URANIUM ENERGY CORP

Previous wording

The following management’s discussion and analysis of the Company’s financial condition and results of operations (the“MD&A”) contain forward-looking statements that involve risks, uncertainties and assumptions including, among others, statements regarding our capital needs, business plans and expectations. * In evaluating these statements you should consider various factors, including the risks, uncertainties and assumptions set forth in reports and other documents we have filed with or furnished to the SEC and, including, without limitation, this Form 10-Q Quarterly Report for the six months ended January 31, 2025, and our Form 10-K Annual Report for Fiscal 2024, including the consolidated financial statements and related notes contained therein.* * These factors, or any one of them, may cause our actual results or actions in the future to differ materially from any forward-looking statement made in this Quarterly Report.* * Refer to*“Cautionary Note Regarding*** *Forward-looking Statements” as disclosed in our Form 10-K Annual Report for Fiscal 2024, and Item 1A, Risk Factors, under Part II - Other Information, of this Quarterly Report.

Current wording

The following management’s discussion and analysis of the Company’s financial condition and results of operations (the“MD&A”) contain forward-looking statements that involve risks, uncertainties and assumptions including, among others, statements regarding our capital needs, business plans and expectations. * In evaluating these statements you should consider various factors, including the risks, uncertainties and assumptions set forth in reports and other documents we have filed with or furnished to the SEC and, including, without limitation, this Form 10-Q Quarterly Report for the nine months ended April 30, 2025, and our Form 10-K Annual Report for Fiscal 2024, including the consolidated financial statements and related notes contained therein.* * These factors, or any one of them, may cause our actual results or actions in the future to differ materially from any forward-looking statement made in this Quarterly Report.* * Refer to*“Cautionary Note Regarding*** *Forward-looking Statements” as disclosed in our Form 10-K Annual Report for Fiscal 2024, and Item 1A, Risk Factors, under Part II - Other Information, of this Quarterly Report.

Previous wording

This MD&A is focused on material changes in our financial condition from July 31, 2024, our most recently completed year end, to January 31, 2025, and our results of operations for the three and six months ended January 31, 2025, and should be read in conjunction with Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, as contained in our Form 10-K Annual Report for Fiscal 2024.

Current wording

This MD&A is focused on material changes in our financial condition from July 31, 2024, our most recently completed year end, to April 30, 2025, and our results of operations for the three and nine months ended April 30, 2025, and should be read in conjunction with Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, as contained in our Form 10-K Annual Report for Fiscal 2024.

Previous wording

Uranium recovered from the Christensen Ranch Mine ISR Project will be processed at our Irigaray central processing plant (“CPP”). 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 Ludemanp rojects. On October 16, 2024, we received approval from the Wyoming Department of Environmental 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.

Current wording

Uranium recovered from the Christensen Ranch Mine ISR operation will be processed at our Irigaray central processing plant (“CPP”). 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 Ludemanp rojects. On October 16, 2024, we received approval from the Wyoming Department of Environmental 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.

Previous wording

On January 15, 2025, we completed the acquisition of 107,142,857 common shares (again, the Anfield Shares) of Anfield Energy Inc. (again Anfield) (TSX-V: AEC) for total consideration of $10.5 million ($15 million Canadian dollars) pursuant to a subscription agreement between the Company and Anfield, whereby the Company subscribed for the Anfield Shares at a price of $0.14 per share (Canadian dollars). Immediately after the acquisition, the Company had beneficial ownership, and control and direction over, a total of 203,415,775 Anfield Shares, representing approximately 17.8% of the outstanding Anfield Shares on a non-diluted basis and approximately 24.2% of the outstanding Anfield Shares on a partially diluted basis after assuming the exercise of all warrants held by the Company. The Anfield Shares were acquired by the Company for investment purposes. We will continue to monitor the business, prospects, financial condition and potential capital requirements of Anfield.

Current wording

On January 15, 2025, we completed the acquisition of 107,142,857 common shares (again, the Anfield Shares) of Anfield Energy Inc. (again Anfield) (TSX-V: AEC) for total consideration of $10.46 million ($15 million Canadian dollars) pursuant to a subscription agreement between the Company and Anfield, whereby the Company subscribed for the Anfield Shares at a price of $0.14 per share (Canadian dollars). Immediately after the acquisition, the Company had beneficial ownership, and control and direction over, a total of 203,415,775 Anfield Shares, representing approximately 17.8% of the outstanding Anfield Shares on a non-diluted basis and approximately 24.2% of the outstanding Anfield Shares on a diluted basis after assuming the exercise of all warrants held by the Company. The Anfield Shares were acquired by the Company for investment purposes. During the three months ended April 30, 2025, the Company entered into an indemnification support agreement with Anfield, whereby the Company provides an indemnity of $3 million in favour of Anfield for its surety bond and, in return, obtains the right to nominate members to Anfield’s board of directors in proportion to the Company’s ownership of outstanding Anfield Shares. The indemnity can be canceled by the Company upon the delivery of 30 day’s written notice. We will continue to monitor the business, prospects, financial condition and potential capital requirements of Anfield.

Previous wording

Our operations are capital intensive, and we will require significant additional financing to continue with our exploration, pre-extraction and extraction activities and acquire additional uranium projects. 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. However, we have yet to achieve consistent profitability or develop consistent positive cash flow from operations. Our reliance on equity 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. We may also be required to seek other forms of financing, such as asset divestitures or additional joint venture arrangements, to continue advancing our uranium 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. 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 inability to obtain additional financing would have a negative impact on our operations, including delays, curtailment or abandonment of any one or all of our uranium projects.

Current wording

Our operations are capital intensive, and we will require significant additional financing to continue with our exploration, pre-extraction and extraction activities and acquire additional uranium projects. 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. However, we have yet to achieve consistent profitability or develop consistent positive cash flow from operations. Our reliance on equity financings is expected to continue for the foreseeable future. The availability of such additional financing, when 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. We may also be required to seek other forms of financing, such as asset divestitures or additional joint venture arrangements, to continue advancing our uranium 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. 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 inability to obtain additional financing would have a negative impact on our operations, including delays, curtailment or abandonment of any one or all of our uranium projects.

Previous wording

The uranium market is currently being driven by a macro demand for more electricity generation, an unprecedented global push for clean energy, geopolitical situations and under investment among other factors. McKinsey & Company noted that global electricity demand is expected to more than double from 25,000 terawatt-hours (TWh) to between 52,000 and 71,000 TWh by 2050, due to the growth in emerging markets’ energy needs and electrification across the economy. The DOE projects that electricity demand in the U.S. will grow 15–20% in the next decade and double by 2050. This includes artificial intelligence growth and demand to power data centers that is expected to consume approximately 6.7% to 12% of total U.S. electricity by 2028. The DOE notes that total data center electricity usage climbed from 58 TWh in 2014 to 176 TWh in 2023 and estimates an increase between 325 to 580 TWh by 2028.

Current wording

The uranium market is being driven by a macro demand for more electricity generation, an unprecedented global push for clean energy, geopolitical situations and under investment among other factors. McKinsey & Company noted that global electricity demand is expected to more than double from 25,000 terawatt-hours (TWh) to between 52,000 and 71,000 TWh by 2050, due to the growth in emerging markets’ energy needs and electrification across the economy. An April 2025 study from the National Electrical Manufacturers Association projects that electricity demand in the U.S. will see a 50% increase by 2050. This includes expectations that artificial intelligence growth and demand to power data centers will increase by 30% over the next ten years.

Previous wording

There is a growing realization that the highly reliable, safe, baseload power nuclear energy provides should be a part of any clean energy platform. Governments around the globe are also pursuing strategies to increase energy independence for national security interests that dovetail well with nuclear power as a key component in their energy mix.

Current wording

There is a growing realization that the highly reliable, safe, economical baseload power nuclear energy provides should be a part of any clean energy platform. Governments around the globe are also pursuing strategies to increase energy independence for national security interests that dovetail well with nuclear power as a key component in their energy mix. Certainly, the May 2025 Executive Orders (“EOs”) designed to reinvigorate nuclear power in the U.S. issued by the Trump Administration support this theme. Countries that have been less than enthusiastic about nuclear energy are reversing attitudes and advancing programs to include or extend the generation of electricity produced from nuclear power.

