Uranium Energy Corp. · AMEX:UEC
Uranium Energy — Investor Presentation (May 2026)
49 slides from Uranium Energy's investor presentation, May 2026
Slide 1: Largest & Fastest Growing U.S. Uranium Company
LARGEST & FASTEST GROWING U.S. URANIUM COMPANY Building the Only American Vertically Integrated Nuclear Fuel Supplier, from Mining to Conversion, to Support U.S. Enrichment Corporate Presentation – May 2026 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM 1
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements: Except for the statements of historical fact contained in this presentation, the information presented in this presentation constitutes “forward-looking statements” as such term is used in applicable United States and Canadian securities laws. They include, amo
Slide 3: Leading U.S. Uranium Company
Leading U.S. Uranium Company Positioning as the only vertically integrated U.S. company from mining to conversion Leading North American Resource Base IRIGARAY PLANT – WYOMING HUB & SPOKE OPERATIONS America’s Largest, 230.1 M lbs. M&I | 100.0 M lbs. Inferred U3O8 Resources(1) Fastest Growing 175 M l
Slide 4: Second Quarter 2026 Highlights
Second Quarter 2026 Highlights • Burke Hollow constructed and operationally-ready, positioned for staged production growth as regulatory approvals progress Expanding Production • Four additional header houses were completed at Christensen Ranch and three more Capabilities Across are under constructi
Slide 5: Second Quarter 2026 Financial Highlights
Second Quarter 2026 Financial Highlights Strong Balance Sheet with No Debt and Sales Demonstrating Advantage of Unhedged Strategy $818 M 1.46 M 100% Liquid Assets(1) Pounds of U₃O₈ in inventory(1) Unhedged • Robust Balance Sheet, • Inventory excludes • Sales of 200,000 pounds with no debt ~244,000 p
Slide 6: Launch of United States Uranium Refining & Conversion Corp
Launch of United States Uranium Refining & Conversion Corp Positioning to become the only vertically integrated U.S. company from U3O8 to UF6 Aligned with market needs and American energy dominance policies Designed to give UEC end-to-end capabilities, providing a secure, geopolitically reliable sou
Slide 7: 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 2045 450 (1) Demand- Call to triple global Projected Production Gap Global Production and Demand(1
Slide 8: U.S. Uranium = Energy and National Security
U.S. Uranium = Energy and National Security Repatriating the Upstream Nuclear Fuel Cycle America relies heavily on uranium imports, meeting less than 2% of domestic needs. However, the U.S. is resource and cost competitive. U.S. uranium supply to commercial nuclear reactors(2) Million pounds U3O8 80
Slide 9: Global Pledge To Triple Nuclear Energy by 2050
Global Pledge To Triple Nuclear Energy by 2050 Growing Global Commitment Strong Nuclear Power Outlook(1) 38 438 Countries Operable Reactors Worldwide June 2025 World Bank ends decade 140+ + long ban on financing Industry Leading 71 nuclear energy, a New Reactors Connected since momentous shift in gl
Slide 10: Domestic Uranium Takes Center Stage with Government Policy and Big Tech Demand
Domestic Uranium Takes Center Stage with Unprecedented Government Policy and Big Tech Demand for Nuclear Power Bipartisan support to re-domesticate the Electricity demand from U.S. data uranium supply chain centers is expected to double by 2028(1) UEC wins award from the U.S. Enters into PPA with Ta
Slide 11: Unprecedented Bipartisan & White House Support
Unprecedented Bipartisan & White House Support Investments in Nuclear, Domestic Uranium and Fuel Cycle Supply U.S. government U.S. – Japan U.S. government U.S. Government U.S. Department of signs $80B Agreement includes designates Section 232 Critical War and investment into new $25B investment Uran
Slide 12: Strengthening America's Nuclear Fuel Supply Chain to Meet Emerging Demand
Strengthening America’s Nuclear Fuel Supply Chain to Meet Emerging Demand for Domestic Uranium URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM 12
Slide 13: Bottom of Cycle Acquisitions Creates Largest U.S. Uranium Company
Bottom of Cycle Acquisitions Creates Largest U.S. Uranium Company Positioned for Production Growth UEC Acquisition Timeline and Uranium Spot Price(1) ($/lb) Recent U3O8 $120.00 Price Range: $85-102/lb UEC acquisition strategy initiated in 2017 $100.00 with uranium price at $20 per pound $80.00 UEX $
Slide 14: 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, 175 M lbs. Historical(3) Athabasca Basin (S-K 1300 compliant)(2) Irigaray Hub and Spoke ISR Portfolio (S-K 1300 compliant)(1,4) Attr. Resources Four Projects are F
Slide 15: Four Production Growth Pillars
Four Production Growth Pillars Scalable Hub-and-Spoke Platforms with Robust Development Portfolio Irigaray Central Hobson Central Sweetwater Central Roughrider Project Processing Plant Processing Plant Processing Plant U.S. ISR Operations U.S. ISR Operations U.S. ISR & Conventional Development Canad
