10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 30, 2016

or

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number: 001-33706

URANIUM ENERGY CORP.

(Exact name of registrant as specified in its charter)

Nevada	98-0399476
(State or other jurisdiction of incorporation of organization)	(I.R.S. Employer Identification No.)

1030 West Georgia Street, Suite 1830, Vancouver, B.C.	V6E 2Y3
(Address of principal executive offices)	(Zip Code)

(604) 682-9775

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  x   No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes  x   No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

¨  Large accelerated filer	x  Accelerated filer
¨  Non-accelerated filer (Do not check if a smaller reporting company)	¨  Smaller reporting company

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  ¨   No  x

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 116,414,054 shares of common stock outstanding as of June 6, 2016.

URANIUM ENERGY CORP.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION		3
Item 1.	Financial Statements	3
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	27
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	36
Item 4.	Controls and Procedures	36
PART II – OTHER INFORMATION		37
Item 1.	Legal Proceedings	37
Item 1A.	Risk Factors	38
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	48
Item 3.	Defaults Upon Senior Securities	49
Item 4.	Mine Safety Disclosures	49
Item 5.	Other Information	49
Item 6.	Exhibits	49
SIGNATURES		50

2

PART I – FINANCIAL INFORMATION

Item 1.          Financial Statements

3

URANIUM ENERGY CORP.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED APRIL 30, 2016

(Unaudited)

4

URANIUM ENERGY CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

		April 30, 2016			July 31, 2015
CURRENT ASSETS
Cash and cash equivalents		$	10,086,805		$	10,092,408
Inventories			251,999			251,999
Prepaid expenses and deposits			751,598			444,500
Other current assets			24,730			18,711
			11,115,132			10,807,618
MINERAL RIGHTS AND PROPERTIES	3		38,163,086			38,437,967
PROPERTY, PLANT AND EQUIPMENT	4		7,020,860			6,948,647
RECLAMATION DEPOSITS	5		1,706,026			1,706,025
OTHER LONG-TERM ASSET	6		1,553,388			-
		$	59,558,492		$	57,900,257
CURRENT LIABILITIES
Accounts payable and accrued liabilities		$	2,113,018		$	2,538,544
Due to related parties	7		897			14,660
Current portion of long-term debt			-			1,666,667
Current portion of asset retirement obligations			-			340,827
			2,113,915			4,560,698
DEFERRED INCOME TAX LIABILITIES			653,154			676,064
LONG-TERM DEBT	8		18,913,370			18,090,811
OTHER LONG-TERM LIABILITY	6		315,519			-
ASSET RETIREMENT OBLIGATIONS	9		3,932,073			3,586,019
			25,928,031			26,913,592
STOCKHOLDERS' EQUITY
Capital stock
Common stock $0.001 par value: 750,000,000 shares authorized, 116,092,655 shares issued and outstanding (July 31, 2015 - 97,834,087)	10		116,093			97,841
Additional paid-in capital			239,105,949			222,927,529
Accumulated deficit			(205,576,668	)		(192,024,074	)
Accumulated other comprehensive loss			(14,913	)		(14,631	)
			33,630,461			30,986,665
		$	59,558,492		$	57,900,257
COMMITMENTS AND CONTINGENCIES	14

The accompanying notes are an integral part of these condensed consolidated financial statements

5

URANIUM ENERGY CORP.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

		Three Months Ended April 30,						Nine Months Ended April 30,
	Notes	2016			2015			2016			2015
SALES		$	-		$	-		$	-		$	-
COSTS AND EXPENSES
Cost of sales			-			-			-			-
Mineral property expenditures	3, 9		725,968			1,045,842			3,408,813			4,560,241
General and administrative	7,10		2,005,465			3,167,896			7,086,669			9,711,933
Depreciation, amortization and accretion	3, 4, 9		205,488			374,082			680,573			1,440,808
Impairment loss on mineral properties	3		-			-			86,535			-
			2,936,921			4,587,820			11,262,590			15,712,982
LOSS FROM OPERATIONS			(2,936,921	)		(4,587,820	)		(11,262,590	)		(15,712,982	)
OTHER INCOME (EXPENSES)
Interest income			7,221			1,640			14,470			9,646
Interest expenses and finance costs	8		(710,767	)		(764,761	)		(2,278,230	)		(2,270,104	)
Loss on disposition of assets			-			2,400			(2,186	)		(498	)
Realized loss on available-for-sale securities			-			(3,023	)		-			(3,023	)
Loss on settlement of current liabilities	7,13		(46,968	)		-			(46,968	)		-
			(750,514	)		(763,744	)		(2,312,914	)		(2,263,979	)
LOSS BEFORE INCOME TAXES			(3,687,435	)		(5,351,564	)		(13,575,504	)		(17,976,961	)
DEFERRED INCOME TAX BENEFIT			8,380			3,835			22,910			27,465
NET LOSS FOR THE PERIOD			(3,679,055	)		(5,347,729	)		(13,552,594	)		(17,949,496	)
OTHER COMPREHENSIVE LOSS (INCOME),
NET OF INCOME TAXES			136			207			(282	)		(1,465	)
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD		$	(3,678,919	)	$	(5,347,522	)	$	(13,552,876	)	$	(17,950,961	)
NET LOSS PER SHARE, BASIC AND DILUTED	11	$	(0.03	)	$	(0.06	)	$	(0.13	)	$	(0.20	)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC AND DILUTED			109,710,985			92,034,908			102,588,834			91,683,568

The accompanying notes are an integral part of these condensed consolidated financial statements

6

URANIUM ENERGY CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

			Nine Month Ended April 30,
	Notes		2016			2015
CASH PROVIDED BY (USED IN):
OPERATING ACTIVITIES
Net loss for the period			$	(13,552,594	)	$	(17,949,496	)
Adjustments to reconcile net loss to cash flows in operating activities
Stock-based compensation		10		2,487,651			4,628,544
Depreciation, amortization and accretion		3,4,9		680,573			1,440,808
Amortization of long-term debt discount		8		960,807			994,668
Re-valuation of asset retirement obligations		3,9		(184,381	)		-
Impairment loss on mineral properties		3		86,535			-
Loss on disposition of assets				2,186			498
Realized loss on available-for-sale securities				-			3,023
Loss on settlement of current liabilities		7,13		46,968			-
Deferred income tax benefit				(22,910	)		(27,465	)
Changes in operating assets and liabilities
Inventories				-			(244,045	)
Prepaid expenses and deposits				(303,294	)		(94,035	)
Other current assets				(6,301	)		(478	)
Accounts payable and accrued liabilities				(460,536	)		(513,926	)
NET CASH FLOWS USED IN OPERATING ACTIVITIES				(10,265,296	)		(11,761,904	)
FINANCING ACTIVITIES
Shares issuance for cash, net of issuance costs		10		10,324,264			435,590
Due to related parties				-			19,394
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES				10,324,264			454,984
INVESTING ACTIVITIES
Net cash used in asset acquisition		6		(46,084	)		-
Investment in mineral rights and properties				-			(73,624	)
Purchase of property, plant and equipment				(19,304	)		(10,905	)
Proceeds from disposition of assets				818			2,400
Cash proceeds from the release of reclamation deposits				-			5,663,158
Payment of collateral for surety bonds				-			(1,690,208	)
Decrease in reclamation deposits				(1	)		(346	)
NET CASH FLOWS (USED IN) PROVIDED BY INVESTING ACTIVITIES				(64,571	)		3,890,475
NET CASH FLOWS				(5,603	)		(7,416,445	)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD				10,092,408			8,839,892
CASH AND CASH EQUIVALENTS, END OF PERIOD			$	10,086,805		$	1,423,447
SUPPLEMENTAL CASH FLOW INFORMATION		8,13

The accompanying notes are an integral part of these condensed consolidated financial statements

7

URANIUM ENERGY CORP.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

										Accumulated
										Other
	Common Stock				Additional Paid-		Accumulated			Comprehensive			Stockholders'
	Shares		Amount		in Capital		Deficit			Loss			Equity
Balance, July 31, 2015		97,834,087	$	97,841	$	222,927,529	$	(192,024,074	)	$	(14,631	)	$	30,986,665
Common stock
Issued for equity financing, net of issuance costs		12,364,704		12,365		9,972,152		-			-			9,984,517
Issued for exercise of stock options		682,167		682		224,433		-			-			225,115
Issued for credit facility		1,711,933		1,712		1,698,288		-			-			1,700,000
Issued for asset acquisition		1,333,560		1,334		1,225,541		-			-			1,226,875
Issued for settlement of current liabilities		487,574		487		452,957		-			-			453,444
Stock-based compensation
Common stock issued for consulting services		1,370,843		1,370		1,336,721		-			-			1,338,091
Common stock issued for compensation		307,787		302		279,028		-			-			279,330
Stock options issued to consultants		-		-		66,317		-			-			66,317
Stock options issued to management		-		-		640,789		-			-			640,789
Stock options issued to employees		-		-		163,124		-			-			163,124
Warrants extension for mineral property		-		-		14,155		-			-			14,155
Warrants extension for credit facility		-		-		104,915		-			-			104,915
Net loss for the period		-		-		-		(13,552,594	)		-			(13,552,594	)
Other comprehensive loss		-		-		-		-			(282	)		(282	)
Balance, April 30, 2016		116,092,655	$	116,093	$	239,105,949	$	(205,576,668	)	$	(14,913	)	$	33,630,461

The accompanying notes are an integral part of these condensed consolidated financial statements

8

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2016

(Unaudited)

NOTE 1: NATURE OF OPERATIONS AND GOING CONCERN

Uranium Energy Corp. was incorporated in the State of Nevada on May 16, 2003. Uranium Energy Corp. and its subsidiary companies and a controlled partnership (collectively, the “Company”) are engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing of uranium concentrates, on projects located in the United States and Paraguay.

Although planned principal operations have commenced from which significant revenues from sales of uranium concentrates were realized for the fiscal years ended July 31, 2015 (“Fiscal 2015”), 2013 (“Fiscal 2013”) and 2012 (“Fiscal 2012”), the Company has yet to achieve profitability and has had a history of operating losses resulting in an accumulated deficit balance since inception. No revenue from uranium sales was realized for the nine months ended April 30, 2016 and the fiscal year ended July 31, 2014 (“Fiscal 2014”). Historically, the Company has been reliant primarily on equity financings from the sale of its common stock and, during Fiscal 2014 and Fiscal 2013, on debt financing in order to fund its operations, and this reliance is expected to continue for the foreseeable future.

At April 30, 2016, the Company had a working capital of $9.0 million including cash and cash equivalents of $10.1 million. As the Company does not expect to achieve and maintain profitability in the near term, the continuation of the Company as a going concern is dependent upon its ability to obtain adequate additional financing which the Company has successfully secured since its inception, including those from asset divestitures. However, there is no assurance that the Company will be successful in securing any form of additional financing in the future when required and on terms favorable to the Company; therefore substantial doubt exist as to whether the Company’s cash resources and working capital will be sufficient to enable the Company to continue as a going concern for the next twelve months. The continued operations of the Company, including the recoverability of the carrying values of its assets, are dependent ultimately on the Company’s ability to achieve and maintain profitability and positive cash flow from its operations.

These consolidated financial statements have been prepared on a going concern basis and do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary in the event the Company can no longer continue as a going concern.

NOTE 2: BASIS OF PRESENTATION

The accompanying unaudited interim condensed consolidated financial statements are presented in U.S. dollars and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required under U.S. GAAP for complete financial statements. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2015. In the opinion of management, all adjustments of a normal recurring nature and considered necessary for a fair presentation have been made. Operating results for the nine months ended April 30, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending July 31, 2016.

Certain comparative figures have been reclassified to conform to the current year’s presentation.

Exploration Stage

The Company has established the existence of mineralized materials for certain uranium projects, including the Palangana Mine. The Company has not established proven or probable reserves, as defined by the United States Securities and Exchange Commission (the “SEC”) under Industry Guide 7, through the completion of a “final” or “bankable” feasibility study for any of its uranium projects, including the Palangana Mine. Furthermore, the Company has no plans to establish proven or probable reserves for any of its uranium projects for which the Company plans on utilizing in-situ recovery (“ISR”) mining, such as the Palangana Mine. As a result, and despite the fact that the Company commenced extraction of mineralized materials at the Palangana Mine in November 2010, the Company remains in the Exploration Stage as defined under Industry Guide 7, and will continue to remain in the Exploration Stage until such time proven or probable reserves have been established.

9

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2016

(Unaudited)

Since the Company commenced extraction of mineralized materials at the Palangana Mine without having established proven or probable reserves, any mineralized materials established or extracted from the Palangana Mine should not in any way be associated with having established or produced from proven or probable reserves.

In accordance with U.S. GAAP, expenditures relating to the acquisition of mineral rights are initially capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until such time the Company exits the Exploration Stage by establishing proven or probable reserves.  Expenditures relating to exploration activities such as drill programs to establish mineralized materials are expensed as incurred. Expenditures relating to pre-extraction activities such as the construction of mine wellfields, ion exchange facilities and disposal wells are expensed as incurred until such time proven or probable reserves are established for that project, after which expenditures relating to mine development activities for that particular project are capitalized as incurred.

Companies in the Production Stage as defined under Industry Guide 7, having established proven and probable reserves and exited the Exploration Stage, typically capitalize expenditures relating to ongoing development activities, with corresponding depletion calculated over proven and probable reserves using the units-of-production method and allocated to future reporting periods to inventory and, as that inventory is sold, to cost of goods sold. The Company is in the Exploration Stage which has resulted in the Company reporting larger losses than if it had been in the Production Stage due to the expensing, rather than capitalization, of expenditures relating to ongoing mill and mine development activities. Additionally, there would be no corresponding amortization allocated to future reporting periods of the Company since those costs would have been expensed previously, resulting in both lower inventory costs and cost of goods sold and results of operations with higher gross profits and lower losses than if the Company had been in the Production Stage. Any capitalized costs, such as expenditures relating to the acquisition of mineral rights, are depleted over the estimated extraction life using the straight-line method. As a result, the Company’s consolidated financial statements may not be directly comparable to the financial statements of companies in the Production Stage.

Recently Issued Accounting Pronouncement

In March 2016, the Financial Accounting Standards Board issued Accounting Standards Update No. 2016-09, Improvement to Employee Share-Based Payment Accounting (“ASU 2016-09”) as part of its simplification initiative. ASU 2016-09 allows an entity to make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest (current U.S. GAAP) or account for forfeitures when they occur. For public business entities, ASU 2016-09 is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company plans to make an election to account for forfeitures when they occur for the fiscal year ending July 31, 2017, and doesn’t expect that this election would have a significant impact on the Company’s consolidated financial statements.

10

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2016

(Unaudited)

NOTE 3: MINERAL RIGHTS AND PROPERTIES

Mineral Rights

At April 30, 2016, the Company had mineral rights in the States of Arizona, Colorado, New Mexico, Texas and Wyoming and in the Republic of Paraguay. These mineral rights were acquired through staking, purchase or lease agreements and are subject to varying royalty interests, some of which are indexed to the sale price of uranium. At April 30, 2016, annual maintenance payments of approximately $2,500,000 were required to maintain these mineral rights.

Mineral rights and property acquisition costs consisted of the following:

	April 30, 2016			July 31, 2015
Mineral Rights and Properties
Palangana Mine	$	6,562,348		$	6,587,135
Goliad Project		8,689,127			8,689,127
Burke Hollow Project		1,495,750			1,495,750
Longhorn Project		116,870			116,870
Salvo Project		14,905			14,905
Nichols Project		154,774			154,774
Anderson Project		9,154,268			9,154,268
Workman Creek Project		1,472,008			1,472,008
Los Cuatros Project		257,250			257,250
Slick Rock Project		615,650			661,271
Yuty Project		11,947,144			11,947,144
Coronel Oviedo Project		1,133,412			1,133,412
Other Property Acquisitions		244,827			285,741
		41,858,333			41,969,655
Accumulated Depletion		(3,929,884	)		(3,929,884	)
		37,928,449			38,039,771
Databases		2,410,038			2,410,038
Accumulated Amortization		(2,314,890	)		(2,166,966	)
		95,148			243,072
Land Use Agreements		404,310			390,155
Accumulated Amortization		(264,821	)		(235,031	)
		139,489			155,124
	$	38,163,086		$	38,437,967

The Company has not established proven or probable reserves, as defined by the SEC under Industry Guide 7, for any of its mineral projects. The Company has established the existence of mineralized materials for certain uranium projects, including the Palangana Mine. Since the Company commenced uranium extraction at the Palangana Mine without having established proven or probable reserves, there may be greater inherent uncertainty as to whether or not any mineralized material can be economically extracted as originally planned and anticipated.

During the nine months ended April 30, 2016, the asset retirement obligations (“ARO”) of the Palangana Mine were revised due to changes in the estimated timing of restoration and reclamation of the Palangana Mine, resulting in the corresponding mineral rights and properties being reduced by $24,787, and a credit amount of re-valuation of ARO totaling $184,381 being recorded against the mineral property expenditures for the Palangana Mine. Refer to Note 9. Asset Retirement Obligations.

11

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2016

(Unaudited)

During the nine months ended April 30, 2016, the Company abandoned certain mineral interests at projects located in Colorado and New Mexico having a combined acquisition cost of $86,535. As a result, an impairment loss on mineral properties of $86,535 was reported on the consolidated statement of operations for the nine months ended April 30, 2016.

During the three and nine months ended April 30, 2016, the Company continued with the strategic plan for reduced operations implemented in Fiscal 2014 and further reduced operations at the Palangana Mine to capture residual uranium only. As a result, no depletion for the Palangana Mine was recorded on the Company’s consolidated financial statements for the three and nine months ended April 30, 2016.

Mineral property expenditures incurred by major projects were as follows:

	Three Months Ended April 30,				Nine Months Ended April 30,
	2016		2015		2016			2015
Mineral Property Expenditures
Palangana Mine	$	280,345	$	500,535	$	1,031,625		$	1,621,391
Goliad Project		26,848		25,631		71,679			79,924
Burke Hollow Project		48,409		94,702		974,661			1,235,250
Longhorn Project		247		22,276		4,620			52,999
Salvo Project		4,622		16,751		21,697			39,590
Anderson Project		3,564		50,142		170,780			173,564
Workman Creek Project		418		-		32,109			31,300
Slick Rock Project		-		2,924		53,861			52,708
Yuty Project		89,246		41,274		291,788			301,035
Coronel Oviedo Project		136,031		132,315		422,763			428,077
Other Mineral Property Expenditures		136,238		159,292		517,611			544,403
Re-valuation of Asset Retirement Obligations		-		-		(184,381	)		-
	$	725,968	$	1,045,842	$	3,408,813		$	4,560,241

NOTE 4: PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following:

	April 30, 2016							July 31, 2015
			Accumulated			Net Book				Accumulated			Net Book
	Cost		Depreciation			Value		Cost		Depreciation			Value
Hobson Processing Facility	$	6,819,088	$	(773,933	)	$	6,045,155	$	6,819,088	$	(773,933	)	$	6,045,155
Mining Equipment		2,440,105		(2,202,485	)		237,620		2,452,572		(2,019,996	)		432,576
Logging Equipment and Vehicles		1,962,895		(1,785,206	)		177,689		1,962,895		(1,714,908	)		247,987
Computer Equipment		585,434		(549,175	)		36,259		615,064		(573,355	)		41,709
Furniture and Fixtures		172,215		(167,598	)		4,617		182,802		(176,726	)		6,076
Land		519,520		-			519,520		175,144		-			175,144
	$	12,499,257	$	(5,478,397	)	$	7,020,860	$	12,207,565	$	(5,258,918	)	$	6,948,647

During the three and nine months ended April 30, 2016, no uranium concentrate was processed at the Hobson Processing Facility due to the further reduced operations at the Palangana Mine. As a result, no depreciation for the Hobson Processing Facility was recorded on the consolidated financial statements for the three and nine months ended April 30, 2016.

12

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2016

(Unaudited)

NOTE 5: RECLAMATION DEPOSITS

Reclamation deposits include interest and non-interest bearing deposits issued in the States of Arizona, Texas and Wyoming relating to exploration, pre-extraction, extraction and reclamation activities in the respective states where the deposits are held.

Reclamation deposits consisted of the following:

	April 30, 2016		July 31, 2015
Palangana Mine	$	1,102,981	$	1,102,981
Hobson Processing Facility		587,228		587,228
Arizona		15,000		15,000
Wyoming		817		816
	$	1,706,026	$	1,706,025

NOTE 6: OTHER LONG-TERM ASSET AND LIABILITY

On March 4, 2016, the Company entered into a share purchase and option agreement (the “SPOA”) with CIC Resources Inc. (the “Vendor”) pursuant to which the Company acquired (the “Acquisition”) all of the issued and outstanding shares of JDL Resources Inc. (“JDL”), a wholly-owned subsidiary of the Vendor, and was granted an option to acquire all of the issued and outstanding shares of CIC Resources (Paraguay) Inc. (“CIC”; the “Option”), another wholly-owned subsidiary of the Vendor.  JDL’s principal assets include a piece of land located in the department of Alto Parana in the Republic of Paraguay.  CIC is the beneficial owner of Paraguay Resources Inc. which is the 100% owner of certain mineral property concessions (the “Property”), which are located in the departments of Alto Parana and Canindeyú in the Republic of Paraguay.

Pursuant to the SPOA, the Company issued 1,333,560 restricted common shares in the capital of the Company and paid $50,000 in cash to complete the Acquisition. If the Company has paid or caused to have paid on the Vendor’s behalf certain maintenance payments and assessment work required to keep the Property in good standing as directed by the Vendor, during the one-year period following completion of the Acquisition (the “Option Period”), the Company may elect in its discretion to exercise the Option at any time, or if, in accordance with the SPOA, the Vendor satisfied certain conditions precedent to exercise, the Company will be deemed to have exercised the Option.  Upon exercise of the Option the Company is required to pay, subject to certain adjustments, $250,000 in cash to the Vendor and to grant to the Vendor a 1.5% net smelter returns royalty (the “Royalty”) on the Property as contemplated by a proposed net smelter returns royalty agreement (the “Royalty Agreement”) to be executed by the parties upon exercise of the Option.  Pursuant to the proposed Royalty Agreement, the Company has the right, exercisable at any time for a period of six years following exercise of the Option, to acquire one-half percent (0.5%) of the Royalty at a purchase price of $500,000.

In accordance with Accounting Standard Codification (“ASC”) 360, Property, Plant and Equipment, the acquisition of JDL was accounted for as an asset acquisition as it was determined that JDL’s operations do not meet the definition of a business as defined in ASC 805 Business Combinations.

13

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2016

(Unaudited)

The fair value of the consideration paid and its allocation to the identifiable assets acquired and liabilities assumed are summarized as follows:

Consideration paid
1,333,560 UEC common shares at $0.92 per share	$	1,226,875
Cash consideration		50,000
Cash payable upon exercise the Option		250,000
Transaction costs		63,090
	$	1,589,965
Assets acquired and liabilities assumed
Cash and cash equivalents	$	3,916
Prepaid expenses		3,804
Land		344,376
Other long-term asset (Option to acquire CIC)		1,553,388
Due to CIC		(315,519	)
	$	1,589,965

The Company holds a variable interest in CIC as a result of the Option; however, it is not the primary beneficiary due to the fact that the Company does not have the power over decisions that significantly affect CIC’s economic performance. Accordingly, UEC does not consolidate the results of CIC. Therefore, the other long-term asset effectively represents the amount paid in advance ($1,303,388) and to be paid upon the exercise of the option ($250,000) for the acquisition of CIC.

The Company’s maximum exposure to loss from the unconsolidated variable interest entity at April 30, 2016, which would arise if UEC is unable to exercise the Option, was approximately $1.3 million, representing the value of the Option (allocated fair value of $1,553,388), net of cash payable of $250,000 upon exercise of the Option.

The $250,000 cash payment which UEC will be required to make upon exercise of the Option has been recorded as a liability within Accounts Payable and Accrued Liabilities, and included in the consideration paid as it was determined to be probably that this payment will be made.

The liability of $315,519 represents the net amount due from JDL and its subsidiary to CIC and its subsidiary (formerly these entities were both part of the Vendor’s consolidated group). The amount has been classified as non-current as it has no stated terms of interest or repayment, and not expected to be settled within the next twelve months.

NOTE 7: DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS

During the three and nine months ended April 30, 2016, the Company incurred $30,134 and $128,727 (three and nine months ended April 30, 2015: $45,443 and $118,101), respectively, in general and administrative costs paid to a company controlled by a direct family member of a director and officer of the Company.

During the three months ended April 30, 2016, the Company issued 117,998 restricted common shares with a fair value of $109,738 as settlement of amounts owed to this company totaling $98,371. As a result, a loss on settlement of current liabilities of $11,367 was recognized in the condensed consolidated statements of operations and comprehensive loss. During the nine months ended April 30, 2015, the Company issued 15,000 restricted shares of common stock with a fair value of $18,150 to this company for consulting services included in general and administrative costs.

14

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2016

(Unaudited)

At April 30, 2016, amounts owed to related parties totaled $897 (July 31, 2015: $14,660). These amounts are unsecured, non-interest bearing and due on demand.

NOTE 8: LONG-TERM DEBT

On February 9, 2016, the Company entered into a second amended and restated credit agreement (the “Second Amended and Restated Credit Agreement”) with its lenders, Sprott Resource Lending Partnership, CEF (Capital Markets) Limited and Resource Income Partners Limited Partnership (collectively, the “Lenders”), whereby the Company and the Lenders agreed to certain further amendments to the $20,000,000 senior secured credit facility (the “Credit Facility”), including the following terms:

· extension of the maturity date from July 31, 2017 to January 1, 2020;

· deferral of the monthly principal payments (each of which is equal to one-twelfth of the principal balance then outstanding) commencement date from July 31, 2016 to February 1, 2019;

· re-pricing and extension of the existing bonus warrants comprised of 2,600,000 share purchase warrants, each warrant exercisable for one share of common stock of the Company at an exercise price reduced from $2.50 to $1.35 per share until expiry, extended by a further one and a half years from July 30, 2018 to January 30, 2020, subject to accelerated exercise whereby, upon notification by the Company, the warrant holders will have 30 days to exercise their warrants should the ten trading-day volume-weighted average price of the Company’s shares equal or exceed $2.70;

· issuance of second extension fee shares equal to 4% of the principal balance outstanding or $800,000 paid to the Lenders by way of the issuance of 959,613 shares of common stock of the Company with a price per share based on a 10% discount to the five trading-day volume-weighted average price of the Company’s shares;

· payment of second extension anniversary fees to the Lenders on each of February 1, 2017, 2018 and 2019, of 5.5%, 4.5% and 4.5%, respectively, of the principal balance then outstanding, if any, payable at the option of the Company in cash or shares of the Company with a price per share calculated as a 10% discount to the five trading-day volume-weighted average price of the Company’s shares immediately prior to the applicable date; and

· maintenance at all times of a working capital ratio of not less than 1:1. Working capital ratio is calculated by dividing current assets by current liabilities, excluding the effects of principal payments on the determination of working capital.

Under the terms of the Second Amended and Restated Credit Agreement, the non-revolving Credit Facility has an interest rate of 8% per annum, with the underlying effective interest rate being 14.28%.

The Second Amended and Restated Credit Agreement supersedes, in their entirety, the prior Amended and Restated Credit Agreement dated and effective March 13, 2014 and the prior Credit Agreement dated and effective July 30, 2013.

The incremental value associated with the re-pricing and extension of the bonus warrants was determined to be $104,915 and has been recorded as an additional discount on long-term debt. The incremental value was determined using the Black-Scholes option pricing model with the following assumptions:

Expected Life in Years	3.98
Expected Annual Volatility	71.10	%
Expected Risk Free Interest Rate	1.00	%
Expected Dividend Yield	0.00	%

15

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2016

(Unaudited)

As at April 30, 2016, long-term debt consisted of the following:

	April 30, 2016			July 31, 2015
Principal amount	$	20,000,000		$	20,000,000
Unamortized discount		(1,086,630	)		(242,522	)
Long-term debt, net of unamortized discount		18,913,370			19,757,478

For the three and nine months ended April 30, 2016 and 2015, the amortization of debt discount totaled $277,417 and $960,807 (three and nine months ended April 30, 2015: $336,362 and $994,668), respectively, which was recorded as interest expense and included in the condensed consolidated statements of operations and comprehensive loss.

During the nine months ended April 30, 2016, prior to the execution of the Second Amended and Restated Credit Agreement, and pursuant to the terms of the Amended and Restated Credit Agreement dated and effective March 13, 2014, the Company paid bonus shares to its lenders through the issuance of 752,320 restricted shares with a fair value of $900,000, representing 4.5% of the $20,000,000 principal balance outstanding at July 31, 2015, which was recorded as a discount on long-term debt to be amortized using the effective interest rate over the life of the long-term debt.

The aggregate yearly maturities of long-term debt based on principal amounts outstanding at April 30, 2016 are as follows:

Fiscal 2016	$	-
Fiscal 2017		-
Fiscal 2018		-
Fiscal 2019		10,000,000
Fiscal 2020		10,000,000
Total	$	20,000,000

NOTE 9: ASSET RETIREMENT OBLIGATIONS

The Company’s asset retirement obligations relate to future remediation and decommissioning activities at the Palangana Mine and Hobson Processing Facility.

Balance, July 31, 2015	$	3,926,846
Revision in estimate of asset retirement obligations		(209,168	)
Accretion		214,395
Balance, April 30, 2016	$	3,932,073

During the nine months ended April 30, 2016, the ARO for the Palangana Mine were revised due to changes in the estimated timing of restoration and reclamation of the Palangana Mine. As a result, ARO liabilities associated with the Palangana Mine were reduced by $209,168, the corresponding mineral rights and properties were reduced by $24,787, and a credit amount of re-valuation of ARO totaling $184,381 was recognized as a result of a downward adjustment to fully depleted underlying mineral rights and properties, which was recorded against the mineral property expenditures for the Palangana Mine.

16

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2016

(Unaudited)

The estimated amounts and timing of cash flows and assumptions used for ARO estimates are as follows:

	April 30, 2016			July 31, 2015
Undiscounted amount of estimated cash flows	$	6,650,255		$	6,600,868
Payable in years		2.1 to 15			2.5 to 15
Inflation rate		0.90% to 2.25	%		2.02% to 2.25	%
Discount rate		5.15% to 8.00	%		6.56% to 8.00	%

The undiscounted amounts of estimated cash flows for the next five fiscal years and beyond are as follows:

Fiscal 2016	$	-
Fiscal 2017		139,052
Fiscal 2018		414,058
Fiscal 2019		667,984
Fiscal 2020		620,673
Remaining balance		4,808,488
	$	6,650,255

NOTE 10: CAPITAL STOCK

Equity Financing

During Fiscal 2014, the Company filed a Form S-3 “Shelf” Registration Statement effective January 10, 2014 (the “2014 Shelf”) providing for the public offer and sale of certain securities of the Company from time to time, at its discretion, up to an aggregate offering of $100 million.

On March 10, 2016, the Company completed a registered offering of 12,364,704 units at a price of $0.85 per unit for gross proceeds of $10,510,000 pursuant to a prospectus supplement to the 2014 Shelf. Each unit is comprised of one share of the Company and half of one share purchase warrant, with each whole warrant being exercisable at a price of $1.20 to purchase one share of the Company totaling 6,182,351 for a three year period from the date of issuance. The Company issued share purchase warrants to agents as part of share issuance costs to purchase 411,997 shares of the Company exercisable at a price of $1.20 per share also for a three year period from the date of issuance.

The shares were valued at the Company’s closing price of $0.81 per share at March 10, 2016. The share purchase warrants were valued using the Black-Scholes option pricing model with the following assumptions:

Expected Risk Free Interest Rate	1.11	%
Expected Annual Volatility	74.34	%
Expected Contractual Life in Years	3.00
Expected Annual Dividend Yield	0.00	%

17

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2016

(Unaudited)

The net proceeds from the 2014 Shelf equity financing were allocated to the fair values of the shares and share purchase warrants as presented below:

Fair Value of Shares	$	10,015,410
Fair Value of Share Purchase Warrants		1,938,995
Total Fair Value Before Allocation to Net Proceeds	$	11,954,405
Gross Proceeds	$	10,510,000
Share Issuance Costs - Cash		(525,482	)
Net Cash Proceeds Received	$	9,984,518
Relative Fair Value Allocation to:
Shares	$	8,365,038
Share Purchase Warrants		1,619,480
	$	9,984,518

At April 30, 2016, a total of $35.1 million of the 2014 Shelf was utilized through the following registered offerings and sales of units, with a remaining available balance of $64.9 million under the 2014 Shelf.

· on June 25, 2015: $10.0 million in gross proceeds through an offering of units consisting of the Company’s shares and share purchase warrants and $6.7 million representing the aggregate exercise price of those share purchase warrants and agents’ share purchase warrants should they be exercised in full; and

· on March 10, 2016: $10.5 million in gross proceeds through an offering of units consisting of the Company’s shares and share purchase warrants and $7.9 million representing the aggregate exercise price of those share purchase warrants and agents’ share purchase warrants should they be exercised in full.

Share Transactions

A summary of the Company’s share transactions for the three and nine months ended April 30, 2016 are as follows:

	Common		Value per Share				Issuance
Period / Description	Shares Issued		Low		High		Value
Balance, July 31, 2015		97,834,087
Bonus Shares for Credit Facility		752,320	$	1.20	$	1.20	$	900,000
Consulting Services		274,982		1.03		1.38		305,594
Share Compensation		33,315		1.00		1.12		35,264
Balance, October 31, 2015		98,894,704
Consulting Services		581,421		0.72		1.12		608,179
Share Compensation		71,588		1.06		1.08		76,236
Options Exercised		682,167		0.33		0.33		225,115
Balance, January 31, 2016		100,229,880
Second Extension Fee Shares for Credit Facility		959,613		0.83		0.83		800,000
Settlement of Current Liabilities		487,574		0.93		0.93		453,444
Equity Financing		12,364,704		0.85		0.85		10,510,000
Asset Acquisition		1,333,560		0.92		0.92		1,226,875
Consulting Services		514,440		0.73		0.93		424,316
Share Compensation		202,884		0.75		0.96		167,830
Balance, April 30, 2016		116,092,655

18

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2016

(Unaudited)

Share Purchase Warrants

A summary of share purchase warrants outstanding and exercisable at April 30, 2016 are as follows:

Weighted Average Exercise Price		Number of Warrants Outstanding		Expiry Date	Weighted Average Remaining Contractual Life (Years)
$	1.20		6,594,348	March 10, 2019		2.86
	1.35		2,600,000	January 30, 2020		3.75
	1.95		50,000	June 3, 2018		2.09
	2.12		2,850,000	June 25, 2018		2.15
	2.60		1,859,524	October 23, 2016		0.48
$	1.61		13,953,872			2.56

Stock Options

At April 30, 2016, the Company had one stock option plan, the 2015 Stock Incentive Plan (the “2015 Plan”). The 2015 Plan provides for up to 9,600,250 shares of the Company that may be issued pursuant to awards that may be granted together with an additional 10,569,301 shares of the Company that may be issued pursuant to stock options previously granted under the Company’s prior 2014 Stock Incentive Plan (the “2014 Plan”). The 2015 Plan supersedes and replaces the Company’s prior 2014 Plan, which superseded and replaced the Company’s prior 2013, 2009 and 2006 Stock Incentive Plans, such that no further shares are issuable under those prior plans.

A summary of stock options granted by the Company during the nine months ended April 30, 2016, including corresponding grant date fair values and assumptions using the Black Scholes option pricing model is as follows:

	Options		Exercise		Term		Fair		Expected		Risk-Free			Dividend			Expected
Date	Issued		Price		(Years)		Value		Life (Years)		Interest Rate			Yield			Volatility
August 7, 2015		105,000	$	1.32		5	$	68,824		2.90		1.04	%		0.00	%		77.17	%
October 14, 2015		1,000,000		1.14		5		563,195		2.90		0.81	%		0.00	%		77.01	%
January 12, 2016		300,000		0.98		5		145,902		2.90		1.15	%		0.00	%		76.96	%
Total		1,405,000					$	777,921

A continuity schedule of outstanding stock options for the underlying common shares for the nine months ended April 30, 2016 is as follows:

	Number of Stock Options			Weighted Average Exercise Price
Balance, July 31, 2015		10,581,975		$	1.38
Issued		1,105,000			1.16
Forfeited		(5,000	)		1.32
Balance, October 31, 2015		11,681,975			1.36
Issued		300,000			0.98
Exercised		(682,167	)		0.33
Forfeited		(180,000	)		1.32
Expired		(1,950	)		5.90
Balance, January 31, 2016		11,117,858			1.42
Forfeited		(72,500	)		1.81
Balance, April 30, 2016		11,045,358		$	1.41

At April 30, 2016, the aggregate intrinsic value under the provisions of ASC 718 of all outstanding stock options was estimated at $439,068 (vested: $439,068 and unvested: $Nil).

At April 30, 2016, unrecognized stock-based compensation expense related to the unvested portion of stock options granted under the Company’s 2015 Plan totaled $226,003 to be recognized over the next 0.76 years.

19

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2016

(Unaudited)

A summary of stock options outstanding and exercisable at April 30, 2016 is as follows:

	Options Outstanding						Options Exercisable
			Weighted		Weighted Average				Weighted		Weighted Average
			Average		Remaining				Average		Remaining
Range of	Outstanding at		Exercise		Contractual Term		Exercisable at		Exercise		Contractual Term
Exercise Prices	April 30, 2016		Price		(Years)		April 30, 2016		Price		(Years)
$0.45 to $0.96		1,269,634	$	0.47		1.56		1,269,634	$	0.47		1.56
$0.97 to $2.45		8,840,000		1.35		3.54		8,057,500		1.37		3.44
$2.46 to $5.70		935,724		3.29		4.09		935,724		3.29		4.09
		11,045,358	$	1.41		3.36		10,262,858	$	1.44		3.27

Stock-Based Compensation

A summary of stock-based compensation expense is as follows:

	Three Months Ended April 30					Nine Months Ended April 30
	2016			2015		2016		2015
Stock-Based Compensation for Consultants
Common stock issued for consulting services	$	470,549		$	502,854	$	1,429,324	$	1,380,279
Stock options issued to consultants		(4,461	)		346,995		66,317		721,430
		466,088			849,849		1,495,641		2,101,709
Stock-Based Compensation for Management
Common stock issued to management		45,299			-		81,495		-
Stock options issued to management		195,464			263,306		640,789		1,424,585
		240,763			263,306		722,284		1,424,585
Stock-Based Compensation for Employees
Common stock issued to employees		76,299			-		106,602		-
Stock options issued to employees		15,710			204,723		163,124		1,102,250
		92,009			204,723		269,726		1,102,250
	$	798,860		$	1,317,878	$	2,487,651	$	4,628,544

NOTE 11: LOSS PER SHARE

The following table reconciles the weighted average number of shares used in the calculation of the basic and diluted loss per share:

	Three Months Ended April 30,						Nine Months Ended April 30,
	2016			2015			2016			2015
Numerator
Net Loss for the Period	$	(3,679,055	)	$	(5,347,729	)	$	(13,552,594	)	$	(17,949,496	)
Denominator
Basic Weighted Average Number of Shares		109,710,985			92,034,908			102,588,834			91,683,568
Dilutive Stock Options and Warrants		-			-			-			-
Diluted Weighted Average Number of Shares		109,710,985			92,034,908			102,588,834			91,683,568
Net Loss per Share, Basic and Diluted	$	(0.03	)	$	(0.06	)	$	(0.13	)	$	(0.20	)

For the three and nine months ended April 30, 2016 and 2015, all outstanding stock options and share purchase warrants were excluded from the calculation of the diluted loss per share since the Company reported net losses for those periods and their effects would be anti-dilutive.

20

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2016

(Unaudited)

NOTE 12: SEGMENTED INFORMATION

The Company currently operates in a single reportable segment and is focused on uranium mining and related activities, including exploration, pre-extraction, extraction and processing of uranium concentrates.

At April 30, 2016, long-term assets located in the U.S. totaled $33,436,732, or 69% of the Company’s total long-term assets of $48,443,360.

The table below provides a breakdown of the Company’s long-term assets by geographic segments:

	April 30, 2016
	United States
Balance Sheet Items	Texas		Arizona		Other States		Canada		Paraguay		Total
Mineral Rights and Properties	$	13,369,394	$	10,891,861	$	821,276	$	-	$	13,080,555	$	38,163,086
Property, Plant and Equipment		6,648,175		-		-		16,965		355,720		7,020,860
Reclamation Deposits		1,690,209		15,000		817		-		-		1,706,026
Other Long-Term Assets		-		-		-		-		1,553,388		1,553,388
Total Long-Term Assets	$	21,707,778	$	10,906,861	$	822,093	$	16,965	$	14,989,663	$	48,443,360

	July 31, 2015
	United States
Balance Sheet Items	Texas		Arizona		Other States		Canada		Paraguay		Total
Mineral Rights and Properties	$	13,555,492	$	10,891,861	$	910,059	$	-	$	13,080,555	$	38,437,967
Property, Plant and Equipment		6,926,682		-		-		7,502		14,463		6,948,647
Reclamation Deposits		1,690,209		15,000		816		-		-		1,706,025
Total Long-Term Assets	$	22,172,383	$	10,906,861	$	910,875	$	7,502	$	13,095,018	$	47,092,639

21

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2016

(Unaudited)

The tables below provide a breakdown of the Company’s operating results by geographic segments for the three and nine months ended April 30, 2016. All intercompany transactions have been eliminated.

	Three Months Ended April 30, 2016
	United States
Statement of Operations	Texas			Arizona			Other States			Canada			Paraguay			Total
Sales	$	-		$	-		$	-		$	-		$	-		$	-
Costs and Expenses:
Cost of sales		-			-			-			-			-			-
Mineral property expenditures		495,830			3,982			881			-			225,275			725,968
General and administrative		1,426,110			66,534			989			514,853			(3,021	)		2,005,465
Depreciation, amortization and accretion		200,732			-			750			2,385			1,621			205,488
		2,122,672			70,516			2,620			517,238			223,875			2,936,921
Loss from operations		(2,122,672	)		(70,516	)		(2,620	)		(517,238	)		(223,875	)		(2,936,921	)
Other income (expenses)		(745,888	)		(4,663	)		-			31			6			(750,514	)
Loss before income taxes	$	(2,868,560	)	$	(75,179	)	$	(2,620	)	$	(517,207	)	$	(223,869	)	$	(3,687,435	)

	Three Months Ended April 30, 2015
	United States
Statement of Operations	Texas			Arizona			Other States			Canada			Paraguay			Total
Sales	$	-		$	-		$	-		$	-		$	-		$	-
Costs and Expenses:
Cost of sales		-			-			-			-			-			-
Mineral property expenditures		786,935			50,119			35,199			-			173,589			1,045,842
General and administrative		2,400,403			51,889			4,368			707,481			3,755			3,167,896
Depreciation, amortization and accretion		368,448			-			501			2,741			2,392			374,082
		3,555,786			102,008			40,068			710,222			179,736			4,587,820
Loss from operations		(3,555,786	)		(102,008	)		(40,068	)		(710,222	)		(179,736	)		(4,587,820	)
Other income (expenses)		(759,273	)		(4,640	)		-			-			169			(763,744	)
Loss before income taxes	$	(4,315,059	)	$	(106,648	)	$	(40,068	)	$	(710,222	)	$	(179,567	)	$	(5,351,564	)

22

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2016

(Unaudited)

	Nine Months Ended April 30, 2016
	United States
Statement of Operations	Texas			Arizona			Other States			Canada			Paraguay			Total
Sales	$	-		$	-		$	-		$	-		$	-		$	-
Costs and Expenses:
Cost of sales		-			-			-			-			-			-
Mineral property expenditures		2,347,348			213,885			133,031			-			714,549			3,408,813
General and administrative		5,074,713			141,526			2,652			1,865,839			1,939			7,086,669
Depreciation, amortization and accretion		667,080			-			2,250			6,017			5,226			680,573
Impairment loss on mineral properties		-			-			86,535			-			-			86,535
		8,089,141			355,411			224,468			1,871,856			721,714			11,262,590
Loss from operations		(8,089,141	)		(355,411	)		(224,468	)		(1,871,856	)		(721,714	)		(11,262,590	)
Other income (expenses)		(2,299,582	)		(14,198	)		-			849			17			(2,312,914	)
Loss before income taxes	$	(10,388,723	)	$	(369,609	)	$	(224,468	)	$	(1,871,007	)	$	(721,697	)	$	(13,575,504	)

	Nine Months Ended April 30, 2015
	United States
Statement of Operations	Texas			Arizona			Other States			Canada			Paraguay			Total
Sales	$	-		$	-		$	-		$	-		$	-		$	-
Costs and Expenses:
Cost of sales		-			-			-			-			-			-
Mineral property expenditures		3,431,826			207,586			191,718			-			729,111			4,560,241
General and administrative		7,456,500			148,766			18,393			2,069,664			18,610			9,711,933
Depreciation, amortization and accretion		1,420,996			-			1,968			9,238			8,606			1,440,808
		12,309,322			356,352			212,079			2,078,902			756,327			15,712,982
Loss from operations		(12,309,322	)		(356,352	)		(212,079	)		(2,078,902	)		(756,327	)		(15,712,982	)
Other income (expenses)		(2,249,325	)		(15,018	)		-			(120	)		484			(2,263,979	)
Loss before income taxes	$	(14,558,647	)	$	(371,370	)	$	(212,079	)	$	(2,079,022	)	$	(755,843	)	$	(17,976,961	)

NOTE 13: SUPPLEMENTAL CASH FLOW INFORMATION

During the nine months ended April 30, 2016 and 2015, the Company issued 1,370,843 and 891,273 restricted shares with a fair value of $1,338,091 and $1,380,279, respectively, for consulting services.

During the nine months ended April 30, 2016, the Company issued 307,787 shares with a fair value of $279,330 as compensation to certain management, employees and consultants of the Company under the 2015 Plan.

During the nine months ended April 30, 2016 and 2015, the Company paid $1,217,778 and $1,213,333, respectively, in cash for interest on its long-term debt.

During the nine months ended April 30, 2016, the Company issued 487,574 shares with a fair value of $453,444 as settlement of certain of the Company’s accounts payable totaling $406,476.

During the nine months ended April 30, 2016, the Company entered into a SPOA with CIC Resources Inc., pursuant to which the Company acquired all of the issued and outstanding shares of JDL Resources Inc. As consideration, the Company issued 1,333,560 restricted common shares and paid $50,000 in cash.

23

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2016

(Unaudited)

NOTE 14: COMMITMENTS AND CONTINGENCIES

The Company is renting or leasing various office or storage space located in the United States, Canada and Paraguay with total monthly payments of $18,484. Office lease agreements expire between May 2017 and March 2021 for the United States and Canada.

The aggregate minimum payments over the next five fiscal years are as follows:

Fiscal 2016	$	55,307
Fiscal 2017		217,867
Fiscal 2018		199,722
Fiscal 2019		88,979
Fiscal 2020		89,614
All subsequent years		59,743
	$	711,232

The Company is committed to pay its key executives a total of $750,000 per year for various management services.

The Company is subject to ordinary routine litigation incidental to its business. Except as disclosed below, the Company is not aware of any material legal proceedings pending or that have been threatened against the Company.

On or about March 9, 2011, the Texas Commission on Environmental Quality (the “TCEQ”) granted the Company’s applications for a Class III Injection Well Permit, Production Area Authorization and Aquifer Exemption for its Goliad Project.  On or about December 4, 2012, the U.S. Environmental Protection Agency (the “EPA”) concurred with the TCEQ issuance of the Aquifer Exemption permit (the “AE”).  With the receipt of this concurrence, the final authorization required for uranium extraction, the Goliad Project achieved fully-permitted status.  On or about May 24, 2011, a group of petitioners, inclusive of Goliad County, appealed the TCEQ action to the 250^th District Court in Travis County, Texas.  A motion filed by the Company to intervene in this matter was granted. The petitioners’ appeal lay dormant until on or about June 14, 2013, when the petitioners filed their initial brief in support of their position.  On or about January 18, 2013, a different group of petitioners, exclusive of Goliad County, filed a petition for review with the Court of Appeals for the Fifth Circuit in the United States (the “Fifth Circuit”) to appeal the EPA’s decision.  On or about March 5, 2013, a motion filed by the Company to intervene in this matter was granted.  The parties attempted to resolve both appeals, to facilitate discussions and avoid further legal costs. The parties jointly agreed, through mediation initially conducted through the Fifth Circuit on or about August 8, 2013, to abate the proceedings in the State District Court. On or about August 21, 2013, the State District Court agreed to abate the proceedings.  The EPA subsequently filed a motion to remand without vacatur with the Fifth Circuit wherein the EPA's stated purpose was to elicit additional public input and further explain its rationale for the approval.  In requesting the remand without vacatur, which would allow the AE to remain in place during the review period, the EPA denied the existence of legal error and stated that it was unaware of any additional information that would merit reversal of the AE.  The Company and the TCEQ filed a request to the Fifth Circuit for the motion to remand without vacatur, and if granted, to be limited to a 60-day review period.  On December 9, 2013, by way of a procedural order from a three-judge panel of the Fifth Circuit, the Court granted the remand without vacatur and initially limited the review period to 60 days. In March of 2014, at the EPA’s request, the Fifth Circuit extended the EPA’s time period for review and additionally, during that same period, the Company conducted a joint groundwater survey of the site, the result of which reaffirmed the Company’s previously filed groundwater direction studies. On or about June 17, 2014, the EPA reaffirmed its earlier decision to uphold the granting of the Company’s existing AE, with the exception of a northwestern portion containing less than 10% of the uranium resource which was withdrawn, but not denied, from the AE area until additional information is provided in the normal course of mine development. On or about September 9, 2014, the petitioners filed a status report with the State District Court which included a request to remove the stay agreed to in August 2013 and to set a briefing schedule (the “Status Report”). In that Status Report, the petitioners also stated that they had decided not to pursue their appeal at the Fifth Circuit. The Company continues to believe that the pending appeal is without merit and is continuing as planned towards uranium extraction at its fully-permitted Goliad Project.

24

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2016

(Unaudited)

On or about April 3, 2012, the Company received notification of a lawsuit filed in the State of Arizona, in the Superior Court for the County of Yavapai, by certain petitioners (the “Plaintiffs”) against a group of defendants, including the Company and former management and board members of Concentric Energy Corp. (“Concentric”). The lawsuit asserts certain claims relating to the Plaintiffs’ equity investments in Concentric, including allegations that the former management and board members of Concentric engaged in various wrongful acts prior to and/or in conjunction with the merger of Concentric. The lawsuit originally further alleged that the Company was contractually liable for liquidated damages arising from a pre-merger transaction which the Company previously acknowledged and recorded as an accrued liability, and which portion of the lawsuit was settled in full by a cash payment of $149,194 to the Plaintiffs and subsequently dismissed. The court dismissed several other claims set forth in the Plaintiffs’ initial complaint, but granted the Plaintiffs leave to file an amended complaint.  The court denied a subsequent motion to dismiss the amended complaint, finding that the pleading met the minimal pleading requirements under the applicable procedural rules.  In October 2013, the Company filed a formal response denying liability for any of the Plaintiffs’ remaining claims. The court set the case for a four-week jury trial that was to take place in Yavapai County, Arizona, in April 2016.  In November 2015, after the completion of discovery, the Company and the remaining defendants filed motions for summary judgment, seeking to dismiss all of the Plaintiffs’ remaining claims.  While those motions were pending, the parties reached a settlement agreement with respect to all claims asserted by the Plaintiffs in that lawsuit.  A formal settlement and release agreement was subsequently executed, pursuant to which all of the Plaintiffs’ claims in the Arizona lawsuit were dismissed with prejudice.  Pursuant to the terms of the settlement agreement, the Defendants collectively paid $500,000 to the Plaintiffs, of which $50,000 will be paid by the Company.

On June 1, 2015, the Company received notice that Westminster Securities Corporation (“Westminster”) filed a suit in the United States District Court for the Southern District of New York, alleging a breach of contract relating to certain four-year warrants issued by Concentric in December 2008.  Although the Concentric warrants expired by their terms on December 31, 2012, Westminster bases its claim upon transactions allegedly occurring prior to UEC’s merger with Concentric.  The Company believes that this claim lacks merit and intends to vigorously defend the same.

On or about June 29, 2015, Heather M. Stephens filed a class action complaint against the Company and two of its executive officers in the United States District Court, Southern District of Texas, with an amended class action complaint filed on November 16, 2015, (the “Securities Case”) seeking unspecified damages and alleging the defendants violated Section 17(b) of the Securities Act of 1933 and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The Company has filed a motion to dismiss.

On or about September 10, 2015, John Price filed a stockholder derivative complaint on behalf of the Company against the Company’s Board of Directors, executive management and three of its vice presidents in the United States District Court, Southern District of Texas, with an amended stockholder derivative complaint filed on December 4, 2015, (the “Federal Derivative Case”) seeking unspecified damages on behalf of the Company against the defendants for allegedly breaching their fiduciary duties to the Company with respect to the allegations in the Securities Case. The Company has filed a motion to dismiss.

On or about October 2, 2015, Marnie W. McMahon filed a stockholder derivative complaint on behalf of the Company against the Company’s Board of Directors, executive management and three of its vice presidents in the District Court of Nevada (the “Nevada Derivative Case”) (collectively with the Federal Derivative Case, the “Derivative Cases”) seeking unspecified damages on behalf of the Company against the defendants for allegedly breaching their fiduciary duties to the Company with respect to the allegations in the Securities Case. On January 21, 2016, the court granted the Company’s motion to stay the Nevada Derivative Case pending the outcome of the Federal Derivative Case.

The Company believes that the Securities Case and the Derivative Cases are without merit and intends to defend vigorously against them.

25

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2016

(Unaudited)

The Company’s Board of Directors received a shareholder demand letter dated September 10, 2015 relating to the allegations in the Securities Case (the “Shareholder Demand”). The letter demands that the Board of Directors initiate an action against the Company’s Board of Directors and two of its executive officers to recover damages allegedly caused to the Company. The Board of Directors is reviewing the Shareholder Demand to determine the appropriate course of action.

At any given time, the Company may enter into negotiations to settle outstanding legal proceedings and any resulting accruals will be estimated based on the relevant facts and circumstances applicable at that time.  The Company does not expect that such settlements will, individually or in the aggregate, have a material effect on its financial position, results of operation.

26

Item 2.      Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following management’s discussion and analysis of the Company’s financial condition and results of operations (“MD&A”) contain forward-looking statements that involve risks, uncertainties and assumptions including, among others, statements regarding our capital needs, business plans and expectations. In evaluating these statements, you should consider various factors, including the risks, uncertainties and assumptions set forth in reports and other documents we have filed with or furnished to the SEC, including, without limitation, this Form 10-Q Quarterly Report for the three and nine months ended April 30, 2016 and our Form 10-K Annual Report for the fiscal year ended July 31, 2015 including the consolidated financial statements and related notes contained therein. These factors, or any one of them, may cause our actual results or actions in the future to differ materially from any forward-looking statement made in this document. Refer to “Cautionary Note Regarding Forward-Looking Statements” as disclosed in our Form 10-K Annual Report for the fiscal year ended July 31, 2015 and Item 1A. Risk Factors under Part II - Other Information of this Quarterly Report.

Introduction

This MD&A is focused on material changes in our financial condition from July 31, 2015, our most recently completed year-end, to April 30, 2016 and our results of operations for the three and nine months ended April 30, 2016 and 2015, and should be read in conjunction with Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations as contained in our Form 10-K Annual Report for the fiscal year ended July 31, 2015.

Business

We operate in a single reportable segment and since 2004, as more fully described in our Form 10-K Annual Report for the fiscal year ended July 31, 2015, we have been engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing on uranium projects located in the United States and Paraguay.

We utilize in-situ recovery (“ISR”) mining where possible which we believe, when compared to conventional open pit or underground mining, requires lower capital and operating expenditures with a shorter lead time to extraction and a reduced impact on the environment. We have one uranium mine located in the State of Texas, the Palangana Mine, which utilizes ISR mining and commenced extraction of uranium concentrates (“U₃O₈”), or yellowcake, in November 2010. We have one uranium processing facility located in the State of Texas, the Hobson Processing Facility, which processes material from the Palangana Mine into drums of U₃O₈, our only sales product and source of revenue, for shipping to a third-party storage and sales facility. At April 30, 2016, we had no uranium supply or “off-take” agreements in place.

Our fully-licensed and 100%-owned Hobson Processing Facility forms the basis for our regional operating strategy in the State of Texas, specifically the South Texas Uranium Belt where we utilize ISR mining. We utilize a “hub-and-spoke” strategy whereby the Hobson Processing Facility acts as the central processing site (the “hub”) for our Palangana Mine and future satellite uranium mining activities, such as our Burke Hollow and Goliad Projects, located within the South Texas Uranium Belt (the “spokes”). The Hobson Processing Facility has a physical capacity to process uranium-loaded resins up to a total of two million pounds of U₃O₈ annually and is licensed to process up to one million pounds of U₃O₈ annually.

We also hold certain mineral rights in various stages in the States of Arizona, Colorado, New Mexico, Texas and Wyoming and in the Republic of Paraguay, many of which are located in historically successful mining areas and have been the subject of past exploration and pre-extraction activities by other mining companies. We do not expect, however, to utilize ISR mining for all of our mineral rights in which case we would expect to rely on conventional open pit and/or underground mining techniques.

Our operating and strategic framework is based on expanding our uranium extraction activities, which includes advancing certain uranium projects with established mineralized materials towards uranium extraction and establishing additional mineralized materials on our existing uranium projects or through the acquisition of additional uranium projects.

During the three and nine months ended April 30, 2016, uranium extraction at PAA-1, 2 and 3 of the Palangana Mine continued to operate at a reduced pace since implementing our strategic plan in September 2013, to align our operations to a weak uranium market in a challenging post-Fukushima environment. This strategy has included the deferral of major pre-extraction expenditures and remaining in a state of operational readiness in anticipation of a recovery in uranium prices.

27

During the nine months ended April 30, 2016, the Company

· entered into the Second Amended and Restated Agreement with its lenders and extended the $20,000,000 senior secured credit facility by deferring required principal payments to February 1, 2019 and by extending the maturity date to January 1, 2020;

· completed a registered offering of 12,364,704 units at a price of $0.85 per unit for gross proceeds of $10,510,000;

· completed an asset acquisition through issuance of 1,333,560 restricted common shares and payment of $50,000 in cash;

· continued to advance development of Production Area Authorization (“PAA”) 4 of the Palangana Mine;

· continued to advance exploration and permitting activities at the Burke Hollow Project;

· continued permitting work at the Anderson Project;

· appointed former United States Energy Secretary Spencer Abraham as Executive Chairman of the Company’s Board of Directors; and

· appointed Pat Obara as the Company’s Chief Financial Officer.

Mineral Rights and Properties

The following is a summary of significant activities by project for the nine months ended April 30, 2016:

Texas: Palangana Mine

During the nine months ended April 30, 2016, we continued with our strategic plan for reduced operations implemented in Fiscal 2014 and continued reduced operations at the Palangana Mine to capture residual pounds of U₃O₈ only.

Wellfield design for the first module at PAA-4, which is fully-permitted for uranium extraction, continued to advance. At April 30, 2016, a total of 214 drill holes have been completed relating to PAA-4 for mineral trend exploration, delineation and monitor wells.

Texas: Burke Hollow Project

During the nine months ended April 30, 2016, 49 exploration holes totaling 25,020 feet were drilled at the Burke Hollow Project to depths ranging from 420 feet to 640 feet, with an average depth of 511 feet. At April 30, 2016, a total of 575 exploration holes, including 30 regional baseline monitor wells, totaling 271,520 feet have been drilled to depths ranging from160 feet to 1,100 feet, with an average depth of 472 feet.

With the recent issuance of two Class I disposal well permits, permitting activities continued on the Mine Area, Aquifer Exemption and Radioactive Material License applications, which remain under technical review. An ecological assessment for the eastern trend extension was scheduled for the spring of 2016 anticipating wellfield expansion of the eastern trend.

Arizona: Anderson Project

During the nine months ended April 30, 2016, the Company completed work on the Bureau of Land Management (“BLM”) Notice of Intent permit, which was submitted for review in December 2015, and approved by the BLM in March 2016.

Asset Acquisition

On March 4, 2016, the Company entered into a share purchase and option agreement (the “SPOA”) with CIC Resources Inc. (the “Vendor”) pursuant to which the Company acquired (the “Acquisition”) all of the issued and outstanding shares of JDL Resources Inc. (“JDL”), a wholly-owned subsidiary of the Vendor, and was granted an option to acquire all of the issued and outstanding shares of CIC Resources (Paraguay) Inc. (“CIC”; the “Option”), another wholly-owned subsidiary of the Vendor.  JDL’s principal assets include a piece of land located in the department of Alto Parana in the Republic of Paraguay.  CIC is the beneficial owner of Paraguay Resources Inc.whichis the 100% owner of certain mineral property concessions (the “Property”), which are located in the departments of Alto Parana and Canindeyú in the Republic of Paraguay.

