Uranium Energy Corp. (UEC): Takeaways from investor meetings; Buy

Research evidence excerpt

Uranium Energy Corp. (UEC): Takeaways from investor meetings; Buy

Equity Research

15 June 2026 | 8:55PM EDT

We hosted investor meetings with UEC’s CEO Amir Adnani in NYC on 6/15, where Brian Lee, CFA

+1(917)343-3110 | brian.k.lee@gs.com

investor discussions were centered on (i) the company’s near-to-medium term Goldman Sachs & Co. LLC

production profile, (ii) recent permitting delays, (iii) and potential industry catalysts. Tyler Bisset, CFA

We remain Buy rated with our key takeaways from the roadshow summarized in more +1(212)357-5510Goldman Sachs & Co.| tyler.bisset@gs.comLLC

detail within. Keshav Choudhary

+1(332)245-7971 |

keshav.choudhary@gs.com

Goldman Sachs India SPL

Takeaways

n Increasing scale provides more flexibility. Over the past year, UEC has

expanded from an exploration stage uranium company to a producer with two

operating mines, and within a year will be adding a third operating mine through

its Ludeman project. The company is also advancing several other projects,

including its Sweetwater and Roughrider projects. While UEC has endured some

production delays, mostly related to receiving permits for new header houses,

the company sees a more diversified production profile as providing more

operational and financial flexibility. In particular, the company discussed how a

more diversified production base can allow it to divert capital to more

productive mining areas or those with greater returns. Management mentioned

that Christensen Ranch maintains more challenging terrain than at Burke Hollow

and Ludeman, making it more difficult to develop new header houses. However,

the company advanced Christensen Ranch as its first asset because it was a

brownfield mine that allowed for a more rapid start-up of production as it

progressed its greenfield assets.