Corporate Presentation

1 CORPORATE PRESENTATION

TSX: UEX www.uex-corporation.com

FORWARD-LOOKING INFORMATION AND STATEMENTS: Certain statements and other information contained in this presentation may constitute “forward-looking information” within the meaning of applicable Canadian securities legislation or constitute “forward-looking statements” within the meaning of applicable United States securities legislation. Such information and statements are based on UEX's current expectations, estimates, forecasts and projections. These forward-looking statements include statements regarding UEX‘s outlook for our future operations, plans and timing for exploration activities, and other expectations, intentions and plans that are not historical fact. The words “estimates”, “projects”, “expects”, “intends”, “believes”, “plans”, or their negatives or other comparable words and phrases are intended to identify forward-looking statements. Such forward-looking statements are based on certain factors and assumptions and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from UEX's expectations include uncertainties relating to interpretation of drill results and geology, additional drilling results, continuity and grade of deposits, participation in joint ventures, reliance on other companies as operators, public acceptance of uranium as an energy source, fluctuations in uranium prices and currency exchange rates, changes in environmental and other laws affecting uranium exploration and mining, and other risks and uncertainties disclosed in UEX's Annual Information Form and other filings with the applicable securities commissions in Canada. Many of these factors are beyond the control of UEX. Consequently, all forward-looking statements made herein are qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by UEX will be realized. For the reasons set forth above, investors should not place undue reliance on such forward-looking statements. Except as required by applicable law, UEX disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise. NOTICE TO U.S. PERSONS: The information in this presentation has been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of United States securities laws. Information, including scientific or technical information, has been prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“N.I. 43-101”). N.I. 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including N.I. 43-101, differ significantly from the requirements of the SEC. For example, the terms “indicated mineral resources” and “inferred mineral resources” are used in this publication to comply with the reporting standards in Canada. While those terms are recognized and required by Canadian regulations, the SEC does not recognize them. Under United States standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Readers should understand that “indicated mineral resources” and “inferred mineral resources” have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. Readers are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into mineral reserves. In accordance with Canadian rules, estimates of “inferred mineral resources” cannot form the basis of feasibility or other economic studies. In addition, the definitions of proven and probable mineral reserves used in N.I. 43-101 differ from the definitions in the SEC Industry Guide 7. Disclosure of “contained pounds” is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute reserves as in place tonnage and grade without reference to unit measures. Accordingly, information contained in this publication describing the Company's mineral properties may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. QUALIFIED PERSON: Technical information in this presentation has been reviewed and approved by R. Sierd Eriks, P.Geo., UEX’s Vice-President of Exploration and Roger Lemaitre, P.Eng., P.Geo., UEX’s President and CEO, who are Qualified Persons as defined by N.I. 43-101.

Forward-Looking Statements

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Roger Lemaitre, P.Eng., P.Geo., MBA, M.Sc. (Applied), B.Sc. (Applied) – President & CEO Mr. Roger Lemaitre is a Professional Engineer and Geologist with more than 20 years of professional experience, with both senior and junior mining companies. Before joining UEX, Mr. Lemaitre held the position of CEO and Executive Director of URU Metals Limited, an AIM-listed junior uranium and base metal exploration company, where he re-organized the company's asset mix by identifying and successfully acquiring significant new exploration projects. Prior to joining URU, Mr. Lemaitre held a variety of senior management positions with Cameco Corporation, one of the world's largest uranium producers, and was Cameco's Director of Worldwide Exploration Projects.

Ed Boney, CA – Chief Financial Officer & Corporate Secretary Mr. Boney held the position of Corporate Controller at a Canadian junior gold mining company with producing mines in Canada and Peru prior to joining UEX. He has also held the position of manager with Deloitte where he supervised the audits of public companies in the mining and natural resource sector and was involved in the asset valuations of several companies in the Canadian oil and gas sector.

R. Sierd Eriks, P.Geo. – Vice-President, Exploration Mr. Eriks, B.A. (Geology), has worked in mineral exploration for over thirty years. From 1979 to 1998, he gained geological and managerial experience with SMDC (now Cameco Corporation), Falconbridge Limited, Noranda Exploration Co. Ltd. and Cogema Resources Inc. (now AREVA Resources Canada Inc.) in base metals, gold, PGE and uranium exploration.

Nan H. Lee, M.Sc., P.Eng. – Vice-President, Project Development Ms. Lee has worked as a Mining and Project Engineer on several projects in Canada and has also worked with Kilborn Engineering where she assisted with project feasibility studies. As an independent consultant she has coordinated, or assisted with the preparation of Environmental Impact Statements for several uranium mine developments in Canada. Previously, Ms. Lee managed the preliminary feasibility studies for tailings management facilities for two uranium operations in northern Saskatchewan.

Walter Segsworth, P.Eng. – Management Advisory Board Mr. Segsworth previously served on the Board of Directors of UEX from 2002 to 2008. He has managed three large Canadian mines. In 1990 he was appointed President and Director of Westmin Resources Ltd. Upon the takeover of Westmin by Boliden in 1998, Mr. Segsworth joined Homestake Mining Company of California where he was subsequently appointed President, Director and Chief Operating Officer and served until its merger with Barrick in early 2002. He is currently Lead Director of Alterra Power Corporation.

David Rhys, M.Sc., P.Geo. – Management Advisory Board Mr. Rhys is a consulting structural geologist specializing in structural controls on mineral deposits and their application to exploration, mining and mine site grade control. He has had a long association with UEX, and has provided technical consulting and guidance to the Company since its inception. He has also been involved in exploration advisory roles to several other junior mining companies.

UEX Management Team

UEX Advisory Board

Left to right: Ed Boney, Nan Lee, Roger Lemaitre and Sierd Eriks

Walter Segsworth David Rhys

Management

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Mark P. Eaton, B.A. Mr. Eaton is an experienced investment professional with over 20 years of experience in equity capital markets specializing in the resource sector. He has held the position of Managing Director of Global Mining Sales, a division of CIBC World Markets of Toronto, Canada and Manager of U.S. Equity Sales for CIBC World Markets. He was a Partner and Director of Loewen Ondaatje McCutcheon Ltd., a Toronto-based investment dealer, until March 2008. He is currently President and CEO of Belo Sun Mining Corp.

Suraj P. Ahuja, M.Sc., P.Geo. Mr. Ahuja's career as a geologist in the design and management of mineral exploration programs spans over 40 years. From 1978 to 1988 he was employed by SMDC (now Cameco) as a Project Geologist and a Senior Geologist. From 1988 to 2000 he was employed by PNC Exploration (Canada) Co. Ltd., a Japanese-owned uranium exploration company, as VP Exploration. Mr. Ahuja consults for several major and junior uranium exploration companies through his own mineral exploration consulting company.

Emmet McGrath, CA Mr. McGrath, a member of the Canadian Institute of Chartered Accountants, was an audit partner with KPMG from 1981 to 2002. He has a thorough understanding of the regulatory and statutory reporting requirements of publicly listed companies and is well versed in corporate governance matters. He has extensive experience in mergers and acquisitions, and currently sits on the Board of Directors of several publicly listed companies in the mining industry. He is a Director and former Chairman of the Board of Westminster Credit Union, the fourth largest credit union in British Columbia.

Roger Lemaitre, P.Eng., P.Geo., MBA, M.Sc. (Applied), B.Sc. (Applied) – President & Chief Executive Officer

Colin C. Macdonald, M.Sc. Chairman of the Board Mr. Macdonald held the position of Vice-President, Exploration, for Cameco Corporation until his retirement on June 30, 2011. He had worked for Cameco Corporation and its predecessor companies since 1981 and was responsible for Cameco's worldwide uranium exploration activities.

