Uranium Energy Corp. (UEC) Canadian Equity Research Study

3 Figure 3: Forecast cash flow per share Source: Canaccord Genuity estimates Figure 4: NAV Breakdown - as at May 1, 2022 Source: Canaccord Genuity estimates $(0.10) $(0.05) $- $0.05 $0.10 $0.15 $0.20 $0.25 $0.30 $0.35 $0.40 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 $/sh Cash Flow per share Free Cash Flow per share Disc. Rate US$ MMs US$/sh % Texas 8.0% 192 $0.87 60% Reno Creek 8.5% 128 $0.58 40% Other 8.0% 0 $0.00 0% Total Asset Level Cash Flows 320 $1.46 100% Alto Parana 50 $0.23 Other properties - in-situ 148 $0.67 Investment in URC 33 $0.15 Investment in uranium 15 $0.07 Cash 12 $0.05 Future Equity Issuances 0 $0.00 Working Capital (ex. Cash and Debt) 19 $0.09 Total Debt (10) ($0.04) Corporate SG&A 8.0% (52) ($0.24) Provisions (4) ($0.02) Net Asset Value 531 $2.42 Net Asset Value per share $2.42 C$ vs. US$ 0.78 Years out to 2026 3.25 Shares outstanding as at May 1, 2022* 219.7 *Fully funded share count 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 3