28

Pursuant to the SPOA, the Company issued 1,333,560 restricted common shares in the capital of the Company and paid $50,000 in cash to complete the Acquisition. If the Company has paid or caused to have paid on the Vendor’s behalf certain maintenance payments and assessment work required to keep the Property in good standing as directed by the Vendor, during the one-year period following completion of the Acquisition (the “Option Period”), the Company may elect in its discretion to exercise the Option at any time, or if, in accordance with the SPOA, the Vendor satisfied certain conditions precedent to exercise, the Company will be deemed to have exercised the Option.  Upon exercise of the Option the Company is required to pay, subject to certain adjustments, $250,000 in cash to the Vendor and to grant to the Vendor a 1.5% net smelter returns royalty (the “Royalty”) on the Property as contemplated by a proposed net smelter returns royalty agreement (the “Royalty Agreement”) to be executed by the parties upon exercise of the Option.  Pursuant to the proposed Royalty Agreement, the Company has the right, exercisable at any time for a period of six years following exercise of the Option, to acquire one-half percent (0.5%) of the Royalty at a purchase price of $500,000.

Refer to Note 6: Other Long-Term Asset and Liability of the Notes to the Consolidated Financial Statements for the three and nine months ended April 30, 2016.

Results of Operations

For the three and nine months ended April 30, 2016, we recorded net losses of $3,679,055 ($0.03 per share) and $13,552,594 ($0.13 per share), respectively. Costs and expenses during the three and nine months ended April 30, 2016 were $2,936,921 and $11,262,590, respectively.

For the three and nine months ended April 30, 2015, we recorded a net loss of $5,347,729 ($0.06 per share) and $17,949,496 ($0.20 per share), respectively. Costs and expenses during the three and nine months ended April 30, 2015 were $4,587,820 and $15,712,982, respectively.

Uranium Extraction Activities

During the three and nine months ended April 30, 2016, we continued with our strategic plan for reduced operations implemented in Fiscal 2014 and continued reduced operations at the Palangana Mine to capture residual pounds of U₃O₈ only.  As a result, no U₃O₈ extraction or processing costs were capitalized to inventories during the three and nine months ended April 30, 2016.

During the three and nine months ended April 30, 2015, the Palangana Mine extracted 2,000 and 13,000 pounds of U₃O₈, respectively, while the Hobson Processing Facility processed 3,000 and 14,000 pounds of U₃O₈, respectively.

At April 30, 2016, the total value of inventories was $251,999, which remained unchanged from July 31, 2015.

Costs and Expenses

For the three and nine months ended April 30, 2016, costs and expenses totaled $2,936,921 and $11,262,590, comprised of mineral property expenditures of $725,968 and $3,408,813, general and administrative expenditures of $2,005,465 and $7,086,669, depreciation, amortization and accretion of $205,488 and $680,573, and impairment loss on mineral properties of $Nil and $86,535, respectively. During the three and nine months ended April 30, 2016, no sales of U₃O₈ were generated, therefore no corresponding cost of sales were recorded.

For the three and nine months ended April 30, 2015, costs and expenses totaled $4,587,820 and $15,712,982, comprised of mineral property expenditures of $1,045,842 and $4,560,241, general and administrative of $3,167,896 and $9,711,933 and depreciation, amortization and accretion of $374,082 and $1,440,808, respectively. No impairment loss on mineral property was recorded. During the three and nine months ended April 30, 2015, no sales of U₃O₈ were generated, therefore no corresponding cost of sales were recorded.

29

Mineral Property Expenditures

During the three and nine months ended April 30, 2016, mineral property expenditures totaled $725,968 and $3,408,813, respectively, comprised of expenditures relating to permitting, property maintenance, exploration and pre-extraction activities and all other non-extraction related activities on our uranium projects. During the three and nine months ended April 30, 2016, a credit amount due to re-valuation of ARO totaling $184,381 was recognized as a result of a descending ARO adjustment to fully depleted underlying mineral rights and properties, which was recorded against the mineral property expenditures.

During the three and nine months ended April 30, 2016, mineral property expenditures included expenditures directly related to maintaining operational readiness and permitting compliance of $349,367 and $1,270,165, respectively, for the Palangana Mine and Hobson Processing Facility.

During the three and nine months ended April 30, 2015, mineral property expenditures totaled $1,045,842 and $4,560,241 respectively, comprised of expenditures relating to permitting, property maintenance, exploration, pre-extraction and all other non-extraction related activities on our uranium projects. Additionally, these amounts include uranium extraction expenditures directly related to maintaining operational readiness and permitting compliance of $497,846 and $1,456,206, respectively, for the Palangana Mine and Hobson Processing Facility.

The following table provides mineral property expenditures on our projects for the periods indicated:

	Three Months Ended April 30,				Nine Months Ended April 30,
	2016		2015		2016			2015
Mineral Property Expenditures
Palangana Mine	$	280,345	$	500,535	$	1,031,625		$	1,621,391
Goliad Project		26,848		25,631		71,679			79,924
Burke Hollow Project		48,409		94,702		974,661			1,235,250
Longhorn Project		247		22,276		4,620			52,999
Salvo Project		4,622		16,751		21,697			39,590
Anderson Project		3,564		50,142		170,780			173,564
Workman Creek Project		418		-		32,109			31,300
Slick Rock Project		-		2,924		53,861			52,708
Yuty Project		89,246		41,274		291,788			301,035
Coronel Oviedo Project		136,031		132,315		422,763			428,077
Other Mineral Property Expenditures		136,238		159,292		517,611			544,403
Re-valuation of Asset Retirement Obligations		-		-		(184,381	)		-
	$	725,968	$	1,045,842	$	3,408,813		$	4,560,241

General and Administrative

During the three and nine months ended April 30, 2016, general and administrative expenses totaled $2,005,465 and $7,086,669 (three and nine months ended April 30, 2015: $3,167,896 and $9,711,933), respectively.

The following summary provides a discussion of the major expense categories, including analyses of the factors that caused significant variances compared to the same period last year:

· for the three and nine months ended April 30, 2016, salaries, management and consulting fees totaled $422,951 and $1,724,341, respectively, which decreased by $250,719 and $299,608, respectively, compared with $673,670 and $1,953,949 for the three and nine months ended April 30, 2015. This decrease was the result of pay reductions and other strategies implemented by the Company during the three months ended April, 2016;

· for the three and nine months ended April 30, 2016, office, investor relations, communications and travel expenses totaled $614,401 and $1,915,412, respectively, which decreased by $185,981 and $307,520, respectively, compared with $800,382 and $2,222,932 for the three and nine months ended April 30, 2015. This decrease reflects our continuing efforts to monitor and control these costs and reduce expenses wherever possible;

· for the three months ended April 30, 2016, professional fees totaled $169,253, which decreased by $206,712 compare with $375,965 for the three months ended April 30, 2015. For the nine months ended April 30, 2016, professional fees totaled $959,265, which have remained consistent compared with $906,508 for the nine months ended April 30, 2015. Professional fees are comprised primarily of legal services related to regulatory compliance and ongoing legal claims, in addition to audit and taxation services; and

30

· for the three and nine months ended April 30, 2016, stock-based compensation totaled $798,860 and $2,487,651, respectively, which decreased by $519,019 and $2,140,893, respectively, compared with $1,317,879 and $4,628,544 for the three and nine months ended April 30, 2015. Stock-based compensation includes the fair value of stock options granted to optionees and the fair value of shares of the Company’s common stock issued to consultants and employees. During the three and nine months ended April 30, 2016 and 2015, we continued to utilize equity-based payments for certain consulting services as part of our continuing efforts to reduce cash outlays. In September 2014, stock options to purchase 7,540,000 shares of the Company’s common stock were granted to certain directors, officers, employees and consultants of the Company. The fair value of these stock options has been amortized on an accelerated basis over the vesting period of the options, resulting in a higher stock-based compensation expense being recognized at the beginning of the vesting periods than at the end of the vesting periods.

Depreciation, Amortization and Accretion

During the three and nine months ended April 30, 2016, depreciation, amortization and accretion totaled $205,488 and $680,573, respectively, which decreased by $168,594 and $760,235, respectively, compared with $374,082 and $1,440,808 for the three and nine months ended April 30, 2015. This decrease was primarily the result of the discontinuation of depletion and/or depreciation of the Palangana Mine and Hobson Processing Facility due to further reduced operations, combined with the effects of certain property and equipment reaching full depletion and/or depreciation. Depreciation, amortization and accretion include depreciation and amortization of long-term assets acquired in the normal course of operations and accretion of asset retirement obligations.

Other Income and Expenses

Interest and Finance Costs

During the three and nine months ended April 30, 2016, interest and finance costs totaled $710,767 and $2,278,230, respectively, which have remained consistent compared to $764,761 and $2,270,104 for the three and nine months ended April 30, 2015.

For the three and nine months ended April 30, 2016, interest and finance costs were primarily comprised of, amortization of debt discount of $277,417 and $960,807, interest paid on long-term debt of $400,000 and $1,217,778 and amortization of annual surety bond premium of $28,687 and $85,447, respectively.

For the three and nine months ended April 30, 2015, interest and finance costs were primarily comprised of: amortization of debt discount of $336,262 and $994,669, interest paid on long-term debt of $395,555 and $1,213,333 and amortization of annual surety bond premium of $28,304 and $47,084, respectively.

Summary of Quarterly Results

	For the Quarters Ended
	April 30, 2016			January 31, 2016			October 31, 2015			July 31, 2015
Sales	$	-		$	-		$	-		$	3,080,000
Net loss		(3,679,055	)		(4,801,505	)		(5,072,034	)		(5,412,432	)
Total comprehensive loss		(3,678,919	)		(4,801,724	)		(5,072,233	)		(5,412,059	)
Basic and diluted loss per share		(0.03	)		(0.05	)		(0.05	)		(0.06	)
Total assets		59,558,492			49,982,462			53,130,380			57,900,257

	For the Quarters Ended
	April 30, 2015			January 31, 2015			October 31, 2014			July 31, 2014
Sales	$	-		$	-		$	-		$	-
Net loss		(5,347,729	)		(5,875,540	)		(6,726,227	)		(6,219,172	)
Total comprehensive loss		(5,347,522	)		(5,876,988	)		(6,726,451	)		(6,219,156	)
Basic and diluted loss per share		(0.06	)		(0.06	)		(0.07	)		(0.07	)
Total assets		52,171,028			55,315,547			59,608,374			64,655,888

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Liquidity and Capital Resources

	April 30, 2016		July 31, 2015
Cash and cash equivalents	$	10,086,805	$	10,092,408
Current assets		11,115,132		10,807,618
Current liabilities		2,113,915		4,560,698
Working capital		9,001,217		6,246,920

At April 30, 2016, we had a working capital of $9,001,217, an increase of $2,754,297 from our working capital of $6,246,920 at July 31, 2015. Current assets include $10,086,805 in cash and cash equivalents, the largest component of current assets. As a result, our working capital balance will fluctuate significantly as we utilize our cash and cash equivalents to fund our operations including exploration and pre-extraction activities.

As the Company does not expect to achieve and maintain profitability in the near term, the continuation of the Company as a going concern is dependent upon our ability to obtain adequate additional financing which we have successfully secured since inception, including those from asset divestitures. However, there is no assurance that we will be successful in securing any form of additional financing in the future when required and on terms favorable to the Company, therefore substantial doubt exists as to whether our cash resources and/or working capital will be sufficient to enable the Company to continue its operations for the next twelve months. The continued operations of the Company, including the recoverability of the carrying values of its assets, are dependent ultimately on the Company’s ability to achieve and maintain profitability and positive cash flow from its operations. Refer to Note 1: Nature of Operations and Going Concern of the Notes to the Consolidated Financial Statements for the three and nine months ended April 30, 2016.

During the three and nine months ended April 30, 2016, uranium extraction at PAA-1, 2 and 3 of the Palangana Mine continued to operate at a reduced pace since implementing our strategic plan in September 2013 to align our operations to a weak uranium market in a challenging post-Fukushima environment. This strategy has included the deferral of major pre-extraction expenditures and remaining in a state of operational readiness in anticipation of a recovery in uranium prices.

Although our planned principal operations commenced in Fiscal 2012 from which significant revenues from U₃O₈ sales have been realized historically, our revenues generated from U₃O₈ sales have been inconsistent and we have yet to achieve profitability. We have a history of operating losses resulting in an accumulated deficit balance since inception. During the nine months ended April 30, 2016, no revenue from U₃O₈ sales was realized and our net loss totaled $13,552,594, resulting in an accumulated deficit balance of $205,576,668 at April 30, 2016. During the nine months ended April 30, 2016 and 2015, net cash flows decreased by $5,603 and $7,416,445, respectively. Furthermore, we do not expect to achieve and maintain profitability or develop positive cash flow from our operations in the near term.

Historically, we have been reliant primarily on equity financings from the sale of our common stock and, during Fiscal 2014 and 2013, on debt financing in order to fund our operations. We have also relied to a limited extent, on cash flows generated from our mining activities during Fiscal 2015, 2013 and 2012, however, we have yet to achieve profitability or develop positive cash flow from operations, and we do not expect to achieve profitability or develop positive cash flow from operations in the near term. Our reliance on equity and debt financings is expected to continue for the foreseeable future, and their availability whenever such additional financing is required will be dependent on many factors beyond our control including, but not limited to, the market price of uranium, the continuing public support of nuclear power as a viable source of electrical generation, the volatility in the global financial markets affecting our stock price and the status of the worldwide economy, any one of which may cause significant challenges in our ability to access additional financing, including access to the equity and credit markets. We may also be required to seek other forms of financing, such as asset divestitures or joint venture arrangements to continue advancing our uranium projects which would depend entirely on finding a suitable third party willing to enter into such an arrangement, typically involving an assignment of a percentage interest in the mineral project. However, there is no assurance that we will be successful in securing any form of additional financing when required and on terms favorable to us.

Our operations are capital intensive and future capital expenditures are expected to be substantial. We will require significant additional financing to fund our operations, including continuing with our exploration and pre-extraction activities and acquiring additional uranium projects. In the absence of such additional financing, we would not be able to fund our operations, including continuing with our exploration and pre-extraction activities, which may result in delays, curtailment or abandonment of any one or all of our uranium projects.

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Our anticipated operations including exploration and pre-extraction activities, will be dependent on and may change as a result of our financial position, the market price of uranium and other considerations, and such change may include accelerating the pace or broadening the scope of reducing our operations as originally announced on September 5, 2013. Our ability to secure adequate funding for these activities will be impacted by our operating performance, other uses of cash, the market price of uranium, the market price of our common stock and other factors which may be beyond our control. Specific examples of such factors include, but are not limited to:

· if the weakness in the market price of uranium experienced in Fiscal 2015 continues or weakens further during Fiscal 2016;

· if the weakness in the market price of our common stock experienced in Fiscal 2015 continues or weakens further during Fiscal 2016;

· if we default on making scheduled payments of fees and complying with the restrictive covenants as required under the Second Amended Credit Facility during Fiscal 2016, and it results in accelerated repayment of our indebtedness and/or enforcement by the Lenders against our key assets securing our indebtedness; and

· if another nuclear incident, such as the events that occurred at Fukushima in March 2011, were to occur during Fiscal 2016, continuing public support of nuclear power as a viable source of electrical generation may be adversely affected, which may result in significant and adverse effects on both the nuclear and uranium industries.

Our long-term success, including the recoverability of the carrying values of our assets and our ability to acquire additional uranium projects and to continue with exploration and pre-extraction activities and mining activities on our existing uranium projects, will depend ultimately on our ability to achieve and maintain profitability and positive cash flow from our operations by establishing ore bodies that contain commercially recoverable uranium and to develop these into profitable mining activities. The economic viability of our mining activities, including the expected duration and profitability of the Palangana Mine and of any future satellite ISR mines, such as the Burke Hollow and Goliad Projects, located within the South Texas Uranium Belt, has many risks and uncertainties. These include, but are not limited to: (i) a significant, prolonged decrease in the market price of uranium; (ii) difficulty in marketing and/or selling uranium concentrates; (iii) significantly higher than expected capital costs to construct the mine and/or processing plant; (iv) significantly higher than expected extraction costs; (v) significantly lower than expected uranium extraction; (vi) significant delays, reductions or stoppages of uranium extraction activities; and (vii) the introduction of significantly more stringent regulatory laws and regulations. Our mining activities may change as a result of any one or more of these risks and uncertainties and there is no assurance that any ore body that we extract mineralized materials from will result in profitable mining activities.

Debt Financing

On February 9, 2016, the Company and its Lenders entered into the Second Amended and Restated Credit Agreement, which supersedes in their entirety, the prior Amended and Restated Credit Agreement dated and effective March 13, 2014 and the prior Credit Agreement dated and effective July 30, 2013. Pursuant to the Second Amended and Restated Credit Agreement, the Company and the Lenders agreed to extend the $20,000,000 senior secured credit facility by deferring required principal payments to February 1, 2019 and by extending the maturity date of the Second Amended Credit Facility to January 1, 2020. Under the terms of the Second Amended and Restated Credit Agreement, the Credit Facility Amount remains non-revolving with interest calculated at a rate of 8% per annum, compounded and payable on a monthly basis, with the underlying effective interest rate being 14.28%.

Refer to Note 8: Long-Term Debt of the Notes to the Consolidated Financial Statements for the three and nine months ended April 30, 2016.

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Equity Financings

We filed a 2014 Shelf effective January 10, 2014 providing for the public offer and sale of certain securities of the Company from time to time, at its discretion, up to an aggregate offering of $100 million.

On March 10, 2016, the Company completed a registered offering of 12,364,704 units at a price of $0.85 per unit for gross proceeds of $10,510,000 pursuant to a prospectus supplement to the 2014 Shelf. Each unit was comprised of one share of common stock of the Company and one-half of one share purchase warrant, with each whole warrant being exercisable at a price of $1.20 to purchase one share to of common stock of the Company for a three year period from the date of issuance.

At April 30, 2016, a total of $35.1 million of the 2014 Shelf was utilized through the following registered offerings and sales of units, with a remaining available balance of $64.9 million under the 2014 Shelf:

· on June 25, 2015: $10.0 million in gross proceeds through an offering of units consisting of the Company’s shares and share purchase warrants and $6.7 million representing the aggregate exercise price of those share purchase warrants and agents’ share purchase warrants should they be exercised in full; and

· on March 10, 2016: $10.5 million in gross proceeds through an offering of units consisting of the Company’s shares and share purchase warrants and $7.9 million representing the aggregate exercise price of those share purchase warrants and agents’ share purchase warrants should they be exercised in full.

Operating Activities

Net cash used in operating activities during the nine months ended April 30, 2016 was $10,265,296 (nine months ended April 30, 2015: $11,761,904). Significant operating expenditures included mineral property expenditures, general and administrative expenses and interest payments.

Financing Activities

Net cash provided by financing activities during the nine months ended April 30, 2016 was $10,324,264, resulting from net cash of $10,099,149 from the share issuance for equity financing and net cash of $225,115 received from the exercise of stock options. Net cash provided by financing activities during the nine months ended April 30, 2015 was $454,984 resulting from net cash of $435,590 received from the share issuance for an equity financing and the exercise of stock options, and an increase of $19,394 in amounts due to related parties.

Investing Activities

Net cash used in investing activities during the nine months ended April 30, 2016 was $64,571, resulting primarily from net cash of $ 46,084 used in asset acquisition and purchase of property, plant and equipment of $19,304. Net cash provided by investing activities during the nine months ended April 30, 2015 was $3,890,475, resulting primarily from gross proceeds of $5,663,158 received from the release of reclamation deposits, offset by the payment of collateral for the surety bonds of $1,690,208, acquisition of mineral rights and properties of $73,624 and purchase of property, plant and equipment of $10,905.

Stock Options and Warrants

At April 30, 2016, the Company had stock options outstanding representing 11,045,358 common shares at a weighted-average exercise price of $1.41 per share and share purchase warrants outstanding representing 13,953,872 common shares at a weighted-average exercise price of $1.61 per share. At April 30, 2016, outstanding stock options and warrants represented a total 24,999,230 shares issuable for gross proceeds of approximately $41,701,000 should these stock options and warrants be exercised in full. At April 30, 2016, outstanding in-the-money stock options and warrants represented a total 1,219,634 common shares exercisable for gross proceeds of approximately $549,000 should these in-the-money stock options and warrants be exercised in full. The exercise of these stock options and warrants is at the discretion of the respective holders and, accordingly, there is no assurance that any of these stock options or warrants will be exercised in the future.

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Transactions with a Related Party

During the three and nine months ended April 30, 2016, the Company incurred $30,134 and $128,727 (three and nine months ended April 30, 2015: $45,443 and $118,101), respectively, in general and administrative costs paid to a company controlled by a direct family member of a director and officer of the Company.

During the three months ended April 30, 2016, the Company issued 117,998 restricted common shares with fair value of $109,738 as settlement of amounts owed to this company totaling $98,371. As a result, a loss on settlement of current liabilities of $11,367 was recognized and included in the consolidated statements of operations. During the nine months ended April 30, 2015, the Company issued 15,000 restricted shares of common stock with a fair value of $18,150 to this company for consulting services included in general and administrative costs.

At April 30, 2016, amounts owed to related parties totaled $897 (July 31, 2015: $14,660). These amounts are unsecured, non-interest bearing and due on demand.

Material Commitments

Long-Term Debt Obligations

At April 30, 2016, we have made all scheduled payments and complied with all of the covenants under the Second Amended and Restated Credit Agreement dated and effective February 9, 2016, and we expect to continue complying with all scheduled payments and covenants during our fiscal year ending July 31, 2016.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Critical Accounting Policies

For a complete summary of all of our significant accounting policies, refer to Note 2: Summary of Significant Accounting Policies of the Notes to the Consolidated Financial Statements as presented under Item 8. Financial Statements and Supplementary Data in our Form 10-K Annual Report for the fiscal year ended July 31, 2015.

Refer to “Critical Accounting Policies” under Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Form 10-K Annual Report for the fiscal year ended July 31, 2015.

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Item 3.      Quantitative and Qualitative Disclosures About Market Risk

Refer to Item 7A. Quantitative and Qualitative Disclosures About Market Risk in our Form 10-K Annual Report for the fiscal year ended July 31, 2015.

Item 4.      Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Principal Executive Officer and Principal Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of the end of the period covered by this Quarterly Report. Based on such evaluation, our Principal Executive Officer and Principal Financial Officer have concluded that, as of the end of the period covered by this Quarterly Report, our disclosure controls and procedures were effective.

It should be noted that any system of controls is based in part upon certain assumptions designed to obtain reasonable (and not absolute) assurance as to its effectiveness, and there can be no assurance that any design will succeed in achieving its stated goals.

Changes in Internal Controls

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during our fiscal quarter ended April 30, 2016, that have materially affected, or are reasonably likely to materially affect our internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1.      Legal Proceedings

As of the date of this Quarterly Report, other than as disclosed below, there are no material pending legal proceedings, other than ordinary routine litigation incidental to our business, to which the Company or any of its subsidiaries is a party or of which any of their property is subject, and no director, officer, affiliate or record or beneficial owner of more than 5% of our common stock, or any associate or any such director, officer, affiliate or security holder, is (i) a party adverse to us or any of our subsidiaries in any legal proceeding or (ii) has an adverse interest to us or any of our subsidiaries in any legal proceeding. Other than as disclosed below, management is not aware of any other material legal proceedings pending or that have been threatened against us or our properties.

On or about March 9, 2011, the Texas Commission on Environmental Quality (the “TCEQ”) granted the Company’s applications for a Class III Injection Well Permit, Production Area Authorization and Aquifer Exemption for its Goliad Project.  On or about December 4, 2012, the U.S. Environmental Protection Agency (the “EPA”) concurred with the TCEQ issuance of the Aquifer Exemption permit (the “AE”).  With the receipt of this concurrence, the final authorization required for uranium extraction, the Goliad Project achieved fully-permitted status.  On or about May 24, 2011, a group of petitioners, inclusive of Goliad County, appealed the TCEQ action to the 250^th District Court in Travis County, Texas.  A motion filed by the Company to intervene in this matter was granted. The petitioners’ appeal lay dormant until on or about June 14, 2013, when the petitioners filed their initial brief in support of their position.  On or about January 18, 2013, a different group of petitioners, exclusive of Goliad County, filed a petition for review with the Court of Appeals for the Fifth Circuit in the United States (the “Fifth Circuit”) to appeal the EPA’s decision.  On or about March 5, 2013, a motion filed by the Company to intervene in this matter was granted.  The parties attempted to resolve both appeals, to facilitate discussions and avoid further legal costs. The parties jointly agreed, through mediation initially conducted through the Fifth Circuit on or about August 8, 2013, to abate the proceedings in the State District Court. On or about August 21, 2013, the State District Court agreed to abate the proceedings.  The EPA subsequently filed a motion to remand without vacatur with the Fifth Circuit wherein the EPA's stated purpose was to elicit additional public input and further explain its rationale for the approval.  In requesting the remand without vacatur, which would allow the AE to remain in place during the review period, the EPA denied the existence of legal error and stated that it was unaware of any additional information that would merit reversal of the AE.  The Company and the TCEQ filed a request to the Fifth Circuit for the motion to remand without vacatur, and if granted, to be limited to a 60-day review period.  On December 9, 2013, by way of a procedural order from a three-judge panel of the Fifth Circuit, the Court granted the remand without vacatur and initially limited the review period to 60 days. In March of 2014, at the EPA’s request, the Fifth Circuit extended the EPA’s time period for review and additionally, during that same period, the Company conducted a joint groundwater survey of the site, the result of which reaffirmed the Company’s previously filed groundwater direction studies. On or about June 17, 2014, the EPA reaffirmed its earlier decision to uphold the granting of the Company’s existing AE, with the exception of a northwestern portion containing less than 10% of the uranium resource which was withdrawn, but not denied, from the AE area until additional information is provided in the normal course of mine development. On or about September 9, 2014, the petitioners filed a status report with the State District Court which included a request to remove the stay agreed to in August 2013 and to set a briefing schedule (the “Status Report”). In that Status Report, the petitioners also stated that they had decided not to pursue their appeal at the Fifth Circuit. The Company continues to believe that the pending appeal is without merit and is continuing as planned towards uranium extraction at its fully-permitted Goliad Project.

On or about April 3, 2012, the Company received notification of a lawsuit filed in the State of Arizona, in the Superior Court for the County of Yavapai, by certain petitioners (the “Plaintiffs”) against a group of defendants, including the Company and former management and board members of Concentric Energy Corp. (“Concentric”). The lawsuit asserts certain claims relating to the Plaintiffs’ equity investments in Concentric, including allegations that the former management and board members of Concentric engaged in various wrongful acts prior to and/or in conjunction with the merger of Concentric. The lawsuit originally further alleged that the Company was contractually liable for liquidated damages arising from a pre-merger transaction which the Company previously acknowledged and recorded as an accrued liability, and which portion of the lawsuit was settled in full by a cash payment of $149,194 to the Plaintiffs and subsequently dismissed. The court dismissed several other claims set forth in the Plaintiffs’ initial complaint, but granted the Plaintiffs leave to file an amended complaint.  The court denied a subsequent motion to dismiss the amended complaint, finding that the pleading met the minimal pleading requirements under the applicable procedural rules.  In October 2013, the Company filed a formal response denying liability for any of the Plaintiffs’ remaining claims. The court set the case for a four-week jury trial that was to take place in Yavapai County, Arizona, in April 2016.  In November 2015, after the completion of discovery, the Company and the remaining defendants filed motions for summary judgment, seeking to dismiss all of the Plaintiffs’ remaining claims.  While those motions were pending, the parties reached a settlement agreement with respect to all claims asserted by the Plaintiffs in that lawsuit.  A formal settlement and release agreement was subsequently executed, pursuant to which all of the Plaintiffs’ claims in the Arizona lawsuit were dismissed with prejudice.  Pursuant to the terms of the settlement agreement, the Defendants collectively paid $500,000 to the Plaintiffs, of which $50,000 will be paid by the Company.

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On June 1, 2015, the Company received notice that Westminster Securities Corporation filed a suit in the United States District Court for the Southern District of New York, alleging a breach of contract relating to certain four-year warrants issued by Concentric in December 2008.  Although the Concentric warrants expired by their terms on December 31, 2012, Westminster bases its claim upon transactions allegedly occurring prior to UEC’s merger with Concentric.  The Company believes that this claim lacks merit and intends to vigorously defend the same.

On or about June 29, 2015, Heather M. Stephens filed a class action complaint against the Company and two of its executive officers in the United States District Court, Southern District of Texas, with an amended class action complaint filed on November 16, 2015, (the "Securities Case") seeking unspecified damages and alleging the defendants violated Section 17(b) of the Securities Act of 1933 and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The Company has filed a motion to dismiss.

On or about September 10, 2015, John Price filed a stockholder derivative complaint on behalf of the Company against the Company's Board of Directors, executive management and three of its vice presidents in the United States District Court, Southern District of Texas, with an amended stockholder derivative complaint filed on December 4, 2015, (the “Federal Derivative Case”) seeking unspecified damages on behalf of the Company against the defendants for allegedly breaching their fiduciary duties to the Company with respect to the allegations in the Securities Case. The Company has filed a motion to dismiss.

On or about October 2, 2015, Marnie W. McMahon filed a stockholder derivative complaint on behalf of the Company against the Company's Board of Directors, executive management and three of its vice presidents in the District Court of Nevada (the “Nevada Derivative Case”) (collectively with the Federal Derivative Case, the “Derivative Cases”) seeking unspecified damages on behalf of the Company against the defendants for allegedly breaching their fiduciary duties to the Company with respect to the allegations in the Securities Case. On January 21, 2016, the court granted the Company’s motion to stay the Nevada Derivative Case pending the outcome of the Federal Derivative Case.

The Company believes that the Securities Case and the Derivative Cases are without merit and intends to defend vigorously against them.

The Company’s Board of Directors received a shareholder demand letter dated September 10, 2015 relating to the allegations in the Securities Case (the “Shareholder Demand”). The letter demands that the Board of Directors initiate an action against the Company’s Board of Directors and two of its executive officers to recover damages allegedly caused to the Company. The Board of Directors is reviewing the Shareholder Demand to determine the appropriate course of action.

