10-Q

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, 2022

or

☐         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: 283,015,176 shares of common stock outstanding as of March 16, 2022.

CAUTIONARY NOTE TO U.S. RESIDENTS CONCERNING DISCLOSURE OF MINERAL RESOURCES

The Company is a U.S. Domestic Issuer for United States Securities and Exchange Commission (“SEC”) purposes, most of its shareholders are U.S. residents, the Company is required to report its financial results under U.S. generally accepted accounting principles and its only trading market is the NYSE American. However, because the Company is a reporting issuer in Canada, certain regulatory filings required of the Company in Canada contain or incorporate by reference therein certain disclosure that satisfies the additional requirements of Canadian securities laws, which differ from the requirements of United States’ securities laws. Unless otherwise indicated, all Company resource estimates included in those Canadian filings, and in the documents incorporated by reference therein, have been prepared in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum classification system. NI 43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.

Canadian standards, including NI 43-101, differ significantly from the requirements of SEC Industry Guide 7, as defined in the Glossary of Technical Terms (“Industry Guide 7”). Thus, resource information contained, or incorporated by reference, in our Canadian filings, and in the documents incorporated by reference therein, may not be comparable to similar information disclosed by companies reporting “reserve” and resource information under SEC Industry Guide 7. In particular, and without limiting the generality of the foregoing, the term “resource” does not equate to the term “reserve” under SEC Industry Guide 7. Under SEC Industry Guide 7 standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Under SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report “reserves”; the three-year historical average price, to the extent possible, is used in any “reserve” or cash flow analysis to designate “reserves”; and the primary environmental analysis or report must be filed with the appropriate governmental authority.

SEC Industry Guide 7 disclosure standards historically have not permitted the inclusion of information concerning “Measured Mineral Resources”, “Indicated Mineral Resources” or “Inferred Mineral Resources” or other descriptions of the amount of mineralization in mineral deposits that do not constitute “reserves” by SEC Industry Guide 7 standards. United States investors should also understand that “Inferred Mineral Resources” have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that all or any part of an “Inferred Mineral Resource” will ever be upgraded to a higher category. Under Canadian rules, estimated “Inferred Mineral Resources” may not form the basis of feasibility or pre-feasibility studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into mineral “reserves” as defined by SEC Industry Guide 7. Investors are cautioned not to assume that all or any part of an “Inferred Mineral Resource” exists or is economically or legally mineable. The Company does not have any mineral “reserves” within the meaning of SEC Industry Guide 7.

Disclosure of “contained pounds” or “contained ounces” in a resource estimate is permitted and typical disclosure under Canadian regulations; however, SEC Industry Guide 7 historically only permitted issuers to report mineralization that does not constitute “reserves” by SEC standards as in-place tonnage and grade without reference to unit measures. The requirements of NI 43-101 for identification of reserves are also not the same as those of SEC Industry Guide 7, and reserves reported by the Company in compliance with NI 43-101 may not qualify as “reserves” under SEC Industry Guide 7 standards. Accordingly, information concerning mineral deposits may not be comparable to information made public by companies that report in accordance with SEC Industry Guide 7 standards.

On October 31, 2018, the SEC adopted the Modernization of Property Disclosures for Mining Registrants (the “New Rule”), introducing significant changes to the existing mining disclosure framework to better align it with international industry and regulatory practice, including NI 43-101. The New Rule became effective as of February 25, 2019, and issuers are required to comply with the New Rule as of the annual report for their first fiscal year beginning on or after January 1, 2021, and earlier in certain circumstances. The Company does not anticipate needing to comply with the New Rule until the filing of our annual report for the fiscal year ending July 31, 2022 and, at this time, the Company does not know the full effect of the New Rule on its mineral resources and, therefore, the disclosure related to the Company’s mineral resources may be significantly different when computed using the requirements set forth in the New Rule.

2

URANIUM ENERGY CORP.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION		4
Item 1.	Financial Statements	4
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	37
Item 4.	Controls and Procedures	37
PART II – OTHER INFORMATION		37
Item 1.	Legal Proceedings	37
Item 1A.	Risk Factors	38
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	49
Item 3.	Defaults Upon Senior Securities	49
Item 4.	Mine Safety Disclosures	50
Item 5.	Other Information	50
Item 6.	Exhibits	50
SIGNATURES		51

3

PART I – FINANCIAL INFORMATION

Item 1.         Financial Statements

4

URANIUM ENERGY CORP.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JANUARY 31, 2022

(Unaudited – Expressed in U.S. Dollars)

5

URANIUM ENERGY CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited – Expressed in U.S. Dollars)

	Note(s)		January 31, 2022			July 31, 2021
CURRENT ASSETS
Cash and cash equivalents		3,7	$	22,663,251		$	44,312,780
Inventories		3,4		40,231,990			29,172,480
Prepaid expenses and deposits		3		2,552,370			1,434,404
Other current assets				212,831			125,698
TOTAL CURRENT ASSETS				65,660,442			75,045,362
MINERAL RIGHTS AND PROPERTIES		3,5		174,712,496			63,784,003
PROPERTY, PLANT AND EQUIPMENT		3,6		20,286,678			7,358,037
RESTRICTED CASH		3,7		15,792,274			2,037,677
EQUITY-ACCOUNTED INVESTMENT		8		23,009,832			20,729,674
OTHER NON-CURRENT ASSETS		3		2,755,424			586,332
TOTAL ASSETS			$	302,217,146		$	169,541,085
CURRENT LIABILITIES
Accounts payable and accrued liabilities		9	$	3,359,669		$	2,763,570
Other current liabilities		3,12		566,854			430,409
Current portion of long-term debt		10		-			10,075,231
TOTAL CURRENT LIABILITIES				3,926,523			13,269,210
ASSET RETIREMENT OBLIGATIONS		3,11		16,831,043			3,938,655
OTHER NON-CURRENT LIABILITIES		3,12		1,077,570			337,084
DEFERRED TAX LIABILITIES				538,460			540,992
TOTAL LIABILITIES				22,373,596			18,085,941
STOCKHOLDERS' EQUITY
Capital stock
Common stock $0.001 par value: 750,000,000 shares authorized, 277,838,585 shares issued and outstanding (July 31, 2021 - 236,796,866)		13		277,838			236,797
Additional paid-in capital				578,360,849			441,990,650
Share issuance obligation				359,560			359,560
Accumulated deficit				(299,173,203	)		(291,625,110	)
Accumulated other comprehensive income				18,506			493,247
TOTAL EQUITY				279,843,550			151,455,144
TOTAL LIABILITIES AND EQUITY			$	302,217,146		$	169,541,085
SUBSEQUENT EVENTS		4,7,13,14

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

6

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)		2022			2021			2022			2021
SALES AND SERVICE REVENUE		14	$	13,190,925		$	-		$	13,190,925		$	-
COST OF SALES AND SERVICES		14		(9,248,208	)		-			(9,248,208	)		-
GROSS PROFIT				3,942,717			-			3,942,717			-
OPERATING COSTS
Mineral property expenditures		5		2,109,173			961,257			3,765,689			1,663,018
General and administrative		9,13		3,715,438			2,464,703			6,832,149			5,050,392
Acquisition-related costs		3		2,644,980			-			2,644,980			-
Depreciation, amortization and accretion		5,6,11		402,980			97,598			501,420			196,778
TOTAL OPERATING COSTS				8,872,571			3,523,558			13,744,238			6,910,188
LOSS FROM OPERATIONS				(4,929,854	)		(3,523,558	)		(9,801,521	)		(6,910,188	)
OTHER INCOME (EXPENSES)
Interest income				10,558			8,753			31,129			14,363
Interest expenses and finance costs		10		(566,836	)		(829,727	)		(1,097,714	)		(1,720,641	)
Income (loss) from equity-accounted investment		8		1,732			600,913			2,754,899			(102,692	)
Gain on loan extinguishment				-			278,617			-			278,617
Realized gain on available-for-sale security				-			-			547,152			-
Other income				7,895			2,902			14,680			14,088
Gain on disposition of assets				750			-			750			-
OTHER INCOME (EXPENSES)				(545,901	)		61,458			2,250,896			(1,516,265	)
LOSS BEFORE INCOME TAXES				(5,475,755	)		(3,462,100	)		(7,550,625	)		(8,426,453	)
DEFERRED TAX BENEFIT				1,488			1,041			2,532			1,857
NET LOSS FOR THE PERIOD				(5,474,267	)		(3,461,059	)		(7,548,093	)		(8,424,596	)
OTHER COMPREHENSIVE INCOME (LOSS)
Translation (loss) gain		8		(617,910	)		486,038			(474,741	)		548,799
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)				(617,910	)		486,038			(474,741	)		548,799
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD			$	(6,092,177	)	$	(2,975,021	)	$	(8,022,834	)	$	(7,875,797	)
NET LOSS PER SHARE, BASIC AND DILUTED		15	$	(0.02	)	$	(0.02	)	$	(0.03	)	$	(0.04	)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC AND DILUTED				269,120,537			198,673,515			257,989,930			194,314,507

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

7

URANIUM ENERGY CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited – Expressed in U.S. Dollars)

			Six Months Ended January 31
	Note(s)		2022			2021
NET CASH PROVIDED BY (USED IN):
OPERATING ACTIVITIES
Net loss for the period			$	(7,548,093	)	$	(8,424,596	)
Adjustments to reconcile net loss to cash flows in operating activities
Stock-based compensation		13		2,574,866			2,596,573
Depreciation, amortization and accretion		5,6,11		501,420			196,778
Amortization of long-term debt discount		10		524,769			825,695
Gain on disposition of assets				(750	)		-
Gain on loan extinguishment				-			(278,617	)
(Income) loss from equity-accounted investment		8		(2,754,899	)		102,692
Deferred tax benefits				(2,532	)		(1,857	)
Realized gain on available-for-sale security				(547,152	)		-
Foreign exchange loss				-			1,457
Changes in operating assets and liabilities
Inventories		4		(10,867,495	)		-
Prepaid expenses and deposits				(69,055	)		(355,290	)
Other current assets				17,376			5,992
Accounts payable and accrued liabilities				450,289			(286,578	)
Other liabilities				8,838			14,579
NET CASH USED IN OPERATING ACTIVITIES				(17,712,418	)		(5,603,172	)
FINANCING ACTIVITIES
Proceeds from share issuances, net of issuance costs		13		133,143,203			15,419,317
Repayments of long-term debt		10		(10,000,000	)		(2,000,000	)
Repayments of other loans				(94,523	)		(30,231	)
NET CASH PROVIDED BY FINANCING ACTIVITIES				123,048,680			13,389,086
INVESTING ACTIVITIES
Net cash used in U1A Acquisition		3		(113,587,952	)		-
Investment in mineral rights and properties		5		(39,901	)		(80,000	)
Purchase of property, plant and equipment				(84,600	)		(140,340	)
Investment in other assets				(66,643	)		-
Investment in term deposits				-			(10,000,000	)
Proceeds from redemption of term deposits				-			6,000,000
Proceeds from disposition of assets				750			-
Investment in available-for-sale security				(9,433,068	)		-
Proceeds from sale of available-for-sale security				9,980,220			-
NET CASH USED IN INVESTING ACTIVITIES				(113,231,194	)		(4,220,340	)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH				(7,894,932	)		3,565,574
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD				46,350,457			6,986,919
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD		7	$	38,455,525		$	10,552,493

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

8

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, 2021		236,796,866	$	236,797	$	441,990,650	$	359,560	$	(291,625,110	)	$	493,247		$	151,455,144
Common stock
Issued under ATM offering, net of issuance costs		20,743,878		20,744		62,650,379		-		-			-			62,671,123
Issued upon exercise of stock options		753,990		754		383,025		-		-			-			383,779
Issued upon exercise of warrants		491,849		492		909,836		-		-			-			910,328
Issued for acquisition of mineral properties		64,149		64		219,326		-		-			-			219,390
Stock-based compensation
Common stock issued for consulting services		4,607		5		14,046		-		-			-			14,051
Common stock issued under Stock Incentive Plan		141,490		140		355,088		-		-			-			355,228
Amortization of stock-based compensation		-		-		803,160		-		-			-			803,160
Net loss for the period		-		-		-		-		(2,073,826	)		-			(2,073,826	)
Other comprehensive income		-		-		-		-		-			143,169			143,169
Balance, October 31, 2021		258,996,829	$	258,996	$	507,325,510	$	359,560	$	(293,698,936	)	$	636,416		$	214,881,546
Common stock
Issued as anniversary fees for credit facility		161,594		161		599,839		-		-			-			600,000
Issued under ATM offering, net of issuance costs		17,751,658		17,752		67,954,914		-		-			-			67,972,666
Issued upon exercise of stock options		193,345		193		63,211		-		-			-			63,404
Issued upon exercise of warrants		572,850		573		1,141,330		-		-			-			1,141,903
Issued for acquisition of mineral properties		47,715		48		206,081		-		-			-			206,129
Stock-based compensation
Common stock issued for consulting services		4,608		5		16,629		-		-			-			16,634
Common stock issued under Stock Incentive Plan		109,986		110		399,338		-		-			-			399,448
Amortization of stock-based compensation		-		-		653,997		-		-			-			653,997
Net loss for the period		-		-		-		-		(5,474,267	)		-			(5,474,267	)
Other comprehensive loss		-		-		-		-		-			(617,910	)		(617,910	)
Balance, January 31, 2022		277,838,585	$	277,838	$	578,360,849	$	359,560	$	(299,173,203	)	$	18,506		$	279,843,550

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

9

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.

10

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2022

(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” or “UEC”) 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.

As at January 31, 2022, we had working capital of $61.7 million including cash and cash equivalents of $22.7 million and uranium inventory holdings of $39.8 million. Subsequent to January 31, 2022, we received further cash proceeds of $16.5 million from our at-the-market offerings (refer to Note 13: Capital Stock). We believe our existing cash resources and, if necessary, cash generated from the sale of the Company’s uranium inventories, will provide sufficient funds to 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 ACCOUNTING 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, 2021 (“Fiscal 2021”). 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, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending July 31, 2022 (“Fiscal 2022”).

Certain comparative figures have been reclassified to conform to the current year’s presentation.

Exploration Stage

We have established the existence of mineralized materials for certain uranium projects, including our Palangana and recently acquired Christensen Ranch Mines (collectively, the “ISR Mines”).  We have not established proven or probable reserves, as defined by the SEC, through the completion of a final or bankable feasibility study for any of our uranium projects.  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.  As a result, we remain in the Exploration Stage, as defined by the SEC, 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 our ISR Mines without having established proven or probable reserves, any mineralized materials established or extracted from the ISR Mines should not in any way be associated with having established or produced from proven or probable reserves.

11

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2022

(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 by the SEC, 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 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 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 produced 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.

Business Combination

We recognize and measure the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date, while transaction costs related to business combinations are expensed as incurred. An income, market or cost valuation method may be utilized to estimate the fair value of the assets acquired, liabilities assumed, if any, in a business combination. The income valuation method represents the present value of future cash flows over the life of the asset using: (i) discrete financial forecasts, which rely on management’s estimates of resource quantities and exploration potential, costs to produce and develop resources, revenues, and operating expenses; (ii) appropriate discount rates; and (iii) expected future capital requirements (the “income valuation method”). The market valuation method uses prices paid for a similar asset by other purchasers in the market, normalized for any differences between the assets (the “market valuation method”). The cost valuation method is based on the replacement cost of a comparable asset at the time of the acquisition adjusted for depreciation and economic and functional obsolescence of the asset (the “cost valuation method”). If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, an estimate will be recorded. Subsequent to the acquisition date, and not later than one year from the acquisition date, we will record any material adjustments to the initial estimate based on new information obtained that would have existed as of the date of the acquisition. Any adjustment that arises from information obtained that did not exist as of the date of the acquisition will be recorded in the period the adjustments arises.

NOTE 3: ACQUISITION OF URANIUM ONE AMERICAS, INC.

On December 17, 2021, we completed the acquisition of all the issued and outstanding shares of Uranium One Americas, Inc. (“U1A”), a Nevada corporation, from Uranium One Investments Inc., a subsidiary of Uranium One Inc., for total cash consideration of $128,494,545 (the “U1A Acquisition”). Subsequent to the completion of the U1A Acquisition, we changed the name of U1A to UEC Wyoming Corp. (“UEC Wyoming”) and, in conjunction therewith, we also changed the name of U1A’s wholly-owned subsidiary, Uranium One USA Inc., a Delaware corporation, to UEC Uranium Corp.

The UEC Wyoming’s portfolio of projects (the “UEC Wyoming Portfolio”) primarily consists of 12 projects located in Wyoming, six of which are located in the Powder River Basin with four fully permitted, and six of which are located in the Great Divide Basin.  The U1A Acquisition creates a Wyoming hub-and-spoke operation for UEC, which is anchored by UEC Wyoming’s Irigaray processing facility.

The U1A Acquisition was accounted for as a business combination with UEC identified as the acquirer.  The Company’s assumption that the U1A Acquisition is a business combination is based on the Company’s assessment that substantially all the fair value of the assets are not concentrated in a single asset or group of similar assets.  In accordance with the acquisition method of accounting, the purchase price has been allocated to the assets acquired and liabilities assumed, based on their estimated fair values at the acquisition date.  In connection with the U1A Acquisition, we incurred acquisition-related costs of $2,644,980, which were expensed in the three and six months ended January 31, 2022.

12

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2022

(Unaudited – Expressed in U.S. Dollars)

As of January 31, 2022, we had not yet completed the analysis to assign fair values to all assets acquired and liabilities assumed and, therefore the purchase price allocation for the U1A Acquisition is preliminary. The preliminary purchase price allocation may be subject to further refinement and adjustments which may result in material changes to the estimated fair value of assets acquired and liabilities assumed.  The purchase price allocation adjustments can be made throughout the end of UEC’s measurement period, which is not to exceed one year from the acquisition date.

The table below sets forth the consideration paid and the preliminary purchase price allocation to the fair value of the assets acquired and liabilities assumed for the U1A Acquisition:

Consideration paid
Cash	$	125,592,602
Working capital adjustment (1)		2,901,943
Total consideration paid	$	128,494,545
Assets acquired and liabilities assumed
Cash & cash equivalents (1)	$	1,183,369
Prepaid expenses and deposits (1)		1,549,166
Other current assets (1)		73,200
Inventories (1)		192,015
Mineral rights and properties (2)		110,413,823
Property, plant and equipment (3)		13,159,570
Restricted cash		13,754,533
Other non-current assets (4)		1,736,527
Total assets		142,062,203
Accounts payable and accrued liabilities (1)		95,807
Other liabilities (4)		764,603
Asset retirement obligations (5)		12,707,248
Total liabilities		13,567,658
Total net assets	$	128,494,545

Notes:

(1) Working capital adjustment represents the working capital of UEC Wyoming at the date of acquisition, which was comprised of: (i) cash and cash equivalents of $1,183,369; (ii) prepaid expenses and deposits of $1,549,166; (iii) other current assets of $73,200; (iv) inventories of $192,015; and (v) accounts payable and accrued liabilities of $95,807. The fair value of these working capital items approximates their respective carrying values at the date of the acquisition.

(2) Preliminary fair value of mineral rights and properties was determined using a discounted cash flow model (being the net present value of expected future cash flows). Expected future cash flows are based on estimates of future uranium prices and projected future revenues, estimated quantities of mineral resources and production, expected future production costs, and capital expenditures based on the life of mine plans as at the acquisition date.

(3) Preliminary fair value of property, plant and equipment was determined using a replacement cost approach.

(4) Other non-current assets included certain material and supply inventories classified as non-current and right-of-use (“ROU”) assets associated with UEC Wyoming’s operating leases. The preliminary fair value of long-term inventory was determined to approximate its carrying value. ROU assets and lease liabilities for operating leases are measured based on the present value of the future lease payments over the remaining lease terms at the acquisition date.

13

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2022

(Unaudited – Expressed in U.S. Dollars)

(5) Preliminary fair value of asset retirement obligations was measured based on the expected costs and timing for final well closure, plant and equipment decommissioning and removal, and environmental remediation, which are discounted to present value using credit adjusted risk-free rates.

Since it has been consolidated from December 17, 2021, UEC Wyoming’s losses totaling $919,617 were included in UEC’s consolidated statements of operations and comprehensive loss for the three and six months ended January 31, 2022.

The following unaudited proforma financial information presents consolidated results assuming the U1A Acquisition occurred on August 1, 2020.

	Three Months Ended January 31,						Six Months Ended January 31,
	2022			2021			2022			2021
Sales and Service Revenue	$	13,233,917		$	30,091		$	13,327,357		$	30,091
Net Loss		(6,423,162	)		(5,021,843	)		(10,027,917	)		(11,784,482	)

NOTE 4: INVENTORIES

During the six months ended January 31, 2022, we received 600,000 pounds of uranium concentrate inventories, and entered into agreements to purchase additional 700,000 pounds of uranium concentrate inventories under our physical uranium program (the “Physical Uranium Program”).

As at January 31, 2022, costs of inventories consisted of the following:

	January 31, 2022		July 31, 2021
Material and supplies	$	227,466	$	33,781
Uranium concentrates from production		177,881		177,881
Purchased uranium inventories		39,826,643		28,960,818
	$	40,231,990	$	29,172,480

As of January 31, 2022, our uranium inventory purchase commitments for the next five fiscal years are as the follows:

	Purchase Commitments in Pounds		Total Purchase Price
Fiscal 2022		300,000	$	9,080,000
Fiscal 2023		1,505,000		53,134,000
Fiscal 2024		495,000		16,913,250
Fiscal 2025		400,000		14,130,000
Fiscal 2026		100,000		3,620,000
Total		2,800,000	$	96,877,250

Subsequent to January 31, 2022, we received 200,000 pounds of uranium concentrate inventories for a total purchase price of $6,000,000.

14

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2022

(Unaudited – Expressed in U.S. Dollars)

Subsequent to January 31, 2022, we entered into agreements to purchase 700,000 pounds of uranium concentrate inventories under our Physical Uranium Program for a total purchase price of $35,570,000 with delivery dates from March 2022 to November 2024.

NOTE 5: MINERAL RIGHTS AND PROPERTIES

Mineral Rights

During the three months ended January 31, 2022, in connection with the U1A Acquisition, we acquired the UEC Wyoming Portfolio, which primarily consists of 12 projects located in Wyoming, six of which are located in the Powder River Basin with four fully permitted, and six of which are located in the Great Divide Basin.  The UEC Wyoming Portfolio also consists of dozens of under-explored, mineralized brownfield projects, backed by detailed databases of historic uranium exploration and development programs.  Refer to Note 3: Acquisition of Uranium One Americas, Inc.

As of January 31, 2022, the preliminary fair value allocated to the UEC Wyoming Portfolio was $110,413,823 in aggregation, but we had not yet completed the analysis to assign fair values to each individual project that comprises UEC Wyoming Portfolio.

As at January 31, 2022, 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. As of January 31, 2022, annual maintenance payments of approximately $5.0 million will be required to maintain these mineral rights.

15

 

As at January 31, 2022, the carrying value of our mineral rights and properties, including the recently acquired UEC Wyoming Portfolio, were as follows:

	January 31, 2022			July 31, 2021
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		949,854			899,854
Los Cuatros Project		257,250			257,250
Slick Rock Project		90,000			60,000
Reno Creek Project		31,527,870			31,527,870
UEC Wyoming Portfolio		110,413,823			-
Diabase Project		982,358			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
		178,640,630			67,711,387
Accumulated Depletion		(3,929,884	)		(3,929,884	)
		174,710,746			63,781,503
Databases and Land Use Agreements		2,458,808			2,458,808
Accumulated Amortization		(2,457,058	)		(2,456,308	)
		1,750			2,500
	$	174,712,496		$	63,784,003

We have not established proven or probable reserves, as defined by the SEC, for any of our mineral projects.  We have established the existence of mineralized materials for certain mineral projects.  Since we commenced uranium extraction at our ISR Mines 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.

16

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2022

(Unaudited – Expressed in U.S. Dollars)

During the six months ended January 31, 2022, we entered into property purchase agreements, whereby we acquired 10 mineral claims as additions to our existing Diabase Project (the “Diabase Additions”) located on the southern rim of the Athabasca Basin uranium district in Saskatchewan, Canada. In connection with the Diabase Additions, we paid total consideration of $435,420, which consisted of 111,864 shares with a fair value of $425,519 and transaction costs of $9,901. As a result of these claims being added to our existing Diabase Project, the carrying value of our Diabase Project increased to $982,358 ( July 31, 2021: $546,938).

During the three and six months ended January 31, 2022 and 2021, we continued with reduced operations at our ISR Mines to capture residual uranium only. As a result, no depletion for the ISR Mines was recorded on our condensed consolidated financial statements for the three and six months ended January 31, 2022 and 2021. 

Mineral property expenditures incurred on our projects, including $438,784 incurred for the UEC Wyoming Portfolio since the date of U1A Acquisition, were as follows:

	Three Months Ended January 31,				Six Months Ended January 31,
	2022		2021		2022		2021
Mineral Property Expenditures
Palangana Mine	$	266,396	$	232,866	$	511,716	$	431,668
Goliad Project		31,986		71,267		129,440		117,056
Burke Hollow Project		702,155		185,838		1,417,696		315,616
Longhorn Project		4,529		2,289		7,450		4,577
Salvo Project		4,453		7,673		10,149		15,865
Anderson Project		16,114		19,425		32,609		38,891
Workman Creek Project		8,168		8,167		16,755		16,365
Slick Rock Project		12,994		12,993		26,484		26,129
Reno Creek Project		224,333		169,576		424,152		270,066
Allemand Ross Project		48,889		-		48,889		-
Christensen Ranch Mine		263,227		-		263,227		-
Ludeman Project		46,277		-		46,277		-
Moore Ranch Project		18,547		-		18,547		-
Yuty Project		12,567		8,334		20,612		14,328
Oviedo Project		139,847		98,804		322,594		146,415
Alto Paraná Titanium Project		143,794		29,463		204,652		45,914
Other Mineral Property Expenditures		164,897		114,562		264,440		220,128
	$	2,109,173	$	961,257	$	3,765,689	$	1,663,018

NOTE 6: PROPERTY, PLANT AND EQUIPMENT

During the three months ended January 31, 2022, in connection with the U1A Acquisition, we acquired a satellite plant located at the Christensen Ranch Mine (the “Christensen Plant”), a central processing plant (the “Irigaray Processing Facility”), and various equipment with a total fair value of $13,159,570.  Refer to Note 3: Acquisition of Uranium One Americas Inc.  The recently acquired plant. facility and equipment have an estimated useful life of three to 21 years and will be depreciated using the straight-line method over their respective useful lives.

17

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2022

(Unaudited – Expressed in U.S. Dollars)

As at January 31, 2022, property, plant and equipment consist of the following:

	January 31, 2022							July 31, 2021
	Cost		Accumulated Depreciation			Net Book Value		Cost		Accumulated Depreciation			Net Book Value
Plant and Processing Facilities	$	18,622,945	$	(1,034,024	)	$	17,588,921	$	6,642,835	$	(851,075	)	$	5,791,760
Mining Equipment		2,807,651		(2,361,006	)		446,645		2,355,341		(2,313,489	)		41,852
Logging Equipment and Vehicles		2,705,582		(1,825,440	)		880,142		1,923,983		(1,774,887	)		149,096
Computer Equipment		348,929		(304,553	)		44,376		326,056		(283,645	)		42,411
Furniture and Fixtures		190,731		(176,978	)		13,753		184,941		(172,302	)		12,639
Buildings		297,518		(64,760	)		232,758		297,518		(57,322	)		240,196
Land		1,080,083		-			1,080,083		1,080,083		-			1,080,083
	$	26,053,439	$	(5,766,761	)	$	20,286,678	$	12,810,757	$	(5,452,720	)	$	7,358,037

NOTE 7: RESTRICTED CASH

Restricted cash includes cash and cash equivalents and money market funds pledged 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 plants, processing facilities and various projects. Restricted cash will be released upon the completion of reclamation of a plant or a mineral property or the restructuring of a surety and collateral arrangement.

As at January 31, 2022, restricted cash consisted of the following:

	January 31, 2022		July 31, 2021
Restricted cash, beginning of period	$	2,037,677	$	1,839,216
Restricted cash received from U1A Acquisition		13,754,533		-
Additional surety bond collateral		-		198,377
Interest received		64		84
Restricted cash, end of period	$	15,792,274	$	2,037,677

Cash, cash equivalents and restricted cash are included in the following accounts as at  January 31, 2022 and 2021:

	January 31, 2022		January 31, 2021
Cash and cash equivalents	$	22,663,251	$	8,713,193
Restricted cash		15,792,274		1,839,300
Total cash, cash equivalents and restricted cash	$	38,455,525	$	10,552,493

Subsequent to January 31, 2022, we received $1,754,507 as a result of the partial release of surety bond collateral related to the Christensen Ranch Mine and Irigaray Processing Facility.

NOTE 8: EQUITY-ACCOUNTED INVESTMENT

As at January 31, 2022, we owned 15,000,000 shares of Uranium Royalty Corp. (“URC”), representing a 16.2% ( July 31, 2021: 18.1%) interest in URC. In addition, two of our officers are members of URC’s board of directors, and one 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, 2022. Should URC's outstanding options and warrants be fully exercised, UEC's ownership interest would decrease from 16.2% to 13.5%.

URC is a public company listed on the TSX Venture Exchange with the trading symbol “URC.V” and on NASDAQ with the trading symbol “UROY”. As at January 31, 2022, the fair value of our investment in URC was approximately $48.8 million.

18

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2022

(Unaudited – Expressed in U.S. Dollars)

During the six months ended January 31, 2022, the change in carrying value of the equity-accounted investment is summarized as follows:

Balance, July 31, 2021	$	20,729,674
Share of income from URC		182,717
Gain on dilution of ownership interest		2,572,182
Translation loss		(474,741	)
Balance, January 31, 2022	$	23,009,832

For the three and six months ended January 31, 2022 and 2021, income (loss) from our equity-accounted investment consisted of the following:

	Three Months Ended January 31,					Six Months Ended January 31,
	2022			2021		2022		2021
Share of income (loss) from URC	$	(651,996	)	$	600,913	$	182,717	$	(102,692	)
Gain on dilution of ownership interest		653,728			-		2,572,182		-
Total	$	1,732		$	600,913	$	2,754,899	$	(102,692	)

For the three and six months ended January 31, 2022, we recorded a gain on dilution of ownership interest of $653,728 and $2,572,182, respectively, as a result of URC issuing shares under its at-the-market offering and the exercise of certain URC stock options and share purchase warrants.

