0001334933 URANIUM ENERGY CORP false --07-31 Q3 2022 0.001 0.001 750,000,000 750,000,000 284,077,874 284,077,874 236,796,866 236,796,866 45,967,993 1,183,369 1,549,166 73,200 192,015 0.18 9,171,033 0 0 0 0 3 0 0 0 10,000,000 September 23, 2022 May 21, 2023 April 5, 2026 0.80 1.00 1.50 66.67 5 0.43 Preliminary fair value of mineral rights and properties was determined using a discounted cash flow model (being the net present value of expected future cash flows). Expected future cash flows are based on estimates of future uranium prices and projected future revenues, estimated quantities of mineral resources and production, expected future production costs, and capital expenditures based on the life of mine plans as at the acquisition date. Preliminary fair value of property, plant and equipment was determined using a replacement cost approach. Working capital adjustment represents the working capital of U1A at the date of acquisition, which was comprised of: (i) cash and cash equivalents of $1,183,369; (ii) prepaid expenses and deposits of $1,549,166; (iii) other current assets of $73,200; (iv) inventories of $192,015; and (v) accounts payable and accrued liabilities of $95,807. The fair value of these working capital items approximates their respective carrying values at the date of the acquisition. Other non-current assets included certain material and supply inventories classified as non-current and right-of-use (“ROU”) assets associated with U1A’s operating leases. The preliminary fair value of long-term inventory was determined to approximate its carrying value. ROU assets and lease liabilities for operating leases are measured based on the present value of the future lease payments over the remaining lease terms at the acquisition date. Preliminary fair value of asset retirement obligations was measured based on the expected costs and timing for final well closure, plant and equipment decommissioning and removal, and environmental remediation, which are discounted to present value using credit adjusted risk-free rates. 0001334933 2021-08-01 2022-04-30 xbrli:shares 0001334933 2022-06-14 thunderdome:item iso4217:USD 0001334933 2022-04-30 0001334933 2021-07-31 iso4217:USD xbrli:shares 0001334933 2022-02-01 2022-04-30 0001334933 2021-02-01 2021-04-30 0001334933 2020-08-01 2021-04-30 0001334933 2020-07-31 0001334933 2021-04-30 0001334933 us-gaap:CommonStockMember 2021-07-31 0001334933 us-gaap:AdditionalPaidInCapitalMember 2021-07-31 0001334933 uec:ShareIssuanceObligationMember 2021-07-31 0001334933 us-gaap:RetainedEarningsMember 2021-07-31 0001334933 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-07-31 0001334933 us-gaap:CommonStockMember 2021-08-01 2021-10-31 0001334933 us-gaap:AdditionalPaidInCapitalMember 2021-08-01 2021-10-31 0001334933 2021-08-01 2021-10-31 0001334933 us-gaap:RetainedEarningsMember 2021-08-01 2021-10-31 0001334933 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-08-01 2021-10-31 0001334933 us-gaap:CommonStockMember 2021-10-31 0001334933 us-gaap:AdditionalPaidInCapitalMember 2021-10-31 0001334933 uec:ShareIssuanceObligationMember 2021-10-31 0001334933 us-gaap:RetainedEarningsMember 2021-10-31 0001334933 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-10-31 0001334933 2021-10-31 0001334933 us-gaap:CommonStockMember 2021-11-01 2022-01-31 0001334933 us-gaap:AdditionalPaidInCapitalMember 2021-11-01 2022-01-31 0001334933 uec:ShareIssuanceObligationMember 2021-11-01 2022-01-31 0001334933 us-gaap:RetainedEarningsMember 2021-11-01 2022-01-31 0001334933 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-11-01 2022-01-31 0001334933 2021-11-01 2022-01-31 0001334933 us-gaap:CommonStockMember 2022-01-31 0001334933 us-gaap:AdditionalPaidInCapitalMember 2022-01-31 0001334933 uec:ShareIssuanceObligationMember 2022-01-31 0001334933 us-gaap:RetainedEarningsMember 2022-01-31 0001334933 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-31 0001334933 2022-01-31 0001334933 us-gaap:CommonStockMember 2022-02-01 2022-04-30 0001334933 us-gaap:AdditionalPaidInCapitalMember 2022-02-01 2022-04-30 0001334933 uec:ShareIssuanceObligationMember 2022-02-01 2022-04-30 0001334933 us-gaap:RetainedEarningsMember 2022-02-01 2022-04-30 0001334933 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-02-01 2022-04-30 0001334933 us-gaap:CommonStockMember 2022-04-30 0001334933 us-gaap:AdditionalPaidInCapitalMember 2022-04-30 0001334933 uec:ShareIssuanceObligationMember 2022-04-30 0001334933 us-gaap:RetainedEarningsMember 2022-04-30 0001334933 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-04-30 0001334933 us-gaap:CommonStockMember 2020-07-31 0001334933 us-gaap:AdditionalPaidInCapitalMember 2020-07-31 0001334933 uec:ShareIssuanceObligationMember 2020-07-31 0001334933 us-gaap:RetainedEarningsMember 2020-07-31 0001334933 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-07-31 0001334933 us-gaap:CommonStockMember 2020-08-01 2020-10-31 0001334933 us-gaap:AdditionalPaidInCapitalMember 2020-08-01 2020-10-31 0001334933 2020-08-01 2020-10-31 0001334933 uec:ShareIssuanceObligationMember 2020-08-01 2020-10-31 0001334933 us-gaap:RetainedEarningsMember 2020-08-01 2020-10-31 0001334933 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-08-01 2020-10-31 0001334933 us-gaap:CommonStockMember 2020-10-31 0001334933 us-gaap:AdditionalPaidInCapitalMember 2020-10-31 0001334933 uec:ShareIssuanceObligationMember 2020-10-31 0001334933 us-gaap:RetainedEarningsMember 2020-10-31 0001334933 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-10-31 0001334933 2020-10-31 0001334933 us-gaap:CommonStockMember 2020-11-01 2021-01-31 0001334933 us-gaap:AdditionalPaidInCapitalMember 2020-11-01 2021-01-31 0001334933 2020-11-01 2021-01-31 0001334933 uec:ShareIssuanceObligationMember 2020-11-01 2021-01-31 0001334933 us-gaap:RetainedEarningsMember 2020-11-01 2021-01-31 0001334933 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-11-01 2021-01-31 0001334933 us-gaap:CommonStockMember 2021-01-31 0001334933 us-gaap:AdditionalPaidInCapitalMember 2021-01-31 0001334933 uec:ShareIssuanceObligationMember 2021-01-31 0001334933 us-gaap:RetainedEarningsMember 2021-01-31 0001334933 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-31 0001334933 2021-01-31 0001334933 us-gaap:CommonStockMember uec:AtTheMarketOfferingMember 2021-02-01 2021-04-30 0001334933 us-gaap:AdditionalPaidInCapitalMember uec:AtTheMarketOfferingMember 2021-02-01 2021-04-30 0001334933 uec:ShareIssuanceObligationMember uec:AtTheMarketOfferingMember 2021-02-01 2021-04-30 0001334933 us-gaap:RetainedEarningsMember uec:AtTheMarketOfferingMember 2021-02-01 2021-04-30 0001334933 us-gaap:AccumulatedOtherComprehensiveIncomeMember uec:AtTheMarketOfferingMember 2021-02-01 2021-04-30 0001334933 uec:AtTheMarketOfferingMember 2021-02-01 2021-04-30 0001334933 us-gaap:CommonStockMember uec:DirectOfferingMember 2021-02-01 2021-04-30 0001334933 us-gaap:AdditionalPaidInCapitalMember uec:DirectOfferingMember 2021-02-01 2021-04-30 0001334933 uec:ShareIssuanceObligationMember uec:DirectOfferingMember 2021-02-01 2021-04-30 0001334933 us-gaap:RetainedEarningsMember uec:DirectOfferingMember 2021-02-01 2021-04-30 0001334933 us-gaap:AccumulatedOtherComprehensiveIncomeMember uec:DirectOfferingMember 2021-02-01 2021-04-30 0001334933 uec:DirectOfferingMember 2021-02-01 2021-04-30 0001334933 us-gaap:CommonStockMember 2021-02-01 2021-04-30 0001334933 us-gaap:AdditionalPaidInCapitalMember 2021-02-01 2021-04-30 0001334933 uec:ShareIssuanceObligationMember 2021-02-01 2021-04-30 0001334933 us-gaap:RetainedEarningsMember 2021-02-01 2021-04-30 0001334933 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-02-01 2021-04-30 0001334933 us-gaap:CommonStockMember 2021-04-30 0001334933 us-gaap:AdditionalPaidInCapitalMember 2021-04-30 0001334933 uec:ShareIssuanceObligationMember 2021-04-30 0001334933 us-gaap:RetainedEarningsMember 2021-04-30 0001334933 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-04-30 0001334933 uec:UraniumInventoryMember 2022-04-30 0001334933 us-gaap:SubsequentEventMember uec:The2021AtthemarketOfferingsMember 2022-06-13 2022-06-13 0001334933 uec:SettlementAgreementMember uec:AnfieldEnergyIncMember us-gaap:SubsequentEventMember 2022-06-13 2022-06-13 0001334933 uec:U1AAcquistionMember 2021-12-17 2021-12-17 0001334933 uec:U1AAcquistionMember 2022-02-01 2022-04-30 0001334933 uec:U1AAcquistionMember 2021-08-01 2022-04-30 0001334933 uec:U1AAcquistionMember 2021-12-17 0001334933 uec:U1AAcquistionMember 2021-02-01 2021-04-30 0001334933 uec:U1AAcquistionMember 2020-08-01 2021-04-30 0001334933 uec:U1AAcquistionMember uec:AnfieldEnergyIncMember 2021-12-17 0001334933 uec:SettlementAgreementMember uec:AnfieldEnergyIncMember 2022-04-19 2022-04-19 0001334933 uec:AnfieldEnergyIncMember uec:AnfieldCommonSharesMember 2022-04-19 2022-04-19 0001334933 uec:AnfieldWarrantMember uec:AnfieldEnergyIncMember 2022-04-19 2022-04-19 0001334933 uec:AnfieldWarrantMember uec:AnfieldEnergyIncMember 2022-04-19 iso4217:CAD xbrli:shares 0001334933 uec:SettlementAgreementMember uec:AnfieldEnergyIncMember 2022-02-01 2022-04-30 0001334933 uec:SettlementAgreementMember uec:AnfieldEnergyIncMember 2021-08-01 2022-04-30 0001334933 uec:SettlementAgreementMember uec:AnfieldEnergyIncMember us-gaap:SubsequentEventMember 2022-06-07 2022-06-07 xbrli:pure 0001334933 uec:SettlementAgreementMember uec:AnfieldEnergyIncMember us-gaap:SubsequentEventMember 2022-06-07 utr:lb 0001334933 uec:UraniumInventoryMember 2021-08-01 2022-04-30 0001334933 uec:UraniumInventoryMember 2021-07-31 0001334933 uec:UraniumInventoryMember uec:PhysicalUraniumProgramMember 2021-08-01 2022-04-30 0001334933 uec:UraniumInventoryMember us-gaap:SubsequentEventMember 2022-05-01 2022-06-13 0001334933 uec:PalanganaMineMember 2022-04-30 0001334933 uec:PalanganaMineMember 2021-07-31 0001334933 uec:GoliadProjectMember 2022-04-30 0001334933 uec:GoliadProjectMember 2021-07-31 0001334933 uec:BurkeHollowProjectMember 2022-04-30 0001334933 uec:BurkeHollowProjectMember 2021-07-31 0001334933 uec:LonghornProjectMember 2022-04-30 0001334933 uec:LonghornProjectMember 2021-07-31 0001334933 uec:SalvoProjectMember 2022-04-30 0001334933 uec:SalvoProjectMember 2021-07-31 0001334933 uec:AndersonProjectMember 2022-04-30 0001334933 uec:AndersonProjectMember 2021-07-31 0001334933 uec:WorkmanCreekProjectMember 2022-04-30 0001334933 uec:WorkmanCreekProjectMember 2021-07-31 0001334933 uec:LosCuatrosProjectMember 2022-04-30 0001334933 uec:LosCuatrosProjectMember 2021-07-31 0001334933 uec:SlickRockProjectMember 2022-04-30 0001334933 uec:SlickRockProjectMember 2021-07-31 0001334933 uec:RenoCreekProjectMember 2022-04-30 0001334933 uec:RenoCreekProjectMember 2021-07-31 0001334933 uec:UECWyomingPortfolioMember 2022-04-30 0001334933 uec:UECWyomingPortfolioMember 2021-07-31 0001334933 uec:DiabaseProjectMember 2022-04-30 0001334933 uec:DiabaseProjectMember 2021-07-31 0001334933 uec:YutyProjectMember 2022-04-30 0001334933 uec:YutyProjectMember 2021-07-31 0001334933 uec:OviedoProjectMember 2022-04-30 0001334933 uec:OviedoProjectMember 2021-07-31 0001334933 uec:AltoParanaTitaniumProjectMember 2022-04-30 0001334933 uec:AltoParanaTitaniumProjectMember 2021-07-31 0001334933 uec:OtherPropertyAcquisitionsMember 2022-04-30 0001334933 uec:OtherPropertyAcquisitionsMember 2021-07-31 0001334933 uec:DatabasesAndLandUseAgreementsMember 2022-04-30 0001334933 uec:DatabasesAndLandUseAgreementsMember 2021-07-31 0001334933 uec:MineralRightsAndPropertiesMember 2022-04-30 0001334933 uec:MineralRightsAndPropertiesMember 2021-07-31 0001334933 uec:DiabaseProjectAdditionMember 2021-08-01 2022-04-30 0001334933 uec:AltoParanaTitaniumProjectMember 2022-02-01 2022-04-30 0001334933 uec:PalanganaMineMember 2021-08-01 2022-04-30 0001334933 uec:PalanganaMineMember 2022-02-01 2022-04-30 0001334933 uec:PalanganaMineMember 2020-08-01 2021-04-30 0001334933 uec:PalanganaMineMember 2021-02-01 2021-04-30 0001334933 uec:UECWyomingPortfolioMember 2022-02-01 2022-04-30 0001334933 uec:UECWyomingPortfolioMember 2021-08-01 2022-04-30 0001334933 uec:BurkeHollowProjectMember 2022-02-01 2022-04-30 0001334933 uec:BurkeHollowProjectMember 2021-02-01 2021-04-30 0001334933 uec:BurkeHollowProjectMember 2021-08-01 2022-04-30 0001334933 uec:BurkeHollowProjectMember 2020-08-01 2021-04-30 0001334933 uec:GoliadProjectMember 2022-02-01 2022-04-30 0001334933 uec:GoliadProjectMember 2021-02-01 2021-04-30 0001334933 uec:GoliadProjectMember 2021-08-01 2022-04-30 0001334933 uec:GoliadProjectMember 2020-08-01 2021-04-30 0001334933 uec:LonghornProjectMember 2022-02-01 2022-04-30 0001334933 uec:LonghornProjectMember 2021-02-01 2021-04-30 0001334933 uec:LonghornProjectMember 2021-08-01 2022-04-30 0001334933 uec:LonghornProjectMember 2020-08-01 2021-04-30 0001334933 uec:SalvoProjectMember 2022-02-01 2022-04-30 0001334933 uec:SalvoProjectMember 2021-02-01 2021-04-30 0001334933 uec:SalvoProjectMember 2021-08-01 2022-04-30 0001334933 uec:SalvoProjectMember 2020-08-01 2021-04-30 0001334933 uec:AndersonProjectMember 2022-02-01 2022-04-30 0001334933 uec:AndersonProjectMember 2021-02-01 2021-04-30 0001334933 uec:AndersonProjectMember 2021-08-01 2022-04-30 0001334933 uec:AndersonProjectMember 2020-08-01 2021-04-30 0001334933 uec:WorkmanCreekProjectMember 2022-02-01 2022-04-30 0001334933 uec:WorkmanCreekProjectMember 2021-02-01 2021-04-30 0001334933 uec:WorkmanCreekProjectMember 2021-08-01 2022-04-30 0001334933 uec:WorkmanCreekProjectMember 2020-08-01 2021-04-30 0001334933 uec:SlickRockProjectMember 2022-02-01 2022-04-30 0001334933 uec:SlickRockProjectMember 2021-02-01 2021-04-30 0001334933 uec:SlickRockProjectMember 2021-08-01 2022-04-30 0001334933 uec:SlickRockProjectMember 2020-08-01 2021-04-30 0001334933 uec:RenoCreekProjectMember 2022-02-01 2022-04-30 0001334933 uec:RenoCreekProjectMember 2021-02-01 2021-04-30 0001334933 uec:RenoCreekProjectMember 2021-08-01 2022-04-30 0001334933 uec:RenoCreekProjectMember 2020-08-01 2021-04-30 0001334933 uec:AllemandRossProjectMember 2022-02-01 2022-04-30 0001334933 uec:AllemandRossProjectMember 2021-02-01 2021-04-30 0001334933 uec:AllemandRossProjectMember 2021-08-01 2022-04-30 0001334933 uec:AllemandRossProjectMember 2020-08-01 2021-04-30 0001334933 uec:ChristensenRanchMineMember 2022-02-01 2022-04-30 0001334933 uec:ChristensenRanchMineMember 2021-02-01 2021-04-30 0001334933 uec:ChristensenRanchMineMember 2021-08-01 2022-04-30 0001334933 uec:ChristensenRanchMineMember 2020-08-01 2021-04-30 0001334933 uec:LudemanProjectMember 2022-02-01 2022-04-30 0001334933 uec:LudemanProjectMember 2021-02-01 2021-04-30 0001334933 uec:LudemanProjectMember 2021-08-01 2022-04-30 0001334933 uec:LudemanProjectMember 2020-08-01 2021-04-30 0001334933 uec:MooreRanchProjectMember 2022-02-01 2022-04-30 0001334933 uec:MooreRanchProjectMember 2021-02-01 2021-04-30 0001334933 uec:MooreRanchProjectMember 2021-08-01 2022-04-30 0001334933 uec:MooreRanchProjectMember 2020-08-01 2021-04-30 0001334933 uec:YutyProjectMember 2022-02-01 2022-04-30 0001334933 uec:YutyProjectMember 2021-02-01 2021-04-30 0001334933 uec:YutyProjectMember 2021-08-01 2022-04-30 0001334933 uec:YutyProjectMember 2020-08-01 2021-04-30 0001334933 uec:OviedoProjectMember 2022-02-01 2022-04-30 0001334933 uec:OviedoProjectMember 2021-02-01 2021-04-30 0001334933 uec:OviedoProjectMember 2021-08-01 2022-04-30 0001334933 uec:OviedoProjectMember 2020-08-01 2021-04-30 0001334933 uec:AltoParanaTitaniumProjectMember 2021-02-01 2021-04-30 0001334933 uec:AltoParanaTitaniumProjectMember 2021-08-01 2022-04-30 0001334933 uec:AltoParanaTitaniumProjectMember 2020-08-01 2021-04-30 0001334933 uec:OtherPropertyAcquisitionsMember 2022-02-01 2022-04-30 0001334933 uec:OtherPropertyAcquisitionsMember 2021-02-01 2021-04-30 0001334933 uec:OtherPropertyAcquisitionsMember 2021-08-01 2022-04-30 0001334933 uec:OtherPropertyAcquisitionsMember 2020-08-01 2021-04-30 utr:Y 0001334933 uec:U1AAcquistionMember srt:MinimumMember 2022-02-01 2022-04-30 0001334933 uec:U1AAcquistionMember srt:MaximumMember 2022-02-01 2022-04-30 0001334933 uec:PlantAndProcessingFacilitiesMember 2022-04-30 0001334933 uec:PlantAndProcessingFacilitiesMember 2021-07-31 0001334933 uec:MiningEquipmentMember 2022-04-30 0001334933 uec:MiningEquipmentMember 2021-07-31 0001334933 uec:LoggingEquipmentAndVehiclesMember 2022-04-30 0001334933 uec:LoggingEquipmentAndVehiclesMember 2021-07-31 0001334933 us-gaap:ComputerEquipmentMember 2022-04-30 0001334933 us-gaap:ComputerEquipmentMember 2021-07-31 0001334933 us-gaap:FurnitureAndFixturesMember 2022-04-30 0001334933 us-gaap:FurnitureAndFixturesMember 2021-07-31 0001334933 uec:BuildingsMember 2022-04-30 0001334933 uec:BuildingsMember 2021-07-31 0001334933 us-gaap:LandMember 2022-04-30 0001334933 us-gaap:LandMember 2021-07-31 0001334933 2020-08-01 2021-07-31 0001334933 uec:UraniumRoyaltyCorpMember 2022-04-30 0001334933 uec:UraniumRoyaltyCorpMember 2021-07-31 0001334933 uec:UraniumRoyaltyCorpMember 2021-08-01 2022-04-30 0001334933 uec:UraniumRoyaltyCorpMember 2022-02-01 2022-04-30 0001334933 uec:UraniumRoyaltyCorpMember 2021-02-01 2021-04-30 0001334933 uec:UraniumRoyaltyCorpMember 2020-08-01 2021-04-30 0001334933 uec:BlenderMediaIncMember 2022-02-01 2022-04-30 0001334933 uec:BlenderMediaIncMember 2021-08-01 2022-04-30 0001334933 uec:BlenderMediaIncMember 2021-02-01 2021-04-30 0001334933 uec:BlenderMediaIncMember 2020-08-01 2021-04-30 0001334933 uec:BlenderMediaIncMember 2022-04-30 0001334933 uec:BlenderMediaIncMember 2021-07-31 0001334933 uec:CreditAgreementMember 2022-02-01 2022-04-30 0001334933 uec:CreditAgreementMember 2021-08-01 2022-04-30 0001334933 uec:CreditAgreementMember 2021-02-01 2021-04-30 0001334933 uec:CreditAgreementMember 2020-08-01 2021-04-30 0001334933 uec:ThirdAmendedAndRestatedCreditAgreementMember 2021-08-01 2022-04-30 0001334933 srt:MaximumMember 2022-04-30 0001334933 srt:MinimumMember 2021-07-31 0001334933 us-gaap:MeasurementInputExpectedTermMember srt:MinimumMember 2022-04-30 0001334933 us-gaap:MeasurementInputExpectedTermMember srt:MaximumMember 2022-04-30 0001334933 us-gaap:MeasurementInputExpectedTermMember srt:MinimumMember 2021-07-31 0001334933 us-gaap:MeasurementInputExpectedTermMember srt:MaximumMember 2021-07-31 0001334933 uec:MeasurementInputInflationRateMember srt:MinimumMember 2022-04-30 0001334933 uec:MeasurementInputInflationRateMember srt:MaximumMember 2022-04-30 0001334933 uec:MeasurementInputInflationRateMember srt:MinimumMember 2021-07-31 0001334933 uec:MeasurementInputInflationRateMember srt:MaximumMember 2021-07-31 0001334933 us-gaap:MeasurementInputDiscountRateMember srt:MinimumMember 2022-04-30 0001334933 us-gaap:MeasurementInputDiscountRateMember srt:MaximumMember 2022-04-30 0001334933 us-gaap:MeasurementInputDiscountRateMember srt:MinimumMember 2021-07-31 0001334933 us-gaap:MeasurementInputDiscountRateMember srt:MaximumMember 2021-07-31 0001334933 srt:MinimumMember 2022-04-30 0001334933 us-gaap:OtherLiabilitiesMember 2022-04-30 0001334933 us-gaap:OtherCurrentLiabilitiesMember 2022-04-30 0001334933 us-gaap:OtherNoncurrentLiabilitiesMember 2022-04-30 0001334933 uec:May2021AtthemarketOfferingMember 2021-05-14 0001334933 uec:November2021AtthemarketOfferingMember 2021-11-26 0001334933 uec:The2021AtthemarketOfferingsMember 2022-02-01 2022-04-30 0001334933 uec:The2021AtthemarketOfferingsMember 2021-08-01 2022-04-30 0001334933 uec:Warrants1Member 2022-04-30 0001334933 uec:Warrants1Member 2021-08-01 2022-04-30 0001334933 uec:Warrants2Member 2022-04-30 0001334933 uec:Warrants2Member 2021-08-01 2022-04-30 0001334933 uec:Warrants3Member 2022-04-30 0001334933 uec:Warrants3Member 2021-08-01 2022-04-30 0001334933 uec:Warrants4Member 2022-04-30 0001334933 uec:Warrants4Member 2021-08-01 2022-04-30 0001334933 us-gaap:EmployeeStockOptionMember 2022-04-30 0001334933 us-gaap:EmployeeStockOptionMember 2021-08-01 2022-04-30 0001334933 uec:ExercisePriceRange1Member 2021-08-01 2022-04-30 0001334933 uec:ExercisePriceRange1Member 2022-04-30 0001334933 uec:ExercisePriceRange2Member 2021-08-01 2022-04-30 0001334933 uec:ExercisePriceRange2Member 2022-04-30 0001334933 uec:ExercisePriceRange3Member 2021-08-01 2022-04-30 0001334933 uec:ExercisePriceRange3Member 2022-04-30 0001334933 uec:July302019Member us-gaap:RestrictedStockUnitsRSUMember 2022-04-30 0001334933 uec:July302019Member us-gaap:RestrictedStockUnitsRSUMember 2021-08-01 2022-04-30 0001334933 uec:July162020Member us-gaap:RestrictedStockUnitsRSUMember 2022-04-30 0001334933 uec:July162020Member us-gaap:RestrictedStockUnitsRSUMember 2021-08-01 2022-04-30 0001334933 uec:July212021Member us-gaap:RestrictedStockUnitsRSUMember 2022-04-30 0001334933 uec:July212021Member us-gaap:RestrictedStockUnitsRSUMember 2021-08-01 2022-04-30 0001334933 us-gaap:RestrictedStockUnitsRSUMember 2022-04-30 0001334933 us-gaap:RestrictedStockUnitsRSUMember 2021-08-01 2022-04-30 0001334933 us-gaap:RestrictedStockUnitsRSUMember 2022-02-01 2022-04-30 0001334933 us-gaap:RestrictedStockUnitsRSUMember 2021-02-01 2021-04-30 0001334933 us-gaap:RestrictedStockUnitsRSUMember 2020-08-01 2021-04-30 0001334933 us-gaap:RestrictedStockUnitsRSUMember 2021-07-31 0001334933 uec:PerformancebasedRestricedStockUnitsMember 2022-02-01 2022-04-30 0001334933 uec:PerformancebasedRestricedStockUnitsMember 2021-08-01 2022-04-30 0001334933 uec:PerformancebasedRestricedStockUnitsMember 2021-02-01 2021-04-30 0001334933 uec:PerformancebasedRestricedStockUnitsMember 2020-08-01 2021-04-30 0001334933 uec:PerformancebasedRestricedStockUnitsMember 2022-04-30 0001334933 uec:PerformancebasedRestricedStockUnitsMember 2021-07-31 0001334933 uec:ConsultantsMember 2022-02-01 2022-04-30 0001334933 uec:ConsultantsMember 2021-02-01 2021-04-30 0001334933 uec:ConsultantsMember 2021-08-01 2022-04-30 0001334933 uec:ConsultantsMember 2020-08-01 2021-04-30 0001334933 srt:ManagementMember 2022-02-01 2022-04-30 0001334933 srt:ManagementMember 2021-02-01 2021-04-30 0001334933 srt:ManagementMember 2021-08-01 2022-04-30 0001334933 srt:ManagementMember 2020-08-01 2021-04-30 0001334933 uec:RestrictedStockUnitsRSUsAndPerformanceRestrictedStockUnitsPRSUsMember srt:ManagementMember 2022-02-01 2022-04-30 0001334933 uec:RestrictedStockUnitsRSUsAndPerformanceRestrictedStockUnitsPRSUsMember srt:ManagementMember 2021-02-01 2021-04-30 0001334933 uec:RestrictedStockUnitsRSUsAndPerformanceRestrictedStockUnitsPRSUsMember srt:ManagementMember 2021-08-01 2022-04-30 0001334933 uec:RestrictedStockUnitsRSUsAndPerformanceRestrictedStockUnitsPRSUsMember srt:ManagementMember 2020-08-01 2021-04-30 0001334933 uec:EmployeesMember 2022-02-01 2022-04-30 0001334933 uec:EmployeesMember 2021-02-01 2021-04-30 0001334933 uec:EmployeesMember 2021-08-01 2022-04-30 0001334933 uec:EmployeesMember 2020-08-01 2021-04-30 0001334933 uec:UraniumInventoryMember 2022-02-01 2022-04-30 0001334933 uec:TollProcessingServicesMember 2022-02-01 2022-04-30 0001334933 uec:TollProcessingServicesMember 2021-08-01 2022-04-30 0001334933 uec:SaleOfInventoryMember 2022-02-01 2022-04-30 0001334933 uec:SaleOfInventoryMember 2021-02-01 2021-04-30 0001334933 uec:SaleOfInventoryMember 2021-08-01 2022-04-30 0001334933 uec:SaleOfInventoryMember 2020-08-01 2021-04-30 0001334933 uec:TollProcessingServicesMember 2021-02-01 2021-04-30 0001334933 uec:TollProcessingServicesMember 2020-08-01 2021-04-30 0001334933 country:US 2022-04-30 0001334933 uec:UnitedStatesTexasMember 2022-04-30 0001334933 uec:UnitedStatesArizonaMember 2022-04-30 0001334933 uec:UnitedStatesWyomingMember 2022-04-30 0001334933 uec:UnitedStatesOtherStatesMember 2022-04-30 0001334933 country:CA 2022-04-30 0001334933 country:PY 2022-04-30 0001334933 uec:UnitedStatesTexasMember 2021-07-31 0001334933 uec:UnitedStatesArizonaMember 2021-07-31 0001334933 uec:UnitedStatesWyomingMember 2021-07-31 0001334933 uec:UnitedStatesOtherStatesMember 2021-07-31 0001334933 country:CA 2021-07-31 0001334933 country:PY 2021-07-31 0001334933 uec:UnitedStatesTexasMember 2022-02-01 2022-04-30 0001334933 uec:UnitedStatesArizonaMember 2022-02-01 2022-04-30 0001334933 uec:UnitedStatesWyomingMember 2022-02-01 2022-04-30 0001334933 uec:UnitedStatesOtherStatesMember 2022-02-01 2022-04-30 0001334933 country:CA 2022-02-01 2022-04-30 0001334933 country:PY 2022-02-01 2022-04-30 0001334933 uec:UnitedStatesTexasMember 2021-02-01 2021-04-30 0001334933 uec:UnitedStatesArizonaMember 2021-02-01 2021-04-30 0001334933 uec:UnitedStatesWyomingMember 2021-02-01 2021-04-30 0001334933 uec:UnitedStatesOtherStatesMember 2021-02-01 2021-04-30 0001334933 country:CA 2021-02-01 2021-04-30 0001334933 country:PY 2021-02-01 2021-04-30 0001334933 uec:UnitedStatesTexasMember 2021-08-01 2022-04-30 0001334933 uec:UnitedStatesArizonaMember 2021-08-01 2022-04-30 0001334933 uec:UnitedStatesWyomingMember 2021-08-01 2022-04-30 0001334933 uec:UnitedStatesOtherStatesMember 2021-08-01 2022-04-30 0001334933 country:CA 2021-08-01 2022-04-30 0001334933 country:PY 2021-08-01 2022-04-30 0001334933 uec:UnitedStatesTexasMember 2020-08-01 2021-04-30 0001334933 uec:UnitedStatesArizonaMember 2020-08-01 2021-04-30 0001334933 uec:UnitedStatesWyomingMember 2020-08-01 2021-04-30 0001334933 uec:UnitedStatesOtherStatesMember 2020-08-01 2021-04-30 0001334933 country:CA 2020-08-01 2021-04-30 0001334933 country:PY 2020-08-01 2021-04-30 0001334933 uec:UexCorporationMember us-gaap:SubsequentEventMember 2022-06-13 0001334933 us-gaap:SubsequentEventMember uec:CommonStockOwnedByCompanyShareholdersMember 2022-06-13 0001334933 us-gaap:SubsequentEventMember uec:CommonStockOwnedByUexShareholdersMember 2022-06-13 0001334933 uec:UexCorporationMember srt:ScenarioForecastMember 2022-08-31 0001334933 uec:UexCorporationMember srt:ScenarioForecastMember 2022-08-31 2022-08-31 iso4217:CAD 0001334933 uec:UexCorporationMember uec:UexSharesMember srt:ScenarioForecastMember us-gaap:PrivatePlacementMember 2022-08-31 2022-08-31 0001334933 uec:UexCorporationMember uec:UexSharesMember srt:ScenarioForecastMember us-gaap:PrivatePlacementMember 2022-08-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 30, 2022

