UEX : Revised Annual Information Form

August 19, 2022 at 01:44 pm EDT

UEX CORPORATION

RevisedAnnual Information Form

Year Ended December 31, 2021

Advancing our Exceptional Portfolio of Uranium Projects

in the Athabasca Basin

Leading the Discovery of Ethically Sourced Cobalt in

Canada

TSX: UEX

www.uexcorp.com

This Revised Annual Information Form amends and replaces the Annual Information Form of UEX Corporation dated April 5, 2022, and includes amendments to (1) current technical disclosure, as required by section 5.4 of National Instrument 51‐102F2, (2) the date of the form, and (3) provide for certain consequential updates.

Cautionary Statement Regarding Forward-Looking Information

This Revised Annual Information Form contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Such forward-looking statements include statements regarding the outlook for our future operations, plans and timing for the commencement or advancement of exploration activities on our properties, joint venture and option earn-in arrangements, statements about future market conditions, supply and demand conditions, forecasts of future costs and expenditures, and other expectations, intention and plans that are not historical fact. These forward-looking statements are based on certain factors and assumptions, including expected economic conditions, uranium prices, results of operations, performance and business prospects and opportunities.

Statements concerning mineral reserve and mineral resource estimates may also constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if the property is developed and, in the case of mineral reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation:

UEX's exploration activities may not result in profitable commercial mining operations;
risks associated with UEX's participation in joint ventures and ability to earn into joint venture and option arrangements;
risks associated with the implementation of any strategic opportunity that UEX decides to pursue;
risks related to UEX's reliance on other companies as operators;
risks related to uranium, cobalt, and nickel price fluctuations;
risks associated with competition for mineral properties from mining companies which have greater financial resources and more technical staff;
risks related to mineral reserve and mineral resource figures being estimates based on interpretations and assumptions which may prove to be unreliable;
uncertainty in UEX's ability to raise financing and fund the exploration and development of its mineral properties which could cause UEX to reduce or be unable to earn interests in properties;
uncertainty in competition from other energy sources and public acceptance of nuclear energy;
risks related to dependence on key management employees;
risks related to compliance with environmental laws and regulations which may increase costs of doing business and restrict our operations;
risks related to officers and directors becoming associated with other natural resource companies which may give rise to conflicts of interests;
risks related to accounting policies requiring UEX management to make estimates and assumptions that affect reported amounts of financial items;
risks related to UEX's internal control systems providing reasonable, but not absolute, assurance on the reliability of its financial reporting;
risks related to UEX's ability to access its exploration projects or disruptions to its business due to internal or government guidelines, legislation or other restrictions due to the novel coronavirus ("COVID-19") pandemic;
risks related to the market price of UEX's shares; and
potential costs which could be associated with any liabilities not covered by insurance or in excess of insurance coverage.

This list is not exhaustive of the factors that may affect our forward-looking statements. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking statements. UEX's forward-looking statements are based on beliefs, expectations and opinions of management on the date the statements are made. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.

UEX Corporation - 2021 Revised Annual Information Form

TABLE OF CONTENTS
1.	GENERAL...........................................................................................................................................	6
1.1	Date of Information.....................................................................................................................................	6
1.2	Currency ......................................................................................................................................................	6
1.3	Notice Regarding Mineral Resource Estimates ...........................................................................................	6
1.4	Purpose........................................................................................................................................................	6
1.5	Qualified Persons ........................................................................................................................................	6
2.	CORPORATE STRUCTURE...................................................................................................................	7
2.1	Name, Address and Incorporation ..............................................................................................................	7
2.2	Intercorporate Relationships.......................................................................................................................	7
3.	GENERAL DEVELOPMENT OF THE BUSINESS.......................................................................................	7
3.1	Overview .....................................................................................................................................................	7
3.2	Most Recent Three-Year Operational History ...........................................................................................	14
3.3	Significant Acquisitions and Dispositions ..................................................................................................	18
3.4	Industry Background - 2021......................................................................................................................	19
4.	DESCRIPTION OF BUSINESS ..............................................................................................................	21
4.1	General ......................................................................................................................................................	21
4.2	Risk Factors................................................................................................................................................	23
4.3	Mineral Projects ........................................................................................................................................	29
4.3.1	Christie Lake Project..................................................................................................................................	29
4.3.2	Horseshoe-Raven Project ..........................................................................................................................	29
4.3.3	The Shea Creek Project..............................................................................................................................	31
4.3.4	West Bear Project......................................................................................................................................	33
4.3.5	Non-Material Projects ...............................................................................................................................	34
5.	DIVIDENDS.......................................................................................................................................	34
UEX Corporation - 2021 Revised Annual Information Form

5.1	Dividends...................................................................................................................................................	34
6.	CAPITAL STRUCTURE ........................................................................................................................	34
6.1	General Description of Capital Structure ..................................................................................................	34
7.	MARKET FOR SECURITIES .................................................................................................................	35
7.1	Trading Price and Volume .........................................................................................................................	35
8.	ESCROWED SECURITIES ....................................................................................................................	36
8.1	Escrowed Securities...................................................................................................................................	36
9.	DIRECTORS AND OFFICERS ...............................................................................................................	36
9.1	Name, Occupation and Security Holding...................................................................................................	36
9.2	Cease Trade Orders, Bankruptcies, Penalties and Sanctions ....................................................................	38
9.3	Conflicts of Interest ...................................................................................................................................	39
10.	AUDIT COMMITTEE DISCLOSURE ......................................................................................................	39
11.	LEGAL PROCEEDINGS AND REGULATORY ACTIONS ...........................................................................	41
11.1	Legal Proceedings......................................................................................................................................	41
11.2	Regulatory Actions ....................................................................................................................................	42
12.	INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS.........................................	42
12.1	Interest of Management and Others in Material Transactions.................................................................	42
13.	TRANSFER AGENT AND REGISTRARS.................................................................................................	43
13.1	Transfer Agent and Registrars ...................................................................................................................	43
14.	MATERIAL CONTRACTS ....................................................................................................................	43
14.1	Material Contracts.....................................................................................................................................	43
15.	INTERESTS OF EXPERTS ....................................................................................................................	44
15.1	Names of Experts ......................................................................................................................................	44
15.2	Interests of Experts ...................................................................................................................................	44
16.	ADDITIONAL INFORMATION.............................................................................................................	44

UEX Corporation - 2021 Revised Annual Information Form

APPENDIX A - AUDIT COMMITTEE CHARTER APPENDIX B - CHRISTIE LAKE TECHNICAL REPORT APPENDIX C - HORSESHOE-RAVEN TECHNICAL REPORT APPENDIX D - SHEA CREEK TECHNICAL REPORT APPENDIX E - WEST BEAR TECHNICAL REPORT

UEX Corporation - 2021 Revised Annual Information Form

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UEX Corporation published this content on 19 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 August 2022 17:43:55 UTC.

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