For the three and six months ended January 31, 2022, we recorded translation losses of $617,910 and $474,741 (three and six months ended January 31, 2021: translation gains of $486,038 and $548,799), respectively, as a result of translating the ending balance of the equity-accounted investment denominated in Canadian Dollars to U.S. Dollars using the respective period end exchange rates, which was included in other comprehensive (loss) income in our condensed consolidated statements of operations and comprehensive loss.

NOTE 9: RELATED PARTY TRANSACTIONS

During the three and six months ended January 31, 2022, we incurred $2,269 and $4,375 (three and six months ended January 31, 2021: $17,464 and $34,141), 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.

As at January 31, 2022, the amount owing to Blender was $Nil ( July 31, 2021: $843), which was included in Accounts Payable and Accrued Liabilities on our condensed consolidated balance sheets.

NOTE 10: LONG-TERM DEBT

During the six months ended January 31, 2022, the movement of our term debt is as follows:

Balance, July 31, 2021	$	10,075,231
Amortization of discount and accrued fees		524,769
Payment of anniversary fees		(600,000	)
Principal repayment		(10,000,000	)
Balance, January 31, 2022	$	-

19

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2022

(Unaudited – Expressed in U.S. Dollars)

During the three and six months ended January 31, 2022, amortization of debt discount totaled $259,198 and $524,769 (three and six months ended January 31, 2021: $381,828 and $825,695), 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, 2022, we paid $204,444 and $408,889 (three and six months ended January 31, 2021: $368,000 and $776,889), respectively, in cash to our lenders (the “Lenders”) for interest on the long-term debt.

During the three months ended January 31, 2022, we repaid $10,000,000 principal amount to our remaining Lender under the Company’s credit facility.

During the three months ended January 31, 2022, and pursuant to the terms of the Third Amended and Restated Credit Agreement, we issued 161,594 shares with a fair value of $600,000 as payment of anniversary fees to our remaining Lender.

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, as well as our recently acquired Christensen Ranch Mine and Satellite Plant, and Irigaray Processing Facility, pursuant to the U1A Acquisition.

Balance, July 31, 2021	$	3,938,655
Accretion		185,140
Assumed from U1A Acquisition		12,707,248
Balance, January 31, 2022	$	16,831,043

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

	January 31, 2022			July 31, 2021
Undiscounted amount of estimated cash flows	$		28,738,663	$		8,221,018
Payable in years	1	to	23	9	to	21
Inflation rate	1.56%	to	5.32%	1.56%	to	2.17%
Discount rate	3.72%	to	6.35%	5.50%	to	5.96%

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

Fiscal 2022	$	148,021
Fiscal 2023		434,262
Fiscal 2024		932,264
Fiscal 2025		1,472,226
Fiscal 2026		2,489,425
Remaining balance		23,262,465
	$	28,738,663

20

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2022

(Unaudited – Expressed in U.S. Dollars)

NOTE 12: LEASE LIABILITIES

The Company primarily has operating leases for corporate offices and processing facilities with a remaining term of 0.5 to 22.4 years. The leases for the processing facilities have an evergreen option that can continue for so long as they are in operation.

During the three and six months ended January 31, 2022 and 2021, total lease expenses include the following components:

	Three Months Ended January 31,				Six Months Ended January 31,
	2022		2021		2022		2021
Operating Leases	$	63,606	$	52,372	$	121,203	$	106,833
Short-term Leases		189,204		20,313		527,625		42,955
Total Lease Expenses	$	252,810	$	72,685	$	648,828	$	149,788

As at January 31, 2022, the weighted average remaining lease term was 17.2 years and the weighted average discount rate was 4.53%.

During the six months ended January 31, 2022, cash paid for amounts included in the measurement of operating lease liabilities totaled $115,371.

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

Fiscal 2022	$	359,292
Fiscal 2023		170,273
Fiscal 2024		113,125
Fiscal 2025		104,123
Fiscal 2026		104,364
Thereafter		1,043,854
Total lease payments		1,895,031
Less: imputed interest		(497,695	)
Present value of lease liabilities	$	1,397,336
Current portion of lease liabilities	$	383,970
Non-current portion of lease liabilities	$	1,013,366

Current lease liabilities are included in Other Current Liabilities, and non-current lease liabilities are included in Other Non-Current Liabilities in our condensed consolidated balance sheets.

NOTE 13: CAPITAL STOCK

Equity Financing

On May 14, 2021, we entered into an at-the-market offering agreement (the “May 2021 ATM Offering Agreement”) with H.C. Wainwright & Co., LLC and certain co-managers (collectively, the “ATM Managers”), under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $100 million through the ATM Managers (the “May 2021 ATM Offering”).

21

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2022

(Unaudited – Expressed in U.S. Dollars)

On November 26, 2021, we filed a prospectus supplement to our Registration Statement on Form S-3 (the “2021 Shelf”) with respect to the continuation of the May 2021 ATM Offering Agreement with the ATM Managers under which we may, if eligible, from time to time, sell shares of our common stock having an aggregate offering price of up to $100 million through the ATM Managers selected by us (the “November 2021 ATM Offering”; and, collectively with May 2021 ATM Offering, the “2021 ATM Offerings”).

During the three and six months ended January 31, 2022, we issued 6,655,295 and 27,399,173 shares, respectively, of the Company’s common stock under our May 2021 ATM Offering for net cash proceeds of $28,919,064 and $91,590,187, respectively.

During the three months ended January 31, 2022, we issued 11,096,363 shares of the Company’s common stock under our November 2021 ATM Offering for net cash proceeds of $39,053,602.

Subsequent to January 31, 2022, we issued 4,460,000 shares of the Company’s common stock under our November 2021 ATM Offering from February 1, 2022 to March 3, 2022 for net cash proceeds of $16,547,026.

Share Purchase Warrants

A continuity schedule of outstanding share purchase warrants for the three and six months ended January 31, 2022, is as follows:

	Number of Warrants			Weighted Average Exercise Price
Balance, July 31, 2021		5,387,323		$	1.90
Exercised		(491,849	)		1.85
Balance, October 31, 2021		4,895,474			1.91
Exercised		(572,850	)		1.99
Balance, January 31, 2022		4,322,624		$	1.90

During the three and six months ended January 31, 2022, we received cash proceeds of $1,141,903 and $2,052,231, respectively, from the exercise of share purchase warrants.

A summary of share purchase warrants outstanding and exercisable as of January 31, 2022, is as follows:

Weighted Average Exercise Price		Number of Warrants Outstanding		Weighted Average Remaining Contractual Life (Years)		Expiry Date
$	1.80		4,115,806		0.64	September 23, 2022
	1.64		25,000		1.30	May 21, 2023
	4.13		181,818		4.18	April 5, 2026
$	1.90		4,322,624		0.80

22

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2022

(Unaudited – Expressed in U.S. Dollars)

Stock Options

As of January 31, 2022, we had one stock option plan, our 2021 Stock Incentive Plan, which superseded and replaced our 2020 Stock Incentive Plan.

A continuity schedule of outstanding stock options for the underlying shares for the three and six months ended January 31, 2022, is as follows:

	Number of Stock Options			Weighted Average Exercise Price
Balance, July 31, 2021		10,404,333		$	1.21
Granted		10,000			2.89
Exercised		(1,030,543	)		1.18
Expired		(60,000	)		2.78
Balance, October 31, 2021		9,323,790			1.20
Exercised		(244,834	)		1.27
Expired		(15,000	)		1.36
Balance, January 31, 2022		9,063,956		$	1.20

During the three and six months ended January 31, 2022 and 2021, 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,
	2022		2021		2022		2021
Number of Options Exercised on Cash Basis		57,750		177,500		402,748		187,500
Number of Options Exercised on Forfeiture Basis		187,084		923,282		872,629		941,782
Total Number of Options Exercised		244,834		1,100,782		1,275,377		1,129,282
Number of Shares Issued on Cash Exercise		57,750		177,500		402,748		187,500
Number of Shares Issued on Forfeiture Basis		135,595		382,028		544,587		385,560
Total Number of Shares Issued Upon Exercise of Options		193,345		559,528		947,335		573,060
Cash Received from Exercise of Stock Options	$	63,404	$	212,125	$	447,183	$	221,434
Total Intrinsic Value of Options Exercised	$	889,296	$	822,237	$	2,794,512	$	828,615

A continuity schedule of outstanding unvested stock options as of January 31, 2022, and the changes during the period, is as follows:

	Number of Unvested Stock Options			Weighted Average Grant-Date Fair Value
Balance, July 31, 2021		3,891,207		$	0.66
Granted		10,000			1.73
Vested		(265,427	)		0.87
Balance, October 31, 2021		3,635,780			0.64
Vested		(1,069,948	)		0.55
Balance, January 31, 2022		2,565,832		$	0.68

As of January 31, 2022, unrecognized stock-based compensation expense related to the unvested portion of stock options totaled $796,083 to be recognized over the next 0.97 years.

23

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2022

(Unaudited – Expressed in U.S. Dollars)

As of January 31, 2022, the aggregate intrinsic value under the provisions of ASC 718 of all outstanding stock options was $12,815,860 (vested: $9,560,154 and unvested: $3,255,706). 

A summary of stock options outstanding and exercisable as of January 31, 2022, is as follows:

	Options Outstanding						Options Exercisable
Range of Exercise Prices	Outstanding at January 31, 2022		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Exercisable at January 31, 2022		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)
$0.80 to $0.99		4,794,247	$	0.92		8.06		3,840,186	$	0.92		7.96
$1.00 to $1.49		2,013,875		1.16		5.78		1,130,541		1.21		3.69
$1.50 to $2.89		2,255,834		1.82		4.88		1,527,397		1.63		2.70
		9,063,956	$	1.20		6.76		6,498,124	$	1.14		5.98

Restricted Stock Units

A summary of outstanding and unvested restricted stock units ( the “RSU”s) as of January 31, 2022, is as follows:

Grant Date	Number of Restricted Stock Units		Grant Date Fair Value		Remaining Life (Years)		Aggregate Intrinsic Value
July 30, 2019		154,999	$	0.94		0.49	$	404,547
July 16, 2020		434,996		0.91		1.45		1,135,340
July 21, 2021		407,617		2.15		2.47		1,063,880
		997,612	$	1.42		1.72	$	2,603,767

During the three and six months ended January 31, 2022, stock-based compensation relating to RSUs totaled $188,821 and $377,642 (three and six months ended January 31, 2021: $271,834 and $543,668), respectively. As of January 31, 2022, outstanding unvested RSUs totaled 997,612 ( July 31, 2021: 997,612), and unrecognized compensation costs relating to unvested RSUs totaled $754,729, which is expected to be recognized over a period of approximately 1.51 years.

Performance Based Restricted Stock Units

During the three and six months ended January 31, 2022, stock-based compensation relating to target performance based restricted stock units (the “PRSU”s) totaled $73,269 and $146,689 (three and six months ended January 31, 2021: $37,544 and $75,088), respectively. As of January 31, 2022, outstanding unvested PRSUs totaled 1,250,451 ( July 31, 2021: 1,250,451), and unrecognized compensation costs relating to unvested PRSUs totaled $548,459, which is expected to be recognized over a period of approximately 1.53 years.

24

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2022

(Unaudited – Expressed in U.S. Dollars)

Stock-Based Compensation

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

	Three Months Ended January 31,				Six Months Ended January 31,
	2022		2021		2022		2021
Stock-Based Compensation for Consultants
Common stock issued to consultants	$	201,115	$	119,847	$	505,702	$	239,317
Amortization of stock option expenses		56,802		65,774		136,575		169,702
		257,917		185,621		642,277		409,019
Stock-Based Compensation for Management
Amortization of stock option expenses		125,608		206,317		291,157		460,048
Amortization of RSU and PRSU expenses		262,090		309,378		524,331		618,756
		387,698		515,695		815,488		1,078,804
Stock-Based Compensation for Employees
Common stock issued to employees		339,094		261,642		612,007		474,512
Amortization of stock option expenses		209,497		255,100		505,094		634,238
		548,591		516,742		1,117,101		1,108,750
	$	1,194,206	$	1,218,058	$	2,574,866	$	2,596,573

NOTE 14: SALES AND SERVICE REVENUE AND COST OF SALES AND SERVICES

During the three months ended January 31, 2022, we recorded sales of $13,146,000 from the sale of 300,000 pounds of our uranium concentrate inventory. In addition, we recorded revenue from toll processing services of $44,925, which was generated from processing uranium resins according to a toll processing agreement that we inherited from the U1A Acquisition.

The table below provides a breakdown of sales and service revenue and cost of sales and service revenue:

	Three and Six Months Ended January 31,
	2022			2021
Sales of purchased uranium inventory	$	13,146,000		$	-
Revenue from toll processing services		44,925			-
Total sales and service revenue	$	13,190,925		$	-
Cost of purchased uranium inventory	$	(9,210,770	)	$	-
Cost of toll processing services		(37,438	)		-
Total cost of sales and services	$	(9,248,208	)	$	-

Subsequent to January 31, 2022, we sold 200,000 pounds of uranium for total proceeds of $9,800,000.

25

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2022

(Unaudited – Expressed in U.S. Dollars)

NOTE 15: 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,
	2022			2021			2022			2021
Numerator
Net Loss for the Period	$	(5,474,267	)	$	(3,461,059	)	$	(7,548,093	)	$	(8,424,596	)
Denominator
Basic Weighted Average Number of Shares		269,120,537			198,673,515			257,989,930			194,314,507
Dilutive Stock Options, RSUs, PRSUs and Warrants		-			-			-			-
Diluted Weighted Average Number of Shares		269,120,537			198,673,515			257,989,930			194,314,507
Net Loss per Share, Basic and Diluted	$	(0.02	)	$	(0.02	)	$	(0.03	)	$	(0.04	)

For the three and six months ended January 31, 2022 and 2021, 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 16: 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.

As of January 31, 2022, our long-term assets located in the United States totaled $197,452,623 or 83% of our total long-term assets of $236,556,704.

The tables below provide a breakdown of the long-term assets by geographic segments:

	January 31, 2022
Balance Sheet Items	United States								Canada		Paraguay		Total
	Texas		Arizona		Wyoming		Other States
Mineral Rights and Properties	$	12,420,411	$	4,677,477	$	141,941,693	$	176,971	$	982,358	$	14,513,586	$	174,712,496
Property, Plant and Equipment		6,645,133		-		13,243,462		-		29,388		368,695		20,286,678
Restricted Cash		1,948,704		15,000		13,828,570		-		-		-		15,792,274
Equity-Accounted Investment		-		-		-		-		23,009,832		-		23,009,832
Other Non-Current Assets		639,637		-		1,915,565		-		200,222		-		2,755,424
Total Long-Term Assets	$	21,653,885	$	4,692,477	$	170,929,290	$	176,971	$	24,221,800	$	14,882,281	$	236,556,704

	July 31, 2021
Balance Sheet Items	United States								Canada		Paraguay		Total
	Texas		Arizona		Wyoming		Other States
Mineral Rights and Properties	$	12,421,161	$	4,627,477	$	31,527,870	$	146,971	$	546,938	$	14,513,586	$	63,784,003
Property, Plant and Equipment		6,645,905		-		312,763		-		34,036		365,333		7,358,037
Restricted Cash		1,948,704		15,000		73,973		-		-		-		2,037,677
Equity-Accounted Investment		-		-		-		-		20,729,674		-		20,729,674
Other Non-Current Assets		522,306		-		16,000		-		48,026		-		586,332
Total Long-Term Assets	$	21,538,076	$	4,642,477	$	31,930,606	$	146,971	$	21,358,674	$	14,878,919	$	94,495,723

26

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2022

(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, 2022 and 2021. All intercompany transactions have been eliminated.

	Three Months Ended January 31, 2022
	United States
Statement of Operations	Texas			Arizona			Wyoming			Other States			Canada			Paraguay			Total
Sales and service revenue	$	-		$	-		$	44,925		$	13,146,000		$	-		$	-		$	13,190,925
Cost of sales and services		-			-			(37,438	)		(9,210,770	)		-			-			(9,248,208	)
Gross profit		-			-			7,487			3,935,230			-			-			3,942,717
Operating Costs:
Mineral property expenditures		1,105,249			28,274			663,117			16,336			(11	)		296,208			2,109,173
General and administrative		2,482,465			3,720			162,413			395			1,055,768			10,677			3,715,438
Acquisition-related costs		-			-			2,644,980			-			-			-			2,644,980
Depreciation, amortization and accretion		89,655			-			308,122			-			3,807			1,396			402,980
Loss from operations		(3,677,369	)		(31,994	)		(3,771,145	)		3,918,499			(1,059,564	)		(308,281	)		(4,929,854	)
Other income (expenses)		(1,058,214	)		(4,768	)		(43,394	)		-			559,447			1,028			(545,901	)
Loss before income taxes	$	(4,735,583	)	$	(36,762	)	$	(3,814,539	)	$	3,918,499		$	(500,117	)	$	(307,253	)	$	(5,475,755	)

	Three Months Ended January 31, 2021
	United States
Statement of Operations	Texas			Arizona			Wyoming			Other States			Canada			Paraguay			Total
Operating Costs:
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	)

	Six Months Ended January 31, 2022
	United States
Statement of Operations	Texas			Arizona			Wyoming			Other States			Canada			Paraguay			Total
Sales and service revenue	$	-		$	-		$	44,925		$	13,146,000		$	-		$	-		$	13,190,925
Cost of sales and services		-			-			(37,438	)		(9,210,770	)		-			-			(9,248,208	)
Gross profit		-			-			7,487			3,935,230			-			-			3,942,717
Operating Costs:
Mineral property expenditures		2,257,326			57,849			862,936			36,760			2,960			547,858			3,765,689
General and administrative		5,084,274			7,440			183,808			740			1,535,520			20,367			6,832,149
Acquisition-related costs		-			-			2,644,980			-			-			-			2,644,980
Depreciation, amortization and accretion		179,255			-			311,841			-			7,505			2,819			501,420
Loss from operations		(7,520,855	)		(65,289	)		(3,996,078	)		3,897,730			(1,545,985	)		(571,044	)		(9,801,521	)
Other income (expenses)		(1,031,385	)		(9,535	)		(43,194	)		-			3,333,179			1,831			2,250,896
Loss before income taxes	$	(8,552,240	)	$	(74,824	)	$	(4,039,272	)	$	3,897,730		$	1,787,194		$	(569,213	)	$	(7,550,625	)

	Six Months Ended January 31, 2021
	United States
Statement of Operations	Texas			Arizona			Wyoming			Other States			Canada			Paraguay			Total
Operating Costs:
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	)	$	(79,836	)	$	(320,789	)	$	(37,123	)	$	(1,023,809	)	$	(225,396	)	$	(8,426,453	)

27

Item 2.         Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following management’s discussion and analysis of the Company’s financial condition and results of operations (the “MD&A”) contain forward-looking statements that involve risks, uncertainties and assumptions including, among others, statements regarding our capital needs, business plans and expectations. In evaluating these statements you should consider various factors, including the risks, uncertainties and assumptions set forth in reports and other documents we have filed with or furnished to the SEC and, including, without limitation, this Form 10-Q Quarterly Report for the six months ended January 31, 2022, and our Form 10-K Annual Report for the fiscal year ended July 31, 2021, including the consolidated financial statements and related notes contained therein. These factors, or any one of them, may cause our actual results or actions in the future to differ materially from any forward-looking statement made in this Quarterly Report. Refer to “Cautionary Note Regarding Forward-looking Statements” as disclosed in our Form 10-K Annual Report for the fiscal year ended July 31, 2021, and Item 1A, Risk Factors, under Part II - Other Information, of this Quarterly Report.

Introduction

This MD&A is focused on material changes in our financial condition from July 31, 2021, our most recently completed year end, to January 31, 2022, and our results of operations for the three and six months ended January 31, 2022, and should be read in conjunction with Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, as contained in our Form 10-K Annual Report for Fiscal 2021.

Business

We are predominantly engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing, on uranium projects located in the United States and Paraguay, as more fully described in our Form 10-K Annual Report for Fiscal 2021. 

We utilize in-situ recovery (“ISR”) mining where possible which we believe, when compared to conventional open pit or underground mining, requires lower capital and operating expenditures with a shorter lead time to extraction and a reduced impact on the environment. We have one uranium mine located in the State of Texas, the Palangana Mine, which utilizes ISR mining and commenced extraction of U3O8, or yellowcake, in November 2010. We have one uranium processing facility located in the State of Texas, the Hobson Processing Facility, which processes material from the Palangana Mine into drums of U3O8, for shipping to a third-party storage and sales facility. As of January 31, 2022, we had no uranium supply or off-take agreements in place.

Our fully-licensed and 100%-owned Hobson Processing Facility forms the basis for our regional operating strategy in the State of Texas, specifically the South Texas Uranium Belt where we utilize ISR mining. We utilize a “hub-and-spoke” strategy whereby the Hobson Processing Facility acts as the central processing site (the “hub”) for the Palangana Mine and future satellite uranium mining activities, such as our Burke Hollow and Goliad Projects, located within the South Texas Uranium Belt (the “spokes”). The Hobson Processing Facility has a physical capacity to process uranium-loaded resins of up to a total of two million pounds of U3O8 annually and is licensed to process up to one million pounds of U3O8 annually.

We acquired the fully permitted Reno Creek Project in August 2017 and expanded our operations to the strategic Powder River Basin in Wyoming.

On December 17, 2021, we completed the acquisition of all the issued and outstanding shares of U1A (now UEC Wyoming Corp.) for total cash consideration of $128,494,545. The UEC Wyoming Portfolio primarily consists of 12 projects located in Wyoming, six of which are located in the Powder River Basin with four fully permitted, and six of which are located in the Great Divide Basin. The UEC Wyoming Portfolio also consists of dozens of under-explored, mineralized brownfield projects, backed by detailed databases of historic uranium exploration and development programs, thus greatly enhancing the potential for resource expansion. The U1A Acquisition creates a Wyoming hub-and-spoke operation for UEC, anchored by UEC Wyoming’s Irigaray Processing Facility, which is one of the largest central processing facilities in the United States with a licensed capacity of 2.5 million pounds U3O8 per year. Refer to Note 3: Acquisition of Uranium One Americas, Inc. of the Condensed Consolidated Financial Statements for the three and six months ended January 31, 2022.

We also hold certain mineral rights in various stages of development in the States of Arizona, Colorado, New Mexico, Texas and Wyoming, in Canada and in the Republic of Paraguay, many of which are located in historically successful mining areas and have been the subject of past exploration and pre-extraction activities by other mining companies. We do not expect, however, to utilize ISR mining for all of the uranium mineral rights in which case we would expect to rely on conventional open pit and/or underground mining techniques.

28

Since we completed the acquisition of the Alto Paraná Titanium Project located in Paraguay in July 2017, we are also involved in titanium mining and related activities, including exploration, development, extraction and processing of titanium minerals such as ilmenite.

Our operating and strategic framework is based on expanding our uranium and titanium extraction activities, which include advancing certain projects with established mineralized materials towards extraction and establishing additional mineralized materials on our existing uranium and titanium projects or through the acquisition of additional projects.

Uranium Market Developments

Over the past few years, global uranium market fundamentals have been improving as the market transitions from an inventory driven to more of a production driven market.  The spot market bottomed in November 2016 at about $17.75 per pound U₃O₈ and stood at approximately $54.00 per pound at the date of this Quarterly Report (Ux U₃O₈ Daily Price).  Production curtailments, mine closures from several global producers and COVID-19 pandemic related shutdowns have lowered annual uranium production over the past few years from approximate 141 million pounds in 2019 to about 124 million pounds in 2021. Supply and demand projections show a structural deficit between production and utility requirements averaging about 45 million pounds a year over the next 10 years and increasing thereafter (UxC 2021 Q4 Uranium Market Outlook).  The current gap is being filled with secondary market sources, including finite inventory that is projected to decline in coming years. As secondary supplies diminish, new production will be needed to meet utility demand and will require higher prices to stimulate new mining activity with market prices still below production costs for many producers. 

On the demand side of the equation, the global nuclear energy industry continues robust growth, with 62 new reactors connected to the grid since 2013 and another 57 reactors under construction as of January 2022 (PRIS and WNA January 2022 data). In the 2021 edition of the World Energy Outlook, the International Energy Agency's “Stated Policies Scenario” projected installed nuclear capacity growth of over 26% from 2020 to 2050 (reaching about 525 GWe). Additional upside market pressure also appears to be emerging as utilities finally return to a longer-term contracting cycle to replace expiring contracts, something the market has not experienced for several years. In a more recent market development, financial entities and various producers, including our Company, have been purchasing significant quantities of drummed uranium inventory, further removing excess supplies that will likely not re-enter the market unless bundled in longer term contracts at much higher prices.

Response to COVID-19 Pandemic

In response to the COVID-19 pandemic and for the protection of our employees, we have arranged for our teams at our Vancouver, Corpus Christi and Paraguay offices to work remotely. In the meantime, we continued to operate our Palangana Mine and recently acquired Christensen Ranch Mine at a reduced pace to capture residual uranium only and we continue to advance our ISR projects with engineering and geologic evaluations that support the Company’s extraction readiness strategy.

Results of Operations

The financial information included in the following discussion and analysis of financial condition and results of operations during the three and six months ended January 31, 2022, compared to the same periods in 2021, including the results of operations of UEC Wyoming since the closing of the U1A Acquisition on December 17, 2021.

For the three months ended January 31, 2022, we recorded sales and service revenue of $13,190,925 and realized gross profit of $3,942,717. No sales and service revenue were recorded during the three months ended January 31, 2021.

During the three and six months ended January 31, 2022, we recorded net losses of $5,474,267 ($0.02 per share) and $7,548,093 ($0.03 per share) and losses from operations of $4,929,854 and $9,801,521, respectively. For the three and six months ended January 31, 2021, we recorded net losses of $3,461,059 ($0.02 per share) and $8,424,596 ($0.04 per share) and losses from operations of $3,523,558 and $6,910,188, respectively

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During the three and six months ended January 31, 2022, we continued with our strategic plan for reduced operations at our Palangana Mine and, since the closing of the U1A Acquisition, we continued reduced operations at the Christensen Ranch Mine to capture residual pounds of U3O8 only. As a result, no U3O8 extraction or processing costs were capitalized to inventories during the three and six months ended January 31, 2022. 

During the six months ended January 31, 2022, we entered into agreements to purchase 700,000 pounds of uranium concentrate inventories under our Physical Uranium Program and received 600,000 pounds of uranium concentrate inventories at a total cost of $20,056,595. As at January 31, 2022, the total carrying value of our inventories was $40,231,990 (July 31, 2021: $29,172,480). 

Sales and Service Revenue

During the three months ended January 31, 2022, we recorded sales of $13,146,000 from the sale of 300,000 pounds of uranium concentrate inventory.  In addition, we recorded revenue from toll processing services of $44,925, which was generated from processing uranium resins according to a toll processing agreement that we inherited from the U1A Acquisition.  As a result, we realized gross profit of $3,942,717, representing a 29.9% gross profit margin. No sales and service revenues were recorded during the three and six months ended January 31, 2021.

The table below provides a breakdown of sales and service revenue and cost of sales and services:

	Three and Six Months Ended January 31,
	2022			2021
Sales of purchased uranium inventory	$	13,146,000		$	-
Revenue from toll processing services		44,925			-
Total sales and service revenue	$	13,190,925		$	-
Cost of purchased uranium inventory	$	(9,210,770	)	$	-
Cost of toll processing services		(37,438	)		-
Total cost of sales and services	$	(9,248,208	)	$	-

Operating Costs

Mineral Property Expenditures

Mineral property expenditures primarily consisted of costs relating to permitting, property maintenance, exploration and pre-extraction activities and other non-extraction related activities on our projects. 

During the three and six months ended January 31, 2022, mineral property expenditures totaled $2,109,173 and $3,765,689, respectively, of which $438,784, and $438,784, respectively, were mineral property expenditures incurred on the UEC Wyoming Portfolio since December 17, 2021. During the three and six months ended January 31, 2021, mineral property expenditures totaled $961,257 and $1,663,018, respectively.

During the three and six months ended January 31, 2022, costs directly related to maintaining operational readiness and permitting compliance for our Palangana Mine, our Hobson Processing Facility and our recently acquired Christensen Ranch Mine and Irigaray Processing Facility totaled $499,887 and $739,913, respectively. During the three and six months ended January 31, 2021, costs directly related to maintaining operational readiness and permitting compliance for our Palangana Mine and Hobson Processing Facility totaled $242,047 and $440,067, respectively.

During the six months ended January 31, 2022, we continued the 2021 drilling campaign commenced in March 2021 and drilled 79 exploration holes and 14 cased wells totaling 44,610 feet at our Burke Hollow Project. 

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The following table provides mineral property expenditures on our projects for the periods indicated:

	Three Months Ended January 31,				Six Months Ended January 31,
	2022		2021		2022		2021
Mineral Property Expenditures
Palangana Mine	$	266,396	$	232,866	$	511,716	$	431,668
Goliad Project		31,986		71,267		129,440		117,056
Burke Hollow Project		702,155		185,838		1,417,696		315,616
Longhorn Project		4,529		2,289		7,450		4,577
Salvo Project		4,453		7,673		10,149		15,865
Anderson Project		16,114		19,425		32,609		38,891
Workman Creek Project		8,168		8,167		16,755		16,365
Slick Rock Project		12,994		12,993		26,484		26,129
Reno Creek Project		224,333		169,576		424,152		270,066
Allemand Ross Project		48,889		-		48,889		-
Christensen Ranch Mine		263,227		-		263,227		-
Ludeman Project		46,277		-		46,277		-
Moore Ranch Project		18,547		-		18,547		-
Yuty Project		12,567		8,334		20,612		14,328
Oviedo Project		139,847		98,804		322,594		146,415
Alto Paraná Titanium Project		143,794		29,463		204,652		45,914
Other Mineral Property Expenditures		164,897		114,562		264,440		220,128
	$	2,109,173	$	961,257	$	3,765,689	$	1,663,018

General and Administrative

During the three and six months ended January 31, 2022, general and administrative expenses totaled $3,715,438 and $6,832,149, respectively, which increased by $1,250,735 and $1,781,757 compared to $2,464,703 and $5,050,392, respectively, for the three and six months ended January 31, 2021. The increase primarily resulted from increases in salaries and management fees, expenses related to corporate development and consulting services, expenses related to UEC Wyoming operations and recognition of foreign exchange losses. 

