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MEMORANDUM OF URANIUM MINING LEASE
<br /> STATE OF COLORADO §
<br /> § KNOW ALL MEN BY THESE PRESENTS:
<br /> COUNTY OF SAN MIGUEL §
<br /> THAT URenergy, LLC, whose mailing address is 1388 Meyerwood Lane,
<br /> Highlands Ranch, Colorado, 80129, (hereinafter referred to as "Lessor"), have executed
<br /> and delivered to Uranium Energy Corp. whose address is 500 N. Shoreline Blvd., Suite
<br /> 800N, Corpus Christi, Texas, 78401, a Nevada Corporation, (hereinafter referred to as
<br /> "Lessee"), a Uranium Mining Lease covering the lands described in attached Exhibit"A"
<br /> situated in San Miguel and Montrose County, Colorado.
<br /> Under the terms of the Lease, Lessor has granted to Lessee, certain rights, to the
<br /> extent that the Lessor has said rights in the lands covered in attached Exhibit"A", for the
<br /> purposes of investigating, exploring, prospecting, drilling, mining (including, but not
<br /> limited to open pit, and underground, mining), producing, extracting, milling, treating,
<br /> processing, upgrading, removing, transporting, stockpiling and storing uranium, thorium,
<br /> vanadium and other fissionable or spatially associated substances similar to and
<br /> produced in conjunction with those mentioned above (hereinafter referred to individually
<br /> or collectively as "Leased Substances") by methods deemed desirable by Lessee; but
<br /> excluding sand, gravel and caliche unless produced in connection with those mentioned.
<br /> Lessor further grants, leases and lets unto Lessee the Leased Land for the purposes of
<br /> conducting all types of recovery operations for the Leased Substances; establishing and
<br /> using facilities for the disposition of salt water, solution, tailings and other waste
<br /> materials produced in the extraction of the Leased Substances, laying pipeline, building
<br /> roads, bridges, tanks, power and telephone lines, electric and distribution lines, mills,
<br /> processing plants, mine shafts, pits, haulage ways, and other utilities together with the
<br /> maintenance and removal thereof deemed reasonably necessary by Lessee to conduct
<br /> mining, recovery and restoration operations granted under this lease.
<br /> WHEREAS, it is the desire of the parties that public notice of said Lease be given
<br /> by the execution and recordation of this Memorandum of Uranium Mining Lease;
<br /> NOW, THEREFORE, in consideration of the sum of Ten and No/100 Dollars and
<br /> other good and valuable consideration in hand paid by Lessee,the receipt and sufficiency
<br /> of which is hereby acknowledged, Lessor has GRANTED, exclusively unto Lessee,
<br /> subject to the terms and provisions of said Uranium Mining Lease(the original of which
<br /> is in the possession of Lessor) for such period of time as Lessee continues to pay the
<br /> renewal fees to keep mining claims described in attached Exhibit"A" in good standing
<br /> and so long thereafter as uranium or any of the other Leased Substances are produced
<br /> from the said Leased Land, and/or as long thereafter as the Lease may be maintained in
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