UEX Corporation (TSX: UEX) – Initiating Coverage: Large Portfolio of Uranium Assets in the Athabasca Basin Including a High Grade Cobalt Resource
Fundamental Research Corp has issued a report entitled “UEX Corporation (TSX: UEX) – Initiating Coverage: Large Portfolio of Uranium Assets in the Athabasca Basin Including a High Grade Cobalt Resource †and dated October 30, 2019. The full report is now atKey Highlights
 UEX Corporation (“companyâ€, “UEXâ€) is the holder of one of the largest uranium resources, held by a junior, in the Athabasca basin. Its current portfolio has 18 uranium projects, including four key projects with a combined indicated resource of 69.8 million pounds (“Mlbsâ€), and and inferred resource of 28.8 Mlbs.
 Cameco Corporation (TSX: CCO), the world's largest publicly traded uranium producer, currently holds 13% of UEX’s outstanding shares, and is the largest shareholder.
 The company is currently evaluating the potential of cobalt-nickel mineralization on its West Bear project. A high-grade maiden cobalt-nickel resource was completed on one of its projects in 2018, and the deposit strike length was increased 140% during the 2019 winter drill program. UEX also owns 100% of two early-stage cobalt projects in the Athabasca Basin.
 The company’s near-term strategy is to aggressively expand the maiden cobalt resource, while simultaneously selectively advancing its uranium projects. We consider this to be an attractive as well as pragmatic strategy; attractive because it will allow UEX to likely maintain its position as a leading uranium junior in the country, and be an attractive player in the event of a recovery in uranium prices; and pragmatic because of management’s conservative approach to spending capital / resources in today’s soft markets.
 At the end of Q2-2019, UEX had cash and working capital of $5.81 million and $4.99 million, respectively.
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*FRC provides issuer paid coverage; read all the important disclosures at the back of each report
UEX is a uranium exploration and development company. Co. is engaged in the business of exploring and developing its mineral properties and has not yet determined whether its mineral properties contain ore reserves that are economically recoverable. The recoverability of amounts shown for mineral properties is dependent upon the discovery of economically recoverable ore reserves in its mineral properties, the ability of Co. to obtain the necessary financing to complete exploration and development, and upon future profitable production or proceeds from the disposition of its mineral properties.
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