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-33706

URANIUM ENERGY CORP.

(Exact name of registrant as specified in its charter)

Nevada |  | 98-0399476
(State or other jurisdiction of incorporation of organization) |  | (I.R.S. Employer Identification No.)
1030 West Georgia Street, Suite 1830, Vancouver, B.C., Canada |  | V6E 2Y3
(Address of principal executive offices) |  | (Zip Code)

| (604) 682-9775 |
| (Registrant’s telephone number, including area code) |
| N/A |
| (Former name, former address and former fiscal year, if changed since last report) |

Securities registered pursuant to Section 12(b) of the Act:

Title of each class | Trading Symbol(s) | Name of each exchange on which registered
Common Stock | UEC | NYSE American

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

☐ Large accelerated filer | ☐ Accelerated filer
☒ Non-accelerated filer | ☒ Smaller reporting company
☐ Emerging growth company |

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 286,287,179 shares of common stock outstanding as of June 14, 2022.

CAUTIONARY NOTE TO U.S. RESIDENTS CONCERNING DISCLOSURE OF MINERAL RESOURCES

The Company is a U.S. Domestic Issuer for United States Securities and Exchange Commission (“SEC”) purposes, most of its shareholders are U.S. residents, the Company is required to report its financial results under U.S. generally accepted accounting principles and its only trading market is the NYSE American. However, because the Company is a reporting issuer in Canada, certain regulatory filings required of the Company in Canada contain or incorporate by reference therein certain disclosure that satisfies the additional requirements of Canadian securities laws, which differ from the requirements of United States’ securities laws. Unless otherwise indicated, all Company resource estimates included in those Canadian filings, and in the documents incorporated by reference therein, have been prepared in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum classification system. NI 43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.

Canadian standards, including NI 43-101, differ significantly from the requirements of SEC Industry Guide 7, as defined in the Glossary of Technical Terms (“Industry Guide 7”). Thus, resource information contained, or incorporated by reference, in our Canadian filings, and in the documents incorporated by reference therein, may not be comparable to similar information disclosed by companies reporting “reserve” and resource information under SEC Industry Guide 7. In particular, and without limiting the generality of the foregoing, the term “resource” does not equate to the term “reserve” under SEC Industry Guide 7. Under SEC Industry Guide 7 standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Under SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report “reserves”; the three-year historical average price, to the extent possible, is used in any “reserve” or cash flow analysis to designate “reserves”; and the primary environmental analysis or report must be filed with the appropriate governmental authority.

SEC Industry Guide 7 disclosure standards historically have not permitted the inclusion of information concerning “Measured Mineral Resources”, “Indicated Mineral Resources” or “Inferred Mineral Resources” or other descriptions of the amount of mineralization in mineral deposits that do not constitute “reserves” by SEC Industry Guide 7 standards. United States investors should also understand that “Inferred Mineral Resources” have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that all or any part of an “Inferred Mineral Resource” will ever be upgraded to a higher category. Under Canadian rules, estimated “Inferred Mineral Resources” may not form the basis of feasibility or pre-feasibility studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into mineral “reserves” as defined by SEC Industry Guide 7. Investors are cautioned not to assume that all or any part of an “Inferred Mineral Resource” exists or is economically or legally mineable. The Company does not have any mineral “reserves” within the meaning of SEC Industry Guide 7.

Disclosure of “contained pounds” or “contained ounces” in a resource estimate is permitted and typical disclosure under Canadian regulations; however, SEC Industry Guide 7 historically only permitted issuers to report mineralization that does not constitute “reserves” by SEC standards as in-place tonnage and grade without reference to unit measures. The requirements of NI 43-101 for identification of reserves are also not the same as those of SEC Industry Guide 7, and reserves reported by the Company in compliance with NI 43-101 may not qualify as “reserves” under SEC Industry Guide 7 standards. Accordingly, information concerning mineral deposits may not be comparable to information made public by companies that report in accordance with SEC Industry Guide 7 standards.

On October 31, 2018, the SEC adopted the Modernization of Property Disclosures for Mining Registrants (the “New Rule”), introducing significant changes to the existing mining disclosure framework to better align it with international industry and regulatory practice, including NI 43-101. The New Rule became effective as of February 25, 2019, and issuers are required to comply with the New Rule as of the annual report for their first fiscal year beginning on or after January 1, 2021, and earlier in certain circumstances. The Company does not anticipate needing to comply with the New Rule until the filing of our annual report for the fiscal year ending July 31, 2022 and, at this time, the Company does not know the full effect of the New Rule on its mineral resources and, therefore, the disclosure related to the Company’s mineral resources may be significantly different when computed using the requirements set forth in the New Rule.

2

URANIUM ENERGY CORP.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION | 4
Item 1. | Financial Statements | 4
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 28
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 37
Item 4. | Controls and Procedures | 37
PART II – OTHER INFORMATION | 38
Item 1. | Legal Proceedings | 38
Item 1A. | Risk Factors | 38
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 50
Item 3. | Defaults Upon Senior Securities | 50
Item 4. | Mine Safety Disclosures | 50
Item 5. | Other Information | 50
Item 6. | Exhibits | 51
SIGNATURES | 52

3

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

4

URANIUM ENERGY CORP.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED APRIL 30, 2022

(Unaudited – Expressed in U.S. Dollars)

5

URANIUM ENERGY CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited – Expressed in U.S. Dollars)

|  | Note(s) |  |  | April 30, 2022 |  |  | July 31, 2021 |
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 3,7 |  |  | $ | 23,754,031 |  |  | $ | 44,312,780 |
Inventories |  |  | 3,4 |  |  |  | 57,411,334 |  |  |  | 29,172,480 |
Prepaid expenses and deposits |  |  | 3 |  |  |  | 2,206,482 |  |  |  | 1,434,404 |
Debt receivable |  |  | 3 |  |  |  | 9,171,033 |  |  |  | - |
Other current assets |  |  |  |  |  |  | 259,517 |  |  |  | 125,698 |
TOTAL CURRENT ASSETS |  |  |  |  |  |  | 92,802,397 |  |  |  | 75,045,362 |
MINERAL RIGHTS AND PROPERTIES |  |  | 3,5 |  |  |  | 175,212,121 |  |  |  | 63,784,003 |
PROPERTY, PLANT AND EQUIPMENT |  |  | 3,6 |  |  |  | 20,449,229 |  |  |  | 7,358,037 |
RESTRICTED CASH |  |  | 3,7 |  |  |  | 14,038,095 |  |  |  | 2,037,677 |
EQUITY-ACCOUNTED INVESTMENT |  |  | 8 |  |  |  | 24,829,322 |  |  |  | 20,729,674 |
OTHER NON-CURRENT ASSETS |  |  | 3 |  |  |  | 3,462,216 |  |  |  | 586,332 |
TOTAL ASSETS |  |  |  |  |  | $ | 330,793,380 |  |  | $ | 169,541,085 |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  |  | 9 |  |  | $ | 4,145,888 |  |  | $ | 2,763,570 |
Other current liabilities |  |  | 3,12 |  |  |  | 485,540 |  |  |  | 430,409 |
Current portion of long-term debt |  |  | 10 |  |  |  | - |  |  |  | 10,075,231 |
TOTAL CURRENT LIABILITIES |  |  |  |  |  |  | 4,631,428 |  |  |  | 13,269,210 |
ASSET RETIREMENT OBLIGATIONS |  |  | 3,11 |  |  |  | 17,053,599 |  |  |  | 3,938,655 |
OTHER NON-CURRENT LIABILITIES |  |  | 3,12 |  |  |  | 1,046,500 |  |  |  | 337,084 |
DEFERRED TAX LIABILITIES |  |  |  |  |  |  | 537,355 |  |  |  | 540,992 |
TOTAL LIABILITIES |  |  |  |  |  |  | 23,268,882 |  |  |  | 18,085,941 |
STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |  |
Capital stock |  |  |  |  |  |  |  |  |  |  |  |
Common stock $0.001 par value: 750,000,000 shares authorized, 284,077,874 shares issued and outstanding (July 31, 2021 - 236,796,866) |  |  | 13 |  |  |  | 284,077 |  |  |  | 236,797 |
Additional paid-in capital |  |  |  |  |  |  | 598,796,039 |  |  |  | 441,990,650 |
Share issuance obligation |  |  |  |  |  |  | 393,535 |  |  |  | 359,560 |
Accumulated deficit |  |  |  |  |  |  | (291,828,465 | ) |  |  | (291,625,110 | )
Accumulated other comprehensive (loss) income |  |  |  |  |  |  | (120,688 | ) |  |  | 493,247 |
TOTAL EQUITY |  |  |  |  |  |  | 307,524,498 |  |  |  | 151,455,144 |
TOTAL LIABILITIES AND EQUITY |  |  |  |  |  | $ | 330,793,380 |  |  | $ | 169,541,085 |
SUBSEQUENT EVENTS |  |  | 3,4,13,17 |  |  |  |  |  |  |  |  |

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

URANIUM ENERGY CORP.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited – Expressed in U.S. Dollars)

|  |  |  |  |  | Three Months Ended April 30, |  |  | Nine Months Ended April 30, |
|  | Note(s) |  |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
SALES AND SERVICE REVENUE |  |  | 14 |  |  | $ | 9,892,310 |  |  | $ | - |  |  | $ | 23,083,235 |  |  | $ | - |
COST OF SALES AND SERVICES |  |  | 14 |  |  |  | (6,554,754 | ) |  |  | - |  |  |  | (15,802,962 | ) |  |  | - |
GROSS PROFIT |  |  |  |  |  |  | 3,337,556 |  |  |  | - |  |  |  | 7,280,273 |  |  |  | - |
OPERATING COSTS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mineral property expenditures |  |  | 5 |  |  |  | 2,912,518 |  |  |  | 1,478,754 |  |  |  | 6,678,207 |  |  |  | 3,141,772 |
General and administrative |  |  | 9,13 |  |  |  | 2,993,536 |  |  |  | 3,286,201 |  |  |  | 9,825,685 |  |  |  | 8,336,593 |
Acquisition-related costs |  |  | 3 |  |  |  | 622,297 |  |  |  | - |  |  |  | 3,267,277 |  |  |  | - |
Depreciation, amortization and accretion |  |  | 5,6,11 |  |  |  | 491,298 |  |  |  | 98,186 |  |  |  | 992,718 |  |  |  | 294,964 |
TOTAL OPERATING COSTS |  |  |  |  |  |  | 7,019,649 |  |  |  | 4,863,141 |  |  |  | 20,763,887 |  |  |  | 11,773,329 |
LOSS FROM OPERATIONS |  |  |  |  |  |  | (3,682,093 | ) |  |  | (4,863,141 | ) |  |  | (13,483,614 | ) |  |  | (11,773,329 | )
OTHER INCOME (EXPENSES) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  | 12,909 |  |  |  | 15,950 |  |  |  | 44,038 |  |  |  | 30,313 |
Interest expenses and finance costs |  |  | 10 |  |  |  | (144,519 | ) |  |  | (636,178 | ) |  |  | (1,242,233 | ) |  |  | (2,356,819 | )
Income from equity-accounted investment |  |  | 8 |  |  |  | 1,958,684 |  |  |  | 870,013 |  |  |  | 4,713,583 |  |  |  | 767,321 |
Debt receivable recovery |  |  | 3 |  |  |  | 9,171,033 |  |  |  | - |  |  |  | 9,171,033 |  |  |  | - |
Gain on loan extinguishment |  |  |  |  |  |  | - |  |  |  | 7,759 |  |  |  | - |  |  |  | 286,376 |
Realized gain on available-for-sale security |  |  |  |  |  |  | - |  |  |  | - |  |  |  | 547,152 |  |  |  | - |
Other income |  |  |  |  |  |  | 9,219 |  |  |  | 16,632 |  |  |  | 23,899 |  |  |  | 30,720 |
Gain (loss) on disposition of assets |  |  |  |  |  |  | 18,400 |  |  |  | (2,133 | ) |  |  | 19,150 |  |  |  | (2,133 | )
OTHER INCOME (EXPENSES) |  |  |  |  |  |  | 11,025,726 |  |  |  | 272,043 |  |  |  | 13,276,622 |  |  |  | (1,244,222 | )
INCOME (LOSS) BEFORE INCOME TAXES |  |  |  |  |  |  | 7,343,633 |  |  |  | (4,591,098 | ) |  |  | (206,992 | ) |  |  | (13,017,551 | )
DEFERRED TAX BENEFIT |  |  |  |  |  |  | 1,105 |  |  |  | 937 |  |  |  | 3,637 |  |  |  | 2,794 |
NET INCOME (LOSS) FOR THE PERIOD |  |  |  |  |  |  | 7,344,738 |  |  |  | (4,590,161 | ) |  |  | (203,355 | ) |  |  | (13,014,757 | )
OTHER COMPREHENSIVE INCOME (LOSS) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Translation (loss) gain |  |  | 8 |  |  |  | (139,194 | ) |  |  | 493,101 |  |  |  | (613,935 | ) |  |  | 1,041,900 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) |  |  |  |  |  |  | (139,194 | ) |  |  | 493,101 |  |  |  | (613,935 | ) |  |  | 1,041,900 |
TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD |  |  |  |  |  | $ | 7,205,544 |  |  | $ | (4,097,060 | ) |  | $ | (817,290 | ) |  | $ | (11,972,857 | )
NET INCOME (LOSS) PER SHARE |  |  | 15 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  |  |  |  | $ | 0.03 |  |  | $ | (0.02 | ) |  | $ | (0.00 | ) |  | $ | (0.06 | )
Diluted |  |  |  |  |  | $ | 0.03 |  |  | $ | (0.02 | ) |  | $ | (0.00 | ) |  | $ | (0.06 | )

The accompanying notes are an integral part of these condensed consolidated financial statements.

7

URANIUM ENERGY CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited – Expressed in U.S. Dollars)

|  |  |  |  |  | Nine Months Ended April 30 |
|  | Note(s) |  |  | 2022 |  |  | 2021 |
NET CASH PROVIDED BY (USED IN): |  |  |  |  |  |  |  |  |  |  |  |
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Net loss for the period |  |  |  |  |  | $ | (203,355 | ) |  | $ | (13,014,757 | )
Adjustments to reconcile net loss to cash flows in operating activities |  |  |  |  |  |  |  |  |  |  |  |
Stock-based compensation |  |  | 13 |  |  |  | 3,526,261 |  |  |  | 3,764,300 |
Depreciation, amortization and accretion |  |  | 5,6,11 |  |  |  | 992,718 |  |  |  | 294,964 |
Amortization of long-term debt discount |  |  | 10 |  |  |  | 524,769 |  |  |  | 1,122,096 |
(Gain) loss on disposition of assets |  |  |  |  |  |  | (19,150 | ) |  |  | 2,133 |
Gain on loan extinguishment |  |  |  |  |  |  | - |  |  |  | (286,376 | )
Income from equity-accounted investment |  |  | 8 |  |  |  | (4,713,583 | ) |  |  | (767,321 | )
Deferred tax benefits |  |  |  |  |  |  | (3,637 | ) |  |  | (2,794 | )
Realized gain on available-for-sale security |  |  |  |  |  |  | (547,152 | ) |  |  | - |
Debt receivable recovery |  |  | 3 |  |  |  | (9,171,033 | ) |  |  | - |
Changes in operating assets and liabilities |  |  |  |  |  |  |  |  |  |  |  |
Inventories |  |  | 4 |  |  |  | (28,046,839 | ) |  |  | (26,193,818 | )
Prepaid expenses and deposits |  |  |  |  |  |  | (640,643 | ) |  |  | (402,017 | )
Other current assets |  |  |  |  |  |  | (29,310 | ) |  |  | (13,903 | )
Accounts payable and accrued liabilities |  |  |  |  |  |  | 1,286,511 |  |  |  | 224,694 |
Other liabilities |  |  |  |  |  |  | 5,948 |  |  |  | 22,591 |
NET CASH USED IN OPERATING ACTIVITIES |  |  |  |  |  |  | (37,038,495 | ) |  |  | (35,250,208 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from share issuances, net of issuance costs |  |  | 13 |  |  |  | 152,749,960 |  |  |  | 88,551,751 |
Repayments of long-term debt |  |  | 10 |  |  |  | (10,000,000 | ) |  |  | (10,000,000 | )
Repayments of other loans |  |  |  |  |  |  | (142,725 | ) |  |  | (98,203 | )
NET CASH PROVIDED BY FINANCING ACTIVITIES |  |  |  |  |  |  | 142,607,235 |  |  |  | 78,453,548 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Net cash used in U1A Acquisition |  |  | 3 |  |  |  | (113,587,952 | ) |  |  | - |
Investment in mineral rights and properties |  |  | 5 |  |  |  | (589,901 | ) |  |  | (80,000 | )
Purchase of property, plant and equipment |  |  |  |  |  |  | (515,520 | ) |  |  | (142,266 | )
Investment in term deposits |  |  |  |  |  |  | - |  |  |  | (10,000,000 | )
Proceeds from redemption of term deposits |  |  |  |  |  |  | - |  |  |  | 6,000,000 |
Proceeds from disposition of assets |  |  |  |  |  |  | 19,150 |  |  |  | - |
Investment in available-for-sale security |  |  |  |  |  |  | (9,433,068 | ) |  |  | - |
Proceeds from sale of available-for-sale security |  |  |  |  |  |  | 9,980,220 |  |  |  | - |
NET CASH USED IN INVESTING ACTIVITIES |  |  |  |  |  |  | (114,127,071 | ) |  |  | (4,222,266 | )
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |  |  |  |  |  |  | (8,558,331 | ) |  |  | 38,981,074 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD |  |  |  | 46,350,457 |  |  |  | 6,986,919 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD |  |  | 7 |  |  | $ | 37,792,126 |  |  | $ | 45,967,993 |

The accompanying notes are an integral part of these condensed consolidated financial statements.