Item 1A.          Risk Factors

In addition to the information contained in our Form 10-K Annual Report for the fiscal year ended July 31, 2015, and this Form 10-Q Quarterly Report, we have identified the following material risks and uncertainties which reflect our outlook and conditions known to us as of the date of this Quarterly Report. These material risks and uncertainties should be carefully reviewed by our stockholders and any potential investors in evaluating the Company, our business and the market value of our common stock. Furthermore, any one of these material risks and uncertainties has the potential to cause actual results, performance, achievements or events to be materially different from any future results, performance, achievements or events implied, suggested or expressed by any forward-looking statements made by us or by persons acting on our behalf. Refer to “Cautionary Note Regarding Forward-Looking Statements” as disclosed in our Form 10-K Annual Report for the fiscal year ended July 31, 2015.

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There is no assurance that we will be successful in preventing the material adverse effects that any one or more of the following material risks and uncertainties may cause on our business, prospects, financial condition and operating results, which may result in a significant decrease in the market price of our common stock. Furthermore, there is no assurance that these material risks and uncertainties represent a complete list of the material risks and uncertainties facing us. There may be additional risks and uncertainties of a material nature that, as of the date of this Quarterly Report, we are unaware of or that we consider immaterial that may become material in the future, any one or more of which may result in a material adverse effect on us. You could lose all or a significant portion of your investment due to any one of these material risks and uncertainties.

Risks Related to Our Company and Business

Evaluating our future performance may be difficult since we have a limited financial and operating history, with significant negative cash flow and accumulated deficit to date. Furthermore, there is no assurance that we will be successful in securing any form of additional financing in the future, therefore substantial doubt exists as to whether our cash resources and/or working capital will be sufficient to enable the Company to continue its operations over the next twelve months. Our long-term success will depend ultimately on our ability to achieve and maintain profitability and to develop positive cash flow from our mining activities.

As more fully described under Item 1. Business, in our Form 10-K Annual Report for the fiscal year ended July 31, 2015, Uranium Energy Corp. was incorporated under the laws of the State of Nevada on May 16, 2003 and since 2004, we have been engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing, on projects located in the United States and Paraguay. In November 2010, we commenced uranium extraction for the first time at the Palangana Mine utilizing ISR and processed those materials at the Hobson Processing Facility into drums of U₃O₈, our only sales product and source of revenue. We also hold uranium projects in various stages of exploration and pre-extraction in the States of Arizona, Colorado, New Mexico, Texas and Wyoming and the Republic of Paraguay.

As more fully described under “Liquidity and Capital Resources” of Item 2. Management’s Discussion and Analysis of Financial Condition and Result of Operations, we have a history of significant negative cash flow and net losses, with an accumulated deficit balance of $205.6 million at April 30, 2016. Historically, we have been reliant primarily on equity financings from the sale of our common stock and, for Fiscal 2014 and 2013, on debt financing in order to fund our operations. Although we generated revenues from sales of U₃O₈ during Fiscal 2015, 2013 and 2012 of $3.1 million, $9.0 million and $13.8 million, respectively, with no revenues from sales of U₃O₈ generated during the nine months ended April 30, 2016, Fiscal 2014 or for any periods prior to Fiscal 2012, we have yet to achieve profitability or develop positive cash flow from our operations, and we do not expect to achieve profitability or develop positive cash flow from operations in the near term. As a result of our limited financial and operating history, including our significant negative cash flow and net losses to date, it may be difficult to evaluate our future performance.

At April 30, 2016, we had a working capital of $9.0 million including cash and cash equivalents of $10.1 million. As the Company does not expect to achieve and maintain profitability in the near term, the continuation of the Company as a going concern is dependent upon our ability to obtain adequate additional financing which we have successfully secured since inception, including those from asset divestitures. However, there is no assurance that we will be successful in securing any form of additional financing in the future, therefore, substantial doubt exists as to whether our cash resources and/or working capital will be sufficient to enable the Company to continue its operations over the next twelve months.

Our reliance on equity and debt financings is expected to continue for the foreseeable future, and their availability whenever such additional financing is required, will be dependent on many factors beyond our control including, but not limited to, the market price of uranium, the continuing public support of nuclear power as a viable source of electrical generation, the volatility in the global financial markets affecting our stock price and the status of the worldwide economy, any one of which may cause significant challenges in our ability to access additional financing, including access to the equity and credit markets. We may also be required to seek other forms of financing, such as asset divestitures or joint venture arrangements to continue advancing our uranium projects which would depend entirely on finding a suitable third party willing to enter into such an arrangement, typically involving an assignment of a percentage interest in the mineral project.

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Our long-term success, including the recoverability of the carrying values of our assets and our ability to acquire additional uranium projects and continue with exploration and pre-extraction activities and mining activities on our existing uranium projects, will depend ultimately on our ability to achieve and maintain profitability and positive cash flow from our operations by establishing ore bodies that contain commercially recoverable uranium and to develop these into profitable mining activities. The economic viability of our mining activities, including the expected duration and profitability of the Palangana Mine and of any future satellite ISR mines, such as the Burke Hollow and Goliad Projects, located within the South Texas Uranium Belt, has many risks and uncertainties. These include, but are not limited to: (i) a significant, prolonged decrease in the market price of uranium; (ii) difficulty in marketing and/or selling uranium concentrates; (iii) significantly higher than expected capital costs to construct the mine and/or processing plant; (iv) significantly higher than expected extraction costs; (v) significantly lower than expected uranium extraction; (vi) significant delays, reductions or stoppages of uranium extraction activities; and (vi) the introduction of significantly more stringent regulatory laws and regulations. Our mining activities may change as a result of any one or more of these risks and uncertainties and there is no assurance that any ore body that we extract mineralized materials from will result in achieving and maintaining profitability and developing positive cash flow.

Our operations are capital intensive, and we will require significant additional financing to acquire additional uranium projects and continue with our exploration and pre-extraction activities on our existing uranium projects.

Our operations are capital intensive and future capital expenditures are expected to be substantial. We will require significant additional financing to fund our operations, including acquiring additional uranium projects and continuing with our exploration and pre-extraction activities which include assaying, drilling, geological and geochemical analysis and mine construction costs. In the absence of such additional financing we would not be able to fund our operations or continue with our exploration and pre-extraction activities, which may result in delays, curtailment or abandonment of any one or all of our uranium projects.

If we are unable to service our indebtedness, we may be faced with accelerated repayments or lose the assets securing our indebtedness. Furthermore, restrictive covenants governing our indebtedness may restrict our ability to pursue our business strategies.

Effective on February 9, 2016, we entered into a Second Amended and Restated Credit Agreement with our Lenders under which we had previously drawn down the maximum $20 million in principal as of April 30, 2016. The Second Amended Credit Facility requires monthly interest payments calculated at 8% per annum and other periodic fees, and principal repayments of $1.67 million per month over a twelve-month period commencing on February 1, 2019. Our ability to continue making these scheduled payments will be dependent on and may change as a result of our financial condition and operating results. Failure to make any one of these scheduled payments will put us in default with the Second Amended Credit Facility which, if not addressed or waived, could require accelerated repayment of our indebtedness and/or enforcement by the Lenders against the Company’s assets. Enforcement against our assets would have a material adverse effect on our financial condition and operating results.

Furthermore, the Second Amended Credit Facility includes restrictive covenants that, among other things, limit our ability to sell our assets or to incur additional indebtedness other than permitted indebtedness, which may restrict our ability to pursue certain business strategies from time to time. If we do not comply with these restrictive covenants, we could be in default which, if not addressed or waived, could require accelerated repayment of our indebtedness and/or enforcement by the Lenders against our assets.

Our uranium extraction and sales history is limited, with our uranium extraction to date originating from a single uranium mine. Our ability to continue generating revenue is subject to a number of factors, any one or more of which may adversely affect our financial condition and operating results.

We have a limited history of uranium extraction and generating revenue. In November 2010, we commenced uranium extraction at a single uranium mine, the Palangana Mine, which has been our sole source for the U₃O₈ sold to generate our revenues from sales of U₃O₈ during Fiscal 2015, 2013 and 2012 of $3.1 million, $9.0 million and $13.8 million, respectively, with no revenues from sales of U₃O₈ generated during Fiscal 2014 or for any periods prior to Fiscal 2012.

During the nine months ended April 30, 2016, uranium extraction at PAA-1, 2 and 3 continued to operate at a reduced pace since implementing our strategic plan in September 2013 to align our operations to a weak uranium commodity market in a challenging post-Fukushima environment. This strategy has included the deferral of major pre-extraction expenditures and remaining in a state of operational readiness in anticipation of a recovery in uranium prices.  Our ability to continue generating revenue from the Palangana Mine is subject to a number of factors which include, but are not limited to: (i) a significant, prolonged decrease in the market price of uranium; (ii) difficulty in marketing and/or selling uranium concentrates; (iii) significantly higher than expected capital costs to construct the mine and/or processing plant; (iv) significantly higher than expected extraction costs; (v) significantly lower than expected uranium extraction; (vi) significant delays, reductions or stoppages of uranium extraction activities; and (vii) the introduction of significantly more stringent regulatory laws and regulations. Furthermore, continued mining activities at the Palangana Mine will eventually deplete the Palangana Mine or cause such activities to become uneconomical, and if we are unable to directly acquire or develop existing uranium projects, such as the Burke Hollow and Goliad Projects, into additional uranium mines from which we can commence uranium extraction, it will negatively impact our ability to generate revenues. Any one or more of these occurrences may adversely affect our financial condition and operating results.

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Uranium exploration and pre-extraction programs and mining activities are inherently subject to numerous significant risks and uncertainties, and actual results may differ significantly from expectations or anticipated amounts. Furthermore, exploration programs conducted on our uranium projects may not result in the establishment of ore bodies that contain commercially recoverable uranium.

Uranium exploration and pre-extraction programs and mining activities are inherently subject to numerous significant risks and uncertainties, many beyond our control, including, but not limited to: (i) unanticipated ground and water conditions and adverse claims to water rights; (ii) unusual or unexpected geological formations; (iii) metallurgical and other processing problems; (iv) the occurrence of unusual weather or operating conditions and other force majeure events; (v) lower than expected ore grades; (vi) industrial accidents; (vii) delays in the receipt of or failure to receive necessary government permits; (viii) delays in transportation; (ix) availability of contractors and labor; (x) government permit restrictions and regulation restrictions; (xi) unavailability of materials and equipment; and (xii) the failure of equipment or processes to operate in accordance with specifications or expectations. These risks and uncertainties could result in: (i) delays, reductions or stoppages in our mining activities; (ii) increased capital and/or extraction costs; (iii) damage to, or destruction of, our mineral projects, extraction facilities or other properties; (iv) personal injuries; (v) environmental damage; (vi) monetary losses; and (vii) legal claims.

Success in uranium exploration is dependent on many factors, including, without limitation, the experience and capabilities of a company’s management, the availability of geological expertise and the availability of sufficient funds to conduct the exploration program. Even if an exploration program is successful and commercially recoverable uranium is established, it may take a number of years from the initial phases of drilling and identification of the mineralization until extraction is possible, during which time the economic feasibility of extraction may change such that the uranium ceases to be economically recoverable. Uranium exploration is frequently non-productive due, for example, to poor exploration results or the inability to establish ore bodies that contain commercially recoverable uranium, in which case the uranium project may be abandoned and written-off. Furthermore, we will not be able to benefit from our exploration efforts and recover the expenditures that we incur on our exploration programs if we do not establish ore bodies that contain commercially recoverable uranium and develop these uranium projects into profitable mining activities, and there is no assurance that we will be successful in doing so for any of our uranium projects.

Whether an ore body contains commercially recoverable uranium depends on many factors including, without limitation: (i) the particular attributes, including material changes to those attributes, of the ore body such as size, grade, recovery rates and proximity to infrastructure; (ii) the market price of uranium, which may be volatile; and (iii) government regulations and regulatory requirements including, without limitation, those relating to environmental protection, permitting and land use, taxes, land tenure and transportation.

We have not established proven or probable reserves through the completion of a “final” or “bankable” feasibility study for any of our uranium projects, including the Palangana Mine. Furthermore, we have no plans to establish proven or probable reserves for any of our uranium projects for which we plan on utilizing ISR mining, such as the Palangana Mine. Since we commenced extraction of mineralized materials from the Palangana Mine without having established proven or probable reserves, it may result in our mining activities at the Palangana Mine, and at any future uranium projects for which proven or probable reserves are not established, being inherently riskier than other mining activities for which proven or probable reserves have been established.

We have established the existence of mineralized materials for certain uranium projects, including the Palangana Mine. We have not established proven or probable reserves, as defined by the SEC under Industry Guide 7, through the completion of a “final” or “bankable” feasibility study for any of our uranium projects, including the Palangana Mine. Furthermore, we have no plans to establish proven or probable reserves for any of our uranium projects for which we plan on utilizing ISR mining, such as the Palangana Mine. Since we commenced uranium extraction at the Palangana Mine without having established proven or probable reserves, there may be greater inherent uncertainty as to whether or not any mineralized material can be economically extracted as originally planned and anticipated. Any mineralized materials established or extracted from the Palangana Mine should not in any way be associated with having established or produced from proven or probable reserves.

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Since we are in the Exploration Stage, pre-production expenditures including those related to pre-extraction activities are expensed as incurred, the effects of which may result in our consolidated financial statements not being directly comparable to the financial statements of companies in the Production Stage.

Despite the fact that we commenced uranium extraction at the Palangana Mine in November 2010, we remain in the Exploration Stage as defined under Industry Guide 7, and will continue to remain in the Exploration Stage until such time proven or probable reserves have been established, which may never occur. We prepare our consolidated financial statements in accordance with United States generally accepted accounting principles (“U.S. GAAP”) under which acquisition costs of mineral rights are initially capitalized as incurred while pre-production expenditures are expensed as incurred until such time we exit the Exploration Stage.  Expenditures relating to exploration activities are expensed as incurred and expenditures relating to pre-extraction activities are expensed as incurred until such time proven or probable reserves are established for that uranium project, after which subsequent expenditures relating to mine development activities for that particular project are capitalized as incurred.

We have neither established nor have any plans to establish proven or probable reserves for our uranium projects for which we plan on utilizing ISR mining, such as the Palangana Mine. Companies in the Production Stage as defined by the SEC under Industry Guide 7, having established proven and probable reserves and exited the Exploration Stage, typically capitalize expenditures relating to ongoing development activities, with corresponding depletion calculated over proven and probable reserves using the units-of-production method and allocated to future reporting periods to inventory and, as that inventory is sold, to cost of goods sold. As we are in the Exploration Stage, it has resulted in us reporting larger losses than if we had been in the Production Stage due to the expensing, instead of capitalization, of expenditures relating to ongoing mill and mine pre-extraction activities. Additionally, there would be no corresponding amortization allocated to our future reporting periods since those costs would have been expensed previously, resulting in both lower inventory costs and cost of goods sold and results of operations with higher gross profits and lower losses than if we had been in the Production Stage. Any capitalized costs, such as acquisition costs of mineral rights, are depleted over the estimated extraction life using the straight-line method. As a result, our consolidated financial statements may not be directly comparable to the financial statements of companies in the Production Stage.

Estimated costs of future reclamation obligations may be significantly exceeded by actual costs incurred in the future. Furthermore, only a portion of the financial assurance required for the future reclamation obligations has been funded.

We are responsible for certain remediation and decommissioning activities in the future primarily for the Hobson Processing Facility and the Palangana Mine, and have recorded a liability of $3.9 million on our balance sheet at April 30, 2016, to recognize the present value of the estimated costs of such reclamation obligations.  Should the actual costs to fulfill these future reclamation obligations materially exceed these estimated costs, it may have an adverse effect on our financial condition and operating results, including not having the financial resources required to fulfill such obligations when required to do so.

During Fiscal 2015, we secured $5.6 million of surety bonds as an alternate source of financial assurance for the estimated costs of the reclamation obligations of the Hobson Processing Facility and the Palangana Mine, of which we have $1.7 million funded and held as restricted cash for collateral purposes as required by the surety. We may be required at any time to fund the remaining $3.9 million or any portion thereof for a number of reasons including, but not limited to, the following: (i) the terms of the surety bonds are amended, such as an increase in collateral requirements; (ii) we are in default with the terms of the surety bonds; (iii) the surety bonds are no longer acceptable as an alternate source of financial assurance by the regulatory authorities; or (iv) the surety encounters financial difficulties. Should any one or more of these events occur in the future, we may not have the financial resources to fund the remaining amount or any portion thereof when required to do so.

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We do not insure against all of the risks we face in our operations.

In general, where coverage is available and not prohibitively expensive relative to the perceived risk, we will maintain insurance against such risk, subject to exclusions and limitations. We currently maintain insurance against certain risks including securities and general commercial liability claims and certain physical assets used in our operations, subject to exclusions and limitations, however, we do not maintain insurance to cover all of the potential risks and hazards associated with our operations.  We may be subject to liability for environmental, pollution or other hazards associated with our exploration, pre-extraction and extraction activities, which we may not be insured against, which may exceed the limits of our insurance coverage or which we may elect not to insure against because of high premiums or other reasons. Furthermore, we cannot provide assurance that any insurance coverage we currently have will continue to be available at reasonable premiums or that such insurance will adequately cover any resulting liability.

Acquisitions that we may make from time to time could have an adverse impact on us.

From time to time, we examine opportunities to acquire additional mining assets and businesses. Any acquisition that we may choose to complete may be of a significant size, may change the scale of our business and operations, and may expose us to new geographic, political, operating, financial and geological risks. Our success in our acquisition activities depends on our ability to identify suitable acquisition candidates, negotiate acceptable terms for any such acquisition, and integrate the acquired operations successfully with those of our Company. Any acquisitions would be accompanied by risks which could have a material adverse effect on our business. For example: (i) there may be a significant change in commodity prices after we have committed to complete the transaction and established the purchase price or exchange ratio; (ii) a material ore body may prove to be below expectations; (iii) we may have difficulty integrating and assimilating the operations and personnel of any acquired companies, realizing anticipated synergies and maximizing the financial and strategic position of the combined enterprise, and maintaining uniform standards, policies and controls across the organization; (iv) the integration of the acquired business or assets may disrupt our ongoing business and our relationships with employees, customers, suppliers and contractors; and (v) the acquired business or assets may have unknown liabilities which may be significant. In the event that we choose to raise debt capital to finance any such acquisition, our leverage will be increased. If we choose to use equity as consideration for such acquisition, existing shareholders may suffer dilution. Alternatively, we may choose to finance any such acquisition with our existing resources. There can be no assurance that we would be successful in overcoming these risks or any other problems encountered in connection with such acquisitions.

The uranium industry is subject to numerous stringent laws, regulations and standards, including environmental protection laws and regulations. If any changes occur that would make these laws, regulations and standards more stringent, it may require capital outlays in excess of those anticipated or cause substantial delays, which would have a material adverse effect on our operations.

Uranium exploration and pre-extraction programs and mining activities are subject to numerous stringent laws, regulations and standards at the federal, state, and local levels governing permitting, pre-extraction, extraction, exports, taxes, labor standards, occupational health, waste disposal, protection and reclamation of the environment, protection of endangered and protected species, mine safety, hazardous substances and other matters. Our compliance with these requirements requires significant financial and personnel resources.

The laws, regulations, policies or current administrative practices of any government body, organization or regulatory agency in the United States or any other applicable jurisdiction, may change or be applied or interpreted in a manner which may also have a material adverse effect on our operations. The actions, policies or regulations, or changes thereto, of any government body or regulatory agency or special interest group, may also have a material adverse effect on our operations.

Uranium exploration and pre-extraction programs and mining activities are subject to stringent environmental protection laws and regulations at the federal, state, and local levels. These laws and regulations include permitting and reclamation requirements, regulate emissions, water storage and discharges and disposal of hazardous wastes. Uranium mining activities are also subject to laws and regulations which seek to maintain health and safety standards by regulating the design and use of mining methods. Various permits from governmental and regulatory bodies are required for mining to commence or continue, and no assurance can be provided that required permits will be received in a timely manner.

Our compliance costs including the posting of surety bonds associated with environmental protection laws and regulations and health and safety standards have been significant to date, and are expected to increase in scale and scope as we expand our operations in the future. Furthermore, environmental protection laws and regulations may become more stringent in the future, and compliance with such changes may require capital outlays in excess of those anticipated or cause substantial delays, which would have a material adverse effect on our operations.

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To the best of our knowledge, our operations are in compliance, in all material respects, with all applicable laws, regulations and standards. If we become subject to liability for any violations, we may not be able or may elect not to insure against such risk due to high insurance premiums or other reasons. Where coverage is available and not prohibitively expensive relative to the perceived risk, we will maintain insurance against such risk, subject to exclusions and limitations. However, we cannot provide any assurance that such insurance will continue to be available at reasonable premiums or that such insurance will be adequate to cover any resulting liability.

We may not be able to obtain, maintain or amend rights, authorizations, licenses, permits or consents required for our operations.

Our exploration and mining activities are dependent upon the grant of appropriate rights, authorizations, licences, permits and consents, as well as continuation and amendment of these rights, authorizations, licences, permits and consents already granted, which may be granted for a defined period of time, or may not be granted or may be withdrawn or made subject to limitations. There can be no assurance that all necessary rights, authorizations, licences, permits and consents will be granted to us, or that authorizations, licences, permits and consents already granted will not be withdrawn or made subject to limitations.

Major nuclear incidents may have adverse effects on the nuclear and uranium industries.

The nuclear incident that occurred in Japan in March 2011 had significant and adverse effects on both the nuclear and uranium industries. If another nuclear incident were to occur, it may have further adverse effects for both industries. Public opinion of nuclear power as a source of electrical generation may be adversely affected, which may cause governments of certain countries to further increase regulation for the nuclear industry, reduce or abandon current reliance on nuclear power or reduce or abandon existing plans for nuclear power expansion. Any one of these occurrences has the potential to reduce current and/or future demand for nuclear power, resulting in lower demand for uranium and lower market prices for uranium, adversely affecting the Company’s operations and prospects. Furthermore, the growth of the nuclear and uranium industries is dependent on continuing and growing public support of nuclear power as a viable source of electrical generation.

The marketability of uranium concentrates will be affected by numerous factors beyond our control which may result in our inability to receive an adequate return on our invested capital.

The marketability of uranium concentrates extracted by us will be affected by numerous factors beyond our control. These factors include macroeconomic factors, fluctuations in the market price of uranium, governmental regulations, land tenure and use, regulations concerning the importing and exporting of uranium and environmental protection regulations. The future effects of these factors cannot be accurately predicted, but any one or a combination of these factors may result in our inability to receive an adequate return on our invested capital.

The uranium industry is highly competitive and we may not be successful in acquiring additional projects.

The uranium industry is highly competitive, and our competition includes larger, more established companies with longer operating histories that not only explore for and produce uranium, but also market uranium and other products on a regional, national or worldwide basis. Due to their greater financial and technical resources, we may not be able to acquire additional uranium projects in a competitive bidding process involving such companies. Additionally, these larger companies have greater resources to continue with their operations during periods of depressed market conditions.

We hold mineral rights in foreign jurisdictions which could be subject to additional risks due to political, taxation, economic and cultural factors.

We hold certain mineral rights located in Paraguay through the acquisition of Piedra Rica Mining S.A. and Transandes Paraguay S.A., both companies incorporated in Paraguay. Operations in foreign jurisdictions outside of the United States and Canada, especially in developing countries, may be subject to additional risks as they may have different political, regulatory, taxation, economic and cultural environments that may adversely affect the value or continued viability of our rights. These additional risks include, but are not limited to: (i) changes in governments or senior government officials; (ii) changes to existing laws or policies on foreign investments, environmental protection, mining and ownership of mineral interests; (iii) renegotiation, cancellation, expropriation and nationalization of existing permits or contracts; (iv) foreign currency controls and fluctuations; and (v) civil disturbances, terrorism and war.

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In the event of a dispute arising at our foreign operations in Paraguay, we may be subject to the exclusive jurisdiction of foreign courts or may not be successful in subjecting foreign persons to the jurisdiction of the courts in the United States or Canada. We may also be hindered or prevented from enforcing our rights with respect to a government entity or instrumentality because of the doctrine of sovereign immunity. Any adverse or arbitrary decision of a foreign court may have a material and adverse impact on our business, prospects, financial condition and results of operations.

The title to our mineral property interests may be challenged.

Although we have taken reasonable measures to ensure proper title to our interests in mineral properties and other assets, there is no guarantee that the title to any of such interests will not be challenged. No assurance can be given that we will be able to secure the grant or the renewal of existing mineral rights and tenures on terms satisfactory to us, or that governments in the jurisdictions in which we operate will not revoke or significantly alter such rights or tenures or that such rights or tenures will not be challenged or impugned by third parties, including local governments, aboriginal peoples or other claimants. Our mineral properties may be subject to prior unregistered agreements, transfers or claims, and title may be affected by, among other things, undetected defects. A successful challenge to the precise area and location of our claims could result in us being unable to operate on our properties as permitted or being unable to enforce our rights with respect to our properties.

Due to the nature of our business, we may be subject to legal proceedings which may divert management’s time and attention from our business and result in substantial damage awards.

Due to the nature of our business, we may be subject to numerous regulatory investigations, securities claims, civil claims, lawsuits and other proceedings in the ordinary course of our business including those described under Item 1. Legal Proceedings. The outcome of these lawsuits is uncertain and subject to inherent uncertainties, and the actual costs to be incurred will depend upon many unknown factors. We may be forced to expend significant resources in the defense of these suits, and we may not prevail. Defending against these and other lawsuits in the future may not only require us to incur significant legal fees and expenses, but may become time-consuming for us and detract from our ability to fully focus our internal resources on our business activities. The results of any legal proceeding cannot be predicted with certainty due to the uncertainty inherent in litigation, the difficulty of predicting decisions of regulators, judges and juries and the possibility that decisions may be reversed on appeal. There can be no assurances that these matters will not have a material adverse effect on our business, financial position or operating results.

We depend on certain key personnel, and our success will depend on our continued ability to retain and attract such qualified personnel.

Our success is dependent on the efforts, abilities and continued service of certain senior officers and key employees and consultants. A number of our key employees and consultants have significant experience in the uranium industry. A loss of service from any one of these individuals may adversely affect our operations, and we may have difficulty or may not be able to locate and hire a suitable replacement.

Certain directors and officers may be subject to conflicts of interest.

The majority of our directors and officers are involved in other business ventures including similar capacities with other private or publicly-traded companies. Such individuals may have significant responsibilities to these other business ventures, including consulting relationships, which may require significant amounts of their available time. Conflicts of interest may include decisions on how much time to devote to our business affairs and what business opportunities should be presented to us. Our Code of Business Conduct for Directors, Officers and Employees provides for guidance on conflicts of interest.

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The laws of the State of Nevada and our Articles of Incorporation may protect our directors and officers from certain types of lawsuits.

The laws of the State of Nevada provide that our directors and officers will not be liable to the Company or its stockholders for monetary damages for all but certain types of conduct as directors and officers of the Company. Our Bylaws provide for broad indemnification powers to all persons against all damages incurred in connection with our business to the fullest extent provided or allowed by law. These indemnification provisions may require us to use our limited assets to defend our directors and officers against claims, and may have the effect of preventing stockholders from recovering damages against our directors and officers caused by their negligence, poor judgment or other circumstances.

Several of our directors and officers are residents outside of the United States., and it may be difficult for stockholders to enforce within the United States any judgments obtained against such directors or officers.

Several of our directors and officers are nationals and/or residents of countries other than the United States, and all or a substantial portion of such persons’ assets are located outside of the United States. As a result, it may be difficult for investors to effect service of process on such directors and officers, or enforce within the United States any judgments obtained against such directors and officers, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state thereof. Consequently, stockholders may be effectively prevented from pursuing remedies against such directors and officers under United States federal securities laws. In addition, stockholders may not be able to commence an action in a Canadian court predicated upon the civil liability provisions under United States federal securities laws. The foregoing risks also apply to those experts identified in this document that are not residents of the United States.

Disclosure controls and procedures and internal control over financial reporting, no matter how well designed and operated, are designed to obtain reasonable, and not absolute, assurance as to its reliability and effectiveness.

Management’s evaluation on the effectiveness of disclosure controls and procedures is designed to ensure that information required for disclosure in our public filings is recorded, processed, summarized and reported on a timely basis to our senior management, as appropriate, to allow timely decisions regarding required disclosure. Management’s report on internal control over financial reporting is designed to provide reasonable assurance that transactions are properly authorized, assets are safeguarded against unauthorized or improper use and transactions are properly recorded and reported. However, any system of controls, no matter how well designed and operated, is based in part upon certain assumptions designed to obtain reasonable, and not absolute, assurance as to its reliability and effectiveness. Any failure to maintain effective disclosure controls and procedures in the future may result in our inability to continue meeting our reporting obligations in a timely manner, qualified audit opinions or restatements of our financial reports, any one of which may affect the market price for our common stock and our ability to access the capital markets.

Risks Related to Our Common Stock

Historically, the market price of our common stock has been and may continue to fluctuate significantly.

On September 28, 2007, our common stock commenced trading on the NYSE MKT (formerly known as the American Stock Exchange and the NYSE Amex Equities Exchange) and prior to that, traded on the OTC Bulletin Board.

The global markets have experienced significant and increased volatility in the past, and have been impacted by the effects of mass sub-prime mortgage defaults and liquidity problems of the asset-backed commercial paper market, resulting in a number of large financial institutions requiring government bailouts or filing for bankruptcy. The effects of these past events and any similar events in the future may continue to or further affect the global markets, which may directly affect the market price of our common stock and our accessibility for additional financing. Although this volatility may be unrelated to specific company performance, it can have an adverse effect on the market price of our shares which, historically, has fluctuated significantly and may continue to do so in the future.

In addition to the volatility associated with general economic trends and market conditions, the market price of our common stock could decline significantly due to the impact of any one or more events, including, but not limited to, the following: (i) volatility in the uranium market; (ii) occurrence of a major nuclear incident such as the events in Fukushima in March 2011; (iii) changes in the outlook for the nuclear power and uranium industries; (iv) failure to meet market expectations on our exploration, pre-extraction or extraction activities, including abandonment of key uranium projects; (v) sales of a large number of our shares held by certain stockholders including institutions and insiders; (vi) downward revisions to previous estimates on us by analysts; (vii) removal from market indices; (viii) legal claims brought forth against us; and (ix) introduction of technological innovations by competitors or in competing technologies.

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A prolonged decline in the market price of our common stock could affect our ability to obtain additional financing which would adversely affect our operations.

Historically, we have relied on equity financing and more recently, on debt financing, as primary sources of financing. A prolonged decline in the market price of our common stock or a reduction in our accessibility to the global markets may result in our inability to secure additional financing which would have an adverse effect on our operations.

