Uranium Energy Corp. (UEC) Canadian Equity Research Study

Appendix: Important Disclosures Analyst Certification Each authoring analyst of Canaccord Genuity whose name appears on the front page of this research hereby certifies that (i) the recommendations and opinions expressed in this research accurately reflect the authoring analyst’s personal, independent and objective views about any and all of the designated investments or relevant issuers discussed herein that are within such authoring analyst’s coverage universe and (ii) no part of the authoring analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the authoring analyst in the research, and (iii) to the best of the authoring analyst’s knowledge, she/he is not in receipt of material non-public information about the issuer. Analysts employed outside the US are not registered as research analysts with FINRA. These analysts may not be associated persons of Canaccord Genuity LLC and therefore may not be subject to the FINRA Rule 2241 and NYSE Rule 472 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. Sector Coverage Individuals identified as “Sector Coverage” cover a subject company’s industry in the identified jurisdiction, but are not authoring analysts of the report. Investment Recommendation Date and time of first dissemination: March 16, 2021, 11:38 ET Date and time of production: March 16, 2021, 11:38 ET Target Price / Valuation Methodology: Uranium Energy Corp. - UEC Our target price is based on 1.4x our NAVPS estimate as at May 1, 2022 Risks to achieving Target Price / Valuation: Uranium Energy Corp. - UEC Uranium price and market risk Our estimates and valuation are extremely sensitive to the price of uranium and we can make no assurances that the future price trajectory of the metal will be in line with our estimates. A weaker-than-expected uranium price will impact the advancement of UEC’s projects and projected cash flows. These factors could materially impact our valuation for UEC. Project and permitting risk Our estimates and valuation assume successful development and production from both the Texas Hub & Spoke portfolio and the Reno Creek project; however, there is no guarantee that these projects will advance as forecasted. We also recognize the risk that future satellite projects (Salvo, Longhorn, Moore, Bing and Pine Tree) are unsuccessful in receiving the required permits or permit amendments for production. However, given a history of successful permitting in the region, we believe this risk is minimal and therefore include production from these projects in our estimates. We also note that UEC is currently completing work in preparation for a Pre-Feasibility Study on the Reno Creek project. Accordingly, the project is subject to changes in operational parameters including estimates of initial capital and operating costs that could impact our assessed valuation. Financing risk As an exploration and development company with no producing assets, UEC currently does not generate any operating cash flow and is therefore reliant upon the capital markets to fund operating expenditures. However, there is no guarantee that UEC will be able to access capital markets on a going-forward basis as a result of a potential change in market sentiment and/or pricing. Furthermore, if the price of uranium does not improve, UEC could face further dilution. Policy risk Our estimates and valuation assume ongoing bipartisan support for nuclear energy in the US; however, there is no guarantee that this will be the case. In particular, we note that no Executive actions were put forward in the Nuclear Fuel Working Group report. Rather, the report warned that any recommendation that was not already reflected within the President’s Fiscal 2021 Budget would be “subject to budgetary, regulatory, and policy development processes before adoption or execution”. Therefore, despite a proposed 10-year timeline for a US uranium reserve, there is no commitment to take action beyond 2021. In our view, any increased policy uncertainty in the US could have adverse effects on the development of UEC’s US assets and the willingness of utilities to sign into new long-term contracts. 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 4