TSX: UEX   $0.36
OTCQB: UEXCF   $0.28

U3O8     SPOT: $47.75 US/lb     LONG TERM: $52.00 US/lb    Co    Weekly close: $72,400 US/mt

TSX: UEX   $0.36
OTCQB: UEXCF
FRANKFURT: UXO

U3O8     SPOT: $47.75 US/lb     LONG TERM: $52.00 US/lb    Co    Weekly close: $72,400 US/mt

UEX Files Updated Shea Creek Technical Report

Saskatoon, Saskatchewan, June 6, 2022 – UEX Corporation (TSX:UEX) (“UEX” or the “Company”) is pleased to announce that is has filed an updated technical report for the Company’s 49.0975% owned Shea Creek Project that includes an updated mineral resource estimate for the property. The remaining 50.9025% interest in the Shea Creek Project is owned by Orano Canada Inc.

The updated technical report and mineral resource estimate was completed by Mr. James Gray, P.Geo. of Advantage Geoservices Limited, Mr. David Rhys, P.Geo. of Panterra Geoservices Inc., and Mr. Chris Hamel, P.Geo., UEX’s Vice President of Exploration.  Mr. Gray, Mr. Rhys, and Mr. Hamel are Qualified Persons as defined by National Instrument 43-101. Mr. Gray is considered independent of the Company.  Mr. Hamel is an employee of UEX, and Mr. Rhys is a technical advisor to the Company.  Mr. Hamel and Mr. Rhys are not considered to be independent of the Company.

The Shea Creek mineral resource estimate for the four deposits were determined using a cut-off grade of 0.30% U3O8.  A total of 2,056,000 tonnes containing 67.57 million pounds of U3O8 at an average grade of 1.491% U3O8 have been estimated in the indicated mineral resource category.  A total of 1,254,000 tonnes containing 28.06 million pounds of U3O8 at an average grade of 1.015% U3O8 have been estimated in the inferred mineral resource category.

Table 1 – Shea Creek Mineral Resource Estimate at 0.3% U3O8 cut-off grade

The current mineral resource estimate includes the results from 477 diamond drill holes totalling 402,800 m which were drilled from 1992 to 2012.  On average, indicated resource blocks were located within 8 m of a drill hole and inferred blocks within 16 m.  Mineralized wireframes of the Colette, 58B, Kianna and Anne zones bound perched, unconformity, and basement mineralization were prepared at a 0.05% U3O8 mineralized threshold to constrain the mineral resource estimate at each deposit area.  The estimate was completed by ordinary kriging using Gemcom software with block sizes of 5 x 5 x 5 m.  The impact of anomalously high-grade samples were controlled through a process of grade capping and well as interpolation distance restrictions for some zones.

The mineral resource estimate primarily utilized uranium geochemical analyses from the Saskatchewan Research Council (“SRC”) Geoanalytical Laboratories in Saskatoon, Saskatchewan, obtained through Inductively Coupled Plasma Mass Spectroscopy (“ICP-MS”) for all samples with grades lower than 1,000 ppm U and using Inductively Couple Plasma Optical Emission Spectroscopy for samples determined by ICP-MS to contain uranium concentrations higher than 1,000 ppm U.  Duplicate and independent check analyses were performed on approximately 5% of the mineralized assay database.

In cases where geochemical analyses were not available due to incomplete sampling or core recovery issues, downhole gamma probe data were used to calculate equivalent uranium grades obtained using a DHT27-STD gamma probe which collects continuous readings along the length of the drill hole.  Probe results are calibrated using an algorithm calculated from comparison of probe results against geochemical analyses in previous holes in the Shea Creek area.

The technical report was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”),has been be filed on SEDAR at www.sedar.com and is available on the Company’s website at  www.uexcorp.com.

Qualified Persons and Data Acquisition

The technical report was prepared under the supervision of Messrs. James Gray, P.Geo., David Rhys, P.Geo, and Chris J. Hamel P.Geo., all Qualified Persons   They have reviewed and approved the technical contents relating to the technical report in this release.  The technical information in this news release has been reviewed and approved by Roger Lemaitre, P.Eng., P.Geo., UEX’s President, who is considered to be a Qualified Person as defined by National Instrument 43-101.

About UEX

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 region which in 2020 accounted for approximately 8.1% 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 Ōrora deposits at the Christie Lake Project , the Kianna, Anne, Colette and 58B deposits at its currently 49.1%-owned Shea Creek Project, the Horseshoe and Raven deposits located on its 100%-owned Horseshoe-Raven Project and the West Bear Uranium Deposit located at its 100%-owned West Bear Project.

UEX is also 50:50 co-owner of JCU (Canada) Exploration Company, Limited 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% interest in Cameco’s Millennium Project, a 10% interest in Denison’s Wheeler River Project, and a 33.8123% 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% 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% of two early-stage cobalt exploration projects, the Axis Lake and Key West Projects.

FOR FURTHER INFORMATION PLEASE CONTACT

Roger Lemaitre

President & CEO

(306) 979-3849

www.uexcorp.com

Forward-Looking Information

This news release contains statements that constitute "forward-looking information" for the purposes of Canadian securities laws. Such statements are based on UEX's current expectations, estimates, forecasts and projections. Such forward-looking information includes statements regarding UEX's drill hole results, 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, interpretation of drill results and geology, assay confirmation, additional drilling results, continuity and grade of deposits, 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 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.

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