Uranium Energy Corp (NYSE American: UEC) is pleased to report drill results from its Roughrider Project located in Northern Saskatchewan, Canada. Drilling 850 m northeast of the Roughrider Deposit has intersected the best hole to date outside of the resource area on a parallel trend to Roughrider.

• Exploration Drilling: UEC’s ongoing drill program has intersected basement-hosted uranium mineralization in drill hole RR-940 that grades 6.96% eU₃O₈ over 13.5 m with a higher-grade sub-interval that grades 12.7% eU₃O₈ over 7.2 metres. UEC will continue drilling in this area to evaluate the potential for additional resources.
• Regional drilling benefits from new ANT survey technology: In April of this year, UEC conducted an Ambient Noise Tomography (“ANT”) survey. This new exploration technology is being applied to Roughrider for the first time and has identified new targets along existing exploration corridors.
• Roughrider next steps: UEC has a three-prong approach to advancing Roughrider,
  • continue growing the project’s resources with an additional 25 holes this summer to further investigate the Roughrider north exploration corridor,
  • advance the Initial Assessment (“IA”) Technical Report Summary (“TRS”) that is based on the existing project resources, this work is substantially complete and is anticipated in the coming months,
  • EA baseline studies, along with community engagement to advance licensing and permitting.

Chris Hamel, Vice President Exploration, Canada stated: “We have accelerated the pace of project work at Roughrider this summer by utilizing three drills and the results thus far have exceeded our expectations. We have been able to successfully follow-up on results that Rio Tinto had intersected northeast of Roughrider with the best hole on the project outside the deposit area. We have intersected uranium mineralization in multiple drill holes between the East and Far East Zones, further demonstrating there is likely continuity between these zones. The north exploration corridor is largely untested and our team, with the help of the ANT survey, has been able to develop priority drill targets along the trend. UEC continues to advance the project on parallel tracks by working on an economic study for the project while also updating the Environmental Assessment baseline work and conducting an aggressive drilling campaign.”

Table 1, outlined below, details the equivalent uranium intersections (eU₃O₈) 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 (“REG”), 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. The probe records the amount of radioactivity present in the rock adjacent to the probe as it moves up and down the hole. The radiometric equivalent grade of uranium oxide (eU₃O₈) is then calculated.

The standard and shielded probes were calibrated prior to the commencement of the current drill program at the Saskatchewan Research Council’s (“SRC”) 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 m 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 (“ISR”) 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: (1) one of the largest physical uranium portfolios of North American warehoused U₃O₈; (2) 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)