(Expressed in thousands of U.S. dollars, except per share amounts)





The following management's discussion and analysis of the Company's financial
condition and results of operations contain forward-looking statements that
involve risks, uncertainties and assumptions including, among others, statements
regarding our capital needs, business plans and expectations. In evaluating
these statements, you should consider various factors, including the risks,
uncertainties and assumptions set forth in reports and other documents we have
filed with or furnished to the SEC and, including, without limitation, this Form
10-K filing for the fiscal year ended July 31, 2022, including the consolidated
financial statements and related notes contained herein. These factors, or any
one of them, may cause our actual results or actions in the future to differ
materially from any forward-looking statement made in this document. Refer to
"Cautionary Note Regarding Forward-looking Statements" and Item 1A. Risk Factors
herein.



Introduction



The following discussion summarizes the results of operations for each of our
fiscal years ended July 31, 2022, 2021 and 2020 and our financial condition as
at July 31, 2022 and 2021, with a particular emphasis on Fiscal 2022, our most
recently completed fiscal year.



Business


We operate in a single reportable segment and, since 2004, as more fully described under "General Business" of Item 1. Business herein, we have been primarily engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing, on uranium projects located in the United States, Canada and the Republic of Paraguay.





We utilize ISR mining for our uranium projects where possible which we believe,
when compared to conventional open pit or underground mining, requires lower
capital and operating expenditures with a shorter lead time to extraction and a
reduced impact on the environment. We have two ISR Mines which utilize ISR
mining to extract U3O8, or yellowcake. We have two uranium processing facilities
located in vicinity of our IRS Mines, which process material from our ISR Mines
into drums of U3O8 for shipping to a third-party storage and sales facility. At
July 31, 2022, we had no uranium supply or off-take agreements in place.



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In Texas our fully-licensed and 100% owned Hobson Processing Facility forms the
basis for our regional operating strategy in the State of Texas, specifically
the South Texas Uranium Belt where we utilize ISR mining. We utilize a
"hub-and-spoke" strategy whereby the Hobson Processing Facility, which has a
physical capacity to process uranium-loaded resins up to a total of two million
pounds of U3O8 annually and is licensed to process up to one million pounds of
U3O8 annually, acts as the central processing site (the "hub") for our Palangana
Mine, and future satellite uranium mining activities, such as our Burke Hollow
and Goliad Projects, located within the South Texas Uranium Belt (the "spokes").



We acquired the fully permitted Reno Creek Project in August 2017 and expanded our operations to the strategic Powder River Basin in Wyoming.





On December 17, 2021, we completed the acquisition of all the issued and
outstanding shares of U1A (now UEC Wyoming Corp.; "UEC Wyoming") for total cash
consideration of $128,495. The UEC Wyoming portfolio primarily consists of 12
projects located in Wyoming, six of which are located in the Powder River Basin
with four fully permitted, and six of which are located in the Great Divide
Basin (the "UEC Wyoming Portfolio"). The UEC Wyoming Portfolio also consists of
dozens of under-explored, mineralized brownfield projects, backed by detailed
databases of historic uranium exploration and development programs, thus greatly
enhancing the potential for resource expansion. The U1A Acquisition creates a
Wyoming hub-and-spoke operation for UEC, anchored by UEC Wyoming's Irigaray
Processing Facility with a licensed capacity of 2.5 million pounds U3O8 per
year. Refer to Note 3: Acquisition of Uranium One Americas, Inc. of the
Consolidated Financial Statements for Fiscal 2022.



On June 7, 2022, UEC completed a property swap agreement (the "Property Swap")
with Anfield Energy Inc. ("Anfield"), whereby the Company received Anfield's
portfolio of 25 ISR uranium projects in Wyoming (the "Anfield ISR Projects") in
exchange for UEC's Slick Rock and Long Park projects located in Colorado. The
Anfield ISR Projects increase UEC's Wyoming land holdings by 50%, adding 55,119
acres of federal mining claims and state mineral leases.  The Anfield ISR
Projects are comprised of the Charlie Project, located immediately adjacent to
UEC's Christensen Ranch property, along with nine projects in the Powder River
Basin, seven projects in the Great Divide Basin, four projects in the Wind River
Basin, three projects in the Shirley Basin and one project in Black Hills.



Subsequent to July 31, 2022, we completed the acquisition of UEX Corporation
("UEX") through a plan of arrangement (the "UEX Acquisition").  UEX is a
Canadian uranium and cobalt exploration and development company involved with an
exceptional portfolio of uranium projects. UEX's directly-owned portfolio of
projects is located in the eastern, western and northern perimeters of the
Athabasca Basin, one of the world's richest uranium region. In addition to
advancing its uranium development projects through its ownership interest in a
joint venture entity, UEX is currently advancing several other uranium deposits
in the Athabasca Basin which include the Paul Bay, Ken Pen and ?rora deposits at
the Christie Lake Project, the Kianna, Anne, Colette and 58B deposits at its
currently 49.1%-owned Shea Creek Project, the Horseshoe and Raven deposits
located on its 100%-owned Horseshoe-Raven Project and the West Bear Uranium
Deposit located at its 100%-owned West Bear Project.



We also hold certain mineral rights in various stages in the States of Arizona,
New Mexico, Texas and Wyoming, and in Canada and in the Republic of Paraguay,
many of which are located in historically successful mining areas and have been
the subject of past exploration and pre-extraction activities by other mining
companies. We do not expect, however, to utilize ISR mining for all of our
mineral rights in which case we would expect to rely on conventional open pit
and/or underground mining techniques.



Our operating and strategic framework is based on expanding our uranium
extraction activities, which includes advancing certain uranium projects with
established mineralized materials towards uranium extraction and establishing
additional mineralized materials on our existing uranium projects or through
acquisition of additional uranium projects.



Key Issues



Since commencing uranium extraction at our Palangana Mine in November 2010, we
have been focused primarily on expanding our South Texas uranium mining
activities. Since the completion of the U1A Acquisition in December 2021, we
further expanded our footprints in Wyoming with our Wyoming hub-and-spoke
operations. In the meantime, we continue to establish additional uranium mines
through exploration and pre-extraction activities and direct acquisitions in
both the U.S. and Paraguay, all of which require us to manage numerous
challenges, risks and uncertainties inherent in our business and operations as
more fully described in Item 1A. Risk Factors herein.



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Our operations are capital intensive, and we will require significant additional
financing to continue with our exploration and pre-extraction activities and
acquire additional uranium projects. Historically, we have been reliant
primarily on equity financings from the sale of our common stock and, for Fiscal
2014 and Fiscal 2013, on debt financing, in order to fund our operations. We
have also relied on cash flows generated from our mining activities during
Fiscal 2015, Fiscal 2013 and Fiscal 2012. In the future we may also rely on cash
flows generated from the sales of our uranium inventories under our Physical
Uranium Program to fund our operations. However, we have yet to achieve
profitability or develop positive cash flow from operations. Our reliance on
equity and debt financings is expected to continue for the foreseeable future,
and their availability whenever such additional financing is required will be
dependent on many factors beyond our control including, but not limited to, the
market price of uranium, the continuing public support of nuclear power as a
viable source of electricity generation, the volatility in the global financial
markets affecting our stock price and the status of the worldwide economy, any
one of which may cause significant challenges in our ability to access
additional financing, including access to the equity and credit markets. We may
also be required to seek other forms of financing, such as asset divestitures or
joint venture arrangements, to continue advancing our uranium projects which
would depend entirely on finding a suitable third party willing to enter into
such an arrangement, typically involving an assignment of a percentage interest
in the mineral project. However, there is no assurance that we will be
successful in securing any form of additional financing when required and on
terms favorable to us. Our inability to obtain additional financing would have a
negative impact on our operations, including delays, curtailment or abandonment
of any one or all of our uranium projects.



We have not established proven or probable reserves through the completion of a
"final" or "bankable" feasibility study for any of our mineral projects. We have
established the existence of mineralized materials for certain uranium projects,
including our ISR Mines. Since we commenced uranium extraction at our ISR Mines
without having established proven or probable reserves, there may be greater
inherent uncertainty as to whether or not any mineralized material can be
economically extracted as originally planned and anticipated. The Palangana Mine
has been our sole source to generate sales revenues from the sales of U3O8
during Fiscal 2015, Fiscal 2013 and Fiscal 2012. The economic viability of our
mining activities, including the expected duration and profitability of our ISR
Mines and of any future satellite ISR mines, such as our Burke Hollow and Goliad
Projects and recently acquired Ludeman, Antelope and Charlie Projects, has many
risks and uncertainties. These include, but are not limited to: (i) a
significant, prolonged decrease in the market price of uranium; (ii) difficulty
in marketing and/or selling uranium concentrates; (iii) significantly higher
than expected capital costs to construct a mine and/or processing plant; (iv)
significantly higher than expected extraction costs; (v) significantly lower
than expected uranium extraction; (vi) significant delays, reductions or
stoppages of uranium extraction activities; and (vii) the introduction of
significantly more stringent regulatory laws and regulations. Our mining
activities may change as a result of any one or more of these risks and
uncertainties and there is no assurance that any ore body that we extract
mineralized materials from will result in achieving and maintaining
profitability and developing positive cash flow.



Response to COVID-19 Pandemic



In response to the COVID-19 pandemic for the protection of our employees, we
have arranged, where and when needed from time to time, for our teams at our
Vancouver, Corpus Christi and Paraguay offices to work remotely and we have
implemented certain health protocols for our employees and contractors who work
at the field. In the meantime, we continue to operate our Palangana Mine and
recently acquired Christensen Mine at a reduced pace to capture residual uranium
only and continue to advance our ISR projects with engineering and geologic
evaluations that support the Company's extraction readiness strategy.



As at July 31, 2022, we had no uranium supply or off-take agreements in place.
Future sales of U3O8 are therefore expected to generally occur through the
uranium spot market, with any fluctuations in the market price continuing to
have a direct impact on our revenues and cash flows.



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The table below provides the high/low/average/close for the uranium spot price for each of our last five fiscal years as obtained from UxC:





Fiscal Year Ended      High         Low      Average       Close
July 31, 2022       $ 63.75     $ 30.50     $  46.56     $ 48.50
July 31, 2021         32.75       27.31        30.38       32.40
July 31, 2020         34.19       23.88        27.66       32.35
July 31, 2019         29.28       23.94        26.95       25.41
July 31, 2018         26.44       19.87        22.09       25.81




Historically, the uranium spot price has been difficult to predict and subject
to significant volatility and will continue to be affected by numerous factors
beyond our control.



Results of Operations


During Fiscal 2022, we recorded sales and service revenue of $23,161 and realized gross profit of $7,293. No sales and service revenues were recorded during Fiscal 2021 and Fiscal 2020.





For Fiscal 2022, we recorded net income of $5,252 ($0.02 per share), while for
Fiscal 2021 and Fiscal 2020, we recorded a net loss of $14,813 ($0.07 per share)
and $14,610 ($0.08 per share), respectively. Loss from operations during Fiscal
2022, Fiscal 2021 and Fiscal 2020 totaled $22,710, $17,512 and $14,334,
respectively.



During Fiscal 2022, we continued with our strategic plan for reduced operations
at our Palangana Mine and, since the closing of the U1A Acquisition, we
continued reduced operations at the Christensen Ranch Mine, to capture residual
pounds of U3O8 only.



While we remain in a state of operational readiness, uranium extraction
expenditures incurred at the Palangana Mine and the Christensen Ranch Mine,
which are directly related to regulatory/mine permit compliance, lease
maintenance obligations and maintaining a necessary labor force, are being
charged to our consolidated statement of operations. As a result, no uranium
concentrate was extracted at our ISR Mines and processed at the Hobson and the
Irigaray Processing Facilities, respectively, during Fiscal 2022 and Fiscal
2021.



We established our Physical Uranium Program in Fiscal 2021.  As of the date of
this Annual Report, we have 3.1 million pounds of uranium inventory purchase
commitments outstanding for a total purchase price of $118.8 million. Various
deliveries are scheduled to occur in December 2022 into December 2025 at a
weighted average price of $38.32 per pound of uranium.



During Fiscal 2022, as part of our Physical Uranium Program, we received
1,300,000 pounds of uranium concentrates with a total cost of $52,858. As of
July 31, 2022, the carrying value of our inventories was $66,570 (July 31, 2021:
$29,172).



Sales and Service Revenue



During Fiscal 2022, we recorded sales of $22,946 from the sale of 500,000 pounds
of uranium concentrate inventory. In addition, we recorded revenue from toll
processing services of $215, which was generated from processing uranium resins
according to a toll processing agreement resulting from the U1A Acquisition. As
a result, we realized gross profit of $7,293, representing a gross profit margin
of 31.5%. No sales and service revenues were recorded during Fiscal 2021 and
Fiscal 2020.