The following summary provides a discussion of the major expense categories including analyses of the factors that caused significant variances compared to the same period last year:

● for the three and six months ended January 31, 2022, salaries and management fees totaled $1,033,878 and $1,509,443, respectively, which increased by $654,111 and $764,173, compared to $379,767 and $745,270, respectively, for the three and six months ended January 31, 2021, primarily as a result of the reinstatement of salaries and management fees, which had been reduced during the initial months of the COVID-19 pandemic in Fiscal 2020 and Fiscal 2021;

● for the three months ended January 31, 2022, office, insurance, filing and listing fees, investor relations, corporate development and travel expenses totaled $866,878, which increased by $202,566 compared to $664,312 for the three months ended January 31, 2021, which was primarily the result of increased insurance and filing expenses, consulting fees and expenses related to UEC Wyoming’s operations. For the six months ended January 31, 2022, office, insurance, filing and listing fees, investor relations, corporate development and travel expenses totaled $2,077,507, which increased by $706,929, compared to $1,370,578 for the six months ended January 31, 2021, which was primarily the result of increases in marketing and corporate development expenses, consulting fees and expenses related to UEC Wyoming’s operations;

● for the three and six months ended January 31, 2022, we recognized foreign exchange losses of $379,847 and $351,168, respectively, which increased by $361,677 and $319,500, compared to $18,170 and $31,668 for the three and six months ended January 31, 2021, respectively, as a result of foreign currency transactions.

● for the three and six months ended January 31, 2022, professional fees totaled $276,908 and $392,236, respectively, which increased by $92,512 and $85,933, compared to $184,396 and $306,303, respectively, for the three and six months ended January 31, 2021. Professional fees are primarily comprised of legal services related to certain transactional activities and regulatory compliance, in addition to audit and tax services; and

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● for the three and six months ended January 31, 2022, stock-based compensation totaled $1,157,927 and $2,501,795, respectively, which was consistent with $1,218,058 and $2,596,573 for the three and six months ended January 31, 2021, respectively. Stock-based compensation expenses included the fair value of compensation shares at the time of issuance and the amortization of the fair value of various stock awards granted in prior fiscal years using the graded vesting method.

Acquisition-related Costs

During the three months ended January 31, 2022, in connection with the U1A Acquisition, we incurred acquisition-related costs of $2,644,980.

Depreciation, amortization and accretion

During the three and six months ended January 31, 2022, depreciation, amortization and accretion totaled $402,980 and $501,420, respectively, which increased by $305,382 and $304,642, compared to $97,598 and $196,778,  for the three and six months ended January 31, 2021, respectively, primarily due to depreciation of the plant and equipment acquired as a result of the U1A Acquisition.

Other Income and Expenses

Interest and Finance Costs

During the three and six months ended January 31, 2022, interest and finance costs totaled $566,836 and $1,097,714, respectively, which decreased by $262,891 and $622,927, compared to $829,727 and $1,720,641, for the three and six months ended January 31, 2021, respectively.

For the three and six months ended January 31, 2022, interest paid on long-term debt totaled $204,444 and $408,889, respectively, which decreased by $163,556 and $368,000, compared to $368,000 and $776,889 for the three and six months ended January 31, 2021, respectively. For the three and six months ended January 31, 2022, amortization of debt discount totaled $259,198 and $524,769, respectively, which decreased by $122,630 and $300,926 compared to $381,828 and $825,695 for the three and six months ended January 31, 2021, respectively. Decreases in interest on long-term debt and amortization of debt discount were a result of the decrease in the outstanding principal amount of our long-term debt to $10,000,000 from $20,000,000 in the three and six months ended January 31, 2021.

For the three and six months ended January 31, 2022, surety bond premiums totaled $92,175 and $140,912, respectively, which increased by $31,166 and $50,833, compared to $61,009 and $90,079 , for the three and six months ended January 31, 2021, respectively. The increase was primarily a result of assumed surety bond collateral amounts as a result of the U1A Acquisition.

Income from Equity-Accounted Investment

During the three months ended January 31, 2022, we recorded income of $1,732 from our equity-accounted investment, which was comprised of a loss pick up of $651,996 and a gain on dilution of ownership interest of $653,728. During the three months ended January 31, 2021, we recorded income of $600,913 as a result of an income pick up from URC’s operations.

During the six months ended January 31, 2022, we recorded income of $2,754,899 from our equity-accounted investment, which was comprised of an income pick up of $182,717 and a gain on dilution of ownership interest of $2,572,182. During the six months ended January 31, 2021, we recorded a loss of $102,692 as a result of a loss pick up from URC’s operations.

Realized Gain on Available-for-Sale Security

During the six months ended January 31, 2022, we recorded a gain of $547,152 from the sale of an available-for-sale security. No gain was recorded for the six months ended January 31, 2021.

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Summary of Quarterly Results

	For the Quarters Ended
	January 31, 2022			October 31, 2021			July 31, 2021			April 30, 2021
Net loss	$	(5,474,267	)	$	(2,073,826	)	$	(1,799,053	)	$	(4,590,161	)
Total comprehensive loss		(6,092,177	)		(1,930,657	)		(2,227,462	)		(4,097,060	)
Basic and diluted loss per share		(0.02	)		(0.01	)		(0.01	)		(0.02	)
Total assets		302,217,146			232,718,651			169,541,085			163,575,373

Liquidity and Capital Resources

	January 31, 2022		July 31, 2021
Cash and cash equivalents	$	22,663,251	$	44,312,780
Current assets		65,660,442		75,045,362
Current liabilities		3,926,523		13,269,210
Working capital		61,733,919		61,776,152

During the six months ended January 31, 2022, we received net proceeds of $130,643,789 from our ATM Offerings and $2,499,414 from the exercise of stock options and share purchase warrants. As at January 31, 2022, we had a working capital of $61,733,919 after $127,342,485 net cash paid for the U1A Acquisition and $10,000,000 repayment of our long-term debt principal. Subsequent to January 31, 2022, we received further cash proceeds of $16,547,026 under the 2021 ATM Offerings and sold 200,000 pounds of uranium inventories for total proceeds of $9,800,000.

As of January 31, 2022, we had uranium inventory purchase commitments of 2.8 million pounds with a total purchase price of $96.9 million, of which $36.6 million will become due in the next 12 months from the date of this Quarterly Report.

We believe our existing cash resources and, if necessary, cash generated from the sales of the Company’s uranium inventories, will provide sufficient funds to fulfill our uranium inventory purchase commitments and carry out our planned operations, including UEC Wyoming’s operations, for 12 months from the date of this Quarterly Report. Our continuation as a going concern beyond 12 months from the date of this Quarterly Report 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 financings in order to fund our operations.  We have also relied, to a limited extent, on cash flows generated from our mining activities during the years ended July 31, 2015 (“Fiscal 2015), 2013 (“Fiscal 2013) and 2012 (“Fiscal 2012”). During the three months ended January 31, 2022, we received cash proceeds of $13.1 million from the sale of purchased uranium inventories under our Physical Uranium Program. However, we have yet to achieve profitability or develop positive cash flow from operations and we do not expect to achieve profitability or develop positive cash flow from operations in the near term.  In the future we may also rely on cash flows generated from the sales of our uranium concentrate inventories to fund our operations. Our reliance on equity and debt financings is expected to continue for the foreseeable future, and their availability whenever such additional financing is required, will be dependent on many factors beyond our control including, but not limited to, the market price of uranium, the continuing public support of nuclear power as a viable source of electrical generation, the volatility in the global financial markets affecting our stock price and the status of the worldwide economy, any one of which may cause significant challenges in our ability to access additional financing, including access to the equity and credit markets.  We may also be required to seek other forms of financing, such as asset divestitures or joint venture arrangements, to continue advancing our uranium projects which would depend entirely on finding a suitable third party willing to enter into such an arrangement, typically involving an assignment of a percentage interest in the mineral project.  However, there is no assurance that we will be successful in securing any form of additional financing when required and on terms favorable to us.

Our operations are capital intensive and future capital expenditures are expected to be substantial. We will require significant additional financing to fund our operations, including continuing with our exploration and pre-extraction activities and acquiring additional mineral projects. In the absence of such additional financing, we would not be able to fund our operations, including continuing with our exploration and pre-extraction activities, which may result in delays, curtailment or abandonment of any one or all of our mineral projects.

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Our anticipated operations, including exploration and pre-extraction activities, will be dependent on and may change as a result of our financial position, the market price of uranium and other considerations, and such changes may include accelerating the pace or broadening the scope of reducing our operations as originally announced in September 2013.

Our ability to secure adequate funding for these activities will be impacted by our operating performance, other uses of cash, the market price of commodities, the market price of our common stock and other factors which may be beyond our control. Specific examples of such factors include, but are not limited to:

● if the market price of uranium weakens;

● if the market price of our common stock weakens;

● if the COVID-19 pandemic worsens or continues over an extended period and causes further financial market uncertainty; and

● if a nuclear incident, such as the events that occurred at Fukushima in March 2011, is to occur, continuing public support of nuclear power as a viable source of electrical generation may be adversely affected, which may result in significant and adverse effects on both the nuclear and uranium industries.

Our long-term success, including the recoverability of the carrying values of our assets and our ability to acquire additional mineral projects and to continue with exploration and pre-extraction activities and mining activities on our existing mineral projects, will depend ultimately on our ability to achieve and maintain profitability and positive cash flow from our operations by establishing ore bodies that contain commercially recoverable minerals and to develop these into profitable mining activities.

Equity Financings

On May 14, 2021, we entered into the May 2021 ATM Offering Agreement with H.C. Wainwright & Co., LLC and certain co-managers, under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $100 million through the ATM Managers selected by us.

On November 26, 2021, we filed the 2021 Shelf with respect to the continuation of the May 2021 ATM Offering Agreement with the ATM Managers under which we may, if eligible, from time to time, sell shares of our common stock having an aggregate offering price of up to $100 million through the ATM Managers selected by us.

During the three and six months ended January 31, 2022, we issued 6,655,295 and 27,399,173 shares, respectively, of the Company’s common stock under our May 2021 ATM Offering for net cash proceeds of $28,919,064 and $91,590,187, respectively.

During the six months ended January 31, 2022, we issued 11,096,363 shares of the Company’s common stock under our November 2021 ATM Offering for net cash proceeds of $39,053,602.

Subsequent to January 31, 2022, we issued 4,460,000 shares of the Company’s common stock under our November 2021 ATM Offering from February 1, 2022 to March 3, 2022 for net cash proceeds of $16,547,026.

Credit Facility

On December 5, 2018, we entered into the Third Amended and Restated Credit Agreement with our Lenders, whereby we and the Lenders agreed to certain further amendments to our Credit Facility, under which initial funding of $10,000,000 was received by the Company upon closing of the Credit Facility on July 30, 2013, and additional funding of $10,000,000 was received by the Company upon closing of the amended Credit Facility on March 13, 2014. The Credit Facility was non-revolving with an amended term of 8.5 years since inception maturing on January 31, 2022, subject to an interest rate of 8% per annum, compounded and payable on a monthly basis. The Third Amended and Restated Credit Agreement superseded, in their entirety, our Second Amended and Restated Credit Agreement dated and effective February 9, 2016, our Amended and Restated Credit Agreement dated and effective March 13, 2014 and our Credit Agreement dated and effective July 30, 2013 with our Lenders.

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During Fiscal 2021, we made voluntary payments totaling $10,000,000 to certain Lenders, which decreased the principal balance outstanding to $10,000,000, and on January 31, 2022, we repaid the remaining principal amount of $10,000,000 to our remaining Lender, which decreased the outstanding principal balance to $Nil.

During the three months ended January 31, 2022, and pursuant to the terms of the Third Amended and Restated Credit Agreement, we issued 161,594 shares with a fair value of $600,000, representing 6.0% of the $10,000,000 principal balance outstanding at the time, as payment of anniversary fees to our remaining Lender.

Operating Activities

During the six months ended January 31, 2022, net cash used in operating activities was $17,712,418, of which $10,867,495 was for net cash used in uranium concentrate inventories and $1,299,063 was for acquisition-related costs for the U1A Acquisition.  Other significant operating expenditures included mineral property expenditures, general and administrative expenses and interest payments as well as cash used in UEC Wyoming’s operating activities. During the six months ended January 31, 2021, net cash used in operating activities was $5,603,172 for mineral property expenditures, general and administrative expenses and interest payments. 

Financing Activities

During the six months ended January 31, 2022, net cash provided by financing activities totaled $123,048,680, comprised of net proceeds of $130,643,789 from the 2021 ATM Offerings and net proceeds of $2,499,414 from the exercise of stock options and share purchase warrants, offset by the $10,000,000 repayment of long-term debt principal under our Credit Facility and $94,523 in payments for a promissory note. During the six months ended January 31, 2021, net cash provided by financing activities totaled $13,389,086 primarily from net proceeds of $14,121,656 from a public offering in September 2020, net proceeds of $1,074,337 under our then 2020 ATM Offering, and net proceeds of $223,324 from the exercise of stock options and share purchase warrants, which were offset by a $2,000,000 voluntary payment to one of our Lenders under our Credit Facility and $30,231 in payments under the promissory note. 

Investing Activities

During the six months ended January 31, 2022, net cash used by investing activities totaled $113,231,194, comprised of net cash used in the U1A Acquisition of $113,587,952, cash used in investment in an available-for-sale security of $9,433,068, cash used for investment in mineral rights and properties of $39,901, cash used for the purchase of property, plant and equipment of $84,600 and cash used in investment in other assets of $66,643, offset by cash proceeds of $9,980,220 from sales of an available-for-sale security. During the six months ended January 31, 2021, net cash used by investing activities totaled $4,220,340, primarily for cash used for the investment in term deposits of $10,000,000, cash used for the purchase of property, plant and equipment of $140,340, and cash used for investment in mineral rights and properties of $80,000, offset by cash received from the redemption of term deposits of $6,000,000.

Stock Options and Warrants

As of January 31, 2022, we had stock options outstanding representing 9,063,956 shares at a weighted-average exercise price of $1.20 per share, and share purchase warrants outstanding representing 4,322,624 shares at a weighted-average exercise price of $1.90 per share. As of January 31, 2022, outstanding stock options and warrants, which are substantially all in-the-money, represented a total 13,386,580 shares issuable for gross proceeds of approximately $19.1 million should these stock options and warrants be exercised in full on a cash basis. The exercise of stock options and warrants is at the discretion of the respective holders and accordingly, there is no assurance that any of the stock options or warrants will be exercised in the future.

Transactions with a Related Party

During the three and six months ended January 31, 2022, we incurred $2,269 and $4,375 (three and six months ended January 31, 2021: $17,464 and $34,141), respectively, in general and administrative costs paid to 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.

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As at January 31, 2022, the amount owing to Blender was $Nil (July 31, 2021: $843).

Material Commitments

Uranium Purchase Commitments

During the six months ended January 31, 2022, we entered into agreements to purchase 700,000 pounds of uranium concentrate inventories under our Physical Uranium Program.

Our uranium concentrate purchase commitments at the date of this Quarterly Report are as follows:

	Purchase Commitments in Pounds		Total Purchase Price
Fiscal 2022		400,000	$	20,780,000
Fiscal 2023		1,505,000		53,134,000
Fiscal 2024		695,000		25,793,250
Fiscal 2025		600,000		23,120,000
Fiscal 2026		100,000		3,620,000
Total		3,300,000	$	126,447,250

Long-Term Debt Obligations

As at January 31, 2022, we have made all scheduled payments and complied with all covenants under our Credit Facility. On January 31, 2022, we repaid the remaining $10 million principal amount to our remaining Lender under the Credit Facility.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Critical Accounting Policies

Business Combination

We recognize and measure the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date, while transaction costs related to business combinations are expensed as incurred. An income, market or cost valuation method may be utilized to estimate the fair value of the assets acquired, liabilities assumed, if any, in a business combination. The income valuation method represents the present value of future cash flows over the life of the asset using: (i) discrete financial forecasts, which rely on management’s estimates of resource quantities and exploration potential, costs to produce and develop resources, revenues, and operating expenses;  (ii) appropriate discount rates; and (iii) expected future capital requirements . The market valuation method uses prices paid for a similar asset by other purchasers in the market, normalized for any differences between the assets . The cost valuation method is based on the replacement cost of a comparable asset at the time of the acquisition adjusted for depreciation and economic and functional obsolescence of the asset. If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, an estimate will be recorded. Subsequent to the acquisition date, and not later than one year from the acquisition date, we will record any material adjustments to the initial estimate based on new information obtained that would have existed as of the date of the acquisition. Any adjustment that arises from information obtained that did not exist as of the date of the acquisition will be recorded in the period the adjustments arises.

For a complete summary of all of our significant accounting policies refer to Note 2: Summary of Significant Accounting Policies of the Notes to the consolidated financial statements as presented under Item 8, Financial Statements and Supplementary Data, in our Annual Report on Form 10-K for Fiscal 2021.

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Refer to “Critical Accounting Policies” under Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, in our Annual Report on Form 10-K for Fiscal 2021.

Subsequent Events

Subsequent to January 31, 2022, we issued 4,460,000 shares of the Company’s common stock under our November 2021 ATM Offering for net cash proceeds of $16,547,026.

Subsequent to January 31, 2022, we received $1,754,507 as a result of the partial release of surety bond collateral related to the Christensen Ranch Mine and Irigaray Processing Facility.

Subsequent to January 31, 2022, we received 200,000 pounds of uranium concentrate inventories at a total purchase price of $6,000,000 under our Physical Uranium Program.

Subsequent to January 31, 2022, we sold 200,000 pounds of uranium inventories for total proceeds of $9,800,000.

Item 3.         Quantitative and Qualitative Disclosures About Market Risk

Refer to Item 7A. Quantitative and Qualitative Disclosures About Market Risk in our Annual Report on Form 10-K for Fiscal 2021.

Item 4.          Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Principal Executive Officer and Principal Financial Officer, has evaluated the effectiveness of our internal controls over financial reporting and disclosure controls and procedures (as such terms are defined in Rules 13a-15(e) and 15d-15(e) under the United States Securities Exchange Act of 1933, as amended (the “Exchange Act”)) and, as of the end of the period covered by this Quarterly Report, our Principal Executive Officer and Principal Financial Officer have concluded that, as of the end of the period covered by this Quarterly Report, our disclosure controls and procedures were effective.

It should be noted that any system of controls is based in part upon certain assumptions designed to obtain reasonable (and not absolute) assurance as to its effectiveness, and there can be no assurance that any design will succeed in achieving its stated goals.

Changes in Internal Controls

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during our fiscal quarter ended January 31, 2022, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1.         Legal Proceedings

As of the date of this Quarterly Report, other than as disclosed below, there are no material pending legal proceedings, other than ordinary routine litigation incidental to our business, to which the Company or any of its subsidiaries is a party or of which any of their property is subject, and no director, officer, affiliate or record or beneficial owner of more than 5% of our common stock, or any associate or any such director, officer, affiliate or security holder is: (i) a party adverse to us or any of our subsidiaries in any legal proceeding; or (ii) has an adverse interest to us or any of our subsidiaries in any legal proceeding. Other than as disclosed below, management is not aware of any other material legal proceedings pending or that have been threatened against us or our properties.

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On or about March 9, 2011, the Texas Commission on Environmental Quality (the “TCEQ”) granted the Company’s applications for a Class III Injection Well Permit, Production Area Authorization and Aquifer Exemption for its Goliad Project.  On or about December 4, 2012, the U.S. Environmental Protection Agency (the “EPA”) concurred with the TCEQ issuance of the Aquifer Exemption permit (the “AE”).  With the receipt of this concurrence, the final authorization required for uranium extraction, the Goliad Project achieved fully-permitted status.  On or about May 24, 2011, a group of petitioners, inclusive of Goliad County, appealed the TCEQ action to the 250^th District Court in Travis County, Texas.  A motion filed by the Company to intervene in this matter was granted. The petitioners’ appeal lay dormant until on or about June 14, 2013, when the petitioners filed their initial brief in support of their position.  On or about January 18, 2013, a different group of petitioners, exclusive of Goliad County, filed a petition for review with the Court of Appeals for the Fifth Circuit in the United States (the “Fifth Circuit”) to appeal the EPA’s decision.  On or about March 5, 2013, a motion filed by the Company to intervene in this matter was granted.  The parties attempted to resolve both appeals, to facilitate discussions and avoid further legal costs. The parties jointly agreed, through mediation initially conducted through the Fifth Circuit on or about August 8, 2013, to abate the proceedings in the State District Court. On or about August 21, 2013, the State District Court agreed to abate the proceedings.  The EPA subsequently filed a motion to remand without vacatur with the Fifth Circuit wherein the EPA’s stated purpose was to elicit additional public input and further explain its rationale for the approval.  In requesting the remand without vacatur, which would allow the AE to remain in place during the review period, the EPA denied the existence of legal error and stated that it was unaware of any additional information that would merit reversal of the AE.  The Company and the TCEQ filed a request to the Fifth Circuit for the motion to remand without vacatur, and if granted, to be limited to a 60-day review period.  On December 9, 2013, by way of a procedural order from a three-judge panel of the Fifth Circuit, the Court granted the remand without vacatur and initially limited the review period to 60 days. In March of 2014, at the EPA’s request, the Fifth Circuit extended the EPA’s time period for review and additionally, during that same period, the Company conducted a joint groundwater survey of the site, the result of which reaffirmed the Company’s previously filed groundwater direction studies. On or about June 17, 2014, the EPA reaffirmed its earlier decision to uphold the granting of the Company’s existing AE, with the exception of a northwestern portion containing less than 10% of the uranium resource which was withdrawn, but not denied, from the AE area until additional information is provided in the normal course of mine development. On or about September 9, 2014, the petitioners filed a status report with the State District Court which included a request to remove the stay agreed to in August 2013 and to set a briefing schedule (the “Status Report”). In that Status Report the petitioners also stated that they had decided not to pursue their appeal at the Fifth Circuit. The Company continues to believe that the pending appeal is without merit and is continuing as planned towards uranium extraction at its fully-permitted Goliad Project.

The Company has had communications and filings with the Ministry of Public Works and Communications (the “MOPC”), the mining regulator in Paraguay, whereby the MOPC is taking the position that certain concessions forming part of the Company’s Yuty Project and Alto Parana Project are not eligible for extension as to exploration or continuation to exploitation in their current stages. While we remain fully committed to its development path forward in Paraguay, we have filed certain applications and appeals in Paraguay to reverse the MOPC’s position in order to protect the Company’s continuing rights in those concessions.

Item 1A.         Risk Factors

In addition to the information contained in our Annual Report on Form 10-K for Fiscal 2021, and this Quarterly Report on Form 10-Q, we have identified the following material risks and uncertainties which reflect our outlook and conditions known to us as of the date of this Quarterly Report. These material risks and uncertainties should be carefully reviewed by our stockholders and any potential investors in evaluating the Company, our business and the market value of our common stock. Furthermore, any one of these material risks and uncertainties has the potential to cause actual results, performance, achievements or events to be materially different from any future results, performance, achievements or events implied, suggested or expressed by any forward-looking statements made by us or by persons acting on our behalf. Refer to “Cautionary Note Regarding Forward-looking Statements” as disclosed in our Annual Report on Form 10-K for Fiscal 2021.

There is no assurance that we will be successful in preventing the material adverse effects that any one or more of the following material risks and uncertainties may cause on our business, prospects, financial condition and operating results, which may result in a significant decrease in the market price of our common stock. Furthermore, there is no assurance that these material risks and uncertainties represent a complete list of the material risks and uncertainties facing us. There may be additional risks and uncertainties of a material nature that, as of the date of this Quarterly Report, we are unaware of or that we consider immaterial that may become material in the future, any one or more of which may result in a material adverse effect on us. You could lose all or a significant portion of your investment due to any one of these material risks and uncertainties.

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Risks Related to Our Company and Business

Evaluating our future performance may be difficult since we have a limited financial and operating history, with significant negative operating cash flow and an accumulated deficit to date. Our long-term success will depend ultimately on our ability to achieve and maintain profitability and to develop positive cash flow from our mining activities.

As more fully described under Item 1, Business, in our Annual Report on Form 10-K for Fiscal 2021, Uranium Energy Corp. was incorporated under the laws of the State of Nevada on May 16, 2003 and, since 2004, we have been engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing, on projects located in the United States, Canada and the Republic of Paraguay. In November 2010, we commenced uranium extraction for the first time at our Palangana Mine utilizing ISR methods and processed those materials at our Hobson Processing Facility into drums of U₃O₈. We also hold uranium projects in various stages of exploration and pre-extraction in the States of Arizona, Colorado, New Mexico, Texas and Wyoming, in Canada and the Republic of Paraguay. Since we completed the acquisition of our Alto Paraná Project located in the Republic of Paraguay in July 2017, we are also involved in mining and related activities, including exploration, pre-extraction, extraction and processing of titanium minerals.

As more fully described under “Liquidity and Capital Resources” of Item 2, Management’s Discussion and Analysis of Financial Condition and Result of Operations herein, we have a history of significant negative cash flow and net losses, with an accumulated deficit balance of $299.2 million as of January 31, 2022. 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. Although we generated revenues from sales of U₃O₈ we produced during Fiscal 2015, Fiscal 2013 and Fiscal 2012 of $3.1 million, $9.0 million and $13.8 million, respectively, and generated revenues from sales of purchased uranium inventories and toll processing services totaling $13.2 million during the three months ended January 31, 2022, we have yet to achieve profitability or develop positive cash flow from our operations, and we do not expect to achieve profitability or develop positive cash flow from operations in the near term. As a result of our limited financial and operating history, including our significant negative cash flow from operations and net losses to date, it may be difficult to evaluate our future performance.

As of January 31, 2022, we had working capital of $61.7 million including cash and cash equivalents of $22.7 million and uranium inventory holdings of $39.8 million. Subsequent to January 31, 2022, we received further cash proceeds of $16.5 million under the 2021 ATM Offerings and sold 200,000 pounds of uranium inventories for total proceeds of $9.8 million. We believe our existing cash resources and, if necessary, cash generated from the sale of the Company’s uranium inventories, will provide sufficient funds to carry out our planned operations for 12 months from the date of this Quarterly Report. Our continuation as a going concern 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. 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. 

Our reliance on equity and debt financings is expected to continue for the foreseeable future, and their availability whenever such additional financing is required will be dependent on many factors beyond our control including, but not limited to, the market price of uranium, the continuing public support of nuclear power as a viable source of electrical generation, the volatility in the global financial markets affecting our stock price and the status of the worldwide economy, any one of which may cause significant challenges in our ability to access additional financing, including access to the equity and credit markets. We may also be required to seek other forms of financing, such as asset divestitures or joint venture arrangements, to continue advancing our projects which would depend entirely on finding a suitable third party willing to enter into such an arrangement, typically involving an assignment of a percentage interest in the mineral project.

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Our long-term success, including the recoverability of the carrying values of our assets and our ability to acquire additional uranium projects and continue with exploration and pre-extraction activities and mining activities on our existing uranium projects, will depend ultimately on our ability to achieve and maintain profitability and positive cash flow from our operations by establishing ore bodies that contain commercially recoverable uranium and to develop these into profitable mining activities. The economic viability of our mining activities, including the expected duration and profitability of our Palangana Mine and of any future satellite ISR mines, such as our Burke Hollow and Goliad Projects, located within the South Texas Uranium Belt, our Christensen Ranch Mine and Reno Creek Project located in the Powder River Basin, Wyoming, and our projects in Canada and in the Republic of Paraguay, have many risks and uncertainties. These include, but are not limited to: (i) a significant, prolonged decrease in the market price of uranium and titanium minerals; (ii) difficulty in marketing and/or selling uranium concentrates; (iii) significantly higher than expected capital costs to construct a mine and/or processing plant; (iv) significantly higher than expected extraction costs; (v) significantly lower than expected mineral extraction; (vi) significant delays, reductions or stoppages of uranium extraction activities; and (vii) the introduction of significantly more stringent regulatory laws and regulations. Our mining activities may change as a result of any one or more of these risks and uncertainties and there is no assurance that any ore body that we extract mineralized materials from will result in achieving and maintaining profitability and developing positive cash flow.

Our operations are capital intensive and we will require significant additional financing to acquire additional mineral projects and continue with our exploration and pre-extraction activities on our existing projects.

Our operations are capital intensive and future capital expenditures are expected to be substantial. We will require significant additional financing to fund our operations, including acquiring additional mineral projects and continuing with our exploration and pre-extraction activities which include assaying, drilling, geological and geochemical analysis and mine construction costs. In the absence of such additional financing we would not be able to fund our operations or continue with our exploration and pre-extraction activities, which may result in delays, curtailment or abandonment of any one or all of our projects.

Our uranium extraction and sales history is limited. Our ability to generate revenue is subject to a number of factors, any one or more of which may adversely affect our financial condition and operating results.

During the six months ended January 31, 2022, we continued to operate our Palangana Mine and our recently acquired Christensen Ranch Mine at a reduced pace since implementing our strategic plan in September 2013 to align our operations to a weak uranium commodity market in a challenging post-Fukushima environment.  This strategy has included the deferral of major pre-extraction expenditures and remaining in a state of operational readiness in anticipation of a recovery in uranium prices. Our ability to generate revenue from our ISR Mines is subject to a number of factors which include, but are not limited to: (i) a significant, prolonged decrease in the market price of uranium; (ii) difficulty in marketing and/or selling uranium concentrates; (iii) significantly higher than expected extraction costs; (iv) significantly lower than expected uranium extraction; (v) significant delays, reductions or stoppages of uranium extraction activities; and (vi) the introduction of significantly more stringent regulatory laws and regulations.  Furthermore, continued mining activities at our ISR Mines will eventually deplete the mines or cause such activities to become uneconomical, and if we are unable to directly acquire or develop existing uranium projects, such as our Moor Ranch, Reno Creek, Burke Hollow and Goliad Projects, into additional uranium mines from which we can commence uranium extraction, it will negatively impact our ability to generate revenues.  Any one or more of these occurrences may adversely affect our financial condition and operating results.