Previous wording

In the U.S., several pieces of bipartisan legislation have passed in recent years supporting nuclear development and expansion, including theNuclear Fuel Security Act, Advance Act, and the Inflation Reduction Act. In combination, these bills and others likeThe Prohibiting Russian Uranium Imports Act will help rebuild and restore a robust domestic fuel cycle in the U.S. The new Trump Administration is also firmly behind nuclear energy with priority actions stating, “unleash commercial nuclear power in the U.S.” and “strengthen grid reliability and security.”(Source: Energy.Gov - Secretary Wright Acts to Unleash Golden Era of American Energy Dominance, February 5, 2025).

Current wording

In the U.S., several pieces of unprecedented bipartisan legislation have passed in recent years supporting nuclear development and expansion, including the Nuclear Fuel Security Act, Advance Act, and the Inflation Reduction Act. In combination, these bills and others like The Prohibiting Russian Uranium Imports Act and the EOs will help rebuild and restore a robust domestic fuel cycle in the U.S. The new Trump Administration is also firmly behind nuclear energy with priority actions stating, “unleash commercial nuclear power in the U.S.” and “strengthen grid reliability and security.” (Source: Energy.Gov - Secretary Wright Acts to Unleash Golden Era of American Energy Dominance, February 5, 2025). The DOE has called for a significant expansion of nuclear energy capacity from 97 GWe to 300 GWe by 2050. On May 23, 2025, President Trump signed the EOs that include a policy objective to quadruple U.S. nuclear energy generation capacity by 2050.

Previous wording

New capacity gains are anticipated to come from multiple sources, including building new nuclear power plants, uprating existing reactors, and restarting some retired reactors. Large U.S. technology companies like Microsoft, Meta, Google, Oracle and Amazon have jumped on the nuclear wagon for their data center energy demand with large investments in their pursuit of clean, reliable power that nuclear provides.

Current wording

Generating capacity gains are anticipated to come from multiple sources, including building new nuclear power plants, uprating existing reactors, and restarting retired reactors that meet appropriate safety and economic criteria. Large U.S. technology companies like Microsoft, Meta, Google, Oracle and Amazon are making significant nuclear energy commitment for their data center energy demand with large investments in the clean, affordable and reliable power that nuclear energy provides.

Previous wording

Over the past few years, global uranium market fundamentals have improved as the market began a transition from being inventory driven to a production driven. The spot market bottomed out in November 2016 at about $17.75 per pound U 3 O 8, but has since shown appreciation, reaching a high in 2024 of $107.00 per pound U 3 O 8. Since that time the spot uranium market has been in a pullback reaching a low of $66.50 per pound on February 28, 2025. During the three and twelve months ended, January 31, 2025, uranium prices averaged $74.98 and $83.98 per pound U 3 O 8, respectively. The period including November 2024 through January 2025 was marked by continued spot price fluctuations between $82.00 and $67.30 per pound U 3 O 8 (all pricing information is sourced from UxC LLC Historical Ux Daily Prices).

Current wording

Global uranium market fundamentals have improved in recent years as the market began a transition from being inventory driven to production driven. The spot market bottomed out in November 2016 at about $17.75 per pound U 3 O 8, but has since shown appreciation, reaching a high in 2024 of $107.00 per pound U 3 O 8. Since that time the spot uranium market has seen a pullback reaching a low of $63.45 per pound U 3 O 8 on March 17, 2025 before starting a rebound move that has since carried the spot market back above $70.00 per pound U 3 O 8 in May 2025. During the three and nine months ended, April 30, 2025, uranium prices averaged $65.53 and $74.38 per pound U 3 O 8, respectively. The period including November 2024 through April 2025 was marked by continued spot price fluctuations between $82.00 and $63.45 per pound U 3 O 8 (all pricing information is sourced from UxC LLC Historical Ux Daily Prices). Reinforcing the strength of the longer-term market fundamentals, UxC LLC long term prices have remained constant at $80.00 per pound U 3 O 8 in all of 2025 through the month of April.

