Uranium Energy Corp. · AMEX:UEC
Uranium Energy — Investor Presentation (November 2024)
65 slides from Uranium Energy's investor presentation, November 2024
Slide 1: America's Largest & Fastest Growing Uranium Company
AMERICA’S LARGEST & FASTEST GROWING URANIUM COMPANY Wyoming Uranium Production Restarted Corporate Presentation – November 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: Fundamentals Favor Significant Price Appreciation
Fundamentals Favor Significant Price Appreciation Prices Still Well Below Previous Highs $160 Spot Daily Long Term $140 2005: Major Mine $138.00 Disruptions $77.00(1) (Cigar Lake, $120 $82.00(2) US $/lb U308 McArthur River) $70.00 $100 2011: Fukushima event $80 $60 $40 Financial Crisis $20 Nov 2016:
Slide 4: 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 2040 (2) 450 Demand- Call to triple Anticipated Cumulative Production Gap Global Supply and Demand
Slide 5: Annual Electricity Demand from U.S. Data Centers Expected to Double by 2028
Annual Electricity Demand from U.S. Data Centers is Expected to Double by 2028(1) Big Tech & Net Zero Goals US Data Center Energy Consumption Unparalleled Nuclear 600 Require More Clean Electricity Demand 500 • Positive shifting sentiment • Generative AI queries consume 10-30x 400 more energy than a
Slide 6: 14 of the World's Largest Banks Pledge Support for Nuclear Energy
14 of the World’s Largest Banks Pledge Support for Nuclear Energy On Monday, September 23, 2024, on the sidelines of New York Climate Week, 14 of the world’s largest financial institutions expressed their support to finance the tripling of nuclear energy by 2050. This complements the 25 governments
Slide 7: Unprecedented Bipartisan Support for Domestic Uranium & Fuel Cycle Supply
Unprecedented Bipartisan Support Resulting in Investments to Increase Domestic Uranium & Fuel Cycle Supply July 2024 “ADVANCE” Act Signed • Most expansive update to the nuclear industry in 100 years; Will ensure efficient, predictable licensing & regulation for nuclear June 2024 National Defense Aut
Slide 8: 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 9: UEC U.S. Production Restarted, 100% Unhedged
UEC U.S. Production Restarted 100% Unhedged, Full Spot Market Exposure Fastest Growing North American Uranium Company Over $1 Billion* Rosatom’s U1 Americas, UEX, Rio Tinto’s Roughrider Project, Sweetwater Plant Accretive Acquisitions and Wyoming Assets, and physical uranium portfolio initiated at $
Slide 10: 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) $110.00 $100.00 Recent U3O8 Price: $90.00 $76.50/lb UEC Acquisitions since 2017 at uranium $80.00 prices ranging from $20 to $45 per pound $70.
Slide 11: 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 Athabasca Basin (S-K 1300 compliant)(2) Irigaray Hub and Spoke ISR Portfolio (S-K 1300 compliant)(1) Attr. Resources (M lbs.) Nunavut Project Name Four Projects are
Slide 12: Creating Value by Delivering on a Production Pipeline
Creating Value by Delivering on a Production Pipeline 332.7 Million lbs. (230.0 M&I / 102.7 Inf.)(1) Resource Expansion Advanced Production Restarted 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 A
Slide 13: Production Restarted in Wyoming, August 2024
Production Restarted 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 WY Licensed Production Capacity of 4 M lbs./yr Licensed Production Capacity of 4 M lbs./yr
Slide 14: In-Situ Recovery (ISR) Overview
In-Situ Recovery (ISR) Overview Low Cost & Environmentally Friendly Watch In Situ Recovery how the (ISR) Technology works Watch how the In Situ Recovery (ISR) Technology works Click Here Click Here URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM 14
Slide 15: UEC's $112M Acquisition of Uranium One Americas
UEC’s $112M Acquisition of Uranium One Americas is Now in Production 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 Investmen
Slide 16: Irigaray & Christensen Ranch – Production Restarted August 2024
Irigaray & Christensen Ranch – Production Restarted August 2024 Licensed Capacity of 4 M lbs. Per Year 15.50 M lbs. Indicated and 0.14 M lbs. Inferred U3O8 Resources(1) August 2024 restart was fully funded with cash on hand (2) ✓ Initial hiring and training of additional personnel has been accomplis
Slide 17: 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 18: 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 19: 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 20: Texas Hub & Spoke Production Strategy
Texas Hub & Spoke Production Strategy URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM 20
Slide 21: Hobson CPP is fully licensed and permitted 4 M lbs./year
Hobson CPP is fully licensed and permitted 4 M lbs. /year Licensed Production Capacity URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM 21
Slide 22: 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. June 2024: Successful delineation drilling increased Burke Hollow’s Measured and Indicated (“M&I”) resources from 2,324,000 lbs U3O8 to 6,155,000 lbs ✓ Drilling at PA-3: Discovered Jun
Slide 23: 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 24: 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 25: Roughrider Leading Financial Results from Initial Economic Study
Roughrider Leading Financial Results from Initial Economic Study $946 million Post Tax NPV8, IRR of 40%, payback of 1.4 years(1), LOM avg. production 6.8 M lbs. U3O8 / yr UEC releases S-K 1300 Initial Assessment Economic Study Nov 8 2024(2) Industry leading financial returns in the Eastern Athabasca
Slide 26: Roughrider World-Class Mine Plan with Leverage to Uranium Price
Roughrider World-Class Mine Plan with Leverage to Uranium Price Initial Assessment Report Physical Highlights(1)(2) Roughrider Project Financial Estimates based on Uranium Price(1)(2) Avg. LOM Annual Production M lbs U3O8 6.8 Uranium Price Average Annual LOM Production M lbs U3O8 61.2 (US$ / 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: UEC Acquired 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 29: UEC Advancing Christie Lake
UEC Advancing Christie Lake 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 in 2022