8

URANIUM ENERGY CORP.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited – Expressed in U.S. Dollars)

|  | Common Stock |  |  | Additional Paid- |  |  | Share Issuance |  |  | Accumulated |  |  | Accumulated Other Comprehensive |  |  | Stockholders' |
|  | Shares |  |  | Amount |  |  | in Capital |  |  | Obligation |  |  | Deficit |  |  | Income (Loss) |  |  | Equity |
Balance, July 31, 2021 |  |  | 236,796,866 |  |  | $ | 236,797 |  |  | $ | 441,990,650 |  |  | $ | 359,560 |  |  | $ | (291,625,110 | ) |  | $ | 493,247 |  |  | $ | 151,455,144 |
Common stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued under ATM offering, net of issuance costs |  |  | 20,743,878 |  |  |  | 20,744 |  |  |  | 62,650,379 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 62,671,123 |
Issued upon exercise of stock options |  |  | 753,990 |  |  |  | 754 |  |  |  | 383,025 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 383,779 |
Issued upon exercise of warrants |  |  | 491,849 |  |  |  | 492 |  |  |  | 909,836 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 910,328 |
Issued for acquisition of mineral properties |  |  | 64,149 |  |  |  | 64 |  |  |  | 219,326 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 219,390 |
Stock-based compensation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock issued for consulting services |  |  | 4,607 |  |  |  | 5 |  |  |  | 14,046 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 14,051 |
Common stock issued under Stock Incentive Plan |  |  | 141,490 |  |  |  | 140 |  |  |  | 355,088 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 355,228 |
Amortization of stock-based compensation |  |  | - |  |  |  | - |  |  |  | 803,160 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 803,160 |
Net loss for the period |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2,073,826 | ) |  |  | - |  |  |  | (2,073,826 | )
Other comprehensive income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 143,169 |  |  |  | 143,169 |
Balance, October 31, 2021 |  |  | 258,996,829 |  |  | $ | 258,996 |  |  | $ | 507,325,510 |  |  | $ | 359,560 |  |  | $ | (293,698,936 | ) |  | $ | 636,416 |  |  | $ | 214,881,546 |
Common stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued as anniversary fees for credit facility |  |  | 161,594 |  |  |  | 161 |  |  |  | 599,839 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 600,000 |
Issued under ATM offering, net of issuance costs |  |  | 17,751,658 |  |  |  | 17,752 |  |  |  | 67,954,914 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 67,972,666 |
Issued upon exercise of stock options |  |  | 193,345 |  |  |  | 193 |  |  |  | 63,211 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 63,404 |
Issued upon exercise of warrants |  |  | 572,850 |  |  |  | 573 |  |  |  | 1,141,330 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,141,903 |
Issued for acquisition of mineral properties |  |  | 47,715 |  |  |  | 48 |  |  |  | 206,081 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 206,129 |
Stock-based compensation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock issued for consulting services |  |  | 4,608 |  |  |  | 5 |  |  |  | 16,629 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 16,634 |
Common stock issued under Stock Incentive Plan |  |  | 109,986 |  |  |  | 110 |  |  |  | 399,338 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 399,448 |
Amortization of stock-based compensation |  |  | - |  |  |  | - |  |  |  | 653,997 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 653,997 |
Net loss for the period |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (5,474,267 | ) |  |  | - |  |  |  | (5,474,267 | )
Other comprehensive loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (617,910 | ) |  |  | (617,910 | )
Balance, January 31, 2022 |  |  | 277,838,585 |  |  | $ | 277,838 |  |  | $ | 578,360,849 |  |  | $ | 359,560 |  |  | $ | (299,173,203 | ) |  | $ | 18,506 |  |  | $ | 279,843,550 |
Common stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued under ATM offering, net of issuance costs |  |  | 4,800,000 |  |  |  | 4,800 |  |  |  | 18,552,312 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 18,557,112 |
Issued upon exercise of stock options |  |  | 1,000,310 |  |  |  | 1,000 |  |  |  | 402,949 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 403,949 |
Issued (accrued) upon exercise of warrants |  |  | 339,845 |  |  |  | 340 |  |  |  | 611,381 |  |  |  | 33,975 |  |  |  | - |  |  |  | - |  |  |  | 645,696 |
Stock-based compensation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock issued for consulting services |  |  | 2,854 |  |  |  | 3 |  |  |  | 13,097 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 13,100 |
Common stock issued under Stock Incentive Plan |  |  | 96,280 |  |  |  | 96 |  |  |  | 344,165 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 344,261 |
Amortization of stock-based compensation |  |  | - |  |  |  | - |  |  |  | 511,286 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 511,286 |
Net income for the period |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 7,344,738 |  |  |  | - |  |  |  | 7,344,738 |
Other comprehensive loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (139,194 | ) |  |  | (139,194 | )
Balance, April 30, 2022 |  |  | 284,077,874 |  |  | $ | 284,077 |  |  | $ | 598,796,039 |  |  | $ | 393,535 |  |  | $ | (291,828,465 | ) |  | $ | (120,688 | ) |  | $ | 307,524,498 |

The accompanying notes are an integral part of these condensed consolidated financial statements.

9

URANIUM ENERGY CORP.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited – Expressed in U.S. Dollars)

|  | Common Stock |  |  | Additional Paid-in |  |  | Share Issuance |  |  | Accumulated |  |  | Accumulated Other Comprehensive |  |  | Stockholders' |
|  | Shares |  |  | Amount |  |  | Capital |  |  | Obligation |  |  | Deficit |  |  | Income (Loss) |  |  | Equity |
Balance, July 31, 2020 |  |  | 184,635,870 |  |  | $ | 184,636 |  |  | $ | 341,059,972 |  |  | $ | 103,554 |  |  | $ | (276,811,300 | ) |  | $ | (120,244 | ) |  | $ | 64,416,618 |
Common stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued for equity financing, net of issuance costs |  |  | 12,500,000 |  |  |  | 12,500 |  |  |  | 12,455,787 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 12,468,287 |
Issued upon exercise of stock options |  |  | 13,532 |  |  |  | 15 |  |  |  | 9,294 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 9,309 |
Stock-based compensation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock issued under Stock Incentive Plan |  |  | 227,390 |  |  |  | 226 |  |  |  | 235,043 |  |  |  | 30,321 |  |  |  | - |  |  |  | - |  |  |  | 265,590 |
Amortization of stock-based compensation |  |  | - |  |  |  | - |  |  |  | 1,046,175 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,046,175 |
Warrants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued for equity financing |  |  | - |  |  |  | - |  |  |  | 1,518,432 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,518,432 |
Issued for equity financing as issuance costs |  |  | - |  |  |  | - |  |  |  | 134,937 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 134,937 |
Net loss for the period |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (4,963,537 | ) |  |  | - |  |  |  | (4,963,537 | )
Other comprehensive income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 62,761 |  |  |  | 62,761 |
Balance, October 31, 2020 |  |  | 197,376,792 |  |  |  | 197,377 |  |  |  | 356,459,640 |  |  |  | 133,875 |  |  |  | (281,774,837 | ) |  |  | (57,483 | ) |  |  | 74,958,572 |
Common stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued under ATM offering, net of issuance costs |  |  | 632,487 |  |  |  | 632 |  |  |  | 1,073,705 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,074,337 |
Issued as anniversary fees for credit facility |  |  | 1,249,039 |  |  |  | 1,249 |  |  |  | 1,168,751 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,170,000 |
Issued upon exercise of stock options |  |  | 559,528 |  |  |  | 559 |  |  |  | 211,566 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 212,125 |
Issued upon exercise of warrants |  |  | 1,050 |  |  |  | 1 |  |  |  | 1,889 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,890 |
Stock-based compensation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock issued for consulting services |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 40,009 |  |  |  | - |  |  |  | - |  |  |  | 40,009 |
Common stock issued under Stock Incentive Plan |  |  | 323,660 |  |  |  | 324 |  |  |  | 358,359 |  |  |  | (30,321 | ) |  |  | - |  |  |  | - |  |  |  | 328,362 |
Amortization of stock-based compensation |  |  | - |  |  |  | - |  |  |  | 836,569 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 836,569 |
Net loss for the period |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (3,461,059 | ) |  |  | - |  |  |  | (3,461,059 | )
Other comprehensive income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 486,038 |  |  |  | 486,038 |
Balance, January 31, 2021 |  |  | 200,142,556 |  |  |  | 200,142 |  |  |  | 360,110,479 |  |  |  | 143,563 |  |  |  | (285,235,896 | ) |  |  | 428,555 |  |  |  | 75,646,843 |
Common stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued under ATM offering, net of issuance costs |  |  | 13,036,419 |  |  |  | 13,036 |  |  |  | 28,058,564 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 28,071,600 |
Issued under direct offerings, net of issuance costs |  |  | 13,636,364 |  |  |  | 13,636 |  |  |  | 40,059,512 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 40,073,148 |
Issued upon exercise of stock options |  |  | 1,511,547 |  |  |  | 1,512 |  |  |  | 1,085,332 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,086,844 |
Issued upon exercise of warrants |  |  | 3,598,200 |  |  |  | 3,598 |  |  |  | 3,395,705 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,399,303 |
Stock-based compensation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock issued for consulting services |  |  | 291,005 |  |  |  | 291 |  |  |  | 890,482 |  |  |  | (40,009 | ) |  |  | - |  |  |  | - |  |  |  | 850,764 |
Common stock issued under Stock Incentive Plan |  |  | 149,614 |  |  |  | 150 |  |  |  | 307,981 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 308,131 |
Amortization of stock-based compensation |  |  | - |  |  |  | - |  |  |  | 674,196 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 674,196 |
Warrants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued for equity financing as issuance costs |  |  | - |  |  |  | - |  |  |  | 326,528 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 326,528 |
Net loss for the period |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (4,590,161 | ) |  |  | - |  |  |  | (4,590,161 | )
Other comprehensive income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 493,101 |  |  |  | 493,101 |
Balance, April 30, 2021 |  |  | 232,365,705 |  |  | $ | 232,365 |  |  | $ | 434,908,779 |  |  | $ | 103,554 |  |  | $ | (289,826,057 | ) |  | $ | 921,656 |  |  | $ | 146,340,297 |

The accompanying notes are an integral part of these condensed consolidated financial statements.

10

URANIUM ENERGY CORP.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
April 30, 2022
(Unaudited – Expressed in U.S. Dollars)

NOTE 1: NATURE OF OPERATIONS

Uranium Energy Corp. was incorporated in the State of Nevada on May 16, 2003. Uranium Energy Corp. and its subsidiary companies and a controlled partnership (collectively, the “Company” or “we” or “UEC”) are engaged in uranium and titanium mining and related activities, including exploration, pre-extraction, extraction and processing of uranium concentrates and titanium minerals, on projects located in the United States, Canada and the Republic of Paraguay.

As at April 30, 2022, we had working capital of $88.2 million including cash and cash equivalents of $23.8 million and uranium inventory holdings of $57.0 million. Subsequent to April 30, 2022, we received further cash proceeds of $7.3 million from our at-the-market offerings (refer to Note 13: Capital Stock) and $9.2 million from the settlement of Anfield indebtedness (refer to Note 3: Acquisition of Uranium One Americas, Inc.). We believe our existing cash resources and, if necessary, cash generated from the sale of the Company’s uranium inventories, will provide sufficient funds to carry out our planned operations for 12 months from the date that our condensed consolidated financial statements are issued. Our continuation as a going concern for a period beyond those 12 months will be dependent upon our ability to obtain adequate additional financing, as our operations are capital intensive and future capital expenditures are expected to be substantial.

Historically, we have been reliant primarily on equity financings from the sale of our common stock and on debt financing in order to fund our operations, and this reliance is expected to continue for the foreseeable future. Our continued operations, including the recoverability of the carrying values of our assets, are dependent ultimately on our ability to achieve and maintain profitability and positive cash flow from our operations.

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) for interim financial information and are presented in U.S. dollars. Accordingly, they do not include all of the information and footnotes required under U.S. GAAP for complete financial statements. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended July 31, 2021 (“Fiscal 2021”). In the opinion of management, all adjustments of a normal recurring nature and considered necessary for a fair presentation have been made. Operating results for the nine months ended April 30, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending July 31, 2022 (“Fiscal 2022”).

Certain comparative figures have been reclassified to conform to the current year’s presentation.

Exploration Stage

We have established the existence of mineralized materials for certain uranium projects, including our Palangana and recently acquired Christensen Ranch Mines (collectively, the “ISR Mines”). We have not established proven or probable reserves, as defined by the SEC, through the completion of a final or bankable feasibility study for any of our uranium projects. Furthermore, we have no plans to establish proven or probable reserves for any of our uranium projects for which we plan on utilizing in-situ recovery (“ISR”) mining. As a result, we remain in the Exploration Stage, as defined by the SEC, and will continue to remain in the Exploration Stage until such time that proven or probable reserves have been established.

Since we commenced the extraction of mineralized materials at our ISR Mines without having established proven or probable reserves, any mineralized materials established or extracted from the ISR Mines should not in any way be associated with having established or produced from proven or probable reserves.

11

URANIUM ENERGY CORP.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
April 30, 2022
(Unaudited – Expressed in U.S. Dollars)

In accordance with U.S. GAAP, expenditures relating to the acquisition of mineral rights are initially capitalized as incurred, while exploration and pre-extraction expenditures are expensed as incurred until such time we exit the Exploration Stage by establishing proven or probable reserves. Expenditures relating to exploration activities such as drilling programs to establish mineralized materials are expensed as incurred. Expenditures relating to pre-extraction activities, such as the construction of mine wellfields, ion exchange facilities and disposal wells are expensed as incurred until such time proven or probable reserves are established for that project, after which expenditures relating to mine development activities for that particular project are capitalized as incurred.

Companies in the Production Stage, as defined by the SEC, having established proven and probable reserves and exited the Exploration Stage, typically capitalize expenditures relating to ongoing development activities, with corresponding depletion calculated over proven and probable reserves using the units-of-production method and allocated to inventory and, as that inventory is sold, to cost of goods sold. We are in the Exploration Stage which has resulted in us reporting larger losses than if we had been in the Production Stage due to the expensing, rather than capitalizing, of expenditures relating to ongoing mine development activities. Additionally, there would be no corresponding amortization allocated to future reporting periods of our Company since those costs would have been expensed previously, resulting in both lower produced inventory costs and cost of goods sold and results of operations with higher gross profits and lower losses than if we had been in the Production Stage. Any capitalized costs, such as expenditures relating to the acquisition of mineral rights, are depleted over the estimated extraction life using the straight-line method. As a result, our consolidated financial statements may not be directly comparable to the financial statements of companies in the Production Stage.

Business Combination

We recognize and measure the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date, while transaction costs related to business combinations are expensed as incurred. An income, market or cost valuation method may be utilized to estimate the fair value of the assets acquired, liabilities assumed, if any, in a business combination. The income valuation method represents the present value of future cash flows over the life of the asset using: (i) discrete financial forecasts, which rely on management’s estimates of resource quantities and exploration potential, costs to produce and develop resources, revenues and operating expenses; (ii) appropriate discount rates; and (iii) expected future capital requirements (the “income valuation method”). The market valuation method uses prices paid for a similar asset by other purchasers in the market, normalized for any differences between the assets (the “market valuation method”). The cost valuation method is based on the replacement cost of a comparable asset at the time of the acquisition adjusted for depreciation and economic and functional obsolescence of the asset (the “cost valuation method”). If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, an estimate will be recorded. Subsequent to the acquisition date, and not later than one year from the acquisition date, we will record any material adjustments to the initial estimate based on new information obtained that would have existed as of the date of the acquisition. Any adjustment that arises from information obtained that did not exist as of the date of the acquisition will be recorded in the period the adjustments arises.

NOTE 3: ACQUISITION OF URANIUM ONE AMERICAS, INC.

On December 17, 2021, we completed the acquisition of all the issued and outstanding shares of Uranium One Americas, Inc. (“U1A”), a Nevada corporation, from Uranium One Investments Inc., a subsidiary of Uranium One Inc., for total cash consideration of $128,494,545 (the “U1A Acquisition”). Subsequent to the completion of the U1A Acquisition, we changed the name of U1A to UEC Wyoming Corp. (“UEC Wyoming”) and, in conjunction therewith, we also changed the name of U1A’s wholly-owned subsidiary, Uranium One USA Inc., a Delaware corporation, to UEC Uranium Corp.

The UEC Wyoming’s portfolio of projects (the “UEC Wyoming Portfolio”) primarily consists of 12 projects located in Wyoming, six of which are located in the Powder River Basin with four fully permitted, and six of which are located in the Great Divide Basin. The U1A Acquisition creates a Wyoming hub-and-spoke operation for UEC, which is anchored by UEC Wyoming’s Irigaray processing facility.

12

URANIUM ENERGY CORP.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
April 30, 2022
(Unaudited – Expressed in U.S. Dollars)

The U1A Acquisition was accounted for as a business combination with UEC identified as the acquirer. The Company’s assumption that the U1A Acquisition is a business combination is based on the Company’s assessment that substantially all the fair value of the assets are not concentrated in a single asset or group of similar assets. In accordance with the acquisition method of accounting, the purchase price has been allocated to the assets acquired and liabilities assumed, based on their estimated fair values at the acquisition date. In connection with the U1A Acquisition, we incurred acquisition-related costs of $622,297 and $3,267,277, respectively, which were expensed in the three and nine months ended April 30, 2022.

As of April 30, 2022, we had not yet completed the analysis to assign fair values to all assets acquired and liabilities assumed and, therefore the purchase price allocation for the U1A Acquisition is preliminary. The preliminary purchase price allocation may be subject to further refinement and adjustments which may result in material changes to the estimated fair value of assets acquired and liabilities assumed. The purchase price allocation adjustments can be made throughout the end of UEC’s measurement period, which is not to exceed one year from the acquisition date.

The table below sets forth the consideration paid and the preliminary purchase price allocation to the fair value of the assets acquired and liabilities assumed for the U1A Acquisition as at April 30, 2022:

Consideration paid |  |  |  |
Cash |  | $ | 125,592,602 |
Working capital adjustment (1) |  |  | 2,901,943 |
Total consideration paid |  | $ | 128,494,545 |
Assets acquired and liabilities assumed |  |  |  |
Cash & cash equivalents (1) |  | $ | 1,183,369 |
Prepaid expenses and deposits (1) |  |  | 1,549,166 |
Other current assets (1) |  |  | 73,200 |
Inventories (1) |  |  | 192,015 |
Mineral rights and properties (2) |  |  | 110,413,823 |
Property, plant and equipment (3) |  |  | 13,159,570 |
Restricted cash |  |  | 13,754,533 |
Other non-current assets (4) |  |  | 1,736,527 |
Total assets |  |  | 142,062,203 |
Accounts payable and accrued liabilities (1) |  |  | 95,807 |
Other liabilities (4) |  |  | 764,603 |
Asset retirement obligations (5) |  |  | 12,707,248 |
Total liabilities |  |  | 13,567,658 |
Total net assets |  | $ | 128,494,545 |

Notes:

(1) | Working capital adjustment represents the working capital of U1A at the date of acquisition, which was comprised of: (i) cash and cash equivalents of $1,183,369; (ii) prepaid expenses and deposits of $1,549,166; (iii) other current assets of $73,200; (iv) inventories of $192,015; and (v) accounts payable and accrued liabilities of $95,807. The fair value of these working capital items approximates their respective carrying values at the date of the acquisition.

(2) | Preliminary fair value of mineral rights and properties was determined using a discounted cash flow model (being the net present value of expected future cash flows). Expected future cash flows are based on estimates of future uranium prices and projected future revenues, estimated quantities of mineral resources and production, expected future production costs, and capital expenditures based on the life of mine plans as at the acquisition date.

13

URANIUM ENERGY CORP.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
April 30, 2022
(Unaudited – Expressed in U.S. Dollars)

(3) | Preliminary fair value of property, plant and equipment was determined using a replacement cost approach.

(4) | Other non-current assets included certain material and supply inventories classified as non-current and right-of-use (“ROU”) assets associated with U1A’s operating leases. The preliminary fair value of long-term inventory was determined to approximate its carrying value. ROU assets and lease liabilities for operating leases are measured based on the present value of the future lease payments over the remaining lease terms at the acquisition date.

(5) | Preliminary fair value of asset retirement obligations was measured based on the expected costs and timing for final well closure, plant and equipment decommissioning and removal, and environmental remediation, which are discounted to present value using credit adjusted risk-free rates.

Since it has been consolidated from December 17, 2021, UEC Wyoming’s losses totaling $1,622,982 and $2,542,599, respectively, were included in UEC’s condensed consolidated statements of operations and comprehensive loss for the three and nine months ended April 30, 2022.

The following unaudited proforma financial information presents consolidated results assuming the U1A Acquisition occurred on August 1, 2020.

|  | Three Months Ended April 30, |  |  | Nine Months Ended April 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Sales and Service Revenue |  | $ | 9,892,309 |  |  | $ | 86,617 |  |  | $ | 23,219,666 |  |  | $ | 116,708 |
Net Loss |  |  | (2,458,826 | ) |  |  | (7,578,471 | ) |  |  | (12,486,743 | ) |  |  | (19,362,953 | )

As part of the U1A Acquisition, we acquired certain indebtedness totaling $18,342,066 due from Anfield Energy Inc. (“Anfield”), which was owed to U1A prior to the closing of the U1A Acquisition (the “Anfield Indebtedness”).

We assigned a value of $Nil to the Anfield Indebtedness net of the expected credit loss on the preliminary purchase price allocation given that the probability of the Anfield Indebtedness being collectable was remote at December 17, 2021. Changes in the probability of collectability may result in significant gains or losses.

On April 19, 2022, we entered into each of a debt settlement agreement (the “Settlement Agreement”) and a property swap agreement (the “Swap Agreement”; and together with the Settlement Agreement, the “Anfield Agreements”) with Anfield to settle Anfield Indebtedness. Pursuant to the Anfield Agreements, the Anfield Indebtedness was settled by the payment by Anfield to UEC of $9,171,033 in cash and the issuance by Anfield to UEC of $9,171,033 in units of Anfield (each, an “Anfield Unit”), with each such Anfield Unit being comprised of one common share in the capital of Anfield (each, an “Anfield Common Share”) and one Anfield Common Share purchase warrant (each whole such warrant being an “Anfield Warrant”). Each Anfield Warrant entitles UEC to acquire one Anfield Common Share at a price of CA$0.18 until May 12, 2027 (collectively, the “Anfield Debt Settlement”). Completion of the Anfield Agreements was contingent on Anfield raising additional financing.

The Anfield Agreements, together with recent developments of uranium and vanadium markets, increased the probability of the Anfield Indebtedness collectability. As a result, we reversed a portion of the expected credit loss on the debt receivable and recognized a recovery on debt receivable of $9,171,033 on our condensed consolidated statements of operations and comprehensive income for the three and nine months ended April 30, 2022.

Subsequent to April 30, 2022, on June 7, 2022, we closed the Anfield Debt Settlement whereby we received $9,171,033 in cash and Anfield Units being comprised of 96,272,918 Anfield Common Shares and Anfield Warrants. As a result, UEC now owns approximately 16% of Anfield’s outstanding shares. Additionally, we completed the Swap Agreement whereby we will receive from Anfield 25 ISR uranium projects located in Wyoming in exchange for UEC’s Slick Rock and Long Park projects located in Colorado.

14

URANIUM ENERGY CORP.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
April 30, 2022
(Unaudited – Expressed in U.S. Dollars)

NOTE 4: INVENTORIES

During the nine months ended April 30, 2022, we received 1,100,000 pounds and sold 500,000 pounds of uranium concentrate inventories. As at April 30, 2022, costs of inventories consisted of the following:

|  | April 30, 2022 |  |  | July 31, 2021 |
Material and supplies |  | $ | 232,195 |  |  | $ | 33,781 |
Uranium concentrates from production |  |  | 177,881 |  |  |  | 177,881 |
Purchased uranium inventories |  |  | 57,001,258 |  |  |  | 28,960,818 |
|  | $ | 57,411,334 |  |  | $ | 29,172,480 |

During the nine months ended April 30, 2022, we entered into agreements to purchase additional 1,800,000 pounds of uranium concentrate inventories under our physical uranium program (the “Physical Uranium Program”).

As of April 30, 2022, our uranium inventory purchase commitments for the next five fiscal years are as the follows:

|  | Purchase Commitments in Pounds |  |  | Total Purchase Price |
Fiscal 2022 |  |  | 200,000 |  |  | $ | 9,080,000 |
Fiscal 2023 |  |  | 1,605,000 |  |  |  | 59,509,000 |
Fiscal 2024 |  |  | 895,000 |  |  |  | 38,913,250 |
Fiscal 2025 |  |  | 600,000 |  |  |  | 23,120,000 |
Fiscal 2026 |  |  | 100,000 |  |  |  | 3,620,000 |
Total |  |  | 3,400,000 |  |  | $ | 134,242,250 |

Subsequent to April 30, 2022, we received 200,000 pounds of uranium inventories for a total purchase price of $9,080,000.

NOTE 5: MINERAL RIGHTS AND PROPERTIES

Mineral Rights

As at April 30, 2022, we had mineral rights in the States of Arizona, Colorado, New Mexico, Wyoming and Texas, in Canada and in the Republic of Paraguay. These mineral rights were acquired through staking, purchase or lease agreements and are subject to varying royalty interests, some of which are indexed to the sale price of uranium and titanium. As of April 30, 2022, annual maintenance payments of approximately $4.3 million will be required to maintain these mineral rights.

