10q10k10q10k.net
URANIUM ENERGY CORP

URANIUM ENERGY CORPUECEarnings & Financial Report

NYSE · Materials · Miscellaneous Metal Ores

Uranium Energy Corp is a US-based uranium exploration and mining company specializing in low-cost in-situ recovery uranium extraction operations across North America. It supplies nuclear fuel feedstock to utility firms running nuclear power plants, with core project assets located in Texas, Wyoming and other U.S. states, catering to rising global demand for zero-emission nuclear energy resources.

What changed in URANIUM ENERGY CORP's 10-K — 2024 vs 2025

Top changes in URANIUM ENERGY CORP's 2025 10-K

683 paragraphs added · 1226 removed · 475 edited across 9 sections

Item 1. Business

Business — how the company describes what it does

118 edited+65 added−59 removed48 unchanged
In Texas, our fully-licensed and 100% owned Hobson Processing Facility forms the basis for our regional operating strategy in the State of Texas, specifically the South Texas Uranium Belt where we utilize ISR mining.
Our fully licensed and 100% owned Hobson Processing Facility forms the basis for our regional operating strategy in the State of Texas, specifically the South Texas Uranium Belt where we utilize ISR mining.
Remediation of a property is required in accordance with regulatory standards, which may include the posting of reclamation bonds. In Arizona, New Mexico and Wyoming our mineral rights are held either exclusively or through a combination of federal mining claims and state and private mineral leases.
In Arizona, New Mexico and Wyoming, our mineral rights are held either exclusively or through a combination of federal mining claims and state and private mineral leases. Remediation of a property is required in accordance with regulatory standards, which may include the posting of reclamation bonds.
The timeline for new mining projects can be 10 years or longer 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.
The timeline for many new mining projects can be 10 years or longer 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.
In the unlikely event that the site does not behave as predicted, the government can seek redress from the proponent if the costs exceed the funds available. Indigenous Engagement in Saskatchewan For both the federal and provincial EIA and permitting/licensing processes, engagement and consultation are required with Indigenous groups.
In the unlikely event that the site does not behave as predicted, the government can seek redress from the proponent if the costs exceed the funds available. Indigenous Engagement For both the federal and provincial EIA and permitting/licensing processes, engagement and consultation are required with Indigenous groups.
Funding for the financial assurance is in the form of cash, reclamation bonds, letters of credit and other mechanisms approved by the WDEQ. The financial assurance calculations include an excess of 15% for contingencies and 10% for overhead, adjusted annually for inflation.
Funding for the financial assurance is in the form of cash, reclamation bonds, letters of credit and/or other mechanisms approved by the WDEQ. The financial assurance calculations include an excess of 15% for contingencies and 10% for overhead, adjusted annually for inflation.
In addition to advancing its uranium development projects through its ownership interest in JCU (Canada) Exploration Company, Limited (“JCU”), UEX was advancing several other uranium deposits in the Athabasca Basin which include the Paul Bay, Ken Pen and Ōrora deposits at the Christie Lake Project, the Kianna, Anne, Colette and 58B deposits at its currently 49.1%-owned Shea Creek Project, and the Horseshoe and Raven deposits located on its 100%-owned Horseshoe-Raven Project.
In addition to advancing its uranium development projects through its ownership interest in JCU (Canada) Exploration Company, Limited (“ JCU ”), UEX was advancing several other uranium deposits in the Athabasca Basin which include the Paul Bay, Ken Pen and Ōrora deposits at the Christie Lake Project, the Kianna, Anne, Colette and 58B deposits at its currently 49.1%-owned Shea Creek Project, and the Horseshoe and Raven deposits located on its 100%-owned Horseshoe-Raven Project.
As at July 31, 2024, we held one exploration permit in each of Bee, Duval and Goliad Counties in Texas. As an example of the regulation that guides our industry, before ISR uranium extraction can begin in Texas, a number of permits must be granted by the TCEQ.
As at July 31, 2025, we held one exploration permit in each of Bee, Duval and Goliad Counties in Texas. As an example of the regulation that guides our industry, before ISR uranium extraction can begin in Texas, a number of permits must be granted by the TCEQ.
As such, we are focused on scaling our business to meet the future energy needs for nuclear in the U.S. and globally. Corporate Organization Uranium Energy Corp. was incorporated under the laws of the State of Nevada on May 16, 2003 under the name Carlin Gold Inc.
As such, we are focused on scaling our business to meet the future energy needs for nuclear in the U.S. and globally. Uranium Energy Corp. was incorporated under the laws of the State of Nevada on May 16, 2003 under the name Carlin Gold Inc.
We utilize a “hub-and-spoke” strategy whereby the Hobson Processing Facility, which has a physical capacity to process uranium-loaded resins up to a total of two million pounds of U 3 O 8 annually and is licensed to process up to four million pounds of U 3 O 8 annually, acts as the central processing site (the “hub”) for our Palangana Mine, and future satellite uranium mining activities, such as our Burke Hollow and Goliad Projects, located within the South Texas Uranium Belt (the “spokes”).
We utilize a “hub-and-spoke” strategy whereby the Hobson Processing Facility, which has a physical capacity to process uranium-loaded resins up to a total of two million pounds of U 3 O 8 annually and is licensed to process up to four million pounds of U 3 O 8 annually, acts as the central processing site (the “hub”) for our Palangana Mine and future satellite uranium mining activities, such as our Burke Hollow Project, located within the South Texas Uranium Belt (the “spokes”).
Provincially, the licensing is through the MOE Environmental Protection Branch, which largely provides a one window approach for mining project licensing on behalf of other branches and ministries. There will be other ministries and permitting required related to health and safety, labour, employment, and royalties.
Provincially, the licensing is through the ENV Environmental Protection Branch, which largely provides a one window approach for mining project licensing on behalf of other branches and ministries. There will be other ministries and permitting required related to health and safety, labour, employment, and royalties.
Under the WDEQ Bonding Provisions (§35-11-417) and the regulations for Financial Assurance Requirements for Closure, Post Closure and Corrective Action, they outline financial assurance for ISR uranium sites to include costs relating to: decommissioning; decontamination; demolition and waste disposal for buildings; structures; foundations; equipment and utilities; well plugging and abandonment; surface reclamation of operating areas; roads; wellfields and surface impoundments; groundwater restoration in mining areas; and radiological surveying for final release of the lands.
Under the WDEQ Bonding Provisions (§35-11-417) and the regulations for Financial Assurance Requirements for Closure, Post Closure and Corrective Action, financial assurance for ISR uranium sites will include costs relating to: decommissioning; decontamination; demolition and waste disposal for buildings; structures; foundations; equipment and utilities; well plugging and abandonment; surface reclamation of operating areas; roads; wellfields and surface impoundments; groundwater restoration in mining areas; and radiological surveying for final release of the lands.
To protect human health and the environment, the CNSC focusses on their regulated areas of safety and control in their assessment of projects, including areas of higher risk such as quality management, occupational health and safety, environmental protection, radiation protection, tailings management and safeguards and non-proliferation, to name a few.
To protect human health and the environment, the CNSC focuses on their regulated areas of safety and control in their assessment of projects, including areas of higher risk such as quality management, occupational health and safety, environmental protection, radiation protection, tailings management and safeguards and non-proliferation, to name a few.
Wyoming requests the official Aquifer Exemption from the EPA for these permits. As at July 31, 2024, UEC held Aquifer Exemptions for each of its Christensen Ranch, Irigaray, Ludeman, Moore Ranch and Reno Creek Projects, as well as the Christensen Ranch Class I disposal wells.
Wyoming requests the official Aquifer Exemption from the EPA for these permits. As at July 31, 2025, UEC held Aquifer Exemptions for each of its Christensen Ranch, Irigaray, Ludeman, Moore Ranch and Reno Creek Projects, as well as the Christensen Ranch, Irigaray, Moore Ranch and Reno Creek Class I disposal wells.
UEC is a pure-play uranium company and is advancing its next generation of low-cost, in-situ recovery (“ISR”) mining uranium projects, and which ISR mining process is expected to reduce the impact on the environment as compared to conventional mining.
UEC is a pure-play uranium company and is advancing its next generation of low-cost, in-situ recovery (“ ISR ”) mining uranium projects, and which ISR mining process is expected to reduce the impact on the environment as compared to conventional mining.
As part of the environmental assessment process, projects are required to develop conceptual decommissioning plans for inclusion in the EIA, which detail the steps to be taken to decommission project facilities and reclaim the land at the end of project life.
Project End of Life As part of the environmental assessment process, projects are required to develop conceptual decommissioning plans for inclusion in the EIA that detail the steps to be taken to decommission project facilities and reclaim the land at the end of project life.
Companies are expected to meet with each potentially affected community to discuss engagement plans and an appropriate budget for the communities to complete the necessary meetings and studies, although the level of effort is generally commensurate with proximity to the site.
Companies are expected to meet with each potentially affected community to discuss engagement plans and an appropriate budget for the communities to complete the necessary meetings and studies, although the level of effort is generally commensurate with proximity to the project.
It is not clear whether the proposed federal Policy on Biodiversity will have an impact on our project but, if enacted, it could mean more bio-physical offsets will be required for disturbed ground.
It is not clear whether the proposed federal Policy on Biodiversity will have an impact on our projects but, if enacted, it could mean more bio-physical offsets will be required for disturbed ground.
Over-extraction is adjusted as necessary to maintain a cone of depression which ensures that the injection fluid does not move outside the permitted area. The uranium-rich solution is pumped from an ore zone to the surface and circulated through a series of ion exchange columns located at the mine site.
Over-extraction is adjusted as necessary to maintain a cone of depression which ensures that the injection fluid does not move outside the permitted area. 6 Table of Contents The uranium-rich solution is pumped from an ore zone to the surface and circulated through a series of ion exchange columns located at the mine site.
Secondary supply is also likely to be further reduced with western enrichers reversing operations from underfeeding to overfeeding that requires more uranium to increase the production of enrichment services. As secondary supplies continue to diminish, and as existing mines deplete resources, new production will be needed to meet existing and future utility demand.
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.
We are primarily engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing, on uranium projects located in the United States, Canada and the Republic of Paraguay.
General Business We are primarily engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing, on uranium projects located in the United States, Canada and the Republic of Paraguay.
Physical Uranium Program The Company is 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.
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.
A Mine Area Permit (“MAP”) application is required for submission to the TCEQ to establish a specific permit area boundary, aquifer exemption boundary and the mineral zones of interests or production zones. The application also includes a financial surety plan to ensure funding for all plugging and abandonment requirements.
A Mine Area Permit (“ MAP ”) application is required for submission to the TCEQ to establish a specific permit area boundary, aquifer exemption boundary and the mineral zones of interests or production zones. The application also includes a financial surety plan to ensure funding for all plugging and abandonment requirements.
Annual maintenance requirements include lease fees of between $1 and $3 per acre and minimum exploration expenditure requirements of between $10 and $20 per acre in Arizona. Our private mineral leases are negotiated directly with the owners of the land/mineral/surface rights with varying terms.
Annual maintenance requirements include lease fees of between $1 and $4 per acre in Wyoming and minimum exploration expenditure requirements of between $10 and $20 per acre in Arizona. Our private mineral leases are negotiated directly with the owners of the land/mineral/surface rights with varying terms.
After reclamation is completed, the LQD will inspect the drill hole sites and either approve the reclamation and release the bond, or make recommendations for further corrective action. As at July 31, 2024, UEC holds three Drilling Notification Permits, two for various exploration projects in the Powder River Basin and one for exploration in the Great Divide Basin of Wyoming.
After reclamation is completed, the LQD will inspect the drill hole sites and either approve the reclamation and release the bond, or make recommendations for further corrective action. As at July 31, 2025, UEC holds five Drilling Notification Permits, two for various exploration projects in the Powder River Basin and three for exploration in the Great Divide Basin of Wyoming.
Compliance with the Clean Water Act The Clean Water Act (“CWA”) imposes restrictions and strict controls regarding the discharge of wastes, including mineral processing wastes, into waters of the U.S.; a term broadly defined. Permits must be obtained to discharge pollutants into federal waters.
Compliance with the Clean Water Act The Clean Water Act (“ CWA ”) imposes restrictions and strict controls regarding the discharge of wastes, including mineral processing wastes, into waters of the U.S., a term broadly defined. Permits must be obtained to discharge pollutants into federal waters.
The engagement plan should include opportunities to inform communities of the nature of the proposed activities, the potential impacts of a project and proposed mitigation strategies. The purpose is to receive feedback or information on current traditional land uses and potential impacts to Treaty and Aboriginal rights.
The engagement plan should include opportunities to inform communities of the nature of the proposed activities and potential impacts of a project, and to discuss the proposed mitigation strategies. The purpose is to receive feedback on current traditional land uses and potential impacts to Treaty and Aboriginal rights.
Nuclear Regulatory Commission (“NRC”), now issued by the WDEQ/LQD Uranium Recovery Program (“URP”). In 2018 the State of Wyoming became an NRC agreement state for the licensing of uranium recovery operations. RMLs are now issued and regulated by the WDEQ/LQD/URP.
Nuclear Regulatory Commission (“ NRC ”), now issued by the WDEQ/LQD Uranium Recovery Program (“ URP ”). In 2018, the State of Wyoming became an NRC agreement state for the licensing of uranium recovery operations. RMLs are now issued and regulated by the WDEQ/LQD/URP.
U.S. Environmental Regulations We believe that we comply with all federal, state and local applicable laws and regulations which govern environmental quality and pollution control.
Environmental Regulations We believe that we comply with all federal, state and local applicable laws and regulations which govern environmental quality and pollution control.
The first is by triggering one of the activity thresholds in the Physical Activities Regulations, 2019 , and the second is that the project can be designated by the federal Minister of Environment and Climate Change (the “Minister”) in response to a request to designate the project and a supporting recommendation from the Canadian Impact Assessment Agency (“CIAA”).
The first is by triggering one of the activity thresholds in the Physical Activities Regulations, 2019 , and the second is that the project can be designated by the federal Minister of Environment and Climate Change (the “ Minister ”) in response to a request to designate the project and a supporting recommendation from the Canadian Impact Assessment Agency (“ CIAA ”).
For context, the U.S. utilities purchased 51.6 million pounds of U 3 O 8 in 2023 (U.S. Energy Information Administration, June 6, 2024 - 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.
For context, utilities in the United States purchased 51.6 million pounds U 3 O 8 in 2023 ( Source: United States Energy Information Administration, June 6, 2024 - 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.
As at July 31, 2024, we held two Class I disposal well permits for each of our Hobson Processing Facility, Palangana Satellite Facility and Burke Hollow and Goliad Projects. The federal Safe Drinking Water Act (“SDWA”) creates a regulatory program to protect groundwater and is administered by the EPA.
As at July 31, 2025, we held two Class I disposal well permits for each of our Hobson Processing Facility, Palangana Satellite Facility and Burke Hollow and Goliad Projects. The federal Safe Drinking Water Act (“ SDWA ”) creates a regulatory program to protect groundwater and is administered by the EPA.
In 2022, we acquired a substantial portfolio of projects in Canada, with the purchase of UEX and the Roughrider Project from a subsidiary of Rio Tinto plc (“Rio Tinto”). The UEX portfolio consists of a mix of uranium deposits, primarily focused on the Athabasca Basin uranium district in Saskatchewan, Canada.
In 2022, we acquired a substantial portfolio of projects in Canada, with the purchase of UEX Corporation (“ UEX ”) and the Roughrider Project from a subsidiary of Rio Tinto plc (“ Rio Tinto ”). The UEX portfolio consists of a mix of uranium deposits, primarily focused on the Athabasca Basin uranium district in Saskatchewan, Canada.
ISR mining is considered considerably more environmentally friendly compared to alternative, traditional mining approaches, as the ISR process does not require blasting or waste rock movement, resulting in less damage to the environment, minimal dust, and no resulting tailings or tailings facilities.
ISR mining is considered significantly more environmentally friendly than alternative, traditional mining approaches as the ISR process does not require blasting or waste rock movement, resulting in less damage to the environment, minimal dust, and no resulting tailings or tailings facilities.
These leases provide for uranium and certain other specified mineral rights only, including surface access rights, subject to production royalties, ranging from an initial term of five to seven years and renewal for a second five-year to seven-year term, and some of which have an initial term of 20 years.
These leases provide for uranium and certain other specified mineral rights only, including surface access rights, subject to production royalties, ranging from an initial term of five to seven years and renewal for a second five-year to seven-year term.
While negotiations can start early, and in parallel with a provincial Environmental Impact Assessment (“EIA”) process, a precondition of the issuance of a surface lease is the successful outcome of the EIA process. In Saskatchewan, the EIA and licensing process are sequential, as the EIA process must be completed prior to the issuance of specific leases, licenses and permits.
While negotiations can start early, and in parallel with the provincial EIA process, a precondition of the issuance of a surface lease is the successful outcome of the EIA process. In Saskatchewan, the EIA and licensing processes are sequential, as the EIA process must be completed prior to the issuance of specific leases, licenses and permits.
In Fiscal 2024, UEC has provided training to staff on a variety of safety topics, including, but not limited to, the following topics: ● Annual radiation safety training for all plant and wellfield employees; ● Bi-Annual Radiation Safety Officer training; ● Radiation Safety Technician training; ● Logging training; ● First Aid/CPR training (every two years); ● Rig Safety/Inspections training; and ● Annual DOT Training/HazMat training.
In Fiscal 2025, UEC has provided training to staff on a variety of safety topics, including, but not limited to, the following topics: ● Annual radiation safety training for all plant and wellfield employees; ● Bi-Annual Radiation Safety Officer training; ● Radiation Safety Technician training; ● Logging training; ● First Aid/CPR training; ● Rig Safety/Inspections training; and ● Annual DOT Training/HazMat training and TDG training.
As at July 31, 2024, UEC held reclamation bonds for all of its Permits to Mine and RML licenses plus three Drilling Notifications (exploration by drilling permits).
As at July 31, 2025, UEC held reclamation bonds for all of its Permits to Mine and RML licenses plus five Drilling Notifications (exploration by drilling permits).
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 (“DOE”).
One such U.S. origin specific opportunity is our 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 (“ DOE ”).
We believe in mining in a responsible manner, such as through the deployment of ISR technology when possible, adhering to all applicable environmental regulations and managing and reducing our carbon emissions. UEC believes that uranium and nuclear energy will be an important part of the energy transition as it can provide reliable and consistent power to the grid.
We believe in mining in a responsible manner, such as through the deployment of ISR technology when possible, adhering to all applicable environmental regulations and minimizing our impact on the environment. UEC believes that uranium and nuclear energy will be an important part of the energy transition as it can provide reliable and consistent power to the grid.
In Texas, the TCEQ issues an exemption for those processes that meet the criteria for low to zero emission by issuing a permit by rule. Presently our Palangana Mine, our Hobson Processing Facility and our Goliad Project all have permits by rule covering air emissions.
In Texas, the TCEQ issues an exemption for those processes that meet the criteria for low to zero emission by issuing a permit by rule. Presently our Palangana Mine, our Hobson Processing Facility and our Goliad Project all have permits by rule covering air emissions. In Wyoming, air permits are required for point source emissions of particulate.
The SDWA allows states to issue underground injection control (“UIC”) permits under two conditions: the state’s program must have been granted primacy; and the EPA must have granted an aquifer exemption upon the state’s request (an “Aquifer Exemption”).
The SDWA allows states to issue underground injection control (“ UIC ”) permits under two conditions: the state’s program must have been granted primacy, and the EPA must have granted an aquifer exemption upon the state’s request (an “ Aquifer Exemption ”).
Most ministries will indicate their interest and the need for any permits at the Technical Proposal and EIA review stages and those comments will come forward in the TRC. The federal Impact Assessment Act, 2019 (“IAA”) and the need to produce an Impact Assessment (“IA”) can be triggered in two ways.
Most ministries will indicate their interest and the need for any permits at the Technical Proposal and EIA review stages and those comments will come forward in the TRC. Canadian Government The federal Impact Assessment Act, 2019 (“ IAA ”) and the need to produce an Impact Assessment (“ IA ”) can be triggered in two ways.
The Company has two extraction ready ISR hub and spoke platforms in South Texas and Wyoming, anchored by fully licensed and operational processing capacity at its Hobson and Irigaray plants. UEC also has seven U.S.
We have two extraction ready ISR hub and spoke platforms in South Texas and Wyoming, anchored by fully licensed and operational processing capacity at its Hobson and Irigaray plants. UEC also has several U.S.
As at July 31, 2024, we held an Aquifer Exemption for each of our Palangana Mine and our Goliad and Burke Hollow Projects. Wyoming In Wyoming ISR mining activities are regulated by the Wyoming Department of Environmental Quality (“WDEQ”), Land Quality Division (“LQD”), under Wyoming Administrative Code §35-11-401 through §35-11-437.
As at July 31, 2025, we held an Aquifer Exemption for each of our Palangana Mine and our Goliad and Burke Hollow Projects. Wyoming In Wyoming, ISR mining activities are regulated by the WDEQ, Land Quality Division (“ LQD ”), under Wyoming Administrative Code §35-11-401 through §35-11-437.
As at July 31, 2024, we held four PAA permits for our Palangana Mine and one for our Goliad Project. An application for PAA-1 for the Burke Hollow Project was submitted in February 2023. A Class I disposal well permit application is also required for submission to the TCEQ for authorization for deep underground wastewater injection.
As at July 31, 2025, we held four PAA permits for our Palangana Mine, one for our Goliad Project and one for our Burke Hollow Project. A Class I disposal well permit application is also required for submission to the TCEQ for authorization for deep underground wastewater injection.
The surface lease will generally cover all areas that are predicted to be disturbed and accrues annual fees per hectare. Surface leases are coordinated through the Ministry of Government Relations, Northern Engagement Branch, and the Ministry of Environment (“MOE”), Lands Branch, and includes input from other government agencies where appropriate.
The surface lease will generally cover all areas that are predicted to be disturbed, plus a buffer zone, and will accrue annual fees per hectare. Surface leases are coordinated through the Ministry of Government Relations, Northern Engagement Branch, and the Ministry of Environment (“ ENV ”), Lands Branch, and includes input from other government agencies where appropriate.
These leases provide for all mineral rights, including surface access rights, to be subject to a production royalty of 4% in Wyoming and 5% to 6% in Arizona, ranging from a five-year term in Arizona to a ten-year term in Wyoming.
These leases provide for mineral rights, and are subject to a production royalty of 4% in Wyoming and 5% to 6% in Arizona, ranging from a five-year term in Arizona to a ten-year term in Wyoming.
In-Situ Recovery (ISR) Mining We utilize in-situ recovery or ISR uranium mining for our South Texas projects as well as our Reno Creek Project in Wyoming, and will continue to utilize ISR mining whenever such an alternative is available to conventional mining.
In-Situ Recovery (ISR) Mining We are utilizing in-situ recovery or ISR uranium mining for our South Texas projects as well as our Christensen Ranch Project in Wyoming. We will continue to utilize ISR mining whenever such an alternative is available to conventional mining.
During the recovery process, water is pumped from the ore hosted aquifer and piped to the satellite facility. The groundwater is filtered for solids, stripped of uranium, allowed to settle and then approximately 95% is reinjected or recirculated back into the same aquifer it was recovered from.
Water consumption at UEC’s ISR mining projects is primarily natural groundwater. During the recovery process, water is pumped from the ore hosted aquifer and piped to the satellite facility. The groundwater is filtered for solids, stripped of uranium, and then approximately 95% is reinjected or recirculated back into the same aquifer it was recovered from.
Our operations are subject to stringent environmental regulation by state and federal authorities including the Railroad Commission of Texas (“RCT”), the Texas Commission on Environmental Quality (“TCEQ”), the Wyoming Department of Environmental Quality (“WDEQ”) Land, Water and Air Quality Divisions, the United States BLM (Wyoming) and the United States Environmental Protection Agency (“EPA”).
Our operations are subject to stringent environmental regulation by state and federal authorities including the Railroad Commission of Texas (“ RCT ”), the Texas Commission on Environmental Quality (“ TCEQ ”), the WDEQ Land, Water and Air Quality Divisions, the United States BLM (Wyoming) and the United States Environmental Protection Agency (“ EPA ”).
As a result of the instability and assurance of supply risks, U.S. and European utilities are shifting more focus to production from areas of low geopolitical risk.
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.
Claims are renewed annually and the claim holder is required to satisfy work expenditure requirements. Expenditure requirements are $Nil for the first year, $15 per hectare for the second year to the tenth year of assessment work periods and $25 per hectare for the eleventh year and subsequent assessment work periods.
Expenditure requirements are $Nil for the first year, $15 per hectare for the second year to the tenth year of assessment work periods and $25 per hectare for the eleventh year and subsequent assessment work periods.
The main federal licensing agency for the project, the CNSC, will need to be satisfied that the environment, writ large, is protected. The CNSC will conduct an environmental protection review (“EPR”) for the license application in accordance with their mandate under the NSCA to ensure the protection of the environment and the health of persons.
The main federal licensing agency for the project, the CNSC, will conduct an environmental protection review (“ EPR ”) for the license application in accordance with their mandate under the NSCA to ensure the protection of the environment and the health of persons.
Ensuring responsible mining practices better positions nuclear to be an energy source of choice to governments, and enables us to be a better partner and corporate citizen to our local communities. Environmental Management Environmental Governance UEC approved an Environmental, Health and Safety Policy in Fiscal 2022 which sets out objectives and provides overarching guidelines for the management of the environment.
Ensuring responsible mining practices better positions nuclear to be an energy source of choice to governments, and enables us to be a better partner and corporate citizen to our local communities. Environmental Management Environmental Governance Our objectives for the management of the environment are set out in an Environmental, Health and Safety Policy, which can be found on our website.
In 2024 and 2025 the mid-case gap between production and requirements is projected to be more than 68 million pounds of U 3 O 8 , and by 2034 accumulates to a total above 370 million pounds of U 3 O 8 (UxC 2024 Q2 Uranium Market Outlook).
In 2025 and 2026 the mid-case gap between production and requirements is projected to be 44 million pounds U 3 O 8 , and by 2035 accumulates to a total above 345 million pounds U 3 O 8 ( Source: UxC 2025 Q2 Uranium Market Outlook ).
Human Capital As of July 31, 2024, our employee population consisted o f 94 i ndividuals working for us and our consolidated subsidiarie s, 65 of whom were located in the U.S., 25 in Canada and 4 in Paraguay. Our Company is committed to attracting and retaining talented and experienced individuals to manage and support our operations.
Human Capital As of July 31, 2025, our employee population consisted of 171 individuals working for us and our consolidated subsidiaries, 129 of whom were located in the U.S., 28 in Canada and 14 in Paraguay. Our Company is committed to attracting and retaining talented and experienced individuals to manage and support our operations.
The CNSC can review and provide comments on any submission to EASB. In addition, the CNSC will act as a technical advisor and is a participant in the EIA process; however, the provincial EIA decision is independent of the federal government.
In addition, the CNSC will act as a technical advisor and is a participant in the EIA review process; however, the provincial EIA decision is independent of the federal government’s.
At all UEC’s ISR projects the ore hosted groundwater does not meet either primary or secondary drinking water standards and should only be used for industrial or agricultural use without proper treatment. Water consumption at UEC’s ISR mining projects is primarily natural groundwater.
From exploration to restoration, water is the critical factor for ISR mining and responsibly managing that water is crucial to our business. At all UEC’s ISR projects the ore hosted groundwater does not meet either primary or secondary drinking water standards and should only be used for industrial or agricultural use without proper treatment.
Additional information about the Company can be found on our website, however, such information is neither incorporated by reference nor included as part of this or any other report or information filed with or furnished to the SEC. 10 Table of Contents
Additional information about the Company can be found on our website; however, such information is neither incorporated by reference nor included as part of this or any other report or information filed with or furnished to the SEC. We routinely post important information for investors on our website, www.uraniumenergy.com , in the “Invest” section.
Since commencement of uranium extraction from our ISR Mines in November 2010 to July 31, 2024, our Hobson Processing Facility has processed 578,000 pounds of U 3 O 8 . As at July 31, 2024, we had no uranium supply or “off-take” agreements in place.
Since commencement of uranium extraction from our ISR Mines in November 2010 to July 31, 2025, our Hobson Processing Facility has processed 578,000 pounds of U 3 O 8 .
Thus far in 2024, four new reactors have been connected to the grid and two reactors have been permanently shut down (International Atomic Energy Association Power Reactor Information System - August 15, 2024). Total nuclear generating capacity for the world’s 439 operable reactors as of August 15, 2024, stands at 395 GWe (World Nuclear Association).
In 2024, six new reactors were connected to the grid, and four reactors were permanently shut down ( Source: International Atomic Energy Association Power Reactor Information System – August 10, 2025 ). Total nuclear generating capacity for the world's 439 operable reactors as of July 11, 2025, stands at 398 GW ( Source: World Nuclear Association ).
This enterprise-wide policy can be found at https://www.uraniumenergy.com/about/corporate-governance/ . Topics covered in this policy include the management of hazardous waste, water, biodiversity and land use, air quality and pollutants, green-house gas (“GHG”) emissions and energy management. Adherence to and performance against this policy will be reviewed by our Board of Directors’ (the “Board of Directors” or “Board”) Sustainability Committee annually.
Topics covered in this policy include the management of hazardous waste, water, biodiversity and land use, air quality and pollutants, green-house gas (“ GHG ”) emissions and energy management. Adherence to and performance against this policy will be reviewed by our Board of Directors’ (the “ Board of Directors ” or “ Board ”) Sustainability Committee annually. U.S.
The CNSC’s licensing and oversight processes are done on a cost recovery basis through the Cost Recovery Fees Regulations . In support of licensing, proponents are required to develop management systems complete with policies, systems/programs, procedures and monitoring commensurate with the proposed scope of activities.
In support of licensing, proponents are required to develop management systems complete with policies, systems/programs, procedures and monitoring commensurate with the proposed scope of activities.
PAA applications are also required for submission to the TCEQ to establish specific extraction areas inside the MAP boundary. These are typically 30 to 100-acre units that have been delineated and contain extractible quantities of uranium.
As at July 31, 2025, we held RMLs for our Palangana Mine, Burke Hollow and Goliad Projects and Hobson Processing Facility. PAA applications are also required for submission to the TCEQ to establish specific extraction areas inside the MAP boundary. These are typically 30 to 100-acre units that have been delineated and contain extractible quantities of uranium.
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, Reno Creek, Moore Ranch and Ludeman p rojects.
Loaded resin from Christensen Ranch's satellite IX plant is trucked to our Irigaray central processing plant (“ CPP ”) for processing. The Irigaray CPP is the hub central to our fully permitted ISR projects located in the Powder River Basin of Wyoming, including our Christensen Ranch Mine, Reno Creek and Ludeman Projects.
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.
Relative underinvestment in uranium mining operations over the past decade 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.
Our Burke Hollow and some of our Goliad Project leases have a fixed royalty amount based on net proceeds from sales of uranium, and our other projects have production royalties calculated on a sliding-scale basis tied to the gross sales price of uranium.
Some of our project leases have a fixed royalty amount based on net proceeds from sales of uranium, and our other projects have production royalties calculated on a sliding-scale basis tied to the gross sales price of uranium. Remediation of a property is required in accordance with regulatory standards, which may include the posting of reclamation bonds.
Companies are expected to work with the communities to determine the impacts of the projects and mitigation strategies. 8 Table of Contents Waste Disposal The Resource Conservation and Recovery Act (“RCRA”) and comparable state statutes affect mineral exploration and production activities by imposing regulations on the generation, transportation, treatment, storage, disposal and cleanup of “hazardous wastes” and on the disposal of non-hazardous wastes.
Waste Disposal The Resource Conservation and Recovery Act (“ RCRA ”) and comparable state statutes affect mineral exploration and production activities by imposing regulations on the generation, transportation, treatment, storage, disposal and cleanup of “hazardous wastes” and on the disposal of non-hazardous wastes.
Although the Duty to Consult lies with the federal and provincial governments, the procedural aspects of the Duty to Consult are frequently delegated to the proponent to undertake. This often results in the proponent entering into engagement agreements with some First Nations and Metis governments to do studies to identify any potential impacts to rights.
This often results in the proponent entering into engagement agreements with some First Nations and Metis governments to do studies to identify potential impacts to rights.
As at July 31, 2024, we also hold certain mineral rights in various stages in the States of Arizona, New Mexico, Texas and Wyoming, in Canada and in the Republic of Paraguay, many of which are located in historically successful mining areas and have been the subject of past exploration and pre-extraction activities by other mining companies.
We have begun initial discussions with the U.S. government, state-level energy authorities, utilities and financial entities, and will report further updates as these engagements advance. 3 Table of Contents As at July 31, 2025, we also hold certain mineral rights in various stages in the States of Arizona, New Mexico, Texas and Wyoming, in Canada and in the Republic of Paraguay, many of which are located in historically successful mining areas and have been the subject of past exploration and pre-extraction activities by other mining companies.
While the option of sequentially doing the provincial EIA and the CNSC licensing is available to the proponent, the CNSC suggests doing these two distinct processes in parallel to save time. Effectively, while the EIA process is proceeding, the development and submission of the provincial and CNSC licensing packages can proceed in parallel.
While the option of sequentially doing the provincial EIA and the CNSC licensing is available to the proponent, the CNSC suggests doing these two distinct processes in parallel to save time, although they will need the results of the provincial EIA to support the EPR.
With approval of the EIA, licensing and permitting can be completed. While the EIA is in progress, the proponent can develop the surface lease application, and other provincial licensing packages for review by the government, although approval of these cannot occur until the EIA process is completed and a positive outcome obtained.
While the EIA is in progress, the proponent can work with the government to finalize the surface lease and licensing packages, although approval of these cannot occur until there is a positive EIA outcome.
Competition The uranium industry is highly competitive, and our competition includes larger, more established companies with longer operating histories that not only explore for and produce uranium but also market uranium and other products on a regional, national or worldwide basis.
Given the nature of UEC’s specialized industry, the Company maintains site-specific emergency procedures in place that identify the steps employees should take in the event of a health and safety emergency. 14 Table of Contents Competition The uranium industry is highly competitive, and our competition includes larger, more established companies with longer operating histories that not only explore for and produce uranium but also market uranium and other products on a regional, national or worldwide basis.
Funding for surety is in the form of cash or bonds, including an excess of 15% for contingencies and 10% for overhead, adjusted annually for inflation. As at July 31, 2024, we held MAPs for our Palangana Mine and our Goliad and Burke Hollow Projects.
Funding for surety is in the form of cash or bonds, including an excess of 15% for contingencies and 10% for overhead, adjusted annually for inflation.
Under the auspices of the EPA, the individual states administer some or all of the provisions of RCRA, sometimes in conjunction with their own, more stringent requirements.
Under the auspices of the EPA, the individual states administer some or all of the provisions of RCRA, sometimes in conjunction with their own, more stringent requirements. Air Emissions Our operations are subject to local, state and federal regulations for the control of emissions of air pollution.
Economic sanctions, transportation restrictions and recent U.S. legislation banning the importation of Russian nuclear fuel is causing a fundamental change to the nuclear fuel markets.
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.
In Fiscal 2022, UEC’s Board approved an Environmental, Health and Safety Policy that provides overall objectives and guidance for our health and safety management. Supporting this Policy, at each site, UEC has a number of operational policies and practices covering radiation safety and procedures, spills and leakage reporting, equipment training and emergency response procedures.
Supporting this policy, at each site, UEC has a number of operational policies and practices covering many aspects of health and safety, including radiation safety and procedures, spills and leakage reporting, equipment training and emergency response procedures.
Research and Development Activities No research and development expenditures have been incurred, either on our account or sponsored by customers, for our three most recently completed fiscal years. Employees Amir Adnani is our President and Chief Executive Officer and, effective October 29, 2015, Pat Obara was appointed our Chief Financial Officer.
Research and Development Activities No research and development expenditures have been incurred, either on our account or sponsored by customers, for our three most recently completed fiscal years.
That full regulatory oversight includes a strong, independent federal nuclear regulator, the Canadian Nuclear Safety Commission (“CNSC”), which is charged with regulating all aspects of nuclear activities in Canada. Modern uranium mines, despite their strong safety and environmental protection record, operate in this heavily regulated environment effectively using integrated management systems maintain compliance and extensive reporting to demonstrate ongoing compliance.
Modern uranium mines, despite their strong safety and environmental protection record, operate in this heavily regulated environment effectively using integrated management systems to maintain compliance and includes extensive reporting to demonstrate that ongoing compliance.
In Wyoming, as at July 31, 2024, UEC holds Class I Injection well permits for four disposal wells at the Christensen Ranch Project, two disposal wells at the Irigaray Project, four disposal wells at the Moore Ranch Project and four disposal wells at its Reno Creek Project.
In Wyoming, as at July 31, 2025, UEC holds Class I Injection well permits for four disposal wells at the Christensen Ranch Project, two disposal wells at the Irigaray Project, four disposal wells at the Moore Ranch Project and four disposal wells at its Reno Creek Project. 9 Table of Contents Exploration drilling outside of areas within a Permit to Mine is regulated by the WDEQ LQD.

