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North Reno Creek

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North Reno Creek

North Reno Creek

Project Snapshot

The North Reno Creek is located immediately adjacent to and within UEC’s existing Reno Creek Project permitting boundary in the Powder River Basin, Wyoming (see Figure 1 below)

In May 2018, UEC completed the acquisition of the North Reno Creek ISR project, and now holds 100% of this advanced stage project (See New Release dated May 3, 2018).

Measured and Indicated resource of 3.8 million tons containing 4.3 million pounds of U3O8 at a grade of 0.056 percent; and an Inferred resource of 190,000 tons containing 142,200 pounds of U3O8 at a grade of 0.039 percent* *See the Technical Report, prepared by Douglass Graves, P.E. of Trec, Inc., on SEDAR at www.sedar.com

Figure 1: The North Reno Creek Project (See the Company's news release dated May 3, 2018)

Figure 1: The North Reno Creek Project (See the Company's news release dated May 3, 2018)

Project Overview

The North Reno Creek ISR Project is situated within UEC’s existing permitting boundary at Reno Creek, in the Powder River Basin, Campbell County, Wyoming, approximately 80 miles northeast of Casper.

Substantial historical exploration, development and project permitting have been performed on the North Reno Creek property. Beginning in the late 1960s and continuing into the mid-1980s, Rocky Mountain Energy (“RME”), a wholly owned subsidiary of the Union Pacific Railroad, drilled more than 800 exploration drill holes on the North Reno Creek property. In the late 1970s and early 1980s, RME successfully operated and restored and reclaimed a uranium ISR pilot plant. Subsequently, RME nearly completed permitting and licensing for a commercial scale ISR facility.

In 1992, the Reno Creek Project was acquired by Energy Fuels Nuclear, Inc. (“EFN”) from RME. Over the next decade EFN and its successor, International Uranium Corporation (now Denison Mines), continued to advance the project toward full permitting and licensing. Subsequently, Rio Algom and Power Resources held the project until dropping all of their interests in 2003. Between 2006 and 2008, Uranerz acquired mineral and surface land interests covering approximately 1,280 acres of fee mineral leases and federal mining claims comprising the North Reno Creek Project. In June 2015, Energy Fuels Inc. acquired Uranerz, whose development assets included the North Reno Creek property.

In October 2010, Uranerz issued an NI 43-101 technical report titled “Technical Report, Reno Creek Property, Campbell County, Wyoming, U.S.A”, dated October 13, 2010 (the “Technical Report”).

The Technical Report, prepared by Douglass Graves, P.E. of Trec, Inc., in accordance with NI 43-101, outlined a Measured and Indicated resource of 3.8 million tons containing 4.3 million pounds of U3O8 at a grade of 0.056 percent. In addition, they reported an Inferred resource of 190,000 tons containing 142,200 pounds of U3O8 at a grade of 0.039 percent. The Technical Report is available on SEDAR at www.sedar.com.* **

UEC plans to engage a qualified person to compete the necessary work to incorporate the North Reno Creek resource estimate into the Company’s Reno Creek Project and complete an updated technical report under NI 43-101.* **

Opportunities to enhance UEC’s development of Reno Creek by optimizing the mine plan to remove the effects of property boundaries that had previously separated mineralized roll-fronts on both properties.

In particular, significant synergies exist in co-development at both the North Reno Creek Resource Unit and the Southwest Reno Creek Resource Unit, which are expected to be the first units developed within the project area.

Further augments UEC’s footprint in the strategic Powder River Basin in Wyoming, a uranium mining-friendly state with excellent infrastructure and an experienced labor force.

The Technical Report, prepared by Douglass Graves, P.E. of Trec, Inc., in accordance with NI 43-101, outlined a Measured and Indicated resource of 3.8 million tons containing 4.3 million pounds of U3O8 at a grade of 0.056 percent. In addition, they reported an Inferred resource of 190,000 tons containing 142,200 pounds of U3O8 at a grade of 0.039 percent. The Technical Report is available on SEDAR at www.sedar.com.* **

Table 1.1: Summary of Mineral Resource Uranium Estimates

Table 1.1: Summary of Mineral Resource Uranium Estimates