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The table below provides a breakdown of sales and service revenue and cost of
sales and services:



                                              Year Ended July 31,
                                                2022      2021      2020

Sales of purchased uranium inventory $ 22,946 $ - $ - Revenue from toll processing services

            215         -         -

Total sales and service revenue $ 23,161 $ - $ -

Cost of purchased uranium inventory $ (15,689 ) $ - $ - Cost of toll processing services

                (179 )       -         -

Total cost of sales and services $ (15,868 ) $ - $ -






Operating Costs


Mineral Property Expenditures





Mineral property expenditures consisted of expenditures relating to permitting,
property maintenance, exploration and pre-extraction activities and all other
non-extraction related activities on our mineral projects.



The following table provides mineral property expenditures on a project basis during the past three fiscal years:





                                            Year Ended July 31,
                                          2022        2021        2020
Mineral Property Expenditures
Palangana Mine                        $  1,060     $   890     $ 1,343
Burke Hollow Project                     3,647       1,446       1,130
Goliad Project                             240         237         190
Anderson Project                           108          79          71
Workman Creek Project                       33          33          33
Reno Creek Project                         821         672         597
Christensen Ranch Mine                   1,257           -           -
Ludeman Project                            219           -           -
Antelope Project                            70           -           -
Moore Ranch Project                        143           -           -
Barge Project                               37           -           -
Yuty Project                                86          31          66
Oviedo Project                             619         372         350
Alto Paraná Titanium Project               574         199         230

Other Mineral Property Expenditures 1,240 520 572

$ 10,154     $ 4,479     $ 4,582




During Fiscal 2022, Fiscal 2021 and Fiscal 2020, mineral property expenditures
included costs directly related to maintaining operational readiness and permit
compliance at our Palangana Mine and Hobson Processing Facility, which totaled
$1,105, $924 and $1,130, respectively. Since the closing of the U1A Acquisition,
costs directly related to maintaining operational readiness and permit
compliance at our Christensen Ranch Mine and Irigaray Processing Facility
totaled $1,161.



The following provides a discussion of significant mineral property expenditures
on certain projects:



  ? Palangana Mine




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During Fiscal 2022, Fiscal 2021 and Fiscal 2020, mineral property expenditures
at our Palangana Mine totaled $1,060, $890 and $1,343, respectively, which were
comprised of maintenance of operational readiness and permit compliance of $670,
$609 and $772, permitting and property maintenance of $390, $270 and $554, and
exploration and development costs of $Nil, $11 and $17, respectively.



  ? Burke Hollow Project




During Fiscal 2022, Fiscal 2021 and Fiscal 2020, mineral property expenditures
at our Burke Hollow Project totaled $3,647, $1,446 and $1,130, respectively,
which were comprised of permitting and property maintenance costs of $524, $388
and $385, exploration drilling costs of $1,199, $1,025 and $214, and wellfield
development costs of $1,924, $33 and $531, respectively. During Fiscal 2022, we
continued the drilling campaign initiated in Fiscal 2021 and drilled 91 holes
and cased 40 wells totaling 63,682 feet. During Fiscal 2021, we initiated a
drilling campaign and drilled 81 exploration holes totaling 38,785 feet. During
Fiscal 2020, we drilled 26 exploration holes and 21 monitor wells totaling
21,069 feet.



  ? Goliad Project




During Fiscal 2022, Fiscal 2021 and Fiscal 2020, mineral property expenditures
at our Goliad Project totaled $240, $237 and $190, respectively, which were
comprised of permitting and property maintenance costs of $160, $165 and $117,
and exploration and development costs of $80, $72 and $73, respectively.



  ? Reno Creek Project




During Fiscal 2022, Fiscal 2021 and Fiscal 2020, mineral property expenditures
at our Reno Creek Project totaled $821, $672 and $597, respectively, which were
comprised of property maintenance costs of $508, $521 and $484, and permitting
and exploration costs of $313, $151 and $113, respectively.



  ? Yuty Project

During Fiscal 2022, Fiscal 2021 and Fiscal 2020, mineral property expenditures at our Yuty Project totaled $86, $31 and $66, respectively, primarily for general expenditures.





  ? Oviedo Project




During Fiscal 2022, Fiscal 2021 and Fiscal 2020, mineral property expenditures
at our Oviedo Project totaled $619, $372 and $350, respectively, which were
comprised of property maintenance costs of $257, $151 and $78, and exploration
expenditures of $362, $221 and $272, respectively, primarily for an exploration
drilling program conducted.



  ? Alto Paraná Titanium Project




During Fiscal 2022, Fiscal 2021 and Fiscal 2020, mineral property expenditures
at our Alto Paraná Titanium Project totaled $574, $199 and $230, respectively,
which were comprised of exploration costs of $570, $179 and $230, and property
maintenance costs of $4, $20 and $Nil, respectively.  During Fiscal 2022, we
completed an exploration drilling program and drilled 42 holes totaling 931 feet
at the Alto Paraná Titanium Project.



  ? UEC Wyoming Portfolio




During Fiscal 2022, we completed the U1A Acquisition and acquired the UEC
Wyoming Portfolio including the Irigaray Processing Facility, the Christensen
Ranch Mine and the Ludeman, Antelope, Moore Ranch and Barge Projects. During
Fiscal 2022, the expenditures occurred at the UEC Wyoming Portfolio totaled
$2,296, of which $1,257 was for maintenance of operational readiness, permitting
and property maintenance at the Christensen Ranch Mine, with the balance of
$1,039 mainly related to property maintenance expenditures for various projects
of our UEC Wyoming Portfolio.



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General and Administrative


During Fiscal 2022, general and administrative expenses totaled $15,026, which increased by $2,386 compared to $12,640 in Fiscal 2021, which increased by $3,198 compared to $9,442 in Fiscal 2020.

The following summary provides a discussion of the major expense categories, including analyses of factors that caused significant variances from year-to-year:

? during Fiscal 2022, salaries, wages and management fees totaled $4,281, an

increase of $1,864 compared to $2,417 during Fiscal 2021, which was primarily

the result of the corporate-wide salary increases to adjust for inflation,

payment of short-term incentive cash bonus for executive officers, as well as

additional salary expenses related to the UEC Wyoming operations. During

Fiscal 2021, salaries, wages and management fees totaled $2,417, an increase

of $706 compared to $1,711 during Fiscal 2020, which was primarily the result

of the reinstatement of salaries and management fees. During Fiscal 2020, in

response to the financial market uncertainty due to the COVID-19 pandemic, we

reduced cash outlays by implementing corporate-wide pay reductions, ceasing

cash bonuses and utilizing share compensation in lieu of cash for the

Company's employees, consultants, officers and directors salaries and fees;

? during Fiscal 2022, office, filing and listing fees, insurance, corporate

development, investor relations and travel expenses totaled $4,501, an

increase of $736 compared to $3,765 during Fiscal 2021, which was primarily

the result of increases in expenses for office, administration and insurance,

and expansion of our Wyoming's operations. During Fiscal 2021, office, filing

and listing fees, insurance, corporate development, investor relations and

travel expenses increased by $533 compared to $3,232 during Fiscal 2020,

primarily due to corporate-wide cost reductions implemented in Fiscal 2020 in


    response to the COVID-19 pandemic;



