Uranium Energy Corp. announce that the Company's Board of Directors has approved restarting uranium production at its fully permitted, and past producing, Christensen Ranch In-Situ Recovery operations in Wyoming. The recovered uranium will be processed at the fully operational Irigaray Central Processing Plant with a current licensed capacity of 2.5 million pounds U3O8 per year.

The Irigaray CPP is the hub central to four fully permitted ISR projects in the Powder River Basin of Wyoming, including Christensen Ranch. The first production is expected during August of this year and will be funded with existing cash on the Company's balance sheet. As UEC's strategy has been to remain 100% unhedged, produced uranium will be sold at prevailing spot market prices which was $106 per pound U3O8 as of January 15, 2024 as reported by UxC.

In the coming months, the Company will provide additional information on the expected volumes for the first year of production. The key focus in the final pre-production phase before the August restart is hiring and training of additional operations personnel to augment UEC's experienced operations team to ensure a successful ramp-up of uranium production. New personnel are anticipated to be hired from local communities such as Buffalo, Gillette, Casper, Kaycee and Wright.

Largest S-K 1300 Compliant ISR Uranium Resource Base in the United States and Balance Sheet Strength: The Irigaray CPP is the hub central to eleven satellite ISR projects across the Powder River Basin and Great Divide Basin, four of which are fully permitted. Total Measured and Indicated resources disclosed in Wyoming projects are 66,198,200 lbs. with 58,460,000 tons with an average portfolio grade of 0.057% eU3O8.

Total Inferred resources disclosed in Wyoming projects are 15,053,700 lbs. with 10,859,000 tons with an average portfolio grade of 0.069% eU3O8. Combined with South Texas Hub & Spoke ISR Platform, UEC controls the largest S-K 1300 compliant ISR resource base in the United States with over 75,000,000 lbs of Measured and Indicated resources and 25,000,000 lbs of Inferred resources.

$213.7 million of cash and liquid assets, with no debt, as of October 31, 2023. To enable a faster production restart, extensive preparations at the Christensen Ranch wellfields and satellite processing plant were completed in 2023. This included the re-installation of equipment, re-attachment of piping and a variety of electrical testing, repairs and upgrades to the existing facilities.

Since that time, additional work has progressed, including a detailed wellfield startup plan, drilling to identify additional resources, and submittal of an application to the Wyoming Department of Environmental Quality to expand the Irigaray CPP licensed capacity from 2.5 to 4 million pounds U3O8 per year. The Mine Units (MU) MU7, MU8 and MU10 and their associated modules (Header Houses) where operations will initially resume. The technical information in this news release have been reviewed and approved by Andrew Kurrus, P.Geo., Vice President of Resource Development, for the Company, being a Qualified Person as defined by Regulation S-K 1300.