Financial Analysis

NOTE 16: STOCK-BASED COMPENSATION Stock Options During Fiscal 2025 , Fiscal 2024 , and Fiscal 2023 , we granted stock options under our stock incentive plans to certain directors, officers, employees and consultants to purchase an aggregate of 102,036, 483,461 and 3,507,004 shares of the Company, respectively, which are subject to a 24-month vesting provision whereby, at the end of each of the first three and six months after the grant date, 12.5% of the total stock options become exercisable, and whereby at the end of each of 12, 18 and 24 months after the grant date, 25% of the total stock options become exercisable. In addition, during Fiscal 2023, we granted performance stock options (PSOs) under our current stock incentive plan to certain of our directors and officers to purchase an aggregate up to 150,367 shares of the Company. No PSOs were granted in Fiscal 2024 and Fiscal 2025. The PSOs granted in Fiscal 2023 are subject to a three -year vesting provision whereby one - third of the total PSOs become exercisable at the end of each of the first, second and third year after the date of grant. During Fiscal 2025, we granted stock options under our current stock incentive plan to one of our officers to purchase an aggregate of 24,415 shares of the Company, and the fair value of the stock option granted was $4.09 per share. We also granted stock options under our current stock incentive plan to our directors to purchase an aggregate of 66,332 shares of the Company, and the …

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NOTE 21: INCOME TAXES A reconciliation of income tax computed at the federal and state statutory tax rates including the Companys effective tax rate is as follows: Year Ended July 31, 2025 2024 2023 Federal income tax provision rate 21.00 % 21.00 % 21.00 % State income tax provision rate, net of federal income tax effect 2.89 % 2.89 % 2.89 % Total income tax provision rate 23.89 % 23.89 % 23.89 % The actual income tax provisions differ from the expected amounts calculated by applying the combined federal and state corporate income tax rates to our loss before income taxes. The components of these differences are as follows: Year Ended July 31, 2025 2024 2023 Loss before income taxes $ (90,435 ) $ (34,255 ) $ (2,437 ) Corporate tax rate 23.89 % 23.89 % 23.89 % Expected tax expense (recovery) (21,605 ) (8,184 ) (582 ) Increase (decrease) resulting from Foreign tax rate differences (186 ) (151 ) (83 ) Permanent differences (317 ) 4,155 1,486 Prior year true-up 164 (81 ) (464 ) Change in state tax rate 982 77 (182 ) Foreign exchange rate differences 330 (1,231 ) 1,687 Other - - 1,138 Change in valuation allowance 17,853 381 (2,130 ) Deferred tax expense (recovery) $ (2,779 ) $ (5,034 ) $ 870 We have incurred taxable losses for all years since inception and, accordingly, no provision for current income tax has been recorded for the current or any prior fiscal years. July 31, 2025 As at July 31, 2025 , we re-evaluated the realizability of our tax loss carry-forwards and our conclus …

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Recently Adopted Accounting Pronouncements and Securities and Exchange Commission Rules In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023 - 07, Segment Reporting (Topic 280 ): Improvements to Reportable Segment Disclosures. This ASU expands public entities segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss, the title and position of the CODM, and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. This ASU is effective for the Companys Annual Report on Form 10 -K for the fiscal year ended July 31, 2025 and subsequent interim periods. The guidance is applied retrospectively to all prior periods presented in the financial statements. The adoption of this ASU did not materially impact the Companys segment reporting as presented in Note 22. Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU 2023 - 09, Income Taxes (Topic 740 ): Improvements to Income Tax Disclosures. This ASU expands public entities income tax disclosures by requiring disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing …

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NOTE 17: SALES AND SERVICE REVENUE AND COST OF SALES AND SERVICES The table below provides a breakdown of sales and service revenue and cost of sales and service revenue: Year Ended July 31, 2025 2024 2023 Sales of purchased uranium inventory $ 66,837 $ - $ 163,950 Revenue from toll processing services - 224 439 Total sales and service revenue $ 66,837 $ 224 $ 164,389 Cost of purchased uranium inventory $ (42,360 ) $ - $ (114,353 ) Cost of toll processing services - (187 ) (366 ) Total cost of sales and services $ (42,360 ) $ (187 ) $ (114,719 ) The table below provides a breakdown of major customers: Year Ended July 31, 2025 2024 Customer A 50 % 0 % Customer B 24 % 0 % Customer C 14 % 0 % Customer D 12 % 0 % Customer E 0 % 100 % 100 % 100 %