Exploration and pre-extraction programs and mining activities are inherently subject to numerous significant risks and uncertainties, and actual results may differ significantly from expectations or anticipated amounts. Furthermore, exploration programs conducted on our projects may not result in the establishment of ore bodies that contain commercially recoverable uranium.

Exploration and pre-extraction programs and mining activities are inherently subject to numerous significant risks and uncertainties, with many beyond our control and including, but not limited to: (i) unanticipated ground and water conditions and adverse claims to water rights; (ii) unusual or unexpected geological formations; (iii) metallurgical and other processing problems; (iv) the occurrence of unusual weather or operating conditions and other force majeure events; (v) lower than expected ore grades; (vi) industrial accidents; (vii) delays in the receipt of or failure to receive necessary government permits; (viii) delays in transportation; (ix) availability of contractors and labor; (x) government permit restrictions and regulation restrictions; (xi) unavailability of materials and equipment; and (xii) the failure of equipment or processes to operate in accordance with specifications or expectations. These risks and uncertainties could result in: (i) delays, reductions or stoppages in our mining activities; (ii) increased capital and/or extraction costs; (iii) damage to, or destruction of, our mineral projects, extraction facilities or other properties; (iv) personal injuries; (v) environmental damage; (vi) monetary losses; and (vii) legal claims.

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Success in mineral exploration is dependent on many factors, including, without limitation, the experience and capabilities of a company’s management, the availability of geological expertise and the availability of sufficient funds to conduct the exploration program. Even if an exploration program is successful and commercially recoverable material is established, it may take a number of years from the initial phases of drilling and identification of the mineralization until extraction is possible, during which time the economic feasibility of extraction may change such that the material ceases to be economically recoverable. Exploration is frequently non-productive due, for example, to poor exploration results or the inability to establish ore bodies that contain commercially recoverable material, in which case the project may be abandoned and written-off. Furthermore, we will not be able to benefit from our exploration efforts and recover the expenditures that we incur on our exploration programs if we do not establish ore bodies that contain commercially recoverable material and develop these projects into profitable mining activities, and there is no assurance that we will be successful in doing so for any of our projects.

Whether an ore body contains commercially recoverable material depends on many factors including, without limitation: (i) the particular attributes, including material changes to those attributes, of the ore body such as size, grade, recovery rates and proximity to infrastructure; (ii) the market price of uranium, which may be volatile; and (iii) government regulations and regulatory requirements including, without limitation, those relating to environmental protection, permitting and land use, taxes, land tenure and transportation.

We have not established proven or probable reserves through the completion of a “final” or “bankable” feasibility study for any of our projects, including our ISR Mines.  Furthermore, we have no plans to establish proven or probable reserves for any of our uranium projects for which we plan on utilizing ISR mining.  Since we commenced extraction of mineralized materials from our ISR Mines without having established proven or probable reserves, it may result in our mining activities at our ISR Mines, and at any future projects for which proven or probable reserves are not established, being inherently riskier than other mining activities for which proven or probable reserves have been established.

We have established the existence of mineralized materials for certain of our projects, including our IRS Mines.  We have not established proven or probable reserves, as defined by the SEC, through the completion of a “final” or “bankable” feasibility study for any of our projects. Furthermore, we have no plans to establish proven or probable reserves for any of our projects for which we plan on utilizing ISR mining.  Since we commenced uranium extraction at our ISR Mines 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.  Any mineralized materials established or extracted from our ISR Mines should not in any way be associated with having established or produced from proven or probable reserves.

On October 31, 2018, the SEC adopted the Modernization of Property Disclosures for Mining Registrants (the “New Rule”), introducing significant changes to the existing mining disclosure framework to better align it with international industry and regulatory practice, including NI 43-101. The New Rule became effective as of February 25, 2019, and issuers are required to comply with the New Rule as of the annual report for their first fiscal year beginning on or after January 1, 2021, and earlier in certain circumstances. The Company does not anticipate needing to comply with the New Rule until the filing of our annual report for the fiscal year ending July 31, 2022 and, at this time, the Company does not know the full effect of the New Rule on its mineral resources and, therefore, the disclosure related to the Company’s mineral resources may be significantly different when computed using the requirements set forth in the New Rule.

Since we are in the Exploration Stage, pre-production expenditures including those related to pre-extraction activities are expensed as incurred, the effects of which may result in our consolidated financial statements not being directly comparable to the financial statements of companies in the Production Stage.

Despite the fact that we commenced uranium extraction at our ISR Mines, we remain in the Exploration Stage, as defined by the SEC, and will continue to remain in the Exploration Stage until such time proven or probable reserves have been established, which may never occur.  We prepare our consolidated financial statements in accordance with U.S. GAAP under which acquisition costs of mineral rights are initially capitalized as incurred while pre-production expenditures are expensed as incurred until such time we exit the Exploration Stage.  Expenditures relating to exploration activities are expensed as incurred and expenditures relating to pre-extraction activities are expensed as incurred until such time proven or probable reserves are established for that uranium project, after which subsequent expenditures relating to mine development activities for that particular project are capitalized as incurred.

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We have neither established nor have any plans to establish proven or probable reserves for our uranium projects for which we plan on utilizing ISR mining. Companies in the Production Stage as defined by the SEC, 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 inventory and, as that inventory is sold, to cost of goods sold. As we are in the Exploration Stage it has resulted in us reporting larger losses than if we had been in the Production Stage due to the expensing, instead of capitalization, of expenditures relating to ongoing processing facility and mine pre-extraction activities. Additionally, there would be no corresponding amortization allocated to our future reporting periods 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 acquisition costs 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.

Estimated costs of future reclamation obligations may be significantly exceeded by actual costs incurred in the future. Furthermore, only a portion of the financial assurance required for the future reclamation obligations has been funded.

We are responsible for certain remediation and decommissioning activities in the future primarily for our Hobson Processing Facility, our Palangana Mine, and our recently acquired Christensen Ranch Mine and Irigaray Processing Facility, and have recorded a liability of $16.8 million on our balance sheets as at January 31, 2022, to recognize the present value of the estimated costs of such reclamation obligations.  Should the actual costs to fulfill these future reclamation obligations materially exceed these estimated costs, it may have an adverse effect on our financial condition and operating results, including not having the financial resources required to fulfill such obligations when required to do so.

During Fiscal 2015 we secured $5.6 million of surety bonds as an alternate source of financial assurance for the estimated costs of the reclamation obligations of our Hobson Processing Facility and Palangana Mine, of which we have $1.7 million funded and held as restricted cash for collateral purposes as required by the surety. In connection with the U1A Acquisition, we assumed $13.7 million of restricted cash as surety bond collateral for total estimated reclamation costs of $18.6 million for the Christensen Ranch Mine and Irigaray Processing Facility. We may be required at any time to fund the remaining $8.8 million or any portion thereof for a number of reasons including, but not limited to, the following: (i) the terms of the surety bonds are amended, such as an increase in collateral requirements; (ii) we are in default with the terms of the surety bonds; (iii) the surety bonds are no longer acceptable as an alternate source of financial assurance by the regulatory authorities; or (iv) the surety encounters financial difficulties. Should any one or more of these events occur in the future, we may not have the financial resources to fund the remaining amount or any portion thereof when required to do so.

We cannot provide any assurance that our Physical Uranium Program involving the strategic acquisition of physical uranium will be successful, which may have an adverse effect on our results of operations.

We have used or allocated a large portion of our cash on hand in order to fund the acquisition of drummed uranium. This strategy will be subject to a number of risks and there is no assurance that the strategy will be successful. Future deliveries are subject to performance by other parties and there is a possibility of default by those parties, thus depriving us of potential benefits.

Due to the fluctuation of uranium prices, the price of uranium will fluctuate and we will be subject to losses should we ultimately determine to sell the uranium at prices lower than the acquisition cost. The primary risks associated with physical uranium will be the normal risks associated with supply and demand fundamentals affecting price movements.

We may be required to sell a portion or all of the physical uranium accumulated to fund our operations should other forms of financing not be available to meet our capital requirements.

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Since there is no public market for uranium, selling the uranium may take extended periods of time and suitable purchasers may be difficult to find, which could have a material adverse effect on our financial condition and may have a material adverse effect on our securities.

There is no public market for the sale of uranium, although there are several trading and brokerage houses that serve the industry with bid and ask data as well as locations and quantities. The uranium futures market on the New York Mercantile Exchange does not provide for physical delivery of uranium, only cash on settlement, and that trading forum does not offer a formal market but rather facilitates the introduction of buyers to sellers.

The pool of potential purchasers and sellers is limited, and each transaction may require the negotiation of specific provisions. Accordingly, a sale may take several weeks or months to complete. If we determine to sell any physical uranium that we have acquired, we may likewise experience difficulties in finding purchasers that are able to accept a material quantity of physical uranium at a price and at a location that is compatible with our interests. The inability to sell on a timely basis in sufficient quantities and at a desired price and location could have a material adverse effect on our securities.

As part of our Physical Uranium Program, we have entered into commitments to purchase U₃O₈ and may purchase additional quantities. There is no certainty that any future purchases contemplated by us will be completed.

Storage arrangements, including the extension of storage arrangements, along with credit and operational risks of uranium storage facilities may result in the loss or damage of our physical uranium which may not be covered by insurance or indemnity provisions and could have a material adverse effect on our financial condition.

Currently, the uranium we purchased will be stored at the licensed uranium conversion facility of ConverDyn owned by Honeywell. There can be no assurance that storage arrangements that have been negotiated will be extended indefinitely, forcing actions or costs not currently contemplated. Failure to negotiate commercially reasonable storage terms for a subsequent storage period with ConverDyn may have a material adverse effect on our financial condition.

By holding our uranium inventories at the ConverDyn conversion facility we are exposed to the credit and operational risks of the facility. There is no guarantee that we can fully recover all of our investment in uranium held with the facility in the event of a disruptive event. Failure to recover all uranium holdings could have a material adverse effect on our financial condition. Any loss or damage of the uranium may not be fully covered or absolved by contractual arrangements with ConverDyn or our insurance arrangements, and we may be financially and legally responsible for losses and/or damages not covered by indemnity provisions or insurance. Such responsibility could have a material adverse effect on our financial condition.

The uranium industry is subject to influential political and regulatory factors which could have a material adverse effect on our business and financial condition.

The international uranium industry, including the supply of uranium concentrates, is relatively small, competitive and heavily regulated. Worldwide demand for uranium is directly tied to the demand for electricity produced by the nuclear power industry, which is also subject to extensive government regulation and policies. In addition, the international marketing and trade of uranium is subject to political changes in governmental policies, regulatory requirements, and international trade restrictions (including trade agreements, customs, duties and/or taxes). International agreements, governmental policies and trade restrictions are beyond our control. Changes in regulatory requirements, customs, duties or taxes may affect the availability of uranium, which could have a material adverse effect on our business and financial condition.

We do not insure against all of the risks we face in our operations.

In general, where coverage is available and not prohibitively expensive relative to the perceived risk, we will maintain insurance against such risk, subject to exclusions and limitations. We currently maintain insurance against certain risks including securities and general commercial liability claims and certain physical assets used in our operations, subject to exclusions and limitations, however, we do not maintain insurance to cover all of the potential risks and hazards associated with our operations.  We may be subject to liability for environmental, pollution or other hazards associated with our exploration, pre-extraction and extraction activities, which we may not be insured against, which may exceed the limits of our insurance coverage or which we may elect not to insure against because of high premiums or other reasons. Furthermore, we cannot provide assurance that any insurance coverage we currently have will continue to be available at reasonable premiums or that such insurance will adequately cover any resulting liability.

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Acquisitions that we may make from time to time could have an adverse impact on us.

From time to time we examine opportunities to acquire additional mining assets and businesses. Any acquisition that we may choose to complete may be of a significant size, may change the scale of our business and operations, and may expose us to new geographic, political, operating, financial and geological risks. Our success in our acquisition activities depends on our ability to identify suitable acquisition candidates, negotiate acceptable terms for any such acquisition, and integrate the acquired operations successfully with those of our Company. Any acquisitions would be accompanied by risks which could have a material adverse effect on our business. For example: (i) there may be a significant change in commodity prices after we have committed to complete the transaction and established the purchase price or exchange ratio; (ii) a material ore body may prove to be below expectations; (iii) we may have difficulty integrating and assimilating the operations and personnel of any acquired companies, realizing anticipated synergies and maximizing the financial and strategic position of the combined enterprise, and maintaining uniform standards, policies and controls across the organization; (iv) the integration of the acquired business or assets may disrupt our ongoing business and our relationships with employees, customers, suppliers and contractors; and (v) the acquired business or assets may have unknown liabilities which may be significant. In the event that we choose to raise debt capital to finance any such acquisition, our leverage will be increased. If we choose to use equity as consideration for such acquisition, existing shareholders may suffer dilution. Alternatively, we may choose to finance any such acquisition with our existing resources. There can be no assurance that we would be successful in overcoming these risks or any other problems encountered in connection with such acquisitions.

The uranium and titanium industries are subject to numerous stringent laws, regulations and standards, including environmental protection laws and regulations. If any changes occur that would make these laws, regulations and standards more stringent, it may require capital outlays in excess of those anticipated or cause substantial delays, which would have a material adverse effect on our operations.

Uranium and titanium exploration and pre-extraction programs and mining activities are subject to numerous stringent laws, regulations and standards at the federal, state and local levels governing permitting, pre-extraction, extraction, exports, taxes, labor standards, occupational health, waste disposal, protection and reclamation of the environment, protection of endangered and protected species, mine safety, hazardous substances and other matters. Our compliance with these requirements requires significant financial and personnel resources.

The laws, regulations, policies or current administrative practices of any government body, organization or regulatory agency in the United States or any other applicable jurisdiction, may change or be applied or interpreted in a manner which may also have a material adverse effect on our operations. The actions, policies or regulations, or changes thereto, of any government body or regulatory agency or special interest group, may also have a material adverse effect on our operations.

Uranium and titanium exploration and pre-extraction programs and mining activities are subject to stringent environmental protection laws and regulations at the federal, state and local levels. These laws and regulations include permitting and reclamation requirements, regulate emissions, water storage and discharges and disposal of hazardous wastes. Uranium mining activities are also subject to laws and regulations which seek to maintain health and safety standards by regulating the design and use of mining methods. Various permits from governmental and regulatory bodies are required for mining to commence or continue, and no assurance can be provided that required permits will be received in a timely manner.

Our compliance costs, including the posting of surety bonds associated with environmental protection laws and regulations and health and safety standards have been significant to date and are expected to increase in scale and scope as we expand our operations in the future. Furthermore, environmental protection laws and regulations may become more stringent in the future, and compliance with such changes may require capital outlays in excess of those anticipated or cause substantial delays, which would have a material adverse effect on our operations.

While the very heart of our business – uranium extraction, which is the fuel for carbon-free, emission-free baseload nuclear power – and our recycling programs, help address global climate change and reduce air pollution, the world’s focus on addressing climate change will require the Company to continue to conduct all of its operations in a manner that minimizes the use of resources, including the unnecessary use of energy resources, in order to continue to minimize air emissions at our facilities, which can also increase mine and facility, construction, development and operating costs. Regulatory and environmental standards may also change over time to address global climate change, which could further increase these costs.

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To the best of our knowledge, our operations are in compliance, in all material respects, with all applicable laws, regulations and standards. If we become subject to liability for any violations, we may not be able or may elect not to insure against such risk due to high insurance premiums or other reasons. Where coverage is available and not prohibitively expensive relative to the perceived risk, we will maintain insurance against such risk, subject to exclusions and limitations. However, we cannot provide any assurance that such insurance will continue to be available at reasonable premiums or that such insurance will be adequate to cover any resulting liability.

We may not be able to obtain, maintain or amend rights, authorizations, licenses, permits or consents required for our operations.

Our exploration and mining activities are dependent upon the grant of appropriate rights, authorizations, licences, permits and consents, as well as continuation and amendment of these rights, authorizations, licences, permits and consents already granted, which may be granted for a defined period of time, or may not be granted or may be withdrawn or made subject to limitations. There can be no assurance that all necessary rights, authorizations, licences, permits and consents will be granted to us, or that authorizations, licences, permits and consents already granted will not be withdrawn or made subject to limitations.

Major nuclear and global market incidents may have adverse effects on the nuclear and uranium industries.

The nuclear incident that occurred in Japan in March 2011 had significant and adverse effects on both the nuclear and uranium industries. If another nuclear incident were to occur, it may have further adverse effects for both industries. Public opinion of nuclear power as a source of electrical generation may be adversely affected, which may cause governments of certain countries to further increase regulation for the nuclear industry, reduce or abandon current reliance on nuclear power or reduce or abandon existing plans for nuclear power expansion. Any one of these occurrences has the potential to reduce current and/or future demand for nuclear power, resulting in lower demand for uranium and lower market prices for uranium, adversely affecting the operations and prospects of our Company. Furthermore, the growth of the nuclear and uranium industries is dependent on continuing and growing public support of nuclear power as a viable source of electrical generation.

In March 2020 the COVID-19 pandemic resulted in a black swan event impacting about 50% of the world’s uranium production and has accelerated the market rebalancing. In 2020 significant production cuts were announced in response to the global COVID-19 pandemic, including uranium facilities in Canada, Kazakhstan, and Namibia. In 2021, although most production impacted by COVID-19 has returned to an operating status, some production has continued to be affected.   It is unknown at this time exactly how long all the impacts will last or how much uranium production will ultimately be removed from the market as a result of the COVID-19 pandemic. The Company also believes that a large degree of uncertainty exists in the market, primarily due to the size of mobile uranium inventories, transportation issues, premature reactor shutdowns in the U.S. and the length of time of any uranium mine, conversion or enrichment facility shutdowns.

The marketability of uranium concentrates will be affected by numerous factors beyond our control which may result in our inability to receive an adequate return on our invested capital.

The marketability of uranium concentrates extracted by us will be affected by numerous factors beyond our control. These factors include: (i) macroeconomic factors; (ii) fluctuations in the market price of uranium; (iii) governmental regulations; (iv) land tenure and use; (v) regulations concerning the importing and exporting of uranium; and (vi) environmental protection regulations. The future effects of these factors cannot be accurately predicted, but any one or a combination of these factors may result in our inability to receive an adequate return on our invested capital.

The titanium industry is affected by global economic factors, including risks associated with volatile economic conditions, and the market for many titanium products is cyclical and volatile, and we may experience depressed market conditions for such products.

Titanium is used in many "quality of life" products for which demand historically has been linked to global, regional and local GDP and discretionary spending, which can be negatively impacted by regional and world events or economic conditions. Such events are likely to cause a decrease in demand for products and, as a result, may have an adverse effect on our results of operations and financial condition. The timing and extent of any changes to currently prevailing market conditions is uncertain, and supply and demand may be unbalanced at any time. Uncertain economic conditions and market instability make it particularly difficult for us to forecast demand trends. As a consequence, we may not be able to accurately predict future economic conditions or the effect of such conditions on our financial condition or results of operations. We can give no assurances as to the timing, extent or duration of the current or future economic cycles impacting the industries in which we operate.

45

Historically, the market for large volume titanium applications, including coatings, paper and plastics, has experienced alternating periods of tight supply, causing prices and margins to increase, followed by periods of lower capacity utilization resulting in declining prices and margins. The volatility this market experiences occurs as a result of significant changes in the demand for products as a consequence of global economic activity and changes in customers’ requirements. The supply-demand balance is also impacted by capacity additions or reductions that result in changes of utilization rates. In addition, titanium margins are impacted by significant changes in major input costs such as energy and feedstock. Demand for titanium depends in part on the housing and construction industries. These industries are cyclical in nature and have historically been impacted by downturns in the economy. In addition, pricing may affect customer inventory levels as customers may from time to time accelerate purchases of titanium in advance of anticipated price increases or defer purchases of titanium in advance of anticipated price decreases. The cyclicality and volatility of the titanium industry results in significant fluctuations in profits and cash flow from period to period and over the business cycle.

The uranium industry is highly competitive and we may not be successful in acquiring additional projects.

The uranium industry is highly competitive, and our competition includes larger, more established companies with longer operating histories that not only explore for and produce uranium, but also market uranium and other products on a regional, national or worldwide basis. Due to their greater financial and technical resources, we may not be able to acquire additional uranium projects in a competitive bidding process involving such companies. Additionally, these larger companies have greater resources to continue with their operations during periods of depressed market conditions.

The titanium industry is concentrated and highly competitive, and we may not be able to compete effectively with our competitors that have greater financial resources or those that are vertically integrated, which could have a material adverse effect on our business, results of operations and financial condition.

The global titanium market is highly competitive, with the top six producers accounting for approximately 60% of the world’s production capacity. Competition is based on a number of factors, such as price, product quality and service. Among our competitors are companies that are vertically-integrated (those that have their own raw material resources). Changes in the competitive landscape could make it difficult for us to retain our competitive position in various products and markets throughout the world. Our competitors with their own raw material resources may have a competitive advantage during periods of higher raw material prices. In addition, some of the companies with whom we compete may be able to produce products more economically than we can. Furthermore, some of our competitors have greater financial resources, which may enable them to invest significant capital into their businesses, including expenditures for research and development.

We hold mineral rights in foreign jurisdictions which could be subject to additional risks due to political, taxation, economic and cultural factors.

We hold certain mineral rights located in the Republic of Paraguay through Piedra Rica Mining S.A., Transandes Paraguay S.A., Trier S.A. and Metalicos Y No Metalicos S.R.L., which are incorporated in Paraguay. Operations in foreign jurisdictions outside of the United States and Canada, especially in developing countries, may be subject to additional risks as they may have different political, regulatory, taxation, economic and cultural environments that may adversely affect the value or continued viability of our rights. These additional risks include, but are not limited to: (i) changes in governments or senior government officials; (ii) changes to existing laws or policies on foreign investments, environmental protection, mining and ownership of mineral interests; (iii) renegotiation, cancellation, expropriation and nationalization of existing permits or contracts; (iv) foreign currency controls and fluctuations; and (v) civil disturbances, terrorism and war.

In the event of a dispute arising at our foreign operations in Paraguay, we may be subject to the exclusive jurisdiction of foreign courts or may not be successful in subjecting foreign persons to the jurisdiction of the courts in the United States or Canada.  We may also be hindered or prevented from enforcing our rights with respect to a government entity or instrumentality because of the doctrine of sovereign immunity.  Any adverse or arbitrary decision of a foreign court may have a material and adverse impact on our business, prospects, financial condition and results of operations.

46

The title to our mineral property interests may be challenged.

Although we have taken reasonable measures to ensure proper title to our interests in mineral properties and other assets, there is no guarantee that the title to any of such interests will not be challenged. No assurance can be given that we will be able to secure the grant or the renewal of existing mineral rights and tenures on terms satisfactory to us, or that governments in the jurisdictions in which we operate will not revoke or significantly alter such rights or tenures or that such rights or tenures will not be challenged or impugned by third parties, including local governments, aboriginal peoples or other claimants. The Company has had communications and filings with the MOPC, the mining regulator in Paraguay, whereby the MOPC is taking the position that certain concessions forming part of the Company’s Yuty Project and Alto Paraná Project are not eligible for extension as to exploration or continuation to exploitation in their current stages. While we remain fully committed to our development path forward in Paraguay, we have filed certain applications and appeals in Paraguay to reverse the MOPC’s position in order to protect the Company’s continuing rights in those concessions. Our mineral properties may be subject to prior unregistered agreements, transfers or claims, and title may be affected by, among other things, undetected defects. A successful challenge to the precise area and location of our claims could result in us being unable to operate on our properties as permitted or being unable to enforce our rights with respect to our properties.

Due to the nature of our business, we may be subject to legal proceedings which may divert management’s time and attention from our business and result in substantial damage awards.

Due to the nature of our business, we may be subject to numerous regulatory investigations, securities claims, civil claims, lawsuits and other proceedings in the ordinary course of our business including those described under Item 1, Legal Proceedings. The outcome of these lawsuits is uncertain and subject to inherent uncertainties, and the actual costs to be incurred will depend upon many unknown factors. We may be forced to expend significant resources in the defense of these suits, and we may not prevail. Defending against these and other lawsuits in the future may not only require us to incur significant legal fees and expenses, but may become time-consuming for us and detract from our ability to fully focus our internal resources on our business activities. The results of any legal proceeding cannot be predicted with certainty due to the uncertainty inherent in litigation, the difficulty of predicting decisions of regulators, judges and juries and the possibility that decisions may be reversed on appeal. There can be no assurances that these matters will not have a material adverse effect on our business, financial position or operating results.

We depend on certain key personnel, and our success will depend on our continued ability to retain and attract such qualified personnel.

Our success is dependent on the efforts, abilities and continued service of certain senior officers and key employees and consultants. A number of our key employees and consultants have significant experience in the uranium industry. A loss of service from any one of these individuals may adversely affect our operations, and we may have difficulty or may not be able to locate and hire a suitable replacement.

Certain directors and officers may be subject to conflicts of interest.

The majority of our directors and officers are involved in other business ventures including similar capacities with other private or publicly-traded companies. Such individuals may have significant responsibilities to these other business ventures, including consulting relationships, which may require significant amounts of their available time. Conflicts of interest may include decisions on how much time to devote to our business affairs and what business opportunities should be presented to us. Our Code of Conduct and Ethics provides for guidance on conflicts of interest.

The laws of the State of Nevada and our Articles of Incorporation may protect our directors and officers from certain types of lawsuits.

The laws of the State of Nevada provide that our directors and officers will not be liable to our Company or to our stockholders for monetary damages for all but certain types of conduct as directors and officers. Our Bylaws provide for broad indemnification powers to all persons against all damages incurred in connection with our business to the fullest extent provided or allowed by law. These indemnification provisions may require us to use our limited assets to defend our directors and officers against claims, and may have the effect of preventing stockholders from recovering damages against our directors and officers caused by their negligence, poor judgment or other circumstances.

47

Several of our directors and officers are residents outside of the United States, and it may be difficult for stockholders to enforce within the United States any judgments obtained against such directors or officers.

Several of our directors and officers are nationals and/or residents of countries other than the United States, and all or a substantial portion of such persons’ assets are located outside of the United States. As a result, it may be difficult for investors to effect service of process on such directors and officers, or enforce within the United States any judgments obtained against such directors and officers, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state thereof. Consequently, stockholders may be effectively prevented from pursuing remedies against such directors and officers under United States federal securities laws. In addition, stockholders may not be able to commence an action in a Canadian court predicated upon the civil liability provisions under United States federal securities laws. The foregoing risks also apply to those experts identified in this document that are not residents of the United States.

Disclosure controls and procedures and internal control over financial reporting, no matter how well designed and operated, are designed to obtain reasonable, and not absolute, assurance as to its reliability and effectiveness.

Management’s evaluation on the effectiveness of disclosure controls and procedures is designed to ensure that information required for disclosure in our public filings is recorded, processed, summarized and reported on a timely basis to our senior management, as appropriate, to allow timely decisions regarding required disclosure.

Management’s report on internal control over financial reporting is designed to provide reasonable assurance that transactions are properly authorized, assets are safeguarded against unauthorized or improper use and transactions are properly recorded and reported. However, any system of controls, no matter how well designed and operated, is based in part upon certain assumptions designed to obtain reasonable, and not absolute, assurance as to its reliability and effectiveness. Any failure to maintain effective disclosure controls and procedures in the future may result in our inability to continue meeting our reporting obligations in a timely manner, qualified audit opinions or restatements of our financial reports, any one of which may affect the market price for our common stock and our ability to access the capital markets.

Risks Related to Our Common Stock

Historically, the market price of our common stock has been and may continue to fluctuate significantly.

On September 28, 2007 our common stock commenced trading on the NYSE American (formerly known as the American Stock Exchange, the NYSE Amex Equities Exchange and the NYSE MKT) and prior to that, traded on the OTC Bulletin Board.

The global markets have experienced significant and increased volatility in the past and have been impacted by the effects of mass sub-prime mortgage defaults and liquidity problems of the asset-backed commercial paper market, resulting in a number of large financial institutions requiring government bailouts or filing for bankruptcy. The effects of these past events and any similar events in the future may continue to or further affect the global markets, which may directly affect the market price of our common stock and our accessibility for additional financing. Although this volatility may be unrelated to specific company performance, it can have an adverse effect on the market price of our shares which, historically, has fluctuated significantly and may continue to do so in the future.

In addition to the volatility associated with general economic trends and market conditions, the market price of our common stock could decline significantly due to the impact of any one or more events, including, but not limited to, the following: (i) volatility in the uranium market; (ii) occurrence of a major nuclear incident such as the events in Fukushima in March 2011; (iii) changes in the outlook for the nuclear power and uranium industries; (iv) failure to meet market expectations on our exploration, pre-extraction or extraction activities, including abandonment of key uranium projects; (v) sales of a large number of our shares held by certain stockholders including institutions and insiders; (vi) downward revisions to previous estimates on us by analysts; (vii) removal from market indices; (viii) legal claims brought forth against us; and (ix) introduction of technological innovations by competitors or in competing technologies.

48

A prolonged decline in the market price of our common stock could affect our ability to obtain additional financing which would adversely affect our operations.

Historically we have relied on equity financing and, more recently, on debt financing, as primary sources of financing. A prolonged decline in the market price of our common stock or a reduction in our accessibility to the global markets may result in our inability to secure additional financing which would have an adverse effect on our operations.

Additional issuances of our common stock may result in significant dilution to our existing shareholders and reduce the market value of their investment.

We are authorized to issue 750,000,000 shares of common stock of which 277,838,585 shares were issued and outstanding as of January 31, 2022. Future issuances for financings, mergers and acquisitions, exercise of stock options and share purchase warrants and for other reasons may result in significant dilution to and be issued at prices substantially below the price paid for our shares held by our existing stockholders. Significant dilution would reduce the proportionate ownership and voting power held by our existing stockholders and may result in a decrease in the market price of our shares.

We are subject to the Continued Listing Criteria of the NYSE American and our failure to satisfy these criteria may result in delisting of our common stock.

