1. Barrick Gold for uranium.

2. A mining company similar to Rio Tinto or BHP, but specialized in uranium and titanium.

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• Uranium Concentrates: Uranium Energy Corp. explores, extracts, and processes uranium to produce these concentrates.
• Titanium Concentrates: The company also engages in the processing of titanium to create these concentrates.

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Uranium Energy Corp. (UEC) sells its uranium concentrate primarily to other companies, not individuals.

Based on UEC's public filings, the company does not currently have any single customer that accounts for 10% or more of its revenues. Therefore, specific names of "major customers" are not publicly disclosed by the company. Uranium Energy Corp. generally sells its uranium concentrate under long-term contracts to global nuclear utility companies or their purchasing agents/fuel fabricators for use in nuclear power generation.

For its titanium concentrate projects, which are in the earlier stages of development, future customers would typically be companies in the pigment production industry (for titanium dioxide) or titanium metal producers.

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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 its President, CEO, and a Director since January 2005. He is also the founder and Co-Chairman of GoldMining Inc. and the Chairman of Uranium Royalty Corp. Earlier in his career, Mr. Adnani started and expanded two private companies. He was also a director of Gold Royalty Corp., and the founder of Fort Sun Investments, Inc. and Blender Media, Inc.

Josephine Man Secretary, Treasurer, Chief Financial Officer

Josephine Man joined Uranium Energy Corp. and became its Chief Financial Officer, Secretary, and Treasurer effective October 1, 2024. She possesses 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 Chief Financial Officer of Gold Royalty Corp. from 2020 to 2022. At Gold Royalty Corp., she was central to its initial public offering and the acquisition of three Canadian listed companies. She was also previously a partner with Ernst & Young LLP.

Scott Melbye Executive Vice President

Scott Melbye is a 41-year veteran of the nuclear energy industry and has served as Executive Vice President of Uranium Energy Corp. since September 2014. He is also the President, Chief Executive Officer, and a Director of Uranium Royalty Corp. His extensive background includes serving as Vice President Commercial for Uranium Participation Corporation (now Sprott Physical Uranium Trust), an advisor to the CEO of Kazatomprom (the world's largest uranium producer), and Executive Vice President of Marketing for Uranium One. Prior to these roles, Mr. Melbye spent 22 years with the Cameco Group of companies, where he was President of Cameco Inc., responsible for global uranium marketing and trading activities.

Brent Berg Senior Vice President, U.S. Operations

Brent Berg has served as Senior Vice President, U.S. Operations for Uranium Energy Corp. since March 2024. He brings over 28 years of experience in the minerals industry, with more than 22 years specifically in uranium production within the United States and Canada. Before joining UEC, Mr. Berg was the President of Cameco Resources, where he was responsible for leading Cameco's U.S. uranium In-Situ Recovery (ISR) operations in Wyoming and Nebraska.

Andrew Kurrus VP of Resource Development

Andrew Kurrus is the VP of Resource Development at Uranium Energy Corp. and has served as Senior Geologist for the Texas South District since May 2008. He has over 30 years of experience in uranium exploration in the U.S. Mr. Kurrus's prior experience includes serving as Chief Exploration Geologist at Mestena Uranium, L.L.C. from 2005 to 2006, during which time a new ore body was discovered. He also worked as an independent geologist and as a Senior Geologist at Cogema Mining, where he was involved in discovery drilling and delineation of deposits.

The key risks to Uranium Energy Corp. (UEC) primarily stem from the inherent volatility of the uranium market, the capital-intensive nature of its operations, and the operational challenges associated with mining and exploration activities.

1. Uranium Price Volatility and Market Conditions: Uranium Energy Corp.'s financial performance is highly susceptible to fluctuations in global uranium prices. The company's unhedged strategy, while maximizing exposure to rising spot prices, also subjects it to significant risk from price declines. The absence of a robust public market for uranium can also complicate sales and impact profitability.
2. Capital Intensive Operations and Profitability Challenges: As a growth company in a capital-intensive industry, UEC requires substantial capital for its exploration, development, and extraction activities. The company has a history of operating losses and relies heavily on equity and debt financings to fund its operations and expansion plans. Sustaining consistent profitability and positive cash flow remains a significant challenge, posing a risk to ongoing project development and overall financial stability.
3. Operational Risks and Permitting Delays: The successful ramp-up of UEC's mining operations, such as the Christensen Ranch and Burke Hollow projects, involves various technical, operational, and financial risks, including potential delays and increased costs. Additionally, obtaining and maintaining necessary governmental approvals and permits for its mining and exploration activities in the United States, Canada, and Paraguay is critical and subject to uncertainties and potential delays. The inherent nature of mineral exploration also carries the risk that anticipated results may not materialize or that mineral resource estimates may vary from initial assessments.

The accelerated development and deployment of highly efficient, grid-scale energy storage solutions (e.g., advanced batteries, novel hydrogen storage) coupled with increasingly cost-effective and scalable renewable energy sources (solar, wind). This combination has the potential to provide reliable baseload power at a lower cost and with fewer environmental and safety concerns than nuclear, thereby diminishing the long-term demand for uranium fuel for new reactors and potentially leading to the premature decommissioning of existing ones.

Breakthroughs in material science leading to the widespread adoption and cost-effective mass production of advanced lightweight and high-strength composite materials (e.g., next-generation carbon fiber, graphene-based composites) or novel metallic alloys that offer superior performance characteristics (e.g., strength-to-weight ratio, corrosion resistance) and cost-efficiency compared to titanium in key industrial applications such as aerospace and medical devices.

