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1. Like Barrick Gold, but focused on mining uranium for nuclear energy instead of gold.

2. Imagine Freeport-McMoRan (a major copper producer), but their primary resource is uranium.

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• Uranium Concentrate (Yellowcake): Mined and processed uranium material, sold to utilities and traders for use in nuclear power generation.

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Uranium Energy Corp (UEC) is a uranium mining company that primarily sells its product, uranium concentrate (U3O8), to other companies rather than individuals.

The major customers for UEC are typically:

• Nuclear power utilities that operate nuclear reactors and require uranium for fuel fabrication.
• Companies that provide nuclear fuel cycle services, such as conversion, enrichment, and fuel fabrication, which then supply utilities.

While UEC has publicly announced securing long-term supply contracts with major U.S. and international nuclear utilities, the company generally does not disclose the specific names of its individual customer companies due to the confidential nature of commercial agreements and competitive reasons. Therefore, specific customer company names cannot be listed from publicly available information.

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Amir Adnani President, Chief Executive Officer, Director

Amir Adnani is a founder of Uranium Energy Corp (UEC) and has served as President, Chief Executive Officer, and a Director since January 2005. An entrepreneur by background, he previously started and expanded two private companies. Under his leadership, UEC has grown into a diversified North American-focused uranium company, with its growth being fueled by acquiring other companies. Mr. Adnani is also the founder and Co-Chairman of GoldMining Inc. and Chairman of Uranium Royalty Corp. He also founded Fort Sun Investments, Inc. and Blender Media, Inc.

Josephine Man Secretary, Treasurer, Chief Financial Officer

Josephine Man was appointed Secretary, Treasurer, and Chief Financial Officer, effective October 1, 2024. She brings over 28 years of experience in financial reporting, corporate finance, mergers and acquisitions, and risk management. Ms. Man previously served as Chief Financial Officer of Uranium Royalty Corp. from 2018 to 2025 and as Corporate Secretary during some of that time. From 2020 to 2022, she was the Chief Financial Officer of Gold Royalty Corp., where she played a key role in their initial public offering and major acquisitions. Her career also includes a partnership at Ernst & Young LLP.

Scott Melbye Executive Vice President

Scott Melbye is a 41-year veteran of the nuclear energy industry, having held leadership positions in major uranium mining companies and various industry organizations. He currently serves as President, Chief Executive Officer, and a Director of Uranium Royalty Corp. He is also an Advisor to the Nuclear Engineering Program at the Colorado School of Mines. Mr. Melbye previously served as Vice President Commercial for Uranium Participation Corporation (now Sprott Physical Uranium Trust) and as an Advisor to the CEO of Kazatomprom, one of the world's largest uranium producers. His prior roles include Executive Vice President, Marketing for Uranium One, and 22 years with the Cameco Group of companies, where he was President of their global marketing subsidiary, Cameco Inc.

Brent Berg Senior Vice President, U.S. Operations

Brent Berg has served as Senior Vice President, U.S. Operations since March 2024. He is a highly qualified professional with over 28 years of experience in the minerals industry, including more than 22 years in uranium production in the United States and Canada. Mr. Berg is the former President of Cameco Resources, where he was responsible for leading Cameco's U.S. in-situ recovery (ISR) operations in Wyoming and Nebraska. His experience includes the management and oversight of Cameco's ISR facilities and the successful start-up and operation of the North Butte satellite ISR operation in Wyoming.

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The key risks to Uranium Energy (UEC) include:

1. Uranium Price Volatility and Market Risk: Uranium Energy's financial performance is highly susceptible to fluctuations in the spot price of uranium, as the company operates with an unhedged position, exposing it fully to market volatility. The uranium market has experienced significant price swings, impacting the company's revenue and profitability. Geopolitical events and the balance of supply and demand for uranium heavily influence these prices.
2. Operational Risks and Production Delays: UEC faces substantial operational risks related to achieving its projected uranium extraction and recovery estimates, particularly during the ramp-up phases of its in-situ recovery (ISR) projects like Christensen Ranch and Burke Hollow. These operations are capital-intensive, and the company has reported significant net losses and negative cash flow due to high operational costs and capital expenditures for development and production expansion, leading to uncertainty in profitability.
3. Regulatory and Political Risks: The uranium mining industry is subject to stringent and evolving environmental, safety, and operational regulations. Changes in these regulations can lead to increased compliance costs, operational delays, or even the halting of projects. Furthermore, global political instability, shifts in government policies regarding nuclear energy, and public perception of nuclear power can impact demand for uranium, affecting UEC's market access and growth prospects.

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The primary product of Uranium Energy Corp (UEC) is uranium concentrate (U3O8), which serves as fuel for nuclear power generation. UEC focuses on supplying nuclear power utilities, particularly within the United States, and also holds physical uranium inventory.

