URANIUM ENERGY CORP

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 and Principles of Consolidation

These consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and are presented in thousands of United States dollars. All inter-company transactions and balances have been eliminated upon consolidation.

Mineral Rights and Properties

The Company has established the existence of mineralized materials for certain uranium projects, including the Company’s Christensen Ranch Mine, Burke Hollow Mine and Palangana Mine (collectively, the “ISR Mines”), and the 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 the ISR Mines. Furthermore, the Company hasno present plans to establish proven or probable reserves for any of the uranium projects for which the Company plans on utilizing in-situ recovery (“ISR”) mining, such as the ISR Mines. As a result, and despite the fact that the Company commenced extraction of mineralized materials at some of the 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 the ISR Mines without having established proven or probable reserves, any mineralized materials established or extracted from the 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.

F-10

Companies in the production stage, as defined by the SEC, having established proven and probable reserves and exited the exploration stage, typically capitalize ongoing development expenditures, with corresponding depletion calculated over reserves using the units-of-production method and allocated to inventory and, as that inventory is sold, to cost of goods sold. Because the Company is in the exploration stage and expenses the ongoing development expenditures as incurred, the Company reports larger losses than if the Company would have been in the production stage. Additionally, there would beno corresponding depletion allocated to future reporting periods since those costs had been expensed previously, resulting in lower inventory costs and cost of goods sold and 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, the consolidated financial statements of the Company* may**not* be directly comparable to the financial statements of companies in the production stage.

Business Combination and Asset Acquisition

The Company performs a screen test as required under U.S. GAAP to determine whether a transaction is an asset acquisition. If substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset (or a group of similar identifiable assets), the assets acquired wouldnot represent a business and the Company accounts for the acquisition as an asset acquisition. In addition, when an acquisition doesnot meet the definition of a business combination as the acquired entity doesnot have an input and a substantive process that together significantly contribute to the ability to create outputs, the Company also accounts for the acquisition as an asset acquisition. In an asset acquisition, any direct acquisition-related transaction costs are capitalized as part of the purchase consideration. Deferred taxes are recorded on temporary book/tax differences in an asset acquisition using the simultaneous equations method and adjusted the assigned value of the non-monetary assets acquired to include the deferred tax liability.

When an acquisition is accounted for as a business combination, the Company recognizes and measures the assets acquired and liabilities assumed based on their estimated fair values at the acquisition date, while transaction costs related to business combinations are expensed as incurred. An income, market or cost valuation method* maybe utilized to estimate the fair value of the assets acquired and liabilities assumed, if any, in a business combination. The income valuation method represents the present value of future cash flows over the life of the asset using: (i) discrete financial forecasts, which rely on management’s estimates of resource quantities and exploration potential, costs to produce and develop resources, revenues and operating expenses; (ii) appropriate discount rates; and (iii) expected future capital requirements. The market valuation method uses prices paid for a similar asset by other purchasers in the market, normalized for any differences between the assets. The cost valuation method is based on the replacement cost of a comparable asset at the time of the acquisition adjusted for depreciation and economic and functional obsolescence of the asset. If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, an estimate will be recorded. Subsequent to the acquisition date, andnot* later thanone year from the acquisition date, the Company will record any material adjustments to the initial estimate based on new information obtained that would have existed as of the date of the acquisition. Any adjustment that arises from information obtained that didnot exist as of the date of the acquisition will be recorded in the period the adjustments arises.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make judgements, estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported revenues and expenses during the reported periods. Areas requiring significant judgements, estimates and assumptions include the valuation of acquired mineral rights, properties, properties, plant and equipment and equity-accounted investments, existence of impairment indicators for the Company’s long-lived assets, valuation and measurement of impairment losses on mineral rights and properties, valuation of recoverability of a credit loss, valuation of asset retirement obligations, and valuation of stock options, share purchase warrants and stock-based compensation. Other areas requiring estimates include allocations of expenditures to inventories, depletion and amortization of mineral rights and properties and depreciation of property, plant and equipment. Actual results could differ significantly from those estimates and assumptions.

F-11

Foreign Currency Translation

The functional currency of the Company, including its subsidiaries, is the United States dollar, except for UEX Corporation (“UEX”), whose functional currency is the Canadian dollar. In accordance with ASC830: Foreign Currency Matters, the financial statements of the subsidiaries are translated into United States dollars using period-end exchange rates as to monetary assets and liabilities and average exchange rates as to revenues and expenses. Non-monetary assets are translated at their historical exchange rates. Net gains and losses resulting from foreign exchange translations and foreign currency exchange gains and losses on transactions occurring in a currency other than the Company’s functional currency are included in the determination of net loss in the period.

