UEX Corporation engages in the acquisition, exploration, and development of uranium, cobalt, and nickel mineral properties primarily located in the Athabasca Basin of northern Saskatchewan, Canada. Its core assets include the West Bear uranium project and other contiguous exploration areas covering approximately 7,983 hectares in the Wollaston Lake region. The company focuses on mineral resource evaluation and advancement toward production in the politically stable and mining-friendly jurisdiction of Canada. Founded in 2001, UEX is headquartered in North Vancouver, Canada.
In August 2022, UEX Corporation was acquired by Uranium Energy Corp, a U.S.-based uranium production and exploration company, in a strategic transaction that created the largest diversified North American-focused uranium company. This acquisition doubled Uranium Energy Corp's measured and indicated uranium resources and provided UEX shareholders with exposure to production-ready uranium assets in the United States, complementing UEX's Canadian development-stage projects. The deal also integrated UEX's portfolio of joint venture projects with established miners such as Cameco and Orano, enhancing resource potential and operational synergies.
Since the acquisition, UEX has operated as a subsidiary within Uranium Energy Corp’s broader resource portfolio, benefiting from improved capital access for exploration and development activities across its Athabasca Basin projects. The strategic alignment supports growth initiatives focused on low-cost, sustainable uranium production underpinned by in-situ recovery (ISR) technology and conventional mining methods. The integration positions UEX’s assets within a comprehensive North American platform targeting the expanding nuclear fuel market.
Overall, UEX Corporation specializes in uranium exploration and development, centered on Canadian mineral assets with significant cobalt and nickel undertakings. The company’s strategic shift through acquisition has expanded its operational scope and resource base, aligning with market demand for stable and diversified uranium supply in North America. UEX continues to advance its project pipeline in collaboration with industry partners, leveraging its expertise in mineral exploration and development since its founding.