URANIUM ENERGY CORP

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THEthree months ended October 31, 2025

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

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

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

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

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

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’** EQUITY**

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

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’** EQUITY**

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

October 31, 2025

Uranium Energy Corp. was incorporated in the State of Nevada on* May 16, 2003.*Uranium Energy Corp. and its subsidiary companies and a controlled partnership (collectively, the “Company” or “we”) are engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing of uranium concentrates, on projects located in the United States, Canada and the Republic of Paraguay.

Basis of Presentation

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) for interim financial information and are presented in U.S. dollars. Accordingly, they donot include all of the information and footnotes required under U.S. GAAP for complete financial statements. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form10-K for the year ended* July 31, 2025* (“Fiscal2025”). In the opinion of management, all adjustments of a normal recurring nature and considered necessary for a fair presentation have been made. Operating results for thethree months ended* October 31, 2025* arenot necessarily indicative of the results that* maybe expected for the fiscal year ending July 31, 2026* (“Fiscal2026”). All amounts in the tables are expressed in thousands of U.S. dollars unless otherwise stated.

Mineral Rights and Properties

We have established the existence of mineralized materials for certain uranium projects, including our Palangana Mine and Christensen Ranch Mine (collectively, the “ISR Mines”), and our Red Desert, Green Mountain, Roughrider and Christie Lake Projects. We havenot established proven or probable reserves, as defined by the United States Securities and Exchange Commission (“SEC”) under subpart1300 of Regulation S-K (“S-K1300”), through the completion of a “final” or “bankable” feasibility study for any of the uranium projects we operate, including our ISR Mines. Furthermore, we haveno present plans to establish proven or probable reserves for any of our uranium projects for which we plan on utilizing in-situ recovery (“ISR”) mining, such as our ISR Mines. 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.

Since we commenced extraction of mineralized materials at our ISR Mines without having established proven or probable reserves, any mineralized materials established or extracted from our ISR Mines shouldnot in any way be associated with having established or produced from proven or probable reserves.

In accordance with U.S. GAAP, expenditures relating to the acquisition of mineral rights are initially capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until such time as we exit the Exploration Stage by establishing proven or probable reserves. Expenditures relating to exploration activities, such as drill programs to establish mineralized materials, are expensed as incurred. Expenditures relating to pre-extraction activities, such as the construction of mine wellfields and disposal wells, are expensed as incurred until such time that proven or probable reserves are established for that project, after which expenditures relating to mine development activities for that particular project are capitalized as incurred.

11

Companies in the Production Stage, as defined by the SEC, having established proven and probable reserves and exited the Exploration Stage, typically capitalize expenditures relating to ongoing development activities, with corresponding depletion calculated over proven and probable reserves using the units-of-production method and allocated to future reporting periods to inventory and, as that inventory is sold, to cost of goods sold. We are in the Exploration Stage which has resulted in our Company reporting larger losses than if we would have been in the Production Stage due to the expensing, instead of the capitalization of expenditures relating to ongoing mine development activities. Additionally, there would beno 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. Any capitalized costs, such as acquisition costs of mineral rights, are depleted over the estimated extraction life using the straight-line method. As a result, our consolidated financial statements* may**not* be directly comparable to the financial statements of companies in the Production Stage.

Recently Adopted Accounting Pronouncements

In* December 2023,the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)2023-09, Income Taxes (Topic740*): Improvements to Income Tax Disclosures. This ASU expands public entities’ income tax disclosures by requiring disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. This ASU will be effective for fiscal years beginning after* December 15, 2024.The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company adopted this standard as of August 1, 2025*and will reflect the new disclosure requirements in its annual report.

Accounting PronouncementsNot Yet Adopted

In* November 2024,the FASB issued ASU2024*-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic220-40): Disaggregation of Income Statement Expenses. This ASU requires public entities to disclose specified information about certain costs and expenses at each interim and annual reporting period, which includes amounts for inventory purchases, employee compensation, depreciation, intangible asset amortization and expenses related to oil and gas activities. This ASU will be effective for fiscal years beginning after* December 15, 2026and interim periods beginning after December 15, 2027,*with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

12

As at* October 31, 2025*, we held 1,356,000 (* July 31, 2025*:1,356,000) pounds of purchased uranium concentrate inventory. Costs of inventories consist of the following:

As of* October 31, 2025*, our uranium inventory purchase commitments for the nextfive fiscal years are as follows:

Subsequent to* October 31, 2025*, we received 200,000 pounds of uranium inventory pursuant to these commitments at a purchase price of $7.49 million.

13

Mineral Rights

As at* October 31, 2025*, we owned mineral rights in the United States, Canada and the Republic of Paraguay. These mineral rights were acquired through staking, purchase or lease or option agreements and are subject to varying royalty interests, some of which are indexed to the sale price of uranium.

As at* October 31, 2025*, the carrying value of our mineral rights and properties were as follows:

We havenot established proven or probable reserves, as defined by the SEC under S-K1300, for any of our mineral projects. We have established the existence of mineral resources for certain uranium projects, including our ISR Mines. Since we commenced uranium extraction at some of our ISR Mines without having established proven or probable reserves, there* maybe greater inherent uncertainty as to whether ornot* any mineralized material can be economically extracted as originally planned and anticipated.

Mineral property expenditures recorded during the period are as follows:

14

Property, plant and equipment consists of the following:

NOTE 6: RESTRICTED CASH

Restricted cash includes cash and cash equivalents and money market funds as collateral for various bonds posted in favor of applicable state regulatory agencies in Arizona, Texas and Wyoming, and for estimated reclamation costs associated with our plants, processing facilities and various projects. Restricted cash will be released upon completion of reclamation of a mineral property or restructuring of a surety and collateral arrangement.

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

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents and restricted cash. These assets include Canadian dollar and U.S. dollar denominated certificates of deposit, money market accounts and demand deposits. These instruments are maintained at financial institutions in Canada and the U.S. The maximum credit risk of these assets is the carrying amount less the amount covered by the Canada Deposit Insurance Corporation, the Securities Investor Protection Corporation or the U.S. Federal Deposit Insurance Corporation, should the financial institutions with which these amounts are invested be rendered insolvent. As of* October 31, 2025*, approximately $318.87 million of our cash and cash equivalents is held in a single financial institution, which is among the largest banks in the U.S. and subject to concentration risk. The Company doesnot consider any of its financial assets to be impaired as of* October 31, 2025*.

15

As at* October 31, 2025*, we owned 17,978,364 shares of Uranium Royalty Corp. (“URC”), representing a 13.0% (* July 31, 2025*:13.5%) interest in URC. In addition,two of our executive officers are members of URC’s board of directors. Furthermore,one of these executive officers also holds an executive position within URC. As a consequence, our ability to exercise significant influence over URC’s operating and financing policies continued to exist during thethree months ended* October 31, 2025*. Should URC’s outstanding options be fully exercised, the Company’s ownership interest would decrease from 13.0% to 12.8%. URC is a public company listed on the Toronto Stock Exchange with the trading symbol “URC” and on NASDAQ with the trading symbol “UROY”. As at* October 31, 2025*, the fair value of our investment in URC was approximately $87.37 million (* July 31, 2025*: $46.56 million).

As at* October 31, 2025*, we owned 50% of the outstanding shares of JCU (Canada) Exploration Company Limited (“JCU”). JCU is a private Canadian company engaged in the exploration and development of uranium assets in Canada. The Company’s 50% interest in JCU is a joint venture, which is accounted for using the equity method.

During thethree months ended* October 31, 2025*, the changes in carrying value of our equity-accounted investments are summarized as follows:

For thethree months ended* October 31, 2025and2024*, income (loss) from our equity-accounted investments consisted of the following:

16

During thethree months ended* October 31, 2025*, the changes in our investments in equity securities are summarized as follows:

Pursuant to Accounting Standards Codification (“ASC”)323 Investments – Equity Method and Joint Ventures, there is a rebuttable presumption that equity method of accounting shall be applied for investments of20% or more of the investee’s outstanding voting common stock. As at* October 31, 2025*, the Company owned 4,978,877 common shares of Anfield Energy Inc. (“Anfield”) (* July 31, 2025*:4,978,877 on a post-consolidated basis(1)), representing approximately 31.4% (* July 31, 2025*:31.8%) of the outstanding common shares of Anfield on a non-diluted basis and approximately 36.5% (* July 31, 2025*:37.0%) on a partially diluted basis after assuming the exercise of 1,283,639 post-consolidated share purchase warrants of Anfield (the “Anfield Warrants”) held by the Company. As a result, the Company’s investment in Anfield’s common shares is subject to equity method of accounting. However, as permitted under ASC825 Financial Instruments, the Company elected to apply the fair value option to account for its investment in Anfield’s common shares. All subsequent changes in fair value of the common shares of Anfield are recognized in the consolidated statements of operations.

As at* October 31, 2025*, the fair value of the Company’s investment in Anfield’s common shares was $41.27 million (* July 31, 2025*: $26.14 million) and the fair value of our Anfield Warrants was $2.06 million (* July 31, 2025*: $1.39 million).

The cumulative revaluation adjustment since acquisition of the equity securities held as at* October 31, 2025* is a gain of $7.85 million.

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

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

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

17

At-the-Market Offerings

On* November 16, 2022,we filed a Form S-3 automatic shelf registration statement under the United States Securities Act of1933,* as amended (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 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”) covering the offering, issuance and sale of up to a maximum offering of $300 million in shares of our common stock under the2022 Shelf.