Our common stock is currently listed on the NYSE American.  In order to maintain this listing, we must maintain certain share prices, financial and share distribution targets, including maintaining a minimum amount of shareholders’ equity and a minimum number of public shareholders.  In addition to these objective standards, the NYSE American may delist the securities of any issuer if: (i) in its opinion, the issuer’s financial condition and/or operating results appear unsatisfactory; (ii) it appears that the extent of public distribution or the aggregate market value of the security has become so reduced as to make continued listing on the NYSE American inadvisable; (iii) the issuer sells or disposes of principal operating assets or ceases to be an operating company; (iv) an issuer fails to comply with the NYSE American’s listing requirements; (v) an issuer’s common stock sells at what the NYSE American considers a “low selling price” and the issuer fails to correct this via a reverse split of shares after notification by the NYSE American; or (vi) any other event occurs or any condition exists which makes continued listing on the NYSE American, in its opinion, inadvisable.

If the NYSE American delists our common stock, investors may face material adverse consequences, including, but not limited to, a lack of trading market for our securities, reduced liquidity, decreased analyst coverage of our securities and an inability for us to obtain additional financing to fund our operations.

Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds

During our fiscal quarter ended January 31, 2022, we issued the following securities that were not registered under the Securities Act:

● on November 24, 2021, we issued an aggregate of 47,715 shares of common stock to a certain vendor pursuant to a Property Purchase Agreement dated November 17, 2021, at a deemed issuance price of $4.1599 per share. We relied on exemptions from registration under the Securities Act provided by Regulation S and/or Section 4(a)(2) with respect to the issuance of these shares;

● On December 2, 2021, we issued an aggregate of 161,594 shares of common stock to our sole Lender at a deemed issuance price of $3.7130 per share pursuant to the terms of the Third Amended and Restated Credit Agreement under our Credit Facility.  We relied on exemptions from registration under the Securities Act provided by Regulation S and/or Section 4(a)(2) with respect to the issuance of these shares; and

● on January 12, 2022, we issued an aggregate of 4,608 shares of common stock to a consultant in consideration for services under a consulting agreement at a deemed issuance price of $2.93 per share.  We relied on exemptions from registration under the Securities Act provided by Regulation S and/or Section 4(a)(2) with respect to the issuance of these shares.

Item 3.         Defaults Upon Senior Securities

None.

49

Item 4.         Mine Safety Disclosures

Pursuant to Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, issuers that are operators, or that have a subsidiary that is an operator, of a coal or other mine in the United States, and that is subject to regulation by the Federal Mine Safety and Health Administration under the Mine Safety and Health Act of 1977 (“Mine Safety Act”), are required to disclose in their periodic reports filed with the SEC information regarding specified health and safety violations, orders and citations, related assessments and legal actions and mining-related fatalities.  During the quarter ended January 31, 2022, the Company’s ISR Mines were not subject to regulation by the Mine Safety Act.

Item 5.         Other Information

None.

Item 6.         Exhibits

The following exhibits are included with this Quarterly Report:

Exhibit	Description of Exhibit
31.1	Certification of Chief Executive Officer pursuant to the Securities Exchange Act of 1934 Rule 13a-14(a) or 15d‑14(a).
31.2	Certification of Chief Financial Officer pursuant to the Securities Exchange Act of 1934 Rule 13a-14(a) or 15d‑14(a).
32.1	Certifications pursuant to the Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.1NS	Inline XBRL Instance Document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definitions Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

50

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

URANIUM ENERGY CORP.
By:	/s/ Amir Adnani
	Amir Adnani
	President, Chief Executive Officer (Principal
	Executive Officer) and Director
	Date: March 16, 2022
By:	/s/ Pat Obara
	Pat Obara
	Chief Financial Officer (Principal Financial Officer)
	Date: March 16, 2022

51

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Amir Adnani, certify that:

(1)         I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended January 31, 2022 of Uranium Energy Corp.;

(2)         Based on my knowledge, this Quarterly Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Quarterly Report;

(3)         Based on my knowledge, the financial statements, and other financial information included in this Quarterly Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Quarterly Report;

(4)         The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)         Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Quarterly Report is being prepared;

(b)         Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)         Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this Quarterly Report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Quarterly Report based on such evaluation; and

(d)         Disclosed in this Quarterly Report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5)         The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of the internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)         All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)         Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 16, 2022.

/s/ Amir Adnani

By:         Amir Adnani

Title:       President, Chief Executive Officer (Principal Executive Officer) and Director

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Pat Obara, certify that:

(1)         I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended January 31, 2022 of Uranium Energy Corp.;

(2)         Based on my knowledge, this Quarterly Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Quarterly Report;

(3)         Based on my knowledge, the financial statements, and other financial information included in this Quarterly Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Quarterly Report;

(4)         The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)         Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Quarterly Report is being prepared;

(b)         Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)         Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this Quarterly Report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Quarterly Report based on such evaluation; and

(d)         Disclosed in this Quarterly Report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5)         The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of the internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)         All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)         Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 16, 2022.

/s/ Pat Obara

By:         Pat Obara

Title:      Chief Financial Officer (Principal Financial Officer)    

EX-32.1

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER
AND CHIEF FINANCIAL OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Amir Adnani, the Chief Executive Officer of Uranium Energy Corp., and Pat Obara, the Chief Financial Officer of Uranium Energy Corp., each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to their knowledge, the Quarterly Report on Form 10-Q of Uranium Energy Corp., for the quarterly period ended January 31, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and that the information contained in the Quarterly Report on Form 10-Q fairly presents in all material respects the financial condition and results of operations of Uranium Energy Corp.

Date: March 16, 2022.

/s/ Amir Adnani

Amir Adnani

President, Chief Executive Officer (Principal Executive Officer) and Director

/s/ Pat Obara

Pat Obara

Chief Financial Officer (Principal Financial Officer)

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signatures that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to Uranium Energy Corp. and will be retained by Uranium Energy Corp. and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Document And Entity Information - shares	6 Months Ended
	Jan. 31, 2022	Mar. 16, 2022
Document Information [Line Items]
Entity Central Index Key	0001334933
Entity Registrant Name	URANIUM ENERGY CORP
Amendment Flag	false
Current Fiscal Year End Date	--07-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 31, 2022
Document Transition Report	false
Entity File Number	001-33706
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	98-0399476
Entity Address, Address Line One	1030 West Georgia Street, Suite 1830
Entity Address, City or Town	Vancouver
Entity Address, Country	CA
Entity Address, Postal Zip Code	V6E 2Y3
City Area Code	604
Local Phone Number	682-9775
Title of 12(b) Security	Common Stock
Trading Symbol	UEC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		283,015,176

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Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jan. 31, 2022	Jul. 31, 2021
CURRENT ASSETS
Cash and cash equivalents	$ 22,663,251	$ 44,312,780
Inventories	40,231,990	29,172,480
Prepaid expenses and deposits	2,552,370	1,434,404
Other current assets	212,831	125,698
TOTAL CURRENT ASSETS	65,660,442	75,045,362
MINERAL RIGHTS AND PROPERTIES	174,712,496	63,784,003
PROPERTY, PLANT AND EQUIPMENT	20,286,678	7,358,037
RESTRICTED CASH	15,792,274	2,037,677
EQUITY-ACCOUNTED INVESTMENT	23,009,832	20,729,674
OTHER NON-CURRENT ASSETS	2,755,424	586,332
TOTAL ASSETS	302,217,146	169,541,085
CURRENT LIABILITIES
Accounts payable and accrued liabilities	3,359,669	2,763,570
Other current liabilities	566,854	430,409
Current portion of long-term debt	0	10,075,231
TOTAL CURRENT LIABILITIES	3,926,523	13,269,210
ASSET RETIREMENT OBLIGATIONS	16,831,043	3,938,655
OTHER NON-CURRENT LIABILITIES	1,077,570	337,084
DEFERRED TAX LIABILITIES	538,460	540,992
TOTAL LIABILITIES	22,373,596	18,085,941
STOCKHOLDERS' EQUITY
Common stock $0.001 par value: 750,000,000 shares authorized, 277,838,585 shares issued and outstanding (July 31, 2021 - 236,796,866)	277,838	236,797
Additional paid-in capital	578,360,849	441,990,650
Share issuance obligation	359,560	359,560
Accumulated deficit	(299,173,203)	(291,625,110)
Accumulated other comprehensive income	18,506	493,247
TOTAL EQUITY	279,843,550	151,455,144
TOTAL LIABILITIES AND EQUITY	$ 302,217,146	$ 169,541,085

XML

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jan. 31, 2022	Jul. 31, 2021
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	277,838,585	236,796,866
Common stock, shares outstanding (in shares)	277,838,585	236,796,866

XML

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021
SALES AND SERVICE REVENUE	$ 13,190,925	$ 0	$ 13,190,925	$ 0
COST OF SALES AND SERVICES	(9,248,208)	0	(9,248,208)	0
GROSS PROFIT	3,942,717	0	3,942,717	0
OPERATING COSTS
Mineral property expenditures	2,109,173	961,257	3,765,689	1,663,018
General and administrative	3,715,438	2,464,703	6,832,149	5,050,392
Acquisition-related costs	2,644,980	0	2,644,980	0
Depreciation, amortization and accretion	402,980	97,598	501,420	196,778
TOTAL OPERATING COSTS	8,872,571	3,523,558	13,744,238	6,910,188
LOSS FROM OPERATIONS	(4,929,854)	(3,523,558)	(9,801,521)	(6,910,188)
OTHER INCOME (EXPENSES)
Interest income	10,558	8,753	31,129	14,363
Interest expenses and finance costs	(566,836)	(829,727)	(1,097,714)	(1,720,641)
Income (loss) from equity-accounted investment	1,732	600,913	2,754,899	(102,692)
Gain on loan extinguishment	0	278,617	0	278,617
Realized gain on available-for-sale security	0	0	547,152	0
Other income	7,895	2,902	14,680	14,088
Gain on disposition of assets	750	0	750	0
OTHER INCOME (EXPENSES)	(545,901)	61,458	2,250,896	(1,516,265)
LOSS BEFORE INCOME TAXES	(5,475,755)	(3,462,100)	(7,550,625)	(8,426,453)
DEFERRED TAX BENEFIT	1,488	1,041	2,532	1,857
NET LOSS FOR THE PERIOD	(5,474,267)	(3,461,059)	(7,548,093)	(8,424,596)
OTHER COMPREHENSIVE INCOME (LOSS)
Translation (loss) gain	(617,910)	486,038	(474,741)	548,799
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)	(617,910)	486,038	(474,741)	548,799
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD	$ (6,092,177)	$ (2,975,021)	$ (8,022,834)	$ (7,875,797)
NET LOSS PER SHARE, BASIC AND DILUTED (in dollars per share)	$ (0.02)	$ (0.02)	$ (0.03)	$ (0.04)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC AND DILUTED (in shares)	269,120,537	198,673,515	257,989,930	194,314,507

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021
OPERATING ACTIVITIES
Net loss for the period	$ (5,474,267)	$ (3,461,059)	$ (7,548,093)	$ (8,424,596)
Adjustments to reconcile net loss to cash flows in operating activities
Stock-based compensation	1,194,206	1,218,058	2,574,866	2,596,573
Depreciation, amortization and accretion			501,420	196,778
Amortization of discount and accrued fees	259,198	381,828	524,769	825,695
Gain on disposition of assets	(750)	0	(750)	0
Gain on loan extinguishment	0	(278,617)	0	(278,617)
(Income) loss from equity-accounted investment	(1,732)	(600,913)	(2,754,899)	102,692
Deferred tax benefits	(1,488)	(1,041)	(2,532)	(1,857)
Realized gain on available-for-sale security	0	0	(547,152)	0
Foreign exchange loss			0	1,457
Changes in operating assets and liabilities
Inventories			(10,867,495)	0
Prepaid expenses and deposits			(69,055)	(355,290)
Other current assets			17,376	5,992
Accounts payable and accrued liabilities			450,289	(286,578)
Other liabilities			8,838	14,579
NET CASH USED IN OPERATING ACTIVITIES			(17,712,418)	(5,603,172)
FINANCING ACTIVITIES
Proceeds from share issuances, net of issuance costs			133,143,203	15,419,317
Repayments of long-term debt			(10,000,000)	(2,000,000)
Repayments of other loans			(94,523)	(30,231)
NET CASH PROVIDED BY FINANCING ACTIVITIES			123,048,680	13,389,086
INVESTING ACTIVITIES
Net cash used in U1A Acquisition			(113,587,952)	0
Investment in mineral rights and properties			(39,901)	(80,000)
Purchase of property, plant and equipment			(84,600)	(140,340)
Investment in other assets			(66,643)	0
Investment in term deposits			0	(10,000,000)
Proceeds from redemption of term deposits			0	6,000,000
Proceeds from disposition of assets			750	0
Investment in available-for-sale security			(9,433,068)	0
Proceeds from sale of available-for-sale security			9,980,220	0
NET CASH USED IN INVESTING ACTIVITIES			(113,231,194)	(4,220,340)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH			(7,894,932)	3,565,574
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD			46,350,457	6,986,919
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$ 38,455,525	$ 10,552,493	$ 38,455,525	$ 10,552,493

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Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Share Issuance Obligation [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Jul. 31, 2020	184,635,870
Balance at Jul. 31, 2020	$ 184,636	$ 341,059,972	$ 103,554	$ (276,811,300)	$ (120,244)	$ 64,416,618
Issued upon exercise of stock options (in shares)	13,532
Issued upon exercise of stock options	$ 15	9,294				9,309
Common stock issued under Stock Incentive Plan (in shares)	227,390
Common stock issued under Stock Incentive Plan	$ 226	235,043	30,321			265,590
Amortization of stock-based compensation		1,046,175				1,046,175
Net loss for the period				(4,963,537)		(4,963,537)
Other comprehensive income (loss)					62,761	62,761
Issued for equity financing, net of issuance costs (in shares)	12,500,000
Issued for equity financing, net of issuance costs	$ 12,500	12,455,787				12,468,287
Issued for equity financing		1,518,432				1,518,432
Issued for equity financing as issuance costs		134,937				134,937
Balance (in shares) at Oct. 31, 2020	197,376,792
Balance at Oct. 31, 2020	$ 197,377	356,459,640	133,875	(281,774,837)	(57,483)	74,958,572
Balance (in shares) at Jul. 31, 2020	184,635,870
Balance at Jul. 31, 2020	$ 184,636	341,059,972	103,554	(276,811,300)	(120,244)	$ 64,416,618
Issued upon exercise of stock options (in shares)						573,060
Net loss for the period						$ (8,424,596)
Other comprehensive income (loss)						548,799
Balance (in shares) at Jan. 31, 2021	200,142,556
Balance at Jan. 31, 2021	$ 200,142	360,110,479	143,563	(285,235,896)	428,555	75,646,843
Balance (in shares) at Oct. 31, 2020	197,376,792
Balance at Oct. 31, 2020	$ 197,377	356,459,640	133,875	(281,774,837)	(57,483)	74,958,572
Issued under ATM offering, net of issuance costs (in shares)	632,487
Issued under ATM offering, net of issuance costs	$ 632	1,073,705				$ 1,074,337
Issued upon exercise of stock options (in shares)	559,528					559,528
Issued upon exercise of stock options	$ 559	211,566	0	0	0	$ 212,125
Issued upon exercise of warrants (in shares)	1,050
Issued upon exercise of warrants	$ 1	1,889				1,890
Common stock issued for consulting services (in shares)	0
Common stock issued for consulting services	$ 0	0	40,009			40,009
Common stock issued under Stock Incentive Plan (in shares)	323,660
Common stock issued under Stock Incentive Plan	$ 324	358,359	(30,321)	0	0	328,362
Amortization of stock-based compensation	0	836,569	0	0	0	836,569
Net loss for the period	0	0	0	(3,461,059)	0	(3,461,059)
Other comprehensive income (loss)	$ 0	0	0	0	486,038	486,038
Issued as anniversary fees for credit facility (in shares)	1,249,039
Issued as anniversary fees for credit facility	$ 1,249	1,168,751	0	0	0	1,170,000
Balance (in shares) at Jan. 31, 2021	200,142,556
Balance at Jan. 31, 2021	$ 200,142	360,110,479	143,563	(285,235,896)	428,555	75,646,843
Balance (in shares) at Jul. 31, 2021	236,796,866
Balance at Jul. 31, 2021	$ 236,797	441,990,650	359,560	(291,625,110)	493,247	151,455,144
Issued under ATM offering, net of issuance costs (in shares)	20,743,878
Issued under ATM offering, net of issuance costs	$ 20,744	62,650,379				62,671,123
Issued upon exercise of stock options (in shares)	753,990
Issued upon exercise of stock options	$ 754	383,025				383,779
Issued upon exercise of warrants (in shares)	491,849
Issued upon exercise of warrants	$ 492	909,836				910,328
Issued for acquisition of mineral properties (in shares)	64,149
Issued for acquisition of mineral properties	$ 64	219,326				219,390
Common stock issued for consulting services (in shares)	4,607
Common stock issued for consulting services	$ 5	14,046				14,051
Common stock issued under Stock Incentive Plan (in shares)	141,490
Common stock issued under Stock Incentive Plan	$ 140	355,088				355,228
Amortization of stock-based compensation		803,160				803,160
Net loss for the period				(2,073,826)		(2,073,826)
Other comprehensive income (loss)					143,169	143,169
Balance (in shares) at Oct. 31, 2021	258,996,829
Balance at Oct. 31, 2021	$ 258,996	507,325,510	359,560	(293,698,936)	636,416	214,881,546
Balance (in shares) at Jul. 31, 2021	236,796,866
Balance at Jul. 31, 2021	$ 236,797	441,990,650	359,560	(291,625,110)	493,247	$ 151,455,144
Issued upon exercise of stock options (in shares)						947,335
Net loss for the period						$ (7,548,093)
Other comprehensive income (loss)						(474,741)
Balance (in shares) at Jan. 31, 2022	277,838,585
Balance at Jan. 31, 2022	$ 277,838	578,360,849	359,560	(299,173,203)	18,506	279,843,550
Balance (in shares) at Oct. 31, 2021	258,996,829
Balance at Oct. 31, 2021	$ 258,996	507,325,510	359,560	(293,698,936)	636,416	214,881,546
Issued under ATM offering, net of issuance costs (in shares)	17,751,658
Issued under ATM offering, net of issuance costs	$ 17,752	67,954,914	0	0	0	$ 67,972,666
Issued upon exercise of stock options (in shares)	193,345					193,345
Issued upon exercise of stock options	$ 193	63,211	0	0	0	$ 63,404
Issued upon exercise of warrants (in shares)	572,850
Issued upon exercise of warrants	$ 573	1,141,330	0	0	0	1,141,903
Issued for acquisition of mineral properties (in shares)	47,715
Issued for acquisition of mineral properties	$ 48	206,081	0	0	0	206,129
Common stock issued for consulting services (in shares)	4,608
Common stock issued for consulting services	$ 5	16,629	0	0	0	16,634
Common stock issued under Stock Incentive Plan (in shares)	109,986
Common stock issued under Stock Incentive Plan	$ 110	399,338	0	0	0	399,448
Amortization of stock-based compensation	0	653,997	0	0	0	653,997
Net loss for the period	0	0	0	(5,474,267)	0	(5,474,267)
Other comprehensive income (loss)	$ 0	0	0	0	(617,910)	(617,910)
Issued as anniversary fees for credit facility (in shares)	161,594
Issued as anniversary fees for credit facility	$ 161	599,839	0	0	0	600,000
Balance (in shares) at Jan. 31, 2022	277,838,585
Balance at Jan. 31, 2022	$ 277,838	$ 578,360,849	$ 359,560	$ (299,173,203)	$ 18,506	$ 279,843,550

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Note 1 - Nature of Operations

6 Months Ended

Jan. 31, 2022

Notes to Financial Statements

Nature of Operations [Text Block]

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” or “UEC”) 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.

As at January 31, 2022, we had working capital of $61.7 million including cash and cash equivalents of $22.7 million and uranium inventory holdings of $39.8 million. Subsequent to January 31, 2022, we received further cash proceeds of $16.5 million from our at-the-market offerings (refer to Note 13: Capital Stock). We believe our existing cash resources and, if necessary, cash generated from the sale of the Company’s uranium inventories, will provide sufficient funds to 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.

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Note 2 - Summary of Significant Policies

6 Months Ended

Jan. 31, 2022

Notes to Financial Statements

Business Description and Basis of Presentation [Text Block]

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING 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, 2021 (“Fiscal 2021”). 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, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending July 31, 2022 (“Fiscal 2022”).

Certain comparative figures have been reclassified to conform to the current year’s presentation.

Exploration Stage

We have established the existence of mineralized materials for certain uranium projects, including our Palangana and recently acquired Christensen Ranch Mines (collectively, the “ISR Mines”).  We have not established proven or probable reserves, as defined by the SEC, through the completion of a final or bankable feasibility study for any of our uranium projects.  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.  As a result, we remain in the Exploration Stage, as defined by the SEC, 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 our ISR Mines without having established proven or probable reserves, any mineralized materials established or extracted from the ISR Mines should not in any way be associated with having established or produced from proven or probable reserves.

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 by the SEC, 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 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 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 produced 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.

Business Combination

We recognize and measure the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date, while transaction costs related to business combinations are expensed as incurred. An income, market or cost valuation method may be utilized to estimate the fair value of the assets acquired, liabilities assumed, if any, in a business combination. The income valuation method represents the present value of future cash flows over the life of the asset using: (i) discrete financial forecasts, which rely on management’s estimates of resource quantities and exploration potential, costs to produce and develop resources, revenues, and operating expenses; (ii) appropriate discount rates; and (iii) expected future capital requirements (the “income valuation method”). The market valuation method uses prices paid for a similar asset by other purchasers in the market, normalized for any differences between the assets (the “market valuation method”). The cost valuation method is based on the replacement cost of a comparable asset at the time of the acquisition adjusted for depreciation and economic and functional obsolescence of the asset (the “cost valuation method”). If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, an estimate will be recorded. Subsequent to the acquisition date, and not later than one year from the acquisition date, we will record any material adjustments to the initial estimate based on new information obtained that would have existed as of the date of the acquisition. Any adjustment that arises from information obtained that did not exist as of the date of the acquisition will be recorded in the period the adjustments arises.

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Note 3 - Acquisition of Uranium One Americas Inc.

6 Months Ended

Jan. 31, 2022

Notes to Financial Statements

Business Combination Disclosure [Text Block]

NOTE 3: ACQUISITION OF URANIUM ONE AMERICAS, INC.

On December 17, 2021, we completed the acquisition of all the issued and outstanding shares of Uranium One Americas, Inc. (“U1A”), a Nevada corporation, from Uranium One Investments Inc., a subsidiary of Uranium One Inc., for total cash consideration of $128,494,545 (the “U1A Acquisition”). Subsequent to the completion of the U1A Acquisition, we changed the name of U1A to UEC Wyoming Corp. (“UEC Wyoming”) and, in conjunction therewith, we also changed the name of U1A’s wholly-owned subsidiary, Uranium One USA Inc., a Delaware corporation, to UEC Uranium Corp.

The UEC Wyoming’s portfolio of projects (the “UEC Wyoming Portfolio”) primarily consists of 12 projects located in Wyoming, six of which are located in the Powder River Basin with four fully permitted, and six of which are located in the Great Divide Basin.  The U1A Acquisition creates a Wyoming hub-and-spoke operation for UEC, which is anchored by UEC Wyoming’s Irigaray processing facility.

The U1A Acquisition was accounted for as a business combination with UEC identified as the acquirer.  The Company’s assumption that the U1A Acquisition is a business combination is based on the Company’s assessment that substantially all the fair value of the assets are not concentrated in a single asset or group of similar assets.  In accordance with the acquisition method of accounting, the purchase price has been allocated to the assets acquired and liabilities assumed, based on their estimated fair values at the acquisition date.  In connection with the U1A Acquisition, we incurred acquisition-related costs of $2,644,980, which were expensed in the three and six months ended January 31, 2022.

As of January 31, 2022, we had not yet completed the analysis to assign fair values to all assets acquired and liabilities assumed and, therefore the purchase price allocation for the U1A Acquisition is preliminary. The preliminary purchase price allocation may be subject to further refinement and adjustments which may result in material changes to the estimated fair value of assets acquired and liabilities assumed.  The purchase price allocation adjustments can be made throughout the end of UEC’s measurement period, which is not to exceed one year from the acquisition date.

The table below sets forth the consideration paid and the preliminary purchase price allocation to the fair value of the assets acquired and liabilities assumed for the U1A Acquisition:

Consideration paid
Cash	$	125,592,602
Working capital adjustment (1)		2,901,943
Total consideration paid	$	128,494,545
Assets acquired and liabilities assumed
Cash & cash equivalents (1)	$	1,183,369
Prepaid expenses and deposits (1)		1,549,166
Other current assets (1)		73,200
Inventories (1)		192,015
Mineral rights and properties (2)		110,413,823
Property, plant and equipment (3)		13,159,570
Restricted cash		13,754,533
Other non-current assets (4)		1,736,527
Total assets		142,062,203
Accounts payable and accrued liabilities (1)		95,807
Other liabilities (4)		764,603
Asset retirement obligations (5)		12,707,248
Total liabilities		13,567,658
Total net assets	$	128,494,545

Notes:

(1) Working capital adjustment represents the working capital of UEC Wyoming at the date of acquisition, which was comprised of: (i) cash and cash equivalents of $1,183,369; (ii) prepaid expenses and deposits of $1,549,166; (iii) other current assets of $73,200; (iv) inventories of $192,015; and (v) accounts payable and accrued liabilities of $95,807. The fair value of these working capital items approximates their respective carrying values at the date of the acquisition.

(2) Preliminary fair value of mineral rights and properties was determined using a discounted cash flow model (being the net present value of expected future cash flows). Expected future cash flows are based on estimates of future uranium prices and projected future revenues, estimated quantities of mineral resources and production, expected future production costs, and capital expenditures based on the life of mine plans as at the acquisition date.

(3) Preliminary fair value of property, plant and equipment was determined using a replacement cost approach.

(4) Other non-current assets included certain material and supply inventories classified as non-current and right-of-use (“ROU”) assets associated with UEC Wyoming’s operating leases. The preliminary fair value of long-term inventory was determined to approximate its carrying value. ROU assets and lease liabilities for operating leases are measured based on the present value of the future lease payments over the remaining lease terms at the acquisition date.

(5) Preliminary fair value of asset retirement obligations was measured based on the expected costs and timing for final well closure, plant and equipment decommissioning and removal, and environmental remediation, which are discounted to present value using credit adjusted risk-free rates.

Since it has been consolidated from December 17, 2021, UEC Wyoming’s losses totaling $919,617 were included in UEC’s consolidated statements of operations and comprehensive loss for the three and six months ended January 31, 2022.

The following unaudited proforma financial information presents consolidated results assuming the U1A Acquisition occurred on August 1, 2020.

	Three Months Ended January 31,						Six Months Ended January 31,
	2022			2021			2022			2021
Sales and Service Revenue	$	13,233,917		$	30,091		$	13,327,357		$	30,091
Net Loss		(6,423,162	)		(5,021,843	)		(10,027,917	)		(11,784,482	)

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Note 4 - Inventories

6 Months Ended

Jan. 31, 2022

Notes to Financial Statements

Inventory Disclosure [Text Block]

NOTE 4: INVENTORIES

During the six months ended January 31, 2022, we received 600,000 pounds of uranium concentrate inventories, and entered into agreements to purchase additional 700,000 pounds of uranium concentrate inventories under our physical uranium program (the “Physical Uranium Program”).

As at January 31, 2022, costs of inventories consisted of the following:

	January 31, 2022		July 31, 2021
Material and supplies	$	227,466	$	33,781
Uranium concentrates from production		177,881		177,881
Purchased uranium inventories		39,826,643		28,960,818
	$	40,231,990	$	29,172,480

As of January 31, 2022, our uranium inventory purchase commitments for the next five fiscal years are as the follows:

	Purchase Commitments in Pounds		Total Purchase Price
Fiscal 2022		300,000	$	9,080,000
Fiscal 2023		1,505,000		53,134,000
Fiscal 2024		495,000		16,913,250
Fiscal 2025		400,000		14,130,000
Fiscal 2026		100,000		3,620,000
Total		2,800,000	$	96,877,250

Subsequent to January 31, 2022, we received 200,000 pounds of uranium concentrate inventories for a total purchase price of $6,000,000.

Subsequent to January 31, 2022, we entered into agreements to purchase 700,000 pounds of uranium concentrate inventories under our Physical Uranium Program for a total purchase price of $35,570,000 with delivery dates from March 2022 to November 2024.

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Note 5 - Mineral Rights and Properties

6 Months Ended

Jan. 31, 2022

Notes to Financial Statements

Mineral Industries Disclosures [Text Block]

NOTE 5: MINERAL RIGHTS AND PROPERTIES

Mineral Rights

During the three months ended January 31, 2022, in connection with the U1A Acquisition, we acquired the UEC Wyoming Portfolio, which primarily consists of 12 projects located in Wyoming, six of which are located in the Powder River Basin with four fully permitted, and six of which are located in the Great Divide Basin.  The UEC Wyoming Portfolio also consists of dozens of under-explored, mineralized brownfield projects, backed by detailed databases of historic uranium exploration and development programs.  Refer to Note 3: Acquisition of Uranium One Americas, Inc.

As of January 31, 2022, the preliminary fair value allocated to the UEC Wyoming Portfolio was $110,413,823 in aggregation, but we had not yet completed the analysis to assign fair values to each individual project that comprises UEC Wyoming Portfolio.

As at January 31, 2022, 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. As of January 31, 2022, annual maintenance payments of approximately $5.0 million will be required to maintain these mineral rights.

