Uranium Energy Corp. · AMEX:UEC
Uranium Energy — Investor Presentation (October 2026)
52 slides from Uranium Energy's investor presentation, October 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 – October 2026 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM 1
Slide 2: Disclaimer
Disclaimer References to the “Company” and “UEC” herein are to Uranium Energy Corp. Unless otherwise specified, all references to dollar amounts are to United States dollars. Figures may not add up due to rounding. Forward-Looking Statements: Except for the statements of historical fact contained in
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: Fiscal Year 2026 & Fourth Quarter Highlights
Fiscal Year 2026 & Fourth Quarter Highlights Production • Fourth quarter combined production totaled 82,744 pounds of precipitated uranium and dried and drummed Increased By 157%; U3O8, up from 32,195 pounds in the prior quarter, at a Total Cash Cost per Pound(1) of $30.01 and a Total Costs Down 33%
Slide 5: Fiscal 2026 Financial Highlights
Fiscal 2026 Financial Highlights $93.13/lb $753 M 1.26 M Peer Leading Realized Price Liquid Assets(1) Pounds of U₃O₈ in inventory(1) • Revenue of $37.3 million • Includes $495 million of • Valued at $109 million at and gross profit of $16.9 cash current market prices million for fiscal 2026 • Robust
Slide 6: United States Uranium Refining & Conversion Corp
United States Uranium Refining & Conversion Corp Positioning UEC as the only vertically integrated U.S. company from U3O8 to UF6 ✓ Advancing toward a Class IV cost estimate expected mid-2027 ✓ Preparing U.S. Nuclear Regulatory Commission license application ✓ Completed core execution plans, built a
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, despite that the domestic industry is resource and cost competitive. U.S. uranium supply to commercial nuclear reactors(2) Million pounds U3O8 80 70 U.S. utilities repr
Slide 9: America's Nuclear Fuel Cycle Has a Structural Vulnerability
America’s Nuclear Fuel Cycle Has a Structural Vulnerability The United States is the only major nuclear power without a vertically integrated, domestically controlled supply chain from U3O8 to UF6, while China and Russia maintain state-backed, end-to-end capabilities. The Trump Administration’s goal
Slide 10: Uranium Policy Developments
Uranium Policy Developments Government Demand Accelerating for Unobligated U.S.-Origin U3O8 • National Nuclear Security Administration RFI signals long-term demand: ~4M lbs U₃O₈ and 1,500 MTU conversion annually through the 2040s, with deliveries targeted from ~2030 • U.S. Army Janus microreactor pr
Slide 11: Global Pledge To Triple Nuclear Energy by 2050
Global Pledge To Triple Nuclear Energy by 2050 Growing Global Commitment Strong Nuclear Power Outlook(1) 38 441 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 12: 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. Google & Georgia Power
Slide 13: Unprecedented Bipartisan & White House Support
Unprecedented Bipartisan & White House Support Investments in Nuclear, Domestic Uranium and Fuel Cycle Supply President Trump U.S. government U.S. – Japan U.S. government U.S. Government U.S. Department of The federal President Trump signs four Executive signs $80B Agreement includes designates Sect
Slide 14: Strengthening America's Nuclear Fuel Supply Chain
Strengthening America’s Nuclear Fuel Supply Chain to Meet Emerging Demand for Domestic Uranium URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM 14
Slide 15: Bottom of Cycle Acquisitions Creates Largest U.S. Uranium Company
Bottom of Cycle Acquisitions Creates Largest U.S. Uranium Company Positioned for Production Growth UEC Acquisition Timeline and Uranium Spot Price(1) ($/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 16: 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 17: Four Production Growth Pillars
Four Production Growth Pillars Scalable Hub-and-Spoke Platforms with Robust Development Portfolio(1) 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 Ca
Slide 18: Powder River Basin Hub-and-Spoke: Irigaray Central Processing Plant
Powder River Basin, Hub-and-Spoke Operations Irigaray Central Processing Plant 4M lbs/yr 4 17 Licensed Permitted Satellite Production Projects Projects Capacity Irigaray CPP, Wyoming URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM 18
Slide 19: Production Expanded at Irigaray CPP
Production Expanded at Irigaray CPP Expanding Christensen Ranch for Continued Production Growth Production Doubled & Costs Lower at Christensen Ranch ✓ During the quarter, production doubled to 65,392 pounds of precipitated uranium and dried and drummed U3O8, produced at a Total Cash Cost per Pound(
Slide 20: Development Advances at the Ludeman Satellite Project
Powder River Basin, Wyoming, Hub-and-Spoke Operations Development Advances at the Ludeman Satellite Project Ludeman Wellfield Construction Underway ✓ Monitoring, injection, and recovery wells in the initial wellfield are under construction. ✓ Engineering for the satellite ion-exchange plant has adva