Here are the addressable market sizes for Uranium Energy Corp.'s main products:

Uranium

The global uranium market reached approximately US$9.30 billion in 2024 and is projected to grow to US$13.59 billion by 2032, with a compound annual growth rate (CAGR) of 4.86% from 2025 to 2032. Another estimate valued the global uranium market at USD 15.57 billion in 2024, expecting it to grow to USD 21.78 billion by 2033 at a CAGR of 3.8% from 2026 to 2033. Global uranium consumption is approximately 195 million pounds of U₃O₈ annually. In the United States, civilian nuclear power reactor operators purchased 55.9 million pounds of uranium concentrate in 2024. North America is a significant player in the global uranium market, with the U.S. being the largest consumer, relying heavily on domestic production to fuel its established nuclear energy industry.

Titanium Concentrates

The global titanium ore and concentrate market had a value of US$14.7 billion in 2024 and is forecast to expand to US$19.2 billion by 2035, growing at a CAGR of 2.5% in value. Another estimate indicates the global titanium minerals market was approximately USD 4.5 billion in 2023 and is expected to reach around USD 7.2 billion by 2032, with a CAGR of 5.2%. The titanium concentrate market was valued at USD 3333.35 million in 2025 and is expected to increase to USD 4690.36 million by 2032, growing at a CAGR of 5.0%. Global titanium mineral concentrate production exceeded 8.1 million metric tons in 2022. The overall titanium market, which includes titanium dioxide, is valued at approximately US$24 billion. For the United States, the titanium ore and concentrate market was estimated at US$292 million in 2024. It is projected to grow to US$384 million by 2035, with a CAGR of 2.5% in value. The U.S. is heavily reliant on imports for titanium mineral concentrates, as domestic consumption significantly exceeds production capacity. In 2022, the estimated TiO2 content of imports was 960,000 metric tons, with a combined value of US$800 million for all forms of titanium mineral concentrate imports. The broader U.S. titanium market is projected to reach an estimated US$1,245.0 million by 2032.

Uranium Energy Corp. (UEC) is expected to experience future revenue growth over the next 2-3 years, driven by several key factors:

1. Increased Uranium Production from U.S. In-Situ Recovery (ISR) Projects: Uranium Energy Corp. is positioned to significantly increase its uranium output. The company has completed construction and is awaiting final regulatory approvals for expanded operations at its Christensen Ranch ISR operations in Wyoming and the new Burke Hollow ISR mine in Texas. These operational ramp-ups are expected to lead to scalable production growth in the coming quarters and years.

2. Rising Uranium Spot Prices and Unhedged Sales Strategy: UEC employs a 100% unhedged sales strategy, allowing it to capitalize directly on strengthening uranium spot prices. Analysts anticipate continued strong uranium prices, with some forecasts exceeding $100 per pound, driven by a global supply-demand imbalance and increasing demand for nuclear energy. The company has demonstrated its ability to sell uranium at prices significantly above quarterly averages, contributing to higher revenue and gross profit.

3. Development of a U.S. Uranium Refining and Conversion Facility: Uranium Energy Corp. has launched a subsidiary, United States Uranium Refining & Conversion Corp. (UR&C), to explore and potentially develop a new, state-of-the-art U.S. uranium refining and conversion facility. This strategic initiative aims to create a vertically integrated domestic nuclear fuel supply chain, addressing a critical bottleneck in the U.S. market and opening up significant new revenue streams from conversion services.

4. Strategic Sales from Physical Uranium Inventory: UEC maintains a substantial, unhedged inventory of physical uranium. This inventory provides the company with significant flexibility to make opportunistic sales at favorable market prices, further contributing to revenue generation. This strategy allows UEC to maximize exposure to rising uranium prices while preserving flexibility for future sales to utilities or other governmental and global demand.

Share Repurchases

• Uranium Energy Corp. made no share repurchases in 2025 or 2026.

Share Issuance

• In October 2025, Uranium Energy Corp. raised over $234 million through a public offering of common stock and the exercise of an over-allotment option.
• The company announced a $600 million At-the-Market (ATM) stock offering in November 2025, following a previous $204 million raise.
• Shares outstanding significantly increased from 0.21 billion in July 2021 to approximately 490 million as of March 2026, reflecting substantial equity raises over this period.

Outbound Investments

• In December 2024 (announced September 2024), Uranium Energy Corp. acquired 100% of Rio Tinto's Wyoming assets, including the Sweetwater Plant and associated uranium mining properties, for approximately $175.4 million in cash.
• In September 2025, UEC launched the United States Uranium Refining & Conversion Corp (UR&C) as a wholly-owned subsidiary, aiming to establish vertical integration in the U.S. nuclear fuel supply chain.
• The company also undertook strategic acquisitions in Wyoming between 2021 and 2023, and the Roughrider project in Canada in 2022, to expand its uranium resource base.

Capital Expenditures

• For fiscal year 2025, Uranium Energy Corp. incurred significant capital expenditures to restart and ramp up production at facilities such as Christensen Ranch, contributing to a net loss of $87.66 million.
• In Q2 fiscal year 2026 (ended January 31, 2026), capital expenditures focused on completing construction at the Burke Hollow project and expanding infrastructure at Christensen Ranch in-situ recovery (ISR) operations.
• Expected capital expenditures for fiscal year 2026 and beyond include advancing the feasibility study for the new uranium refining and conversion facility (UR&C), undertaking exploration drilling at various projects, and further wellfield development at the Ludeman and Sweetwater projects.