Uranium Energy Corp. · AMEX:UEC

Uranium Energy — Investor Presentation (December 2017)

43 slides from Uranium Energy's investor presentation, December 2017

1. Slide 1: Low-Cost Fuel for Emission-Free Electricity

   LOW-COST FUEL FOR EMISSION-FREE ELECTRICITY URANIUM ENERGY CORP | NYSE MKT: UEC | URANIUMENERGY.COM

2. Slide 2: Disclaimer

   Disclaimer Statements contained in this presentation which are not historical facts are measured mineral resources, indicated mineral resources and inferred forward-looking statements that involve risks, uncertainties and other factors mineral resources, while recognized and required by Canadian reg

3. Slide 3: Sharp Supply Cuts Rebalancing Market

   Sharp Supply Cuts Rebalancing Market  Kazatomprom & Cameco cut 44 MM lbs  World’s largest uranium producers  Removes low-cost tier one production  Limits supply options for utilities  Eliminates excess 2018 supply – 11 MM lbs deficit  A wake up call for complacent utilities Cameco 15.6 MM + Ka

4. Slide 4: Our Mission

   Our Mission TO EXPAND URANIUM PRODUCTION USING LOW COST IN-SITU RECOVERY(ISR) WHILE DEVELOPING A PIPELINE OF RESOURCES FOR MAJOR ONGOING GROWTH 4

5. Slide 5: Diversified Asset Portfolio

   Diversified Asset Portfolio Low-Cost ISR & Production Ready Combined portfolio of 54Mlbs M&I and Reno Creek ISR Project (Fully Permitted) 45Mlbs Inferred U3O8 Project Name Stage Resources (M lbs) M&I Inferred Reno Creek (NT) 22.0 0.9 Infrastructure Hobson Processing Plant - Production Capacity Licen

6. Slide 6: UEC's Hobson ISR Processing Plant – South Texas

   UEC’s Hobson ISR Processing Plant – South Texas 6

7. Slide 7: UEC at a Glance

   UEC at a Glance Member of the Russell 3000® Index Cash ~$19 M* Share 156.0 M 31.0 M 14.0 M 201.0 M Structure Outstanding Warrants + Options Fully Diluted** Recent $1.74 1,176,700 Activity Price as of 12/11/17 Avg. Daily Vol. (3-mo) Enterprise $271 M $20 M*** ~$272 M Value Market Cap Long-Term Debt E

8. Slide 8: Our Team

   Our Team Amir Adnani Spencer Abraham Scott Melbye President, CEO, Director Chairman, Board of Directors Executive Vice President An entrepreneur, founding CEO of UEC, Served as a U.S. Senator from 1995 to 2001, as 33 years experience with uranium majors, founder and Chairman of Brazil Resources Secr

9. Slide 9: UEC's Three-Prong Strategy

   UEC’s Three-Prong Strategy  Keep 100% Un-Hedged Book  Align with contrarian long-term capital  Downturn Presents Acquisition Opportunities:  Best time to acquire future development pipeline  Resource Management and Production Readiness  Develop low-cost and scalable operations (ISR Hub & Spoke

10. Slide 10: Strengthening ISR Portfolio with Accretive Consolidation of Reno Creek Project

    Strengthening ISR Portfolio with Accretive Consolidation of Reno Creek Project  Fully Permitted Construction Ready ISR Project  Permitted to produce up to 2 million lbs U3O8 per year  NI 43-101 Resource (2016): 22.0 MM lbs M&I  142% increase to UEC’s ISR M&I resource for ~ 9% dilution to UEC sha

11. Slide 11: Powder River Basin Uranium District

    Powder River Basin Uranium District 11

12. Slide 12: Reno Creek: Project Summary

    Reno Creek: Project Summary  Strategic location within the heart  Additional geologic potential to of the Powder River Basin, expand resources. Wyoming, which has produced over  10-12 miles of underexplored 85 MM lbs of uranium. ground, along four major fronts, on  The project is fully permitted

13. Slide 13: Reno Creek: Project History

    Reno Creek: Project History  Significant Historic Expenditures: Nearly $60M invested in the project since 2010 including asset acquisitions, extensive development activities and royalty buybacks  Fully Permitted: Reno Creek received its final permits to produce up to 2 Mlbs per year in Feb. 2017 J

14. Slide 14: Hub & Spoke Production Strategy

    Hub & Spoke Production Strategy 14

15. Slide 15: Hobson is fully licensed and permitted

    Hobson is fully licensed and permitted. The Processing Plant has a 2M lb. / year physical capacity 15

