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UEX Corp.


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 86 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 Comments:

David Talbot, Dundee Capital Markets (11/7/14) "Two large projects in the Athabasca basin make UEX Corp. a favorite exploration stock. . .we believe that the real short-term significance for the company is its basement drilling on its Hidden Bay project where it only knows nonconformity mineralization."

David Sadowski, Raymond James (10/22/14) "UEX Corp.'s pivot eastwards, from its primary focus of the past several years, 49%-owned Shea Creek, to shallower, basement-hosted targets at Hidden Bay is a positive one, in our view. . .exploration costs are also lower, and the company, given its 100% ownership, has full control over every dollar spent."

David Sadowski, Raymond James (9/8/14) "UEX Corp. announced completion of a phase 1 review of historical drilling data at its 100%-owned Hidden Bay project. . .the review identified several high-quality targets located in basement rocks beneath areas drill tested by previous operators (which worked under a shallower, sandstone/nonconformity-only exploration model), including two areas with intense basement alteration less than 75m from surface."

The Energy Report Interview with David Sadowski (3/27/14) "UEX Corp. owns 49% of the world's second-largest undeveloped, high-grade uranium asset in Shea Creek and 96 Mlb in NI-43-101-compliant resources. It's the biggest deposit with that kind of junior ownership in the Athabasca Basin. It's a strategic asset and the company's main value driver. But with the uranium price where it is, the company is also focusing on shallower assets near what is now the southern boundary of the Athabasca Basin, closer to Fission's Patterson Lake South. We're really interested to see what comes of the Laurie and Mirror projects this year. We have a $0.60 target price on shares of UEX.

The target price is not heavily influenced by the recent change in CEO. I think the outgoing CEO, Graham Thody, did an excellent job. I'm very hopeful that Roger Lemaitre will continue that trend. Under the new CEO, I would anticipate that the company may ramp back up the level of work intensity at Shea Creek, to build on the achievements of AREVA and the UEX team as well as Thody. But given Lemaitre 's background, including his experience as head of Cameco's global exploration, I wouldn't be surprised to see UEX extend its view beyond the Athabasca Basin as a potential consolidator in some other jurisdictions that may be lagging behind a bit on valuation." More >

The Energy Report Interview with Derek Hamill (3/6/14) "UEX Corp. is also a candidate for near-term production, with its Shea Creek and Hidden Bay projects." More >

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David Sadowski, Raymond James (2/26/14) "UEX Corp. operates exclusively in the world's best uranium jurisdiction, the Athabasca Basin. [We see] major, multi-hundred-Mlb potential exploration upside at Shea Creek, [and a] potential producer at [the] shallow, basement-hosted Hidden Bay project within five years. [UEX has] 49% ownership in the high-grade, 96-Mlb Shea Creek project (Areva 51% and operator) [and] 100% ownership [of the] 39-Mlb Hidden Bay project, which is at PEA stage, and in spitting distance from key infrastructure. Cameco, a 22.6% shareholder, is a potential suitor for the company."

Sheldon Modeland, Edison Investment Research (2/25/14) "In partnership with AREVA, UEX Corp. owns 49.1% of the Shea Creek project, the largest undeveloped uranium resource in the Athabasca Basin; in addition, UEX owns 100% of the Hidden Bay project, which is located near the existing milling facility. Its exposure to the highly prospective Athabasca Basin could make UEX an important player on the regional M&A scene; despite the current depressed uranium prices resulting in deferrals of some projects, we note that quality uranium exploration assets in the Athabasca Basin continue to attract a valuation premium. . .UEX is actively involved in 17 uranium projects in the Athabasca Basin."

The Energy Report Interview with David Talbot (2/20/14) "UEX Corp.'s new CEO, Roger Lemaitre, brings depth to this company that it hasn't seen before. With his vast industry experience as Cameco's exploration director and the fact that UEX has almost $9M in cash, I think he's going to turn the company's attention to new discoveries and potential M&A activity. His familiarity with Cameco is certainly an asset. But I think we still need to see some execution here by UEX to leverage its attributable 85 Mlb in resource plus its past exploration success into something new and accretive for shareholders. Meanwhile, Shea Creek is open in multiple directions. It does have a current resource of about 96 Mlb. As UEX decides to take its direction, I think it will remain focused on the Athabasca Basin. I think it will likely seek synergistic projects." More >

David Talbot, Dundee Capital Markets (2/3/14) "We have done an about-face on UEX Corp. not long after reducing our target and recommending it as Neutral due to an expected news slowdown, competition for attention against fresh discoveries (PLS), and pending vacancy at the helm. We now rate UEX as a Buy with a CA$0.80 target. . .new CEO Roger Lemaitre changes everything. His vast industry experience as Cameco Corp.'s exploration director and $8.7M in cash may turn UEX attention on new discoveries and potential M&A activity."

David Sadowski, Raymond James (11/28/13) "Yesterday, UEX Corp. released final results from its 2013 exploration program at its 49%-owned Shea Creek project. . .while there were no barn-burners from 2013 drilling at Shea Creek, results suggest several areas to either extend mineralization at existing zones (Kianna East, North) or to make new discoveries south of Anne and at the Saskatoon Lake East Conductor (SLEC). We maintain our view that exploration upside at Shea Creek is superb, with long-term, multihundred-million-pound potential over the length of the Saskatoon Lake Conductor and nascent SLEC; accordingly, we believe aggressive follow-up work is warranted at Shea Creek pending improved market conditions."

Jon Hykawy, Byron Capital Markets (11/11/13) "UEX Corp. benefits significantly from having a renowned partner and site operator, Areva Inc., on the Shea Creek project. Further, it has a healthy balance sheet and Cameco Corp. is the largest shareholder. Despite the minority stake on what really is a single-project play, UEX has the capital to survive depressed market conditions and may represent an attractive takeover candidate as a result."

The Energy Report Interview with David Sadowski (10/29/13) "Canada's elimination of the non-resident ownership policy will permit European Union-based companies to own a majority stake in an operating uranium mine. It's certainly good news. . .it increases takeover potential for companies like UEX Corp." More >

David Sadowski, Raymond James (8/6/13) "UEX Corp. announced results from initial drilling at its 49%-interest Shea Creek in northern Saskatchewan. . .Kianna East's new pilot hole 142 extended mineralization ~15m east (i.e. up dip) of previous drilling; highlights include 22.3m grading 0.85% U3O8e, starting at 915m core depth, with a stronger 1.4m interval of 5.93%. . .the best interval was 1.6m grading 0.23%. . .Kianna East mineralization remains open in all directions except for the southwest (down-dip direction) and these results suggest additional resource expansion potential at Kianna—already one of the most prolific deposits of uranium in the basin at 51.7 Mlb grading 1.47%."

David Sadowski, Raymond James (7/29/13) "Drilling commenced at UEX Corp.'s flagship 49%-owned Shea Creek in mid/late Q2/13 and is ongoing. . .the joint-venture drilling is slated to focus primarily on exploration south of Anne, where historic drilling and the southern portion of the Saskatoon Lake Conductor (SLC) each suggest a potential extension of high-grade Shea Creek mineralization south of the current resource area. Meanwhile, UEX's program is largely focused on Kianna East, a new zone within the main resource. Given Kianna East sits off the SLC, on an entirely new conductor, it may presage a marked increase in resource pounds if proven up along the north-south trending strike. . .in the longer term, we continue to see multihundred million pound potential at the project."

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