Uranium extraction has commenced at three new header houses, expanding ISR production capacity in Wyoming

Uranium Refining & Conversion Corp Achieves its First Nuclear Regulatory Commission Licensing Milestone

Uranium Energy Corp (NYSE: UEC) is pleased to announce it has secured State regulatory approval and commenced operating three additional header houses in wellfield 11 at Christensen Ranch. One additional header house is awaiting regulatory approval, and three more are under construction in wellfield 12 and 10-extension.

The three new header houses and continued wellfield development at Christensen Ranch will result in increased production capacity in Wyoming. In South Texas, the Burke Hollow mine is ready for operations and awaiting final approval from the Texas Commission on Environmental Quality that will enable its startup.

Taken together, the Company’s Wyoming and Texas operations, including recent approvals and ongoing construction, are expected to drive significant production expansion.

Brent Berg, Senior Vice President, U.S. Operations, stated:

“We sincerely appreciate the Wyoming Department of Environmental Quality for their cooperation, professionalism, and constructive engagement throughout the permitting process. With this approval, we have started uranium extraction at the new header houses enabling the planned increase in production volume at our Christensen Ranch operations.”

United States Uranium Refining & Conversion Corp Takes Key Step Toward Licensing

On March 18, 2026, United States Uranium Refining & Conversion Corp, a wholly-owned subsidiary of UEC, received a Docket Number from the U.S. Nuclear Regulatory Commission for its planned uranium conversion facility.

This follows the Company’s previously submitted Letter of Intent to pursue a license under 10 CFR Part 40. The next step in the licensing process is the initial Pre-Application Engagement with the NRC.

The formal license application is expected to be submitted once engineering and design activities, currently underway with Fluor, are complete and a site has been selected. The siting process has identified several viable locations in various states that are under consideration. Multiple factors, including local incentives, workforce, utilities, highway, rail and port logistics and industry synergies, are evaluated in determining a preferred home for America’s newest uranium hexafluoride conversion facility.

This step represents a significant milestone for UEC on its path to becoming the only American vertically integrated nuclear fuel supplier, from mining to conversion, and supports the resiliency of the U.S. nuclear fuel supply chain. The LOI outlines the Company’s plan to develop a state-of-the-art American uranium refining and conversion facility, building on nearly two years of pre-feasibility and planning.

UR&C seeks to play a critical role in mitigating national security risks stemming from U.S. overreliance on foreign uranium imports. It also aligns with American energy dominance objectives, while aiming to supply an increasingly constrained conversion market.

About Uranium Energy Corp

Uranium Energy Corp is America’s largest and fastest growing uranium company. The Company controls the largest uranium resource base and the most licensed production capacity in the United States, totaling approximately 12 million pounds per year across its Wyoming and South Texas platforms. In Canada, the Company controls one of the most extensive land and resource portfolios in the Athabasca Basin, anchored by the Roughrider Project in Saskatchewan. Through its wholly owned subsidiary, United States Uranium Refining & Conversion Corp, UEC is pursuing domestic refining and conversion capabilities to further strengthen the U.S. nuclear fuel supply chain. UEC maintains a 100% unhedged uranium strategy, providing full exposure to uranium market fundamentals. The Company is managed by professionals with decades of experience across uranium exploration, development, production, and fuel cycle infrastructure.