16. Slide 16: Palangana ISR Mine

    Palangana ISR Mine First Producing Mine Proof of Concept $10 M 6 months construction timeline Initial CAPEX • Low cash-cost of $21.77/lb Production during operation Ready • Fully permitted including expanded mine permit Similar Costs • Goliad fully permitted • Burke Hollow final mine and for Future

17. Slide 17: Palangana Production Area (PA-1)

    Palangana Production Area 1 (PA-1) Palangana Ion Exchange Facility 17

18. Slide 18: Resin Hauling Truck And Trailer

    Resin Hauling Truck And Trailer 18

19. Slide 19: Burke Hollow ISR Project Growth Ahead

    Burke Hollow ISR Project Growth Ahead  Discovery of five trends since 2012  7.09 million pounds 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 Plant.  55% of the property unexplored 19

20. Slide 20: Burke Hollow ISR Project Advancing with Drilling and Permitting

    Burke Hollow ISR Project Advancing with Drilling and Permitting  The following final permits have been issued:  Mine Production Area.  Two Class I disposal wells. Drilling at Burke Hollow  Aquifer Exemption.  Radioactive Material License (RML) application is under technical review. 20

21. Slide 21: Goliad ISR Project

    Goliad ISR Project  Fully licensed and permitted  NI 43-101 compliant resource*:  Measured & Indicated Resource: 5,475,200 lbs in 3.8 MT grading 0.05% U3O8  Inferred Resource: 1,501,400 lbs in 1.5 MT grading 0.05% U3O8 *NI 43-101 Technical Report completed and available on SEDAR and see disclaim

22. Slide 22: Paraguay

    Paraguay  South America’s second fastest growing economy  Government policy focused on attracting Foreign Direct Investment  Recently modernized mining code to incentivize exploration and development  Corporate tax rate of 10%  Paraguay’s Itaipu Hydroelectric Dam  2nd largest in the world with

23. Slide 23: 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 7.8 MT grading 0.052% Ca

24. Slide 24: Titanium Feedstock Market

    Titanium Feedstock Market  Over 90% of TiO2 feedstocks, such as ilmenite, Price of TiO2 feedstock - Ilmenite (USD) used for pigment manufacturing. $175 $175  Strong 2017 price growth for ilmenite, driven UEC signed option to by: $150 acquire $150 Alto Paraná  Strong demand recovery  Chinese pigm

25. Slide 25: Alto Paraná Titanium Project

    Alto Paraná Titanium Project Project Overview  One of the highest-grade and largest-known Cut-Off % % % Ilmenite Tonnes Thickness Ferro-Titanium deposits in the world % TiO2 Fe2O3 calc Billions (m)  NI 43-101 compliant resource with a mineral exploration claim of 70,498 hectares 6.0 7.41 23.58 13.

26. Slide 26: Alto Paraná Project Overview

    Alto Paraná Project Overview  Approximately $25 million invested in the project  Excellent infrastructure and proximity to hydroelectric source  Mining, processing and restoration successfully pilot- tested  Potential for high quality TiO2 slag and pig iron  Alto Parana - long-life, low cost, c

27. Slide 27: Anderson Project Overview

    Anderson Project Overview NI 43-101 compliant resource*:  Indicated Resource: 26.8 M tons, 17 M lbs. avg. grade A Large US of 0.029% Resource  Inferred Resource: 13 M tons, 12 M lbs. with avg. grade of 0.046% 9,852 Project located ~75 miles northwest of Phoenix, AZ Acres Historic Between 1955-1958

28. Slide 28: Anderson Project Preliminary Economic Assessment

    Anderson Project Preliminary Economic Assessment Projected post-tax IRR of 50% and an NPV of Overview $101.1 million, based on a uranium price of $65 per pound  CAPEX is estimated at $8 million for pre-production Low costs and $43.9 million for initial capital CAPEX / OPEX  Average life of mine di

29. Slide 29: Slick Rock Project US Project Portfolio Highlight

    Slick Rock Project US Project Portfolio Highlight NI 43-101 compliant resource*:  Inferred Resource: 2.5 M tons, 11.6 M lbs. avg. Technical grade of 0.228% Report  Inferred Resource: 2.5 M tons, 69.6 M lbs. vanadium with avg. grade of 1.37%  33% pre- tax Internal Rate of Return  $43.8 million pr

