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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM Corporate Presentation – January 2026 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
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM 2 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 work programs and planned studies, the impacts of recent Presidential Executive Orders, and statements regarding the activities of United States Uranium Refining & Conversion Corp (“UR&C”) and its proposed development of future conversion facilities. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities, variations in the underlying assumptions associated with the estimation or realization of mineral resources, future mineral resource estimates may vary from historic estimates, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labor disputes and other risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations, any deterioration in political support for nuclear energy or uranium mining; changes in government regulations and policies, including trade laws and policies; demand for nuclear power; any failure to obtain necessary permits and approvals from government authorities; weather and other natural phenomena; the other risk factors set forth in Uranium Energy’s Corp’s most recent annual report on Form 10-K and its other SEC filings, available under its profile at www.sec.gov. Although Uranium Energy Corp believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this presentation. Uranium Energy Corp. disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future event or otherwise, except as may be required by applicable securities laws. Nothing on this presentation is to be construed as an offer to sell, or a solicitation of an offer to buy securities of Uranium Energy Corp. This presentation should be viewed in conjunction with the Company’s Annual Report on Form 10-K for the year ended July 31, 2025, including its audited annual consolidated financial statements included therein. Mineral Resources and Other Technical Information: All mineral reserve and mineral resource estimates are estimated in accordance with SEC Regulation S-K 1300. For further information regarding such estimates, please refer to our most recent Annual Report on Form 10-K and the technical report summaries referenced herein and therein. The estimation of mineral resources involve greater uncertainty as to their existence and economic feasibility than the estimation of mineral reserves, and therefore investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources, and therefore it cannot be assumed that all or any part of inferred resources will ever be upgraded to a higher category. All U.S. resources have been reviewed and approved for disclosure by Western Water Consultants, Inc. d.b.a. WWC Engineering, pursuant to Regulation S-K Subpart 1300 “Modernization of Property Disclosures for Mining Registrants (S-K 1300). All Canadian resources have been reviewed and approved for disclosure by Nathan Barsi, P.Geo., who is considered a Qualified Person under Subpart 1300 of Regulation S-K. Market and Industry Data: Certain information in this presentation regarding the industry and market data has been obtained from publicly available information and third-party industry reports. Such reports generally state that the information contained therein has been obtained from sources believed to be reliable, but the accuracy or completeness of such information is not guaranteed. We have not independently verified or cannot guarantee the accuracy or completeness of that information and investors should use caution in placing reliance on such.
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM IRIGARAY PLANT – WYOMING HUB & SPOKE OPERATIONS HOBSON PLANT – TEXAS HUB & SPOKE OPERATIONS ATHABASCA BASIN , HIGH-GRADE CONVENTIONAL PORTFOLIO (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 tre ating 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 Irigar ay 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. 3 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 SWEETWATER PLANT – WYOMING HUB & SPOKE OPERATIONS Leading U.S. Uranium Company Positioning as the only vertically integrated U.S. company from mining to conversion
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Maintained Low-Cost Production • Total Cost per Pound(1) of $34.35, including Cash Cost per Pound(1) of $29.90 and Non-Cash Cost per Pound(1) of $4.45 on 68,612 pounds of precipitated uranium and dried and drummed U3O8 Major Expansion of ISR Production • Irigaray plant upgrades completed to support 24/7 operations • Adding a Second Powder River Basin Satellite at Ludeman • Six additional header houses in new wellfields under construction at Christensen Ranch • Burke Hollow nears operational status, setting the stage for initial operations at America’s next ISR mine Advanced Development Plans at Sweetwater • Sweetwater Hub-and-Spoke Development progressed under its FAST-41 permitting designation Advanced Pre- Feasibility at Roughrider • Commenced 34,000 meters conversion drilling program Launch of UR&C • Positioning UEC as America’s only vertically integrated uranium company with mining and processing together with planned refining and conversion URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY .COM 4 First Quarter 2026 Highlights Strategic inventory positioning ahead of Section 232 decision and projected supply deficits (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 52.
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY .COM 5 First Quarter 2026 Financial Highlights Strong Balance Sheet with Strategic Inventory Buildup Ahead of Section 232 Decision (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. $698 M Cash, inventory(1)(2), and equities(2) at market price • 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 1.36 M Pounds of U₃O₈ in inventory(1) • 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 via purchase contracts at $37.05 /lb 100% Unhedged • Building 100% unhedged inventory in a tightening market, positioning UEC to benefit from expected higher uranium prices and favourable policy environment