Cash and Cash Equivalents

Cash and cash equivalents consist of bank deposits and term deposits with an original maturity ofthree months or less.

Fair Value Measurement

Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level1 measurements) and the lowest priority to unobservable inputs (Level3 measurements).

Thethree levels of the fair value hierarchy are described below:

The financial instruments, including cash and cash equivalents, accounts and other receivables, restricted cash, accounts payable and accrued liabilities, are carried at cost, which approximate their fair values due to the immediate or short-term maturity. Investment in equity securities (level1) and derivative liabilities (level2) are carried at fair value.

Inventories

Inventories are comprised of supplies, work-in-progress and uranium concentrates (“U3O8”) from production and purchased uranium concentrates from the market. Expenditures related to the extraction and processing of uranium concentrates and depreciation and depletion charges of extraction and processing plant and equipment are capitalized as work-in-progress and uranium concentrates from production. Uranium extraction and processing cost includes direct materials, labor, and overheads incurred under normal operating conditions. Abnormal costs arising from underutilization are excluded from inventory and expensed as incurred. Costs of purchased uranium concentrates include the purchase price and other direct costs incurred during the purchase process.

Inventories are carried at the lower of cost or net realizable value and are charged to cost of sales using the average costing method.

F-12

Equity Investments

Investments in an entity in which the Company’s ownership is greater than20% but less than50%, a50/50 joint venture which the Company doesnot have control, or an entity where other facts and circumstances indicate that the Company has the ability to exercise significant influence over its operating and financing policies, are accounted for using the equity method in accordance with ASC323: Investments – Equity Method and Joint Ventures. Equity-accounted investments are recorded initially at cost and adjusted subsequently to recognize the Company’s share of the earnings, losses or other changes in capital of the investee entity after the date of acquisition. The Company periodically evaluates whether declines in fair values of the Company’s equity investments below the carrying value are other-than-temporary and, if so, whether an impairment loss is required.

The Company’s equity ownership in Anfield Energy Inc. (“Anfield”) exceeds20% but is less than50%. As permitted under ASC825 Financial Instruments, the Company elected to apply the fair value option to account for its investment in the common shares of Anfield (Note9). Accordingly, subsequent changes in the fair value of Anfield's common shares are recognized in the Consolidated Statements of Operations.

Additionally, the Company holds certain equity investments in entities that the Company doesnot have the ability to exercise significant influence. These equity investments represent the Company’s ownership interests in certain entities, and therefore meet the definition of an equity security under ASC321 Investments – Equity Securities and are measured at fair value at each period end, with unrealized holding gains or losses recorded in the Consolidated Statements of Operations.

Other Non-Current Assets

Other non-current assets include future expenditures that the Company has paid in advance but willnot receive benefits withinone year. Expenses are recognized over the period the expenditures are used or the benefits from the expenditures are received. Transaction costs incurred in connection with acquisitions of long-term assets are also included in other non-current assets, which will be capitalized as acquisition costs if the transaction succeeds or will be written off if the transaction doesnot complete. Right-of-use (“ROU”) assets recognized in connection with recognition of lease liabilities are also included in Other Non-Current Assets.

Acquisition costs of mineral rights are initially capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until such time proven or probable reserves, as defined by the SEC under S-K1300, are established for that project.

Where proven and probable reserves have been established, the project’s capitalized expenditures are depleted over proven and probable reserves using the units-of-production method upon commencement of production. Where proven and probable reserves havenot been established, the project’s capitalized expenditures are depleted over the estimated extraction life using the straight-line method upon commencement of extraction. The Company hasnot established proven or probable reserves for any of its projects.

