The Reno Creek Project is a Development stage ISR uranium project located in the Pumpkin Buttes Uranium District in Campbell County, Wyoming, in the south-central portion of the Powder River Basin. The Reno Creek Project is 100% owned by a wholly owned subsidiary of Uranium Energy Corp. ("UEC").

The Reno Creek Royalty does not apply to the entire project area for the Reno Creek Project. The royalty currently applies to approximately 17,685 acres of the total project area of 19,769 acres disclosed by UEC. The royalty covers approximately 4,270 acres, or approximately 70% of the 6,057 acres of permitted area that defines the North Reno and South Reno Creek Mine Units.

The information below regarding project milestones and recent developments for the Reno Creek Project has been summarized from the Reno Creek Technical Report(1), a copy of which is available under UEC's profile on SEDAR (, and from UEC's public discloure.

The Reno Creek Project resulted from the consolidation of certain lands acquired by Strathmore Minerals Corp. and American Uranium Corporation between 2004 and 2007 into a joint venture. In 2017, UEC acquired the North Reno Creek, Southwest Reno Creek, Moore, Pine Tree and Bing units of the project. In 2018, UEC acquired additional units in North Reno Creek as a result of its acquisition of Uranerz Energy Corporation from Energy Fuels Inc. The Reno Creek Royalty does not apply to the North Reno Creek units acquired from Uranerz Energy Corporation.

In January of 2019, UEC filed the Reno Creek Technical Report(1), which includes a mineral resource estimate for the Reno Creek Project. The mineral resource estimate disclosed in the Reno Creek Technical Report(1) includes a measured and indicated resource of 26.00 mmlb of U308 (32.0 million short tons or 29.0 million tonnes at an average grade of 0.041% U308) and an inferred resource of 1.49 mmlb of U308 (1.92 million short tons or 1.74 million tonnes at an average grade of 0.039% U308), with approximately 45% of the measured and indicated resource and approximately 85% of the inferred resource contained in the North Reno Creek area of the project.

UEC has disclosed that the Reno Creek Project is construction-ready and fully permitted, having obtained its Wyoming Department of Environmental Quality permit to mine in July of 2015, its aquifer exemption from the United States Environmental Protection Agency. in October of 2015 and its source and by-product materials license from the United States Nuclear Regulatory Commission in February of 2017.

In February of 2019, UEC announced that it was prioritizing the advancement of the Reno Creek Project, further disclosing that it is directing an independent preliminary feasibility study on the Reno Creek Project in order to expedite upcoming construction in advancing the project towards production.

Note 1:
Technical Report and Audit of Resources of the Reno Creek ISR Project, Campbell County, Wyoming, USA dated December 31, 2018 and authored by Robert E. Cameron, Ph.D., MMSA, and Robert Maxwell, CPG, AIPG.