Building America's Only Vertically Integrated
Fuel Supply Chain, from Mining to Conversion to Support U.S. Enrichment
URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Leading U.S. Uranium Company
Pos itioning as the only vertically integrated U.S. company from mining to convers ion
America's Largest, Fastest Growing Uranium Company | Leading North American Resource Base 230.1 M lbs. M&I | 100.0 M lbs. Inferred U3O8 Resources(1) 175 M lbs. Historical(2) Over $1 Billion in Accretive Acquisitions |
Largest Licensed Production Capacity in the U.S. | Wyoming Production Restarted, with Phased U.S. ISR Ramp-Up 12.1 M lbs. U3O8 U.S. Licensed Capacity/Year(3) |
Building for End-to-End Capabilities | Launched U.S. Uranium Refining & Conversion Corp (UR&C) to advance American nuclear fuel security and energy dominance |
Strong Balance Sheet No Debt | $698 Million in Cash, inventory(4)(5), and equities (5) at market price 100% Unhedged Price Exposure |
(1) See UEC's most recent Annual Report on Form-K for further information regarding the underlying resource estimates for its properties. The Wyoming production of approximately 199,000 pounds as of October 31, 2025 has not been deducted from estimate. (2) Based upon internal studies and other historic data prepared by prior owners in regards to the projects and dated between 1984 and 2019. Such estimates are being treated by the Company as historical in nature and a qualified person has not done sufficient work to classify the historical estimates as current mineral resources. The Company is not treating them as current resource estimates and is disclosing these historic estimates for illustrative purposes and to provide readers with relevant information regarding the projects. In addition, such estimates were not prepared under S-K 1300 standards and the results of future estimates by the Company may vary from these historic estimates. (3) UEC press release dated Dec 6, 2024. (4) Does not include inventory in-process or finished inventory (dried and drummed concentrate) at the Irigaray CPP. (5) Market values for securities are based on closing prices as at October 31, 2025, and for uranium inventories are based on the spot price quoted on UxC ConverDyn as of such date.
URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
3
IRIGARAY PLANT - WYOMING HUB & SPOKE OPERATIONS
HOBSON PLANT - TEXAS HUB & SPOKE OPERATIONS
ATHABASCA BASIN , HIGH-GRADE CONVENTIONAL PORTFOLIO
SWEETWATER PLANT - WYOMING HUB & SPOKE OPERATIONS
Results for First Quarter of Fiscal 2026
VERTICAL INTEGRATION
GROWING PRODUCTION
Building America's Only Vertically Integrated Uranium Fuel Supply Chain, from Mining to Conversion, Supporting U.S. Enrichment
Increasing Production Through Cons truction of New Low-Cos t In-Situ Recovery Capacity in Wyoming and Texas
STRATEGIC INVENTORY
Strategic Inventory Pos itioning Ahead of Section 232 Decision and Projected Supply Deficits
URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
4
First Quarter 2026 HighlightsMaintained Low-Cost Production |
|
Major Expansion of ISR Production |
next ISR mine |
Advanced Development Plans at Sweetwater |
|
Advanced Pre-Feasibility at Roughrider |
|
Launch of UR&C |
and processing together with planned refining and conversion |
URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
5
(1) Total Cost per Pound, Cash Cost Per Pound and Non-Cash Cost Per Pound are not measures of financial performance under accounting principles generally accepted in the United States ("GAAP") and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. See "Non-GAAP Measures" on slide 50.
First Quarter 2026 Financial HighlightsStrong Balance Sheet with Strategic Inventory Buildup Ahead of Section 232 Decis ion
$698 M
Cash, inventory(1)(2), and
equities(2) at market price
1.36 M
Pounds of U₃O₈ in inventory(1)
100%
Unhedged
Robust Balance Sheet,
with no debt
$234 M equity offering completed to accelerate
the advancement of UR&C
Funded to deliver advancement at key assets and ramp-up production
Inventory excludes
~199,000 pounds of precipitated uranium and dried and drummed U3O8 at our Irigaray CPP
U.S. warehoused inventory is anticipated to expand by another 300,000 pounds through Dec. 2025 via purchase contracts at
$37.05 /lb
Building 100% unhedged inventory in a tightening market, positioning UEC to benefit from expected
higher uranium prices and favourable policy environment
URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
6
(1) Does not include inventory in-process or finished inventory (dried and drummed concentrate) at the Irigaray CPP (2) Market values for securities are based on closing prices as at October 31, 2025, and for uranium inventories are based on the spot price quoted on UxC ConverDyn as of such date.
Designed to give UEC end-to-end capabilities, providing a secure, geopolitically reliable source of
uranium hexafluoride - the feedstock needed for uranium enrichment
Building on our firs t-mover advantage with Fluor, leveraging a year of engineering and design work already completed
Aligned with market needs and American energy dominance policies
URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
7
Launch of United States Uranium Refining & Conversion Corp
Positioning UEC as the only vertically integrated U.S. company from U3O8to UF6
Growing demand coupled with underinvestment in uranium has led to a structural supply
Million Pounds U3O8
deficit that is projected to continue and widen through 2045
450
Global Production and Demand(1) Demand- Call to triple global
400
nuclear capacity by 2050 by
30+ countries
350
300
Demand- High
Case
250
200
Demand- Base
Case
150
100
Projected Production
50
0
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Projected Production Gap(1)
Cumulative - Base Demand and Production Case
2025-2026 is ~ 51 M lbs.
2025-2035 is ~ 355 M lbs.
2025-2040 is > 890 M lbs.
2025-2045 is > 1.75 B lbs.
U.S. utilities are the world's largest
cons umer of uranium with current demand of 47 Mlbs /yr(2)
URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
Source: (1) UxC Market Outlook Q3 2025 (2) World Nuclear Association. (July 11, 2025: 18,137 tonnes U = 47.152 M lbs. U3O8) Note: U.S. origin unobligated U3O8 required to meet
8 future U.S. Naval requirements are not reflected in these Demand projections."
Demand for Uranium Significantly Exceeds Primary ProductionGrowing Global Commitment Strong Nuclear Power Outlook(1)
33+
Countries
140+
Industry Leading
Companies
16+
of the World's
Largest Banks
15
Large Energy Users
438
June 2025
World Bank ends decade long ban on financing nuclear energy, a momentous shift in global energy policy
Operable Reactors Worldwide
69 +
New Reactors Connected since 2015(2)
Multiple reactor life extensions & uprates
71
Units Under Construction
+
434
Planned and Proposed Worldwide
URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
9 Source: (1) WNA Power Reactors & Uranium Requirements (2) IAEA PRIS December 10, 2025
Global Pledge To Triple Nuclear Energy by 2050 Domes tic Uranium Takes Center Stage with Unprecedented Government Policy and Big Tech Demand for Nuclear PowerBipartisan support to re-domesticate the uranium supply chain
Electricity demand from U.S. data
centers is expected to double by 2028(1)
President Trump signs multiple Executive Orders to usher in the American nuclear renaissance - aims to end U.S. Reliance on foreign uranium
Enters into PPA with Talen and invests in SMR Advancement
President Trump EO initiates 232 Investigation assessing critical mineral vulnerabilities - includes uranium
America's Largest
Uranium Company
Invests $1.6B to revive Three Mile Island
Signs 20-year deal with
Constellation to power data centers
U.S. Government bans Russian uranium, cuts red tape and incentivizes
new nuclear technology
Invests in Terrapower to support the first Natrium Plant
URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM
10 Source: (1) S&P Market Intelligence "Powering AI - Opportunities, tensions in datacenter and energy markets" Sept 30, 2024
| Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |