Uranium Energy Corp (NYSE American: UEC) is pleased to report results from the ongoing drill campaign at its Roughrider Project located in Northern Saskatchewan, Canada.

Drilling 850 metres northeast of the Roughrider Project Deposit has intersected additional high-grade uranium mineralization:

• Drill hole RR-961 grades 11.4% eU₃O₈ over 2.4 metres with a high-grade sub interval that is 24.9% eU₃O₈ over 1.0 metres.
• RR-961 followed-up RR-940 that was reported on August 20, 2024 and graded 12.7% eU₃O₈ over 7.2 metres⁽¹⁾. RR-961 is 15 metres along strike to the east of RR-940.
• An additional 20 drill holes remain in the drill program and further results will be forthcoming as the program progresses.

UEC’s ongoing drill program on the Project continues to explore along the north trend. To date uranium mineralization at Roughrider North has been encountered along ~200 metres of strike length, with the high-grade core of the area now measuring ~55 metres of strike with this most recent intersection. The high-grade uranium mineralization at Roughrider North remains open to the east and west.

About Roughrider North

The Roughrider North discovery has been identified along an exploration trend that is parallel to the Roughrider Project. The uranium mineralization thus far at the Roughrider North Discovery is entirely in the basement about 250 metres below the surface.

Chris Hamel, Vice President Exploration, Canada, stated: “The on-going drill campaign at Roughrider North has successfully identified additional high-grade mineralization along strike of what was reported in August. The current drill campaign has about 20 drill holes remaining and can be extended further into the fall if necessary to continue the delineation of this uranium mineralization. Drill hole RR-961 expands the high-grade core of this discovery and should help guide the field team to further success in the area.”

Table 1, outlined below, details the equivalent uranium intersections (“eU₃O_8″) from select drill holes from the 2024 summer campaign. Figure 1 shows the immediate Roughrider Project area in the Northern part of Athabasca Basin, and Figure 2 illustrates a wider picture of where the Roughrider Project is located within the Athabasca Basin.

About Canada’s Athabasca Basin

The Athabasca Basin is a world-class uranium district in the northern portion of the provinces of Saskatchewan and Alberta in Canada, occupying an area of about 100,000 square kilometres. The unique geology of the Athabasca Basin often results in deposit grades that exceed the world average of uranium deposits of 0.2% U₃O₈ by up to 100 times.

All of Canada’s current uranium production occurs from the mines located in the Athabasca Basin. According to the World Nuclear Association, the Athabasca Basin was responsible for producing 15% of the world’s uranium production in 2022.

Uranium mineralization in the Athabasca Basin occurs in fault structures that penetrate the interface between the sandstone and underlying basement rocks. Uranium can be found at the interface, known as the unconformity, or up to several hundreds of metres below the unconformity surface in the underlying basement rock and fault structures.

The uranium concentrations in the holes presented above from the radiometric equivalent uranium grade denoted as eU₃O₈, were determined in-situ within the drill hole. For more information on REGs please see the “About Radiometric Equivalent Grades” section below.

About Radiometric Equivalent Grades

The eU₃O₈ grades were estimated in-situ within the drill holes using calibrated down-hole radiometric gamma probes lowered down into the hole. This is a measuring method commonly used by uranium explorers and miners in the Athabasca Basin. The probe records the amount of radioactivity present in the rock adjacent to the probe as it moves up and down the hole.

The standard and shielded probes were calibrated prior to the commencement of the current drill program at the Saskatchewan Research Council’s test pit facility in Saskatoon, Saskatchewan, and the Hi-Flux probes are calibrated at Alpha Nuclear in Saskatoon. Using down-hole probes to calculate radiometric equivalent grades is a common practice used by uranium mining companies in the Athabasca Basin. Down-hole probes can accurately measure uranium concentration by measuring the light flashes that occur every time the probe’s scintillator is struck by a gamma radiation particle emitted from uranium crystals. The number of light flashes are ‘counted’ by a photomultiplier tube. Due to a process called ‘saturation’ that occurs when light emitted by the probe’s scintillator overwhelms the photomultiplier tube’s ability to ‘count’ individual light flashes, it can sometimes be difficult to accurately determine radiometric equivalent grades in high-grade intervals.

Samples from all holes have been collected for assay analysis to confirm these equivalent grades. The samples will be analyzed at SRC’s Geoanalytical Laboratory in Saskatoon, with results expected in the coming weeks.

About the Roughrider Uranium Project

The Roughrider Project is a uranium project located in the eastern Athabasca Basin of northern Saskatchewan, Canada; one of the world’s premier uranium mining jurisdictions. The Project is located approximately 13 kilometres west of Orano’s McClean Lake Mill, near UEC’s existing Athabasca Basin properties. The depth to mineralization at the project is approximately 200 metres and hosted primarily in the basement rocks below the unconformity.

Qualified Persons and Data Acquisition

The technical information in this news release has been reviewed and approved by Chris Hamel, P.Geo., UEC’s Vice President Exploration, Canada, who is a Qualified Person for the purposes of SEC Regulation S-K 1300.

About Uranium Energy Corp

Uranium Energy Corp is the fastest growing supplier of fuel for the green energy transition to a low carbon future. UEC is the largest, diversified North American focused uranium company, advancing the next generation of low-cost, environmentally friendly In-Situ Recovery uranium projects in the United States and high-grade conventional projects in Canada. The Company has one producing ISR production hub and spoke platform in Wyoming and one ISR production-ready ISR hub and spoke platform located in South Texas. These two production platforms are anchored by fully operational central processing plants and served by seven U.S. ISR uranium projects with all their major licenses and permits in place. Additionally, the Company has diversified uranium holdings including: one of the largest physical uranium portfolios of North American warehoused U₃O₈; a major equity stake in Uranium Royalty Corp., the only royalty company in the sector; and (3) a Western Hemisphere pipeline of resource stage uranium projects. The Company’s operations are managed by professionals with decades of hands-on experience in the key facets of uranium exploration, development and mining.

Figure 1: Roughrider Location Map (CNW Group/Uranium Energy Corp)

Figure 2: Athabasca Project Map (CNW Group/Uranium Energy Corp)