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

Uranium Energy Corp. All figures in USD$ unless otherwise noted 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E Uranium price per lb 50 $ 50 $ 50 $ 50 $ 50 $ 50 $ 50 $ 50 $ 50 $ 50 $ Palangana Production ('000s pounds) - 350 340 200 50 - - - - - Total Revenue ('000s) - $ 17,500 $ 17,000 $ 10,000 $ 2,500 $ - $ - $ - $ - $ - $ Goliad Production ('000s pounds) - 150 600 600 600 600 600 600 600 600 Total Revenue ('000s) - $ 7,500 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ Burke Hollow Production ('000s pounds) - - 450 1,200 1,550 1,550 1,550 1,550 1,550 1,550 Total Revenue ('000s) - $ - $ 22,500 $ 60,000 $ 77,500 $ 77,500 $ 77,500 $ 77,500 $ 77,500 $ 77,500 $ Gross Revenue - $ 25,000 $ 69,500 $ 100,000 $ 110,000 $ 107,500 $ 107,500 $ 107,500 $ 107,500 $ 107,500 $ 10% Royalty Palangana ('000s) - $ 1,250 $ 1,700 $ 1,000 $ 250 $ - $ - $ - $ - $ - $ 8.25% Royalty Goliad ('000s) - $ 619 $ 2,475 $ 2,475 $ 2,475 $ 2,475 $ 2,475 $ 2,475 $ 2,475 $ 2,475 $ Net Sales ('000s) - $ 23,131 $ 65,325 $ 96,525 $ 107,275 $ 105,025 $ 105,025 $ 105,025 $ 105,025 $ 105,025 $ Operating cost per lb - $ 18 $ 16 $ 16 $ 16 $ 16 $ 16 $ 16 $ 16 $ 16 $ Total Operating Costs ('000s) - $ 9,000 $ 22,240 $ 32,000 $ 35,200 $ 34,400 $ 34,400 $ 34,400 $ 34,400 $ 34,400 $ Operating Income ('000s) - $ 14,131 $ 43,085 $ 64,525 $ 72,075 $ 70,625 $ 70,625 $ 70,625 $ 70,625 $ 70,625 $ CapEx ('000s) (500) $ (5,000) $ (3,000) $ (1,000) $ (1,000) $ (1,000) $ (1,000) $ (1,000) $ (1,000) $ (1,000) $ Taxes ('000s) 35% - $ - $ - $ - $ (12,438) $ (24,369) $ (24,369) $ (24,369) $ (24,369) $ (24,369) $ Note: We assume tax loss carryforwards for FY22-25 Total Operating Cash Flow (500) $ 9,131 $ 40,085 $ 63,525 $ 58,637 $ 45,256 $ 45,256 $ 45,256 $ 45,256 $ 45,256 $ Discount Rate 7.5% 0 1 2 3 4 5 6 7 8 9 PV of Operating Cash Flows ('000s) (500) $ 8,494 $ 34,687 $ 51,135 $ 43,907 $ 31,524 $ 29,324 $ 27,278 $ 25,375 $ 23,605 $ NPV 274,830 $ 1.20 $ per share Plus Non-Texas Projects 610,400 $ 2.68 $ per share 0.80 USD/CAD exchange rate as of 4/14/21 Plus Paraguay Assets 40,000 $ 0.18 $ per share Plus Cash 73,469 $ 0.32 $ per share Plus Reno Creek/North Reno Creek 75,000 $ 0.33 $ per share Plus Alto Parana Resources 41,500 $ 0.18 $ per share Plus Uranium Royalty Corp. (URC.V; Buy) 41,948 $ 0.18 $ per share 14.0M common shares at C$3.75 per share as of 4/14/21 Minus Debt (9,906) (0.04) per share as of 1/31/21; pro forma for $8.0M voluntary debt payment Total Current Value 1,147,240 $ Common Shares Outstanding 228,079 as of 3/15/21; pro forma for $30.5M and $12.0M financing Project NAV Per Share 5.03 $ NPV/Share (Rounded to $0.10/share) 5.00 $ UEC Stock Price 2.88 $ as of 4/14/21 Source: HC Wainright & Co. estimates. as of 1/31/21; pro forma for $30.5M and $12.0M financing, $28.2M from ATM program, $2.0M in exercised warrants and stock options, and $8.0M voluntary debt payment Uranium Energy Corp. April 15, 2021 H.C. WAINWRIGHT & CO. EQUITY RESEARCH 2