Graham C. Thody, CA Mr. Thody was a Partner of NTA, Chartered Accountants from 1979 until his retirement from public practice in 2007. He was a Director of Pioneer Metals Corporation at the time of the adoption of the Plan of Arrangement which created UEX Corporation and has been a Director of UEX since its inception. He served as Chairman of the Board of UEX until June 2010, and as its President and CEO from November 2009 to January 2014. Mr. Thody continues in a consulting role with UEX for two years and will continue as a member of the UEX Board.

UEX Board of Directors

Left to right: Emmet McGrath, Graham Thody, Colin Macdonald, Suraj Ahuja, Roger Lemaitre and Mark Eaton

Board of Directors

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Corporate Overview

UEX Corporation is an industry leader in the discovery and advancement of new uranium resources in Canada’s Athabasca Basin.

UEX is amongst a small group of companies with existing N.I. 43-101 resources at the Indicated stage.

UEX’s enduring success in uranium exploration is enhanced by: Early acquisition of highly prospective

land positions in the prolific Athabasca Basin

Strong relationships with Cameco Corporation and AREVA, the world’s largest uranium companies

Progress continues on our advanced resource development projects at Shea Creek and Hidden Bay.

The Athabasca Basin is located in northern Saskatchewan, Canada and yields approximately 15% of the world’s mined uranium annually.

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Shares Issued and outstanding 227,838,679

Fully diluted 244,884,679

Options 17,046,000 Weighted Average Exercise Price for Options $ 0.93 Warrants Nil

Share Price (September 5, 2014) $ 0.415

Market Capitalization $ 94,553,052

Daily Trading Volume (3 month average) 361,379

Significant shareholders Cameco Corporation 21.95%

Global X Uranium ETF 6.70%

BlackRock Fund Managers Limited 3.84%

Current/Retired Management & Directors 1.53%

Cash position as at September 8, 2014 (estimated) $ 6.7 million

Corporate Summary

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UEX Major Assets

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Total Resources N.I. 43-101 Mineral Resource Estimates

69.84 16.56

0

5

10

15

20

25

30

35

40

Shea Creek (UEX's 49.1% share) Hidden Bay

33.22

36.62

13.84

2.72 M

illio

ns

of

po

un

ds

of

U3O

8

Millions of Pounds of U3O8 by Category and by Project

Indicated Mineral Resource (UEX’s share)

Inferred Mineral Resource (UEX’s share)

Deposit

SHEA CREEK - Indicated Category at 0.30% U3O8 Cut-off

SHEA CREEK - Inferred Category at 0.30% U3O8 Cut-off

Tonnes

Grade U3O8 (%)

U3O8 (lbs) Tonnes

Grade U3O8 (%)

U3O8 (lbs)

Kianna* 1,034,500 1.526 34,805,000 560,700 1.364 16,867,000

Anne* 564,000 1.992 24,760,000 134,900 0.880 2,617,000

Colette* 327,800 0.786 5,680,000 493,200 0.716 7,780,000

58B* 141,600 0.774 2,417,000 83,400 0.505 928,000

Total* 2,067,900 1.484 67,663,000 1,272,200 1.005 28,192,000

Deposit

HIDDEN BAY - Indicated Category at 0.05% U3O8 Cut-off

HIDDEN BAY - Inferred Category at 0.05% U3O8 Cut-off

Tonnes

Grade U3O8 (%)

U3O8 (lbs) Tonnes

Grade U3O8 (%)

U3O8 (lbs)

Horseshoe 5,119,700 0.203 22,895,000 287,000 0.166 1,049,000

Raven 5,173,900 0.107 12,149,000 822,200 0.092 1,666,000

West Bear 78,900 0.908 1,579,000 - - -

Total 10,372,500 0.160 36,623,000 1,109,200 0.111 2,715,000

* Joint venture with 49.1% UEX / 50.9% AREVA ownership

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Project Expenditures

$44.1M

$59.9M

$37.8M

$7.4M

$6.8M

0

10

20

30

40

50

60

70

Shea Creek Hidden Bay Other

Cumulative Expenditures (C$ millions)

