TECHNICAL REPORT AND AUDIT OF RESOURCES OF THE RENO CREEK ISR PROJECT, CAMPBELL COUNTY, WYOMING, USA LATITUDE 43°36′52″TO LATITUDE 43°44′51″ NORTH LONGITUDE 105°37′22″ TO LONGITUDE 105°47′17″ WEST 31 December 2018 Prepared By: Robert E. Cameron, Ph.D., MMSA 01357QP Robert D. Maxwell, CPG, AIPG #10903 Prepared For: Uranium Energy Corporation 500 North Shoreline Blvd., Suite 800N Corpus Christi, Texas 78401 Prepared By: Office: +1 (303) 620 0020 • [email protected] • www.dolbear.com Behre Dolbear Group Inc. 4255 South Buckley Road, #425 Aurora, Colorado 80013 USA Technical Report and Audit of Resources of the Reno Creek ISR Project 31 December 2018 TABLE OF CONTENTS 1.0 SUMMARY .................................................................................................................................. 1 1.1 PROPERTY DESCRIPTION AND LOCATION ........................................................................... 1 1.2 HISTORY AND STATUS ..................................................................................................... 3 1.3 GEOLOGY AND MINERALIZATION ...................................................................................... 5 1.4 MINERAL RESOURCES ...................................................................................................... 5 1.5 PROPOSED RECOVERY TECHNIQUE ................................................................................... 8 1.6 CONCLUSIONS AND RECOMMENDATIONS .......................................................................... 8 2.0 INTRODUCTION.......................................................................................................................... 9 2.1 PURPOSE OF THE REPORT ................................................................................................ 9 2.2 SOURCES OF INFORMATION AND DATA ............................................................................. 9 2.3 QUALIFIED PERSONS/PROFESSIONALS AND AUTHORS ........................................................ 9 2.4 CURRENCY AND UNITS OF MEASUREMENT ....................................................................... 10 3.0 RELIANCE ON OTHER EXPERTS .................................................................................................. 11 4.0 PROPERTY DESCRIPTION AND LOCATION .................................................................................... 12 4.1 PROPERTY DESCRIPTION................................................................................................ 12 4.2 LOCATION .................................................................................................................... 14 4.3 MINERAL TENURE, RIGHTS, AND ROYALTIES .................................................................... 14 4.4 OTHER SIGNIFICANT FACTORS OR RISKS ........................................................................ 15 5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY ................. 16 5.1 TOPOGRAPHY, ELEVATION, AND VEGETATION .................................................................. 16 5.2 ACCESS TO THE PROPERTY ............................................................................................ 17 5.3 PROXIMITY OF THE PROPERTY TO POPULATION CENTERS AND TRANSPORTATION ................ 17 5.4 CLIMATE AND LENGTH OF OPERATING SEASON ................................................................ 18 5.5 SURFACE RIGHTS FOR ISR OPERATIONS, POWER, MINING PERSONNEL, AND LAND AVAILABLE FOR PROCESSING FACILITIES ............................................................... 18 6.0 HISTORY ................................................................................................................................. 19 6.1 PRIOR OWNERSHIP AND OWNERSHIP CHANGES ............................................................... 19 6.1.1 North Reno Creek and Southwest Reno Creek Units ................................................ 19 6.1.2 Moore, Pine Tree, and Bing Units .......................................................................... 19 6.2 TYPE, AMOUNT, QUANTITY, AND RESULTS OF WORK BY PREVIOUS OWNERS ....................... 20 6.2.1 Disequilibrium Studies ........................................................................................ 20 6.2.2 North Reno Creek and Southwest Reno Creek ........................................................ 21 6.2.3 Moore Unit ........................................................................................................ 21 6.2.4 Pine Tree Unit .................................................................................................... 22 6.2.5 Bing Unit ........................................................................................................... 22 6.3 HISTORICAL MINERAL RESOURCE ESTIMATES .................................................................. 22 6.4 PRODUCTION ................................................................................................................ 23 7.0 GEOLOGICAL SETTING AND MINERALIZATION ............................................................................. 24 7.1 REGIONAL GEOLOGY ..................................................................................................... 24 7.2 SITE GEOLOGY.............................................................................................................. 26 7.2.1 North Reno Creek/Uranerz Geology ...................................................................... 28 7.2.2 Moore Resource Unit Geology .............................................................................. 32 7.2.3 Pine Tree Resource Unit Geology .......................................................................... 33 7.2.4 Bing Resource Unit Geology ................................................................................. 35 7.2.5 Lithologic Characteristics ..................................................................................... 36 Project 18-095 i BEHRE DOLBEAR Technical Report and Audit of Resources of the Reno Creek ISR Project 31 December 2018 TABLE OF CONTENTS (CONTINUED) 8.0 DEPOSIT TYPE ......................................................................................................................... 38 8.1 DEPOSIT TYPE AND GEOLOGIC MODEL ............................................................................ 38 9.0 EXPLORATION .......................................................................................................................... 39 10.0 DRILLING ................................................................................................................................ 40 10.1 TYPE AND EXTENT OF DRILLING ..................................................................................... 40 10.1.1 North Reno Creek and Southwest Reno Creek Unit Drilling ...................................... 40 10.1.2 Moore Unit Drilling .............................................................................................. 41 10.1.3 Pine Tree Unit Drilling ......................................................................................... 42 10.1.4 Bing Unit Drilling ................................................................................................ 42 11.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY ...................................................................... 43 11.1 DOWNHOLE GEOPHYSICAL LOGGING ............................................................................... 43 11.2 CORE DRILLING ............................................................................................................ 43 12.0 DATA VERIFICATION ................................................................................................................. 45 12.1 DATABASE .................................................................................................................... 45 12.1.1 Data Preparation ................................................................................................ 45 12.1.2 Data Verification ................................................................................................ 46 12.1.3 Data Adequacy ................................................................................................... 48 12.2 CORE SAMPLING ........................................................................................................... 48 13.0 MINERAL PROCESSING AND METALLURGICAL TESTING ................................................................ 51 13.1 CORE ANALYSES ........................................................................................................... 51 13.1.1 Permeability and Porosity Measurements ............................................................... 51 13.1.2 Effective Porosity – Nuclear Magnetic Resonance .................................................... 52 13.1.3 Metallurgical Testing ........................................................................................... 52 13.1.4 Column Leach .................................................................................................... 55 13.1.5 Equilibrium Study ............................................................................................... 55 13.1.6 Host Rock Characteristics .................................................................................... 56 13.1.7 Implications for the Uranerz Acquisition ................................................................ 57 14.0 MINERAL RESOURCE ESTIMATES ...............................................................................................