15

URANIUM ENERGY CORP.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
April 30, 2022
(Unaudited – Expressed in U.S. Dollars)

As at April 30, 2022, the carrying value of our mineral rights and properties, including the recently acquired UEC Wyoming Portfolio, were as follows:

|  | April 30, 2022 |  |  | July 31, 2021 |
Mineral Rights and Properties |  |  |  |  |  |  |  |
Palangana Mine |  | $ | 6,027,784 |  |  | $ | 6,027,784 |
Goliad Project |  |  | 8,689,127 |  |  |  | 8,689,127 |
Burke Hollow Project |  |  | 1,495,750 |  |  |  | 1,495,750 |
Longhorn Project |  |  | 116,870 |  |  |  | 116,870 |
Salvo Project |  |  | 14,905 |  |  |  | 14,905 |
Anderson Project |  |  | 3,470,373 |  |  |  | 3,470,373 |
Workman Creek Project |  |  | 949,854 |  |  |  | 899,854 |
Los Cuatros Project |  |  | 257,250 |  |  |  | 257,250 |
Slick Rock Project |  |  | 90,000 |  |  |  | 60,000 |
Reno Creek Project |  |  | 31,527,870 |  |  |  | 31,527,870 |
UEC Wyoming Portfolio |  |  | 110,413,823 |  |  |  | - |
Diabase Project |  |  | 982,358 |  |  |  | 546,938 |
Yuty Project |  |  | 11,947,144 |  |  |  | 11,947,144 |
Oviedo Project |  |  | 1,133,412 |  |  |  | 1,133,412 |
Alto Paraná Titanium Project |  |  | 1,933,030 |  |  |  | 1,433,030 |
Other Property Acquisitions |  |  | 91,080 |  |  |  | 91,080 |
|  |  | 179,140,630 |  |  |  | 67,711,387 |
Accumulated Depletion |  |  | (3,929,884 | ) |  |  | (3,929,884 | )
|  |  | 175,210,746 |  |  |  | 63,781,503 |
Databases and Land Use Agreements |  |  | 2,458,808 |  |  |  | 2,458,808 |
Accumulated Amortization |  |  | (2,457,433 | ) |  |  | (2,456,308 | )
|  |  | 1,375 |  |  |  | 2,500 |
|  | $ | 175,212,121 |  |  | $ | 63,784,003 |

We have not established proven or probable reserves, as defined by the SEC, for any of our mineral projects. We have established the existence of mineralized materials for certain mineral projects. Since we commenced uranium extraction at our ISR Mines without having established proven or probable reserves, there may be greater inherent uncertainty as to whether or not any mineralized material can be economically extracted as originally planned and anticipated.

During the nine months ended April 30, 2022, we entered into property purchase agreements, whereby we acquired 10 mineral claims as additions to our existing Diabase Project (the “Diabase Additions”) located on the southern rim of the Athabasca Basin uranium district in Saskatchewan, Canada. In connection with the Diabase Additions, we paid total consideration of $435,420, which consisted of 111,864 shares with a fair value of $425,519 and transaction costs of $9,901. As a result of these claims being added to our existing Diabase Project, the carrying value of our Diabase Project increased to $982,358 ( July 31, 2021: $546,938).

During the three months ended April 30, 2022, the Company exercised its option to acquire one-half percent (0.5%) of the net smelter returns royalty payable on its Alto Parana Project for total consideration of $500,000 pursuant to the terms of a Net Smelter Returns Royalty Agreement under a Share Purchase and Option Agreement as entered between UEC and CIC Resources Inc. in March 2016. The consideration of $500,000 paid for this option exercise was capitalized to mineral right and properties and added to the carrying value of the Alto Parana Project.

16

URANIUM ENERGY CORP.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
April 30, 2022
(Unaudited – Expressed in U.S. Dollars)

During the three and nine months ended April 30, 2022 and 2021, we continued with reduced operations at our ISR Mines to capture residual uranium only. As a result, no depletion for the ISR Mines was recorded on our condensed consolidated financial statements for the three and nine months ended April 30, 2022 and 2021.

During the three and nine months ended April 30, 2022, we incurred mineral property expenditures of $895,797 and $1,334,580, respectively, for the UEC Wyoming Portfolio since the closing date of the U1A Acquisition.

Mineral property expenditures for the three and nine months ended April 30, 2022 are as follows:

|  | Three Months Ended April 30, |  |  | Nine Months Ended April 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Mineral Property Expenditures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Palangana Mine |  | $ | 299,727 |  |  | $ | 216,791 |  |  | $ | 811,443 |  |  | $ | 648,459 |
Burke Hollow Project |  |  | 938,789 |  |  |  | 626,695 |  |  |  | 2,356,485 |  |  |  | 942,311 |
Goliad Project |  |  | 42,230 |  |  |  | 51,437 |  |  |  | 171,670 |  |  |  | 168,493 |
Longhorn Project |  |  | 15,381 |  |  |  | 2,289 |  |  |  | 22,831 |  |  |  | 6,866 |
Salvo Project |  |  | 4,452 |  |  |  | 7,672 |  |  |  | 14,601 |  |  |  | 23,537 |
Anderson Project |  |  | 27,335 |  |  |  | 19,469 |  |  |  | 59,944 |  |  |  | 58,360 |
Workman Creek Project |  |  | 8,167 |  |  |  | 8,168 |  |  |  | 24,922 |  |  |  | 24,533 |
Slick Rock Project |  |  | 12,993 |  |  |  | 12,994 |  |  |  | 39,477 |  |  |  | 39,123 |
Reno Creek Project |  |  | 258,606 |  |  |  | 215,725 |  |  |  | 682,758 |  |  |  | 485,791 |
Allemand Ross Project |  |  | 90,387 |  |  |  | - |  |  |  | 139,276 |  |  |  | - |
Christensen Ranch Mine |  |  | 513,663 |  |  |  | - |  |  |  | 776,890 |  |  |  | - |
Ludeman Project |  |  | 78,680 |  |  |  | - |  |  |  | 124,957 |  |  |  | - |
Moore Ranch Project |  |  | 55,982 |  |  |  | - |  |  |  | 74,529 |  |  |  | - |
Yuty Project |  |  | 33,349 |  |  |  | 7,129 |  |  |  | 53,961 |  |  |  | 21,457 |
Oviedo Project |  |  | 145,853 |  |  |  | 109,676 |  |  |  | 468,447 |  |  |  | 256,091 |
Alto Paraná Titanium Project |  |  | 76,925 |  |  |  | 88,796 |  |  |  | 281,577 |  |  |  | 134,710 |
Other Mineral Property Expenditures |  |  | 309,999 |  |  |  | 111,913 |  |  |  | 574,439 |  |  |  | 332,041 |
|  | $ | 2,912,518 |  |  | $ | 1,478,754 |  |  | $ | 6,678,207 |  |  | $ | 3,141,772 |

NOTE 6: PROPERTY, PLANT AND EQUIPMENT

During the nine months ended April 30, 2022, in connection with the U1A Acquisition, we acquired a satellite plant located at the Christensen Ranch Mine, a central processing plant (the “Irigaray Processing Facility”), and various equipment with a total fair value of $13,159,570. Refer to Note 3: Acquisition of Uranium One Americas, Inc. The recently acquired plants, facility and equipment have an estimated useful life of three to 21 years and will be depreciated using the straight-line method over their respective useful lives.

17

URANIUM ENERGY CORP.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
April 30, 2022
(Unaudited – Expressed in U.S. Dollars)

As at April 30, 2022, property, plant and equipment consist of the following:

|  | April 30, 2022 |  |  | July 31, 2021 |
|  | Cost |  |  | Accumulated Depreciation |  |  | Net Book Value |  |  | Cost |  |  | Accumulated Depreciation |  |  | Net Book Value |
Plant and Processing Facilities |  | $ | 19,014,877 |  |  | $ | (1,213,972 | ) |  | $ | 17,800,905 |  |  | $ | 6,642,835 |  |  | $ | (851,075 | ) |  | $ | 5,791,760 |
Mining Equipment |  |  | 2,781,903 |  |  |  | (2,360,087 | ) |  |  | 421,816 |  |  |  | 2,355,341 |  |  |  | (2,313,489 | ) |  |  | 41,852 |
Logging Equipment and Vehicles |  |  | 2,672,831 |  |  |  | (1,826,131 | ) |  |  | 846,700 |  |  |  | 1,923,983 |  |  |  | (1,774,887 | ) |  |  | 149,096 |
Computer Equipment |  |  | 366,602 |  |  |  | (310,604 | ) |  |  | 55,998 |  |  |  | 326,056 |  |  |  | (283,645 | ) |  |  | 42,411 |
Furniture and Fixtures |  |  | 191,051 |  |  |  | (176,363 | ) |  |  | 14,688 |  |  |  | 184,941 |  |  |  | (172,302 | ) |  |  | 12,639 |
Buildings |  |  | 297,518 |  |  |  | (68,479 | ) |  |  | 229,039 |  |  |  | 297,518 |  |  |  | (57,322 | ) |  |  | 240,196 |
Land |  |  | 1,080,083 |  |  |  | - |  |  |  | 1,080,083 |  |  |  | 1,080,083 |  |  |  | - |  |  |  | 1,080,083 |
|  | $ | 26,404,865 |  |  | $ | (5,955,636 | ) |  | $ | 20,449,229 |  |  | $ | 12,810,757 |  |  | $ | (5,452,720 | ) |  | $ | 7,358,037 |

NOTE 7: RESTRICTED CASH

Restricted cash includes cash and cash equivalents and money market funds pledged as collateral for various bonds posted in favor of applicable state regulatory agencies in Arizona, Texas and Wyoming, and for estimated reclamation costs associated with our plants, processing facilities and various projects. Restricted cash will be released upon the completion of reclamation of a plant or a mineral property or the restructuring of a surety and collateral arrangement.

As at April 30, 2022, restricted cash consisted of the following:

|  | April 30, 2022 |  |  | July 31, 2021 |
Restricted cash, beginning of period |  | $ | 2,037,677 |  |  | $ | 1,839,216 |
Restricted cash received from U1A Acquisition |  |  | 13,754,533 |  |  |  | - |
(Release) addition of surety bond collateral |  |  | (1,754,507 | ) |  |  | 198,377 |
Interest received |  |  | 392 |  |  |  | 84 |
Restricted cash, end of period |  | $ | 14,038,095 |  |  | $ | 2,037,677 |

During the three months ended April 30, 2022, we received $1,754,507 as a result of the partial release of surety bond collateral related to the Christensen Ranch Mine and Irigaray Processing Facility.

Cash, cash equivalents and restricted cash are included in the following accounts as at April 30, 2022 and 2021:

|  | April 30, 2022 |  |  | April 30, 2021 |
Cash and cash equivalents |  | $ | 23,754,031 |  |  | $ | 43,930,316 |
Restricted cash |  |  | 14,038,095 |  |  |  | 2,037,677 |
Total cash, cash equivalents and restricted cash |  | $ | 37,792,126 |  |  | $ | 45,967,993 |

NOTE 8: EQUITY-ACCOUNTED INVESTMENT

As at April 30, 2022, we owned 15,000,000 shares of Uranium Royalty Corp. (“URC”), representing a 15.7% ( July 31, 2021: 18.1%) interest in URC. In addition, two of our officers are members of URC’s board of directors and one is also an executive officer of URC. As a consequence, our ability to exercise significant influence over URC’s operating and financing policies continued to exist during the three and nine months ended April 30, 2022. Should URC's outstanding options and warrants be fully exercised, UEC's ownership interest would decrease from 15.7% to 13.2%.

URC is a public company listed on the TSX Venture Exchange with the trading symbol “URC.V” and on NASDAQ with the trading symbol “UROY”. As at April 30, 2022, the fair value of our investment in URC was approximately $50.6 million.

18

URANIUM ENERGY CORP.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
April 30, 2022
(Unaudited – Expressed in U.S. Dollars)

During the nine months ended April 30, 2022, the change in carrying value of the equity-accounted investment is summarized as follows:

Balance, July 31, 2021 |  | $ | 20,729,674 |
Share of income from URC |  |  | 983,162 |
Gain on dilution of ownership interest |  |  | 3,730,421 |
Translation loss |  |  | (613,935 | )
Balance, April 30, 2022 |  | $ | 24,829,322 |

For the three and nine months ended April 30, 2022 and 2021, income from our equity-accounted investment consisted of the following:

|  | Three Months Ended April 30, |  |  | Nine Months Ended April 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Share of income from URC |  | $ | 800,445 |  |  | $ | 456,132 |  |  | $ | 983,162 |  |  | $ | 353,440 |
Gain on dilution of ownership interest |  |  | 1,158,239 |  |  |  | 413,881 |  |  |  | 3,730,421 |  |  |  | 413,881 |
Total |  | $ | 1,958,684 |  |  | $ | 870,013 |  |  | $ | 4,713,583 |  |  | $ | 767,321 |

For the three and nine months ended April 30, 2022, we recorded a gain on dilution of ownership interest of $1,158,239 and $3,730,421, respectively, as a result of URC issuing shares under its at-the-market offering and the exercise of certain URC stock options and share purchase warrants. For the three and nine months ended April 30, 2021, we recorded a gain on dilution of ownership interest of $413,881 and $413,881, respectively, as a result of URC issuing shares from the exercise of URC share purchase warrants.

For the three and nine months ended April 30, 2022, we recorded translation losses of $139,194 and $613,935, respectively, and for the three and nine months ended April 30, 2021, we recorded translation gains of $493,101 and $1,041,900, respectively, as a result of translating the ending balance of the equity-accounted investment denominated in Canadian Dollars to U.S. Dollars using the respective period end exchange rates, which was included in other comprehensive (loss) income in our condensed consolidated statements of operations and comprehensive loss.

NOTE 9: RELATED PARTY TRANSACTIONS

During the three and nine months ended April 30, 2022, we incurred $1,586 and $5,961, respectively, and for the three and nine months ended April 30, 2021, $17,900 and $52,041, respectively, in general and administrative costs paid to Blender Media Inc. (“Blender”), a company controlled by Arash Adnani, a direct family member of our President and Chief Executive Officer, for various services, including information technology, financial subscriptions, corporate branding, media, website design, maintenance and hosting, provided by Blender to the Company.

As at April 30, 2022, the amount owing to Blender was $Nil ( July 31, 2021: $843), which was included in Accounts Payable and Accrued Liabilities on our condensed consolidated balance sheets.

NOTE 10: LONG-TERM DEBT

During the nine months ended April 30, 2022, the movement of our term debt is as follows:

Balance, July 31, 2021 |  | $ | 10,075,231 |
Amortization of discount and accrued fees |  |  | 524,769 |
Payment of anniversary fees |  |  | (600,000 | )
Principal repayment |  |  | (10,000,000 | )
Balance, April 30, 2022 |  | $ | - |

19

URANIUM ENERGY CORP.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
April 30, 2022
(Unaudited – Expressed in U.S. Dollars)

During the three and nine months ended April 30, 2022, amortization of debt discount totaled $Nil and $524,769 (three and nine months ended April 30, 2021: $296,401 and $1,122,096), respectively, which was recorded as interest expense and included in our condensed consolidated statements of operations and comprehensive loss. During the three and nine months ended April 30, 2022, we paid $Nil and $408,889 (three and nine months ended April 30, 2021: $274,222 and $1,051,111), respectively, in cash to our lenders (each, a “Lender”) for interest on the long-term debt.

During the nine months ended April 30, 2022, and pursuant to the terms of the Third Amended and Restated Credit Agreement, we issued 161,594 shares with a fair value of $600,000 as payment of anniversary fees to our remaining Lender.

During the nine months ended April 30, 2022, we repaid the remaining $10,000,000 principal amount to our Lender under the Company’s credit facility.

NOTE 11: ASSET RETIREMENT OBLIGATIONS

Asset retirement obligations (“ARO”s) relate to future remediation and decommissioning activities at our Palangana Mine, Hobson Processing Facility, Reno Creek Project and Alto Paraná Titanium Project, as well as our recently acquired Christensen Ranch Mine and Satellite Plant, and Irigaray Processing Facility, pursuant to the U1A Acquisition.

Balance, July 31, 2021 |  | $ | 3,938,655 |
Accretion |  |  | 407,696 |
Assumed from U1A Acquisition |  |  | 12,707,248 |
Balance, April 30, 2022 |  | $ | 17,053,599 |

The estimated amounts and timing of cash flows and assumptions used for ARO estimates are as follows:

|  | April 30, 2022 |  |  | July 31, 2021 |
Undiscounted amount of estimated cash flows |  |  | $28,738,663 |  |  |  |  | $8,221,018 |  |
Payable in years |  | 1 | to | 23 |  |  | 9 | to | 21 |
Inflation rate |  | 1.56% | to | 5.32% |  |  | 1.56% | to | 2.17% |
Discount rate |  | 3.72% | to | 6.35% |  |  | 5.50% | to | 5.96% |

The undiscounted amounts of estimated cash flows for the next five fiscal years and beyond are as follows:

Fiscal 2022 |  | $ | 148,021 |
Fiscal 2023 |  |  | 434,262 |
Fiscal 2024 |  |  | 932,264 |
Fiscal 2025 |  |  | 1,472,226 |
Fiscal 2026 |  |  | 2,489,425 |
Remaining balance |  |  | 23,262,465 |
|  | $ | 28,738,663 |

NOTE 12: LEASE LIABILITIES

The Company primarily has operating leases for corporate offices and processing facilities with a remaining term of 0.3 to 22.2 years. The leases for the processing facilities have an evergreen option that can continue for so long as they are in operation.

20

URANIUM ENERGY CORP.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
April 30, 2022
(Unaudited – Expressed in U.S. Dollars)

During the three and nine months ended April 30, 2022 and 2021, total lease expenses include the following components:

|  | Three Months Ended April 30, |  |  | Nine Months Ended April 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Operating Leases |  | $ | 76,895 |  |  | $ | 56,195 |  |  | $ | 198,098 |  |  | $ | 163,028 |
Short-term Leases |  |  | 353,271 |  |  |  | 365,027 |  |  |  | 880,896 |  |  |  | 407,982 |
Total Lease Expenses |  | $ | 430,166 |  |  | $ | 421,222 |  |  | $ | 1,078,994 |  |  | $ | 571,010 |

As at April 30, 2022, the weighted average remaining lease term was 17.4 years and the weighted average discount rate was 4.54%.

During the nine months ended April 30, 2022, cash paid for amounts included in the measurement of operating lease liabilities totaled $184,946.

Minimum future lease payments under operating leases with terms longer than one year are as follows:

Fiscal 2022 |  | $ | 285,535 |
Fiscal 2023 |  |  | 170,049 |
Fiscal 2024 |  |  | 112,900 |
Fiscal 2025 |  |  | 103,884 |
Fiscal 2026 |  |  | 104,124 |
Thereafter |  |  | 1,043,814 |
Total lease payments |  |  | 1,820,306 |
Less: imputed interest |  |  | (482,322 | )
Present value of lease liabilities |  | $ | 1,337,984 |
Current portion of lease liabilities |  | $ | 350,431 |
Non-current portion of lease liabilities |  | $ | 987,553 |

Current lease liabilities are included in Other Current Liabilities, and non-current lease liabilities are included in Other Non-Current Liabilities in our condensed consolidated balance sheets.

NOTE 13: CAPITAL STOCK

Equity Financing

On May 14, 2021, we entered into an at-the-market offering agreement (the “May 2021 ATM Offering Agreement”) with H.C. Wainwright & Co., LLC and certain co-managers (collectively, the “ATM Managers”), under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $100 million through the ATM Managers (the “May 2021 ATM Offering”).

On November 26, 2021, we filed a prospectus supplement to our Registration Statement on Form S-3 (the “2021 Shelf”) with respect to the continuation of the May 2021 ATM Offering Agreement with the ATM Managers under which we may, if eligible, from time to time, sell shares of our common stock having an aggregate offering price of up to $100 million through the ATM Managers selected by us (the “November 2021 ATM Offering”; and, collectively with May 2021 ATM Offering, the “2021 ATM Offerings”).

During the three and nine months ended April 30, 2022, we issued 4,800,000 and 43,295,536 shares, respectively, of the Company’s common stock under our 2021 ATM Offerings for net cash proceeds of $18,557,112 and $149,200,901, respectively.

21

URANIUM ENERGY CORP.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
April 30, 2022
(Unaudited – Expressed in U.S. Dollars)

Subsequent to April 30, 2022, we issued 2,102,000 shares of the Company’s common stock under our November 2021 ATM Offering for net cash proceeds of $7,309,084.

Share Purchase Warrants

A continuity schedule of outstanding share purchase warrants for the three and nine months ended April 30, 2022, is as follows:

|  | Number of Warrants |  |  | Weighted Average Exercise Price |
Balance, July 31, 2021 |  |  | 5,387,323 |  |  | $ | 1.90 |
Exercised |  |  | (491,849 | ) |  |  | 1.85 |
Balance, October 31, 2021 |  |  | 4,895,474 |  |  |  | 1.91 |
Exercised |  |  | (572,850 | ) |  |  | 1.99 |
Balance, January 31, 2022 |  |  | 4,322,624 |  |  |  | 1.90 |
Exercised |  |  | (339,845 | ) |  |  | 1.80 |
Balance, April 30, 2022 |  |  | 3,982,779 |  |  | $ | 1.91 |

During the three and nine months ended April 30, 2022, we received cash proceeds of $645,696 and $2,697,927, respectively, from the exercise of share purchase warrants.

A summary of share purchase warrants outstanding and exercisable as of April 30, 2022, is as follows:

Weighted Average Exercise Price |  |  | Number of Warrants Outstanding |  |  | Weighted Average Remaining Contractual Life (Years) |  | Expiry Date
$ | 1.80 |  |  |  | 3,775,961 |  |  |  | 0.40 |  | September 23, 2022
| 1.64 |  |  |  | 25,000 |  |  |  | 1.06 |  | May 21, 2023
| 4.13 |  |  |  | 181,818 |  |  |  | 3.93 |  | April 5, 2026
$ | 1.91 |  |  |  | 3,982,779 |  |  |  | 0.57 |  |

Stock Options

As of April 30, 2022, we had one stock option plan, our 2021 Stock Incentive Plan, which superseded and replaced our 2020 Stock Incentive Plan.

A continuity schedule of outstanding stock options for the underlying shares for the three and nine months ended April 30, 2022, is as follows:

|  | Number of Stock Options |  |  | Weighted Average Exercise Price |
Balance, July 31, 2021 |  |  | 10,404,333 |  |  | $ | 1.21 |
Granted |  |  | 10,000 |  |  |  | 2.89 |
Exercised |  |  | (1,030,543 | ) |  |  | 1.18 |
Expired |  |  | (60,000 | ) |  |  | 2.78 |
Balance, October 31, 2021 |  |  | 9,323,790 |  |  |  | 1.20 |
Exercised |  |  | (244,834 | ) |  |  | 1.27 |
Expired |  |  | (15,000 | ) |  |  | 1.36 |
Balance, January 31, 2022 |  |  | 9,063,956 |  |  |  | 1.20 |
Exercised |  |  | (1,182,605 | ) |  |  | 1.15 |
Balance, April 30, 2022 |  |  | 7,881,351 |  |  | $ | 1.21 |

22

URANIUM ENERGY CORP.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
April 30, 2022
(Unaudited – Expressed in U.S. Dollars)

During the three and nine months ended April 30, 2022 and 2021, the total number of stock options exercised, the number of shares issued upon exercise of those options and the cash received from such exercises are as follows:

|  | Three Months Ended April 30, |  |  | Nine Months Ended April 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Number of Options Exercised on Cash Basis |  |  | 404,832 |  |  |  | 953,939 |  |  |  | 807,580 |  |  |  | 1,141,439 |
Number of Options Exercised on Forfeiture Basis |  |  | 777,773 |  |  |  | 988,909 |  |  |  | 1,650,402 |  |  |  | 1,930,691 |
Total Number of Options Exercised |  |  | 1,182,605 |  |  |  | 1,942,848 |  |  |  | 2,457,982 |  |  |  | 3,072,130 |
Number of Shares Issued on Cash Exercise |  |  | 404,832 |  |  |  | 953,939 |  |  |  | 807,580 |  |  |  | 1,141,439 |
Number of Shares Issued on Forfeiture Basis |  |  | 595,478 |  |  |  | 557,608 |  |  |  | 1,140,065 |  |  |  | 943,168 |
Total Number of Shares Issued Upon Exercise of Options |  |  | 1,000,310 |  |  |  | 1,511,547 |  |  |  | 1,947,645 |  |  |  | 2,084,607 |
Cash Received from Exercise of Stock Options |  | $ | 403,949 |  |  | $ | 1,086,844 |  |  | $ | 851,132 |  |  | $ | 1,308,278 |
Total Intrinsic Value of Options Exercised |  | $ | 4,890,780 |  |  | $ | 3,026,602 |  |  | $ | 7,685,293 |  |  | $ | 3,855,217 |

A continuity schedule of outstanding unvested stock options as of April 30, 2022, and the changes during the period, is as follows:

|  | Number of Unvested Stock Options |  |  | Weighted Average Grant-Date Fair Value |
Balance, July 31, 2021 |  |  | 3,891,207 |  |  | $ | 0.66 |
Granted |  |  | 10,000 |  |  |  | 1.73 |
Vested |  |  | (265,427 | ) |  |  | 0.87 |
Balance, October 31, 2021 |  |  | 3,635,780 |  |  |  | 0.64 |
Vested |  |  | (1,069,948 | ) |  |  | 0.55 |
Balance, January 31, 2022 |  |  | 2,565,832 |  |  |  | 0.68 |
Vested |  |  | (11,872 | ) |  |  | 1.34 |
Balance, April 30, 2022 |  |  | 2,553,960 |  |  | $ | 0.68 |

As of April 30, 2022, unrecognized stock-based compensation expense related to the unvested portion of stock options totaled $540,730 to be recognized over the next 0.83 years.

As of April 30, 2022, the aggregate intrinsic value under the provisions of ASC 718 of all outstanding stock options was $23,997,678 (vested: $16,570,688 and unvested: $7,426,990).

A summary of stock options outstanding and exercisable as of April 30, 2022, is as follows:

|  |  |  |  | Options Outstanding |  |  | Options Exercisable |
Range of Exercise Prices |  |  | Outstanding at April 30, 2022 |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Exercisable at April 30, 2022 |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |
$0.80 | to | $0.99 |  |  |  | 4,121,936 |  |  | $ | 0.92 |  |  |  | 7.80 |  |  |  | 3,167,875 |  |  | $ | 0.92 |  |  |  | 7.68 |
$1.00 | to | $1.49 |  |  |  | 1,796,875 |  |  |  | 1.15 |  |  |  | 6.16 |  |  |  | 913,541 |  |  |  | 1.20 |  |  |  | 4.17 |
$1.50 | to | $2.89 |  |  |  | 1,962,540 |  |  |  | 1.86 |  |  |  | 5.03 |  |  |  | 1,245,975 |  |  |  | 1.65 |  |  |  | 2.63 |
|  |  |  |  |  | 7,881,351 |  |  | $ | 1.21 |  |  |  | 6.74 |  |  |  | 5,327,391 |  |  | $ | 1.14 |  |  |  | 5.90 |

23

URANIUM ENERGY CORP.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
April 30, 2022
(Unaudited – Expressed in U.S. Dollars)

Restricted Stock Units

A summary of outstanding and unvested restricted stock units (the “RSU”s) as of April 30, 2022, is as follows:

Grant Date |  | Number of Restricted Stock Units |  |  | Grant Date Fair Value |  |  | Remaining Life (Years) |  |  | Aggregate Intrinsic Value |
July 30, 2019 |  |  | 154,999 |  |  | $ | 0.94 |  |  |  | 0.25 |  |  | $ | 658,746 |
July 16, 2020 |  |  | 434,996 |  |  |  | 0.91 |  |  |  | 1.21 |  |  |  | 1,848,733 |
July 21, 2021 |  |  | 407,617 |  |  |  | 2.15 |  |  |  | 2.23 |  |  |  | 1,732,372 |
|  |  | 997,612 |  |  | $ | 1.42 |  |  |  | 1.48 |  |  | $ | 4,239,851 |

During the three and nine months ended April 30, 2022, stock-based compensation relating to RSUs totaled $182,664 and $560,306 (three and nine months ended April 30, 2021: $262,970 and $806,638), respectively. As of April 30, 2022, outstanding unvested RSUs totaled 997,612 ( July 31, 2021: 997,612), and unrecognized compensation costs relating to unvested RSUs totaled $572,065, which is expected to be recognized over a period of approximately 1.43 years.

Performance Based Restricted Stock Units

During the three and nine months ended April 30, 2022, stock-based compensation relating to target performance based restricted stock units (the “PRSU”s) totaled $73,269 and $219,958 (three and nine months ended April 30, 2021: $37,544 and $112,632), respectively. As of April 30, 2022, outstanding unvested PRSUs totaled 1,250,451 ( July 31, 2021: 1,250,451), and unrecognized compensation costs relating to unvested PRSUs totaled $475,190, which is expected to be recognized over a period of approximately 1.44 years.

Stock-Based Compensation

A summary of stock-based compensation expense is as follows:

|  | Three Months Ended April 30, |  |  | Nine Months Ended April 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Stock-Based Compensation for Consultants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock issued to consultants |  | $ | 158,313 |  |  | $ | 229,047 |  |  | $ | 664,015 |  |  | $ | 468,364 |
Amortization of stock option expenses |  |  | 37,130 |  |  |  | 54,593 |  |  |  | 173,705 |  |  |  | 224,295 |
|  |  | 195,443 |  |  |  | 283,640 |  |  |  | 837,720 |  |  |  | 692,659 |
Stock-Based Compensation for Management |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of stock option expenses |  |  | 91,033 |  |  |  | 154,531 |  |  |  | 382,190 |  |  |  | 614,579 |
Amortization of RSU and PRSU expenses |  |  | 255,933 |  |  |  | 300,514 |  |  |  | 780,264 |  |  |  | 919,270 |
|  |  | 346,966 |  |  |  | 455,045 |  |  |  | 1,162,454 |  |  |  | 1,533,849 |
Stock-Based Compensation for Employees |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock issued to employees |  |  | 281,796 |  |  |  | 264,484 |  |  |  | 893,803 |  |  |  | 738,996 |
Amortization of stock option expenses |  |  | 127,190 |  |  |  | 164,558 |  |  |  | 632,284 |  |  |  | 798,796 |
|  |  | 408,986 |  |  |  | 429,042 |  |  |  | 1,526,087 |  |  |  | 1,537,792 |
|  | $ | 951,395 |  |  | $ | 1,167,727 |  |  | $ | 3,526,261 |  |  | $ | 3,764,300 |

NOTE 14: SALES AND SERVICE REVENUE AND COST OF SALES AND SERVICES

During the three and nine months ended April 30, 2022, we recorded sales of $9,800,000 and $22,946,000, respectively, from the sales of 200,000 and 500,000 pounds, respectively, of our uranium concentrate inventory. During the three and nine months ended April 30, 2022, we recorded revenue from toll processing services totaling $92,310 and $137,235, respectively, which was generated from processing uranium resins according to a toll processing agreement that we inherited from the U1A Acquisition.

24

URANIUM ENERGY CORP.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
April 30, 2022
(Unaudited – Expressed in U.S. Dollars)

The table below provides a breakdown of sales and service revenue and cost of sales and service revenue:

|  | Three Months Ended April 30, |  |  | Nine Months Ended April 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Sales of purchased uranium inventory |  | $ | 9,800,000 |  |  | $ | - |  |  | $ | 22,946,000 |  |  | $ | - |
Revenue from toll processing services |  |  | 92,310 |  |  |  | - |  |  |  | 137,235 |  |  |  | - |
Total sales and service revenue |  | $ | 9,892,310 |  |  | $ | - |  |  | $ | 23,083,235 |  |  | $ | - |
Cost of purchased uranium inventory |  | $ | (6,477,830 | ) |  | $ | - |  |  | $ | (15,688,600 | ) |  | $ | - |
Cost of toll processing services |  |  | (76,924 | ) |  |  | - |  |  |  | (114,362 | ) |  |  | - |
Total cost of sales and services |  | $ | (6,554,754 | ) |  | $ | - |  |  | $ | (15,802,962 | ) |  | $ | - |

NOTE 15: INCOME (LOSS) PER SHARE

The following table reconciles the weighted average number of shares used in the calculation of the basic and diluted loss per share:

|  | Three Months Ended April 30, |  |  | Nine Months Ended April 30, |
Numerator |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Net Income (Loss) for the Period |  | $ | 7,344,738 |  |  | $ | (4,590,161 | ) |  | $ | (203,355 | ) |  | $ | (13,014,757 | )
Denominator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic Weighted Average Number of Shares |  |  | 281,668,948 |  |  |  | 218,822,085 |  |  |  | 265,709,463 |  |  |  | 202,304,157 |
Dilutive Effect of Stock Awards and Warrants |  |  | 10,092,007 |  |  |  | - |  |  |  | - |  |  |  | - |
Diluted Weighted Average Number of Shares |  |  | 291,760,955 |  |  |  | 218,822,085 |  |  |  | 265,709,463 |  |  |  | 202,304,157 |
Net Income (Loss) Per Share - Basic |  | $ | 0.03 |  |  | $ | (0.02 | ) |  | $ | (0.00 | ) |  | $ | (0.06 | )
Net Income (Loss) Per Share - Diluted |  | $ | 0.03 |  |  | $ | (0.02 | ) |  | $ | (0.00 | ) |  | $ | (0.06 | )

We recorded net loss for the nine months ended April 30, 2022 and for three and nine months ended April 30, 2021. As such, all outstanding stock options, RSUs, PRSUs and share purchase warrants for these periods were excluded from the calculation of the diluted loss per share since their effects would be anti-dilutive.

NOTE 16: SEGMENTED INFORMATION

We currently operate in one reportable segment which is focused on uranium mining and related activities, including exploration, pre-extraction, extraction and processing of uranium concentrates.

As of April 30, 2022, our long-term assets located in the United States totaled $196,574,348 or 83% of our total long-term assets of $237,990,983.

25

URANIUM ENERGY CORP.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
April 30, 2022
(Unaudited – Expressed in U.S. Dollars)

The tables below provide a breakdown of the long-term assets by geographic segments:

|  | April 30, 2022 |
|  | United States |  |  |  |  |  |  |  |  |  |
Balance Sheet Items |  | Texas |  |  | Arizona |  |  | Wyoming |  |  | Other States |  |  | Canada |  |  | Paraguay |  |  | Total |
Mineral Rights and Properties |  | $ | 12,420,036 |  |  | $ | 4,677,477 |  |  | $ | 141,941,693 |  |  | $ | 176,971 |  |  | $ | 982,358 |  |  | $ | 15,013,586 |  |  | $ | 175,212,121 |
Property, Plant and Equipment |  |  | 7,011,036 |  |  |  | - |  |  |  | 13,038,394 |  |  |  | - |  |  |  | 30,670 |  |  |  | 369,129 |  |  |  | 20,449,229 |
Restricted Cash |  |  | 1,948,704 |  |  |  | 15,000 |  |  |  | 12,074,391 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 14,038,095 |
Equity-Accounted Investment |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 24,829,322 |  |  |  | - |  |  |  | 24,829,322 |
Other Non-Current Assets |  |  | 1,462,793 |  |  |  | - |  |  |  | 1,807,853 |  |  |  | - |  |  |  | 191,570 |  |  |  | - |  |  |  | 3,462,216 |
Total Long-Term Assets |  | $ | 22,842,569 |  |  | $ | 4,692,477 |  |  | $ | 168,862,331 |  |  | $ | 176,971 |  |  | $ | 26,033,920 |  |  | $ | 15,382,715 |  |  | $ | 237,990,983 |

|  | July 31, 2021 |
|  | United States |  |  |  |  |  |  |  |  |  |
Balance Sheet Items |  | Texas |  |  | Arizona |  |  | Wyoming |  |  | Other States |  |  | Canada |  |  | Paraguay |  |  | Total |
Mineral Rights and Properties |  | $ | 12,421,161 |  |  | $ | 4,627,477 |  |  | $ | 31,527,870 |  |  | $ | 146,971 |  |  | $ | 546,938 |  |  | $ | 14,513,586 |  |  | $ | 63,784,003 |
Property, Plant and Equipment |  |  | 6,645,905 |  |  |  | - |  |  |  | 312,763 |  |  |  | - |  |  |  | 34,036 |  |  |  | 365,333 |  |  |  | 7,358,037 |
Restricted Cash |  |  | 1,948,704 |  |  |  | 15,000 |  |  |  | 73,973 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,037,677 |
Equity-Accounted Investment |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 20,729,674 |  |  |  | - |  |  |  | 20,729,674 |
Other Non-Current Assets |  |  | 522,306 |  |  |  | - |  |  |  | 16,000 |  |  |  | - |  |  |  | 48,026 |  |  |  | - |  |  |  | 586,332 |
Total Long-Term Assets |  | $ | 21,538,076 |  |  | $ | 4,642,477 |  |  | $ | 31,930,606 |  |  | $ | 146,971 |  |  | $ | 21,358,674 |  |  | $ | 14,878,919 |  |  | $ | 94,495,723 |

The tables below provide a breakdown of our operating results by geographic segments for the three and nine months ended April 30, 2022 and 2021. All intercompany transactions have been eliminated.

|  | Three Months Ended April 30, 2022 |
|  | United States |  |  |  |  |  |  |  |  |  |
Statement of Operations |  | Texas |  |  | Arizona |  |  | Wyoming |  |  | Other States |  |  | Canada |  |  | Paraguay |  |  | Total |
Sales and service revenue |  | $ | - |  |  | $ | - |  |  | $ | 92,310 |  |  | $ | 9,800,000 |  |  | $ | - |  |  | $ | - |  |  | $ | 9,892,310 |
Cost of sales and service revenue |  |  | - |  |  |  | - |  |  |  | (76,924 | ) |  |  | (6,477,830 | ) |  |  | - |  |  |  | - |  |  |  | (6,554,754 | )
Gross profit |  |  | - |  |  |  | - |  |  |  | 15,386 |  |  |  | 3,322,170 |  |  |  | - |  |  |  | - |  |  |  | 3,337,556 |
Operating Costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mineral property expenditures |  |  | 1,444,597 |  |  |  | 38,862 |  |  |  | 1,154,402 |  |  |  | 18,534 |  |  |  | (4 | ) |  |  | 256,127 |  |  |  | 2,912,518 |
General and administrative |  |  | 1,841,397 |  |  |  | 3,720 |  |  |  | 295,310 |  |  |  | 447 |  |  |  | 841,833 |  |  |  | 10,829 |  |  |  | 2,993,536 |
Acquisition-related costs |  |  | - |  |  |  | - |  |  |  | 622,297 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 622,297 |
Depreciation, amortization and accretion |  |  | 96,446 |  |  |  | - |  |  |  | 389,452 |  |  |  | - |  |  |  | 4,029 |  |  |  | 1,371 |  |  |  | 491,298 |
Total operating costs |  |  | 3,382,440 |  |  |  | 42,582 |  |  |  | 2,461,461 |  |  |  | 18,981 |  |  |  | 845,858 |  |  |  | 268,327 |  |  |  | 7,019,649 |
Income (loss) from operations |  |  | (3,382,440 | ) |  |  | (42,582 | ) |  |  | (2,446,075 | ) |  |  | 3,303,189 |  |  |  | (845,858 | ) |  |  | (268,327 | ) |  |  | (3,682,093 | )
Other income (expenses) |  |  | (30,601 | ) |  |  | (4,611 | ) |  |  | (82,088 | ) |  |  | - |  |  |  | 11,142,028 |  |  |  | 998 |  |  |  | 11,025,726 |
Income (loss) before income taxes |  | $ | (3,413,041 | ) |  | $ | (47,193 | ) |  | $ | (2,528,163 | ) |  | $ | 3,303,189 |  |  | $ | 10,296,170 |  |  | $ | (267,329 | ) |  | $ | 7,343,633 |

|  | Three Months Ended April 30, 2021 |
|  | United States |  |  |  |  |  |  |  |  |  |  |  |  |
Statement of Operations |  | Texas |  |  | Arizona |  |  | Wyoming |  |  | Other States |  |  | Canada |  |  | Paraguay |  |  | Total |
Operating Costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mineral property expenditures |  | $ | 1,010,005 |  |  | $ | 30,996 |  |  | $ | 215,725 |  |  | $ | 16,335 |  |  | $ | 92 |  |  | $ | 205,601 |  |  | $ | 1,478,754 |
General and administrative |  |  | 2,601,113 |  |  |  | 3,720 |  |  |  | 26,513 |  |  |  | 230 |  |  |  | 645,028 |  |  |  | 9,597 |  |  |  | 3,286,201 |
Depreciation, amortization and accretion |  |  | 89,415 |  |  |  | - |  |  |  | 3,719 |  |  |  | - |  |  |  | 3,858 |  |  |  | 1,194 |  |  |  | 98,186 |
Total operating costs |  |  | 3,700,533 |  |  |  | 34,716 |  |  |  | 245,957 |  |  |  | 16,565 |  |  |  | 648,978 |  |  |  | 216,392 |  |  |  | 4,863,141 |
Loss from operations |  |  | (3,700,533 | ) |  |  | (34,716 | ) |  |  | (245,957 | ) |  |  | (16,565 | ) |  |  | (648,978 | ) |  |  | (216,392 | ) |  |  | (4,863,141 | )
Other income (expenses) |  |  | (613,705 | ) |  |  | (4,611 | ) |  |  | (2,770 | ) |  |  | - |  |  |  | 893,129 |  |  |  | - |  |  |  | 272,043 |
Loss before income taxes |  | $ | (4,314,238 | ) |  | $ | (39,327 | ) |  | $ | (248,727 | ) |  | $ | (16,565 | ) |  | $ | 244,151 |  |  | $ | (216,392 | ) |  | $ | (4,591,098 | )

26

URANIUM ENERGY CORP.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
April 30, 2022
(Unaudited – Expressed in U.S. Dollars)

|  | Nine Months Ended April 30, 2022 |
Statement of Operations |  | United States |  |  |  |  |  |  |  |  |  |
|  | Texas |  |  | Arizona |  |  | Wyoming |  |  | Other States |  |  | Canada |  |  | Paraguay |  |  | Total |
Sales and service revenue |  | $ | - |  |  | $ | - |  |  | $ | 137,235 |  |  | $ | 22,946,000 |  |  | $ | - |  |  | $ | - |  |  | $ | 23,083,235 |
Cost of sales and service revenue |  |  | - |  |  |  | - |  |  |  | (114,362 | ) |  |  | (15,688,600 | ) |  |  | - |  |  |  | - |  |  |  | (15,802,962 | )
Gross profit |  |  | - |  |  |  | - |  |  |  | 22,873 |  |  |  | 7,257,400 |  |  |  | - |  |  |  | - |  |  |  | 7,280,273 |
Operating Costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mineral property expenditures |  |  | 3,701,923 |  |  |  | 96,711 |  |  |  | 2,017,338 |  |  |  | 55,294 |  |  |  | 2,956 |  |  |  | 803,985 |  |  |  | 6,678,207 |
General and administrative |  |  | 6,925,671 |  |  |  | 11,160 |  |  |  | 479,118 |  |  |  | 1,187 |  |  |  | 2,377,353 |  |  |  | 31,196 |  |  |  | 9,825,685 |
Acquisition-related costs |  |  | - |  |  |  | - |  |  |  | 3,267,277 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,267,277 |
Depreciation, amortization and accretion |  |  | 275,701 |  |  |  | - |  |  |  | 701,293 |  |  |  | - |  |  |  | 11,534 |  |  |  | 4,190 |  |  |  | 992,718 |
Total operating costs |  |  | 10,903,295 |  |  |  | 107,871 |  |  |  | 6,465,026 |  |  |  | 56,481 |  |  |  | 2,391,843 |  |  |  | 839,371 |  |  |  | 20,763,887 |
Income (loss) from operations |  |  | (10,903,295 | ) |  |  | (107,871 | ) |  |  | (6,442,153 | ) |  |  | 7,200,919 |  |  |  | (2,391,843 | ) |  |  | (839,371 | ) |  |  | (13,483,614 | )
Other income (expenses) |  |  | (1,061,986 | ) |  |  | (14,146 | ) |  |  | (125,282 | ) |  |  | - |  |  |  | 14,475,207 |  |  |  | 2,829 |  |  |  | 13,276,622 |
Income (loss) before income taxes |  | $ | (11,965,281 | ) |  | $ | (122,017 | ) |  | $ | (6,567,435 | ) |  | $ | 7,200,919 |  |  | $ | 12,083,364 |  |  | $ | (836,542 | ) |  | $ | (206,992 | )

|  | Nine Months Ended April 30, 2021 |
Statement of Operations |  | United States |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Texas |  |  | Arizona |  |  | Wyoming |  |  | Other States |  |  | Canada |  |  | Paraguay |  |  | Total |
Operating Costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mineral property expenditures |  | $ | 2,089,848 |  |  | $ | 93,472 |  |  | $ | 485,791 |  |  | $ | 52,740 |  |  | $ | 7,663 |  |  | $ | 412,258 |  |  | $ | 3,141,772 |
General and administrative |  |  | 6,664,190 |  |  |  | 11,545 |  |  |  | 64,232 |  |  |  | 948 |  |  |  | 1,563,657 |  |  |  | 32,021 |  |  |  | 8,336,593 |
Depreciation, amortization and accretion |  |  | 268,159 |  |  |  | - |  |  |  | 11,157 |  |  |  | - |  |  |  | 13,138 |  |  |  | 2,510 |  |  |  | 294,964 |
Total operating costs |  |  | 9,022,197 |  |  |  | 105,017 |  |  |  | 561,180 |  |  |  | 53,688 |  |  |  | 1,584,458 |  |  |  | 446,789 |  |  |  | 11,773,329 |
Loss from operations |  |  | (9,022,197 | ) |  |  | (105,017 | ) |  |  | (561,180 | ) |  |  | (53,688 | ) |  |  | (1,584,458 | ) |  |  | (446,789 | ) |  |  | (11,773,329 | )
Other income (expenses) |  |  | (2,031,541 | ) |  |  | (14,146 | ) |  |  | (8,336 | ) |  |  | - |  |  |  | 804,800 |  |  |  | 5,001 |  |  |  | (1,244,222 | )
Loss before income taxes |  | $ | (11,053,738 | ) |  | $ | (119,163 | ) |  | $ | (569,516 | ) |  | $ | (53,688 | ) |  | $ | (779,658 | ) |  | $ | (441,788 | ) |  | $ | (13,017,551 | )

NOTE 17: SUBSEQUENT EVENT

On June 13, 2022, we entered into a definitive arrangement agreement (the “UEX Agreement”) pursuant to which we plan to acquire all of the issued and outstanding common shares of UEX Corporation (“UEX” – TSX: UEX) by way of statutory plan of arrangement (the “Arrangement”) under the Canada Business Corporations Act. Under the terms of the UEX Agreement, each holder of the common shares of UEX (each, a “UEX Share”) will receive 0.0831 of one share of our common stock in exchange for each UEX Share. At closing, our existing shareholders and UEX shareholders will own approximately 86.3% and 13.7%, respectively, of the Company based on our current outstanding common shares.

UEX intends to call a meeting of shareholders to be held in August 2022 to seek shareholder approval for the Arrangement (the “UEX Meeting”). Completion of the Arrangement will require:

| ● | approval of at least 66 2/3% of the votes cast by UEX shareholders at the UEX Meeting, and

| ● | approval of a simple majority of the votes cast by UEX shareholders at the UEX Meeting, excluding votes from certain management shareholders, as required under the Canadian Securities Administrators Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.

Completion of the Arrangement is also subject to the receipt of court and stock exchange approvals, and other customary closing conditions for transactions of this nature, such as Investment Canada approval. The UEX Agreement also provides for, among other things, non-solicitation covenants, with “fiduciary out” provisions that allow UEX to consider and accept a superior proposal, subject to a “right to match period” in our favor. The UEX Agreement also provides for a termination fee of $8.25 million to be paid by UEX to us if the Agreement is terminated in certain specified circumstances. In addition, under the UEX Agreement UEC has agreed to provide UEX with CA$5 million interim funding by way of a private placement of UEX Shares at a price of CA$0.43 per UEX Share or such other price as the parties may reasonably agree, subject to regulatory approval.

27

URANIUM ENERGY CORP.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
April 30, 2022
(Unaudited – Expressed in U.S. Dollars)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following management’s discussion and analysis of the Company’s financial condition and results of operations (the “MD&A”) contain forward-looking statements that involve risks, uncertainties and assumptions including, among others, statements regarding our capital needs, business plans and expectations. In evaluating these statements you should consider various factors, including the risks, uncertainties and assumptions set forth in reports and other documents we have filed with or furnished to the SEC and, including, without limitation, this Form 10-Q Quarterly Report for the nine months ended April 30, 2022, and our Form 10-K Annual Report for the fiscal year ended July 31, 2021, including the consolidated financial statements and related notes contained therein. These factors, or any one of them, may cause our actual results or actions in the future to differ materially from any forward-looking statement made in this Quarterly Report. Refer to “Cautionary Note Regarding Forward-looking Statements” as disclosed in our Form 10-K Annual Report for the fiscal year ended July 31, 2021, and Item 1A, Risk Factors, under Part II - Other Information, of this Quarterly Report.

Introduction

This MD&A is focused on material changes in our financial condition from July 31, 2021, our most recently completed year end, to April 30, 2022, and our results of operations for the three and nine months ended April 30, 2022, and should be read in conjunction with Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, as contained in our Form 10-K Annual Report for Fiscal 2021.

Business

We are predominantly engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing, on uranium projects located in the United States and Paraguay, as more fully described in our Form 10-K Annual Report for Fiscal 2021.

We utilize in-situ recovery (“ISR”) mining where possible which we believe, when compared to conventional open pit or underground mining, requires lower capital and operating expenditures with a shorter lead time to extraction and a reduced impact on the environment. We have one uranium mine located in the State of Texas, the Palangana Mine, which utilizes ISR mining and commenced extraction of U3O8, or yellowcake. We have one uranium processing facility located in the State of Texas, the Hobson Processing Facility, which processes material from the Palangana Mine into drums of U3O8, for shipping to a third-party storage and sales facility. As of April 30, 2022, we had no uranium supply or off-take agreements in place.

Our fully-licensed and 100%-owned Hobson Processing Facility forms the basis for our regional operating strategy in the State of Texas, specifically the South Texas Uranium Belt where we utilize ISR mining. We utilize a “hub-and-spoke” strategy whereby the Hobson Processing Facility acts as the central processing site (the “hub”) for the Palangana Mine and future satellite uranium mining activities, such as our Burke Hollow and Goliad Projects, located within the South Texas Uranium Belt (the “spokes”). The Hobson Processing Facility has a physical capacity to process uranium-loaded resins of up to a total of two million pounds of U3O8 annually and is licensed to process up to one million pounds of U3O8 annually.

We acquired the fully permitted Reno Creek Project in August 2017 and expanded our operations to the strategic Powder River Basin in Wyoming.

On December 17, 2021, we completed the acquisition of all the issued and outstanding shares of U1A (now UEC Wyoming Corp.) for total cash consideration of $128,494,545. The UEC Wyoming Portfolio primarily consists of 12 projects located in Wyoming, six of which are located in the Powder River Basin with four fully permitted, and six of which are located in the Great Divide Basin. The UEC Wyoming Portfolio also consists of dozens of under-explored, mineralized brownfield projects, backed by detailed databases of historic uranium exploration and development programs, thus greatly enhancing the potential for resource expansion. The U1A Acquisition creates a Wyoming hub-and-spoke operation for UEC, anchored by UEC Wyoming’s Irigaray Processing Facility with a licensed capacity of 2.5 million pounds U3O8 per year. Refer to Note 3: Acquisition of Uranium One Americas, Inc. of the Condensed Consolidated Financial Statements for the three and nine months ended April 30, 2022.

We also hold certain mineral rights in various stages of development in the States of Arizona, Colorado, New Mexico, Texas and Wyoming, in Canada and in the Republic of Paraguay, many of which are located in historically successful mining areas and have been the subject of past exploration and pre-extraction activities by other mining companies. We do not expect, however, to utilize ISR mining for all of the uranium mineral rights in which case we would expect to rely on conventional open pit and/or underground mining techniques.

28

Since we completed the acquisition of the Alto Paraná Titanium Project located in Paraguay in July 2017, we are also involved in titanium mining and related activities, including exploration, development, extraction and processing of titanium minerals such as ilmenite.