… 162 more changes not shown on this page.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

59 edited+59 added−42 removed83 unchanged
Our operations are capital intensive and future capital expenditures are expected to be substantial. We will require significant additional financing to fund our operations, including acquiring additional mineral projects and continuing with our exploration and pre-extraction activities which include assaying, drilling, geological and geochemical analysis and mine construction costs.
Our operations are capital intensive and future capital expenditures are expected to be substantial. We will require significant additional financing to fund our operations, including acquiring additional mineral projects and continuing with our exploration, pre-extraction and extraction activities which include assaying, drilling, geological and geochemical analysis and mine construction costs.
Any one or more of these occurrences may adversely affect our financial condition and operating results. Exploration and pre-extraction programs and mining activities are inherently subject to numerous significant risks and uncertainties, and actual results may differ significantly from expectations or anticipated amounts.
Any one or more of these occurrences may adversely affect 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.
Exploration and pre-extraction programs and mining activities are inherently subject to numerous significant risks and uncertainties, with many beyond our control and including, but not limited to: (i) unanticipated ground and water conditions and adverse claims to water rights; (ii) unusual or unexpected geological formations; (iii) metallurgical and other processing problems; (iv) the occurrence of unusual weather or operating conditions and other force majeure events; (v) lower than expected ore grades; (vi) industrial accidents; (vii) delays in the receipt of or failure to receive necessary government permits; (viii) delays in transportation; (ix) availability of contractors and labor; (x) government permit restrictions and regulation restrictions; (xi) unavailability of materials and equipment; and (xii) the failure of equipment or processes to operate in accordance with specifications or expectations.
Exploration, pre-extraction and extraction programs and mining activities are inherently subject to numerous significant risks and uncertainties, with many beyond our control and including, but not limited to: (i) unanticipated ground and water conditions and adverse claims to water rights; (ii) unusual or unexpected geological formations; (iii) metallurgical and other processing problems; (iv) the occurrence of unusual weather or operating conditions and other force majeure events; (v) lower than expected ore grades; (vi) industrial accidents; (vii) delays in the receipt of or failure to receive necessary government permits; (viii) delays in transportation; (ix) availability of contractors and labor; (x) government permit restrictions and regulation restrictions; (xi) unavailability of materials and equipment; and (xii) the failure of equipment or processes to operate in accordance with specifications or expectations.
The actions, policies or regulations, or changes thereto, of any government body or regulatory agency or special interest group may also have a material adverse effect on our operations. Uranium and titanium exploration and pre-extraction programs and mining activities are subject to stringent environmental protection laws and regulations at the federal, state and local levels.
The actions, policies or regulations, or changes thereto, of any government body or regulatory agency or special interest group may also have a material adverse effect on our operations. Uranium exploration, pre-extraction and extraction programs and mining activities are subject to stringent environmental protection laws and regulations at the federal, state and local levels.
Uranium and titanium exploration and pre-extraction programs and mining activities are subject to numerous stringent laws, regulations and standards at the federal, state and local levels governing permitting, pre-extraction, extraction, exports, taxes, labor standards, occupational health, waste disposal, protection and reclamation of the environment, protection of endangered and protected species, mine safety, hazardous substances and other matters.
Uranium exploration, pre-extraction and extraction programs and mining activities are subject to numerous stringent laws, regulations and standards at the federal, state and local levels governing permitting, pre-extraction, extraction, exports, taxes, labor standards, occupational health, waste disposal, protection and reclamation of the environment, protection of endangered and protected species, mine safety, hazardous substances and other matters.
Any loss or damage of the uranium may not be fully covered or absolved by contractual arrangements with ConverDyn, Cameco Corporation or our insurance arrangements, and we may be financially and legally responsible for losses and/or damages not covered by indemnity provisions or insurance. Such responsibility could have a material adverse effect on our financial condition.
Any loss or damage of the uranium may not be fully covered or absolved by contractual arrangements with ConverDyn or Cameco, and we may be financially and legally responsible for losses and/or damages not covered by indemnity provisions or insurance. Such responsibility could have a material adverse effect on our financial condition.
These include, but are not limited to: (i) a significant, prolonged decrease in the market price of uranium and titanium minerals; (ii) difficulty in marketing and/or selling uranium concentrates; (iii) significantly higher than expected capital costs to construct a mine and/or processing plant; (iv) significantly higher than expected extraction costs; (v) significantly lower than expected mineral extraction; (vi) significant delays, reductions or stoppages of uranium extraction activities; and (vii) the introduction of significantly more stringent regulatory laws and regulations.
These include, but are not limited to: (i) a significant, prolonged decrease in the market price of uranium; (ii) difficulty in marketing and/or selling uranium concentrates; (iii) significantly higher than expected capital costs to construct a mine and/or processing plant; (iv) significantly higher than expected extraction costs; (v) significantly lower than expected mineral extraction; (vi) significant delays, reductions or stoppages of uranium extraction activities; and (vii) the introduction of significantly more stringent regulatory laws and regulations.
We have neither established nor do we have any present plans to establish proven or probable reserves for our uranium projects for which we plan on utilizing ISR mining.
We have neither established nor have any present plans to establish proven or probable reserves for our uranium projects for which we plan on utilizing ISR mining.
Although we generated revenues from sales of U 3 O 8 we extracted during Fiscal 2015, Fiscal 2013 and Fiscal 2012 of $3.1 million, $9.0 million and $13.8 million, respectively, and generated revenues from sales of purchased uranium inventory and toll processing services totaling $164.4 million during Fiscal 2023, we have yet to achieve consistent profitability or develop consistent positive cash flow from our operations, and we do not expect to achieve consistent profitability or develop consistent positive cash flow from operations in the near term.
Although we generated revenues from sales of U 3 O 8 we extracted during Fiscal 2015, Fiscal 2013 and Fiscal 2012 of $3.1 million, $9.0 million and $13.8 million, respectively, and generated revenues from sales of purchased uranium inventory and toll processing services totaling $164.4 million during Fiscal 2023 and sales of purchased uranium inventory of $66.84 million during Fiscal 2025, we have yet to achieve consistent profitability or develop consistent positive cash flow from our operations, and we do not expect to achieve consistent profitability or develop consistent positive cash flow from operations in the near term.
The laws of the State of Nevada and our Articles of Incorporation may protect our directors and officers from certain types of lawsuits.
The laws of the State of Nevada and our Articles of Incorporation and Bylaws may protect our directors and officers from certain types of lawsuits.
Our compliance with these requirements requires significant financial and personnel resources. The laws, regulations, policies or current administrative practices of any government body, organization or regulatory agency in the U.S., or any other applicable jurisdiction, may change or be applied or interpreted in a manner which may also have a material adverse effect on our operations.
Our compliance with these requirements requires significant financial and personnel resources. 26 Table of Contents The laws, regulations, policies or current administrative practices of any government body, organization or regulatory agency in the U.S., or any other applicable jurisdiction, may change or be applied or interpreted in a manner which may also have a material adverse effect on our operations.
We may be required at any time to fund the remaining $17.4 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.
We may be required at any time to fund the remaining $50.01 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.
The foregoing risks also apply to those experts identified in this document that are not residents of the United States. Disclosure controls and procedures and internal control over financial reporting, no matter how well designed and operated, are designed to obtain reasonable, and not absolute, assurance as to its reliability and effectiveness.
The foregoing risks also apply to those experts identified in this Annual Report that are not residents of the United States. Disclosure controls and procedures and internal control over financial reporting, no matter how well designed and operated, are designed to obtain reasonable, and not absolute, assurance as to its reliability and effectiveness.
Since we commenced extraction of mineralized materials from our ISR Mines without having established proven or probable reserves, it may result in our mining activities at our ISR Mines, and at any future projects for which proven or probable reserves are not established, being inherently riskier than other mining activities for which proven or probable reserves have been established. 12 Table of Contents We have established the existence of mineralized materials for certain of our projects, including our ISR Mines.
Since we commenced extraction of mineralized materials from our ISR Mines without having established proven or probable reserves, it may result in our mining activities at our ISR Mines, and at any future projects for which proven or probable reserves are not established, being inherently riskier than other mining activities for which proven or probable reserves have been established. 17 Table of Contents We have established the existence of mineral resources for certain of our projects, including our ISR Mines.
No assurance can be given that we will be able to secure the grant or the renewal of existing mineral rights and tenures on terms satisfactory to us, or that governments in the jurisdictions in which we operate will not revoke or significantly alter such rights or tenures or that such rights or tenures will not be challenged or impugned by third parties, including local governments, aboriginal peoples or other claimants.
No assurance can be given that we will be able to secure the grant or the renewal of existing mineral rights and tenures on terms satisfactory to us, or that governments in the jurisdictions in which we operate will not revoke or significantly alter such rights or tenures or that such rights or tenures will not be challenged or impugned by third parties, including local governments, counterparties and joint venture partners, aboriginal peoples or other claimants.
While the very heart of our business – uranium extraction, which is the fuel for carbon-free, emission-free baseload nuclear power – and our recycling programs, help address global climate change and reduce air pollution, the world’s focus on addressing climate change will require the Company to continue to conduct all of its operations in a manner that minimizes the use of resources, including enhancing energy efficiency and reducing our reliance on fossil fuels, in order to continue to minimize air emissions at our facilities, which can also increase mine and facility, construction, development and operating costs.
While the very heart of our business – uranium extraction, which is the fuel for carbon-free, emission-free baseload nuclear power – helps address global climate change and reduces air pollution, the world’s focus on addressing climate change will require the Company to continue to conduct all of its operations in a manner that minimizes the use of resources, including enhancing energy efficiency and reducing our reliance on fossil fuels, in order to continue to minimize air emissions at our facilities, which can also increase mine and facility, construction, development and operating costs.
A loss of service from any one of these individuals may adversely affect our operations, and we may have difficulty or may not be able to locate and hire a suitable replacement. Certain directors and officers may be subject to conflicts of interest.
A loss of service from any one of these individuals may adversely affect our operations, and we may have difficulty or may not be able to locate and hire a suitable replacement. 22 Table of Contents Certain directors and officers may be subject to conflicts of interest.
Additionally, there would be no corresponding amortization allocated to our future reporting periods since those costs would have been expensed previously, resulting in both lower inventory costs and cost of goods sold and results of operations with higher gross profits and lower losses than if we had been in the Production Stage.
Additionally, there would be no corresponding amortization allocated to our future reporting periods since those costs would have been expensed previously, resulting in both lower inventory costs and cost of goods sold and results of operations with higher gross profits and lower losses than if we would have been a Production Stage Issuer.
Item 1A. Risk Factors In addition to the information contained in this Form 10-K Annual Report, we have identified the following material risks and uncertainties which reflect our outlook and conditions known to us as of the date of this Annual Report.
Item 1A. Risk Factors In addition to the information contained in this Annual Report, we have identified the following material risks and uncertainties which reflect our outlook and conditions known to us as of the date of this Annual Report.
Failure to negotiate commercially reasonable storage terms for a subsequent storage period with ConverDyn and Cameco may have a material adverse effect on our financial condition. By holding our uranium inventory at the ConverDyn conversion facility and Cameco Corporation's facility we are exposed to the credit and operational risks of the facility.
Failure to negotiate commercially reasonable storage terms for a subsequent storage period with ConverDyn and Cameco may have a material adverse effect on our financial condition. 20 Table of Contents By holding our uranium inventory at the ConverDyn and Cameco conversion facilities, we are exposed to the credit and operational risks of the facility.
As we are in the Exploration Stage, it has resulted in us reporting larger losses than if we had been in the Production Stage due to the expensing, instead of capitalization, of expenditures relating to ongoing processing facility and mine pre-extraction activities.
As we are an Exploration Stage Issuer, such has resulted in us reporting larger losses than if we had been a Production Stage Issuer due to the expensing, instead of capitalization, of expenditures relating to ongoing processing facility and mine pre-extraction activities.
Our Bylaws provide for broad indemnification powers to all persons against all damages incurred in connection with our business to the fullest extent provided or allowed by law.
Our Articles of Incorporation and Bylaws provide for broad indemnification powers to all persons against all damages incurred in connection with our business to the fullest extent provided or allowed by law.
Furthermore, continued mining activities at our ISR Mines will eventually deplete the mines or cause such activities to become uneconomical, and if we are unable to directly acquire or develop existing uranium projects, such as our Moore Ranch, Reno Creek, Burke Hollow and Goliad Projects, into additional uranium mines from which we can commence uranium extraction, it will negatively impact our ability to generate revenues.
Furthermore, continued mining activities at our ISR Mines will eventually deplete the mines or cause such activities to become uneconomical, and if we are unable to directly acquire or develop existing uranium projects into additional uranium mines from which we can commence uranium extraction, it will negatively impact our ability to generate revenues.
Despite the fact that we commenced uranium extraction at our ISR Mines, we remain in the Exploration Stage (as defined by the SEC) and will continue to remain in the Exploration Stage until such time as proven or probable reserves have been established, which may never occur.
Despite the fact that we commenced uranium extraction at our ISR Mines, we remain an Exploration Stage Issuer (as defined by the SEC in Item 1300 of Regulation S-K) and will continue to remain an Exploration Stage Issuer until such time as proven or probable reserves have been established, which may never occur.
The nuclear incident that occurred in Japan in March 2011 had significant and adverse effects on both the nuclear and uranium industries. If another nuclear incident were to occur, it may have further adverse effects for both industries.
Major nuclear and global market incidents may have adverse effects on the nuclear and uranium industries. The nuclear incident that occurred in Fukushima, Japan on March 11, 2011 had significant and adverse effects on both the nuclear and uranium industries. If another nuclear incident were to occur, it may have further adverse effects for both industries.
If the NYSE American delists our common stock, investors may face material adverse consequences including, but not limited to, a lack of trading market for our securities, reduced liquidity, decreased analyst coverage of our securities, and an inability for us to obtain additional financing to fund our operations.
If the NYSE American delists our common stock, investors may face material adverse consequences including, but not limited to, a lack of trading market for our securities, reduced liquidity, decreased analyst coverage of our securities, and an inability for us to obtain additional financing to fund our operations. 28 Table of Contents Item 1B. Unresolved Staff Comments Not applicable
Additional issuances of our common stock may result in significant dilution to our existing shareholders and reduce the market value of their investment. We are authorized to issue 750,000,000 shares of common stock of which 410,355,768 shares were issued and outstanding as of July 31, 2024.
Additional issuances of our common stock may result in significant dilution to our existing shareholders and reduce the market value of their investment. We are authorized to issue 750,000,000 shares of common stock of which 454,015,855 shares were issued and outstanding as of July 31, 2025.
In the event of a dispute arising at our foreign operations in Paraguay, we may be subject to the exclusive jurisdiction of foreign courts or may not be successful in subjecting foreign persons to the jurisdiction of the courts in the United States or Canada.
In the event of a dispute arising at our foreign operations, we may be subject to the exclusive jurisdiction of foreign courts or may not be successful in subjecting foreign persons to the jurisdiction of the courts in the U.S.
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 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.
Operations in foreign jurisdictions outside of the United States and Canada, especially in developing countries, may be subject to additional risks as they may have different political, regulatory, taxation, economic and cultural environments that may adversely affect the value or continued viability of our rights.
Operations in foreign jurisdictions outside of the U.S., including Canada and the Republic of Paraguay, may be subject to additional risks as they may have different political, regulatory, taxation, economic and cultural environments that may adversely affect the value or continued viability of our rights.
Companies in the Production Stage (as defined by the SEC), having established proven and probable reserves and exited the Exploration Stage, typically capitalize expenditures relating to ongoing development activities, with corresponding depletion calculated over proven and probable reserves using the units-of-production method and allocated to inventory and, as that inventory is sold, to cost of goods sold.
Companies that are a Production Stage Issuer (as defined by the SEC in Item 1300 of Regulation S-K), have established proven and probable reserves and are an Exploration Stage Issuer, typically capitalize expenditures relating to ongoing development activities, with corresponding depletion calculated over proven and probable reserves using the units-of-production method and allocated to inventory and, as that inventory is sold, to cost of goods sold.
Any capitalized costs, such as acquisition costs of mineral rights, are depleted over the estimated extraction life using the straight-line method. As a result, our consolidated financial statements may not be directly comparable to the financial statements of companies in the Production Stage. Estimated costs of future reclamation obligations may be significantly exceeded by actual costs incurred in the future.
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 that are a Production Stage Issuer.
We prepare our consolidated financial statements in accordance with United States generally accepted accounting principles (U.S. GAAP) under which acquisition costs of mineral rights are initially capitalized as incurred while pre-production expenditures are expensed as incurred until such time as we exit the Exploration Stage.
We prepare our consolidated financial statements in accordance with U.S. GAAP under which acquisition costs of mineral rights are initially capitalized as incurred while pre-production expenditures are expensed as incurred until such time as we are no longer an Exploration Stage Issuer.
As more fully described under “Liquidity and Capital Resources” of Item 7. Management’s Discussion and Analysis of Financial Condition and Result of Operations herein, we have a history of significant negative cash flow and net losses, with an accumulated deficit balance of $318.9 million as at July 31, 2024.
As more fully described under “Liquidity and Capital Resources” of Item 7. Management’s Discussion and Analysis of Financial Condition and Result of Operations herein, we have a history of significant negative cash flow and net losses.
These factors include: (i) macroeconomic factors; (ii) fluctuations in the market price of uranium; (iii) governmental regulations; (iv) land tenure and use; (v) regulations concerning the importing and exporting of uranium; and (vi) environmental protection regulations.
The marketability of uranium concentrates extracted by us will be affected by numerous factors beyond our control. These factors include: (i) macroeconomic factors; (ii) fluctuations in the market price of uranium; (iii) governmental regulations; (iv) land tenure and use; (v) regulations concerning the importing and exporting of uranium; and (vi) environmental protection regulations.
The economic viability of our mining activities, including the expected duration and profitability of our ISR Mines and of any future satellite ISR mines, such as our Burke Hollow and Goliad Projects located within the South Texas Uranium Belt, our Christensen Ranch Mine and Reno Creek Project located in the Powder River Basin, Wyoming, and our projects in Canada and in the Republic of Paraguay, have many risks and uncertainties.
These disruptions could lead to unplanned downtime and materially impact our operations. 16 Table of Contents The economic viability of our mining activities, including the expected duration and profitability of our ISR Mines and of any future satellite ISR mines, such as our Burke Hollow located within the South Texas Uranium Belt, our Christensen Ranch Mine, Ludeman and Reno Creek Project located in the Powder River Basin, Wyoming, and our projects in the Athabasca Basin in Saskatchewan, Canada, have many risks and uncertainties.
We are responsible for certain remediation and decommissioning activities in the future, primarily for our Hobson and Irigaray Processing Facilities, our ISR Mines and our recently acquired Roughrider Project, and have recorded a liability of $19.6 million on our balance sheet at July 31, 2024, to recognize the present value of the estimated costs of such reclamation obligations.
We are responsible for certain remediation and decommissioning activities in the future, primarily for our processing facilities and uranium projects, and have recorded a liability of $39.06 million on our balance sheet at July 31, 2025, to recognize the present value of the estimated costs of such reclamation obligations.
In the absence of such additional financing we would not be able to fund our operations or continue with our exploration and pre-extraction activities, which may result in delays, curtailment or abandonment of any one or all of our projects. Our uranium extraction and sales history is limited.
However, we have yet to achieve consistent profitability or develop consistent positive cash flow from operations. In the absence of such additional financing we would not be able to fund our operations or continue with our exploration, pre-extraction and extraction activities, which may result in delays, curtailment or abandonment of any one or all of our projects.
Should the actual costs to fulfill these future reclamation obligations materially exceed these estimated costs, it may have an adverse effect on our financial condition and operating results, including not having the financial resources required to fulfill such obligations when required to do so.
Should the actual costs to fulfill these future reclamation obligations materially exceed these estimated costs, it may have an adverse effect on our financial condition and operating results, including not having the financial resources required to fulfill such obligations when required to do so. 19 Table of Contents As at July 31, 2025, the total estimated reclamation costs for all of our projects was $88.67 million.
Due to their greater financial and technical resources, we may not be able to acquire additional uranium projects in a competitive bidding process involving such companies. Additionally, these larger companies have greater resources to continue with their operations during periods of depressed market conditions.
Due to their greater financial and technical resources, we may not be able to acquire additional uranium projects in a competitive bidding process involving such companies.
Our mining activities may change as a result of any one or more of these risks and uncertainties and there is no assurance that any ore body that we extract mineralized materials from will result in achieving and maintaining profitability and developing positive cash flow. 11 Table of Contents Our operations are capital intensive and we will require significant additional financing to acquire additional mineral projects and continue with our exploration and pre-extraction activities on our existing projects.
Our mining activities may change as a result of any one or more of these risks and uncertainties and there is no assurance that any ore body that we extract mineralized materials from will result in achieving and maintaining profitability and developing positive cash flow.
We also hold uranium projects in various stages of exploration and pre-extraction in the States of Arizona, New Mexico, Texas and Wyoming, in Canada and the Republic of Paraguay.
We also hold uranium projects in various stages of exploration and pre-extraction in the States of Arizona, New Mexico, Texas and Wyoming, in Canada and the Republic of Paraguay. In August 2024, we restarted uranium extraction at our fully permitted, and past producing, Christensen Ranch Mine ISR operation in Wyoming.
Congress passed and is currently considering numerous items of legislation which may be enacted prospectively or with retroactive effect, and which legislation could adversely impact the Company’s financial performance and the value of shares of our common stock.
Congress passed and is currently considering numerous items of legislation which may be enacted prospectively or with retroactive effect, and which legislation could adversely impact the Company’s financial performance and the value of shares of our common stock. 23 Table of Contents Mining, extraction, recovery, processing, construction, development and exploration activities depend, to a substantial degree, on adequate infrastructure.
During Fiscal 2015, we secured $5.6 million of surety bonds as an alternate source of financial assurance for the estimated costs of the reclamation obligations of our Hobson Processing Facility and Palangana Mine, of which we have $1.7 million funded and held as restricted cash for collateral purposes as required by the surety.
We have secured $59.22 million of surety bonds as an alternate source of financial assurance for the estimated costs of the reclamation obligations, of which $9.21 million is funded and held as restricted cash for collateral purposes as required by the surety.
We may be required to sell a portion or all of the physical uranium accumulated to fund our operations should other forms of financing not be available to meet our capital requirements. 13 Table of Contents 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.
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.
Should any one or more of these events occur in the future, we may not have the financial resources to fund the remaining amount or any portion thereof when required to do so.
Should any one or more of these events occur in the future, we may not have the financial resources to fund the remaining amount or any portion thereof when required to do so. We cannot provide any assurance that our Physical Uranium Program will be successful, which may have an adverse effect on our results of operations.
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.
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. We have not established proven or probable reserves through the completion of a final or bankable feasibility study for any of the mineral projects we operate.
Due to the fluctuation of uranium prices, the price of uranium will fluctuate and we will be subject to losses should we ultimately determine to sell the uranium at prices lower than the acquisition cost. The primary risks associated with physical uranium will be the normal risks associated with supply and demand fundamentals affecting price movements.
Due to the fluctuation of uranium prices, and depending on the price at which we sell any drummed uranium under our Physical Uranium Program, we will be subject to losses should we ultimately determine to sell the uranium at prices lower than the acquisition cost.
Since we are in the Exploration Stage, pre-production expenditures including those related to pre-extraction activities are expensed as incurred, the effects of which may result in our consolidated financial statements not being directly comparable to the financial statements of companies in the Production Stage.
Accordingly, such mineral resource estimates may require revision as more drilling information becomes available, as actual extraction experience is gained, and as methods and technologies develop further. 18 Table of Contents Since we are an exploration stage issuer, pre-production expenditures including those related to pre-extraction activities are expensed as incurred, the effects of which may result in our consolidated financial statements not being directly comparable to the financial statements of companies that are a production stage issuer.
The marketability of uranium concentrates will be affected by numerous factors beyond our control which may result in our inability to receive an adequate return on our invested capital. The marketability of uranium concentrates extracted by us will be affected by numerous factors beyond our control.
There can be no assurance that all necessary rights, authorizations, licences, permits and consents will be granted to us, or that authorizations, licences, permits and consents already granted will not be withdrawn or made subject to limitations. 21 Table of Contents The marketability of uranium concentrates will be affected by numerous factors beyond our control which may result in our inability to receive an adequate return on our invested capital.
The future effects of these factors cannot be accurately predicted, but any one or a combination of these factors may result in our inability to receive an adequate return on our invested capital. 15 Table of Contents The titanium industry is affected by global economic factors, including risks associated with volatile economic conditions, and the market for many titanium products is cyclical and volatile, and we may experience depressed market conditions for such products.
The future effects of these factors cannot be accurately predicted, but any one or a combination of these factors may result in our inability to receive an adequate return on our invested capital. We hold mineral rights in foreign jurisdictions which could be subject to additional risks due to political, taxation, economic and cultural factors.
A successful challenge to the precise area and location of our claims could result in us being unable to operate on our properties as permitted or being unable to enforce our rights with respect to our properties. 16 Table of Contents 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.
See also “Item 3 – Legal Proceedings” herein. 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.
This strategy will be subject to a number of risks and there is no assurance that the strategy will be successful. Future deliveries are subject to performance by other parties and there is a possibility of default by those parties, thus depriving us of potential benefits.
Future deliveries are subject to performance by other parties and there is a possibility of default by those parties, thus depriving us of potential benefits. The value of our uranium holdings and our ability to sell them at profitable levels in the future may be negatively impacted if uranium prices decline and is subject to commodity price risk generally.
However, we cannot provide any assurance that such insurance will continue to be available at reasonable premiums or that such insurance will be adequate to cover any resulting liability. We may not be able to obtain, maintain or amend rights, authorizations, licenses, permits or consents required for our operations.
There can be no assurance that we would be successful in overcoming these risks or any other problems encountered in connection with such acquisitions. We may not be able to obtain, maintain or amend rights, authorizations, licenses, permits or consents required for our operations.
The titanium industry is concentrated and highly competitive, and we may not be able to compete effectively with our competitors that have greater financial resources or those that are vertically integrated, which could have a material adverse effect on our business, results of operations and financial condition.
Changes in regulatory requirements, customs, duties or taxes may affect the availability of uranium, which could have a material adverse effect on our business and financial condition. The uranium industry is highly competitive and we may not be successful in acquiring additional projects.
You could lose all or a significant portion of your investment due to any one of these material risks and uncertainties. Risks Related to Our Company and Business Evaluating our future performance may be difficult since we have a limited financial and operating history, with significant negative operating cash flow and an accumulated deficit to date.
You could lose all or a significant portion of your investment due to any one of these material risks and uncertainties. Risks Related to Our Company and Business 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.
Department of the Treasury and the Company cannot predict how this legislation or any future changes in tax laws might affect the Company or purchasers of our common stock. 17 Table of Contents Risks Related to Our Common Stock Historically, the market price of our common stock has been and may continue to fluctuate significantly.
Additionally, these larger companies have greater resources to continue with their operations during periods of depressed market conditions. 27 Table of Contents Risks Related to Our Common Stock Historically, the market price of our common stock has been and may continue to fluctuate significantly.
We cannot provide any assurance that our Physical Uranium Program involving the strategic acquisition of physical uranium will be successful, which may have an adverse effect on our results of operations. We have used or allocated a large portion of our cash on hand in order to fund the acquisition of drummed uranium under our Physical Uranium Program.
To date, we have, and may from time to time, acquire additional drummed uranium under our Physical Uranium Program. Typically, we utilize cash on hand, including the proceeds from financings, to fund such acquisitions. This strategy will be subject to a number of risks and there is no assurance that the strategy will be successful.
Furthermore, the growth of the nuclear and uranium industries is dependent on continuing and growing public support of nuclear power as a viable source of electrical generation. In March 2020 the COVID-19 pandemic resulted in a black swan event impacting about 50% of the world’s uranium production and has accelerated the market rebalancing.
Furthermore, the growth of the nuclear and uranium industries is dependent on continuing and growing public support of nuclear power as a viable source of electrical generation. Nuclear energy competes with other sources of energy, including oil, natural gas, coal and hydroelectricity. These other energy sources are, to some extent, interchangeable with nuclear energy, particularly over the longer term.
Removed
Our long-term success will depend ultimately on our ability to achieve and maintain profitability and to develop positive cash flow from our mining activities. As more fully described under Item 1.
Added
Historically, we have been reliant primarily on equity financings from the sale of our common stock to fund our operations. We have also relied on cash flows generated from the sales of our purchased uranium inventories under our Physical Uranium Program to fund our operations.
Removed
Business herein, Uranium Energy Corp. was incorporated under the laws of the State of Nevada on May 16, 2003 and, since 2004, we have been primarily engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing, on projects located in the United States, Canada and the Republic of Paraguay.
Added
Any failure to successfully develop and/or ramp-up operations at our projects may adversely affects our financial condition and operating results. We are primarily engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing, on projects primarily located in the U.S. and Canada.
Removed
Since we completed the acquisition of our Alto Paraná Project located in the Republic of Paraguay in July 2017, we are also involved in mining and related activities, including exploration, pre-extraction, extraction and processing, of titanium minerals. During August of 2024 we commenced the process for uranium extraction which is being funded with existing cash on the Company’s balance sheet.
Added
We expect the ramp-up phase will continue while new production areas are being constructed and completed in 2025 and 2026. In December 2024, we completed the Sweetwater Acquisition.
Removed
As a result of our limited financial and operating history, including our significant negative cash flow from operations and net losses to date, it may be difficult to evaluate our future performance.
Added
We are currently in the ramp-up phase of our uranium mining and processing operations at Christensen Ranch ISR operation in Wyoming, and there is no assurance that we will achieve or sustain commercial extraction or profitability. The ramp-up stage of our operations involves significant technical, operational, and financial risks.
Removed
As at July 31, 2024, we had working capital (current assets less current liabilities) of $206,022 including cash and cash equivalents of $87,533 and uranium inventory holdings of $75,440.
Added
We may experience delays in commissioning equipment, achieving nameplate capacity, and optimizing our processing systems. These challenges could result in lower-than-expected production volumes, increased costs, and extended timelines to reach steady-state operations. Our operations are also vulnerable to interruptions in the supply of critical inputs such as water, electricity, as well as potential equipment failures or shortages of spare parts.
Removed
We believe that our existing cash resources and, if necessary, cash generated from the sale of the Company’s liquid assets, will provide sufficient funds to carry out our planned operations for 12 months from the date of this Annual Report.
Added
We have established the existence of mineral resources for certain uranium projects, including our ISR Mines. Since we commenced uranium extraction at our ISR Mines without having established proven or probable reserves, there may be greater inherent uncertainty as to whether or not any mineral resources can be economically extracted as originally planned and anticipated.
Removed
Our continuation as a going concern for a period beyond those 12 months will be dependent upon our ability to obtain adequate additional financing, as our operations are capital intensive and future capital expenditures are expected to be substantial.
Added
We prepare estimates of future uranium extraction and recovery, and there are no assurances that such estimates will be achieved.
Removed
Our continued operations, including the recoverability of the carrying values of our assets, are dependent ultimately on our ability to achieve and maintain profitability and positive cash flow from our operations.
Added
We may from time to time prepare estimates of future uranium extraction and recovery, or increases in uranium extraction and recovery, for particular operations, or relating to our ability to increase uranium extraction and recovery in response to increases in commodity prices, as market conditions warrant or otherwise.
Removed
We may also be required to seek other forms of financing, such as asset divestitures or joint venture arrangements, to continue advancing our projects which would depend entirely on finding a suitable third party willing to enter into such an arrangement, typically involving an assignment of a percentage interest in the mineral project.
Added
No assurance can be given that any such extraction and recovery estimates will be achieved, nor can assurance be given that extraction or recovery increases will be achieved in a cost effective or timely manner.
Removed
Our long-term success, including the recoverability of the carrying values of our assets and our ability to acquire additional uranium projects and continue with exploration and pre-extraction activities and mining activities on our existing uranium projects, will depend ultimately on our ability to achieve and maintain profitability and positive cash flow from our operations by establishing ore bodies that contain commercially recoverable uranium and to develop these into profitable mining activities.
Added
Failure to achieve extraction and recovery estimates or failure to achieve extraction and recovery in a cost effective or timely manner could have an adverse impact on our future cash flows, earnings, results of operations and financial condition.
Removed
Our ability to generate revenue is subject to a number of factors, any one or more of which may adversely affect our financial condition and operating results . We have a limited history of uranium extraction and generating revenue.

… 80 more changes not shown on this page.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

11 edited+3 added−3 removed2 unchanged
Management ’ s Role Managing Risk The IT Manager plays a pivotal role in informing the Audit Committee on cybersecurity risks. The IT Manager will immediately notify the Audit Committee and Board of Directors of any cybersecurity incident that is determined to be material.
Management ’ s Role Managing Risk The IT Manager plays a pivotal role in informing the Audit Committee on cybersecurity risks. Management will immediately notify the Audit Committee and Board of Directors of any cybersecurity incident that is determined to be material.
Although our full Board of Directors has ultimate responsibility with respect to risk management oversight, the Audit Committee of our Board of Directors is charged with and bears primary responsibility for, among other matters, overseeing risks specific to the identification and mitigation of cybersecurity risks.
Although our Board of Directors has ultimate responsibility with respect to risk management oversight, the Audit Committee of our Board of Directors is charged with and bears primary responsibility for, among other matters, overseeing risks specific to the identification and mitigation of cybersecurity risks.
Risks from Cybersecurity Threats We do not currently identify any major cybersecurity threats that have materially affected or are reasonably likely to materially affect us (including our business strategy, results of operations or financial condition). 19 Table of Contents Governance Board of Directors Oversight Our Board of Directors recognizes the importance of information security and mitigating cybersecurity and other data security threats and risks as part of our efforts to protect and maintain the confidentiality and security of our employees, service providers, consultants and business associates, as well as non-public information about our Company.
Risks from Cybersecurity Threats We do not currently identify any major cybersecurity threats that have materially affected or are reasonably likely to materially affect us (including our business strategy, results of operations or financial condition). 29 Table of Contents Governance Board of Directors Oversight Our Board of Directors recognizes the importance of information security and mitigating cybersecurity and other data security threats and risks as part of our efforts to protect and maintain the confidentiality and security of our employees, service providers, consultants and business associates, as well as non-public information about our Company.
Risk Management and Strategy Managing Material Risks & Integrated Overall Risk Management We have developed and maintained policies, procedures and controls to mitigate material risks from cybersecurity threats, and assess and disclose information to investors concerning material cybersecurity incidents.
Risk Management and Strategy Managing Material Risks & Integrated Overall Risk Management We have developed and maintained policies, procedures and controls that seek to mitigate material risks from cybersecurity threats, and assess and disclose information to investors concerning material cybersecurity incidents.
Further, we have strategically integrated cybersecurity risk management into our broader risk management framework to promote awareness and attention to cybersecurity risk management Company wide. These risks are evaluated on an ongoing basis as part of our overall risk management strategy that is monitored and tracked by our Audit Committee.
Further, we have strategically integrated cybersecurity risk management into our broader risk management framework to promote awareness and attention to cybersecurity risk management Company wide. These risks are evaluated on an ongoing basis as part of our overall risk management strategy that is generally overseen by our Audit Committee.
The IT Manager delivers focused updates to the Audit Committee annually, or more frequently as needed, in response to specific incidents or emerging threats.
Management delivers updates to the Audit Committee annually, or more frequently as needed, in response to specific incidents or emerging threats.
These briefings encompass a broad range of topics, including: ● Current cybersecurity landscape and emerging threats; ● Status of ongoing cybersecurity initiatives, strategies, and best practices; ● Incident reports and learnings from any cybersecurity events As we progress in the assessment and enhancement of our cybersecurity program, we plan to consider the following areas for enhancement and incorporation into the cybersecurity risk management and governance program in the future: ● Oversight of Third-Party cybersecurity risk; ● Engaging/ outsourcing Risk management Personnel; ● Monitoring system/ procedures for cybersecurity incidents; and ● Reporting to Board of Directors regarding cybersecurity risks and incidents Risk Management Personnel Primary responsibility for assessing, monitoring, and managing our cybersecurity risks rests with our Chief Financial Officer, Pat Obara, working in close coordination with Mr.
These briefings encompass a broad range of topics, including: ● Current cybersecurity landscape and emerging threats; ● Status of ongoing cybersecurity initiatives, strategies, and best practices; ● Incident reports and learnings from any cybersecurity events As we progress in the assessment and enhancement of our cybersecurity program, we plan to consider the following areas for enhancement and incorporation into the cybersecurity risk management and governance program in the future: ● Oversight of third -party cybersecurity risk; ● Engaging/ outsourcing risk management personnel; ● Monitoring system/procedures for cybersecurity incidents; and ● Reporting to Board of Directors regarding cybersecurity risks and incidents.
The lead information technology (“IT”) manager (the “IT Manager”) of the Company evaluates the effectiveness of the data and information systems, which is to protect the data and information systems from security threats.
The lead information technology (“ IT ”) manager (the “ IT Manager ”) of the Company evaluates the effectiveness of the data and information systems, which is to protect the data and information systems from security threats.
Overseeing Risks stemming from Third-Party Service Providers We maintain comprehensive internal protocols to mitigate cybersecurity threats associated with our use of third-party service providers. We are currently enhancing these protocols to further strengthen our defenses and reduce potential vulnerabilities.
The Company will consider resource and capital constraints when determining the nature and timing of enhancing our cybersecurity infrastructure. Overseeing Risks stemming from Third-Party Service Providers We maintain comprehensive internal protocols to mitigate cybersecurity threats associated with our use of third -party service providers. We are currently enhancing these protocols to further strengthen our defenses and reduce potential vulnerabilities.
Our Security Operations Center ("SOC") continuously monitors for security events and threats, responding and escalating when appropriate. The IT Manager prepares a report which is then submitted to the Audit Committee, which is reviewed by the IT Manager and the Audit Committee. The IT Manager reports directly to the Audit Committee to review the Company’s information security and cybersecurity risks.
Our Security Operations Center continuously monitors for security events and threats, responding and escalating when appropriate. The IT Manager reports directly to the Audit Committee to review the Company’s information security and cybersecurity risks. Despite these efforts, no system is impenetrable, and we cannot provide assurances that we will prevent every attack or timely detect every incident.
These third parties provide detailed information on their established security controls via our risk assessment process. Specific certification may be required of critical third-party IT service providers. The Company will consider resource and capital constraints when determining the nature and timing of enhancing our cybersecurity infrastructure.
Engage Third Parties on Cyber-Risk Management We have engaged third parties that supply IT services or have access to our systems or data to adhere to our security policies. These third parties provide detailed information on their established security controls via our risk assessment process. Specific certification may be required of critical third -party IT service providers.
Removed
Despite these efforts, no system is impenetrable, and we cannot provide assurances that we will prevent every attack or timely detect every incident. Engage Third-parties on Cyber-Risk Management We have engaged third-parties that supply IT services or have access to our systems or data to adhere to our security policies.
Added
Risk Management Personnel Our Chief Executive Officer and Chief Financial Officer oversee the details of our information security risk management approach and may appoint team leads from various departments from time to time to assist with certain aspects of our cybersecurity risk mitigation strategy.
Removed
James Hu, the IT Manager of our Company. Messrs. Obara and Hu have experience in overseeing IT functions, including cybersecurity. Mr. Hu graduated from Simon Fraser University with a major in Cognitive Science with a focus on computer science, with over 10 years of technical experience. His expertise is critical in designing, implementing and executing our cybersecurity strategies.
Added
All of our employees, consultants and contractors are encouraged to exercise professional judgement in using computing devices and network resources connected to the information technology network and infrastructure, and are strictly prohibited from certain acts enumerated in our cybersecurity policy including, among other things, access for non-business purposes, disabling our security features and requirement, exporting information or technologies without consent and password sharing.
Removed
Our IT Manager oversees our governance programs in partnership with our CFO, remediates known risks and leads our employee training program around cybersecurity. 20 Table of Contents
Added
Violations or breaches of our cybersecurity policy or the associated schedules, standards or guidelines may result in suspension and/or discipline up to and including termination, in addition to administrative sanctions or legal actions 30 Table of Contents

