Uranium Participation Corp.

Uranium Concentrate Investment

$4.29  +0.07

Operations

Offerings, Acquisitions and Investments

As at February 29, 2020, since incorporation, the Corporation has raised gross proceeds of $788.2 million in 12 equity financings.  Approximately $13.3 million of those proceeds have been used by the Corporation to purchase its shares under its normal course issuer bids.

As defined in, and calculated in accordance with the Amended By-Law, as at February 29, 2020, the Aggregate Gross Proceeds of Offerings is $774.9 million and the historical aggregate cost of the Corporation's Uranium Purchases is $729.2 million; with Uranium Purchases therefore representing approximately 94.1% of the Aggregate Gross Proceeds of Offerings.

Ownership of Uranium

All uranium owned by UPC is stored at licensed uranium conversion, enrichment, or fuel fabrication facilities (each one, a "Facility" or collectively, the "Facilities") owned by different organizations in Canada, France and the United States.  The Manager, on behalf of UPC, negotiates storage arrangements with the Facilities.  See "About UPC -- Management of UPC".  Globally, there are a limited number of licensed Facilities available to commercial nuclear fuel cycle participants. The Facilities utilized by UPC represent most of the viable sources of storage, and are also used by global nuclear energy utilities and commodity traders for their storage needs.  Accordingly, the Corporation's risk in respect of ownership and storage of its uranium is considered largely similar to that of any participant in the nuclear energy industry. See "Risk Factors -- Risks Associated with Facilities" in the Corporation's Annual Information Form.

 
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