uec20210131_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended January 31, 2021

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number: 001-33706

URANIUM ENERGY CORP.

(Exact name of registrant as specified in its charter)

Nevada		98-0399476
(State or other jurisdiction of incorporation of organization)		(I.R.S. Employer Identification No.)

1030 West Georgia Street, Suite 1830, Vancouver, B.C., Canada		V6E 2Y3
(Address of principal executive offices)		(Zip Code)

	(604) 682-9775
	(Registrant’s telephone number, including area code)

	N/A
	(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	UEC	NYSE American

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

☐ Large accelerated filer	☐ Accelerated filer
☒ Non-accelerated filer	☒ Smaller reporting company
☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 214,442,838 shares of common stock outstanding as of March 15, 2021.

URANIUM ENERGY CORP.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION		3
Item 1.	Financial Statements	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	32
Item 4.	Controls and Procedures	32
PART II – OTHER INFORMATION		34
Item 1.	Legal Proceedings	34
Item 1A.	Risk Factors	35
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	45
Item 3.	Defaults Upon Senior Securities	45
Item 4.	Mine Safety Disclosures	45
Item 5.	Other Information	45
Item 6.	Exhibits	46
SIGNATURES		47

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

URANIUM ENERGY CORP.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JANUARY 31, 2021

(Unaudited – Expressed in U.S. Dollars)

URANIUM ENERGY CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited – Expressed in U.S. Dollars)

	Note(s)		January 31, 2021			July 31, 2020

CURRENT ASSETS
Cash and cash equivalents		6	$	8,713,193		$	5,147,703
Term deposits		3		4,000,000			-
Inventories				211,662			211,662
Prepaid expenses and deposits				1,399,645			1,111,152
Other current assets				113,370			119,362
TOTAL CURRENT ASSETS				14,437,870			6,589,879

MINERAL RIGHTS AND PROPERTIES		4		63,734,753			63,655,503
PROPERTY, PLANT AND EQUIPMENT		5		7,446,299			7,019,817
RESTRICTED CASH		6		1,839,300			1,839,216
EQUITY-ACCOUNTED INVESTMENT		7		11,961,434			11,515,327
OTHER NON-CURRENT ASSETS				722,963			769,875
TOTAL ASSETS			$	100,142,619		$	91,389,617


CURRENT LIABILITIES
Accounts payable and accrued liabilities			$	1,576,236		$	1,858,499
Due to a related party		8		16,520			31,334
Other current liabilities		12		131,466			147,569
Current portion of other loans payable		10		218,129			-
Current portion of long-term debt		9		17,525,172			-
TOTAL CURRENT LIABILITIES				19,467,523			2,037,402

LONG-TERM DEBT		9		-			19,869,477
OTHER LOANS PAYABLE		10		162,939			307,092
ASSET RETIREMENT OBLIGATIONS		11		3,836,484			3,734,314
OTHER NON-CURRENT LIABILITIES		12		485,687			479,714
DEFERRED TAX LIABILITIES				543,143			545,000
TOTAL LIABILITIES				24,495,776			26,972,999

STOCKHOLDERS' EQUITY
Capital stock
Common stock $0.001 par value: 750,000,000 shares authorized, 200,142,556 shares issued and outstanding (July 31, 2020 - 184,635,870)		13		200,142			184,636
Additional paid-in capital				360,110,479			341,059,972
Share issuance obligation				143,563			103,554
Accumulated deficit				(285,235,896	)		(276,811,300	)
Accumulated other comprehensive loss				428,555			(120,244	)
TOTAL EQUITY				75,646,843			64,416,618
TOTAL LIABILITIES AND EQUITY			$	100,142,619		$	91,389,617

SUBSEQUENT EVENTS		1,6,9,13,16

The accompanying notes are an integral part of these condensed consolidated financial statements.

URANIUM ENERGY CORP.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited – Expressed in U.S. Dollars)

			Three Months Ended January 31,						Six Months Ended January 31,
	Note(s)		2021			2020			2021			2020
COSTS AND EXPENSES
Mineral property expenditures		4	$	961,257		$	1,323,323		$	1,663,018		$	2,846,774
General and administrative		8,13		2,464,703			2,394,794			5,050,392			4,709,964
Depreciation, amortization and accretion		4,5,11		97,598			81,752			196,778			158,138
LOSS FROM OPERATIONS				(3,523,558	)		(3,799,869	)		(6,910,188	)		(7,714,876	)

OTHER INCOME (EXPENSES)
Interest income				8,753			52,341			14,363			141,522
Interest expenses and finance costs		9		(829,727	)		(859,163	)		(1,720,641	)		(1,744,288	)
Income (loss) from equity-accounted investment		7		600,913			2,704,373			(102,692	)		2,363,776
Gain on loan extinguishment		10		278,617			-			278,617			-
Other income				2,902			9,925			14,088			17,218
Gain on disposition of assets				-			1,800			-			1,800
OTHER INCOME (EXPENSES)				61,458			1,909,276			(1,516,265	)		780,028
LOSS BEFORE INCOME TAXES				(3,462,100	)		(1,890,593	)		(8,426,453	)		(6,934,848	)

DEFERRED TAX BENEFITS				1,041			1,932			1,857			3,610
NET LOSS FOR THE PERIOD				(3,461,059	)		(1,888,661	)		(8,424,596	)		(6,931,238	)

OTHER COMPREHENSIVE INCOME (LOSS),
NET OF INCOME TAXES		7		486,038			(39,648	)		548,799			(49,542	)
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD			$	(2,975,021	)	$	(1,928,309	)	$	(7,875,797	)	$	(6,980,780	)

NET LOSS PER SHARE, BASIC AND DILUTED		14	$	(0.02	)	$	(0.01	)	$	(0.04	)	$	(0.04	)

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC AND DILUTED				198,673,515			182,802,747			194,314,507			182,021,725

The accompanying notes are an integral part of these condensed consolidated financial statements.

URANIUM ENERGY CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited – Expressed in U.S. Dollars)

			Six Months Ended January 31,
	Note(s)		2021			2020
NET CASH PROVIDED BY (USED IN):

OPERATING ACTIVITIES
Net loss for the period			$	(8,424,596	)	$	(6,931,238	)
Adjustments to reconcile net loss to cash flows in operating activities
Stock-based compensation		13		2,596,573			1,715,636
Depreciation, amortization and accretion		4,5,11		196,778			158,138
Amortization of long-term debt discount		9		825,695			844,801
Gain on disposition of assets				-			(1,800	)
Gain on loan extinguishment		10		(278,617	)		-
Loss (income) from equity-accounted investment		7		102,692			(2,363,776	)
Deferred tax benefits				(1,857	)		(3,610	)
Foreign exchange loss				1,457			-
Changes in operating assets and liabilities
Prepaid expenses and deposits				(355,290	)		137,189
Other current assets				5,992			140,605
Accounts payable and accrued liabilities				(271,764	)		(1,134,749	)
Due to a related party		8		(14,814	)		(36,374	)
Other liabilities				14,579			(70,616	)
NET CASH USED IN OPERATING ACTIVITIES				(5,603,172	)		(7,545,794	)

FINANCING ACTIVITIES
Proceeds from share issuance, net of issuance costs		13		15,419,317			-
Repayment of promissory note		10		(30,231	)		-
Repayment of long-term debt		9		(2,000,000	)		-
NET CASH PROVIDED BY FINANCING ACTIVITIES				13,389,086			-

INVESTING ACTIVITIES
Investment in mineral rights and properties				(80,000	)		(30,000	)
Purchase of property, plant and equipment		5		(140,340	)		(30,194	)
Investment in term deposits				(10,000,000	)		-
Proceeds from redemption of term deposits				6,000,000			11,831,671
Proceeds from disposition of assets				-			1,800
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES				(4,220,340	)		11,773,277

NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH				3,565,574			4,227,483
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD				6,986,919			7,879,578
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD		6	$	10,552,493		$	12,107,061

The accompanying notes are an integral part of these condensed consolidated financial statements.

URANIUM ENERGY CORP.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(Unaudited – Expressed in U.S. Dollars)

	Common Stock				Additional Paid-		Share Issuance			Accumulated			Accumulated Other Comprehensive			Stockholders'
	Shares		Amount		in Capital		Obligation			Deficit			Income (Loss)			Equity
Balance, July 31, 2020		184,635,870	$	184,636	$	341,059,972	$	103,554		$	(276,811,300	)	$	(120,244	)	$	64,416,618
Common stock
Issued for equity financing, net of issuance costs		12,500,000		12,500		12,455,787		-			-			-			12,468,287
Issued upon exercise of stock options		13,532		15		9,294		-			-			-			9,309
Stock-based compensation
Common stock issued under Stock Incentive Plan		227,390		226		235,043		30,321			-			-			265,590
Amortization of stock-based compensation		-		-		1,046,175		-			-			-			1,046,175
Warrants
Issued for equity financing		-		-		1,518,432		-			-			-			1,518,432
Issued for equity financing as issuance costs		-		-		134,937		-			-			-			134,937
Net loss for the period		-		-		-		-			(4,963,537	)		-			(4,963,537	)
Other comprehensive income		-		-		-		-			-			62,761			62,761
Balance, October 31, 2020		197,376,792	$	197,377	$	356,459,640	$	133,875		$	(281,774,837	)	$	(57,483	)	$	74,958,572
Common stock
Issued under ATM offering, net of issuance costs		632,487		632		1,073,705		-			-			-			1,074,337
Issued as anniversary fees for credit facility		1,249,039		1,249		1,168,751		-			-			-			1,170,000
Issued upon exercise of stock options		559,528		559		211,566		-			-			-			212,125
Issued upon exercise of warrants		1,050		1		1,889		-			-			-			1,890
Stock-based compensation
Common stock issued for consulting services		-		-		-		40,009			-			-			40,009
Common stock issued under Stock Incentive Plan		323,660		324		358,359		(30,321	)		-			-			328,362
Amortization of stock-based compensation		-		-		836,569		-			-			-			836,569
Net loss for the period		-		-		-		-			(3,461,059	)		-			(3,461,059	)
Other comprehensive income		-		-		-		-			-			486,038			486,038
Balance, January 31, 2021		200,142,556	$	200,142	$	360,110,479	$	143,563		$	(285,235,896	)	$	428,555		$	75,646,843

The accompanying notes are an integral part of these condensed consolidated financial statements.

URANIUM ENERGY CORP.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(Unaudited – Expressed in U.S. Dollars)

	Common Stock				Additional Paid-in		Share Issuance			Accumulated			Accumulated Other Comprehensive			Stockholders'
	Shares		Amount		Capital		Obligation			Deficit			Income (Loss)			Equity
Balance, July 31, 2019		180,896,431	$	180,896	$	336,047,595	$	187,100		$	(262,200,784	)	$	12,461		$	74,227,268
Stock-based compensation
Common stock issued for consulting services		29,167		29		31,763		-			-			-			31,792
Common stock issued under Stock Incentive Plan		435,348		436		410,026		(187,100	)		-			-			223,362
Amortization of stock-based compensation		-		-		662,232		-			-			-			662,232
Net loss for the period		-		-		-		-			(5,042,577	)		-			(5,042,577	)
Other comprehensive loss		-		-		-		-			-			(9,894	)		(9,894	)
Balance, October 31, 2019		181,360,946	$	181,361	$	337,151,616	$	-		$	(267,243,361	)	$	2,567		$	70,092,183
Common stock
Issued as anniversary fees for credit facility		1,743,462		1,743		1,398,257		-			-			-			1,400,000
Stock-based compensation
Common stock issued for consulting services		313,201		313		277,644		-			-			-			277,957
Common stock issued under Stock Incentive Plan		256,206		257		234,535		-			-			-			234,792
Amortization of stock-based compensation		-		-		485,268		-			-			-			485,268
Warrants
Issued for consulting services		-		-		22,733		-			-			-			22,733
Net loss for the period		-		-		-		-			(1,888,661	)		-			(1,888,661	)
Other comprehensive loss		-		-		-		-			-			(39,648	)		(39,648	)
Balance, January 31, 2020		183,673,815	$	183,674	$	339,570,053	$	-		$	(269,132,022	)	$	(37,081	)	$	70,584,624

The accompanying notes are an integral part of these condensed consolidated financial statements.

