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 ~~January 31~~30, 2026

☐	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.)

500 North Shoreline, Ste. 800, Corpus Christi, Texas, U.S.A.		78401
(U.S. corporate headquarters)		(Zip Code)

1830 – 1188 West Georgia Street Vancouver, British Columbia, Canada (Canadian corporate headquarters)		V6E 4A2 (Zip Code)

(Address of principal executive offices)

	(361) 888-8235
	(Registrant’s telephone number, including area code)

	Not applicable
	(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 ☐

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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: ~~490~~ 494,~~220~~872,~~783~~366 shares of common stock outstanding as of ~~March~~June 98, 2026.

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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	25
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	3739
Item 4.	Controls and Procedures	3739
PART II – OTHER INFORMATION		3840
Item 1.	Legal Proceedings	3840
Item 1A.	Risk Factors	3840
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	3840
Item 3.	Defaults Upon Senior Securities	3840
Item 4.	Mine Safety Disclosures	3840
Item 5.	Other Information	3840
Item 6.	Exhibits	3941
SIGNATURES		4042

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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

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URANIUM ENERGY CORP.

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE three and ~~six~~nine months ended ~~January~~April 3130, 2026

(Unaudited – Expressed in thousands of U.S. dollars unless otherwise stated)

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URANIUM ENERGY CORP.

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited – Expressed in thousands of U.S. dollars)

	Notes		~~January 31, 2026~~	April 30, 2026			~~July 31, 2025~~	July 31, 2025
CURRENT ASSETS
Cash and cash equivalents			$	~~486,347~~$	488,053		$	~~148,930~~$	148,930
Accounts receivable	12			20,200				-
Prepaid expenses and other receivables					7,127				5,807
Prepaid expenses and other receivables				6,412				5,807
Inventories		3			86,455				79,279
Inventories	3			84,693				79,279
TOTAL CURRENT ASSETS					581,635				234,016
TOTAL CURRENT ASSETS				597,652				234,016
MINERAL RIGHTS AND PROPERTIES		4			711,989				709,651
MINERAL RIGHTS AND PROPERTIES	4			712,986				709,651
PROPERTY, PLANT AND EQUIPMENT		5			70,432				67,513
PROPERTY, PLANT AND EQUIPMENT	5			68,256				67,513
RESTRICTED CASH		6			1,878				9,207
RESTRICTED CASH	6			7,657				9,207
EQUITY-ACCOUNTED INVESTMENTS		7			63,779				55,825
EQUITY-ACCOUNTED INVESTMENTS	7			59,684				55,825
INVESTMENT IN EQUITY SECURITIES		8			65,882				28,470
INVESTMENT IN EQUITY SECURITIES	8			83,963				28,470
OTHER NON-CURRENT ASSETS		7			42,461				2,971
OTHER NON-CURRENT ASSETS				2,450				2,971
TOTAL ASSETS				$	1,538,056			$	1,107,653
TOTAL ASSETS			$	1,532,648			$	1,107,653
CURRENT LIABILITIES
CURRENT LIABILITIES
Accounts payable and accrued liabilities				$	12,462			$	20,560
Accounts payable and accrued liabilities			$	15,293			$	20,560
Asset retirement obligations - current		9			4,650				5,160
Asset retirement obligations - current	9			4,847				5,160
Other current liabilities					693				713
Other current liabilities				666				713
TOTAL CURRENT LIABILITIES					17,805				26,433
TOTAL CURRENT LIABILITIES				20,806				26,433
ASSET RETIREMENT OBLIGATIONS		9			36,249				33,904
ASSET RETIREMENT OBLIGATIONS	9			35,690				33,904
OTHER NON-CURRENT LIABILITIES					1,220				1,293
OTHER NON-CURRENT LIABILITIES				1,191				1,293
DEFERRED TAX LIABILITIES					61,301				62,123
DEFERRED TAX LIABILITIES				62,000				62,123
TOTAL LIABILITIES					116,575				123,753
TOTAL LIABILITIES				119,687				123,753
STOCKHOLDERS’ EQUITY
STOCKHOLDERS’ EQUITY
Capital stock
Capital stock
Common stock $0.001 par value: 750,000,000 shares authorized, 493,317,899 shares issued and outstanding (July 31, 2025 - 454,015,855)		10			493				454
Common stock $0.001 par value: 750,000,000 shares authorized, 489,270,002 shares issued and outstanding (July 31, 2025 - 454,015,855)	10			489				454
Additional paid-in capital					1,915,621				1,404,420
Additional paid-in capital				1,854,064				1,404,420
Accumulated deficit					(483,179	)			(406,557	)
Accumulated deficit				(430,835	)			(406,557	)
Accumulated other comprehensive loss					(11,454	)			(14,417	)
Accumulated other comprehensive loss				(10,757	)			(14,417	)
TOTAL EQUITY					1,421,481				983,900
TOTAL EQUITY				1,412,961				983,900
TOTAL LIABILITIES AND EQUITY				$	1,538,056			$	1,107,653
TOTAL LIABILITIES AND EQUITY			$	1,532,648			$	1,107,653
SUBSEQUENT EVENTS		10
SUBSEQUENT EVENTS	8, 10, 12

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

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URANIUM ENERGY CORP.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited – Expressed in thousands of U.S. dollars, except share and per share data)

			Three Months Ended						~~Six~~Nine Months Ended
			January 31,						January 31,
			April 30,						April 30,
	Notes		2026			2025			2026			2025
SALES		12	$	~~20,200~~-		$	~~49,750~~-		$	20,200		$	66,837
COST OF SALES		12		~~(10,172~~-	)		~~(31,524~~-	)		(10,172	)		(42,360	)
GROSS PROFIT				~~10,028~~-			~~18,226~~-			10,028			24,477
OPERATING COSTS
Mineral property expenditures		4		2329,~~680~~542			1415,~~243~~680			4474,~~600~~142			2743,~~757~~437
General and administrative				89,~~206~~429			6,~~572~~378			1525,~~629~~058			1118,~~915~~293
Depreciation, amortization and accretion		4,5,9		1,~~705~~815			1,~~045~~405			34,~~184~~999			13,~~643~~048
TOTAL OPERATING COSTS				3340,~~591~~786			2123,~~860~~463			63104,~~413~~199			4164,~~315~~778
LOSS FROM OPERATIONS				(2340,~~563~~786	)		(323,~~634~~463	)		(5394,~~385~~171	)		(1640,~~838~~301	)
OTHER INCOME (EXPENSES)
Interest expense and finance costs				(~~500~~402	)		(~~289~~404	)		(1,~~223~~625	)		(~~630~~1,034	)
Income (loss) from equity-accounted investments		7		23,~~153~~454			(~~991~~2,255	)		26,~~893~~347			(13,~~467~~722	)
Fair value gain (loss) on equity securities		8		4(19,~~064~~432	)		(74,~~967~~266	)		~~20,085~~653			(1822,~~317~~583	)
Gain on revaluation of derivative liabilities				-			-			-			1,706
Interest income				34,~~903~~221			~~1,201~~571			610,~~666~~887			2,~~326~~897
Others				125			1839			2429			62101
OTHER INCOME (EXPENSES)				9(12,~~632~~154	)		(86,~~028~~315	)		2816,~~445~~291			(1622,~~320~~635	)
LOSS BEFORE INCOME TAXES				(1352,~~931~~940	)		(1129,~~662~~778	)		(2477,~~940~~880	)		(3362,~~158~~936	)
DEFERRED TAX (EXPENSES) RECOVERY				(6	)		1,428			662			2,766
DEFERRED TAX RECOVERY (EXPENSES)				596			(434	)		1,258			2,332
NET LOSS FOR THE PERIOD				(1352,~~937~~344	)		(1030,~~234~~212	)		(2476,~~278~~622	)		(3060,~~392~~604	)
OTHER COMPREHENSIVE LOSS
OTHER COMPREHENSIVE INCOME (LOSS)
Translation gain (loss)				~~6,192~~(697	)		(810,~~769~~416	)		32,~~660~~963			(~~10,497~~81	)
TOTAL OTHER COMPREHENSIVE LOSS				6,192			(8,769	)		3,660			(10,497	)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)				(697	)		10,416			2,963			(81	)
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD			$	(753,~~745~~041	)	$	(19,~~003~~796	)	$	(2073,~~618~~659	)	$	(4060,~~889~~685	)
NET LOSS PER SHARE		13
Basic			$	(0.0311	)	$	(0.0207	)	$	(0.0516	)	$	(0.0714	)
Diluted			$	(0.0311	)	$	(0.0207	)	$	(0.0516	)	$	(0.0714	)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING,
Basic				~~484~~490,~~086~~701,~~707~~053			~~423~~429,~~199~~941,~~789~~797			~~476~~480,~~173~~909,~~043~~281			~~417~~421,~~669~~670,~~394~~287
Diluted				~~484~~490,~~086~~701,~~707~~053			~~423~~429,~~199~~941,~~789~~797			~~476~~480,~~173~~909,~~043~~281			~~417~~421,~~669~~670,~~394~~287

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

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URANIUM ENERGY CORP.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited – Expressed in thousands of U.S. dollars)

			Six Months Ended January 31,
			Nine Months Ended April 30,
	Notes		2026			2025
OPERATING ACTIVITIES
Net loss for the period			$	(2476,~~278~~622	)	$	(3060,~~392~~604	)
Adjustments to reconcile net loss to cash flows in operating activities
Stock-based compensation		11		36,~~820~~037			34,~~377~~713
Depreciation, amortization and accretion		4,5,9		34,~~184~~999			13,~~648~~056
(Income) loss from equity-accounted investments		7		(26,~~893~~347	)		13,~~467~~722
Gain on disposition of assets				-			(13	)
(Gain) loss on disposition of assets				8			(12	)
(Gain) loss on revaluation of equity securities		8		(~~20,085~~653	)		1822,~~317~~583
Gain on revaluation of derivative liabilities				-			(1,706	)
Deferred tax recovery				(~~662~~1,258	)		(2,~~766~~332	)
Changes in operating assets and liabilities
Inventories				(46,~~903~~410	)		~~694~~304
Accounts receivable				(20,200	)		-
Prepaid expenses and other receivables				(3,100	)		139
Prepaid expenses and other receivables				(2,446	)		300
Accounts payable and accrued liabilities				(6,205	)		(10,761	)
Accounts payable and accrued liabilities				(3,658	)		(11,176	)
Other liabilities				(504	)		(102	)
Other liabilities				(309	)		(10	)
NET CASH USED IN OPERATING ACTIVITIES				(90,055	)		(41,000	)
NET CASH USED IN OPERATING ACTIVITIES				(72,430	)		(20,260	)
FINANCING ACTIVITIES
Proceeds from share issuances, net of issuance costs		10		~~448~~508,~~853~~196			~~135~~168,~~289~~025
Taxes and withholdings paid upon settlement of equity awards on a forfeiture basis				(3,083	)		(2,637	)
NET CASH PROVIDED BY FINANCING ACTIVITIES				~~445~~505,~~770~~113			~~132~~165,~~652~~388
INVESTING ACTIVITIES
Acquisition of Sweetwater Assets				-			(177,~~293~~328	)
Investment in mineral rights and properties				-			(~~114~~165	)
Capital contribution to equity-accounted investment		7		-(821	)		(538	)
Investment in equity securities		8		(36,576	)		(10,455	)
Investment in subscription receipts		7		(40,000	)		-
Investment in equity securities		8		(37,927	)		(10,455	)
Proceeds from sale of equity securities		8		1,168			54,372
Purchase of property, plant and equipment				(25,~~069~~696	)		(24,~~429~~505	)
Proceeds from disposition of assets				-6			1349
NET CASH USED IN INVESTING ACTIVITIES				(3783,~~477~~270	)		(~~136~~138,~~444~~570	)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH				~~335~~331,~~863~~788			(2414,~~052~~182	)
FOREIGN EXCHANGE DIFFERENCE ON CASH				46			~~(12~~2	)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD				158,137			94,784
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD		6	$	~~494~~489,~~004~~931		$	7080,~~720~~604

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

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URANIUM ENERGY CORP.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited - Expressed in thousands of U.S. dollars, except share data)

	Common Stock				Additional Paid-in Capital			Accumulated Deficit			Accumulated Other Comprehensive Loss			Stockholders’ Equity
	Shares		Amount
Balance, July 31, 2025		454,015,855	$	454	$	1,404,420		$	(406,557	)	$	(14,417	)	$	983,900
Common stock
Issued under ATM offerings, net of issuance costs		10,077,186		10		99,665			-			-			99,675
Issued under private placement, net of issuance costs		575,000		-		7,880			-			-			7,880
Issued under public offering, net of issuance costs		17,825,000		18		231,587			-			-			231,605
Issued upon vesting of RSUs		2,879		-		-			-			-			-
Issued upon exercise of stock options		713,305		1		652			-			-			653
Stock-based compensation
Amortization of stock-based compensation		-		-		1,680			-			-			1,680
Common stock forfeited for tax paid upon vesting of equity awards				-		(37	)		-			-			(37	)
Net loss for the period		-		-		-			(10,341	)		-			(10,341	)
Other comprehensive loss		-		-		-			-			(2,532	)		(2,532	)
Balance, October 31, 2025		483,209,225	$	483	$	1,745,847		$	(416,898	)	$	(16,949	)	$	1,312,483
Common stock
Issued under ATM offering, net of issuance costs		5,758,936		6		105,816			-			-			105,822
Issued upon exercise of stock options		178,468		-		258			-			-			258
Issued upon vesting of RSUs		5,777		-		-			-			-			-
Issued upon exercise of warrants		117,596		-		-			-			-			-
Stock-based compensation
Amortization of stock-based compensation		-		-		2,143			-			-			2,143
Net loss for the period		-		-		-			(13,937	)		-			(13,937	)
Other comprehensive loss		-		-		-			-			6,192			6,192
Other comprehensive income		-		-		-			-			6,192			6,192
Balance, January 31, 2026		489,270,002	$	489	$	1,854,064		$	(430,835	)	$	(10,757	)	$	1,412,961
Common stock
Issued under ATM offering, net of issuance costs		3,950,231		4		59,328			-			-			59,332
Issued upon exercise of stock options		85,714		-		11			-			-			11
Issued upon vesting of RSUs		11,952		-		-			-			-			-
Stock-based compensation
Amortization of stock-based compensation		-		-		2,218			-			-			2,218
Net loss for the period		-		-		-			(52,344	)		-			(52,344	)
Other comprehensive loss		-		-		-			-			(697	)		(697	)
Balance, April 30, 2026		493,317,899	$	493	$	1,915,621		$	(483,179	)	$	(11,454	)	$	1,421,481

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

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URANIUM ENERGY CORP.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited - Expressed in thousands of U.S. dollars, except share data)

	Common Stock				Additional Paid-in Capital		Accumulated Deficit			Accumulated Other Comprehensive Loss			Stockholders’ Equity
	Shares		Amount
Balance, July 31, 2024		410,355,768	$	410	$	1,110,433	$	(318,901	)	$	(13,829	)	$	778,113
Common stock
Issued under ATM offerings, net of issuance costs		7,595,626		8		61,223		-			-			61,231
Issued upon exercise of stock options		121,037		-		120		-			-			120
Issued upon exercise of warrants		1,054,997		1		4,618		-			-			4,619
Stock-based compensation
Common stock issued for consulting services		15,000		-		88		-			-			88
Amortization of stock-based compensation		-		-		1,733		-			-			1,733
Net loss for the period		-		-		-		(20,158	)		-			(20,158	)
Other comprehensive loss		-		-		-		-			(1,728	)		(1,728	)
Balance, October 31, 2024		419,142,428	$	419	$	1,178,215	$	(339,059	)	$	(15,557	)	$	824,018
Common stock
Issued under ATM offering, net of issuance costs		9,231,030		9		70,624		-			-			70,633
Issued upon exercise of stock options		38,065		-		9		-			-			9
Issued upon vesting of RSUs		742		-		-		-			-			-
Stock-based compensation
Amortization of stock-based compensation		-		-		1,556		-			-			1,556
Net income for the period		-		-		-		(10,234	)		-			(10,234	)
Net loss for the period		-		-		-		(10,234	)		-			(10,234	)
Other comprehensive income		-		-		-		-			(8,769	)		(8,769	)
Other comprehensive loss		-		-		-		-			(8,769	)		(8,769	)
Balance, January 31, 2025		428,412,265	$	428	$	1,250,404	$	(349,293	)	$	(24,326	)	$	877,213
Common stock
Issued under ATM offering, net of issuance costs		6,578,235		7		34,027		-			-			34,034
Issued upon exercise of stock options		15,428		-		5		-			-			5
Issued upon exercise of warrants		18,335		-		-		-			-			-
Stock-based compensation
Common stock issued for consulting services		3,699		-		19		-			-			19
Amortization of stock-based compensation		-		-		1,317		-			-			1,317
Net loss for the period		-		-		-		(30,212	)		-			(30,212	)
Other comprehensive income		-		-		-		-			10,416			10,416
Balance, April 30, 2025		435,027,962	$	435	$	1,285,772	$	(379,505	)	$	(13,910	)	$	892,792

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

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URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

~~January~~April 3130, 2026

(Unaudited - Expressed in thousands of U.S. dollars unless otherwise stated)

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”~~) are engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing of uranium concentrates, on projects located in the United States, Canada and the Republic of Paraguay.

NOTE 2:

SUMMARY OF SIGNIFICANT 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, 2025 (“Fiscal 2025”). 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 ~~six~~nine months ended ~~January~~April 3130, 2026 are not necessarily indicative of the results that may be expected for the fiscal year ending July 31, 2026 (“Fiscal 2026”). ~~All amounts in the tables are expressed in thousands of U.S. dollars unless otherwise stated.~~

Mineral Rights and Properties

WeThe ~~have~~Company has established the existence of mineralized materials for certain uranium projects, including our Christensen ~~Palangana~~Ranch Mine, Burke Hollow Mine and ~~Christensen~~ ~~Ranch~~ Palangana Mine (collectively, ~~the~~our “ISR Mines”), and our Red Desert, Green Mountain, Roughrider and Christie Lake Projects. WeThe ~~have~~Company has not established proven or probable reserves, as defined by the United States Securities and Exchange Commission (“SEC”) under subpart 1300 of Regulation S-K (“S-K 1300”), through the completion of a “final” or “bankable” feasibility study for any of the uranium projects wethe ~~operate~~Company operates, including our ISR Mines. Furthermore, wethe ~~have~~Company has no present plans to establish proven or probable reserves for any of our uranium projects for which wethe ~~plan~~Company plans on utilizing in-situ recovery (“ISR”) mining, such as our ISR Mines. As a result, and despite the fact that wethe Company commenced extraction of mineralized materials at some of our ISR Mines, wethe ~~remain~~Company remains an Exploration Stage issuer, as defined by the SEC, and will continue to remain as an Exploration Stage issuer until such time proven or probable reserves have been established.

Since wethe Company commenced extraction of mineralized materials at our ISR Mines without having established proven or probable reserves, 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.

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 as wethe ~~exit~~Company exits the Exploration Stage by establishing proven or probable reserves. Expenditures relating to exploration activities, such as drill programs to establish mineralized materials, are expensed as incurred. Expenditures relating to pre-extraction activities, such as the construction of mine wellfields and disposal wells, are expensed as incurred until such time that 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.

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URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

~~January~~April 3130, 2026

(Unaudited - Expressed in thousands of U.S. dollars unless otherwise stated)

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 future reporting periods to inventory and, as that inventory is sold, to cost of goods sold. WeThe ~~are~~Company is in the Exploration Stage which has resulted in ~~our~~the Company reporting larger losses than if wethe Company would have been in the Production Stage due to the expensing, instead of the capitalization of expenditures relating to ongoing mine development activities. Additionally, there would be no corresponding depletion allocated to future reporting periods of ~~our~~the Company since those costs had 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 wethe Company would have 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.

Recently Adopted Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU expands public entities’ income tax disclosures by requiring disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. This ASU ~~will~~is be effective for fiscal years beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. ~~Early adoption is permitted.~~ The Company adopted this standard as of August 1, 2025 and will reflect the new disclosure requirements in its annual report.

Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires public entities to disclose specified information about certain costs and expenses at each interim and annual reporting period, which includes amounts for inventory purchases, employee compensation, depreciation, intangible asset amortization and expenses related to oil and gas activities. This ASU will be effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

NOTE 3:

INVENTORIES

As at ~~January~~ April 3130, 2026, wethe Company held 1,456,000 ( July 31, 2025: 1,356,000) pounds of purchased uranium concentrate inventory. Costs of inventories consist of the following:

	January 31, 2026		July 31, 2025
	April 30, 2026		July 31, 2025
Material and supplies	$	1,~~482~~486	$	1,470
In-process inventory		2,~~059~~667		3,770
Uranium concentrates from extraction		78,~~227~~377		1,140
Purchased uranium inventories		73,925		72,899
	$	8486,~~693~~455	$	79,279

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URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

~~January~~April 3130, 2026

(Unaudited - Expressed in thousands of U.S. dollars unless otherwise stated)

NOTE 4:

MINERAL RIGHTS AND PROPERTIES

Mineral Rights

As at ~~January~~ April 3130, 2026, wethe Company owned mineral rights in the United States, Canada and the Republic of Paraguay. These mineral rights were acquired through staking, purchase or lease or option agreements and are subject to varying royalty interests, some of which are indexed to the sale price of uranium.

As at ~~January~~ April 3130, 2026, the carrying value of our mineral rights and properties were as follows:

Costs	United States		Canada		Paraguay		Total
Balance, July 31, 2025	$	326,192	$	376,027	$	15,014	$	717,233
Additions		715		-		-		715
Impact of foreign currency translation		-		32,~~214~~599		-		32,~~214~~599
Balance, January 31, 2026		326,907		379,241		15,014		721,162
Balance, April 30, 2026		$326,907		$378,626		$15,014		$720,547

Accumulated Depletion and Amortization	United States			Canada			Paraguay		Total
Balance, July 31, 2025		(7,477	)		(105	)		-		(7,582	)
Additions		(~~592~~975	)		-			-		(~~592~~975	)
Impact of foreign currency translation		-			(21	)		-		(21	)
Balance, January 31, 2026		(8,069	)		(107	)		-		(8,176	)
Balance, April 30, 2026		(8,452	)		(106	)		-		(8,558	)
Carrying Value
Balance, July 31, 2025	$	318,715		$	375,922		$	15,014	$	709,651
Balance, January 31, 2026	$	318,838		$	379,134		$	15,014	$	712,986
Balance, April 30, 2026	$	318,455		$	378,520		$	15,014	$	711,989

WeThe ~~have~~Company has not established proven or probable reserves, as defined by the SEC under S-K 1300, for any of our mineral projects. WeThe ~~have~~Company has established the existence of mineral resources for certain uranium projects, including our ISR Mines. Since wethe Company commenced uranium extraction at some of 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.

Mineral property expenditures recorded during the period ~~are~~were as follows:

Three Months Ended January 31,

Six Months Ended January 31,

Three Months Ended April 30,

Nine Months Ended April 30,

~~2026~~

2026

~~2025~~

2025

~~2026~~

2026

~~2025~~

2025

Permitting and land payments

2,~~709~~604

1,~~556~~454

46,~~065~~669

34,~~095~~438

Extraction readiness and mine site maintenance

23,~~359~~521

4,~~180~~654

48,~~762~~283

611,~~556~~321

Exploration

47,~~323~~625

~~923~~3,079

815,~~040~~665

58,~~840~~919

Development

1415,~~289~~792

76,~~584~~493

2743,~~733~~525

1218,~~266~~759

Total

2329,~~680~~542

1415,~~243~~680

4474,~~600~~142

2743,~~757~~437

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URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

~~January~~April 3130, 2026

(Unaudited - Expressed in thousands of U.S. dollars unless otherwise stated)

NOTE 5:

PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consists of the following:

	January 31, 2026							July 31, 2025
	April 30, 2026							July 31, 2025
	Cost		Accumulated			Net Book		Cost		Accumulated			Net Book
			Depreciation			Value				Depreciation			Value
Plant and Processing Facilities	$	6263,~~414~~474	$	(56,~~532~~116	)	$	5657,~~882~~358	$	61,624	$	(4,398	)	$	57,226
Mining Equipment		78,~~532~~129		(3,~~376~~634	)		4,~~156~~495		6,980		(2,961	)		4,019
Logging Equipment and Vehicles		68,~~939~~501		(3,~~177~~368	)		35,~~762~~133		5,518		(2,716	)		2,802
Computer Equipment		272		(~~261~~263	)		119		264		(258	)		6
Furniture and Fixtures		244		(~~211~~214	)		3330		243		(204	)		39
Buildings		2,086		(~~188~~193	)		1,~~898~~893		2,086		(179	)		1,907
Land		1,514		-			1,514		1,514		-			1,514
	$	8184,~~001~~220	$	(1213,~~745~~788	)	$	6870,~~256~~432	$	78,229	$	(10,716	)	$	67,513

NOTE 6: RESTRICTED CASH

Restricted cash includes cash and cash equivalents and money market funds 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 completion of reclamation of a mineral property or restructuring of a surety and collateral arrangement.

Cash, cash equivalents and restricted cash are included in the following accounts:

	January 31, 2026		July 31, 2025
		April 30, 2026		July 31, 2025
Cash and cash equivalents	$	~~486~~488,~~347~~053	$	148,930
Restricted cash		71,~~657~~878		9,207
Total cash, cash equivalents and restricted cash	$	~~494~~489,~~004~~931	$	158,137

Financial instruments that potentially subject ~~the~~our Company to concentrations of credit risk consist of cash and cash equivalents and restricted cash. These assets include Canadian dollar and U.S. dollar denominated certificates of deposit, money market accounts and demand deposits. These instruments are maintained at financial institutions in Canada and the U.S. The maximum credit risk of these assets is the carrying amount less the amount covered by the Canada Deposit Insurance Corporation, the Securities Investor Protection Corporation or the U.S. Federal Deposit Insurance Corporation, should the financial institutions with which these amounts are invested be rendered insolvent. As of ~~January~~April 3130, 2026, approximately $~~472~~464.2996 million of our cash and cash equivalents is held in two financial institutions, which are among the largest banks in the U.S. and Canada and subject to concentration risk. The Company does not consider any of its financial assets to be impaired as of ~~January~~April 3130, 2026.

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URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

~~January~~April 3130, 2026

(Unaudited - Expressed in thousands of U.S. dollars unless otherwise stated)

NOTE 7:

EQUITY-ACCOUNTED INVESTMENTS

As at ~~January~~ April 3130, 2026, wethe ~~owned~~Company owned 17,978,364 shares of Uranium Royalty Corp. (“URC”), representing a 12.3% ( July 31, 2025: 13.5%) interest in URC. In addition, two of our executive officers are members of URC’s board of directors. Furthermore, one of these executive officers also holds an executive position within URC. As a consequence, our ability to exercise significant influence over URC’s operating and financing policies continued to exist during the three and ~~six~~nine months ended ~~January~~April 3130, 2026. Should URC’s outstanding options be fully exercised, the Company’s ownership interest would decrease from 12.3% to 12.1%. URC is a public company listed on the Toronto Stock Exchange with the trading symbol “URC” and on NASDAQ with the trading symbol “UROY”. As at ~~January~~ April 3130, 2026, the fair value of our investment in URC was approximately $8370.0612 million ( July 31, 2025: $46.56 million).

~~As at~~On ~~January~~April 3129, 2026, wethe ~~owned~~Company ~~50%~~acquired ofbeneficial ~~the~~ownership ~~outstanding~~of ~~shares~~and ofcontrol ~~JCU~~over ~~(Canada)~~10,989,011 ~~Exploration~~newly ~~Company~~issued ~~Limited~~subscription receipts (each a “~~JCU~~Subscription Receipt”)~~. JCU~~ isof URC by way of a private ~~Canadian~~placement, ~~company~~in ~~engaged~~consideration for $3.64 per Subscription Receipt for a total aggregate purchase price of $40.00 million. Each Subscription Receipt entitles us to receive, without any additional consideration, one common share in the ~~exploration~~event all escrow release conditions set out in the subscription agreement for the Subscription Receipts are satisfied, including satisfaction of the conditions precedent of an arrangement between URC and ~~development~~other third parties (the “Arrangement”) and receipt of ~~uranium~~conditional ~~assets~~approval inof ~~Canada~~the Arrangement from the Toronto Stock Exchange and approval from shareholders of URC. ~~The~~ ~~Company’s~~In ~~50%~~the ~~interest~~event inthat ~~JCU~~the escrow release conditions are not satisfied or the Arrangement is terminated, the Subscription Receipts will expire and the Company will be entitled to return of the subscription amount. As of April 30, 2026, the Subscription Receipts had a ~~joint~~carrying ~~venture~~value of $40.00 million, which iswas ~~accounted~~classified ~~for~~as ~~using~~other non-current assets on the ~~equity~~Company’s ~~method~~consolidated balance sheet.

~~During~~As ~~the~~at April ~~six months ended January 31~~30, 2026, the ~~changes~~Company owned 50% of the outstanding shares of JCU (Canada) Exploration Company Limited (“JCU”). JCU is a private Canadian company engaged in ~~carrying~~the ~~value~~exploration and development of ~~our~~uranium ~~equity-~~assets in Canada. The Company’s 50% interest in JCU is a joint venture, which is accounted ~~investments~~for ~~are~~using ~~summarized~~the asequity ~~follows:~~method.

	Investment in
	URC		JCU			Total
Balance, July 31, 2025	$	34,657	$	21,168		$	55,825
Share of income (loss)		968		(1,535	)		(567	)
Gain on dilution of ownership interest		3,460		-			3,460
Foreign exchange difference		649		317			966
Balance, January 31, 2026	$	39,734	$	19,950		$	59,684

During the nine months ended April 30, 2026, the changes in carrying value of our equity-accounted investments is summarized as follows:

For the three and six months ended January 31, 2026 and 2025, income (loss) from our equity-accounted investments consisted of the following:

	Investment in
	URC		JCU			Total
Balance, July 31, 2025	$	34,657	$	21,168		$	55,825
Capital contribution		-		821			821
Share of income (loss)		5,836		(2,953	)		2,883
Gain on dilution of ownership interest		3,464		-			3,464
Foreign exchange difference		544		242			786
Balance, April 30, 2026	$	44,501	$	19,278		$	63,779

	Three Months Ended January 31,					Six Months Ended January 31,
	2026		2025			2026			2025
Share of income (loss)	$	210	$	(1,013	)	$	(567	)	$	(1,494	)
Gain on dilution of ownership interest		1,943		22			3,460			27
Total	$	2,153	$	(991	)	$	2,893		$	(1,467	)

For the three and nine months ended April 30, 2026 and 2025, income (loss) from our equity-accounted investments consisted of the following:

	*Three Months Ended April 30,*					*Nine Months Ended April 30,*
	*2026*		2025			*2026*		2025
Share of income (loss)	$	3,450	$	(2,256	)	$	2,883	$	(3,750	)
Gain on dilution of ownership interest		4		1			3,464		28
Total	$	3,454	$	(2,255	)	$	6,347	$	(3,722	)

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URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

~~January~~April 3130, 2026

(Unaudited - Expressed in thousands of U.S. dollars unless otherwise stated)

NOTE 8:

INVESTMENTS IN EQUITY SECURITIES

During the nine ~~six~~ months ended ~~January~~April 3130, 2026, the changes in our investments in equity securities ~~are~~is summarized as follows:

Balance, July 31, 2025	$	28,470
Investment in public listed companies		3637,~~576~~927
Sale of investment in publicly listed companies		(1,168	)
Fair value gain on equity securities		~~20,085~~653
Balance, January 31, 2026	$	83,963
Balance, April 30, 2026	$	65,882

Pursuant to Accounting Standards Codification (“ASC”) 323 Investments – Equity Method and Joint Ventures, there is a rebuttable presumption that equity method of accounting shall be applied for investments of 20% or more of the investee’s outstanding voting common stock. As at ~~January~~ April 3130, 2026, the Company owned 45,~~978~~875,~~876~~738 common shares of Anfield Energy Inc. (“Anfield”) ( July 31, 2025: 4,978,876 on a post-consolidated basis(1*)), representing approximately 28 32.8022% ( July 31, 2025: 31.8%) of the outstanding common shares of Anfield on a non-diluted basis and approximately 3336.7068% ( July 31, 2025: 37.0%) on a partially diluted basis after assuming the exercise of 1,283,639 post-consolidated share purchase warrants of Anfield (the “Anfield Warrants”) held by the Company. As a result, ~~the~~our ~~Company’s~~ investment in Anfield’s common shares is subject to the equity method of accounting. However, as permitted under ASC 825 Financial Instruments, the Company elected to apply the fair value option to account for its investment in Anfield’s common shares. All subsequent changes in fair value of the common shares of Anfield are recognized in our consolidated statements of operations.

~~On January~~As 12at April 30, 2026, the ~~Company~~fair ~~entered~~value ~~into~~of aour ~~subscription~~investment ~~agreement~~in toAnfield’s ~~purchase~~common ~~896,861~~shares ~~subscription~~was ~~receipts (the “Subscription Receipts”) of Anfield for~~ $429.0038 million. ~~Each Subscription Receipt entitled the Company to receive, upon satisfaction of the Escrow Release Conditions~~ (as ~~defined~~July ~~below) on or prior to March~~ 31, ~~2026,~~2025: ~~or such other later date as may be specified by the Company in writing, one common share of Anfield, without payment of additional consideration and without further action on the part of the Company~~$26.14 ~~Anfield required the approval of the TSX-Venture Exchange (the “TSX-V”~~million) and the ~~disinterested~~fair ~~shareholders~~value of ~~Anfield~~our ~~at a special shareholder meeting on February 27, 2026 (the “Escrow Release Conditions”) to remove the Escrow Release Conditions associated with the subscription.~~ Anfield ~~received~~Warrants ~~the~~was ~~approval by the TSX-V and its disinterested shareholders, and consequently issued~~$1.41 ~~896,861~~million ~~Anfield’s~~( ~~common~~July ~~shares to the Company on February 27, 2026. On January~~ 31, ~~2026,~~2025: ~~the~~$1.39 Company remeasured the fair value of the Subscription Receipts using the closing price of Anfield’s common shares on that date, and recognized the resulting change as fair value gain on equity securities in the consolidated statements of operationsmillion).

