Uranium Energy : Corporate Presentation

LARGEST & DIVERSIFIED

NORTH AMERICAN

FOCUSED

URANIUM COMPANY

Corporate Presentation - December 2023

URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM

Disclaimer

Statements contained in this presentation which are not historical facts are forward-looking statements that involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause such differences, without limiting the generality of the following, include: risks inherent in exploration activities; volatility and sensitivity to market prices for uranium; volatility and sensitivity to capital market fluctuations; the impact of exploration competition; the ability to raise funds through private or public equity financings; imprecision in resource and reserve estimates; environmental and safety risks including increased regulatory burdens; unexpected geological or hydrological conditions; a possible deterioration in political support for nuclear energy; changes in government regulations and policies, including trade laws and policies; demand for nuclear power; failure to obtain necessary permits and approvals from government authorities; weather and other natural phenomena; and other exploration, development, operating, financial market and regulatory risks. 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 release. 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.'

Mineral Resource Estimates: The mineral resource estimate has been prepared using industry accepted practice and conforms to the disclosure requirements of Subpart 1300 of Regulation S-K. Mineral reserve and mineral resource estimates are evaluated annually providing the opportunity to reassess the assumed conditions. Although all the technical and economic issues likely to influence the prospect of economic extraction of the resource are anticipated to be resolved under the stated assumed conditions, no assurance can be given that the estimated mineral resource will become proven or probable mineral reserves. All U.S. resources have been reviewed and approved for disclosure by Clyde L. Yancey, P.G., SME Registered Member, who is considered a Qualified Person under Subpart 1300 of Regulation S-K. All Canadian resources have been reviewed and approved for disclosure by Chris Hamel, P.Geo., who is considered a Qualified Person under Subpart 1300 of Regulation S-K.

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.

2	URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM

Fastest Growing, 100% Unhedged

Pure Play Uranium Company

	$566 Million	North American Resource & Infrastructure
	Rosatom's Uranium One Americas, UEX, Rio Tinto's Roughrider Project, and
	Accretive Acquisitions(1)
	a portfolio of Canadian uranium exploration projects from Rio Tinto
	226.2 M lbs. M&I
	Creating the Largest Diversified North American Focused Portfolio
	102.7 M lbs. Inferred	3x increase of total resources
	U3O8 Resources(2)	4x increase of production capacity
	8.5 M lbs. U3O8	Largest, Fully Permitted, Low-Cost ISR Projects Resource Base
	U.S. Licensed Capacity/ Year(3)	of Any U.S. Based Producer
	$213.7 Million
	Strong Balance Sheet, No Debt
	Cash & Liquid Assets(4)
	Physical Uranium
	As of Oct 31, 2023:
	Portfolio()	866,000 lbs of Inventory on hand at avg cost of $49/lb
		1,300,000 lbs. to be purchased by UEC through Dec 2025 at avg cost of ~$46/ lb.
3	URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM

HOBSON PLANT - TEXAS HUB & SPOKE OPERATIONS

IRIGARAY PLANT - WYOMING HUB & SPOKE OPERATIONS

(1) UEC press release dated Oct 12, 2022; $340 M in acquisitions was completed in the FY 2023 as of July 31, 2023 (2) 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 the Company's technical reports on SEDAR+ and EDGAR (3) UEC press release dated Nov	ATHABASCA BASIN , HIGH-GRADE CONVENTIONAL PORTFOLIO
17, 2022 (4) UEC quarterly report for the quarter ended Oct 31, 2023

Disciplined Growth Strategy

Acquisitions through the bottom of the Uranium Cycle

$80.00

$70.00

$60.00

$50.00

$40.00

$30.00

$20.00

UEC Acquisition Timeline and Uranium Spot Price(1) ($/lb)

UEC Acquisitions since 2017 at uranium prices ranging from $20 to $45 per pound

	Start of Physical
North Reno	Uranium Program	Roughrider
at $27/lb
Creek
		UEX
		Uranium
		One

Current

U3O8 Price:

$84.25/lb

$10.00

Reno

Diabase

$0.00 2016

Creek

2017

2018

2019

2020

2021

2022

2023

4	URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM

1. Source: Uranium price per UxC as of Dec.13, 2023
2. Uranium price at time of acquisition based on weekly U3O8 prices per UxC.

Creating Value by Delivering on our Pipeline

328.9 Million lbs. (226.2 M&I / 102.7 Inf.)(1)

Resource Expansion	Advanced	Production-Ready

Athabasca Joint	UEC-Operated
Athabasca Projects
Ventures

44.6 Mlb. M&I	65.3 Mlb. M&I
52.9 Mlb. Inf.
18.2 Mlb. Inf.
		Arizona
Paraguay		32.0 Mlb. M&I
		4.5 Mlb. Inf.
9.0 Mlb. M&I
2.2 Mlb. Inf.

Texas &

Wyoming ISR

75.3 Mlb. M&I

25.0 Mlb. Inf.

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 reports on SEDAR+ and EDGAR

Wyoming Hub & Spoke ISR

Portfolio

Texas Hub & Spoke ISR Portfolio

6 URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM

Fundamentals Favor Significant Price Appreciation -

Prices Still Well Below Previous Highs and Global Production Cost

US $/lb U308

$160																	Spot Daily						Long Term
						$138.00
$140
$120		2005:
		Major Mine			$70.00																			$84.25(1)
$100		Disruptions
	(Cigar Lake,
											2011:																					$66.00(2)
		McArthur River)
$80																				Fukushima event
$60
$40
$20									Financial Crisis
																			Nov 2016: $17.75/lb
																								12 year low
$0
Dec 2003					Dec 2008			Dec 2013					Dec 2018									Dec 2023

Source: (1) UxC, LLC: www.uxc.com Dec 13, 2023, Numerco (2) TradeTech Nov 30, 2023

7	URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM

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)

• 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

IRIGARAY PLANT - WYOMING HUB & SPOKE OPERATIONSHOBSON PLANT - TEXAS HUB & SPOKE OPERATIONS

8	URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM

Physical Portfolio - North American Warehoused Uranium

Bolsters UEC balance sheet and provides strategic inventory

	Spot market
FY 2023	sales of
3,150,000
(YE July 31, 2023)	pounds of
	uranium
		Gross
		Profits of
$163.95 Million	$49.60
million
Record Revenue
from spot
uranium market	Weighted
sales(1)	Average Sales
		Price of

$52.05/lb

Average

Market Price

of $51.24/lb

Cumulative from March 2021 Inception - as of October 31, 2023(2):

6.1 M lbs Total Uranium	866,000 lbs. Inventory on hand	1.3 M lbs. To Be Delivered under
Purchases Contracted	Contracted Purchases
6.1M lbs. at ~$40/lb avg. cost- multiple	At an avg. cost of ~$49/lb.	At an avg. cost of ~$46/lb
deliveries between Mar 2021- Dec 2025

9	URANIUM ENERGY CORP | NYSE AMERICAN: UEC | URANIUMENERGY.COM

(1) The Company's annual report for the fiscal year ended July 31, 2023 (2) As of Dec 11, 2023; see UEC news release dated Dec 11, 2023