? during Fiscal 2022, professional fees totaled $1,387, an increase of $435

compared to $952 during Fiscal 2021, which was consistent with $953 during

Fiscal 2020. Professional fees are comprised primarily of legal services

related to transactional activities, regulatory compliance and for audit,


    accounting and tax compliance services;



? during Fiscal 2022, we recorded a foreign exchange loss of $317, primarily

resulting from foreign currency transactions, compared to $95 and $53 for


    Fiscal 2021 and Fiscal 2020, respectively; and




  ? during Fiscal 2022, stock-based compensation expense totaled $4,540, a

decrease of $871 compared to $5,411 during Fiscal 2021, an increase of $1,918

compared to $3,493 during Fiscal 2020. Stock-based compensation includes the

fair value of stock options granted to optionees and the fair value of shares

of the Company issued to directors, officers, employees and consultants of the

Company under our Stock Incentive Plan. In recent years, we have utilized

equity-based payments to our directors, officers, employees and consultants as

part of our continuing efforts to reduce cash outlays. The stock-based

compensation varied from year to year primarily as a result of changes in the

amount of compensation shares and stock award expenses which were amortized on


    an accelerating basis, resulting in more expenses being recorded at the
    beginning of the vesting period than at the end.




Acquisition-related Costs



During Fiscal 2022, we incurred acquisition-related costs of $3,444 in connection with the U1A Acquisition.

Depreciation, Amortization and Accretion





During Fiscal 2022, depreciation, amortization and accretion totaled $1,379,
which increased by $986 compared to $393 during Fiscal 2021, primarily due to
depreciation of our plant and equipment acquired from the U1A Acquisition.
During Fiscal 2021, depreciation, amortization and accretion totaled $393, which
was consistent with $310 during Fiscal 2020. Depreciation, amortization and
accretion includes depreciation and amortization of long-term assets acquired in
the normal course of operations and accretion of asset retirement obligations.



Other Income and Expenses



Interest and Finance Costs



During Fiscal 2022, interest and finance costs totaled $1,519, a decrease of
$1,361 compared to $2,880 during Fiscal 2021, which decreased by $582 compared
to $3,462 during Fiscal 2020.



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Interest and finance costs were comprised of the following:





                                        Year Ended July 31,
                                     2022        2021        2020
Interest paid on long-term debt   $   409     $ 1,255     $ 1,627
Amortization of debt discount         525       1,376       1,670
Surety bond premium                   539         187         130
Other                                  46          62          35
Total                             $ 1,519     $ 2,880     $ 3,462




The decrease in interest on long-term debt and amortization of debt discount
resulted from the decrease in the outstanding principal amount of our long-term
debt to $Nil as at January 31, 2022, from $10,000 as at July 31, 2021, and from
$20,000 as at July 31, 2020 due to the principal repayments we made during the
last two fiscal years. The increases in surety bond premiums in Fiscal 2022
resulted from the surety bonds assumed as a result of the U1A Acquisition, and
the increases in Fiscal 2021 were the result of increases in surety bond premium
rates.


Income from Equity-Accounted Investment

During Fiscal 2022, Fiscal 2021 and Fiscal 2020, income from the equity-accounted investment comprised of the following:





                                               Year Ended July 31,
                                            2022        2021        2020

Share of income (loss) from URC $ 153 $ 732 $ (89 ) Gain on dilution of ownership interest 3,973 4,473 3,057 Total

$ 4,126     $ 5,205     $ 2,968




During Fiscal 2022 and Fiscal 2021, we recorded a gain on dilution of ownership
interest of $3,973 and $4,473, respectively, as a result of URC issuing more
shares from its equity financings, which decreased our ownership interest in URC
to $15.5% at July 31, 2022, from 18.1% at July 31, 2021 and from 19.5% at July
31, 2020.



During Fiscal 2020, URC completed its initial public offering and other private
placements. As a result, our ownership interest in URC decreased to 19.5% at
July 31, 2020 from 32.6% at July 31, 2019, which resulted in a gain on ownership
interest dilution of $3,057 being recorded.



Debt Receivable Recovery and Gain on Settlement of Debt Receivable





In connection with the U1A Acquisition, we acquired certain indebtedness
totaling $18,342 due from Anfield, which was owed to U1A prior to the closing of
the U1A Acquisition (the "Anfield Debt"). We assigned a value of $Nil to the
Anfield Debt net of the expected credit loss on the preliminary purchase price
allocation given that the probability of the Anfield Debt being collectable was
remote at December 17, 2021.



On April 19, 2022, we entered into a debt settlement agreement (the "Settlement
Agreement") and a property swap agreement (the "Swap Agreement"; and together
with the Settlement Agreement, the "Anfield Agreements") with Anfield to settle
the Anfield Debt. Pursuant to the Anfield Agreements, the Anfield Debt was
settled by the payment by Anfield to UEC of $9,171 in cash and the issuance by
Anfield to UEC in units of Anfield (each, an "Anfield Unit") with a deemed value
of $9,171, with each such Anfield Unit being comprised of one common share in
the capital of Anfield (each, an "Anfield Common Share") and one Anfield Common
Share purchase warrant (each whole such warrant being an "Anfield Warrant").
Each Anfield Warrant entitles UEC to acquire one Anfield Common Share at a price
of CA$0.18 until May 12, 2027 (collectively, the "Anfield Debt Settlement").
Completion of the Anfield Agreements was contingent on Anfield raising
additional financing.



On June 7, 2022, we closed the Anfield Debt Settlement whereby we received
$9,171 in cash and Anfield Units, being comprised of 96,272,918 Anfield Common
Shares with a fair value of $7,702 and 96,272,918 Anfield Warrants with a fair
value of $3,249. As a result, UEC owns approximately 16% of Anfield's
outstanding shares.



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Consequently, we reversed the entire expected credit loss on the debt receivable
and recognized a recovery on debt receivable of $18,342 on our consolidated
statements of operations and comprehensive income. The fair value of the cash
and the Anfield Common Shares and Anfield Warrants totaled $20,122, which
exceeded the amounts of $18,342 previously written off at the date of U1A
Acquisition by $1,780, resulting in a gain on settlement of the Anfield Debt
receivable on our consolidated statements of operations and comprehensive
income. Refer to Note 4: Anfield Debt Settlement and Property Swap to our
Consolidated Financial Statements for Fiscal 2022 contained herein.