Slide 16: Powder River Basin, Hub-and-Spoke Operations: Irigaray Central Processing Plant
Powder River Basin, Hub-and-Spoke Operations Irigaray Central Processing Plant 4M lbs/yr 4 17 Licensed Fully Satellite Production Permitted Projects Capacity Projects Irigaray CPP, Wyoming URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM 16
Slide 17: Expanding Production Capacity at Irigaray CPP & Christensen Ranch
Powder River Basin, Wyoming, Hub-and-Spoke Operations Expanding Production Capacity at Irigaray CPP & Christensen Ranch Continued Ramp Up while Maintaining Low-Cost Production ✓ During the second fiscal quarter of 2026, 45,743 pounds of uranium concentrate were produced at a Total Cost per Pound(1)
Slide 18: Development Commenced at the Ludeman Satellite Project
Powder River Basin, Wyoming, Hub-and-Spoke Operations Development Commenced at the Ludeman Satellite Project The Ludeman Project is the Second Satellite to Irigaray CPP ✓ 9.7 Million lbs. Measured and Indicated Resources, and 1.3 Million lbs. Inferred resources.(1) ✓ Fully licensed and permitted - w
Slide 19: Permitted, Construction Ready Growth Projects
Powder River Basin, Wyoming, Hub-and-Spoke Operations Permitted, Construction Ready Growth Projects Reno Creek ISR Project • Largest, permitted, pre-construction ISR project in U.S. • 26.0 M lbs. M&I | 1.5 M lbs. Inferred U3O8(1) • Licensed for 2.0 M lbs./year; Production permits in place • 50 miles
Slide 20: South Texas Hub-and-Spoke Operations: Hobson Central Processing Plant
South Texas Hub-and-Spoke Operations Hobson Central Processing Plant 4M lbs/yr 3 5 Licensed Fully Satellite Production Permitted Projects Capacity Projects Hobson CPP, South Texas URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM 20
Slide 21: Burke Hollow Satellite ISR Project Commences Production
South Texas Hub-and-Spoke Operations Burke Hollow Satellite ISR Project Commences Production America’s Largest Greenfield ISR Uranium Project to Enter Production In Over a Decade ✓ 6.15 Million lbs. Measured and Indicated Resources, and 4.88 Million lbs. Inferred resources(1). ✓ Largest ISR uranium
Slide 22: Great Divide Basin Hub-and-Spoke Development: Sweetwater Central Processing Plant
Great Divide Basin Hub-and-Spoke Development Sweetwater Central Processing Plant 4.1M lbs/yr 4 175M Licensed Satellite Pounds in Production Projects Historical(1) Capacity Resources Sweetwater Plant, Wyoming URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM (1) Based upon internal studies
Slide 23: Acquisition of Wyoming Uranium Assets from Rio Tinto
Acquisition of Wyoming Uranium Assets from Rio Tinto ✓ ✓ ✓ ✓ ✓ Creates UEC’s Third U.S. Markedly Extensive Land Package, Highly Invested Asset Significant Scarcity Hub-and-Spoke Accretive Geological Data and Base with Operating Value and Production Platform Resource Growth Exploration Optionality Sy
Slide 24: Advancing Sweetwater Mill and Properties
Sweetwater Central Processing Plant Advancing Sweetwater Mill and Properties Accelerating First Wellfield Development & Advancing FAST-41 Permitting ✓ UEC’s acquisition of Rio Tinto America’s Sweetwater Mill and Properties added 4.1 million pounds U3O8 per year of licensed production capacity and 17
Slide 25: Sweetwater Project Added to FAST-41 Transparency Dashboard
Sweetwater Project Added to FAST-41 Transparency Dashboard Provides unmatched flexibility to scale production across the Great Divide Basin. NATRONA CARBON Fremont Crook’s Mountain 28N 97W 28N 96W 28N 95W 28N 94W 28N 93W 28N 92W 28N 91W 28N 90W 28N 89W 220 220 Green Mountain Cyclone Rim 27N 95W 27N
Slide 26: Athabasca Basin, Canada
Athabasca Basin, Canada Scaling-up in the World’s Most Prolific Uranium Mining District Roughrider Project, Athabasca Basin After Cameco and Orano, UEC controls the largest diversified resource base(1), hosted in multiple assets in Canada’s Athabasca and Thelon Basins 109.9Mlbs 68.4Mlbs 1.14M Acres
Slide 27: World Class Roughrider Project: Commenced Pre-Feasibility Study
World Class Roughrider Project Commenced Pre-Feasibility Study 34,000 Meters Conversion Core Drilling Program >30% complete ✓ Engaged Tetra Tech to provide lead technical services for the preparation of the PFS ✓ Key trade-off studies completed and in alignment with the Initial Assessment study ✓ Wo
Slide 28: Roughrider: World Class Mine Plan with Leverage to Uranium Price
Roughrider World Class Mine Plan with Leverage to Uranium Price Initial Economic Assessment demonstrated industry leading financial returns in the infrastructure rich Eastern Athabasca Basin Initial Assessment Report Physical Highlights(1)(2) Roughrider Project Financial Estimates based on Uranium P
Slide 29: Roughrider: High-quality Asset with Robust Mine Design
Roughrider High-quality Asset with Robust Mine Design 1. Local Infrastructure: Hydropower, highway access, commercial airstrip, construction facility, and maintenance shop. 2. The decline area will be frozen during construction and will remain frozen during mining. 3. Mineralization is mined undergr