Additional issuances of our common stock may result in significant dilution to our existing shareholders and reduce the market value of their investment.

We are authorized to issue 750,000,000 shares of common stock of which 116,092,655 shares were issued and outstanding as of April 30, 2016. Future issuances for financings, mergers and acquisitions, exercise of stock options and share purchase warrants and for other reasons may result in significant dilution to and be issued at prices substantially below the price paid for our shares held by our existing stockholders. Significant dilution would reduce the proportionate ownership and voting power held by our existing stockholders, and may result in a decrease in the market price of our shares.

We filed a 2014 Shelf, which was declared effective on January 10, 2014. This Registration Statement provides for the public offer and sale of certain securities of the Company from time to time, at our discretion, up to an aggregate offering amount of $100 million, of which a total of $35.1 million has been utilized through public offerings as of April 30, 2016.

We are subject to the Continued Listing Criteria of the NYSE MKT and our failure to satisfy these criteria may result in delisting of our common stock.

Our common stock is currently listed on the NYSE MKT.  In order to maintain this listing, we must maintain certain share prices, financial and share distribution targets, including maintaining a minimum amount of shareholders’ equity and a minimum number of public shareholders.  In addition to these objective standards, the NYSE MKT may delist the securities of any issuer (i) if, in its opinion, the issuer’s financial condition and/or operating results appear unsatisfactory; (ii) if it appears that the extent of public distribution or the aggregate market value of the security has become so reduced as to make continued listing on the NYSE MKT inadvisable; (iii) if the issuer sells or disposes of principal operating assets or ceases to be an operating company; (iv) if an issuer fails to comply with the NYSE MKT’s listing requirements; (v) if an issuer’s common stock sells at what the NYSE MKT considers a “low selling price” and the issuer fails to correct this via a reverse split of shares after notification by the NYSE MKT; or (vi) if any other event occurs or any condition exists which makes continued listing on the NYSE MKT, in its opinion, inadvisable.

If the NYSE MKT delists our common stock, investors may face material adverse consequences, including, but not limited to, a lack of trading market for our securities, reduced liquidity, decreased analyst coverage of our securities, and an inability for us to obtain additional financing to fund our operations.

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Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds

During our fiscal quarter ended April 30, 2016, we issued the following securities that were not registered under the Securities Act of 1933, as amended (the “Securities Act”):

· On February 3, 2016, we issued an aggregate of 116,364 shares of restricted common stock to three consultants in consideration for services under consulting agreements, as follows: (i) we issued 13,637 and 22,727 shares of restricted common stock to two consultants at a deemed issuance price of $1.10 per share; and (ii) we issued 80,000 shares of restricted common stock to a consultant at a deemed issuance price of $0.91 per share. We relied on exemptions from registration under the Securities Act provided by Rule 506 of Regulation D and/or Section 4(a)(2) with respect to the issuance of these shares to one consultant and on exemptions from registration under the Securities Act provided by Regulation S and/or Section 4(a)(2) with respect to the issuance of these shares to the other two consultants.

· On February 17, 2016, we issued 487,574 shares of restricted common stock to two consultants pursuant to shares for debt subscription agreements at a deemed issuance price of $0.83367 per share. We relied on exemptions from registration under the Securities Act provided by Regulation S and/or Section 4(a)(2) with respect to the issuance of these shares.

· On February 17, 2016, we issued 20,833 shares of restricted common stock to a consultant in consideration for services under a consulting agreement at a deemed issuance price of $1.20 per share. We relied on exemptions from registration under the Securities Act provided by Regulation S and/or Section 4(a)(2) with respect to the issuance of these shares.

· On March 3, 2016, we issued an aggregate of 36,363 shares of restricted common stock to two consultants in consideration for services under consulting agreements at a deemed issuance price of $1.10 per share. We relied on exemptions from registration under the Securities Act provided by Rule 506 of Regulation D and/or Section 4(a)(2) with respect to the issuance of these shares to one consultant and on exemptions from registration under the Securities Act provided by Regulation S and/or Section 4(a)(2) with respect to the issuance of these shares to the other consultant.

· On March 4, 2016, we issued 1,333,560 shares of restricted common stock to CIC Resources Inc. pursuant to the SPOA at a deemed issuance price of $0.8985 per share. We relied on exemptions from registration under the Securities Act provided by Regulation S and/or Section 4(a)(2) with respect to the issuance of these shares.

· On March 8, 2016, we issued an aggregate of 123,000 shares of restricted common stock to two consultants in consideration for services under consulting agreements at a deemed issuance price of $0.86 per share. We relied on exemptions from registration under the Securities Act provided by Rule 506 of Regulation D and/or Section 4(a)(2) with respect to the issuance of these shares to one consultant and on exemptions from registration under the Securities Act provided by Regulation S and/or Section 4(a)(2) with respect to the issuance of these shares to the other consultant.

· On March 29, 2016, we issued an aggregate of 138,000 shares of restricted common stock to two consultants in consideration for services under consulting agreements at a deemed issuance price of $0.74 per share. We relied on exemptions from registration under the Securities Act provided by Rule 506 of Regulation D and/or Section 4(a)(2) with respect to the issuance of these shares to one consultant and on exemptions from registration under the Securities Act provided by Regulation S and/or Section 4(a)(2) with respect to the issuance of these shares to the other consultant.

· On April 1, 2016, we issued an aggregate of 36,363 shares of restricted common stock to two consultants in consideration for services under consulting agreements at a deemed issuance price of $1.10 per share. We relied on exemptions from registration under the Securities Act provided by Rule 506 of Regulation D and/or Section 4(a)(2) with respect to the issuance of these shares to one consultant and on exemptions from registration under the Securities Act provided by Regulation S and/or Section 4(a)(2) with respect to the issuance of these shares to the other consultant.

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Item 3.    Defaults Upon Senior Securities

None.

Item 4.    Mine Safety Disclosures

Pursuant to Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”), issuers that are operators, or that have a subsidiary that is an operator, of a coal or other mine in the United States, and that is subject to regulation by the Federal Mine Safety and Health Administration under the Mine Safety and Health Act of 1977 (“Mine Safety Act”), are required to disclose in their periodic reports filed with the SEC information regarding specified health and safety violations, orders and citations, related assessments and legal actions, and mining-related fatalities. During the quarter ended April 30, 2016, the Company’s Palangana Mine was not subject to regulation by the Federal Mine Safety and Health Administration under the Mine Safety Act.

Item 5.    Other Information

None.

Item 6.    Exhibits

The following exhibits are included with this Quarterly Report on Form 10-Q:

Exhibit	Description of Exhibit
31.1	Certification of Chief Executive Officer pursuant to the Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).
31.2	Certification of Chief Financial Officer pursuant to the Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).
32.1	Certifications pursuant to the Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.1NS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definitions Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

49

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

URANIUM ENERGY CORP.
By:	/s/ Amir Adnani
	Amir Adnani
	President, Chief Executive Officer (Principal Executive Officer) and Director
	Date: June 8, 2016
By:	/s/ Pat Obara
	Pat Obara
	Chief Financial Officer (Principal Financial Officer)
	Date: June 8, 2016

50

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Amir Adnani, certify that:

(1) I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended April 30, 2016 of Uranium Energy Corp.;

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4) The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5) The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of the internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 8, 2016

/s/ Amir Adnani
By:	Amir Adnani
Title:	President, Chief Executive Officer (Principal Executive Officer) and Director

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Pat Obara, certify that:

(1) I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended April 30, 2016 of Uranium Energy Corp.;

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4) The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5) The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of the internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 8, 2016

/s/ Pat Obara
By:	Pat Obara
Title:	Chief Financial Officer (Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER
AND CHIEF FINANCIAL OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Amir Adnani, the Chief Executive Officer of Uranium Energy Corp., and Pat Obara, the Chief Financial Officer of Uranium Energy Corp., each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to their knowledge, the Quarterly Report on Form 10-Q of Uranium Energy Corp., for the quarterly period ended April 30, 2016 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and that the information contained in the Quarterly Report on Form 10-Q fairly presents in all material respects the financial condition and results of operations of Uranium Energy Corp.

Date: June 8, 2016

/s/ Amir Adnani

Amir Adnani

President, Chief Executive Officer (Principal Executive
Officer) and Director

/s/ Pat Obara

Pat Obara

Chief  Financial Officer (Principal Financial Officer)

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signatures that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to Uranium Energy Corp. and will be retained by Uranium Energy Corp. and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Document And Entity Information - shares	9 Months Ended
	Apr. 30, 2016	Jun. 06, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 30, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q3
Entity Registrant Name	URANIUM ENERGY CORP
Entity Central Index Key	0001334933
Current Fiscal Year End Date	--07-31
Entity Filer Category	Accelerated Filer
Trading Symbol	UEC
Entity Common Stock, Shares Outstanding		116,414,054

XML

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Apr. 30, 2016	Jul. 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 10,086,805	$ 10,092,408
Inventories	251,999	251,999
Prepaid expenses and deposits	751,598	444,500
Other current assets	24,730	18,711
Total Current Assets	11,115,132	10,807,618
MINERAL RIGHTS AND PROPERTIES	38,163,086	38,437,967
PROPERTY, PLANT AND EQUIPMENT	7,020,860	6,948,647
RECLAMATION DEPOSITS	1,706,026	1,706,025
OTHER LONG-TERM ASSET	1,553,388	0
Total Assets	59,558,492	57,900,257
CURRENT LIABILITIES
Accounts payable and accrued liabilities	2,113,018	2,538,544
Due to related parties	897	14,660
Current portion of long-term debt	0	1,666,667
Current portion of asset retirement obligations	0	340,827
Total Current Liabilities	2,113,915	4,560,698
DEFERRED INCOME TAX LIABILITIES	653,154	676,064
LONG-TERM DEBT	18,913,370	18,090,811
OTHER LONG-TERM LIABILITY	315,519	0
ASSET RETIREMENT OBLIGATIONS	3,932,073	3,586,019
Total Liabilities	25,928,031	26,913,592
STOCKHOLDERS' EQUITY
Capital stock Common stock $0.001 par value: 750,000,000 shares authorized, 116,092,655 shares issued and outstanding (July 31, 2015 - 97,834,087)	116,093	97,841
Additional paid-in capital	239,105,949	222,927,529
Accumulated deficit	(205,576,668)	(192,024,074)
Accumulated other comprehensive loss	(14,913)	(14,631)
Total Stockholders' Equity	33,630,461	30,986,665
Total Liabilities and Stockholders' Equity	$ 59,558,492	$ 57,900,257
COMMITMENTS AND CONTINGENCIES

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Apr. 30, 2016	Jul. 31, 2015
Common Stock, Par Value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, Shares Authorized	750,000,000	750,000,000
Common Stock, Shares Issued	116,092,655	97,834,087
Common Stock, Shares Outstanding	116,092,655	97,834,087

XML

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2016	Apr. 30, 2015
SALES	$ 0	$ 0	$ 0	$ 0
COSTS AND EXPENSES
Cost of sales	0	0	0	0
Mineral property expenditures	725,968	1,045,842	3,408,813	4,560,241
General and administrative	2,005,465	3,167,896	7,086,669	9,711,933
Depreciation, amortization and accretion	205,488	374,082	680,573	1,440,808
Impairment loss on mineral properties	0	0	86,535	0
Total Operating Expenses	2,936,921	4,587,820	11,262,590	15,712,982
LOSS FROM OPERATIONS	(2,936,921)	(4,587,820)	(11,262,590)	(15,712,982)
OTHER INCOME (EXPENSES)
Interest income	7,221	1,640	14,470	9,646
Interest expenses and finance costs	(710,767)	(764,761)	(2,278,230)	(2,270,104)
Loss on disposition of assets	0	2,400	(2,186)	(498)
Realized loss on available-for-sale securities	0	(3,023)	0	(3,023)
Loss on settlement of current liabilities	(46,968)	0	(46,968)	0
Total Non-Operating Income Expense	(750,514)	(763,744)	(2,312,914)	(2,263,979)
LOSS BEFORE INCOME TAXES	(3,687,435)	(5,351,564)	(13,575,504)	(17,976,961)
DEFERRED INCOME TAX BENEFIT	8,380	3,835	22,910	27,465
NET LOSS FOR THE PERIOD	(3,679,055)	(5,347,729)	(13,552,594)	(17,949,496)
OTHER COMPREHENSIVE LOSS (INCOME), NET OF INCOME TAXES	136	207	(282)	(1,465)
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD	$ (3,678,919)	$ (5,347,522)	$ (13,552,876)	$ (17,950,961)
NET LOSS PER SHARE, BASIC AND DILUTED (in dollars per share)	$ (0.03)	$ (0.06)	$ (0.13)	$ (0.20)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC AND DILUTED (in shares)	109,710,985	92,034,908	102,588,834	91,683,568

XML

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
CASH PROVIDED BY (USED IN): OPERATING ACTIVITIES
Net loss for the period	$ (13,552,594)	$ (17,949,496)
Adjustments to reconcile net loss to cash flows in operating activities
Stock-based compensation	2,487,651	4,628,544
Depreciation, amortization and accretion	680,573	1,440,808
Amortization of long-term debt discount	960,807	994,668
Re-valuation of asset retirement obligations	(184,381)	0
Impairment loss on mineral properties	86,535	0
Loss on disposition of assets	2,186	498
Realized loss on available-for-sale securities	0	3,023
Loss on settlement of current liabilities	46,968	0
Deferred income tax benefit	(22,910)	(27,465)
Changes in operating assets and liabilities
Inventories	0	(244,045)
Prepaid expenses and deposits	(303,294)	(94,035)
Other current assets	(6,301)	(478)
Accounts payable and accrued liabilities	(460,536)	(513,926)
NET CASH FLOWS USED IN OPERATING ACTIVITIES	(10,265,296)	(11,761,904)
FINANCING ACTIVITIES
Shares issuance for cash, net of issuance costs	10,324,264	435,590
Due to related parties	0	19,394
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES	10,324,264	454,984
INVESTING ACTIVITIES
Net cash used in asset acquisition	(46,084)	0
Investment in mineral rights and properties	0	(73,624)
Purchase of property, plant and equipment	(19,304)	(10,905)
Proceeds from disposition of assets	818	2,400
Cash proceeds from the release of reclamation deposits	0	5,663,158
Payment of collateral for surety bonds	0	(1,690,208)
Decrease in reclamation deposits	(1)	(346)
NET CASH FLOWS (USED IN) PROVIDED BY INVESTING ACTIVITIES	(64,571)	3,890,475
NET CASH FLOWS	(5,603)	(7,416,445)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	10,092,408	8,839,892
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 10,086,805	$ 1,423,447

XML

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - 9 months ended Apr. 30, 2016 - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]
Balance at Jul. 31, 2015	$ 30,986,665	$ 97,841	$ 222,927,529	$ (192,024,074)	$ (14,631)
Balance (in shares) at Jul. 31, 2015		97,834,087
Common stock Issued for equity financing, net of issuance costs	9,984,517	$ 12,365	9,972,152	0	0
Common stock Issued for equity financing, net of issuance costs (in shares)		12,364,704
Common stock Issued for exercise of stock options	225,115	$ 682	224,433	0	0
Common stock Issued for exercise of stock options (in shares)		682,167
Common stock Issued for credit facility	1,700,000	$ 1,712	1,698,288	0	0
Common stock Issued for credit facility (in shares)		1,711,933
Common stock Issued for asset acquisition	1,226,875	$ 1,334	1,225,541	0	0
Common stock Issued for asset acquisition (in shares)		1,333,560
Common stock Issued for settlement of current liabilities	453,444	$ 487	452,957	0	0
Common stock Issued for settlement of current liabilities (in shares)		487,574
Stock-based compensation Common stock issued for consulting services	1,338,091	$ 1,370	1,336,721	0	0
Stock-based compensation Common stock issued for consulting services (in shares)		1,370,843
Stock-based compensation Common stock issued for compensation	279,330	$ 302	279,028	0	0
Stock-based compensation Common stock issued for compensation (in shares)		307,787
Stock-based compensation Stock options issued to consultants	66,317	$ 0	66,317	0	0
Stock-based compensation Stock options issued to management	640,789	0	640,789	0	0
Stock-based compensation Stock options issued to employees	163,124	0	163,124	0	0
Stock-based compensation Warrants extension for mineral property	14,155	0	14,155	0	0
Warrants extension for credit facility	104,915	0	104,915	0	0
Net loss for the period	(13,552,594)	0	0	(13,552,594)	0
Other comprehensive loss	(282)	0	0	0	(282)
Balance at Apr. 30, 2016	$ 33,630,461	$ 116,093	$ 239,105,949	$ (205,576,668)	$ (14,913)
Balance (in shares) at Apr. 30, 2016		116,092,655

XML

NATURE OF OPERATIONS AND GOING CONCERN

9 Months Ended

Apr. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

NOTE 1: NATURE OF OPERATIONS AND GOING CONCERN

Uranium Energy Corp. was incorporated in the State of Nevada on May 16, 2003. Uranium Energy Corp. and its subsidiary companies and a controlled partnership (collectively, the “Company”) are engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing of uranium concentrates, on projects located in the United States and Paraguay.

Although planned principal operations have commenced from which significant revenues from sales of uranium concentrates were realized for the fiscal years ended July 31, 2015 (“Fiscal 2015”), 2013 (“Fiscal 2013”) and 2012 (“Fiscal 2012”), the Company has yet to achieve profitability and has had a history of operating losses resulting in an accumulated deficit balance since inception. No revenue from uranium sales was realized for the nine months ended April 30, 2016 and the fiscal year ended July 31, 2014 (“Fiscal 2014”). Historically, the Company has been reliant primarily on equity financings from the sale of its common stock and, during Fiscal 2014 and Fiscal 2013, on debt financing in order to fund its operations, and this reliance is expected to continue for the foreseeable future.

At April 30, 2016, the Company had a working capital of $9.0 million including cash and cash equivalents of $10.1 million. As the Company does not expect to achieve and maintain profitability in the near term, the continuation of the Company as a going concern is dependent upon its ability to obtain adequate additional financing which the Company has successfully secured since its inception, including those from asset divestitures. However, there is no assurance that the Company will be successful in securing any form of additional financing in the future when required and on terms favorable to the Company; therefore substantial doubt exist as to whether the Company’s cash resources and working capital will be sufficient to enable the Company to continue as a going concern for the next twelve months. The continued operations of the Company, including the recoverability of the carrying values of its assets, are dependent ultimately on the Company’s ability to achieve and maintain profitability and positive cash flow from its operations.

These consolidated financial statements have been prepared on a going concern basis and do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary in the event the Company can no longer continue as a going concern. 

XML

BASIS OF PRESENTATION

9 Months Ended

Apr. 30, 2016

Accounting Policies [Abstract]

Business Description and Basis of Presentation [Text Block]

NOTE 2: BASIS OF PRESENTATION

The accompanying unaudited interim condensed consolidated financial statements are presented in U.S. dollars and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required under U.S. GAAP for complete financial statements. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2015. In the opinion of management, all adjustments of a normal recurring nature and considered necessary for a fair presentation have been made. Operating results for the nine months ended April 30, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending July 31, 2016.

Certain comparative figures have been reclassified to conform to the current year’s presentation.

Exploration Stage

The Company has established the existence of mineralized materials for certain uranium projects, including the Palangana Mine. The Company has not established proven or probable reserves, as defined by the United States Securities and Exchange Commission (the “SEC”) under Industry Guide 7, through the completion of a “final” or “bankable” feasibility study for any of its uranium projects, including the Palangana Mine. Furthermore, the Company has no plans to establish proven or probable reserves for any of its uranium projects for which the Company plans on utilizing in-situ recovery (“ISR”) mining, such as the Palangana Mine. As a result, and despite the fact that the Company commenced extraction of mineralized materials at the Palangana Mine in November 2010, the Company remains in the Exploration Stage as defined under Industry Guide 7, and will continue to remain in the Exploration Stage until such time proven or probable reserves have been established.

Since the Company commenced extraction of mineralized materials at the Palangana Mine without having established proven or probable reserves, any mineralized materials established or extracted from the Palangana Mine should not in any way be associated with having established or produced from proven or probable reserves.

In accordance with U.S. GAAP, expenditures relating to the acquisition of mineral rights are initially capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until such time the Company exits the Exploration Stage by establishing proven or probable reserves.  Expenditures relating to exploration activities such as drill programs to establish mineralized materials are expensed as incurred. Expenditures relating to pre-extraction activities such as the construction of mine wellfields, ion exchange facilities and disposal wells are expensed as incurred until such time proven or probable reserves are established for that project, after which expenditures relating to mine development activities for that particular project are capitalized as incurred.

Companies in the Production Stage as defined under Industry Guide 7, having established proven and probable reserves and exited the Exploration Stage, typically capitalize expenditures relating to ongoing development activities, with corresponding depletion calculated over proven and probable reserves using the units-of-production method and allocated to future reporting periods to inventory and, as that inventory is sold, to cost of goods sold. The Company is in the Exploration Stage which has resulted in the Company reporting larger losses than if it had been in the Production Stage due to the expensing, rather than capitalization, of expenditures relating to ongoing mill and mine development activities. Additionally, there would be no corresponding amortization allocated to future reporting periods of the Company since those costs would have been expensed previously, resulting in both lower inventory costs and cost of goods sold and results of operations with higher gross profits and lower losses than if the Company had been in the Production Stage. Any capitalized costs, such as expenditures relating to the acquisition of mineral rights, are depleted over the estimated extraction life using the straight-line method. As a result, the Company’s consolidated financial statements may not be directly comparable to the financial statements of companies in the Production Stage.

Recently Issued Accounting Pronouncement

In March 2016, the Financial Accounting Standards Board issued Accounting Standards Update No. 2016-09, Improvement to Employee Share-Based Payment Accounting (“ASU 2016-09”) as part of its simplification initiative. ASU 2016-09 allows an entity to make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest (current U.S. GAAP) or account for forfeitures when they occur. For public business entities, ASU 2016-09 is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company plans to make an election to account for forfeitures when they occur for the fiscal year ending July 31, 2017, and doesn’t expect that this election would have a significant impact on the Company’s consolidated financial statements.

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MINERAL RIGHTS AND PROPERTIES

9 Months Ended

Apr. 30, 2016

Mineral Industries Disclosures [Abstract]

Mineral Industries Disclosures [Text Block]

NOTE 3: MINERAL RIGHTS AND PROPERTIES

Mineral Rights

At April 30, 2016, the Company had mineral rights in the States of Arizona, Colorado, New Mexico, Texas and Wyoming and in the Republic of Paraguay. These mineral rights were acquired through staking, purchase or lease agreements and are subject to varying royalty interests, some of which are indexed to the sale price of uranium. At April 30, 2016, annual maintenance payments of approximately $2,500,000 were required to maintain these mineral rights.

Mineral rights and property acquisition costs consisted of the following:

	April 30, 2016		July 31, 2015
Mineral Rights and Properties
Palangana Mine	$	6,562,348	$	6,587,135
Goliad Project		8,689,127		8,689,127
Burke Hollow Project		1,495,750		1,495,750
Longhorn Project		116,870		116,870
Salvo Project		14,905		14,905
Nichols Project		154,774		154,774
Anderson Project		9,154,268		9,154,268
Workman Creek Project		1,472,008		1,472,008
Los Cuatros Project		257,250		257,250
Slick Rock Project		615,650		661,271
Yuty Project		11,947,144		11,947,144
Coronel Oviedo Project		1,133,412		1,133,412
Other Property Acquisitions		244,827		285,741
		41,858,333		41,969,655
Accumulated Depletion		(3,929,884)		(3,929,884)
		37,928,449		38,039,771
Databases		2,410,038		2,410,038
Accumulated Amortization		(2,314,890)		(2,166,966)
		95,148		243,072
Land Use Agreements		404,310		390,155
Accumulated Amortization		(264,821)		(235,031)
		139,489		155,124
	$	38,163,086	$	38,437,967

The Company has not established proven or probable reserves, as defined by the SEC under Industry Guide 7, for any of its mineral projects. The Company has established the existence of mineralized materials for certain uranium projects, including the Palangana Mine. Since the Company commenced uranium extraction at the Palangana Mine without having established proven or probable reserves, there may be greater inherent uncertainty as to whether or not any mineralized material can be economically extracted as originally planned and anticipated.

During the nine months ended April 30, 2016, the asset retirement obligations (“ARO”) of the Palangana Mine were revised due to changes in the estimated timing of restoration and reclamation of the Palangana Mine, resulting in the corresponding mineral rights and properties being reduced by $24,787, and a credit amount of re-valuation of ARO totaling $184,381 being recorded against the mineral property expenditures for the Palangana Mine. Refer to Note 9. Asset Retirement Obligations.

During the nine months ended April 30, 2016, the Company abandoned certain mineral interests at projects located in Colorado and New Mexico having a combined acquisition cost of $86,535. As a result, an impairment loss on mineral properties of $86,535 was reported on the consolidated statement of operations for the nine months ended April 30, 2016.

During the three and nine months ended April 30, 2016, the Company continued with the strategic plan for reduced operations implemented in Fiscal 2014 and further reduced operations at the Palangana Mine to capture residual uranium only. As a result, no depletion for the Palangana Mine was recorded on the Company’s consolidated financial statements for the three and nine months ended April 30, 2016.

Mineral property expenditures incurred by major projects were as follows:

	Three Months Ended April 30,				Nine Months Ended April 30,
	2016		2015		2016		2015
Mineral Property Expenditures
Palangana Mine	$	280,345	$	500,535	$	1,031,625	$	1,621,391
Goliad Project		26,848		25,631		71,679		79,924
Burke Hollow Project		48,409		94,702		974,661		1,235,250
Longhorn Project		247		22,276		4,620		52,999
Salvo Project		4,622		16,751		21,697		39,590
Anderson Project		3,564		50,142		170,780		173,564
Workman Creek Project		418		-		32,109		31,300
Slick Rock Project		-		2,924		53,861		52,708
Yuty Project		89,246		41,274		291,788		301,035
Coronel Oviedo Project		136,031		132,315		422,763		428,077
Other Mineral Property Expenditures		136,238		159,292		517,611		544,403
Re-valuation of Asset Retirement Obligations		-		-		(184,381)		-
	$	725,968	$	1,045,842	$	3,408,813	$	4,560,241

XML

PROPERTY, PLANT AND EQUIPMENT

9 Months Ended

Apr. 30, 2016

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

NOTE 4: PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following:

	April 30, 2016						July 31, 2015
			Accumulated		Net Book				Accumulated		Net Book
	Cost		Depreciation		Value		Cost		Depreciation		Value
Hobson Processing Facility	$	6,819,088	$	(773,933)	$	6,045,155	$	6,819,088	$	(773,933)	$	6,045,155
Mining Equipment		2,440,105		(2,202,485)		237,620		2,452,572		(2,019,996)		432,576
Logging Equipment and Vehicles		1,962,895		(1,785,206)		177,689		1,962,895		(1,714,908)		247,987
Computer Equipment		585,434		(549,175)		36,259		615,064		(573,355)		41,709
Furniture and Fixtures		172,215		(167,598)		4,617		182,802		(176,726)		6,076
Land		519,520		-		519,520		175,144		-		175,144
	$	12,499,257	$	(5,478,397)	$	7,020,860	$	12,207,565	$	(5,258,918)	$	6,948,647

During the three and nine months ended April 30, 2016, no uranium concentrate was processed at the Hobson Processing Facility due to the further reduced operations at the Palangana Mine. As a result, no depreciation for the Hobson Processing Facility was recorded on the consolidated financial statements for the three and nine months ended April 30, 2016.

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RECLAMATION DEPOSITS

9 Months Ended

Apr. 30, 2016

RECLAMATION DEPOSITS [Abstract]

Reclamation Deposits [Text Block]

NOTE 5: RECLAMATION DEPOSITS

Reclamation deposits include interest and non-interest bearing deposits issued in the States of Arizona, Texas and Wyoming relating to exploration, pre-extraction, extraction and reclamation activities in the respective states where the deposits are held.

Reclamation deposits consisted of the following:

	April 30, 2016		July 31, 2015
Palangana Mine	$	1,102,981	$	1,102,981
Hobson Processing Facility		587,228		587,228
Arizona		15,000		15,000
Wyoming		817		816
	$	1,706,026	$	1,706,025

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OTHER LONG-TERM ASSET AND LIABILITY

9 Months Ended

Apr. 30, 2016

Other Long term Asset and Liability [Abstract]

Other Long term Asset and Liability [Text Block]

NOTE 6: OTHER LONG-TERM ASSET AND LIABILITY

On March 4, 2016, the Company entered into a share purchase and option agreement (the “SPOA”) with CIC Resources Inc. (the “Vendor”) pursuant to which the Company acquired (the “Acquisition”) all of the issued and outstanding shares of JDL Resources Inc. (“JDL”), a wholly-owned subsidiary of the Vendor, and was granted an option to acquire all of the issued and outstanding shares of CIC Resources (Paraguay) Inc. (“CIC”; the “Option”), another wholly-owned subsidiary of the Vendor.  JDL’s principal assets include a piece of land located in the department of Alto Parana in the Republic of Paraguay.  CIC is the beneficial owner of Paraguay Resources Inc. which is the 100% owner of certain mineral property concessions (the “Property”), which are located in the departments of Alto Parana and Canindeyú in the Republic of Paraguay.

Pursuant to the SPOA, the Company issued 1,333,560 restricted common shares in the capital of the Company and paid $50,000 in cash to complete the Acquisition. If the Company has paid or caused to have paid on the Vendor’s behalf certain maintenance payments and assessment work required to keep the Property in good standing as directed by the Vendor, during the one-year period following completion of the Acquisition (the “Option Period”), the Company may elect in its discretion to exercise the Option at any time, or if, in accordance with the SPOA, the Vendor satisfied certain conditions precedent to exercise, the Company will be deemed to have exercised the Option.  Upon exercise of the Option the Company is required to pay, subject to certain adjustments, $250,000 in cash to the Vendor and to grant to the Vendor a 1.5% net smelter returns royalty (the “Royalty”) on the Property as contemplated by a proposed net smelter returns royalty agreement (the “Royalty Agreement”) to be executed by the parties upon exercise of the Option.  Pursuant to the proposed Royalty Agreement, the Company has the right, exercisable at any time for a period of six years following exercise of the Option, to acquire one-half percent (0.5%) of the Royalty at a purchase price of $500,000.

In accordance with Accounting Standard Codification (“ASC”) 360, Property, Plant and Equipment, the acquisition of JDL was accounted for as an asset acquisition as it was determined that JDL’s operations do not meet the definition of a business as defined in ASC 805 Business Combinations.

The fair value of the consideration paid and its allocation to the identifiable assets acquired and liabilities assumed are summarized as follows:

Consideration paid
1,333,560 UEC common shares at $0.92 per share	$	1,226,875
Cash consideration		50,000
Cash payable upon exercise the Option		250,000
Transaction costs		63,090
	$	1,589,965
Assets acquired and liabilities assumed
Cash and cash equivalents	$	3,916
Prepaid expenses		3,804
Land		344,376
Other long-term asset (Option to acquire CIC)		1,553,388
Due to CIC		(315,519)
	$	1,589,965

The Company holds a variable interest in CIC as a result of the Option; however, it is not the primary beneficiary due to the fact that the Company does not have the power over decisions that significantly affect CIC’s economic performance. Accordingly, UEC does not consolidate the results of CIC. Therefore, the other long-term asset effectively represents the amount paid in advance ($1,303,388) and to be paid upon the exercise of the option ($250,000) for the acquisition of CIC.

The Company’s maximum exposure to loss from the unconsolidated variable interest entity at April 30, 2016, which would arise if UEC is unable to exercise the Option, was approximately $1.3 million, representing the value of the Option (allocated fair value of $1,553,388), net of cash payable of $250,000 upon exercise of the Option.

The $250,000 cash payment which UEC will be required to make upon exercise of the Option has been recorded as a liability within Accounts Payable and Accrued Liabilities, and included in the consideration paid as it was determined to be probably that this payment will be made.

The liability of $315,519 represents the net amount due from JDL and its subsidiary to CIC and its subsidiary (formerly these entities were both part of the Vendor’s consolidated group). The amount has been classified as non-current as it has no stated terms of interest or repayment, and not expected to be settled within the next twelve months.

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DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS

9 Months Ended

Apr. 30, 2016

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

NOTE 7: DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS

During the three and nine months ended April 30, 2016, the Company incurred $30,134 and $128,727 (three and nine months ended April 30, 2015: $45,443 and $118,101), respectively, in general and administrative costs paid to a company controlled by a direct family member of a director and officer of the Company.

During the three months ended April 30, 2016, the Company issued 117,998 restricted common shares with a fair value of $109,738 as settlement of amounts owed to this company totaling $98,371. As a result, a loss on settlement of current liabilities of $11,367 was recognized in the condensed consolidated statements of operations and comprehensive loss. During the nine months ended April 30, 2015, the Company issued 15,000 restricted shares of common stock with a fair value of $18,150 to this company for consulting services included in general and administrative costs.

At April 30, 2016, amounts owed to related parties totaled $897 (July 31, 2015: $14,660). These amounts are unsecured, non-interest bearing and due on demand.

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LONG-TERM DEBT

9 Months Ended

Apr. 30, 2016

Debt Disclosure [Abstract]

Long-term Debt [Text Block]

NOTE 8: LONG-TERM DEBT

On February 9, 2016, the Company entered into a second amended and restated credit agreement (the “Second Amended and Restated Credit Agreement”) with its lenders, Sprott Resource Lending Partnership, CEF (Capital Markets) Limited and Resource Income Partners Limited Partnership (collectively, the “Lenders”), whereby the Company and the Lenders agreed to certain further amendments to the $20,000,000 senior secured credit facility (the “Credit Facility”), including the following terms:

⋅ extension of the maturity date from July 31, 2017 to January 1, 2020;

⋅ deferral of the monthly principal payments (each of which is equal to one-twelfth of the principal balance then outstanding) commencement date from July 31, 2016 to February 1, 2019;

⋅ re-pricing and extension of the existing bonus warrants comprised of 2,600,000 share purchase warrants, each warrant exercisable for one share of common stock of the Company at an exercise price reduced from $2.50 to $1.35 per share until expiry, extended by a further one and a half years from July 30, 2018 to January 30, 2020, subject to accelerated exercise whereby, upon notification by the Company, the warrant holders will have 30 days to exercise their warrants should the ten trading-day volume-weighted average price of the Company’s shares equal or exceed $2.70;

⋅ issuance of second extension fee shares equal to 4% of the principal balance outstanding or $800,000 paid to the Lenders by way of the issuance of 959,613 shares of common stock of the Company with a price per share based on a 10% discount to the five trading-day volume-weighted average price of the Company’s shares;

⋅ payment of second extension anniversary fees to the Lenders on each of February 1, 2017, 2018 and 2019, of 5.5%, 4.5% and 4.5%, respectively, of the principal balance then outstanding, if any, payable at the option of the Company in cash or shares of the Company with a price per share calculated as a 10% discount to the five trading-day volume-weighted average price of the Company’s shares immediately prior to the applicable date; and

⋅ maintenance at all times of a working capital ratio of not less than 1:1. Working capital ratio is calculated by dividing current assets by current liabilities, excluding the effects of principal payments on the determination of working capital.

Under the terms of the Second Amended and Restated Credit Agreement, the non-revolving Credit Facility has an interest rate of 8% per annum, with the underlying effective interest rate being 14.28%.

The Second Amended and Restated Credit Agreement supersedes, in their entirety, the prior Amended and Restated Credit Agreement dated and effective March 13, 2014 and the prior Credit Agreement dated and effective July 30, 2013.

The incremental value associated with the re-pricing and extension of the bonus warrants was determined to be $104,915 and has been recorded as an additional discount on long-term debt. The incremental value was determined using the Black-Scholes option pricing model with the following assumptions:

Expected Life in Years	3.98
Expected Annual Volatility	71.10	%
Expected Risk Free Interest Rate	1.00	%
Expected Dividend Yield	0.00	%

As at April 30, 2016, long-term debt consisted of the following:

	April 30, 2016		July 31, 2015
Principal amount	$	20,000,000	$	20,000,000
Unamortized discount		(1,086,630)		(242,522)
Long-term debt, net of unamortized discount		18,913,370		19,757,478

For the three and nine months ended April 30, 2016 and 2015, the amortization of debt discount totaled $277,417 and $960,807 (three and nine months ended April 30, 2015: $336,362 and $994,668), respectively, which was recorded as interest expense and included in the condensed consolidated statements of operations and comprehensive loss.

 

During the nine months ended April 30, 2016, prior to the execution of the Second Amended and Restated Credit Agreement, and pursuant to the terms of the Amended and Restated Credit Agreement dated and effective March 13, 2014, the Company paid bonus shares to its lenders through the issuance of 752,320 restricted shares with a fair value of $900,000, representing 4.5% of the $20,000,000 principal balance outstanding at July 31, 2015, which was recorded as a discount on long-term debt to be amortized using the effective interest rate over the life of the long-term debt.

The aggregate yearly maturities of long-term debt based on principal amounts outstanding at April 30, 2016 are as follows:

Fiscal 2016	$	-
Fiscal 2017		-
Fiscal 2018		-
Fiscal 2019		10,000,000
Fiscal 2020		10,000,000
Total	$	20,000,000

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ASSET RETIREMENT OBLIGATIONS

9 Months Ended

Apr. 30, 2016

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligation Disclosure [Text Block]

NOTE 9: ASSET RETIREMENT OBLIGATIONS

The Company’s asset retirement obligations relate to future remediation and decommissioning activities at the Palangana Mine and Hobson Processing Facility.

Balance, July 31, 2015	$	3,926,846
Revision in estimate of asset retirement obligations		(209,168)
Accretion		214,395
Balance, April 30, 2016	$	3,932,073

During the nine months ended April 30, 2016, the ARO for the Palangana Mine were revised due to changes in the estimated timing of restoration and reclamation of the Palangana Mine. As a result, ARO liabilities associated with the Palangana Mine were reduced by $209,168, the corresponding mineral rights and properties were reduced by $24,787, and a credit amount of re-valuation of ARO totaling $184,381 was recognized as a result of a downward adjustment to fully depleted underlying mineral rights and properties, which was recorded against the mineral property expenditures for the Palangana Mine.

 

The estimated amounts and timing of cash flows and assumptions used for ARO estimates are as follows:

	April 30, 2016			July 31, 2015
Undiscounted amount of estimated cash flows	$	6,650,255		$	6,600,868
Payable in years		2.1 to 15			2.5 to 15
Inflation rate		0.90% to 2.25	%		2.02% to 2.25	%
Discount rate		5.15% to 8.00	%		6.56% to 8.00	%

The undiscounted amounts of estimated cash flows for the next five fiscal years and beyond are as follows:

Fiscal 2016	$	-
Fiscal 2017		139,052
Fiscal 2018		414,058
Fiscal 2019		667,984
Fiscal 2020		620,673
Remaining balance		4,808,488
	$	6,650,255

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CAPITAL STOCK

9 Months Ended

Apr. 30, 2016

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

NOTE 10: CAPITAL STOCK

Equity Financing

During Fiscal 2014, the Company filed a Form S-3 “Shelf” Registration Statement effective January 10, 2014 (the “2014 Shelf”) providing for the public offer and sale of certain securities of the Company from time to time, at its discretion, up to an aggregate offering of $100 million.

On March 10, 2016, the Company completed a registered offering of 12,364,704 units at a price of $0.85 per unit for gross proceeds of $10,510,000 pursuant to a prospectus supplement to the 2014 Shelf. Each unit is comprised of one share of the Company and half of one share purchase warrant, with each whole warrant being exercisable at a price of $1.20 to purchase one share of the Company totaling 6,182,351 for a three year period from the date of issuance. The Company issued share purchase warrants to agents as part of share issuance costs to purchase 411,997 shares of the Company exercisable at a price of $1.20 per share also for a three year period from the date of issuance.

The shares were valued at the Company’s closing price of $0.81 per share at March 10, 2016. The share purchase warrants were valued using the Black-Scholes option pricing model with the following assumptions:

Expected Risk Free Interest Rate	1.11	%
Expected Annual Volatility	74.34	%
Expected Contractual Life in Years	3.00
Expected Annual Dividend Yield	0.00	%

The net proceeds from the 2014 Shelf equity financing were allocated to the fair values of the shares and share purchase warrants as presented below:

Fair Value of Shares	$	10,015,410
Fair Value of Share Purchase Warrants		1,938,995
Total Fair Value Before Allocation to Net Proceeds	$	11,954,405
Gross Proceeds	$	10,510,000
Share Issuance Costs - Cash		(525,482)
Net Cash Proceeds Received	$	9,984,518
Relative Fair Value Allocation to:
Shares	$	8,365,038
Share Purchase Warrants		1,619,480
	$	9,984,518

At April 30, 2016, a total of $35.1 million of the 2014 Shelf was utilized through the following registered offerings and sales of units, with a remaining available balance of $64.9 million under the 2014 Shelf.

· on June 25, 2015: $10.0 million in gross proceeds through an offering of units consisting of the Company’s shares and share purchase warrants and $6.7 million representing the aggregate exercise price of those share purchase warrants and agents’ share purchase warrants should they be exercised in full; and

· on March 10, 2016: $10.5 million in gross proceeds through an offering of units consisting of the Company’s shares and share purchase warrants and $7.9 million representing the aggregate exercise price of those share purchase warrants and agents’ share purchase warrants should they be exercised in full.

Share Transactions

A summary of the Company’s share transactions for the three and nine months ended April 30, 2016 are as follows:

	Common		Value per Share				Issuance
Period / Description	Shares Issued		Low		High		Value
Balance, July 31, 2015		97,834,087
Bonus Shares for Credit Facility		752,320	$	1.20	$	1.20	$	900,000
Consulting Services		274,982		1.03		1.38		305,594
Share Compensation		33,315		1.00		1.12		35,264
Balance, October 31, 2015		98,894,704
Consulting Services		581,421		0.72		1.12		608,179
Share Compensation		71,588		1.06		1.08		76,236
Options Exercised		682,167		0.33		0.33		225,115
Balance, January 31, 2016		100,229,880
Second Extension Fee Shares for Credit Facility		959,613		0.83		0.83		800,000
Settlement of Current Liabilities		487,574		0.93		0.93		453,444
Equity Financing		12,364,704		0.85		0.85		10,510,000
Asset Acquisition		1,333,560		0.92		0.92		1,226,875
Consulting Services		514,440		0.73		0.93		424,316
Share Compensation		202,884		0.75		0.96		167,830
Balance, April 30, 2016		116,092,655

Share Purchase Warrants

A summary of share purchase warrants outstanding and exercisable at April 30, 2016 are as follows:

	Weighted Average Exercise Price	Number of Warrants Outstanding		Expiry Date	Weighted Average Remaining Contractual Life (Years)
$	1.20		6,594,348	March 10, 2019	2.86
	1.35		2,600,000	January 30, 2020	3.75
	1.95		50,000	June 3, 2018	2.09
	2.12		2,850,000	June 25, 2018	2.15
	2.60		1,859,524	October 23, 2016	0.48
$	1.61		13,953,872		2.56

Stock Options

At April 30, 2016, the Company had one stock option plan, the 2015 Stock Incentive Plan (the “2015 Plan”). The 2015 Plan provides for up to 9,600,250 shares of the Company that may be issued pursuant to awards that may be granted together with an additional 10,569,301 shares of the Company that may be issued pursuant to stock options previously granted under the Company’s prior 2014 Stock Incentive Plan (the “2014 Plan”). The 2015 Plan supersedes and replaces the Company’s prior 2014 Plan, which superseded and replaced the Company’s prior 2013, 2009 and 2006 Stock Incentive Plans, such that no further shares are issuable under those prior plans.

A summary of stock options granted by the Company during the nine months ended April 30, 2016, including corresponding grant date fair values and assumptions using the Black Scholes option pricing model is as follows:

	Options		Exercise		Term		Fair		Expected		Risk-Free			Dividend			Expected
Date	Issued		Price		(Years)		Value		Life (Years)		Interest Rate			Yield			Volatility
August 7, 2015		105,000	$	1.32		5	$	68,824		2.90		1.04	%		0.00	%		77.17	%
October 14, 2015		1,000,000		1.14		5		563,195		2.90		0.81	%		0.00	%		77.01	%
January 12, 2016		300,000		0.98		5		145,902		2.90		1.15	%		0.00	%		76.96	%
Total		1,405,000					$	777,921

A continuity schedule of outstanding stock options for the underlying common shares for the nine months ended April 30, 2016 is as follows:

	Number of Stock Options		Weighted Average Exercise Price
Balance, July 31, 2015		10,581,975	$	1.38
Issued		1,105,000		1.16
Forfeited		(5,000)		1.32
Balance, October 31, 2015		11,681,975		1.36
Issued		300,000		0.98
Exercised		(682,167)		0.33
Forfeited		(180,000)		1.32
Expired		(1,950)		5.90
Balance, January 31, 2016		11,117,858		1.42
Forfeited		(72,500)		1.81
Balance, April 30, 2016		11,045,358	$	1.41

At April 30, 2016, the aggregate intrinsic value under the provisions of ASC 718 of all outstanding stock options was estimated at $439,068 (vested: $439,068 and unvested: $Nil).

At April 30, 2016, unrecognized stock-based compensation expense related to the unvested portion of stock options granted under the Company’s 2015 Plan totaled $226,003 to be recognized over the next 0.76 years.

A summary of stock options outstanding and exercisable at April 30, 2016 is as follows:

	Options Outstanding						Options Exercisable
			Weighted		Weighted Average				Weighted		Weighted Average
			Average		Remaining				Average		Remaining
Range of	Outstanding at		Exercise		Contractual Term		Exercisable at		Exercise		Contractual Term
Exercise Prices	April 30, 2016		Price		(Years)		April 30, 2016		Price		(Years)
$0.45 to $0.96		1,269,634	$	0.47		1.56		1,269,634	$	0.47	1.56
$0.97 to $2.45		8,840,000		1.35		3.54		8,057,500		1.37	3.44
$2.46 to $5.70		935,724		3.29		4.09		935,724		3.29	4.09
		11,045,358	$	1.41		3.36		10,262,858	$	1.44	3.27

Stock-Based Compensation

A summary of stock-based compensation expense is as follows:

	Three Months Ended April 30				Nine Months Ended April 30
	2016		2015		2016		2015
Stock-Based Compensation for Consultants
Common stock issued for consulting services	$	470,549	$	502,854	$	1,429,324	$	1,380,279
Stock options issued to consultants		(4,461)		346,995		66,317		721,430
		466,088		849,849		1,495,641		2,101,709
Stock-Based Compensation for Management
Common stock issued to management		45,299		-		81,495		-
Stock options issued to management		195,464		263,306		640,789		1,424,585
		240,763		263,306		722,284		1,424,585
Stock-Based Compensation for Employees
Common stock issued to employees		76,299		-		106,602		-
Stock options issued to employees		15,710		204,723		163,124		1,102,250
		92,009		204,723		269,726		1,102,250
	$	798,860	$	1,317,878	$	2,487,651	$	4,628,544

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LOSS PER SHARE

9 Months Ended

Apr. 30, 2016

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE 11: LOSS PER SHARE

The following table reconciles the weighted average number of shares used in the calculation of the basic and diluted loss per share:

	Three Months Ended April 30,				Nine Months Ended April 30,
	2016		2015		2016		2015
Numerator
Net Loss for the Period	$	(3,679,055)	$	(5,347,729)	$	(13,552,594)	$	(17,949,496)
Denominator
Basic Weighted Average Number of Shares		109,710,985		92,034,908		102,588,834		91,683,568
Dilutive Stock Options and Warrants		-		-		-		-
Diluted Weighted Average Number of Shares		109,710,985		92,034,908		102,588,834		91,683,568
Net Loss per Share, Basic and Diluted	$	(0.03)	$	(0.06)	$	(0.13)	$	(0.20)

For the three and nine months ended April 30, 2016 and 2015, all outstanding stock options and share purchase warrants were excluded from the calculation of the diluted loss per share since the Company reported net losses for those periods and their effects would be anti-dilutive.

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SEGMENTED INFORMATION

9 Months Ended

Apr. 30, 2016

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

NOTE 12: SEGMENTED INFORMATION

The Company currently operates in a single reportable segment and is focused on uranium mining and related activities, including exploration, pre-extraction, extraction and processing of uranium concentrates.

At April 30, 2016, long-term assets located in the U.S. totaled $33,436,732, or 69% of the Company’s total long-term assets of $48,443,360.

 

The table below provides a breakdown of the Company’s long-term assets by geographic segments:

	April 30, 2016
	United States
Balance Sheet Items	Texas		Arizona		Other States		Canada		Paraguay		Total
Mineral Rights and Properties	$	13,369,394	$	10,891,861	$	821,276	$	-	$	13,080,555	$	38,163,086
Property, Plant and Equipment		6,648,175		-		-		16,965		355,720		7,020,860
Reclamation Deposits		1,690,209		15,000		817		-		-		1,706,026
Other Long-Term Assets		-		-		-		-		1,553,388		1,553,388
Total Long-Term Assets	$	21,707,778	$	10,906,861	$	822,093	$	16,965	$	14,989,663	$	48,443,360

	July 31, 2015
	United States
Balance Sheet Items	Texas		Arizona		Other States		Canada		Paraguay		Total
Mineral Rights and Properties	$	13,555,492	$	10,891,861	$	910,059	$	-	$	13,080,555	$	38,437,967
Property, Plant and Equipment		6,926,682		-		-		7,502		14,463		6,948,647
Reclamation Deposits		1,690,209		15,000		816		-		-		1,706,025
Total Long-Term Assets	$	22,172,383	$	10,906,861	$	910,875	$	7,502	$	13,095,018	$	47,092,639

The tables below provide a breakdown of the Company’s operating results by geographic segments for the three and nine months ended April 30, 2016. All intercompany transactions have been eliminated.

	Three Months Ended April 30, 2016
	United States
Statement of Operations	Texas		Arizona		Other States		Canada		Paraguay		Total
Sales	$	-	$	-	$	-	$	-	$	-	$	-
Costs and Expenses:
Cost of sales		-		-		-		-		-		-
Mineral property expenditures		495,830		3,982		881		-		225,275		725,968
General and administrative		1,426,110		66,534		989		514,853		(3,021)		2,005,465
Depreciation, amortization and accretion		200,732		-		750		2,385		1,621		205,488
		2,122,672		70,516		2,620		517,238		223,875		2,936,921
Loss from operations		(2,122,672)		(70,516)		(2,620)		(517,238)		(223,875)		(2,936,921)
Other income (expenses)		(745,888)		(4,663)		-		31		6		(750,514)
Loss before income taxes	$	(2,868,560)	$	(75,179)	$	(2,620)	$	(517,207)	$	(223,869)	$	(3,687,435)

	Three Months Ended April 30, 2015
	United States
Statement of Operations	Texas		Arizona		Other States		Canada		Paraguay		Total
Sales	$	-	$	-	$	-	$	-	$	-	$	-
Costs and Expenses:
Cost of sales		-		-		-		-		-		-
Mineral property expenditures		786,935		50,119		35,199		-		173,589		1,045,842
General and administrative		2,400,403		51,889		4,368		707,481		3,755		3,167,896
Depreciation, amortization and accretion		368,448		-		501		2,741		2,392		374,082
		3,555,786		102,008		40,068		710,222		179,736		4,587,820
Loss from operations		(3,555,786)		(102,008)		(40,068)		(710,222)		(179,736)		(4,587,820)
Other income (expenses)		(759,273)		(4,640)		-		-		169		(763,744)
Loss before income taxes	$	(4,315,059)	$	(106,648)	$	(40,068)	$	(710,222)	$	(179,567)	$	(5,351,564)

	Nine Months Ended April 30, 2016
	United States
Statement of Operations	Texas		Arizona		Other States		Canada		Paraguay		Total
Sales	$	-	$	-	$	-	$	-	$	-	$	-
Costs and Expenses:
Cost of sales		-		-		-		-		-		-
Mineral property expenditures		2,347,348		213,885		133,031		-		714,549		3,408,813
General and administrative		5,074,713		141,526		2,652		1,865,839		1,939		7,086,669
Depreciation, amortization and accretion		667,080		-		2,250		6,017		5,226		680,573
Impairment loss on mineral properties		-		-		86,535		-		-		86,535
		8,089,141		355,411		224,468		1,871,856		721,714		11,262,590
Loss from operations		(8,089,141)		(355,411)		(224,468)		(1,871,856)		(721,714)		(11,262,590)
Other income (expenses)		(2,299,582)		(14,198)		-		849		17		(2,312,914)
Loss before income taxes	$	(10,388,723)	$	(369,609)	$	(224,468)	$	(1,871,007)	$	(721,697)	$	(13,575,504)

	Nine Months Ended April 30, 2015
	United States
Statement of Operations	Texas		Arizona		Other States		Canada		Paraguay		Total
Sales	$	-	$	-	$	-	$	-	$	-	$	-
Costs and Expenses:
Cost of sales		-		-		-		-		-		-
Mineral property expenditures		3,431,826		207,586		191,718		-		729,111		4,560,241
General and administrative		7,456,500		148,766		18,393		2,069,664		18,610		9,711,933
Depreciation, amortization and accretion		1,420,996		-		1,968		9,238		8,606		1,440,808
		12,309,322		356,352		212,079		2,078,902		756,327		15,712,982
Loss from operations		(12,309,322)		(356,352)		(212,079)		(2,078,902)		(756,327)		(15,712,982)
Other income (expenses)		(2,249,325)		(15,018)		-		(120)		484		(2,263,979)
Loss before income taxes	$	(14,558,647)	$	(371,370)	$	(212,079)	$	(2,079,022)	$	(755,843)	$	(17,976,961)

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SUPPLEMENTAL CASH FLOW INFORMATION

9 Months Ended

Apr. 30, 2016

Supplemental Cash Flow Elements [Abstract]

Cash Flow, Supplemental Disclosures [Text Block]

NOTE 13: SUPPLEMENTAL CASH FLOW INFORMATION

During the nine months ended April 30, 2016 and 2015, the Company issued 1,370,843 and 891,273 restricted shares with a fair value of $1,338,091 and $1,380,279, respectively, for consulting services.

During the nine months ended April 30, 2016, the Company issued 307,787 shares with a fair value of $279,330 as compensation to certain management, employees and consultants of the Company under the 2015 Plan.

During the nine months ended April 30, 2016 and 2015, the Company paid $1,217,778 and $1,213,333, respectively, in cash for interest on its long-term debt.

During the nine months ended April 30, 2016, the Company issued 487,574 shares with a fair value of $453,444 as settlement of certain of the Company’s accounts payable totaling $406,476.

During the nine months ended April 30, 2016, the Company entered into a SPOA with CIC Resources Inc., pursuant to which the Company acquired all of the issued and outstanding shares of JDL Resources Inc. As consideration, the Company issued 1,333,560 restricted common shares and paid $50,000 in cash.

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COMMITMENTS AND CONTINGENCIES

9 Months Ended

Apr. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

NOTE 14: COMMITMENTS AND CONTINGENCIES

The Company is renting or leasing various office or storage space located in the United States, Canada and Paraguay with total monthly payments of $18,484. Office lease agreements expire between May 2017 and March 2021 for the United States and Canada.

The aggregate minimum payments over the next five fiscal years are as follows:

Fiscal 2016	$	55,307
Fiscal 2017		217,867
Fiscal 2018		199,722
Fiscal 2019		88,979
Fiscal 2020		89,614
All subsequent years		59,743
	$	711,232

The Company is committed to pay its key executives a total of $750,000 per year for various management services.

The Company is subject to ordinary routine litigation incidental to its business. Except as disclosed below, the Company is not aware of any material legal proceedings pending or that have been threatened against the Company.

On or about March 9, 2011, the Texas Commission on Environmental Quality (the “TCEQ”) granted the Company’s applications for a Class III Injection Well Permit, Production Area Authorization and Aquifer Exemption for its Goliad Project.  On or about December 4, 2012, the U.S. Environmental Protection Agency (the “EPA”) concurred with the TCEQ issuance of the Aquifer Exemption permit (the “AE”).  With the receipt of this concurrence, the final authorization required for uranium extraction, the Goliad Project achieved fully-permitted status.  On or about May 24, 2011, a group of petitioners, inclusive of Goliad County, appealed the TCEQ action to the 250^th District Court in Travis County, Texas.  A motion filed by the Company to intervene in this matter was granted. The petitioners’ appeal lay dormant until on or about June 14, 2013, when the petitioners filed their initial brief in support of their position.  On or about January 18, 2013, a different group of petitioners, exclusive of Goliad County, filed a petition for review with the Court of Appeals for the Fifth Circuit in the United States (the “Fifth Circuit”) to appeal the EPA’s decision.  On or about March 5, 2013, a motion filed by the Company to intervene in this matter was granted.  The parties attempted to resolve both appeals, to facilitate discussions and avoid further legal costs. The parties jointly agreed, through mediation initially conducted through the Fifth Circuit on or about August 8, 2013, to abate the proceedings in the State District Court. On or about August 21, 2013, the State District Court agreed to abate the proceedings.  The EPA subsequently filed a motion to remand without vacatur with the Fifth Circuit wherein the EPA's stated purpose was to elicit additional public input and further explain its rationale for the approval.  In requesting the remand without vacatur, which would allow the AE to remain in place during the review period, the EPA denied the existence of legal error and stated that it was unaware of any additional information that would merit reversal of the AE.  The Company and the TCEQ filed a request to the Fifth Circuit for the motion to remand without vacatur, and if granted, to be limited to a 60-day review period.  On December 9, 2013, by way of a procedural order from a three-judge panel of the Fifth Circuit, the Court granted the remand without vacatur and initially limited the review period to 60 days. In March of 2014, at the EPA’s request, the Fifth Circuit extended the EPA’s time period for review and additionally, during that same period, the Company conducted a joint groundwater survey of the site, the result of which reaffirmed the Company’s previously filed groundwater direction studies. On or about June 17, 2014, the EPA reaffirmed its earlier decision to uphold the granting of the Company’s existing AE, with the exception of a northwestern portion containing less than 10% of the uranium resource which was withdrawn, but not denied, from the AE area until additional information is provided in the normal course of mine development. On or about September 9, 2014, the petitioners filed a status report with the State District Court which included a request to remove the stay agreed to in August 2013 and to set a briefing schedule (the “Status Report”). In that Status Report, the petitioners also stated that they had decided not to pursue their appeal at the Fifth Circuit. The Company continues to believe that the pending appeal is without merit and is continuing as planned towards uranium extraction at its fully-permitted Goliad Project.

On or about April 3, 2012, the Company received notification of a lawsuit filed in the State of Arizona, in the Superior Court for the County of Yavapai, by certain petitioners (the “Plaintiffs”) against a group of defendants, including the Company and former management and board members of Concentric Energy Corp. (“Concentric”). The lawsuit asserts certain claims relating to the Plaintiffs’ equity investments in Concentric, including allegations that the former management and board members of Concentric engaged in various wrongful acts prior to and/or in conjunction with the merger of Concentric. The lawsuit originally further alleged that the Company was contractually liable for liquidated damages arising from a pre-merger transaction which the Company previously acknowledged and recorded as an accrued liability, and which portion of the lawsuit was settled in full by a cash payment of $149,194 to the Plaintiffs and subsequently dismissed. The court dismissed several other claims set forth in the Plaintiffs’ initial complaint, but granted the Plaintiffs leave to file an amended complaint.  The court denied a subsequent motion to dismiss the amended complaint, finding that the pleading met the minimal pleading requirements under the applicable procedural rules.  In October 2013, the Company filed a formal response denying liability for any of the Plaintiffs’ remaining claims. The court set the case for a four-week jury trial that was to take place in Yavapai County, Arizona, in April 2016.  In November 2015, after the completion of discovery, the Company and the remaining defendants filed motions for summary judgment, seeking to dismiss all of the Plaintiffs’ remaining claims.  While those motions were pending, the parties reached a settlement agreement with respect to all claims asserted by the Plaintiffs in that lawsuit.  A formal settlement and release agreement was subsequently executed, pursuant to which all of the Plaintiffs’ claims in the Arizona lawsuit were dismissed with prejudice.  Pursuant to the terms of the settlement agreement, the Defendants collectively paid $500,000 to the Plaintiffs, of which $50,000 will be paid by the Company.

On June 1, 2015, the Company received notice that Westminster Securities Corporation (“Westminster”) filed a suit in the United States District Court for the Southern District of New York, alleging a breach of contract relating to certain four-year warrants issued by Concentric in December 2008.  Although the Concentric warrants expired by their terms on December 31, 2012, Westminster bases its claim upon transactions allegedly occurring prior to UEC’s merger with Concentric.  The Company believes that this claim lacks merit and intends to vigorously defend the same.

On or about June 29, 2015, Heather M. Stephens filed a class action complaint against the Company and two of its executive officers in the United States District Court, Southern District of Texas, with an amended class action complaint filed on November 16, 2015, (the “Securities Case”) seeking unspecified damages and alleging the defendants violated Section 17(b) of the Securities Act of 1933 and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The Company has filed a motion to dismiss.

On or about September 10, 2015, John Price filed a stockholder derivative complaint on behalf of the Company against the Company’s Board of Directors, executive management and three of its vice presidents in the United States District Court, Southern District of Texas, with an amended stockholder derivative complaint filed on December 4, 2015, (the “Federal Derivative Case”) seeking unspecified damages on behalf of the Company against the defendants for allegedly breaching their fiduciary duties to the Company with respect to the allegations in the Securities Case. The Company has filed a motion to dismiss.

On or about October 2, 2015, Marnie W. McMahon filed a stockholder derivative complaint on behalf of the Company against the Company’s Board of Directors, executive management and three of its vice presidents in the District Court of Nevada (the “Nevada Derivative Case”) (collectively with the Federal Derivative Case, the “Derivative Cases”) seeking unspecified damages on behalf of the Company against the defendants for allegedly breaching their fiduciary duties to the Company with respect to the allegations in the Securities Case. On January 21, 2016, the court granted the Company’s motion to stay the Nevada Derivative Case pending the outcome of the Federal Derivative Case.

The Company believes that the Securities Case and the Derivative Cases are without merit and intends to defend vigorously against them.

The Company’s Board of Directors received a shareholder demand letter dated September 10, 2015 relating to the allegations in the Securities Case (the “Shareholder Demand”). The letter demands that the Board of Directors initiate an action against the Company’s Board of Directors and two of its executive officers to recover damages allegedly caused to the Company. The Board of Directors is reviewing the Shareholder Demand to determine the appropriate course of action.

At any given time, the Company may enter into negotiations to settle outstanding legal proceedings and any resulting accruals will be estimated based on the relevant facts and circumstances applicable at that time.  The Company does not expect that such settlements will, individually or in the aggregate, have a material effect on its financial position, results of operation.

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MINERAL RIGHTS AND PROPERTIES (Tables)

9 Months Ended

Apr. 30, 2016

Mineral Industries Disclosures [Abstract]

Schedule Of Mineral Rights and Property Acquisition Costs [Table Text Block]

Mineral rights and property acquisition costs consisted of the following:

	April 30, 2016		July 31, 2015
Mineral Rights and Properties
Palangana Mine	$	6,562,348	$	6,587,135
Goliad Project		8,689,127		8,689,127
Burke Hollow Project		1,495,750		1,495,750
Longhorn Project		116,870		116,870
Salvo Project		14,905		14,905
Nichols Project		154,774		154,774
Anderson Project		9,154,268		9,154,268
Workman Creek Project		1,472,008		1,472,008
Los Cuatros Project		257,250		257,250
Slick Rock Project		615,650		661,271
Yuty Project		11,947,144		11,947,144
Coronel Oviedo Project		1,133,412		1,133,412
Other Property Acquisitions		244,827		285,741
		41,858,333		41,969,655
Accumulated Depletion		(3,929,884)		(3,929,884)
		37,928,449		38,039,771
Databases		2,410,038		2,410,038
Accumulated Amortization		(2,314,890)		(2,166,966)
		95,148		243,072
Land Use Agreements		404,310		390,155
Accumulated Amortization		(264,821)		(235,031)
		139,489		155,124
	$	38,163,086	$	38,437,967

Schedule Of Mineral Property Expenditures Incurred by Major Projects [Table Text Block]

Mineral property expenditures incurred by major projects were as follows:

	Three Months Ended April 30,				Nine Months Ended April 30,
	2016		2015		2016		2015
Mineral Property Expenditures
Palangana Mine	$	280,345	$	500,535	$	1,031,625	$	1,621,391
Goliad Project		26,848		25,631		71,679		79,924
Burke Hollow Project		48,409		94,702		974,661		1,235,250
Longhorn Project		247		22,276		4,620		52,999
Salvo Project		4,622		16,751		21,697		39,590
Anderson Project		3,564		50,142		170,780		173,564
Workman Creek Project		418		-		32,109		31,300
Slick Rock Project		-		2,924		53,861		52,708
Yuty Project		89,246		41,274		291,788		301,035
Coronel Oviedo Project		136,031		132,315		422,763		428,077
Other Mineral Property Expenditures		136,238		159,292		517,611		544,403
Re-valuation of Asset Retirement Obligations		-		-		(184,381)		-
	$	725,968	$	1,045,842	$	3,408,813	$	4,560,241

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PROPERTY, PLANT AND EQUIPMENT (Tables)

9 Months Ended

Apr. 30, 2016

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]

Property, plant and equipment consisted of the following:

	April 30, 2016						July 31, 2015
			Accumulated		Net Book				Accumulated		Net Book
	Cost		Depreciation		Value		Cost		Depreciation		Value
Hobson Processing Facility	$	6,819,088	$	(773,933)	$	6,045,155	$	6,819,088	$	(773,933)	$	6,045,155
Mining Equipment		2,440,105		(2,202,485)		237,620		2,452,572		(2,019,996)		432,576
Logging Equipment and Vehicles		1,962,895		(1,785,206)		177,689		1,962,895		(1,714,908)		247,987
Computer Equipment		585,434		(549,175)		36,259		615,064		(573,355)		41,709
Furniture and Fixtures		172,215		(167,598)		4,617		182,802		(176,726)		6,076
Land		519,520		-		519,520		175,144		-		175,144
	$	12,499,257	$	(5,478,397)	$	7,020,860	$	12,207,565	$	(5,258,918)	$	6,948,647

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RECLAMATION DEPOSITS (Tables)

9 Months Ended

Apr. 30, 2016

RECLAMATION DEPOSITS [Abstract]

Schedule Of Reclamation Deposits [Table Text Block]

Reclamation deposits consisted of the following:

	April 30, 2016		July 31, 2015
Palangana Mine	$	1,102,981	$	1,102,981
Hobson Processing Facility		587,228		587,228
Arizona		15,000		15,000
Wyoming		817		816
	$	1,706,026	$	1,706,025

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OTHER LONG-TERM ASSET AND LIABILITY (Tables)

9 Months Ended

Apr. 30, 2016

Other Long term Asset and Liability [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The fair value of the consideration paid and its allocation to the identifiable assets acquired and liabilities assumed are summarized as follows:

Consideration paid
1,333,560 UEC common shares at $0.92 per share	$	1,226,875
Cash consideration		50,000
Cash payable upon exercise the Option		250,000
Transaction costs		63,090
	$	1,589,965
Assets acquired and liabilities assumed
Cash and cash equivalents	$	3,916
Prepaid expenses		3,804
Land		344,376
Other long-term asset (Option to acquire CIC)		1,553,388
Due to CIC		(315,519)
	$	1,589,965

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LONG-TERM DEBT (Tables)

9 Months Ended

Apr. 30, 2016

Debt Disclosure [Abstract]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]

The incremental value was determined using the Black-Scholes option pricing model with the following assumptions:

Expected Life in Years	3.98
Expected Annual Volatility	71.10	%
Expected Risk Free Interest Rate	1.00	%
Expected Dividend Yield	0.00	%

Schedule of Long-term Debt Instruments [Table Text Block]

As at April 30, 2016, long-term debt consisted of the following:

	April 30, 2016		July 31, 2015
Principal amount	$	20,000,000	$	20,000,000
Unamortized discount		(1,086,630)		(242,522)
Long-term debt, net of unamortized discount		18,913,370		19,757,478

Schedule of Maturities of Long-term Debt [Table Text Block]

The aggregate yearly maturities of long-term debt based on principal amounts outstanding at April 30, 2016 are as follows:

Fiscal 2016	$	-
Fiscal 2017		-
Fiscal 2018		-
Fiscal 2019		10,000,000
Fiscal 2020		10,000,000
Total	$	20,000,000

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ASSET RETIREMENT OBLIGATIONS (Tables)

9 Months Ended

Apr. 30, 2016

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Change in Asset Retirement Obligation [Table Text Block]

Balance, July 31, 2015	$	3,926,846
Revision in estimate of asset retirement obligations		(209,168)
Accretion		214,395
Balance, April 30, 2016	$	3,932,073

Schedule Of Undiscounted Amounts Of Estimated Cash Flows [Table Text Block]

The estimated amounts and timing of cash flows and assumptions used for ARO estimates are as follows:

	April 30, 2016			July 31, 2015
Undiscounted amount of estimated cash flows	$	6,650,255		$	6,600,868
Payable in years		2.1 to 15			2.5 to 15
Inflation rate		0.90% to 2.25	%		2.02% to 2.25	%
Discount rate		5.15% to 8.00	%		6.56% to 8.00	%

Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows [Table Text Block]

The undiscounted amounts of estimated cash flows for the next five fiscal years and beyond are as follows:

Fiscal 2016	$	-
Fiscal 2017		139,052
Fiscal 2018		414,058
Fiscal 2019		667,984
Fiscal 2020		620,673
Remaining balance		4,808,488
	$	6,650,255

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CAPITAL STOCK (Tables)

9 Months Ended

Apr. 30, 2016

Equity [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The share purchase warrants were valued using the Black-Scholes option pricing model with the following assumptions:

Expected Risk Free Interest Rate	1.11	%
Expected Annual Volatility	74.34	%
Expected Contractual Life in Years	3.00
Expected Annual Dividend Yield	0.00	%

Schedule of Stockholders Equity [Table Text Block]

The net proceeds from the 2014 Shelf equity financing were allocated to the fair values of the shares and share purchase warrants as presented below:

Fair Value of Shares	$	10,015,410
Fair Value of Share Purchase Warrants		1,938,995
Total Fair Value Before Allocation to Net Proceeds	$	11,954,405
Gross Proceeds	$	10,510,000
Share Issuance Costs - Cash		(525,482)
Net Cash Proceeds Received	$	9,984,518
Relative Fair Value Allocation to:
Shares	$	8,365,038
Share Purchase Warrants		1,619,480
	$	9,984,518

Schedule of Share Transactions [Table Text Block]

A summary of the Company’s share transactions for the three and nine months ended April 30, 2016 are as follows:

	Common		Value per Share				Issuance
Period / Description	Shares Issued		Low		High		Value
Balance, July 31, 2015		97,834,087
Bonus Shares for Credit Facility		752,320	$	1.20	$	1.20	$	900,000
Consulting Services		274,982		1.03		1.38		305,594
Share Compensation		33,315		1.00		1.12		35,264
Balance, October 31, 2015		98,894,704
Consulting Services		581,421		0.72		1.12		608,179
Share Compensation		71,588		1.06		1.08		76,236
Options Exercised		682,167		0.33		0.33		225,115
Balance, January 31, 2016		100,229,880
Second Extension Fee Shares for Credit Facility		959,613		0.83		0.83		800,000
Settlement of Current Liabilities		487,574		0.93		0.93		453,444
Equity Financing		12,364,704		0.85		0.85		10,510,000
Asset Acquisition		1,333,560		0.92		0.92		1,226,875
Consulting Services		514,440		0.73		0.93		424,316
Share Compensation		202,884		0.75		0.96		167,830
Balance, April 30, 2016		116,092,655

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

A summary of share purchase warrants outstanding and exercisable at April 30, 2016 are as follows:

	Weighted Average Exercise Price	Number of Warrants Outstanding		Expiry Date	Weighted Average Remaining Contractual Life (Years)
$	1.20		6,594,348	March 10, 2019	2.86
	1.35		2,600,000	January 30, 2020	3.75
	1.95		50,000	June 3, 2018	2.09
	2.12		2,850,000	June 25, 2018	2.15
	2.60		1,859,524	October 23, 2016	0.48
$	1.61		13,953,872		2.56

Schedule of Share based Compensation Arrangement by Share based Payment Award Options Grants in Period Activity [Table Text Block]

A summary of stock options granted by the Company during the nine months ended April 30, 2016, including corresponding grant date fair values and assumptions using the Black Scholes option pricing model is as follows:

	Options		Exercise		Term		Fair		Expected		Risk-Free			Dividend			Expected
Date	Issued		Price		(Years)		Value		Life (Years)		Interest Rate			Yield			Volatility
August 7, 2015		105,000	$	1.32		5	$	68,824		2.90		1.04	%		0.00	%		77.17	%
October 14, 2015		1,000,000		1.14		5		563,195		2.90		0.81	%		0.00	%		77.01	%
January 12, 2016		300,000		0.98		5		145,902		2.90		1.15	%		0.00	%		76.96	%
Total		1,405,000					$	777,921

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

A continuity schedule of outstanding stock options for the underlying common shares for the nine months ended April 30, 2016 is as follows:

	Number of Stock Options		Weighted Average Exercise Price
Balance, July 31, 2015		10,581,975	$	1.38
Issued		1,105,000		1.16
Forfeited		(5,000)		1.32
Balance, October 31, 2015		11,681,975		1.36
Issued		300,000		0.98
Exercised		(682,167)		0.33
Forfeited		(180,000)		1.32
Expired		(1,950)		5.90
Balance, January 31, 2016		11,117,858		1.42
Forfeited		(72,500)		1.81
Balance, April 30, 2016		11,045,358	$	1.41

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]

A summary of stock options outstanding and exercisable at April 30, 2016 is as follows:

	Options Outstanding						Options Exercisable
			Weighted		Weighted Average				Weighted		Weighted Average
			Average		Remaining				Average		Remaining
Range of	Outstanding at		Exercise		Contractual Term		Exercisable at		Exercise		Contractual Term
Exercise Prices	April 30, 2016		Price		(Years)		April 30, 2016		Price		(Years)
$0.45 to $0.96		1,269,634	$	0.47		1.56		1,269,634	$	0.47	1.56
$0.97 to $2.45		8,840,000		1.35		3.54		8,057,500		1.37	3.44
$2.46 to $5.70		935,724		3.29		4.09		935,724		3.29	4.09
		11,045,358	$	1.41		3.36		10,262,858	$	1.44	3.27

Schedule Of Stock based Compensation Expense [Table Text Block]

A summary of stock-based compensation expense is as follows:

	Three Months Ended April 30				Nine Months Ended April 30
	2016		2015		2016		2015
Stock-Based Compensation for Consultants
Common stock issued for consulting services	$	470,549	$	502,854	$	1,429,324	$	1,380,279
Stock options issued to consultants		(4,461)		346,995		66,317		721,430
		466,088		849,849		1,495,641		2,101,709
Stock-Based Compensation for Management
Common stock issued to management		45,299		-		81,495		-
Stock options issued to management		195,464		263,306		640,789		1,424,585
		240,763		263,306		722,284		1,424,585
Stock-Based Compensation for Employees
Common stock issued to employees		76,299		-		106,602		-
Stock options issued to employees		15,710		204,723		163,124		1,102,250
		92,009		204,723		269,726		1,102,250
	$	798,860	$	1,317,878	$	2,487,651	$	4,628,544

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LOSS PER SHARE (Tables)

9 Months Ended

Apr. 30, 2016

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

The following table reconciles the weighted average number of shares used in the calculation of the basic and diluted loss per share:

	Three Months Ended April 30,				Nine Months Ended April 30,
	2016		2015		2016		2015
Numerator
Net Loss for the Period	$	(3,679,055)	$	(5,347,729)	$	(13,552,594)	$	(17,949,496)
Denominator
Basic Weighted Average Number of Shares		109,710,985		92,034,908		102,588,834		91,683,568
Dilutive Stock Options and Warrants		-		-		-		-
Diluted Weighted Average Number of Shares		109,710,985		92,034,908		102,588,834		91,683,568
Net Loss per Share, Basic and Diluted	$	(0.03)	$	(0.06)	$	(0.13)	$	(0.20)

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SEGMENTED INFORMATION (Tables)

9 Months Ended

Apr. 30, 2016

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

The table below provides a breakdown of the Company’s long-term assets by geographic segments:

	April 30, 2016
	United States
Balance Sheet Items	Texas		Arizona		Other States		Canada		Paraguay		Total
Mineral Rights and Properties	$	13,369,394	$	10,891,861	$	821,276	$	-	$	13,080,555	$	38,163,086
Property, Plant and Equipment		6,648,175		-		-		16,965		355,720		7,020,860
Reclamation Deposits		1,690,209		15,000		817		-		-		1,706,026
Other Long-Term Assets		-		-		-		-		1,553,388		1,553,388
Total Long-Term Assets	$	21,707,778	$	10,906,861	$	822,093	$	16,965	$	14,989,663	$	48,443,360

	July 31, 2015
	United States
Balance Sheet Items	Texas		Arizona		Other States		Canada		Paraguay		Total
Mineral Rights and Properties	$	13,555,492	$	10,891,861	$	910,059	$	-	$	13,080,555	$	38,437,967
Property, Plant and Equipment		6,926,682		-		-		7,502		14,463		6,948,647
Reclamation Deposits		1,690,209		15,000		816		-		-		1,706,025
Total Long-Term Assets	$	22,172,383	$	10,906,861	$	910,875	$	7,502	$	13,095,018	$	47,092,639

Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block]

The tables below provide a breakdown of the Company’s operating results by geographic segments for the three and nine months ended April 30, 2016. All intercompany transactions have been eliminated.

	Three Months Ended April 30, 2016
	United States
Statement of Operations	Texas		Arizona		Other States		Canada		Paraguay		Total
Sales	$	-	$	-	$	-	$	-	$	-	$	-
Costs and Expenses:
Cost of sales		-		-		-		-		-		-
Mineral property expenditures		495,830		3,982		881		-		225,275		725,968
General and administrative		1,426,110		66,534		989		514,853		(3,021)		2,005,465
Depreciation, amortization and accretion		200,732		-		750		2,385		1,621		205,488
		2,122,672		70,516		2,620		517,238		223,875		2,936,921
Loss from operations		(2,122,672)		(70,516)		(2,620)		(517,238)		(223,875)		(2,936,921)
Other income (expenses)		(745,888)		(4,663)		-		31		6		(750,514)
Loss before income taxes	$	(2,868,560)	$	(75,179)	$	(2,620)	$	(517,207)	$	(223,869)	$	(3,687,435)

	Three Months Ended April 30, 2015
	United States
Statement of Operations	Texas		Arizona		Other States		Canada		Paraguay		Total
Sales	$	-	$	-	$	-	$	-	$	-	$	-
Costs and Expenses:
Cost of sales		-		-		-		-		-		-
Mineral property expenditures		786,935		50,119		35,199		-		173,589		1,045,842
General and administrative		2,400,403		51,889		4,368		707,481		3,755		3,167,896
Depreciation, amortization and accretion		368,448		-		501		2,741		2,392		374,082
		3,555,786		102,008		40,068		710,222		179,736		4,587,820
Loss from operations		(3,555,786)		(102,008)		(40,068)		(710,222)		(179,736)		(4,587,820)
Other income (expenses)		(759,273)		(4,640)		-		-		169		(763,744)
Loss before income taxes	$	(4,315,059)	$	(106,648)	$	(40,068)	$	(710,222)	$	(179,567)	$	(5,351,564)

	Nine Months Ended April 30, 2016
	United States
Statement of Operations	Texas		Arizona		Other States		Canada		Paraguay		Total
Sales	$	-	$	-	$	-	$	-	$	-	$	-
Costs and Expenses:
Cost of sales		-		-		-		-		-		-
Mineral property expenditures		2,347,348		213,885		133,031		-		714,549		3,408,813
General and administrative		5,074,713		141,526		2,652		1,865,839		1,939		7,086,669
Depreciation, amortization and accretion		667,080		-		2,250		6,017		5,226		680,573
Impairment loss on mineral properties		-		-		86,535		-		-		86,535
		8,089,141		355,411		224,468		1,871,856		721,714		11,262,590
Loss from operations		(8,089,141)		(355,411)		(224,468)		(1,871,856)		(721,714)		(11,262,590)
Other income (expenses)		(2,299,582)		(14,198)		-		849		17		(2,312,914)
Loss before income taxes	$	(10,388,723)	$	(369,609)	$	(224,468)	$	(1,871,007)	$	(721,697)	$	(13,575,504)

	Nine Months Ended April 30, 2015
	United States
Statement of Operations	Texas		Arizona		Other States		Canada		Paraguay		Total
Sales	$	-	$	-	$	-	$	-	$	-	$	-
Costs and Expenses:
Cost of sales		-		-		-		-		-		-
Mineral property expenditures		3,431,826		207,586		191,718		-		729,111		4,560,241
General and administrative		7,456,500		148,766		18,393		2,069,664		18,610		9,711,933
Depreciation, amortization and accretion		1,420,996		-		1,968		9,238		8,606		1,440,808
		12,309,322		356,352		212,079		2,078,902		756,327		15,712,982
Loss from operations		(12,309,322)		(356,352)		(212,079)		(2,078,902)		(756,327)		(15,712,982)
Other income (expenses)		(2,249,325)		(15,018)		-		(120)		484		(2,263,979)
Loss before income taxes	$	(14,558,647)	$	(371,370)	$	(212,079)	$	(2,079,022)	$	(755,843)	$	(17,976,961)

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COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

Apr. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

The aggregate minimum payments over the next five fiscal years are as follows:

Fiscal 2016	$	55,307
Fiscal 2017		217,867
Fiscal 2018		199,722
Fiscal 2019		88,979
Fiscal 2020		89,614
All subsequent years		59,743
	$	711,232

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NATURE OF OPERATIONS AND GOING CONCERN (Details Textual) - USD ($)	9 Months Ended
	Apr. 30, 2016	Jul. 31, 2015	Apr. 30, 2015	Jul. 31, 2014
Entity Incorporation, Date of Incorporation	May 16, 2003
Working Capital	$ 9,000,000
Cash and Cash Equivalents, at Carrying Value, Total	$ 10,086,805	$ 10,092,408	$ 1,423,447	$ 8,839,892

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MINERAL RIGHTS AND PROPERTIES (Details) - USD ($)	Apr. 30, 2016	Jul. 31, 2015
Mineral Rights and Properties
Mineral Rights and Properties, Gross	$ 41,858,333	$ 41,969,655
Accumulated Depletion	(3,929,884)	(3,929,884)
Mineral Rights and Properties, Net Of Accumulated Depletion	37,928,449	38,039,771
Mineral Rights and Properties, Total	38,163,086	38,437,967
Databases [Member]
Mineral Rights and Properties
Finite-Lived Intangible Assets, Gross	2,410,038	2,410,038
Accumulated Amortization	(2,314,890)	(2,166,966)
Finite-Lived Intangible Assets, Total	95,148	243,072
Land Use Agreements [Member]
Mineral Rights and Properties
Finite-Lived Intangible Assets, Gross	404,310	390,155
Accumulated Amortization	(264,821)	(235,031)
Finite-Lived Intangible Assets, Total	139,489	155,124
Palangana Mine [Member]
Mineral Rights and Properties
Mineral Rights and Properties, Gross	6,562,348	6,587,135
Goliad Project [Member]
Mineral Rights and Properties
Mineral Rights and Properties, Gross	8,689,127	8,689,127
Burke Hollow Project [Member]
Mineral Rights and Properties
Mineral Rights and Properties, Gross	1,495,750	1,495,750
Longhorn Project [Member]
Mineral Rights and Properties
Mineral Rights and Properties, Gross	116,870	116,870
Salvo Project [Member]
Mineral Rights and Properties
Mineral Rights and Properties, Gross	14,905	14,905
Nichols Project [Member]
Mineral Rights and Properties
Mineral Rights and Properties, Gross	154,774	154,774
Anderson Project [Member]
Mineral Rights and Properties
Mineral Rights and Properties, Gross	9,154,268	9,154,268
Workman Creek Project [Member]
Mineral Rights and Properties
Mineral Rights and Properties, Gross	1,472,008	1,472,008
Los Cuatros Project [Member]
Mineral Rights and Properties
Mineral Rights and Properties, Gross	257,250	257,250
Slick Rock Project [Member]
Mineral Rights and Properties
Mineral Rights and Properties, Gross	615,650	661,271
Yuty Project [Member]
Mineral Rights and Properties
Mineral Rights and Properties, Gross	11,947,144	11,947,144
Coronel Oviedo Project [Member]
Mineral Rights and Properties
Mineral Rights and Properties, Gross	1,133,412	1,133,412
Other Property Acquisitions [Member]
Mineral Rights and Properties
Mineral Rights and Properties, Gross	$ 244,827	$ 285,741

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MINERAL RIGHTS AND PROPERTIES (Details 1) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2016	Apr. 30, 2015
Re-valuation of Asset Retirement Obligations	$ 0	$ 0	$ (184,381)	$ 0
Mineral property expenditures	725,968	1,045,842	3,408,813	4,560,241
Palangana Mine [Member]
Mineral property expenditures	280,345	500,535	1,031,625	1,621,391
Re-valuation of Asset Retirement Obligations			(184,381)
Goliad Project [Member]
Mineral property expenditures	26,848	25,631	71,679	79,924
Burke Hollow Project [Member]
Mineral property expenditures	48,409	94,702	974,661	1,235,250
Longhorn Project [Member]
Mineral property expenditures	247	22,276	4,620	52,999
Salvo Project [Member]
Mineral property expenditures	4,622	16,751	21,697	39,590
Anderson Project [Member]
Mineral property expenditures	3,564	50,142	170,780	173,564
Workman Creek Project [Member]
Mineral property expenditures	418	0	32,109	31,300
Slick Rock Project [Member]
Mineral property expenditures	0	2,924	53,861	52,708
Yuty Project [Member]
Mineral property expenditures	89,246	41,274	291,788	301,035
Coronel Oviedo Project [Member]
Mineral property expenditures	136,031	132,315	422,763	428,077
Other Mineral Property [Member]
Mineral property expenditures	$ 136,238	$ 159,292	$ 517,611	$ 544,403

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MINERAL RIGHTS AND PROPERTIES (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2016	Apr. 30, 2015
Exploration Abandonment and Impairment Expense			$ 86,535
Impairment of Long-Lived Assets Held-for-use	$ 0	$ 0	86,535	$ 0
Re-valuation of Asset Retirement Obligations	$ 0	$ 0	184,381	$ 0
Palangana Mine [Member]
Increase (Decrease) in Asset Retirement Obligations			24,787
Re-valuation of Asset Retirement Obligations			184,381
Mining Properties and Mineral Rights [Member]
Payment to Maintain Mineral Properties in Good Standing			$ 2,500,000

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PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)	Apr. 30, 2016	Jul. 31, 2015
Property, Plant and Equipment [Line Items]
Cost	$ 12,499,257	$ 12,207,565
Accumulated Depreciation	(5,478,397)	(5,258,918)
Net Book Value	7,020,860	6,948,647
Hobson Processing Facility [Member]
Property, Plant and Equipment [Line Items]
Cost	6,819,088	6,819,088
Accumulated Depreciation	(773,933)	(773,933)
Net Book Value	6,045,155	6,045,155
Mining Equipment [Member]
Property, Plant and Equipment [Line Items]
Cost	2,440,105	2,452,572
Accumulated Depreciation	(2,202,485)	(2,019,996)
Net Book Value	237,620	432,576
Logging Equipment and Vehicles [Member]
Property, Plant and Equipment [Line Items]
Cost	1,962,895	1,962,895
Accumulated Depreciation	(1,785,206)	(1,714,908)
Net Book Value	177,689	247,987
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Cost	585,434	615,064
Accumulated Depreciation	(549,175)	(573,355)
Net Book Value	36,259	41,709
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Cost	172,215	182,802
Accumulated Depreciation	(167,598)	(176,726)
Net Book Value	4,617	6,076
Land [Member]
Property, Plant and Equipment [Line Items]
Cost	519,520	175,144
Accumulated Depreciation	0	0
Net Book Value	$ 519,520	$ 175,144

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RECLAMATION DEPOSITS (Details) - USD ($)	Apr. 30, 2016	Jul. 31, 2015
Reclamation Deposits	$ 1,706,026	$ 1,706,025
Palangana Mine [Member]
Reclamation Deposits	1,102,981	1,102,981
Hobson Processing Facility [Member]
Reclamation Deposits	587,228	587,228
Arizona [Member]
Reclamation Deposits	15,000	15,000
Wyoming [Member]
Reclamation Deposits	$ 817	$ 816

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OTHER LONG-TERM ASSET AND LIABILITY (Details) - JDL Resources Inc [Member]	9 Months Ended
	Apr. 30, 2016 USD ($)
Consideration paid
1,333,560 UEC common shares at $0.92 per share	$ 1,226,875
Cash consideration	50,000
Cash payable upon exercise the Option	250,000
Transaction costs	63,090
Asset Acquisition, Consideration Paid	1,589,965
Assets acquired and liabilities assumed
Fair Value of Assets Acquired Liabilities Assumed	1,589,965
Land [Member]
Assets acquired and liabilities assumed
Fair Value of Assets Acquired Liabilities Assumed	344,376
Prepaid expenses [Member]
Assets acquired and liabilities assumed
Fair Value of Assets Acquired Liabilities Assumed	3,804
Other long-term asset [Member]
Assets acquired and liabilities assumed
Fair Value of Assets Acquired Liabilities Assumed	1,553,388
Due to CIC [Member]
Assets acquired and liabilities assumed
Fair Value of Assets Acquired Liabilities Assumed	(315,519)
Cash and Cash Equivalents [Member]
Assets acquired and liabilities assumed
Fair Value of Assets Acquired Liabilities Assumed	$ 3,916

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OTHER LONG-TERM ASSET AND LIABILITY (Details) (Parenthetical) - JDL Resources Inc [Member]	9 Months Ended
	Apr. 30, 2016 $ / shares shares
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares	1,333,560
Business Acquisition, Share Price | $ / shares	$ 0.92

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OTHER LONG-TERM ASSET AND LIABILITY (Details Textual) - USD ($)	9 Months Ended
	Apr. 30, 2016	Mar. 04, 2016	Jul. 31, 2015
Equity Method Investment, Ownership Percentage		100.00%
Royalty Agreement, Percentage of Net Smelter Return	1.50%
Payments to Acquire Royalty Interests in Mining Properties	$ 500,000
Percentage of Royalty Interest Acquired	0.50%
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	$ 1,303,388
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities	250,000
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	1,300,000
Other Assets, Noncurrent	1,553,388		$ 0
Other Liabilities, Noncurrent	$ 315,519		$ 0
JDL Resources Inc [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	1,333,560
Payments to Acquire Businesses, Gross	$ 50,000
Business Combination, Consideration Transferred, Liabilities Incurred	$ 250,000

