UEX : 2022 Technical Report on the Shea Creek Project, Saskatchewan

2022 Technical Report on the Shea

Creek Project, Saskatchewan

UEX Corporation

Effective Date: January 1, 2022

Christopher J. Hamel

David Alan Rhys

James N. Gray

June 1, 2022

TABLE OF CONTENTS
PAGE
1	SUMMARY ..................................................................................................................................................	7
1.1	INTRODUCTION ............................................................................................................................................	7
1.2	EXPLORATION HISTORY..................................................................................................................................	8
1.3	GEOLOGICAL SETTING ...................................................................................................................................	8
1.4	URANIUM MINERALIZATION ...........................................................................................................................	9
1.5	DRILLING METHODS, SAMPLING AND RESULTS...................................................................................................	9
1.6	MINERAL RESOURCE ESTIMATES ...................................................................................................................	10
1.7	RECOMMENDED PROGRAM TO ADVANCE SHEA CREEK.......................................................................................	12
2	INTRODUCTION.........................................................................................................................................	14
2.1	ISSUER - UEX CORPORATION .......................................................................................................................	14
2.2	TERMS OF REFERENCE .................................................................................................................................	14
2.3	SOURCES OF INFORMATION ..........................................................................................................................	14
2.4	PROPERTY VISITS AND SCOPE OF INVOLVEMENT OF THE AUTHORS .......................................................................	15
3	RELIANCE ON OTHER EXPERTS ..................................................................................................................	16
4	PROPERTY DESCRIPTION AND LOCATION ..................................................................................................	17
4.1	PROPERTY LOCATION ..................................................................................................................................	17
4.2	CONCESSION DESCRIPTIONS .........................................................................................................................	17
4.3	TITLE AND OPTION AGREEMENT....................................................................................................................	18
4.4	OTHER PROPERTY INTERESTS ........................................................................................................................	21
4.5	ENVIRONMENTAL LIABILITIES ........................................................................................................................	21
4.6	ANNUAL EXPENDITURES ..............................................................................................................................	21
4.7	RISK FACTORS WITH RESPECT TO ACCESS, TITLE, AND ABILITY TO PERFORM WORK....................................................	22
5	ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY ...........................	23
5.1	TOPOGRAPHY, ELEVATION, AND VEGETATION ..................................................................................................	23
5.2	ACCESS TO PROPERTY..................................................................................................................................	23
5.3	PROXIMITY TO POPULATION CENTRES AND TRANSPORT .....................................................................................	23
5.4	CLIMATE AND LENGTH OF OPERATING SEASON ................................................................................................	25
5.5	LOCAL RESOURCES AND INFRASTRUCTURE .......................................................................................................	25
6	HISTORY ....................................................................................................................................................	26
6.1	OWNERSHIP HISTORY OF THE SHEA CREEK PROPERTY ........................................................................................	26
6.2	EARLY EXPLORATION HISTORY OF THE SHEA CREEK AREA ...................................................................................	28
6.3	EXPLORATION ON THE SHEA CREEK PROPERTY, 1990 TO 2004...........................................................................	29
6.4	HISTORICAL RESOURCES ..............................................................................................................................	32
6.5	PRODUCTION.............................................................................................................................................	32
7	GEOLOGICAL SETTING AND MINERALIZATION...........................................................................................	33
7.1	REGIONAL, LOCAL AND PROPERTY GEOLOGY....................................................................................................	33
7.2	URANIUM MINERALIZATION .........................................................................................................................	38
7.3	GOLD MINERALIZATION...............................................................................................................................	41
8	DEPOSIT TYPES..........................................................................................................................................	44
9	EXPLORATION ...........................................................................................................................................	48
10	DRILLING ...................................................................................................................................................	57

	10.1	DRILLING METHODOLOGIES..........................................................................................................................	57
	10.2	DOWNHOLE DIRECTIONAL SURVEYS ...............................................................................................................	58
	10.3	RADIOMETRIC PROBING OF DRILL HOLES ........................................................................................................	58
	10.4	DRILL HOLE COLLAR FIELD LOCATIONS AND SURVEYS ........................................................................................	59
	10.5	SUMMARY OF DRILLING RESULTS: NORTHERN SHEA CREEK PROPERTY ..................................................................	59
	10.5.1	Relationship of Drilling Length to True Thickness of Mineralized Intercepts ...................................	59
	10.5.2	Drilling in the Anne Deposit Area .....................................................................................................	62
	10.5.3	Area between the Anne and Kianna Deposits (Kianna South) .........................................................	63
	10.5.4	Kianna Area......................................................................................................................................	65
	10.5.5	58B Deposit Area .............................................................................................................................	68
	10.5.6	Colette Area .....................................................................................................................................	69
	10.6	DRILLING IN OTHER AREAS ON THE SHEA CREEK PROPERTY .................................................................................	72
	10.7	RELATIONSHIP BETWEEN SAMPLE LENGTH AND TRUE THICKNESS .........................................................................	78
	10.8	CORE RECOVERY FACTORS ...........................................................................................................................	78
11	SAMPLE PREPARATION, ANALYSES AND SECURITY ...................................................................................	79
	11.1	DRILL CORE HANDLING AND LOGGING PROCEDURES .........................................................................................	79
	11.2	DRILL CORE SAMPLING ................................................................................................................................	79
	11.2.1	Geochemical Sampling.....................................................................................................................	79
	11.2.2	Dry Bulk Density Sampling ...............................................................................................................	80
	11.3	SAMPLE SECURITY ......................................................................................................................................	81
	11.4	LABORATORY ANALYTICAL PROCEDURES .........................................................................................................	81
	11.4.1	Geochemical Sample Preparation....................................................................................................	81
	11.4.2	Analytical Procedures, Quality Control Measures and Security .......................................................	82
	11.5	QUALIFIED PERSON'S OPINION ON SAMPLING, PREPARATION, SECURITY, AND PROCEDURES ....................................	83
	11.6	CONVERSION OF RADIOMETRIC PROBE DATA TO EQUIVALENT URANIUM GRADE ....................................................	84
	11.6.1	AVP Conversion ................................................................................................................................	85
	11.6.2	Radiometric-Grade Correlation........................................................................................................	85
12	DATA VERIFICATION..................................................................................................................................	90
	12.1	DATA VERIFICATION PROCEDURES APPLIED BY QUALIFIED PERSONS .....................................................................	90
	12.2	LIMITATIONS OF VERIFICATION......................................................................................................................	90
	12.3	QUALIFIED PERSON'S OPINION ON THE ACCURACY OF THE DATA FOR RESOURCE ESTIMATION ...................................	91
	12.4	COMPARISON OF ANALYTICAL TECHNIQUES .....................................................................................................	91
	12.5	LABORATORY INTERNAL QUALITY ASSURANCE AND QUALITY CONTROL .................................................................	93
	12.6	EXTERNAL LABORATORY CHECK ANALYSES.......................................................................................................	94
	12.6.1	Assay by Delayed Neutron Counting................................................................................................	94
	12.6.2	Loring Laboratories Ltd. Check Analyses..........................................................................................	98
	12.7	CONCLUSION: QUALIFIED PERSON'S OPINION ON DATA VERIFICATION AND VALIDITY ..............................................	98
13	MINERAL PROCESSING AND METALLURGICAL TESTING.............................................................................	99
14	MINERAL RESOURCES ESTIMATE.............................................................................................................	100
	14.1	PREVIOUS RESOURCE ESTIMATES.................................................................................................................	100
	14.2	CURRENT RESOURCE .................................................................................................................................	100
	14.2.1	Introduction ...................................................................................................................................	100
	14.2.2	Available Data................................................................................................................................	100
	14.2.3	Geological Model ...........................................................................................................................	102
	14.2.4	Bulk Density ...................................................................................................................................	103
	14.2.5	Interval Compositing......................................................................................................................	104
	14.2.6	Spatial Analysis ..............................................................................................................................	105
	14.2.7	Grade Capping ...............................................................................................................................	106
	14.2.8	Grade Interpolation .......................................................................................................................	108

