Uranium Energy Corp. announced that the Company has closed a purchase agreement with Rio Tinto Exploration Canada Inc., a subsidiary of Rio Tinto Inc., to acquire a portfolio of exploration-stage projects in the Athabasca Basin, Saskatchewan, Canada for CAD 1,500,000. The Company has acquired a 60% equity stake in the Henday Lake joint venture, 100% of the Milliken project, and a 50% equity stake in the Carswell joint venture project.

With this Transaction, UEC has added an additional 44,444 acres (17,986 Ha) of prospective ground in the Athabasca Basin to its existing portfolio of 1,091,639 acres (441,771 Ha). Transaction Components. Henday project is less than five kilometers north of the Roughrider project and close to support infrastructure offering regional synergies with Roughrider (acquired 10/17/22) and the other projects in the Eastern Athabasca Hub that UEC has assembled over the last 12 months as part of the UEX acquisition (com completed 8/25/2022).

Carswell project is located just north of the past-producing Cluff Lake operation and has uranium showings in drill holes, trenches, outcrop, and boulders that are consistent with the mineralization types found at the former Cluff Lake operation. The Henday project is 17,801 acres (7,204 Ha) in an area, less than five kilometers north of Roughrider, and like Roughrider is within the prolific Wollaston-Mudjatik transition zone that is host to many of the eastern Athabasca deposits. UEC will acquire 60% of the project and act as the operator of Henday project in a joint venture with Forum Energy Metals, who owns the remaining 40%.

The Company's technical evaluation of the project revealed uranium up to 1,750 ppm associated with altered basement rocks that has yet to be followed up with additional drilling. Horseshoe-Raven Project, Saskatchewan, effective date October 31, 2022 (4) Shea Creek Project, Saskatchewan, effective Date October 31, 2022 (5) Cameco 2023 Annual Information Form.