Gain on Disposition of Assets



Concurrent with the Anfield Debt Settlement, we completed the Swap Agreement
whereby we have received from Anfield 25 ISR uranium projects with a fair value
of $6,500 located in Wyoming in exchange for the Company's Slick Rock Project
and Long Park Project located in Colorado with a total carrying value of $92. As
a result, we recorded a gain of $6,408 on disposition of assets on our
consolidated statements of operations and comprehensive income. Refer to Note 4:
Anfield Debt Settlement and Property Swap to our Consolidated Financial
Statements for Fiscal 2022 contained herein.



Unrealized Loss on Equity Securities





As at July 31, 2022, our investments in certain equity securities are
re-evaluated using the market values at period end, which resulted in an
unrealized loss totaling $1,898, which was comprised of $1,925 in unrealized
loss from re-valuation of our investment in the Anfield Shares and $1,105 in
unrealized loss from a re-valuation of the Anfield Warrants, offset by an
unrealized gain of $1,132 from a re-valuation of our investment in UEX. Refer to
Note 17: Unrealized Loss on Equity Securities contained herein.



Liquidity and Capital Resources





                              July 31, 2022       July 31, 2021
Cash and cash equivalents   $        32,536     $        44,313
Current assets                      102,191              75,045
Current liabilities                   8,498              13,269
Working capital                      93,693              61,776




During Fiscal 2022, we received net proceeds of $163,755 from the 2021 ATM
Offerings and $4,259 from the exercises of stock options and share purchase
warrants, which significantly strengthened our working capital position. As at
July 31, 2022, we had a working capital of $93,693, an increase of $31,917 from
$61,776 as at July 31, 2021.



Subsequent to July 31, 2022, we received additional cash proceeds of $14,808
under our 2021 ATM Offering, $7,178 from sales of uranium inventory, and we
entered into agreements to sell an additional 600,000 pounds of uranium
inventory for gross proceeds of $30,675. We believe our existing cash resources,
if necessary, and the cash generated from the sale of the Company's liquid
assets, will provide sufficient funds to carry out our planned operations for
the next 12 months from the date that this Annual Report is issued.



Although our planned principal operations commenced in Fiscal 2012, from which
significant revenues from U3O8 sales were realized, our revenues generated from
sales of produced U3O8 have been inconsistent and we have yet to achieve
consistent profitability. We have a history of operating losses resulting in an
accumulated deficit balance since inception. Although we recorded net income
totaling $5,252 in Fiscal 2022, we recorded net losses in all prior years
(Fiscal 2021: $14,813; Fiscal 2020: $14,610) and we had an accumulated deficit
balance of $286,373 as at July 31, 2022. During Fiscal 2022, net cash used in
operating activities totaled $52,987, which included $37,206 net cash used for
the purchase of uranium concentrates. Furthermore, we may not achieve and
maintain profitability or develop positive cash flow from our operations in the
near term.



Historically, we have been reliant primarily on equity financings from the sale
of our common stock and on debt financing in order to fund our operations. As
detailed in the preceding paragraph, we have also relied to a limited extent on
cash flows generated from our mining activities during Fiscal 2015, Fiscal 2013
and Fiscal 2012, however, we have yet to achieve consistent profitability or
develop positive cash flow from operations. In the future, we may also rely on
cash flows generated from the sales of our uranium concentrates to fund our
operations. Our reliance on equity and debt financings is expected to continue
for the foreseeable future, and their availability whenever such additional
financing is required will be dependent on many factors beyond our control and
including, but not limited to, the market price of uranium, the continuing
public support of nuclear power as a viable source of electricity generation,
the volatility in the global financial markets affecting our stock price and the
status of the worldwide economy, any one of which may cause significant
challenges in our ability to access additional financing, including access to
the equity and credit markets. We may also be required to seek other forms of
financing, such as asset divestitures or joint venture arrangements, to continue
advancing our uranium projects which would depend entirely on finding a suitable
third party willing to enter into such an arrangement, typically involving an
assignment of a percentage interest in the mineral project. However, there is no
assurance that we will be successful in securing any form of additional
financing when required and on terms favorable to us.



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Our operations are capital intensive and future capital expenditures are
expected to be substantial. We will require significant additional financing to
fund our operations, including continuing with our exploration and
pre-extraction activities and acquiring additional uranium projects. In the
absence of such additional financing, we would not be able to fund our
operations, including continuing with our exploration and pre-extraction
activities, which may result in delays, curtailment or abandonment of any one or
all of our uranium projects.



For our fiscal year ending July 31, 2023 ("Fiscal 2023"), we estimate that a
total of up to $3.7 million will be incurred on our mineral projects for
permitting, exploration and pre-extraction activities. We hold mineral rights in
the States of Arizona, New Mexico, Texas and Wyoming, in Canada and in the
Republic of Paraguay, with annual land-related payments totaling $4.2 million to
maintain these rights in good standing.



Our anticipated operations, including exploration and pre-extraction activities,
however, will be dependent on and may change as a result of our financial
position, the market price of uranium and other considerations, and such change
may include accelerating the pace or broadening the scope of reducing our
operations. Our ability to secure adequate funding for these activities will be
impacted by our operating performance, other uses of cash, the market price of
uranium, the market price of our common stock and other factors which may be
beyond our control. Specific examples of such factors include, but are not
limited to:



  ? if the market price of uranium weakens;


  ? if the market price of our common stock weakens;

? if the COVID-19 pandemic worsens or continues over an extended period and

causes further financial market uncertainty; and

? if a nuclear incident, such as the event that occurred in Japan in March 2011,

were to occur, continuing public support of nuclear power as a viable source

of electricity generation may be adversely affected, which may result in

significant and adverse effects on both the nuclear and uranium industries.






Our continuation as a going concern beyond 12 months from the date this Annual
Report is filed will be dependent upon our ability to obtain adequate additional
financing, as our operations are capital intensive and future capital
expenditures are expected to be substantial.



Our long-term success, including the recoverability of the carrying values of
our assets and our ability to acquire additional uranium projects and continue
with exploration and pre-extraction activities and mining activities on our
existing uranium projects, will depend ultimately on our ability to achieve and
maintain profitability and positive cash flow from our operations by
establishing ore bodies that contain commercially recoverable uranium and to
develop these into profitable mining activities.



Equity Financings



On February 21, 2020, we filed a Form S-3 shelf registration statement under the
Securities Act which was declared effective by the SEC on March 3, 2020 (the
"2020 Shelf") providing for the public offer and sale of certain securities of
the Company from time to time, at our discretion, of up to an aggregate offering
amount of $100 million. As a result of the 2020 Shelf, our March 10, 2017 Form
S-3 registration statement was then deemed terminated and, as a consequence, our
then April 9, 2019 ATM Offering Agreement (the "April 2019 ATM Offering
Agreement") with H.C. Wainwright & Co, LLC (as the lead manager) and the
co-managers as set forth in the April 2019 ATM Offering Agreement (collectively,
the ATM Managers") and its related offering terminated unless renewed under the
2020 Shelf.