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NOTE 22: SEGMENT INFORMATION The Companys operating segments consist of uranium exploration and mining activities in Wyoming, Texas, Saskatchewan and Others, as well as a corporate segment engaged in investments and the trading of purchased uranium inventory. Our Chief Executive Officer who is the CODM evaluates performance and allocates resources for all of the Companys reportable segments based on income (loss) before income taxes. The CODM uses segment income (loss) before income taxes to allocate resources, including decisions related to capital investment in mining operations and potential expansion opportunities. The significant segment expenses reviewed by the CODM are consistent with the operating expense line items presented in the Companys consolidated statements of operations. The Company adopted ASU 2023 - 07, Segment Reporting (Topic 280 ), on August 1, 2024. The new segment reporting requirement is applied retrospectively to all prior periods presented in these consolidated financial statements. The tables below present financial information for each of the Companys reportable segments. All intercompany transactions have been eliminated. Year ended July 31, 2025 Mining Corporate Total Statement of Operations Wyoming Texas Saskatchewan Others Sales and service revenue $ - $ - $ - $ - $ 66,837 $ 66,837 Cost of sales and services - - - - (42,360 ) (42,360 ) Depreciation, amortization and accretion (3,485 ) (822 ) (151 ) (7 ) (9 ) (4,474 ) Other operating expenses(1 …

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NOTE 15: CAPITAL STOCK Equity Financing On May 17, 2021, we filed a Form S- 3 shelf registration statement under the United States Securities Act of 1933, as amended (the Securities Act), which was declared effective by the SEC on June 1, 2021, providing for the public offer and sale of certain securities of the Company from time to time, at our discretion, of up to an aggregate offering amount of $200 million (the 2021 Shelf), which included an at-the-market offering agreement prospectus (the May 2021 ATM Offering) covering the offering, issuance and sale of up to a maximum offering of $100 million as part of the $200 million under the 2021 Shelf. On May 14, 2021, we entered into an at-the-market offering agreement (the 2021 ATM Offering Agreement) with H.C. Wainwright & Co., LLC and certain co-managers (collectively, the ATM Managers) as set forth in the 2021 ATM Offering Agreement under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $100 million through the ATM Managers selected by us. On November 26, 2021, we filed a prospectus supplement to our 2021 Shelf with respect to the continuation of the May 2021 ATM Offering Agreement with the ATM Managers under which we may, if eligible, from time to time, sell shares of our common stock having an aggregate offering price of up to an additional $100 million for a total of $200 million through the ATM Managers selected by us (the November 2021 ATM Offering; and, to …

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NOTE 11: STOCK-BASED COMPENSATION Stock Options A continuity schedule of our outstanding stock options for the nine months ended April 30, 2026 , is as follows: Number of Stock Weighted Average Options Exercise Price Balance, July 31, 2025 4,594,207 $ 2.71 Exercised (1,146,020 ) 2.49 Forfeited (12,875 ) 3.70 Balance, April 30, 2026 3,435,312 $ 2.78 The table below sets forth the number of shares issued and cash received upon the exercise of our stock options: Three Months Ended April 30, Nine Months Ended April 30, 2026 2025 2026 2025 Number of Options Exercised on a Cash Basis 2,100 1,250 353,917 49,963 Number of Options Exercised on a Non-Cash Basis 102,200 28,500 792,103 217,014 Total Number of Options Exercised 104,300 29,750 1,146,020 266,977 Number of Shares Issued on a Cash Basis 2,100 1,250 353,917 49,963 Number of Shares Issued on a Non-Cash Basis 83,614 14,178 623,570 124,567 Total Number of Shares Issued Upon Exercise of Options 85,714 15,428 977,487 174,530 Cash Received from Exercise of Stock Options $ 11 $ 5 $ 922 $ 134 Total Intrinsic Value of Options Exercised $ 1,379 $ 101 $ 10,671 $ 1,211 A continuity schedule of our outstanding unvested stock options as of April 30, 2026 , and the changes during the period, is as follows: Number of Unvested Stock Options Weighted Average Grant-Date Fair Value Balance, July 31, 2025 359,619 $ 3.80 Vested (153,967 ) 3.96 Forfeited (875 ) 3.62 Balance, April 30, 2026 204,777 $ 3.69 As at April 30, 2026 , the aggregate intrinsi …