Property, Plant and Equipment

Property, plant and equipment are recorded at cost and depreciated to their estimated residual values using the straight-line method over their estimated useful lives, as follows:

F-13

Impairment of Long-Lived Assets

Long-lived assets including mineral rights and properties and property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset or asset group* maynot* be recoverable. Management applies judgment to assess whenever events or changes in circumstances indicate the carrying amount of an asset or asset group* maynot* be recoverable giving rise to the requirement to conduct an impairment test. Circumstances which could trigger an impairment test include, but arenot limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors including significant decreases in uranium prices and material adverse changes relating to the Company’s legal rights to its mineral rights and properties; significant increases in reclamation costs and accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely thannot be sold or disposed of significantly before the end of its estimated useful life. Recoverability of these assets is measured by comparing the carrying value to the future undiscounted cash flows expected to be generated by the assets. When the carrying value of an asset exceeds the related undiscounted cash flows, an impairment loss is recorded by writing down the carrying value of the related asset to its estimated fair value, which is determined using discounted future cash flows or other measures of fair value.

Income Taxes

The Company accounts for income taxes under the asset and liability method which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities. The Company provides a valuation allowance on deferred tax assets unless it is more likely thannot that such assets will be realized. The Company reviews the valuation allowance requirements on an annual basis based on projected future operations.

Restoration and Remediation Costs (Asset Retirement Obligations)

Various federal and state mining laws and regulations require the Company to reclaim the surface areas and restore underground water quality to the pre-existing quality or class of use after the completion of mining. The Company recognizes the present value of the future restoration and remediation costs as an asset retirement obligation in the period in which the Company incurs an obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development and/or normal use of the assets.

Asset retirement obligations consist of estimated final well closure, plant and equipment decommissioning and removal and environmental remediation costs to be incurred by the Company in the future. The asset retirement obligation is estimated based on the current costs escalated at an inflation rate and discounted at a credit adjusted risk-free rate at inception. The asset retirement obligations are capitalized as part of the costs of the underlying assets and amortized over its remaining useful life. The asset retirement obligations are accreted to an undiscounted value until they are settled. The accretion expenses are charged to earnings and the actual retirement costs are recorded against the asset retirement obligations when incurred. Any difference between the recorded asset retirement obligations and the actual retirement costs incurred will be recorded as a gain or loss in the period of settlement.

Leases

The Company determines if a contractual arrangement represents or contains a lease at inception. Operating leases with lease terms greater than12 months are included in Other Non-Current Assets, Other Current Liabilities and Other Non-Current Liabilities in the Consolidated Balance Sheets. Assets under finance leases are included in Property, Plant and Equipment and the related lease liabilities in Other Current Liabilities and Other Non-Current Liabilities in the Consolidated Balance Sheets.

Operating and finance lease ROU assets and lease liabilities are recognized based on the present value of the future lease payments over the lease term at the commencement date. When the rate implicit to the lease cannot be readily determined, the Company utilizes the incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar term and the amount equal to the lease payments in a similar economic environment.

F-14

The operating lease expenses are recognized on a straight-line basis over the lease term and included in general and administration expenses. Short-term leases, which have an initial term of12 months or less, arenot recorded in the Consolidated Balance Sheets.

The Company has lease arrangements that include both lease and non-lease components. The Company accounts for each separate lease component and its associated non-lease components as a single lease component for all of its asset classes.

Revenue Recognition

The Company’s revenues are primarily derived from the sale of U3O8 that the Company purchased under its Physical Uranium Program. The sales contracts specify the quantity to be delivered, the price, payment terms and the period of delivery. The Company is required to notify the conversion facility with instructions for a title transfer to the customer. Revenue is recognized once a title transfer of the U3O8 is confirmed by the conversion facility.

Stock-Based Compensation

The Company measures stock-based awards at fair value on the date of the grant and expense the awards over the requisite service period of employees or consultants. The fair value of stock options is determined using the Black-Scholes Valuation Model. The fair value of restricted stock units is determined using the share price of the Company at the date of grant. The fair value of performance based restricted stock units is determined using the Monte Carlo Simulation Model. Stock-based compensation expense related to stock option awards is recognized over the requisite service period on a graded vesting basis. Forfeitures are accounted for as they occur.

The Company’s estimates* maybe impacted by certain variables including, butnot* limited to, stock price volatility, employee stock option exercise behaviors, additional stock option grants, the Company’s performance and related tax impacts.

Earnings (Loss) Per Common Share

Basic earnings or loss per share includesno potential dilution and is computed by dividing the earnings or loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings or loss per share reflect the potential dilution of securities that could share in the earnings or loss of the Company. Dilutive securities are excluded from the calculation of the diluted weighted average common shares outstanding if their effect would be anti-dilutive based on the treasury stock method or due to a net loss from continuing operations.