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On March 19, 2020, we entered into an Amending Agreement to the April 2019 ATM
Offering Agreement with the ATM Managers under which the Company may, from time
to time, sell shares of its common stock having an aggregate offering price of
up to $30 million through the ATM Managers through the 2020 Shelf (the "2020 ATM
Offering").



On September 23, 2020, and under our 2020 Shelf, we completed an offering of
12,500,000 units at a price of $1.20 per unit for gross proceeds of $15,000 (the
"September 2020 Offering"). Each unit was comprised of one share of the Company
and one-half of one share purchase warrant, and each whole warrant entitles its
holder to acquire one share at an exercise price of $1.80 per share exercisable
immediately upon issuance and expiring 24 months from the date of issuance. In
connection with the September 2020 Offering, we also issued compensation share
purchase warrants to agents as part of share issuance costs to purchase 583,333
shares of our Company exercisable at an exercise price of $1.80 per share and
expiring 24 months from the date of issuance.



During Fiscal 2021, we issued 13,668,906 shares of the Company's common stock under our 2020 ATM Offering for net cash proceeds of $29,321.

On March 19, 2021, and under our 2020 Shelf, we completed an offering of 10,000,000 shares of the Company's common stock at a price of $3.05 per share for net proceeds of $29,084.





On April 8, 2021, and under our 2020 Shelf, we completed an offering of
3,636,364 shares of the Company's common stock at a price of $3.30 per share for
net proceeds of $11,316 (the "April 2021 Offering"). In connection with the
April 2021 Offering, we also issued, on a private placement basis, 181,818 Agent
Warrants to the agent as partial compensation, and each Agent Warrant entitles
its holder to acquire one share of common stock at an exercise price of $4.125
per share and expiring five years from the date of issuance.



On May 17, 2021, we filed a Form S-3 shelf registration statement under the
Securities Act, which was declared effective by the SEC on June 1, 2021,
providing for the public offer and sale of certain securities of the Company
from time to time, at our discretion, of up to an aggregate offering amount of
$200 million (the "2021 Shelf"), which included an at-the-market offering
agreement prospectus (the "May 2021 ATM Offering") covering the offering,
issuance and sale of up to a maximum offering of $100 million as part of the
$200 million under the 2021 Shelf.



On May 14, 2021, we entered into an at-the-market offering agreement (the "2021
ATM Offering Agreement") with H.C. Wainwright & Co., LLC and certain co-managers
(collectively, the "2021 ATM Managers") as set forth in the 2021 ATM Offering
Agreement under which we may, from time to time, sell shares of our common stock
having an aggregate offering price of up to $100 million through the 2021 ATM
Managers selected by us.



On November 26, 2021, we filed a prospectus supplement to our 2021 Shelf with
respect to the continuation of the May 2021 ATM Offering Agreement with the ATM
Managers under which we may, if eligible, from time to time, sell shares of our
common stock having an aggregate offering price of up to $100 million through
the ATM Managers selected by us (the "November 2021 ATM Offering"; and,
collectively with May 2021 ATM Offering, the "2021 ATM Offerings").



During Fiscal 2021, we issued 2,265,700 shares of the Company's common stocks under our May 2021 ATM Offering for net cash proceeds of $6,157.

During Fiscal 2022, we issued 47,507,536 shares of the Company's common stocks under our 2021 ATM Offerings for net cash proceeds of $163,814.

Subsequent to July 31, 2022, we issued a further 3,510,100 shares of the Company's common stock under our 2021 ATM Offerings for net cash proceeds of $14,808 and received proceeds of $6,141 from the exercise of share purchase warrants.





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Credit Facility



On December 5, 2018, we entered into the Third Amended and Restated Credit
Agreement to our credit facility (the "Credit Facility") with our lenders (each,
a "Lender"), whereby we and the Lenders agreed to certain further amendments to
our Credit Facility, under which initial funding of $10,000 was received by the
Company upon closing of the Credit Facility on July 30, 2013, and additional
funding of $10,000 was received by the Company upon closing of the amended
Credit Facility on March 13, 2014.



The Third Credit Amended and Restated Agreement superseded, in their entirety,
the Company's prior Second Amended and Restated Credit Agreement, dated and
effective February 9, 2016, the Amended and Restated Credit Agreement, dated and
effective March 13, 2014, and the Credit Agreement dated and effective July 30,
2013, with our Lenders.



During Fiscal 2021, we made voluntary payments totaling $10,000 to certain
Lenders, and during Fiscal 2022, we made payment of $10,000 to the remaining
Lender, which decreased the principal balance outstanding to $Nil as at July 31,
2022 under the Credit Facility.



Pursuant to the terms of the Third Amended and Restated Credit Agreement, during
Fiscal 2022, we issued 161,594 shares with a fair value of $600, during Fiscal
2021, we issued an aggregate of 1,249,039 shares with a fair value of $1,170,
and during Fiscal 2020, we issued an aggregate of 1,743,462 shares to our
Lenders, with a fair value of $1,400, as payment of anniversary fees to our
Lenders.



Refer to Note 11: Long-Term Debt to our Consolidated Financial Statements herein.





Operating Activities



During Fiscal 2022 and Fiscal 2021, net cash used in operating activities
totaled $52,987 and $41,470, respectively, of which $37,206 and $28,961,
respectively, was for purchases of uranium concentrates. Other significant
operating expenditures included mineral property expenditures, general and
administrative expenses and interest payments. During Fiscal 2020, net cash used
in operating activities totaled $12,870, primarily for maintaining production
readiness, mineral property expenditures and general and administrative
expenses.



Financing Activities



During Fiscal 2022, net cash provided from financing activities totaled
$157,266, primarily from net cash of $163,755 from the 2021 ATM Offerings and
$4,259 from the exercises of stock options and share purchase warrants, offset
by the payments of $557 for tax withholding amounts related to the issuance of
RSU and PRSU shares, the principal payment of $10,000 to our remaining Lender
under the Credit Facility and $191 for a promissory note.



During Fiscal 2021, net cash provided by financing activities totaled $84,458,
primarily from net cash of $89,932 from various offerings, and $5,504 from the
exercises of stock options and share purchase warrants, offset by the payments
of $833 for tax withholding amounts related to the issuance of RSU shares, the
principal payment of $10,000 to certain Lenders under the Credit Facility and
$145 for a promissory note and a government loan. During Fiscal 2020, net cash
provided by financing activities totaled $307 from certain government loans.