Item 2. Properties

Properties — owned and leased real estate

182 edited+37 added−571 removed140 unchanged
The Wasatch Formation is also a fluvial sedimentary unit that consists of a series of silt to very coarse-grained gradational intervals in arkosic sandstone. The sandstone horizons in the Wasatch Formation are the host rocks for several uranium deposits in the central PRB. Within this area, mineralization is found in a 50- to 100-ft thick sandstone lens.
The Wasatch Formation is also a fluvial sedimentary unit that consists of a series of silt to very coarse-grained gradational intervals in arkosic sandstone. The sandstone horizons in the Wasatch Formation are the host rocks for several uranium deposits in the central PRB. Within this area, uranium mineralization is found in a 50- to 100-ft thick sandstone lens.
On a regional scale, mineralization is localized and controlled by facies changes within this sandstone, including thinning of the sandstone unit, decrease in grain size and increase in clay and organic material content.
On a regional scale, the mineralization is localized and controlled by facies changes within this sandstone, including thinning of the sandstone unit, decrease in grain size and increase in clay and organic material content.
The basin is bounded by the Wyoming thrust belt to the west, the Rawlins Uplift and the Sierra Madre Mountains to the east, the Wind River Mountains to the north and the Uinta Mountains to the south. The GGRB contains up to 25,000 feet of Cretaceous to recent sedimentary rocks.
The basin is bounded by the Wyoming thrust belt to the west, the Rawlins Uplift and the Sierra Madre Mountains to the east, the Wind River Mountains to the north and the Uinta Mountains to the south. The GGRB contains up to 25,000 feet of Cretaceous to recent sedimentary rocks.
Ahead of the nose, at the leading edge of the solution front, mineral quality gradually diminishes to barren within the “seepage” zone. Trailing behind the nose, in oxidized (altered) ground, are weak remnants of mineralization referred to as “tails” which have resisted re-mobilization to the nose due to association with shale, carbonaceous material or other lithologies of lower permeability.
Ahead of the nose, at the leading edge of the solution front, mineral quality gradually diminishes to barren within the “seepage” zone. Trailing behind the nose, in oxidized (altered) ground, are weak remnants of mineralization referred to as “tails” which have resisted re-mobilization to the nose due to association with shale, carbonaceous material or other lithologies of lower permeability.
Tails are generally not amenable to ISR because the uranium is typically found within strongly reduced or impermeable strata, therefore making it difficult to leach.
Tails are generally not amenable to ISR because the uranium is typically found within strongly reduced or impermeable strata, therefore making it difficult to leach.
Tails are generally not amenable to ISR because the uranium is typically found within strongly reduced or impermeable strata, therefore making it difficult to leach.
Tails are generally not amenable to ISR because the uranium is typically found within strongly reduced or impermeable strata, therefore making it difficult to leach.
The point of reference for mineral resources is in-situ at the project. 6. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 7.
The point of reference for mineral resources is in-situ at the project. 6. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 7.
The geometry of mineralization is dominated by the classic roll-front “C” shape or crescent configuration at the redox interface. The highest-grade portion of the front occurs in a zone termed the “nose” within reduced ground just ahead of the alteration front.
The geometry of mineralization is dominated by the classic roll-front “C” shape or crescent configuration at the redox interface. The highest-grade portion of the front occurs in a zone termed the “nose” within reduced ground just ahead of the alteration front.
The area has long been known to contain uranium oxide, which was first discovered in Karnes County, Texas, in 1954 using airborne radiometric survey. The uranium deposits discovered were within a belt of strata extending 250 miles from the middle coastal plain southwestward to the Rio Grande. This area includes the Carrizo, Whitsett, Catahoula, Oakville and Goliad geologic formations.
The area has long been known to contain uranium oxide, which was first discovered in Karnes County, Texas, in 1954 using airborne radiometric survey. The uranium deposits discovered were within a belt of strata extending 250 miles from the middle coastal plain southwestward to the Rio Grande. This area includes the Carrizo, Whitsett, Catahoula, Oakville, and Goliad geologic formations.
Open pit mining began in 1961 and ISR mining was initiated in 1975. The uranium market experienced lower demand and price in the late 1970s, and in 1980 there was a sharp decline in all Texas uranium operations.
Open pit mining began in 1961 and ISR mining was initiated in 1975. The uranium market experienced lower demand and price in the late 1970s and in 1980, there was a sharp decline in all Texas uranium operations.
During the late 1970s and early 1980s, exploration for uranium in South Texas had evolved towards deeper drilling targets within the known host sandstone formations. Deeper exploration drilling was more costly and excluded many of the smaller uranium mining companies from participating in the down-dip, deeper undrilled trend extensions.
During the late 1970s and early 1980s, exploration for uranium in South Texas had evolved towards deeper drilling targets within the known host sandstone formations. Deeper exploration drilling was more costly and excluded many of the smaller uranium mining companies from participating in the down-dip, deeper undrilled trend extensions.
Table 2.14 – Mineral Resources for the Reno Creek Project as at the date of this Annual Report Classification Tons Ore (000 ’ s) Tonnes Ore (1000 ’ s) Average Grade (% eU 3 O 8 ) Pounds eU 3 O 8 (000 ’ s) Measured 14,990 13,599 0.043 12,920.0 Indicated 16,980 15,404 0.039 13,070.0 Total M&I 31,970 29,003 0.041 25,990.0 Inferred 1,920 1,742 0.039 1,490.0 Total Resources 33,890 30,745 0.041 27,480.0 Notes: 1.
Table 2.9 – Mineral Resources for the Reno Creek Project as at the date of this Annual Report Classification Tons Ore (000 ’ s) Tonnes Ore (1000 ’ s) Average Grade (% eU 3 O 8 ) Pounds eU 3 O 8 (000 ’ s) Measured 14,990 13,599 0.043 12,920.0 Indicated 16,980 15,404 0.039 13,070.0 Total M&I 31,970 29,003 0.041 25,990.0 Inferred 1,920 1,742 0.039 1,490.0 Total Resources 33,890 30,745 0.041 27,480.0 Notes: 1.
Table 2.10 – Mineral Resources for the Christensen Ranch Project as at the date of this Annual Report Classification Tons Ore (000 ’ s) Tonnes Ore (1000 ’ s) Average Grade (% eU 3 O 8 ) Pounds eU 3 O 8 (000 ’ s) Measured - - - - Indicated 6,555 5,947 0.073 9,596 Total M&I 6,555 5,947 0.073 9,596 Inferred - - - - Total Resources 6,555 5,947 0.073 9,596 Notes: 1.
Table 2.5 – Mineral Resources for the Christensen Ranch Project as at the date of this Annual Report Classification Tons Ore (000 ’ s) Tonnes Ore (1000 ’ s) Average Grade (% eU 3 O 8 ) Pounds eU 3 O 8 (000 ’ s) Measured - - - - Indicated 6,555 5,947 0.073 9,596 Total M&I 6,555 5,947 0.073 9,596 Inferred - - - - Total Resources 6,555 5,947 0.073 9,596 Notes: 1.
The uranium-bearing units in the STUP include most sands and sandstones in Tertiary formations ranging in age from Eocene (oldest) to Lower Pliocene (youngest). The formation of roll-front deposits is largely a groundwater process that occurs when uranium-rich, oxygenated groundwater interacts with a reducing environment in the subsurface and precipitates uranium.
The uranium-bearing units in the STUP include most sands and sandstones in Tertiary formations ranging in age from Eocene (oldest) to Lower Pliocene (youngest). The formation of roll-front deposits is largely a groundwater process that occurs when uranium-bearing, oxygenated groundwater interacts with a reducing environment in the subsurface and precipitates uranium.
Ilmenite: ‘heavy mineral’ particles between 45µm and 1mm, denser than 2.8g/cm 3 containing an average of 50% TiO 2 2. All grades are expressed as in situ grades. 3. Estimates for the resources and the total and the total are rounded to two significant figures, as appropriate for Inferred Resources. 4.
Ilmenite: ‘heavy mineral’ particles between 45µm and 1mm, denser than 2.8g/cm 3 containing an average of 50% TiO 2 2. All grades are expressed as in situ grades. 3. Estimates for the mineral resources and the total and the total are rounded to two significant figures, as appropriate for inferred resources. 4.
Table 2.35 – Mineral Resources for the Burke Hollow Project as at the date of this Annual Report Classification Tons Ore (000 ’ s) Tonnes Ore (1000 ’ s) Average Grade (% eU 3 O 8 ) Pounds eU 3 O 8 (000 ’ s) Measured 581 527 0.086 964 Indicated 3,329 3,020 0.083 5,191 Total M&I 3,910 3,547 0.083 6,155 Inferred 2,596 2,355 0.104 4,883 Total Resources 6,506 5,902 0.092 11,038 Notes: 1.
Table 2.18 – Mineral Resources for the Burke Hollow Project as at the date of this Annual Report Classification Tons Ore (000 ’ s) Tonnes Ore (1000 ’ s) Average Grade (% eU 3 O 8 ) Pounds eU 3 O 8 (000 ’ s) Measured 581 527 0.086 964 Indicated 3,329 3,020 0.083 5,191 Total M&I 3,910 3,547 0.083 6,155 Inferred 2,596 2,355 0.104 4,883 Total Resources 6,506 5,902 0.092 11,038 Notes: 1.
Although either type of deposit can result in high grade pitchblende mineralization with up to 20% pitchblende, they are not physically large. Egress-type deposits tend to be polymetallic (uranium-nickel-cobalt-copper-arsenic) and typically follow the trace of the underlying graphitic pelites and associated faults along the unconformity. Ingress-type, tend to be mono-minerallic uranium deposits, and can have more irregular, structurally controlled geometry.
Although either type of deposit can result in high grade pitchblende mineralization with up to 20% pitchblende, they are not physically large. Egress-type deposits tend to be polymetallic (uranium-nickel-cobalt-copper-arsenic) and typically follow the trace of the underlying graphitic pelite and associated faults along the unconformity. Ingress-type, tend to be mono-minerallic uranium deposits, and can have more irregular, structurally controlled geometry.
To summarize, the QA/QC programs for exploration data are in place that cover four broad categories: geologic data collection; data verification; radiometric equivalent data; and geochemical data.
To summarize, the QA/QC programs for exploration data are in place that cover four categories: geologic data collection; data verification; radiometric equivalent data; and geochemical data.
The formation of roll-front deposits is largely a groundwater process that occurs when uranium-rich, oxygenated groundwater interacts with a reducing environment in the subsurface and precipitates uranium. The most favorable host rocks for roll-fronts are permeable sandstones with large aquifer systems. Interbedded mudstone, claystone and siltstone are often present and aid in the formation process by focusing groundwater flux.
The formation of roll-front deposits is largely a groundwater process that occurs when uranium-bearing, oxygenated groundwater interacts with a reducing environment in the subsurface and precipitates uranium. The most favorable host rocks for roll-fronts are permeable sandstones with large aquifer systems. Interbedded mudstone, claystone and siltstone are often present and aid in the formation process by focusing groundwater flux.
N/A Ownership transition. 47 Table of Contents Property Condition and Proposed Development The condition of the property is very good while meeting all standards and requirements of federal, state and local regulations. There are no immediate plans for exploration or delineation drilling. Facilities, Infrastructure and Underground Development The Ludeman property is fully permitted and licensed for commercial ISR production.
N/A Ownership transition. 55 Table of Contents Property Condition and Proposed Development The condition of the property is very good while meeting all standards and requirements of federal, state and local regulations. There are no immediate plans for exploration or delineation drilling. Facilities, Infrastructure and Underground Development The Ludeman property is fully permitted and licensed for commercial ISR production.
The point of reference for mineral resources is in-situ at the project. 6. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
The point of reference for mineral resources is in-situ at the Project. 6. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 7.
Approximately 3,690 3.70 million lbs of U 3 O 8 produced from 1989 through 2000. 2000 COGEMA and Malapai Groundwater restoration of Mine Units 2 through 6 was completed. The Christensen Ranch Project Area was placed on standby from 2006 through 2010, at which time COGEMA and Malapai sold the project to Uranium One and Uranium One USA, Inc.
Approximately 3,690 3.70 million pounds of U 3 O 8 produced from 1989 through 2000. 2000 COGEMA and Malapai Groundwater restoration of Mine Units 2 through 6 was completed. The Christensen Ranch Project Area was placed on standby from 2006 through 2010, at which time COGEMA and Malapai sold the project to Uranium One and Uranium One USA, Inc.
The WRB is filled with marine, lacustrine and fluvial sediments ranging in age from Paleozoic to Cenozoic. Uranium mineralization at the project is typical of Wyoming roll-front sandstone deposits. The formation of roll-front deposits is largely a groundwater process that occurs when uranium rich, oxygenated groundwater interacts with a reducing environment in the subsurface and precipitates uranium.
The WRB is filled with marine, lacustrine and fluvial sediments ranging in age from Paleozoic to Cenozoic. Uranium mineralization at the project is typical of Wyoming roll-front sandstone deposits. The formation of roll-front deposits is largely a groundwater process that occurs when uranium-bearing, oxygenated groundwater interacts with a reducing environment in the subsurface and precipitates uranium.
N/A Acquisition of the Reno Creek Project Area and mining claims dropped. 2004 Strathmore Minerals Corporation and American Uranium Corporation (“AUCA”) Re-staked and filed new mining claims on approximately 16,000 acres. N/A Refiled mining claims and secured right to mine. 2007 AUCA Advanced project through acquisition of most major permits and required authorizations.
N/A Acquisition of the Reno Creek Project Area and mining claims dropped. 2004 Strathmore Minerals Corporation and American Uranium Corporation (“ AUCA ”) Re-staked and filed new mining claims on approximately 16,000 acres. N/A Refiled mining claims and secured right to mine. 2007 AUCA Advanced project through acquisition of most major permits and required authorizations.
Due to a decline in the market, the permitted mine was not placed into commercial operation and the permit expired. N/A Produced 12,800 lbs of U 3 O 8 from the pilot facility. 1981 URI Constructed and operated the North Platte ISR project on a portion of the Ludeman Project Area.
Due to a decline in the market, the permitted mine was not placed into commercial operation and the permit expired. N/A Produced 12,800 pounds of U 3 O 8 from the pilot facility. 1981 URI Constructed and operated the North Platte ISR project on a portion of the Ludeman Project Area.
The first production area authorization application has been submitted and 533 exploration and delineation holes have been drilled within PA-2 area as of July 31, 2023. 75 Table of Contents Geologic Setting, Mineralization and Deposit The Burke Hollow Project Area is located in the STUP, which lies along the GMB.
The first production area authorization application has been submitted and 533 exploration and delineation holes have been drilled within PA-2 area as of July 31, 2023. 66 Table of Contents Geologic Setting, Mineralization and Deposit The Burke Hollow Project Area is located in the STUP, which lies along the GMB.
Points North Landing is on Provincial Road 905 which is linked to the nearest sizeable population centre, La Ronge 440 kms south, by Highway 102. There are several daily commercial airline services from Saskatoon to Points North Landing, and regular charter flights for Orano’s McLean Lake operation.
Points North Landing is on Provincial Road 905 which is linked to the nearest sizeable population centre, La Ronge 440 kms south, by Highway 102. There are several weekly commercial airline services from Saskatoon to Points North Landing, and regular charter flights for Orano’s McLean Lake operation.
N/A Auditing of the Reno Creek Project Area resources. 44 Table of Contents Property Condition and Proposed Development The condition of the property is good while meeting all standards and requirements of federal, state and local regulations. Development is in the planning stage with no immediate plans for exploration or delineation drilling.
N/A Auditing of the Reno Creek Project Area resources. 50 Table of Contents Property Condition and Proposed Development The condition of the property is good while meeting all standards and requirements of federal, state and local regulations. Development is in the planning stage with no immediate plans for exploration or delineation drilling.
Mineral Resources are estimated using a long-term uranium price of $40 per pound for ISR projects and $65 per pound for conventional projects, except for the Canadian projects where a price of $56 per pound was used for the Roughrider Project, a price of $75 per pound was used for the Horseshoe-Raven Project, a price of $50 per pound was used for the Shea Creek Project, a price of $50 per pound was used for the Christie Lake Project and a price of $62 per pound was used for the Millennium Project. 5.
Mineral resources are estimated using a long-term uranium price of $40 per pound for ISR projects and $65 per pound for conventional projects, except for the Canadian projects where a price of $85 per pound was used for the Roughrider Project, a price of $75 per pound was used for the Horseshoe-Raven Project, a price of $50 per pound was used for the Shea Creek Project, a price of $50 per pound was used for the Christie Lake Project and a price of $62 per pound was used for the Millennium Project. 5.
Table 2.9: Historic Ownership and Operations at the Christensen Ranch Project Area Year Company Operations/Activity Amount (No. of Drill holes) Results of Work 1967 Independent Operators Assembled as a large land package by independent operators. Approximately 4,860 Right to mine secured.
Table 2.3: Historic Ownership and Operations at the Christensen Ranch Project Area Year Company Operations/Activity Amount (No. of Drill holes) Results of Work 1967 Independent Operators Assembled as a large land package by independent operators. Approximately 4,860 Right to mine secured.
Mid 1970s RME, Mono Power Company (“Mono”) and Halliburton Services Partnership formed to develop North Reno Creek Resource Area using ISR methods. N/A Acquisition of the Reno Creek Project Area. 1992 Energy Fuels Nuclear Inc./International Uranium Corporation Energy Fuels Nuclear Inc. acquired RME’s North Reno Creek Resource Area and later became International Uranium Corporation.
Mid 1970s RME, Mono Power Company (“ Mono ”) and Halliburton Services Partnership formed to develop North Reno Creek Resource Area using ISR methods. N/A Acquisition of the Reno Creek Project Area. 1992 Energy Fuels Nuclear Inc./International Uranium Corporation Energy Fuels Nuclear Inc. acquired RME’s North Reno Creek Resource Area and later became International Uranium Corporation.
Mineral resources are reported diluted within the MSO shapes based on a U 3 O 8 price of $56 per pound of U 3 O 8 and a metallurgical recovery of 97%. Cut and Fill and long-hole open stoping scenario cut-off grades are 0.52% U 3 O 8 and 0.45% U 3 O 8 respectively. 5.
Mineral resources are reported diluted within the MSO shapes based on a U 3 O 8 price of $85 per pound of U 3 O 8 and a metallurgical recovery of 97.5%. Cut and Fill and long-hole open stoping scenario cut-off grades are 0.52% U 3 O 8 and 0.45% U 3 O 8 respectively. 5.
(collectively, “Uranium One”). N/A 188,000 lbs of U 3 O 8 produced during restoration. 2010 Uranium One Mine Units 7, 8 and 10 were installed and operated. A ramp up occurred in 2011, and a ramp down occurred in 2013 (all wellfield development ceased).
(collectively, “Uranium One”). N/A 188,000 pounds of U 3 O 8 produced during restoration. 2010 Uranium One Mine Units 7, 8 and 10 were installed and operated. A ramp up occurred in 2011, and a ramp down occurred in 2013 (all wellfield development ceased).
At the time, Numac, in conjunction with their partners. Esso Minerals and Bow Valley Industries, focused on the Midwest Lake area, located adjacent to the Roughrider Project Area. In 1976, Asamera Oil Corp. (“Asamera”) initiated the Dawn Lake project, located approximately six kms southeast of the current Roughrider Project Area.
At the time, Numac, in conjunction with their partners. Esso Minerals and Bow Valley Industries, focused on the Midwest Lake area, located adjacent to the Roughrider Project Area. In 1976, Asamera Oil Corp. (“ Asamera ”) initiated the Dawn Lake project, located approximately six kms southeast of the current Roughrider Project Area.
N/A N/A 2005 Standard Uranium N/A N/A N/A 2006 EMC Standard Uranium and EMC merger. Extensive renovation of the plant. N/A N/A 2007 Uranium One Renovation of the plant. N/A CPP capable of processing 1.5 million lbs per year. 2009 UEC Acquires the Hobson Plant through acquisition of South Texas Mining Venture (STMV)/Uranium One.
N/A N/A 2005 Standard Uranium N/A N/A N/A 2006 EMC Standard Uranium and EMC merger. Extensive renovation of the plant. N/A N/A 2007 Uranium One Renovation of the plant. N/A CPP capable of processing 1.5 million pounds per year. 2009 UEC Acquires the Hobson Plant through acquisition of South Texas Mining Venture (STMV)/Uranium One.
The structural and tectonic regime of the area has been influenced strongly by collisional tectonics between the Hearne and Superior Cratons during the early Proterozoic Trans-Hudson Orogen, which occurred approximately 1.9 billion years ago (“Ga”) to 1.77 Ga.
The structural and tectonic regime of the area has been influenced strongly by collisional tectonics between the Hearne and Superior Cratons during the early Proterozoic Trans-Hudson Orogen, which occurred approximately 1.9 billion years ago (“ Ga ”) to 1.77 Ga.
However, the actual drilling and geophysical logging results have been determined to be properly conducted according to current industry standards. 74 Table of Contents Table 2.34: Historic Ownership and Operations at the Burke Hollow Project Area Year Company Operations/Activity Amount (No. of Drill holes) Results of Work 1982 Nufuels Original controller of the Burke Hollow Project Area. 18 exploration holes on or nearby the Welder Lease Nufuels drilled 18 exploration holes on or nearby UEC’s 1,825-acre Welder lease in conjunction with a larger regional program, which was conducted by Nufuels.
However, the actual drilling and geophysical logging results have been determined to be properly conducted according to current industry standards. 64 Table of Contents Table 2.17: Historic Ownership and Operations at the Burke Hollow Project Area Year Company Operations/Activity Amount (No. of Drill holes) Results of Work 1982 Nufuels Original controller of the Burke Hollow Project Area. 18 exploration holes on or nearby the Welder Lease Nufuels drilled 18 exploration holes on or nearby UEC’s 1,825-acre Welder lease in conjunction with a larger regional program, which was conducted by Nufuels.
For U.S. exploration programs the preponderance of data utilized for resource and reserve estimates is generated from radiometric equivalent measurements made utilizing downhole geophysical logging techniques such as gamma-ray and prompt fission neutron (“PFN”) techniques. This technology has been employed in the exploration and development of sandstone uranium deposits in the U.S. since the 1950s.
For U.S. exploration programs, the preponderance of data utilized for resource and reserve estimates is generated from radiometric equivalent measurements made utilizing downhole geophysical logging techniques such as gamma-ray and prompt fission neutron (“ PFN ”) techniques. This technology has been employed in the exploration and development of sandstone uranium deposits in the U.S. since the 1950s.
Malapai purchased the Irigaray Project Area from Westinghouse in 1987, and the Christensen Ranch Project Area was licensed for operations under the Irigaray U.S. NRC and Wyoming Department of Environmental Quality (“WDEQ”) license/permit in 1988. Uranium production by ISR was started by Malapai in 1989 and was placed on standby in 1990. Approximately 1,460 Delineation of mineralized areas.
Malapai purchased the Irigaray Project Area from Westinghouse in 1987, and the Christensen Ranch Project Area was licensed for operations under the Irigaray U.S. NRC and Wyoming Department of Environmental Quality (“ WDEQ ”) license/permit in 1988. Uranium production by ISR was started by Malapai in 1989 and was placed on standby in 1990. Approximately 1,460 Delineation of mineralized areas.
The pilot test facility produced for five months during 1982. N/A Produced 1,515 lbs of U 3 O 8 from the pilot facility. 1980s Malapai Permitted the Peterson Project for pilot operations but was never operated.