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DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS (Details Textual) - USD ($)	3 Months Ended			9 Months Ended
	Apr. 30, 2016	Oct. 31, 2015	Apr. 30, 2015	Apr. 30, 2016	Apr. 30, 2015	Jul. 31, 2015
Related Party Transaction [Line Items]
General and Administrative Expense, Total	$ 2,005,465		$ 3,167,896	$ 7,086,669	$ 9,711,933
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total				1,370,843	891,273
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures, Total				$ 1,338,091	$ 1,380,279
Due to Related Parties, Current	897			$ 897		$ 14,660
Stock Issued During Period, Shares, New Issues				487,574
Stock Issued During Period, Value, New Issues		$ 900,000		$ 453,444
Due to Related Parties	$ 98,371			98,371
Restricted Stock [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, New Issues	117,998
Stock Issued During Period, Value, New Issues	$ 109,738
General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total					15,000
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures, Total					$ 18,150
Related Party Transaction, Gain Loss on Transactions with Related Party	11,367
Director and Officer [Member]
Related Party Transaction [Line Items]
General and Administrative Expense, Total	$ 30,134		$ 45,443	$ 128,727	$ 118,101

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LONG-TERM DEBT (Details)	9 Months Ended
	Apr. 30, 2016
Expected Life in Years	3 years 11 months 23 days
Expected Annual Volatility	71.10%
Expected Risk Free Interest Rate	1.00%
Expected Dividend Yield	0.00%

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LONG-TERM DEBT (Details 1) - USD ($)	Apr. 30, 2016	Jul. 31, 2015
Debt Instrument [Line Items]
Principal amount	$ 20,000,000	$ 20,000,000
Unamortized discount	(1,086,630)	(242,522)
Long-term debt, net of unamortized discount	$ 18,913,370	$ 19,757,478

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LONG-TERM DEBT (Details 2) - USD ($)	Apr. 30, 2016	Jul. 31, 2015
Fiscal 2016	$ 0
Fiscal 2017	0
Fiscal 2018	0
Fiscal 2019	10,000,000
Fiscal 2020	10,000,000
Total	$ 20,000,000	$ 20,000,000

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LONG-TERM DEBT (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2016	Apr. 30, 2015	Jul. 31, 2015
Debt Instrument [Line Items]
Amortization of Debt Discount (Premium)	$ 277,417	$ 336,362	$ 960,807	$ 994,668
Stock Issued During Period, Value, Other			1,700,000
Long-term Debt, Gross	$ 20,000,000		$ 20,000,000		$ 20,000,000
Debt Instrument, Frequency of Periodic Payment	monthly
Rate of Second Extension Anniversary Fee Payable In Second Year	4.50%
Rate of Second Extension Anniversary Fee Payable In Next Twelve Months	5.50%
Percentage of Discount on Volume Weighted Average Price	10.00%
Rate of Second Extension Anniversary Fee Payable In Third Year	4.50%
Stock Purchase Warrants Expiration Date	Jul. 30, 2018
Stock Purchase Warrants Extended Expiration Date	Jan. 30, 2020
Working Capital Ratio	1:1
Debt Instrument, Interest Rate, Effective Percentage	14.28%		14.28%
Debt Instrument, Maturity Date, Description	extension of the maturity date from July 31, 2017 to January 1, 2020
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	2,600,000		2,600,000
Warrant Description	one and a half years from July 30, 2018 to January 30, 2020, subject to accelerated exercise whereby, upon notification by the Company, the warrant holders will have 30 days to exercise their warrants should the ten trading-day volume-weighted average price of the Companys shares equal or exceed $2.70;
Debt Instrument, Interest Rate During Period	8.00%
Stock Issued, Value, Issued for Second Extension Fees	$ 800,000
Stock Issued, Shares, Issued for Second Extension Fees	959,613
Second Extension Fees, Percentage	4.00%		4.00%
Adjustments to Additional Paid in Capital, Warrant Issued	$ 104,915		$ 104,915
Maximum [Member]
Debt Instrument [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 2.50		$ 2.50
Minimum [Member]
Debt Instrument [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.35		$ 1.35
Secured Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 20,000,000		$ 20,000,000
Restricted Stock [Member]
Debt Instrument [Line Items]
Stock Issued During Period, Shares, Other			752,320
Stock Issued During Period, Value, Other			$ 900,000

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ASSET RETIREMENT OBLIGATIONS (Details)	9 Months Ended
	Apr. 30, 2016 USD ($)
Schedule of Change in Asset Retirement Obligations
Beginning Balance	$ 3,926,846
Revision in estimate of asset retirement obligations	(209,168)
Accretion	214,395
Ending Balance	$ 3,932,073

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ASSET RETIREMENT OBLIGATIONS (Details 1) - USD ($)	9 Months Ended	12 Months Ended
	Apr. 30, 2016	Jul. 31, 2015
Schedule Of Change In Asset Retirement Obligation [Line Items]
Undiscounted amount of estimated cash flows	$ 6,650,255	$ 6,600,868
Minimum [Member]
Schedule Of Change In Asset Retirement Obligation [Line Items]
Payable in years	2 years 1 month 6 days	2 years 6 months
Inflation rate	0.90%	2.02%
Discount rate	5.15%	6.56%
Maximum [Member]
Schedule Of Change In Asset Retirement Obligation [Line Items]
Payable in years	15 years	15 years
Inflation rate	2.25%	2.25%
Discount rate	8.00%	8.00%

XML

ASSET RETIREMENT OBLIGATIONS (Details 2)	9 Months Ended
	Apr. 30, 2016 USD ($)
Schedule Of Changes In Standardized Measures Of Discounted Future Net Cash Flows
Undiscounted Amount of Estimated Cash Flows	$ 6,650,255
Asset Retirement Obligation Next Twelve Months [Member]
Schedule Of Changes In Standardized Measures Of Discounted Future Net Cash Flows
Undiscounted Amount of Estimated Cash Flows	0
Asset Retirement Obligation Year Two [Member]
Schedule Of Changes In Standardized Measures Of Discounted Future Net Cash Flows
Undiscounted Amount of Estimated Cash Flows	139,052
Asset Retirement Obligation Year Three [Member]
Schedule Of Changes In Standardized Measures Of Discounted Future Net Cash Flows
Undiscounted Amount of Estimated Cash Flows	414,058
Asset Retirement Obligation Year Four [Member]
Schedule Of Changes In Standardized Measures Of Discounted Future Net Cash Flows
Undiscounted Amount of Estimated Cash Flows	667,984
Asset Retirement Obligation Year Five [Member]
Schedule Of Changes In Standardized Measures Of Discounted Future Net Cash Flows
Undiscounted Amount of Estimated Cash Flows	620,673
Asset Retirement Obligation Remainder Of Fiscal Year [Member]
Schedule Of Changes In Standardized Measures Of Discounted Future Net Cash Flows
Undiscounted Amount of Estimated Cash Flows	$ 4,808,488

XML

ASSET RETIREMENT OBLIGATIONS (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2016	Apr. 30, 2015
Asset Retirement Obligations [Line Items]
Asset Retirement Obligation, Period Increase (Decrease), Total			$ (209,168)
Re-valuation of Asset Retirement Obligations	$ 0	$ 0	184,381	$ 0
Palangana Mine [Member]
Asset Retirement Obligations [Line Items]
Asset Retirement Obligation, Period Increase (Decrease), Total			209,168
Increase (Decrease) in Asset Retirement Obligations			24,787
Re-valuation of Asset Retirement Obligations			$ 184,381

XML

CAPITAL STOCK (Details)	9 Months Ended
	Apr. 30, 2016
Expected Risk Free Interest Rate	1.11%
Expected Annual Volatility	74.34%
Expected Contractual Life in Years	3 years
Expected Annual Dividend Yield	0.00%

XML

CAPITAL STOCK (Details 1) - USD ($)	3 Months Ended	9 Months Ended
	Oct. 31, 2015	Apr. 30, 2016	Apr. 30, 2015
Gross Proceeds	$ 900,000	$ 453,444
Relative Fair Value Allocation to:
Shares		10,324,264	$ 435,590
2014 Shelf Offering [Member]
Total Fair Value Before Allocation to Net Proceeds		11,954,405
Gross Proceeds		10,510,000
Share Issuance Costs - Cash		(525,482)
Net Cash Proceeds Received		9,984,518
Relative Fair Value Allocation to:
Shares		8,365,038
Share Purchase Warrants		1,619,480
Proceeds from Issuance or Sale of Equity, Total		9,984,518
2014 Shelf Offering [Member] | Common Stock [Member]
Total Fair Value Before Allocation to Net Proceeds		10,015,410
2014 Shelf Offering [Member] | Warrant [Member]
Total Fair Value Before Allocation to Net Proceeds		$ 1,938,995

XML

CAPITAL STOCK (Details 2) - USD ($)	3 Months Ended			9 Months Ended
	Apr. 30, 2016	Jan. 31, 2016	Oct. 31, 2015	Apr. 30, 2016
Share Transactions [Line Items]
Balance Begining	100,229,880	98,894,704	97,834,087	97,834,087
Common Shares Issued				487,574
Issuance Value			$ 900,000	$ 453,444
Balance Ending	116,092,655	100,229,880	98,894,704	116,092,655
Second Extension Fee Shares for Credit Facility [Member]
Share Transactions [Line Items]
Common Shares Issued	959,613
Issuance Value	$ 800,000
Second Extension Fee Shares for Credit Facility [Member] | Minimum [Member]
Share Transactions [Line Items]
Value per Share	$ 0.83			$ 0.83
Second Extension Fee Shares for Credit Facility [Member] | Maximum [Member]
Share Transactions [Line Items]
Value per Share	$ 0.83			0.83
Settlement of Current Liabilities [Member]
Share Transactions [Line Items]
Common Shares Issued	487,574
Issuance Value	$ 453,444
Settlement of Current Liabilities [Member] | Minimum [Member]
Share Transactions [Line Items]
Value per Share	$ 0.93			0.93
Settlement of Current Liabilities [Member] | Maximum [Member]
Share Transactions [Line Items]
Value per Share	$ 0.93			0.93
Equity Financing [Member]
Share Transactions [Line Items]
Common Shares Issued	12,364,704
Issuance Value	$ 10,510,000
Equity Financing [Member] | Minimum [Member]
Share Transactions [Line Items]
Value per Share	$ 0.85			0.85
Equity Financing [Member] | Maximum [Member]
Share Transactions [Line Items]
Value per Share	$ 0.85			0.85
Asset Acquisition [Member]
Share Transactions [Line Items]
Common Shares Issued	1,333,560
Issuance Value	$ 1,226,875
Asset Acquisition [Member] | Minimum [Member]
Share Transactions [Line Items]
Value per Share	$ 0.92			0.92
Asset Acquisition [Member] | Maximum [Member]
Share Transactions [Line Items]
Value per Share	$ 0.92			0.92
Bonus Shares For Debt Facility [Member]
Share Transactions [Line Items]
Common Shares Issued			752,320
Bonus Shares For Debt Facility [Member] | Minimum [Member]
Share Transactions [Line Items]
Value per Share			$ 1.20
Bonus Shares For Debt Facility [Member] | Maximum [Member]
Share Transactions [Line Items]
Value per Share			$ 1.20
Consulting Services [Member]
Share Transactions [Line Items]
Common Shares Issued	514,440	581,421	274,982
Issuance Value	$ 424,316	$ 608,179	$ 305,594
Consulting Services [Member] | Minimum [Member]
Share Transactions [Line Items]
Value per Share	$ 0.73	$ 0.72	$ 1.03	0.73
Consulting Services [Member] | Maximum [Member]
Share Transactions [Line Items]
Value per Share	$ 0.93	$ 1.12	$ 1.38	0.93
Share Compensation [Member]
Share Transactions [Line Items]
Common Shares Issued	202,884	71,588	33,315
Issuance Value	$ 167,830	$ 76,236	$ 35,264
Share Compensation [Member] | Minimum [Member]
Share Transactions [Line Items]
Value per Share	$ 0.75	$ 1.06	$ 1.00	0.75
Share Compensation [Member] | Maximum [Member]
Share Transactions [Line Items]
Value per Share	$ 0.96	$ 1.08	$ 1.12	$ 0.96
Options Exercised [Member]
Share Transactions [Line Items]
Common Shares Issued		682,167
Issuance Value		$ 225,115
Options Exercised [Member] | Minimum [Member]
Share Transactions [Line Items]
Value per Share		$ 0.33
Options Exercised [Member] | Maximum [Member]
Share Transactions [Line Items]
Value per Share		$ 0.33

XML

CAPITAL STOCK (Details 3)	9 Months Ended
	Apr. 30, 2016 $ / shares shares
Class of Warrant or Right [Line Items]
Weighted Average Exercise Price | $ / shares	$ 1.61
Number of Warrants Outstanding | shares	13,953,872
Weighted Average Remaining Contractual Remaining Contractual Life (Years)	2 years 6 months 22 days
Warrants1 [Member]
Class of Warrant or Right [Line Items]
Weighted Average Exercise Price | $ / shares	$ 1.20
Number of Warrants Outstanding | shares	6,594,348
Expiry Date	Mar. 10, 2019
Weighted Average Remaining Contractual Remaining Contractual Life (Years)	2 years 10 months 10 days
Warrants2 [Member]
Class of Warrant or Right [Line Items]
Weighted Average Exercise Price | $ / shares	$ 1.35
Number of Warrants Outstanding | shares	2,600,000
Expiry Date	Jan. 30, 2020
Weighted Average Remaining Contractual Remaining Contractual Life (Years)	3 years 9 months
Warrants3 [Member]
Class of Warrant or Right [Line Items]
Weighted Average Exercise Price | $ / shares	$ 1.95
Number of Warrants Outstanding | shares	50,000
Expiry Date	Jun. 03, 2018
Weighted Average Remaining Contractual Remaining Contractual Life (Years)	2 years 1 month 2 days
Warrants4 [Member]
Class of Warrant or Right [Line Items]
Weighted Average Exercise Price | $ / shares	$ 2.12
Number of Warrants Outstanding | shares	2,850,000
Expiry Date	Jun. 25, 2018
Weighted Average Remaining Contractual Remaining Contractual Life (Years)	2 years 1 month 24 days
Warrants5 [Member]
Class of Warrant or Right [Line Items]
Weighted Average Exercise Price | $ / shares	$ 2.60
Number of Warrants Outstanding | shares	1,859,524
Expiry Date	Oct. 23, 2016
Weighted Average Remaining Contractual Remaining Contractual Life (Years)	5 months 23 days

XML

CAPITAL STOCK (Details 4) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2016	Oct. 31, 2015	Apr. 30, 2016
Schedule of Share Based Compensation Arrangement by Share based Payment Award Options Grants in Period Activity [Line Items]
Options Issued	300,000	1,105,000	1,405,000
Exercise Price	$ 0.98	$ 1.16
Fair Value			$ 777,921
Expected Life (Years)			3 years
Risk-Free Interest Rate			1.11%
Dividend Yield			0.00%
Expected Volatility			74.34%
August 7, 2015 [Member]
Schedule of Share Based Compensation Arrangement by Share based Payment Award Options Grants in Period Activity [Line Items]
Options Issued			105,000
Exercise Price			$ 1.32
Term (Years)			5 years
Fair Value			$ 68,824
Expected Life (Years)			2 years 10 months 24 days
Risk-Free Interest Rate			1.04%
Dividend Yield			0.00%
Expected Volatility			77.17%
October 14, 2015 [Member]
Schedule of Share Based Compensation Arrangement by Share based Payment Award Options Grants in Period Activity [Line Items]
Options Issued			1,000,000
Exercise Price			$ 1.14
Term (Years)			5 years
Fair Value			$ 563,195
Expected Life (Years)			2 years 10 months 24 days
Risk-Free Interest Rate			0.81%
Dividend Yield			0.00%
Expected Volatility			77.01%
January 12, 2016 [Member]
Schedule of Share Based Compensation Arrangement by Share based Payment Award Options Grants in Period Activity [Line Items]
Options Issued			300,000
Exercise Price			$ 0.98
Term (Years)			5 years
Fair Value			$ 145,902
Expected Life (Years)			2 years 10 months 24 days
Risk-Free Interest Rate			1.15%
Dividend Yield			0.00%
Expected Volatility			76.96%

XML

CAPITAL STOCK (Details 5) - $ / shares	3 Months Ended			9 Months Ended
	Apr. 30, 2016	Jan. 31, 2016	Oct. 31, 2015	Apr. 30, 2016
Share Based Compensation Stock Options Activity [Line Items]
Number of Stock Options, Begining Balance	11,117,858	11,681,975	10,581,975	10,581,975
Number of Stock Options, Issued		300,000	1,105,000	1,405,000
Number of Stock Options, Exercised		(682,167)
Number of Stock Options, Forfeited	(72,500)	(180,000)	(5,000)
Number of Stock Options, Expired		(1,950)
Number of Stock Options, Ending Balance	11,045,358	11,117,858	11,681,975	11,045,358
Weighted Average Exercise Price, Begining Balance	$ 1.42	$ 1.36	$ 1.38	$ 1.38
Weighted Average Exercise Price, Issued		0.98	1.16
Weighted Average Exercise Price, Exercised		0.33
Weighted Average Exercise Price, Forfeited	1.81	1.32	1.32
Weighted Average Exercise Price, Expired		5.90
Weighted Average Exercise Price, Ending Balance	$ 1.41	$ 1.42	$ 1.36	$ 1.41

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CAPITAL STOCK (Details 6)	9 Months Ended
	Apr. 30, 2016 $ / shares shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Ending balance as at April 30, 2016 | shares	11,045,358
Options Outstanding, Weighted Average Exercise Price, Ending balance as at April 30, 2016	$ 1.41
Options Outstanding, Weighted Average Remaining Contractual Term (Years)	3 years 4 months 10 days
Options Exercisable, Ending balance as at April 30, 2016 | shares	10,262,858
Options Exercisable, Weighted Average Exercise Price, Ending balance as at April 30, 2016	$ 1.44
Options Exercisable, Weighted Average Remaining Contractual Term (Years)	3 years 3 months 7 days
Exercise Price Range One [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Range, Lower Range Limit	$ 0.45
Exercise Price Range, Upper Range Limit	$ 0.96
Options Outstanding, Ending balance as at April 30, 2016 | shares	1,269,634
Options Outstanding, Weighted Average Exercise Price, Ending balance as at April 30, 2016	$ 0.47
Options Outstanding, Weighted Average Remaining Contractual Term (Years)	1 year 6 months 22 days
Options Exercisable, Ending balance as at April 30, 2016 | shares	1,269,634
Options Exercisable, Weighted Average Exercise Price, Ending balance as at April 30, 2016	$ 0.47
Options Exercisable, Weighted Average Remaining Contractual Term (Years)	1 year 6 months 22 days
Exercise Price Range Two [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Range, Lower Range Limit	$ 0.97
Exercise Price Range, Upper Range Limit	$ 2.45
Options Outstanding, Ending balance as at April 30, 2016 | shares	8,840,000
Options Outstanding, Weighted Average Exercise Price, Ending balance as at April 30, 2016	$ 1.35
Options Outstanding, Weighted Average Remaining Contractual Term (Years)	3 years 6 months 14 days
Options Exercisable, Ending balance as at April 30, 2016 | shares	8,057,500
Options Exercisable, Weighted Average Exercise Price, Ending balance as at April 30, 2016	$ 1.37
Options Exercisable, Weighted Average Remaining Contractual Term (Years)	3 years 5 months 8 days
Exercise Price Range Three [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Range, Lower Range Limit	$ 2.46
Exercise Price Range, Upper Range Limit	$ 5.70
Options Outstanding, Ending balance as at April 30, 2016 | shares	935,724
Options Outstanding, Weighted Average Exercise Price, Ending balance as at April 30, 2016	$ 3.29
Options Outstanding, Weighted Average Remaining Contractual Term (Years)	4 years 1 month 2 days
Options Exercisable, Ending balance as at April 30, 2016 | shares	935,724
Options Exercisable, Weighted Average Exercise Price, Ending balance as at April 30, 2016	$ 3.29
Options Exercisable, Weighted Average Remaining Contractual Term (Years)	4 years 1 month 2 days

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CAPITAL STOCK (Details 7) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2016	Apr. 30, 2015
Stock based Compensation Expense [Line Items]
Share-based Compensation, Total	$ 798,860	$ 1,317,878	$ 2,487,651	$ 4,628,544
Stock-Based Compensation for Management [Member]
Stock based Compensation Expense [Line Items]
Common stock issued	45,299	0	81,495	0
Stock options issued	195,464	263,306	640,789	1,424,585
Share-based Compensation, Total	240,763	263,306	722,284	1,424,585
Stock-Based Compensation for Consultants [Member]
Stock based Compensation Expense [Line Items]
Common stock issued	470,549	502,854	1,429,324	1,380,279
Stock options issued	(4,461)	346,995	66,317	721,430
Share-based Compensation, Total	466,088	849,849	1,495,641	2,101,709
Stock-Based Compensation for Employees [Member]
Stock based Compensation Expense [Line Items]
Common stock issued	76,299	0	106,602	0
Stock options issued	15,710	204,723	163,124	1,102,250
Share-based Compensation, Total	$ 92,009	$ 204,723	$ 269,726	$ 1,102,250

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CAPITAL STOCK (Details Textual) - USD ($)		1 Months Ended	9 Months Ended
	Mar. 10, 2016	Jun. 25, 2015	Apr. 30, 2016	Jul. 31, 2015
Capital Sock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value			$ 439,068
Stock Issued During Period, Shares, New Issues			487,574
Share Price	$ 0.81
Class of Warrant or Right, Number of Securities Called by Warrants or Rights			2,600,000
Common Stock, Value, Issued			$ 116,093	$ 97,841
2014 Shelf Offering
Capital Sock [Line Items]
Proceeds from Other Equity	$ 10,510,000
Proceeds from Issuance Initial Public Offering			100,000,000
Stock Issued During Period, Shares, New Issues	12,364,704
Share Price	$ 0.85
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.20
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	6,182,351
Common Stock, Value, Issued			35,100,000
Common Stock, Value, Subscriptions			64,900,000
Proceeds from Issuance or Sale of Equity, Total			$ 9,984,518
2014 Shelf Offering | June 25,2015 [Member]
Capital Sock [Line Items]
Proceeds from Issuance or Sale of Equity, Total		$ 10,000,000
Proceeds from Warrant Exercises		$ 6,700,000
2014 Shelf Offering | March 10, 2016 [Member]
Capital Sock [Line Items]
Proceeds from Issuance or Sale of Equity, Total	$ 10,500,000
Proceeds from Warrant Exercises	$ 7,900,000
2014 Shelf Offering | Agents [Member]
Capital Sock [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.20
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	411,997
2015 Stock Incentive Plan [Member]
Capital Sock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant			9,600,250
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized			10,569,301
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total			$ 226,003
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			9 months 4 days

XML

LOSS PER SHARE (Details) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2016	Apr. 30, 2015
Numerator
Net Loss for the Period	$ (3,679,055)	$ (5,347,729)	$ (13,552,594)	$ (17,949,496)
Denominator
Basic Weighted Average Number of Shares	109,710,985	92,034,908	102,588,834	91,683,568
Dilutive Stock Options and Warrants	0	0	0	0
Diluted Weighted Average Number of Shares	109,710,985	92,034,908	102,588,834	91,683,568
Net Loss per Share, Basic and Diluted	$ (0.03)	$ (0.06)	$ (0.13)	$ (0.20)

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SEGMENTED INFORMATION (Details) - USD ($)	Apr. 30, 2016	Jul. 31, 2015
Mineral Rights and Properties	$ 38,163,086	$ 38,437,967
Property, Plant and Equipment	7,020,860	6,948,647
Reclamation Deposits	1,706,026	1,706,025
Other Long-Term Assets	1,553,388	0
Total Long-Term Assets	48,443,360	47,092,639
United States Texas [Member]
Mineral Rights and Properties	13,369,394	13,555,492
Property, Plant and Equipment	6,648,175	6,926,682
Reclamation Deposits	1,690,209	1,690,209
Other Long-Term Assets	0
Total Long-Term Assets	21,707,778	22,172,383
United States Arizona [Member]
Mineral Rights and Properties	10,891,861	10,891,861
Property, Plant and Equipment	0	0
Reclamation Deposits	15,000	15,000
Other Long-Term Assets	0
Total Long-Term Assets	10,906,861	10,906,861
United States Other States [Member]
Mineral Rights and Properties	821,276	910,059
Property, Plant and Equipment	0	0
Reclamation Deposits	817	816
Other Long-Term Assets	0
Total Long-Term Assets	822,093	910,875
Canada [Member]
Mineral Rights and Properties	0	0
Property, Plant and Equipment	16,965	7,502
Reclamation Deposits	0	0
Other Long-Term Assets	0
Total Long-Term Assets	16,965	7,502
Paraguay [Member]
Mineral Rights and Properties	13,080,555	13,080,555
Property, Plant and Equipment	355,720	14,463
Reclamation Deposits	0	0
Other Long-Term Assets	1,553,388
Total Long-Term Assets	$ 14,989,663	$ 13,095,018

XML

SEGMENTED INFORMATION (Details 1) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2016	Apr. 30, 2015
Sales	$ 0	$ 0	$ 0	$ 0
Costs and Expenses:
Cost of sales	0	0	0	0
Mineral property expenditures	725,968	1,045,842	3,408,813	4,560,241
General and administrative	2,005,465	3,167,896	7,086,669	9,711,933
Depreciation, amortization and accretion	205,488	374,082	680,573	1,440,808
Impairment loss on mineral properties	0	0	86,535	0
Total Cost and Expenses	2,936,921	4,587,820	11,262,590	15,712,982
Loss from operations	(2,936,921)	(4,587,820)	(11,262,590)	(15,712,982)
Other income (expenses)	(750,514)	(763,744)	(2,312,914)	(2,263,979)
Loss before income taxes	(3,687,435)	(5,351,564)	(13,575,504)	(17,976,961)
United States Texas [Member]
Sales	0	0	0	0
Costs and Expenses:
Cost of sales	0	0	0	0
Mineral property expenditures	495,830	786,935	2,347,348	3,431,826
General and administrative	1,426,110	2,400,403	5,074,713	7,456,500
Depreciation, amortization and accretion	200,732	368,448	667,080	1,420,996
Impairment loss on mineral properties			0
Total Cost and Expenses	2,122,672	3,555,786	8,089,141	12,309,322
Loss from operations	(2,122,672)	(3,555,786)	(8,089,141)	(12,309,322)
Other income (expenses)	(745,888)	(759,273)	(2,299,582)	(2,249,325)
Loss before income taxes	(2,868,560)	(4,315,059)	(10,388,723)	(14,558,647)
United States Arizona [Member]
Sales	0	0	0	0
Costs and Expenses:
Cost of sales	0	0	0	0
Mineral property expenditures	3,982	50,119	213,885	207,586
General and administrative	66,534	51,889	141,526	148,766
Depreciation, amortization and accretion	0	0	0	0
Impairment loss on mineral properties			0
Total Cost and Expenses	70,516	102,008	355,411	356,352
Loss from operations	(70,516)	(102,008)	(355,411)	(356,352)
Other income (expenses)	(4,663)	(4,640)	(14,198)	(15,018)
Loss before income taxes	(75,179)	(106,648)	(369,609)	(371,370)
United States Other States [Member]
Sales	0	0	0	0
Costs and Expenses:
Cost of sales	0	0	0	0
Mineral property expenditures	881	35,199	133,031	191,718
General and administrative	989	4,368	2,652	18,393
Depreciation, amortization and accretion	750	501	2,250	1,968
Impairment loss on mineral properties			86,535
Total Cost and Expenses	2,620	40,068	224,468	212,079
Loss from operations	(2,620)	(40,068)	(224,468)	(212,079)
Other income (expenses)	0	0	0	0
Loss before income taxes	(2,620)	(40,068)	(224,468)	(212,079)
Canada [Member]
Sales	0	0	0	0
Costs and Expenses:
Cost of sales	0	0	0	0
Mineral property expenditures	0	0	0	0
General and administrative	514,853	707,481	1,865,839	2,069,664
Depreciation, amortization and accretion	2,385	2,741	6,017	9,238
Impairment loss on mineral properties			0
Total Cost and Expenses	517,238	710,222	1,871,856	2,078,902
Loss from operations	(517,238)	(710,222)	(1,871,856)	(2,078,902)
Other income (expenses)	31	0	849	(120)
Loss before income taxes	(517,207)	(710,222)	(1,871,007)	(2,079,022)
Paraguay [Member]
Sales	0	0	0	0
Costs and Expenses:
Cost of sales	0	0	0	0
Mineral property expenditures	225,275	173,589	714,549	729,111
General and administrative	(3,021)	3,755	1,939	18,610
Depreciation, amortization and accretion	1,621	2,392	5,226	8,606
Impairment loss on mineral properties			0
Total Cost and Expenses	223,875	179,736	721,714	756,327
Loss from operations	(223,875)	(179,736)	(721,714)	(756,327)
Other income (expenses)	6	169	17	484
Loss before income taxes	$ (223,869)	$ (179,567)	$ (721,697)	$ (755,843)

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SEGMENTED INFORMATION (Details Textual) - USD ($)	Apr. 30, 2016	Jul. 31, 2015
Assets, Noncurrent, Total	$ 48,443,360	$ 47,092,639
Percentage of Long Term Assets	69.00%
UNITED STATES
Assets, Noncurrent, Total	$ 33,436,732

XML

SUPPLEMENTAL CASH FLOW INFORMATION (Details Textual) - USD ($)	3 Months Ended	9 Months Ended
	Oct. 31, 2015	Apr. 30, 2016	Apr. 30, 2015
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total		1,370,843	891,273
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures, Total		$ 1,338,091	$ 1,380,279
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures, Total		279,330
Interest Expense, Debt		$ 1,217,778	$ 1,213,333
Stock Issued During Period, Shares, New Issues		487,574
Stock Issued During Period, Value, New Issues	$ 900,000	$ 453,444
Accounts Payable, Current		$ 406,476
JDL Resources Inc [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares		1,333,560
Payments to Acquire Businesses, Gross		$ 50,000
2015 Plan
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures, Total		307,787
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures, Total		$ 279,330

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COMMITMENTS AND CONTINGENCIES (Details)	Apr. 30, 2016 USD ($)
Fiscal 2016	$ 55,307
Fiscal 2017	217,867
Fiscal 2018	199,722
Fiscal 2019	88,979
Fiscal 2020	89,614
All subsequent years	59,743
Total	$ 711,232

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COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($)	1 Months Ended	9 Months Ended
	Nov. 30, 2015	Apr. 30, 2016
Loss Contingencies [Line Items]
Operating Leases, Rent Expense		$ 18,484
Management Fee Payable		750,000
Cash Payment To Plaintiffs		$ 149,194
Payments for Legal Settlements	$ 500,000
Parent Company [Member]
Loss Contingencies [Line Items]
Payments for Legal Settlements	$ 50,000