Our operating and strategic framework is based on expanding our uranium and titanium extraction activities, which include advancing certain projects with established mineralized materials towards extraction and establishing additional mineralized materials on our existing uranium and titanium projects or through the acquisition of additional projects.

Uranium Market Developments

Over the past few years, global uranium market fundamentals have been improving as the market transitions from an inventory driven to more of a production driven market. The spot market bottomed in November 2016 at about $17.75 per pound U3O8 and stood at approximately $53.00 per pound at April 30, 2022 (Ux U3O8 Daily Price). Production curtailments, mine closures from several global producers and COVID-19 pandemic related shutdowns have lowered annual uranium production over the past few years from approximately 141 million pounds in 2019 to about 123 million pounds in 2021. Global supply and demand projections show a structural deficit between production and utility requirements averaging about 40 million pounds a year over the next 10 years and increasing thereafter (UxC 2022 Q1 Uranium Market Outlook). The current gap is being filled with secondary market sources, including finite inventory that is projected to decline in coming years. As secondary supplies diminish, new production will be needed to meet utility demand and will require higher prices to stimulate new mining activity with market prices still below incentive prices for many producers. Uranium supply has become more complicated due to Russia’s invasion of Ukraine as Russia is a significant supplier of nuclear fuel around the globe. Economic sanctions, transportation restrictions, pending legislation and buyer avoidance of Russian fuel is causing a fundamental change to the nuclear fuel markets. We believe this is likely to result in a bifurcation of the uranium market, increasing an already notable supply gap for western utilities. Secondary supply is also likely to be further reduced with western enrichers reversing operations from underfeeding to overfeeding that requires more uranium to increase the production of enrichment services. While these situations are still unfolding, market analysis is pointing towards at least the U.S. utilities beginning to shift more interest in the security of supply with domestic production.

On the demand side of the equation, the global nuclear energy industry continues robust growth, with 63 new reactors connected to the grid since 2013 and another 55 reactors under construction as of May 2022 (PRIS and WNA May 2022 data). In the 2021 edition of the World Energy Outlook, the International Energy Agency's “Stated Policies Scenario” projected installed nuclear capacity growth of over 26% from 2020 to 2050 (reaching about 525 GWe). Additional upside market pressure also appears to be emerging as utilities finally return to a longer-term contracting cycle to replace expiring contracts, something the market has not experienced for several years. In a more recent market development, financial entities and various producers, including our Company, have been purchasing significant quantities of drummed uranium inventory, further removing excess near term supplies. As mentioned above, the Russian invasion of Ukraine is also a factor and is likely to increase the demand for supply from regions with less geopolitical risk.

Response to COVID-19 Pandemic

In response to the COVID-19 pandemic and for the protection of our employees, we have arranged for our teams at our Vancouver, Corpus Christi, Wyoming and Paraguay offices to work remotely. In the meantime, we continued to operate our Palangana Mine and recently acquired Christensen Ranch Mine at a reduced pace to capture residual uranium only and we continue to advance our ISR projects with engineering and geologic evaluations that support the Company’s extraction readiness strategy.

29

Results of Operations

The financial information included in the following discussion and analysis of financial condition and results of operations during the three and nine months ended April 30, 2022, compared to the same periods in Fiscal 2021, as well as the results of operations of UEC Wyoming since the closing of the U1A Acquisition on December 17, 2021.

During the three and nine months ended April 30, 2022, we recorded sales and service revenue of $9,892,310 and $23,083,235, respectively, and realized gross profit of $3,337,556 and $7,280,273, respectively. No sales and service revenues were recorded during the three and nine months ended April 30, 2021.

During the three and nine months ended April 30, 2022, we recorded net income of $7,344,738 ($0.03 per share) and net loss of $203,355 ($0.00 per share) and losses from operations of $3,682,093 and $13,483,614, respectively. For the three and nine months ended April 30, 2021, we recorded net losses of $4,590,161 ($0.02 per share) and $13,014,757 ($0.06 per share) and losses from operations of $4,863,141 and $11,773,329, respectively.

During the three and nine months ended April 30, 2022, we continued with our strategic plan for reduced operations at our Palangana Mine and, since the closing of the U1A Acquisition, we continued reduced operations at the Christensen Ranch Mine to capture residual pounds of U3O8 only. As a result, no U3O8 extraction or processing costs were capitalized to inventories during the three and nine months ended April 30, 2022.

During the nine months ended April 30, 2022, we entered into agreements to purchase 1,800,000 pounds of uranium concentrate inventories under our Physical Uranium Program and received 1,100,000 pounds of uranium concentrate inventories at a total cost of $43,699,040. As at April 30, 2022, the total carrying value of our inventories was $57,411,334 (July 31, 2021: $29,172,480).

Sales and Service Revenue

During the three and nine months ended April 30, 2022, we recorded sales of $9,800,000 and $22,946,000, respectively, from the sale of 200,000 and 500,000 pounds of uranium concentrate inventory, respectively. In addition, we recorded revenue from toll processing services of $92,310 and $137,235, respectively, which was generated from processing uranium resins according to a toll processing agreement inherited from the U1A Acquisition. As a result, we realized gross profit of $3,337,556 and $7,280,273, respectively, representing a gross profit margin of $33.7% and 31.5%, respectively. No sales and service revenues were recorded during the three and nine months ended April 30, 2021.

The table below provides a breakdown of sales and service revenue and cost of sales and services:

|  | Three Months Ended April 30, |  |  | Nine Months Ended April 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Sales of purchased uranium inventory |  | $ | 9,800,000 |  |  | $ | - |  |  | $ | 22,946,000 |  |  | $ | - |
Revenue from toll processing services |  |  | 92,310 |  |  |  | - |  |  |  | 137,235 |  |  |  | - |
Total sales and service revenue |  | $ | 9,892,310 |  |  | $ | - |  |  | $ | 23,083,235 |  |  | $ | - |
Cost of purchased uranium inventory |  | $ | (6,477,830 | ) |  | $ | - |  |  | $ | (15,688,600 | ) |  | $ | - |
Cost of toll processing services |  |  | (76,924 | ) |  |  | - |  |  |  | (114,362 | ) |  |  | - |
Total cost of sales and services |  | $ | (6,554,754 | ) |  | $ | - |  |  | $ | (15,802,962 | ) |  | $ | - |

Operating Costs

Mineral Property Expenditures

Mineral property expenditures primarily consisted of costs relating to permitting, property maintenance, exploration and pre-extraction activities and other non-extraction related activities on our projects.

30

During the three and nine months ended April 30, 2022, mineral property expenditures totaled $2,912,518 and $6,678,207, respectively, of which $895,796 and $1,334,580, respectively, were mineral property expenditures incurred on the UEC Wyoming Portfolio since December 17, 2021.

During the three and nine months ended April 30, 2022, costs directly related to maintaining operational readiness and permitting compliance for our Palangana Mine, our Hobson Processing Facility and our recently acquired Christensen Ranch Mine and Irigaray Processing Facility totaled $777,389 and $1,517,302, respectively. During the three and nine months ended April 30, 2021, mineral property expenditures totaled $1,478,754 and $3,141,772, respectively, of which $238,015 and $678,082, respectively, were directly related to maintaining operational readiness and permitting compliance for our Palangana Mine and Hobson Processing Facility.

During the nine months ended April 30, 2022, we continued the drilling campaign and drilled 89 exploration holes and cased 30 wells totaling 58,240 feet at our Burke Hollow Project.

The following table provides mineral property expenditures on our projects for the periods indicated:

|  | Three Months Ended April 30, |  |  | Nine Months Ended April 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Mineral Property Expenditures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Palangana Mine |  | $ | 299,727 |  |  | $ | 216,791 |  |  | $ | 811,443 |  |  | $ | 648,459 |
Burke Hollow Project |  |  | 938,789 |  |  |  | 626,695 |  |  |  | 2,356,485 |  |  |  | 942,311 |
Goliad Project |  |  | 42,230 |  |  |  | 51,437 |  |  |  | 171,670 |  |  |  | 168,493 |
Longhorn Project |  |  | 15,381 |  |  |  | 2,289 |  |  |  | 22,831 |  |  |  | 6,866 |
Salvo Project |  |  | 4,452 |  |  |  | 7,672 |  |  |  | 14,601 |  |  |  | 23,537 |
Anderson Project |  |  | 27,335 |  |  |  | 19,469 |  |  |  | 59,944 |  |  |  | 58,360 |
Workman Creek Project |  |  | 8,167 |  |  |  | 8,168 |  |  |  | 24,922 |  |  |  | 24,533 |
Slick Rock Project |  |  | 12,993 |  |  |  | 12,994 |  |  |  | 39,477 |  |  |  | 39,123 |
Reno Creek Project |  |  | 258,606 |  |  |  | 215,725 |  |  |  | 682,758 |  |  |  | 485,791 |
Allemand Ross Project |  |  | 90,387 |  |  |  | - |  |  |  | 139,276 |  |  |  | - |
Christensen Ranch Mine |  |  | 513,663 |  |  |  | - |  |  |  | 776,890 |  |  |  | - |
Ludeman Project |  |  | 78,680 |  |  |  | - |  |  |  | 124,957 |  |  |  | - |
Moore Ranch Project |  |  | 55,982 |  |  |  | - |  |  |  | 74,529 |  |  |  | - |
Yuty Project |  |  | 33,349 |  |  |  | 7,129 |  |  |  | 53,961 |  |  |  | 21,457 |
Oviedo Project |  |  | 145,853 |  |  |  | 109,676 |  |  |  | 468,447 |  |  |  | 256,091 |
Alto Paraná Titanium Project |  |  | 76,925 |  |  |  | 88,796 |  |  |  | 281,577 |  |  |  | 134,710 |
Other Mineral Property Expenditures |  |  | 309,999 |  |  |  | 111,913 |  |  |  | 574,439 |  |  |  | 332,041 |
|  | $ | 2,912,518 |  |  | $ | 1,478,754 |  |  | $ | 6,678,207 |  |  | $ | 3,141,772 |

General and Administrative

During the three months ended April 30, 2022, general and administrative expenses totaled $2,993,536, which decreased by $292,665 compared to $3,286,201 for the three months ended April 30, 2021, primarily due to a decrease in corporate development and investor relation expenses. During the nine months ended April 30, 2022, general and administrative expenses totaled $9,825,685, which increased by $1,489,092 compared to $8,336,593 for nine months ended April 30, 2021, primarily resulting from increases in salaries and management fees, increase in professional fees, inclusion of expenses related to UEC Wyoming’s operations and recognition of foreign exchange losses.

The following summary provides a discussion of the major expense categories including analyses of the factors that caused significant variances compared to the same period last year:

| ● | for the three and nine months ended April 30, 2022, salaries and management fees totaled $733,683 and $2,243,126, respectively, which increased by $216,800 and $980,973 compared to $516,883 and $1,262,153, respectively, for the three and nine months ended April 30, 2021, which was primarily the result of the reinstatement of salaries and management fees and corporate-wide salary increases to adjust for inflation, as well as additional salary expenses related to the recently acquired UEC Wyoming’s operations;

31

| ● | for the three months ended April 30, 2022, office, insurance, filing and listing fees, investor relations, corporate development and travel expenses totaled $1,037,074, which decreased by $344,275 compared to $1,381,349 for the three months ended April 30, 2021, which was primarily the result of a decrease in expenses related to investor relations and consulting services, offset by expenses incurred by UEC Wyoming operations. For the nine months ended April 30, 2022, office, insurance, filing and listing fees, investor relations, corporate development and travel expenses totaled $3,114,581, which increased by $362,654 compared to $2,751,927 for the nine months ended April 30, 2021, which was primarily the result of increases in expenses for office, administration and insurance and including expenses for UEC Wyoming’s operations;

| ● | for the three months ended April 30, 2022, we recorded a foreign exchange gain of $6,515, compared to a foreign exchange loss of $19,635 for the three months ended April 30, 2021. For the nine months ended April 30, 2022, we recognized foreign exchange losses of $344,653, which increased by $293,350 compared $51,303 for the nine months ended April 30, 2021, primarily as a result of foreign currency transactions;

| ● | for the three and nine months ended April 30, 2022, professional fees totaled $311,742 and $703,978, respectively, which increased by $111,135 and $197,068 compared to $200,607 and $506,910, respectively, for the three and nine months ended April 30, 2021. Professional fees are primarily comprised of legal services related to certain transactional activities and regulatory compliance, in addition to audit and tax services; and

| ● | for the three and nine months ended April 30, 2022, stock-based compensation totaled $917,552 and $3,419,347, respectively, which decreased by $250,175 and $344,953 compared to $1,167,727 and $3,764,300, respectively, for the three and nine months ended April 30, 2021. Stock-based compensation expenses included the fair value of compensation shares at the time of issuance and the amortization of the fair value of various stock awards granted in prior fiscal years using the graded vesting method.

Acquisition-related Costs

During the three and nine months ended April 30, 2022, in connection with the U1A Acquisition, we incurred acquisition-related costs of $622,297 and $3,267,277, respectively.

Depreciation, amortization and accretion

During the three and nine months ended April 30, 2022, depreciation, amortization and accretion totaled $491,298 and $992,718, respectively, which increased by $393,112 and $697,754 compared to $98,186 and $294,964 for the three and nine months ended April 30, 2021, respectively, primarily due to depreciation of the plant and equipment acquired as a result of the U1A Acquisition.

Other Income and Expenses

Interest and Finance Costs

During the three and nine months ended April 30, 2022, interest and finance costs totaled $144,519 and $1,242,233, respectively, which decreased by $491,659 and $1,114,586 compared to $636,178 and $2,356,819 for the three and nine months ended April 30, 2021, respectively.

For the three and nine months ended April 30, 2022, interest paid on long-term debt totaled $Nil and $408,889, respectively, which decreased by $274,222 and $642,222 compared to $274,222 and $1,051,111, respectively, for the three and nine months ended April 30, 2021. For the three and nine months ended April 30, 2022, amortization of debt discount totaled $Nil and $524,769, respectively, which decreased by $296,401 and $597,327 compared to $296,401 and $1,122,096 for the three and nine months ended April 30, 2021, respectively. Decreases in interest on long-term debt and amortization of debt discount were the result of the decrease in the outstanding principal amount of our long-term debt during the three and nine months ended April 30, 2022 compared to the three and nine months ended April 30, 2021.

For the three and nine months ended April 30, 2022, surety bond premiums totaled $132,879 and $273,791, respectively, which increased by $84,161 and $134,994 compared to $48,718 and $138,797, for the three and nine months ended April 30, 2021, respectively. The increase was primarily a result of assumed surety bond collateral amounts from the U1A Acquisition.

32

Income from Equity-Accounted Investment

During the three and nine months ended April 30, 2022 and 2021, income from our equity-accounted investment comprised of the following:

|  | Three Months Ended April 30, |  |  | Nine Months Ended April 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Share of income from URC |  | $ | 800,445 |  |  | $ | 456,132 |  |  | $ | 983,162 |  |  | $ | 353,440 |
Gain on dilution of ownership interest |  |  | 1,158,239 |  |  |  | 413,881 |  |  |  | 3,730,421 |  |  |  | 413,881 |
Total |  | $ | 1,958,684 |  |  | $ | 870,013 |  |  | $ | 4,713,583 |  |  | $ | 767,321 |

Debt Receivable Recovery

During the three and nine months ended April 30, 2022, we recognized a recovery of $9,171,033 and $9,171,033, respectively, on debt receivable as a result of the Anfield Debt Settlement. Refer to Note 3: Acquisition of Uranium One Americas, Inc.

Realized Gain on Available-for-Sale Security

During the nine months ended April 30, 2022, we recorded a gain of $547,152 from the sale of an available-for-sale security. No gain was recorded for the nine months ended April 30, 2021.

Summary of Quarterly Results

|  | For the Quarters Ended |
|  | April 30, 2022 |  |  | January 31, 2022 |  |  | October 31, 2021 |  |  | July 31, 2021 |
Net income (loss) |  | $ | 7,344,738 |  |  | $ | (5,474,267 | ) |  | $ | (2,073,826 | ) |  | $ | (1,799,053 | )
Total comprehensive income (loss) |  |  | 7,205,544 |  |  |  | (6,092,177 | ) |  |  | (1,930,657 | ) |  |  | (2,227,462 | )
Basic income (loss) per share |  |  | 0.03 |  |  |  | (0.02 | ) |  |  | (0.01 | ) |  |  | (0.01 | )
Diluted income (loss) per share |  |  | 0.03 |  |  |  | (0.02 | ) |  |  | (0.01 | ) |  |  | (0.01 | )
Total assets |  |  | 330,793,380 |  |  |  | 302,217,146 |  |  |  | 232,718,651 |  |  |  | 169,541,085 |

Liquidity and Capital Resources

|  | April 30, 2022 |  |  | July 31, 2021 |
Cash and cash equivalents |  | $ | 23,754,031 |  |  | $ | 44,312,780 |
Current assets |  |  | 92,802,397 |  |  |  | 75,045,362 |
Current liabilities |  |  | 4,631,428 |  |  |  | 13,269,210 |
Working capital |  |  | 88,170,969 |  |  |  | 61,776,152 |

During the nine months ended April 30, 2022, we received net proceeds of $149,200,901 from our ATM Offerings and $3,549,059 from the exercise of stock options and share purchase warrants. As at April 30, 2022, we had working capital of $88,170,969 after $113,587,952 net cash used in the U1A Acquisition and $10,000,000 repayment of our long-term debt principal. Subsequent to April 30, 2022, we received further cash proceeds of $7,309,084 under the November 2021 ATM Offering and $9,171,033 from the Anfield Debt Settlement.

As of April 30, 2022, we had uranium inventory purchase commitments of 3.4 million pounds with a total purchase price of $134.2 million, of which $49.4 million will become due in the next 12 months from the date of this Quarterly Report.

We believe our existing cash resources and, if necessary, cash generated from the sales of the Company’s uranium inventories, will provide sufficient funds to fulfill our uranium inventory purchase commitments and carry out our planned operations, including UEC Wyoming’s operations, for 12 months from the date of this Quarterly Report. Our continuation as a going concern beyond 12 months from the date of this Quarterly Report will be dependent upon our ability to obtain adequate additional financing, as our operations are capital intensive and future capital expenditures are expected to be substantial.

33

Historically we have been reliant primarily on equity financings from the sale of our common stock and on debt financings in order to fund our operations. We have also relied, to a limited extent, on cash flows generated from our mining activities during the years ended July 31, 2015 (“Fiscal 2015), 2013 (“Fiscal 2013) and 2012 (“Fiscal 2012”). During the nine months ended April 30, 2022, we received cash proceeds of $22.9 million from the sale of purchased uranium inventories under our Physical Uranium Program. However, we have yet to achieve profitability or develop positive cash flow from operations and we do not expect to achieve profitability or develop positive cash flow from operations in the near term. In the future we may also rely on cash flows generated from the sales of our uranium concentrate inventories to fund our operations. Our reliance on equity and debt financings is expected to continue for the foreseeable future, and their availability, whenever such additional financing is required, will be dependent on many factors beyond our control including, but not limited to, the market price of uranium, the continuing public support of nuclear power as a viable source of electrical generation, the volatility in the global financial markets affecting our stock price and the status of the worldwide economy, any one of which may cause significant challenges in our ability to access additional financing, including access to the equity and credit markets. We may also be required to seek other forms of financing, such as asset divestitures or joint venture arrangements, to continue advancing our uranium projects which would depend entirely on finding a suitable third party willing to enter into such an arrangement, typically involving an assignment of a percentage interest in the mineral project. However, there is no assurance that we will be successful in securing any form of additional financing when required and on terms favorable to us.

Our operations are capital intensive and future capital expenditures are expected to be substantial. We will require significant additional financing to fund our operations, including continuing with our exploration and pre-extraction activities and acquiring additional mineral projects. In the absence of such additional financing, we would not be able to fund our operations, including continuing with our exploration and pre-extraction activities, which may result in delays, curtailment or abandonment of any one or all of our mineral projects.

Our anticipated operations, including exploration and pre-extraction activities, will be dependent on and may change as a result of our financial position, the market price of uranium and other considerations, and such changes may include accelerating the pace or broadening the scope of reducing our operations as originally announced in September 2013.

Our ability to secure adequate funding for these activities will be impacted by our operating performance, other uses of cash, the market price of commodities, the market price of our common stock and other factors which may be beyond our control. Specific examples of such factors include, but are not limited to:

| ● | if the market price of uranium weakens;

| ● | if the market price of our common stock weakens;

| ● | if the COVID-19 pandemic worsens or continues over an extended period and causes further financial market uncertainty; and

| ● | if a nuclear incident, such as the events that occurred at Fukushima in March 2011, is to occur, continuing public support of nuclear power as a viable source of electrical generation may be adversely affected, which may result in significant and adverse effects on both the nuclear and uranium industries.

Our long-term success, including the recoverability of the carrying values of our assets and our ability to acquire additional mineral projects and to continue with exploration and pre-extraction activities and mining activities on our existing mineral projects, will depend ultimately on our ability to achieve and maintain profitability and positive cash flow from our operations by establishing ore bodies that contain commercially recoverable minerals and to develop these into profitable mining activities.

Equity Financings

On May 14, 2021, we entered into the May 2021 ATM Offering Agreement with H.C. Wainwright & Co., LLC and certain co-managers, under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $100 million through the ATM Managers selected by us.

On November 26, 2021, we filed the 2021 Shelf with respect to the continuation of the May 2021 ATM Offering Agreement with the ATM Managers under which we may, if eligible, from time to time, sell shares of our common stock having an aggregate offering price of up to $100 million through the ATM Managers selected by us.

During the three and nine months ended April 30, 2022, we issued 4,800,000 and 43,295,536 shares of the Company’s common stock under our 2021 ATM Offerings for net cash proceeds of $18,557,112 and $149,200,901, respectively.

34

Subsequent to April 30, 2022, we issued 2,102,000 shares of the Company’s common stock under our November 2021 ATM Offering for net cash proceeds of $7,309,084.

Credit Facility

On December 5, 2018, we entered into the Third Amended and Restated Credit Agreement with our Lenders, whereby we and the Lenders agreed to certain further amendments to our Credit Facility, under which initial funding of $10,000,000 was received by the Company upon closing of the Credit Facility on July 30, 2013, and additional funding of $10,000,000 was received by the Company upon closing of the amended Credit Facility on March 13, 2014. The Credit Facility was non-revolving with an amended term of 8.5 years since inception maturing on January 31, 2022, subject to an interest rate of 8% per annum, compounded and payable on a monthly basis. The Third Amended and Restated Credit Agreement superseded, in their entirety, our Second Amended and Restated Credit Agreement dated and effective February 9, 2016, our Amended and Restated Credit Agreement dated and effective March 13, 2014, and our Credit Agreement dated and effective July 30, 2013 with our Lenders.

During Fiscal 2021, we made voluntary payments totaling $10,000,000 to certain Lenders, which decreased the principal balance outstanding to $10,000,000 as at July 31, 2021. On January 31, 2022, we repaid the remaining principal amount of $10,000,000 to our remaining Lender, which decreased the outstanding principal balance to $Nil as at January 31, 2022 and April 30, 2022.

During the nine months ended April 30, 2022, and pursuant to the terms of the Third Amended and Restated Credit Agreement, we issued 161,594 shares with a fair value of $600,000 as payment of anniversary fees to our remaining Lender.

Operating Activities

During the nine months ended April 30, 2022, net cash used in operating activities was $37,038,495, of which $28,046,839 was for net cash used for our uranium concentrate inventory and $1,716,419 was for acquisition-related costs for the U1A Acquisition. Other significant operating expenditures included mineral property expenditures, general and administrative expenses and interest payments, as well as cash used for UEC Wyoming’s operating activities. During the nine months ended April 30, 2021, net cash used in operating activities was $35,250,208, of which $26,193,818 was for purchases of uranium inventory and the balance for mineral property expenditures, general and administrative expenses and interest payments.

Financing Activities

During the nine months ended April 30, 2022, net cash provided by financing activities totaled $142,607,235, comprised of net proceeds of $149,200,901 from the 2021 ATM Offerings and net proceeds of $3,549,059 from the exercise of stock options and share purchase warrants, offset by the $10,000,000 repayment of long-term debt principal under our Credit Facility and $142,725 in payments for a promissory note. During the nine months ended April 30, 2021, net cash provided by financing activities totaled $78,453,548, primarily from net proceeds of $83,842,281 from various share offerings, and net proceeds of $4,709,470 from the exercise of stock options and share purchase warrants, which were offset by $10,000,000 in the voluntary payment to our Lenders under our Credit Facility, and payments of $98,203 for other loans.

Investing Activities

During the nine months ended April 30, 2022, net cash used by investing activities totaled $114,127,071, comprised of net cash used in the U1A Acquisition of $113,587,952, cash used in investment in an available-for-sale security of $9,433,068, cash used for investment in mineral rights and properties of $589,901, and cash used for the purchase of property, plant and equipment of $515,520, offset by cash proceeds of $9,980,220 from sales of an available-for-sale security and $19,150 from the disposition of assets. During the nine months ended April 30, 2021, net cash used by investing activities totaled $4,222,266, primarily for cash used for the investment in term deposits of $10,000,000, cash used for the purchase of property, plant and equipment of $142,266, and cash used for investment in mineral rights and properties of $80,000, offset by cash received from the redemption of term deposits of $6,000,000.

35

Stock Options and Warrants

As of April 30, 2022, we had stock options outstanding representing 7,881,351 shares at a weighted-average exercise price of $1.21 per share, and share purchase warrants outstanding representing 3,982,779 shares at a weighted-average exercise price of $1.91 per share. As of April 30, 2022, outstanding stock options and warrants, which are all in-the-money, represented a total 11,864,130 shares issuable for gross proceeds of approximately $17.0 million should these stock options and warrants be exercised in full on a cash basis. The exercise of stock options and warrants is at the discretion of the respective holders and, accordingly, there is no assurance that any of the stock options or warrants will be exercised in the future.