As at January 31, 2022, the carrying value of our mineral rights and properties, including the recently acquired UEC Wyoming Portfolio, were as follows:

	January 31, 2022			July 31, 2021
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		949,854			899,854
Los Cuatros Project		257,250			257,250
Slick Rock Project		90,000			60,000
Reno Creek Project		31,527,870			31,527,870
UEC Wyoming Portfolio		110,413,823			-
Diabase Project		982,358			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
		178,640,630			67,711,387
Accumulated Depletion		(3,929,884	)		(3,929,884	)
		174,710,746			63,781,503
Databases and Land Use Agreements		2,458,808			2,458,808
Accumulated Amortization		(2,457,058	)		(2,456,308	)
		1,750			2,500
	$	174,712,496		$	63,784,003

We have not established proven or probable reserves, as defined by the SEC, for any of our mineral projects.  We have established the existence of mineralized materials for certain mineral projects.  Since we commenced uranium extraction at our ISR Mines 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 six months ended January 31, 2022, we entered into property purchase agreements, whereby we acquired 10 mineral claims as additions to our existing Diabase Project (the “Diabase Additions”) located on the southern rim of the Athabasca Basin uranium district in Saskatchewan, Canada. In connection with the Diabase Additions, we paid total consideration of $435,420, which consisted of 111,864 shares with a fair value of $425,519 and transaction costs of $9,901. As a result of these claims being added to our existing Diabase Project, the carrying value of our Diabase Project increased to $982,358 ( July 31, 2021: $546,938).

During the three and six months ended January 31, 2022 and 2021, we continued with reduced operations at our ISR Mines to capture residual uranium only. As a result, no depletion for the ISR Mines was recorded on our condensed consolidated financial statements for the three and six months ended January 31, 2022 and 2021. 

Mineral property expenditures incurred on our projects, including $438,784 incurred for the UEC Wyoming Portfolio since the date of U1A Acquisition, were as follows:

	Three Months Ended January 31,				Six Months Ended January 31,
	2022		2021		2022		2021
Mineral Property Expenditures
Palangana Mine	$	266,396	$	232,866	$	511,716	$	431,668
Goliad Project		31,986		71,267		129,440		117,056
Burke Hollow Project		702,155		185,838		1,417,696		315,616
Longhorn Project		4,529		2,289		7,450		4,577
Salvo Project		4,453		7,673		10,149		15,865
Anderson Project		16,114		19,425		32,609		38,891
Workman Creek Project		8,168		8,167		16,755		16,365
Slick Rock Project		12,994		12,993		26,484		26,129
Reno Creek Project		224,333		169,576		424,152		270,066
Allemand Ross Project		48,889		-		48,889		-
Christensen Ranch Mine		263,227		-		263,227		-
Ludeman Project		46,277		-		46,277		-
Moore Ranch Project		18,547		-		18,547		-
Yuty Project		12,567		8,334		20,612		14,328
Oviedo Project		139,847		98,804		322,594		146,415
Alto Paraná Titanium Project		143,794		29,463		204,652		45,914
Other Mineral Property Expenditures		164,897		114,562		264,440		220,128
	$	2,109,173	$	961,257	$	3,765,689	$	1,663,018

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Note 6 - Property, Plant and Equipment

6 Months Ended

Jan. 31, 2022

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

NOTE 6: PROPERTY, PLANT AND EQUIPMENT

During the three months ended January 31, 2022, in connection with the U1A Acquisition, we acquired a satellite plant located at the Christensen Ranch Mine (the “Christensen Plant”), a central processing plant (the “Irigaray Processing Facility”), and various equipment with a total fair value of $13,159,570.  Refer to Note 3: Acquisition of Uranium One Americas Inc.  The recently acquired plant. facility and equipment have an estimated useful life of three to 21 years and will be depreciated using the straight-line method over their respective useful lives.

As at January 31, 2022, property, plant and equipment consist of the following:

	January 31, 2022							July 31, 2021
	Cost		Accumulated Depreciation			Net Book Value		Cost		Accumulated Depreciation			Net Book Value
Plant and Processing Facilities	$	18,622,945	$	(1,034,024	)	$	17,588,921	$	6,642,835	$	(851,075	)	$	5,791,760
Mining Equipment		2,807,651		(2,361,006	)		446,645		2,355,341		(2,313,489	)		41,852
Logging Equipment and Vehicles		2,705,582		(1,825,440	)		880,142		1,923,983		(1,774,887	)		149,096
Computer Equipment		348,929		(304,553	)		44,376		326,056		(283,645	)		42,411
Furniture and Fixtures		190,731		(176,978	)		13,753		184,941		(172,302	)		12,639
Buildings		297,518		(64,760	)		232,758		297,518		(57,322	)		240,196
Land		1,080,083		-			1,080,083		1,080,083		-			1,080,083
	$	26,053,439	$	(5,766,761	)	$	20,286,678	$	12,810,757	$	(5,452,720	)	$	7,358,037

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Note 7 - Restricted Cash

6 Months Ended

Jan. 31, 2022

Notes to Financial Statements

Restricted Cash [Text Block]

NOTE 7: RESTRICTED CASH

Restricted cash includes cash and cash equivalents and money market funds pledged 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 plants, processing facilities and various projects. Restricted cash will be released upon the completion of reclamation of a plant or a mineral property or the restructuring of a surety and collateral arrangement.

As at January 31, 2022, restricted cash consisted of the following:

	January 31, 2022		July 31, 2021
Restricted cash, beginning of period	$	2,037,677	$	1,839,216
Restricted cash received from U1A Acquisition		13,754,533		-
Additional surety bond collateral		-		198,377
Interest received		64		84
Restricted cash, end of period	$	15,792,274	$	2,037,677

Cash, cash equivalents and restricted cash are included in the following accounts as at  January 31, 2022 and 2021:

	January 31, 2022		January 31, 2021
Cash and cash equivalents	$	22,663,251	$	8,713,193
Restricted cash		15,792,274		1,839,300
Total cash, cash equivalents and restricted cash	$	38,455,525	$	10,552,493

Subsequent to January 31, 2022, we received $1,754,507 as a result of the partial release of surety bond collateral related to the Christensen Ranch Mine and Irigaray Processing Facility.

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Note 8 - Equity-accounted Investment

6 Months Ended

Jan. 31, 2022

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

NOTE 8: EQUITY-ACCOUNTED INVESTMENT

As at January 31, 2022, we owned 15,000,000 shares of Uranium Royalty Corp. (“URC”), representing a 16.2% ( July 31, 2021: 18.1%) interest in URC. In addition, two of our officers are members of URC’s board of directors, and one 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, 2022. Should URC's outstanding options and warrants be fully exercised, UEC's ownership interest would decrease from 16.2% to 13.5%.

URC is a public company listed on the TSX Venture Exchange with the trading symbol “URC.V” and on NASDAQ with the trading symbol “UROY”. As at January 31, 2022, the fair value of our investment in URC was approximately $48.8 million.

During the six months ended January 31, 2022, the change in carrying value of the equity-accounted investment is summarized as follows:

Balance, July 31, 2021	$	20,729,674
Share of income from URC		182,717
Gain on dilution of ownership interest		2,572,182
Translation loss		(474,741	)
Balance, January 31, 2022	$	23,009,832

For the three and six months ended January 31, 2022 and 2021, income (loss) from our equity-accounted investment consisted of the following:

	Three Months Ended January 31,					Six Months Ended January 31,
	2022			2021		2022		2021
Share of income (loss) from URC	$	(651,996	)	$	600,913	$	182,717	$	(102,692	)
Gain on dilution of ownership interest		653,728			-		2,572,182		-
Total	$	1,732		$	600,913	$	2,754,899	$	(102,692	)

For the three and six months ended January 31, 2022, we recorded a gain on dilution of ownership interest of $653,728 and $2,572,182, respectively, as a result of URC issuing shares under its at-the-market offering and the exercise of certain URC stock options and share purchase warrants.

For the three and six months ended January 31, 2022, we recorded translation losses of $617,910 and $474,741 (three and six months ended January 31, 2021: translation gains of $486,038 and $548,799), respectively, as a result of translating the ending balance of the equity-accounted investment denominated in Canadian Dollars to U.S. Dollars using the respective period end exchange rates, which was included in other comprehensive (loss) income in our condensed consolidated statements of operations and comprehensive loss.

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Note 9 - Related Party Transactions

6 Months Ended

Jan. 31, 2022

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

NOTE 9: RELATED PARTY TRANSACTIONS

During the three and six months ended January 31, 2022, we incurred $2,269 and $4,375 (three and six months ended January 31, 2021: $17,464 and $34,141), 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.

As at January 31, 2022, the amount owing to Blender was $Nil ( July 31, 2021: $843), which was included in Accounts Payable and Accrued Liabilities on our condensed consolidated balance sheets.

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Note 10 - Long-term Debt

6 Months Ended

Jan. 31, 2022

Credit Agreement [Member]

Notes to Financial Statements

Long-term Debt [Text Block]

NOTE 10: LONG-TERM DEBT

During the six months ended January 31, 2022, the movement of our term debt is as follows:

Balance, July 31, 2021	$	10,075,231
Amortization of discount and accrued fees		524,769
Payment of anniversary fees		(600,000	)
Principal repayment		(10,000,000	)
Balance, January 31, 2022	$	-

During the three and six months ended January 31, 2022, amortization of debt discount totaled $259,198 and $524,769 (three and six months ended January 31, 2021: $381,828 and $825,695), 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, 2022, we paid $204,444 and $408,889 (three and six months ended January 31, 2021: $368,000 and $776,889), respectively, in cash to our lenders (the “Lenders”) for interest on the long-term debt.

During the three months ended January 31, 2022, we repaid $10,000,000 principal amount to our remaining Lender under the Company’s credit facility.

During the three months ended January 31, 2022, and pursuant to the terms of the Third Amended and Restated Credit Agreement, we issued 161,594 shares with a fair value of $600,000 as payment of anniversary fees to our remaining Lender.

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Note 11 - Asset Retirement Obligations

6 Months Ended

Jan. 31, 2022

Notes to Financial Statements

Asset Retirement Obligation Disclosure [Text Block]

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, as well as our recently acquired Christensen Ranch Mine and Satellite Plant, and Irigaray Processing Facility, pursuant to the U1A Acquisition.

Balance, July 31, 2021	$	3,938,655
Accretion		185,140
Assumed from U1A Acquisition		12,707,248
Balance, January 31, 2022	$	16,831,043

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

	January 31, 2022			July 31, 2021
Undiscounted amount of estimated cash flows	$		28,738,663	$		8,221,018
Payable in years	1	to	23	9	to	21
Inflation rate	1.56%	to	5.32%	1.56%	to	2.17%
Discount rate	3.72%	to	6.35%	5.50%	to	5.96%

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

Fiscal 2022	$	148,021
Fiscal 2023		434,262
Fiscal 2024		932,264
Fiscal 2025		1,472,226
Fiscal 2026		2,489,425
Remaining balance		23,262,465
	$	28,738,663

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Note 12 - Lease Liabilities

6 Months Ended

Jan. 31, 2022

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

NOTE 12: LEASE LIABILITIES

The Company primarily has operating leases for corporate offices and processing facilities with a remaining term of 0.5 to 22.4 years. The leases for the processing facilities have an evergreen option that can continue for so long as they are in operation.

During the three and six months ended January 31, 2022 and 2021, total lease expenses include the following components:

	Three Months Ended January 31,				Six Months Ended January 31,
	2022		2021		2022		2021
Operating Leases	$	63,606	$	52,372	$	121,203	$	106,833
Short-term Leases		189,204		20,313		527,625		42,955
Total Lease Expenses	$	252,810	$	72,685	$	648,828	$	149,788

As at January 31, 2022, the weighted average remaining lease term was 17.2 years and the weighted average discount rate was 4.53%.

During the six months ended January 31, 2022, cash paid for amounts included in the measurement of operating lease liabilities totaled $115,371.

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

Fiscal 2022	$	359,292
Fiscal 2023		170,273
Fiscal 2024		113,125
Fiscal 2025		104,123
Fiscal 2026		104,364
Thereafter		1,043,854
Total lease payments		1,895,031
Less: imputed interest		(497,695	)
Present value of lease liabilities	$	1,397,336
Current portion of lease liabilities	$	383,970
Non-current portion of lease liabilities	$	1,013,366

Current lease liabilities are included in Other Current Liabilities, and non-current lease liabilities are included in Other Non-Current Liabilities in our condensed consolidated balance sheets.

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Note 13 - Capital Stock

6 Months Ended

Jan. 31, 2022

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

NOTE 13: CAPITAL STOCK

Equity Financing

On May 14, 2021, we entered into an at-the-market offering agreement (the “May 2021 ATM Offering Agreement”) with H.C. Wainwright & Co., LLC and certain co-managers (collectively, the “ATM Managers”), under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $100 million through the ATM Managers (the “May 2021 ATM Offering”).

On November 26, 2021, we filed a prospectus supplement to our Registration Statement on Form S-3 (the “2021 Shelf”) with respect to the continuation of the May 2021 ATM Offering Agreement with the ATM Managers under which we may, if eligible, from time to time, sell shares of our common stock having an aggregate offering price of up to $100 million through the ATM Managers selected by us (the “November 2021 ATM Offering”; and, collectively with May 2021 ATM Offering, the “2021 ATM Offerings”).

During the three and six months ended January 31, 2022, we issued 6,655,295 and 27,399,173 shares, respectively, of the Company’s common stock under our May 2021 ATM Offering for net cash proceeds of $28,919,064 and $91,590,187, respectively.

During the three months ended January 31, 2022, we issued 11,096,363 shares of the Company’s common stock under our November 2021 ATM Offering for net cash proceeds of $39,053,602.

Subsequent to January 31, 2022, we issued 4,460,000 shares of the Company’s common stock under our November 2021 ATM Offering from February 1, 2022 to March 3, 2022 for net cash proceeds of $16,547,026.

Share Purchase Warrants

A continuity schedule of outstanding share purchase warrants for the three and six months ended January 31, 2022, is as follows:

	Number of Warrants			Weighted Average Exercise Price
Balance, July 31, 2021		5,387,323		$	1.90
Exercised		(491,849	)		1.85
Balance, October 31, 2021		4,895,474			1.91
Exercised		(572,850	)		1.99
Balance, January 31, 2022		4,322,624		$	1.90

During the three and six months ended January 31, 2022, we received cash proceeds of $1,141,903 and $2,052,231, respectively, from the exercise of share purchase warrants.

A summary of share purchase warrants outstanding and exercisable as of January 31, 2022, is as follows:

Weighted Average Exercise Price		Number of Warrants Outstanding		Weighted Average Remaining Contractual Life (Years)		Expiry Date
$	1.80		4,115,806		0.64	September 23, 2022
	1.64		25,000		1.30	May 21, 2023
	4.13		181,818		4.18	April 5, 2026
$	1.90		4,322,624		0.80

Stock Options

As of January 31, 2022, we had one stock option plan, our 2021 Stock Incentive Plan, which superseded and replaced our 2020 Stock Incentive Plan.

A continuity schedule of outstanding stock options for the underlying shares for the three and six months ended January 31, 2022, is as follows:

	Number of Stock Options			Weighted Average Exercise Price
Balance, July 31, 2021		10,404,333		$	1.21
Granted		10,000			2.89
Exercised		(1,030,543	)		1.18
Expired		(60,000	)		2.78
Balance, October 31, 2021		9,323,790			1.20
Exercised		(244,834	)		1.27
Expired		(15,000	)		1.36
Balance, January 31, 2022		9,063,956		$	1.20

During the three and six months ended January 31, 2022 and 2021, 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,
	2022		2021		2022		2021
Number of Options Exercised on Cash Basis		57,750		177,500		402,748		187,500
Number of Options Exercised on Forfeiture Basis		187,084		923,282		872,629		941,782
Total Number of Options Exercised		244,834		1,100,782		1,275,377		1,129,282
Number of Shares Issued on Cash Exercise		57,750		177,500		402,748		187,500
Number of Shares Issued on Forfeiture Basis		135,595		382,028		544,587		385,560
Total Number of Shares Issued Upon Exercise of Options		193,345		559,528		947,335		573,060
Cash Received from Exercise of Stock Options	$	63,404	$	212,125	$	447,183	$	221,434
Total Intrinsic Value of Options Exercised	$	889,296	$	822,237	$	2,794,512	$	828,615

A continuity schedule of outstanding unvested stock options as of January 31, 2022, and the changes during the period, is as follows:

	Number of Unvested Stock Options			Weighted Average Grant-Date Fair Value
Balance, July 31, 2021		3,891,207		$	0.66
Granted		10,000			1.73
Vested		(265,427	)		0.87
Balance, October 31, 2021		3,635,780			0.64
Vested		(1,069,948	)		0.55
Balance, January 31, 2022		2,565,832		$	0.68

As of January 31, 2022, unrecognized stock-based compensation expense related to the unvested portion of stock options totaled $796,083 to be recognized over the next 0.97 years.

As of January 31, 2022, the aggregate intrinsic value under the provisions of ASC 718 of all outstanding stock options was $12,815,860 (vested: $9,560,154 and unvested: $3,255,706). 

A summary of stock options outstanding and exercisable as of January 31, 2022, is as follows:

	Options Outstanding						Options Exercisable
Range of Exercise Prices	Outstanding at January 31, 2022		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Exercisable at January 31, 2022		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)
$0.80 to $0.99		4,794,247	$	0.92		8.06		3,840,186	$	0.92		7.96
$1.00 to $1.49		2,013,875		1.16		5.78		1,130,541		1.21		3.69
$1.50 to $2.89		2,255,834		1.82		4.88		1,527,397		1.63		2.70
		9,063,956	$	1.20		6.76		6,498,124	$	1.14		5.98

Restricted Stock Units

A summary of outstanding and unvested restricted stock units ( the “RSU”s) as of January 31, 2022, is as follows:

Grant Date	Number of Restricted Stock Units		Grant Date Fair Value		Remaining Life (Years)		Aggregate Intrinsic Value
July 30, 2019		154,999	$	0.94		0.49	$	404,547
July 16, 2020		434,996		0.91		1.45		1,135,340
July 21, 2021		407,617		2.15		2.47		1,063,880
		997,612	$	1.42		1.72	$	2,603,767

During the three and six months ended January 31, 2022, stock-based compensation relating to RSUs totaled $188,821 and $377,642 (three and six months ended January 31, 2021: $271,834 and $543,668), respectively. As of January 31, 2022, outstanding unvested RSUs totaled 997,612 ( July 31, 2021: 997,612), and unrecognized compensation costs relating to unvested RSUs totaled $754,729, which is expected to be recognized over a period of approximately 1.51 years.

Performance Based Restricted Stock Units

During the three and six months ended January 31, 2022, stock-based compensation relating to target performance based restricted stock units (the “PRSU”s) totaled $73,269 and $146,689 (three and six months ended January 31, 2021: $37,544 and $75,088), respectively. As of January 31, 2022, outstanding unvested PRSUs totaled 1,250,451 ( July 31, 2021: 1,250,451), and unrecognized compensation costs relating to unvested PRSUs totaled $548,459, which is expected to be recognized over a period of approximately 1.53 years.

Stock-Based Compensation

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

	Three Months Ended January 31,				Six Months Ended January 31,
	2022		2021		2022		2021
Stock-Based Compensation for Consultants
Common stock issued to consultants	$	201,115	$	119,847	$	505,702	$	239,317
Amortization of stock option expenses		56,802		65,774		136,575		169,702
		257,917		185,621		642,277		409,019
Stock-Based Compensation for Management
Amortization of stock option expenses		125,608		206,317		291,157		460,048
Amortization of RSU and PRSU expenses		262,090		309,378		524,331		618,756
		387,698		515,695		815,488		1,078,804
Stock-Based Compensation for Employees
Common stock issued to employees		339,094		261,642		612,007		474,512
Amortization of stock option expenses		209,497		255,100		505,094		634,238
		548,591		516,742		1,117,101		1,108,750
	$	1,194,206	$	1,218,058	$	2,574,866	$	2,596,573

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Note 14 - Sales and Service Revenue and Cost of Sales and Services

6 Months Ended

Jan. 31, 2022

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

NOTE 14: SALES AND SERVICE REVENUE AND COST OF SALES AND SERVICES

During the three months ended January 31, 2022, we recorded sales of $13,146,000 from the sale of 300,000 pounds of our uranium concentrate inventory. In addition, we recorded revenue from toll processing services of $44,925, which was generated from processing uranium resins according to a toll processing agreement that we inherited from the U1A Acquisition.

The table below provides a breakdown of sales and service revenue and cost of sales and service revenue:

	Three and Six Months Ended January 31,
	2022			2021
Sales of purchased uranium inventory	$	13,146,000		$	-
Revenue from toll processing services		44,925			-
Total sales and service revenue	$	13,190,925		$	-
Cost of purchased uranium inventory	$	(9,210,770	)	$	-
Cost of toll processing services		(37,438	)		-
Total cost of sales and services	$	(9,248,208	)	$	-

Subsequent to January 31, 2022, we sold 200,000 pounds of uranium for total proceeds of $9,800,000.

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Note 15 - Loss Per Share

6 Months Ended

Jan. 31, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 15: 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,
	2022			2021			2022			2021
Numerator
Net Loss for the Period	$	(5,474,267	)	$	(3,461,059	)	$	(7,548,093	)	$	(8,424,596	)
Denominator
Basic Weighted Average Number of Shares		269,120,537			198,673,515			257,989,930			194,314,507
Dilutive Stock Options, RSUs, PRSUs and Warrants		-			-			-			-
Diluted Weighted Average Number of Shares		269,120,537			198,673,515			257,989,930			194,314,507
Net Loss per Share, Basic and Diluted	$	(0.02	)	$	(0.02	)	$	(0.03	)	$	(0.04	)

For the three and six months ended January 31, 2022 and 2021, 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.

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Note 16 - Segmented Information

6 Months Ended

Jan. 31, 2022

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE 16: 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.

As of January 31, 2022, our long-term assets located in the United States totaled $197,452,623 or 83% of our total long-term assets of $236,556,704.

The tables below provide a breakdown of the long-term assets by geographic segments:

	January 31, 2022
Balance Sheet Items	United States								Canada		Paraguay		Total
	Texas		Arizona		Wyoming		Other States
Mineral Rights and Properties	$	12,420,411	$	4,677,477	$	141,941,693	$	176,971	$	982,358	$	14,513,586	$	174,712,496
Property, Plant and Equipment		6,645,133		-		13,243,462		-		29,388		368,695		20,286,678
Restricted Cash		1,948,704		15,000		13,828,570		-		-		-		15,792,274
Equity-Accounted Investment		-		-		-		-		23,009,832		-		23,009,832
Other Non-Current Assets		639,637		-		1,915,565		-		200,222		-		2,755,424
Total Long-Term Assets	$	21,653,885	$	4,692,477	$	170,929,290	$	176,971	$	24,221,800	$	14,882,281	$	236,556,704

	July 31, 2021
Balance Sheet Items	United States								Canada		Paraguay		Total
	Texas		Arizona		Wyoming		Other States
Mineral Rights and Properties	$	12,421,161	$	4,627,477	$	31,527,870	$	146,971	$	546,938	$	14,513,586	$	63,784,003
Property, Plant and Equipment		6,645,905		-		312,763		-		34,036		365,333		7,358,037
Restricted Cash		1,948,704		15,000		73,973		-		-		-		2,037,677
Equity-Accounted Investment		-		-		-		-		20,729,674		-		20,729,674
Other Non-Current Assets		522,306		-		16,000		-		48,026		-		586,332
Total Long-Term Assets	$	21,538,076	$	4,642,477	$	31,930,606	$	146,971	$	21,358,674	$	14,878,919	$	94,495,723

The tables below provide a breakdown of our operating results by geographic segments for the three and six months ended January 31, 2022 and 2021. All intercompany transactions have been eliminated.

	Three Months Ended January 31, 2022
	United States
Statement of Operations	Texas			Arizona			Wyoming			Other States			Canada			Paraguay			Total
Sales and service revenue	$	-		$	-		$	44,925		$	13,146,000		$	-		$	-		$	13,190,925
Cost of sales and services		-			-			(37,438	)		(9,210,770	)		-			-			(9,248,208	)
Gross profit		-			-			7,487			3,935,230			-			-			3,942,717
Operating Costs:
Mineral property expenditures		1,105,249			28,274			663,117			16,336			(11	)		296,208			2,109,173
General and administrative		2,482,465			3,720			162,413			395			1,055,768			10,677			3,715,438
Acquisition-related costs		-			-			2,644,980			-			-			-			2,644,980
Depreciation, amortization and accretion		89,655			-			308,122			-			3,807			1,396			402,980
Loss from operations		(3,677,369	)		(31,994	)		(3,771,145	)		3,918,499			(1,059,564	)		(308,281	)		(4,929,854	)
Other income (expenses)		(1,058,214	)		(4,768	)		(43,394	)		-			559,447			1,028			(545,901	)
Loss before income taxes	$	(4,735,583	)	$	(36,762	)	$	(3,814,539	)	$	3,918,499		$	(500,117	)	$	(307,253	)	$	(5,475,755	)

	Three Months Ended January 31, 2021
	United States
Statement of Operations	Texas			Arizona			Wyoming			Other States			Canada			Paraguay			Total
Operating Costs:
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	)

	Six Months Ended January 31, 2022
	United States
Statement of Operations	Texas			Arizona			Wyoming			Other States			Canada			Paraguay			Total
Sales and service revenue	$	-		$	-		$	44,925		$	13,146,000		$	-		$	-		$	13,190,925
Cost of sales and services		-			-			(37,438	)		(9,210,770	)		-			-			(9,248,208	)
Gross profit		-			-			7,487			3,935,230			-			-			3,942,717
Operating Costs:
Mineral property expenditures		2,257,326			57,849			862,936			36,760			2,960			547,858			3,765,689
General and administrative		5,084,274			7,440			183,808			740			1,535,520			20,367			6,832,149
Acquisition-related costs		-			-			2,644,980			-			-			-			2,644,980
Depreciation, amortization and accretion		179,255			-			311,841			-			7,505			2,819			501,420
Loss from operations		(7,520,855	)		(65,289	)		(3,996,078	)		3,897,730			(1,545,985	)		(571,044	)		(9,801,521	)
Other income (expenses)		(1,031,385	)		(9,535	)		(43,194	)		-			3,333,179			1,831			2,250,896
Loss before income taxes	$	(8,552,240	)	$	(74,824	)	$	(4,039,272	)	$	3,897,730		$	1,787,194		$	(569,213	)	$	(7,550,625	)

	Six Months Ended January 31, 2021
	United States
Statement of Operations	Texas			Arizona			Wyoming			Other States			Canada			Paraguay			Total
Operating Costs:
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	)	$	(79,836	)	$	(320,789	)	$	(37,123	)	$	(1,023,809	)	$	(225,396	)	$	(8,426,453	)

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Significant Accounting Policies (Policies)

6 Months Ended

Jan. 31, 2022

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

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, 2021 (“Fiscal 2021”). 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, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending July 31, 2022 (“Fiscal 2022”).

Certain comparative figures have been reclassified to conform to the current year’s presentation.

Exploratory Drilling Costs Capitalization and Impairment, Policy [Policy Text Block]

Exploration Stage

We have established the existence of mineralized materials for certain uranium projects, including our Palangana and recently acquired Christensen Ranch Mines (collectively, the “ISR Mines”).  We have not established proven or probable reserves, as defined by the SEC, through the completion of a final or bankable feasibility study for any of our uranium projects.  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.  As a result, we remain in the Exploration Stage, as defined by the SEC, 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 our ISR Mines without having established proven or probable reserves, any mineralized materials established or extracted from the ISR Mines should not in any way be associated with having established or produced from proven or probable reserves.

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 by the SEC, 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 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 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 produced 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.

Business Combinations Policy [Policy Text Block]

Business Combination

We recognize and measure the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date, while transaction costs related to business combinations are expensed as incurred. An income, market or cost valuation method may be utilized to estimate the fair value of the assets acquired, liabilities assumed, if any, in a business combination. The income valuation method represents the present value of future cash flows over the life of the asset using: (i) discrete financial forecasts, which rely on management’s estimates of resource quantities and exploration potential, costs to produce and develop resources, revenues, and operating expenses; (ii) appropriate discount rates; and (iii) expected future capital requirements (the “income valuation method”). The market valuation method uses prices paid for a similar asset by other purchasers in the market, normalized for any differences between the assets (the “market valuation method”). The cost valuation method is based on the replacement cost of a comparable asset at the time of the acquisition adjusted for depreciation and economic and functional obsolescence of the asset (the “cost valuation method”). If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, an estimate will be recorded. Subsequent to the acquisition date, and not later than one year from the acquisition date, we will record any material adjustments to the initial estimate based on new information obtained that would have existed as of the date of the acquisition. Any adjustment that arises from information obtained that did not exist as of the date of the acquisition will be recorded in the period the adjustments arises.