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM Launch of United States Uranium Refining & Conversion Corp Positioning UEC as the only vertically integrated U.S. company from U3O8 to UF6 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 first-mover advantage with Fluor, leveraging a year of engineering and design work already completed Aligned with market needs and American energy dominance policies 6 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM Demand for Uranium Significantly Exceeds Primary Production Source: (1) UxC Market Outlook Q4 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 future U.S. Naval requirements are not reflected in these Demand projections.” Projected Production Gap(1) Cumulative – Base Demand and Production Case 2026-2027 is ~ 49 M lbs. 2026-2036 is ~ 379 M lbs. 2026-2040 is > 840 M lbs. 2026-2045 is > 1.7 B lbs. U.S. utilities are the world’s largest consumer of uranium with current demand of 47 Mlbs/yr(2) Growing demand coupled with underinvestment in uranium has led to a structural supply deficit that is projected to continue and widen through 2045 0 50 100 150 200 250 300 350 400 450 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Million Pounds U3O8 Global Production and Demand(1) Projected Production Demand- Base Case Demand- High Case Demand- Call to triple global nuclear capacity by 2050 by 30+ countries 7
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM U.S. Uranium = Energy and National Security Repatriating the Upstream Nuclear Fuel Cycle Source: (1) EIA Uranium Market Annual Report (Sept. 30 2025) https://www.eia.gov/uranium/marketing/ (2) EIA Domestic Uranium Production Report – Annual (August 5, 2025) (3) US EIA Monthly Energy Review America relies heavily on uranium imports, meeting less than 2% of domestic needs. However, the U.S. is resource and cost competitive. 8 U.S. utilities represent the largest global reactor fleet and world’s largest consumer of uranium, requiring 50.6 Mlbs/yr.(1) 0 10 20 30 40 50 60 70 80 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 U.S. uranium supply to commercial nuclear reactors(3) Million pounds U3O8 Imports Domestic Production
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM Global Pledge To Triple Nuclear Energy by 2050 Source: (1) WNA Power Reactors & Uranium Requirements (2) IAEA PRIS January 5, 2026 Growing Global Commitment 9 33+ Countries 438 Operable Reactors Worldwide 72 Units Under Construction 69 New Reactors Connected since 2015(2) 437 Planned and Proposed Worldwide + Strong Nuclear Power Outlook(1) 140+ Industry Leading Companies 16+ of the World’s Largest Banks Multiple reactor life extensions & uprates 15 Large Energy Users June 2025 World Bank ends decade long ban on financing nuclear energy, a momentous shift in global energy policy +
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM Signs 20-year deal with Constellation to power data centers Domestic Uranium Takes Center Stage with Unprecedented Government Policy and Big Tech Demand for Nuclear Power 10 Bipartisan support to re-domesticate the uranium supply chain Electricity demand from U.S. data centers is expected to double by 2028(1) Invests $1.6B to revive Three Mile Island Source: (1) S&P Market Intelligence “Powering AI – Opportunities, tensions in datacenter and energy markets” Sept 30, 2024 President Trump EO initiates 232 Investigation assessing critical mineral vulnerabilities - includes uranium UEC wins award from the U.S. Department of Energy to supply 300,000 lbs. U3O8 to the strategic uranium reserve at a 20% Premium U.S. Government bans Russian uranium, cuts red tape and incentivizes new nuclear technology America’s Largest Uranium Company Invests in Terrapower to support the first Natrium Plant Enters into PPA with Talen and invests in SMR Advancement
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM Unprecedented Bipartisan & White House Support Investments in Nuclear, Domestic Uranium and Fuel Cycle Supply 11 May 2025 President Trump signs four Executive Orders representing an unprecedented level of policy support to revitalize the U.S. Nuclear Industry • Targets4x Increase in Nuclear Capacity by 2050, • Reinvigorates the Nuclear Industrial Base, • Accelerates Permitting Reform, and • Invests in Advanced Reactors U.S. government designates Uranium as a critical mineral U.S. government signs $80B investment into new domestic nuclear power plants U.S. Government Section 232 Critical Minerals investigation into foreign uranium imports October November U.S. – Japan Agreement includes $25B investment into SMRs & data centers
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM Strengthening America’s Nuclear Fuel Supply Chain to Meet Emerging Demand for Domestic Uranium 12
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13 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM Bottom of Cycle Acquisitions Creates Largest U.S. Uranium Company Positioned for Production Growth (1) Uranium price at time of acquisition based on weekly U3O8 prices per UxC. $0.00 $10.00 $20.00 $30.00 $40.00 $50.00 $60.00 $70.00 $80.00 $90.00 $100.00 2016 2017 2018 2019 2020 2021 2022 2023 2024 UEC Acquisition Timeline and Uranium Spot Price(1) ($/lb) Reno Creek Diabase Uranium One UEX North Reno Creek Start of Physical Uranium Program at $27/lb Roughrider Sweetwater UEC acquisition strategy initiated in 2017 with uranium price at $20 per pound Recent U3O8 Price Range: $70-80/lb