The pilot test facility produced for five months during 1982. N/A Produced 1,515 pounds of U 3 O 8 from the pilot facility. 1980s Malapai Permitted the Peterson Project for pilot operations but was never operated.
On May 9, 2011, Hathor and Terra announced that they had executed a definitive plan of arrangement agreement (the “Arrangement”) to complete the previously announced merger. The result of the Arrangement was consolidation of 100% ownership of the Roughrider Project.
On May 9, 2011, Hathor and Terra announced that they had executed a definitive plan of arrangement agreement (the “ Arrangement ”) to complete the previously announced merger. The result of the Arrangement was consolidation of 100% ownership of the Roughrider Project.
Approximately 5,420 Explored for uranium roll-front mineralization and delineated deposits in the Ludeman Project Area. 1980 United Nuclear Corp. (“UNC”) and partner Teton Constructed and operated the Leuenberger ISR pilot test facility for 12 months. Groundwater restoration was completed following production and a commercial permit to mine was granted.
Approximately 5,420 Explored for uranium roll-front mineralization and delineated deposits in the Ludeman Project Area. 1980 United Nuclear Corp. (“ UNC ”) and partner Teton Constructed and operated the Leuenberger ISR pilot test facility for 12 months. Groundwater restoration was completed following production and a commercial permit to mine was granted.
(“Terra”) announced that it had closed a deal with Bullion Fund to acquire an 8% carried working interest in seven claims comprising 56,360 acres in two separate projects located in the Athabasca Basin, Saskatchewan, of which 90% of the remaining 92% working interest was held by Hathor. One of the claims was S-107243.
(“ Terra ”) announced that it had closed a deal with Bullion Fund to acquire an 8% carried working interest in seven claims comprising 56,360 acres in two separate projects located in the Athabasca Basin, Saskatchewan, of which 90% of the remaining 92% working interest was held by Hathor. One of the claims was S-107243.
N/A Claims and leases increased in the Ludeman Project Area. 2007 EMC EMC acquired HPU. N/A Consolidation through acquisition. 2007 Uranium One Uranium One acquired Energy Metals in late 2007 and continued exploration of the Ludeman Project Area from 2007 through 2012.
Energy Metals held the remaining claims in the Ludeman Project Area. N/A Claims and leases increased in the Ludeman Project Area. 2007 EMC EMC acquired HPU. N/A Consolidation through acquisition. 2007 Uranium One Uranium One acquired Energy Metals in late 2007 and continued exploration of the Ludeman Project Area from 2007 through 2012.
Production from existing wellfields at the Palangana Project ceased in 2016 and the project was put in care and maintenance mode. In order for Palangana to engage in future uranium production, the Company will need to incur capital expenditures to restart idled wellfields. 67 Table of Contents Permitting Requirements in Texas The Hobson CPP is fully permitted.
Production from existing wellfields at the Palangana Project ceased in 2016 and the project was put in care and maintenance. In order for Palangana to engage in future uranium production, the Company will need to incur capital expenditures to restart idled wellfields. 58 Table of Contents Permitting Requirements in Texas The Hobson CPP is fully permitted.
A third zone, RRFE, was discovered during the winter drilling program in February 2011. On April 18, 2011, Hathor and Terra announced that they had executed a binding letter agreement pursuant to which Hathor would acquire, in an all-share transaction, all of the issued and outstanding shares of Terra.
A third zone, RRFE, was discovered during the winter drilling program in February 2011. 70 Table of Contents On April 18, 2011, Hathor and Terra announced that they had executed a binding letter agreement pursuant to which Hathor would acquire, in an all-share transaction, all of the issued and outstanding shares of Terra.
However, other authors have placed the Wasatch-Fort Union contact above the School, Badger and Anderson Coals in other parts of the PRB. The Wasatch Formation occurs at the surface in the central PRB, but has been mostly removed by erosion with only small, scattered outcrops still present in the southern PRB.
However, other authors have placed the Wasatch-Fort Union contact above the School, Badger and Anderson Coals in other parts of the PRB. 39 Table of Contents The Wasatch Formation occurs at the surface in the central PRB, but has been mostly removed by erosion with only small, scattered outcrops still present in the southern PRB.
Mineralization in the Charlie Project Area occurs in fluvial sandstones of the lower parts of the Wasatch Formation. Most of the upper Wasatch Formation has been eroded away. The sandstones are arkosic, fine to coarse-grained with local calcareous lenses. The sandstones contain minor amounts of organic carbon that occurs as dispersed bits or as stringers.
Mineralization in the Christensen Ranch Project Area occurs in fluvial sandstones of the lower parts of the Wasatch Formation. Most of the upper Wasatch Formation has been eroded away. The sandstones are arkosic, fine- to coarse-grained with local calcareous lenses. The sandstones contain minor amounts of organic carbon that occurs as dispersed bits or as stringers.
The relative amount of coarse, permeable clastics increases near the top of Fort Union, and the overlying Wasatch Formation contains numerous beds of sandstone that can sometimes be correlated over wide areas. The Wasatch-Fort Union contact is separated by Paleocene and Eocene rocks and is generally placed above the Roland coal.
The relative amount of coarse, permeable clastic sediments increases near the top of Fort Union, and the overlying Wasatch Formation contains numerous beds of sandstone that can sometimes be correlated over wide areas. The Wasatch-Fort Union contact is separated by Paleocene and Eocene rocks and is generally placed above the Roland coal.
Uranium had been mined by several major oil companies in the past in South Texas, including Conoco, Mobil, Humble (later Exxon), Atlantic Richfield (“ARCO”) and others. Mobil had found numerous deposits in South Texas in the past, including the O’Hern, Holiday-El Mesquite and several smaller deposits, mostly in Oligocene-age Catahoula Formation tuffaceous sands.
Uranium had been mined by several major oil companies in the past in South Texas, including Conoco, Mobil, Humble (later Exxon), Atlantic Richfield (“ ARCO ”) and others. Mobil had found numerous deposits in South Texas in the past, including the O’Hern, Holiday-El Mesquite and several smaller deposits, mostly in Oligocene-age Catahoula Formation tuffaceous sands.
Obtaining surface access rights is a standard process in mine permitting and UEC does not anticipate that maintaining these rights presents a significant risk to UEC’s ability to perform work in Texas. Geology and Mineralization in Texas The Texas ISR Projects resides in the Gulf of Mexico Basin (“GMB”).
Obtaining surface access rights is a standard process in mine permitting and UEC does not anticipate that maintaining these rights presents a significant risk to UEC’s ability to perform work in Texas. Geology and Mineralization in Texas The Texas ISR Projects resides in the Gulf of Mexico Basin (“ GMB ”).
These boundaries focused uranium-rich waters into confined permeable units. Faulting also created structural and permeability control. Geology of the Wind River Basin The Clarkson Hill p roject area is located in the eastern portion of the WRB. The WRB is a structural basin in west-central Wyoming.
These boundaries focused uranium-rich waters into confined permeable units. Faulting also created structural and permeability control. Geology of the Wind River Basin The Clarkson Hill Project area is located in the eastern portion of the WRB. The WRB is a structural basin in west-central Wyoming.
Above the Goliad Formation lies the Deweyville Formation, Beaumont Clay, Lissie Formation, Montgomery Formation and the Willis Sand, which are composed of sand, gravel, silt and clay. 68 Table of Contents Three main structural zones are present in the STUP: the Balcones Fault Zone; the San Marcos Arch; and the Rio Grande Embayment.
Above the Goliad Formation lies the Deweyville Formation, Beaumont Clay, Lissie Formation, Montgomery Formation and the Willis Sand, which are composed of sand, gravel, silt and clay. Three main structural zones are present in the STUP: the Balcones Fault Zone; the San Marcos Arch; and the Rio Grande Embayment.
The basin is bounded by the Big Horn Mountains on the west and Casper Arch to the southwest, the Black Hills to the east and the Hartville Uplift and Laramie Mountains to the south. The PRB is filled with marine, non-marine and continental sediments ranging in age from early Paleozoic through Cenozoic.
The PRB is bounded by the Big Horn Mountains and Casper Arch to the west, the Black Hills to the east and the Hartville Uplift and Laramie Mountains to the south. The PRB is filled with marine, non-marine and continental sediments ranging in age from early Paleozoic through Cenozoic.
The Geology of Texas map published by the Texas Bureau of Economic Geology (“BEG”) in 1992 classifies the Goliad as Miocene in age. The BEG’s geologic map of Texas describes the Goliad Formation as clays, sandstones, marls, caliches, limestones and conglomerates with a thickness of 100 to 500 feet.
The Geology of Texas map published by the Texas Bureau of Economic Geology (“ BEG ”) in 1992 classifies the Goliad as Miocene in age. The BEG’s geologic map of Texas describes the Goliad Formation as clays, sandstones, marls, caliches, limestones and conglomerates with a thickness of 100 to 500 feet.
The RRC requires exploration permits for any uranium exploration in the state; ● Texas state law does not provide any agency with the authority to regulate the use or production of groundwater unless the location lies within a water conservation district (“WCD”).
The RRC requires exploration permits for any uranium exploration in the state; ● Texas state law does not provide any agency with the authority to regulate the use or production of groundwater unless the location lies within a water conservation district (“ WCD ”).
The Fort Union is unconformably underlain by the Cretaceous Lance Formation and regionally overlain by either the Eocene Wasatch or Battle Spring Formation. The Lance Formation is described as a gray to buff fine-grained to very fine-grained silty sandstone interbedded with drab to light-green to gray locally carbonaceous siltstone and thin conglomeratic lenses locally.
The Fort Union is unconformably underlain by the Cretaceous Lance Formation and regionally overlain by either the Eocene Wasatch or Battle Spring Formation. 40 Table of Contents The Lance Formation is described as a gray to buff fine-grained to very fine-grained silty sandstone interbedded with drab to light-green to gray locally carbonaceous siltstone and thin conglomeratic lenses locally.
Low production mode occurred in 2014 through 2018, and production ended in 2018, at which time the Christensen Ranch Project Area was placed on care and maintenance. N/A 2.6 million lbs of U 3 O 8 produced. 2021 UEC The Christensen Ranch Project Area acquired by UEC from Uranium One. N/A Ownership transition.
Low production mode occurred in 2014 through 2018, and production ended in 2018, at which time the Christensen Ranch Project Area was placed on care and maintenance. N/A 2.6 million pounds of U 3 O 8 produced. 2021 UEC The Christensen Ranch Project Area acquired by UEC from Uranium One.
The table below also summarizes historic drilling and the number of drill holes completed during each period. 69 Table of Contents Table 2.31: Historic Ownership and Operations at the Hobson Project Area Year Company Operations/Activity Amount (No. of Drill holes) Results of Work 1979-1988 Everest Minerals Corporation (later Everest Exploration, Inc. (EEI)) Hobson facility constructed.
The table below also summarizes historic drilling and the number of drill holes completed during each period. Table 2.14: Historic Ownership and Operations at the Hobson Project Area Year Company Operations/Activity Amount (No. of Drill holes) Results of Work 1979-1988 Everest Minerals Corporation (later Everest Exploration, Inc. (EEI)) Hobson facility constructed.
All reported resources occur below the static water table. 6. The point of reference for mineral resources is in-situ at the P roject. 7. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 8.
All reported resources occur below the static water table. 6. The point of reference for mineral resources is in-situ at the Project. 7. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 8.
Requirements of RMLs are found in WDEQ, LQD/Uranium Recovery Program Chapter 4 Rules and Regulations for Licensing of Source and Byproduct Material. There are no materially significant encumbrances on the Christensen Ranch Project. Standard encumbrances include reclamation bonding, mining and surface lease royalties.
Requirements of RMLs are found in WDEQ, LQD/Uranium Recovery Program Chapter 4 Rules and Regulations for Licensing of Source and Byproduct Material. There are no materially significant encumbrances on the Christensen Ranch Project. Standard encumbrances include reclamation bonding, mining and surface lease royalties. The Christensen Ranch Project Permitting details are tabulated below.
The GMB extends over much of South Texas and includes the Texas coastal plain and South Texas Uranium Province (“STUP”) where the project is located. The coastal plain is bounded by the Rocky Mountain uplift to the west and drains into the Gulf of Mexico.
The GMB extends over much of South Texas and includes the Texas coastal plain and South Texas Uranium Province (“ STUP ”) where the project is located. The coastal plain is bounded by the Rocky Mountain uplift to the west and drains into the Gulf of Mexico.
The Burke Hollow, Goliad and Palangana Projects are fully permitted to mine. The Salvo Project still requires all mining permits. Regulatory agencies include the TCEQ, the Railroad Commission of Texas (“RRC”) and the EPA.
The Burke Hollow, Goliad and Palangana Projects are fully permitted to mine. The Salvo Project still requires all mining permits. Regulatory agencies include the TCEQ, the Railroad Commission of Texas (“ RRC ”) and the EPA.
No mineral resources are reported in areas outside of the Burke Hollow Project boundary. The present condition of the property is considered advanced with monitor well installation completed in the first production area.
No mineral resources are reported in areas outside of the Burke Hollow Project boundary. 63 Table of Contents The present condition of the property is considered advanced with monitor well installation completed in the first production area.
Approximately 700 Delineation of mineralized areas. 2007 AUCA Advanced project through acquisition of most major permits and required authorizations. N/A Secured permits and required authorizations. 2017 UEC Consolidated ownership of multiple Resource Areas and oversaw technical reporting and auditing of Project resources. N/A Consolidation of ownership. Auditing of the Reno Creek Project Area resources.
Approximately 700 Delineation of mineralized areas. 2007 AUCA Advanced project through acquisition of most major permits and required authorizations. N/A Secured permits and required authorizations. 2017 UEC Consolidated ownership of multiple Resource Areas and oversaw technical reporting and auditing of Project resources. N/A Consolidation of ownership.
Table 2.13: Historic Ownership and Operations at the Reno Creek Project Area Year Company Operations/Activity Amount (No. of Drill holes) Results of Work Reno Creek – North Reno Creek Late 1960s Rocky Mountain Energy Company (“RME”) Drilled exploration holes at and around North Reno Creek resource area. Approximately 5,800 Delineated Approximately 10 miles of roll-front deposits.
Table 2.7: Historic Ownership and Operations at the Reno Creek Project Area Year Company Operations/Activity Amount (No. of Drill holes) Results of Work Reno Creek – North Reno Creek Late 1960s Rocky Mountain Energy Company (“ RME ”) Drilled exploration holes at and around North Reno Creek resource area. Approximately 5,800 Delineated Approximately 10 miles of roll-front deposits.
Requirements of Radioactive Materials Licenses are found in WDEQ, LQD/Uranium Recovery Program Chapter 4 Rules and Regulations for Licensing of Source and Byproduct Material. There are no materially significant encumbrances on the Ludeman Project. Standard encumbrances include reclamation bonding, mining and surface lease royalties.
Requirements of Radioactive Materials Licenses are found in WDEQ, LQD/Uranium Recovery Program Chapter 4 Rules and Regulations for Licensing of Source and Byproduct Material. There are no materially significant encumbrances on the Ludeman Project. Standard encumbrances include reclamation bonding, mining and surface lease royalties. Ludeman permit status is tabulated below.
In 1983, the Saskatchewan Mining and Development Corporation (“SMDC”), predecessor to Cameco Corporation (“Cameco”), became the operator of the Dawn Lake Joint Venture. By 1995, the Dawn Lake Joint Venture consisted of Cameco, Cogema Resources Inc. (now Orano SA), PNC Exploration Canada Ltd. and Kepco Canada Ltd.
In 1983, the Saskatchewan Mining and Development Corporation (“ SMDC ”), predecessor to Cameco Corporation (“ Cameco ”), became the operator of the Dawn Lake Joint Venture. By 1995, the Dawn Lake Joint Venture consisted of Cameco, Cogema Resources Inc. (now Orano SA), PNC Exploration Canada Ltd. and Kepco Canada Ltd.
Preliminary delineation of mineralized areas. 1979 Arizona Public Services (“APS”), parent company of Malapai APS became a 50% partner in 1979. Approximately 2,220 Delineation of mineralized areas. 1981 Malapai Malapai assumed sole ownership of the Christensen Ranch Project Area by acquiring the interests of Wold Energy (“Wold”) and Western Nuclear Corporation (“WNC”).
Preliminary delineation of mineralized areas. 1979 Arizona Public Services (“ APS ”), parent company of Malapai APS became a 50% partner in 1979. Approximately 2,220 Delineation of mineralized areas. 1981 Malapai Malapai assumed sole ownership of the Christensen Ranch Project Area by acquiring the interests of Wold Energy (“ Wold ”) and Western Nuclear Corporation (“ WNC ”).
Late 1990s PRI Leuenberger properties were released due to declining market trends. Some claims reverted to previous owners. N/A Decrease in claims and generally the Ludeman Project Area. Early to Mid- 2000s High Plains Uranium (“HPU”) and EMC HPU held most claims and leases in the Ludeman Project Area. Energy Metals held the remaining claims in the Ludeman Project Area.
Late 1990s PRI Leuenberger properties were released due to declining market trends. Some claims reverted to previous owners. N/A Decrease in claims and generally the Ludeman Project Area. Early to Mid- 2000s High Plains Uranium (“ HPU ”) and EMC HPU held most claims and leases in the Ludeman Project Area.
Flight service is offered from Gillette or Casper with daily service to Denver, Billings and Salt Lake City. Water will be sourced locally while electrical service will be provided by a regional power company.
Services and personnel are available from Gillette or Casper. Flight service is offered from Gillette or Casper with daily service to Denver, Billings and Salt Lake City. Water will be sourced locally while electrical service will be provided by a regional power company.
Early work by Asamera on the Esso North claim consisted of electromagnetic (“EM”) and aeromagnetic surveys in 1977, followed by airborne very low frequency (“VLF”) EM, magnetic and radiometric surveys in 1978 and 1979 by Kenting and Geoterrex, respectively.
Early work by Asamera on the Esso North claim consisted of electromagnetic (“ EM ”) and aeromagnetic surveys in 1977, followed by airborne very low frequency (“ VLF ”) EM, magnetic and radiometric surveys in 1978 and 1979 by Kenting and Geoterrex, respectively.
Table 2.15: Historic Ownership and operations at the Ludeman Project Area Year Company Operations/Activity Amount (No. of Drill holes) Results of Work 1960s-1970s Cordero Mining Numerous exploration companies including Teton Exploration (“Teton”), PRI, Uranium Resources, Inc. (“URI”) and Malapai (a subsidiary of APS) collectively explored in the Ludeman Project Area.
Table 2.11: Historic Ownership and operations at the Ludeman Project Area Year Company Operations/Activity Amount (No. of Drill holes) Results of Work 1960s- 1970s Cordero Mining Numerous exploration companies including Teton Exploration (“ Teton ”), PRI, Uranium Resources, Inc. (“ URI ”) and Malapai (a subsidiary of APS) collectively explored in the Ludeman Project Area.
The Clarkson Hill p roject area is located in the eastern portion of the Wind River Basin (“WRB”). The WRB is a structural basin in west-central Wyoming. The basin is bounded by the Wind River Range to the west, the Casper Arch to the east, the Owl Creek Mountains to the north and the Granite Mountains to the south.
The Clarkson Hill Project area is located in the eastern portion of the Wind River Basin (“ WRB ”). The WRB is a structural basin in west-central Wyoming. The basin is bounded by the Wind River Range to the west, the Casper Arch to the east, the Owl Creek Mountains to the north and the Granite Mountains to the south.
Primarily, services and personnel are available from Buffalo, Gillette and Casper. Casper and Gillette provide flight services with daily service to Denver, Billings and Salt Lake City. Water is sourced locally at the mine while electrical service is provided by a regional power company.
Limited services are available from several smaller towns near the site. Primarily, services and personnel are available from Buffalo, Gillette and Casper. Casper and Gillette provide flight services with daily service to Denver, Billings and Salt Lake City. Water is sourced locally at the mine while electrical service is provided by a regional power company.
This TRS identifies and summarizes the scientific and technical information and conclusions reached from the IA to support disclosure of mineral resources on the Burke Hollow Project Area. There are no reserves associated with the Burke Hollow Project Area.
This TRS identifies and summarizes the scientific and technical information and conclusions reached from the IA to support disclosure of mineral resources on the Burke Hollow Project Area. There are no reserves associated with the Burke Hollow Project Area. Table 2.15 describes the permit status of the project.
A long-term uranium price of $40 per pound U 3 O 8 and an 80% metallurgical recovery factor were considered for the purposes of determining the reasonable prospect of economic extraction. 45 Table of Contents Ludeman ISR Project The following technical and scientific description for the Ludeman Project area (the “Ludeman Project Area”) is based in part on the TRS titled “S-K 1300 Mineral Resource Report Wyoming Assets ISR Hub and Spoke Project, WY USA”, dated March 31, 2022, prepared by WWC, a qualified firm (the QP herein).
A long-term uranium price of $40 per pound U 3 O 8 and an 80% metallurgical recovery factor were considered for the purposes of determining the reasonable prospect of economic extraction. 52 Table of Contents Ludeman Project The following technical and scientific description for the Ludeman Project area (the “ Ludeman Project Area ”) is based in part on the TRS titled “S-K 1300 Mineral Resource Report Wyoming Assets ISR Hub and Spoke Project, WY USA”, dated March 9, 2023, prepared by WWC, a qualified firm (the QP herein) who is not affiliated with UEC.
The controls in each of these broad categories serve to help the Company and its qualified persons (each, a “QP”) under each TRS have confidence in the data and geologic interpretations that are being used in resource estimation. Geochemical data for Canadian exploration programs is supplied by the Geoanalytical Laboratory at the Saskatchewan Research Council (“SRC”).
The controls in each of these categories serve to help the Company and its qualified persons (each, a “ QP ”) under each TRS have confidence in the data and geologic interpretations that are being used in resource estimation. 36 Table of Contents Geochemical data for Canadian exploration programs is supplied by the Geoanalytical Laboratory at the Saskatchewan Research Council (“ SRC ”).
Figure 2.22 – Location of the Roughrider Project Property Description The Roughrider Project Area is located seven kms north, via gravel road, of Points North Landing, a service centre on Provincial Road 905, in the eastern Athabasca basin of northern Saskatchewan, Canada.
Figure 2.10 – Location of the Roughrider Project Property Description The Roughrider Project Area is 100% held by UEC, and located seven kms north, via gravel road, of Points North Landing, a service centre on Provincial Road 905, in the eastern Athabasca basin of northern Saskatchewan, Canada.
Requirements of RMLs are found in WDEQ, LQD/Uranium Recovery Program Chapter 4 Rules and Regulations for Licensing of Source and Byproduct Material. There are no materially significant encumbrances on the Irigaray Project. Standard encumbrances include reclamation bonding, mining and surface lease royalties.
Requirements of RMLs are found in WDEQ, LQD/Uranium Recovery Program Chapter 4 Rules and Regulations for Licensing of Source and Byproduct Material. There are no materially significant encumbrances on the Reno Creek Project. Standard encumbrances include reclamation bonding, mining and surface lease royalties. The details of the Reno Creek Project Permit status are tabulated below.

