Item 1.01 Entry into a Material Definitive Agreement.

Effective on April 19, 2022, Uranium Energy Corp. (the "Company") entered into each of a Settlement Agreement (the "Settlement Agreement"), with Anfield Energy Inc. ("Anfield"), and a Property Swap Agreement (the "Property Swap Agreement"), with each of Anfield and its subsidiaries, ARH Wyoming Corp. and Highbury Resources Inc. (collectively, the "Anfield Parties"), representing a series of transactions wherein, in part, and subject to various conditions to closing, Anfield settled $18.34 million of indebtedness (the "Anfield Indebtedness") owing to UEC (collectively, the "Anfield Settlement"). The Company received the Anfield Indebtedness through its $112 million acquisition of Uranium One Americas, Inc. ("U1 Americas") on December 17, 2021.

In accordance with the terms and conditions of the Settlement Agreement, the Anfield Indebtedness to UEC was settled through the payment of $9.17 million in cash plus the issuance to UEC of 96,272,918 units of Anfield (each, an "Anfield Unit"), which were issued at a deemed price of $0.095 per Anfield Unit for an aggregate value of approximately $9.17 million. Each Anfield Unit is comprised of one common share of Anfield (each, an "Anfield Share") plus one Anfield Share purchase warrant (each, an "Anfield Warrant"), with each Anfield Warrant entitling UEC to acquire one Anfield Share at a price of CAD$0.18 per Anfield Share until May 12, 2027. The securities underlying the Anfield Units are subject to certain resale restrictions pursuant to applicable securities laws and pursuant to the terms of the Settlement Agreement. As a result, UEC now owns approximately 15.4% of Anfield on an outstanding basis (including warrants, approximately 27% on a partially diluted basis). The Settlement Agreement closed on June 7, 2022.

In accordance with Property Swap Agreement, UEC completed a property swap (the "Property Swap") with the Anfield Parties in which the Company will receive Anfield's portfolio of 25 in-situ recovery uranium projects in Wyoming (the "Wyoming ISR Asset Portfolio") in exchange for UEC's Slick Rock and Long Park projects located in Colorado. The Property Swap Agreement closed on June 7, 2022.

The Wyoming ISR Asset Portfolio is 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 the Black Hills.

The foregoing descriptions of each of the Settlement Agreement and the Property Swap Agreement do not purport to be complete and are qualified in their entirety by each of the Settlement Agreement and the Property Swap Agreement, which are filed as Exhibits 10.1 and 10.2 hereto, respectively, and are incorporated by reference herein.



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Item 2.01 Completion of Acquisition or Disposition of Assets

On June 7, 2022, UEC completed each of the Anfield Settlement and the related Property Swap, which were disclosed in the Company's news release of June 8, 2022, which was attached as Exhibit 99.1 to the Company's Current Report on Form 8-K filed on June 8, 2022. The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference in this Item 2.01.

Item 9.01 Financial Statements and Exhibits

(a) Financial Statements of Business Acquired

Not applicable.

(b) Pro forma Financial Information





Not applicable.

(c) Shell Company Transaction



Not applicable.

(d) Exhibits



Exhibit   Description
 10.1*      Settlement Agreement between Anfield Energy Inc. and Uranium Energy
          Corp., dated April 19, 2022.

 10.2       Property Swap Agreement between Anfield Energy Inc., ARH Wyoming
          Corp., Highbury Resources Inc. and Uranium Energy Corp., dated April 19,
          2022.

  104     Cover Page Interactive Data File (the cover page XBRL tags are embedded
          within the inline XBRL document)



Note:

* portions of this exhibit have been omitted.


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