URANIUM ENERGY CORP

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE three and nine months ended April 30, 2026

(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)

April 30, 2026

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”) 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 thenine months ended* April 30, 2026* arenot necessarily indicative of the results that* maybe expected for the fiscal year ending July 31, 2026* (“Fiscal2026”).

Mineral Rights and Properties

The Company has established the existence of mineralized materials for certain uranium projects, including our Christensen Ranch Mine, Burke Hollow Mine and Palangana Mine (collectively, our “ISR Mines”), and our Red Desert, Green Mountain, Roughrider and Christie Lake Projects. The Company hasnot 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 the Company operates, including our ISR Mines. Furthermore, the Company hasno present plans to establish proven or probable reserves for any of our uranium projects for which the Company plans on utilizing in-situ recovery (“ISR”) mining, such as our ISR Mines. As a result, and despite the fact that the Company commenced extraction of mineralized materials at some of our ISR Mines, the Company remains 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 the Company 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 the Company exits 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.

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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. The Company is in the Exploration Stage which has resulted in the Company reporting larger losses than if the Company 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 the 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 the Company 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 is 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. 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.

As at* April 30, 2026*, the Company held 1,456,000 (* July 31, 2025*:1,356,000) pounds of purchased uranium concentrate inventory. Costs of inventories consist of the following:

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Mineral Rights

As at* April 30, 2026*, the Company 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* April 30, 2026*, the carrying value of our mineral rights and properties were as follows:

The Company hasnot established proven or probable reserves, as defined by the SEC under S-K1300, for any of our mineral projects. The Company has established the existence of mineral resources for certain uranium projects, including our ISR Mines. Since the Company 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 were as follows:

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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 our 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* April 30, 2026*, approximately $464.96 million of our cash and cash equivalents is held intwo financial institutions, which are among the largest banks in the U.S. and Canada and subject to concentration risk. The Company doesnot consider any of its financial assets to be impaired as of* April 30, 2026*.

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As at* April 30, 2026*, the Company owned 17,978,364 shares of Uranium Royalty Corp. (“URC”), representing a 12.3% (* 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 andnine months ended* April 30, 2026*. Should URC’s outstanding options be fully exercised, the Company’s ownership interest would decrease from 12.3% to 12.1%. 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* April 30, 2026*, the fair value of our investment in URC was approximately $70.12 million (* July 31, 2025*: $46.56 million).

On* April 29, 2026,the Company acquired beneficial ownership of and control over 10,989,011 newly issued subscription receipts (each a “Subscription Receipt”) of URC by way of a private placement, in consideration for $3.64 per Subscription Receipt for a total aggregate purchase price of $40.00 million. Each Subscription Receipt entitles us to receive, without any additional consideration,one common share in the event all escrow release conditions set out in the subscription agreement for the Subscription Receipts are satisfied, including satisfaction of the conditions precedent of an arrangement between URC and otherthird* parties (the “Arrangement”) and receipt of conditional approval of the Arrangement from the Toronto Stock Exchange and approval from shareholders of URC. In the event that the escrow release conditions arenot satisfied or the Arrangement is terminated, the Subscription Receipts will expire and the Company will be entitled to return of the subscription amount. As of* April 30, 2026,*the Subscription Receipts had a carrying value of $40.00 million, which was classified as other non-current assets on the Company’s consolidated balance sheet.

As at* April 30, 2026*, the Company 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 thenine months ended* April 30, 2026*, the changes in carrying value of our equity-accounted investments is summarized as follows:

For thethree andnine months ended* April 30, 2026and2025*, income (loss) from our equity-accounted investments consisted of the following:

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During thenine months ended* April 30, 2026*, the changes in our investments in equity securities is 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* April 30, 2026*, the Company owned 5,875,738 common shares of Anfield Energy Inc. (“Anfield”) (* July 31, 2025*:4,978,876 on a post-consolidated basis()), representing approximately 32.22% ( July 31, 2025*:31.8%) of the outstanding common shares of Anfield on a non-diluted basis and approximately 36.68% (* 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, our investment in Anfield’s common shares is subject to the 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 our consolidated statements of operations.

As at* April 30, 2026*, the fair value of our investment in Anfield’s common shares was $29.38 million (* July 31, 2025:$26.14 million) and the fair value of our Anfield Warrants was $1.41 million ( July 31, 2025:*$1.39 million).

