Energy

(TheNewswire)

UEX Corporation

Saskatoon, Saskatchewan TheNewswire - August 16, 2022 UEX Corporation (TSX:UEX ) ( OTC:UEXCF) (" UEX " or the " Company ") is pleased to confirm that securityholders of UEX approved,  at the special meeting of UEX securityholders held earlier today (the " Meeting "), the special resolution (the " Arrangement Resolution ") in respect of a statutory plan of arrangement (the " Arrangement ") under the Canada Business Corporations Act (the " CBCA ") pursuant to which UEC 2022 Acquisition Corp., a wholly-owned subsidiary of Uranium Energy Corp. (" UEC ") will acquire all of the issued and outstanding common shares of UEX (" UEX Shares ") and in return, shareholders of UEX (" UEX Shareholders ") will receive, for each UEX Share held, 0.09 of one common share of UEC.

The Arrangement Resolution was passed with approval by 90.79% of votes cast by UEX Shareholders at the Meeting in person or by proxy and by 91.60% of votes cast by UEX shareholders, optionholders and restricted share unitholders voting together as a single class at the Meeting in person or by proxy.

Full details of the Arrangement and certain other matters are set out in the management proxy circular of the Company dated July 8, 2022 (the " Circular "), as well as the news releases of the Company dated June 13, 2022, August 5, 2022 and August 15, 2022 (collectively, the " UEX News Releases "). Copies of the Circular and the UEX News Releases can be found on the Company's SEDAR profile at www.sedar.com .

In addition, a special resolution to reduce the stated capital of the UEX Shares so that the Company may use the arrangement provisions under the CBCA was passed with approval by 91.13% of votes cast by UEX Shareholders at the Meeting in person or by proxy.

Detailed voting results are available on the Company's SEDAR profile at www.sedar.com .

UEX expects to apply for a final order of the Supreme Court of British Columbia for approval of the Arrangement on or about August 18, 2022. Assuming the satisfaction or waiver of other customary closing conditions and subject to the receipt of all relevant regulatory and court approvals, the Arrangement is expected to close on or about August 19, 2022.

On behalf of the Board of Directors of UEX

"Roger Lemaitre "

Roger Lemaitre

President & CEO, UEX Corporation

Phone: 306-979-3849

Website: www.uexcorp.com

Forward-Looking Statement Cautions:

This news release contains statements that constitute "forward-looking information" for the purposes of Canadian securities laws. These forward‐looking statements or information relate to, among other things: the receipt of required regulatory approvals for the Arrangement; the ability of UEC and UEX to satisfy the other conditions to, and to complete the Arrangement; the anticipated date of the hearing for the final order; and the anticipated timing of closing of the Arrangement.

These statements reflect the Company's current views with respect to future events and are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Such factors include, the synergies expected from the Arrangement not being realized; business integration risks; fluctuations in general macro‐economic conditions; fluctuations in securities markets; fluctuations in the spot and forward price of uranium or certain other commodities (such as natural gas, fuel oil and electricity); fluctuations in the currency markets (such as the Canadian dollar and the U.S. dollar); changes in national and local government, legislation, taxation, controls, regulations and political or economic developments in Canada and the United States; operating or technical difficulties in connection with mining or development activities; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards and industrial accidents); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the parties do business; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on mining, availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses, permits and approvals from government authorities; title to properties; and the factors identified under the caption "Risk Factors" in UEX's Annual Information Form. In addition, the failure of UEX to comply with the terms of the Arrangement Agreement may result in UEX being required to pay a termination fee to UEC, the result of which could have a material adverse effect on UEX's financial position and results of operations and its ability to fund growth prospects and current operations. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward‐looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such information, other than as required by applicable law.

Copyright (c) 2022 TheNewswire - All rights reserved.

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UEX:CA,UEXCF

GoviEx Announces Publication of ESG Report

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Global Atomic Commences EPCM Phase for the Dasa Project

Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (Frankfurt: G12) is pleased to announce the signing of Development Consultants Private Limited ("DCPL") of Kolkata, India and Lycopodium Minerals Canada Ltd. ("Lycopodium") to commence the basic and detailed engineering, procurement and Project Management of the Dasa Mine processing plant in the Republic of Niger .

Global Atomic Corporation (CNW Group/Global Atomic Corporation)

These engineering and project delivery firms were selected to form an Integrated EPCM Project Team synthesizing proven uranium processing plant design experience with West African project management and construction experience. DCPL will focus on the Basic and Detailed Engineering required for the design of the Dasa Process Plant, with the initial phase of Basic Engineering now underway. Lycopodium will prepare the Project Execution Plan, provide input for constructability in West Africa and provide project services during this phase with the intention of continuing on to manage plant construction.

All EPCM activity will be guided and supervised by Global Atomic Owner's Team headed by Dr. Santiago Faucher , Chief Technology Officer at Global Atomic. Global Atomic and Dr. Faucher's company, Insight R&D, have now integrated metallurgical, mechanical, and electrical engineering experts with DCPL's team in Kolkata and Lycopodium's team in Toronto to direct work on the Dasa Project. Together, this Integrated EPCM Project Team will develop the detailed design and complete the project delivery, of the Dasa mine processing plant; building on proven results from the 2020 Insight R&D pilot plant trials and the findings of the 2021 Dasa Phase 1 Feasibility Study.

DCPL and Lycopodium have excellent and extensive work histories throughout Africa including technical studies, project reviews and EPCM contracting for over 77 engineering projects in mining and other industries. Additionally, DCPL has designed and built several uranium recovery and process plants and is currently the foremost engineering company in India developing that country's nuclear and uranium sectors. Lycopodium has been actively engaged in 60 mining projects across West Africa and brings recent hands-on project delivery experience in the region.

Global Atomic President and CEO, Stephen G. Roman stated, "Following Global Atomic's announcements regarding our initial off-take agreement, the formation of a banking syndicate to finance the Dasa Project and the incorporation of our Niger operating company, SOMIDA, the commencement of the EPCM phase is our next important milestone to stay on schedule to become one of the world's newest uranium production companies. Similar to most multinational firms, who source specialized engineering from India today, Global Atomic has identified DCPL as having the World's most compelling experience and track record in the design of uranium processing plants. DCPL's uranium experience will reduce project technical risk, while its ability to deliver highly detailed engineered designs will reduce in-field work and enable good project cost control."

" After an extensive selection process, DCPL and Lycopodium emerged to form the best team to undertake the EPCM phase of the Dasa Project. This Integrated EPCM Project Team is committed to completing the project on time and keeping the Dasa Project on schedule to deliver yellowcake to utilities in Q1 2025."

About DCPL

Development Consultants Private Limited ("DCPL"), is an India -based trans-national consulting engineering firm that provides an entire suite of Project Engineering services to its clients in India and around the world, from concept to commissioning, for diverse core sector and speciality projects. DCPL has led projects in many fields including mining, mineral processing and beneficiation, renewable energy and environment, power generation, transmission and distribution, industrial water supply and treatment and industrial wastewater treatment and reuse.

DCPL ( www.dcpl.net.in ) is closely associated with many of the nuclear power projects in India and has engineered approximately 45,000 MW of installed generation capacity, DCPL is one of the leaders in the nuclear field globally.

About Lycopodium

Lycopodium Minerals Canada Ltd., based in Toronto , is a subsidiary of Lycopodium Limited (ASX: LYL) which is headquartered in Perth, Australia , and is a leader in its field, working with clients to provide integrated engineering, construction and asset management solutions.  Lycopodium has the expertise to deliver complex, multidisciplinary projects, through to the provision of feasibility studies and advisory services. Operating across the Resources, Infrastructure and Industrial Processes sectors, they offer a diverse team of industry experts to deliver bespoke and innovative solutions across all commodity types.

With the capability to deliver projects around the world, Lycopodium has offices in Australia , South Africa , Canada , Ghana and the Philippines . For more, visit www.lycopodium.com .

About Global Atomic

Global Atomic Corporation ( www.globalatomiccorp.com ) is a publicly listed company that provides a unique combination of high-grade uranium mine development and cash-flowing zinc concentrate production.

The Company's Uranium Division includes four deposits with the flagship project being the large, high-grade Dasa Project, discovered in 2010 by Global Atomic geologists through grassroots field exploration. With the issuance of the Dasa Mining Permit and an Environmental Compliance Certificate by the Republic of Niger , the Dasa Project is fully permitted for commercial production. The Phase 1 Feasibility Study for Dasa was filed in December 2021 and estimates Yellowcake production to commence by the end of 2024. Mine excavation began in Q1 2022.

Global Atomic's Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. ("BST") Joint Venture, which operates a modern zinc production plant, located in Iskenderun, Turkey . The plant recovers zinc from Electric Arc Furnace Dust ("EAFD") to produce a high-grade zinc oxide concentrate which is sold to zinc smelters around the world. The Company's joint venture partner, Befesa Zinc S.A.U. ("Befesa") listed on the Frankfurt exchange under 'BFSA', holds a 51% interest in and is the operator of the BST Joint Venture. Befesa is a market leader in EAFD recycling, with approximately 50% of the European EAFD market and facilities located throughout Europe , Asia and the United States of America .

The information in this release may contain forward-looking information under applicable securities laws. Forward-looking information includes, but is not limited to, statements with respect to completion of any financings; Global Atomics' development potential and timetable of its operations, development and exploration assets; Global Atomics' ability to raise additional funds necessary; the future price of uranium; the estimation of mineral reserves and resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; cost of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental and permitting risks. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "is expected", "estimates", variations of such words and phrases or statements that certain actions, events or results "could", "would", "might", "will be taken", "will begin", "will include", "are expected", "occur" or "be achieved". All information contained in this news release, other than statements of current or historical fact, is forward-looking information. Statements of forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Global Atomic to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Global Atomic and in its public documents filed on SEDAR from time to time.

Forward-looking statements are based on the opinions and estimates of management at the date such statements are made. Although management of Global Atomic has attempted to identify important factors that could cause actual results to be materially different from those forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance upon forward-looking statements. Global Atomic does not undertake to update any forward-looking statements, except in accordance with applicable securities law. Readers should also review the risks and uncertainties sections of Global Atomics' annual and interim MD&As.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this news release.

SOURCE Global Atomic Corporation

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