Slide 1: America's Leading Uranium Mining Company
AMERICA’S LEADING URANIUM MINING COMPANY Corporate Presentation – May 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 In particular, it should be noted that mineral resources which are not mineral reserves do not have that involve risks, uncertainties and other factors that could cause actual results t
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: The Russian Invasion of Ukraine – A Fundamental Change to the Nuclear Fuel Markets
The Russian Invasion Of Ukraine – A Fundamental Change to the Nuclear Fuel Markets “Nuclear power needs to play a larger “..with a widespread trend away from Russian role as Europe tries to move away from products and services, many nuclear utilities dependency on Russian oil and gas” are exploring
Slide 5: Leaders Commit to Building Nuclear Reactors
“We’re going to build one nuclear reactor every year, powering homes with clean, safe and reliable energy” U.K. Prime Minister Boris Johnson UEC’s EVP commending the PM on his nuclear leadership “We will utilize nuclear reactors with safety assurances to contribute to worldwide reduction of dependen
Slide 6: Uranium Is One of The Best Performing Commodities in 2022
Uranium Is One of The Best Performing Commodities in 2022 Spot Daily Long Term $160 $140 $138.00 $120 $70.00 US $/lb U308 $100 2011: Fukushima $54.00 $80 event $50.00 $60 $40 Financial Crisis $20 Nov 2016: $17.75/lb 12 year low $0 May 2006 May 2010 May 2014 May 2018 May 2022 Source: TradeTech, Numer
Slide 7: 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 8: 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 WY Licensed Production Capacity of 2.5 Mlbs./year Installed Production Capacity of 2 Mlbs./year 7 satellite projects 5 satellite pr
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 (1) WNFC Apr 2022, Constellation Presentation “A Utility View on Nuclear Fuel Supply Risk Management”
Slide 10: Diversified Asset Portfolio - Low-Cost ISR & Production Ready
Diversified Asset Portfolio - Low-Cost ISR & Production Ready Strategic Equity Interest Irigaray CPP – 2.5 M lbs/year licensed capacity Inventory 5 M lbs. U.S. warehoused U308 in physical uranium Hobson Plant – Production Capacity of 2 M lbs./year portfolio Wyoming Hub and Spoke ISR Portfolio U.S. H
Slide 11: 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 12: UEC Physical Uranium Portfolio
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 13: UEC At a Glance
UEC At a Glance Member of the Russell 2000® Index Cash, Equity and $127 million, no debt Inventory Holdings(2,3,4) UEC Team, Blackrock, Vanguard Group, Avg. Daily Vol. (3-mo) 13,378,574 State Street, Fidelity, Northern Trust, UBS, Top Shareholders CEF Holdings, Sprott, KCR Fund, and Global X Managem
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: Wyoming Hub & Spoke Production Strategy
IRIGARAY CPP Christensen Ranch Reno Creek Moore Ranch Wyoming Hub & Ross Flats Spoke Production Allemand-Ross Barge Strategy Ludeman Cyclone Rim Crooks Creek UEC Permitted Project JAB Antelope Irigaray Processing Plant Twin Buttes UEC Project 15 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENER
Slide 16: Irigaray & Christensen Ranch; Reno Creek ISR Project
Irigaray & Christensen Ranch 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. 16 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 17: 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* • One of the largest ISR central processing facilities in the U.S. Irigaray CPP Christensen Satellite Plant • Plant and infrastructure production ready - four fully installed
Slide 18: 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 • 45 miles by road from Irigaray Central Processing Plant • Licensed for 2 M lbs/yr • Significant CAPEX savings expected • Considerable ISR exploration and expansio
Slide 19: Ludeman ISR Project
Ludeman ISR Project Permitted, Construction Ready 9.7 M lbs M&I | 1.3 M lbs Inferred U3O8* 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 properties Moore R
Slide 20: Moore Ranch ISR Project
Moore Ranch ISR Project Permitted, Construction Ready 3.21 M lbs. M&I | 0.04 M lbs Inferred U3O8* • 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 oper
Slide 21: Texas Hub & Spoke Production Strategy
Texas Hub & Spoke Production Strategy South Texas 21 URANIUM ENERGY URANIUM CORP ENERGY | NYSE CORP AMERICAN: | NYSE UEC UEC AMERICAN: | URANIUMENERGY.COM | URANIUMENERGY.COM
Slide 22: Hobson Processing Plant Fully Licensed and Permitted