URANIUM ENERGY CORP.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
January 31, 2021
(Unaudited – Expressed in U.S. Dollars)

NOTE 1: NATURE OF OPERATIONS

Uranium Energy Corp. was incorporated in the State of Nevada on May 16, 2003. Uranium Energy Corp. and its subsidiary companies and a controlled partnership (collectively, the “Company” or “we”) are engaged in uranium and titanium mining and related activities, including exploration, pre-extraction, extraction and processing of uranium concentrates and titanium minerals, on projects located in the United States, Canada and the Republic of Paraguay.

At January 31, 2021, we had cash and cash equivalents of $8.7 million and term deposits of $4.0 million. Subsequent to January 31, 2021, we received net proceeds of $28.2 million through the sale of our common shares under an at-the-market offering (refer to Note 13: Capital Stock). At January 31, 2021, we had $18.0 million of term debt with a maturity date of January 31, 2022, which became a current liability at January 31, 2021, resulting in a working capital deficit of $5.0 million. However, we believe our existing cash resources will provide sufficient funds to repay the $18.0 million principal amount when it comes due and carry out our planned operations for 12 months from the date that our condensed consolidated financial statements are issued. Our continuation as a going concern for a period beyond those 12 months will be dependent upon our ability to obtain adequate additional financing, as our operations are capital intensive and future capital expenditures are expected to be substantial.

Historically, we have been reliant primarily on equity financings from the sale of our common stock and on debt financing in order to fund our operations, and this reliance is expected to continue for the foreseeable future. Our continued operations, including the recoverability of the carrying values of our assets, are dependent ultimately on our ability to achieve and maintain profitability and positive cash flow from our operations.

NOTE 2: SUMMARY OF SIGNIFICANT POLICIES

Basis of Presentation

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) for interim financial information and are presented in U.S. dollars. Accordingly, they do not include all of the information and footnotes required under U.S. GAAP for complete financial statements. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended July 31, 2020 (“Fiscal 2020”). In the opinion of management, all adjustments of a normal recurring nature and considered necessary for a fair presentation have been made. Operating results for the six months ended January 31, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending July 31, 2021 (“Fiscal 2021”).

Exploration Stage

We have established the existence of mineralized materials for certain uranium projects, including for our Palangana Mine. We have not established proven or probable reserves, as defined by the United States Securities and Exchange Commission (the “SEC”) under Industry Guide 7 (“Industry Guide 7”), through the completion of a “final” or “bankable” feasibility study for any of our uranium projects, including the Palangana Mine. Furthermore, we have no plans to establish proven or probable reserves for any of our uranium projects for which we plan on utilizing in-situ recovery (“ISR”) mining, such as the Palangana Mine. As a result, and despite the fact that we commenced extraction of mineralized materials at the Palangana Mine in November 2010, we remain in the Exploration Stage, as defined under Industry Guide 7, and will continue to remain in the Exploration Stage until such time that proven or probable reserves have been established.

Since we commenced the extraction of mineralized materials at the Palangana Mine without having established proven or probable reserves, any mineralized materials established or extracted from the Palangana Mine should not in any way be associated with having established or produced from proven or probable reserves.

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
January 31, 2021

(Unaudited – Expressed in U.S. Dollars)

In accordance with U.S. GAAP, expenditures relating to the acquisition of mineral rights are initially capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until such time we exit the Exploration Stage by establishing proven or probable reserves. Expenditures relating to exploration activities such as drilling programs to establish mineralized materials are expensed as incurred. Expenditures relating to pre-extraction activities such as the construction of mine wellfields, ion exchange facilities and disposal wells are expensed as incurred until such time proven or probable reserves are established for that project, after which expenditures relating to mine development activities for that particular project are capitalized as incurred.

Companies in the Production Stage, as defined under Industry Guide 7, having established proven and probable reserves and exited the Exploration Stage, typically capitalize expenditures relating to ongoing development activities, with corresponding depletion calculated over proven and probable reserves using the units-of-production method and allocated to future reporting periods to inventory and, as that inventory is sold, to cost of goods sold. We are in the Exploration Stage which has resulted in us reporting larger losses than if we had been in the Production Stage due to the expensing, rather than capitalizing, of expenditures relating to ongoing mill and mine development activities. Additionally, there would be no corresponding amortization allocated to future reporting periods of our Company since those costs would have been expensed previously, resulting in both lower inventory costs and cost of goods sold and results of operations with higher gross profits and lower losses than if we had been in the Production Stage. Any capitalized costs, such as expenditures relating to the acquisition of mineral rights, are depleted over the estimated extraction life using the straight-line method. As a result, our consolidated financial statements may not be directly comparable to the financial statements of companies in the Production Stage.

NOTE 3: TERM DEPOSITS

At January 31, 2021, term deposits totaled $4,000,000 (July 31, 2020: $Nil), which are held at a major financial institution with an initial term of four to six months bearing interest rate at 0.25%.

NOTE 4: MINERAL RIGHTS AND PROPERTIES

Mineral Rights

At January 31, 2021, we had mineral rights in the States of Arizona, Colorado, New Mexico, Wyoming and Texas, in Canada and in the Republic of Paraguay. These mineral rights were acquired through staking, purchase or lease agreements and are subject to varying royalty interests, some of which are indexed to the sale price of uranium and titanium. At January 31, 2021, annual maintenance payments of approximately $2.2 million will be required to maintain these mineral rights.

