URANIUM ENERGY CORP

URANIUM ENERGY CORP Annual Review – Cleaned for Investors

---

1. Biggest Wins vs. Headaches

🚀 Wins this year:

• Production is back: Restarted mining at their Wyoming site (Christensen Ranch), producing 103,545 pounds of uranium by mid-2025 after years of prep.
• Double the processing power: Approved to process 4 million pounds of uranium yearly in Wyoming – twice their old capacity.
• New projects galore: Bought the Sweetwater Plant (Wyoming), started building a Texas mine (Burke Hollow), and added 31,827 pounds of uranium at their 100%-owned Key West project in Canada’s high-grade Saskatchewan region.
• Wyoming expansion: Added two new ISR-friendly projects (Pine Tree and East Shirley Basin), adding 6,332 pounds of exploration potential.

🌍 Global tailwinds:

• Nuclear demand is surging: 439 reactors operational worldwide, with 62 new ones under construction. Tech giants like Amazon and Microsoft are betting big on nuclear energy.
• Utilities need 900+ million pounds of uranium by 2035 – prices could rise as contracts renew.

📉 Headaches:

• Inflation pressures: Planning for 2-4% inflation through 2025, which could raise costs for equipment and labor.
• Ongoing risks: Permit delays, cash flow concerns, and unverified reserves.

---

2. What Could Go Wrong?

• ⚠️ Higher project hurdles: The discount rate used to value future projects jumped to 8-10% (from 6-8% last year). This makes new mines harder to justify financially.
• ⚠️ Shareholder dilution risk: Issued "replacement warrants" that let investors buy shares at $5.40-$6.30. If exercised, this could water down existing shares.
• Other risks: Cybersecurity threats and unproven reserves.

---

3. How Do They Stack Up Against Rivals?

• Cheaper, greener mining: Their ISR method (pumping water to extract uranium) is lower-cost and eco-friendlier than traditional mining. Wyoming projects like Pine Tree and East Shirley Basin use this advantage.
• Canadian muscle: Owns 100% of high-grade projects like Carswell (51,492 pounds) in Saskatchewan, while partnering on others (e.g., 82.77% of Christie Lake). Utilities love these deposits for their quality.
• Diverse portfolio: Combines small, nimble U.S. projects with larger Canadian conventional mines – a unique mix in the sector.

---

4. What’s Next for UEC?

• 🔥 Scale production: Ramp up Wyoming output and launch Texas operations.
• 🔥 Prove Canadian potential: Need to show projects like Raven (with ultra-high 4,486 ppm uranium grades) are profitable.
• 🔥 Cash in on demand: Position as a top uranium supplier as utilities scramble to secure contracts.

---

Bottom Line for Investors

✅ The good: UEC is executing – restarting mines, expanding processing, and securing high-grade Canadian assets. Their ISR method gives them a cost edge, and nuclear’s global comeback could fuel demand.
❌ The risks: Inflation, complex warrants (dilution risk), and higher project valuation rates could squeeze profits if uranium prices don’t rise enough.
💡 The verdict: A high-risk, high-reward play. If uranium prices surge, UEC’s growing production and reserves could pay off big. But if inflation or delays hit harder than expected, investors might feel the burn.

Always do your own research or talk to a financial advisor before investing! 😊

---

Full reports: UEC’s website or SEC filings.

Why this matters: UEC’s strategy balances low-cost U.S. projects with high-potential Canadian mines – a smart hedge in today’s uranium market. But transparency issues exist (limited financial details provided), so cautious optimism is key.