Exploration Development

0

1

2

3

4

Shea Creek Hidden Bay

Other

$3.07M

$1.25M $

0.0

9M

-

$1.09M

-

$3.75M

$0

.11

M

$0

.04

M

-

$0.61M

-

UEX Expenditures 2012-2013 (C$ millions)

Exploration 2012 Development 2012Exploration 2013 Development 2013

To December 31, 2013

2012 2013

2012 2013 2012 2013

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To December 31, 2013

19.9

6.5

21.1 24.0

11.5

2.9

12.6

- 0

5

10

15

20

25

Shea Creek* Hidden Bay

Annual Drilling 2010-2013 (thousands of metres)

2010 2011 2012 2013

99.3

205.0

153.9

282.9

0

100

200

300

400

500

Shea Creek* Hidden Bay

Historical Drilling (thousands of metres)

Pre-UEX UEX

* Utilizing directional drilling, whereby several wedge cuts are made from a single pilot hole, has significantly reduced the total number of drilling metres required to attain the desired number of unconformity impacts.

2010 2011 2012 2013 2010 2011 2012 2013

Exploration Drilling

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Experienced world-class joint venture partner AREVA is a global uranium miner with Athabasca experience.

UEX has the ability to direct future exploration activities through additional funding.

Second largest undeveloped uranium resource in the Athabasca Basin.

Impressive potential for resource expansion:

‒ Current resources are open in almost every direction.

‒ Only 3 km of the 33 km prospective Saskatoon Lake Conductor has been adequately explored.

‒ Several conductors on the property remain untested.

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49.1% 50.9%


Located in northwest Saskatchewan, the Shea Creek property hosts the second largest undeveloped uranium resource in the Athabasca Basin.

AREVA’s former Cluff Lake uranium

mine is located approximately 15 km to the north of the Shea Creek deposits and produced over 62 million lbs(1) of U3O8 during its successful 22 years of operation.

Access is provided year-round by Provincial Highway 955, allowing for easy transport of crews, equipment and supplies to the project site.

(1) Source: Saskatchewan Mining Association

SHEA CREEK PROJECT

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Shea Creek Exploration Camp


The Shea Creek Project is a joint venture 49.1% owned by UEX Corporation and 50.9% owned by AREVA Resources Canada Inc., the project operator.

The Shea Creek Project contains the second largest undeveloped uranium resource in the Athabasca Basin.

UEX Cumulative Expenditures

As at December 31, 2013

Exploration C$44.1 million

Development C$ 7.4 million

2013 Joint Venture Expenditures

Exploration C$ 3.1 million

2013 Additional Exploration Expenditures

Exploration C$ 2.0 million

2014 Joint Venture Budget

To be determined

Shea Creek - Overview

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The N.I. 43-101 mineral resource estimate for Shea Creek incorporates resources from the Kianna, Anne, Colette and 58B deposits based on drilling information up to December 31, 2012.

The Shea Creek mineral resource estimate is included in a technical report on the Shea Creek Project with an effective date of May 31,

2013 which was filed on SEDAR at www.sedar.com on May 31, 2013.

This mineral resource estimate confirms that Shea Creek is the second largest undeveloped uranium resource in the Athabasca Basin. It also ranks as the fourth largest existing uranium resource in the Basin, exceeded in size only by McArthur River, Cigar Lake and Millennium.

The resources at Shea Creek are open in almost every direction and have excellent potential for significant expansion as exploration continues.

