UEC

Business Context and Reporting Period

Company: Uranium Energy Corp. (UEC)
Filing Type: Form 8-K (Current Report)
Date: January 23, 2023
Subject: Regulation FD Disclosure regarding new uranium mineralization results at the Christie Lake Project in Canada.

Key Financial Metrics

This filing is an exploration update and does not contain financial statements, revenue, profit, cash flow, debt, or liquidity metrics. The document focuses exclusively on technical drilling results and project strategy.

Material Changes and Exploration Results

The Company announced significant high-grade uranium intercepts from drill hole CB-178-1 at the new Sakura Zone within the Christie Lake Project. This represents the first result of the 2023 winter drilling campaign.

• Primary Intercept: 5.42% eU₃O₈ over 15.6 metres.
• High-Grade Subinterval: 23.2% eU₃O₈ over 3.4 metres.
• Context: This hole is located approximately 10 meters from a previous intercept (CB-176A) that graded 68.7% eU₃O₈ over 2.1 meters, expanding the known footprint of the zone.
• Depth: Mineralization is located at a vertical depth of 400 to 420 metres, which is approximately 100 metres shallower than the nearby McArthur River mine.

Outlook, Management Commentary, and Risks

Management Commentary: CEO Amir Adnani highlighted the successful follow-up to the 2022 discovery, emphasizing the capability of the Canadian technical team and the strategic goal of evaluating synergies between the Christie Lake, Roughrider, and Horseshoe-Raven projects. VP Exploration Chris Hamel noted that the continuity suggests a previously unrecognized mineralization trend.

Outlook: The Company anticipates reporting more drill holes over the winter, with a resource update for the Christie Lake Project expected in 2023. The Sakura Zone remains open for expansion in all directions.

Risks and Contingencies:

• Grade Verification: Reported grades are Radiometric Equivalent Grades (eU₃O₈) determined by down-hole probes. Core recovery in the mineralized zone was estimated at approximately 50%, and the Company believes assay results may not be fully representative of true concentration due to potential saturation of the probe in high-grade intervals.
• Pending Assays: Samples have been collected for laboratory assay analysis to confirm the radiometric grades, with results expected in the coming weeks.
• True Width: True widths of the mineralization are anticipated to be 90-95% of core length but cannot be verified at this time.

Investor Verification Checklist

• Verify the upcoming laboratory assay results to confirm the radiometric equivalent grades (eU₃O₈) reported in this filing.
• Monitor the 2023 resource update for the Christie Lake Project to assess the impact of the new Sakura Zone intercepts on total reserves.
• Review the Company's strategy regarding potential synergies between the Christie Lake, Roughrider, and Horseshoe-Raven projects.
• Confirm the ownership structure: UEC holds an 82.775% combined interest in the Christie Lake Project via direct and indirect holdings.