… 710 more changes not shown on this page.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

9 edited+1 added−2 removed13 unchanged
The executive director commented that the ALJ’s PFD improperly broaden the scope of the refereed contested case hearing; misapplied the application requirements in commission rule for providing geoscientific information; mischaracterized the position of the executive director; and prematurely imposed monitoring or corrective action requirements before the subject injection wells were drilled, constructed and tested.
The executive director commented that the ALJ’s PFD improperly broadened the scope of the refereed contested case hearing; misapplied the application requirements in commission rule for providing geoscientific information; mischaracterized the position of the executive director; and prematurely imposed monitoring or corrective action requirements before the subject injection wells were drilled, constructed and tested.
Closing statements were submitted by all parties to the SOAH Administrative Law Judges (“ALJs”) on February 5, 2024. On April 10, 2024, the ALJs made a recommendation to remand the matter to the executive director of the TCEQ for further examination, stating the Company failed to meet its burden of proof.
Closing statements were submitted by all parties to the SOAH Administrative Law Judges (“ ALJs ”) on February 5, 2024. On April 10, 2024, the ALJs made a recommendation to remand the matter to the executive director of the TCEQ for further examination, stating the Company failed to meet its burden of proof.
The TCEQ referred the application to the State Office of Administrative Hearing (“SOAH”) to discuss three issues: (i) whether the permit application adequately characterizes the geology and identified and assessed faults in the vicinity of the proposed injections wells; (ii) whether the draft permit provides for adequate monitoring of migration of injected fluids in the vicinity of the proposed injection wells: and (iii) whether the location and design of the injection wells and pre-injection facilities are adequate.
The TCEQ referred the application to the State Office of Administrative Hearing (“ SOAH ”) to discuss three issues: (i) whether the permit application adequately characterizes the geology and identified and assessed faults in the vicinity of the proposed injections wells; (ii) whether the draft permit provides for adequate monitoring of migration of injected fluids in the vicinity of the proposed injection wells: and (iii) whether the location and design of the injection wells and pre-injection facilities are adequate.
On or about May 24, 2011, a group of petitioners, inclusive of Goliad County, appealed the TCEQ action to the 250 th District Court in Travis County, Texas. A motion filed by our Company to intervene in this matter was granted.
On or about May 24, 2011, a group of petitioners, inclusive of Goliad County, appealed the TCEQ action to the 250th District Court in Travis County, Texas. A motion filed by our Company to intervene in this matter was granted.
The Company has had communications and filings with the MOPC, the mining regulator in Paraguay, whereby the MOPC is taking the position that certain concessions forming part of the Company’s Yuty, Alto Parana and Colonel Oviedo Projects are not eligible for extension as to exploration or continuation to exploitation in their current stages.
The Company has had communications and filings with the Ministry of Public Works and Communications (“ MOPC ”), the mining regulator in Paraguay, whereby the MOPC is taking the position that certain concessions forming part of the Company’s Yuty, Alto Parana and Colonel Oviedo Projects are not eligible for extension as to exploration or continuation to exploitation in their current stages.
The executive director, via Executive Director’s Exceptions to the Proposal for Decision (“PFD”), respectfully disagreed with the recommendation presented in the PFD to remand the application to the executive director for further consideration.
The executive director, via Executive Director’s Exceptions to the Proposal for Decision (“ PFD ”), respectfully disagreed with the recommendation presented in the PFD to remand the application to the executive director for further consideration.
While we remain fully committed to our development path forward in Paraguay, we have filed certain applications and appeals in Paraguay to reverse the MOPC’s position in order to protect the Company’s continuing rights in those concessions.
While we remain fully committed to our development path forward in Paraguay, we have filed certain applications and appeals in Paraguay to reverse the MOPC’s position in order to protect the Company’s continuing rights in those concessions. 74 Table of Contents
Legal Proceedings As of the date of this Annual Report, other than as disclosed below, there are no material pending legal proceedings, other than ordinary routine litigation incidental to our business, to which our Company or any of our subsidiaries is a party or of which any of their property is subject, and no director, officer, affiliate or record or beneficial owner of more than 5% of our common stock, or any associate or any such director, officer, affiliate or security holder, is: (i) a party adverse to us or any of our subsidiaries in any legal proceeding; or (ii) has an adverse interest to us or any of our subsidiaries in any legal proceeding.
In addition, there are no material pending legal proceedings to which any director, officer, affiliate or the Company, beneficial owner of more than 5% of our common stock, or any associate or any such director, officer, affiliate or security holder, is: (i) a party adverse to us or any of our subsidiaries in any legal proceeding; or (ii) has an adverse interest to us or any of our subsidiaries. 73 Table of Contents On or about March 9, 2011, the TCEQ granted our Company’s applications for a Class III Injection Well Permit, Permit Area Authorization and Aquifer Exemption (“ AE ”) for our Goliad Project.
We continue to believe that the pending appeal is without merit and we are continuing as planned towards uranium extraction at our fully-permitted Goliad Project.
The TCEQ reissued the permits on September 4, 2024. A Motion for Rehearing was filed on November 21, 2024. No other information is available on the potential proceeding at this time. We continue to believe that the pending appeal is without merit and that the Goliad Project remains fully permitted for uranium extraction.
Removed
Other than as disclosed below, management is not aware of any other material legal proceedings pending or that have been threatened against us or our properties. On or about March 9, 2011, the TCEQ granted our Company’s applications for a Class III Injection Well Permit, Permit Area Authorization and Aquifer Exemption (“AE”) for our Goliad Project.
Added
Item 3. Legal Proceedings As of the date of this Annual Report, other than routine litigation incidental to our business or as disclosed below, we are not currently a party to any material pending legal proceedings that management believes would be likely to have a material adverse effect on our financial position, results of operations or cash flows.
Removed
The TCEQ reissued the permits on August 28, 2024. Unless a Motion for Rehearing (“MFR”) is timely filed with the chief clerk, this action of the TCEQ will become final. A MFR must be received by the chief clerk’s office no later than the 25th day after the date that the commission’s order on this application is signed.

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

2 edited+1 added−0 removed0 unchanged
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.
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 fiscal year ended July 31, 2024, our ISR Mines were not subject to regulation by the Federal Mine Safety and Health Administration under the Mine Safety Act. 101 Table of Contents PART II
During the fiscal year ended July 31, 2025, UEC held both ISR and conventional mines. Under U.S. regulation, UEC's ISR Mines were not subject to regulation by the Federal Mine Safety and Health Administration under the Mine Safety Act, but rather fall under oversight by the U.S.
Added
Occupational Safety and Health Administration (“ OSHA ”). 75 Table of Contents PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

12 edited+0 added−7 removed8 unchanged
Our 2024 Plan was ratified by our shareholders on July 16, 2024 and thereby superseded and replaced our then 2023 Stock Incentive Plan (the “2023 Plan”); having been ratified by our shareholders on July 20, 2023; with all stock-based compensation awards granted in accordance with our 2023 Plan and each of our preceding stock incentive plans being continued under our 2024 Plan (and the 2024 Plan, the 2023 Plan and all preceding stock incentive plans being, collectively, our “Stock Incentive Plan” herein).
Our 2024 Plan was ratified by our shareholders on July 16, 2024 and thereby superseded and replaced our then 2023 Stock Incentive Plan (the “ 2023 Plan ”); having been ratified by our shareholders on July 20, 2023; with all stock-based compensation awards granted in accordance with our 2023 Plan and each of our preceding stock incentive plans being continued under our 2024 Plan (and the 2024 Plan, the 2023 Plan and all preceding stock incentive plans being, collectively, our “ Stock Incentive Plan ” herein).
We have incurred recurring losses and do not currently intend to pay any cash dividends in the foreseeable future. Securities Authorized For Issuance Under Compensation Plans At July 31, 2024, we had one equity compensation plan, our 2024 Stock Incentive Plan (the “2024 Plan”).
We have incurred recurring losses and do not currently intend to pay any cash dividends in the foreseeable future. Securities Authorized For Issuance Under Compensation Plans At July 31, 2025, we had one equity compensation plan, our 2024 Stock Incentive Plan (the “ 2024 Plan ”).
Our Stock Incentive Plan is administered by our Compensation Committee (therein our “Administrator”) which shall determine, among other things: (i) the persons to be granted awards under the Stock Incentive Plan (each an “Award” to an “Eligible Participant”); (ii) the number of shares or amount of other Awards to be granted; and (iii) the terms and conditions of the Awards granted.
Our Stock Incentive Plan is administered by our Compensation Committee (therein our “ Administrator ”) which shall determine, among other things: (i) the persons to be granted awards under the Stock Incentive Plan (each an “ Award ” to an “ Eligible Participant ”); (ii) the number of shares or amount of other Awards to be granted; and (iii) the terms and conditions of the Awards granted.
(collectively, the “Previous Peer Group”); and (iii) the cumulative return on the Russell 3000 Index. The change in Peer Group was made to address changes in the external market and to better reflect our Company’s business. 103 Table of Contents
(collectively, the “ Previous Peer Group ”); and (iii) the cumulative return on the Russell 3000 Index. The change in Peer Group was made to address changes in the external market and to better reflect our Company’s business. 78 Table of Contents Item 6. [Reserved]
The last reported closing price for our shares on the NYSE American on September 26, 2024 was $6.37 per share. As of September 26, 2024, we had 251 registered shareholders. Dividend Policy No dividends have been declared or paid on our common stock.
The last reported closing price for our shares on the NYSE American on September 23, 2025 was $13.85 per share. As of September 23, 2025, we had 239 registered shareholders. Dividend Policy No dividends have been declared or paid on our common stock.
The 2024 Plan supersedes and replaces our most recent and prior equity compensation plan, being the 2023 Plan. 102 Table of Contents The purpose of our Stock Incentive Plan is to enhance our long-term stockholder value by offering opportunities to our directors, officers, employees and eligible consultants to acquire and maintain stock ownership in order to give these persons the opportunity to participate in our growth and success, and to encourage them to remain in our service.
The purpose of our Stock Incentive Plan is to enhance our long-term stockholder value by offering opportunities to our directors, officers, employees and eligible consultants to acquire and maintain stock ownership in order to give these persons the opportunity to participate in our growth and success, and to encourage them to remain in our service.
Comparative Stock Performance The graph below compares the cumulative total stockholder return on our common stock assuming an investment of $100 and the reinvestment of all dividends, if any, for the years ended July 31, 2020, through to July 31, 2024, with: (i) the cumulative total return on the shares of common stock of a current peer group index comprised of Black Stone Minerals, L.P., Cameco Corporation, Comstock Resources, Inc., Denison Mines Corp., Energy Fuels Inc., Filo Corp., Fission Uranium Corp., Gulfport Energy Corporation, Magnolia Oil & Gas Corporation, NexGen Energy Ltd., NGEx Minerals Ltd., Northern Oil and Gas, Inc. and Vital Energy, Inc.
Recent Issuances of Unregistered Securities None. 77 Table of Contents Comparative Stock Performance The graph below compares the cumulative total stockholder return on our common stock assuming an investment of $100 and the reinvestment of all dividends, if any, for the years ended July 31, 2021, through to July 31, 2025, with: (i) the cumulative total return on the shares of common stock of a current peer group index comprised of Cameco Corporation, Centrus Energy Corp., Comstock Resources, Inc., Denison Mines Corp., Energy Fuels Inc., Gulfport Energy Corporation, Magnolia Oil & Gas Corporation, NexGen Energy Ltd., NGEx Minerals Ltd., Northern Oil and Gas, Inc., NuScale Power Corporation, Oklo Inc. and Vital Energy, Inc.
Securities Authorized For Issuance Under Compensation Plans 2024 Stock Incentive Plan On May 24, 2024, our Board of Directors authorized and approved the adoption of the Company’s 2024 Plan, under which an aggregate of 29,755,663 of our shares may be issued, subject to adjustment as described in the 2024 Plan, and which, at that time, consisted of: (i) 6,970,941 shares issuable pursuant to awards previously granted that were outstanding under our 2023 Plan; (ii) 16,784,722 shares remaining available for issuance under the 2023 Plan; and (iii) 6,000,000 additional shares that may be issued pursuant to awards that may be granted under the 2024 Plan.
(3) Under our Stock Incentive Plan, stock-based awards are granted from a pool of available shares, with: (i) every share issuable pursuant to the exercise of a stock option or SAR counting as one share of our common stock; and (ii) every share underlying restricted stock, a RSU, a PRSU or other right or benefit under our Stock Incentive Plan counting as two shares of our common stock under and from our Stock Incentive Plan. 76 Table of Contents Securities Authorized For Issuance Under Compensation Plans 2024 Stock Incentive Plan On May 24, 2024, our Board of Directors authorized and approved the adoption of the Company’s 2024 Plan, under which an aggregate of 29,755,663 of our shares may be issued, subject to adjustment as described in the 2024 Plan, and which, at that time, consisted of: (i) 6,970,941 shares issuable pursuant to awards previously granted that were outstanding under our 2023 Plan; (ii) 16,784,722 shares remaining available for issuance under the 2023 Plan; and (iii) 6,000,000 additional shares that may be issued pursuant to awards that may be granted under the 2024 Plan.
The table below sets forth information relating to our equity compensation plan at our fiscal year end July 31, 2024: Number of Weighted Number of Securities to be Average Exercise Securities Issued Upon Price Remaining Available Exercise of of Outstanding for Future Issuance Outstanding Options, Under Equity Options, Warrants Warrants and Compensation Plans and Rights (1) Rights (2) (excluding column Plan Category (a) (b) (a)) Equity Compensation Plans Approved by Security Holders (the 2024 Plan) (3) 7,782,882 $2.66 19,715,606 Equity Compensation Plans Not Approved by Security Holders Nil N/A Nil Total 7,782,882 $2.66 19,715,606 Notes: (1) This figure represents: (i) 5,103,339 outstanding stock options having a weighted average exercise price of $2.66 and a weighted average remaining term of 7.32 years; (ii) 1,167,680 shares of our common stock underlying restricted stock units (the “RSUs”); and (iii) 1,511,863 shares of our common stock underlying performance based restricted stock units (the “PRSUs”).
The table below sets forth information relating to our equity compensation plan at our fiscal year end July 31, 2025: Plan Category Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights (1) (a) Weighted Average Exercise Price of Outstanding Options, Warrants and Rights (2) (b) Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (excluding column (a)) Equity Compensation Plans Approved by Security Holders (the 2024 Plan) (3) 8,015,361 $2.71 16,727,071 Equity Compensation Plans Not Approved by Security Holders Nil N/A Nil Total 8,015,361 $2.71 16,727,071 Notes: (1) This figure represents: (i) 4,594,207 outstanding stock options having a weighted average exercise price of $2.71 and a weighted average remaining term of 6.32 years; (ii) 1,203,197 shares of our common stock underlying restricted stock units (the “ RSUs ”); and (iii) 2,217,957 shares of our common stock underlying performance based restricted stock units (the “ PRSUs ”).
(collectively, the “Peer Group”); (ii) the cumulative total return on the shares of common stock of a previous peer group index comprised of Centrus Energy Corp., Coeur Mining, Inc., Comstock Resources, Inc., Denison Mines Corp., enCore Energy Corp., Energy Fuels Inc., Filo Corp., Fission Uranium Corp., Gulfport Energy Corporation, K92 Mining Inc., NexGen Energy Ltd., Northern Oil and Gas, Inc., Osisko Mining Inc., Seabridge Gold Inc. and Torex Gold Resources Inc.
(collectively, the “ Peer Group ”); (ii) the cumulative total return on the shares of common stock of a previous peer group index comprised of Black Stone Minerals, L.P., Cameco Corporation, Comstock Resources, Inc., Denison Mines Corp., Energy Fuels Inc., Filo Corp., Fission Uranium Corp., Gulfport Energy Corporation, Magnolia Oil & Gas Corporation, NexGen Energy Ltd., NGEx Minerals Ltd., Northern Oil and Gas, Inc. and Vital Energy, Inc.
As of September 26, 2024, there were stock options outstanding under our Stock Incentive Plan exercisable for an aggregate of 5,089,314 shares of our common stock. Common Stock Purchase Warrants As of September 26, 2024, there were common stock purchase warrants issued and outstanding exercisable for an aggregate of 181,818 shares of our common stock.
As of September 23, 2025, there were stock options outstanding under our Stock Incentive Plan exercisable for an aggregate of 3,845,354 shares of our common stock. Common Stock Purchase Warrants As of September 23, 2025, there were common stock purchase warrants issued and outstanding exercisable for an aggregate of 159,091 shares of our common stock.
On July 16, 2024, our shareholders approved the adoption of our 2024 Plan.
On July 16, 2024, our shareholders approved the adoption of our 2024 Plan. The 2024 Plan supersedes and replaces our most recent and prior equity compensation plan, being the 2023 Plan.
Removed
(3) Under our Stock Incentive Plan, stock-based awards are granted from a pool of available shares, with: (i) every share issuable pursuant to the exercise of a stock option or SAR counting as one share of our common stock; and (ii) every share underlying restricted stock, a RSU, a PRSU or other right or benefit under our Stock Incentive Plan counting as two shares of our common stock under and from our Stock Incentive Plan.
Removed
Recent Issuances of Unregistered Securities All of our issuances of unregistered securities during our fiscal year ended July 31, 2024 were previously disclosed in our Quarterly Reports on Form 10-Q for our first, second and third quarters of our fiscal year ended July 31, 2024, and in our Current Reports on Form 8-K as filed periodically with the SEC.
Removed
During our fourth quarter ended July 31, 2024, we issued the following securities that were not registered under the Securities Act: ● on May 14, 2024, we issued 39,393 shares of common stock pursuant to the exercise of warrants at a price of CA$3.22 per share.
Removed
We relied on the exemption from the registration requirements under the Securities Act provided by Rule 903 of Regulation S with respect to the issuance of these shares; ● on June 13, 2024, we issued 1,552 shares of common stock pursuant to the exercise of warrants at a price of CA$4.44 per share.
Removed
We relied on the exemption from the registration requirements under the Securities Act provided by Rule 903 of Regulation S with respect to the issuance of these shares; ● on June 14, 2024, we issued 814,965 shares of common stock pursuant to the exercise of warrants at a price of CA$4.44 per share.
Removed
We relied on the exemption from the registration requirements under the Securities Act provided by Rule 903 of Regulation S with respect to the issuance of these shares; and ● on June 18, 2024, we issued an aggregate of 282,887 shares of common stock pursuant to the exercise of warrants at a price of CA$4.44 per share.
Removed
We relied on the exemption from the registration requirements under the Securities Act provided by Rule 903 of Regulation S with respect to the issuance of these shares.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

