is ~ 36 M lbs. below requirements (U3O
Slide 42: Tripling of Nuclear Energy by 2050
Tripling of Nuclear Energy by 2050 – 42 A Historic Pledge Announced at COP28 for Global Expansion Led by the U.S. 438 62 68 442 Operable Reactors Units Under New Reactors Connected Reactors Planned and Proposed Worldwide* Construction* since 2014** Worldwide1 CHINA Government is expected to approve
Slide 43: U.S. Close to Banning Russian Uranium
U.S. Close to Banning Russian Uranium Dec 11, 2023 – The U.S. House passed The Prohibiting Russian Uranium Imports Act (H.R. 1042). The bill, sponsored by Rep. Cathy McMorris Rodgers and co-sponsored by Rep. Robert Latta, would ban Russian uranium imports 90 days after enactment and allow a temporar
Slide 44: FY 2024 NDAA has been Signed into Law
FY 2024 NDAA has been Signed into Law – Supports U.S. Uranium Mining Nuclear Fuel Security Act Included in Fiscal Year 2024 National Defense Authorization Act(1) The House and Senate passed the first package of Fiscal Year 2024 appropriations bills, with significant funding that advances industry pr
Slide 45: 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 46: 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 46 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | U
Slide 47: 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 47 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM Source: U.S. Energy Information Administration; Orano Group
Slide 48: Nuclear Emits the Lowest CO2 Emissions Over Lifecycle
Nuclear Emits the Lowest CO2 Emissions Over Lifecycle of a Power Plant Source: TradeTech Uranium Market Study 2023: Issue 3 48 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 49: 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 49 URANIUM ENERGY CORP | N
Slide 50: 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 50 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 51: 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 52: 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 53: 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 nuclear power) expected to be Scalable, factory-built, smaller footprint, added to the U.S. grid over the next 25 years - would double today’s U.S. nuclear output, NEI recent Chief Nuclear Off
Slide 54: Utility Procurement Cycle: Old Contracts Rolling Off
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 Q1 2024 54 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 55: Bottom Line - Positive Market Outlook
Bottom Line - Positive Market Outlook ✓ Carbon Free Energy Goals – Renewed focus on the Clean, Safe, Reliable Energy Nuclear Power provides is prompting new reactor development and programs around the world. ✓ Demand Growth – 69 reactors added to the grid in the past 10 years; 62 under construction,
Slide 56: Appendix
Appendix 56 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 57: 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 58: 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 59: 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