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
January 31, 2021

(Unaudited – Expressed in U.S. Dollars)

Mineral rights and property acquisition costs consist of the following:

	January 31, 2021			July 31, 2020
Mineral Rights and Properties
Palangana Mine	$	6,027,784		$	6,027,784
Goliad Project		8,689,127			8,689,127
Burke Hollow Project		1,495,750			1,495,750
Longhorn Project		116,870			116,870
Salvo Project		14,905			14,905
Anderson Project		3,470,373			3,470,373
Workman Creek Project		849,854			799,854
Los Cuatros Project		257,250			257,250
Slick Rock Project		60,000			30,000
Reno Creek Project		31,527,870			31,527,870
Diabase Project		546,938			546,938
Yuty Project		11,947,144			11,947,144
Oviedo Project		1,133,412			1,133,412
Alto Paraná Titanium Project		1,433,030			1,433,030
Other Property Acquisitions		91,080			91,080
		67,661,387			67,581,387
Accumulated Depletion		(3,929,884	)		(3,929,884	)
		63,731,503			63,651,503

Databases and Land Use Agreements		2,458,808			2,458,808
Accumulated Amortization		(2,455,558	)		(2,454,808	)
		3,250			4,000
	$	63,734,753		$	63,655,503

We have not established proven or probable reserves, as defined by the SEC under Industry Guide 7, for any of our mineral projects. We have established the existence of mineralized materials for certain mineral projects, including our Palangana Mine. Since we commenced uranium extraction at the Palangana Mine without having established proven or probable reserves, there may be greater inherent uncertainty as to whether or not any mineralized material can be economically extracted as originally planned and anticipated.

During the three and six months ended January 31, 2021 and 2020, we continued with reduced operations at the Palangana Mine to capture residual uranium only. As a result, no depletion for the Palangana Mine was recorded on our Condensed Consolidated Financial Statements for the three and six months ended January 31, 2021 and 2020.

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
January 31, 2021

(Unaudited – Expressed in U.S. Dollars)

Mineral property expenditures incurred on our projects were as follows:

	Three Months Ended January 31,				Six Months Ended January 31,
	2021		2020		2021		2020
Mineral Property Expenditures
Palangana Mine	$	232,866	$	528,699	$	431,668	$	848,726
Goliad Project		71,267		36,843		117,056		96,807
Burke Hollow Project		185,838		220,812		315,616		869,673
Longhorn Project		2,289		2,289		4,577		12,446
Salvo Project		7,673		6,702		15,865		13,970
Anderson Project		19,425		13,433		38,891		29,486
Workman Creek Project		8,167		8,168		16,365		16,365
Slick Rock Project		12,993		13,271		26,129		26,405
Reno Creek Project		169,576		144,181		270,066		292,224
Yuty Project		8,334		16,718		14,328		30,914
Oviedo Project		98,804		123,117		146,415		229,055
Alto Paraná Titanium Project		29,463		110,085		45,914		166,333
Other Mineral Property Expenditures		114,562		99,005		220,128		214,370
	$	961,257	$	1,323,323	$	1,663,018	$	2,846,774

NOTE 5: PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consist of the following:

	January 31, 2021							July 31, 2020
	Cost		Accumulated Depreciation			Net Book Value		Cost		Accumulated Depreciation			Net Book Value
Hobson Processing Facility	$	6,642,835	$	(812,504	)	$	5,830,331	$	6,642,835	$	(773,933	)	$	5,868,902
Mining Equipment		2,393,579		(2,349,914	)		43,665		2,393,579		(2,342,518	)		51,061
Logging Equipment and Vehicles		1,935,469		(1,760,511	)		174,958		1,924,969		(1,736,806	)		188,163
Computer Equipment		528,113		(472,803	)		55,310		550,243		(486,467	)		63,776
Furniture and Fixtures		184,941		(170,623	)		14,318		170,701		(169,946	)		755
Land and Buildings		1,377,601		(49,884	)		1,327,717		889,606		(42,446	)		847,160
	$	13,062,538	$	(5,616,239	)	$	7,446,299	$	12,571,933	$	(5,552,116	)	$	7,019,817

During the three months ended January 31, 2021, we purchased 100 acres of land (the “Goliad Land Purchase”) within our Goliad Project located in Goliad County, Texas, for total consideration of $487,995, of which $380,000 was financed with a promissory note. Refer to Note 10: Other Loans Payable.

NOTE 6: RESTRICTED CASH

Restricted cash includes cash and cash equivalents and money market funds as collateral for various bonds posted in favor of applicable state regulatory agencies in Arizona, Texas and Wyoming, and for estimated reclamation costs associated with our Anderson Project, Palangana Mine, Hobson Processing Facility and Reno Creek Project. Restricted cash will be released upon the completion of reclamation of a mineral property or the restructuring of a surety and collateral arrangement.

	January 31, 2021		July 31, 2020
Restricted cash, beginning of period	$	1,839,216	$	1,821,392
Interest received		84		17,824
Restricted cash, end of period	$	1,839,300	$	1,839,216

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
January 31, 2021

(Unaudited – Expressed in U.S. Dollars)

Subsequent to January 31, 2021, we paid an additional $198,377 as surety bond collateral for inflation adjustments upon renewal of various surety bonds relating to our Palangana Mine and Hobson Processing Facility.

Cash, cash equivalents and restricted cash are included in the following accounts at January 31, 2021 and 2020:

	January 31, 2021		January 31, 2020
Cash and cash equivalents	$	8,713,193	$	10,272,315
Restricted cash		1,839,300		1,834,746
Total cash, cash equivalents and restricted cash	$	10,552,493	$	12,107,061

NOTE 7: EQUITY-ACCOUNTED INVESTMENT

At January 31, 2021, we owned 14,000,000 shares of Uranium Royalty Corp. (“URC”), representing a 19.5% (July 31, 2020: 19.5%) interest in URC. In addition, two of our officers are members of URC’s board of directors, and one of which is also an executive officer of URC. As a consequence, our ability to exercise significant influence over URC’s operating and financing policies continued to exist during the three and six months ended January 31, 2021. URC is a public company listed on the TSX Venture Exchange with the trading symbol “URC.V”.

