<SEC-DOCUMENT>0001104659-21-144024.txt : 20211126
<SEC-HEADER>0001104659-21-144024.hdr.sgml : 20211126
<ACCEPTANCE-DATETIME>20211126172510
ACCESSION NUMBER:		0001104659-21-144024
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20211126
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20211126
DATE AS OF CHANGE:		20211126

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			URANIUM ENERGY CORP
		CENTRAL INDEX KEY:			0001334933
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS METAL ORES [1090]
		IRS NUMBER:				980399476
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33706
		FILM NUMBER:		211452310

	BUSINESS ADDRESS:	
		STREET 1:		500 NORTH SHORELINE BOULEVARD
		STREET 2:		SUITE 800N
		CITY:			CORPUS CHRISTI
		STATE:			TX
		ZIP:			78401
		BUSINESS PHONE:		361-888-8235

	MAIL ADDRESS:	
		STREET 1:		500 NORTH SHORELINE BOULEVARD
		STREET 2:		SUITE 800N
		CITY:			CORPUS CHRISTI
		STATE:			TX
		ZIP:			78401
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tm2133997d2_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>FORM 8-K</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>November 26, 2021<BR>
</U></B>Date of Report (Date of earliest event reported)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B><U>URANIUM ENERGY
CORP.<BR>
</U></B></FONT><FONT STYLE="font-size: 10pt">(Exact name of registrant as specified in its charter)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Nevada</U></B></FONT></TD>
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>001-33706</U></B></FONT></TD>
    <TD STYLE="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>98-0399476</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(IRS Employer Identification No.)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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    <TD STYLE="vertical-align: top; width: 60%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>1030 West Georgia Street, Suite 1830<U><BR>
Vancouver, British Columbia</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U><BR>
V6E 2Y3</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>(604) 682-9775</U><BR>
</B>Registrant&rsquo;s telephone number, including area code</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Not applicable.<BR>
</U></B>(Former name or former address, if changed since last report)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box below if the Form 8-K
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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  <TR>
    <TD STYLE="border: Black 1pt solid; padding-right: 5.4pt; width: 6%; padding-left: 5.4pt; text-align: justify">&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; width: 94%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt; text-align: justify">&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt; text-align: justify">&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt; text-align: justify">&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities registered pursuant to Section 12(b)
of the Act:</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 27%; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">Title of each class</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 27%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">Trading Symbol (s)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 46%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">Name of each exchange on which registered</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">Common Stock</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">UEC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">NYSE American</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (Section 230.405 of this chapter) or
Rule 12b-2 of the Securities Exchange Act of 1934 (Section 240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Emerging growth company&nbsp; <FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp; &nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><B>Item 8.01 Other Events.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 26, 2021, the Board of Directors of
Uranium Energy Corp. (the &#8220;<B>Company</B>&#8221;) approved the filing of a prospectus supplement to its Registration Statement on
Form S-3 (File No. 333-256170) (the &#8220;<B>Registration Statement</B>&#8221;) and the continuation of the At The Market Offering Agreement,
dated May 14, 2021 (the &#8220;<B>Offering Agreement</B>&#8221;) with H.C. Wainwright &amp; Co., LLC (as the &#8220;<B>Lead Manager</B>&#8221;)
and the co-managers set forth on the signature page of the Offering Agreement; presently comprised of each of TD Securities (USA) LLC,
Haywood Securities (USA) Inc., Roth Capital Partners, LLC, Eight Capital and BMO Capital Markets Corp. (each, a &#8220;<B>Co-Manager</B>&#8221;
and, collectively, with the Lead Manager, the &#8220;<B>Managers</B>&#8221;); under which the Company may, from time to time, sell shares
of its common stock, par value $0.001 per share (the &#8220;<B>Shares</B>&#8221;), having an aggregate offering price of up to $100,000,000
through the Managers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon delivery of a &#8220;Sales Notice&#8221;
under and subject to the terms and conditions of the Offering Agreement, the &#8220;<B>Designated Manager</B>&#8221; of the Managers under
the Offering Agreement may sell the Shares by methods deemed to be an &#8220;at-the-market&#8221; offering as defined in Rule 415 promulgated
under the United States <I>Securities Act of 1933</I>, as amended (the &#8220;<B>Securities Act</B>&#8221;), including sales made directly
on the NYSE American (the &#8220;<B>NYSE American</B>&#8221;), the existing trading market for our common stock, sales made to or through
a market maker other than on an exchange or otherwise, directly to the sales agent as principal, in negotiated transactions at market
prices prevailing at the time of sale or at prices related to such prevailing market prices, and/or in any other method permitted by law.
Subject to the terms and conditions of the Offering Agreement, the Managers will use commercially reasonable efforts, consistent with
its normal trading and sales practices, to sell the Shares from time to time, based upon the Company&#8217;s instructions, subject to
applicable state and federal laws, rules and regulations, and the rules of the NYSE American.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is not obligated to, and the Company
cannot provide any assurances that it will, make any sales of the Shares under the Offering Agreement. The Offering Agreement will terminate
upon the earlier of (i) sale of all shares of our shares of common stock provided for in the prospectus supplement, or (ii) the termination
of the Offering Agreement as permitted therein. The Offering Agreement may be terminated by the Lead Manager or the Company at any time
in their sole discretion upon 5 days&#8217; prior written notice to the other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will pay the Designated Manager a
commission of 2.25% of the gross proceeds from the sale of Shares, and has agreed to provide the Managers with customary indemnification
and contribution rights. Pursuant to the Offering Agreement, the Company agreed to reimburse the Lead Manager for certain specified expenses,
including the fees and disbursements of its legal counsel, in an amount not to exceed $50,000, and to reimburse the Lead Manager for the
documented fees and costs of its legal counsel reasonably incurred in connection with the Lead Manager&#8217;s ongoing diligence requirements
arising from the transactions contemplated by the Offering Agreement in an amount not to exceed $5,000 in the aggregate per quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The description of the Offering Agreement does
not purport to be complete and is qualified in its entirety by reference to the Offering Agreement that was filed as Exhibit 1.2 to the
Registration Statement filed with the Securities and Exchange Commission (the &#8220;<B>SEC</B>&#8221;) on May 17, 2021, and is incorporated
by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The opinion of the Company&#8217;s counsel regarding
the validity of the Shares that will be issued pursuant to the Offering Agreement is filed herewith as Exhibit 5.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Shares will be issued pursuant to: the Company&#8217;s
Registration Statement, previously filed, which was declared effective by the SEC on June 1, 2021; the base prospectus filed as part of
the Registration Statement, and the prospectus supplement dated November 26, 2021 filed by the Company with the SEC. This Current Report
shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Shares in any state in
which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such
state.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">***</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company cautions you that statements included
in this report that are not a description of historical facts are forward-looking statements. These forward-looking statements include
statements regarding the ability to sell Shares and raise additional funds pursuant to the Offering Agreement. The inclusion of forward-looking
statements should not be regarded as a representation by the Company that any of these results will be achieved. Actual results may differ
from those set forth in this report due to the risks and uncertainties associated with market conditions and the satisfaction of pre-sale
conditions under the Offering Agreement, as well as risks and uncertainties inherent in the Company&#8217;s business, including those
described in the Company&#8217;s periodic filings with the SEC. You are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof, and the Company undertakes no obligation to revise or update this report to reflect
events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement.
This cautionary statement is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01 Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><B>(d)</B></TD>
    <TD STYLE="width: 96%"><B>Exhibits</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><A HREF="https://www.sec.gov/Archives/edgar/data/1334933/000110465921067046/tm2116421d1_ex1-2.htm" STYLE="-sec-extract: exhibit">1.2</A></TD>
    <TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1334933/000110465921067046/tm2116421d1_ex1-2.htm" STYLE="-sec-extract: exhibit">At The Market Offering Agreement, dated May 14, 2021 by and between Uranium Energy Corp., H.C. Wainwright &amp; Co., LLC, TD Securities (USA) Inc., Haywood Securities (USA) Inc., Roth Capital Partners, LLC, Eight Capital and BMO Capital Markets Corp.<SUP>(1)</SUP></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="tm2133997d2_ex5-1.htm" STYLE="-sec-extract: exhibit">5.1</A></TD>
    <TD STYLE="text-align: justify"><A HREF="tm2133997d2_ex5-1.htm" STYLE="-sec-extract: exhibit">Opinion of McMillan LLP.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="tm2133997d2_ex5-1.htm" STYLE="-sec-extract: exhibit">23.1</A></TD>
    <TD><A HREF="tm2133997d2_ex5-1.htm" STYLE="-sec-extract: exhibit">Consent of McMillan LLP (included in Exhibit 5.1).</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><U>Notes:</U></TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Incorporated by reference to our Registration Statement on Form S-3 filed with the SEC on May 17, 2021.</TD></TR></TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>URANIUM
    ENERGY CORP.</B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; text-align: justify; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DATE:&nbsp;&nbsp;November
    26, 2021.</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 46%"><FONT STYLE="font-size: 10pt"><I>/s/ Amir Adnani</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Amir Adnani, President, Chief Executive Officer and a director</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2133997d2_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt"><IMG SRC="tm2133997d2_ex5-1img001.jpg" ALT="" STYLE="width: 165px; height: 46px"></P>

<P STYLE="margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 63%; padding-right: 5.4pt; text-align: right; font-size: 10pt"><B>Our File No.</B></TD>
    <TD STYLE="width: 37%; padding-right: 5.4pt; padding-left: 0.05in; font-size: 10pt">57562V-281763</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">November
26, 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">Uranium
Energy Corp.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">1030 West Georgia Street,
Suite 1830</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">Vancouver, British
Columbia, Canada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">V6E 2Y3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><U>Attention:</U></TD><TD STYLE="text-align: justify"><U>Mr. Amir Adnani, Chief Executive Officer</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Sirs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD STYLE="padding-right: 1in">Uranium Energy Corp.<BR>
