UEX Provides Additional Information Regarding West Bear Technical Report

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 regarding the technical report entitled “Independent Technical Report on the West Bear Project, Saskatchewan” dated July 25, 2022 for the 100% owned West Bear property filed on SEDAR and announced by press release on August 8, 2022 (“2022 Technical Report”). The 2022 technical report includes a new mineral resource estimate for the West Bear property.

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

Table 1 – West Bear Deposit Mineral Resource Estimates


To note

Metal content

Quantity (tons)

cobalt (%)

Nickel (%)

(‘000 pounds)

(‘000 pounds)







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

The material differences in total estimated resources between the 2022 Technical Report and the previous technical report on the West Bear Property entitled “2019 Technical Report on the West Bear Project, Saskatchewan” dated and filed on SEDAR on April 30, 2020 (“2020 Technical Report 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 CoEq cut-off grade determination has been 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 to estimate cobalt equivalent grades due to the slight decline 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 used 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 Sébastien Bernie, P.Geo. and Chantal Jolette, P.Geo. , with an effective date of July 6, 2018, filed August 7, 2018 (“Technical Report 2018”). 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 Mineral Resource estimate from the 2018 report, this required that the 2020 Technical Report be prepared by independent qualified persons. To correct this, the Company filed the 2022 Technical Report which was prepared by Independent Qualified Persons resulting in the change to the Mineral Resource estimate described below.

The significant 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 note

Used 0.14% Co(eq) where:

Co(eq) = Co% + (Ni% x 0.38)

Cobalt price = US$32.84/lb

Nickel price = US$11.64/lb

Used 0.023% Co(eq) where:

Co(eq) = Co% + (Ni% x 0.2)

Cobalt price = US$35.00/lb

Nickel price = US$7.00/lb

Estimated total resources (100% of mineral resources have been classified as Indicated Resources)

Resource tonnage

295,000 t

1,223,000 t

Cobalt content (Co%)



Cobalt content (lb)

3,763,000 pounds

5,122,000 pounds

Nickel grade (Ni%)



Nickel content (lb)

3,164,000 pounds

5,662,000 pounds

Qualified Persons and Data Acquisition

The 2022 Technical Report was prepared by M. Hatley, P.Eng. of Hatley Engineering, and Mr. Fred Brown, P.Geo., who are considered Independent Qualified Persons under National Instrument 43-101 – Disclosure Standards for Mining Projects (“NI 43-101”). Mr. Hatley and Mr. Brown have each reviewed and approved the technical information relating to the 2022 Technical Report in this release. The technical information contained in this press release has been reviewed and approved by Roger Lemaitre, P.Eng., P.Geo., President of UEX, who is considered a qualified person as defined by NI 43-101.


Roger Lemaitre

President and CEO

(306) 979-3849


Forward-looking information

This press release contains statements that constitute “forward-looking information” for the purposes of Canadian securities laws. These statements are based on UEX’s current expectations, estimates, forecasts and projections. This forward-looking information includes statements regarding UEX’s drill hole results, uranium, cobalt and nickel prices, prospects for our future operations, plans and timing of exploration activities, and other expectations, intentions and plans that are not historical facts. This 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 related to the interpretation of drill results and geology, assay confirmation, additional drill results, continuity and the grade of the deposits, fluctuations in the prices of uranium, cobalt and nickel and the exchange rate. rates, changes in environmental and other laws affecting the exploration for and mining of uranium, cobalt and nickel and other risks and uncertainties disclosed in UEX’s Annual Information Form and other documents filed with applicable Canadian securities commissions on SEDAR. Many of these factors are beyond UEX’s control. Accordingly, all forward-looking information contained in this press release is qualified by this cautionary statement and there can be no assurance that the actual results or developments anticipated by UEX will materialize. 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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