AsThe ~~at January~~cumulative ~~31,~~revaluation ~~2026,~~adjustment ~~the~~since ~~fair~~acquisition ~~value~~ of the ~~Company’s~~equity ~~investment~~securities inas ~~Anfield’s~~at April ~~common shares and Subscription Receipts was $48.71 million ( July 31~~30, ~~2025:~~2026 is ~~$26.14~~a ~~million) and the fair value~~ loss of ~~our Anfield Warrants was~~ $27.4769 million ~~( July 31, 2025: $1~~.~~39 million).~~

~~The~~ ~~cumulative~~(*) ~~revaluation~~Effective August ~~adjustment~~1, ~~since~~2025, ~~acquisition~~Anfield ofcompleted ~~the~~a ~~equity~~share ~~securities~~consolidation ~~and~~on ~~Subscription~~the ~~Receipts~~basis of one (1) post-consolidation common share for every seventy-five (75) pre-consolidation common shares. All references to Anfield’s ~~held~~common asshares ~~at January~~in ~~31,~~this ~~2026~~note isare presented on a ~~gain of~~post-consolidated ~~$11~~basis.~~74 million.~~

(1) Effective August 1, 2025, Anfield completed a share consolidation on the basis of one (1) post-consolidation common share for every seventy-five (75) pre-consolidation common shares. All references to Anfield’s common shares in this note are presented on a post-consolidated basis.

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URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

~~January~~April 3130, 2026

(Unaudited - Expressed in thousands of U.S. dollars unless otherwise stated)

NOTE 9:

ASSET RETIREMENT OBLIGATIONS

Asset retirement obligations (“ARO”s) relate to future remediation and decommissioning activities for our plants, processing facilities and various projects, and are summarized as follows:

Balance, July 31, 2025	$	39,064
Accretion		1,~~070~~629
Addition		715
Liabilities settled in cash		(~~312~~509	)
Balance, January 31, 2026		40,537
Balance, April 30, 2026		40,899
Asset retirement obligations, current		(4,~~847~~650	)
Asset retirement obligations, non-current	$	3536,~~690~~249

The estimated cash flows and assumptions used for our ARO estimates are as follows:

	January 31, 2026		July 31, 2025
	April 30, 2026		July 31, 2025
Undiscounted amount of estimated cash flows		8988,~~097~~900		88,669
Payable in years		1 to 3736		1 to 37
Inflation rate		1.56% to 5.32%		1.56% to 5.32%
Discount rate		3.72% to 6.35%		3.72% to 6.35%

NOTE 10:

CAPITAL STOCK

At-the-Market Offerings

On November 16, 2022, wethe ~~filed~~Company aentered ~~Form~~into San at-3the-market ~~automatic~~offering ~~shelf~~agreement ~~registration~~(the ~~statement~~“2022 ~~under~~ATM ~~the~~Offering ~~United~~Agreement”) ~~States~~with ~~Securities~~H.C. ~~Act~~Wainwright of& ~~1933~~Co., asLLC ~~amended~~and certain other co-managers (collectively, the “~~Securities~~2022 ~~Act~~ATM Managers”), ~~which~~as ~~became~~set ~~effective~~forth ~~upon~~in ~~filing, providing for~~ the ~~public~~2022 ~~offer~~ATM ~~and~~Offering ~~sale~~Agreement ofunder ~~certain~~which ~~securities of~~ the Company could, from time to time, atsell ~~our~~shares ~~discretion,~~ of anour ~~undetermined dollar value of~~ common stock, ~~debt~~having securities, warrants to purchase common stock or debt securities, subscription receipts for units which include common stock, debt securities, warrants or any combination thereof (the “2022 Shelf”), which included an ~~at-the-market~~aggregate offering ~~agreement~~price ~~prospectus (the “2022 ATM Offering”) covering the offering, issuance and sale~~ of up to ~~a maximum offering of~~ $300 million inthrough ~~shares~~the of2022 ~~our~~ATM ~~common~~Managers ~~stock~~selected ~~under~~by ~~the 2022 Shelf~~us.

On ~~November~~December 1620, ~~2022~~2024, wethe ~~also~~ Company entered into an at-the-market offering agreement (the “~~2022~~2024 ATM Offering Agreement”) with ~~H.C.~~Goldman ~~Wainwright~~Sachs & Co., LLC and certain other co-managers (~~collectively,~~ the “~~2022~~2024 ATM Managers”), aspursuant ~~set~~to ~~forth~~which in the ~~2022~~Company may ~~ATM Offering Agreement under which we could, from time to time,~~ sell shares of our common stock having an aggregate offering price of up to $300 million pursuant to an at-the-market offering (the “2024 ATM Offering”) . Under the 2024 ATM Offering Agreement, the Company could, from time to time, sell shares of our common stock through the ~~2022~~2024 ATM Managers selected by us.

On December 20, 2024, we filed a prospectus supplement to our 2022 Shelf (the “2024 ATM Offering”) under which we could, from time to time, sell shares of our common stock having an aggregate offering price of up to $300 million pursuant to an at-the-market offering agreement (the “2024 ATM Offering Agreement”) we have with Goldman Sachs & Co. LLC and certain co-managers (collectively, the “2024 ATM Managers”). Under the 2024 ATM Offering Agreement, we could, from time to time, sell shares of our common stock through the 2024 ATM Managers selected by us.

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URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

~~January~~April 3130, 2026

(Unaudited - Expressed in thousands of U.S. dollars unless otherwise stated)

On November 14, 2025, wethe ~~filed~~Company ~~Form~~entered ~~S-3~~into ~~automatic~~an ~~shelf~~at-the-market ~~registration~~offering ~~statement~~agreement ~~under~~ (the ~~Securities~~“2025 ~~Act,~~ATM ~~which~~Offering ~~became~~Agreement”) ~~effective~~with ~~upon~~Goldman ~~filing,~~Sachs ~~providing~~& ~~for~~Co. ~~the~~LLC ~~public offer~~ and ~~sale of~~ certain ~~securities~~other ofco-managers ~~the Company from time to time~~(collectively, atthe ~~our~~“2025 ~~discretion,~~ATM ofManagers”). anUnder ~~undetermined~~the ~~dollar~~2025 ~~value~~ATM ofOffering ~~common stock~~Agreement, ~~debt~~the ~~securities~~Company may, ~~warrants~~from time to ~~purchase common stock or debt securities~~time, ~~subscription~~sell ~~receipts~~shares ~~for~~of ~~units~~our ~~which include~~ common stock, ~~debt~~having ~~securities, warrants or any combination thereof (the “2025 Shelf”), which included~~ an ~~at-the-market~~aggregate offering ~~agreement~~price ~~prospectus (the “2025 ATM Offering”) covering the offering, issuance and sale~~ of up to ~~a maximum offering of~~ $600 million inthrough ~~shares~~the of2025 ~~our~~ATM ~~common~~Managers ~~stock~~selected ~~under~~by ~~the 2025 Shelf~~us.

OnDuring the nine months ended ~~November~~April 1430, 2025, wethe ~~also~~Company ~~entered~~issued 11,516,375 and 11,888,516 of ~~into~~the anCompany’s ~~at-the-market~~common ~~offering~~stock ~~agreement~~under (the ~~“2025~~2022 ATM Offering Agreement”) ~~with~~and ~~Goldman~~the ~~Sachs~~2024 &ATM ~~Co.~~Offering ~~LLC~~Agreement ~~and~~for ~~certain~~gross ~~co-managers~~cash ~~(collectively,~~proceeds ~~the~~of ~~“2025~~$94.40 million ~~ATM~~and ~~Managers”)~~$75.34 million, ~~Under~~respectively. The ~~the~~total ~~2025~~issuance ~~ATM~~costs ~~Offering~~were ~~Agreement,~~$2.15 million ~~we may,~~and ~~from time to time~~$1.69 million, ~~sell~~all ~~shares~~ of ~~our~~which ~~common~~were ~~stock~~related ~~having~~to ancompensation ~~aggregate~~paid ~~offering~~to ~~price~~the of2022 upATM toManagers ~~$600~~and ~~million through~~ the ~~2025~~2024 ATM Managers, ~~selected by us~~respectively.

During the nine ~~six~~ months ended ~~January~~April 3130, ~~2025~~2026, wethe Company issued 1110,~~516~~077,~~375~~186 and 59,~~310~~709,~~281~~ 167 of the Company’s common stock under the 2024 ~~2022~~ ATM Offering Agreement and the ~~2024~~2025 ATM Offering Agreement for gross cash proceeds of $94101.4097 million and $40168.52 million, respectively. The total issuance costs were $2.1529 million and $03.9137 million, all of which were related to compensation paid to the 2024 ~~2022~~ ATM Managers and the ~~2024~~2025 ATM Managers, respectively.

~~During~~ ~~the six~~Subsequent ~~months~~to April ~~ended January 31~~30, 2026, wethe Company issued 101,~~077~~390,~~186~~880 ~~and 5,758,936~~ of the Company’s common stock under the ~~2024~~ ~~ATM Offering and the~~ 2025 ATM Offering Agreement for gross cash proceeds of $~~101~~22.9711 million ~~and $107~~.~~98 million,~~ ~~respectively.~~ The total issuance costs were $20.2944 million ~~and $2.16 million~~, all of which were related to compensation paid to the ~~2024~~ ~~ATM Managers and the~~ 2025 ATM Managers~~, respectively~~.

Subsequent to January 31, 2026, we issued 869,556 of the Company’s common stock under the 2025 ATM Offering for gross cash proceeds of $14.77 million. The total issuance costs were $0.30 million, all of which were related to compensation paid to the 2025 ATM Managers.

Public Offering

On October 6, 2025, wethe Company completed a public offering of 15,500,000 shares of our common stock at a price of $13.15 per share, resulting in gross proceeds of $203.83 million. On October 9, 2025, the underwriter exercised its over-allotment option to purchase an additional 2,325,000 shares of common stock at the same offering price, providing additional gross proceeds to the Company of $30.57 million. The total issuance costs were $2.79 million pursuant to the public offering and the over-allotment purchase.

Private Placement

On October 2, 2025, wethe Company completed a private placement offering of 575,000 shares of our common stock issued as “flow-through shares” (the “FT Shares”), as defined in subsection 66(15) of the Income Tax Act (Canada), for gross proceeds of $8.63 million. The proceeds will be applied toward certain qualifying Canadian exploration expenditures (“CEE”), as defined in the Income Tax Act (Canada), at the Company’s Roughrider Project located in Saskatchewan, Canada.

The difference between the Company’s trading price at the time of issuance and the price of the FT Shares is recorded as a flow-through share premium (the “FT Premium Liability”). The FT Premium Liability of $0.75 million is recorded within accrued liabilities on our Consolidated Balance Sheet. The FT Premium Liability will be derecognized in subsequent periods when the Company incurs qualifying CEE and submits the required documentation to renounce the related tax benefits to the FT Share subscriber.

Share Purchase Warrants

AsNo ~~at January~~share ~~31,~~purchase ~~2026,~~warrants ~~our~~were ~~number of~~ outstanding ~~share~~as ~~purchase~~at April ~~warrants~~30, ~~was nil~~ 2026 ( July 31, 2025: 159,091).

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URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

~~January~~April 3130, 2026

(Unaudited - Expressed in thousands of U.S. dollars unless otherwise stated)

NOTE 11:

STOCK-BASED COMPENSATION

Stock Options

A continuity schedule of our outstanding stock options for the nine ~~six~~ months ended ~~January~~April 3130, 2026, is as follows:

	Number of Stock			Weighted Average
	Options			Exercise Price
Balance, July 31, 2025		4,594,207		$	2.71
Exercised		(1,~~041~~146,~~720~~020	)		2.4549
Forfeited		(112,~~400~~875	)		53.4970
Balance, January 31, 2026		3,551,087		$	2.78
Balance, April 30, 2026		3,435,312		$	2.78

The table below sets forth the number of shares issued and cash received upon the exercise of our stock options:

Three Months Ended January 31,

Six Months Ended January 31,

Three Months Ended April 30,

Nine Months Ended April 30,

2026

2025

2026

2025

Number of Options Exercised on a Cash Basis

~~162~~2,~~400~~100

21,~~438~~250

~~351~~353,~~817~~917

4849,~~713~~963

Number of Options Exercised on a Non-Cash Basis

22102,~~100~~200

6128,~~414~~500

~~689~~792,~~903~~103

~~188~~217,~~514~~014

Total Number of Options Exercised

~~184~~104,~~500~~300

6329,~~852~~750

1,~~041~~146,~~720~~020

~~237~~266,~~227~~977

Number of Shares Issued on a Cash Basis

~~162~~2,~~400~~100

21,~~438~~250

~~351~~353,~~817~~917

4849,~~713~~963

Number of Shares Issued on a Non-Cash Basis

1683,~~068~~614

3514,~~627~~178

~~539~~623,~~956~~570

~~110~~124,~~389~~567

Total Number of Shares Issued Upon Exercise of Options

~~178~~85,~~468~~714

3815,~~065~~428

~~891~~977,~~773~~487

~~159~~174,~~102~~530

Cash Received from Exercise of Stock Options

~~270~~11

~~911~~922

~~129~~134

Total Intrinsic Value of Options Exercised

1,~~744~~379

~~301~~101

910,~~292~~671

1,~~110~~211

A continuity schedule of our outstanding unvested stock options as of ~~January~~ April 3130, 2026, and the changes during the period, is as follows:

	Number of Unvested Stock Options			Weighted Average Grant-Date Fair Value
Balance, July 31, 2025		359,619		$	3.80
Vested		(~~135~~153,~~328~~967	)		3.9496
Forfeited		(~~200~~875	)		3.62
Balance, January 31, 2026		224,091		$	3.72
Balance, April 30, 2026		204,777		$	3.69

As at ~~January~~ April 3130, 2026, the aggregate intrinsic value of all of our outstanding stock options was estimated at $5141.3462 million (vested: $4839.8077 million and unvested: $21.5485 million). As at ~~January~~ April 3130, 2026, our unrecognized compensation cost related to unvested stock options was $0.2918 million ( July 31, 2025: $0.75 million), which is expected to be recognized over a weighted average period of 0.8370 years.

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URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

~~January~~April 3130, 2026

(Unaudited - Expressed in thousands of U.S. dollars unless otherwise stated)

A summary of our stock options outstanding and exercisable as of ~~January~~ April 3130, 2026, is as follows:

	Options Outstanding						Options Exercisable
					Weighted						Weighted
					Average						Average
Range of			Weighted		Remaining				Weighted		Remaining
Exercise	Outstanding at		Average		Contractual		Exercisable at		Average		Contractual
Prices	~~January~~April 3130, 2026		Exercise Price		Term (Years)		~~January~~April 3130, 2026		Exercise Price		Term (Years)
$0.91 to $0.99		~~882~~847,750		0.92		4.2903		~~882~~847,750		0.92		4.2903
$1.00 to $1.99		475,000		1.10		4.4521		475,000		1.10		4.4521
$2.00 to $2.99		434,649		2.28		5.4117		434,649		2.28		5.4117
$3.00 to $3.99		1,~~272~~209,~~555~~255		3.6263		6.6437		1,~~222~~159,~~432~~132		3.6162		6.6033
$4.00 to $4.99		14,000		4.36		8.7348		69,~~500~~000		4.5344		8.2123
$5.00 to $5.99		~~331~~313,~~243~~768		5.49		8.4823		~~236~~219,~~763~~963		5.4948		8.4723
$6.00 to $6.99		64,558		6.51		8.3309		4258,~~316~~455		6.5654		8.2906
$7.00 to $7.99		10,000		7.63		7.9873		10,000		7.63		7.9873
$8.00 to $8.68		66,332		8.68		9.4925		16,586		8.68		9.4925
		3,551,087	$	2.78		5.88		3,326,996	$	2.57		5.70
		3,435,312	$	2.78		5.61		3,230,535	$	2.58		5.44

Restricted Stock Units

A summary of our outstanding and unvested restricted stock units (each, an “RSU”) as of ~~January~~ April 3130, 2026, is as follows:

	Number of RSUs			Weighted Average Grant-Date Fair Value
Balance, July 31, 2025		1,203,197		$	6.60
Granted		~~189~~196,~~149~~502			12.4951
Forfeited		(~~846~~3,474	)		11.98
Vested		(1123,~~528~~480	)		67.6433
Balance, January 31, 2026		1,379,972		$	7.40
Balance, April 30, 2026		1,372,745		$	7.42

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URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

~~January~~April 3130, 2026

(Unaudited - Expressed in thousands of U.S. dollars unless otherwise stated)

During the three and ~~six~~nine months ended ~~January~~April 3130, 2026, our stock-based compensation related to RSUs was $1.5875 million and $24.6439 million (three and ~~six~~nine months ended ~~January~~April 3130, 2025: $0.7874 million and $12.5327 million), respectively. As at ~~January~~ April 3130, 2026, our unrecognized compensation costs related to unvested RSUs totaled $64.0638 million ( July 31, 2025: $6.35 million), which is expected to be recognized over a weighted average period of approximately 1.7955 years.