Recently Adopted Accounting Pronouncement

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. The Company adopted this standard for the year ended* July 31, 2026on a retrospective basis and included the required disclosures in Note18.* As this standard relates solely to presentation, its adoption hadno impact on the Company's financial position.

Accounting PronouncementNot Yet Adopted

In* November 2024,the FASB issued ASU2024*-03, Income Statement - Reporting Comprehensive Income (Topic220): Expense Disaggregation Disclosures, which includes amendments to require the disclosure of certain specific costs and expenses that are included in a relevant expense caption on the face of the income statement. Specific costs and expenses that would be required to be disclosed include: purchases of inventory, employee compensation, depreciation and intangible asset amortization. Additionally, a qualitative description of other items is required, equal to the difference between the relevant expense caption and the separately disclosed specific costs. This ASU is effective for fiscal years beginning after* December 15, 2026,and for interim periods beginning after December 15, 2027,*and are applied either prospectively or retrospectively at the option of the Company. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

F-15

On* December 6, 2024,the Company completed the acquisition of all of the issued and outstanding shares of capital stock of (i) Sweetwater Uranium Inc. (formerly Kennecott Uranium Company (“KUC”)) and (ii) Wyoming Coal Resources Company (“WCRC”) (collectively, the “Sweetwater Acquisition”) from Rio Tinto America Inc. KUC and WCRC collectively own or hold the following assets: (i) a fully-licensed conventional uranium processing mill, including buildings and equipment, located in Sweetwater County, Wyoming (the “Sweetwater Plant”); (ii) the Red Desert Project, an uranium project adjacent to the Sweetwater Plant; and (iii) the Green Mountain Project, an uranium project located22* miles north of the Sweetwater Plant. The Sweetwater Acquisition is accounted for as an acquisition of assets rather than a business as both KUC and WCRC donot meet the definition of a business in accordance with ASC805 Business Combinations.

The following table summarizes the fair value of the consideration paid, and the fair value of the assets acquired and liabilities assumed, on the closing date of the Sweetwater Acquisition:

The Company recognized the assets and liabilities acquired in this acquisition by allocating the cost of the acquisition to the assets and liabilities based on their relative fair values. The fair value of the mineral rights and properties was based on a value per pound of uranium which was determined using an in situ multiples analysis. Management used data from comparable public companies and precedent transactions in the in situ multiples analysis to estimate a value per pound of uranium and apply that to the property resource estimates, taking into account project-specific characteristics. The fair value of property, plant and equipment was estimated using the cost approach by an independent valuation specialist, based on replacement cost new, adjusted for physical depreciation, functional obsolescence and economic obsolescence.

The fair value of asset retirement obligations was measured based on the expected costs and timing for final well closure, plant and equipment decommissioning and removal, and environmental remediation, which are discounted to present value using credit adjusted risk-free rates.

Cash flow on acquisition:

F-16

As at* July 31, 2026*, the Company held 1,256,000 (* July 31, 2025*:1,356,000) pounds of purchased uranium concentrate inventory. Costs of inventory consisted of the following:

As at* July 31, 2026*, the Company owned mineral rights in the States of Arizona, New Mexico, Texas and Wyoming, in Canada and in the Republic of Paraguay. These mineral rights were acquired through staking, purchase, lease or option agreements and are subject to varying royalty interests, some of which are indexed to the sale price of uranium.

As at* July 31, 2026*, the carrying value of these mineral rights and properties was as follows:

F-17

During Fiscal2026, the Company recognized an addition of $2.39 million (2025: $7.69 million) to asset retirement obligations, with a corresponding increase in mineral rights and properties. This was a non-cash transaction and therefore has been excluded from the Consolidated Statements of Cash Flows.

The Company hasnot established proven or probable reserves, as defined by the SEC under the S-K1300, for any of its mineral projects. The Company has established the existence of mineral resources for certain uranium projects, including the ISR Mines. Since the Company commenced uranium extraction at some of the 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.

The details of mineral property expenditures are as follows:

Property, plant and equipment consisted of the following:

The depreciation expenses for the year ended* July 31, 2026* were $4.36 million, (* July 31, 2025*: $2.88 million and* July 31, 2024*: $1.20 million, respectively).

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 the plants, processing facilities and various projects. Restricted cash will be released upon completion of reclamation of a mineral property or a change of a surety and collateral arrangement.

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

F-18

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 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* July 31, 2026*, approximately $472.55 million of the 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* July 31, 2026*.

