UEX Corporation

Sorensen Exercises Warrants

VANCOUVER, BC--(Marketwired - January 24, 2018) - UEX Corporation (TSX: UEX) ("UEX" or the "Company") is pleased to announce that Mr. Stephen Sorensen, a long-time UEX shareholder and the Company's founding and former President and CEO, has exercised warrants to become UEX's third largest shareholder.

UEX also announces that a large institutional shareholder has also exercised warrants for UEX common shares.

Sorensen Warrant Exercise

Mr. Sorensen has exercised warrants for 18,000,000 UEX shares at an exercise price of $0.20/share to hold a total of 34,000,000 shares representing 9.77% of the issued and outstanding shares of the Company.

UEX received proceeds of $3,600,000 from Mr. Sorensen's warrant exercise.

Mr. Sorensen acquired the warrants in January 2016 as part of a private placement unit financing (see UEX News Release dated January 22, 2016). The initial proceeds of that financing were used to fund the $2,000,000 cash payment made to JCU (Canada) Exploration Company Limited that provided UEX with the option to acquire up to 70% of the Christie Lake Property. UEX currently owns 45% of the Christie Lake Project and remains on track to earn a 70% interest in the property.

"With my investment two years ago, I was thrilled to help the Company secure the Christie Lake Uranium Project, a property I had long sought to acquire during my tenure at UEX," said Stephen Sorensen, former President and CEO of UEX. Sorensen went on to say, "proceeds from my warrant exercise and the planned spin out of CoEX Metals Corporation ("CoEX") will help UEX shareholders capitalize on the cobalt boom that is beginning to grip the resource market."

Mr. Sorensen was the President and CEO of UEX during the time that the Company's West Bear Cobalt-Nickel Prospect was discovered and oversaw the discovery team led by Roger Lemaitre, the Company's current President and CEO, who at the time was seconded to UEX by Cameco Corporation under an exploration management services agreement.

UEX recently announced that it is considering a spin-out of its wholly-owned subsidiary, CoEX Metals Corporation (see UEX News Release dated January 17, 2018). CoEX has been tasked with the exploration and development of the West Bear Cobalt-Nickel Prospect and is proceeding with a $1.5 million -- 3,500 m -- 30 to 40-hole exploration program that is expected to commence in mid-February.