Deposit

Indicated Resources at 0.30% U3O8 cut-off Inferred Resources at 0.30% U3O8 cut-off

Tonnes U3O8 (%) U3O8 (lbs) Tonnes U3O8 (%) U3O8 (lbs)

Kianna* 1,034,500 1.526 34,805,000 560,700 1.364 16,867,000

Anne* 564,000 1.992 24,760,000 134,900 0.880 2,617,000

Colette* 327,800 0.786 5,680,000 493,200 0.716 7,780,000

58B* 141,600 0.774 2,417,000 83,400 0.505 928,000

Total* 2,067,900 1.484 67,663,000 1,272,200 1.005 28,192,000

* Joint venture with 49.1% UEX / 50.9% AREVA ownership

Shea Creek - Resources

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The Shea Creek Project contains four known uranium deposits:

Kianna Anne

The deposits are distributed along a strike length of over 3 km at the north end of the 33-km long Saskatoon Lake Conductor.

Mineralization is largely open and large parts of the Saskatoon Lake Conductor remain untested; the potential for resource expansion is extremely high.

UEX signed an agreement that allows the Company to increase its interest in the Western Athabasca Joint Venture (including Shea Creek).

The Company has the option but no obligation to spend up to $18.0 million over a six-year period to earn an additional 0.9% interest in the project. UEX will gain not only a further interest of 0.9% in the existing resource, but also up to 49.9% of any further resources discovered. UEX has already earned 0.1% of the 0.9% interest to date.

Colette 58B

Shea Creek - Deposits

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The uranium mineralization in a deposit can occur in three styles:

Perched (P) mineralization is found in sandstone at shallower depths.

Unconformity (UC) mineralization is found at the contact of the sandstone and the underlying basement rock.

Basement (B) mineralization is found in the gneissic rock beneath the unconformity.

A wireframe model of the Kianna Deposit depicting stacked mineralization is shown to the left.

Perched

Unconformity

Basement

New Basement

Zone

Kianna Deposit

Shea Creek - Mineralization

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Kianna SHE-114-05

Perched (P) mineralization grading 27.7% eU3O8 over 7.6 m

Kianna SHE-115-03

Unconformity (UC) mineralization grading 21.2% U3O8 over 4.3 m

Kianna SHE-115-11

Basement (B) mineralization grading 13.2% U3O8 over 4.5 m


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Selected High-Grade Drilling Results

Colette SHE-111-06

(B) 23.9% U3O8 over 0.5 m

Kianna SHE-114-19

(P) 33.6% eU3O8 over 1.3 m

SHE-115-10

(B) 24.3% U3O8 over 2.5 m

SHE-123-06

(UC) 32.3% U3O8 over 1.1 m

Anne SHE-087

(B) 34.7% U3O8 over 1.9 m

SHE-096-03

(UC) 29.2% U3O8 over 3.4 m

SHE-099

(UC) 60.6% U3O8 over 1.2 m


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Kianna Deposit: Wireframe Model Side view facing SW: perched, unconformity and

basement mineralization are clearly visible.

SHE-115-03: GT 114 9.34% U3O8/12.2 m

SHE-115-05: GT 73 7.83% U3O8/7.2 m

SHE-115-08: GT 91 6.17% U3O8/6.7 m

SHE-114-05: GT 224 20.7% eU3O8/10.2 m

SHE-118: GT 50 6.30% U3O8/7.9 m

SHE-115-10: GT 144 8.58% U3O8/15.0 m

SHE-115-11: GT 88 5.36% U3O8/16.5 m

SHE-114-11: GT 254 4.09% eU3O8/45.0 m

SHE-114-19: GT 71 5.94% eU3O8/12.0 m SHE-115-04: GT 48

2.55% U3O8/19.0 m

SHE-114-20: GT 145 1.02% eU3O8/141 m

SHE-114-09: GT 144 4.64% eU3O8/22.2 m

SHE-115-18: GT 115 8.42% eU3O8/12.6 m

SHE-114-07: GT 70 7.37% U3O8/9.5 m

GT is presented for the entire drill hole along with the Grade/Thickness of the major intercept.