For the three and six months ended January 31, 2021 and 2020, income (loss) from investment in URC consisted of the following:

	Three Months Ended January 31,					Six Months Ended January 31,
	2021		2020			2021			2020
Share of income (loss) from URC	$	600,913	$	(23,653	)	$	(102,692	)	$	(692,880	)
Gain on ownership interest dilution		-		2,728,026			-			3,056,656
Total	$	600,913	$	2,704,373		$	(102,692	)	$	2,363,776

For the three and six months ended January 31, 2021, we recorded translation gain of $486,038 and $548,799, respectively, and for three and six months ended January 31, 2020, we recorded translation loss of $39,648 and $49,542, respectively, as a result of translating the ending balance of investment in URC in Canadian Dollars to U.S. Dollars using the period end exchange rate, which was included in other comprehensive income (loss) in our condensed consolidated statements of operations and comprehensive loss.

During the six months ended January 31, 2021, the change in carrying value of our investment in URC is summarized as follows:

Balance, July 31, 2020	$	11,515,327
Share of loss from URC		(102,692	)
Translation gain		548,799
Balance, January 31, 2021	$	11,961,434

At January 31, 2021, the fair value of our investment in URC was approximately $21.9 million.

NOTE 8: RELATED PARTY TRANSACTIONS

During the three and six months ended January 31, 2021, we incurred $17,464 and $34,141 (three and six months ended January 31, 2020: $35,657 and $68,490), respectively, in general and administrative costs paid to Blender Media Inc. (“Blender”), a company controlled by Arash Adnani, a direct family member of our President and Chief Executive Officer, for various services, including information technology, financial subscriptions, corporate branding, media, website design, maintenance and hosting, provided by Blender to the Company.

At January 31, 2021, the amount owing to Blender was $16,520 (July 31, 2020: $31,334).

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
January 31, 2021

(Unaudited – Expressed in U.S. Dollars)

NOTE 9: LONG-TERM DEBT

As at January 31, 2021, our long-term debt consisted of the following:

	January 31, 2021			July 31, 2020
Principal amount	$	18,000,000		$	20,000,000
Unamortized discount and accrued fees		(474,828	)		(130,523	)
Long-term debt, net of unamortized discount		17,525,172			19,869,477
Current portion		17,525,172			-
Long-term debt, net of current portion	$	-		$	19,869,477

For the three and six months ended January 31, 2021, amortization of debt discount totaled $381,828 and $825,695, (three and six months ended January 31, 2020: $412,580 and $844,801), respectively, which was recorded as interest expense and included in our condensed consolidated statements of operations and comprehensive loss. During the three and six months ended January 31, 2021, we paid $368,000 and $776,889 (three and six months ended January 31, 2020: $408,889 and $817,778), respectively, in cash to our lenders (the “Lenders”) for interest on the long-term debt.

During the three months ended January 31, 2021, we made a voluntary principal payment of $2,000,000 to one of our Lenders, which decreased the principal balance outstanding to $18,000,000 under our credit facility (the “Credit Facility”).

During the three months ended January 31, 2021, and pursuant to the terms of our Third Amended and Restated Credit Agreement with our Lenders, we issued an aggregate of 1,249,039 shares with a fair value of $1,170,000, representing 6.5% of the $18,000,000 principal balance outstanding, as payment of anniversary fees to our Lenders.

The Company’s Credit Facility with our Lenders has a maturity date on January 31, 2022, with an interest rate of 8% per annum and an underlying effective interest rate of 16.48%.

At January 31, 2021, our working capital ratio, excluding the current portion of the long-term debt, was 7.4:1, which was in compliance with the debt covenant requirement under our Credit Facility being a working capital ratio, excluding any current portion of the long-term debt, of not less than 1:1.

The aggregate yearly maturities of long-term debt based on principal amounts outstanding at January 31, 2021 are as follows:

Fiscal 2021	$	-
Fiscal 2022		18,000,000
Total	$	18,000,000

Subsequent to January 31, 2021, we made further voluntary principal payment of $8,000,000 to our Lenders, which decreased the principal balance outstanding to $10,000,000.

NOTE 10: OTHER LOANS PAYABLE

We applied for a Paycheck Protection Program loan and received the proceeds of $277,250 (the “PPP Loan”) during Fiscal 2020. During the three months ended January 31, 2021, we received a Notice of Paycheck Protection Program Forgiveness Payment from the Small Business Administration regarding the approval of our application for forgiveness of our PPP Loan of $277,250 and accrued interest. As a result, we recognized a gain on extinguishment of the PPP Loan of $278,617 during the three months ended January 31, 2021.

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
January 31, 2021

(Unaudited – Expressed in U.S. Dollars)

During the three months ended January 31, 2021, in connection with the Goliad Land Purchase, we issued a promissory note with a principal amount of $380,000 to Mar G B Ranch LLC (the “Promissory Note”). The Promissory Note carries an interest rate of 5% per annum with principal and interest payable in 24 monthly installments with a maturity date of November 1, 2022. We may prepay the Promissory Note in any amount at any time before the maturity date without penalty.

During the three months ended January 31, 2021, we paid $3,111 in cash for interest on the Promissory Note.

At January 31, 2021, other loans payable consisted of the following:

	January 31, 2021		July 31, 2020
Government loan payable	$	31,299	$	307,092
Promissory note payable		349,769		-
	$	381,068	$	307,092

Current portion
Government loan payable	$	31,299	$	-
Promissory note payable		186,830		-
	$	218,129	$	-
Non-current portion
Government loan payable	$	-	$	307,092
Promissory note payable		162,939		-
	$	162,939	$	307,092

NOTE 11: ASSET RETIREMENT OBLIGATIONS

Asset retirement obligations (“ARO”s) relate to future remediation and decommissioning activities at our Palangana Mine, Hobson Processing Facility, Reno Creek Project and Alto Paraná Titanium Project.