<FONT STYLE="font-weight: normal">Registration Statements on Form S-3;<BR>
</FONT>Shares of Common Stock, par value $0.001 per share, <BR>
having an aggregate offering price of up to $100,000,000</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have acted as legal counsel
to Uranium Energy Corp., a Nevada corporation (the &#8220;<B>Company</B>&#8221;), in connection with the proposed sale through the manager
selected by the Company, acting as the sales agent and/or principal, from time to time by the Company of shares (the &#8220;<B>Shares</B>&#8221;)
of common stock of the Company, par value $0.001 per share (the &#8220;<B>Common Stock</B>&#8221;), having an aggregate offering price
of up to $100,000,000 to be issued pursuant to that certain At The Market Offering Agreement dated as of May 14, 2021 (the &#8220;<B>ATM
Agreement</B>&#8221;) by and between the Company, H.C. Wainwright &amp; Co., LLC (the &#8220;<B>Lead Manager</B>&#8221;), TD Securities
(USA) LLC, Haywood Securities (USA) Inc., Roth Capital Partners, LLC, Eight Capital and BMO Capital Markets (collectively with the Lead
Manager, the &#8220;<B>Managers</B>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Shares will be issued
pursuant to: the Company&#8217;s Registration Statement on Form S-3 (File No. 333-256170) (the &#8220;<B>Registration Statement</B>&#8221;),
as filed with the Securities and Exchange Commission (&#8220;<B>SEC</B>&#8221;) under the Securities Act of 1933, as amended (the &#8220;<B>Securities
Act</B>&#8221;), and declared effective by the SEC on June 1, 2021; the base prospectus (the &#8220;<B>Base Prospectus</B>&#8221;) filed
as part of the Registration Statement; and the related prospectus supplement dated November 26, 2021 (the &#8220;<B>Prospectus Supplement</B>&#8221;
and, together with the Base Prospectus, the &#8220;<B>Prospectus</B>&#8221;), as filed with the SEC pursuant to Rule 424(b) under the
Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This opinion letter is furnished
to you at your request in connection with the requirements of Item 601(b)(5) of Regulation S-K, 17 C.F.R. &sect;229.601(b)(5). No opinion
is expressed as to any matter pertaining to the contents of the Registration Statement or the Prospectus, other than as expressly stated
herein with respect to the issue of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Documents Reviewed</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In rendering the opinions
set forth below, we have reviewed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the ATM Agreement;</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                                                         </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Registration Statement and the exhibits attached thereto;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">McMillan
    LLP </FONT><FONT STYLE="font-family: Symbol">&frac12;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">Royal Centre,
    1055 W. Georgia St., Suite 1500, PO Box 11117, Vancouver, BC, Canada V6E 4N7 </FONT><FONT STYLE="font-family: Symbol">&frac12;</FONT>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">t 604.689.9111 </FONT><FONT STYLE="font-family: Symbol">&frac12;</FONT>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">f 604.685.7084</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Lawyers
    </FONT><FONT STYLE="font-family: Symbol">&frac12;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">Patent &amp; Trade-mark
    Agents </FONT><FONT STYLE="font-family: Symbol">&frac12;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">Avocats </FONT><FONT STYLE="font-family: Symbol">&frac12;
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Agents de brevets et de marques de commerce</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Vancouver
    </FONT><FONT STYLE="font-family: Symbol">&frac12;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">Calgary </FONT><FONT STYLE="font-family: Symbol">&frac12;
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Toronto </FONT><FONT STYLE="font-family: Symbol">&frac12;</FONT>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">Ottawa </FONT><FONT STYLE="font-family: Symbol">&frac12;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">Montr&eacute;al
    </FONT><FONT STYLE="font-family: Symbol">&frac12;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">Hong Kong </FONT><FONT STYLE="font-family: Symbol">&frac12;
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">mcmillan.ca</FONT></P></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%; text-align: left"><IMG SRC="tm2133997d2_ex5-1img001.jpg" ALT="">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: right; width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 26, 2021<FONT STYLE="font-size: 10pt"><BR>
Page 2</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Prospectus;</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                                                      </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Company&#8217;s Articles of Incorporation as currently in effect (the &#8220;<B>Articles of Incorporation</B>&#8221;);</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                                                                                                                                                                 </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Company&#8217;s Bylaws as currently in effect (the &#8220;<B>Bylaws</B>&#8221;);</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                                                                                                                           </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">certain records of the Company&#8217;s corporate proceedings as reflected in its minute books, including
resolutions of the directors relating to the registration of the Shares and related matters; and</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                          </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">other documents as we have deemed relevant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 30pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 30pt">In addition, we have relied
upon certificates of public officials as to certain questions of fact material to our opinions. For purposes of this opinion, we have
not reviewed any documents other than the documents listed above. In particular, except as set forth above, we have not reviewed, and
express no opinion on, any document that is referred to or incorporated by reference into the documents reviewed by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 30pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Assumptions, Limitations and Qualifications</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 30pt">Our opinions expressed herein
are subject in all respects to the following assumptions, limitations and qualifications:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 30pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">all Shares will be offered, issued and sold in compliance with applicable United States federal and state