Previous wording

Underinvestment in uranium mining operations over the past decade has been a major factor contributing to a structural deficit that is apparent between global production and uranium requirements. Reduced production from existing uranium mines has also been a contributing factor with some large producers cutting back and/or unable to reach previously planned production levels. In 2025 and 2026 the mid-case gap between production and requirements is projected to be more than 43 million pounds of U 3 O 8, and by 2035 accumulates to a total near 380 million pounds of U 3 O 8 (UxC 2024 Q4 Uranium Market Outlook). For context, the U.S. utilities purchased 51.6 million pounds of U 3 O 8 in 2023 (Source: 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. 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 demand. The timeline for new mining projects can be 10 years or longer and will require prices high enough to stimulate new mining investments.

Current wording

Underinvestment in uranium mining operations over the past decade has been a major factor contributing to a structural deficit that is apparent between global production and uranium requirements. Reduced production from existing uranium mines has also been a contributing factor with some large producers cutting back and/or unable to reach previously planned production levels. In 2025 and 2026 the mid-case gap between production and requirements is projected to be more than 54 million pounds of U 3 O 8, and by 2035 accumulates to a total near 336 million pounds of U 3 O 8 (Source: UxC 2025 Q1 Uranium Market Outlook). For context, the U.S. utilities purchased 51.6 million pounds of U 3 O 8 in 2023 (Source: 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. 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 demand. The timeline for new mining projects can be 10 years or longer and will require prices high enough to stimulate new mining investments.

Previous wording

As a result of the instability and assurance of supply risks, U.S. and European utilities are shifting supply focus to production from areas of low geopolitical risk. The recent White House executive order Establishing “The National Energy Dominance Council” noted one of the objectives is to “reduce dependency on foreign imports” for America’s “national security” and recognized uranium as an ‘amazing national asset’ (Source: The White House News & Update, February 14, 2025).

Current wording

The White House's Executive Order establishing “The National Energy Dominance Council” noted one of the objectives is to “reduce dependency on foreign imports” for America’s “national security” and recognized uranium as an ‘amazing national asset’ (Source: The White House News & Update, February 14, 2025). Critical minerals, including uranium are also receiving additional scrutiny as mandated by the Trump Administration’s Executive Order initiating a new 232 investigation to ensure imports are not in such quantities or circumstances as to threaten or impair national security and or economic resilience. This action being performed by the Department of Commerce could potentially lead to tariffs or other import restrictions on foreign uranium to bolster domestic production.

Previous wording

On the demand side, the global nuclear energy industry continues robust growth, with 70 new reactors connected to the grid in 2014 through December of 2024, and with another 65 reactors under construction. In 2024, five new reactors were connected to the grid and four reactors were permanently shut down (Source: International Atomic Energy Association Power Reactor Information System – February 14, 2025). Total nuclear generating capacity for the world’s 439 operable reactors as of January 7, 2025, stands at 398 GWe (Source: World Nuclear Association). At the COP29 United Nations Climate Change Conference, six more countries joined the pledge to triple their nuclear capacity by 2050, bringing the total to 31 countries, further supporting additional growth for the nuclear industry and uranium demand.

Current wording

On the demand side, the global nuclear energy industry continues robust growth, with 68 new reactors connected to the grid in 2015 through March of 2025, with another 61 reactors under construction. In 2024, 6 new reactors were connected to the grid and 4 reactors were permanently shut down (Source: International Atomic Energy Association Power Reactor Information System – May 19, 2025). Total nuclear generating capacity for the world’s 439 operable reactors as of May 19, 2025 stands at 398 GWe (Source: World Nuclear Association). At least 31 countries have pledged to triple their nuclear capacity by 2050 further supporting additional growth for the nuclear industry and uranium demand. In addition, over 150 nuclear industry companies, 14 of the world’s largest banks like Citibank, Morgan Stanley and Goldman Sachs, and more recently, 15 large energy users such as Microsoft, Amazon and Google have all pledged to support this goal in their investments and commercial activities.