Transactions with a Related Party

During the three and nine months ended April 30, 2022, we incurred $1,586 and $5,961, respectively, and for the three and nine months ended April 30, 2021: $17,900 and $52,041, respectively, in general and administrative costs paid to Blender, a company controlled by Arash Adnani, a direct family member of our President and Chief Executive Officer, for various services, including information technology, financial subscriptions, corporate branding, media, website design, maintenance and hosting, provided by Blender to the Company.

As at April 30, 2022, the amount owing to Blender was $Nil (July 31, 2021: $843).

Material Commitments

Uranium Purchase Commitments

During the nine months ended April 30, 2022, we entered into agreements to purchase 1,800,000 pounds of uranium concentrate inventories under our Physical Uranium Program.

Our uranium concentrate purchase commitments at the date of this Quarterly Report are as follows:

|  | Purchase Commitments in Pounds |  |  | Total Purchase Price |
Fiscal 2022 |  |  | - |  |  | $ | - |
Fiscal 2023 |  |  | 1,605,000 |  |  |  | 59,509,000 |
Fiscal 2024 |  |  | 895,000 |  |  |  | 38,913,250 |
Fiscal 2025 |  |  | 600,000 |  |  |  | 23,120,000 |
Fiscal 2026 |  |  | 100,000 |  |  |  | 3,620,000 |
Total |  |  | 3,200,000 |  |  | $ | 125,162,250 |

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Critical Accounting Policies

Business Combination

We recognize and measure the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date, while transaction costs related to business combinations are expensed as incurred. An income, market or cost valuation method may be utilized to estimate the fair value of the assets acquired, liabilities assumed, if any, in a business combination. The income valuation method represents the present value of future cash flows over the life of the asset using: (i) discrete financial forecasts, which rely on management’s estimates of resource quantities and exploration potential, costs to produce and develop resources, revenues, and operating expenses; (ii) appropriate discount rates; and (iii) expected future capital requirements . The market valuation method uses prices paid for a similar asset by other purchasers in the market, normalized for any differences between the assets . The cost valuation method is based on the replacement cost of a comparable asset at the time of the acquisition adjusted for depreciation and economic and functional obsolescence of the asset. If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, an estimate will be recorded. Subsequent to the acquisition date, and not later than one year from the acquisition date, we will record any material adjustments to the initial estimate based on new information obtained that would have existed as of the date of the acquisition. Any adjustment that arises from information obtained that did not exist as of the date of the acquisition will be recorded in the period the adjustments arises.

36

For a complete summary of all of our significant accounting policies refer to Note 2: Summary of Significant Accounting Policies of the Notes to the consolidated financial statements as presented under Item 8, Financial Statements and Supplementary Data, in our Annual Report on Form 10-K for Fiscal 2021.

Refer to “Critical Accounting Policies” under Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, in our Annual Report on Form 10-K for Fiscal 2021.

Subsequent Events

Subsequent to April 30, 2022, we issued 2,102,000 shares of the Company’s common stock under our November 2021 ATM Offering for net cash proceeds of $7,309,084.

Subsequent to April 30, 2022, we received 200,000 pounds of uranium concentrate inventories at a total purchase price of $9,080,000 under our Physical Uranium Program.

On June 7, 2022, we closed the Anfield Debt Settlement whereby we received $9,171,033 in cash and 96,272,918 Anfield Units. Additionally, we completed the Swap Agreement whereby we will receive from Anfield 25 ISR uranium projects located in Wyoming in exchange for UEC’s Slick Rock and Long Park projects located in Colorado. Refer to Note 3: Acquisition of Uranium One Americas, Inc. to the Condensed Consolidated Financial Statements herein.

On June 13, 2022, we entered into the UEX Agreement pursuant to which we plan to acquire all of the issued and outstanding common shares of UEX by way of statutory plan of arrangement under the Canada Business Corporations Act. Under the terms of the UEX Agreement, each holder of UEX Share will receive 0.0831 of one share of our common stock in exchange for each UEX Share. Refer to Note 17: Subsequent Event to the Condensed Consolidated Financial Statements herein.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Refer to Item 7A. Quantitative and Qualitative Disclosures About Market Risk in our Annual Report on Form 10-K for Fiscal 2021.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Principal Executive Officer and Principal Financial Officer, has evaluated the effectiveness of our internal controls over financial reporting and disclosure controls and procedures (as such terms are defined in Rules 13a-15(e) and 15d-15(e) under the United States Securities Exchange Act of 1933, as amended (the “Exchange Act”)) and, as of the end of the period covered by this Quarterly Report, our Principal Executive Officer and Principal Financial Officer have concluded that, as of the end of the period covered by this Quarterly Report, our disclosure controls and procedures were effective.

It should be noted that any system of controls is based in part upon certain assumptions designed to obtain reasonable (and not absolute) assurance as to its effectiveness, and there can be no assurance that any design will succeed in achieving its stated goals.

Changes in Internal Controls

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during our fiscal quarter ended April 30, 2022, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

37

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

As of the date of this Quarterly Report, other than as disclosed below, there are no material pending legal proceedings, other than ordinary routine litigation incidental to our business, to which the Company or any of its subsidiaries is a party or of which any of their property is subject, and no director, officer, affiliate or record or beneficial owner of more than 5% of our common stock, or any associate or any such director, officer, affiliate or security holder is: (i) a party adverse to us or any of our subsidiaries in any legal proceeding; or (ii) has an adverse interest to us or any of our subsidiaries in any legal proceeding. Other than as disclosed below, management is not aware of any other material legal proceedings pending or that have been threatened against us or our properties.

On or about March 9, 2011, the Texas Commission on Environmental Quality (the “TCEQ”) granted the Company’s applications for a Class III Injection Well Permit, Production Area Authorization and Aquifer Exemption for its Goliad Project. On or about December 4, 2012, the U.S. Environmental Protection Agency (the “EPA”) concurred with the TCEQ issuance of the Aquifer Exemption permit (the “AE”). With the receipt of this concurrence, the final authorization required for uranium extraction, the Goliad Project achieved fully-permitted status. On or about May 24, 2011, a group of petitioners, inclusive of Goliad County, appealed the TCEQ action to the 250th District Court in Travis County, Texas. A motion filed by the Company to intervene in this matter was granted. The petitioners’ appeal lay dormant until on or about June 14, 2013, when the petitioners filed their initial brief in support of their position. On or about January 18, 2013, a different group of petitioners, exclusive of Goliad County, filed a petition for review with the Court of Appeals for the Fifth Circuit in the United States (the “Fifth Circuit”) to appeal the EPA’s decision. On or about March 5, 2013, a motion filed by the Company to intervene in this matter was granted. The parties attempted to resolve both appeals, to facilitate discussions and avoid further legal costs. The parties jointly agreed, through mediation initially conducted through the Fifth Circuit on or about August 8, 2013, to abate the proceedings in the State District Court. On or about August 21, 2013, the State District Court agreed to abate the proceedings. The EPA subsequently filed a motion to remand without vacatur with the Fifth Circuit wherein the EPA’s stated purpose was to elicit additional public input and further explain its rationale for the approval. In requesting the remand without vacatur, which would allow the AE to remain in place during the review period, the EPA denied the existence of legal error and stated that it was unaware of any additional information that would merit reversal of the AE. The Company and the TCEQ filed a request to the Fifth Circuit for the motion to remand without vacatur, and if granted, to be limited to a 60-day review period. On December 9, 2013, by way of a procedural order from a three-judge panel of the Fifth Circuit, the Court granted the remand without vacatur and initially limited the review period to 60 days. In March of 2014, at the EPA’s request, the Fifth Circuit extended the EPA’s time period for review and additionally, during that same period, the Company conducted a joint groundwater survey of the site, the result of which reaffirmed the Company’s previously filed groundwater direction studies. On or about June 17, 2014, the EPA reaffirmed its earlier decision to uphold the granting of the Company’s existing AE, with the exception of a northwestern portion containing less than 10% of the uranium resource which was withdrawn, but not denied, from the AE area until additional information is provided in the normal course of mine development. On or about September 9, 2014, the petitioners filed a status report with the State District Court which included a request to remove the stay agreed to in August 2013 and to set a briefing schedule (the “Status Report”). In that Status Report the petitioners also stated that they had decided not to pursue their appeal at the Fifth Circuit. The Company continues to believe that the pending appeal is without merit and is continuing as planned towards uranium extraction at its fully-permitted Goliad Project.

The Company has had communications and filings with the Ministry of Public Works and Communications (the “MOPC”), the mining regulator in Paraguay, whereby the MOPC is taking the position that certain concessions forming part of the Company’s Yuty Project and Alto Parana Project are not eligible for extension as to exploration or continuation to exploitation in their current stages. While we remain fully committed to its development path forward in Paraguay, we have filed certain applications and appeals in Paraguay to reverse the MOPC’s position in order to protect the Company’s continuing rights in those concessions.

Item 1A. Risk Factors

In addition to the information contained in our Annual Report on Form 10-K for Fiscal 2021, and this Quarterly Report on Form 10-Q, we have identified the following material risks and uncertainties which reflect our outlook and conditions known to us as of the date of this Quarterly Report. These material risks and uncertainties should be carefully reviewed by our stockholders and any potential investors in evaluating the Company, our business and the market value of our common stock. Furthermore, any one of these material risks and uncertainties has the potential to cause actual results, performance, achievements or events to be materially different from any future results, performance, achievements or events implied, suggested or expressed by any forward-looking statements made by us or by persons acting on our behalf. Refer to “Cautionary Note Regarding Forward-looking Statements” as disclosed in our Annual Report on Form 10-K for Fiscal 2021.

38

There is no assurance that we will be successful in preventing the material adverse effects that any one or more of the following material risks and uncertainties may cause on our business, prospects, financial condition and operating results, which may result in a significant decrease in the market price of our common stock. Furthermore, there is no assurance that these material risks and uncertainties represent a complete list of the material risks and uncertainties facing us. There may be additional risks and uncertainties of a material nature that, as of the date of this Quarterly Report, we are unaware of or that we consider immaterial that may become material in the future, any one or more of which may result in a material adverse effect on us. You could lose all or a significant portion of your investment due to any one of these material risks and uncertainties.

Risks Related to Our Company and Business

Evaluating our future performance may be difficult since we have a limited financial and operating history, with significant negative operating cash flow and accumulated deficit to date. Our long-term success will depend ultimately on our ability to achieve and maintain profitability and to develop positive cash flow from our mining activities.

As more fully described under Item 1, Business, in our Annual Report on Form 10-K for Fiscal 2021, Uranium Energy Corp. was incorporated under the laws of the State of Nevada on May 16, 2003 and, since 2004, we have been engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing, on projects located in the United States, Canada and the Republic of Paraguay. In November 2010, we commenced uranium extraction for the first time at our Palangana Mine utilizing ISR methods and processed those materials at our Hobson Processing Facility into drums of U3O8. We also hold uranium projects in various stages of exploration and pre-extraction in the States of Arizona, Colorado, New Mexico, Texas and Wyoming, in Canada and the Republic of Paraguay. Since we completed the acquisition of our Alto Paraná Project located in the Republic of Paraguay in July 2017, we are also involved in mining and related activities, including exploration, pre-extraction, extraction and processing of titanium minerals.

As more fully described under “Liquidity and Capital Resources” of Item 2, Management’s Discussion and Analysis of Financial Condition and Result of Operations herein, we have a history of significant negative cash flow and net losses, with an accumulated deficit balance of $291.8 million as of April 30, 2022. Historically, we have been reliant primarily on equity financings from the sale of our common stock and on debt financing in order to fund our operations. Although we generated revenues from sales of U3O8 we produced during Fiscal 2015, Fiscal 2013 and Fiscal 2012 of $3.1 million, $9.0 million and $13.8 million, respectively, and generated revenues from sales of purchased uranium inventories and toll processing services totaling $23.1 million during the nine months ended April 30, 2022, we have yet to achieve profitability or develop positive cash flow from our operations, and we do not expect to achieve profitability or develop positive cash flow from operations in the near term. As a result of our limited financial and operating history, including our significant negative cash flow from operations and net losses to date, it may be difficult to evaluate our future performance.

As of April 30, 2022, we had working capital of $88.2 million including cash and cash equivalents of $23.8 million and uranium inventory holdings of $57.0 million. Subsequent to April 30, 2022, we received further cash proceeds of $7.3 million under the November 2021 ATM Offering and $9.2 million from the Anfield Debt Settlement. We believe our existing cash resources and, if necessary, cash generated from the sale of the Company’s uranium inventories, will provide sufficient funds to carry out our planned operations for 12 months from the date of this Quarterly Report. Our continuation as a going concern beyond those 12 months will be dependent upon our ability to obtain adequate additional financing as our operations are capital intensive and future capital expenditures are expected to be substantial. Our continued operations, including the recoverability of the carrying values of our assets, are dependent ultimately on our ability to achieve and maintain profitability and positive cash flow from our operations.

Our reliance on equity and debt financings is expected to continue for the foreseeable future, and their availability whenever such additional financing is required will be dependent on many factors beyond our control including, but not limited to, the market price of uranium, the continuing public support of nuclear power as a viable source of electrical generation, the volatility in the global financial markets affecting our stock price and the status of the worldwide economy, any one of which may cause significant challenges in our ability to access additional financing, including access to the equity and credit markets. We may also be required to seek other forms of financing, such as asset divestitures or joint venture arrangements, to continue advancing our projects which would depend entirely on finding a suitable third party willing to enter into such an arrangement, typically involving an assignment of a percentage interest in the mineral project.

39

Our long-term success, including the recoverability of the carrying values of our assets and our ability to acquire additional uranium projects and continue with exploration and pre-extraction activities and mining activities on our existing uranium projects, will depend ultimately on our ability to achieve and maintain profitability and positive cash flow from our operations by establishing ore bodies that contain commercially recoverable uranium and to develop these into profitable mining activities. The economic viability of our mining activities, including the expected duration and profitability of our Palangana Mine and of any future satellite ISR mines, such as our Burke Hollow and Goliad Projects, located within the South Texas Uranium Belt, our Christensen Ranch Mine and Reno Creek Project located in the Powder River Basin, Wyoming, and our projects in Canada and in the Republic of Paraguay, have many risks and uncertainties. These include, but are not limited to: (i) a significant, prolonged decrease in the market price of uranium and titanium minerals; (ii) difficulty in marketing and/or selling uranium concentrates; (iii) significantly higher than expected capital costs to construct a mine and/or processing plant; (iv) significantly higher than expected extraction costs; (v) significantly lower than expected mineral extraction; (vi) significant delays, reductions or stoppages of uranium extraction activities; and (vii) the introduction of significantly more stringent regulatory laws and regulations. Our mining activities may change as a result of any one or more of these risks and uncertainties and there is no assurance that any ore body that we extract mineralized materials from will result in achieving and maintaining profitability and developing positive cash flow.

Our operations are capital intensive and we will require significant additional financing to acquire additional mineral projects and continue with our exploration and pre-extraction activities on our existing projects.

Our operations are capital intensive and future capital expenditures are expected to be substantial. We will require significant additional financing to fund our operations, including acquiring additional mineral projects and continuing with our exploration and pre-extraction activities which include assaying, drilling, geological and geochemical analysis and mine construction costs. In the absence of such additional financing we would not be able to fund our operations or continue with our exploration and pre-extraction activities, which may result in delays, curtailment or abandonment of any one or all of our projects.

Our uranium extraction and sales history is limited. Our ability to generate revenue is subject to a number of factors, any one or more of which may adversely affect our financial condition and operating results.

During the nine months ended April 30, 2022, we continued to operate our Palangana Mine and our recently acquired Christensen Ranch Mine at a reduced pace since implementing our strategic plan in September 2013 to align our operations to a weak uranium commodity market in a challenging post-Fukushima environment. This strategy has included the deferral of major pre-extraction expenditures and remaining in a state of operational readiness in anticipation of a recovery in uranium prices. Our ability to generate revenue from our ISR Mines is subject to a number of factors which include, but are not limited to: (i) a significant, prolonged decrease in the market price of uranium; (ii) difficulty in marketing and/or selling uranium concentrates; (iii) significantly higher than expected extraction costs; (iv) significantly lower than expected uranium extraction; (v) significant delays, reductions or stoppages of uranium extraction activities; and (vi) the introduction of significantly more stringent regulatory laws and regulations. Furthermore, continued mining activities at our ISR Mines will eventually deplete the mines or cause such activities to become uneconomical, and if we are unable to directly acquire or develop existing uranium projects, such as our Moor Ranch, Reno Creek, Burke Hollow and Goliad Projects, into additional uranium mines from which we can commence uranium extraction, it will negatively impact our ability to generate revenues. Any one or more of these occurrences may adversely affect our financial condition and operating results.

40

Exploration and pre-extraction programs and mining activities are inherently subject to numerous significant risks and uncertainties, and actual results may differ significantly from expectations or anticipated amounts. Furthermore, exploration programs conducted on our projects may not result in the establishment of ore bodies that contain commercially recoverable uranium.

Exploration and pre-extraction programs and mining activities are inherently subject to numerous significant risks and uncertainties with many beyond our control and including, but not limited to: (i) unanticipated ground and water conditions and adverse claims to water rights; (ii) unusual or unexpected geological formations; (iii) metallurgical and other processing problems; (iv) the occurrence of unusual weather or operating conditions and other force majeure events; (v) lower than expected ore grades; (vi) industrial accidents; (vii) delays in the receipt of or failure to receive necessary government permits; (viii) delays in transportation; (ix) availability of contractors and labor; (x) government permit restrictions and regulation restrictions; (xi) unavailability of materials and equipment; and (xii) the failure of equipment or processes to operate in accordance with specifications or expectations. These risks and uncertainties could result in: (i) delays, reductions or stoppages in our mining activities; (ii) increased capital and/or extraction costs; (iii) damage to, or destruction of, our mineral projects, extraction facilities or other properties; (iv) personal injuries; (v) environmental damage; (vi) monetary losses; and (vii) legal claims.

Success in mineral exploration is dependent on many factors, including, without limitation, the experience and capabilities of a company’s management, the availability of geological expertise and the availability of sufficient funds to conduct the exploration program. Even if an exploration program is successful and commercially recoverable material is established, it may take a number of years from the initial phases of drilling and identification of the mineralization until extraction is possible, during which time the economic feasibility of extraction may change such that the material ceases to be economically recoverable. Exploration is frequently non-productive due, for example, to poor exploration results or the inability to establish ore bodies that contain commercially recoverable material, in which case the project may be abandoned and written-off. Furthermore, we will not be able to benefit from our exploration efforts and recover the expenditures that we incur on our exploration programs if we do not establish ore bodies that contain commercially recoverable material and develop these projects into profitable mining activities, and there is no assurance that we will be successful in doing so for any of our projects.

Whether an ore body contains commercially recoverable material depends on many factors including, without limitation: (i) the particular attributes, including material changes to those attributes, of the ore body such as size, grade, recovery rates and proximity to infrastructure; (ii) the market price of uranium, which may be volatile; and (iii) government regulations and regulatory requirements including, without limitation, those relating to environmental protection, permitting and land use, taxes, land tenure and transportation.

We have not established proven or probable reserves through the completion of a “final” or “bankable” feasibility study for any of our projects, including our ISR Mines. Furthermore, we have no plans to establish proven or probable reserves for any of our uranium projects for which we plan on utilizing ISR mining. Since we commenced extraction of mineralized materials from our ISR Mines without having established proven or probable reserves, it may result in our mining activities at our ISR Mines, and at any future projects for which proven or probable reserves are not established, being inherently riskier than other mining activities for which proven or probable reserves have been established.

We have established the existence of mineralized materials for certain of our projects, including our IRS Mines. We have not established proven or probable reserves, as defined by the SEC, through the completion of a “final” or “bankable” feasibility study for any of our projects. Furthermore, we have no plans to establish proven or probable reserves for any of our projects for which we plan on utilizing ISR mining. Since we commenced uranium extraction at our ISR Mines without having established proven or probable reserves, there may be greater inherent uncertainty as to whether or not any mineralized material can be economically extracted as originally planned and anticipated. Any mineralized materials established or extracted from our ISR Mines should not in any way be associated with having established or produced from proven or probable reserves.

On October 31, 2018, the SEC adopted the Modernization of Property Disclosures for Mining Registrants (the “New Rule”), introducing significant changes to the existing mining disclosure framework to better align it with international industry and regulatory practice, including NI 43-101. The New Rule became effective as of February 25, 2019, and issuers are required to comply with the New Rule as of the annual report for their first fiscal year beginning on or after January 1, 2021, and earlier in certain circumstances. The Company does not anticipate needing to comply with the New Rule until the filing of our annual report for the fiscal year ending July 31, 2022 and, at this time, the Company does not know the full effect of the New Rule on its mineral resources and, therefore, the disclosure related to the Company’s mineral resources may be significantly different when computed using the requirements set forth in the New Rule.

41

Since we are in the Exploration Stage, pre-production expenditures including those related to pre-extraction activities are expensed as incurred, the effects of which may result in our consolidated financial statements not being directly comparable to the financial statements of companies in the Production Stage.

Despite the fact that we commenced uranium extraction at our ISR Mines, we remain in the Exploration Stage, as defined by the SEC, and will continue to remain in the Exploration Stage until such time proven or probable reserves have been established, which may never occur. We prepare our consolidated financial statements in accordance with U.S. GAAP under which acquisition costs of mineral rights are initially capitalized as incurred while pre-production expenditures are expensed as incurred until such time we exit the Exploration Stage. Expenditures relating to exploration activities are expensed as incurred and expenditures relating to pre-extraction activities are expensed as incurred until such time proven or probable reserves are established for that uranium project, after which subsequent expenditures relating to mine development activities for that particular project are capitalized as incurred.

We have neither established nor have any plans to establish proven or probable reserves for our uranium projects for which we plan on utilizing ISR mining. Companies in the Production Stage as defined by the SEC, having established proven and probable reserves and exited the Exploration Stage, typically capitalize expenditures relating to ongoing development activities, with corresponding depletion calculated over proven and probable reserves using the units-of-production method and allocated to inventory and, as that inventory is sold, to cost of goods sold. As we are in the Exploration Stage it has resulted in us reporting larger losses than if we had been in the Production Stage due to the expensing, instead of capitalization, of expenditures relating to ongoing processing facility and mine pre-extraction activities. Additionally, there would be no corresponding amortization allocated to our future reporting periods since those costs would have been expensed previously, resulting in both lower inventory costs and cost of goods sold and results of operations with higher gross profits and lower losses than if we had been in the Production Stage. Any capitalized costs, such as acquisition costs of mineral rights, are depleted over the estimated extraction life using the straight-line method. As a result, our consolidated financial statements may not be directly comparable to the financial statements of companies in the Production Stage.

Estimated costs of future reclamation obligations may be significantly exceeded by actual costs incurred in the future. Furthermore, only a portion of the financial assurance required for the future reclamation obligations has been funded.

We are responsible for certain remediation and decommissioning activities in the future primarily for our Hobson Processing Facility, our Palangana Mine and our recently acquired Christensen Ranch Mine and Irigaray Processing Facility, and have recorded a liability of $17.1 million on our balance sheets as at April 30, 2022, to recognize the present value of the estimated costs of such reclamation obligations. Should the actual costs to fulfill these future reclamation obligations materially exceed these estimated costs, it may have an adverse effect on our financial condition and operating results, including not having the financial resources required to fulfill such obligations when required to do so.

During Fiscal 2015 we secured $5.6 million of surety bonds as an alternate source of financial assurance for the estimated costs of the reclamation obligations of our Hobson Processing Facility and Palangana Mine, of which we have $1.7 million funded and held as restricted cash for collateral purposes as required by the surety. In connection with the U1A Acquisition, we assumed $13.7 million of restricted cash as surety bond collateral for total estimated reclamation costs of $18.6 million for the Christensen Ranch Mine and Irigaray Processing Facility. We may be required at any time to fund the remaining $8.8 million or any portion thereof for a number of reasons including, but not limited to, the following: (i) the terms of the surety bonds are amended, such as an increase in collateral requirements; (ii) we are in default with the terms of the surety bonds; (iii) the surety bonds are no longer acceptable as an alternate source of financial assurance by the regulatory authorities; or (iv) the surety encounters financial difficulties. Should any one or more of these events occur in the future, we may not have the financial resources to fund the remaining amount or any portion thereof when required to do so.

We cannot provide any assurance that our Physical Uranium Program involving the strategic acquisition of physical uranium will be successful, which may have an adverse effect on our results of operations.

We have used or allocated a large portion of our cash on hand in order to fund the acquisition of drummed uranium. This strategy will be subject to a number of risks and there is no assurance that the strategy will be successful. Future deliveries are subject to performance by other parties and there is a possibility of default by those parties, thus depriving us of potential benefits.

Due to the fluctuation of uranium prices, the price of uranium will fluctuate and we will be subject to losses should we ultimately determine to sell the uranium at prices lower than the acquisition cost. The primary risks associated with physical uranium will be the normal risks associated with supply and demand fundamentals affecting price movements.

42

We may be required to sell a portion or all of the physical uranium accumulated to fund our operations should other forms of financing not be available to meet our capital requirements.

Since there is no public market for uranium, selling the uranium may take extended periods of time and suitable purchasers may be difficult to find, which could have a material adverse effect on our financial condition and may have a material adverse effect on our securities.

There is no public market for the sale of uranium, although there are several trading and brokerage houses that serve the industry with bid and ask data as well as locations and quantities. The uranium futures market on the New York Mercantile Exchange does not provide for physical delivery of uranium, only cash on settlement, and that trading forum does not offer a formal market but rather facilitates the introduction of buyers to sellers.

The pool of potential purchasers and sellers is limited, and each transaction may require the negotiation of specific provisions. Accordingly, a sale may take several weeks or months to complete. If we determine to sell any physical uranium that we have acquired, we may likewise experience difficulties in finding purchasers that are able to accept a material quantity of physical uranium at a price and at a location that is compatible with our interests. The inability to sell on a timely basis in sufficient quantities and at a desired price and location could have a material adverse effect on our securities.

As part of our Physical Uranium Program, we have entered into commitments to purchase U3O8 and may purchase additional quantities. There is no certainty that any future purchases contemplated by us will be completed.

Storage arrangements, including the extension of storage arrangements, along with credit and operational risks of uranium storage facilities may result in the loss or damage of our physical uranium which may not be covered by insurance or indemnity provisions and could have a material adverse effect on our financial condition.

Currently, the uranium we purchased will be stored at the licensed uranium conversion facility of ConverDyn owned by Honeywell. There can be no assurance that storage arrangements that have been negotiated will be extended indefinitely, forcing actions or costs not currently contemplated. Failure to negotiate commercially reasonable storage terms for a subsequent storage period with ConverDyn may have a material adverse effect on our financial condition.

By holding our uranium inventories at the ConverDyn conversion facility we are exposed to the credit and operational risks of the facility. There is no guarantee that we can fully recover all of our investment in uranium held with the facility in the event of a disruptive event. Failure to recover all uranium holdings could have a material adverse effect on our financial condition. Any loss or damage of the uranium may not be fully covered or absolved by contractual arrangements with ConverDyn or our insurance arrangements, and we may be financially and legally responsible for losses and/or damages not covered by indemnity provisions or insurance. Such responsibility could have a material adverse effect on our financial condition.

The uranium industry is subject to influential political and regulatory factors which could have a material adverse effect on our business and financial condition.

The international uranium industry, including the supply of uranium concentrates, is relatively small, competitive and heavily regulated. Worldwide demand for uranium is directly tied to the demand for electricity produced by the nuclear power industry, which is also subject to extensive government regulation and policies. In addition, the international marketing and trade of uranium is subject to political changes in governmental policies, regulatory requirements, and international trade restrictions (including trade agreements, customs, duties and/or taxes). International agreements, governmental policies and trade restrictions are beyond our control. Changes in regulatory requirements, customs, duties or taxes may affect the availability of uranium, which could have a material adverse effect on our business and financial condition.

43

We do not insure against all of the risks we face in our operations.

In general, where coverage is available and not prohibitively expensive relative to the perceived risk, we will maintain insurance against such risk, subject to exclusions and limitations. We currently maintain insurance against certain risks including securities and general commercial liability claims and certain physical assets used in our operations, subject to exclusions and limitations, however, we do not maintain insurance to cover all of the potential risks and hazards associated with our operations. We may be subject to liability for environmental, pollution or other hazards associated with our exploration, pre-extraction and extraction activities, which we may not be insured against, which may exceed the limits of our insurance coverage or which we may elect not to insure against because of high premiums or other reasons. Furthermore, we cannot provide assurance that any insurance coverage we currently have will continue to be available at reasonable premiums or that such insurance will adequately cover any resulting liability.

Acquisitions that we may make from time to time could have an adverse impact on us.

From time to time we examine opportunities to acquire additional mining assets and businesses. Any acquisition that we may choose to complete may be of a significant size, may change the scale of our business and operations, and may expose us to new geographic, political, operating, financial and geological risks. Our success in our acquisition activities depends on our ability to identify suitable acquisition candidates, negotiate acceptable terms for any such acquisition, and integrate the acquired operations successfully with those of our Company. Any acquisitions would be accompanied by risks which could have a material adverse effect on our business. For example: (i) there may be a significant change in commodity prices after we have committed to complete the transaction and established the purchase price or exchange ratio; (ii) a material ore body may prove to be below expectations; (iii) we may have difficulty integrating and assimilating the operations and personnel of any acquired companies, realizing anticipated synergies and maximizing the financial and strategic position of the combined enterprise, and maintaining uniform standards, policies and controls across the organization; (iv) the integration of the acquired business or assets may disrupt our ongoing business and our relationships with employees, customers, suppliers and contractors; and (v) the acquired business or assets may have unknown liabilities which may be significant. In the event that we choose to raise debt capital to finance any such acquisition, our leverage will be increased. If we choose to use equity as consideration for such acquisition, existing shareholders may suffer dilution. Alternatively, we may choose to finance any such acquisition with our existing resources. There can be no assurance that we would be successful in overcoming these risks or any other problems encountered in connection with such acquisitions.

The uranium and titanium industries are subject to numerous stringent laws, regulations and standards, including environmental protection laws and regulations. If any changes occur that would make these laws, regulations and standards more stringent, it may require capital outlays in excess of those anticipated or cause substantial delays, which would have a material adverse effect on our operations.

Uranium and titanium exploration and pre-extraction programs and mining activities are subject to numerous stringent laws, regulations and standards at the federal, state and local levels governing permitting, pre-extraction, extraction, exports, taxes, labor standards, occupational health, waste disposal, protection and reclamation of the environment, protection of endangered and protected species, mine safety, hazardous substances and other matters. Our compliance with these requirements requires significant financial and personnel resources.

The laws, regulations, policies or current administrative practices of any government body, organization or regulatory agency in the United States or any other applicable jurisdiction, may change or be applied or interpreted in a manner which may also have a material adverse effect on our operations. The actions, policies or regulations, or changes thereto, of any government body or regulatory agency or special interest group, may also have a material adverse effect on our operations.

Uranium and titanium exploration and pre-extraction programs and mining activities are subject to stringent environmental protection laws and regulations at the federal, state and local levels. These laws and regulations include permitting and reclamation requirements, regulate emissions, water storage and discharges and disposal of hazardous wastes. Uranium mining activities are also subject to laws and regulations which seek to maintain health and safety standards by regulating the design and use of mining methods. Various permits from governmental and regulatory bodies are required for mining to commence or continue, and no assurance can be provided that required permits will be received in a timely manner.

44

Our compliance costs, including the posting of surety bonds associated with environmental protection laws and regulations and health and safety standards have been significant to date and are expected to increase in scale and scope as we expand our operations in the future. Furthermore, environmental protection laws and regulations may become more stringent in the future, and compliance with such changes may require capital outlays in excess of those anticipated or cause substantial delays, which would have a material adverse effect on our operations.

While the very heart of our business – uranium extraction, which is the fuel for carbon-free, emission-free baseload nuclear power – and our recycling programs, help address global climate change and reduce air pollution, the world’s focus on addressing climate change will require the Company to continue to conduct all of its operations in a manner that minimizes the use of resources, including the unnecessary use of energy resources, in order to continue to minimize air emissions at our facilities, which can also increase mine and facility, construction, development and operating costs. Regulatory and environmental standards may also change over time to address global climate change, which could further increase these costs.

To the best of our knowledge, our operations are in compliance, in all material respects, with all applicable laws, regulations and standards. If we become subject to liability for any violations, we may not be able or may elect not to insure against such risk due to high insurance premiums or other reasons. Where coverage is available and not prohibitively expensive relative to the perceived risk, we will maintain insurance against such risk, subject to exclusions and limitations. However, we cannot provide any assurance that such insurance will continue to be available at reasonable premiums or that such insurance will be adequate to cover any resulting liability.

We may not be able to obtain, maintain or amend rights, authorizations, licenses, permits or consents required for our operations.

Our exploration and mining activities are dependent upon the grant of appropriate rights, authorizations, licences, permits and consents, as well as continuation and amendment of these rights, authorizations, licences, permits and consents already granted, which may be granted for a defined period of time, or may not be granted or may be withdrawn or made subject to limitations. There can be no assurance that all necessary rights, authorizations, licences, permits and consents will be granted to us, or that authorizations, licences, permits and consents already granted will not be withdrawn or made subject to limitations.

Major nuclear and global market incidents may have adverse effects on the nuclear and uranium industries.

The nuclear incident that occurred in Japan in March 2011 had significant and adverse effects on both the nuclear and uranium industries. If another nuclear incident were to occur, it may have further adverse effects for both industries. Public opinion of nuclear power as a source of electrical generation may be adversely affected, which may cause governments of certain countries to further increase regulation for the nuclear industry, reduce or abandon current reliance on nuclear power or reduce or abandon existing plans for nuclear power expansion. Any one of these occurrences has the potential to reduce current and/or future demand for nuclear power, resulting in lower demand for uranium and lower market prices for uranium, adversely affecting the operations and prospects of our Company. Furthermore, the growth of the nuclear and uranium industries is dependent on continuing and growing public support of nuclear power as a viable source of electrical generation.

In March 2020 the COVID-19 pandemic resulted in a black swan event impacting about 50% of the world’s uranium production and has accelerated the market rebalancing. In 2020 significant production cuts were announced in response to the global COVID-19 pandemic, including uranium facilities in Canada, Kazakhstan, and Namibia. In 2021, although most production impacted by COVID-19 has returned to an operating status, some production has continued to be affected. It is unknown at this time exactly how long all the impacts will last or how much uranium production will ultimately be removed from the market as a result of the COVID-19 pandemic. The Company also believes that a large degree of uncertainty exists in the market, primarily due to the size of mobile uranium inventories, transportation issues, premature reactor shutdowns in the U.S. and the length of time of any uranium mine, conversion or enrichment facility shutdowns.

The marketability of uranium concentrates will be affected by numerous factors beyond our control which may result in our inability to receive an adequate return on our invested capital.

The marketability of uranium concentrates extracted by us will be affected by numerous factors beyond our control. These factors include: (i) macroeconomic factors; (ii) fluctuations in the market price of uranium; (iii) governmental regulations; (iv) land tenure and use; (v) regulations concerning the importing and exporting of uranium; and (vi) environmental protection regulations. The future effects of these factors cannot be accurately predicted, but any one or a combination of these factors may result in our inability to receive an adequate return on our invested capital.

45

The titanium industry is affected by global economic factors, including risks associated with volatile economic conditions, and the market for many titanium products is cyclical and volatile, and we may experience depressed market conditions for such products.

Titanium is used in many "quality of life" products for which demand historically has been linked to global, regional and local GDP and discretionary spending, which can be negatively impacted by regional and world events or economic conditions. Such events are likely to cause a decrease in demand for products and, as a result, may have an adverse effect on our results of operations and financial condition. The timing and extent of any changes to currently prevailing market conditions is uncertain, and supply and demand may be unbalanced at any time. Uncertain economic conditions and market instability make it particularly difficult for us to forecast demand trends. As a consequence, we may not be able to accurately predict future economic conditions or the effect of such conditions on our financial condition or results of operations. We can give no assurances as to the timing, extent or duration of the current or future economic cycles impacting the industries in which we operate.

Historically, the market for large volume titanium applications, including coatings, paper and plastics, has experienced alternating periods of tight supply, causing prices and margins to increase, followed by periods of lower capacity utilization resulting in declining prices and margins. The volatility this market experiences occurs as a result of significant changes in the demand for products as a consequence of global economic activity and changes in customers’ requirements. The supply-demand balance is also impacted by capacity additions or reductions that result in changes of utilization rates. In addition, titanium margins are impacted by significant changes in major input costs such as energy and feedstock. Demand for titanium depends in part on the housing and construction industries. These industries are cyclical in nature and have historically been impacted by downturns in the economy. In addition, pricing may affect customer inventory levels as customers may from time to time accelerate purchases of titanium in advance of anticipated price increases or defer purchases of titanium in advance of anticipated price decreases. The cyclicality and volatility of the titanium industry results in significant fluctuations in profits and cash flow from period to period and over the business cycle.

The uranium industry is highly competitive and we may not be successful in acquiring additional projects.

The uranium industry is highly competitive, and our competition includes larger, more established companies with longer operating histories that not only explore for and produce uranium, but also market uranium and other products on a regional, national or worldwide basis. Due to their greater financial and technical resources, we may not be able to acquire additional uranium projects in a competitive bidding process involving such companies. Additionally, these larger companies have greater resources to continue with their operations during periods of depressed market conditions.

The titanium industry is concentrated and highly competitive, and we may not be able to compete effectively with our competitors that have greater financial resources or those that are vertically integrated, which could have a material adverse effect on our business, results of operations and financial condition.

The global titanium market is highly competitive, with the top six producers accounting for approximately 60% of the world’s production capacity. Competition is based on a number of factors, such as price, product quality and service. Among our competitors are companies that are vertically-integrated (those that have their own raw material resources). Changes in the competitive landscape could make it difficult for us to retain our competitive position in various products and markets throughout the world. Our competitors with their own raw material resources may have a competitive advantage during periods of higher raw material prices. In addition, some of the companies with whom we compete may be able to produce products more economically than we can. Furthermore, some of our competitors have greater financial resources, which may enable them to invest significant capital into their businesses, including expenditures for research and development.

46

We hold mineral rights in foreign jurisdictions which could be subject to additional risks due to political, taxation, economic and cultural factors.

We hold certain mineral rights located in the Republic of Paraguay through Piedra Rica Mining S.A., Transandes Paraguay S.A., Trier S.A. and Metalicos Y No Metalicos S.R.L., which are incorporated in Paraguay. Operations in foreign jurisdictions outside of the United States and Canada, especially in developing countries, may be subject to additional risks as they may have different political, regulatory, taxation, economic and cultural environments that may adversely affect the value or continued viability of our rights. These additional risks include, but are not limited to: (i) changes in governments or senior government officials; (ii) changes to existing laws or policies on foreign investments, environmental protection, mining and ownership of mineral interests; (iii) renegotiation, cancellation, expropriation and nationalization of existing permits or contracts; (iv) foreign currency controls and fluctuations; and (v) civil disturbances, terrorism and war.

In the event of a dispute arising at our foreign operations in Paraguay, we may be subject to the exclusive jurisdiction of foreign courts or may not be successful in subjecting foreign persons to the jurisdiction of the courts in the United States or Canada. We may also be hindered or prevented from enforcing our rights with respect to a government entity or instrumentality because of the doctrine of sovereign immunity. Any adverse or arbitrary decision of a foreign court may have a material and adverse impact on our business, prospects, financial condition and results of operations.

The title to our mineral property interests may be challenged.

Although we have taken reasonable measures to ensure proper title to our interests in mineral properties and other assets, there is no guarantee that the title to any of such interests will not be challenged. No assurance can be given that we will be able to secure the grant or the renewal of existing mineral rights and tenures on terms satisfactory to us, or that governments in the jurisdictions in which we operate will not revoke or significantly alter such rights or tenures or that such rights or tenures will not be challenged or impugned by third parties, including local governments, aboriginal peoples or other claimants. The Company has had communications and filings with the MOPC, the mining regulator in Paraguay, whereby the MOPC is taking the position that certain concessions forming part of the Company’s Yuty Project and Alto Paraná Project are not eligible for extension as to exploration or continuation to exploitation in their current stages. While we remain fully committed to our development path forward in Paraguay, we have filed certain applications and appeals in Paraguay to reverse the MOPC’s position in order to protect the Company’s continuing rights in those concessions. Our mineral properties may be subject to prior unregistered agreements, transfers or claims, and title may be affected by, among other things, undetected defects. A successful challenge to the precise area and location of our claims could result in us being unable to operate on our properties as permitted or being unable to enforce our rights with respect to our properties.

Due to the nature of our business, we may be subject to legal proceedings which may divert management’s time and attention from our business and result in substantial damage awards.

Due to the nature of our business, we may be subject to numerous regulatory investigations, securities claims, civil claims, lawsuits and other proceedings in the ordinary course of our business including those described under Item 1, Legal Proceedings, herein. The outcome of these lawsuits is uncertain and subject to inherent uncertainties, and the actual costs to be incurred will depend upon many unknown factors. We may be forced to expend significant resources in the defense of these suits, and we may not prevail. Defending against these and other lawsuits in the future may not only require us to incur significant legal fees and expenses, but may become time-consuming for us and detract from our ability to fully focus our internal resources on our business activities. The results of any legal proceeding cannot be predicted with certainty due to the uncertainty inherent in litigation, the difficulty of predicting decisions of regulators, judges and juries and the possibility that decisions may be reversed on appeal. There can be no assurances that these matters will not have a material adverse effect on our business, financial position or operating results.

We depend on certain key personnel, and our success will depend on our continued ability to retain and attract such qualified personnel.

Our success is dependent on the efforts, abilities and continued service of certain senior officers and key employees and consultants. A number of our key employees and consultants have significant experience in the uranium industry. A loss of service from any one of these individuals may adversely affect our operations, and we may have difficulty or may not be able to locate and hire a suitable replacement.

47

Certain directors and officers may be subject to conflicts of interest.

The majority of our directors and officers are involved in other business ventures including similar capacities with other private or publicly-traded companies. Such individuals may have significant responsibilities to these other business ventures, including consulting relationships, which may require significant amounts of their available time. Conflicts of interest may include decisions on how much time to devote to our business affairs and what business opportunities should be presented to us. Our Code of Conduct and Ethics provides for guidance on conflicts of interest.

The laws of the State of Nevada and our Articles of Incorporation may protect our directors and officers from certain types of lawsuits.

The laws of the State of Nevada provide that our directors and officers will not be liable to our Company or to our stockholders for monetary damages for all but certain types of conduct as directors and officers. Our Bylaws provide for broad indemnification powers to all persons against all damages incurred in connection with our business to the fullest extent provided or allowed by law. These indemnification provisions may require us to use our limited assets to defend our directors and officers against claims, and may have the effect of preventing stockholders from recovering damages against our directors and officers caused by their negligence, poor judgment or other circumstances.

Several of our directors and officers are residents outside of the United States, and it may be difficult for stockholders to enforce within the United States any judgments obtained against such directors or officers.

Several of our directors and officers are nationals and/or residents of countries other than the United States, and all or a substantial portion of such persons’ assets are located outside of the United States. As a result, it may be difficult for investors to effect service of process on such directors and officers, or enforce within the United States any judgments obtained against such directors and officers, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state thereof. Consequently, stockholders may be effectively prevented from pursuing remedies against such directors and officers under United States federal securities laws. In addition, stockholders may not be able to commence an action in a Canadian court predicated upon the civil liability provisions under United States federal securities laws. The foregoing risks also apply to those experts identified in this document that are not residents of the United States.

Disclosure controls and procedures and internal control over financial reporting, no matter how well designed and operated, are designed to obtain reasonable, and not absolute, assurance as to its reliability and effectiveness.

Management’s evaluation on the effectiveness of disclosure controls and procedures is designed to ensure that information required for disclosure in our public filings is recorded, processed, summarized and reported on a timely basis to our senior management, as appropriate, to allow timely decisions regarding required disclosure.

Management’s report on internal control over financial reporting is designed to provide reasonable assurance that transactions are properly authorized, assets are safeguarded against unauthorized or improper use and transactions are properly recorded and reported. However, any system of controls, no matter how well designed and operated, is based in part upon certain assumptions designed to obtain reasonable, and not absolute, assurance as to its reliability and effectiveness. Any failure to maintain effective disclosure controls and procedures in the future may result in our inability to continue meeting our reporting obligations in a timely manner, qualified audit opinions or restatements of our financial reports, any one of which may affect the market price for our common stock and our ability to access the capital markets.

Proposed legislation in the U.S. Congress, including changes in U.S. tax law, may adversely impact the Company and the value of shares of our common stock.

Changes to U.S. tax laws (which changes may have retroactive application) could adversely affect the Company or holders of shares of our common stock. In recent years, many changes to U.S. federal income tax laws have been proposed and made, and additional changes to U.S. federal income tax laws are likely to continue to occur in the future.

The U.S. Congress is currently considering numerous items of legislation which may be enacted prospectively or with retroactive effect, which legislation could adversely impact the Company’s financial performance and the value of shares of our common stock. In particular, new proposed legislation known as the “Build Back Better Act” is under consideration within both houses of U.S. Congress. The proposed legislation includes, without limitation, new corporate minimum income taxes. If enacted, most of the proposals would be effective for 2022 or later years. The proposed legislation remains subject to change, and its impact on the Company and investors who purchase shares of our common stock is uncertain.

48

Risks Related to Our Common Stock

Historically, the market price of our common stock has been and may continue to fluctuate significantly.

On September 28, 2007 our common stock commenced trading on the NYSE American (formerly known as the American Stock Exchange, the NYSE Amex Equities Exchange and the NYSE MKT) and prior to that, traded on the OTC Bulletin Board.

The global markets have experienced significant and increased volatility in the past and have been impacted by the effects of mass sub-prime mortgage defaults and liquidity problems of the asset-backed commercial paper market, resulting in a number of large financial institutions requiring government bailouts or filing for bankruptcy. The effects of these past events and any similar events in the future may continue to or further affect the global markets, which may directly affect the market price of our common stock and our accessibility for additional financing. Although this volatility may be unrelated to specific company performance, it can have an adverse effect on the market price of our shares which, historically, has fluctuated significantly and may continue to do so in the future.

In addition to the volatility associated with general economic trends and market conditions, the market price of our common stock could decline significantly due to the impact of any one or more events, including, but not limited to, the following: (i) volatility in the uranium market; (ii) occurrence of a major nuclear incident such as the events in Fukushima in March 2011; (iii) changes in the outlook for the nuclear power and uranium industries; (iv) failure to meet market expectations on our exploration, pre-extraction or extraction activities, including abandonment of key uranium projects; (v) sales of a large number of our shares held by certain stockholders including institutions and insiders; (vi) downward revisions to previous estimates on us by analysts; (vii) removal from market indices; (viii) legal claims brought forth against us; and (ix) introduction of technological innovations by competitors or in competing technologies.

A prolonged decline in the market price of our common stock could affect our ability to obtain additional financing which would adversely affect our operations.

Historically we have relied on equity financing and, more recently, on debt financing, as primary sources of financing. A prolonged decline in the market price of our common stock or a reduction in our accessibility to the global markets may result in our inability to secure additional financing which would have an adverse effect on our operations.

Additional issuances of our common stock may result in significant dilution to our existing shareholders and reduce the market value of their investment.

We are authorized to issue 750,000,000 shares of common stock of which 284,077,874 shares were issued and outstanding as of April 30, 2022. Future issuances for financings, mergers and acquisitions, exercise of stock options and share purchase warrants and for other reasons may result in significant dilution to and be issued at prices substantially below the price paid for our shares held by our existing stockholders. Significant dilution would reduce the proportionate ownership and voting power held by our existing stockholders and may result in a decrease in the market price of our shares.

We are subject to the Continued Listing Criteria of the NYSE American and our failure to satisfy these criteria may result in delisting of our common stock.

Our common stock is currently listed on the NYSE American. In order to maintain this listing, we must maintain certain share prices, financial and share distribution targets, including maintaining a minimum amount of shareholders’ equity and a minimum number of public shareholders. In addition to these objective standards, the NYSE American may delist the securities of any issuer: (i) if, in its opinion, the issuer’s financial condition and/or operating results appear unsatisfactory; (ii) if it appears that the extent of public distribution or the aggregate market value of the security has become so reduced as to make continued listing on the NYSE American inadvisable; (iii) if the issuer sells or disposes of principal operating assets or ceases to be an operating company; (iv) if an issuer fails to comply with the NYSE American’s listing requirements; (v) if an issuer’s common stock sells at what the NYSE American considers a “low selling price” and the issuer fails to correct this via a reverse split of shares after notification by the NYSE American; or (vi) if any other event occurs or any condition exists which makes continued listing on the NYSE American, in its opinion, inadvisable.

49

If the NYSE American delists our common stock, investors may face material adverse consequences, including, but not limited to, a lack of trading market for our securities, reduced liquidity, decreased analyst coverage of our securities and an inability for us to obtain additional financing to fund our operations.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

During our fiscal quarter ended April 30, 2022, we issued the following securities that were not registered under the Securities Act:

| ● | on March 31, 2022, we issued an aggregate of 2,854 shares of common stock to a consultant in consideration for services under a consulting agreement at a deemed issuance price of $4.73 per share. We relied on exemptions from registration under the Securities Act provided by Regulation S and/or Section 4(a)(2) with respect to the issuance of these shares.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Pursuant to Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, issuers that are operators, or that have a subsidiary that is an operator, of a coal or other mine in the United States, and that is subject to regulation by the Federal Mine Safety and Health Administration under the Mine Safety and Health Act of 1977 (“Mine Safety Act”), are required to disclose in their periodic reports filed with the SEC information regarding specified health and safety violations, orders and citations, related assessments and legal actions and mining-related fatalities. During the quarter ended April 30, 2022, the Company’s ISR Mines were not subject to regulation by the Mine Safety Act.

Item 5. Other Information

None.

50

Item 6. Exhibits

The following exhibits are included with this Quarterly Report:

Exhibit | Description of Exhibit
31.1 | Certification of Chief Executive Officer pursuant to the Securities Exchange Act of 1934 Rule 13a-14(a) or 15d‑14(a).
31.2 | Certification of Chief Financial Officer pursuant to the Securities Exchange Act of 1934 Rule 13a-14(a) or 15d‑14(a).
32.1 | Certifications pursuant to the Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.1NS | Inline XBRL Instance Document
101.SCH | Inline XBRL Taxonomy Extension Schema Document
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF | Inline XBRL Taxonomy Extension Definitions Linkbase Document
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

51

SIGNATURES

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 thereunto duly authorized.

| URANIUM ENERGY CORP. |
| By: | /s/ Amir Adnani |
|  | Amir Adnani |
|  | President, Chief Executive Officer (Principal Executive Officer) and Director |
|  | Date: June 14, 2022 |
| By: | /s/ Pat Obara |
|  | Pat Obara |
|  | Chief Financial Officer (Principal Financial Officer) |
|  | Date: June 14, 2022 |

52