As at* July 31, 2026*, the Company owned 28,967,375 shares of Uranium Royalty Corp. (“URC”), representing a 7.60% (* July 31, 2025*:13.5%) interest in URC. In addition,two of the Company’s officers are members of URC’s board of directors. Furthermore,one of these officers also holds an executive position within URC. As a consequence, the Company’s ability to exercise significant influence over URC’s operating and financing policies continued to exist during Fiscal2026. Should URC’s outstanding options and warrants be fully exercised, the Company’s ownership interest would decrease from 7.60% to 7.57%. URC is a public company listed on the NASDAQ Capital Market with the trading symbol “UROY”. As at* July 31, 2026*, the fair value of the Company’s investment in URC was approximately $98.49 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 through a private placement at a price of $3.64 per Subscription Receipt, for an aggregate purchase price of $40.0 million. Each Subscription Receipt entitled the Company to receive, without additional consideration,one URC common share upon satisfaction of the applicable escrow release conditions by URC, including completion of the arrangement involving URC and certainthird* parties (the “Arrangement”). On* July 27, 2026,the closing date of the Arrangement, all escrow release conditions were satisfied by URC and the Subscription Receipts were converted into 10,989,011 URC common shares. The Subscription Receipts were remeasured at fair value on the closing date of the Arrangement and, as a result, the Company recognized a loss of $9.9 million on the revaluation of the Subscription Receipts during the Fiscal2026.*

As at* July 31, 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.

F-19

During Fiscal2026, Fiscal2025 and Fiscal2024, the changes in carrying value of the equity-accounted investment are summarized as follows:

Aggregate summarized financial information for the Company’s investments in JCU, URC and Anfield is presented below. As described in Note9, the Company’s investment in Anfield is measured under the fair value option. Due to Anfield’s* December 31fiscal year-end, the aggregate summarized balance sheet information includes Anfield’s balances as of June 30and JCU’s and URC’s balances as of July 31.The aggregate summarized statements of operations include Anfield’s results for the12*-month periods ended* June 30and JCU’s and URC’s results for the years ended July 31.The amounts below represent100%* of the investees’ financial information and havenot been adjusted to reflect the Company’s respective ownership interests.

Summarized Balance Sheet Information

Summarized Statements of Operations Information

F-20

The changes in the Company’s investment 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* July 31, 2026*, the Company owned 6,500,737 common shares of Anfield (* July 31, 2025:4,978,876 on a post-consolidated basis()), representing approximately 32.59% (* July 31, 2025:31.80%) of the outstanding common shares of Anfield on a non-diluted basis and approximately 36.66% ( 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 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 the Consolidated Statements of Operations.

During the year ended* July 31, 2026,*the Company acquired an additional 1,521,861 common shares of Anfield for $6.50 million.

The Company’s investment in equity securities consists of common shares and warrants of publicly traded companies in North America. Such investment is subject to both concentration and credit risks, as the majority of the investments are held in a small number of public companies. As at* July 31, 2026*, the fair value of the Company’s investment in Anfield’s common shares was $25.61 million (* July 31, 2025:$26.14 million) and the fair value of the Anfield Warrants was $0.69 million ( July 31, 2025:*$1.39 million).

The cumulative revaluation adjustment since acquisition of the equity securities held as at* July 31, 2026* is a loss of $25.85 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.

As at* July 31, 2026*, accounts payable and accrued liabilities consisted of the following:

F-21

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

The estimated amounts and timing of cash flows and assumptions used for the ARO estimates are as follows:

As of* July 31, 2026,*the total estimated reclamation costs for all of our projects was $93.92 million. The Company has secured $64.27 million of surety bonds as an alternate source of financial assurance for the estimated costs of the reclamation obligations, of which $1.89 million is funded and held as restricted cash for collateral purposes as required by the surety.

At-the-Market Offering

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”). Under the2022 ATM Offering Agreement, the Company could, from time to time, sell shares of its common stock having an aggregate offering price of up to $300 million through the2022 ATM Managers selected by the Company.

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”). Under the2024 ATM Offering Agreement, the Company could, from time to time, sell shares of its common stock having an aggregate offering price of up to $300 million through the2024 ATM Managers selected by the Company.

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 could, from time to time, sell shares of its common stock having an aggregate offering price of up to $600 million through the2025 ATM Managers selected by the Company.

F-22

During Fiscal2024, the Company issued 26,375,699 shares of its common stock under the2022 ATM Offering Agreement for gross cash proceeds of $171.74 million. The total issuance costs were $3.86 million, all of which were related to compensation paid to the2022 ATM Managers.

During Fiscal2025, the Company issued 11,516,375 and 30,247,661 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 $197.95 million, respectively. The total issuance costs for stock sold under the2022 ATM Offering Agreement and under the2024 ATM Offering Agreement were $2.15 million and $4.45 million, respectively, which is comprised of a total compensation of $6.58 million paid to the2022 ATM Managers and the2024 ATM Managers.

During Fiscal2026, the Company issued 10,077,186 and 11,100,047 shares of its common stock under the2024 ATM Offering Agreement and the2025 ATM Offering Agreement for gross cash proceeds of $101.97 million and $190.64 million, respectively. The total issuance costs for stock sold under the2024 ATM Offering Agreement and under the2025 ATM Offering Agreement were $2.29 million and $3.82 million, respectively, all of which were related to compensation paid to the2024 ATM Managers and the2025 ATM Managers.

Subsequent to* July 31, 2026,the Company didnot* issue any shares of its’ common stock under the2025 ATM Offering Agreement.

Public Offering

On* October 6, 2025,the Company completed a public offering of 15,500,000 shares of its 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 its 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 have been used to fund 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 the Consolidated Balance Sheets. The FT Premium Liability will be derecognized in subsequent periods when the Company submits the required documentation to renounce the related tax benefits to the FT Share subscriber.

Share Purchase Warrants

A continuity schedule of outstanding share purchase warrants as at* July 31, 2026*, and the changes during the periods, is as follows:

During Fiscal2026, Fiscal2025 and Fiscal2024, the Company received cash proceeds of$nil, $3.30 million and $8.12 million, respectively, from the exercise of share purchase warrants.

F-23

Stock Options

During Fiscal2026, Fiscal2025, and Fiscal2024, the Company granted stock options under its stock incentive plans to certain directors, officers, employees and consultants to purchase an aggregate of 120,000,102,036 and 483,461 shares of the Company, respectively, which are subject to a 24-month vesting provision whereby, at the end of each of thefirst three andsix months after the grant date,12.5% of the total stock options become exercisable, and whereby at the end of each of 12, 18 and 24 months after the grant date,25% of the total stock options become exercisable.

During Fiscal2026, the Company granted stock options under its current stock incentive plan to its directors to purchase an aggregate of 67,699 shares of the Company, and the fair value of the stock options granted was $6.11 per share. During Fiscal2025, the Company granted stock options under its current stock incentive plan toone of the Company's officers to purchase an aggregate of 24,415 shares of the Company, and the fair value of the stock option granted was $4.09 per share. The Company also granted stock options under its current stock incentive plan to its directors to purchase an aggregate of 66,332 shares of the Company, and the fair value of the stock options granted was $5.49 per share.

The fair value of these stock options was estimated at the date of grant, using the Black-Scholes Valuation Model, with the following weighted average assumptions, which is level2 of the fair value measurement hierarchy:

A continuity schedule of outstanding stock options as at* July 31, 2026*, and the changes during the fiscal year periods, is as follows:

F-24

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

A continuity schedule of outstanding unvested stock options at* July 31, 2026*, and the changes during the fiscal year periods, is as follows:

As at* July 31, 2026*, the aggregate intrinsic value of all outstanding stock options granted was estimated at $22.12 million (vested: $22.05 million and unvested: $0.07 million). As at* July 31, 2026*, the unrecognized compensation cost related to unvested stock options was $0.81 million (* July 31, 2025:*$0.75 million), which is expected to be recognized over 1.17 years.

F-25

A summary of stock options outstanding and exercisable as at* July 31, 2026* is as follows:

Restricted Stock Units

During Fiscal2026, Fiscal2025 and Fiscal2024, the Company granted restricted stock units (each, an “RSU”) to certain directors, officers and employees of the Company under its then stock incentive plans. RSUs granted during Fiscal2026, Fiscal2025 and Fiscal2024 have a vesting period ofthree years from the grant date, wherebyone-third of the RSUs will vest at the end of the first,second andthird year, respectively, from the date of grant. The fair value of these RSUs was determined using the share prices at the respective grant dates.

