Uranium Energy Corp. announced that it has filed a Technical Report Summary ("TRS") on EDGAR disclosing updated mineral resources for the Company's Horseshoe-Raven Project (the "Project" or "Horseshoe-Raven"). UEC indirectly owns 100% of the Project.

UEC's 100%-owned Horseshoe-Raven Project is most advanced Canadian exploration stage project, located only 5 km south of Cameco's Rabbit Lake Mill. The Project has direct access to all-weather roads and power infrastructure. Given the shallow depths to mineralization (between 100 and 450 m depth), uranium grades and lack of sandstone cover, the Horseshoe and Raven Deposits are potentially amenable to combined conventional open pit and underground mine development and should not require costly ground freezing to prevent water incursion or extra radiation protection measures routinely employed at many of Saskatchewan's uranium operations.

In 2016 additional metallurgical testing was completed on the Horseshoe and Raven mineralization with the objective of evaluating the potential benefit of heap leach extraction in lieu of toll milling. The testing program was conducted by SGS Lakefield Laboratories and was successful at demonstrating the potential of heap leaching. This historical scoping study was completed on the Horseshoe and Raven Deposits by JDS Mining in December 2016.

The results of the study indicate that further investigations into heap leaching as an extraction method for the Horseshoe and Raven mineralization are warranted. The current mineral resource estimate includes the results from 715 diamond drill holes totaling 210,385 m which were drilled from 2005 to 2011. Mineralized wireframes of the Horseshoe and Raven Deposits were prepared at a 0.02% U3O8 mineralized threshold to constrain the mineral resource estimate at each deposit area.

The estimate was completed by inverse distance weighting squared algorithm using Datamine Studio RM software and utilized block sizes of 5 x 5 x 2.5 m for parent blocks and 0.25 x 0.25 x 0.25 m subcells. The impact of anomalously high-grade samples were controlled through a process of grade capping for all zones. The mineral resource estimate primarily utilized uranium geochemical analyses from the Saskatchewan Research Council Geoanalytical Laboratories in Saskatoon, Saskatchewan, obtained through Inductively Coupled Plasma Mass Spectroscopy ("ICP-MS") for all samples with grades lower than 1,000 ppm U and using Inductively Couple Plasma Optical Emission Spectroscopy for samples determined by ICP-MS to contain uranium concentrations higher than 1,000 ppm U. Duplicate and independent check analyses were performed on approximately 5% of the mineralized assay database.

Summary capital and operating cost estimates are not included with the TRS since the Company is reporting the results of an initial assessment. The TRS has been prepared and the technical information in this news release respecting the TRS has been reviewed by each of Nathan A. Barsi, P.Geo., UEC's District Geologist, Roger M. Lemaitre, P.Eng., P.Geo., and Christopher J. Hamel P.Geo., Vice President Exploration, Canada, for the Company, all Qualified Persons under Item 1302 of S-K 1300.