Uranium Investment Pure Commodity Play

March 2017 – Investor Update

Cautionary Statements

This presentation contains certain forward-looking statements and forward-looking information based on the current internalexpectations, estimates, projections, assumptions and beliefs of Uranium Participation Corporation (“Uranium Participation Corp.”or the “Corporation”). Forward-looking statements generally can be identified by the use of forward-looking terminology such as“may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “should”, “believe” or “continue” or the negative thereof orvariations thereon or similar terminology. By their very nature, forward-looking statements involve numerous factors,assumptions and estimates. A variety of factors, many of which are beyond the control of Uranium Participation Corp., may causeactual results to differ materially from the expectations expressed in the forward-looking statement. These factors include, but arenot limited to, volatility and sensitivity to market prices for uranium, demands for nuclear power and the impact of change inforeign currency exchange.

Additional information about the material factors or assumptions on which forward-looking information is based and the materialrisk factors that may affect actual results is contained in the Corporation’s Annual Information Form dated May 11, 2015, includedunder “Risk Factors”.

These and other factors should be considered carefully, and readers are cautioned not to place undue reliance on these forward-looking statements. Although management reviews the reasonableness of its assumptions and estimates, unusual andunanticipated events may occur which render them inaccurate. Under such circumstances, future performance may differmaterially from those expressed or implied by the forward-looking statements. Except where required under applicable securitieslegislation, Uranium Participation Corp. does not undertake to update any forward-looking information or statement.

This presentation contains information and statistics relating to the global uranium and nuclear power industries. With respect toinformation and statistics derived from third-party publications and reports, while the Corporation believes these third‐partysources are reliable as of their respective dates, the information and statistics has not been independently verified by theCorporation or any of their affiliates or advisers. Such information and statistics may be inaccurate and we cannot assure you thedegree of accuracy with which such information and statistics are stated or compiled. None of the Corporation, nor any of itsaffiliates or advisers, makes any representation as to the accuracy or completeness of such information and statistics. Readersshould not place undue reliance on any of such information and statistics contained in this presentation.

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Investment Strategy

• Primary objective:– To achieve appreciation in the value of its uranium holdings through

increases in uranium price

• Investment strategy:– Buy and hold physical uranium inventories for long-term appreciation; – Does not actively speculate on uranium prices

• Investor profile:– Commodity focused or generalist investors looking for direct exposure

to uranium prices• UPC holds physical uranium in inventory• No mineral resource or project risks• No mine or processing operating risks• At least 85% of the net proceeds of any equity offering is to be

invested in uranium holdings

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Business Structure & Activities

• UPC (TSX: U) is a publically traded corporation– UPC is not an ETF or closed or open end fund– Activities are directed by an independent Board of Directors– Denison Mines Inc. serves as the Company’s Manager, under a

management services agreement, and takes direction from the UPC Board of Directors

• Purchase or sale of uranium holdings at Board’s discretion

• Ability to manage premium/discount to Net Asset Value (NAV)1

– NCIB: to repurchase of shares if trading at a discount– Shelf prospectus: to issue equity if trading at a premium

• Standard corporate reporting and fiduciary responsibilities

TSX: U | 4(1) Subject to applicable regulatory approval(s)

UPC Uranium Investment Portfolio

UPC Investments in Uranium Quantity CAD$ Fair Value

Uranium oxide in concentrate (U3O8) 10,080,024 lbs $297,127,000

Uranium hexafluoride (UF6) 1,903,471 KgU $161,390,000(1)

Total Uranium Fair Value $458,517,000

U3O8 Average Fair Value per lb. Fair Value

• In Canadian dollars(1) $29.48

• In United States dollars $22.25

UF6 Average Fair Value per KgU. Fair Value

• In Canadian dollars(1) $84.79

• In United States dollars $64.00

(1) Fair values are month-end spot prices published by Ux Consulting Company, LLC, translated at the month-end noon exchange rate of $1.3248.

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As at February 28th, 2017

Uranium Price History

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Current uranium prices similar to price levels in 2004, prior to rapid rise in spot and long-term prices in 2007 on significant cyclical contracting volumes

Source: UxC Consulting Company, LLC (“UxC”)

Uranium Price History

TSX: U | 7Source: UxC

Premium (Discount) to NAV

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Is investor perception a good indicator for uranium price movements in the near future?

Source: Company Data

Compelling Entry Point

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• Uranium market beginning to gain momentum off its 12-year price lows

– Uranium prices reached +12-year lows in November 2016

– The newly elected U.S. republican party has spoken out in favor of building more nuclear plants and expanding overall nuclear energy output

– However, the sustained low price environment has meant few significant sources of new supply are in the development pipeline to meet growing demand

• Uranium holdings could be of strategic interest

– Utilities looking for risk-free way to acquire significant supplies for future

– Implied value is lower than many miners’ cost of production

– The majority of the material purchased by utilities is contracted based on the long-term price (currently US$30.00/lb U3O8), while UPC’s NAV is reported based on the spot price

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Global Growth in Nuclear Energy

• China:

— Plans to build 108 reactors by 2030

— Government investment of over USD$100Bn

• India:

— 25% nuclear energy powered by 2050

• South Korea:

— 25 reactors provide 1/3 of South Korea’s power

— Plans to increase nuclear capacity 70% by 2029

• Russia:

— 7 reactors under construction

— 11 more to be constructed before 2030

• Saudi Arabia:

— Plans to build 16 reactors by 2030

— First reactor to come online in 2022

Source: UxC, World Nuclear Association (“WNA”), Institute For Energy Research

2015 & 2016: Highest annual growth in nuclear power in 25 years

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59

164

350

447

Construction OrderedOr Planned

Proposed Operating

Global Reactor Count

China’s 13th 5-Year Plan

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• Massive Chinese Nuclear Buildout

— 36 reactors in operation

— 21 under construction, +58%

— 40 planned, +169%

— 139 proposed, +556%________________________________________________________________________________

200 total reactors on the horizon

• 6-8 reactors to be approved each year

— 33 Gwe currently

— 46 Gwe by 2020-21

— 75 Gwe by 2025

— 113 Gwe by 2030 (+242%!)

• In 2015, China’s CO2 emissions from energy use declined by 0.1%, the first decline in emissions since 1998

— Nuclear power grew by 28.9%, more than doubling the 10-year average of 12.4%

Source: WNA, BP China Energy Market Statistical Review

Chinese Nuclear Renaissance

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• China has pledged to produce 15% of its primary energy from non-fossil sources by 2020

— 20% of its primary energy from non-fossil sources by 2030

• 2015: China accounted for 23% of global energy consumption

— 34% of net energy consumption growth.

Source: UxC, BP China Energy Market Statistical Review

Production Cutbacks

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Jan. 11, 2017 4:49 a.m. ET

Uranium Price Jumps as Top Supplier Pulls BackSpot price rises 10% as Kazakhstan state company says it won’t

produce as much as planned

• Cameco – April 2016:— Rabbit Lake – Suspended Operations (4 million lbs/yr)— McArthur - Reduction (2 million lbs/yr)— U.S. Operations – Suspending Operations (2.5 million lbs/yr)

• Paladin – August 2016:— Langer Heinrich revised plan— Suspended mining – processing stockpiles— Reduction of 1.5 million lbs/yr

• Kazatomprom – January 2017

Favorable Fundamentals

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• Analysts and industry experts point to looming supply shortfall

• Declining production profile

— 2016 production: 163.4M lbs

— 2017 forecast: 157.8M lbs

• The Husab Mine is the only expected new source of supply by 2024 as per UxC

Source: UxC

+75% of 2025 Requirements Uncovered

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• Uncovered demand:

— ~30% uncovered in 2019— +75% uncovered by 2025

• Utility long-term contracting volumes are ~75% below height in 2005 bull market

• Large volumes of Long-term contracts from 2005-2007 beginning to roll off and must be replaced

Source: UxC

Covered Demand

Uncovered Demand

YearSpot

Volume(Million lbs)

Long-TermVolume

(Million lbs)

2005 36 251

2006 35 207

2007 20 236

2014 43 77

2015 49 81

2016 46 66

Utilities Due For New Contracting Cycle

TSX: U | 16Source: UxC, Bloomberg

Why Invest in Uranium?

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• Uranium market sentiment is beginning to gain positive momentum

– U3O8 spot price dropped to lowest level in over 12 years (November 2016)

– Indicators for market sentiment are at or near maximum negativity

• Global growth in nuclear power is accelerating– 2015 & 2016: Highest annual growth in annual capacity in 25 years

– 447 units operable, with 59 units under construction + 164 on order/planned and 350 proposed in countries around the world

• Case for potential supply shortage & upward pressure on price– Price spike in 2007 was associated with significant long-term utility

contracting volumes, which are rolling off in the coming years, and could trigger a new contracting cycle

– Uncovered demand reaches ~30% by 2019 and +75% by 2025

– Sustained low price environment means few significant sources of new supply are in the development pipeline to meet growing demand

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Corporate Information

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Market Summary Management & DirectorsExchanges TSX: U David Cates (President & CEO)

Shares Outstanding(1) 120.8 M Mac McDonald (Chief Financial Officer)

Warrants(1) nil Scott Melbye (VP Commercial)

Options(1) nil

Fully Diluted Shares(1) 115.6 M Paul J. Bennett (Director)

Share Price(2) CAD$4.37 Thomas Hayslett (Director)

Market Cap(2) CAD$528.11M Jeff Kennedy (Director)

Daily Trading Volume(3) 372,169 shares Garth A.C. MacRae (Director)

Ganpat Mani (Director)

Dorothy Sanford (Director)

Richard H. McCoy (Chairman)

(1) As of November 30th, 2016 – per UPC’s Q3 2016 Report(2) Based on shares outstanding above, UPC share price as at February 28th, 2017(3) Average daily trading volume over the 3-months ended February 28th, 2017

Proudly managed by:

TSX: DML | NYSE MKT: DNN

Notes

For Further Information:Phone:416.979.1991 x366

Email: info@uraniumparticipation.com

Online:uraniumparticipation.com

Investor UpdateTSX: U