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Texas Hub and Spoke ISR Portfolio (S-K 1300 compliant)(1) Largest, DiversifiedResource Base in the Western Hemisphere TotalResources of 230.1 M lbs. U3O8 as M&I, 100.0 M lbs. U3O8 as Inferred, 175 M lbs. Historical(3) Growth Portfolio(S-K 1300 compliant)(1) Project Name Anderson Workman Creek Arizona Total Attr. Resources (M lbs.) M&I Inferred 32.06 - - 4.46 32.06 4.46 Athabasca Basin (S-K 1300 compliant)(2) Project Name Roughrider Shea Creek Millennium Horseshoe Raven Christie Lake Attr. Resources (M lbs.) M&I Inferred 27.86 33.38 33.18 13.78 11.42 4.36 37.43 - - 16.84 Saskatchewan Total 109.88 68.36 Other Canadian Indirect Interests Wheeler River (Saskatchewan) Kiggavik (Nunavut) Sweetwater Hub and Spoke ISR Portfolio Fully Licensed Sweetwater Plant + Permitted & Exploration Stage uranium projects District Historical(3) Wyoming 175 M lbs. Irigaray Hub and Spoke ISR Portfolio (S-K 1300 compliant)(1,4) Four Projects are Fully Permitted District Attr. Resources (M lbs.) M&I Inferred Wyoming 66.2 15.1 Largest production profile in the U.S. with 12.1 M lbs./yr licensed capacity Three Projects are Fully Permitted District Texas Attr. Resources (M lbs.) M&I Inferred 12.96 9.95 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM (1) Refer to technical report summaries on SEDAR+ and EDGAR, or Company’s website, for a detailed breakdown of S-K 1300 resources and Disclaimer on slide 2. (2) Refer to the appendix for detailed breakdown of current Canadian resources reported under S-K 1300. (3) 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.(4) The Wyoming production of approximately 199,000 pounds as of October 31, 2025 has not been deducted from estimate Exploration Production Stage Projects Projects + Processing Plants Commodity Uranium Titanium Under Development 14
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY .COM 66.2 M lbs. M&I & 15.1 M lbs. Inferred U3O8 resources(3) 12.96 M lbs. M&I & 9.95 M lbs. Inferred U3O8 resources 175 M lbs. Pounds U3O8 Historical(2) $946M Post Tax NPV 8 • 4 M lbs./yr Licensed Production Capacity • 17 Satellite Sites • 4 Fully Permitted Satellite Projects • 4 M lbs./yr Licensed Production Capacity • 5 Satellite Sites • 3 Fully Permitted Satellite Projects • 4.1 M lbs./yr Licensed Production Capacity • 3 Permitted Projects • 108kAcres of ProspectiveLand • 40% IRR & Payback of 1.4 years • AISC $20.48/lb U3O8 • LOM annual production 6.8M lbs(1) Four Production Growth Pillars Scalable Hub-and-Spoke Platforms with Robust Development Portfolio Irigaray Central Processing Plant Hobson Central Processing Plant Sweetwater Central Processing Plant Roughrider Project Successfully Produced ~199K lbs since restart Acquisition Creates Largest Production Profile in the U.S. $395M EBITDA at $85/lb U3O8 $730M EBITDA at $150/lb U3O8 (1)UECpressreleasedatedNov8,2024;mineplanincludesmill(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 historicalin nature and a qualified person has not done sufficient work to classify the historical estimates as current mineral resources. Historic estimates disclosed for illustrative purposes only and to provide readers with relevant informati on regarding the projects. Such estimates were not prepared under S -K 1300 standards. (3) The Wyoming production of approximately 199,000 pounds as of October 31, 2025 has not been deducted from estimate. Burke Hollow Nears Operational Status U.S. ISR Operations U.S. ISR Operations U.S. ISR & Conventional Development Canadian Conventional Development 15
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM Powder River Basin, Hub-and-Spoke Operations Irigaray Central Processing Plant 16 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM 4Mlbs/yr Licensed Production Capacity 4 Fully Permitted Projects 17 Satellite Projects Irigaray CPP, Wyoming
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM Irigaray CPP, Wyoming Christensen Satellite Plant Interior Irigaray CPP Interior, North and South Elution Circuits Christensen Ranch Wellfields 8 & 10 17 Powder River Basin, Wyoming, Hub-and-Spoke Operations Expanding Production Capacity at Irigaray CPP & Christensen Ranch ✓ Accumulated production of ~199,000 pounds of precipitated uranium and dried and drummed U3O8 from Christensen Ranch, as of Oct. 31 2025. ✓ Achieved Cash Cost per Pound(1) of $29.90, based on 68,612 pounds of precipitated uranium and dried and drummed U3O8 during the first quarter of fiscal 2026. ✓ Irigaray CPP upgrades to support 24/7 operations were finalized, including a full refurbishment of the yellowcake thickener and calciner. Drying and packaging operations resumed after quarter end on November 13, 2025, with ~49,000 pounds dried and drummed subsequent to that date during November. ✓ Expanding production capacity at Christensen Ranch with construction of six additional header houses in new wellfields, including 11, 12 and 10-extension. ✓ Wyoming workforce has increased to 84 personnel. Continued Ramp Up while Maintaining Low-Cost Production (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.
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM 18 Powder River Basin, Wyoming, Hub-and-Spoke Operations Development Commenced at the Ludeman Satellite Project ✓ 9.7 Million lbs. Measured and Indicated Resources, and 1.3 Million lbs. Inferred resources.(1) ✓ Fully licensed and permitted - will be constructed as a satellite ion exchange (IX) plant to the Irigaray CPP. ✓ Plans for a 200-hole delineation drilling program were finalized during the quarter, with drilling commencing subsequent to quarter- end in November 2025. ✓ 41 monitor wells installed with baseline water quality sampling planned for Q4 fiscal 2026. ✓ Engineering for the satellite plant is in progress using internal technical expertise, with external engineering planned to commence in January 2026. ✓ Design and procurement of the IX vessels for the plant is underway. ✓ Located 10 miles northeast of Glenrock, Wyoming. Company’s Second Satellite Project at Irigaray Hub-and-Spoke Operations (1) Refer to the appendix for a detailed breakdown of resources reported under S-K 1300, note the Disclaimer on Slide 2, and refer to the Company’s technical report summaries on SEDAR+ and EDGAR
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19 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM (1) Refer to the appendix for a detailed breakdown of resources reported under S-K 1300, note the Disclaimer on Slide 2, and refer to the Company’s technical reports on SEDAR+ and EDGAR 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 by road to Irigaray CPP Moore Ranch ISR Project • 3.21 M lbs. M&I | 0.04 M lbs. Inferred U3O8 (1) • Fully permitted for 3 M lbs./yr for processing, to be constructed as a satellite to Irigaray CPP • 40 miles by road to Irigaray CPP Powder River Basin, Wyoming, Hub-and-Spoke Operations Permitted, Construction Ready Growth Projects
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM South Texas Hub-and-Spoke Operations Hobson Central Processing Plant 20 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM 4Mlbs/yr Licensed Production Capacity 3 Fully Permitted Projects 5 Satellite Projects Hobson CPP, South Texas
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY .COM (1) Referto the appendixfora detailedbreakdownof resourcesreportedunderS-K 1300,notethe Disclaimeron Slide2, and referto the Company’stechnicalreportsummarieson SEDAR+andEDGAR South Texas Hub-and-Spoke Operations Burke Hollow Satellite ISR Project Nears Operational Status ✓ 6.15 Million lbs. Measured and Indicated Resources, and 4.88 Million lbs. Inferred resources.(1) ✓ Construction of the Burke Hollow IX facility and wellfield substantially completed. All large diameter tanks have been installed at the IX facility. ✓ Testing of the disposal well was completed with the state regulatory agency in attendance. ✓ Utility provider completed the installation of three-phase power into the project site. ✓ Well completion and mechanical integrity testing reports are underway following completion of construction. ✓ South Texas workforce has grown to 86 personnel. Drilling at Burke Hollow Resin Truck at Burke Hollow Burke Hollow Satellite Site Burke Hollow Satellite Site 21 Construction Substantially Completed at America’s Newest ISR Project
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM Great Divide Basin Hub-and-Spoke Development Sweetwater Central Processing Plant 22 (1) 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 q ualified person has not done sufficient work to classify the historical estimates as current mineral resources. The Company is not treating them as curren t resource estimates and is disclosing these historic estimates for illustrative purposes and to provide readers with relevant i nformation regarding the projects. In addition, such estimates were not prepared under S -K 1300 standards and the results of future estimat es by the Company may vary from these historic estimates. URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM 4.1Mlbs/yr Licensed Production Capacity 175M Pounds in Historical(1) Resources 4 Satellite Projects Sweetwater Plant, Wyoming
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM Highly Invested Asset Base with Operating Synergies • Provides infrastructure and critical scale in the Great Divide Basin, with opportunities to realize synergies ✓ Acquisition of Wyoming Uranium Assets from Rio Tinto Creates UEC’s Third U.S. Hub-and-Spoke Production Platform • Addition of Rio Tinto’s Sweetwater Plant and portfolio of permitted and exploration stage uranium projects ✓ Markedly Accretive Resource Growth • Adding ~175 million pounds of historic uranium resources(1) • ISR amenable resources will be prioritized for development (approx. 50% of resources) ✓ Significant Scarcity Value and Production Optionality • Rare opportunity to acquire licensed facilities and permitted resource properties, expediting production capabilities ✓ Extensive Land Package, Geological Data and Exploration Optionality • Extensive geological database from ~6.1 million feet of drilling • Creates portfolio of approximately 108,000 acres of land for prospective uranium discovery ✓ 23 (1) 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 q ualified 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.
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM Sweetwater Central Processing Plant Acquisition of Rio Tinto America's Sweetwater Mill and Properties ✓ 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 175 million pounds of historic resources.(1) ✓ Designated as a FAST-41 transparency project by the U.S. Federal Permitting Improvement “Steering Council” as part of the implementation of President Trump’s Executive Order. ✓ Critical milestone on the FAST-41 dashboard schedule achieved with the Sweetwater Plan of Operations submitted to the Bureau of Land Management on November 14, 2025. ✓ Plans for the installation of cased monitor wells for environmental baseline data collection were completed as well as the plans for a 200- hole delineation drilling program for the first wellfield. 24 Creates UEC’s 3rd Hub-and-Spoke Production Platform in the U.S. Largest Uranium complex in the U.S. – Designated as a FAST 41 TransparencyProject In line withPresident Trump’s Executive Orders (1) 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. SweetwaterPlant, Wyoming
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM Sweetwater Project Added to FAST-41 Transparency Dashboard Provides unmatched flexibility to scale production across the Great Divide Basin. Cyclone Rim West JAB Crook’s Mountain Green Mountain Crooks Creek Bairoil Rd Fremont NATRONA CARBON West Sweetwater South Sweetwater Red Desert Stewart Creek Twin Buttes Bull Springs JAB 28N 96W28N 97W 26N 97W 25N 97W 26N 96W 25N 96W 26N 94W 25N 94W25N 95W 24N 95W 24N 94W 23N 94W 23N 95W 23N 93W 25N 92W 24N 92W 23N 92W 26N 91W 25N 91W 24N 91W 23N 91W 28N 90W 26N 90W 25N 90W 23N 90W 28N 89W 27N 89W 25N 89W 24N 89W 23N 89W Fremont Sweetwater Sweetwater Mill Site UEC Projects UEC Lease or Claims Rio Tinto Lease or Claims N Legend 220 220 26N 89W 24N 90W West Crooks Greek 26N 93W 25N 93W 24N 93W sweetwater Carbon 27N 93W 27N 92W 26N 92W 27N 91W 27N 90W 26N 95W 28N 95W 28N 94W 27N 95W 27N 94W27N 97W 27N 96W 28N 93W 28N 92W 28N 91W Texas Wyoming Projects + Processing Plants 25 Could remove?
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM Athabasca Basin, Canada Scaling-up in the World’s Most Prolific Uranium Mining District 26 (1) Represents aggregate estimated mineral resources in the applicable categories across all of UEC’s properties. See slide references to underlying technical report summaries. URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM 109.9Mlbs Attributable M&I U3O8 Resources (1) 68.4Mlbs Attributable Inferred U3O8 Resources (1) 1.14M Acres Land position for future growth opportunities 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
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27 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM World Class Roughrider Project Pre-Feasibility Commenced (1) The assessment is preliminary in nature, it includes inferred mineral resources that are considered too speculative geolo gically to have modifying factors applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that this economic assessment will be realized. (2) Please refer to the technical report summary titled “S-K 1300 Initial Assessment Report – Roughrider Uranium Project Saskatchewan, Canada” dated November 6, 2024, a copy of which is available under UEC’s profile at www.sec.gov, for further details, including important information regarding the assumptions, methodology and other matters underlying the initial economic study. ✓ Metallurgical test work significantly advanced with bulk solvent extraction and yellowcake precipitation completed ✓ Initial Economic Assessment demonstrated industry leading financial returns in the Eastern Athabasca Basin • $946 million Post Tax NPV8, IRR of 40%, payback of 1.4 years(1)(2) • LOM avg. production 6.8 M lbs. U3O8 / yr • Low initial CapEx of $545 Million, includes Mill and UG mining, AISC $20.48/lb U3O8 ✓ Located in infrastructurerich Eastern Athabasca reduces initial capex and future operating costs – 7 km north of a commercial airport and camp facilities 34,000 Meters Conversion Core Drilling Program Commenced in October 2025
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM Roughrider World-Class Mine Plan with Leverage to Uranium Price Initial Assessment Report Physical Highlights(1)(2) Avg. LOM Annual Production M lbs U3O8 6.8 LOM Production M lbs U3O8 61.2 Mine Life Years 9 Mill Processing rate tonnes / day 400 Underground peak mining rate tonnes / day 818 LOM tonnes processed tonnes 1,205,000 LOM Avg. Head Grade %U3O8 2.36 Process Recovery % 97.5 Roughrider Project Financial Estimates based on Uranium Price(1)(2) Uranium Price (US$ / lb U3O8) After-Tax NPV8 After-Tax IRR Average Annual LOM EBITDA (US$) $ 150 / lb U3O8 US$ 2.1 Billion 64% $ 730 Million $ 100 / lb U3O8 US$ 1.2 Billion 46% $ 473 Million $ 90 / lb U3O8 US$ 1.0 Billion 42% $ 421 Million $ 85 / lb U3O8 US$ 0.9 Billion 40% $ 395 Million $ 50 / lb U3O8 US$ 0.3 Billion 21% $ 215 Million (1) The assessment is preliminary in nature, it includes inferred mineral resources that are considered too speculative geolo gically to have modifying factors applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that this economic assessment will be realized. (2) Please refer to the technical report summary titled “S-K 1300 Initial Assessment Report – Roughrider Uranium Project Saskatchewan, Canada” dated November 6, 2024, a copy of which is available under UEC’s profile at www.sec.gov, for further details, including important information regarding the assumptions, methodology and other matters underlying the initial economic study. 28
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM Roughrider High-quality Asset with Robust Mine Design 29 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 underground via drilling and blasting, and ore is hauled using underground vehicles. 4. Waste rock excavated from underground is transported to surface and stored in waste rock pad (WRP). 5. Uranium mineralization is transported to surface and then to mill for processing via trucks. 6. Monitoring wells across site are sampled and tested regularly and any contaminated water is treated on-site at the effluent treatment plant (ETP). 7. Tailings generated during milling are stored in sub- aqueous tailings management facility (TMF) and groundwater around TMF is monitored via monitoring wells.
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30 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM 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-grade mineralized trend open to the east from drill hole that grades 68.7% eU3O8 over 2.1 m in CB-176A(1) • No drill holes in untested south conductor (1) Please refer to press release dated October 4, 2022, a copy of which is available under UEC’s profile at www.sec.gov, or on the UEC website. (2) Information regarding regional projects is for informational purposes only and not intended as demonstrative of potential results from UEC’s projects. Additional Exploration Projects with Synergies • Horseshoe-Raven: (100% ownership) 37.43 million Lbs. Indicated resources in 10,352,500 tonnes of ore. The project is ~40 km from potential Roughrider project and potential mill(2) • Hidden Bay: (100% ownership) Exploration project representing the best brownfield exploration targets in the eastern Athabasca
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM 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 • Millennium is an advanced uranium project located between Cameco’s McArthur River Mine and Key Lake Mill in the Athabasca Basin • Cameco’s next global development project • Hosts 75.9 M lbs. U3O8 of Indicated and 29.0 M lbs. U3O8 of Inferred resource (100% basis)(1) Shea Creek • One of the largest undeveloped deposits in the Athabasca Basin • Hosts 67.6 M lbs. U3O8 of Indicated and 28.1 M lbs. U3O8 of Inferred resources (100% basis)(2) Kiggavik • Kiggavik is an advanced uranium project located in Nunavut • Hosts 127.3 M lbs. U3O8 of historical Indicated and 5.4 M lbs. U3O8 of historical Inferred resource (100% basis)(3) Millennium ~ 15.1% Shea Creek ~ 49.1% Kiggavik ~ 16.9% URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM (1) Based upon Cameco’s annual information form for the year ended December 31, 2024, a copy of which is available under its profile at www.sedarplus.ca. This estimate was prepared by Cameco in accordance with National Instrument 43 -101 and CIM Definition Standards which may not be comparable to resource estimates prepared under SK 1300. (2) See the technical report summary titled “Techn ical Report on the Shea Creek Project, Saskatchewan” with an effective date of October 31, 2022, available under UEC’s profile at www.sec.gov. (3) Kiggavik resources as reported by Orano in their 2021 Activities Report available on their website at www.orano.group converted from tonnes U to pounds U3O8 and from %U to %U3O8. The reader is cautioned that neither UEC or UEX are aware whether Orano’s reporting of resources conforms to NI 43-101 and CIM guidelines. These are treated by the UEX and UEC as historic resource estimates. There a re no other estimates available to UEC or UEX. 31
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM Leading Uranium Sector Sustainalytics Score ✓ UEC holds the leading Sustainalytics and ISS Quality Score ESG ratings amongst uranium mining companies assessed ✓ UEC is ranked in the top 5th percentile (12th of 231) when assessed on its sustainability practices against global diversified metals and mining companies(1) (1) Data and ranking is as of April 10, 2025. subject to change as new companies are re-rated by Sustainalytics.32
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM UEC At a Glance Member of the Russell 2000® IndexCash, Inventory(1)(2) and Equities(2) $698 million, no debt Average Daily Traded Value - 3 months(3) $186 M Shares Outstanding 483.2 M Warrants 0.2 M Options + Stock Awards 7.1 M Fully Diluted 490.5 M Recent Activity $13.99 As of January 5, 2026 Market Cap $6.76 B As of January 5, 2026 Top Shareholders UEC Team, T. Rowe Price Associates, Vanguard Group, Blackrock, Mirae Asset Financial Group, State Street, Van Eck Associates Corp, Norges Bank, ALPS Advisors, Geode Capital Management, Driehaus Capital Analyst Coverage Alexander Pearce, BMO Capital Markets Katie Lachapelle, Canaccord Genuity Brian Lee, Goldman Sachs Heiko Ihle, H.C. Wainwright & Co. Mohamed Sidibe, National Bank Joseph Reagor, ROTH Capital Partners Justin Chan, Sprott Capital Partners Ralph Profiti, Stifel Canada Craig Hutchison, TD Securities (1) Does not include inventory in-process or dried and drummed concentrate at the Irigaray central processing plant. (2) Includes cash, uranium inventories based on spot price quoted on UxC ConverDyn of $82.50/lb, and publicly traded equities based on closing prices as of October 31, 2025. (3) Source: FactSet, Based on last 6 months of trading across U.S. listings33
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM Amir Adnani President, CEO, Director An entrepreneur, founding CEO of UEC, founder and Co-Chairman of GoldMining Inc., with extensive experience building natural resource companies. Serves on the World Nuclear Association Board of Management. Over 900 Years of Combined Experience in the Uranium Industry Scott Melbye Executive Vice President Over 40 years of experience in senior roles with uranium majors, Cameco, Uranium One, and Kazatomprom. President of Uranium Producers of America and former Chair of the World Nuclear Fuel Market. Spencer Abraham Chairman, Board of Directors Served as a U.S. Senator from 1995 to 2001, as Secretary of Energy from 2001 to 2005 and previously as non-executive Chairman of Areva’s U.S. board. Craig Wall VP of Environment, Health & Safety - Texas Over 15 years of permitting ISR projects in the U.S. ESG project manager. Chairman of Texas Mining & Reclamation Association uranium sub-committee. F.P. "Butch" Powell VP of Marketing and Sales More than 30 years’ experience in the nuclear fuel industry – past Chair of the Nuclear Energy Institute’s Fuel Suppliers Committee. James Hatley VP of Production - Canada Over 25 years of mining experience incl. uranium and base metals mine development, construction, and operations. Led construction for Vale, developed McArthur River and Cigar Lake for Cameco Corp. Donna Wichers Senior VP - Production Growth Former COO and board member of Uranium One Americas. Over 40 years of experience in senior roles with ISR and conventional uranium mines in the U.S. Brent Berg Senior VP of U.S. Operations Former President of Cameco Resources, leading Cameco’s U.S. uranium ISR operations in Wyoming and Nebraska. More than 21 years of experience in uranium production. Scott Schierman VP of Environment, Health & Safety - Wyoming Over 40 years of experience in regulatory licensing and compliance in the uranium industry. Extensive experience with reclamation of conventional mill and uranium heap leach facilities. 34 Josephine Man CFO, Secretary, Treasurer Over 28 years of experience in financial reporting, corporate finance, mergers and acquisitions, and risk management. Previously served as CFO of Uranium Royalty Corp.
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM 35 Exploration Advanced ISR Production Platforms Creating Value by Delivering on a Robust Pipeline (1) Does not include the Kiggavik, Wheeler River, or West Bear project resources. Refer to the appendix for a detailed breakdown of resources reported under S -K 1300, note the Disclaimer on Slide 2, and refer to the Company’s technical report summaries on SEDAR+ and EDGAR. (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 q ualified 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. 330.1 Million lbs. (230.1 M&I / 100.0 Inf.) Plus 175 Historical(1,2) Paraguay Arizona Christie Lake Hidden Bay Horseshoe Raven Roughrider Hobson, South Texas Irigaray, Wyoming Production Restarted Minority Equity Interests: • Uranium Royalty Corp. (13.5%) • Anfield Energy Inc. (32.4%) Minority Asset Interests: • Millennium (15.0% interest – operated by Cameco) • Kiggavik (16.9% interest – operated by Orano) • Shea Creek (49.1% interest – operated by Orano) • Wheeler River (5.0% interest – operated by Denison) Sweetwater Wyoming
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM Uniquely Positioned with 100% Unhedged Production and Significant Growth Pipeline ▪ Goal to become positioned as the 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 combined U.S. Licensed Production Capacity from 3 Central Processing Plants ▪ Advancing the High-grade Roughrider Project with Initial Assessment Economic Study reporting $946M Post Tax NPV8 ▪ Largest resource portfolio in the U.S. and one of the largest in North America: Total resources of330.1 M lbs.U3O8 (230.1 M&I / 100.0 Inf.) with 175 M lbs Historical(1) ▪ Robust Financial Position with $698 million in cash, inventory(2)(3), and equities(3) at market price ▪ Geopolitical events and energy security have placed a premium on North American supply 36 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM (1) 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 purpos es 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. (2) Does not include inventory in-process or finished inventory (dried and drummed concentrate) at the Irigaray CPP (3) 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. Slightly updated
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM Appendix 37
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM UEC U.S. and Paraguay Resource Summary(1) (1) Note to Investors. Measured, Indicated and Inferred Resources are estimated in accordance with SEC SK-1300 (*) Weighted averages (**) The foregoing historical resource estimates were completed prior to the implementation of SK-1300. A qualified person has not completed sufficient work to classify the historic mineral resources as current mineral resources, and the estimate should not be relied upon. (2) Exploration Target: is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnage and a range of grade (or quality), relates to mineralization for which there has been insufficient exploration to estimate a mineral resource. (3) Does not include inventory in-process or finished inventory at the Irigaray Central Processing Plant. PROJECTS Measured Resources Indicated Resources M+I Inferred Exploration Target Historic** Tons ('000) Grade (% U3O8) lbs. U3O8 ('000) Tons ('000) Grade (% U3O8) lbs. U3O8 ('000) lbs. U3O8 ('000) Tons ('000) Grade (% U3O8) lbs. U3O8 ('000) Tons ('000) Grade (% U3O8) lbs. U3O8 ('000) Tons ('000) Grade (% U3O8) lbs. U3O8 ('000) ARIZONA Anderson 16,175 0.099 32,055 32,055 Los Cuatros 30,000 0.02 12,000 Workman Creek 1,981 0.113 4,459 NEW MEXICO Dalton Pass 2,530 0.09 4,430 C de Baca 500 WYOMING Reno Creek 14,990 0.043 12,920 16,980 0.039 13,070 25,990 1,920 0.039 1,490 Irigaray 3,881 0.076 5,899 5,899 104 0.068 141 Christensen Ranch(3) 6,555 0.073 9,596 9,596 0 Moore Ranch 2,675 0.06 3,210 3,210 46 0.047 44 Ludeman 2,674 0.091 5,017 2,660 0.088 4,697 9,714 866 0.073 1,258 Allemand-Ross 246 0.083 417 32 0.066 42 459 1,275 0.098 2,496 Barge 4,301 0.051 4,361 4,361 0 Jab/West Jab 1,621 0.073 2,335 253 0.077 392 2,727 1,402 0.06 1,667 Charlie 1,255 0.12 3,100 3,100 411 0.12 988 Clarkson Hill 0 957 0.06 1,113 Nine Mile Lake 0 3,405 0.04 4,308 Red Rim 337 0.17 1,142 1,142 473 0.16 1,539 Sweetwater Complex 175,000 Remaining Wyoming District 72,476 TEXAS Burke Hollow 581 0.086 964 3,329 0.083 5,191 6,155 2,596 0.104 4,883 3,000 to 6,000 0.03 to 0.06 1,800 to 7,200 Goliad 1,595 0.053 2,668 1,504 0.102 3,492 6,160 333 0.195 1,224 La Palangana 232 0.134 643 643 302 0.18 1,001 Salvo 1,200 0.08 2,839 PARAGUAY Yuty 9,074 0.050 8,962 8,962 2,733 0.04 2,203 Oviedo 0 28,900 to 53,800 0.04 to 0.05 23,100 to 56,000 TOTALS 24,382 27,531 66,568 92,642 120,173 20,004 31,639 31,900 to 69,800 0.04 to 0.06 24,900 to 63,200 32,530 0.1* 264,406 38
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM Canadian Attributable Resource Summary S-K 1300 Resources (1) Project Indicated Resources Inferred Resources Tonnes (000's) Grade (% U3O8) M lbs. U3O8 Tonnes (000's) Grade (% U3O8) M lbs. 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% 37.43 - - - Shea Creek 1,009 1.49% 33.18 616 1.01% 13.78 Millennium 217 2.39% 11.42 62 3.19% 4.36 Total 12,278 0.41% 109.89 1,785 1.74% 68.36 (1) Note to Investors. The mineral resource estimate has been prepared using industry accepted practice and conforms to the disclosure requirements of S-K1300. Does not include the Kiggavik, Wheeler River, or West Bear project resources.39
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM Fundamentals Favor Significant Price Appreciation Prices Still Well Below Previous Highs Sources: (1) TradeTech January 1, 2026 (2) TradeTech December 31, 2025 US $/lb U308 $138.00 Financial Crisis Nov 2016: $17.75/lb 12 year low $70.00 2011: Fukushima event $87.00(2) $0 $20 $40 $60 $80 $100 $120 $140 $160 Jan 2006 Jan 2011 Jan 2016 Jan 2021 Jan 2026 Spot Daily Long Term $81.70(1) 40
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM Historical Ux Conversion Prices 1995-2025 Source: (1) UxC Historical Prices $0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 $45.00 $50.00 $55.00 $60.00 $65.00 $70.00 $75.00 $80.00 $85.00 $90.00 $95.00 $100.00US$/kgU as UF6 Ux Conversion Prices, 1995-2025(1) North American (NA) Spot Price Term Prices 41
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM Unprecedented Bipartisan & White House Support Resulting in Investments to Increase Domestic Uranium & Fuel Cycle Supply 42 July 2024 “ADVANCE” Act Signed May 2024 “Prohibiting Russian Uranium Imports” Act Signed February 2023 Nuclear Fuel Security Act November 2024 Russia Temporarily Bans Exports of Enriched Uranium to U.S. April 2025 Section 232 Action Investigating Critical Mineral Vulnerability March 2025 Executive Order to Increase American Mineral Production May 2025 Four Executive Orders Represent an Unprecedented Level of Policy Support to Revitalize the U.S. Nuclear Industry, including • Targets 4x Increase in Nuclear Capacity by 2050, • Reinvigorates the Nuclear Industrial Base, • Accelerates Permitting Reform and • Invests in Advanced Reactors
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM IRIGARAY PLANT – WYOMING HUB & SPOKE OPERATIONS HOBSON PLANT – TEXAS HUB & SPOKE OPERATIONS • This award established the U.S. strategic uranium reserve which is part of Government’s goal of supporting America’s nuclear fuel supply chain • Strategic uranium reserve expected to be a $1.5 billion dollar program Emerging U.S. Government and SMR Demand for American Uranium UEC and TerraPower announce a memorandum of understanding (“MOU”) with the objective of reestablishing domestic supply chains of uranium fuel • This MOU will allow TerraPower and UEC to explore the potential supply of uranium for TerraPower’s first-of-kind Natrium reactor and energy storage system • Wyoming’s Governor Mark Gordon stated: “This MOU is a great step forward for the Wyoming uranium industry” UEC wins award from the U.S. Department of Energy to supply 300,000 lbs. U3O8 to the strategic uranium reserve at a 20% Premium (based on spot market price at the time) 43
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM Uranium’s Energy Density is its Greatest Strength 44 Source: (1) U.S. Department of Energy, Office of Nuclear Energy . Learn more at: energy.gov/ne. U.S. Energy Information Administration (2) International Atomic Energy Agency, Global Overview of Radioactive Waste and Spent Fuel Management. Jan 21, 2022. ✓ Compact and economic to transport. ✓ Lower mining footprint compared to many other minerals. ✓ Fuel costs make up only a small portion of nuclear electricity generation costs. ✓ Energy density results in limited waste.2 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
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM ISR is considered considerably more environmentally friendly compared to alternative, traditional mining approaches, as the ISR process does not require blasting or waste rock movement, resulting in less damage to the environment,minimal dust, and no resulting tailings or tailings facilities. Further, ISR is more discrete and, therefore, land access does not typically have to be restricted, andthe area may be restored to its pre- mining usage faster than when applying traditional mining methods. In-Situ Recovery Process On-site groundwater, fortified with gaseous oxygen,is pumped into sandstone that contains uranium through a pattern of injection wells. It dissolves the uranium deposits, separating the uranium from the sandstone. The uranium-rich water is then pumped back up to the surface through a series of production wells. Ion Exchange Process An ion exchange system is used to separate the uranium from the water. The uranium is concentrated onto millions of synthetic resin beads. Stripping The synthetic resin beads are transferred to a stripping tank, where a salt water solution is used to strip the uranium from the resin beads. Precipitationand Filtration The uranium solution flows to a precipitation tank, where uraniumcrystals are formed. This is then put through a filter press,which separates the uranium solids from the liquid. Drying The uranium is washed with fresh water and transferred it to a zero emissions vacuum dryer in Texas,or calciner dryer in Wyoming, for further dewatering. Packaging The dewatered uranium (U3O8), also known as yellowcake,is then packed in steel drums for safe transportation to a conversion refinery. → → → → → → VISIT OUR WE BS I TE FOR MORE INFORMATION Step 1 Step2 Step 3 Step4 Step 5 Step6 The Environmentally Friendly In-Situ Recovery Method 45
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM In - Situ Recovery Overview Low Cost & Environmentally Friendly Watch how the In Situ Recovery (ISR) Technology works Watch how the In Situ Recovery (ISR) Technology works ClickHere Click Here 46
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM In-Situ Recovery Uranium ore is extractedfrom the ground. UEC uses the cost- effective and environmentallyfriendly in-situ recoverymethod, which pumps on-site groundwater,fortifiedwith gaseousoxygen, carbondioxideandsodiumbicarbonate,into the sandstonethat containsthe uranium through a patternof injectionwells.Thissolution dissolvesthe uranium,separatingthe uraniumfrom the sandstone. The uranium-filled water is surfaced through production wells. Using our ion exchange systemand uranium-specific ion exchange resins,we separate the uranium from the water.We then transport the uranium-laden ion exchangeresin to the Central Processing Plant where the uraniumis stripped from the resin and concentrated into yellowcake. Conversion The drums of yellowcake are transported to a refinery, where the U 3O 8 (yellowcake) is converted to a uranium hexafluoride (UF6) solid or gas. Enrichment The utility that purchasesour refined uraniumtransports the UF6 to an enrichment plant. There,the Uranium-235 isotope (U-235) of the UF6 is enriched to 4%-5%.New small modular reactors (“SMRs”)require fuel enriched to 19%-20%U-235. FuelFabrication Once the uranium has been enriched,it is transported to another facility for fabrication into solid fuel pellets – small cylindrical metallic pellets about the size of a Tic Tac– which are stacked together into sealedmetal tubes called fuel rods.These rods are bundled together to form a fuel assemblyfor the reactors. Reactors Nuclear reactors,which use the enriched uranium for fuel, are the heart of a nuclear power plant. They contain and control nuclear chain reactions that produce heat through a physical processcalled fission.That heat is used to make steam that spins the turbine to create carbon-free electricity. Distribution That electricity is distributed along power lines to the end users. ElectricalUsers End users receivesafe, reliable,clean energyto power their homes,businesses and industrialplants. OtherSources ofElectricPower → → → → → → Step 1 Step2 Step 3 Step4 Step 5 Step6 Step7 FIND OUT MORE ABOUT OUR ISR PROCESS UEC's Role in the Nuclear Energy Value Chain 47
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URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM 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 President and CEO: Amir Adnani Executive Vice President Scott Melbye UEC: NYSE American 48
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Non-GAAP Measures 49 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUM ENERGY.COM ▪ This presentation includes reference to "Total Cost per Pound", “Cash Cost per Pound” and “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 from extraction (each a component of inventories on the consolidated balance sheets) for the applicable period divided by the quantity (in pounds) of precipitated uranium and dried and drummed uranium concentrate produced in such period; and (ii) Cash Cost Per Pound as the addition to in-process inventory and uranium concentrates from extraction (each a component of inventories on the consolidated balance sheets), excluding depreciation, depletion and amortization, for the applicable period divided by the quantity (in pounds) of precipitated uranium and dried and drummed uranium concentrate in such period; and (iii) Non-Cash Cost Per Pound as the difference between Total Cost per Pound and Cash Cost per Pound. We believe that, in addition to conventional measures prepared in accordance with GAAP, certain investors and other stakeholders also use this information to evaluate our operating and financial performance. The use of these performance measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Our definition of these measures may differ from other mining companies and therefore may not be comparable. These non-GAAP measures should be read in conjunction with our consolidated financial statements for the applicable periods.