On* November 16, 2022,we also entered into an at-the-market offering agreement (the“2022* ATM Offering Agreement”) with H.C. Wainwright & Co., LLC and certain co-managers (collectively, the*“2022* ATM Managers”) as set forth in the2022 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 the2022* ATM Managers selected by us.

On* December 20, 2024,we filed a prospectus supplement to our2022* Shelf (the*“2024* ATM Offering”) under which we* may,from time to time, sell shares of our common stock having an aggregate offering price of up to $300 million pursuant to an at-the-market offering agreement (the“2024* ATM Offering Agreement”) we have with Goldman Sachs & Co. LLC and certain co-managers (collectively, the*“2024* ATM Managers”). Under the2024 ATM Offering Agreement, we* may,from time to time, sell shares of our common stock through the2024* ATM Managers selected by us.

On* November 14, 2025,we filed 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 units which include common stock, debt securities, warrants or any combination thereof (the“2025* Shelf”), which included an at-the-market offering agreement prospectus (the*“2025* ATM Offering”) covering the offering, issuance and sale of up to a maximum offering of $600 million in shares of our common stock under the2025 Shelf.

On* November 14, 2025,we also entered into an at-the-market offering agreement (the“2025* ATM Offering Agreement”) with Goldman Sachs & Co. LLC and certain co-managers (collectively, the*“2025* ATM Managers”). Under the2025 ATM Offering Agreement, we* may,from time to time, sell shares of our common stock having an aggregate offering price of up to $600 million through the2025* ATM Managers selected by us.

During thethree months ended* October 31, 2024*, we issued 7,595,626 of the Company’s common stock under the2022 ATM Offering for gross cash proceeds of $62.64 million. The total issuance costs were $1.41 million, all of which were related to compensation paid to the2022 ATM Managers.

During thethree months ended* October 31, 2025*, we issued 10,077,186 of the Company’s common stock under the2024 ATM Offering for gross cash proceeds of $101.97 million. The total issuance costs were $2.29 million, all of which were related to compensation paid to the2024 ATM Managers.

Public Offering

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

18

Private Placement

On* October 2, 2025,we completed a private placement offering of 575,000 shares of our common stock issued as “flow-through shares” (the “FT Shares”), as defined in subsection66*(15) of the Income Tax Act (Canada), for gross proceeds of $8.63 million. The proceeds will be applied toward certain qualifying Canadian exploration expenditures (“CEE”), as defined in the Income Tax Act (Canada), at the Company’s Roughrider Project located in Saskatchewan, Canada.

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

Share Purchase Warrants

As at* October 31, 2025,our number of outstanding share purchase warrants was 159,091 ( July 31, 2025:*159,091).

A summary of our share purchase warrants outstanding and exercisable as of* October 31, 2025*, is as follows:

Stock Options

A continuity schedule of our outstanding stock options for thethree months ended* October 31, 2025*, is as follows:

19

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

A continuity schedule of our outstanding unvested stock options as of* October 31, 2025*, and the changes during the period, is as follows:

As at* October 31, 2025*, the aggregate intrinsic value of all of our outstanding stock options was estimated at $46.30 million (vested: $43.25 million and unvested: $3.05 million). As at* October 31, 2025*, our unrecognized compensation cost related to unvested stock options was $0.49 million (* July 31, 2025*: $0.75 million), which is expected to be recognized over 0.90 years.

A summary of our stock options outstanding and exercisable as of* October 31, 2025*, is as follows:

20

Restricted Stock Units

A summary of our outstanding and unvested restricted stock units (each, an “RSU”) as of* October 31, 2025*, is as follows:

During thethree months ended* October 31, 2025*, our stock-based compensation related to RSUs was $1.06 million (three months ended* October 31, 2024*: $0.75 million). As at* October 31, 2025*, our unrecognized compensation costs related to unvested RSUs totaled $5.29 million (* July 31, 2025*: $6.35 million), which is expected to be recognized over a period of approximately 1.67 years.

Performance Based Restricted Stock Units

During thethree months ended* October 31, 2025*, our stock-based compensation related to the amortization of performance based restricted stock units (each, a “PRSU”) totaled $0.37 million (three months ended* October 31, 2024*: $0.29 million). As at* October 31, 2025*, our unrecognized compensation costs related to unvested PRSUs totaled $2.75 million (* July 31, 2025*: $3.12 million), which is expected to be recognized over a period of approximately 2.26 years.

21

Stock-Based Compensation

A summary of our stock-based compensation expense for thethree months ended* October 31, 2025*, is as follows:

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

The table below provides a breakdown of major customers:

22

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

23

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

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

The Company adopted ASU2023-07, Segment Reporting (Topic280), on* August 1, 2024.*The new segment reporting requirement is applied retrospectively to all prior periods presented in these consolidated financial statements. The tables below present financial information for each of the Company’s reportable segments. All intercompany transactions have been eliminated.

24

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

Geographic Information

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