Performance Based Restricted Stock Units

During the three and ~~six~~nine months ended ~~January~~April 3130, 2026, our stock-based compensation related to the amortization of performance based restricted stock units (each, a “PRSU”) totaled $0.36 million and $01.7310 million (three and ~~six~~nine months ended ~~January~~April 3130, 2025: $0.29 million and $0.5786 million), respectively. As at ~~January~~ April 3130, 2026, our unrecognized compensation costs related to unvested PRSUs totaled $2.3902 million ( July 31, 2025: $3.12 million), which is expected to be recognized over a period of approximately 21.0688 years.

~~A summary of our stock~~Stock-~~based~~Based ~~compensation~~Compensation ~~expense for the three and six months ended January 31, 2026, is as follows:~~

	Three Months Ended				Six Months Ended
	January 31,				January 31,
	2026		2025		2026		2025
Stock-Based Compensation for Consultants
Common stock issued to consultants	$	-	$	-	$	-	$	88
Amortization of stock option expenses		10		42		20		97
Amortization of RSU expenses		80		15		80		33
		90		57		100		218
Stock-Based Compensation for Management
Amortization of stock option expenses		118		172		291		379
Amortization of RSU and PRSU expenses		1,358		977		2,722		1,946
		1,476		1,149		3,013		2,325
Stock-Based Compensation for Employees
Amortization of stock option expenses		67		273		139		707
Amortization of RSU expenses		510		75		571		127
		577		348		710		834
	$	2,143	$	1,554	$	3,823	$	3,377

A summary of our stock-based compensation expense for the three and nine months ended April 30, 2026, is as follows:

	*Three Months Ended*				*Nine Months Ended*
	*April 30,*				*April 30,*
	*2026*		2025		*2026*		2025
Stock-Based Compensation for Consultants
Common stock issued to consultants	$	-	$	18	$	-	$	106
Amortization of stock option expenses		4		24		24		121
Amortization of RSU expenses		198		1		278		33
		202		43		302		260
Stock-Based Compensation for Management
Amortization of stock option expenses		76		115		367		494
Amortization of RSU and PRSU expenses		1,326		957		4,048		2,902
		1,402		1,072		4,415		3,396
Stock-Based Compensation for Employees
Amortization of stock option expenses		28		151		167		858
Amortization of RSU expenses		586		72		1,157		199
		614		223		1,324		1,057
	$	2,218	$	1,338	$	6,041	$	4,713

NOTE 12:

SALES AND COST OF SALES

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

	Three Months Ended January 31,						Six Months Ended January 31,
	Three Months Ended April 30,						Nine Months Ended April 30,
	2026			2025			2026			2025
Sales of purchased uranium inventory	$	~~20,200~~-		$	~~49,750~~-		$	20,200		$	66,837
Cost of purchased uranium inventory		~~(10,172~~-	)		~~(31,524~~-	)		(10,172	)		(42,360	)
Gross profit	$	~~10,028~~-		$	~~18,226~~-		$	10,028		$	24,477

The sale of purchased uranium inventory was completed on January 30, 2026. The receivable arising from the sale was subsequently collected on February 13, 2026.

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URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

~~January~~April 3130, 2026

(Unaudited - Expressed in thousands of U.S. dollars unless otherwise stated)

The table below provides a breakdown of major customers:

	Three Months Ended January 31,						Six Months Ended January 31,
	Three Months Ended April 30,						Nine Months Ended April 30,
	2026			2025			2026			2025
Customer A		-			67-	%		-			50	%
Customer B		~~100~~-	%		33-	%		100	%		24	%
Customer C		-			-			-			14	%
Customer D		-			-			-			12	%
		100	%		100	%		100	%		100	%
		0	%		0	%		100	%		100	%

NOTE 13:

LOSS PER SHARE

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

	Three Months Ended January 31,						Six Months Ended January 31,
	Three Months Ended April 30,						Nine Months Ended April 30,
Numerator	2026			2025			2026			2025
Net Loss for the Period	$	(1352,~~937~~344	)	$	(1030,~~234~~212	)	$	(2476,~~278~~622	)	$	(3060,~~392~~604	)
Denominator
Basic Weighted Average Number of Shares		~~484~~490,~~086~~701,~~707~~053			~~423~~429,~~199~~941,~~789~~797			~~476~~480,~~173~~909,~~043~~281			~~417~~421,~~669~~670,~~394~~287
Dilutive Effect of Stock Awards and Warrants		-			-			-			-
Diluted Weighted Average Number of Shares		~~484~~490,~~086~~701,~~707~~053			~~423~~429,~~199~~941,~~789~~797			~~476~~480,~~173~~909,~~043~~281			~~417~~421,~~669~~670,~~394~~287
Net Loss Per Share – Basic	$	(0.0311	)	$	(0.0207	)	$	(0.0516	)	$	(0.0714	)
Net Loss Per Share – Diluted	$	(0.0311	)	$	(0.0207	)	$	(0.0516	)	$	(0.0714	)

NOTE 14:

SEGMENTED INFORMATION

The Company’s operating segments consist of uranium exploration and mining activities in Wyoming, Texas, Saskatchewan and ~~Others~~others, as well as a corporate segment engaged in investments and the trading of purchased uranium inventory.

Our Chief Executive Officer, who is also our Chief Operating Decision Maker (“CODM”) evaluates performance and allocates resources for all of the Company’s reportable segments based on income (loss) before income taxes. The CODM uses segment income (loss) before income taxes to allocate resources, including decisions related to capital investment in mining operations and potential expansion opportunities. The significant segment expenses reviewed by the CODM are consistent with the operating expense line items presented in the Company’s consolidated statements of operations.

Table of Contents

URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

~~January~~April 3130, 2026

(Unaudited - Expressed in thousands of U.S. dollars unless otherwise stated)

The Company adopted ASU 2023-07, Segment Reporting (Topic 280), on August 1, 2024. The new segment reporting requirement is applied retrospectively to all prior periods presented in these consolidated financial statements. The tables below present financial information for each of the Company’s reportable segments. All intercompany transactions have been eliminated.

	Three months ended January 31, 2026
	Three Months Ended April 30, 2026
	Mining												Corporate			Total
	Mining												Corporate			Total
Statement of Operations	Wyoming			Texas			Saskatchewan			Others
Sales	$	-		$	-		$	-		$	-		$	~~20,200~~-		$	~~20,200~~-
Cost of sales		-			-			-			-			~~(10,172~~-	)		~~(10,172~~-	)
Depreciation, amortization and accretion		(1,~~279~~343	)		(~~374~~420	)		(4645	)		(56	)		(1	)		(1,~~705~~815	)
Other operating expenses (1)		(1417,~~715~~995	)		(67,~~017~~547	)		(45,~~742~~463	)		(~~336~~446	)		(67,~~076~~520	)		(3138,~~886~~971	)
Other income (expenses)
Income from equity-accounted investment		-			-			-			-			23,~~153~~454			23,~~153~~454
Fair value gain on equity securities		-			-			-			-			4,064			4,064
Fair value loss on equity securities		-			-			-			-			(19,432	)		(19,432	)
Interest expense and finance costs		(~~425~~333	)		(7065	)		-			(54	)		-			(~~500~~402	)
Interest income		-			-			-			-			34,~~903~~221			34,~~903~~221
Other items		-(3	)		68			54			1			-(5	)		125
Income (loss) before income taxes	$	(16,419	)	$	(6,455	)	$	(4,783	)	$	(345	)	$	14,071		$	(13,931	)
Loss before income taxes	$	(19,674	)	$	(8,024	)	$	(5,504	)	$	(455	)	$	(19,283	)	$	(52,940	)
Total assets	$	370,760		$	35,624		$	381,387		$	21,014		$	723,863		$	1,532,648

Equity-accounted investments	$	-		$	-		$	-		$	-		$	59,684		$	59,684
Total assets	$	367,927		$	34,897		$	381,004		$	21,046		$	733,182		$	1,538,056
Capital additions	$	984		$	533		$	-		$	25		$	-		$	1,542
Equity-accounted investments	$	-		$	-		$	-		$	-		$	63,779		$	63,779
Capital additions	$	2,167		$	1,152		$	-		$	-		$	-		$	3,319

	Three months ended January 31, 2025
	Three Months Ended April 30, 2025
	Mining												Corporate			Total
Statement of Operations	Wyoming			Texas			Saskatchewan			Others
Sales	$	-		$	-		$	-		$	-		$	~~49,750~~-		$	~~49,750~~-
Cost of sales		-			-			-			-			~~(31,524~~-	)		~~(31,524~~-	)
Depreciation, amortization and accretion		(~~864~~1,098	)		(~~139~~264	)		(3938	)		(12	)		(23	)		(1,~~045~~405	)
Other operating expenses (1)		(1011,~~225~~224	)		(4,~~120~~005	)		(~~694~~2,290	)		(~~375~~99	)		(54,~~401~~440	)		(2022,~~815~~058	)
Other income (expenses)
Loss from equity-accounted investment		-			-			-			-			(~~991~~2,255	)		(~~991~~2,255	)
Fair value loss on equity securities		-			-			-			-			(74,~~967~~266	)		(74,~~967~~266	)
Interest expense and finance costs		(~~259~~321	)		-			-			(54	)		(2579	)		(~~289~~404	)
Interest income		-			-			-1			-			~~1,201~~570			~~1,201~~571
Other items		-(1)			(1145	)		4			21			2380			1839
Income (loss) before income taxes	$	(11,348	)	$	(4,270	)	$	(729	)	$	(379	)	$	5,064		$	(11,662	)
Loss before income taxes	$	(12,644	)	$	(4,314	)	$	(2,323	)	$	(104	)	$	(10,393)		$	(29,778	)
Total assets	$	~~364~~365,~~988~~453		$	2433,~~812~~739		$	~~369~~379,~~361~~045		$	20,~~816~~800		$	~~201~~208,~~980~~773		$	~~981~~1,~~957~~007,810
Equity-accounted investments	$	-		$	-		$	-		$	-		$	55,~~181~~566		$	55,~~181~~566
Capital additions	$	190~~,645~~		$	~~807~~1,962		$	-		$	52-		$	-		$	~~191~~2,~~504~~152

Table of Contents

URANIUM ENERGY CORP.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

~~January~~April 3130, 2026

(Unaudited - Expressed in thousands of U.S. dollars unless otherwise stated)

	Six months ended January 31, 2026
	Nine Months Ended April 30, 2026
	Mining												Corporate			Total
Statement of Operations	Wyoming			Texas			Saskatchewan			Others
Sales	$	-		$	-		$	-		$	-		$	20,200		$	20,200
Cost of sales		-			-			-			-			(10,172	)		(10,172	)
Depreciation, amortization and accretion		(23,~~389~~732	)		(~~695~~1,115	)		(90135	)		(713	)		(34	)		(34,~~184~~999	)
Other operating expenses (1)		(2745,~~677~~672	)		(1321,~~510~~057	)		(612,~~670~~133	)		(~~582~~1,028	)		(1119,~~790~~310	)		(6099,~~229~~200	)
Other income (expenses)
Income from equity-accounted investment		-			-			-			-			26,~~893~~347			26,~~893~~347
Fair value gain on equity securities		-			-			-			-			~~20,085~~653			~~20,085~~653
Interest expense and finance costs		(~~766~~1,099	)		(~~447~~512	)		-			(1014	)		-			(1,~~223~~625	)
Interest income		-			-			-			-			610,~~666~~887			610,~~666~~887
Other items		-(3)			1321			913			23			-(5)			2429
Income (loss) before income taxes	$	(3050,~~832~~506	)	$	(1422,~~639~~663	)	$	(612,~~751~~255	)	$	(~~597~~1,052	)	$	278,~~879~~596		$	(2477,~~940~~880	)
Capital additions	$	13,~~298~~465		$	12,~~331~~483		$	57		$	81		$	-		$	26,~~767~~086

	Six months ended January 31, 2025
	Nine Months Ended April 30, 2025
	Mining												Corporate			Total
Statement of Operations	Wyoming			Texas			Saskatchewan			Others
Sales	$	-		$	-		$	-		$	-		$	66,837		$	66,837
Cost of sales		-			-			-			-			(42,360	)		(42,360	)
Depreciation, amortization and accretion		(12,~~288~~386	)		(~~272~~536	)		(75113	)		(46	)		(47	)		(13,~~643~~048	)
Other operating expenses (1)		(1527,~~948~~172	)		(812,~~452~~457	)		(47,~~723~~013	)		(~~839~~938	)		(914,~~710~~150	)		(3961,~~672~~730	)
Other income (expenses)
Loss from equity-accounted investment		-			-			-			-			(13,~~467~~722	)		(13,~~467~~722	)
Fair value loss on equity securities		-			-			-			-			(1822,~~317~~583	)		(1822,~~317~~583	)
Gain on revaluation of derivative liabilities		-			-			-			-			1,706			1,706
Interest expense and finance costs		(~~402~~723	)		-			-			(1014	)		(~~218~~297	)		(~~630~~1,034	)
Interest income		-			-			-1			-			2,~~326~~896			2,~~326~~897
Other items		-(1)			(~~167~~212	)		913			34			~~217~~297			62101
Loss before income taxes	$	(1730,~~638~~282	)	$	(813,~~891~~205	)	$	(47,~~789~~112	)	$	(~~850~~954	)	$	(~~990~~11,383	)	$	(3362,~~158~~936	)
Capital additions	$	191,~~333~~523		$	13,~~178~~140		$	273		$	52		$	-		$	~~192~~194,~~836~~988

⁽¹⁾ Other operating expenses include mineral property expenditures and general and administrative expenses.

Geographic Information

Long-lived assets (2)	~~January~~April 3130, 2026		July 31, 2025
United States		~~385~~387,~~601~~447		384,779
Canada		~~380~~379,~~184~~523		377,004
Others		15,~~457~~451		15,381
		781,242		777,164
		782,421		777,164

⁽²⁾ Long-lived assets include mineral rights and properties and property, plant and equipment.

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

The following Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations (~~Expressed~~“MD&A”) inprovides ~~thousands~~information that management believes is relevant to an assessment and understanding of Uthe consolidated financial condition and results of operations of Uranium Energy Corp.S and its subsidiaries (collectively, the “Company,” “our” and “we”). This ~~dollars~~MD&A should be read in conjunction with our unaudited interim condensed consolidated financial statements for the three and nine months ended April 30, ~~except~~2026 ~~per~~and ~~share~~the notes thereto and ~~per~~Annual ~~pound~~Report ~~amounts~~on Form 10-K for the year ended July 31, 2025 (the “Annual Report”), including the audited consolidated financial statements for the fiscal year ended July 31, 2025, and notes thereto. Unless otherwise stated, all references to dollar amounts herein are to United States dollars.

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 six months ended January 31, 2026, and our Form 10-K Annual Report for Fiscal 2025, 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 Fiscal 2025, 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, 2025, our most recently completed year end, to January 31, 2026, and our results of operations for the three and six months ended January 31, 2026, 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 2025.

Business

We have been primarily engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing. Our principal projects are located in Wyoming and Texas in the ~~United~~U.S. ~~States~~ and in Saskatchewan, Canada, as more fully described in our ~~Form 10-K~~ Annual Report ~~for Fiscal 2025~~.

In August 2024, we restarted uranium extraction at our fully permitted, and past producing, Christensen Ranch Mine ISR operation in Wyoming. During Fiscal 2025, our initial production as part of ramp up yielded 103,545 pounds and 26,421 pounds of precipitated uranium and dried and drummed U3O8 (uranium concentrate), respectively. ~~For~~In the nine ~~six~~ months ended ~~January~~April 3130, 2026, ~~114~~146,~~355~~550 pounds of precipitated uranium and dried and drummed U3O8 were produced at Christensen Ranch. We expect the ramp-up phase will continue while new production areas are being constructed in 2026. ~~Delineation~~In ~~drilling~~March ~~expanded~~2026, inwe ~~wellfield~~secured 12State ~~and~~regulatory 8approval and ~~10-extensions.~~commenced ~~Mine~~operating ~~development~~three ~~advanced~~additional ~~further~~header ~~with~~houses ~~well installation~~ in ~~wellfield 10-extension~~Wellfield ~~and~~11 ~~12,~~at asour ~~well~~Christensen asRanch ~~installation of the monitor well ring in wellfield 10-extension~~Mine. ~~Additionally,~~Preconditioning ~~construction~~of ~~was~~Wellfield ~~completed~~11 onstarted ~~four new header houses in wellfield 11~~thereafter, ~~with~~followed ~~three~~by ~~additional~~carbon ~~header~~dioxide ~~houses~~and ~~being~~oxygen ~~installed~~injection into ~~wellfield 12 and~~initiate ~~10-extension. Production from~~ the ~~new~~uranium ~~header~~recovery ~~houses~~process. isWe ~~expected~~continued to ~~commence~~develop onnew ~~receipt~~production ofareas ~~state regulatory approval. In parallel with activities~~ at ~~the~~ Christensen Ranch ~~mine,~~during ~~process upgrades at~~ the ~~Irigaray~~ ~~central~~quarter. ~~processing~~One ~~plant~~header ~~(“CPP”)~~house ~~continued~~ in ~~the~~Wellfield ~~second~~11 ~~quarter~~is ofcomplete ~~Fiscal~~and ~~2026,~~is ~~including~~awaiting ~~refurbishment~~regulatory ~~of the calciner to increase throughput of dried yellowcake~~approval. ~~Updates~~Five ~~included~~more ~~components~~header ashouses ~~recommended~~are byunder ~~the~~construction ~~manufacturer~~in toWellfields ~~increase~~12 ~~operational~~and ~~efficiency~~10-extension. ~~As a result~~Additionally, ~~drying~~baseline ~~and~~water ~~packaging~~quality issampling ~~now~~was ~~running~~completed ~~with~~in ~~24/7,~~Wellfield ~~two shift operations~~10-extension.