Balance, July 31, 2020	$	3,734,314
Accretion		102,170
Balance, January 31, 2021	$	3,836,484

The estimated amounts and timing of cash flows and assumptions used for ARO estimates are as follows:

	January 31, 2021					July 31, 2020
Undiscounted amount of estimated cash flows	$	8,221,018				$	8,221,018

Payable in years		9	to	21			9	to	21
Inflation rate		1.56%	to	2.17	%		1.56%	to	2.17	%
Discount rate		5.50%	to	5.96	%		5.50%	to	5.96	%

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
January 31, 2021

(Unaudited – Expressed in U.S. Dollars)

The undiscounted amounts of estimated cash flows for the next five fiscal years and beyond are as follows:

Fiscal 2022	$	-
Fiscal 2023		-
Fiscal 2024		-
Fiscal 2025		-
Fiscal 2026		-
Remaining balance		8,221,018
	$	8,221,018

NOTE 12: LEASE LIABILITIES

The Company primarily has operating leases for corporate offices and a processing facility with a remaining term of 0.5 to 18.3 years. The lease for the processing facility has an evergreen option that can continue for so long as it is in operation.

During the three and six months ended January 31, 2021 and 2020, total lease expenses include the following components:

	Three Months Ended January 31,				Six Months Ended January 31,
	2021		2020		2021		2020
Operating leases	$	52,372	$	59,309	$	106,833	$	118,939
Short-term leases		20,313		23,516		42,955		397,029
Total Lease Expenses	$	72,685	$	82,825	$	149,788	$	515,968

As at January 31, 2021, the weighted average remaining lease term was 15.3 years and the weighted average discount rate was 4.74%.

During the six months ended January 31, 2021, cash paid for amounts included in the measurement of operating lease liabilities totaled $114,280.

Minimum future lease payments under operating leases with terms longer than one year are as follows:

Fiscal 2021	$	115,686
Fiscal 2022		248,673
Fiscal 2023		20,000
Fiscal 2024		20,000
Fiscal 2025		20,000
Thereafter		300,000
Total lease payments		724,359
Less: imputed interest		(153,060	)
Present value of lease liabilities	$	571,299

Current portion of lease liabilities	$	122,584
Non-current portion of lease liabilities	$	448,715

Current lease liabilities are included in Other Current Liabilities, and non-current lease liabilities are included in Other Non-Current Liabilities in our Consolidated Balance Sheets.

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
January 31, 2021

(Unaudited – Expressed in U.S. Dollars)

NOTE 13: CAPITAL STOCK

Equity Financing

On September 23, 2020, we completed a public offering of 12,500,000 units at a price of $1.20 per unit for gross proceeds of $15,000,000 (the “September 2020 Offering”). Each unit was comprised of one share of our Company and one-half of one share purchase warrant, and each whole warrant entitles its holder to acquire one share of our Company at an exercise price of $1.80 per share and expiring 24 months from the date of issuance. In connection with the September 2020 Offering, we also issued compensation share purchase warrants to agents as part of share issuance costs to purchase 583,333 shares of our Company exercisable at an exercise price of $1.80 per share and expiring 24 months from the date of issuance.

The shares were valued at the Company’s closing price of $0.96 per share at September 23, 2020. The share purchase warrants were valued using the Black-Scholes option pricing model with the following assumptions.

Expected Risk Free Interest Rate	0.14	%
Expected Annual Volatility	76.81	%
Expected Contractual Life in Years	2.00
Expected Annual Dividend Yield	0.00	%

The net proceeds from the September 2020 Offering were allocated to the fair values of the shares and share purchase warrants as presented below.

Fair Value of Shares	$	12,000,000
Fair Value of Share Purchase Warrants		1,445,756
Total Fair Value Before Allocation to Net Proceeds	$	13,445,756

Gross Proceeds	$	15,000,000
Share Issuance Costs - Cash		(878,344	)
Net Cash Proceeds Received	$	14,121,656

Relative Fair Value Allocation to:
Shares	$	12,603,224
Share Purchase Warrants		1,518,432
	$	14,121,656

During Fiscal 2019, we entered into an At The Market Offering Agreement (the “ATM Offering Agreement”) with H.C. Wainwright & Co., LLC and certain co-managers as set forth in the ATM Offering Agreement (collectively, the “ATM Managers”), as amended in Fiscal 2020, under which the Company may, from time to time, sell shares of its common stock having an aggregate offering price of up to $30 million through the ATM Managers (collectively, the “ATM Offering”).

During the three months ended January 31, 2021, we issued 632,487 shares of the Company’s common stock at a weighted average price of $1.74 per share under the ATM Offering for net cash proceeds of $1,074,337. Subsequent to January 31, 2021, we issued 13,036,419 shares of the Company’s common stock at a weighted average price of $2.22 under the ATM Offering for net cash proceeds of $28,246,612.

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
January 31, 2021

(Unaudited – Expressed in U.S. Dollars)

Share Purchase Warrants

A continuity schedule of outstanding share purchase warrants for the six months ended January 31, 2021, is as follows:

	Number of Warrants			Weighted Average Exercise Price
Balance, July 31, 2020		7,721,981		$	2.03
Issued in connection with September 2020 Offering		6,833,333			1.80
Balance, October 31, 2020		14,555,314			1.92
Exercised		(1,050	)		1.80
Expired		(300,000	)		1.38
Balance, January 31, 2021		14,254,264		$	1.93

A summary of share purchase warrants outstanding and exercisable at January 31, 2021, is as follows:

Weighted Average Exercise Price		Number of Warrants Outstanding		Weighted Average Remaining Contractual Life (Years)		Expiry Date
$	2.05		7,063,253		0.17	April 3, 2021
	2.30		308,728		1.52	August 9, 2022
	1.64		50,000		2.30	May 21, 2023
	1.80		6,832,283		1.64	September 23, 2022
$	1.93		14,254,264		0.91

Subsequent to January 31, 2021, we received cash proceeds of $511,726 and issued 435,542 shares upon the exercise of 1,597,333 share purchase warrants.

