Uranium Participation : Investor Update - April 2021

Uranium Investment

Pure Commodity Play

April 2021

SPROTT TRANSACTION / TRUST CONVERSION:

See UPC news release dated April 28, 2021 for information about the proposed arrangement between Uranium Participation Corp. ("UPC"), Sprott Asset Management LP ("SAM") and related parties, pursuant to which UPC shareholders will be offered an exchange of their UPC shares for units of Sprott Physical Uranium Trust, which trust will acquire UPC and all of its assets and be managed by SAM."

Cautionary Statements

This presentation contains certain forward-looking statements and forward-looking information based on the current internal expectations, estimates, projections, assumptions and beliefs of Uranium Participation Corporation ("Uranium Participation Corp." or the "Corporation"). Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "plan", "should", "believe" or "continue" or the negative thereof or variations thereon or similar terminology. By their very nature, forward-looking statements involve numerous factors, assumptions and estimates. A variety of factors, many of which are beyond the control of Uranium Participation Corp., may cause actual results to differ materially from the expectations expressed in the forward- looking statement. These factors include, but are not limited to, volatility and sensitivity to market prices for uranium, demands for nuclear power and the impact of change in foreign currency exchange.

Additional information about the material factors or assumptions on which forward-looking information is based and the material risk factors that may affect actual results is contained in the Corporation's Annual Information Form, available on SEDAR, included under "Risk Factors".

These and other factors should be considered carefully, and readers are cautioned not to place undue reliance on these forward-looking statements. Although management reviews the reasonableness of its assumptions and estimates, unusual and unanticipated events may occur which render them inaccurate. Under such circumstances, future performance may differ materially from those expressed or implied by the forward-looking statements. Except where required under applicable securities legislation, Uranium Participation Corp. does not undertake to update any forward-looking information or statement.

This presentation contains information and statistics relating to the global uranium and nuclear power industries. With respect to information and statistics derived from third-party publications and reports, while the Corporation believes these third‐party sources are reliable as of their respective dates, the information and statistics has not been independently verified by the Corporation or any of their affiliates or advisers. Such information and statistics may be inaccurate and we cannot assure you the degree of accuracy with which such information and statistics are stated or compiled. None of the Corporation, nor any of its affiliates or advisers, makes any representation as to the accuracy or completeness of such information and statistics. Readers should not place undue reliance on any of such information and statistics contained in this presentation.

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Investment Objective & Strategy

The Business of Uranium Participation Corp.

Objective:

• To provide investors with "pure" leverage to the uranium price without taking on mining or resource risk
• To let investors speculate on future changes in the uranium price by way of trading the shares of UPC

Strategy:

• Invest in holdings of physical uranium without actively speculating or trading on changes in uranium prices
• No royalties, streams, or mining investments
• Focus on maximizing indirect leverage to the price of the underlying uranium holdings by effectively managing Net Asset Value ("NAV") per share - and the attributable equivalent pounds of U3O8 per share.

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Corporate Governance

Independent Board of Directors Responsible for Corporate Affairs

• Publicly traded corporation (TSX Listed)
• All Board members are independent
• UPC Board is responsible for direction of the business, affairs and operation of the Corporation, and oversight of Manager
• Denison Mines Inc. provides administrative management services to UPC under a
  Management Services Agreement ("MSA")
• All purchases and sales of uranium are completed by the Manager in accordance with industry practices, as approved by the UPC Board, for and on the behalf of UPC
• Responsibilities of the Manager include arranging storage and insurance for UPC, preparing regulatory filings (including financial statements and MD&A), and investor relations

Board of Directors

	CEO, CFO
Manager	IR & Commercial
Corp. Secretary
	Finance & Internal Audit

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Corporate Governance

Clear Investment Policies & Objectives Included in Corporate By-Laws

Objectives - Section 2.09:

"…the Corporation shall, as its primary objective, invest and hold uranium. In connection therewith, the Corporation shall use at least 85% of the Aggregate Gross

Proceeds for Uranium Purchases."

Investment Policies - Section 2.07:

"…the Uranium Purchases of the Corporation must be equal to or greater than 85% of the Aggregate Gross Proceeds."

Percentage of Gross Proceeds

Invested in Uranium(1)

96.2%

12 equity financings

5

CAD$760.3 million

in Aggregate Gross Proceeds (as defined),

since incorporation

(1) As of February 28, 2021

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