At Ludeman, our third ~~new~~ ISR project, ~~located~~the 10previously ~~miles~~announced ~~northeast~~240-hole ofdelineation ~~Glenrock,~~drill ~~Wyoming~~program was completed. This work will assist wellfield pattern design currently underway. Additionally, ~~delineation~~core ~~drilling~~samples ~~was~~were ~~approximately~~collected ~~80%~~for ~~completed~~subsequent atlaboratory testing. Engineering work for the ~~end~~satellite ion-exchange plant progressed with the plant layout and pad design largely finalized and fabrication of the ~~second~~ion-exchange ~~quarter~~vessels ahead of ~~Fiscal~~schedule. ~~2026~~The engineering team continues to advance the remainder of the mechanical equipment specifications which allows us to begin the procurement process for longer lead time equipment. Uranium ~~This~~captured ~~work~~on ion-exchange resin at the Ludeman satellite plant will ~~assist~~be ~~wellfield~~transported ~~pattern~~to ~~design~~the ~~currently~~Irigaray ~~underway~~central processing plant (the “CPP”), our hub in the Powder River Basin, for stripping, precipitation, drying and packaging.

Uranium recovered from ~~the~~our Christensen Ranch Mine ~~ISR operation~~ is processed at our Irigaray CPP, which has a licensed production capacity of four million pounds of U3O8 per year. The Irigaray CPP is the hub central to our four fully permitted ISR projects located in the Powder River Basin of Wyoming, including our Christensen Ranch Mine and our Reno Creek, Moore Ranch and Ludeman Projects.

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On August 1, 2025, our Sweetwater Project was designated as a FAST-41 transparency project by the U.S. Federal Permitting Improvement “Steering Council” as part of the implementation of President Trump’s Executive Order on Immediate Measures to “Increase American Mineral Production”. Our first milestone in the FAST-41 process was completed in ~~the~~our second fiscal quarter with the submission of the Sweetwater Plan of Operations for ISR operations to the Bureau of Land Management (“BLM”) on November 14, 2025. BLM’s ~~finalized~~30-day ~~their~~public ~~completeness~~comment ~~review~~period offor the ~~submission~~Plan of Operations began on March 316, 2026, ~~the~~and ~~second~~ended ~~milestone~~April in17, ~~the FAST-41 process~~2026. ~~The~~Comments ~~next~~will ~~steps~~be ~~are~~evaluated ~~meetings~~during ~~with BLM to determine~~ the ~~level of~~ National Environmental Policy Act ~~review~~process, ~~that~~which ~~will~~began bein ~~necessary~~June ~~for~~2026. ~~final~~A ~~approval~~200-hole ofdelineation ~~the~~drilling ~~project~~program onin ~~federal~~the ~~lands.~~first ~~The~~two ~~installation~~planned ofwellfields 23at ~~cased~~Sweetwater ~~monitor~~commenced ~~wells~~in March and ~~the~~was ~~coring~~completed ~~program~~in early May for ~~advanced~~the ~~metallurgical~~Sweetwater ~~testing~~North ~~was~~area ~~completed~~where ~~during~~wellfield ~~the~~pattern ~~quarter.~~planning Wehas commenced. aA second 200-hole delineation drilling program is scheduled to begin in July 2026 where the ~~first~~third ISR wellfield at Sweetwater onis ~~March~~planned. 2,We ~~2026~~have commenced the assessment of refurbishment requirements for the Sweetwater Mill for both conventional and ISR operations. Ion-exchange vessels for the Sweetwater ISR circuit are under construction.

In Texas, our fully-licensed and 100% owned Hobson CPP 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, which 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 four million pounds of U3O8 annually, acts as the central processing site (~~the~~i.e. “a hub”) for our Burke Hollow Mine and Palangana Mine, and future satellite uranium mining activities, such as our ~~Burke Hollow and~~ Goliad ~~Projects~~Project, located within the South Texas Uranium Belt (i.e. the “spokes”). In April 2026, we received approval from the Texas Commission on Environmental Quality and commenced production at our Burke Hollow Mine in South Texas. In order to initiate the uranium recovery process, oxygen and carbon dioxide were injected into the wellfield and will provide initial feed to the ion-exchange plant. The satellite ion-exchange plant, including columns, resin and water treatment systems with an overall capacity of 2,500 gallons per minute was commissioned in the fiscal third quarter. Wellfield development continued in phase 1A. An additional 46 wells were completed and tested for mechanical integrity facilitating installation of pumps and related piping and infrastructure. The main trunkline, piping, and valves have been installed and tested, as well as piping for oxygen delivery to the field.

AIn ~~major~~Canada, ~~milestone~~as ~~was~~part ~~achieved~~of ~~with~~ the ~~construction~~planned ~~completion~~pre-feasibility ofstudy ~~Burke~~at ~~Hollow during~~ the ~~second~~Roughrider ~~quarter of Fiscal 2026. Drilling~~Project, ~~casing,~~we ~~and~~have ~~underreaming~~substantially ofcompleted ~~wells~~a in35,000-meter ~~the~~conversion ~~initial~~core ~~production~~drilling ~~area~~program. ~~within~~This ~~the~~included ~~first~~resource ~~wellfield~~targets isacross ~~complete. The wellfield is~~the ~~comprised~~West ofZone, ~~129~~East ~~injection~~Zone and ~~recovery~~Far ~~wells~~East ~~that~~Zone, aiming ~~have~~to ~~been~~convert ~~tested~~inferred ~~for~~estimated ~~mechanical~~resources ~~integrity~~into ~~and~~the ~~will~~indicated ~~provide~~category ~~initial~~at ~~feed to~~ the ~~ion-exchange~~Roughrider ~~(“IX”) plant~~Project. ~~The~~80% ~~buildout~~ of the ~~satellite~~planned IXdrilling ~~plant,~~has ~~including~~been IXcompleted ~~columns,~~to IXdate. ~~resin~~We ~~and~~have ~~water~~engaged ~~treatment~~Tetra ~~systems~~Tech ~~with~~Canada ~~an overall capacity of 2,500 gallons per minute was completed~~Inc. ~~Ion-exchange~~to isprovide alead ~~filtration~~technical ~~system~~services ~~which~~for ~~removes~~the ~~liquid~~preparation ~~uranium~~of ~~from groundwater before it is dried and processed into U3O8 at~~ the ~~Hobson~~pre-feasibility ~~CPP~~study. ~~Additionally~~Process flow diagrams, ~~all~~mass ~~bulk~~and ~~chemicals,~~water ~~including~~balance ~~oxygen~~drawing, ~~carbon~~and ~~dioxide~~process ~~and~~equipment ~~others,~~lists have been ~~delivered~~completed. ~~in preparation for startup of our~~Concurrently, ~~hub~~we ~~and~~have ~~spoke~~provided ~~operations~~an inelectrical ~~South~~load ~~Texas.~~list ~~In December 2025, the Drilling~~ and ~~Completion~~a ~~Report~~transmission ~~for~~interconnection ~~the~~service ~~waste~~request ~~disposal well was submitted~~ to ~~the~~SaskPower ~~Texas Commission on Environmental Quality (“TCEQ”)~~ for ~~their~~a ~~review.~~Definition ~~The~~Phase ~~waste~~Agreement ~~disposal~~connecting ~~well~~high-voltage ~~will~~power ~~facilitate~~to ~~production operations, as well as restoration at~~ the ~~completion~~Roughrider ~~of mining activities~~Project. As ~~the TCEQ~~We ~~completes~~continue ~~its~~to ~~review,~~advance ~~which~~Roughrider isthrough ~~standard~~technical ~~procedure~~and ~~for~~environmental ~~commencing~~studies, acommunity ~~new~~engagement ~~ISR~~and ~~operation,~~assessing weopportunities ~~have~~to ~~carried~~further ~~out pre~~de-~~operational~~risk ~~inspections of~~ the ~~wellfield,~~project. IXThe ~~plant~~processes ~~and~~of ~~disposal~~updating ~~well. With~~ the ~~increased~~environmental ~~level~~baseline ofwork ~~industry~~and ~~activity,~~Indigenous ~~there~~engagement issupports ~~regulatory~~a ~~backlog,~~future ~~which~~Environmental ~~has~~Impact ~~led~~Assessment toand ~~slower~~licensing ~~than~~required ~~normal review times~~ for ~~submissions~~uranium production.

In ~~Canada~~September 2025, we ~~started~~announced athe 34incorporation of United States Uranium Refining & Conversion Corp. (“UR&C”),~~000-meter~~ ~~core~~which ~~drilling~~is ~~program~~intended to pursue the feasibility of developing a new uranium refining and conversion facility in ~~October~~the ~~2025~~U.S. OfThe project will move forward contingent on several factors, including completion and assessment of additional engineering and economic studies, securing strategic government commitments, utility contracts, regulatory approvals and favorable market conditions. On March 18, 2026, UR&C received a docket number from the U.S. Nuclear Regulatory Commission (“NRC”) for its planned ~~drilling~~uranium ~~more~~conversion ~~than~~facility. The ~~30%~~formal license application is expected to be submitted once engineering and design activities, currently underway with Fluor Corporation (“Fluor”), are complete and a site has been ~~completed~~selected. Ongoing ~~Concurrently,~~discussions wewith the U.S. Department of Energy regarding strategic nuclear fuel cycle infrastructure has led UR&C to broaden its site selection process. Additional candidate locations are ~~working~~being evaluated to ensure alignment with ~~SaskPower~~federal ~~towards~~priorities to restore domestic uranium conversion capacity and strengthen America's nuclear fuel supply chain. This work has culminated in the identification of a ~~Definition~~final ~~Phase~~shortlist ~~Agreement~~of ~~for~~candidate locations. Concurrently, work led by Fluor is advancing into a ~~high-voltage~~new ~~power~~phase ~~connection~~in totheir ~~the~~Greenville, ~~Roughrider~~South ~~Project~~Carolina offices, with a significant expansion of engineering and technical resources supporting facility design, siting, licensing and development.

On August 18, 2025, we incorporated UEC US Uranium LLC for the purpose of holding and administering our physical uranium assets and related contractual arrangements in the U.S. On January 2, 2026, UEC Energy Corp. was formed as a holding company to hold certain investments and other assets.

In September 2025, we announced the incorporation of United States Uranium Refining & Conversion Corp. (“UR&C”), which is intended to pursue the feasibility of developing a new uranium refining and conversion facility in the U.S. The project will move forward contingent on several factors, including completion and assessment of additional engineering and economic studies, securing strategic government commitments, utility contracts, regulatory approvals and favorable market conditions. During the second quarter of Fiscal 2026, UR&C progressed a feasibility study with its contractor, Fluor Corporation (“Fluor”). In support of the feasibility study, a detailed siting study was initiated for the planned facility, and the review of various sites across the U.S. is underway. All sites are undergoing a rigorous evaluation with respect to site and civil characteristics, environment and permitting requirements, logistics, utility infrastructure, and the available workforce. Several key technical personnel were added to the UR&C’s team, as well as Fluor’s engineering team. Additionally, Fluor began preparing for licensing of the facility with the placement of key licensing and permitting personnel.

On October 2, 2025, we completed a private placement offering of 575,000 shares of our common stock issued as “flow-through shares”, as defined in subsection 66(15) of the Income Tax Act (Canada), for gross proceeds of $8.63 million. The proceeds will be applied toward certain qualifying CEE, as defined in the Income Tax Act (Canada), at the Company’s Roughrider Project located in Saskatchewan, Canada.

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In Paraguay, the Alto Paraná Project hosts a globally significant titanium resource. We commissioned TZ Minerals International PTY LTD (“TZMI”) to review the project’s positioning within the U.S. critical materials framework. TZMI reviewed the potential opportunity and the previously disclosed resource estimate and initial assessment (“PEA”) disclosed by us in November 2023⁽¹⁾. In its recently completed report, TZMI identified the project’s unique strategic fit, including being located in a U.S. aligned partner country, its access to clean, low-cost power and its ability to integrate into U.S. and allied downstream processing supply chains. It also highlighted that Alto Paraná presents an opportunity to directly address three structural vulnerabilities in U.S. critical minerals policy: 1) being its current near-total reliance on imported titanium sponge feedstock, 2) the high concentration of vanadium unit supply from a limited number of jurisdictions and, 3) the limited availability of large-scale, allied supply sources within the Western Hemisphere. The PEA and this new report highlight the unique advantages of this world-class, large-scale ilmenite deposit, including its high grade, surface accessibility and low-cost, low-carbon advantages supported by proximity to hydroelectric power, enabling long-life production. The PEA evaluated two development scenarios based on estimated indicated and inferred mineral resources. The first scenario yielded a net present value discounted at 8% (“NPV₈”) of $419 million with a 21% post-tax internal rate of return (“IRR”) utilizing less than 0.2% of the regional resource per year. The second, larger-scale scenario set out a NPV₈ of $1.55 billion with a 25% post-tax IRR utilizing less than 0.7% of the regional resource per year ⁽¹⁾ . The project hosts an estimated inferred mineral resource of 3.58 billion tonnes at an average grade of approximately 7.3% TiO₂ and an estimated indicated mineral resource of 70 million tonnes at an average grade of approximately 7.6% TiO₂ ⁽²⁾ .

Notes:

1.	The assessment is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have modifying factors applied to them that would enable them to be categorized as mineral reserves and there is no certainty that this economic assessment will be realized.
2.	Reported grades are expressed as in-situ whole rock TiO₂ grades.

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On October 6, 2025, we completed a public offering of 15,500,000 shares of our common stock at a price of $13.15 per share, resulting in gross proceeds of $203.83 million. On October 9, 2025, the underwriter exercised its over-allotment option to purchase an additional 2,325,000 shares of common stock at the same offering price, providing additional gross proceeds to the Company of $30.57 million. The total issuance costs were $2.79 million pursuant to the public offering and the over-allotment purchase. We intend to use the proceeds from this offering to support the development of a new uranium refining and conversion facility through UR&C, as well as for general corporate and working capital purposes.

As at ~~January~~April 3130, 2026, we hold certain mineral rights in various stages in the States of Arizona, New Mexico, Texas and Wyoming, and 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.

Our operating and strategic framework is to become a leading low-cost North American focused uranium supplier based on expanding our uranium extraction activities, which includes advancing certain uranium projects with established mineralized materials towards uranium extraction and establishing additional mineralized materials on our existing uranium projects or through acquisition of additional uranium projects.

We continue to establish additional uranium projects through exploration and pre-extraction activities and direct acquisitions in the U.S., which require us to manage numerous challenges, risks and uncertainties inherent in our business and operations as more fully described in Item 1A. Risk Factors herein.

Physical Uranium Program

We are investing in building the next generation of low-cost uranium projects that will be competitive on a global basis and which will use the ISR mining process which is expected to reduce the impact on the environment as compared to conventional mining. Despite our focus on low cost ISR mining with its low capital requirements, we saw a unique opportunity to purchase drummed uranium at prevailing spot prices which are below most global industry mining costs. Hence, we established a physical uranium portfolio (the “Physical Uranium Program”).

As of April ~~January 31~~30, 2026, we held 1,456,000 pounds of purchased uranium, and all previously disclosed purchase commitments for uranium had been fulfilled as of such date with no outstanding purchase agreements remaining.

Our Physical Uranium Program currently supports three objectives for our Company: (i) to bolster our balance sheet as uranium prices appreciate; (ii) to provide strategic inventory to support future marketing efforts with utilities that could compliment production and accelerate cash flows; and (iii) to increase the availability of our Texas and Wyoming production capacity for emerging U.S. origin specific opportunities which may command premium pricing due to the scarcity of domestic uranium. One such U.S. origin specific opportunity is the Company’s plan to participate in supplying the Uranium Reserve, as outlined in the Nuclear Fuel Working Group report published by the U.S. Department of Energy.