For uranium concentrate (U3O8), the global addressable market size was valued at approximately USD 15.0 billion in 2023. This market is projected to grow to about USD 20.98 billion by 2032, demonstrating a Compound Annual Growth Rate (CAGR) of 3.8% during the forecast period of 2025-2032. North America plays a significant role in the global uranium market, contributing substantially to its growth and holding a considerable market share.

While Uranium Energy Corp also possesses a high-grade ferro-titanium deposit, representing a potential area for diversification, specific market size information for ferro-titanium was not identified.

Ferro-Titanium Market Size: null

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Uranium Energy Corp (UEC) is positioned for future revenue growth over the next 2-3 years, driven by several key factors in the evolving uranium market.

Here are 4 expected drivers of future revenue growth for UEC:

1. Increased Uranium Production and Expanded Capacity: UEC is actively expanding its operational footprint and production capabilities. This includes the restart and ramp-up of in-situ recovery (ISR) mining operations at Christensen Ranch in Wyoming, which began initial production, and the anticipated commencement of operations at Burke Hollow in Texas by December 2025. Furthermore, the acquisition of Rio Tinto's Sweetwater Complex has established a third hub-and-spoke platform, significantly expanding UEC's licensed production capacity to 12.1 million pounds annually, making it the largest U.S. uranium company by estimated resources and licensed production capacity. The Wyoming hub alone supports a 14-year mine life at full capacity of 4 million pounds per year, and the Texas hub is expected to begin production in late fiscal Q1 2026.
2. Favorable Uranium Price Environment and Unhedged Sales Strategy: The company operates with a 100% unhedged sales strategy, which allows it to fully capitalize on rising uranium prices. The uranium spot price has been steadily increasing, driven by tightening supply dynamics and growing global demand for nuclear energy. Analysts anticipate a potential "bull market" for uranium as demand is projected to scale up faster than supply, which is expected to underpin higher uranium prices.
3. Strong Demand for Nuclear Energy and U.S. Government Support: Global interest in nuclear power as a clean and reliable energy source is surging, further amplified by rising electricity demand from sectors like AI and data centers. The U.S. government is providing significant policy support, including President Trump's pledge to quadruple nuclear power capacity by 2050 and initiatives to build 250-300 new reactors, with a near-term target of 10 new reactors by 2030. Additionally, the U.S. government's decision to re-list uranium as a critical mineral in 2025 emphasizes its essential role in national security and energy production, potentially leading to federal incentives such as grants, loans, tax credits, and tariffs on imported uranium to boost domestic production.
4. Vertical Integration into Uranium Refining and Conversion: UEC is advancing its strategy to become a more vertically integrated company through the establishment of United States Uranium Refining & Conversion Corp (UR&C). This wholly-owned subsidiary aims to explore and build a state-of-the-art uranium refining and UF6 conversion facility in the U.S. This initiative would position UEC as the only American firm capable of handling uranium from mining and milling through refining, conversion, and delivery of natural UF6 to enrichment plants, thereby creating new revenue streams and enhancing its market position.

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Share Repurchases

No significant share repurchases or authorized buyback programs were identified for Uranium Energy (UEC) over the last 3-5 years in the available information.

Share Issuance

• In October 2025, Uranium Energy Corp completed a public offering of 15,500,000 common shares at $13.15 per share, raising gross proceeds of $203,825,000.
• The underwriter for the October 2025 offering fully exercised its over-allotment option, purchasing an additional 2,325,000 shares for $30,573,750 in gross proceeds.
• In December 2024, UEC established an at-the-market (ATM) offering program to issue and sell up to $300 million of its common stock.

Inbound Investments

No large, specific inbound investments from strategic partners or private equity firms were detailed in the provided search results. The company maintains a strong balance sheet with $321 million in cash, inventory, and equities as of July 31, 2025, with no debt.

Outbound Investments

• In 2025, UEC acquired Rio Tinto's Sweetwater Plant and Wyoming assets for $175 million, which added approximately 175 million pounds of historic resources and a processing plant.
• Uranium Energy acquired a portfolio of Canadian uranium exploration projects in Saskatchewan's Athabasca Basin from Rio Tinto Exploration Canada Inc. in August 2023.
• The company completed the acquisition of Uranium One Americas' operations in December 2021, which significantly expanded its Wyoming asset base.

Capital Expenditures

• Reported capital expenditures were -$5.7 million for fiscal year 2025, -$3.43 million for fiscal year 2024, and -$0.66 million for fiscal year 2023.
• A significant portion of the proceeds from the October 2025 public offering (approximately $234.4 million in gross proceeds) is earmarked to accelerate the development of a new U.S. uranium refining and conversion facility through its subsidiary, United States Uranium Refining & Conversion Corp. (UR&C).
• Capital expenditures have also focused on expanding production, including the construction and commissioning of new mine-units at Christensen Ranch and upgrades at the Irigaray Plant, with Burke Hollow targeting construction completion by November 2025.