Summary

Deposit type

• Sedimentary

Summary:

Uranium mineralization at the Burke Hollow Project Area is typical of Texas roll-front sandstone deposits. All mineralization at the Burke Hollow Project Area occurs in the Goliad Formation. Uranium mineralization occurs along oxidation/reduction interfaces in fluvial channel sands of the Goliad Formation. These deposits consist of multiple mineralized sand horizons which are separated vertically by confining beds of silt, mudstone, and clay.

The uranium-bearing sands of the Goliad Formation at the Burke Hollow Project Area occur beneath a thin layer of Pleistocene-aged Lissie Formation gravels, sands, silts, and clays, which overlie much of the Burke Hollow Project Area. The Goliad Formation uncomfortably underlies the Lissie Formation. Uranium mineralization discovered to date occurs within three of the four sand members of the Goliad, designated as the uppermost Goliad A, Goliad B and the lowermost Goliad D.

The Goliad sand is one of the principal water-bearing formations in South Texas and is capable of yielding moderate to large quantities of water. All of the project areas included in this Burke Hollow Project Area target the Goliad Formation, which is a proven aquifer with characteristics favorable to ISR.

There are two northeast-southwest trending faults at the Burke Hollow Project Area that are likely related to the formation of uranium mineralization. The northwesterly fault is a typical Gulf Coast normal fault, downthrown toward the coast, while the southeastern fault is an antithetic fault downthrown to the northwest, forming a large graben structure. The presence of these faults is likely related to the increased mineralization at the site. The faulting may have served as conduits for reducing waters and natural gas to migrate upward from deeper horizons, as well as altering the groundwater flow system in the uranium-bearing sands.

Mining Methods

• Solution mining

Summary:

The Burke Hollow Project consists of one fee (private) mineral lease area that would allow for the mining of uranium by ISR methods while utilizing the land surface (with variable conditions) as needed, for mining wells and above ground surface facilities for fluid processing and uranium production during the mining and groundwater restoration phases of the Burke Hollow Project.

The present condition of the property is considered advanced with monitor well installation completed in the first production area. A caliche pad site with offices and storage containers in addition to some all-weather roads are constructed, and plans are in place for power and other infrastructure needs. Construction of the Burke Hollow IX facility and first production area were initiated in Fiscal 2025. IX columns were installed and loaded with resin, and drilling of the deep disposal well was completed with testing underway, necessary for the well completion report to be submitted to TCEQ. Additionally, the high-density polyethylene trunkline between the satellite IX facility and the first production area was fused, pressure tested and connected to the IX facility. Installation of wellfield and IX facility equipment has continued concurrently through Fiscal 2025 with provision of three-phase power to the project site by the utility provider.

ISR mining involves circulating oxidized water through an underground uranium deposit, dissolving the uranium and then pumping the uranium-rich solution to the surface for processing. Oxidizing solution enters the formation through a series of injection wells and is drawn to a series of communicating extraction wells. To create a localized hydrologic cone of depression in each wellfield, more groundwater will be produced than injected. Under this gradient, the natural groundwater movement from the surrounding area is toward the wellfield, providing control of the injection fluid. Over-extraction is adjusted as necessary to maintain a cone of depression which ensures that the injection fluid does not move outside the permitted area.

The uranium-rich solution is pumped from an ore zone to the surface and circulated through a series of ion exchange columns located at the mine site. The solution flows through resin beads inside an ion exchange column where the uranium bonds to small resin beads. As the solution exits the ion exchange column, it is mostly void of uranium and is re-circulated back to the wellfield and through the ore zone. Once the resin beads are fully loaded with uranium, they are transported by truck to the Hobson Processing Facility and transferred to a tank for flushing with a brine solution, or elution, which strips the uranium from the resin beads. The stripped resin beads are then transported back to the mine and reused in the ion exchange columns. The uranium solution, now free from the resin, is precipitated out and concentrated into a slurry mixture and fed to a filter press to remove unwanted solids and contaminants. The slurry is then dried in a zero-emissions rotary vacuum dryer, packed in metal drums and shipped out as uranium concentrates, or yellowcake, to a conversion facility for storage and sales.

Comminution

Crushers and Mills

Processing

• Resin adsorption
• Elution
• Filter press
• In-Situ Recovery (ISR)
• Ion Exchange (IX)

Summary:

The Hobson Processing Facility processes material from ISR mines into drums of U3O8. Since commencement of uranium extraction from ISR mines in November 2010 to July 31, 2025, the Hobson Processing Facility has processed 578,000 pounds of U3O8.

A “hub-and-spoke” strategy is utilized whereby the Hobson Processing Facility, with a physical capacity to process uranium-loaded resins up to two million pounds of U3O8 annually and licensed to process up to four million pounds annually, acts as the central processing site (the “hub”) for the Palangana Mine and future satellite uranium mining activities, such as the Burke Hollow Project within the South Texas Uranium Belt (the “spokes”).

The Hobson CPP has previously processed uranium from Uranium Energy Corp.’s (UEC) Palangana Mine satellite facility (i.e., the first UEC ‘spoke’), and UEC plans to also process uranium from its Burke Hollow, Goliad, and Salvo Project satellite facilities.

The Hobson CPP consists of a resin transfer circuit for loading/unloading IX resin from tanker trucks, an elution circuit to strip uranium from the IX resin, a circuit to precipitate uranium oxide solids, a yellowcake thickener (if necessary), and a modern, zero-emission vacuum dryer. Other facilities and equipment include an advanced laboratory with inductively coupled plasma mass spectrometry, an office building, yellowcake and byproduct storage areas, chemical storage tanks, and one permitted and constructed waste disposal well. Another waste disposal well is permitted but has not been drilled because additional capacity is not required at this time. With an average dryer cycle time of 40 hours and a dryer loading capacity of 8 to 10 drums, the plant capable of yielding up to 1.5 million pounds per year without physical modifications. An amendment to the license to increase annual capacity to 4.0 million pounds was recently approved, so the Hobson CPP is now permitted for production of up to four million pounds of uranium concentrates (yellowcake or U3O8) annually.

WWC personnel visited the Hobson CPP on November 2, 2021, and found it to be in a well-maintained and fully operational condition, although the plant was inactive (i.e., not processing uranium-loaded resin) during the site visit. The Hobson CPP will serve as the “hub” of the Hobson Project Area with the other project areas functioning as satellite facilities, or the “spokes.” Mineral is mined at the project areas and transported to the Hobson CPP for processing.

Water Supply

Summary:

At all Uranium Energy Corp. (UEC)’s ISR projects the ore hosted groundwater does not meet either primary or secondary drinking water standards and should only be used for industrial or agricultural use without proper treatment.

Water consumption at UEC’s ISR mining projects is primarily natural groundwater. During the recovery process, water is pumped from the ore hosted aquifer and piped to the satellite facility. The groundwater is filtered for solids, stripped of uranium, allowed to settle and then approximately 95% is reinjected or recirculated back into the same aquifer it was recovered from. This recycling process is an overwhelming advantage of ISR mining compared to other methods such as conventional or open pit.

Commodity Production

Personnel

Job Title	Name	Profile	Ref. Date
Chief Executive Officer	Amir Adnani		Sep 29, 2025
Sr. Vice President Operations	Brent Berg		Sep 29, 2025
VP, Corporate Development	Bruce Nicholson		Sep 29, 2025