79 edited+42 added−66 removed16 unchanged
In Texas, our fully-licensed and 100% owned Hobson Processing Facility forms the basis for our regional operating strategy in the State of Texas, specifically the South Texas Uranium Belt where we utilize ISR mining.
Our fully-licensed and 100% owned Hobson processing facility forms the basis for our regional operating strategy in the State of Texas, specifically the South Texas Uranium Belt, where we utilize ISR mining.
Stock-based compensation includes the amortization of fair value of stock options granted to optionees and the fair value of shares of the Company issued to directors, officers, employees and consultants of the Company under our Stock Incentive Plan.
Stock-based compensation includes the amortization of the fair value of stock options granted to optionees and the fair value of shares of the Company issued to directors, officers, employees and consultants of the Company under our Stock Incentive Plan.
We will require significant additional financing to fund our operations, including continuing with our exploration and pre-extraction activities and acquiring additional uranium projects.
We will require significant additional financing to fund our operations, including continuing with our exploration, pre-extraction and extraction activities and acquiring additional uranium projects.
In the absence of such additional financing, we would not be able to fund our operations, including continuing with our exploration and pre-extraction activities, which may result in delays, curtailment or abandonment of any one or all of our uranium projects.
In the absence of such additional financing, we would not be able to fund our operations, including continuing with our exploration, pre-extraction and extraction activities, which may result in delays, curtailment or abandonment of any one or all of our uranium projects.
Our long-term success, including the recoverability of the carrying values of our assets and our ability to acquire additional uranium projects and continue with exploration and pre-extraction activities and mining activities on our existing uranium projects, will depend ultimately on our ability to achieve and maintain profitability and positive cash flow from our operations by establishing ore bodies that contain commercially recoverable uranium and to develop these into profitable mining activities.
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 meantime, we continue to establish additional uranium mines through exploration and pre-extraction activities and direct acquisitions in both the U.S. and Paraguay, all of 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.
We continue to establish additional uranium mines through exploration and pre-extraction activities and direct acquisitions in both the U.S. and Paraguay, all of 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.
Our anticipated operations, including exploration and pre-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 change may include accelerating the pace or broadening the scope of reducing our operations.
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 reliance on equity and debt financings is expected to continue for the foreseeable future, and their availability whenever such additional financing is required will be dependent on many factors beyond our control including, but not limited to, the market price of uranium, the continuing public support of nuclear power as a viable source of 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.
Our reliance on equity is expected to continue for the foreseeable future, and their availability whenever such additional financing is required will be dependent on many factors beyond our control 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.
However, there is no assurance that we will be successful in securing any form of additional financing when required and on terms favorable to us. Our operations are capital intensive and future capital expenditures are expected to be substantial.
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.
The income valuation method represents the present value of future cash flows over the life of the asset using: (i) discrete financial forecasts, which rely on management’s estimates of resource quantities and exploration potential, costs to produce and develop resources, revenues and operating expenses; (ii) appropriate discount rates; and (iii) expected future capital requirements (the “income valuation method”).
The income valuation method represents the present value of future cash flows over the life of the asset using: (i) discrete financial forecasts, which rely on management’s estimates of resource quantities and exploration potential, costs to produce and develop resources, revenues and operating expenses; (ii) appropriate discount rates; and (iii) expected future capital requirements.
Introduction The following discussion summarizes the results of operations for each of our fiscal years ended July 31, 2024, 2023 and 2022 and our financial condition as at July 31, 2024 and 2023, with a particular emphasis on Fiscal 2024, our most recently completed fiscal year.
Introduction The following discussion summarizes the results of operations for each of our fiscal years ended July 31, 2025, 2024 and 2023 and our financial condition as at July 31, 2025 and 2024, with a particular emphasis on Fiscal 2025, our most recently completed fiscal year.
Additionally, there would be no corresponding amortization allocated to our future reporting periods since those costs would have been expensed previously, resulting in both lower inventory costs and cost of goods sold and results of operations with higher gross profits and lower losses than if we had been in the Production Stage.
Additionally, there would be no corresponding depletion allocated to future reporting periods of our 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 we would have been in the production stage.
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, Reno Creek, Moore Ranch and Ludeman Projects.
The Irigaray CPP is the hub central to our fully permitted ISR projects located in the Powder River Basin of Wyoming, including our Christensen Ranch Mine, Reno Creek and Ludeman Projects.
Equity Financings On May 17, 2021, we filed a Form S-3 shelf registration statement under the Securities Act which was declared effective by the SEC on June 1, 2021, providing for the public offer and sale of certain securities of the Company from time to time, at our discretion, of up to an aggregate offering amount of $200 million (the “2021 Shelf”), which included an at-the-market offering agreement prospectus (the “May 2021 ATM Offering”) covering the offering, issuance and sale of up to a maximum offering of $100 million as part of the $200 million under the 2021 Shelf.
Equity Financings On May 17, 2021, we filed a Form S-3 shelf registration statement under the Securities Act, which was declared effective by the SEC on June 1, 2021, providing for the public offer and sale of certain securities of the Company from time to time, at our discretion, of up to an aggregate offering amount of $200 million (the “ 2021 Shelf ”), which included an at-the-market offering agreement prospectus (the “ May 2021 ATM Offering ”) covering the offering, issuance and sale of up to a maximum offering of $100 million as part of the $200 million under the 2021 Shelf.
Subsequent to the acquisition date, and not later than one year from the acquisition date, we will record any material adjustments to the initial estimate based on new information obtained that would have existed as of the date of the acquisition.
For business combination, subsequent to the acquisition date, and not later than one year from the acquisition date, we will record any material adjustments to the initial estimate based on new information obtained that would have existed as of the date of the acquisition.
Wainwright & Co., LLC and certain co-managers (collectively, the “ATM Managers”) as set forth in the 2021 ATM Offering Agreement under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $100 million through the ATM Managers selected by us.
Wainwright & Co., LLC and certain co-managers (the “ ATM Managers ”) as set forth in the 2021 ATM Offering Agreement under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $100 million through the ATM Managers selected by us.
Furthermore, we may not achieve and maintain profitability or develop positive cash flow from our operations in the near term. Historically, we have been reliant primarily on equity financings from the sale of our common stock and on debt financing in order to fund our operations.
Furthermore, we may not achieve and maintain profitability or develop positive cash flow from our operations in the near term. 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.
On November 26, 2021, we filed a prospectus supplement to our 2021 Shelf with respect to the continuation of the May 2021 ATM Offering Agreement with the ATM Managers under which we may, if eligible, from time to time, sell shares of our common stock having an aggregate offering price of up to an additional $100 million for a total of $200 million through the ATM Managers selected by us (the “November 2021 ATM Offering”; and, collectively with the May 2021 ATM Offering, the “2021 ATM Offering”).
On November 26, 2021, we filed a prospectus supplement to our 2021 Shelf with respect to the continuation of the 2021 ATM Offering Agreement with the ATM Managers under which we may, if eligible, from time to time, sell shares of our common stock having an aggregate offering price of up to an additional $100 million for a total of $200 million through the ATM Managers selected by us (the “ November 2021 ATM Offering ”; and, together with the May 2021 ATM Offering, the “ 2021 ATM Offering ”).
We will hire additional personnel for future wellfield development and expand extraction at the Christensen Ranch Mine in Fiscal 2025. Our Palangana Mine is expected to continue being operated at a reduced pace, including the deferral of major pre-extraction expenditures, and to remain in a state of operational readiness.
We will hire additional personnel for future wellfield development and expand extraction at the Christensen Ranch Mine and Burke Hollow Project in Fiscal 2026. Our Palangana Mine is expected to continue being operated at a reduced pace, including the deferral of major pre-extraction expenditures, and to remain in a state of operational readiness.
On May 14, 2021, we entered into an at-the-market offering agreement (the “2021 ATM Offering Agreement”) with H.C.
On May 14, 2021, we entered into an at-the-market offering agreement (the “ 2021 ATM Offering Agreement ”) with H.C.
During Fiscal 2023, net cash provided from financing activities totaled $65,417, primarily from net cash of $66,527 from our ATM Offerings and the exercises of stock options and share purchase warrants, offset by payments of $1,044 for tax withholding amounts related to the issuance of RSU and PRSU shares.
During Fiscal 2023, net cash provided from financing activities totaled $65.42 million, primarily from net cash of $66.53 million from our ATM Offerings and the exercises of stock options and share purchase warrants, offset by payments of $1.04 million for tax withholding amounts related to the issuance of RSU and PRSU shares.
We utilize a “hub-and-spoke” strategy whereby the Hobson Processing Facility, which has a physical capacity to process uranium-loaded resins up to a total of 2.0 million pounds of U 3 O 8 annually and is licensed to process up to four million pounds of U 3 O 8 annually, acts as the central processing site (the “hub”) for our Palangana Mine, and future satellite uranium mining activities, such as our Burke Hollow and Goliad Projects, located within the South Texas Uranium Belt (the “spokes”).
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 U 3 O 8 annually and is licensed to process up to four million pounds of U 3 O 8 annually, acts as the central processing site (the hub) for our Palangana Mine, and future satellite uranium mining activities, such as our Burke Hollow Project, located within the South Texas Uranium Belt (the spokes).
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-K filing for the fiscal year ended July 31, 2024, including the consolidated financial statements and related notes contained herein.
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 Annual Report for the fiscal year ended July 31, 2025, including the consolidated financial statements and related notes contained herein.
Operating Activities During Fiscal 2024, we recorded net cash used in operating activities of $106,487. The negative cash flow was primarily driven by the purchase of uranium concentrates of $69,626 and operating expenditures such as mineral property expenditures and G&A expenses. During Fiscal 2023, we recorded net cash provided by operating activities of $72,573.
During Fiscal 2024, we recorded net cash used in operating activities of $106.49 million. The negative cash flow was primarily driven by the purchase of uranium concentrates of $69.63 million and operating expenditures such as mineral property expenditures and G&A expenses. During Fiscal 2023, we recorded net cash provided by operating activities of $72.57 million.
Companies in the Production Stage that have 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.
Companies that are Production Stage Issuers, 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.
As a result, and despite the fact that we commenced extraction of mineralized materials at our ISR Mines, we remain in the Exploration Stage and will continue to remain in the Exploration Stage until such time proven or probable reserves have been established.
As a result, and despite the fact that we commenced extraction of mineralized materials at some of our ISR Mines, we remain 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.
Income from Equity-Accounted Investment During Fiscal 2024, Fiscal 2023 and Fiscal 2022, income from the equity-accounted investment comprised of the following: Year Ended July 31, 2024 2023 2022 Share of income (loss) $ 592 $ (1,648 ) $ 153 Gain on dilution of ownership interest 425 654 3,973 Total $ 1,017 $ (994 ) $ 4,126 During Fiscal 2024, Fiscal 2023 and Fiscal 2022, we recorded a gain on dilution of ownership interest in Uranium Royalty Corp.
Income (Loss) from Equity-Accounted Investment During Fiscal 2025, Fiscal 2024 and Fiscal 2023, income from the equity-accounted investment comprised of the following: Year Ended July 31, 2025 2024 2023 Share of income (loss) $ (3,380 ) $ 592 $ (1,648 ) Gain on dilution of ownership interest 28 425 654 Total $ (3,352 ) $ 1,017 $ (994 ) During Fiscal 2025, Fiscal 2024 and Fiscal 2023, we recorded a gain on dilution of ownership interest in Uranium Royalty Corp.
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 herein. The preparation of financial statements in conformity with U.S.
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 herein.
Our continuation as a going concern for a period beyond those 12 months will be dependent upon our ability to generate cash flow from the sales of our uranium inventories under our Physical Uranium Program and to obtain adequate additional financing, as our operations are capital intensive and future capital expenditures are expected to be substantial.
Our continuation as a going concern for a period beyond those 12 months will be dependent upon our ability to achieve consistent positive cash flow from the sale of our produced and purchased uranium inventories and to obtain adequate additional financing, as our operations are capital intensive and future capital expenditures are expected to be substantial.
GAAP requires management to make judgements, estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported revenues and expenses during the reported periods.
Critical Accounting Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make judgements, estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported revenues and expenses during the reported periods.
Financing Activities During Fiscal 2024, net cash provided from financing activities totaled $173,076, primarily from net cash of $176,708 from our ATM Offerings and the exercises of stock options and share purchase warrants, offset by payments of $3,632 for tax withholding amounts related to the issuance of options, RSU and PRSU shares.
During Fiscal 2024, net cash provided from financing activities totaled $173.08 million, from net cash of $176.71 million from our 2022 ATM Offering and the exercises of stock options and share purchase warrants, offset by payments of $3.63 million for tax withholding amounts related to the issuance of options, RSU and PRSU shares.
Since we are in the Exploration Stage, it has resulted in our reporting of lower income or larger losses than if we had been in the Production Stage due to the expensing, instead of capitalization, of expenditures relating to ongoing mine development activities.
We are in the exploration stage which has resulted in our Company reporting larger losses than if it would have been in the production stage due to the expensing, instead of capitalization, of expenditures relating to ongoing mine development activities.
In addition, we will continue the drilling program at our Burke Hollow and Roughrider Projects, as well as carry out additional exploration activities as required on our remaining project portfolio.
In addition, we will continue the construction of ion exchange facility and production area at our Burke Hollow, along with the drilling program at Roughrider Projects, as well as carry out additional exploration activities as required on our remaining project portfolio.
G&A expenses were comprised of the following: Year Ended July 31, 2024 2023 2022 Salaries and management fees $ 7,705 $ 5,168 $ 4,281 Office, investor relations, communication, insurance and travel 5,807 6,801 4,501 Foreign exchange (gain) loss (151 ) 71 317 Professional fees 3,340 2,609 1,387 Sub-total 16,701 14,649 10,486 Stock-based compensation 5,172 5,415 4,540 Total general and administrative expenses $ 21,873 $ 20,064 $ 15,026 The following summary provides a discussion of the major expense categories, including analyses of factors that caused significant variances from year-to-year: ● during Fiscal 2024, salaries and management fees totaled $7,705, compared to $5,168 in Fiscal 2023, which was primarily the result of hiring additional general and administrative personnel to support the Company's expansion and a corporate-wide salary increase.
G&A expenses were comprised of the following: Year Ended July 31, 2025 2024 2023 Salaries and management fees $ 9,960 $ 7,705 $ 5,168 Office, investor relations, communication, insurance and travel 6,995 5,807 6,801 Foreign exchange (gain) loss (100 ) (151 ) 71 Professional fees 4,390 3,340 2,609 Sub-total 21,245 16,701 14,649 Stock-based compensation 6,015 5,172 5,415 Total general and administrative expenses $ 27,260 $ 21,873 $ 20,064 82 Table of Contents The following summary provides a discussion of the major expense categories, including analyses of factors that caused significant variances from year-to-year: ● During Fiscal 2025, salaries and management fees totaled $9.96 million, compared to $7.71 million in Fiscal 2024, which was primarily the result of hiring additional mid-level management and office personnel to support the Company's expansion and corporate-wide salary increases to adjust for inflation, and compared to $5.17 million in Fiscal 2023.
While we remain in a state of operational readiness, uranium extraction expenditures incurred at our ISR Mines, 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.
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.
The overall increasing trend in professional fees is due to the growth in our business activities and the expansion of our operations; and ● During Fiscal 2024 stock-based compensation expense totaled $5,172, compared to $5,415 during Fiscal 2023 and $4,540 during Fiscal 2022.
The overall increasing trend in professional fees is due to the growth in our business activities and the expansion of our operations; and ● During Fiscal 2025 stock-based compensation expense totaled $6.02 million, compared to $5.17 million during Fiscal 2024 and $5.42 million during Fiscal 2023.
As at July 31, 2024, outstanding in-the-money stock options and share purchase warrants represented a total of 6,318,515 shares issuable for gross proceeds of approximately $17.6 million should the stock options and the share purchase warrants be exercised in full.
As at July 31, 2025, outstanding in-the-money stock options and share purchase warrants represented a total of 4,686,966 shares issuable for gross proceeds of approximately $12.52 million should the stock options and the share purchase warrants be exercised in full.
Investing Activities During Fiscal 2024, net cash used for investing activities totaled $24,641, comprised of cash used for investment in equity securities of $12,115, the purchase of an additional interest in URC of $9,238, capital contributions to JCU of $2,876, cash used for investment in mineral rights and properties of $1,441 and cash used for the purchase of property, plant and equipment of $1,987, offset by cash proceeds of $3,008 from the sale of equity securities and $8 from the disposition of assets.
During Fiscal 2024, net cash used for investing activities totaled $24.64 million, primarily comprised of cash used for investment in equity securities of $12.12 million, the purchase of an additional interest in URC of $9.24 million, capital contributions to JCU of $2.88 million, investment in mineral rights and properties of $1.44 million and the purchase of property, plant and equipment of $1.99 million, offset by cash proceeds of $3.01 million from the sale of equity securities.
The total issuance costs were $1,396, which includes compensation of $1,346 paid to the ATM Managers. During Fiscal 2024, we issued 26,375,699 shares of the Company’s common stock under our ATM Offerings for gross cash proceeds of $171,738. The total issuance costs were $3,864, all of which were related to compensation paid to the ATM Managers.
The total issuance costs were $1.40 million, which includes compensation of $1.35 million paid to the ATM Managers. During Fiscal 2024, we issued 26,375,699 shares of the Company’s common stock under our 2022 ATM Offering for gross cash proceeds of $171.74 million.
Business We have been primarily engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing, on uranium projects located in the United States, Canada and the Republic of Paraguay.
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 States and in Saskatchewan, Canada.
On November 16, 2022, we filed a Form S-3 automatic shelf registration statement under the Securities Act, which became effective upon filing, providing for the public offer and sale of certain securities of the Company from time to time, at our discretion, of an undetermined dollar value of common stock, debt securities, warrants to purchase common stock or debt securities, subscription receipts for and units which include common stock, debt securities, warrants or any combination thereof (the “2022 Shelf”), which included an at-the-market offering agreement prospectus (the “2022 ATM Offering”; and, collectively, with the 2021 ATM Offering, the “ATM Offerings”) covering the offering, issuance and sale of up to a maximum offering of $300 million under the 2022 Shelf. 109 Table of Contents On November 16, 2022, we entered into an at-the-market offering agreement (the “2022 ATM Offering Agreement”) with the ATM Managers as set forth in the 2022 ATM Offering Agreement under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $300 million through the ATM Managers selected by us.
On November 16, 2022, we filed a Form S-3 automatic shelf registration statement under the Securities Act, which became effective upon filing, providing for the public offer and sale of certain securities of the Company from time to time, at our discretion, of an undetermined dollar value of common stock, debt securities, warrants to purchase common stock or debt securities, subscription receipts for and units which include common stock, debt securities, warrants or any combination thereof (the “ 2022 Shelf ”), which included an at-the-market offering agreement prospectus (the “ 2022 ATM Offering ”; and, together with the 2021 ATM Offering, the “ ATM Offerings ”) covering the offering, issuance and sale of up to a maximum offering of $300 million under the 2022 Shelf.
However, we have not established proven or probable reserves for any of the uranium projects we operate, including our ISR Mines. Furthermore, we currently have no plans to establish proven or probable reserves for any of our uranium projects for which we plan on utilizing ISR mining.
Furthermore, we currently have no plans to establish proven or probable reserves for any of our uranium projects for which we plan on utilizing in-situ recovery mining, such as our ISR Mines.
An income, market or cost valuation method may be utilized to estimate the fair value of the assets acquired and liabilities assumed, if any, in a business combination.
Business Combination and Asset Acquisition We recognize and measure the assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. An income, market or cost valuation method may be utilized to estimate the fair value of the assets acquired and liabilities assumed, if any, in a business combination or asset acquisition.
Mineral Rights and Exploration Stage Acquisition costs of mineral rights are initially capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until such time proven or probable reserves are established for that project. We have established the existence of mineralized materials for certain uranium projects, including our ISR Mines.
Mineral Rights and Properties Acquisition costs of mineral rights are initially capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until such time proven or probable reserves are established for that project. 88 Table of Contents We have established the existence of mineralized materials for certain uranium projects, including our Palangana Mine and Christensen Ranch Mine (our “ISR Mines”), and our Red Desert, Green Mountain, Roughrider and Christie Lake Projects.
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.
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. 80 Table of Contents Results of Operations For Fiscal 2025, we recorded sales and service revenue of $66.84 million and realized gross profit of $24.48 million.
(“URC”) of $425, $654 and $3,973, respectively, as a result of URC issuing more shares from its equity financings, which decreased our ownership interest in URC to 14.8% at July 31, 2024, from 14.9% at July 31, 2023 and from 15.5% at July 31, 2022.
(“URC”; TSX: URC, NASDAQ: UROY) as a result of URC issuing more shares from its equity financing and exercises of warrants and/or stock options, which decreased our ownership interest in URC to 13.5% at July 31, 2025, from 14.8% at July 31, 2024, from 14.9% at July 31, 2023 and from 15.5% at July 31, 2022.
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 event that occurred in Japan in March 2011, were to occur, continuing public support of nuclear power as a viable source of electricity generation may be adversely affected, which may result in significant and adverse effects on both the nuclear and uranium industries.
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 event that occurred in Japan in March 2011, were to occur, continuing public support of nuclear power as a viable source of electricity generation may be adversely affected, which may result in significant and adverse effects on both the nuclear and uranium industries. 85 Table of Contents We believe our existing cash resources, and if necessary, cash generated from the sale of the Company’s liquid assets, will provide sufficient funds to carry out our planned operations for 12 months from the date that this Annual Report is issued.
Impairment of Long-lived Assets Long-lived assets including mineral rights and property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset or asset group may not be recoverable.
Any adjustment that arises from information obtained that did not exist as of the date of the acquisition will be recorded in the period the adjustments arises. 89 Table of Contents Impairment of Long-lived Assets Long-lived assets including mineral rights and property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset or asset group may not be recoverable.
The increase in salaries and managements fee in Fiscal 2023 from Fiscal 2022 was primarily due to the corporate-wide salary increase and the acquisition of UEX. ● during Fiscal 2024, office, investor relations, communications, insurance and travel expenses totaled $5,807, compared to $6,801 during Fiscal 2023, which was primarily the result of decreases in corporate development, investor relations and travel expenses.
The increase in salaries and managements fee in Fiscal 2024 from Fiscal 2023 was primarily due to corporate-wide salary increases and the acquisition of UEX; ● During Fiscal 2025, office, investor relations, communications, insurance and travel expenses totaled $7.00 million, compared to $5.81 million during Fiscal 2024, primarily due to increased business activities and the expansion of our operations, and compared to $6.80 million in Fiscal 2023.
We have not established proven or probable reserves through the completion of a final or bankable feasibility study for any of the mineral projects we operate. We have established the existence of mineralized materials for certain uranium projects, including our ISR Mines.
We have not established proven or probable reserves, as defined by S-K 1300, through the completion of a “final” or “bankable” feasibility study for any of the uranium projects we operate, including our ISR Mines.
As at July 31, 2024, the Company had 5,053,196 in-the-money stock options outstanding at a weighted-average exercise price of $2.62 per share and 1,265,319 in-the-money share purchase warrants outstanding at a weighted-average exercise price of $3.42 per share.
As at July 31, 2025, the Company had 4,527,875 in-the-money stock options outstanding at a weighted-average exercise price of $2.62 per share and 159,091 in-the-money share purchase warrants outstanding at a weighted-average exercise price of $4.13 per share.
Key Issues With the completion of the U1A Acquisition in December 2021, we expanded our footprint in Wyoming with our Wyoming hub-and-spoke operations. The acquisition of UEX in August 2022, and the acquisition of Roughrider Mineral Holdings Inc. in October 2022, further expanded our footprint in Canada and, in particular, the Athabasca Basin in Saskatchewan.
The acquisition of UEX in August 2022 and the acquisition of Roughrider Mineral Holdings Inc. in October 2022 further expanded our footprints in Canada and, in particular, the Athabasca Basin in Saskatchewan.
The positive cash flow was primarily driven by the gross profit of $49,670, a decrease in our inventory balance of $60,363 and was partially offset by operating expenditures such as mineral property expenditures and G&A expenses. During Fiscal 2022, net cash used in operating activities totaled $52,987, of which $37,206 was for purchases of uranium concentrates.
The positive cash flow was primarily driven by the gross profit of $49.67 million, a decrease in our inventory balance of $60.36 million and was partially offset by operating expenditures such as mineral property expenditures and G&A expenses.
The exercise of these stock options and share purchase warrants is at the discretion of their respective holders and, accordingly, there is no assurance that any of these stock options or share purchase warrants will be exercised in the future. 110 Table of Contents Plan of Operations We restarted extracting uranium at Christensen Ranch Mine in August 2024 and expect first shipment of yellowcake in November or December 2024.
The exercise of these stock options and share purchase warrants is at the discretion of their respective holders and, accordingly, there is no assurance that any of these stock options or share purchase warrants will be exercised in the future.
We have yet to achieve consistent profitability or develop consistent positive cash flow from operations. In recent years, we also rely on cash flows generated from the sales of our purchased uranium concentrates to fund our operations.
Currently, we also rely on cash flows generated from the sales of our purchased uranium concentrates to fund our operations.
The cost valuation method is based on the replacement cost of a comparable asset at the time of the acquisition adjusted for depreciation and economic and functional obsolescence of the asset (the “cost valuation method”).
The market valuation method uses prices paid for a similar asset by other purchasers in the market, normalized for any differences between the assets. The cost valuation method is based on the replacement cost of a comparable asset at the time of the acquisition adjusted for depreciation and economic and functional obsolescence of the asset.
We recorded a net loss of $29,221 ($0.07 per share) for Fiscal 2024 and $3,307 ($0.01 per share) for Fiscal 2023, respectively, while we recorded a net income of $5,252 ($0.02 per share) for Fiscal 2022. Income (loss) from operations during Fiscal 2024, Fiscal 2023 and Fiscal 2022 was $(56,402), $8,867 and $(22,710), respectively.
We recorded a net loss of $87.66 million ($0.20 per share) for Fiscal 2025, $29.22 ($0.07 per share) for Fiscal 2024, and $3.31 million ($0.01 per share) for Fiscal 2023. Income (loss) from operations during Fiscal 2025, Fiscal 2024 and Fiscal 2023 were $(73.32) million, $(56.40) million and $8.87 million, respectively.
Any capitalized costs, such as expenditures relating to the acquisition of mineral rights, are depleted over the estimated extraction life using the straight-line method.
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.
During Fiscal 2023, professional fees totaled $2,609, compared to $1,387 in Fiscal 2022. Professional fees are comprised primarily of legal services related to transactional activities, regulatory compliance and for audit, accounting and tax compliance services.
Professional fees are comprised primarily of legal services related to regulatory compliance and legal affairs, and for audit, accounting and tax compliance services.
The following table provides the nature of mineral property expenditures during the past three fiscal years: Year Ended July 31, 2024 2023 2022 Permitting and compliance $ 1,895 $ 396 $ 676 Property maintenance 3,986 3,608 2,635 Exploration 14,669 9,308 2,582 Development 6,650 1,749 1,995 Production readiness 5,183 3,559 2,266 Total $ 32,383 $ 18,620 $ 10,154 106 Table of Contents During Fiscal 2024, the exploration expenditures, such as drilling and preliminary economic assessments, were primarily spent on the following projects: ● Roughrider Project: $6,317 (Fiscal 2023: $1,287, Fiscal 2022: $ n il); ● Buke Hollow Project: $5,230 (Fiscal 2023: $3,107, Fiscal 2022: $1,105); and ● Christensen Ranch Mine: $1,060 (Fiscal 2023: $470, Fiscal 2022: $ n il).
Operating Costs Mineral Property Expenditures Mineral property expenditures primarily consisted of costs relating to permitting, property maintenance, exploration and pre-extraction activities and other non-extraction related activities on our mineral projects. 81 Table of Contents The following table provides the nature of mineral property expenditures during the past three fiscal years: Year Ended July 31, 2025 2024 2023 Permitting and compliance $ 1,167 $ 1,895 $ 396 Property maintenance 4,974 3,986 3,608 Exploration 11,140 14,669 9,308 Development 33,891 6,650 1,749 Production readiness 14,892 5,183 3,559 Total $ 66,064 $ 32,383 $ 18,620 During Fiscal 2025, the exploration expenditures, such as drilling and preliminary economic assessments, were primarily spent on the following projects: ● Roughrider Project: $5.68 million (compared to Fiscal 2024: $6.32 million, Fiscal 2023: $1.29 million, respectively); and ● Burke Hollow Project: $2.86 million (compared to Fiscal 2024: $5.23 million, Fiscal 2023: $3.11 million, respectively).
As a result, the Company’s reportable segments have been changed from one reportable segment to the following: ● Mining segments o Wyoming o Texas o Saskatchewan o Others ● Corporate and admin segment We utilize ISR mining for our uranium projects where possible which we believe, when compared to conventional open pit or underground mining, requires lower capital and operating expenditures with a shorter lead time to extraction and a reduced impact on the environment.
We utilize ISR mining for our uranium projects where possible which we believe, when compared to conventional open pit or underground mining, requires lower capital and operating expenditures with a shorter lead time to extraction and a reduced impact on the environment. At July 31, 2025, we had no uranium supply or off-take agreements in place.
We have a history of operating losses resulting in an accumulated deficit balance since inception. Although we recorded net income in Fiscal 2022, we recorded net losses in Fiscal 2024 and all prior years, and we had an accumulated deficit balance of $318,901 as at July 31, 2024. During Fiscal 2024, net cash used in operating activities totaled $106,487.
As at July 31, 2025, we had a working capital of $207.58 million. We have a history of operating losses resulting in an accumulated deficit balance since inception. We had an accumulated deficit balance of $406.56 million as at July 31, 2025. During Fiscal 2025, net cash used in operating activities totaled $64.46 million.
During Fiscal 2022, net cash provided from financing activities totaled $157,266, primarily from net cash of $163,755 from the 2021 ATM Offerings and $4,259 from the exercises of stock options and share purchase warrants, offset by the payments of $557 for tax withholding amounts related to the issuance of RSU and PRSU shares, the principal payment of $10,000 to our remaining lender under our then Credit Facility and $191 for a promissory note.
Financing Activities During Fiscal 2025, net cash provided from financing activities totaled $284.84 million, from net cash of $287.51 million from our 2022 ATM Offering and 2024 ATM Offering, and the exercises of stock options and share purchase warrants, offset by payments of $2.67 million for tax withholding amounts related to the issuance of options, RSU and PRSU shares.
During Fiscal 2022, we issued 47,507,536 shares of the Company’s common stock under our ATM Offerings for gross cash proceeds of $167,588. The total issuance costs were $3,833, which includes compensation of $3,774 paid to the ATM Managers. During Fiscal 2023, we issued 15,171,253 shares of the Company’s common stock under our ATM Offerings for gross cash proceeds of $59,816.
The total issuance costs were $3.86 million, all of which was related to compensation paid to the ATM Managers. During Fiscal 2025, we issued 41,764,036 shares of the Company’s common stock under the 2022 ATM Offering and 2024 ATM Offering for gross cash proceeds of $292.35 million.
During Fiscal 2023, net cash used for investing activities totaled $124,780, comprised of net cash used for the acquisition of the Roughrider Project of $82,117, cash used for investment in equity securities of $47,192, capital contributions to JCU of $1,415, cash used for investment in mineral rights and properties of $101 and cash used for the purchase of property, plant and equipment of $555, offset by cash received as a result of the acquisition of UEX of $1,984 and $26 from the disposition of assets.
During Fiscal 2023, net cash used for investing activities totaled $124.78 million, primarily comprised of net cash used for the acquisition of the Roughrider Project of $82.12 million, investment in equity securities of $47.19 million, capital contributions to JCU of $1.42 million, investment in mineral rights and properties of $0.10 million and the purchase of property, plant and equipment of $0.56 million, offset by cash received as a result of the acquisition of UEX of $1.98 million. 87 Table of Contents Stock Options and Warrants As at July 31, 2025, the Company had 4,594,207 stock options outstanding at a weighted-average exercise price of $2.71 per share, and 159,091 share purchase warrants outstanding at a weighted-average exercise price of $4.13 per share.
Results of Operations During Fiscal 2024, we recorded sales and service revenue of $224 and realized gross profit of $37. For Fiscal 2023, we recorded sales and service revenue of $164,389 and realized gross profit of $49,670. For Fiscal 2022, we recorded sales and service revenue of $23,161 and realized gross profit of $7,293.
For Fiscal 2024, we recorded sales and service revenue of $0.22 million and realized gross profit of $0.04 million. For Fiscal 2023, we recorded sales and service revenue of $164.39 million and realized gross profit of $49.67 million.
During Fiscal 2024, the production readiness expenditures were primarily spent on the following projects: ● Palangana Mine: $1,269 (Fiscal 2023: $905, Fiscal 2022: $505); and ● Christensen Ranch Mine: $2,900 (Fiscal 2023: $1,799, Fiscal 2022: $225).
During Fiscal 2025, the production readiness expenditures were primarily spent on the following projects: ● Christensen Ranch Mine: $10.66 million (compared to Fiscal 2024: $2.90 million, Fiscal 2023: $1.80 million, respectively); ● Irigaray CPP: $2.29 million (compared to Fiscal 2024: $0.45 million, Fiscal 2023: $0.27 million, respectively); and ● Palangana Mine: $0.86 (compared to Fiscal 2024: $1.27 million, Fiscal 2023: $0.91 million, respectively).
General and Administrative During Fiscal 2024, general and administrative (“G&A”) expenses totaled $21,873, compared to $20,064 in Fiscal 2023 and $15,026 in Fiscal 2022.
General and Administrative During Fiscal 2025, general and administrative (“ G&A ”) expenses totaled $27.26 million, compared to $21.87 million in Fiscal 2024 and $20.06 million in Fiscal 2023.
The table below provides a breakdown of sales and service revenue and cost of sales and services: Year Ended July 31, 2024 2023 2022 Sales of purchased uranium inventory $ - $ 163,950 $ 22,946 Revenue from toll processing services 224 439 215 Total sales and service revenue $ 224 $ 164,389 $ 23,161 Cost of purchased uranium inventory $ - $ (114,353 ) $ (15,689 ) Cost of toll processing services (187 ) (366 ) (179 ) Total cost of sales and services $ (187 ) $ (114,719 ) $ (15,868 ) Operating Costs Mineral Property Expenditures Mineral property expenditures consisted of expenditures relating to permitting, property maintenance, exploration and pre-extraction activities and all other non-extraction related activities on our mineral projects.
Sales and Service Revenue The table below provides a breakdown of our sales and service revenue and cost of sales and services: Year Ended July 31, 2025 2024 2023 Sales of purchased uranium inventory $ 66,837 $ - $ 163,950 Revenue from toll processing services - 224 439 Total sales and service revenue $ 66,837 $ 224 $ 164,389 Cost of purchased uranium inventory $ (42,360 ) $ - $ (114,353 ) Cost of toll processing services - (187 ) (366 ) Total cost of sales and services $ (42,360 ) $ (187 ) $ (114,719 ) During Fiscal 2025, we generated revenue of $66.84 million and achieved a gross profit of $24.48 million from sales of purchased uranium inventory.
Depreciation, amortization and accretion includes depreciation and amortization of long-term assets acquired in the normal course of operations and accretion of asset retirement obligations. 107 Table of Contents Other Income and Expenses Interest and Finance Costs Interest and finance costs were comprised of the following: Year Ended July 31, 2024 2023 2022 Interest paid on long-term debt $ - $ - $ 409 Amortization of debt discount - - 525 Surety bond premium 772 760 539 Other 55 45 46 Total $ 827 $ 805 $ 1,519 During Fiscal 2024, surety bond premium was $772 compared to $760 during Fiscal 2023 and $539 during Fiscal 2022.
Other Income and Expenses Interest and Finance Costs Interest and finance costs were comprised of the following: Year Ended July 31, 2025 2024 2023 Surety bond premium $ 1,400 $ 772 $ 760 Other 46 55 45 Total $ 1,446 $ 827 $ 805 83 Table of Contents The surety bond premiums resulted from the surety bonds related to our uranium mines and projects.
An application to increase the licensed capacity of the Irigaray CPP from the 2.5 million pounds of U 3 O 8 per year to 4.0 million pounds of U 3 O 8 per year was submitted to the WDEQ in November 2023; and approval is expected later in 2024.
On October 16, 2024, we received approval from the WDEQ Quality, Uranium Recovery Program, to increase the licensed production capacity at the Irigaray CPP to 4.0 million pounds of U 3 O 8 annually.
Refer to Note 19: Fair Value Gain (Loss) on Equity Securities of the Consolidated Financial Statements for the year ended July 31, 2024 contained herein. 108 Table of Contents Liquidity and Capital Resources July 31, 2024 July 31, 2023 Cash and cash equivalents $ 87,533 $ 45,614 Current assets 235,244 55,205 Current liabilities 29,222 12,194 Working capital 206,022 43,011 During Fiscal 2024, we received net proceeds of $176,708 from equity financing and from exercises of stock options and share purchase warrants.
Liquidity and Capital Resources July 31, 2025 July 31, 2024 Cash and cash equivalents $ 148,930 $ 87,533 Current assets 234,016 235,244 Current liabilities 26,433 29,222 Working capital 207,583 206,022 During Fiscal 2025, we received net proceeds of $287.51 million from at-the-market offerings and from exercises of stock options and share purchase warrants.
During Fiscal 2023, office, filing and listing fees, insurance, corporate development, investor relations and travel expenses totaled $6,801, compared to $4,501 during Fiscal 2022, which was primarily the result of increases in expenses due to the inclusion of our Wyoming and Canadian projects. ● during Fiscal 2024, professional fees totaled $3,340, compared to $2,609 in Fiscal 2023.
The decrease in these expenses in Fiscal 2024 compared to Fiscal 2023 was mainly attributable to lower corporate development, investor relations and travel expenses; ● During Fiscal 2025, professional fees totaled $4.39 million, compared to $3.34 million in Fiscal 2024 and $2.61 million in Fiscal 2023.
Since we commenced uranium extraction at our ISR Mines without having established proven or probable reserves, there may be greater inherent uncertainty as to whether or not any mineralized material can be economically extracted as originally planned and anticipated.
Since we commenced extraction of mineralized materials at some of 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.
During Fiscal 2022, net cash used for investing activities totaled $110,843, comprised of net cash used in the U1A Acquisition of $113,588, cash used in investment in equity securities of $15,215, cash used for investment in mineral rights and properties of $590 and cash used for the purchase of property, plant and equipment of $620, offset by cash proceeds of $9,980 from sales of equity securities, $9,171 from recovery of the Anfield Debt receivable and $19 from the disposition of assets.
Investing Activities During Fiscal 2025, net cash used for investing activities totaled $157.03 million, primarily comprised of cash used for the acquisition of Sweetwater Assets of $179.60 million, purchase of property, plant and equipment of $5.48 million, the purchase of equity securities and an additional interest in Anfield for a total of $25.70 million, capital contributions to JCU of $0.54 million, investment in mineral rights and properties of $0.22 million, partially offset by cash proceeds of $54.44 million from the sale of equity securities.
During Fiscal 2023, depreciation, amortization and accretion totaled $2,007, which increased by $628 compared to $1,379 during Fiscal 2022, primarily due to a full-year depreciation of our plant and equipment acquired from the U1A Acquisition compared to seven months of depreciation in Fiscal 2022.
Depreciation, Amortization and Accretion During Fiscal 2025, depreciation, amortization and accretion totaled $4.47 million, compared to $2.18 million during Fiscal 2024 and $2.01 million during Fiscal 2023. The increase in Fiscal 2025 was primarily due to the increase of property, plant and equipment and asset retirement obligations from the Sweetwater Acquisition.
During Fiscal 2024, Fiscal 2023 and Fiscal 2022, we recorded a share of URC’s income of $2,032, $414 and $153, respectively. During Fiscal 2024 and Fiscal 2023, we also recorded a share of JCU’s loss of $1,440 and $2,062, respectively, since the acquisition of UEX which owns 50% of JCU.
During Fiscal 2025, Fiscal 2024 and Fiscal 2023, we recorded a share of URC’s income (loss) of $(0.27) million, $2.03 million and $0.41 million, respectively. The remaining share of loss during these periods was attributable to JCU.
In addition, we recorded revenue from toll processing services of $224 in Fiscal 2024, which was generated from processing uranium resins according to a toll processing agreement resulting from the U1A Acquisition, compared to $439 in Fiscal 2023 and $215 in Fiscal 2022.
Revenue from toll processing services is related to a toll processing agreement which was terminated in Fiscal 2024.
Office lease agreements for the U.S. and Canada expire between July 2026 and November 2029. 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.
Material Contractual Obligations and Commitments As at July 31, 2025, significant payment obligations of the Company over the next five years and beyond are as follows: Payment Due by Period Contractual Obligations Total Less Than 1 Year 1-3 Years 3-5 Years More Than 5 Years Asset Retirement Obligations $ 88,669 $ 5,160 $ 4,702 $ 8,579 $ 70,228 Operating Lease Obligations 2,304 491 731 294 788 Uranium Inventory Purchase Obligations 11,114 11,114 - - - Total $ 102,087 $ 16,765 $ 5,433 $ 8,873 $ 71,016 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.
Removed
During the fourth quarter of Fiscal 2024, we revised the financial information which our Chief Executive Officer, who is our chief operating decision maker ("CODM"), uses to evaluate performance and allocate resources.

… 107 more changes not shown on this page.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

3 edited+0 added−1 removed6 unchanged
Uranium Price Risk We are subject to market risk related to the market price of uranium. As at July 31, 2024, we had no uranium supply or off-take agreements in place.
Uranium Price Risk We are subject to market risk related to the market price of uranium. As at July 31, 2025, we had no uranium supply or off-take agreements in place.
Movements in the price of these equity securities have been volatile in the past and may continue to be volatile in the future. With all other variables held constant, the Company's loss before income taxes would decrease or increase by $7,526 if the price of these equity securities increase or decrease by 10%.
Movements in the price of these equity securities have been volatile in the past and may continue to be volatile in the future. With all other variables held constant, the Company's loss before income taxes would decrease or increase by $2.85 million if the price of these equity securities increase or decrease by 10%.
We do not use derivative financial instruments for speculative trading purposes, nor do we hedge our foreign currency exposure to manage our foreign currency fluctuation risk. Country Risk We are subject to market risk related to our operations in foreign jurisdictions. We hold two significant uranium projects and one significant titanium project in Paraguay.
We do not use derivative financial instruments for speculative trading purposes, nor do we hedge our foreign currency exposure to manage our foreign currency fluctuation risk.
Removed
Operations in foreign jurisdictions outside of the U.S. and Canada, especially in developing countries, may be subject to additional risks as they may have different political, regulatory, taxation, economic and cultural environments that may adversely affect the value or continued viability of our rights.

Other UEC 10-K year-over-year comparisons