Uranium Market Developments

The uranium market is ~~being~~currently ~~driven~~positively impacted by a macro demand for more electricity generation, an unprecedented global push for clean energy, data center and AIartificial intelligence development, geopolitical ~~situations~~pressures and historic under investment among other factors. In its ~~latest~~ Electricity 2026 ~~Outlook~~report published in February 2026, the International Energy Agency (“IEA”) reported ~~nuclear~~electricity ~~energy~~demand atgrew aby ~~record~~3% ~~high~~in 2025 and ~~projected~~is ~~global~~expected ~~electricity~~to ~~demand~~grow ~~growth~~at ofa ~~roughly~~ 3.6% annual rate through 2030. Nuclear generation set a record high and is projected to increase 2.8% per year through 2030. The report also ~~noted~~estimated that nuclear energy, together with renewable energy sources, will generate about half of all global electricity by 2030. ~~Demand~~The ~~for~~IEA ~~data~~indicates ~~centers~~that ~~and~~“global ~~artificial~~data ~~intelligence systems~~center electricity consumption is ~~continuing~~projected to ~~increase~~roughly ~~with~~double ~~Goldman~~by ~~Sachs~~2030, ~~projecting~~rising afrom ~~160%~~roughly 415 to ~~175%~~450 ~~increase~~Terawatt-hour (“TWh”) in ~~global~~2024 ~~data~~and ~~center~~2025 ~~power~~to ~~demand~~over by900 ~~2030~~to ~~compared~~1,000 toTWh ~~2023~~by ~~levels~~2030”. ICF International Inc., in its September 2025 study, projected that electricity demand in the ~~United~~U.S. ~~States~~ will see a 25% increase by 2030 and a near 80% increase by 2050.

Countries around the globe are realizing that the ~~highly~~ reliable, clean, safe, economical power nuclear energy provides ~~should~~are bedesirable aattributes ~~part~~for ofa ~~most any~~ country’s baseload energy platform. An increasing number of governments have announced that they are pursuing strategies to increase energy independence for national security interests that dovetail well with nuclear power as a key component in their energy mix.

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In the United States, several pieces of bipartisan legislation have passed in recent years supporting nuclear energy development and expansion, including the Nuclear Fuel Security Act, the Advance Act, the Inflation Reduction Act and the Big Beautiful Bill (collectively, the “Acts”). In combination, these bills and other legislative efforts seek to encourage the restoration and rebuilding of a robust domestic fuel cycle in the United States. Consistent with the Acts, recent legislation labeled as the Accelerating Reliable Capacity (ARC) Act of 2026 has been introduced in the Senate by bipartisan parties to provide federal backing for over-budget nuclear reactors.

On May 23, 2025, the President of the United States signed Executive Orders (each, an “Executive Order”) that include a policy objective to quadruple United States’ nuclear energy by 2050. These Executive Orders mark a historic level of policy support to rejuvenate the United States nuclear industry and its infrastructure, underscoring its importance as a matter of national security. The Executive Orders invoke the Defense Production Act and are intended to have significant positive policy and economic impacts on the domestic fuel cycle, reactor new builds, research and new technology advancements. Underscoring the Executive Orders directives, on October 28, 2025 announcements were made that the U.S. Government had entered into a strategic partnership encompassing at least $80 billion for the construction of new nuclear reactors using Westinghouse technology.

Additionally, large technology companies, like Nvidia, Microsoft, Meta, Google, Oracle and Amazon, have announced significant nuclear energy commitments including that required for their data center energy demand with large investments in the clean, affordable and reliable power that nuclear energy provides.

Global uranium market fundamentals have shown major improvement in recent years as this market began a transition from being inventory driven to production driven. The spot market bottomed out in November 2016 at about $17.75 per pound U3O8, but has since shown significant appreciation, reaching a high in 2024 of $107.00 per pound U3O8. Since that time the spot uranium market retraced some of the advance, reaching a low of $63.45 per pound U3O8 on March 17, 2025. That low proved to be short lived, and the uranium market has since rebounded, reaching $101.50 per pound U3O8 on January 29, 2026. Since that time, the market has experienced what appears as a shorter-term pullback to $85.50 in February 2026 (Source: UxC LLC Historical Ux Daily Prices).

During the three and six months ended January 31, 2026, uranium prices averaged $80.76 and $78.75 per pound U3O8 representing a 7.7% and 0.9% increase, respectively, compared to the average price of $74.98 and $78.06 per pound U3O8 representing a 7.7% increase compared to the average price of $74.98 per pound U3O8 in the corresponding period in Fiscal 2025 (Source: UxC LLC Historical Ux Daily Prices).

Relative underinvestment in uranium mining operations has been evident for more than a decade and has been a major factor contributing to a structural deficit between global production and uranium requirements. Reduced production from existing uranium mines has also been a contributing factor with some large producers cutting back and/or unable to reach previously planned production levels. In 2025 and 2026, the mid-case gap between production and requirements is projected to be about 67 million pounds U3O8, and by 2035 accumulates to a total above 344 million pounds U3O8 (Source: UxC 2025 Q4 Uranium Market Outlook). For context, utilities in the United States purchased 55.9 million pounds U3O8 in 2024 (Source: United States Energy Information Administration, September 30, 2025 - Uranium Marketing Annual Report). The current gap is being filled with secondary market sources, including finite inventory that has been declining and is projected to decline further in coming years. Secondary supply is also expected to be further reduced with western enrichers, reversing operations from underfeeding to overfeeding that requires more uranium to increase the production of enrichment services. As secondary supplies continue to diminish, and as existing mines deplete resources, new production will be needed to meet future demand. The timeline for many new mining projects can be 10 to 20 years and will require prices high enough to stimulate new mining investments.

Since 2022, uranium supply has become more complicated due to Russia’s invasion of Ukraine with its State Atomic Energy Corporation, Rosatom, being a significant supplier of nuclear fuel around the globe. Economic sanctions, transportation restrictions and United States legislation banning the importation of Russian nuclear fuel, and the European Union’s goals to reduce and eventually eliminate its dependence on Russian fuel, is causing a fundamental change to the nuclear fuel markets. As a result of the instability and assurance of supply risks, United States and European utilities are shifting supply focus to areas of low geopolitical risk.

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~~The~~In ~~United~~the ~~States~~U.S. ~~Presidential~~several ~~Executive~~pieces ~~Order “Establishing The National Energy Dominance Council” noted that one~~ of ~~its~~bipartisan ~~objectives~~legislation ~~was~~have topassed ~~“reduce~~in ~~dependency~~recent onyears ~~foreign~~supporting ~~imports”~~nuclear ~~for~~energy ~~the~~development ~~United States’ “national security”~~ and ~~recognized~~expansion, ~~uranium~~including asthe anNuclear ~~“amazing~~Fuel ~~national~~Security ~~asset” (Source: The White House News & Update~~Act, ~~February~~the ~~14,~~Advance ~~2025). As of November 7~~Act, ~~2025,~~the ~~Uranium~~Inflation ~~was~~Reduction ~~added~~Act ~~back~~and ~~into~~ the ~~U.S.~~Big ~~Geological~~Beautiful ~~Survey~~Bill ~~list~~(collectively, ~~of Critical Minerals making it also subject to~~ the ~~Section 232 Investigation on Critical Minerals that was already underway~~“Acts”). OnIn ~~January 14~~combination, ~~2026,~~these ~~Presidential~~Acts ~~Proclamation~~and ~~11001was~~other ~~issued~~legislative –efforts ~~Adjusting~~seek ~~Imports~~to ofencourage ~~Processed~~the ~~Critical~~restoration ~~Minerals~~ and ~~their~~rebuilding ~~Derivative~~of ~~Products~~a ~~(“PCMDPs”)~~robust ~~into~~domestic ~~the~~fuel ~~United~~cycle ~~States.~~in ~~The Proclamation directs~~ the U.S. ~~Trade~~Consistent ~~Representative and Department of Commerce to negotiate agreements~~ with ~~trading partners to secure supply chains and address import volumes. The Proclamation addresses~~ the ~~Section~~Acts, ~~232~~recent ~~investigation~~legislation ~~and~~labeled ~~states:~~as “the ~~Secretary~~Accelerating ~~recommended~~Reliable aCapacity ~~range~~(ARC) ofAct ~~actions, including actions to adjust the imports~~ of ~~PCMDPs~~2026 sohas ~~that~~been ~~such~~introduced ~~imports~~in ~~will not threaten to impair~~ the ~~national security”~~U.S. ~~While~~Senate ~~specific remedies are not yet defined, in the event agreements are not reached or are ineffective~~ by ~~July~~bipartisan ~~13,~~parties ~~2026, the actions could potentially lead~~ to ~~resumption~~expedite ofnew ~~strategic~~advanced ~~uranium~~reactor ~~reserve~~development ~~purchases,~~and ~~establishment~~provide offederal ~~import~~backing ~~price~~for ~~floors~~over-budget ornuclear ~~other remedies~~reactors.

On ~~the~~May ~~demand~~23, ~~side~~2025, the ~~global~~President ~~nuclear~~of ~~energy industry continues robust growth, with 70 new reactors connected to~~ the ~~grid~~United ~~in 2015~~States ~~through 2025 and with another 74~~signed ~~reactors~~Executive ~~under~~Orders ~~construction. In 2025~~(each, ~~construction~~an ~~started~~“Executive ~~for~~Order”) ~~seven~~that ~~new~~include ~~reactors~~a ~~and~~policy ~~seven new~~objective ~~reactors were connected~~ to ~~the~~quadruple ~~grid while seven reactors were permanently shut down (Source: International Atomic Energy Association Power Reactor Information System – February 16, 2026)~~U. ~~Total~~S. nuclear ~~generating~~energy ~~capacity~~by ~~for the world’s 437 operable reactors stands at 399 gigawatts (Source: World Nuclear Association – February 16, 2026)~~2050. InThese ~~December~~Executive ~~2025,~~Orders ~~the~~marked ~~World~~a ~~Nuclear~~historic ~~Association~~level ~~reported~~of 33policy ~~countries~~support ~~had pledged~~ to atrejuvenate ~~least~~the ~~triple~~U.S. ~~their~~ nuclear ~~capacity by 2050, further supporting additional growth for the nuclear~~ industry and ~~uranium~~its ~~demand. In addition~~infrastructure, ~~over~~underscoring ~~140~~its ~~nuclear~~importance ~~industry~~as ~~companies,~~a 16matter of ~~the~~national ~~world’s~~security. ~~largest~~The ~~banks,~~Executive ~~like~~Orders ~~Citibank,~~invoke ~~Morgan~~the ~~Stanley~~Defense ~~and~~Production ~~Goldman~~Act ~~Sachs,~~ and atare ~~least~~intended 15to ~~large~~have ~~energy~~significant ~~users,~~positive ~~such~~policy ~~as Microsoft, Amazon~~ and ~~Google,~~economic ~~have~~impacts ~~all~~on ~~pledged~~the todomestic ~~support~~fuel ~~this~~cycle, ~~goal~~reactor innew ~~their~~builds, ~~investments~~research and ~~commercial~~new ~~activities~~technology advancements.

~~Additionally~~Underscoring the Executive Orders directives, ~~there~~on isOctober ~~positive~~28, ~~momentum~~2025, ~~from~~announcements ~~the~~were ~~utility~~made ~~industry~~that asthe itU.S. ~~returns~~Government tohad entered into a ~~longer-term~~strategic ~~contracting~~partnership ~~cycle~~encompassing toat ~~replace~~least ~~expiring~~$80 ~~contracts.~~billion Itfor isthe ~~estimated~~construction ~~that~~of ~~cumulative~~new ~~uncommitted~~nuclear ~~demand~~reactors ~~through~~using ~~2035~~Westinghouse istechnology. To ~~more~~meet ~~than~~the ~~870~~goal ~~million~~of ~~pounds~~having ~~U3O8 (Source:~~10 ~~UxC~~large ~~Uranium~~reactors ~~Market~~under ~~Overview~~construction ~~Q4 2025)~~by 2030, the U. ~~This~~S. ~~utility~~Department ~~demand,~~of ~~together~~Energy ~~with~~(“DOE”) ~~potential~~is ~~demand~~in ~~from~~advanced ~~financial~~talks ~~entities~~to provide financing, ~~government~~specifically ~~programs~~for long-lead time components like reactor vessels and ~~the~~steam ~~overall~~generators, ~~increase~~to inaccelerate ~~interest~~construction intimelines. ~~nuclear~~The ~~energy~~DOE’s asOffice aof ~~source~~Energy ~~for~~Dominance ~~growing~~Financing ~~electricity~~has ~~demand~~nearly ~~from~~$290 ~~artificial~~billion ~~intelligence~~in ~~and~~available ~~data~~funding ~~center~~that ~~applications,~~can ~~are~~be ~~continuing~~directed totowards ~~add~~baseload ~~positive~~energy, ~~tailwinds~~with tonuclear ~~the~~power ~~strong~~plants ~~fundamentals~~expected into be the ~~uranium~~largest ~~market~~recipient.

Global uranium market fundamentals have shown significant improvement in recent years as this market began a transition from being inventory driven to production driven. The spot market bottomed out in November 2016 at about $17.75 per pound U₃O₈, but has since shown significant appreciation, reaching $101.50 per pound U₃O₈ on January 29, 2026. Since that time the market has experienced what appears as a shorter-term pullback and consolidation with trading in the range of $86 to $87 per pound at the end of April 2026. (Source: UxC LLC Historical Ux Daily Prices).

During the three and nine months ended April 30, 2026, uranium prices averaged $86.37 and $81.25 per pound U₃O₈ representing a 31.8% and 9.2% increase, respectively, compared to the average price of $65.53 and $74.38 per pound U₃O₈in the corresponding period in Fiscal 2025 (Source: UxC LLC Historical Ux Daily Prices).

Relative underinvestment in uranium mining operations has been evident for more than a decade and has been a major factor contributing to a structural deficit between global production and uranium requirements. Reduced production from existing uranium mines has also been a contributing factor with some large producers cutting back and/or unable to reach previously planned production levels. In 2026 through 2028 the mid-case gap between production and requirements is projected to be about 65 million pounds U₃O₈, and by 2036 accumulates to a total above 290 million pounds U₃O₈ (Source: UxC 2026 Q1 Uranium Market Outlook). For context, the U.S. commercial reactor fleet requirements were 55.9 million pounds of U₃O₈ in 2024 (Source: United States Energy Information Administration, September 30, 2025 - Uranium Marketing Annual Report). The current gap is being filled with secondary market sources, including finite inventory that has been declining and is projected to decline further in coming years. Secondary supply is also expected to be further reduced with western enrichers reversing operations from underfeeding to overfeeding that requires more uranium to increase the production of enrichment services. As secondary supplies continue to diminish, and as existing mines deplete resources, new production will be needed to meet future demand. The timeline for many new mining projects can be 10 to 20 years and will require prices high enough to stimulate new mining investments.

Since 2022, uranium supply has become more complicated due to Russia’s invasion of Ukraine with its State Atomic Energy Corporation, Rosatom, being a significant supplier of nuclear fuel around the globe. Economic sanctions, transportation restrictions and U.S. legislation banning the importation of Russian nuclear fuel, together with the European Union’s goals to reduce and eventually eliminate its dependence on Russian fuel is causing a fundamental change to the nuclear fuel markets. As a result of the instability and assurance of supply risks, U.S. and European utilities are shifting supply focus to areas of low geopolitical risk.

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The United States Presidential Executive Order “Establishing The National Energy Dominance Council” stated that one of its objectives is to “reduce dependency on foreign imports” for the United States’ “national security” and recognized uranium as an “amazing national asset” (Source: The White House News & Update, February 14, 2025). As of November 7, 2025, Uranium was added back into the U.S. Geological Survey list of Critical Minerals making it also subject to the Section 232 Investigation on Critical Minerals that was already underway. On January 14, 2026, Presidential Proclamation 11001 was issued – Adjusting Imports of Processed Critical Minerals and their Derivative Products (“PCMDPs”) into the United States. The Proclamation directs the U.S. Trade Representative and Department of Commerce to negotiate agreements with trading partners to secure supply chains and address import volumes. The Proclamation addresses the Section 232 investigation and stated: “the Secretary recommended a range of actions, including actions to adjust the imports of PCMDPs so that such imports will not threaten to impair the national security”. While specific remedies are not yet defined, in the event agreements are not reached or are ineffective by July 13, 2026, the actions could potentially lead to the resumption of strategic uranium reserve purchases, establishment of import price floors and other remedies.

On April 23, 2026, the DOE’s Office of Nuclear Energy announced the following new initiative to secure the nation’s nuclear fuel supply chain: “Through the Defense Production Act Nuclear Fuel Cycle Consortium, the federal government will work with the domestic nuclear industry to ensure that the United States continues to have enough nuclear fuel to power the current nuclear reactor fleet as well as future advanced reactors”. This is known as the “Nuclear Dominance 3 by 33” campaign to secure U.S nuclear fuel supply and one of the possible outcomes is actions to fund and build up the strategic uranium reserve.

On the demand side, the global nuclear energy industry continues robust growth, with 72 new reactors connected to the grid in 2015 through April of 2026 with another 72 reactors under construction. (Source: International Atomic Energy Association Power Reactor Information System – May 8, 2026). Total nuclear generating capacity for the world’s 438 operable reactors stands at 401 gigawatts (Source: World Nuclear Association – April 20, 2026). In March of 2026 the World Nuclear Association reported 38 countries have pledged to at least triple their nuclear capacity by 2050, further supporting additional growth for the nuclear industry and uranium demand. In addition, over 140 nuclear industry companies, 16 of the world’s largest banks, like Citibank, Morgan Stanley and Goldman Sachs, and at least 15 large energy users, such as Nvidia, Microsoft, Amazon and Google, have all pledged to support this goal in their investments and commercial activities.

