Uranium Energy Corp. announced that it has filed a Technical Report Summary (‘TRS') on EDGAR disclosing updated mineral resources for the Company's Shea Creek Project (the ‘Project' or ‘Shea Creek'). UEC indirectly owns 49.0975% of the Project and Orano Canada Resources (‘Orano') owns the remainder and is the Project operator.

Background: As a U.S. domestic and domiciled company, UEC is now reporting all mineral resources in accordance with Item 1302 of Regulation S-K (‘S-K 1300'); S-K 1300 was adopted by the Securities and Exchange Commission (the ‘SEC') to modernize mineral property disclosure requirements for mining registrants and to align U.S. disclosure requirements more closely for mineral properties with current industry and global regulatory standards; and The mineral resource estimate set in this TRS for the Shea Creek Project have not previously been reported under the S-K 1300 format. About Shea Creek: The Shea Creek Project is located in the Western Athabasca Basin, approximately 15 km south of Orano's past-producing Cluff Lake mine and 50 km north of NexGen's Arrow and Fission Uranium's Triple R deposits. The Shea Creek deposits were the first new discoveries in the rapidly developing Western Athabasca uranium district.

Shea Creek is a joint venture between UEX (49.0975%) and Orano (50.9025%). Uranium mineralization at Shea Creek is located at just above, and extends well below, the unconformity between Athabasca Group Sandstone and the underlying older basement rocks, which occurs at depths between 700 and 800 m. Four unconformity-related deposits have been discovered to date on the Shea Creek Project: Kianna, Anne, Colette and 58B; and all four deposits remain open for expansion. These deposits occur along a three km stretch of the greater than 30 km long Saskatoon Lake Conductor Trend.

Uranium occurs as unconformity- style uranium mineralization with basement ore shoots that can extend more than 200 m below the unconformity surface and up to 100 m above the unconformity. UEC believes there is a very high potential to expand uranium resources in the basement rocks within the existing footprint of Shea Creek. The discovery potential along the remaining 26 km of the Saskatoon Lake Conductor Trend is also considered to be very good given the sparse drilling along the trend.

One of the best results along the trend is located only two km south of the Anne deposit, where drillhole SHE-002 intersected 0.34% U3O8 /0.4 m. Limited follow-up drilling in the SHE-002 area in 2015 encountered a wide zone of indicative hydrothermal clay alteration and anomalous uranium that has been observed proximal to the Shea Creek deposit. Resource Disclosure: The Shea Creek mineral resource estimate for the four deposits were determined using a cut-off grade of 0.30% U3O8. A total of 2,056,000 tonnes containing 67.57 million pounds of U3O8 at an average grade of 1.491% U3O8 have been estimated in the indicated mineral resource category.

A total of 1,254,000 tonnes containing 28.06 million pounds of U3O8 at an average grade of 1.015% U3O8 have been estimated in the inferred mineral resource category. The current mineral resource estimate includes the results from 477 diamond drill holes totaling 402,800 m which were drilled from 1992 to 2012. On average, indicated resource blocks were located within eight m of a drill hole and inferred blocks within 16 m. Mineralized wireframes of the Colette, 58B, Kianna and Anne zones bound perched, unconformity, and basement mineralization was prepared at a 0.05% U3O8 mineralized threshold to constrain the mineral resource estimate at each deposit area.

The estimate was completed by ordinary kriging using Gemcom software with block sizes of five by five by five m. The impact of anomalously high-grade samples was controlled through a process of grade capping and as well as interpolation distance restrictions for some 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 U3O8 and using Inductively Couple Plasma Optical Emission Spectroscopy for samples determined by ICP-MS to contain uranium concentrations higher than 1,000 ppm U3O8. Duplicate and independent check analyses were performed on approximately 5% of the mineralized assay database.

In cases where geochemical analyses were not available due to incomplete sampling or core recovery issues, downhole gamma probe data were used to calculate equivalent uranium grades obtained using a DHT27-STD gamma probe which collects continuous readings along the length of the drill hole. Probe results were calibrated using an algorithm calculated from comparison of probe results against geochemical analyses in previous holes in the Shea Creek area.