Slide 21: 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 22: South Texas Hub-and-Spoke: Hobson Central Processing Plant
South Texas Hub-and-Spoke Operations Hobson Central Processing Plant 4M lbs/yr 3 5 Licensed Permitted Satellite Production Projects Projects Capacity Hobson CPP, South Texas URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM 22
Slide 23: Burke Hollow Ramp-up
South Texas Hub-and-Spoke Operations Burke Hollow Ramp-up America’s Largest Greenfield ISR Project to Come into Production in Over a Decade ✓ First shipment of uranium-loaded resin from Burke Hollow to Hobson in mid-May. All processes including resin transfer, elution, precipitation, drying and pack
Slide 24: Great Divide Basin: 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 25: Advancing Sweetwater Mill and Properties
Sweetwater Central Processing Plant Advancing Sweetwater Mill and Properties Accelerating Wellfield Development & Advancing FAST-41 Permitting ✓ The FAST-41 Permitting Dashboard currently anticipates the completion of the Environmental Assessment in March 2027 and approval of the Plan of Operations
Slide 26: 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 27: 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 28: World Class Roughrider Project Pre-Feasibility Progressing
World Class Roughrider Project Pre-Feasibility Progressing Drill Program Completed to Support PFS ✓ Expanded diamond drill program of 36,000 meters completed to support resource conversion and PFS. ✓ Geotechnical drilling for a future tailings management facility was completed. ✓ In August 2026, ent
Slide 29: 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 30: 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 31: 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 32: 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 33: 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 34: 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(1) Industry leading position URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM 34 (1) Data and ranking is as of April 2, 2026. subject t
Slide 35: UEC At a Glance
UEC At a Glance Member of the Russell 2000® Index Liquid Assets(1) $753 million, no debt UEC Team, T. Rowe Price Associates, Vanguard Group, Blackrock, Mirae Asset Average Daily Traded Financial, State Street Corp, Van Eck $76 M Value - 3 months Top Shareholders Associates, Norges Bank, Geode Capita
Slide 36: Over 90 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 37: Breakthrough Year Positioned as America's Only Vertically Integrated Uranium Company
Breakthrough Year Positioned as America’s Only Vertically Integrated Uranium Company ▪ Production Growth with Sustained Low-cost Profile ▪ Scaled Ramp-Up Continues in Texas and Wyoming with Continued Development at Sweetwater and Roughrider ▪ Launch of UR&C with the Goal of Becoming the Only Vertica
Slide 38: 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: Katherin
Slide 39: Appendix
Appendix URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM 39
Slide 40: 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 41: 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 42: Fundamentals Favor Significant Price Appreciation
Fundamentals Favor Significant Price Appreciation Prices Still Well Below Previous Highs Spot Daily Long Term $160 $140 $89.75(1) $97.00(2) $120 $113.00 $70.00 US $/lb U308 $100 2011: Fukushima event $80 $60 $40 Financial Crisis $20 Nov 2016: $17.75/lb 12 year low $0 Oct 2006 Oct 2011 Oct 2016 Oct 2
Slide 43: 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 44: 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 45: 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 46: 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 47: 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 47
Slide 48: 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 49: Non-GAAP Measures
Non-GAAP Measures This presentation includes reference to "Total Cost per Pound", “Total Cash Cost per Pound” and “Total Non-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 f
Slide 50: Christensen Ranch / Irigaray CPP
Christensen Ranch / Irigaray CPP First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal (in thousands of dollars, except cost per pound) Fiscal 2026 Fiscal 2026 Fiscal 2026 Fiscal 2026 2026 Cash Production Costs A $ 1,612 $ 1,509 $ 1,242 $ 1,348 $ 5,711 Add Production-Based Royalties 101 6
Slide 51: Burke Hollow / Hobson CPP
Burke Hollow / Hobson CPP Fourth Quarter (in thousands of dollars, except cost per pound) and Fiscal 2026 Cash Production Costs A $ 627 Add Production-Based Royalties - Ad Valorem and Severance Tax - Total Production-Based Royalties and Taxes B - Total Cash Costs C=A+B $ 627 Add Depreciation, deplet
Slide 52: Combined Total Production
Combined Total Production Cumulative Since Beginning of (in thousands of dollars, except cost per pound) Fiscal 2026 Fiscal 2025 Fiscal 2025 Cash Production Costs A $ 6,338 $ 2,803 $ 9,141 Add Production-Based Royalties 316 189 505 Ad Valorem and Severance Tax 1,197 599 1,796 Total Production-Based
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