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Note 3 - Acquisition of Uranium One Americas Inc. (Tables)

6 Months Ended

Jan. 31, 2022

Notes Tables

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Consideration paid
Cash	$	125,592,602
Working capital adjustment (1)		2,901,943
Total consideration paid	$	128,494,545
Assets acquired and liabilities assumed
Cash & cash equivalents (1)	$	1,183,369
Prepaid expenses and deposits (1)		1,549,166
Other current assets (1)		73,200
Inventories (1)		192,015
Mineral rights and properties (2)		110,413,823
Property, plant and equipment (3)		13,159,570
Restricted cash		13,754,533
Other non-current assets (4)		1,736,527
Total assets		142,062,203
Accounts payable and accrued liabilities (1)		95,807
Other liabilities (4)		764,603
Asset retirement obligations (5)		12,707,248
Total liabilities		13,567,658
Total net assets	$	128,494,545

Business Acquisition, Pro Forma Information [Table Text Block]

	Three Months Ended January 31,						Six Months Ended January 31,
	2022			2021			2022			2021
Sales and Service Revenue	$	13,233,917		$	30,091		$	13,327,357		$	30,091
Net Loss		(6,423,162	)		(5,021,843	)		(10,027,917	)		(11,784,482	)

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Note 4 - Inventories (Tables)

6 Months Ended

Jan. 31, 2022

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	January 31, 2022		July 31, 2021
Material and supplies	$	227,466	$	33,781
Uranium concentrates from production		177,881		177,881
Purchased uranium inventories		39,826,643		28,960,818
	$	40,231,990	$	29,172,480

Contractual Obligation, Fiscal Year Maturity [Table Text Block]

	Purchase Commitments in Pounds		Total Purchase Price
Fiscal 2022		300,000	$	9,080,000
Fiscal 2023		1,505,000		53,134,000
Fiscal 2024		495,000		16,913,250
Fiscal 2025		400,000		14,130,000
Fiscal 2026		100,000		3,620,000
Total		2,800,000	$	96,877,250

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Note 5 - Mineral Rights and Properties (Tables)

6 Months Ended

Jan. 31, 2022

Notes Tables

Schedule Of Mineral Rights and Property Acquisition Costs [Table Text Block]

	January 31, 2022			July 31, 2021
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		949,854			899,854
Los Cuatros Project		257,250			257,250
Slick Rock Project		90,000			60,000
Reno Creek Project		31,527,870			31,527,870
UEC Wyoming Portfolio		110,413,823			-
Diabase Project		982,358			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
		178,640,630			67,711,387
Accumulated Depletion		(3,929,884	)		(3,929,884	)
		174,710,746			63,781,503
Databases and Land Use Agreements		2,458,808			2,458,808
Accumulated Amortization		(2,457,058	)		(2,456,308	)
		1,750			2,500
	$	174,712,496		$	63,784,003

Schedule Of Mineral Property Expenditures Incurred by Major Projects [Table Text Block]

	Three Months Ended January 31,				Six Months Ended January 31,
	2022		2021		2022		2021
Mineral Property Expenditures
Palangana Mine	$	266,396	$	232,866	$	511,716	$	431,668
Goliad Project		31,986		71,267		129,440		117,056
Burke Hollow Project		702,155		185,838		1,417,696		315,616
Longhorn Project		4,529		2,289		7,450		4,577
Salvo Project		4,453		7,673		10,149		15,865
Anderson Project		16,114		19,425		32,609		38,891
Workman Creek Project		8,168		8,167		16,755		16,365
Slick Rock Project		12,994		12,993		26,484		26,129
Reno Creek Project		224,333		169,576		424,152		270,066
Allemand Ross Project		48,889		-		48,889		-
Christensen Ranch Mine		263,227		-		263,227		-
Ludeman Project		46,277		-		46,277		-
Moore Ranch Project		18,547		-		18,547		-
Yuty Project		12,567		8,334		20,612		14,328
Oviedo Project		139,847		98,804		322,594		146,415
Alto Paraná Titanium Project		143,794		29,463		204,652		45,914
Other Mineral Property Expenditures		164,897		114,562		264,440		220,128
	$	2,109,173	$	961,257	$	3,765,689	$	1,663,018

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Note 6 - Property, Plant and Equipment (Tables)

6 Months Ended

Jan. 31, 2022

Notes Tables

Property, Plant and Equipment [Table Text Block]

	January 31, 2022							July 31, 2021
	Cost		Accumulated Depreciation			Net Book Value		Cost		Accumulated Depreciation			Net Book Value
Plant and Processing Facilities	$	18,622,945	$	(1,034,024	)	$	17,588,921	$	6,642,835	$	(851,075	)	$	5,791,760
Mining Equipment		2,807,651		(2,361,006	)		446,645		2,355,341		(2,313,489	)		41,852
Logging Equipment and Vehicles		2,705,582		(1,825,440	)		880,142		1,923,983		(1,774,887	)		149,096
Computer Equipment		348,929		(304,553	)		44,376		326,056		(283,645	)		42,411
Furniture and Fixtures		190,731		(176,978	)		13,753		184,941		(172,302	)		12,639
Buildings		297,518		(64,760	)		232,758		297,518		(57,322	)		240,196
Land		1,080,083		-			1,080,083		1,080,083		-			1,080,083
	$	26,053,439	$	(5,766,761	)	$	20,286,678	$	12,810,757	$	(5,452,720	)	$	7,358,037

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Note 7 - Restricted Cash (Tables)

6 Months Ended

Jan. 31, 2022

Notes Tables

Restrictions on Cash and Cash Equivalents [Table Text Block]

	January 31, 2022		July 31, 2021
Restricted cash, beginning of period	$	2,037,677	$	1,839,216
Restricted cash received from U1A Acquisition		13,754,533		-
Additional surety bond collateral		-		198,377
Interest received		64		84
Restricted cash, end of period	$	15,792,274	$	2,037,677

Schedule of Cash and Cash Equivalents and Restricted Cash [Table Text Block]

	January 31, 2022		January 31, 2021
Cash and cash equivalents	$	22,663,251	$	8,713,193
Restricted cash		15,792,274		1,839,300
Total cash, cash equivalents and restricted cash	$	38,455,525	$	10,552,493

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Note 8 - Equity-accounted Investment (Tables)

6 Months Ended

Jan. 31, 2022

Notes Tables

Equity Method Investments [Table Text Block]

Balance, July 31, 2021	$	20,729,674
Share of income from URC		182,717
Gain on dilution of ownership interest		2,572,182
Translation loss		(474,741	)
Balance, January 31, 2022	$	23,009,832

	Three Months Ended January 31,					Six Months Ended January 31,
	2022			2021		2022		2021
Share of income (loss) from URC	$	(651,996	)	$	600,913	$	182,717	$	(102,692	)
Gain on dilution of ownership interest		653,728			-		2,572,182		-
Total	$	1,732		$	600,913	$	2,754,899	$	(102,692	)

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Note 10 - Long-term Debt (Tables)

6 Months Ended

Jan. 31, 2022

Credit Agreement [Member]

Notes Tables

Schedule of Long-term Debt Instruments [Table Text Block]

Balance, July 31, 2021	$	10,075,231
Amortization of discount and accrued fees		524,769
Payment of anniversary fees		(600,000	)
Principal repayment		(10,000,000	)
Balance, January 31, 2022	$	-

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Note 11 - Asset Retirement Obligations (Tables)

6 Months Ended

Jan. 31, 2022

Notes Tables

Schedule of Change in Asset Retirement Obligation [Table Text Block]

Balance, July 31, 2021	$	3,938,655
Accretion		185,140
Assumed from U1A Acquisition		12,707,248
Balance, January 31, 2022	$	16,831,043

Schedule Of Estimated Cash flow and Assumption Used For ARO [Table Text Block]

	January 31, 2022			July 31, 2021
Undiscounted amount of estimated cash flows	$		28,738,663	$		8,221,018
Payable in years	1	to	23	9	to	21
Inflation rate	1.56%	to	5.32%	1.56%	to	2.17%
Discount rate	3.72%	to	6.35%	5.50%	to	5.96%

Schedule Of Undiscounted Amounts Of Estimated Cash Flows [Table Text Block]

Fiscal 2022	$	148,021
Fiscal 2023		434,262
Fiscal 2024		932,264
Fiscal 2025		1,472,226
Fiscal 2026		2,489,425
Remaining balance		23,262,465
	$	28,738,663

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Note 12 - Lease Liabilities (Tables)

6 Months Ended

Jan. 31, 2022

Notes Tables

Lease, Cost [Table Text Block]

	Three Months Ended January 31,				Six Months Ended January 31,
	2022		2021		2022		2021
Operating Leases	$	63,606	$	52,372	$	121,203	$	106,833
Short-term Leases		189,204		20,313		527,625		42,955
Total Lease Expenses	$	252,810	$	72,685	$	648,828	$	149,788

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Fiscal 2022	$	359,292
Fiscal 2023		170,273
Fiscal 2024		113,125
Fiscal 2025		104,123
Fiscal 2026		104,364
Thereafter		1,043,854
Total lease payments		1,895,031
Less: imputed interest		(497,695	)
Present value of lease liabilities	$	1,397,336
Current portion of lease liabilities	$	383,970
Non-current portion of lease liabilities	$	1,013,366

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Note 13 - Capital Stock (Tables)

6 Months Ended

Jan. 31, 2022

Notes Tables

Schedule Of Share based Compensation Warrants Activity [Table Text Block]

	Number of Warrants			Weighted Average Exercise Price
Balance, July 31, 2021		5,387,323		$	1.90
Exercised		(491,849	)		1.85
Balance, October 31, 2021		4,895,474			1.91
Exercised		(572,850	)		1.99
Balance, January 31, 2022		4,322,624		$	1.90

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

Weighted Average Exercise Price		Number of Warrants Outstanding		Weighted Average Remaining Contractual Life (Years)		Expiry Date
$	1.80		4,115,806		0.64	September 23, 2022
	1.64		25,000		1.30	May 21, 2023
	4.13		181,818		4.18	April 5, 2026
$	1.90		4,322,624		0.80

Share-based Payment Arrangement, Option, Activity [Table Text Block]

	Number of Stock Options			Weighted Average Exercise Price
Balance, July 31, 2021		10,404,333		$	1.21
Granted		10,000			2.89
Exercised		(1,030,543	)		1.18
Expired		(60,000	)		2.78
Balance, October 31, 2021		9,323,790			1.20
Exercised		(244,834	)		1.27
Expired		(15,000	)		1.36
Balance, January 31, 2022		9,063,956		$	1.20

Cash Proceeds Received and Tax Benefit from Share-based Payment Awards [Table Text Block]

	Three Months Ended January 31,				Six Months Ended January 31,
	2022		2021		2022		2021
Number of Options Exercised on Cash Basis		57,750		177,500		402,748		187,500
Number of Options Exercised on Forfeiture Basis		187,084		923,282		872,629		941,782
Total Number of Options Exercised		244,834		1,100,782		1,275,377		1,129,282
Number of Shares Issued on Cash Exercise		57,750		177,500		402,748		187,500
Number of Shares Issued on Forfeiture Basis		135,595		382,028		544,587		385,560
Total Number of Shares Issued Upon Exercise of Options		193,345		559,528		947,335		573,060
Cash Received from Exercise of Stock Options	$	63,404	$	212,125	$	447,183	$	221,434
Total Intrinsic Value of Options Exercised	$	889,296	$	822,237	$	2,794,512	$	828,615

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]

	Number of Unvested Stock Options			Weighted Average Grant-Date Fair Value
Balance, July 31, 2021		3,891,207		$	0.66
Granted		10,000			1.73
Vested		(265,427	)		0.87
Balance, October 31, 2021		3,635,780			0.64
Vested		(1,069,948	)		0.55
Balance, January 31, 2022		2,565,832		$	0.68

Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block]

	Options Outstanding						Options Exercisable
Range of Exercise Prices	Outstanding at January 31, 2022		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Exercisable at January 31, 2022		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)
$0.80 to $0.99		4,794,247	$	0.92		8.06		3,840,186	$	0.92		7.96
$1.00 to $1.49		2,013,875		1.16		5.78		1,130,541		1.21		3.69
$1.50 to $2.89		2,255,834		1.82		4.88		1,527,397		1.63		2.70
		9,063,956	$	1.20		6.76		6,498,124	$	1.14		5.98

Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]

Grant Date	Number of Restricted Stock Units		Grant Date Fair Value		Remaining Life (Years)		Aggregate Intrinsic Value
July 30, 2019		154,999	$	0.94		0.49	$	404,547
July 16, 2020		434,996		0.91		1.45		1,135,340
July 21, 2021		407,617		2.15		2.47		1,063,880
		997,612	$	1.42		1.72	$	2,603,767

Share-based Payment Arrangement, Cost by Plan [Table Text Block]

	Three Months Ended January 31,				Six Months Ended January 31,
	2022		2021		2022		2021
Stock-Based Compensation for Consultants
Common stock issued to consultants	$	201,115	$	119,847	$	505,702	$	239,317
Amortization of stock option expenses		56,802		65,774		136,575		169,702
		257,917		185,621		642,277		409,019
Stock-Based Compensation for Management
Amortization of stock option expenses		125,608		206,317		291,157		460,048
Amortization of RSU and PRSU expenses		262,090		309,378		524,331		618,756
		387,698		515,695		815,488		1,078,804
Stock-Based Compensation for Employees
Common stock issued to employees		339,094		261,642		612,007		474,512
Amortization of stock option expenses		209,497		255,100		505,094		634,238
		548,591		516,742		1,117,101		1,108,750
	$	1,194,206	$	1,218,058	$	2,574,866	$	2,596,573

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Note 14 - Sales and Service Revenue and Cost of Sales and Services (Tables)

6 Months Ended

Jan. 31, 2022

Notes Tables

Schedule of Revenue and Cost of Revenue [Table Text Block]

	Three and Six Months Ended January 31,
	2022			2021
Sales of purchased uranium inventory	$	13,146,000		$	-
Revenue from toll processing services		44,925			-
Total sales and service revenue	$	13,190,925		$	-
Cost of purchased uranium inventory	$	(9,210,770	)	$	-
Cost of toll processing services		(37,438	)		-
Total cost of sales and services	$	(9,248,208	)	$	-

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Note 15 - Loss Per Share (Tables)

6 Months Ended

Jan. 31, 2022

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three Months Ended January 31,						Six Months Ended January 31,
	2022			2021			2022			2021
Numerator
Net Loss for the Period	$	(5,474,267	)	$	(3,461,059	)	$	(7,548,093	)	$	(8,424,596	)
Denominator
Basic Weighted Average Number of Shares		269,120,537			198,673,515			257,989,930			194,314,507
Dilutive Stock Options, RSUs, PRSUs and Warrants		-			-			-			-
Diluted Weighted Average Number of Shares		269,120,537			198,673,515			257,989,930			194,314,507
Net Loss per Share, Basic and Diluted	$	(0.02	)	$	(0.02	)	$	(0.03	)	$	(0.04	)

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Note 16 - Segmented Information (Tables)

6 Months Ended

Jan. 31, 2022

Notes Tables

Long-lived Assets by Geographic Areas [Table Text Block]

	January 31, 2022
Balance Sheet Items	United States								Canada		Paraguay		Total
	Texas		Arizona		Wyoming		Other States
Mineral Rights and Properties	$	12,420,411	$	4,677,477	$	141,941,693	$	176,971	$	982,358	$	14,513,586	$	174,712,496
Property, Plant and Equipment		6,645,133		-		13,243,462		-		29,388		368,695		20,286,678
Restricted Cash		1,948,704		15,000		13,828,570		-		-		-		15,792,274
Equity-Accounted Investment		-		-		-		-		23,009,832		-		23,009,832
Other Non-Current Assets		639,637		-		1,915,565		-		200,222		-		2,755,424
Total Long-Term Assets	$	21,653,885	$	4,692,477	$	170,929,290	$	176,971	$	24,221,800	$	14,882,281	$	236,556,704

	July 31, 2021
Balance Sheet Items	United States								Canada		Paraguay		Total
	Texas		Arizona		Wyoming		Other States
Mineral Rights and Properties	$	12,421,161	$	4,627,477	$	31,527,870	$	146,971	$	546,938	$	14,513,586	$	63,784,003
Property, Plant and Equipment		6,645,905		-		312,763		-		34,036		365,333		7,358,037
Restricted Cash		1,948,704		15,000		73,973		-		-		-		2,037,677
Equity-Accounted Investment		-		-		-		-		20,729,674		-		20,729,674
Other Non-Current Assets		522,306		-		16,000		-		48,026		-		586,332
Total Long-Term Assets	$	21,538,076	$	4,642,477	$	31,930,606	$	146,971	$	21,358,674	$	14,878,919	$	94,495,723

Operating Results by Geographic Areas [Table Text Block]

	Three Months Ended January 31, 2022
	United States
Statement of Operations	Texas			Arizona			Wyoming			Other States			Canada			Paraguay			Total
Sales and service revenue	$	-		$	-		$	44,925		$	13,146,000		$	-		$	-		$	13,190,925
Cost of sales and services		-			-			(37,438	)		(9,210,770	)		-			-			(9,248,208	)
Gross profit		-			-			7,487			3,935,230			-			-			3,942,717
Operating Costs:
Mineral property expenditures		1,105,249			28,274			663,117			16,336			(11	)		296,208			2,109,173
General and administrative		2,482,465			3,720			162,413			395			1,055,768			10,677			3,715,438
Acquisition-related costs		-			-			2,644,980			-			-			-			2,644,980
Depreciation, amortization and accretion		89,655			-			308,122			-			3,807			1,396			402,980
Loss from operations		(3,677,369	)		(31,994	)		(3,771,145	)		3,918,499			(1,059,564	)		(308,281	)		(4,929,854	)
Other income (expenses)		(1,058,214	)		(4,768	)		(43,394	)		-			559,447			1,028			(545,901	)
Loss before income taxes	$	(4,735,583	)	$	(36,762	)	$	(3,814,539	)	$	3,918,499		$	(500,117	)	$	(307,253	)	$	(5,475,755	)

	Three Months Ended January 31, 2021
	United States
Statement of Operations	Texas			Arizona			Wyoming			Other States			Canada			Paraguay			Total
Operating Costs:
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	)

	Six Months Ended January 31, 2022
	United States
Statement of Operations	Texas			Arizona			Wyoming			Other States			Canada			Paraguay			Total
Sales and service revenue	$	-		$	-		$	44,925		$	13,146,000		$	-		$	-		$	13,190,925
Cost of sales and services		-			-			(37,438	)		(9,210,770	)		-			-			(9,248,208	)
Gross profit		-			-			7,487			3,935,230			-			-			3,942,717
Operating Costs:
Mineral property expenditures		2,257,326			57,849			862,936			36,760			2,960			547,858			3,765,689
General and administrative		5,084,274			7,440			183,808			740			1,535,520			20,367			6,832,149
Acquisition-related costs		-			-			2,644,980			-			-			-			2,644,980
Depreciation, amortization and accretion		179,255			-			311,841			-			7,505			2,819			501,420
Loss from operations		(7,520,855	)		(65,289	)		(3,996,078	)		3,897,730			(1,545,985	)		(571,044	)		(9,801,521	)
Other income (expenses)		(1,031,385	)		(9,535	)		(43,194	)		-			3,333,179			1,831			2,250,896
Loss before income taxes	$	(8,552,240	)	$	(74,824	)	$	(4,039,272	)	$	3,897,730		$	1,787,194		$	(569,213	)	$	(7,550,625	)

	Six Months Ended January 31, 2021
	United States
Statement of Operations	Texas			Arizona			Wyoming			Other States			Canada			Paraguay			Total
Operating Costs:
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	)	$	(79,836	)	$	(320,789	)	$	(37,123	)	$	(1,023,809	)	$	(225,396	)	$	(8,426,453	)

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Note 1 - Nature of Operations (Details Textual) - USD ($)	Mar. 16, 2022	Jan. 31, 2022	Jul. 31, 2021	Jan. 31, 2021
Working Capital		$ 61,700,000
Cash and Cash Equivalents, at Carrying Value, Ending Balance		22,663,251	$ 44,312,780	$ 8,713,193
Inventory, Net, Total		40,231,990	$ 29,172,480
Subsequent Event [Member] | The 2021 At-the-market Offerings [Member]
Proceeds from Issuance of Common Stock, Net	$ 16,500,000
Uranium Inventory [Member]
Inventory, Net, Total		$ 39,800,000

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Note 3 - Acquisition of Uranium One Americas Inc. (Details Textual) - USD ($)			3 Months Ended		6 Months Ended
		Dec. 17, 2021	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021
Business Combination, Acquisition Related Costs			$ 2,644,980	$ 0	$ 2,644,980	$ 0
U1A Acquisition [Member]
Business Combination, Consideration Transferred, Total		$ 128,494,545
Business Combination, Acquisition Related Costs		2,644,980
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	[1]	1,183,369
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets	[1]	1,549,166
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	[1]	73,200
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory	[1]	192,015
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable and Accrued Liabilities	[1]	$ 95,807
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual			$ 919,617		$ 919,617

[1] Working capital adjustment represents the working capital of UEC Wyoming at the date of acquisition, which was comprised of: (i) cash and cash equivalents of $1,183,369; (ii) prepaid expenses and deposits of $1,549,166; (iii) other current assets of $73,200; (iv) inventories of $192,015; and (v) accounts payable and accrued liabilities of $95,807. The fair value of these working capital items approximates their respective carrying values at the date of the acquisition.

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Note 3 - Acquisition of Uranium One Americas Inc. - Assets Acquired and Liabilities Assumed (Details) - USD ($)			6 Months Ended
		Dec. 17, 2021	Jan. 31, 2022	Jan. 31, 2021	Jul. 31, 2021
Cash			$ 113,587,952	$ (0)
Mineral rights and properties (2)			178,640,630		$ 67,711,387
Restricted cash			13,754,533		$ 0
Asset retirement obligations (5)			$ 12,707,248
U1A Acquisition [Member]
Cash		$ 125,592,602
Working capital adjustment (1)	[1]	2,901,943
Total consideration paid		128,494,545
Cash & cash equivalents (1)	[1]	1,183,369
Prepaid expenses and deposits (1)	[1]	1,549,166
Other current assets (1)	[1]	73,200
Inventories (1)	[1]	192,015
Mineral rights and properties (2)	[2]	110,413,823
Property, plant and equipment (3)	[3]	13,159,570
Restricted cash		13,754,533
Other non-current assets (4)	[4]	1,736,527
Total assets		142,062,203
Accounts payable and accrued liabilities (1)	[1]	95,807
Other liabilities (4)	[4]	764,603
Asset retirement obligations (5)	[5]	12,707,248
Total liabilities		13,567,658
Total net assets		$ 128,494,545

[1] Working capital adjustment represents the working capital of UEC Wyoming at the date of acquisition, which was comprised of: (i) cash and cash equivalents of $1,183,369; (ii) prepaid expenses and deposits of $1,549,166; (iii) other current assets of $73,200; (iv) inventories of $192,015; and (v) accounts payable and accrued liabilities of $95,807. The fair value of these working capital items approximates their respective carrying values at the date of the acquisition.

[2] Preliminary fair value of mineral rights and properties was determined using a discounted cash flow model (being the net present value of expected future cash flows). Expected future cash flows are based on estimates of future uranium prices and projected future revenues, estimated quantities of mineral resources and production, expected future production costs, and capital expenditures based on the life of mine plans as at the acquisition date.

[3] Preliminary fair value of property, plant and equipment was determined using a replacement cost approach.

[4] Other non-current assets included certain material and supply inventories classified as non-current and right-of-use ("ROU") assets associated with UEC Wyoming's operating leases. The preliminary fair value of long-term inventory was determined to approximate its carrying value. ROU assets and lease liabilities for operating leases are measured based on the present value of the future lease payments over the remaining lease terms at the acquisition date.

[5] Preliminary fair value of asset retirement obligations was measured based on the expected costs and timing for final well closure, plant and equipment decommissioning and removal, and environmental remediation, which are discounted to present value using credit adjusted risk-free rates.

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Note 3 - Acquisition of Uranium One Americas Inc. - Pro Forma Information (Details) - U1A Acquisition [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021
Sales and Service Revenue	$ 13,233,917	$ 30,091	$ 13,327,357	$ 30,091
Net Loss	$ (6,423,162)	$ (5,021,843)	$ (10,027,917)	$ (11,784,482)

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Note 4 - Inventories (Details Textual)	2 Months Ended	6 Months Ended
	Mar. 16, 2022 USD ($) lb	Jan. 31, 2022 USD ($) lb	Jan. 31, 2021 USD ($)
Increase (Decrease) in Inventories, Total | $		$ 10,867,495	$ (0)
Uranium Inventory [Member]
Inventory, Increase from Purchases, Mass (Pound) | lb		600,000
Increase in Purchase Obligations, Mass (Pound) | lb		700,000
Purchase Obligation, Total | $		$ 96,877,250
Uranium Inventory [Member] | Subsequent Event [Member]
Inventory, Increase from Purchases, Mass (Pound) | lb	200,000
Increase in Purchase Obligations, Mass (Pound) | lb	700,000
Increase (Decrease) in Inventories, Total | $	$ 6,000,000
Purchase Obligation, Total | $	$ 35,570,000

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Note 4 - Inventories - Costs of Inventories (Details) - USD ($)	Jan. 31, 2022	Jul. 31, 2021
Material and supplies	$ 227,466	$ 33,781
Inventory, Net, Total	40,231,990	29,172,480
Uranium Inventory [Member]
Uranium concentrates from production	177,881	177,881
Purchased uranium inventories	39,826,643	$ 28,960,818
Inventory, Net, Total	$ 39,800,000

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Note 4 - Inventories - Uranium Inventory Purchase Commitments (Details) - Uranium Inventory [Member]	Jan. 31, 2022 USD ($) lb
Fiscal 2022 (Pound) | lb	300,000
Fiscal 2022 | $	$ 9,080,000
Fiscal 2023 (Pound) | lb	1,505,000
Fiscal 2023 | $	$ 53,134,000
Fiscal 2024 (Pound) | lb	495,000
Fiscal 2024 | $	$ 16,913,250
Fiscal 2025 (Pound) | lb	400,000
Fiscal 2025 | $	$ 14,130,000
Fiscal 2026 (Pound) | lb	100,000
Fiscal 2026 | $	$ 3,620,000
Total, mass (Pound) | lb	2,800,000
Total | $	$ 96,877,250

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Note 5 - Mineral Rights and Properties (Details Textual)	3 Months Ended			6 Months Ended
	Jan. 31, 2022 USD ($)	Oct. 31, 2021 USD ($)	Jan. 31, 2021 USD ($)	Jan. 31, 2022 USD ($) shares	Jan. 31, 2021 USD ($)	Jul. 31, 2021 USD ($)
Mineral Properties, Gross	$ 178,640,630			$ 178,640,630		$ 67,711,387
Stock Issued During Period, Value, for Mineral Properties	206,129	$ 219,390
Payments to Acquire Mineral Rights				39,901	$ 80,000
Mineral Property Expenditures	2,109,173		$ 961,257	3,765,689	1,663,018
UEC Wyoming Portfolio [Member]
Mineral Properties, Gross	110,413,823			110,413,823		0
Annual Property Maintenance Fees	5,000,000.0			$ 5,000,000.0
Mineral Property Expenditures	438,784
Diabase Project Addition [Member]
Number of Mineral Claims				10
Net Consideration, Mineral Resources				$ 435,420
Stock Issued During Period, Shares, for Mineral Properties (in shares) | shares				111,864
Stock Issued During Period, Value, for Mineral Properties				$ 425,519
Payments to Acquire Mineral Rights				9,901
Diabase Project [Member]
Mineral Properties, Gross	982,358			982,358		546,938
Palangana Mine [Member]
Mineral Properties, Gross	6,027,784			6,027,784		$ 6,027,784
Depletion, Total	0		0	0	0
Mineral Property Expenditures	$ 266,396		$ 232,866	$ 511,716	$ 431,668

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Note 5 - Mineral Rights and Properties - Mineral Rights and Property Acquisition Costs (Details) - USD ($)	Jan. 31, 2022	Jul. 31, 2021
Mineral Properties, Gross	$ 178,640,630	$ 67,711,387
Accumulated Depletion	(3,929,884)	(3,929,884)
Mineral Properties Excluding Mineral Rights, Net	174,710,746	63,781,503
Mineral Properties, Net, Total	174,712,496	63,784,003
Palangana Mine [Member]
Mineral Properties, Gross	6,027,784	6,027,784
Goliad Project [Member]
Mineral Properties, Gross	8,689,127	8,689,127
Burke Hollow Project [Member]
Mineral Properties, Gross	1,495,750	1,495,750
Longhorn Project [Member]
Mineral Properties, Gross	116,870	116,870
Salvo Project [Member]
Mineral Properties, Gross	14,905	14,905
Anderson Project [Member]
Mineral Properties, Gross	3,470,373	3,470,373
Workman Creek Project [Member]
Mineral Properties, Gross	949,854	899,854
Los Cuatros Project [Member]
Mineral Properties, Gross	257,250	257,250
Slick Rock Project [Member]
Mineral Properties, Gross	90,000	60,000
Reno Creek Project [Member]
Mineral Properties, Gross	31,527,870	31,527,870
UEC Wyoming Portfolio [Member]
Mineral Properties, Gross	110,413,823	0
Diabase Project [Member]
Mineral Properties, Gross	982,358	546,938
Yuty Project [Member]
Mineral Properties, Gross	11,947,144	11,947,144
Oviedo Project [Member]
Mineral Properties, Gross	1,133,412	1,133,412
Alto Parana Titanium Project [Member]
Mineral Properties, Gross	1,433,030	1,433,030
Other Property Acquisitions [Member]
Mineral Properties, Gross	91,080	91,080
Databases and Land Use Agreements [Member]
Databases and Land Use Agreements	2,458,808	2,458,808
Accumulated Amortization	(2,457,058)	(2,456,308)
Mineral Rights	1,750	2,500
Mineral Rights and Properties [Member]
Mineral Properties, Net, Total	$ 174,712,496	$ 63,784,003

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Note 5 - Mineral Rights and Properties - Mineral Property Expenditures (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021
Mineral Property Expenditures	$ 2,109,173	$ 961,257	$ 3,765,689	$ 1,663,018
Palangana Mine [Member]
Mineral Property Expenditures	266,396	232,866	511,716	431,668
Goliad Project [Member]
Mineral Property Expenditures	31,986	71,267	129,440	117,056
Burke Hollow Project [Member]
Mineral Property Expenditures	702,155	185,838	1,417,696	315,616
Longhorn Project [Member]
Mineral Property Expenditures	4,529	2,289	7,450	4,577
Salvo Project [Member]
Mineral Property Expenditures	4,453	7,673	10,149	15,865
Anderson Project [Member]
Mineral Property Expenditures	16,114	19,425	32,609	38,891
Workman Creek Project [Member]
Mineral Property Expenditures	8,168	8,167	16,755	16,365
Slick Rock Project [Member]
Mineral Property Expenditures	12,994	12,993	26,484	26,129
Reno Creek Project [Member]
Mineral Property Expenditures	224,333	169,576	424,152	270,066
Allemand Ross Project [Member]
Mineral Property Expenditures	48,889	0	48,889	0
Christensen Ranch Mine [Member]
Mineral Property Expenditures	263,227	0	263,227	0
Ludeman Project [Member]
Mineral Property Expenditures	46,277	0	46,277	0
Moore Ranch Project [Member]
Mineral Property Expenditures	18,547	0	18,547	0
Yuty Project [Member]
Mineral Property Expenditures	12,567	8,334	20,612	14,328
Oviedo Project [Member]
Mineral Property Expenditures	139,847	98,804	322,594	146,415
Alto Parana Titanium Project [Member]
Mineral Property Expenditures	143,794	29,463	204,652	45,914
Other Property Acquisitions [Member]
Mineral Property Expenditures	$ 164,897	$ 114,562	$ 264,440	$ 220,128

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Note 6 - Property, Plant and Equipment (Details Textual) - U1A Acquisition [Member] - USD ($)		3 Months Ended
		Jan. 31, 2022	Dec. 17, 2021
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total	[1]		$ 13,159,570
Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)		3 years
Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)		21 years

[1] Preliminary fair value of property, plant and equipment was determined using a replacement cost approach.

