The Company owns a 1.9766% NSR royalty on the Roughrider Project located in Saskatchewan, Canada (the "Roughrider Royalty"), payable pursuant to the interest that UEC or any of its subsidiaries, assignees or successors holds from time to time in the underlying property. For the Roughrider project, the royalty covers substantially all of the single Mineral Lease 5547 that overlies the Roughrider deposit.

The Roughrider Royalty also applies to the Russell Lake, Wheeler North, and Getty East projects, which are considered to be Early Exploration stage projects, located in the south-eastern rim of the Athabasca Basin. These projects are available for review in their own summary section. With the acquisition of the project from Rio Tinto, UEC is now the counterparty for the Roughrider royalty, but Skyharbour Resources and their joint venture partner Denison Mines are counterparties for the Russell Lake area projects.

On November 5, 2024, UEC released an updated technical report for the Roughrider project titled "S-K 1300 Initial Assessment Report - Roughrider Uranium Project, Saskatchewan, Canada" (the "Roughrider Initial Assessment Report").

The Roughrider Initial assessment report included an updated mineral resource for the Roughrider project, outlining 27.86 million lbs. U₃O₈ in 699,000 tonnes grading 1.81% U₃O₈ in the Indicated category and 33.38 million lbs. U₃O₈ in 620,000 tonnes grading 2.45% U₃O₈ in the Inferred category.

The Roughrider Initial Assessment Report states that total estimated initial capital cost for the design, construction, installation and commissioning of the project is US$545.5 million for a 400 t/d operation. This includes all direct costs, indirect costs, owner’s costs and contingency. The project contingency is estimated to be 18.3% of the total capital cost. The Life of Mine (“LOM”) sustaining capital cost is estimated at US$115.2 million.

The operating cost estimate for the project consists of mining, processing, General and Administrative (“G&A”) and site services costs. The average LOM operating cost is estimated at US$493.5/t processed, or US$9.72/lb yellowcake recovered in the concentrate. Operating costs include contingency which does not exceed 25%.

The Roughrider Initial Assessment Report states a base case post-tax cash flow for mineral resources including inferred resource is evaluated to be a Net Present Value of US$946 million and an Internal Rate of Return of 40% and payback period of 1.4 years when discounted at 8% per year at the modelled US$85/lb. uranium price. All-in sustaining cost is estimated to be US$20.48/lb of U₃O₈ recovered. The base case post-tax cash flow for mineral resources excluding inferred resource is evaluated to be a NPV of US$162 million and an IRR of 19.8% and payback period of 2.0 years when discounted at 8% per year. The AISC is estimated to be US$24.81/lb of U₃O₈ recovered.

On May 2, 2023, UEC announced completion of a Regulation S-K 1300 Technical Report Summary for the Roughrider project titled "The Roughrider Uranium Project, Saskatchewan, Canada" with an issued date of April 25, 2023, outlining 27.8 million lbs. U₃O₈ in 389,000 tonnes grading 3.25% U₃O₈ in the Indicated category and 36.0 million lbs. U₃O₈ in 359,000 tonnes grading 4.55% U₃O₈ in the Inferred category.

Historically the Roughrider project area has been explored by many different companies, often being incorporated in other neighboring project areas.  Between 1969 and 1974, following the discovery of the Rabbit Lake uranium deposit in 1968 by Gulf Minerals Ltd., Numac Oil and Gas held the large Permit Number Eight over the Midwest Lake (McMahon Lake) and Dawn Lake areas.

In 1976, Asamera Oil Corp. initiated the Dawn Lake project, located approximately 6 km southeast of the current Project. Asamera discovered the Dawn Lake 11, 11A, 11B, and 14 zones in 1978. In 1983, the Saskatchewan Mining and Development Corporation, predecessor to Cameco became the operator of the Dawn Lake Joint Venture. The Dawn Lake Joint Venture held the Esso North claim, which covered substantially all of the current Roughrider Project lease. During this same period, Asamera drilled 21 holes on the Esso North claim. Exploration on the Esso North claim was then dormant until 1995, when Cameco briefly reinitiated exploration before eventually allowing the claims to lapse in 2003.

Under an agreement dated September 10, 2004, between Roughrider Uranium Corp. (“Roughrider”) and Bullion Fund Inc. (“Bullion Fund”), Roughrider earned a 90% interest in claim S-107243, which covered substantially all the current Roughrider Project area. Bullion Fund retained a 10% carried interest. On August 10, 2006, Roughrider became a wholly owned subsidiary of Hathor Exploration Ltd. ("Hathor").

On April 12, 2007, Terra Ventures Inc. (“Terra”) announced that it had closed a deal with Bullion Fund to acquire an 8% carried working interest in seven claims comprising 56,360 acres in two separate projects located in the Athabasca Basin, Saskatchewan, of which 90% of the remaining 92% working interest was held by Hathor. One of the claims was S-107243. On March 24, 2008, Terra announced that it had closed its agreement with Bullion Fund to purchase Bullion Fund’s remaining 2% of Hathor’s carried working interest in the Project. This purchase increased Terra’s holding to a 10% carried working interest through to the completion of a feasibility study and the public announcement that the claims will be put into commercial production.

The Roughrider West zone was discovered by Hathor during the winter drilling program of February 2008. The Roughrider East zone was discovered during the summer drilling program in September 2009. A third zone, Roughrider Far East, was discovered during the winter drilling program in February 2011.

On April 18, 2011, Hathor and Terra announced that they had executed a binding letter agreement pursuant to which Hathor would acquire, in an all-share transaction, all the issued and outstanding shares of Terra. On August 5, 2011, Hathor and Terra announced the completion of the Arrangement and Terra became a wholly owned subsidiary of Hathor.

Hathor continued to develop the Roughrider Project, filing a historic technical report titled "Preliminary Economic Assessment Technical Report for the East and West Zones, Roughrider Uranium Project, Saskatchewan", with an effective date of September 13, 2011, prepared for Hathor (the "Historic Roughrider Technical Report"). The Historic Roughrider Technical Report included the Roughrider East Zone and Roughrider West Zone, in October of 2011. The Historic Roughrider Technical Report also included a preliminary economic assessment for the project (which Hathor announced the completion of in September 2011) which is not being treated as current by the Company.

In December 1, 2011, Rio Tinto announced that it was successful in acquiring Hathor, through a wholly owned Canadian subsidiary, Rio Tinto Canada Uranium Corp. (“RTCU”). On January 11, 2012, RTCU acquired all remaining Hathor common shares making RTCU 100% owners of the Project.

After acquiring the Roughrider Project, Rio Tinto continued to advance it. In July of 2013, Rio Tinto submitted an Advanced Exploration Program proposal for consideration to the Saskatchewan Ministry of Environment. The program was intended to initiate EIS review of the project, with the project intended to provide direct data related to the ore and mine development design. The proposal involved establishment of an upgraded access road, development of an exploration shaft, exploration drifts, operation of a water treatment facility, additional surface support structures, and temporary surface storage of both development rock and low-grade waste. The application was partially through the EIS review process, but no official determination was completed. (Saskatchewan Environment Publication 2013-014, “Rio Tinto – Roughrider Advanced Exploration Program”). In August of 2017, Rio Tinto announced that it had fully impaired the Roughrider asset.

On October 17, 2022, UEC acquired the Roughrider Project from a subsidiary of Rio Tinto for total consideration of US$150 million comprised of US$80 million in cash and US$70 million in UEC shares.