URANIUM PARTICIPATION CORP.

Uranium Participation Corporation (https://www.sprott.com/) invests substantially all of its assets in uranium oxide in concentrates (U3O8) and uranium hexafluoride (UF6) (collectively uranium), with the primary investment objective of achieving appreciation in the value of its uranium holdings through increases in the uranium price. The Company's strategy is to invest in holdings of uranium and not to actively speculate on changes in uranium prices by entering into exchange and investment contracts or derivative arrangements. The uranium owned is stored at uranium conversion or facilities owned by different organizations in Canada, France and the United States. It also lends its uranium to third parties from time to time. The Company invests approximately 85% of the proceeds of its equity offerings in uranium. The Company's uranium is held directly by the Company or indirectly through its subsidiary, Uranium Participation Bermuda Limited. Denison Mines Inc. is the Company's investment the manager.

• URANIUM PARTICIPATION CORP.