West Bear Cobalt-Nickel An Open-Pit Amenable High Grade Cobalt-Nickel Zone Located in the World’s Top Mining Jurisdiction Seeking Opportunities to Enhance UEX Shareholder Value
Forward Looking Statements 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 statements are based on UEX's current expectations, estimates, forecasts and projections. Such forward-looking information includes statements regarding the proposed spin-out of CoEX shares, the WBU Deposit drill program, UEX's drill hole results, the likelihood of REG and scintillometer results being confirmed by assays, mineral resource and mineral reserve estimates, uranium, cobalt and nickel prices, outlook for our future operations, plans and timing for exploration activities, and other expectations, intentions and plans that are not historical fact. Such forward-looking information is based on certain factors and assumptions and is 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 information. Important factors that could cause actual results to differ materially from UEX's expectations include uncertainties relating to the possible spin-out of CoEX, interpretation of drill results and geology, reliability of REG results produced by the Company’s down-hole probing system, scintillometer results, assay confirmation, 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, cobalt and nickel prices and currency exchange rates, changes in environmental and other laws affecting uranium, cobalt and nickel exploration and mining, and other risks and uncertainties disclosed in UEX's Annual Information Form and other filings with the applicable Canadian securities commissions on SEDAR. Many of these factors are beyond the control of UEX. Consequently, all forward-looking information contained in this news release is qualified by this cautionary statement and there can be no assurance that the CoEX spin-out will occur as proposed or at all, or 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 information. 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 Roger Lemaitre, P.Eng., P.Geo., UEX’s President and CEO, who is a Qualified Person as defined by N.I. 43- 101.
Drive to Cobalt Why ? Source: Eight Capital, David Talbot, February 1, 2018 300 225 150 BMO Cobalt Demand 75 (Dec 2017) 2016 – 96 kt 0 eCobalt Fortune Min US Cobalt First Cobalt Cruz LiCo 2025E - 142 kt Resource (M lbs) Market Cap ($M)
West Bear Cobalt Why Invest? Discovered and partially-tested between 2002 and 2005 previous operators including UEX exclusively focussed exploration efforts on unconformity-uranium and disregarded the cobalt-nickel potential 1 2 Open-Pit Amenable High Grade Ranges from 15 -55 m depth, moderate to Existing drill holes compare favourably to shallowly dipping hosted with very soft the those of cobalt companies with clay-altered hanging wall rocks resources Best Jurisdiction & Open in All Directions North American Supply The main zone is open in all directions, two other high-priority exploration areas Hosted in Saskatchewan, the worlds best identified. Historical operators failed to mining jurisdiction and potential stable focus on or identify Co-Ni mineralization North American supply 3 4
UEX Strategy Cobalt-Nickel UEX plans to evaluate opportunities to enhance shareholder value through our 100% owned West Bear Cobalt-Nickel Prospect What does that look like? UEX is currently evaluating what methods and vehicles that could maximize value for shareholders which might include: • Spinning-out of CoEX as a new company • Selling the asset to another entity • Seeking a joint venture partner to advance the project • Advancing the project within UEX itself
TSX Listed Cobalt Valuations Publicly-listed companies with North American cobalt assets Developers Explorers Early Explorers 300 Where does West Bear 225 Co-Ni fit? While there are several new 150 publicly-listed cobalt vehicles on the TSX and TSX:V, only a handful have defined resources. 75 The West Bear Co-Ni Prospect could reach the inferred resource stage with minimal effort. 0 eCobalt Fortune Min US Cobalt First Cobalt Cruz LiCo Resource (M lbs) Market Cap ($M)
Property Location Athabasca Basin Saskatchewan LOCATION ADVANTAGES Saskatchewan Infrastructure-Blessed Mining Friendly • World’s #1 Mining Investment • Situated within 10 km of all weather • Long-term history of mining and Jurisdiction according 2016 Fraser road and existing power lines exploration Institute study • UEX has well established network of suppliers and labour in the region
UEX Cobalt Objectives UEX has objectives for the Company and the Prospect in 2018 For UEX Shareholders For the Prospect Conduct exploration drilling Identify and execute a plan to program to expand the maximize value of the known mineralized zone, and Prospect to UEX to define mineralization at the shareholders second and third priority exploration targets Maintain UEX’s focus on Complete a maiden Co-Ni uranium through resource resource on the Prospect in growth at Christie Lake Q3 2018
West Bear Co-Ni Prospect - Spotting Holes in 2003
Known Grades West Bear The assay grades at West Bear compare favourably to the grades of global and North American cobalt deposits 25 20 15 10 5 165,000 0 MIRUM EST NOTARE 0 3 6 9 12 15 QUAM LITTERA GOTHICA, QUAM NUNC PUTAMUS PARUM CLARAM Quod ii legunt saepius Typi non habent claritatem insitam; est usus legentis in iis qui facit eorum claritatem. Investigationes demonstraverunt lectores legere me lius quod ii legunt saepius.Claritas est etiam processus dynamicus, qui sequitur mutationem consuetudium lectorum.
High Grades West Bear Cobalt Grade (wt%)
In-Situ Value Cobalt The assay grades at West Bear compare favourably to the In-Situ Value, all metals grades of global and North American cobalt deposits In-Situ Value, Cobalt only Best exhibited by hole WBE-019 which returned an assay of 9.94% cobalt and 2.97% nickel over a core length of 0.2 m between 33.8 m and 34.0 m. Average grades in DRC and northern Ontario range from 0.1 to 0.4 (confirm)
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