Perched Unconformity

Basement

Basement Zone

(2011)

Basement Zone Upper Kianna East

(2012)

Basement Zone Kianna East (2012)

Shea Creek - Kianna Deposit

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Anne Deposit: Wireframe Model Side view facing NE: perched, unconformity and

basement mineralization are clearly visible.

SHE-095-03: GT 86 4.41% U3O8/14.9 m

SHE-099-02: GT 101 5.65% U3O8/17.9 m

SHE-087: GT 70 11.6% U3O8/6.0 m

SHE-099: GT 84 10.0% U3O8/8.4 m

SHE-099-03: GT 36 2.61% U3O8/13.6 m

SHE-100-01: GT 110 3.32% U3O8/25.1 m

SHE-122-05: GT 75 3.64% U3O8/20.5 m

SHE-122-01: GT 163 4.21% U3O8/36.0 m

SHE-096-03: GT 143 5.42% U3O8/19.0 m

SHE-101-02: GT 32 3.75% U3O8/8.6 m

SHE-016: GT 39 4.32% U3O8/9.1 m


SHE-109-05: GT 79 7.24% U3O8/8.7 m

SHE-109-06: GT 40 4.51% U3O8/8.9 m

Unconformity Perched

Basement

Shea Creek - Anne Deposit

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Colette Deposit: Wireframe Model View from above the unconformity facing SE with

58B, Kianna and Anne visible in the distance.

SHE-052: GT 39 2.34% U3O8/16.8 m

SHE-065: GT 21 1.73% U3O8/11.9 m

SHE-111-06: GT 26 3.23% U3O8/8.0 m

SHE-059: GT 27 4.10% U3O8/6.6 m


SHE-066-2: GT 33 1.28% eU3O8/26.0 m

SHE-066-3: GT 34 1.22% eU3O8/27.9 m

Unconformity mineralization

ANNE

KIANNA

58B

Basement mineralization

COLETTE

KIANNA EAST

Shea Creek - Colette Deposit

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58B Deposit: Wireframe Model View from above the unconformity facing SE with

Kianna and Anne visible in the distance.

Mineralization at 58B has now been traced over a strike length of 400 metres and occurs over a width of up to 110 metres in plan view.

Broad areas of the highly prospective structural

corridor hosting 58B remain sparsely tested and open in several directions.

SHE-133-5: GT 19.5 6.53% eU3O8/1.6 m

SHE-133-6: GT 11.8 6.17% eU3O8/1.6 m

SHE-133-7: GT 22.7 2.13% eU3O8/10.6 m


SHE-133-3: GT 20.2 1.81% eU3O8/7.6 m

SHE-133-4: GT 21.2 6.55% eU3O8/2.4 m

Unconformity mineralization

KIANNA

Basement mineralization

58B

KIANNA EAST

ANNE

Shea Creek - 58B Deposit

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Hosts the sixth largest undeveloped uranium resource in the Athabasca Basin.

Known deposits:

‒ Horseshoe, Raven and West Bear

Horseshoe-Raven Camp

The 2010 N.I. 43-101 preliminary economic assessment report (PA) indicates that the project could yield EBIT of C$246M, pre-tax NPV of C$163M and IRR of 42%(1)(2) at a price of US$60/lb U3O8.

HIDDEN BAY PROJECT

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100% owned

(1) These results are included in a technical report on the Hidden Bay property with an effective date of February 15, 2011 available online under UEX’s profile at www.sedar.com. (2) Projects in the mining sector have experienced rising costs, including rising capital and operating costs, during the past few years. Rising capital and operating costs would, in the

absence of other changes, negatively impact EBIT, NPV and IRR which have been calculated based upon historical costs. Accordingly, readers should bear these factors in mind when reading the PA and should not place undue reliance on the PA.

