Uranium Energy Corp. (UEC) Canadian Equity Research Study

2 Figure 1: Consolidated uranium production and cost profile Source: Canaccord Genuity estimates Figure 2: South Texas - uranium production and cost profile Source: Canaccord Genuity estimates $- $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 $/lb U3O8 mlb U3O8 Texas Hub & Spoke Reno Creek Consolidated Cash Cost Consolidated AISC $0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 0.0 0.5 1.0 1.5 2.0 2.5 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 $/lb U 3 O 8 mlb U 3 O 8 Palangana Burke Hollow Goliad Salvo Consolidated Cash Cost Consolidated AISC Uranium Energy Corp. Raising Target Price Speculative Buy unchanged Target Price US$3.50 from US$2.15 | 16 March 2021 Specialty Minerals and Metals 2