Exhibit 21.1

SUBSIDIARIES OF URANIUM ENERGY CORP.

The following is a list of the significant subsidiaries of the Company and the corresponding state or jurisdiction of incorporation or organization of each. All subsidiaries of the Company are directly or indirectly wholly-owned by the Company.

Name of Subsidiary	State or Jurisdiction of Incorporation or Organization
AUC, LLC (1)	Delaware
Metalicos Y No Metalicos Paraguay S.R.L. (2)	Paraguay
JCU (Canada) Exploration Canada, Ltd. (3)	British Columbia, Canada
Roughrider Mineral Assets Inc. (4)	Saskatchewan, Canada
South Texas Mining Venture, L.L.P. (5)	Texas
Sweetwater Uranium Inc. (6)	Wyoming
Transandes Paraguay S.A.(7)	Paraguay
UEC Resources Ltd.	British Columbia, Canada
UEC Wyoming Corp.	Wyoming
UEC US Uranium LLC	Nevada
UEC Uranium Corp.(8)	Delaware
UEX Corporation	Canada
Wyoming Coal Resources Company (6)	Delaware

Notes:

(1)	This limited liability company is a wholly-owned subsidiary of AUC Holdings (US), Inc.
(2)	This company is 90% owned by Paraguay Resources Inc. and 10% owned by CIC Resources (Paraguay) Inc.
(3)	This company is 50% owned by UEX Corporation.
(4)	This company is a wholly-owned subsidiary of Roughrider Mineral Holdings Inc. which is 100% owned by UEC Resources (SK) Ltd.

(5)	URN South Texas Project, Ltd. holds a 99% interest in the South Texas Mining Venture, L.L.P., with the remaining 1% interest held by URN Texas GP, LLC.
(6)	This company is a wholly-owned subsidiary of UEC Sweetwater Corp.

(7) Transandes Paraguay S.A. is a wholly-owned subsidiary of Cue Resources Ltd.

(8) This company is a wholly-owned subsidiary of UEC Wyoming Corp. which is 100% owned by the Company.