Investing Activities



During Fiscal 2022, net cash used by investing activities totaled $110,843,
comprised of net cash used in the U1A Acquisition of $113,588, cash used in
investment in equity securities of $15,215, cash used for investment in mineral
rights and properties of $590 and cash used for the purchase of property, plant
and equipment of $620, offset by cash proceeds of $9,980 from sales of equity
securities, $9,171 from recovery of the Anfield Debt receivable and $19 from the
disposition of assets.



During Fiscal 2021, net cash used by investing activities totaled $3,625,
primarily for cash used in investment in term deposits of $10,000, cash used in
the acquisition of URC shares of $3,397, cash used in the investment in mineral
rights and properties of $80 and cash used in the purchase of property, plant
and equipment of $148, offset by cash received from the redemption of term
deposits of $10,000. During Fiscal 2020, net cash provided by investing
activities totaled $11,671, primarily from cash received from the redemption of
term deposits totaling $11,832, offset by cash used in the investment in mineral
rights and properties of $80 and cash used in the purchase of property, plant
and equipment of $84.



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Stock Options and Warrants



As at July 31, 2022, the Company had 8,880,527 stock options outstanding at a
weighted-average exercise price of $1.58 per share, and 3,615,454 share purchase
warrants outstanding at a weighted-average exercise price of $1.92 per share. As
at July 31, 2022, outstanding stock options and share purchase warrants, which
were all in-the-money, represented a total 12,495,981 shares issuable for gross
proceeds of approximately $21.0 million should these stock options and share
purchase warrants be exercised in full. The exercise of these stock options and
share purchase warrants is at the discretion of the respective holders and,
accordingly, there is no assurance that any of these stock options or share
purchase warrants will be exercised in the future.



Plan of Operations



For Fiscal 2023, uranium extraction at PAA-1, 2 and 3 of our Palangana Mine and
at the recently acquired Christensen Ranch Mine is expected to continue being
operated at a reduced pace, including the deferral of major pre-extraction
expenditures, and to remain in a state of operational readiness in anticipation
of a recovery in uranium prices. In addition, we will continue the drilling
program at our Burke Hollow Project.



Material Commitments


As at July 31, 2022, significant payment obligations of the Company over the next five years and beyond are as follows:





                                                            Payment Due by Period
                                                Less Than 1                                     More Than 5
Contractual Obligations               Total            Year       1-3 Years       3-5 Years           Years

Asset Retirement Obligations $ 28,739 $ 214 $ 2,772

$     4,998     $    20,755
Operating Lease Obligations           1,656             291             217             173             975
Uranium Inventory Purchase
Obligations                         130,962          65,309          62,033           3,620               -
Other Loan Obligations -
Principal and Interests                  66              66               -               -               -
Total                             $ 161,423     $    65,880     $    65,022
$     8,791     $    21,730




As at July 31, 2022, we were renting or leasing office premises in Texas,
Arizona and Wyoming, U.S., Vancouver, British Columbia, Canada, and Paraguay for
total monthly payments of $28. Office lease agreements for the U.S. and Canada
expire between July 2023 and March 2027.



Commitments for Management Services

As at July 31, 2022, we were committed to paying our key executives a total of $888 per year for management services.

Off-Balance Sheet Arrangements





We do not have any off-balance sheet arrangements that have or are reasonably
likely to have a current or future material effect on our financial condition,
changes in financial condition, revenues or expenses, results of operations,
liquidity, capital expenditures or capital resources.



Critical Accounting Policies

For a complete summary of all of our significant accounting policies, refer to Note 2: Summary of Significant Accounting Policies of the Notes to the Consolidated Financial Statements as presented under Item 8. Financial Statements and Supplementary Data herein.





The preparation of financial statements in conformity with U.S. GAAP requires
management to make judgements, estimates and assumptions that affect the
reported amount of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported
revenues and expenses during the reported periods. Areas requiring significant
judgements, estimates and assumptions include the valuation of acquired mineral
rights and properties, existence of impairment indicators for the Company's
long-lived assets, valuation and measurement of impairment losses on mineral
rights and properties, valuation of recoverability of a credit loss, valuation
of stock-based compensation and valuation of asset retirement obligations. Other
areas requiring estimates include allocations of expenditures to inventories,
depletion and amortization of mineral rights and properties and depreciation of
property, plant and equipment. Actual results could differ significantly from
those estimates and assumptions. The following summary provides a description of
our critical accounting policies.



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Mineral Rights and Exploration Stage





Acquisition costs of mineral rights are initially capitalized as incurred while
exploration and pre-extraction expenditures are expensed as incurred until such
time proven or probable reserves are established for that project.



We have established the existence of mineralized materials for certain uranium
projects, including our ISR Mines. However, we have not established proven or
probable reserves for any of our uranium projects, including our ISR Mines.
Furthermore, we have no plans to establish proven or probable reserves for any
of our uranium projects for which we plan on utilizing ISR mining. As a result,
and despite the fact that we commenced extraction of mineralized materials at
our ISR Mines, we remain in the Exploration Stage and will continue to remain in
the Exploration Stage until such time proven or probable reserves have been
established.



Companies in the Production Stage that have established proven and probable
reserves and exited the Exploration Stage, typically capitalize expenditures
relating to ongoing development activities, with corresponding depletion
calculated over proven and probable reserves using the units-of-production
method and allocated to future reporting periods to inventory and, as that
inventory is sold, to cost of goods sold. Since we are in the Exploration Stage,
it has resulted in our reporting of larger losses than if we had been in the
Production Stage due to the expensing, instead of capitalization, of
expenditures relating to ongoing mine development activities. Additionally,
there would be no corresponding amortization allocated to our future reporting
periods since those costs would have been expensed previously, resulting in both
lower inventory costs and cost of goods sold and results of operations with
higher gross profits and lower losses than if we had been in the Production
Stage. Any capitalized costs, such as expenditures relating to the acquisition
of mineral rights, are depleted over the estimated extraction life using the
straight-line method. As a result, our consolidated financial statements may not
be directly comparable to the financial statements of companies in the
Production Stage.