Aerial view of Horseshoe-Raven Camp


Horseshoe and Raven are approximately 4 km from Cameco’s Rabbit Lake Mill and 22 km from AREVA’s McClean Lake Mill. This proximity creates the opportunity for toll milling arrangements to be negotiated.

Hydroelectric transmission lines that service both of these facilities pass 3 km to the north of the deposits.

Provincial Highway 905 provides access to

the deposits and the local uranium mills.

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HIDDEN BAY PROJECT


The Hidden Bay Project is 100% owned by UEX and contains three known uranium deposits:

Horseshoe

Raven

West Bear

The Hidden Bay Project contains the sixth largest undeveloped uranium resource in the Athabasca Basin.

Cumulative Expenditures As at December 31, 2013

Exploration C$59.9 million

Development C$ 6.8 million

Future Work

Additional greenfields drilling exploration at Hidden Bay has been deferred temporarily until market conditions improve.

Hidden Bay - Overview

- 25 -


The February 2011 N.I. 43-101 Preliminary Assessment Technical Report (“PA”) prepared by SRK Consulting (Canada) Inc. recommends that the project be advanced to a preliminary feasibility level, and that this next phase of study also include UEX’s West Bear Deposit.

These results are included in a technical report on the Hidden Bay property with an effective date of February 15, 2011 available online under

UEX’s profile at www.sedar.com.

The PA utilized cut-off grades calculated on the basis of $60 (US) per lb of U3O8 and estimated 16.6 million lbs of U3O8 could be extracted over a seven-year mine life.

Base Case economics at $60 (US) per lb of U3O8:

Price U3O8 (per lb)

Pre-Tax (Base Case) (1)

EBIT (C$ millions)

NPV5% (C$ millions)

IRR (%)

$60 (US) 246 163 42

“EBIT” Earnings before interest and taxes “IRR” Internal rate of return “NPV5%” Net present value (5% discount rate)

The Preliminary Assessment Technical Report is preliminary in nature, includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

(1) Projects in the mining sector have experienced rising costs, including rising capital and operating costs, during the past few years. Rising capital and operating costs would, in the absence of other changes, negatively impact EBIT, NPV and IRR which have been calculated based upon historical costs. Accordingly, readers should bear these factors in mind when reading the PA and should not place undue reliance on the PA.

Horseshoe and Raven Economics

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Uranium processing and tailings management, as envisioned in the PA, would be conducted through a toll arrangement* at one of two milling facilities located near Horseshoe and Raven:

The Rabbit Lake Mill within 4 km, operated by Cameco

The McClean Lake Mill within 22 km, operated by AREVA

The PA has focused on Cameco’s Rabbit Lake Mill as it has excess capacity and is the closer of the two facilities.

The Hidden Bay Project has opportunities for the improvement of economics, including:

Expansion of mineable tonnes due to an increase in U3O8 price which would result in a lower cut-off grade and thus the conversion of a higher proportion of the existing resource base to reserves;

Expansion of mineable tonnes through discovery of additional resources at other locations on the Hidden Bay property; and

Inclusion of UEX’s West Bear Deposit in the overall project mine plan and economics.

* Toll milling utilizes the excess capacity of an existing mill to process uranium ore, and is often a cost-effective alternative to constructing a new milling facility.

Horseshoe and Raven Economics

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UEX is focused on advancing the deposits at Horseshoe and Raven through pre-feasibility and ultimately to feasibility level to assess the potential economics and viability of mining the deposits.

Results from the July 2009 N.I. 43-101 mineral resource estimate prepared by Golder Associates Ltd. are shown in the table below.

This resource is included in a technical report on

the Hidden Bay property with an effective date of February 15, 2011 available online under UEX’s profile at www.sedar.com.