Slide 30: 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 31: 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 32: 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 33: UEC At a Glance
UEC At a Glance Member of the Russell 2000® Index Cash, Equity(1) and $331.5 million, no debt Inventory Holdings (2) UEC Team, Blackrock, Vanguard Group, State Average Daily Traded $39.5M Street, Fidelity, Norges Bank, Northern Trust, Value - 6 months(3) Top Shareholders UBS, CEF Holdings, Sprott, K
Slide 34: Combined Experience in the Uranium Industry
865 Years of Combined Experience in the Uranium Industry Scott Melbye Brent Berg Donna Wichers Amir Adnani Spencer Abraham Executive Vice President Senior VP of U.S. Operations VP of Wyoming Operations President, CEO, Director Chairman, Board of Directors Over 40 years of experience in Former Presid
Slide 35: Uniquely Positioned with 100% Unhedged Production and Growth Pipeline
Uniquely Positioned with 100% Unhedged Production and Significant Growth Pipeline ▪ Wyoming Production Restarted 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 Rough
Slide 36: 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 37: 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 38: 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 39: 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 40: 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 41: 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 42: Nuclear Energy
Nuclear Energy Clean, Safe, Reliable & Economic Perfect Compliment to Renewable Wind and Solar Saves Lives and Improves Quality of Life URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM 42
Slide 43: Tripling of Nuclear Energy by 2050
Tripling of Nuclear Energy by 2050 – 43 A Historic Pledge Announced at COP28 for Global Expansion Led by the U.S. 439 66 70 431 Operable Reactors Units Under New Reactors Connected Reactors Planned and Proposed Worldwide* Construction* since 2014** Worldwide1 CHINA Government is expected to approve
Slide 44: 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 – Provides ~20% of U.S. Electricity Supply Virtually No U.S. Uranium Production - Despite operating the world’s largest nuclear reactor fleet Biden Administration Wants and is Receiving Congressio
Slide 45: 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 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URAN
Slide 46: US Senate Passes Bill S.870 – Signed Into Law
US Senate Passes Bill S.870 – Signed Into Law July 9, 2024 – President Biden signs into law Bill S.870, which includes the “Accelerating Deployment of Versatile, Advanced Nuclear for Clean Energy” (ADVANCE) Act ✓ This overwhelmingly bipartisan package is the most expansive update to the nuclear indu
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 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM 47 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 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM 48 Source: TradeTech Uranium Market Study 2023: Issue 3
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 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM 49 Source: World Nuclear Association – Harmony Progr
Slide 50: Nuclear Power Leads Non-Fossil Electricity Sources in Reliability
Nuclear Power Leads Non-Fossil Electricity Sources in Reliability Capacity Factor of Major Non-Fossil Electricity Sources Throughout the Year URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM 50 Source: EIA
Slide 51: 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% URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM 51 Source: Stout bit.ly/3Qrop2v
Slide 52: Nuclear Power Value Proposition is Underestimated
Nuclear Power Value Proposition is Underestimated Nuclear provides clean, firm energy, with low-land use and local economic benefits for communities URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM Source: U.S. Department of Energy: Pathways to Commercial Liftoff: Advanced Nuclear 52
Slide 53: 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 1983-2024 • 77% of the public favored nuclear energy Public Support for Nuclear Energy Stays at Record Level For Fourth Year in a
Slide 54: 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 55: Old Contracts Rolling Off…New Contracts Need to be Signed
Utility Procurement Cycle: Old Contracts Rolling Off…New Contracts Need to be Signed 1.22 Billion Pounds of Contracting needed by 2035! Utility Uncommitted Demand Historic Long-Term Contracting URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM 55 Source: UxC Market Outlook Q3 2024
Slide 56: 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 – 70 reactors added to the grid in the past 10 years; 67 under construction,
Slide 57: Appendix
Appendix URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM 57
Slide 58: 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 FOR MORE INFORMATION process does not require blasting or waste rock movement, resulting in less dama
Slide 59: 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 60: UEC is a Sustainability Leader
UEC is a Sustainability Leader ▪ UEC has the lowest reported carbon intensity of uranium mining companies, with 39.06 lbs CO2e / lb of yellowcake ▪ UEC holds the leading Sustainalytics and ISS Quality Score ESG ratings amongst uranium mining companies assessed ▪ UEC is ranked in the 95th percentile
Slide 61: An Industry Leader in Sustainability
An Industry Leader in Sustainability Governance Enhanced diversity on UEC’s Board of Directors achieving 33% 67% 100% Zero 3 3 % female Female Directors Ethnically diverse members Employees confirmed adherence with Whistleblower or representation and 67% on the Board of Directors. UEC's Code of Busi
Slide 62: The Road to Net-Zero
The Road to Net-Zero We believe nuclearenergywillcontinueto be animportantpartof theenergy transitionandlow carbon economy. As such,we are focusedonscalingour businesstomeetthefuture energy needs fornuclearintheU.S. andglobally. Further, we recognizethe critical natureof thefightagainstclimatechange
Slide 63: 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 64: 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 65: 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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