Mr. Ron Hochstein reports

URANIUM PARTICIPATION CORPORATION REPORTS NET ASSET VALUE AT JANUARY 31, 2015

Uranium Participation Corp.'s estimated net asset value at Jan. 31, 2015, was $709.9-million or $6.07 per share. UPC's investment portfolio as at Jan. 31, 2015, is tabulated.

                          INVESTMENT PORTFOLIO
           (in thousands of dollars, except quantity amounts) 
                                  
                                                 Quantity    Fair value
Investments in uranium 
Uranium oxide in concentrates (U3O8)         9,138,096 lb $     427,069
Uranium hexafluoride (UF6)                  2,053,471 KgU $  264,98 (1)
                                                          $     692,056
U3O8 market value per pound 
In Canadian dollars                                       $   46.73 (2)
In United States dollars                                  $       36.75
UF6 market value (1) per KgU
In Canadian dollars                                       $  129.04 (2)
In United States dollars                                  $      101.47
                                                                           
(1) Includes a $3,987,000 fair value adjustment for UPC's UF6 inventory 
held at United States Enrichment Corp.'s enrichment facility.     
(2) Market values are month-end spot prices published by Ux Consulting     
Co. LLC, translated at the month-end noon exchange rate of $1.2717.

Subsequent to month-end, UPC agreed to purchase 40,000 pounds of U3O8 at an average price of $36.25 (U.S.) per pound. The transaction is anticipated to close in early February.