Stock Options

At January 31, 2021, we had one stock option plan, our 2020 Stock Incentive Plan, which superseded and replaced our 2019 Stock Incentive Plan.

A continuity schedule of outstanding stock options for the underlying shares for the six months ended January 31, 2021, is as follows:

	Number of Stock Options			Weighted Average Exercise Price
Balance, July 31, 2020		15,514,750		$	1.13
Exercised		(28,500	)		0.93
Expired		(1,315,000	)		1.43
Balance, October 31, 2020		14,171,250			1.10
Exercised		(1,100,782	)		1.11
Balance, January 31, 2021		13,070,468		$	1.10

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
January 31, 2021

(Unaudited – Expressed in U.S. Dollars)

During the three and six months ended January 31, 2021 and 2020, the total number of stock options exercised, the number of shares issued upon exercise of those options and the cash received from such exercises are as follows:

	Three Months Ended January 31,				Six Months Ended January 31,
	2021		2020		2021		2020
Number of Options Exercised on Forfeiture Basis		923,282		-		941,782		-
Number of Options Exercised on Cash Basis		177,500		-		187,500		-
Total Number of Options Exercised		1,100,782		-		1,129,282		-

Number of Shares Issued on Cash Exercise		177,500		-		187,500		-
Number of Shares Issued on Forfeiture Basis		382,028		-		385,560		-
Total Number of Shares Issued Upon Exercise of Options		559,528		-		573,060		-

Cash Received from Exercise of Stock Options	$	212,125	$	-	$	221,434	$	-
Total Intrinsic Value of Options Exercised	$	822,237	$	-	$	828,615	$	-

Subsequent to January 31, 2021, we received further cash proceeds of $381,631 and issued 680,043 shares of the Company upon the exercise of 984,223 stock options.

A continuity schedule of outstanding unvested stock options at January 31, 2021, and the changes during the period, is as follows:

	Number of Unvested Stock Options			Weighted Average Grant-Date Fair Value
Balance, July 31, 2020		6,797,471		$	0.46
Vested		(718,755	)		0.46
Balance, October 31, 2020		6,078,716			0.46
Vested		(1,042,559	)		0.48
Balance, January 31, 2021		5,036,157		$	0.45

At January 31, 2021, unrecognized stock-based compensation expense related to the unvested portion of stock options totaled $1,241,072 to be recognized over the next 1.17 years.

At January 31, 2021, the aggregate intrinsic value under the provisions of ASC 718 of all outstanding stock options was $7,093,519 (vested: $3,740,946 and unvested: $3,352,573).

A summary of stock options outstanding and exercisable at January 31, 2021, is as follows:

			Options Outstanding						Options Exercisable
Range of Exercise Prices			Outstanding at Janury 31, 2021		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Exercisable at January 31, 2021		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)
$0.80	to	$0.99		7,481,468	$	0.92		7.55		3,816,561	$	0.92		5.98
$1.00	to	$1.49		3,587,000		1.18		4.57		2,215,750		1.24		1.65
$1.50	to	$2.81		2,002,000		1.65		2.29		2,002,000		1.65		2.29
				13,070,468	$	1.10		5.93		8,034,311	$	1.19		3.87

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
January 31, 2021

(Unaudited – Expressed in U.S. Dollars)

Restricted Stock Units

A summary of outstanding and unvested restricted stock units (“RSU”s) at January 31, 2021, is as follows:

Grant Date	Number of Restricted Stock Units		Grant Date Fair Value		Remaining Life (Years)		Aggregate Intrinsic Value
July 30, 2019		310,000	$	0.94		1.49	$	505,300
July 16, 2020		1,305,000		0.91		2.45		2,127,150
		1,615,000	$	0.92		2.27	$	2,632,450

During the three and six months ended January 31, 2021, stock-based compensation relating to the RSUs totaled $271,834 and $543,668 (three and six months ended January 31, 2020: $66,928 and $133,856), respectively. At January 31, 2021, outstanding unvested RSUs totaled 1,615,000 (July 31, 2020: 1,615,000), and unrecognized compensation costs relating to unvested RSUs totaled $771,831, which is expected to be recognized over a period of approximately 1.16 years.

Performance Based Restricted Stock Units

During the three and six months ended January 31, 2021, stock-based compensation relating to target performance based restricted stock units (“PRSU”s) totaled $37,544 and $75,088 (three and six months ended January 31, 2020: $68,165 and $136,330), respectively. At January 31, 2021, outstanding unvested PRSUs totaled 333,750 (July 31, 2020: 333,750), and unrecognized compensation costs relating to unvested PRSUs totaled $164,264, which is expected to be recognized over a period of approximately 0.87 years.

