September 24, 2025 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM Disclaimer 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, among others, statements regarding the expectations of Uranium Energy Corp (the "Company") regarding uranium markets and pricing, its projects, including future wo ...

Core Insights - The company, Uranium Energy Corp (UEC), has transitioned from a developer to a producer in fiscal 2025, marking a significant breakthrough year with initial uranium production and advancements in its projects [7][9][10]. Operational Highlights - UEC achieved initial production of approximately 130,000 pounds of uranium concentrate by July 31, 2025, with a total cost per pound of $36.41, including cash costs of $27.63 and non-cash costs of $8.78 [5][10]. - The company has initiated upgrades at the Irigaray Central Processing Plant to support higher production rates and has constructed two new in-situ recovery (ISR) mine units at Christensen Ranch [5][11]. - The Burke Hollow ISR mine project is 90% complete, with operational start-up targeted for December 2025 [5][15]. Financial Highlights - As of July 31, 2025, UEC reported $321 million in cash, inventory, and equities, with no debt [8][9]. - The company generated $66.8 million in revenue and $24.5 million in gross profit from the sale of 810,000 pounds of uranium in the first half of fiscal 2025, with an average sale price of $82.52 per pound [8][9]. - UEC's inventory as of July 31, 2025, included 1,356,000 pounds of uranium valued at $96.6 million, with plans to increase inventory by an additional 300,000 pounds through purchase contracts [5][8]. Policy and Market Context - U.S. nuclear policy is gaining momentum, with President Trump's executive orders aimed at quadrupling nuclear energy and calls for expanding domestic uranium production [4][9]. - The surge in demand for nuclear energy, driven by AI and data center needs, is creating unprecedented support for U.S.-origin uranium and refining capabilities [6][9]. Strategic Initiatives - UEC launched the United States Uranium Refining & Conversion Corp to establish itself as the only vertically integrated U.S. uranium company, covering mining, processing, and planned refining [9][24]. - The acquisition of Rio Tinto's Sweetwater Complex for $175 million added approximately 175 million pounds of historic resources and established UEC's third U.S. production platform [5][18]. - The Roughrider project in Saskatchewan is advancing towards a pre-feasibility study, with significant metallurgical test work completed [5][20].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended July 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number: 001-33706 URANIUM ENERGY CORP. (Exact name of registrant as specified in its charter) (Address of prin ...

Core Insights - Deep-pocketed investors are showing a bullish sentiment towards Uranium Energy Corp (UEC), indicating potential significant developments ahead [1][2] - The options activity for UEC has been unusually high, with a notable split in investor sentiment: 50% bullish and 41% bearish [2] - The price target for UEC has been identified in the range of $7.0 to $13.0 based on recent options trading [3] Options Activity - Recent tracking revealed 12 extraordinary options activities for UEC, with a total volume of 6,449 and an average open interest of 1,255.7 [4] - Among the notable options, there are 10 call options totaling $931,942 and 2 put options amounting to $67,480 [2] - Significant trades include bullish call options with strike prices at $13.00 and bearish calls at $7.00, indicating mixed investor strategies [9] Company Overview - Uranium Energy Corp is focused on uranium mining and aims to support the demand for carbon-free nuclear energy, contributing to climate change solutions [10] - The company operates two extraction-ready in-situ recovery (ISR) platforms in South Texas and Wyoming, along with seven U.S. ISR uranium projects [10] - The consensus target price for UEC among market experts is $11.5, with a recent buy rating maintained by Roth Capital [12][13] Current Market Position - UEC's current trading volume is 12,894,758, with a price increase of 1.75%, now at $12.47 [15] - The stock may be approaching overbought conditions according to RSI readings, and an earnings release is anticipated in 5 days [15]

Core Viewpoint - Uranium Energy Corporation (UEC) is expected to report fourth-quarter fiscal 2025 results on September 24, with projected revenues of $17 million, a significant increase from no revenues in the same quarter last year, and an anticipated loss of three cents per share, consistent with the previous quarter's results [1][9]. Financial Performance - The Zacks Consensus Estimate for UEC's revenues for the quarter is $17 million, compared to no revenues in the year-ago quarter [1][9]. - UEC's earnings are forecasted to show a loss of three cents per share, matching the prior quarter's results [1][9]. - UEC has missed consensus earnings estimates in each of the last four quarters, with an average surprise of negative 125% [2]. Earnings Prediction Model - The Earnings ESP for Uranium Energy is 0.00%, and the company currently holds a Zacks Rank 4 (Sell), indicating low chances of an earnings beat [3]. Operational Insights - UEC is involved in uranium mining and related activities, including exploration and processing of uranium projects in the U.S., Canada, and Paraguay [5]. - The company has not yet established proven or probable reserves and remains classified in the "Exploration Stage" [6]. - As of April 30, 2025, UEC held 1,356,000 pounds of purchased uranium concentrate inventory, with expected revenues of $17 million for the quarter due to sales during the May-July period [7][9]. Cost Structure - Higher operating expenses are anticipated, driven by exploration expenditures, development spending, and compliance costs related to various projects [8][10][11]. - General and administrative expenses are expected to rise due to increased salaries and management fees [11]. Market Performance - UEC's shares have gained 82.5% year to date, outperforming the industry's growth of 21.3% [12].

Group 1 - Uranium Energy Corp. (UEC) is set to release its fourth-quarter earnings results on September 24, with analysts predicting a loss of 4 cents per share and quarterly revenue of $17 million [1] - In the previous quarter, UEC reported a loss of 7 cents per share, compared to a loss of 5 cents per share in the same period last year [1] Group 2 - UEC shares increased by 0.2%, closing at $12.26 [2] - Recent analyst ratings include a Buy rating from Roth Capital with a price target raised from $10.5 to $11.5, and from HC Wainwright & Co. with a price target increased from $12.25 to $12.75 [7] - BMO Capital initiated coverage on UEC with an Outperform rating and a price target of $7.75 [7]

Group 1 - Uranium Energy Corp. (UEC) is set to release its fourth-quarter earnings results on September 24, with analysts predicting a loss of 4 cents per share and quarterly revenue of $17 million [1] - In the previous quarter, UEC reported a loss of 7 cents per share, compared to a loss of 5 cents per share in the same period last year [1] Group 2 - UEC shares increased by 0.2%, closing at $12.26 [2] - Recent analyst ratings for UEC include a Buy rating from Roth Capital with a price target raised from $10.5 to $11.5, and from HC Wainwright & Co. with a price target increased from $12.25 to $12.75 [7] - BMO Capital initiated coverage on UEC with an Outperform rating and a price target of $7.75 [7]

Core Viewpoint - Uranium Energy Corp (UEC) is a leading supplier in the uranium industry, crucial for nuclear energy generation, and its market position is becoming increasingly significant as demand for clean energy rises [1] Financial Performance - UEC is expected to report a quarterly earnings per share (EPS) of -$0.03 on September 25, 2025, indicating ongoing financial challenges [2][6] - The company's price-to-earnings (P/E) ratio is approximately -69.61, reflecting negative earnings and raising concerns for investors [2] - Projected revenue for the period is $17 million, but the price-to-sales ratio of about 81.51 suggests that investors are paying a high price for each dollar of sales, indicating high market expectations for future growth despite current struggles [3][6] Valuation Metrics - UEC's enterprise value to sales ratio is around 80.44, indicating that the market value is significantly higher than its sales [4] - The enterprise value to operating cash flow ratio is approximately -100.27, reflecting negative operating cash flow and highlighting financial difficulties [4] Liquidity Position - UEC maintains a strong liquidity position with a current ratio of 10.11, suggesting that the company has sufficient current assets to cover its current liabilities, providing a buffer against short-term financial challenges [5][6]

Core Insights - Centrus Energy (LEU) and Uranium Energy (UEC) are positioned to benefit from the U.S. push for nuclear energy independence [1] - Uranium prices have faced challenges this year but have recently recovered to around $76.50 per pound, although still down 3.7% year over year [2] - Global nuclear power interest is increasing, with the U.S. aiming to quadruple its nuclear capacity to 400 GW by 2050, which could drive long-term uranium demand [3] Centrus Energy Overview - Centrus Energy supplies components of nuclear fuel, including Low-Enriched Uranium (LEU) and natural uranium hexafluoride [4][6] - The Technical Solutions segment provides advanced uranium enrichment services and technical services to government and private sectors [5] - In Q2 2025, Centrus reported total revenues of $155 million, down 18% year over year, with LEU segment revenues falling 26% to $125.7 million [6][7] - Centrus has a $3.6 billion revenue backlog with long-term contracts through 2040 [7] - The company is the only U.S. entity licensed for High-Assay Low-Enriched Uranium (HALEU) production, with a contract extension from the DOE for production through June 30, 2026 [8][10] - HALEU market value is projected to grow from $0.26 billion in 2025 to $6.2 billion by 2035 [10] Uranium Energy Overview - Uranium Energy has a production capacity of 12.1 million pounds from three processing plants and holds the largest resource portfolio in the U.S. [12] - The company did not generate revenues in the last reported quarter due to market volatility [12] - Adjusted loss per share was six cents, with a 70% increase in operating expenses [13] - UEC is investing in low-cost uranium projects using in-situ recovery (ISR) mining to reduce environmental impact [14] - The company restarted uranium extraction at Christensen Ranch Mine in August 2024, with ongoing construction at other projects [15][16] Financial Estimates and Performance - Centrus Energy's 2025 revenue estimate is $451.4 million, indicating 2.1% growth, while earnings are expected to decline by 5.4% [18] - Uranium Energy's 2025 revenue estimate is $79.7 million, a significant improvement from the previous year, but a loss of 17 cents per share is anticipated [20] - Centrus shares have surged 245.5% year to date, while UEC shares have gained 83% [23] - Centrus is trading at a forward price-to-sales multiple of 8.58X, compared to UEC's 56.89X [25] Investment Comparison - Both companies face short-term revenue challenges due to weak uranium prices, but are ramping up capabilities for future demand [26] - Centrus Energy has a competitive edge as the only U.S. company licensed to produce HALEU [26] - Centrus appears more attractive in terms of valuation and price performance, with upward estimate revisions, while UEC faces downward revisions and expected losses [27]

Core Viewpoint - Uranium Energy Corp is set to release its fiscal 2025 year-end operating and financial results on September 24, 2025, before market opening [1] Company Summary - The announcement indicates a significant upcoming event for Uranium Energy Corp, which may impact investor sentiment and market performance [1]