Slide 30: Athabasca Growth Portfolio
Athabasca Growth Portfolio Strong Project Pipeline & Strategically Placed Assets Christie Lake • High-grade deposit along Cameco’s McArthur River trend – the only exploration project not controlled by Cameco or Orano • 20.35 M lbs. U3O8 in three existing deposits • Exploration potential: • High-grad
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: Industry Leader in Sustainability
Industry Leader in Sustainability ✓ UEC is an industry leader, tied for 1st place in ISS’s industry universe, based on its Sustainability Corporate Rating ✓ UEC holds leading ISS Quality Score and Corporate ratings for the Company’s proactive sustainability practices(1) Industry leading position URA
Slide 33: UEC At a Glance
UEC At a Glance Member of the Russell 2000® Index Liquid Assets(1) $818 million, no debt UEC Team, T. Rowe Price Associates, Average Daily Traded $145 M Vanguard Group, Blackrock, Global X Value - 3 months(3) Management Company, State Street Inv. Top Shareholders Management, Van Eck Associates Corp,
Slide 34: Over 900 Years of Combined Experience in the Uranium Industry
Over 900 Years of Combined Experience in the Uranium Industry Amir Adnani Spencer Abraham Scott Melbye Brent Berg Donna Wichers President, CEO, Director Chairman, Board of Directors Executive Vice President Senior VP of U.S. Operations Senior VP - Production Growth An entrepreneur, founding CEO of S
Slide 35: Creating Value by Delivering on a Robust Pipeline
Creating Value by Delivering on a Robust Pipeline 330.1 Million lbs. (230.1 M&I / 100.0 Inf.) Plus 175 Historical(1,2) Exploration Advanced ISR Production Platforms Minority Asset Interests: • Millennium (15.0% interest – operated by Cameco) • Kiggavik (16.9% interest – operated by Orano) Christie L
Slide 36: Uniquely Positioned with 100% Unhedged Production and Significant Growth Pipeline
Uniquely Positioned with 100% Unhedged Production and Significant Growth Pipeline ▪ Positioned to become the first and only U.S. vertically integrated Company with mining, processing, refining and conversion capabilities ▪ Advancing the Phased Ramp-Up of Low-Cost U.S. ISR operations ▪ 12.1 M lbs of
Slide 37: Appendix
Appendix URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM 37
Slide 38: 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 39: 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 40: Fundamentals Favor Significant Price Appreciation
Fundamentals Favor Significant Price Appreciation Prices Still Well Below Previous Highs Spot Daily Long Term $160 $140 $138.00 $86.25(1) $120 $93.00(2) $70.00 US $/lb U308 $100 2011: Fukushima event $80 $60 $40 Financial Crisis $20 Nov 2016: $17.75/lb 12 year low $0 May 2006 May 2011 May 2016 May 2
Slide 41: Historical Ux Conversion Prices 1995-2025
Historical Ux Conversion Prices 1995-2025 Ux Conversion Prices, 1995-2025(1) $100.00 $95.00 $90.00 $85.00 $80.00 $75.00 $70.00 $65.00 US$/kgU as UF6 $60.00 $55.00 $50.00 $45.00 $40.00 $35.00 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $0.00 North American (NA) Spot Price Term Prices URANIUM ENERGY CORP
Slide 42: Unprecedented Bipartisan & White House Support Resulting in Investments
Unprecedented Bipartisan & White House Support Resulting in Investments to Increase Domestic Uranium & Fuel Cycle Supply May 2025 March 2025 Four Executive Orders Represent an July 2024 Executive Order Unprecedented Level of Policy Support to February 2023 “ADVANCE” Act to Increase Revitalize the U.
Slide 43: 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 44: Uranium's Energy Density is its Greatest Strength
Uranium’s Energy Density is its Greatest Strength One of nuclear energy’s key attributes is its energy intensity. One uranium pellet produces as much energy as 1 ton of coal, 17,000 ft3 of natural gas and 120 gallons of oil.1 ✓ Compact and economic to transport. ✓ Lower mining footprint compared to
Slide 45: 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 process does FOR MORE INFORMATION not require blasting or waste rock movement, resulting in less dama
Slide 46: In-Situ Recovery Overview
In-Situ Recovery Overview Low Cost & Environmentally Friendly Watch In Situ Recovery how the (ISR) Technology works Watch how the In Situ Recovery (ISR) Technology works ClickHere ClickHere URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM 46
Slide 47: 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 48: 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 President and CEO: Amir Adnani Executive Vice President Scott Melbye Investor Relations: Bruce J.
Slide 49: Non-GAAP Measures
Non-GAAP Measures This presentation includes reference to "Total Cost per Pound“ and “Cash Cost per Pound”, which do not have standardized meanings under GAAP. We define (i) Total Cost Per Pound as the addition to in-process inventory and uranium concentrates from extraction (each a component of inv