A continuity schedule of outstanding RSUs as at* July 31, 2026*, and the changes during the fiscal year end periods, is as follows:

F-26

During Fiscal2026, Fiscal2025 and Fiscal2024, the number of RSUs vested, the RSU shares issued net of forfeiture, and the RSU shares forfeited as payments of tax and withholding were as follows:

During Fiscal2026, Fiscal2025 and Fiscal2024, stock-based compensation relating to the RSUs were $5.92 million, $3.00 million and $1.82 million, respectively. As at* July 31, 2026*, unrecognized compensation costs related to unvested RSUs totaled $10.87 million (* July 31, 2025:*$6.35 million), which is expected to be recognized over a period of approximately 2.36 years.

Performance Based Restricted Stock Units

During Fiscal2026, Fiscal2025 and Fiscal2024, the Company granted 1,197,120,947,726 and 718,308 maximum performance based restricted stock units (each, a “PRSU”) and allocated up to the same amount of respective PRSUs, respectively, to the Company’s executive officers under its then stock incentive plans.

The PRSUs granted are accounted for as equity awards at fair value, and will vest at the end of athree-year service period subject to continued employment and certain performance conditions being met. The number of PRSUs that vest is subject to adjustment through a performance multiplier based on the Company’s total shareholder return relative to a peer group, as approved by the Company’s Board of Directors, over athree-year period. Each vested PRSU granted in Fiscal2024 entitles the recipient to a payment ofone common stock. Each vested PRSU granted in Fiscal2025 and Fiscal2026 entitles the recipient to a payment ofone common stock or cash at the discretion of the Company’s Compensation Committee.

The fair values of the PRSUs granted were valued using the Monte Carlo Simulation Model at the date of grant with the following principal assumptions.

F-27

A continuity schedule of unvested PRSUs as at* July 31, 2026*, and the changes during the fiscal years, is as follows:

During Fiscal2026, Fiscal2025 and Fiscal2024, stock-based compensation related to amortization of PRSUs totaled $1.46 million, $1.15 million and $0.71 million, respectively. As at* July 31, 2026*, unrecognized compensation costs relating to unvested PRSUs totaled $3.67 million (* July 31, 2025:*$3.12 million), which is expected to be recognized over a weighted average period of approximately 2.46 years.

F-28

Stock-Based Compensation

A summary of stock-based compensation expense for Fiscal2026, Fiscal2025 and Fiscal2024, is as follows:

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

The table below provides a breakdown of major customers:

F-29

Fair value gain (loss) on equity securities consisted of the following:

The investments in equity securities are Level1 financial instruments, which were re-valued using quoted share prices.

The table below provides a breakdown of general and administrative expenses:

F-30

The following table reconciles the weighted average number of shares used in the computation of basic and diluted loss per share for Fiscal2026, Fiscal2025 and Fiscal2024:

The Company's income tax benefit consisted of:

The Company has incurred taxable losses for all years since inception and, accordingly,no provision for current income tax has been recorded for the current or any prior fiscal years. The Company hasnot paid any income taxes from2024 to2026. The Company doesnot have any unrecognized tax benefits.

The components of income (loss) from operations before income taxes, by tax jurisdiction, are as follows:

F-31

The Company’s income tax benefit (expense) differed from the amounts computed by applying the United States statutory corporate income tax rate for the following reasons:

As at* July 31, 2026*, the Company re-evaluated the realizability of its tax loss carry-forwards and concluded that the realization of these tax loss carry-forwards isnot likely to occur. As a result, the Company continues to record a full valuation allowance for the deferred tax assets relating to the tax loss carry-forwards.

F-32

The Company’s deferred tax assets (liabilities) are as follows:

The Company’s U.S. net operating loss carry-forwards expire as follows:

The Company has acquired U.S. companies in prior years that have U.S. federal net operating loss carry-forwards of approximately $180 million. The use of these losses is limited by Internal Revenue Code Section382. Management estimates that $128 million of these losses will expire unused due to the restrictions imposed by Section382. Accordingly, this amount is excluded from the $431 million of U.S. net operating loss carry-forwards disclosed above.

The Company’s Canadian net operating loss carry-forwards in Canadian dollars expire as follows:

F-33

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.

The Chief Executive Officer, who is also 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.

F-34

(1) Other operating expenses include mineral property expenditures, uranium refining and conversion project expenditures and general and administrative expenses.

Geographic Information

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

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Annual Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934, this Annual Report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.