Previous wording

Additional upside market pressure is also occurring as utilities continue their return to a longer-term contracting cycle to replace expiring contracts. Cumulative uncommitted demand through 2035 is more than a billion pounds U 3 O 8 (Source: UxC Uranium Market Overview Q4 2024). This utility demand, along with that from financial entities, government programs, various producers, as well as the increasing interest in nuclear energy for data centers, are adding to the strong fundamentals supporting the uranium market.

Current wording

Additional upside market pressure is also occurring as utilities continue their return to a longer-term contracting cycle to replace expiring contracts. Cumulative uncommitted demand through 2035 is more than 950 million pounds U 3 O 8 (Source: UxC Uranium Market Overview Q1 2025). This utility demand, along with that from financial entities, government programs in the EOs, and various producers, as well as the increasing interest in nuclear energy for artificial intelligence data centers, are adding to the strong fundamentals supporting the uranium market.

Previous wording

For the three and six months ended January 31, 2025, we recorded revenue of $49.75 million and $66.84 million, and realized gross profit of $18.23 million and $24.48 million, respectively, which were all related to sales of purchased uranium inventory. For the three and six months ended January 31, 2024, we recorded revenue of $0.12 million and $0.22 million, and realized gross profit of $0.02 million and $0.04 million, respectively, which were all generated from toll processing services.

Current wording

For the three and nine months ended April 30, 2025, we recorded revenue of $0.00 million and $66.84 million, and realized gross profit of $0.00 million and $24.48 million, respectively, which were all related to sales of purchased uranium inventory. For the three and nine months ended April 30, 2024, we recorded revenue of $0.00 million and $0.22 million, and realized gross profit of $0.00 million and $0.04 million, respectively, which were all generated from toll processing services.

Previous wording

For the three and six months ended January 31, 2025, we recorded a net loss of $10.23 million ($0.02 per share) and $30.39 million ($0.07 per share), and loss from operations of $3.63 million and $16.84 million, respectively. During the three and six months ended January 31, 2024, we recorded net income of $2.25 million ($0.01 per share) and $5.57 million ($0.01 per share), and loss from operations of $12.12 million and $23.50 million, respectively.

Current wording

For the three and nine months ended April 30, 2025, we recorded a net loss of $30.21 million ($0.07 per share) and $60.60 million ($0.14 per share), and loss from operations of $23.46 million and $40.30 million, respectively. During the three and nine months ended April 30, 2024, we recorded net loss of $19.68 million ($0.05 per share) and $14.11 million ($0.04 per share), and loss from operations of $13.84 million and $37.35 million, respectively.

Previous wording

While we have commenced uranium extraction at Christensen Ranch in August 2024, we are still ramping up our mining activities during the three and six months ended January 31, 2025. We expect the ramp-up phase will continue while new production areas are being constructed and completed in 2025. 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.

Current wording

While we have commenced uranium extraction at our Christensen Ranch Mine in August 2024, we are still ramping up our mining activities during the three and nine months ended April 30, 2025. We expect the ramp-up phase will continue while new production areas are being constructed and completed in 2025. 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.

Previous wording

As of January 31, 2025, the carrying value of our inventories was $75.69 million (July 31, 2024: $75.83 million), of which purchased uranium concentrate inventories was $72.90 million (July 31, 2024: $75.44 million).

Current wording

As of April 30, 2025, the carrying value of our inventories was $76.36 million (July 31, 2024: $75.83 million), of which purchased uranium concentrate inventories was $72.90 million (July 31, 2024: $75.44 million).

Previous wording

During thethree and six months ended January 31, 2025, exploration expenditures, such as drilling and preliminary economic assessments, were primarily spent on the following projects:

Current wording

During thethree and nine months ended April 30, 2025, exploration expenditures, such as drilling and preliminary economic assessments, were primarily spent on the following projects:

Previous wording

During thethree and six months ended January 31, 2025, development expenditures were primarily spent on the following projects:

Current wording

During thethree and nine months ended April 30, 2025, development expenditures were primarily spent on the following projects:

Previous wording

During thethree and six months ended January 31, 2025, extraction readiness expenditures were primarily spent on the following projects:

Current wording

During thethree and nine months ended April 30, 2025, extraction readiness expenditures were primarily spent on the following projects:

Previous wording

During the three and six months ended January 31, 2025 and 2024, we recorded a gain on dilution of ownership interest in URC as a result of URC issuing more shares from its equity financing and exercises of warrants and/or stock options. As at January 31, 2025, we had a 13.5% equity interest in URC compared to a 14.8% equity interest as at July 31, 2024.

Current wording

During the three and nine months ended April 30, 2025 and 2024, we recorded a gain on dilution of ownership interest in URC as a result of URC issuing more shares from its equity financing and exercises of warrants and/or stock options. As at April 30, 2025, we had a 13.5% equity interest in URC compared to a 14.8% equity interest as at July 31, 2024.

Previous wording

During the three and six months ended January 31, 2025, we recorded a share of URC’s loss of $0.24 million and $0.30 million (three and six months ended January 31, 2024: income of $0.56 million and $1.88 million) and a share of JCU’s loss of $0.77 million and $1.19 million (three and six months ended January 31, 2024: $0.38 million and $0.66 million), respectively.

Current wording

During the three and nine months ended April 30, 2025, we recorded a share of URC’s loss of $0.15 million and $0.45 million (three and nine months ended April 30, 2024: income of $0.52 million and $2.40 million) and a share of JCU’s loss of $2.11 million and $3.30 million (three and nine months ended April 30, 2024: $0.42 million and $1.07 million), respectively.

Previous wording

As at January 31, 2025, our investments in certain equity securities were revalued using the market values at period end, which resulted in a fair value loss of $7.97 million and $18.32 million on revaluation of equity securities for the three and six months ended January 31, 2025 (three and six months ended January 31, 2024: gain of $20.08 million and $37.39 million), respectively.

Current wording

As at April 30, 2025, our investments in certain equity securities were revalued using the market values at period end, which resulted in a fair value loss of $4.27 million and $22.58 million on revaluation of equity securities for the three and nine months ended April 30, 2025 (three and nine months ended April 30, 2024: loss of $13.80 million and gain of $23.59 million), respectively.

Previous wording

In connection with the UEX Acquisition, we issued Replacements Warrants, which are accounted for as derivative liabilities as the exercise prices of the UEX warrants were denominated in Canadian dollars which differs from the functional currency of the Company. As at January 31, 2025, all Replacement Warrants had been either exercised or expired. A gain of $nil and $1.71 million on revaluation of derivative liabilities was recorded for the three and six months ended January 31, 2025 , respectively, due to the decrease in time value of the Replacement Warrants as they expired in the first quarter of Fiscal 2025. During the three and six months ended January 31, 2024, we recorded a loss on revaluation of derivative liabilities of $5.06 million and $11.96 million, respectively, primarily due to changes in our share price.

Current wording

In connection with the UEX Acquisition, we issued Replacements Warrants, which are accounted for as derivative liabilities as the exercise prices of the UEX warrants were denominated in Canadian dollars which differs from the functional currency of the Company. As at April 30, 2025, all Replacement Warrants had been either exercised or expired. A gain of $nil and $1.71 million on revaluation of derivative liabilities was recorded for the three and nine months ended April 30, 2025, respectively, due to the decrease in time value of the Replacement Warrants as they expired in the first quarter of Fiscal 2025. During the three and nine months ended April 30, 2024, we recorded a gain on revaluation of derivative liabilities of $2.07 million and a loss of $9.89 million, respectively, primarily due to changes in our share price.

Previous wording

During the three and six months ended January 31, 2025, interest income totaled $1.20 million and $2.33 million, compared to $0.35 million and $0.57 million for the three and six months ended January 31, 2024, respectively. The interest earned resulted from the investment of cash proceeds received from our 2022 ATM Offering and our 2024 ATM Offering (collectively, the “ATM Offerings”) and the sale of equity securities in short-term deposits.

Current wording

During the three and nine months ended April 30, 2025, interest income totaled $0.57 million and $2.90 million, compared to $0.99 million and $1.56 million for the three and nine months ended April 30, 2024, respectively. The interest earned resulted from the investment of cash proceeds received from our 2022 ATM Offering and our 2024 ATM Offering (collectively, the “ATM Offerings”) and the sale of equity securities in short-term deposits.

Previous wording

During the six months ended January 31, 2025, we received net proceeds of $135.29 million (six months ended January 31, 2024: $131.16 million) from our ATM Offerings and from exercises of stock options and share purchase warrants.

Current wording

During the nine months ended April 30, 2025, we received net proceeds of $168.03 million (nine months ended April 30, 2024: $160.24 million) from our ATM Offerings and from exercises of stock options and share purchase warrants.

Previous wording

Subsequent to January 31, 2025, we received additional net proceeds of $2.04 million under our 2024 ATM Offering.

Current wording

Subsequent to April 30, 2025, we received additional net proceeds of $54.82 million under our 2024 ATM Offering.

Previous wording

We have a history of operating losses resulting in an accumulated deficit balance since inception. We had an accumulated deficit balance of $349.29 million as at January 31, 2025. Furthermore, we may not achieve and maintain profitability or develop positive cash flow from our operations in the near term.

Current wording

We have a history of operating losses resulting in an accumulated deficit balance since inception. We had an accumulated deficit balance of $379.51 million as at April 30, 2025. Furthermore, we may not achieve and maintain profitability or develop positive cash flow from our operations in the near term.

Previous wording

During the six months ended January 31, 2025, we issued 11,516,375 and 5,310,281 of the Company’s common stock under the 2022 ATM Offering and 2024 ATM Offering for gross cash proceeds of $94.40 million and $40.52 million, respectively. The total issuance costs were $2.15 million and $0.91 million, all of which were related to compensation paid to the 2022 ATM Managers and the 2024 ATM Managers, respectively.

Current wording

During the nine months ended April 30, 2025, we issued 11,516,375 and 11,888,516 of the Company’s common stock under the 2022 ATM Offering and the 2024 ATM Offering for gross cash proceeds of $94.40 million and $75.34 million, respectively. The total issuance costs were $2.15 million and $1.69 million, all of which were related to compensation paid to the 2022 ATM Managers and the 2024 ATM Managers, respectively.

Previous wording

During the six months ended January 31, 2025, net cash used in operating activities totaled $20.26 million, which was primarily related to mineral property expenditures incurred in the first half of Fiscal 2025 of $27.76 million, general and administrative expenses of $11.92 million and changes in operating assets and liabilities, partially offset by a gross profit from the sale of purchased uranium inventory of $24.48 million. During the six months ended January 31, 2024, net cash used in operating activities was $81.41 million, of which $57.19 million was related to the change in uranium concentrate inventory.

Current wording

During the nine months ended April 30, 2025, net cash used in operating activities totaled $41.00 million, which was primarily related to mineral property expenditures of $43.44 million, general and administrative expenses of $18.29 million and changes in operating assets and liabilities, partially offset by a gross profit from the sale of purchased uranium inventory of $24.48 million. During the nine months ended April 30, 2024, net cash used in operating activities was $93.87 million, of which $57.18 million was related to the change in uranium concentrate inventory.

Previous wording

During the six months ended January 31, 2025, net cash provided by financing activities totaled $132.65 million, primarily from the net proceeds of $135.29 million from our ATM Offerings, as well as the exercises of stock options and share purchase warrants, partially offset by payments of $2.64 million for tax withholding amounts related to RSU and PRSU net share issuances. During the six months ended January 31, 2024, net cash provided by financing activities totaled $130.29 million, primarily from the net proceeds of $131.16 million from our 2022 ATM Offering and the exercises of stock options and share purchase warrants, partially offset by payments of $0.88 million for tax withholding amounts related to RSU and PRSU net share issuances.

Current wording

During the nine months ended April 30, 2025, net cash provided by financing activities totaled $165.39 million, primarily from the net proceeds of $168.03 million from our ATM Offerings, as well as the exercises of stock options and share purchase warrants, partially offset by payments of $2.64 million for tax withholding amounts related to RSU and PRSU net share issuances. During the nine months ended April 30, 2024, net cash provided by financing activities totaled $159.29 million, primarily from the net proceeds of $160.24 million from our 2022 ATM Offering and the exercises of stock options and share purchase warrants, partially offset by payments of $0.95 million for tax withholding amounts related to RSU and PRSU net share issuances.

Previous wording

During the six months ended January 31, 2025, net cash used in investing activities totaled $136.44 million, comprised of $177.29 million paid for the Sweetwater Acquisition, $10.46 million invested in equity securities, $0.54 million used for the capital contribution to JCU and $2.54 million invested in mineral properties and the purchase of equipment, partially offset by proceeds from the sale of equity securities of $54.37 million. During the six months ended January 31, 2024, net cash used in investing activities totaled $12.19 million, comprised of a capital contribution to JCU of $1.65 million, investment in equity securities of $5.55 million, additional investment in URC of $5.68 million, and cash from the sale of equity securities of $3.01 million.

Current wording

During the nine months ended April 30, 2025, net cash used in investing activities totaled $138.57 million, comprised of $177.33 million paid for the Sweetwater Acquisition, $10.46 million invested in equity securities, $0.54 million used for the capital contribution to JCU and $4.67 million invested in mineral properties and the purchase of equipment, partially offset by proceeds from the sale of equity securities of $54.37 million. During the nine months ended April 30, 2024, net cash used in investing activities totaled $23.28 million, comprised of capital contribution to JCU of $2.39 million, investment in equity securities of $12.12 million, additional investment in URC of $9.24 million, and cash from the sale of equity securities of $3.01 million.

Previous wording

As of January 31, 2025, we had in-the-money stock options outstanding representing 4,845,941 shares at a weighted-average exercise price of $2.64 per share, and in-the-money share purchase warrants outstanding representing 159,091 shares at a weighted-average exercise price of $4.13 per share. As of January 31, 2025, outstanding in-the-money stock options and warrants represented a total 5,005,032 shares issuable for gross proceeds of approximately $13.47 million should these stock options and warrants be exercised in full on a cash basis. The exercise of stock options and warrants is at the discretion of their respective holders and, accordingly, there is no assurance that any of the stock options or warrants will be exercised in the future.

Current wording

As of April 30, 2025, we had in-the-money stock options outstanding representing 4,361,328 shares at a weighted-average exercise price of $2.33 per share, and in-the-money share purchase warrants outstanding representing 159,091 shares at a weighted-average exercise price of $4.13 per share. As of April 30, 2025, outstanding in-the-money stock options and warrants represented a total 4,520,419 shares issuable for gross proceeds of approximately $10.80 million should these stock options and warrants be exercised in full on a cash basis. The exercise of stock options and warrants is at the discretion of their respective holders and, accordingly, there is no assurance that any of the stock options or warrants will be exercised in the future.

Previous wording

Related party transactions are based on the amounts agreed to by the parties. During three and six months ended January 31, 2025 and 2024, the Company did not enter into any material contracts or undertake any significant commitment or obligation with any related parties.

Current wording

Related party transactions are based on the amounts agreed to by the parties. During three and nine months ended April 30, 2025 and 2024, the Company did not enter into any material contracts or undertake any significant commitment or obligation with any related parties.

Previous wording

As of January 31, 2025, we were renting or leasing office premises in the States of Texas, Arizona and Wyoming, British Columbia and Saskatchewan, Canada, and Paraguay, for total monthly payments of $0.04 million. Office lease agreements for the U.S. and Canada expire between July 2026 and November 2029.

Current wording

As of April 30, 2025, we were renting or leasing office premises in the States of Texas, Arizona and Wyoming, British Columbia and Saskatchewan, Canada, and Paraguay, for total monthly paym ents of $0.05 million. Office lease agreements for the U.S. and Canada expire between July 2026 and November 2029.

Previous wording

Subsequent to January 31, 2025, we received additional net cash proceeds of $2.04 million under our 2024 ATM Offering.

Current wording

Subsequent to April 30, 2025, we received additional net cash proceeds of $54.82 million under our 2024 ATM Offering.