Business Combination



We recognize and measure the assets acquired and liabilities assumed in a
business combination based on their estimated fair values at the acquisition
date, while transaction costs related to business combinations are expensed as
incurred. An income, market or cost valuation method may be utilized to estimate
the fair value of the assets acquired and liabilities assumed, if any, in a
business combination. The income valuation method represents the present value
of future cash flows over the life of the asset using: (i) discrete financial
forecasts, which rely on management's estimates of resource quantities and
exploration potential, costs to produce and develop resources, revenues and
operating expenses; (ii) appropriate discount rates; and (iii) expected future
capital requirements. The market valuation method uses prices paid for a similar
asset by other purchasers in the market, normalized for any differences between
the assets. The cost valuation method is based on the replacement cost of a
comparable asset at the time of the acquisition adjusted for depreciation and
economic and functional obsolescence of the asset. If the initial accounting for
the business combination is incomplete by the end of the reporting period in
which the acquisition occurs, an estimate will be recorded. Subsequent to the
acquisition date, and not later than one year from the acquisition date, we will
record any material adjustments to the initial estimate based on new information
obtained that would have existed as of the date of the acquisition. Any
adjustment that arises from information obtained that did not exist as of the
date of the acquisition will be recorded in the period the adjustments arise.



Equity Investments



Investments in an entity in which our ownership is greater than 20% but less
than 50%, or where other facts and circumstances indicate that we have the
ability to exercise significant influence over the operating and financing
policies of an entity, are accounted for using the equity method in accordance
with ASC 323: Investments - Equity Method and Joint Ventures. Equity-accounted
investments are recorded initially at cost and adjusted subsequently to
recognize our share of the earnings, losses or other changes in capital of the
investee entity after the date of acquisition. We periodically evaluate whether
declines in fair values of our equity investments below the carrying value are
other-than-temporary, and if so, whether an impairment loss is required.



Additionally, we hold certain equity investments in entities that we do not have
the ability to exercise significant influence. These equity investments
represent our ownership interests in certain entities, and therefore meet the
definition of an equity security under ASC 321 Investments - Equity Securities
and are measured at fair value at each period end, with unrealized holding gains
or losses recorded to earnings.



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Impairment of Long-lived Assets





Long-lived assets including mineral rights and property, plant and equipment are
reviewed for impairment whenever events or changes in circumstances indicate the
carrying amount of an asset or asset group may not be recoverable. Management
applies judgment to assess whenever events or changes in circumstances indicate
the carrying amount of an asset or asset group may not be recoverable giving
rise to the requirement to conduct an impairment test. Circumstances which could
trigger an impairment test include, but are not limited to: (i) significant
decreases in the market price of the asset; (ii) significant adverse changes in
the business climate or legal factors including significant decreases in uranium
prices; (iii) significant increase in reclamation costs and accumulation of
costs significantly in excess of the amount originally expected for the
acquisition or construction of the asset; (iv) current period cash flow or
operating losses combined with a history of losses or a forecast of continuing
losses associated with the use of the asset; and (v) current expectation that
the asset will more likely than not be sold or disposed of significantly before
the end of its estimated useful life. Recoverability of these assets is measured
by comparing the carrying value to the future undiscounted cash flows expected
to be generated by the assets. When the carrying value of an asset exceeds the
related undiscounted cash flows, an impairment loss is recorded by writing down
the carrying value of the related asset to its estimated fair value, which is
determined using discounted future cash flows or other measures of fair value.



Restoration and Remediation Costs (Asset Retirement Obligations)





Various federal and state mining laws and regulations require our Company to
reclaim the surface areas and restore underground water quality to the
pre-existing quality or class of use after the completion of mining. We
recognize the present value of the future restoration and remediation costs as
an asset retirement obligation (each, an "ARO") in the period in which we incur
an obligation associated with the retirement of tangible long-lived assets that
result from the acquisition, construction, development and/or normal use of the
assets.



AROs consist of estimated final well closure, plant and equipment
decommissioning and removal and environmental remediation costs to be incurred
by our Company in the future. The AROs are estimated based on the current costs
escalated at an inflation rate and discounted at a credit adjusted risk-free
rate. The AROs are capitalized as part of the costs of the underlying assets and
amortized over its remaining useful life. The AROs are accreted to an
undiscounted value until they are settled. The accretion expenses are charged to
earnings and the actual retirement costs are recorded against the AROs when
incurred. Any difference between the recorded AROs and the actual retirement
costs incurred will be recorded as a gain or loss in the period of settlement.



Stock-based Compensation



We measure stock-based awards at fair value on the date of the grant and expense
the awards in our Consolidated Statements of Operations and Comprehensive Loss
over the requisite service period of employees or consultants. The fair value of
stock options is determined using the Black-Scholes Valuation Model. The fair
value of RSUs is determined using the share price of the Company at the date of
grant. The fair value of PRSUs is determined using a Monte Carlo Simulation
Model. Stock-based compensation expense related to stock awards is recognized
over the requisite service period on a graded vesting basis. Forfeitures are
accounted for as they occur.



Subsequent Events



On June 13, 2022, we entered into of a definitive UEX Agreement with UEX
pursuant to which UEC would acquire all of the issued and outstanding common
shares of UEX in an all-share transaction by way of statutory plan of
arrangement (the UEX Acquisition).  On June 21, 2022, under the UEX Agreement,
we completed a private placement in UEX, whereby UEC acquired 11,627,907 UEX
common shares at a price of CA$0.43 per UEX common share for total consideration
of $3,867.  Subsequently, UEC acquired an additional 6,844,000 UEX common shares
for total consideration of $1,914 by making purchases through the facilities of
the Toronto Stock Exchange subject to and in accordance with applicable laws. As
of July 31, 2022, we owned 18,471,907 UEX common shares, representing a 3%
interest in UEX, with a fair value of $6,914. The investment in UEX was
accounted for as investment in equity securities with a change in fair value of
$1,132 recorded as unrealized gain in our consolidated statements of operations
and comprehensive income.



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Subsequent to July 31, 2022, we closed the UEX Acquisition under the Canada
Business Corporations Act, pursuant to which UEC acquired all of the issued and
outstanding common shares of UEX that we did not already own. The UEX
Acquisition was approved at a special meeting of UEX securityholders held on
August 15, 2022, and was subsequently approved by the Supreme Court of British
Columbia on August 18, 2022. Pursuant to the terms of the UEX Acquisition, UEX
shareholders received 0.090 common shares of UEC for each UEX common share
held.  As a result, we issued 48,518,745 shares of UEC in exchange for the
common shares of UEX that UEC did not already own. The UEX shares we owned
before closing the UEX Acquisition were returned to treasury.



Subsequent to July 31, 2022, we sold 150,000 pounds of purchased uranium inventory for gross proceeds of $7,178 and entered into agreements to sell 600,000 pounds of purchased uranium inventory for gross proceeds of $30,675.





Subsequent to July 31, 2022, we issued 3,510,100 shares of the Company's common
stock under our 2021 ATM Offerings for net cash proceeds of $14,808 and received
cash proceeds of $6,141 from the exercise of share purchase warrants.



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