securities laws, and in the manner stated in the Registration Statement and the Prospectus;</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                     </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">at the time of the issuance of any of the Shares, the Company validly exists and is duly qualified and
in good standing under the laws of its jurisdiction of incorporation, and has the necessary corporate power and authority to issue such
Shares;</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                 </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in the event that any Shares are issued in uncertificated form, then, within a reasonable time after the
issuance or transfer of any such uncertificated Shares, the Company sends to the registered owner thereof any written notice prescribed
by the Nevada Revised Statutes;</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                         </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">at the time of the issuance of any of the Shares, the Articles of Incorporation and the Bylaws of the
Company are in full force and effect and have not been amended, restated, supplemented or otherwise altered, and there has been no authorization
of any such amendment, restatement, supplement or other alteration, in each case since the date hereof;</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                 </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">at the time of any offering or sale of any Shares there will be sufficient shares of Common Stock authorized
and unissued under the Company&#8217;s then operative Articles of Incorporation and not otherwise reserved for issuance; and</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                      </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the minute books of the Company reflect all corporate proceedings of the Company, are accurate and up-to-date,
and correctly reflect the directors and officers of the Company.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                          </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%; text-align: left"><IMG SRC="tm2133997d2_ex5-1img001.jpg" ALT="">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: right; width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 26, 2021<FONT STYLE="font-size: 10pt"><BR>
Page 3</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we have assumed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the legal capacity of all natural persons;</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                                                                                 </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">genuineness of all signatures on documents examined by us;</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                                                                                                 </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the authenticity of all documents submitted to us as originals;</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                                                                                                      </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the conformity to authentic originals of all documents submitted to us as certified, conformed, photostatic
or other copies; and</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                              </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">that the documents, in the forms submitted to us for our review, have not been and will not be altered
or amended in any respect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 30pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 30pt">The opinions expressed in this
letter are rendered as of the date hereof and are based on our understandings and assumptions as to present facts, and on the application
of applicable law as the same exists on the date hereof. We assume no obligation to update or supplement this opinion letter after the
date hereof with respect to any facts or circumstances that may hereafter come to our attention or to reflect any changes in the facts
or law that may hereafter occur or take effect. In particular, we note that the Shares may be issued from time to time on a delayed or
continuous basis, and this opinion is limited to the laws, including the rules and regulations, in effect on the date hereof, which laws
are subject to change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 30pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The opinions expressed in
this letter are limited to Nevada law, including all applicable provisions of the Constitution of the State of Nevada, statutory provisions
of the State of Nevada and reported judicial decisions of the courts of the State of Nevada interpreting those laws, that, in our experience,
are normally applicable to transactions of the type contemplated in the Registration Statement. We have not considered, and have not expressed
any opinion with regard to, or as to the effect of, any other law, rule, or regulation, state or federal, applicable to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Opinion</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based upon and subject to
the foregoing, we are of the opinion that when the Shares shall have been duly registered on the books of the transfer agent and registrar
therefor in the name or on behalf of the purchasers thereof, and have been issued by the Company against payment therefor (not less than
par value) in the circumstances contemplated by the ATM Agreement, the issue and sale of the Shares will have been duly authorized by
all necessary corporate action of the Company, and the Shares will be validly issued, fully paid and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Consent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We hereby consent to the filing
of this opinion with the SEC as an exhibit to the Company&#8217;s Current Report on Form 8-K dated November 26, 2021. We also hereby consent
to the use of our name under the heading &#8220;Legal Matters&#8221; in the Base Prospectus, and under the heading &#8220;Legal Matters&#8221;
in the Prospectus Supplement. In giving this consent, we do not thereby admit that we are within the category of persons whose consent
is required under Section 7 of the Act or the rules and regulations of the SEC promulgated thereunder. This opinion is expressed as of
the date hereof unless otherwise expressly stated, and we disclaim any undertaking to advise you of any subsequent changes in the facts
stated or assumed herein or of any subsequent changes in applicable laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yours truly,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>/s/ McMillan LLP</I></P>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