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Note 6 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($)	Jan. 31, 2022	Jul. 31, 2021
Cost	$ 26,053,439	$ 12,810,757
Accumulated Depreciation	(5,766,761)	(5,452,720)
PROPERTY, PLANT AND EQUIPMENT	20,286,678	7,358,037
Net Book Value	20,286,678	7,358,037
Plant and Processing Facilities [Member]
Cost	18,622,945	6,642,835
Accumulated Depreciation	(1,034,024)	(851,075)
PROPERTY, PLANT AND EQUIPMENT	17,588,921	5,791,760
Net Book Value	17,588,921	5,791,760
Mining Equipment [Member]
Cost	2,807,651	2,355,341
Accumulated Depreciation	(2,361,006)	(2,313,489)
PROPERTY, PLANT AND EQUIPMENT	446,645	41,852
Net Book Value	446,645	41,852
Logging Equipment and Vehicles [Member]
Cost	2,705,582	1,923,983
Accumulated Depreciation	(1,825,440)	(1,774,887)
PROPERTY, PLANT AND EQUIPMENT	880,142	149,096
Net Book Value	880,142	149,096
Computer Equipment [Member]
Cost	348,929	326,056
Accumulated Depreciation	(304,553)	(283,645)
PROPERTY, PLANT AND EQUIPMENT	44,376	42,411
Net Book Value	44,376	42,411
Furniture and Fixtures [Member]
Cost	190,731	184,941
Accumulated Depreciation	(176,978)	(172,302)
PROPERTY, PLANT AND EQUIPMENT	13,753	12,639
Net Book Value	13,753	12,639
Buildings [Member]
Cost	297,518	297,518
Accumulated Depreciation	(64,760)	(57,322)
PROPERTY, PLANT AND EQUIPMENT	232,758	240,196
Net Book Value	232,758	240,196
Land [Member]
Cost	1,080,083	1,080,083
Accumulated Depreciation	0	0
PROPERTY, PLANT AND EQUIPMENT	1,080,083	1,080,083
Net Book Value	$ 1,080,083	$ 1,080,083

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Note 7 - Restricted Cash (Details Textual)	Mar. 16, 2022 USD ($)
Subsequent Event [Member]
Proceeds From Release of Surety Bond Collateral	$ 1,754,507

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Note 7 - Restricted Cash - Restricted Cash (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jan. 31, 2022	Jul. 31, 2021
Restricted cash, beginning of period	$ 2,037,677	$ 1,839,216
Restricted cash received from U1A Acquisition	13,754,533	0
Additional surety bond collateral	0	198,377
Interest received	64	84
Restricted cash, end of period	$ 15,792,274	$ 2,037,677

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Note 7 - Restricted Cash - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)	Jan. 31, 2022	Jul. 31, 2021	Jan. 31, 2021	Jul. 31, 2020
Cash and cash equivalents	$ 22,663,251	$ 44,312,780	$ 8,713,193
Restricted cash	15,792,274	$ 2,037,677	1,839,300	$ 1,839,216
Total cash, cash equivalents and restricted cash	$ 38,455,525		$ 10,552,493

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Note 8 - Equity-accounted Investment (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021	Jul. 31, 2021
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Total	$ (617,910)	$ 486,038	$ (474,741)	$ 548,799
Uranium Royalty Corp [Member]
Equity Method Investment, Shares Owned (in shares)	15,000,000		15,000,000
Equity Method Investment, Ownership Percentage	16.20%		16.20%		18.10%
Ownership Interest Percentage, Contingent, Outstanding Options and Warrants Fully Exercised	13.50%		13.50%
Equity Method Investments, Fair Value Disclosure	$ 48,800,000		$ 48,800,000
Gain on Dilution of Ownership Interest	653,728		2,572,182
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Total	$ (617,910)	$ 486,038	$ (474,741)	$ 548,799

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Note 8 - Equity-accounted Investment - Equity-accounted Investment (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021
Balance			$ 20,729,674
Balance	$ 23,009,832		23,009,832
Total	1,732	$ 600,913	2,754,899	$ (102,692)
Uranium Royalty Corp [Member]
Balance			20,729,674
Share of income from URC	(651,996)	600,913	182,717	(102,692)
Gain on dilution of ownership interest	653,728	0	2,572,182	0
Translation loss			(474,741)
Balance	23,009,832		23,009,832
Gain on dilution of ownership interest	653,728	0	2,572,182	0
Total	$ 1,732	$ 600,913	$ 2,754,899	$ (102,692)

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Note 9 - Related Party Transactions (Details Textual) - Blender Media Inc [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021	Jul. 31, 2021
Related Party Transaction, Expenses from Transactions with Related Party	$ 2,269	$ 17,464	$ 4,375	$ 34,141
Due to Related Parties, Total	$ 0		$ 0		$ 843

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Note 10 - Long-term Debt (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021
Amortization of Debt Discount (Premium)	$ 259,198	$ 381,828	$ 524,769	$ 825,695
Repayments of Long-term Debt, Total			10,000,000
Credit Agreement [Member]
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total	204,444	$ 368,000	408,889	$ 776,889
Repayments of Long-term Debt, Total	$ 10,000,000		$ 10,000,000
Third Amended and Restated Credit Agreement [Member]
Stock Issued During Period, Shares, Credit Facility (in shares)	161,594
Stock Issued During Period, Value, Credit Facility	$ 600,000

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Note 10 - Long-term Debt - Long-term Debt (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021
Balance, July 31, 2021			$ 10,075,231
Amortization of discount and accrued fees	$ 259,198	$ 381,828	524,769	$ 825,695
Payment of anniversary fees			(600,000)
Principal repayment			(10,000,000)
Balance, January 31, 2022	$ 0		$ 0

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Note 11 - Asset Retirement Obligations - Change in Asset Retirement Obligation (Details)	6 Months Ended
	Jan. 31, 2022 USD ($)
Balance, July 31, 2021	$ 3,938,655
Accretion	185,140
Assumed from U1A Acquisition	12,707,248
Balance, January 31, 2022	$ 16,831,043

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Note 11 - Asset Retirement Obligations - Estimated Amounts and Timing of Cash Flows and Assumptions Used for ARO Estimates (Details)	Jan. 31, 2022 USD ($)	Jul. 31, 2021 USD ($)
Undiscounted amount of estimated cash flows	$ 28,738,663
Maximum [Member]
Undiscounted amount of estimated cash flows	$ 28,738,663	$ 8,221,018
Maximum [Member] | Measurement Input, Expected Term [Member]
Asset retirement obligations, measurement input	23	21
Maximum [Member] | Measurement Input, Inflation Rate [Member]
Asset retirement obligations, measurement input	0.0532	0.0217
Maximum [Member] | Measurement Input, Discount Rate [Member]
Asset retirement obligations, measurement input	0.0635	0.0596
Minimum [Member] | Measurement Input, Expected Term [Member]
Asset retirement obligations, measurement input	1	9
Minimum [Member] | Measurement Input, Inflation Rate [Member]
Asset retirement obligations, measurement input	0.0156	0.0156
Minimum [Member] | Measurement Input, Discount Rate [Member]
Asset retirement obligations, measurement input	0.0372	0.0550

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Note 11 - Asset Retirement Obligations - Undiscounted Amounts of Estimated Cash Flows for the Next Five Fiscal Years and Beyond (Details)	Jan. 31, 2022 USD ($)
Fiscal 2022	$ 148,021
Fiscal 2023	434,262
Fiscal 2024	932,264
Fiscal 2025	1,472,226
Fiscal 2026	2,489,425
Remaining balance	23,262,465
Undiscounted Amount of Estimated Cash Flows	$ 28,738,663

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Note 12 - Lease Liabilities (Details Textual)	6 Months Ended
	Jan. 31, 2022 USD ($)
Operating Lease, Weighted Average Remaining Lease Term (Year)	17 years 2 months 12 days
Operating Lease, Weighted Average Discount Rate, Percent	4.53%
Operating Lease, Payments	$ 115,371
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	6 months
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	22 years 4 months 24 days

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Note 12 - Lease Liabilities - Lease Expenses (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021
Operating Leases	$ 63,606	$ 52,372	$ 121,203	$ 106,833
Short-term Leases	189,204	20,313	527,625	42,955
Total Lease Expenses	$ 252,810	$ 72,685	$ 648,828	$ 149,788

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Note 12 - Lease Liabilities - Minimum Future Lease Payments (Details)	Jan. 31, 2022 USD ($)
Fiscal 2022	$ 359,292
Fiscal 2023	170,273
Fiscal 2024	113,125
Fiscal 2025	104,123
Fiscal 2026	104,364
Thereafter	1,043,854
Total lease payments	1,895,031
Less: imputed interest	(497,695)
Other Liabilities [Member]
Present value of lease liabilities	1,397,336
Other Current Liabilities [Member]
Current portion of lease liabilities	383,970
Other Noncurrent Liabilities [Member]
Non-current portion of lease liabilities	$ 1,013,366

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Note 13 - Capital Stock (Details Textual) - USD ($)		3 Months Ended		6 Months Ended
	Mar. 16, 2022	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021	Nov. 26, 2021	Jul. 31, 2021	May 14, 2021
Proceeds from Warrant Exercises		$ 1,141,903		$ 2,052,231
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value		12,815,860		12,815,860
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value		9,560,154		9,560,154
Share-based Compensation Arrangement by Share-based Payment Award, Options, Unvested in Period, Intrinsic Value		3,255,706		3,255,706
Share-based Payment Arrangement, Option [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total		$ 796,083		796,083
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		11 months 19 days
Restricted Stock Units (RSUs) [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total		$ 754,729		754,729
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		1 year 6 months 3 days
Share-based Payment Arrangement, Expense		$ 188,821	$ 271,834	$ 377,642	$ 543,668
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)		997,612		997,612			997,612
Performance-based Restriced Stock Units [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total		$ 548,459		$ 548,459
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		1 year 6 months 10 days
Share-based Payment Arrangement, Expense		$ 73,269	$ 37,544	$ 146,689	$ 75,088
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)		1,250,451		1,250,451			1,250,451
May 2021 At-the-market Offering [Member]
Stock Offering, Maximum Amount								$ 100,000,000
Stock Issued During Period, Shares, New Issues (in shares)		6,655,295		27,399,173
Proceeds from Issuance of Common Stock, Net		$ 28,919,064		$ 91,590,187
November 2021 At-the-market Offering [Member]
Stock Offering, Maximum Amount						$ 100,000,000
Stock Issued During Period, Shares, New Issues (in shares)		11,096,363
Proceeds from Issuance of Common Stock, Net		$ 39,053,602
November 2021 At-the-market Offering [Member] | Subsequent Event [Member]
Stock Issued During Period, Shares, New Issues (in shares)	4,460,000
Proceeds from Issuance of Common Stock, Net	$ 16,547,026

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Note 13 - Capital Stock - Continuity Schedule of Outstanding Share Purchase Warrants (Details) - $ / shares	3 Months Ended
	Jan. 31, 2022	Oct. 31, 2021
Balance, Number of Warrants (in shares)	4,895,474	5,387,323
Balance, Weighted Average Exercise Price (in dollars per share)	$ 1.91	$ 1.90
Exercised, Number of Warrants (in shares)	(572,850)	(491,849)
Exercised, Weighted Average Exercise Price (in dollars per share)	$ 1.99	$ 1.85
Balance, Number of Warrants (in shares)	4,322,624	4,895,474
Balance, Weighted Average Exercise Price (in dollars per share)	$ 1.90	$ 1.91

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Note 13 - Capital Stock - Warrants Outstanding and Exercisable (Details) - $ / shares	3 Months Ended
	Jan. 31, 2022	Oct. 31, 2021	Jul. 31, 2021
Weighted Average Exercise Price (in dollars per share)	$ 1.90	$ 1.91	$ 1.90
Number of Warrants Outstanding (in shares)	4,322,624	4,895,474	5,387,323
Warrants 1 [Member]
Number of Warrants Outstanding (in shares)	4,115,806
Weighted Average Remaining Contractual Life (Year)	7 months 20 days
Expiry Date	Sep. 23, 2022
Warrants 2 [Member]
Number of Warrants Outstanding (in shares)	25,000
Weighted Average Remaining Contractual Life (Year)	1 year 3 months 18 days
Expiry Date	May 21, 2023
Warrants 3 [Member]
Number of Warrants Outstanding (in shares)	181,818
Weighted Average Remaining Contractual Life (Year)	4 years 2 months 4 days
Expiry Date	Apr. 05, 2026
Warrants 4 [Member]
Number of Warrants Outstanding (in shares)	4,322,624
Weighted Average Remaining Contractual Life (Year)	9 months 18 days

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Note 13 - Capital Stock - Schedule of Outstanding Stock Options (Details) - $ / shares	3 Months Ended			6 Months Ended
	Jan. 31, 2022	Oct. 31, 2021	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021
Balance, number of stock options (in shares)	9,323,790	10,404,333		10,404,333
Balance, Weighted Average Exercise Price (in dollars per share)	$ 1.20	$ 1.21		$ 1.21
Granted, number of stock options (in shares)		10,000
Granted, Weighted Average Exercise Price (in dollars per share)		$ 2.89
Exercised, number of stock options (in shares)	(244,834)	(1,030,543)	(1,100,782)	(1,275,377)	(1,129,282)
Exercised Options, Weighted Average Exercise Price (in dollars per share)	$ 1.27	$ 1.18
Expired, number of stock options (in shares)	(15,000)	(60,000)
Expired, Weighted Average Exercise Price (in dollars per share)	$ 1.36	$ 2.78
Balance, number of stock options (in shares)	9,063,956	9,323,790		9,063,956
Balance, Weighted Average Exercise Price (in dollars per share)	$ 1.20	$ 1.20		$ 1.20

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Note 13 - Capital Stock - Number of Shares Issued and Cash Received Upon Exercise of the Stock Options (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jan. 31, 2022	Oct. 31, 2021	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021
Number of Options Exercised on Cash Basis (in shares)	57,750		177,500	402,748	187,500
Number of Options Exercised on Forfeiture Basis (in shares)	187,084		923,282	872,629	941,782
Total Number of Options Exercised (in shares)	244,834	1,030,543	1,100,782	1,275,377	1,129,282
Number of Shares Issued on Cash Exercise (in shares)	57,750		177,500	402,748	187,500
Number of Shares Issued on Forfeiture Basis (in shares)	135,595		382,028	544,587	385,560
Total Number of Shares Issued Upon Exercise of Options (in shares)	193,345		559,528	947,335	573,060
Cash Received from Exercise of Stock Options	$ 63,404		$ 212,125	$ 447,183	$ 221,434
Total Intrinsic Value of Options Exercised	$ 889,296		$ 822,237	$ 2,794,512	$ 828,615

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Note 13 - Capital Stock - Schedule of Outstanding Unvested Stock Options (Details) - $ / shares	3 Months Ended
	Jan. 31, 2022	Oct. 31, 2021
Nonvested balance (in shares)	3,635,780	3,891,207
Nonvested, Weighted Average Grant-Date Fair Value (in dollars per share)	$ 0.64	$ 0.66
Granted, number of stock options (in shares)		10,000
Granted, Weighted Average Grant-Date Fair Value (in dollars per share)		$ 1.73
Vested (in shares)	(1,069,948)	(265,427)
Vested, Weighted Average Grant-Date Fair Value (in dollars per share)	$ 0.55	$ 0.87
Nonvested balance (in shares)	2,565,832	3,635,780
Nonvested, Weighted Average Grant-Date Fair Value (in dollars per share)	$ 0.68	$ 0.64

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Note 13 - Capital Stock - Summary of Stock Options Outstanding and Exercisable (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Jan. 31, 2022	Oct. 31, 2021	Jul. 31, 2021
Options Outstanding (in shares)	9,063,956	9,063,956	9,323,790	10,404,333
Options outstanding, weighted average exercise price (in dollars per share)	$ 1.20	$ 1.20	$ 1.20	$ 1.21
Options outstanding, weighted average remaining contractual term (Year)	6 years 9 months 3 days
Options exercisable (in shares)	6,498,124
Options exercisable, weighted average exercise price (in dollars per share)	$ 1.14
Options exercisable, weighted average remaining contractual term (Year)	5 years 11 months 23 days
Exercise Price Range 1 [Member]
Range of Exercise Prices, Lower Limit (in dollars per share)	$ 0.80
Range of Exercise Prices, Upper Limit (in dollars per share)	$ 0.99
Options Outstanding (in shares)	4,794,247
Options outstanding, weighted average exercise price (in dollars per share)	$ 0.92
Options outstanding, weighted average remaining contractual term (Year)	8 years 21 days
Options exercisable (in shares)	3,840,186
Options exercisable, weighted average exercise price (in dollars per share)	$ 0.92
Options exercisable, weighted average remaining contractual term (Year)	7 years 11 months 15 days
Exercise Price Range 2 [Member]
Range of Exercise Prices, Lower Limit (in dollars per share)	$ 1.00
Range of Exercise Prices, Upper Limit (in dollars per share)	$ 1.49
Options Outstanding (in shares)	2,013,875
Options outstanding, weighted average exercise price (in dollars per share)	$ 1.16
Options outstanding, weighted average remaining contractual term (Year)	5 years 9 months 10 days
Options exercisable (in shares)	1,130,541
Options exercisable, weighted average exercise price (in dollars per share)	$ 1.21
Options exercisable, weighted average remaining contractual term (Year)	3 years 8 months 8 days
Exercise Price Range 3 [Member]
Range of Exercise Prices, Lower Limit (in dollars per share)	$ 1.50
Range of Exercise Prices, Upper Limit (in dollars per share)	$ 2.89
Options Outstanding (in shares)	2,255,834
Options outstanding, weighted average exercise price (in dollars per share)	$ 1.82
Options outstanding, weighted average remaining contractual term (Year)	4 years 10 months 17 days
Options exercisable (in shares)	1,527,397
Options exercisable, weighted average exercise price (in dollars per share)	$ 1.63
Options exercisable, weighted average remaining contractual term (Year)	2 years 8 months 12 days

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Note 13 - Capital Stock - Summary of Outstanding Unvested RSUs (Details) - Restricted Stock Units (RSUs) [Member] - USD ($)	3 Months Ended
	Jan. 31, 2022	Jul. 31, 2021
Number of Restricted Stock Units (in shares)	997,612	997,612
Grant Date Fair Value (in dollars per share)	$ 1.42
Remaining Life (Year)	1 year 8 months 19 days
Aggregate Intrinsic Value	$ 2,603,767
July 30, 2019 [Member]
Number of Restricted Stock Units (in shares)	154,999
Grant Date Fair Value (in dollars per share)	$ 0.94
Remaining Life (Year)	5 months 26 days
Aggregate Intrinsic Value	$ 404,547
July 16, 2020 [Member]
Number of Restricted Stock Units (in shares)	434,996
Grant Date Fair Value (in dollars per share)	$ 0.91
Remaining Life (Year)	1 year 5 months 12 days
Aggregate Intrinsic Value	$ 1,135,340
July 21, 2021 [Member]
Number of Restricted Stock Units (in shares)	407,617
Grant Date Fair Value (in dollars per share)	$ 2.15
Remaining Life (Year)	2 years 5 months 19 days
Aggregate Intrinsic Value	$ 1,063,880

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Note 13 - Capital Stock - Summary of Stock-based Compensation Expense (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jan. 31, 2022	Oct. 31, 2021	Jan. 31, 2021	Oct. 31, 2020	Jan. 31, 2022	Jan. 31, 2021
Share-based Payment Arrangement, Noncash Expense, Total	$ 1,194,206		$ 1,218,058		$ 2,574,866	$ 2,596,573
Common stock issued	399,448	$ 355,228	328,362	$ 265,590
Consultants [Member]
Common stock issued to consultants	201,115		119,847		505,702	239,317
Amortization of expenses	56,802		65,774		136,575	169,702
Share-based Payment Arrangement, Noncash Expense, Total	257,917		185,621		642,277	409,019
Management [Member]
Amortization of expenses	125,608		206,317		291,157	460,048
Share-based Payment Arrangement, Noncash Expense, Total	387,698		515,695		815,488	1,078,804
Management [Member] | Restricted Stock Units (RSUs) and Performance Restricted Stock Units (PRSUs) [Member]
Amortization of expenses	262,090		309,378		524,331	618,756
Employees [Member]
Amortization of expenses	209,497		255,100		505,094	634,238
Share-based Payment Arrangement, Noncash Expense, Total	548,591		516,742		1,117,101	1,108,750
Common stock issued	$ 339,094		$ 261,642		$ 612,007	$ 474,512

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Note 14 - Sales and Service Revenue and Cost of Sales and Services (Details Textual)		3 Months Ended		6 Months Ended
	Mar. 16, 2022 USD ($) lb	Jan. 31, 2022 USD ($) lb	Jan. 31, 2021 USD ($)	Jan. 31, 2022 USD ($)	Jan. 31, 2021 USD ($)
Revenues, Total		$ 13,190,925	$ 0	$ 13,190,925	$ 0
Toll Processing Services [Member]
Revenues, Total		44,925	$ 0
Uranium Inventory [Member]
Revenues, Total		$ 13,146,000
Inventory, Sold During Period, Mass (Pound) | lb		300,000
Uranium Inventory [Member] | Subsequent Event [Member]
Revenues, Total	$ 9,800,000
Inventory, Sold During Period, Mass (Pound) | lb	200,000

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Note 14 - Sales and Service Revenue and Cost of Sales and Services - Sales and Service Revenue and Cost of Sales and Service Renue (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021
SALES AND SERVICE REVENUE	$ 13,190,925	$ 0	$ 13,190,925	$ 0
COST OF SALES AND SERVICES	(9,248,208)	0	$ (9,248,208)	$ 0
Sale of Inventory [Member]
SALES AND SERVICE REVENUE	13,146,000	0
COST OF SALES AND SERVICES	(9,210,770)	0
Toll Processing Services [Member]
SALES AND SERVICE REVENUE	44,925	0
COST OF SALES AND SERVICES	$ (37,438)	$ 0

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Note 15 - Loss Per Share - Weighted Average Number of Shares Used in the Calculation of the Basic and Diluted Loss Per Share (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jan. 31, 2022	Oct. 31, 2021	Jan. 31, 2021	Oct. 31, 2020	Jan. 31, 2022	Jan. 31, 2021
Net loss for the period	$ (5,474,267)	$ (2,073,826)	$ (3,461,059)	$ (4,963,537)	$ (7,548,093)	$ (8,424,596)
Basic Weighted Average Number of Shares (in shares)	269,120,537		198,673,515		257,989,930	194,314,507
Dilutive Stock Options, RSUs, PRSUs and Warrants (in shares)	0		0		0	0
Diluted Weighted Average Number of Shares (in shares)	269,120,537		198,673,515		257,989,930	194,314,507
NET LOSS PER SHARE, BASIC AND DILUTED (in dollars per share)	$ (0.02)		$ (0.02)		$ (0.03)	$ (0.04)

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Note 16 - Segmented Information (Details Textual)	6 Months Ended
	Jan. 31, 2022 USD ($)	Jul. 31, 2021 USD ($)
Number of Reportable Segments	1
Long-Lived Assets	$ 236,556,704	$ 94,495,723
UNITED STATES
Long-Lived Assets	$ 197,452,623
Percentage of Long Term Assets	83.00%

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Note 16 - Segmented Information - Long-term Assets by Geographic Segments (Details) - USD ($)	Jan. 31, 2022	Jul. 31, 2021	Jan. 31, 2021	Jul. 31, 2020
Mineral Rights and Properties	$ 174,712,496	$ 63,784,003
Property, Plant and Equipment	20,286,678	7,358,037
Restricted Cash	15,792,274	2,037,677	$ 1,839,300	$ 1,839,216
Equity-Accounted Investment	23,009,832	20,729,674
Other Non-Current Assets	2,755,424	586,332
Total Long-Term Assets	236,556,704	94,495,723
United States Texas [Member]
Mineral Rights and Properties	12,420,411	12,421,161
Property, Plant and Equipment	6,645,133	6,645,905
Restricted Cash	1,948,704	1,948,704
Equity-Accounted Investment	0	0
Other Non-Current Assets	639,637	522,306
Total Long-Term Assets	21,653,885	21,538,076
United States Arizona [Member]
Mineral Rights and Properties	4,677,477	4,627,477
Property, Plant and Equipment	0	0
Restricted Cash	15,000	15,000
Equity-Accounted Investment	0	0
Other Non-Current Assets	0	0
Total Long-Term Assets	4,692,477	4,642,477
United States Wyoming [Member]
Mineral Rights and Properties	141,941,693	31,527,870
Property, Plant and Equipment	13,243,462	312,763
Restricted Cash	13,828,570	73,973
Equity-Accounted Investment	0	0
Other Non-Current Assets	1,915,565	16,000
Total Long-Term Assets	170,929,290	31,930,606
United States Other States [Member]
Mineral Rights and Properties	176,971	146,971
Property, Plant and Equipment	0	0
Restricted Cash	0	0
Equity-Accounted Investment	0	0
Other Non-Current Assets	0	0
Total Long-Term Assets	176,971	146,971
CANADA
Mineral Rights and Properties	982,358	546,938
Property, Plant and Equipment	29,388	34,036
Restricted Cash	0	0
Equity-Accounted Investment	23,009,832	20,729,674
Other Non-Current Assets	200,222	48,026
Total Long-Term Assets	24,221,800	21,358,674
PARAGUAY
Mineral Rights and Properties	14,513,586	14,513,586
Property, Plant and Equipment	368,695	365,333
Restricted Cash	0	0
Equity-Accounted Investment	0	0
Other Non-Current Assets	0	0
Total Long-Term Assets	$ 14,882,281	$ 14,878,919

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Note 16 - Segmented Information - Operating Results by Geographic Segments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021
Sales and service revenue	$ 13,190,925	$ 0	$ 13,190,925	$ 0
COST OF SALES AND SERVICES	(9,248,208)	0	(9,248,208)	0
Gross profit	3,942,717	0	3,942,717	0
Mineral Property Expenditures	2,109,173	961,257	3,765,689	1,663,018
General and administrative	3,715,438	2,464,703	6,832,149	5,050,392
Acquisition-related costs	2,644,980	0	2,644,980	0
Depreciation, amortization and accretion	402,980	97,598	501,420	196,778
Loss from operations	(4,929,854)	(3,523,558)	(9,801,521)	(6,910,188)
Other income (expenses)	(545,901)	61,458	2,250,896	(1,516,265)
Loss before income taxes	(5,475,755)	(3,462,100)	(7,550,625)	(8,426,453)
United States Texas [Member]
Sales and service revenue	0		0
COST OF SALES AND SERVICES	0		0
Gross profit	0		0
Mineral Property Expenditures	1,105,249	602,513	2,257,326	1,079,843
General and administrative	2,482,465	1,895,718	5,084,274	4,063,077
Acquisition-related costs	0		0
Depreciation, amortization and accretion	89,655	89,372	179,255	178,744
Loss from operations	(3,677,369)	(2,587,603)	(7,520,855)	(5,321,664)
Other income (expenses)	(1,058,214)	(537,622)	(1,031,385)	(1,417,836)
Loss before income taxes	(4,735,583)	(3,125,225)	(8,552,240)	(6,739,500)
United States Arizona [Member]
Sales and service revenue	0		0
COST OF SALES AND SERVICES	0		0
Gross profit	0		0
Mineral Property Expenditures	28,274	31,452	57,849	62,476
General and administrative	3,720	4,105	7,440	7,825
Acquisition-related costs	0		0
Depreciation, amortization and accretion	0	0	0	0
Loss from operations	(31,994)	(35,557)	(65,289)	(70,301)
Other income (expenses)	(4,768)	(4,768)	(9,535)	(9,535)
Loss before income taxes	(36,762)	(40,325)	(74,824)	(79,836)
United States Wyoming [Member]
Sales and service revenue	44,925		44,925
COST OF SALES AND SERVICES	(37,438)		(37,438)
Gross profit	7,487		7,487
Mineral Property Expenditures	663,117	169,576	862,936	270,066
General and administrative	162,413	20,249	183,808	37,719
Acquisition-related costs	2,644,980		2,644,980
Depreciation, amortization and accretion	308,122	3,719	311,841	7,438
Loss from operations	(3,771,145)	(193,544)	(3,996,078)	(315,223)
Other income (expenses)	(43,394)	(5,766)	(43,194)	(5,566)
Loss before income taxes	(3,814,539)	(199,310)	(4,039,272)	(320,789)
United States Other States [Member]
Sales and service revenue	13,146,000		13,146,000
COST OF SALES AND SERVICES	(9,210,770)		(9,210,770)
Gross profit	3,935,230		3,935,230
Mineral Property Expenditures	16,336	16,336	36,760	36,405
General and administrative	395	345	740	718
Acquisition-related costs	0		0
Depreciation, amortization and accretion	0	0	0	0
Loss from operations	3,918,499	(16,681)	3,897,730	(37,123)
Other income (expenses)	0	0	0	0
Loss before income taxes	3,918,499	(16,681)	3,897,730	(37,123)
CANADA
Sales and service revenue	0		0
COST OF SALES AND SERVICES	0		0
Gross profit	0		0
Mineral Property Expenditures	(11)	4,779	2,960	7,571
General and administrative	1,055,768	533,421	1,535,520	918,629
Acquisition-related costs	0		0
Depreciation, amortization and accretion	3,807	4,972	7,505	9,280
Loss from operations	(1,059,564)	(543,172)	(1,545,985)	(935,480)
Other income (expenses)	559,447	609,666	3,333,179	(88,329)
Loss before income taxes	(500,117)	66,494	1,787,194	(1,023,809)
PARAGUAY
Sales and service revenue	0		0
COST OF SALES AND SERVICES	0		0
Gross profit	0		0
Mineral Property Expenditures	296,208	136,601	547,858	206,657
General and administrative	10,677	10,865	20,367	22,424
Acquisition-related costs	0		0
Depreciation, amortization and accretion	1,396	(465)	2,819	1,316
Loss from operations	(308,281)	(147,001)	(571,044)	(230,397)
Other income (expenses)	1,028	(52)	1,831	5,001
Loss before income taxes	$ (307,253)	$ (147,053)	$ (569,213)	$ (225,396)