Uranium Energy Corp. (UEC) H.C. Wainwright & Co

Important Disclaimers This material is confidential and intended for use by Institutional Accounts as defined in FINRA Rule 4512(c). It may also be privileged or otherwise protected by work product immunity or other legal rules. If you have received it by mistake, please let us know by e-mail reply to unsubscribe@hcwresearch.com and delete it from your system; you may not copy this message or disclose its contents to anyone. The integrity and security of this message cannot be guaranteed on the Internet. H.C. WAINWRIGHT & CO, LLC RATING SYSTEM: H.C. Wainwright employs a three tier rating system for evaluating both the potential return and risk associated with owning common equity shares of rated firms. The expected return of any given equity is measured on a RELATIVE basis of other companies in the same sector. The price objective is calculated to estimate the potential movements in price that a given equity could reach provided certain targets are met over a defined time horizon. Price objectives are subject to external factors including industry events and market volatility. RETURN ASSESSMENT Market Outperform (Buy): The common stock of the company is expected to outperform a passive index comprised of all the common stock of companies within the same sector. Market Perform (Neutral): The common stock of the company is expected to mimic the performance of a passive index comprised of all the common stock of companies within the same sector. Market Underperform (Sell): The common stock of the company is expected to underperform a passive index comprised of all the common stock of companies within the same sector. Rating and Price Target History for: Uranium Energy Corp. (UEC-US) as of 03-23-2021 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 2018 Q1 Q2 Q3 2019 Q1 Q2 Q3 2020 Q1 Q2 Q3 2021 Q1 BUY:$4.10 09/12/17 BUY:$3.60 04/26/18 BUY:$3.40 10/16/18 BUY:$3.50 10/31/18 BUY:$3.40 10/22/19 BUY:$3.50 12/03/19 BUY:$3.30 01/07/21 BUY:$3.60 01/26/21 Investment Banking Services include, but are not limited to, acting as a manager/co-manager in the underwriting or placement of securities, acting as financial advisor, and/or providing corporate finance or capital markets-related services to a company or one of its affiliates or subsidiaries within the past 12 months. Distribution of Ratings Table as of March 23, 2021 IB Service/Past 12 Months Ratings Count Percent Count Percent Buy 453 90.60% 193 42.60% Neutral 45 9.00% 12 26.67% Sell 0 0.00% 0 0.00% Under Review 2 0.40% 1 50.00% H.C. Wainwright & Co, LLC (the “Firm”) is a member of FINRA and SIPC and a registered U.S. Broker-Dealer. I, Heiko F. Ihle, CFA, Tyler Bisset and Marcus Giannini , certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies. None of the research analysts or the research analyst’s household has a financial interest in the securities of Uranium Energy Corp. (including, without limitation, any option, right, warrant, future, long or short position). As of February 28, 2021 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of Uranium Energy Corp.. Neither the research analyst nor the Firm knows or has reason to know of any other material conflict of interest at the time of publication of this research report. The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services. Uranium Energy Corp. March 25, 2021 H.C. WAINWRIGHT & CO. EQUITY RESEARCH 4