There is positive momentum from the utility industry as they return to a longer-term contracting cycle to replace expiring contracts. It is estimated that cumulative uncommitted demand through 2035 is more than 800 million pounds U₃O₈ (Source: UxC Uranium Market Overview Q1 2026). This utility demand, together with potential demand from financial entities, government programs and the overall increase in interest in nuclear energy as a source for growing electricity demand from growing electrification demand, artificial intelligence and data center applications, are continuing to add positive tailwinds to the strong fundamentals in the uranium market.

Seasonality

The timing of our uranium concentrate sales is dependent upon factors such as extraction results from our mining activities, cash requirements, contractual requirements and perception of the uranium market. As a result, our sales are neither tied to nor dependent upon any particular season. In addition, our ability to conduct exploration on our Canadian projects can be limited in the spring and fall seasons when access to lakes is limited by thin and or unstable ice.

Results of Operations

During the nine ~~three and six~~ months ended ~~January~~April 3130, 2026, ~~we recorded revenue of $20.20 million~~ and ~~gross profit of $10.03 million, related to sales of purchased uranium inventory. For the three and six months ended January 31,~~ 2025, we recorded revenue of $4920.7520 million and $66.84 million, respectively, and gross profit of $1810.2303 million and $24.48 million, respectively, ~~all of which were~~ related to sales of purchased uranium inventory. There were no sales for the three months ended April 30, 2026 and April 30, 2025.

For the three and ~~six~~nine months ended ~~January~~April 3130, 2026, we recorded a net loss of $1352.94 34 million ($0.0311 per share) and $2476.2862 million ($0.0516 per share), respectively, and loss from operations of $2340.56 79 million and $5394.3917 million, respectively. During the three and ~~six~~nine months ended ~~January~~April 3130, 2025, we recorded a net loss of $1030.23 21 million ($0.0207 per share) and $3060.3960 million ($0.07 14 per share), respectively, and loss from operations of $323.6346 million and $1640.8430 million, respectively.

During the nine ~~six~~ months ended ~~January~~April 3130, 2026, we continued ramping up mining activities at our Christensen Ranch Mine, where ~~114~~146,~~355~~550 pounds of precipitated uranium and dried and drummed U3O8 were produced. We expect the ramp-up phase will continue while new production areas are being constructed in Fiscal 2026. ~~At our Burke Hollow Project~~Additionally, ~~final~~uranium ~~construction~~extraction ~~milestones~~at ~~were~~our ~~completed~~new ~~and~~Burke ~~the~~Hollow ~~operations~~Mine ~~team~~commenced isin ~~preparing~~April ~~for startup while the state regulator finishes their review of the completion report for the waste disposal well~~2026. In parallel, we continued to advance our Roughrider Project with resource expansions and accelerated the development program at our Ludeman Project. In addition, delineation drilling ~~and~~at ~~engineering for mill refurbishment of~~ our Sweetwater Project ~~have~~is ~~been initiated~~underway. The rest of our uranium projects are expected to remain in a state of operational readiness and the relevant expenditures, which are directly related to regulatory/mine permit compliance, lease maintenance obligations and maintaining a necessary labor force, are being charged to our consolidated statement of operations.

29 30

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Sales Revenue and Costs

The following table below provides a breakdown of our sales revenue and cost of sales for the periods indicated:

	Three Months Ended January 31,						Six Months Ended January 31,
	Three Months Ended April 30,						Nine Months Ended April 30,
	2026			2025			2026			2025
(in $'000)		2026			2025			2026			2025
Sales of purchased uranium inventory	$	~~20,200~~-		$	~~49,750~~-		$	20,200		$	66,837
Cost of purchased uranium inventory	$	~~(10,172~~-	)	$	~~(31,524~~-	)	$	(10,172	)	$	(42,360	)
Gross profit	$	~~10,028~~-		$	~~18,226~~-		$	10,028		$	24,477

Variations in sales of purchased uranium inventory are dependent on our cash position, prevailing market prices and the liquidity of the uranium market.

Operating Costs

Mineral Property Expenditures

Mineral property expenditures primarily consisted of costs relating to permitting and land payments, mine site services and maintenance, exploration and development, pre-extraction activities and other non-extraction related activities on our mineral projects.

The following table provides the nature of mineral property expenditures for the periods indicated:

Three Months Ended January 31,

Six Months Ended January 31,

Three Months Ended April 30,

Nine Months Ended April 30,

2026

2025

2026

2025

(in $'000)

2026

2025

2026

2025

Permitting and land payments

2,~~709~~604

1,~~556~~454

46,~~065~~669

34,~~095~~438

Extraction readiness and mine site maintenance

23,~~359~~521

4,~~180~~654

48,~~762~~283

611,~~556~~321

Exploration

47,~~323~~625

~~923~~3,079

815,~~040~~665

58,~~840~~919

Development

1415,~~289~~792

76,~~584~~493

2743,~~733~~525

1218,~~266~~759

Total

2329,~~680~~542

1415,~~243~~680

4474,~~600~~142

2743,~~757~~437

During the three and ~~six~~nine months ended ~~January~~April 3130, 2026, exploration expenditures, such as drilling and ~~preliminary~~initial economic assessments, were primarily spent on the following projects:

● Burke Hollow Project: $0.5275 million and $12.7044 million (~~January~~April 3130, 2025: $0.1843 million and $1.4891 million), respectively; ~~and~~

● Roughrider Project: $34.8097 million and $49.8178 million (~~January~~April 3130, 2025: $02.3308 million and $35.2230 million), respectively.; and

~~During~~● ~~the~~Sweetwater ~~three~~Project: ~~and~~$1.01 ~~six~~million ~~months~~and ~~ended~~$1.01 ~~January~~million ~~31,~~(April ~~2026~~30, ~~development~~2025: ~~expenditures~~$0.18 ~~were~~million ~~primarily spent~~and on$0.19 ~~the~~million), ~~following projects:~~respectively.

●During ~~Burke~~the three ~~Hollow~~and ~~Project:~~nine ~~$3.80~~months ~~million~~ended ~~and~~April ~~$8.63~~30, ~~million (January 31~~2026, ~~2025:~~development ~~$2.75~~expenditures ~~million~~were ~~and~~primarily spent ~~$4.59~~on ~~million),~~the ~~respectively;~~following projects:

● ~~Christensen~~Burke ~~Ranch~~Hollow ~~Mine~~Project: $94.5482 million and $1713.9645 million (~~January~~April 3130, 2025: $2.4031 million and $46.2190 million), respectively; ~~and~~

● ~~Ludeman~~Christensen ~~Project~~Ranch Mine: $010.6629 million and $028.7024 million (~~January~~April 3130, 2025: $04.6439 million and $08.6760 million), respectively.; and

~~During~~● ~~the three~~Ludeman ~~and~~Project: ~~six~~$0.59 ~~months~~million ~~ended January 31, 2026, mine site services~~ and ~~maintenance~~$1.29 ~~expenditures~~million ~~were~~(April ~~primarily spent on optimization of our Irigaray CPP~~30, ~~including~~2025: a$0.16 ~~full~~million ~~rebuild of one of two yellowcake thickeners~~ and ~~replacing~~$0.83 ~~the rake~~million), ~~gearbox and motor along with a full refurbishment of the calciner~~respectively.

During the three and nine months ended April 30, 2026, mine site services and maintenance expenditures were primarily spent on optimization of our Irigaray CPP, including a full rebuild of one of two yellowcake thickeners, replacing the rake, gearbox and motor and installation of two new precipitation tanks along with a full refurbishment of the calciner.

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General and Administrative

General and administrative expenses were comprised of the following for the periods indicated:

Three Months Ended January 31,

Six Months Ended January 31,

Three Months Ended April 30,

Nine Months Ended April 30,

2026

2025

2026

2025

(in $'000)

2026

2025

2026

2025

Salaries and management fees

2,~~016~~520

12,~~865~~000

47,~~613~~133

35,646

Office, investor communications and travel

1,~~932~~614

1,~~182~~576

35,~~408~~022

23,~~264~~839

Rent and property tax

76195

~~163~~139

~~531~~726

~~275~~414

Insurance

~~317~~440

~~305~~342

~~659~~1,099

~~573~~915

Foreign exchange (gain) loss

~~114~~38

~~(26~~252

)

(~~135~~97

)

(~~420~~166

)

Professional fees

12,~~610~~405

~~1,529~~731

25,~~733~~138

2,~~200~~932

Sub-total

67,~~065~~212

5,~~018~~040

1119,~~809~~021

813,~~538~~580

Stock-based compensation

2,~~141~~217

1,~~554~~338

36,~~820~~037

34,~~377~~713

Total general and administrative expenses

89,~~206~~429

6,~~572~~378

1525,~~629~~058

1118,~~915~~293

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

● For the three and ~~six~~nine months ended ~~January~~April 3130, 2026, salaries and management fees increased compared to the three and ~~six~~nine months ended ~~January~~April 3130, 2025, which was primarily the result of hiring additional mid-level management and office personnel to support the Company’s operational expansion and initiatives and corporate-wide salary increases to adjust for inflation; and

● For the three and ~~six~~nine months ended ~~January~~April 3130, 2026, office, investor communications and travel and professional fees increased compared to the three and ~~six~~nine months ended ~~January~~April 3130, 2025, which was primarily ~~the~~due ~~result~~to of increases in business activities and the expansion of our operations. Additionally, we also incurred $1.28 million and $1.75 million for the three and nine months ended April 30, 2026, respectively, in connection with the planning and evaluation of our proposed uranium refining and conversion facility in the U.S.

Income (Loss) from Equity-Accounted Investments

Income (loss) from equity-accounted investments was comprised of the following for the periods indicated:

	Three Months Ended January 31,					Six Months Ended January 31,
	Three Months Ended April 30,					Nine Months Ended April 30,
	2026		2025			2026			2025
(in $'000)	2026		2025			2026			2025
Share of income (loss)	$	~~210~~3,450	$	(12,~~013~~256	)	$	~~(567~~2,883	)	$	(13,~~494~~750	)
Gain on dilution of ownership interest		~~1,943~~4		221			3,~~460~~464			2728
Total	$	23,~~153~~454	$	(~~991~~2,255	)	$	26,~~893~~347		$	(13,~~467~~722	)

During the three and ~~six~~nine months ended ~~January~~April 3130, 2026 and 2025, we recorded a gain on dilution of ownership interest in URC as a result of URC issuing more shares from its equity financing and pursuant to exercises of warrants and/or stock options. As at April ~~January 31~~30, 2026, we had a 12.3% equity interest in URC compared to a 13.5% equity interest as at July 31, 2025.

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During the three and ~~six~~nine months ended ~~January~~April 3130, 2026, we recorded a share of URC’s income of $04.5987 million and $05.9784 million (three and ~~six~~nine months ended ~~January~~April 3130, 2025: loss of $0.2415 million and $0.3045 million), and a share of loss of JCU of $01.38 42 million and $12.54 95 million (three and ~~six~~nine months ended ~~January~~April 3130, 2025: $02.77 11 million and $13.1930 million), respectively.

Fair Value Gain (Loss) on Equity Securities

As at April ~~January 31~~30, 2026, our investments in equity securities were revalued using the market values at period end, which resulted in a fair value ~~gain~~loss of $419.0643 million and a gain of $200.0965 million on revaluation of equity securities for the three and ~~six~~nine months ended ~~January~~April 3130, 2026 (three and ~~six~~nine months ended ~~January~~April 3130, 2025: loss of $74.97 27 million and $1822.32 58 million), respectively.

Interest income

During the three and ~~six~~nine months ended ~~January~~April 3130, 2026, interest income totaled $34.90 22 million and $610.67 89 million, respectively, compared to $10.20 57 million and $2.33 90 million for the three ~~same~~and ~~period~~nine inmonths ~~Fiscal~~ended April 30, 2025. The interest earned resulted from the investment in short-term deposits of cash proceeds received from our at-the-market offerings and our public offering during that period.

Liquidity and Capital Resources

	January 31, 2026		July 31, 2025
(in $'000)		April 30, 2026		July 31, 2025
Cash and cash equivalents	$	~~486~~488,~~347~~053	$	148,930
Current assets		~~597~~581,~~652~~635		234,016
Current liabilities		2017,~~806~~805		26,433
Working capital (Current assets less Current liabilities)		~~576~~563,~~846~~830		207,583

As at April ~~January 31~~30, 2026, the total estimated reclamation costs for all of our projects was $8988.10 90 million. We have secured $6163.2789 million of surety bonds as an alternate source of financial assurance for the estimated costs of our reclamation obligations, of which $71.6688 million is funded and held as restricted cash for collateral purposes as required by the surety. We may be required at any time to fund the remaining $5362.61 01 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, weit may ~~not~~ have ~~the~~an ~~financial~~adverse ~~resources~~impact toon ~~fund~~our ~~the~~financial ~~remaining amount or any portion thereof when required to do so~~condition.

We have a history of operating losses resulting in an accumulated deficit balance since inception. We had an accumulated deficit balance of $~~430~~483.8418 million as at April ~~January 31~~30, 2026. We may not achieve and maintain profitability or develop positive cash flow from our operations in the near term. During the nine ~~six~~ months ended ~~January~~April 3130, 2026, we received net proceeds of $~~448~~508.8520 million (~~six~~nine months ended ~~January~~April 3130, 2025: $~~135~~168.29 03 million) from our at-the-market offerings, public offering and flow-through share private placement and from exercises of our stock options. As at April ~~January 31~~30, 2026, we had a working capital of $~~576~~563.85 83 million.

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Historically, we have been reliant primarily on equity financings from the sale of our common stock in order to fund our operations. We have yet to achieve consistent profitability or develop consistent positive cash flow from operations. ~~Currently~~In recent periods, we ~~also~~ ~~rely~~have onalso ~~cash flows~~ generated ~~from~~cash through the sales offrom ~~our purchased~~ uranium ~~concentrates to fund our operations~~inventories. Our reliance on equity is expected to continue for the foreseeable future, and ~~their~~we ~~availability~~may ~~whenever~~need ~~such~~to seek additional equity and/or debt financing isin ~~required~~the future to manage our liquidity needs. The availability of such financing will be dependent on many factors beyond our control and including, but not limited to, the market price of uranium, the continuing public support of nuclear power as a viable source of electricity 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. 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. Our anticipated operations, including exploration, pre-extraction and extraction activities, however, 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. Our ability to secure adequate funding for these activities will be impacted by our operating performance, other uses of cash, the market price of uranium, 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; and

●

if a nuclear incident, such as the events that occurred in Japan in March 2011, were 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 uranium projects and continue with exploration, pre-extraction, extraction 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.

In the future we may make acquisitions of businesses or assets or commitments to additional capital projects or strategic initiatives such as UR&C. To achieve the long-term goals of expanding our assets and earnings, including through acquisitions of complementary businesses or assets, capital resources may be required. Depending on the size of a transaction, the capital resources that will be required can be substantial. The necessary resources will be generated from cash flow from operations, cash on hand, sales of inventories and securities, borrowing against our assets or the issuance of equity or debt securities.

Equity Financings

At-the-Market Offerings

On November 16, 2022, we ~~filed~~entered ainto ~~Form~~an Sat-3the-market ~~automatic~~offering ~~shelf~~agreement ~~registration~~(the ~~statement~~2022 ~~under~~ATM ~~the~~Offering ~~Securities~~Agreement) ~~Act,~~with ~~which~~H.C. ~~became~~Wainwright ~~effective~~& ~~upon filing~~Co., ~~providing~~LLC ~~for the public offer~~ and ~~sale of~~ certain ~~securities~~other ofco-managers (collectively, the ~~Company~~2022 ~~from~~ATM ~~time~~Managers) toas ~~time,~~set atforth ~~our~~in ~~discretion,~~the of2022 anATM ~~undetermined~~Offering ~~dollar~~Agreement ~~value~~under ofwhich ~~common~~we ~~stock~~could, ~~debt~~from ~~securities,~~time ~~warrants~~ to ~~purchase common stock or debt securities~~time, ~~subscription~~sell ~~receipts~~shares ~~for units~~of ~~which~~our ~~include~~ common stock, ~~debt~~having ~~securities, warrants or any combination thereof (the 2022 Shelf), which included~~ an ~~at-the-market~~aggregate offering ~~agreement~~price ~~prospectus (the 2022 ATM Offering) covering the offering, issuance and sale~~ of up to ~~a maximum offering of~~ $300 million inthrough ~~shares~~the of2022 ~~our~~ATM ~~common~~Managers ~~stock~~selected ~~under~~by ~~the 2022 Shelf~~us.