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Recently Adopted Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023 - 09, Income Taxes (Topic 740 ): Improvements to Income Tax Disclosures. This ASU expands public entities income tax disclosures by requiring disaggregated information about a reporting entitys effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. This ASU is effective for fiscal years beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. The Company adopted this standard as of August 1, 2025 and will reflect the new disclosure requirements in its annual report. Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024 - 03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220 - 40 ): Disaggregation of Income Statement Expenses. This ASU requires public entities to disclose specified information about certain costs and expenses at each interim and annual reporting period, which includes amounts for inventory purchases, employee compensation, depreciation, intangible asset amortization and expenses related to oil and gas activities. This ASU will be effective for fiscal years beginning afte …

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NOTE 12: SALES AND COST OF SALES The table below provides a breakdown of our sales revenue and the cost of sales revenue: Three Months Ended April 30, Nine Months Ended April 30, 2026 2025 2026 2025 Sales of purchased uranium inventory $ - $ - $ 20,200 $ 66,837 Cost of purchased uranium inventory - - (10,172 ) (42,360 ) Gross profit $ - $ - $ 10,028 $ 24,477 The table below provides a breakdown of major customers: Three Months Ended April 30, Nine Months Ended April 30, 2026 2025 2026 2025 Customer A - - - 50 % Customer B - - 100 % 24 % Customer C - - - 14 % Customer D - - - 12 % 0 % 0 % 100 % 100 %

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NOTE 14: SEGMENTED INFORMATION The Companys operating segments consist of uranium exploration and mining activities in Wyoming, Texas, Saskatchewan and others, as well as a corporate segment engaged in investments and the trading of purchased uranium inventory. Our Chief Executive Officer, who is also our Chief Operating Decision Maker (CODM) evaluates performance and allocates resources for all of the Companys reportable segments based on income (loss) before income taxes. The CODM uses segment income (loss) before income taxes to allocate resources, including decisions related to capital investment in mining operations and potential expansion opportunities. The significant segment expenses reviewed by the CODM are consistent with the operating expense line items presented in the Companys consolidated statements of operations. The Company adopted ASU 2023 - 07, Segment Reporting (Topic 280 ), on August 1, 2024. The new segment reporting requirement is applied retrospectively to all prior periods presented in these consolidated financial statements. The tables below present financial information for each of the Companys reportable segments. All intercompany transactions have been eliminated. Three Months Ended April 30, 2026 Mining Corporate Total Statement of Operations Wyoming Texas Saskatchewan Others Sales $ - $ - $ - $ - $ - $ - Cost of sales - - - - - - Depreciation, amortization and accretion (1,343 ) (420 ) (45 ) (6 ) (1 ) (1,815 ) Other operating expenses (1) (17,995 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 10: CAPITAL STOCK At-the-Market Offerings On November 16, 2022, the Company entered into an at-the-market offering agreement (the 2022 ATM Offering Agreement) with H.C. Wainwright & Co., LLC and certain other co-managers (collectively, the 2022 ATM Managers) as set forth in the 2022 ATM Offering Agreement under which the Company could, from time to time, sell shares of our common stock having an aggregate offering price of up to $300 million through the 2022 ATM Managers selected by us. On December 20, 2024, the Company entered into an at-the-market offering agreement (the 2024 ATM Offering Agreement) with Goldman Sachs & Co. LLC and certain other co-managers (the 2024 ATM Managers), pursuant to which the Company may sell shares of our common stock having an aggregate offering price of up to $300 million pursuant to an at-the-market offering (the 2024 ATM Offering) . Under the 2024 ATM Offering Agreement, the Company could, from time to time, sell shares of our common stock through the 2024 ATM Managers selected by us. On November 14, 2025, the Company entered into an at-the-market offering agreement (the 2025 ATM Offering Agreement) with Goldman Sachs & Co. LLC and certain other co-managers (collectively, the 2025 ATM Managers). Under the 2025 ATM Offering Agreement, the Company may, from time to time, sell shares of our common stock having an aggregate offering price of up to $600 million through the 2025 ATM Managers selected by us. During the nine months …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing