UEX Corporation has filed an updated technical report for the Company's 100% owned West Bear Project that includes an updated mineral resource estimate for the property. The independent technical report and mineral resource estimate was completed by Qualified Persons Mr. James Hatley P.Eng. of Hatley Engineering and Applied Technologies Inc. ("Hatley Engineering") and Mr. Fred Brown, P.Geo.

Mr. Hatley and Mr. Brown are both considered to be Qualified Persons as defined by National Instrument 43-101. Both Mr. Hatley and Mr. Brown are considered independent of the company. The West Bear mineral resource was determined using a cut-off grade of 0.14% CoEq.

A total of 295,000 tonnes containing 3.763 million pounds cobalt at an average grade of 0.58% Co, and 3.164 million pounds nickel at an average grade 0.49% Ni are estimated in the indicated category. The current mineral resource estimate includes the results from 430 sonic and diamond drill holes totaling 27,571.1 m which were drilled during the period 2003, 2005, 2007, 2018, and 2019. The mineral resources reported herein were estimated using a rotated block model informed from sonic and core drill hole data constrained within cobalt mineralization.

An isosurface for the mineralization was developed from the drill hole assays by generating an indicator radical basis function interpolant based on a cobalt-equivalent grade of 0.10%, and block grades for Co and Ni were estimated using inverse distance squared linear weighting of capped composites. Based on the observed continuity of drilling and tight drill hole spacing, the Qualified Person considers all block estimates within the mineralized wireframe to satisfy the classification criteria for Indicated Mineral Resources. All samples and specific gravity determinations used to calculate the resource estimate were assayed at the Saskatchewan Research Counsel's Geoanalytical Laboratories and umpire sampled assayed at TSL Laboratories of Saskatoon, SK.

Analytical quality control data was reviewed and validated internally and is considered sufficiently reliable to support a resource evaluation of the Deposit. AbouttheWestBearCobaltNickelProject The West Bear Property is an advanced exploration project located in the eastern Athabasca Basin of northern Saskatchewan, Canada that contains both the West Bear Cobalt-Nickel Deposit and the West Bear Uranium Deposit. The Property is approximately 740 kilometres north of Saskatoon, west of Wollaston Lake and measures approximately 11,104 hectares comprising of 27 contiguous areas to which UEX has 100% ownership, with the exception of Mineral Lease 5424 in which UEX owns a 77.575% interest.

The Deposit is located within an area of the Athabasca Basin that has excellent infrastructure and is situated within 10 kilometres of an existing all-weather road and power lines that service Cameco Corporation's nearby Cigar Lake Mine and Rabbit Lake Operation, as well as Orano's McClean Lake Operation.