The cumulative revaluation adjustment since acquisition of the equity securities as at* April 30, 2026* is a loss of $7.69 million.

() 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.

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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:

At-the-Market Offerings

On* November 16, 2022,the Company entered into an at-the-market offering agreement (the“2022* ATM Offering Agreement”) with H.C. Wainwright & Co., LLC and certain other co-managers (collectively, the*“2022* ATM Managers”) as set forth in the2022 ATM Offering Agreement under which the Company could, 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,the Company entered into an at-the-market offering agreement (the“2024* ATM Offering Agreement”) with Goldman Sachs & Co. LLC and certain other co-managers (the*“2024* ATM Managers”), pursuant to which the Company* maysell shares of our common stock having an aggregate offering price of up to $300 million pursuant to an at-the-market offering (the“2024* ATM Offering”) . Under the2024 ATM Offering Agreement, the Company could, from time to time, sell shares of our common stock through the2024 ATM Managers selected by us.

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On* November 14, 2025,the Company entered into an at-the-market offering agreement (the“2025* ATM Offering Agreement”) with Goldman Sachs & Co. LLC and certain other co-managers (collectively, the*“2025* ATM Managers”). Under the2025 ATM Offering Agreement, the Company* 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 thenine months ended* April 30, 2025*, the Company issued 11,516,375 and 11,888,516 of the Company’s common stock under the2022 ATM Offering Agreement and the2024 ATM Offering Agreement 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 the2022 ATM Managers and the2024 ATM Managers, respectively.

During thenine months ended* April 30, 2026*, the Company issued 10,077,186 and 9,709,167 of the Company’s common stock under the2024 ATM Offering Agreement and the2025 ATM Offering Agreement for gross cash proceeds of $101.97 million and $168.52 million, respectively. The total issuance costs were $2.29 million and $3.37 million, all of which were related to compensation paid to the2024 ATM Managers and the2025 ATM Managers, respectively.

Subsequent to* April 30, 2026*, the Company issued 1,390,880 of the Company’s common stock under the2025 ATM Offering Agreement for gross cash proceeds of $22.11 million. The total issuance costs were $0.44 million, all of which were related to compensation paid to the2025 ATM Managers.

Public Offering

On* October 6, 2025,the Company 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.

Private Placement

On* October 2, 2025,the Company 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

No share purchase warrants were outstanding as at* April 30, 2026* (* July 31, 2025:*159,091).

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Stock Options

A continuity schedule of our outstanding stock options for thenine months ended* April 30, 2026*, is as follows:

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* April 30, 2026*, and the changes during the period, is as follows:

As at* April 30, 2026*, the aggregate intrinsic value of all of our outstanding stock options was esti mated at $41.62 million (vested: $39.77 million and unvested: $1.85 million). As at* April 30, 2026*, our unrecognized compensation cost related to unvested stock options was $0.18 million (* July 31, 2025*: $0.75 million), which is expected to be recognized over a weighted average period of 0.70 years.

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A summary of our stock options outstanding and exercisable as of* April 30, 2026*, is as follows:

Restricted Stock Units

A summary of our outstanding and unvested restricted stock units (each, an “RSU”) as of* April 30, 2026*, is as follows:

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During thethree andnine months ended* April 30, 2026*, our stock-based compensation related to RSUs was $1.75 million and $4.39 million (three andnine months ended* April 30, 2025*: $0.74 million and $2.27 million), respectively. As at* April 30, 2026*, our unrecognized compensation costs related to unvested RSUs totaled $4.38 million (* July 31, 2025*: $6.35 million), which is expected to be recognized over a weighted average period of approximately 1.55 years.

Performance Based Restricted Stock Units

During thethree andnine months ended* April 30, 2026*, our stock-based compensation related to the amortization of performance based restricted stock units (each, a “PRSU”) totaled $0.36 million and $1.10 million (three andnine months ended* April 30, 2025*: $0.29 million and $0.86 million), respectively. As at* April 30, 2026*, our unrecognized compensation costs related to unvested PRSUs totaled $2.02 million (* July 31, 2025*: $3.12 million), which is expected to be recognized over a period of approximately 1.88 years.

Stock-Based Compensation

A summary of our stock-based compensation expense for thethree andnine months ended* April 30, 2026*, is as follows:

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

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The table below provides a breakdown of major customers:

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

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 also our 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.

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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.

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(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.

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