30. Slide 30: Climate Change Requires Nuclear Energy Involvement

    Climate Change Requires Nuclear Energy Involvement “There’s really only one technology that we know of that supplies carbon-free power at the scale modern civilization requires, and that is nuclear power” - Ken Caldeira of Stanford University’s Department of Global Ecology 30

31. Slide 31: Recent Challenges for Nuclear Energy – All Have Turned Positive

    Recent Challenges for Nuclear Energy – All Have Turned Positive in Recent Months!  Slow pace of Japanese recovery – Abe election victory, more reactor restarts  New anti-nuclear South Korean president – Overruled by strong public support for nuclear power growth  French policy to cut nuclear to 5

32. Slide 32: Nuclear Power - Growth Industry By Any Measure

    Nuclear Power - Growth Industry By Any Measure  447 operable reactors in 30 different countries  57 reactors under construction  159 reactors on order or planned  2015/2016 - the best two years in the past 25 for nuclear capacity additions 32

33. Slide 33: China and India Accelerating Nuclear Growth

    China and India Accelerating Nuclear Growth  China:  India: - 37 reactors operating - 22 reactors operating - 183 reactors planned and proposed - 65 reactors planned and proposed - 20 under construction - 6 under construction  Air quality imperative –moratorium on new coal plants 33

34. Slide 34: Japanese Recovery Progressing Well in 2017

    Japanese Recovery Progressing Well in 2017  12 reactors have passed NRA Safety Review  5 reactors have started*  A total of 8 reactors plan to be operating by summer 2018  Government approved plans are for 20%-22% from nuclear power  Recent Development – PM Shinzo Abe wins landslide victory. Nu

35. Slide 35: Nuclear Power in the United States

    Nuclear Power in the United States  Continued Strong Reliance on Nuclear Power  99 operating reactors  20% of the nations electrical energy  60% of the nation’s carbon-free electricity  2 new reactors under construction  14 New Reactor Licenses issued or under review  Department of Energy pus

36. Slide 36: Uranium Price History

    Uranium Price History (at $25/lb – up over $5.00/lb and 25% since Cameco Nov. 8 News) $137/lb $70/lb Nov 2016 $17.75/lb 12 year low Source: Ux Consulting 36

37. Slide 37: Uranium Prices at Current Levels are Unsustainable

    Uranium Prices at Current Levels are Unsustainable  Global production costs not covered at $25/lb spot price*  Even lowest-cost Kazakh production under pressure  Producer contracts ending will not be replaced at previous pricing  More production is likely to be shuttered with current prices  7

38. Slide 38: Production Estimates for 2018

    Production Estimates for 2018 - Past 24 months have dropped about 42 million lbs! Kazakhstan, US, Canada Niger and Namibia UxC 2015 Q4 UMO vs 2017 Q4 UMO + Kazakh Dec 2017 cut 38

39. Slide 39: Supplies Declining in Coming Years Beyond Production Cuts

    Good News - Supplies Declining in Coming Years Beyond Production Cuts  Secondary Supplies – 29% decline by 2025 (-13 million lbs)  DOE Inventories – Trending downward from domestic industry pressure (”clean” UF6 almost gone)  Resource Depletion – 16 million lbs per year (mine closures):  Ranger

40. Slide 40: Bottom Line – Positive Market Dynamics

    Bottom Line – Positive Market Dynamics  News Flow turns Positive – Japan, S. Korea, France, ILL, NY,CT, FERC Resiliency Rule  Best demand growth in 25 years  Underinvestment and big supply cutbacks – Kazaks, Cameco  Lead time to advance large new mines can be 7 to 10 years (or longer) - $60/lb+

41. Slide 41: Investment Summary

    Investment Summary  Strengthening ISR portfolio with acquisition of fully licensed Reno Creek Project  Infrastructure advantage with Hobson Plant  Proof of concept with low-cost ISR production  5 ISR projects in Texas, with two fully permitted and a third (Burke Hollow) advanced stage permitting

42. Slide 42: Pro-Forma Resource Summary

    Pro-Forma Resource Summary(1) Project Measured & Indicated Inferred Tonnage (‘000) Grade (% U3O8) Lbs U3O8) (‘000) Tonnage (‘000) Grade (% U3O8) Lbs U3O8) (‘000) Texas Hub & Spoke ISR Portfolio Palangana 393 0.14 1,057 328 0.18 1,154 Burke Hollow - - - 4,065 0.09 7,093 Goliad 3,790 0.05 5,475 1,547

43. Slide 43: 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 Mehran Bagherzadeh President and CEO: Amir Adnani

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