Deposit

Indicated Resources at 0.05% U3O8 cut-off Inferred Resources at 0.05% U3O8 cut-off

Tonnes U3O8 (%) U3O8 (lbs) Tonnes U3O8 (%) U3O8 (lbs)

Horseshoe 5,119,700 0.203 22,895,000 287,000 0.166 1,049,000

Raven 5,173,900 0.107 12,149,000 822,200 0.092 1,666,000

Total 10,293,600 0.155 35,044,000 1,109,200 0.111 2,715,000

Horseshoe and Raven Resources

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Horseshoe and Raven Deposits

The Horseshoe and Raven Deposits lie in overall competent and impermeable quartzite, arkosic quartzite and calc-arkosic gneiss host rocks with no overlying Athabasca sandstone cover, highly favourable conditions for mining in the Athabasca Basin.

Vertical cross sections of the Horseshoe and Raven Deposits are shown above.

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Horseshoe and Raven Mineralization

Nodular pitchblende rimmed by boltwoodite

Pitchblende in hematite-clay

Late yellow boltwoodite- uranophane

HU-16 high grade intercept: 12.35 m @ 4.53% U3O8

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Results from the January 2009 N.I. 43-101 mineral resource estimate for the West Bear Deposit prepared by Golder Associates Ltd. are as follows:

‒ 78,900 tonnes grading 0.908% U3O8 in the Indicated category containing 1,579,000 pounds U3O8 at a cut-off grade of 0.05% U3O8.

‒ All resources are within 35 m of surface.

This resource is included in a technical report on the Hidden Bay property with an effective date of February 15, 2011 available online under UEX’s profile at www.sedar.com.

WEST BEAR RESOURCES

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100% owned


The West Bear Deposit is a classic, unconformity-hosted uranium deposit developed under shallow Athabasca sandstone cover above a conductive graphitic gneiss unit.

The near-surface nature of the mineralization is amenable to shallow open-pit mining.

WEST BEAR DEPOSIT

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35 m


Second largest undeveloped uranium resource in Canada’s Athabasca Basin

49.1% owned by UEX in partnership with AREVA Resources Canada Inc.

Kianna, Anne, Colette and 58B contain an estimated 67.7 million lbs U3O8 Indicated and 28.2 million lbs U3O8 Inferred mineral resources(1)

Potential to grow our interest in known resources by up to 0.9% and our interest by up to 49.9% in future resources discovered by funding additional exploration at Shea Creek beyond the budgets proposed by the project operator

Shea Creek resources are open in almost every direction and have excellent potential for significant expansion as exploration continues

Sixth largest undeveloped uranium resource in the Athabasca Basin

100% owned by UEX Corporation

Positive Preliminary Assessment

Project will be advanced further when uranium commodity price justifies

Horseshoe, Raven and West Bear are host to an estimated 36.6 million lbs U3O8 Indicated and 2.7 million lbs U3O8 Inferred mineral resources(2)

Infrastructure near Hidden Bay is well developed, with two operating uranium ore processing facilities in the local area

Shea Creek Hidden Bay

(1) See “Shea Creek - Resources” on page 14 for % U3O8 grades and % U3O8 cut-off. (2) See “Horseshoe & Raven Resources” on page 28 for % U3O8 grades and % U3O8 cut-off.

Project Summary

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Our primary objectives:

To continue the exploration and development work required to delineate and develop economic uranium resources at the Shea Creek Project;

To advance the development process at the Horseshoe, Raven and West Bear uranium deposits to a production decision;

To maintain, explore and advance to discovery our other uranium projects; and

To pursue a diversified portfolio of uranium projects from early exploration through to development and production, which may include outright property acquisitions or other business combinations.

Growth Strategy

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Shea Creek Expansion of mineral resources

into deposits of global significance

Hidden Bay Advancing toward a production decision

Looking Ahead

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PRESENTATION ELEMENTS

For more information:

UEX Corporation

Suite 1007 – 808 Nelson Street

Vancouver, BC V6Z 2H2

www.uex-corporation.com

Investor and Media Inquiries Contact:

Roger Lemaitre, President & CEO

+1 (604) 669-2349

[email protected]

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