URANIUM ENERGY Business Summary

Uranium Energy Corp (UEC) operates a vertically integrated business model focused on the extraction, processing, and strategic trading of uranium concentrate (U3O8). The company generates revenue through two primary channels: the sale of physical uranium from its substantial warehoused inventory and the operational output from its low-cost In-Situ Recovery (ISR) mining platforms. Its business is segmented into U.S. ISR production—anchored by the Irigaray Central Processing Plant and the Christensen Ranch and Burke Hollow projects—and its newly established United States Uranium Refining & Conversion Corp (UR&C) division, which aims to provide UF6 conversion services. UEC maintains a 100% unhedged sales strategy to maximize exposure to spot price appreciation. Within the market, UEC positions itself as the largest pure-play uranium producer on the NYSE American, competing directly with global majors like Cameco and Kazatomprom, as well as domestic peers such as Energy Fuels and enCore Energy, by leveraging a debt-free balance sheet and the largest permitted ISR resource base in the United States. The leadership team is led by founder Amir Adnani, who has served as President and CEO since 2005 and is a recognized architect of the company’s consolidation strategy. He is supported by Chief Financial Officer Josephine Man, an M&A and financial reporting expert with over 28 years of experience, including previous CFO roles at Uranium Royalty Corp and Gold Royalty Corp. Executive Vice President Scott Melbye brings over 40 years of nuclear industry pedigree, having held senior roles at Cameco and Uranium One, and currently serves as President of the Uranium Producers of America. The board is chaired by Spencer Abraham, the 10th U.S. Secretary of Energy, providing significant regulatory and geopolitical expertise. Notable institutional backing includes major positions from BlackRock and State Street, reflecting UEC’s status as a core holding for nuclear energy and commodity-focused funds.