Stock-Based Compensation

A summary of stock-based compensation expense is as follows:

	Three Months Ended January 31,				Six Months Ended January 31,
	2021		2020		2021		2020
Stock-Based Compensation for Consultants
Common stock issued to consultants	$	119,847	$	126,150	$	239,317	$	233,758
Amortization of stock option expenses		65,774		53,554		169,702		100,525
		185,621		179,704		409,019		334,283
Stock-Based Compensation for Management
Common stock issued to management		-		34,100		-		68,807
Amortization of stock option expenses		206,317		162,728		460,048		406,105
Amortization of RSU & PRSU expenses		309,378		135,093		618,756		270,186
		515,695		331,921		1,078,804		745,098
Stock-Based Compensation for Employees
Common stock issued to employees		261,642		129,997		474,512		258,025
Amortization of stock option expenses		255,100		156,628		634,238		393,419
		516,742		286,625		1,108,750		651,444

Settlement of share issuance obligation		-		-		-		(15,189	)
	$	1,218,058	$	798,250	$	2,596,573	$	1,715,636

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
January 31, 2021

(Unaudited – Expressed in U.S. Dollars)

NOTE 14: LOSS PER SHARE

The following table reconciles the weighted average number of shares used in the calculation of the basic and diluted loss per share:

	Three Months Ended January 31,						Six Months Ended January 31,
	2021			2020			2021			2020
Numerator
Net Loss for the Period	$	(3,461,059	)	$	(1,888,661	)	$	(8,424,596	)	$	(6,931,238	)

Denominator
Basic Weighted Average Number of Shares		198,673,515			182,802,747			194,314,507			182,021,725
Dilutive Stock Options, RSUs, PRSUs and Warrants		-			-			-			-
Diluted Weighted Average Number of Shares		198,673,515			182,802,747			194,314,507			182,021,725

Net Loss per Share, Basic and Diluted	$	(0.02	)	$	(0.01	)	$	(0.04	)	$	(0.04	)

For the three and six months ended January 31, 2021 and 2020, all outstanding stock options, RSUs, PRSUs and share purchase warrants were excluded from the calculation of the diluted loss per share since their effects would be anti-dilutive.

NOTE 15: SEGMENTED INFORMATION

We currently operate in one reportable segment which is focused on uranium mining and related activities, including exploration, pre-extraction, extraction and processing of uranium concentrates.

At January 31, 2021, our long-term assets located in the United States totaled $58,196,798 or 68% of our total long-term assets of $85,704,749.

The table below provides a breakdown of the long-term assets by geographic segments:

January 31, 2021

United States

Balance Sheet Items

Texas

Arizona

Wyoming

Other States

Canada

Paraguay

Total

Mineral Rights and Properties

12,421,911

4,577,477

31,527,870

146,971

546,938

14,513,586

63,734,753

Property, Plant and Equipment

6,723,072

320,201

41,626

361,400

7,446,299

Restricted Cash

1,750,327

15,000

73,973

1,839,300

Equity-Accounted Investment

11,961,434

Other Non-Current Assets

620,996

19,000

82,967

722,963

Total Long-Term Assets

21,516,306

4,592,477

31,941,044

146,971

12,632,965

14,874,986

85,704,749

	July 31, 2020
	United States
Balance Sheet Items	Texas		Arizona		Wyoming		Other States		Canada		Paraguay		Total
Mineral Rights and Properties	$	12,422,661	$	4,527,477	$	31,527,870	$	116,971	$	546,938	$	14,513,586	$	63,655,503
Property, Plant and Equipment		6,299,786		-		327,639		-		29,677		362,715		7,019,817
Restricted Cash		1,750,243		15,000		73,973		-		-		-		1,839,216
Equity-Accounted Investment		-		-		-		-		11,515,327		-		11,515,327
Other Non-Current Assets		703,312		-		22,000		-		44,563		-		769,875
Total Long-Term Assets	$	21,176,002	$	4,542,477	$	31,951,482	$	116,971	$	12,136,505	$	14,876,301	$	84,799,738

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
January 31, 2021

(Unaudited – Expressed in U.S. Dollars)

The tables below provide a breakdown of our operating results by geographic segments for the three and six months ended January 31, 2021 and 2020. All intercompany transactions have been eliminated.

Three Months Ended January 31, 2021

United States

Statement of Operations

Texas

Arizona

Wyoming

Other States

Canada

Paraguay

Total

Costs and Expenses:

Mineral property expenditures

602,513

31,452

169,576

16,336

4,779

136,601

961,257

General and administrative

1,895,718

4,105

20,249

345

533,421

10,865

2,464,703

Depreciation, amortization and accretion

89,372

3,719

4,972

(465

)

97,598

Loss from operations

(2,587,603

)

(35,557

)

(193,544

)

(16,681

)

(543,172

)

(147,001

)

(3,523,558

)

Other income (expenses)

(537,622

)

(4,768

)

(5,766

)

609,666

(52

)

61,458

Loss before income taxes

(3,125,225

)

(40,325

)

(199,310

)

(16,681

)

66,494

(147,053

)

(3,462,100

)

	Three Months Ended January 31, 2020
	United States
Statement of Operations	Texas			Arizona			Wyoming			Other States			Canada			Paraguay			Total
Costs and Expenses:
Mineral property expenditures	$	891,008		$	21,600		$	144,182		$	16,614		$	-		$	249,919		$	1,323,323
General and administrative		1,713,121			3,439			20,478			410			634,315			23,031			2,394,794
Depreciation, amortization and accretion		72,437			-			3,720			249			2,465			2,881			81,752
Loss from operations		(2,676,566	)		(25,039	)		(168,380	)		(17,273	)		(636,780	)		(275,831	)		(3,799,869	)

Other income (expenses)		(844,506	)		(4,768	)		700			-			2,756,714			1,136			1,909,276
Loss before income taxes	$	(3,521,072	)	$	(29,807	)	$	(167,680	)	$	(17,273	)	$	2,119,934		$	(274,695	)	$	(1,890,593	)

Six Months Ended January 31, 2021

United States

Statement of Operations

Texas

Arizona

Wyoming

Other States

Canada

Paraguay

Total

Costs and Expenses:

Mineral property expenditures

1,079,843

62,476

270,066

36,405

7,571

206,657

1,663,018

General and administrative

4,063,077

7,825

37,719

718

918,629

22,424

5,050,392

Depreciation, amortization and accretion

178,744

7,438

9,280

1,316

196,778

Loss from operations

(5,321,664

)

(70,301

)

(315,223

)

(37,123

)

(935,480

)

(230,397

)

(6,910,188

)

Other income (expenses)

(1,417,836

)

(9,535

)

(5,566

)

(88,329

)

5,001

(1,516,265

)

Loss before income taxes

(6,739,500

)