Hobson is fully licensed and permitted The Processing Plant has a 2 M lbs. / yr physical capacity 22 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 23: 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 24: Burke Hollow ISR Project, South Texas
Burke Hollow ISR Project, South Texas Advancing Towards Uranium Extraction ▪ Discovery of six trends since 2012 ▪ 7.09 M lbs. Inferred Resources in 4.06 Mt grading 0.088% U3O8 ▪ Leach amenability testing indicates recovery greater than 90% ▪ ~20,000 acres located ~50 miles from Hobson Processing Pla
Slide 25: Burke Hollow ISR Project, South Texas – 2022 Plans
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 26: Anderson Project - Arizona
Anderson Project - Arizona NI 43-101 compliant resource*: A Large U.S. Resource ▪ Indicated Resource: 29.5Mt, 17 M lbs. avg. grade of 0.029% ▪ Inferred Resource: 14.3Mt, 12 M lbs. with avg. grade of 0.046% 9,852 Acres Project located ~75 miles northwest of Phoenix, AZ Between 1955-1958 with ~$40M sp
Slide 27: Slick Rock Project - Colorado
Slick Rock Project - Colorado NI 43-101 Compliant Resource*: ▪ Inferred Resource: 2.5Mt, 11.6 M lbs. avg. grade of 0.228% Technical Report ▪ Inferred Resource: 2.5Mt, 69.6 M lbs. vanadium with avg. grade of 1.37% Low ▪ $21M initial CAPEX with an annual production of 438,000 pounds CAPEX U3O8 + vanad
Slide 28: 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 / 8.9 M lbs. in 7.8Mt grading 0.052% U3
Slide 29: 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 30: Titanium Feedstock Market
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 +225% manufacturing $200 Alto Paraná $150 ▪ Strong price recovery for ilmenite since 2017, with $
Slide 31: 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 32: Nuclear Energy
Nuclear Energy Clean, Safe, Reliable & Economic Perfect Compliment to Renewable Wind and Solar Saves Lives and Improves Quality of Life 32 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 33: Reactor Demand Significantly Exceeds Primary Production
Reactor Demand Significantly Exceeds Primary Production U.S. Uranium Production Needed to Fill Gap 2022 Demand expected = 202 M lbs. 2022 Production expected = 136 M lbs. 2022 Production gap is 66 M lbs. below requirements Cumulative gap through 2029 is 305 M lbs., 460 M lbs. by 2032 Source: UxC Mar
Slide 34: Robust Nuclear Power Growth
Robust Nuclear Power Growth 34 Global investments in nuclear energy generation are projected to average well over $100 billion per year through mid-century8 441 55 63 3.1% Operable Reactors Units Under New Reactors Connected CAGR Uranium Demand Growth Worldwide Construction since 2013 Expected (2020
Slide 35: 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. Bipartisan Infrastructure Bill Signed Into Law that provides a $6B nuclear credit program for qualifying nuclear plants with prio
Slide 36: 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 36 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM Source: U.S. Energy Information Administration; Orano Group
Slide 37: 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 38: 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 38 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 39: Nuclear Power = Safest Form of Electricity Generation
Nuclear Power = Safest Form of Electricity Generation © 2019 Source: World Nuclear Association – Harmony Program 39 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 40: 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 40 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 41: 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 42: 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 43: 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 44: 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, May 31, 2021 44 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 45: Old Contracts Rolling Off…New Contracts Need to be Signed
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 Q1 2022 45 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 46: Bottom Line - Positive Market Outlook
Bottom Line - Positive Market Outlook ✓ Demand Growth – 62 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 47: Appendix
Appendix 47 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Slide 48: UEC Resource Summary
UEC Resource Summary(1) Projects Measured & Indicated Inferred Hub & Spoke ISR Portfolio – Texas ISR Tons (‘000) Grade (% U3O8) Lbs U3O8 (‘000) Tons (‘000) Grade (% U3O8) Lbs U3O8 (‘000) Palangana 393 0.14 1,057 328 0.18 1,154 Burke Hollow - - - 4,064 0.088 7,093 Goliad 3,790 0.05 5,475 1,547 0.05 1
Slide 49: 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