Resources

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Horseshoe-Raven and West Bear Resources Table

1. The mineral resource estimates follow the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects and classifications follow CIM definition standards.

2. The Horseshoe, Raven, and West Bear mineral resources were estimated at a cut off of 0.05% U3O8, and are documented in the “Preliminary Assessment Technical Report on the Horseshoe and Raven Deposits, Hidden Bay Project, Saskatchewan, Canada” (The Preliminary Assessment Technical Report”, the “PA” or the Horseshoe-Raven Report”) with an effective date of February 15, 2011 which was filed on SEDAR at www.sedar.com on February 23, 2011.

3. Certain amounts presented in the Hidden Bay N.I. 43-101 report have been rounded for presentation purposes. This rounding may impact the footing of certain amounts included in the tables above.

Shea Creek Resources Table

The PA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

1. The mineral resource estimates follow the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects and classifications follow CIM definition standards.

2. The Shea Creek mineral resources were estimated at a cut-off of 0.30% U3O8, and are documented in the Shea Creek Technical Report with an effective date of May 31, 2013 which was filed on SEDAR at www.sedar.com on May 31, 2013.

3. Certain amounts presented in the Shea Creek N.I. 43-101 report have been rounded for presentation purposes. This rounding may impact the footing of certain amounts included in the tables above. 

Mineral resources that are not mineral reserves do not have demonstrated economic viability. For additional information on the mineral resource estimate, please refer to “Technical Report on the Shea Creek property, northern Saskatchewan, with an updated mineral resource estimate” as filed on SEDAR on May 31, 2013.

Christie Lake Resources Table

Table 1 Mineral Resource Statement*, Christie Lake Project, Saskatchewan, Canada, SRK consulting (Canada) Inc., December 13, 2018.

* Mineral resources are not mineral reserves and have not demonstrated economic viability. All figures have been rounded to reflect the relative accuracy of the estimates. Reported at a cut-off grade of 0.2% Uranium.

UEX's share of resources from Christie Lake is proportional to its 64.34% ownership interest in the project. Thus, UEX's share is: 

The maiden resource estimate for the Christie Lake Project is 20.35 Million lb U₃O₈ at the Paul Bay, Ken Pen, and Ōrora deposits using a 0.2% U₃O₈ cut-off grade. The average grade for the deposits is 1.57% U₃O₈. The resource estimate was developed using holes drilled by PNC between 1989 and 1997 and UEX from 2016 to 2018.

The resource estimate was completed by Aleksander Mitrofanov of SRK Consulting (Canada) Inc. With support from Dr. David Machuca and Mr. Glen Cole of SRK Consulting (Canada) Inc. Senior review was by Mr. Cliff Revering of SRK Consulting (Canada) Inc. The effective date for the resource estimate is December 13, 2018 (see UEX press release December 19, 2018). The early stage of the Project, widely spaced drilling, and uncertainty of the distribution of the grades necessitate classification of the resource as inferred by SRK.

Mineral resources are not mineral reserves and have not demonstrated economic viability. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves.