Exhibit 5.1

April 22, 2010

Uranium Energy Corp.
500 North Shoreline, Suite 800N
Corpus Christi, TX 78471

Dear Sirs:

Re: Uranium Energy Corp. - Registration Statement on Form S-3

We have acted as counsel to Uranium Energy Corp. (the "Company") in connection with the Company's registration statement on Form S-3/A (Amendment No. 1) (the "Registration Statement") dated April 22, 2010, filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended. The Registration Statement relates to the registration of the following shares of common stock of the Company for resale by the selling shareholders named in the Registration Statement (the "Selling Shareholders"):

• 1,800,000 shares of common stock (the "December 2007 Shares") issued pursuant to an unregistered private placement of units completed on December 12, 2007 (the "December 2007 Private Placement");
• 6,476,916 shares of common stock (the "July 2008 Shares") issued pursuant to unregistered private placements of units completed on July 11, 2008 and July 18, 2008 (the "July 2008 Private Placements");
• 3,238,461 shares of common stock (the "July 2008 Warrant Shares") that may be acquired upon the exercise of 3,238,461 common stock purchase warrants (the "July 2008 Warrants") issued pursuant to the July 2008 Private Placements;
• 202,440 shares of common stock (the "December 2007 Penalty Warrant Shares") that may be acquired upon the exercise of 202,440 common stock purchase warrants (the "December 2007 Penalty Warrants") issued in connection with the December 2007 Private Placement; and
• 155,446 shares of common stock (the "July 2008 Penalty Warrant Shares") that may be acquired upon the exercise of 155,446 common stock purchase warrants (the "July 2008 Penalty Warrants") issued in connection with the July 2008 Private Placement.

In rendering this opinion set for below, we have reviewed:

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• the Registration Statement dated April 22, 2010;
• the Company's Articles of Incorporation;
• the Company's Bylaws;
• certain records of the Company's corporate proceedings, including resolutions of the directors approving the transactions described above;
• The subscription agreements entered into between the Selling Shareholders and the Company;
• the respective forms of the certificates representing the July 2008 Warrants, the December 2007 Penalty Warrants and the July 2008 Penalty Warrants;
• an Officer's Certificate executed by Pat Obara, in his capacity as the Company's Chief Financial Officer, dated April 22, 2010; and
• such other documents as we have deemed relevant.

Based upon the foregoing and in reliance thereon, and subject to the qualifications and limitations set forth herein, we are of the opinion that:

• the December 2007 Shares and the July 2008 Shares held by the Selling Stockholders are validly issued, fully paid and non-assessable shares of the Company's common stock;
• upon exercise of the July 2008 Warrants in accordance with their respective terms (including, without limitation, the payment of the exercise price for the July 2008 Warrant Shares), the July 2008 Warrant Shares will be validly issued, fully paid and non-assessable shares of the Company's common stock;
• upon exercise of the December 2007 Penalty Warrants in accordance with their respective terms (including, without limitation, the payment of the exercise price for the December 2007 Penalty Warrant Shares), the December 2007 Penalty Warrant Shares will be validly issued, fully paid and non-assessable shares of the Company's common stock; and
• upon exercise of the July 2008 Penalty Warrants in accordance with their respective terms (including, without limitation, the payment of the exercise price for the July 2008 Penalty Warrant Shares), the July 2008 Penalty Warrant Shares will be validly issued, fully paid and non-assessable shares of the Company's common stock.

Our opinion expressed herein is subject in all respects to the following assumptions, limitations and qualifications:

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• the foregoing opinion is limited to Nevada law, including all applicable provisions of the Constitution of the State of Nevada, statutory provisions of the State of Nevada and reported judicial decisions of the courts of the State of Nevada interpreting those laws; we have not considered, and have not expressed any opinion with regard to, or as to the effect of, any other law, rule, or regulation, state or federal, applicable to the Company;
• we have assumed (i) the genuineness of all signatures on documents examined by us, (ii) the authenticity of all documents submitted to us as originals, (iii) the conformity to authentic originals of all documents submitted to us as certified, conformed, photostatic or other copies, and (iv) that the documents, in the forms submitted to us for review, have not been and will not be altered or amended in any respect; and
• we have assumed that each of the statements made and certified in the Officer's Certificate was true and correct when made, has at no time since being made and certified become untrue or incorrect, and remains true and correct on the date hereof.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the use of our firm's name in the section of the Registration Statement and the prospectus included therein entitled "Interests of Named Experts and Counsel".

Yours truly,

"Lang Michener LLP"