Shareholders of Overseas Uranium Resources Development Co., Ltd. Approve UEX Acquisition of JCU Exploration Company, Limited

(TheNewswire)

Saskatoon, Saskatchewan TheNewswire - June 18, 2021 - UEX Corporation (TSX:UEX ) ( OTC:UEXCF) ("UEX" or the "Company") is pleased to announce that UEX has been notified that the shareholders of Overseas Uranium Resources Development Co., Ltd. ("OURD") have approved the sale to UEX of OURD's wholly-owned subsidiary, JCU (Canada) Exploration Company, Limited ("JCU").

The JCU Transaction

UEX will acquire 100% of the shares of JCU from OURD by paying C$41million and assuming JCU's existing liabilities (the " JCU Transaction "), under the terms of the share purchase agreement (See April 22, 2021 News Release) and amending agreement (See June 15, 2021 News Release). The transaction is expected to close on or prior to August 3, 2021.

UEX has committed to retaining JCU as a corporate subsidiary in order for JCU to meet its existing joint venture commitments.

Agreement with Denison Mines Corp.

UEX has signed a binding agreement with Denison Mines Corp. (" Denison ") pursuant to which UEX has agreed to sell 50% of the JCU shares to Denison for a purchase price of C$20.5 million (the " UEX Denison Transaction ") following the close of the JCU Transaction (See June 15, 2021 News Release).

Key terms of the UEX Denison Transaction are as follows:

- Denison has agreed to provide UEX with an interest-free three-month term loan of up to C$41 million (the " Term Loan ") to facilitate UEX's purchase of 100% of the shares of JCU.
- UEX and Denison have agreed to enter into a shareholders' agreement governing the management of JCU (the " Shareholders' Agreement "). UEX will be the manager of JCU as long as Denison does not own more than 50% of the shares of JCU.
- A total of C$20.5 million of the amount drawn under the Loan will be retired upon UEX transferring 50% of the JCU shares to Denison following the closing of the JCU Transaction.
- UEX may extend the Term Loan by an additional three months, in which case interest will be charged at a rate of 4% from the date of the initial advance under the Term Loan until maturity.
- All JCU shares owned by UEX will be held by Denison as security against the Term Loan pursuant to a pledge agreement until the Term Loan is repaid in full. The Term Loan is subject to certain customary terms and conditions and contains standard events of default that protect Denison.
- Should the share purchase agreement be terminated, each of Denison and UEX have agreed to provide the other party with the opportunity to participate on a 50/50 basis in subsequent offers made in relation to an alternative acquisition of JCU.

"The approval of the transaction by OURD Shareholders is a historic day for our Company. UEX shareholders have gained exposure to a strengthened portfolio of top tier uranium development projects that combine growth and production potential in the next cycle. Our assets, combined with our new partnership with Denison, on the JCU projects, will make UEX a unique uranium investment opportunity, possessing a strong and sustainable portfolio of exploration, development and future production opportunities in the Athabasca Basin and elsewhere in Canada. The JCU assets position UEX well and complement our existing portfolio of assets, which together, can grow into more substantial pieces of our business over time, as the market, uranium price and contracting cycle, signal the need for more uranium supply."

-- Roger Lemaitre, President & CEO, UEX Corporation

Qualified Persons and Data Acquisition

The technical information in this news release has been reviewed and approved by Roger Lemaitre, P.Eng., P.Geo., UEX's President and CEO 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, including a number that are 100% owned and operated by UEX, one joint venture with Orano Canada Inc. ("Orano") and ALX Uranium Corp. ("ALX") that is 51.43% owned by UEX, as well as eight joint ventures with Orano, one joint venture with Orano and JCU (Canada) Exploration Company Limited, which are operated by Orano, and one project (Christie Lake), that is 65.55% owned by UEX with JCU (Canada) Exploration Company Limited which is operated by UEX.

The Company 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 was formerly part of UEX's Hidden Bay Project and contains the West Bear Cobalt-Nickel Deposit and the West Bear Uranium Deposit. UEX also owns 100% of two early stage cobalt exploration projects, the Axis Lake and Key West Projects.

Our 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% of the global primary uranium production. UEX is currently advancing several uranium deposits in the Athabasca Basin which include the Christie Lake deposits, the Kianna, Anne, Colette and 58B deposits at its currently 49.1%-owned Shea Creek Project (located 50 kilometres north of Fission's Triple R Deposit and Patterson Lake South Project, and NexGen's Arrow Deposit), the Horseshoe and Raven deposits located on its 100%-owned Horseshoe-Raven Development Project and the West Bear Uranium Deposit located at its 100%-owned West Bear Project (See Table 3).

About JCU

JCU is a private company that is actively engaged in uranium exploration and development in Canada. JCU has partnerships with UEX, Orano, Cameco, Denison and others on uranium exploration and development projects in the Athabasca Basin of Northern Saskatchewan including Millennium and Wheeler River and the Kiggavik project in the Thelon Basin in Nunavut.

JCU has a long history in the Canadian uranium exploration and development sector dating back to 2000, when it acquired a portfolio of Canadian uranium exploration and development assets from PNC Exploration (Canada) Co., Ltd. ("PNC Canada"), a wholly-owned subsidiary of Power Reactor and Nuclear Fuel Development Corporation ("PNC"). JCU's key exploration projects cover an area of 139,346 ha and include a 10% ownership position in the Wheeler River Project (Denison Mines Corp. 90%), a 30.099% ownership stake in Cameco Corporation's ("Cameco") Millennium Project (Cameco 69.901%), a 33.8123% ownership in the Kiggavik Project (Orano Canada Inc. 66.1877%), and a 34.4508% interest in UEX's Christie Lake Project. JCU also owns a minority equity stake in eight other grassroots and mid-stage exploration projects within the Athabasca Basin (see Table 1& 2 and Figure 1).

Advisors

Sprott Capital Partners LP is acting as financial advisor and Koffman Kalef LLP is acting as legal advisor to UEX in connection with these transactions.

FOR FURTHER INFORMATION PLEASE CONTACT:

Roger Lemaitre

President & CEO

(306) 979-3849

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 the Company's strategic plans, completion of the acquisition of JCU, estimates of mineral resources on the Company's properties and historical estimates of mineral resources on the JCU properties, the outlook for 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, including shareholder approval of the sale of JCU by OURD shareholders, the reliability of historic resource estimates on JCU's mineral properties and liabilities and working capital of JCU at closing. Important factors that could cause actual results to differ materially from UEX's expectations include uncertainties relating to the historic resource estimates on the JCU properties, 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 with respect to the acquisition of JCU 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.

Table 1 - JCU ‘s Canadian Exploration Projects and Ownership as of December 31, 2020

Project	Province	JCU Share (%)	Partners (%) * Operator
Millennium	Saskatchewan	30.0990	Cameco Corporation*	69.9010
Kiggavik	Nunavut	33.8123	Orano Canada Inc.* Urangesellschaft Canada Ltd	24.0033 42.1844
Wheeler River	Saskatchewan	10.0000	Denison Mines Corp.*	90.0000
Christie Lake	Saskatchewan	34.4508	UEX Corporation*	65.5492
Wolly	Saskatchewan	13.1077	Orano Canada Inc.* Denison Mines Corp.	64.9997 21.8926
Close Lake	Saskatchewan	10.3128	Orano Canada Inc.* Cameco Corporation	75.1279 14.5593
Candle Lake	Saskatchewan	25.0000	Denison Mines Corp.* Uranium One	44.9400 30.0600
Beatty River	Saskatchewan	21.4253	Orano Canada Inc.* UEX Corporation	56.5303 22.0444
Waterfound River	Saskatchewan	26.9830	Orano Canada Inc.* Denison Mines Corp.	60.7008 12.3162
Cree Extension	Saskatchewan	30.0990	Cameco Corporation* Orano Canada Inc.	41.9645 27.9365
Moon Lake	Saskatchewan	20.1494	Cameco Corporation* Orano Canada Inc.	56.6816 23.1690
Moore Tomblin	Saskatchewan	13.5947	Orano Canada Inc.* Cameco Corporation	66.6194 19.7859

Table 2 – Historic Indicated and Inferred Resources – JCU Projects

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(1) Other than the Christie Lake resource estimate, these are historical resource estimates taken from the sources listed below. To the Company's knowledge, a qualified person has not done sufficient work to classify these historical estimates as current mineral resources. The Company is not treating this information as current mineral resources, has not verified this information and is not relying on it. The Company currently does not plan to conduct any work to verify the historical estimates other than using them to guide its exploratory and possible development work.
(2) The Christie Lake mineral resources were estimated at a cut off of 0.2% U 3 O 8 , and are documented in the "Technical Report on the Christie Lake Uranium Project, Saskatchewan, Canada" (the "Christie Lake Technical Report") with an effective date of December 13, 2018 which was filed on SEDAR at www.sedar.com on February 1, 2019. Inferred resources have been modified from the stated values in the Christie Lake Technical Report to reflect UEX's increase in the ownership of Christie Lake Project from 60% to 65.5492% effective January 1, 2021.
(3) Certain amounts presented in the Christie Lake Technical Report have been rounded for presentation purposes. This rounding may impact the footing of certain amounts included in the tables above.
(4) Wheeler River resources as reported by Denison's Prefeasibility Study as posted on October 30, 2018 on SEDAR.com using a cut-off grade of 0.2% U3O8 for the Gryphon Deposit and 0.8% U3O8 for the Phoenix Deposit. These are treated by the Company as historic resource estimates.
(5) Millennium resources as reported by Cameco on their website at https://www.cameco.com/businesses/uranium-projects/millennium/reserves-resources#measured_and_indicated as of December 31, 2020. Cut-off grades used to estimate resources are unknown. The reader is cautioned that UEX is not aware whether Cameco's reporting of resources conforms to NI 43-101 and CIM guidelines. These are treated by the Company as historic resource estimates.
(6) Kiggavik resources as reported by Orano in their 2019 Activities Report available on their website at https://www.orano.group/docs/default-source/orano-doc/finance/publications-financieres-et-reglementees/2019/orano_2019_annual_activity_report.pdf?sfvrsn=2abbc744_8 and converted from tonnes U to pounds U 3 O 8 and from %U to %U 3 O 8 . Cut-off grades used to estimate resources are unknown. The reader is cautioned that UEX is not aware whether Orano's reporting of resources conforms to NI 43-101 and CIM guidelines. These are treated by the Company as historic resource estimates.
(7) UEX ownership of JCU resources listed are based on becoming 50% owner of JCU upon closing of the transaction with OURD on or before August 3, 2021.

Table 3 –Indicated and Inferred Resources – Current UEX Projects

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(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% U 3 O 8 , and are documented in the technical report titled "Technical Report on the Shea Creek Property, Northern Saskatchewan, with an Updated Mineral Resource Estimate" (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 Technical Report have been rounded for presentation purposes. This rounding may impact the footing of certain amounts included in the tables above.

(4) The Horseshoe, Raven, and West Bear mineral resources were estimated at a cut off of 0.05% U 3 O 8 , and are documented in the "Preliminary Assessment Technical Report on the Horseshoe and Raven Deposits, Hidden Bay Project, Saskatchewan, Canada" (the "Horseshoe-Raven Technical Report") with an effective date of February 15, 2011 which was filed on SEDAR at www.sedar.com on February 23, 2011.

(5) Certain amounts presented in the Horseshoe-Raven Technical Report have been rounded for presentation purposes. This rounding may impact the footing of certain amounts included in the tables above.

(6) The Christie Lake mineral resources were estimated at a cut off of 0.2% U 3 O 8 , and are documented in the "Technical Report on the Christie Lake Uranium Project, Saskatchewan, Canada" (the "Christie Lake Technical Report") with an effective date of December 13, 2018 which was filed on SEDAR at www.sedar.com on February 1, 2019. Inferred resources have been modified from the stated values in the Christie Lake Technical Report to reflect UEX's increase in the ownership of Christie Lake Project from 60% to 65.5492%% effective January 1, 2021.

(7) Certain amounts presented in the Christie Lake Technical Report have been rounded for presentation purposes. This rounding may impact the footing of certain amounts included in the tables ab

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UEX UEX:CA UEXCF Uranium Investing

Laramide Announces the Appointment of Vice-President for Operations and Strategic Planning, U.S. and Provides Update on Drilling Activity in Australia

Laramide Resources Ltd. ("Laramide" or the "Company") (TSX: LAM) (ASX: LAM) (OTCQX: LMRXF), a uranium mine development and exploration company with globally significant assets in the United States and Australia is pleased to announce the appointment of Mr. Josh Leftwich as Vice-President for Operations and Strategic Planning, U.S.A. Mr. Leftwich's substantive professional expertise will be instrumental in advancing Laramide's U.S. uranium assets through development and into production.

Mr. Josh Leftwich's career includes a role as Director of Radiation Safety and Licensing, reporting directly to the President of Cameco. At Cameco, he was a key senior manager in charge of operational compliance and oversight of three mine operations and seven development projects. He was the key contact for all tribal relations which required development and administering of policy processes, as well, he was the key regulatory contact for all state and federal communications including the Nuclear Regulatory Commission (NRC).

His other relevant uranium mining company experience includes negotiating complex regulatory issues at Uranium Energy Corp. (UEC); and, as a key component of the initial start-up team at Mestena Uranium (now The Alta Mesa Project owned by enCore Energy and Boss Energy), he was responsible for all permitting activities including demonstrating and communicating groundwater restoration capabilities and establishing health, safety and environmental/radiation programs from greenfield to production.

"We are very pleased to welcome Josh to Laramide Resources and back to the uranium industry where he began his career," said Marc Henderson , CEO and President of Laramide Resources Ltd. "Each of our U.S. projects are development stage with significant resources and can make a meaningful contribution to future US domestic uranium production, which is now a bipartisan US government objective. This political backdrop should provide a tailwind for our assets and Josh's skills will enhance our progress towards achieving our aggressive development timeline."

Westmoreland Uranium Project Drilling Update

Drilling at the Westmoreland project is proceeding well with the first three of seven planned diamond holes at the Amphitheatre prospect now completed. Initial core sampling of shallow mineralised zones is underway, guided by downhole gamma probe and handheld scintillometer data. The first samples are being prepared for delivery next week to ALS Laboratories.

The first five drillholes at Amphitheatre are targeting immediate extensions of the known mineralisation and to understand any structural controls. The last two holes planned for this study at Amphitheatre will be to step out and to test over 300m to the north under alluvial cover to get a sense of the potential scale of this project.

As part of the 2024 resource extension program, a second drill rig will arrive later this month to commence drilling at Huarabagoo and Junnagunna to test whether the zones between these two deposits can be linked. The combined program will comprise 10,000 to 12,000 meters over 100 drillholes and includes the satellite deposit at Long Pocket with an objective of expanding and updating the Westmoreland Mineral Resource Estimation.

Qualified/Competent Person
The information in this announcement relating to Exploration Results is based on information compiled or reviewed by Mr. Rhys Davies , a contractor to the Company. Mr. Davies is a Member of The Australasian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves', and is a Qualified Person under the guidelines of the National Instrument 43-101. Mr. Davies consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

About Laramide Resources Ltd.:

Laramide is focused on exploring and developing high-quality uranium assets in Australia and the western United States . The company's portfolio comprises predominantly advanced uranium projects in districts with historical production or superior geological prospectivity. The assets have been carefully chosen for their size, production potential, and the two large projects are considered to be late-stage, low-technical risk projects.

The Westmoreland project in Queensland, Australia , is one of the largest uranium development assets held by a junior mining company. This project has a PEA that describes an economically robust, open-pit mining project with a mine life of 13 years. Additionally, the adjacent Murphy Project in the Northern Territory of Australia is a greenfield asset that Laramide strategically acquired to control the majority of the mineralized system along the Westmoreland trend.

In the United States , Laramide's assets include the NRC licensed Crownpoint-Churchrock Uranium Project. An NI 43-101 PEA study completed in 2023 has described an in-situ recovery ("ISR") production methodology. The Company also owns the La Jara Mesa project in the historic Grants mining district of New Mexico and an underground project, called La Sal, in Lisbon Valley, Utah.

This press release contains forward-looking statements. The actual results could differ materially from a conclusion, forecast or projection in the forward-looking information. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information.

SOURCE Laramide Resources Ltd.

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