UEX Provides Additional Information Regarding the West Bear Technical Report

38 UEX Provides Additional Information Regarding the West Bear Technical Report


UEX Corporation

Saskatoon, Saskatchewan –

TheNewswire –

September 1, 2022

– UEX Corporation

(“UEX” or the “Company”), a wholly-owned subsidiary
of Uranium Energy Corporation (NYSE:UEC),

provides additional information relating to the technical
report titled “Independent Technical Report on the West Bear
Project, Saskatchewan” dated July 25, 2022 for the Company’s 100%
owned West Bear property filed on SEDAR and announced by news release
on August 8, 2022 (“2022 Technical Report”). The 2022 Technical
Report includes a new mineral resource estimate for the West Bear

The mineral resource estimate disclosed in
the 2022 Technical Report totalled 295,000 tonnes containing 3.763
million pounds cobalt (Co) at an average grade of 0.58% Co, and 3.164
million pounds nickel (Ni) at an average grade 0.49% Ni as an
indicated mineral resource using a cut-off grade of 0.14% cobalt
equivalent (CoEq.), as set out in Table 1 below.

Table 1 – West Bear
Deposit Mineral Resource Estimates



Contained Metal

Quantity (Tonnes)

Cobalt (%)

Nickel (%)


(‘000 lb)


(‘000 lb)







*Mineral resources are not mineral
reserves and have not demonstrated economic viability. There is no
certainty that all or any part of the mineral resource will be
converted into mineral reserve. All figures are rounded to reflect the
relative accuracy of the estimates. Resources were estimated using a
cut-off grade of 0.14% CoEq and consider metal prices of US$32.84 per
pound cobalt and US$ 11.64 per pound nickel. Cobalt equivalent
(“CoEq”) grades have been calculated using the following factor
CoEq% = Co% + (Ni%*0.38).

The material differences in the total
resources estimated between the 2022 Technical Report and the previous
technical report on the West Bear property titled “2019 Technical
Report on the West Bear Project, Saskatchewan” dated and filed on
SEDAR on April 30, 2020 (“2020 Technical Report”) is primarily the
result of a significant change to the cut-off grade used by the
authors to estimate mineral resources in the 2022 Technical Report.
 The determination of the CoEq cut-off grade was increased to 0.14%
in the 2022 Technical Report.  In addition to increasing the cut-off
grade, the 2022 Technical Report uses a different equation for
estimating cobalt equivalent grades due to the slight decrease in
cobalt prices and a significant increase in nickel prices between 2020
and 2022.

The cut-off grade used in the 2022
Technical Report was determined using a conceptual pit model.  The
2020 Technical Report utilized the same cut-off grade used in the 2018
technical report titled “Technical Report for the West Bear
Cobalt-Nickel Project, Saskatchewan Canada”, prepared by
Sebastien Bernie, P.Geo. and Chantal Jolette, P.Geo, with an effective
date of July 6, 2018, filed August 7, 2018 (“2018 Technical
Report”).  The 2020 Technical Report was prepared by Qualified
Persons (“QPs”) who were not independent. As the 2020 Technical
Report reported a greater than 100% change in the mineral resource
estimate as compared to the 2018 Report, this required that the 2020
Technical Report be prepared by QPs who were independent.

To correct this, the Company filed the
2022 Technical Report which was prepared by independent QPs, which
resulted in the change to the mineral resource estimate described

The material differences between the 2022
Technical Report and the 2020 Technical Report are summarized in the
table below:

Material Differences

August 8, 2022

Technical Report

April 30, 2020

Technical Report

Cut-Off Grade

Used 0.14% Co





= Co% + (Ni% x 0.38)

Cobalt Price = US$32.84/lb

Nickel Price =

Used 0.023% Co





= Co% + (Ni% x 0.2)

Cobalt Price = US$35.00/lb

Nickel Price =

Total Resources Estimated

(100% of mineral
resources were classified as Indicated Resources)

Resource Tonnage

295,000 t

1,223,000 t

Cobalt Grade (Co%)



Contained Cobalt (lbs)

3,763,000 lbs

5,122,000 lbs

Nickel Grade (Ni%)



Contained Nickel (lbs)

3,164,000 lbs

5,662,000 lbs



Persons and Data Acquisition

The 2022 Technical Report was prepared by

Mr. Hatley, P.Eng. of

Hatley Engineering

, and Mr.
Fred Brown, P.Geo.,

who are considered to be
independent Qualified Persons under National Instrument 43-101

Standards of Disclosure for
Mineral Projects

(“NI 43-101”).

Mr. Hatley and Mr. Brown

each reviewed and approved the technical
information in relation to the 2022 Technical Report in this release.

The technical information in this news release
has been reviewed and approved by Roger Lemaitre, P.Eng., P.Geo.,
UEX’s President, who is considered to be a Qualified Person as
defined by NI 43-101.


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 UEX’s drill
hole results, uranium, cobalt and nickel prices, outlook for our
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 and is subject to risks, uncertainties and other factors
that could cause actual results to differ materially from future
results expressed or implied by such forward-looking information.
Important factors that could cause actual results to differ materially
from UEX’s expectations include uncertainties relating to the,
interpretation of drill results and geology, assay confirmation,
additional drilling results, 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 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.

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