Uranium Energy Corp. (UEC) Canadian Equity Research Study

Distribution of Ratings: Global Stock Ratings (as of 03/16/21) Rating Coverage Universe IB Clients # % % Buy 596 64.71% 60.40% Hold 157 17.05% 42.68% Sell 14 1.52% 42.86% Speculative Buy 138 14.98% 81.16% 921* 100.0% *Total includes stocks that are Under Review Canaccord Genuity Ratings System BUY : The stock is expected to generate risk-adjusted returns of over 10% during the next 12 months. HOLD : The stock is expected to generate risk-adjusted returns of 0-10% during the next 12 months. SELL : The stock is expected to generate negative risk-adjusted returns during the next 12 months. NOT RATED: Canaccord Genuity does not provide research coverage of the relevant issuer. “Risk-adjusted return” refers to the expected return in relation to the amount of risk associated with the designated investment or the relevant issuer. Risk Qualifier SPECULATIVE : Stocks bear significantly higher risk that typically cannot be valued by normal fundamental criteria. Investments in the stock may result in material loss. 12-Month Recommendation History (as of date same as the Global Stock Ratings table) A list of all the recommendations on any issuer under coverage that was disseminated during the preceding 12-month period may be obtained at the following website (provided as a hyperlink if this report is being read electronically) http://disclosures- mar.canaccordgenuity.com/EN/Pages/default.aspx Required Company-Specific Disclosures (as of date of this publication) Canaccord Genuity or one or more of its affiliated companies intend to seek or expect to receive compensation for Investment Banking services from Uranium Energy Corp. in the next three months. Uranium Energy Corp. Rating History as of 03/15/2021 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 Apr 16Jul 16 Oct 16Jan 17Apr 17Jul 17 Oct 17Jan 18Apr 18Jul 18 Oct 18Jan 19Apr 19Jul 19 Oct 19Jan 20Apr 20Jul 20 Oct 20Jan 21 I:SB:$1.50 10/13/2020 SB:$2.00 01/20/2021 SB:$2.15 01/26/2021 Closing Price Price Target Buy (B); Speculative Buy (SB); Sell (S); Hold (H); Suspended (SU); Under Review (UR); Restricted (RE); Not Rated (NR) Required Company-Specific Disclosures (as of date of this publication) Past performance In line with Article 44(4)(b), MiFID II Delegated Regulation, we disclose price performance for the preceding five years or the whole period for which the financial instrument has been offered or investment service provided where less than five years. Please note price history refers to actual past performance, and that past performance is not a reliable indicator of future price and/or performance. Online Disclosures 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 5