Mr. Roger Lemaitre reports

UEX REPAYS LOAN FROM DENISON

UEX Corp. has repaid its outstanding term loan from Denison Mines Corp. The term loan was used by UEX to purchase JCU (Canada) Exploration Company Ltd., as more particularly described in UEX's news release dated Aug. 3, 2021.

UEX repaid the outstanding balance of $20.45-million to Denison on Sept. 17, 2021. Previously, $20.5-million of the term loan was repaid upon UEX transferring 50 per cent of the JCU shares to Denison immediately following the closing of the JCU acquisition (see UEX's news release dated Aug. 3, 2021). The shares of JCU owned by UEX that were pledged as security to Denison have been released to UEX.

About UEX Corp.

UEX is a Canadian uranium and cobalt exploration and development company involved in an exceptional portfolio of uranium projects.

UEX's directly owned portfolio of projects is located in the eastern, western and northern perimeters of the Athabasca basin, the world's richest uranium belt, which in 2019 accounted for approximately 12.6 per cent of the global primary uranium production. In addition to advancing its uranium development projects through its ownership interest in JCU, UEX is currently advancing several other uranium deposits in the Athabasca basin, which include the Paul Bay, Ken Pen and Orora deposits at the Christie Lake project, the Kianna, Anne, Colette and 58B deposits at its currently 49.1-per-cent-owned Shea Creek project, the Horseshoe and Raven deposits located on its 100-per-cent-owned Horseshoe-Raven development project, and the West Bear uranium deposit located at its 100-per-cent-owned West Bear project.

UEX is also 50:50 co-owner of JCU (Canada) Exploration Company Ltd. with Denison Mines Corp. JCU's portfolio of projects includes interests in some of Canada's key future uranium development projects, notably a 30.099-per-cent interest in Cameco's Millennium uranium development project, a 10-per-cent interest in Denison Mines' Wheeler River project and a 33.8123-per-cent interest in Orano Canada's Kiggavik project, located in the Thelon basin in Nunavut, as well as minority interests in nine other grassroots uranium projects in the Athabasca basin.

UEX is also leading the discovery of cobalt in Canada, with three cobalt-nickel exploration projects located in the Athabasca basin of Northern Saskatchewan, including the only primary cobalt deposit in Canada. The 100-per-cent-owned West Bear project hosts the West Bear cobalt-nickel deposit, the newly discovered Michael Lake Co-Ni zone and the West Bear uranium deposit. UEX also owns 100 per cent of two early-stage cobalt exploration projects, the Axis Lake and Key West projects.

We seek Safe Harbor.