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 04-14-2021 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 Q1 Q2 Q3 2019 Q1 Q2 Q3 2020 Q1 Q2 Q3 2021 Q1 Q2 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 BUY:$5.00 03/25/21 Rating and Price Target History for: Uranium Royalty Corp. (URC.V) as of 04-14-2021 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 Q1 Q2 Q3 2019 Q1 Q2 Q3 2020 Q1 Q2 Q3 2021 Q1 Q2 I:BUY:C$2.20 01/04/21 BUY:C$3.40 02/12/21 Related Companies Mentioned in this Report as of Apr/14/2021 Company Ticker H.C. Wainwright 12 Month Price Market Rating Price Target Cap Uranium Royalty Corp. URC.V Buy C$3.40 C$3.75 C$221 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. Uranium Energy Corp. April 15, 2021 H.C. WAINWRIGHT & CO. EQUITY RESEARCH 3