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Uranium Energy Corp Intersects 12.7% eU3O8 over 7.2 metres, 850 m northeast of Roughrider Deposit Share:

Uranium Energy Corp (NYSE American: UEC, the “Company” or “UEC”) is pleased to report drill results from its Roughrider Project located in Northern Saskatchewan, Canada. Drilling 850 m northeast of the Roughrider Deposit has intersected the best hole to date outside of the resource area on a parallel trend to Roughrider.

  • Exploration Drilling: UEC’s ongoing drill program has intersected basement-hosted uranium mineralization in drill hole RR-940 that grades 6.96% eU3O8 over 13.5 m with a higher-grade sub-interval that grades 12.7% eU3O8 over 7.2 metres. UEC will continue drilling in this area to evaluate the potential for additional resources.
  • Regional drilling benefits from new ANT survey technology: In April of this year, UEC conducted an Ambient Noise Tomography (“ANT”) survey. This new exploration technology is being applied to Roughrider for the first time and has identified new targets along existing exploration corridors.
  • Roughrider next steps: UEC has a three-prong approach to advancing Roughrider,
    • 1) continue growing the project’s resources with an additional 25 holes this summer to further investigate the Roughrider north exploration corridor,
    • 2) advance the Initial Assessment (“IA”) Technical Report Summary (“TRS”) that is based on the existing project resources, this work is substantially complete and is anticipated in the coming months,
    • 3) EA baseline studies, along with community engagement to advance licensing and permitting.

Chris Hamel, Vice President Exploration, Canada stated: “We have accelerated the pace of project work at Roughrider this summer by utilizing three drills and the results thus far have exceeded our expectations. We have been able to successfully follow-up on results that Rio Tinto had intersected northeast of Roughrider with the best hole on the project outside the deposit area. We have intersected uranium mineralization in multiple drill holes between the East and Far East Zones, further demonstrating there is likely continuity between these zones. The north exploration corridor is largely untested and our team, with the help of the ANT survey, has been able to develop priority drill targets along the trend. UEC continues to advance the project on parallel tracks by working on an economic study for the project while also updating the Environmental Assessment baseline work and conducting an aggressive drilling campaign.”

Table 1, outlined below, details the equivalent uranium intersections (eU3O8) from select drill holes from the 2024 summer campaign. Figure 1 shows the immediate Roughrider project area in the Northern part of Athabasca Basin, and Figure 2 illustrates a wider picture of where the Roughrider project is located within the Athabasca Basin.

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