Uranium Investment Pure Commodity Play

January 31, 2016

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: to buy and hold uranium inventories and not to 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)

Uranium Investment Portfolio

Investments in Uranium (Jan. 31/16) Quantity CAD$ Fair Value

Uranium oxide in concentrate (U3O8) 9,470,024 lbs $463,349,000

Uranium hexafluoride (UF6) 1,903,471 KgU $258,023,000(1)

Total Investments in Uranium $721,372,000

U3O8 Average Fair Value per lb (Dec. 31/15) CAD$ Fair Value

• In Canadian dollars(2) $48.93

• In United States dollars $34.75

UF6 Average Fair Value per KgU (Dec. 31/15) CAD$ Fair Value

• In Canadian dollars(2) $135.55

• In United States dollars $96.27

(1) The fair value of UF6 has been reduced by $1,276,000 to reflect the risk associated with the remaining material held at the USEC Facility, as further described in the Company’s MDA for the period ended Nov. 30, 2015

(2) Canadian dollar denominated fair market values are based on month-end spot prices published by Ux Consulting Company, LLC translated at the month-end non exchange rate of $1.4080. TSX: U | 5

Uranium Price History

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Current uranium prices similar to price levels in 2006, 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

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CAD Spot U3O8 price has increased significantly over past 24 months

Source: 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

Uranium Market Fundamentals

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• Dramatic growth in nuclear energy expected– 489 units currently

operable (30 countries)

– 69 new reactors under construction

– 158 ordered or planned

• Japan recovery gaining strength / momentum– 5 units expected back in

commercial operation this year

– 20 more in process of licensing restart

China – 13th 5-year plan

• Accelerating construction plans

• Focused response to air pollution crisis and COP21

• Moratorium on new coal power plants

Source: UxC, World Nuclear Association (“WNA”),The Independent

Growth in Nuclear Power Capacities

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+ ~45%

• Expected global nuclear capacities increasing by ~45% from 2015 to 2030 (~3%/year on avg.)

•Growth is driven by emerging Chinese & Indian nuclear energy programs with a primary objective of increasing sources of clean power

Source: UxC

+75% of 2025 Requirements Uncovered

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•Uncovered demand reaches ~25% in 2019 and rises dramatically thereafter

•Utility long-term contracting volumes required to return to “normal” levels (+200 Mlbs/year) to replace long-term contracts from 2006-2008 which are falling off

• 2011-2015 long-term contracting levels remained low, with <100 Mlbs/year

Source: UxC

Strong Uranium Market Fundamentals

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•Analysts and industry experts point to looming supply shortfall

• Existing production sources generally flat around 150 Mlbs/year

• Timing depends on demand growth and ability for new mine production to emerge and “fill the gap”

•Will new production be incentivized if prices remain low?

Source: UxC

Uranium Pure Play Potential

•UPC is a unique investment opportunity– Company buys and holds physical uranium inventories and does

not to actively speculate on uranium prices

– Provides investors with pure uranium play potential with no exposure to mineral resource, project or mine operating risk

•UPC offers exposure to commodity price change– Spot price spike in 2007 associated with significant long-term

contracting cycle – with many of those 8-10 year contracts expected to fall off in coming years

– Uncovered demand reaches ~25% by 2019 and rises to +75% by 2025 – suggesting need for significant long term contracting

•UPC is trading at a significant discount to NAV– “Negative” stock sentiment despite strong fundamental case for

potential supply shortage and upward pressure on uranium prices

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Notes

Corporate Information

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

Shares Outstanding(1) 115.6 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$5.07 Thomas Hayslett (Director)

Market Cap(2) CAD$586.1 M Jeff Kennedy (Director)

Daily Trading Volume(3) 374,067 shares Garth A.C. MacRae (Director)

Ganpat Mani (Director)

Richard H. McCoy (Chairman)

(1) As of Nov. 30, 2015 – per UPC’s Third Quarter Report(2) Based UPC share prices as of Jan. 29, 2016 and shares outstanding above(3) Average daily trading volume over the 3 months ended Jan. 29, 2016

Proudly managed by:

TSX: DML | NYSE MKT: DNN

For Further Information:Phone:416.979.1991 x366

Email: info@uraniumparticipation.com

Online:www.uraniumparticipation.com

Investor UpdateTSX: U