The Energy Report

UEX Corporation TICKER: UEX:TSX Visit Company Website UEX Corporation has the largest known resources of uranium held by any junior exploration company operating in the Athabasca Basin, a politically stable, mining-friendly jurisdiction that contains the highest-grade uranium deposits in the world. The company's two advanced projects in the region contain approximately 90 Mlb U3O8. UEX was formed in 2002 and maintains strategic relationships with Cameco Corp. and AREVA group.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

Peter Koven, Financial Post (1/6/12) "Ever since Rio Tinto Ltd. agreed to buy Hathor Exploration Ltd. last fall to get into the Athabasca Basin, analysts and investors have speculated on the next potential takeover target. One of the many names being tossed about is UEX Corporation, which owns 49% of the massive Shea Creek project, one of the regions most promising deposits."

The Energy Report Interview with David Talbot (12/13/11) "We would also recommend UEX Corp. as a Buy, and we have a $2.50 target price on this one. This has long been one of our favorite companies. Its growth potential is tremendous, particularly in the West Athabasca at its 49%-owned, 88 Mlb-Shea Creek deposit. This is a JV with AREVA. We have suggested that Rio Tinto is looking for other AREVA projects, and this might be one of them. Shea Creek has several areas that host over 20% U3O8, and more exploration is really needed to determine where the best potential mining area will occur. The company just last week announced a $6M-exploration program for 2012. It will target probably three areas, but right now we already assume that this project is beyond the 100 Mlb-level and likely to grow further following that drill program.

UEX also has an interesting project in the eastern Athabasca called Hidden Bay. It totals about 40 Mlb. A PEA assumes toll milling right next door at Cameco's Rabbit Lake mill located about 4km away. Cameco already owns about 23% of UEX, and Cameco has also avoided replacing its retired UEX board nominee despite its right to do so."

David Talbot, Dundee Securities (12/6/11) "UEX Corporation has completed a very successful drill exploration program in 2011 at its 49%-owned Shea Creek project joint-ventured with Areva; intersections stem from another 3 pilot holes and 10 directional drill holes. Every hole was successful at hitting mineralization and summer drilling was able to expand uranium mineralization further north of the Kianna deposit towards the 58B zone—in fact, it is now estimated that unconformity uranium mineralization stretches for ~300m north of Kianna."

David Talbot, Dundee Securities (10/31/11) "We are strongly encouraged by ongoing exploration at UEX Corporation's Shea Creek and recommend the company with a Buy rating and target price of CA$2.50 per share; the company announced high-grade uranium drill results this morning from the first round of Colette deposit drilling that has taken place for several years. We see this program as having been highly successful."

David Talbot, Dundee Securities (9/29/11) "We are strongly encouraged by UEX Corporation and AREVA's ongoing exploration and continue to recommend UEX with a Buy rating. . .we see significant potential to expand resources at depth within the Kianna basement. The two known vertical zones appear to converge at the intersection with the newly discovered and much flatter zone; potential for high-grade shoots at these intersections is high."

• Corporate Presentation (11/2/11)
• Corporate Brochure (11/10/11)

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