We are initiating coverage of UEX Corp with a BUY rating and a $0.55 target price. This uranium explorer controls 294,400 ha over 19 projects in the Athabasca Basin and with an attributable resource base of 99.5M
lbs, UEX has the portfolio of a quality development and exploration projects without the premium pricing. The company’s “pounds in the ground”, provide it leverage to what we believe is going to be a rising uranium price, plus UEX’s assets should allow it to generate positive fundamental catalysts. With a seasoned exploration and management team, we believe UEX is poised to re-rate as it advances its suite of Athabasca Basin projects and the uranium price rises.