	14.2.9	Model Validation............................................................................................................................	109
	14.2.10 Resource Classification and Tabulation .........................................................................................	110
	14.3	2013 THROUGH 2016 DRILLING.................................................................................................................	114
15	MINERAL RESERVE ESTIMATE..................................................................................................................	116
16	MINING METHODS ..................................................................................................................................	117
17	RECOVERY METHODS ..............................................................................................................................	118
18	PROJECT INFRASTRUCTURE.....................................................................................................................	119
19	MARKET STUDIES AND CONTRACTS ........................................................................................................	120
20	ENVIRONMENTAL STUDIES, PERMITTING, AND SOCIAL OR COMMUNITY IMPACT..................................	121
21	CAPITAL AND OPERATING COSTS ............................................................................................................	122
22	ECONOMIC ANALYSIS..............................................................................................................................	123
23	ADJACENT PROPERTIES ...........................................................................................................................	124
24	OTHER RELEVANT DATA AND INFORMATION..........................................................................................	125
25	INTERPRETATION AND CONCLUSIONS.....................................................................................................	126
26	RECOMMENDATIONS..............................................................................................................................	129
	26.1	SHEA CREEK RESOURCE EXPANSION DRILLING................................................................................................	129
	26.2	CONTINUED EXPLORATION ALONG SASKATOON LAKE AND KLARK LAKE CONDUCTORS............................................	129
	26.3	RECOMMENDED PROGRAM TO ADVANCE SHEA CREEK.....................................................................................	129
27	REFERENCES ............................................................................................................................................	131
28	DATE AND SIGNATURE PAGES.................................................................................................................	137
29	CERTIFICATES OF QUALIFIED PERSONS....................................................................................................	138

LIST OF FIGURES
PAGE
Figure 4-1: Shea Creek Project Location Map .......................................................................................................	19
Figure 4-2: Shea Creek Mineral Disposition Map..................................................................................................	20
Figure 5-1: Infrastructure and deposits on and adjacent to the Shea Creek property...........................................	24
Figure 7-1: Geological setting of the Shea Creek property. ..................................................................................	35
Figure 7-2: Shea Creek Project Basement Geology at the Unconformity ..............................................................	36
Figure 7-3: Cross section through the Anne Deposit looking northwest...............................................................	37
Figure 7-4: Views of the modeled mineralized zones in the Shea Creek deposits.................................................	38
Figure 7-5: Unconformity hosted mineralization textures....................................................................................	42
Figure 7-6: Basement mineralization styles in the Kianna and Anne Deposits......................................................	43
Figure 8-1: Schematic cross section......................................................................................................................	45
Figure 9-1: Contoured DC-resistivity ....................................................................................................................	52
Figure 9-2: Shea Creek Property Drill Hole Location Map.....................................................................................	55
Figure 9-3: Collar locations and traces of Shea Creek Drill Holes ..........................................................................	56
Figure 10-1: Geology between the Anne and Kianna Areas..................................................................................	60
Figure 10-2: Cross section 6875N through the central Anne Deposit....................................................................	61
Figure 10-3: Kianna Wireframe View looking to the SW.......................................................................................	64
Figure 10-4: Colette south cross section, looking north-northwest ......................................................................	71
Figure 10-5: Shea Creek Drilling 4.7 km along trend south from Anne Deposit ....................................................	74
Figure 10-6: Shea Creek Drilling in the Southern Part of the Property (1 of 2)......................................................	75
Figure 10-7: Shea Creek Drilling in the Southern Part of the Property (2 of 2)......................................................	76
Figure 10-8: Shea Creek Drill Holes along Strike to the North Northwest from the Deposits................................	77
Figure 11-1: Anne Deposit - Sermine USURA correlation.....................................................................................	86
Figure 11-2: Kianna Deposit - Sermine USURA correlation ..................................................................................	87
Figure 11-3: Colette Deposit and Area 58B - Sermine USURA correlation............................................................	88
Figure 12-1: Scatter plots .....................................................................................................................................	92
Figure 12-2: Scatter plots .....................................................................................................................................	92
Figure 12-3:Thompson-Howarth plots of SRC verses DNC analyses.....................................................................	96
Figure 12-4:Thompson-Howarth precision plot of assay comparison ..................................................................	97
Figure 12-5: Scatter plot of Loring fluorimetry .....................................................................................................	97
Figure 14-1: Resource Estimate Drilling, 2022 Block Model Limits and Deposit Areas ........................................	101
Figure 14-2: Density - Grade Correlation ............................................................................................................	104
Figure 14-3: Swath Plots Comparing Indicated OK, ID2 and NN Estimates .........................................................	110
Figure 14-4: Volume Selectivity by Cut-off Grade...............................................................................................	113