uec20231031_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended October 31, 2023

☐	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.)

500 North Shoreline, Ste. 800, Corpus Christi, Texas, U.S.A.		78401
(U.S. corporate headquarters)		(Zip Code)

1830 – 1188 West Georgia Street Vancouver, British Columbia, Canada (Canadian corporate headquarters)		V6E 4A2 (Zip Code)

(Address of principal executive offices)

	(361) 888-8235
	(Registrant’s telephone number, including area code)

	Not applicable
	(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 ☐

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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. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

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: 392,979,724 shares of common stock outstanding as of December 8, 2023.

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URANIUM ENERGY CORP.

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PART I – FINANCIAL INFORMATION		4

Item 1.	Financial Statements	4

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	33

Item 4.	Controls and Procedures	33

PART II – OTHER INFORMATION		35

Item 1.	Legal Proceedings	35

Item 1A.	Risk Factors	35

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	47

Item 3.	Defaults Upon Senior Securities	47

Item 4.	Mine Safety Disclosures	47

Item 5.	Other Information	47

Item 6.	Exhibits	47

SIGNATURES		49

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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

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URANIUM ENERGY CORP.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE three months ended October 31, 2023

(Unaudited – Expressed in thousands of U.S. Dollars unless otherwise stated)

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URANIUM ENERGY CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited – Expressed in thousands of U.S. dollars)

	*Notes*	*October 31, 2023*			July 31, 2023

CURRENT ASSETS
Cash and cash equivalents		$	50,240		$	45,614
Inventories	3		42,939			6,207
Prepaid expenses and deposits			10,449			2,682
Accounts and other receivables			542			702
TOTAL CURRENT ASSETS			104,170			55,205

MINERAL RIGHTS AND PROPERTIES	4		556,423			565,560
PROPERTY, PLANT AND EQUIPMENT	5		20,062			19,728
RESTRICTED CASH	6		7,251			7,251
EQUITY-ACCOUNTED INVESTMENTS	7		53,364			48,110
INVESTMENT IN EQUITY SECURITIES	8		53,347			38,656
OTHER NON-CURRENT ASSETS			3,512			3,079
TOTAL ASSETS		$	798,129		$	737,589

CURRENT LIABILITIES
Accounts payable and accrued liabilities		$	17,581		$	10,525
Asset retirement obligations - current	9		1,515			1,515
Derivative liabilities	10		11,214			-
Other current liabilities			292			154
TOTAL CURRENT LIABILITIES			30,602			12,194

ASSET RETIREMENT OBLIGATIONS	9		17,394			17,155
OTHER NON-CURRENT LIABILITIES			1,509			1,020
DERIVATIVE LIABILITIES	10		-			4,313
DEFERRED TAX LIABILITIES			66,419			71,080
TOTAL LIABILITIES			115,924			105,762

STOCKHOLDERS’ EQUITY
Capital stock
Common stock $0.001 par value: 750,000,000 shares authorized, 389,668,725 shares issued and outstanding (July 31, 2023 - 378,452,864)	11		390			378
Additional paid-in capital			982,831			924,737
Accumulated deficit			(286,359	)		(289,680	)
Accumulated other comprehensive loss			(14,657	)		(3,608	)
TOTAL EQUITY			682,205			631,827
TOTAL LIABILITIES AND EQUITY		$	798,129		$	737,589

SUBSEQUENT EVENTS	11

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

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URANIUM ENERGY CORP.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited – Expressed in thousands of U.S. dollars, except share and per share data)

		Three Months Ended
		October 31,
	Notes	2023			2022
SALES AND SERVICE REVENUE	13	$	108		$	57,292
COST OF SALES AND SERVICES	13		(90	)		(43,434	)
GROSS PROFIT			18			13,858

OPERATING COSTS
Mineral property expenditures			5,686			4,051
General and administrative			5,200			5,722
Depreciation, amortization and accretion	4,5,9		517			492
TOTAL OPERATING COSTS			11,403			10,265
INCOME (LOSS) FROM OPERATIONS			(11,385

SEC Form 10-Q filed by Uranium Energy Corp.