On November 16, 2022, we also entered into an at-the-market offering agreement (the 2022 ATM Offering Agreement) with H.C. Wainwright & Co., LLC and certain co-managers (collectively, the 2022 ATM Managers) as set forth in the 2022 ATM Offering Agreement under which we could, from time to time, sell shares of our common stock having an aggregate offering price of up to $300 million through the 2022 ATM Managers selected by us.34

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On December 20, 2024, we entered ~~filed~~into aan ~~prospectus~~at-the-market ~~supplement~~offering toagreement ~~our 2022 Shelf~~ (the 2024 ATM Offering Agreement) ~~under~~with ~~which~~Goldman weSachs ~~could,~~& ~~from~~Co. ~~time~~LLC toand ~~time~~certain other co-managers (the 2024 ATM Managers), pursuant to which the Company may sell shares of our common stock having an aggregate offering price of up to $300 million pursuant to an at-the-market offering (the ~~agreement~~2024 (ATM Offering) . Under the 2024 ATM Offering Agreement), we ~~have~~could, ~~with~~from ~~Goldman~~time ~~Sachs~~to &time, ~~Co.~~sell ~~LLC~~shares ~~and~~of ~~certain~~our ~~co-managers~~common ~~(collectively,~~stock through the 2024 ATM Managers) selected by us.

On November 14, 2025, we ~~filed~~entered ~~Form~~into San at-3the-market ~~automatic~~offering ~~shelf~~agreement ~~registration statement under~~ (the ~~Securities~~2025 ~~Act,~~ATM ~~which~~Offering ~~became~~Agreement) ~~effective~~with ~~upon~~Goldman ~~filing,~~Sachs ~~providing~~& ~~for~~Co. ~~the~~LLC ~~public offer~~ and ~~sale of~~ certain ~~securities~~other ofco-managers ~~the Company from time to time~~(collectively, atthe ~~our~~2025 ~~discretion,~~ATM ofManagers). anUnder ~~undetermined~~the ~~dollar~~2025 ~~value~~ATM ofOffering ~~common stock~~Agreement, ~~debt~~we ~~securities~~may, ~~warrants~~from time to ~~purchase common stock or debt securities~~time, ~~subscription~~sell ~~receipts~~shares ~~for~~of ~~units~~our ~~which include~~ common stock, ~~debt~~having ~~securities, warrants or any combination thereof (the 2025 Shelf), which included~~ an ~~at-the-market~~aggregate offering ~~agreement~~price ~~prospectus (the 2025 ATM Offering) covering the offering, issuance and sale~~ of up to ~~a maximum offering of~~ $600 million inthrough ~~shares~~the of2025 ~~our~~ATM ~~common~~Managers ~~stock~~selected ~~under~~by ~~the 2025 Shelf~~us.

OnDuring ~~November~~the nine 14months ended April 30, 2025, we ~~also~~issued 11,516,375 and 11,888,516 of ~~entered~~the ~~into~~Company’s ancommon ~~at-the-market~~stock ~~offering~~under ~~agreement (~~the ~~2025~~2022 ATM Offering Agreement) ~~with~~and ~~Goldman~~the ~~Sachs~~2024 &ATM ~~Co.~~Offering ~~LLC~~Agreement ~~and~~for ~~certain~~gross ~~co-managers~~cash ~~(collectively,~~proceeds ~~the~~of ~~2025~~$94.40 million ~~ATM~~and ~~Managers)~~$75.34 million, ~~Under~~respectively. The ~~the~~total ~~2025~~issuance ~~ATM~~costs ~~Offering~~were ~~Agreement,~~$2.15 million weand ~~may~~$1.69 million, ~~from~~all ~~time to time, sell shares~~ of ~~our~~which ~~common~~were ~~stock~~related ~~having~~to ancompensation ~~aggregate~~paid ~~offering~~to ~~price~~the of2022 upATM toManagers ~~$600~~and ~~million through~~ the ~~2025~~2024 ATM Managers, ~~selected by us~~respectively.

During the nine ~~six~~ months ended ~~January~~April 3130, ~~2025~~2026, we issued 1110,~~516~~077,~~375~~186 and 59,~~310~~709,~~281~~ 167 of the Company’s common stock under the 2024 ~~2022~~ ATM Offering Agreement and the ~~2024~~2025 ATM Offering Agreement for gross cash proceeds of $94101.4097 million and $40168.52 million, respectively. The total issuance costs were $2.1529 million and $03.9137 million, all of which were related to compensation paid to the 2024 ~~2022~~ ATM Managers and the ~~2024~~2025 ATM Managers, respectively.

~~During~~ ~~the six~~Subsequent ~~months~~to April ~~ended January 31~~30, 2026, we issued ~~10,077,186~~ ~~and 5~~1,~~758~~390,~~936~~ 880 of the Company’s common stock under the ~~2024~~ ~~ATM Offering and the~~ 2025 ATM Offering Agreement for gross cash proceeds of $ ~~101~~22.9711 million ~~and $ 107~~.~~98 million,~~ ~~respectively.~~ The total issuance costs were $ 20.2944 million ~~and $ 2.16 million~~, all of which were related to compensation paid to the ~~2024~~ ~~ATM Managers and the~~ 2025 ATM Managers~~, respectively~~.

Public Offering

Private Placement

On October 2, 2025, we completed a private placement offering of 575,000 FT Shares for gross proceeds of $8.63 million. The proceeds will be applied toward certain qualifying CEE, as defined in the Income Tax Act (Canada), at the Company’s Roughrider Project located in Saskatchewan, Canada.

Operating Activities

During the nine ~~six~~ months ended ~~January~~April 3130, 2026, net cash used in operating activities totaled $7290.43 06 million, which was primarily related to mineral property expenditures of $4474.60 14 million, general and administrative expenses excluding stock-based compensation of $1119.81 02 million and changes in operating assets and liabilities., ~~The~~offset ~~proceeds~~by ofa gross profit of $2010.20 03 million from the sale of purchased uranium inventory ~~during six months ended January 31, 2026 was subsequently collected on February 13, 2026~~. During the nine ~~six~~ months ended ~~January~~April 3130, 2025, net cash used in operating activities was $2041.26 00 million, which was primarily attributable to mineral property expenditures of $2743.76 44 million and general and administrative expenses excluding stock-based compensation of $813.54 58 million, as well as changes in operating assets and liabilities, partially offset by a gross profit of $24.48 million from the sale of purchased uranium inventory.

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Financing Activities

During the nine ~~six~~ months ended ~~January~~April 3130, 2026, net cash provided by financing activities totaled $~~445~~505.7711 million, comprised primarily of net proceeds of $~~448~~508.85 20 million from our 2024 and 2025 ~~ATM~~at-the-market ~~Offerings~~offerings, public offering and private placement of FT Shares, as well as from the exercises of stock options, partially offset by payments of $3.08 million for tax and withholdings upon settlement of equity awards on a forfeiture basis. During the nine ~~six~~ months ended ~~January~~April 3130, 2025, net cash provided by financing activities totaled $~~132~~165.65 39 million, comprised primarily of net proceeds of $~~135~~168.2903 million from our 2022 and 2024 ~~ATM~~at-the-market ~~Offerings~~offerings and the exercises of stock options and share purchase warrants, partially offset by payments of $2.64 million for tax and withholdings upon settlement of equity awards on a forfeiture basis.

Investing Activities

During the nine ~~six~~ months ended ~~January~~April 3130, 2026, net cash used in investing activities totaled $3783.48 27 million, mainly related to investment in Subscription Receipts of $40.00 million, investments in equity securities of $3637.5893 million and $5.70 million invested in mineral properties and the purchase of equipment. During the nine ~~six~~ months ended ~~January~~April 3130, 2025, net cash used in investing activities totaled $~~136~~138.4457 million, comprised of $177.2933 million paid for the acquisition of our Sweetwater assets, $10.46 million invested in equity securities, $0.54 million used for the capital contribution to JCU and $24.5467 million invested in mineral properties and the purchase of equipment, partially offset by proceeds from the sale of equity securities of $54.37 million.

Stock Options

As of April ~~January 31~~30, 2026, we had in-the-money stock options outstanding representing 3,~~551~~435,~~087~~312 shares at a weighted-average exercise price of $2.78 per share, issuable for gross proceeds of approximately $9.8854 million should these stock options be exercised in full on a cash basis. The exercise of these stock options is at the discretion of their respective holders and, accordingly, there is no assurance that any of these stock options or warrants will be exercised in the future.

Transactions with Related Parties

Related party transactions are based on the amounts agreed to by the parties. During the ~~six~~nine months ended ~~January~~April 3130, 2026 and 2025, the Company did not enter into any material contracts or undertake any significant commitment or obligation with any related parties.

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.

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Critical Accounting Policies

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 2025~~.

For a discussion of the recently issued accounting pronouncements, refer to Note 2 of the interim condensed consolidated financial statements contained in this Quarterly Report.

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 2025~~.

Subsequent Events

On January 12, 2026, the Company entered into a subscription agreement to purchase 896,861 Subscription Receipts of Anfield for $4.00 million. Each Subscription Receipt entitled the Company to receive, upon satisfaction of the Escrow Release Conditions on or prior to March 31, 2026, or such other later date as may be specified by the Company in writing, one common share of Anfield, without payment of additional consideration and without further action on the part of the Company. Anfield required the approval of the TSX-V and the disinterested shareholders of Anfield at a special shareholder meeting on February 27, 2026 to remove the Escrow Release Conditions associated with the subscription. Anfield received the approval by the TSX-V and its disinterested shareholders, and consequently issued 896,861 Anfield’s common shares to the Company on February 27, 2026.

The Company completed the sale of purchased uranium inventory on January 30, 2026. The receivable arising from the sale was subsequently collected on February 13, 2026.

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Subsequent Events

Subsequent to April 30, 2026, we issued 1,390,880 of the Company’s common stock under our 2025 ATM Offering Agreement for gross cash proceeds of $22.11 million. The total issuance costs were $0.44 million, all of which were related to compensation paid to our 2025 ATM Managers.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this report (including information incorporated by reference herein) are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are intended to be covered by the safe harbor provided for under these sections. Words such as “expect(s),” “feel(s),” “believe(s),” “will,” “may,” “anticipate(s),” “estimate(s),” “should,” “intend(s),” "plan(s)," "potential," and similar expressions are intended to identify forward-looking statements. Our forward-looking statements may include, without limitation, statements regarding:

	●	our overall strategy, objectives, plans and expectations and beyond;
	●	expectations for worldwide nuclear power generation and future uranium supply and demand, including long-term market prices for uranium oxides;
	●	plans and expectations regarding our projects, UR&C and other strategic initiatives;
	●	expectations regarding government initiatives regarding nuclear energy and uranium and their potential impacts on our industry and the markets for uranium;
	●	expectations regarding permitting and other regulatory matters;
	●	our ability to obtain adequate additional financing including access to capital markets; and
	●	our belief and expectations including the possible impact of any legal proceedings or regulatory actions against us.

Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, our forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by those forward-looking statements. Such risks include, but are not limited to:

	●	our operations are capital intensive and we will require significant additional financing to acquire additional mineral projects and continue with our exploration, pre-extraction and extraction activities on our existing projects;
	●	any failure to successfully develop and/or ramp-up operations at our projects may adversely affects our financial condition and operating results;
	●	exploration, pre-extraction and 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;
	●	we prepare estimates of future uranium extraction and recovery, and there are no assurances that such estimates will be achieved;
	●	there is uncertainty in the estimation of mineral resources;
	●	our mineral resource estimates may not be reliable and are inherently more uncertain than estimates of proven and probable reserves; there is risk and increased uncertainty to commencing and conducting production without established mineral reserves;
	●	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;
	●	there can be no assurance that our physical uranium program will be successful, which may have an adverse effect on our results of operations;
	●	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;
	●	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;
	●	the uranium industry is subject to influential political and regulatory factors which could have a material adverse effect on our business and financial condition;

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	●	we do not insure against all of the risks we face in our operations;
	●	acquisitions that we may make from time to time could have an adverse impact on us;
	●	we may not be able to obtain, maintain or amend rights, authorizations, licenses, permits or consents required for our operations;
	●	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;
	●	we hold mineral rights in foreign jurisdictions which could be subject to additional risks due to political, taxation, economic and cultural factors;
	●	the title to our mineral property interests may be challenged;
	●	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;
	●	we depend on certain key personnel, and our success will depend on our continued ability to retain and attract such qualified personnel;
	●	certain directors and officers may be subject to conflicts of interest;
	●	the laws of the State of Nevada and our Articles of Incorporation and Bylaws may protect our directors and officers from certain types of lawsuits;
	●	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;
	●	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;
	●	proposed and new 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;
	●	mining, extraction, recovery, processing, construction, development and exploration activities depend, to a substantial degree, on adequate infrastructure;
	●	tariffs and other changes in international trade policy could adversely affect our business, financial condition and results of operations;
	●	we have historically had negative cash flow from our mining activities;
	●	UR&C and its development of a uranium refining and conversion project is at the early stage, and is subject to a number of risks;
	●	we are subject to the risks normally encountered by companies in the mineral extraction industry;
	●	mining operations involve a high degree of risk;
	●	major nuclear and global market incidents may have adverse effects on the nuclear and uranium industries;
	●	the uranium industry is 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
	●	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 uranium industry is highly competitive and we may not be successful in acquiring additional projects;
	●	historically, the market price of our common stock has been and may continue to fluctuate significantly;
	●	prolonged decline in the market price of our common stock could affect our ability to obtain additional financing which would adversely affect our operations; and
	●	additional issuances of our common stock may result in significant dilution to our existing shareholders and reduce the market value of their investment.

More detailed information regarding these factors is included in the section titled Item 1, Business; Item 1A, Risk Factors in Part I of our Annual Report, as well as elsewhere throughout this report. Many of these factors are beyond our ability to control or predict. Given these uncertainties, readers are cautioned not to place undue reliance on our forward-looking statements.

All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. We disclaim any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

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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 2025.~~

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this Quarterly Report, with the participation of our Principal Executive Officer and the Principal Financial Officer, the Company evaluated the effectiveness of its disclosure controls and procedures, as such term is defined in Rule 13a-15(e) and Rule 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”). Based on this evaluation, the Principal Executive Officer and the Principal Financial Officer have concluded that the Company’s disclosure controls and procedures are effective to ensure that information the Company is required to disclose in reports that are filed or submitted under the Exchange Act: (1) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms; and (2) is accumulated and communicated to Company management, including the Principal Executive Officer and the Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

It should be noted that any system of controls is based in part upon certain assumptions designed to obtain reasonable (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 controls over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during our quarter ended April ~~January 31~~30, 2026, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings

AsWe ofare ~~the~~subject ~~date~~to ~~of this Quarterly Report, other than~~ routine litigation incidental to our business, including that which is described in ~~the~~our ~~Form 10-K~~ Annual Report. We ~~for Fiscal 2025, we~~ are not ~~currently~~aware aof ~~party to~~ any material pending ~~legal proceedings~~ or ~~claims~~threatened ~~that~~litigation ~~management believes would be likely to have a material adverse effect on our financial position, results of operations~~ or ~~cash flows. Regardless~~ of ~~outcome,~~any ~~such~~ proceedings orknown ~~claims~~to ~~can~~be ~~have~~contemplated anby ~~adverse~~governmental ~~impact~~authorities ~~on the Company because of defense and settlement costs, diversion of resources and other factors, and there can be no assurances~~ that ~~favorable~~are ~~outcomes~~or ~~will~~would be ~~obtained. In~~likely ~~addition,~~to ~~there~~have ~~are~~a no material ~~pending~~adverse ~~legal~~effect ~~proceedings~~upon tous ~~which any director, officer, affiliate~~ or ~~the Company, beneficial owner of more than 5% of~~ our ~~common stock~~operations, ortaken ~~any~~as ~~associate~~a ~~or any such director~~whole, ~~officer,~~that ~~affiliate~~was ornot ~~security~~disclosed ~~holder,~~in ~~is: (i) a party adverse to us or any of~~ our ~~subsidiaries~~Annual inReport ~~any legal proceeding;~~ or ~~(ii)~~this ~~has~~Quarterly ~~an adverse interest to us or any of our subsidiaries~~Report.

Item 1A. Risk Factors

~~Item~~There 1A -- Risk Factors of the Form 10-K Annual Report for Fiscal 2025 sets forth information relating to important risks and uncertainties that could materially adversely affect the Company’s business, financial condition or operating results. The risk factors set forth in our Form 10-K Annual Report for Fiscal 2025 remain current and there have been no material changes to ~~those~~the ~~risk~~ factors ~~that~~disclosed ~~needed~~in toItem ~~be supplemented or updated on this Form 10-Q for the quarter ended January 31, 2026~~1A. ~~Additional~~Risk ~~risks~~Factors ~~and~~in ~~uncertainties that the Company does not presently know about or that it currently deems immaterial also may impair~~ our ~~business~~Annual ~~operations~~Report.

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

None.

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 (the “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 ~~January 31~~30, 2026, we held both ISR and conventional mines. ~~Under~~Our ~~U.S. regulation, our~~ ISR Mines ~~were~~are not subject to regulation by the Mine Safety Act but rather fall under oversight by the U.S. Occupational Safety and Health Administration.

Item 5. Other Information

During our fiscal quarter ended ~~January~~ April 3130, 2026, none of our directors or executive officers adopted, modified or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement” as defined in Item 408(c) of Regulation S-K.

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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)

Notes:

(*)	Filed herewith

(**)	Furnished herewith

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Quarterly 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: March 9, 2026
		Date: June 8, 2026
	By:	/s/ Josephine Man
		Josephine Man
		Chief Financial Officer (Principal Financial Officer)
		Date: March 9, 2026
		Date: June 8, 2026

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