EXPLANATORY NOTE
Uranium Energy Corp. (the"Company") is hereby furnishing a copy of its Annual Report on Form10-K for the fiscal year ended July 31, 2025 (the"2025 Form 10-K"), which was filed with theU.S. Securities and Exchange Commission (the"SEC") on September 24, 2025, in satisfaction ofthe requirement to provide its shareholders with an"annual report to security holders"pursuant toRule 14a-3(b) under the Securities Exchange Act of 1934, as amended.You are encouraged toreview such information together with any subsequent information that the Company has filed withthe SEC after the filing of the 2025 Form 10-K, including but not limited to the Company'sDefinitive Proxy Statement for the 2026 annual meeting of stockholders.
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