Investor Presentaiton

Uranium market update June 2021 Spot Market Overview 92 U כ YELLOW CAKE PLC ■ Spot market activity declined during the month of June with a total of 4.4 Mlb. transacted, as compared to 6.4 Mlb. the previous month ■ The UxC U3O₂ price strengthened reaching US$32.10 /lb., an increase of US$0.70/lb. for the month ■ In early June, the Taishan-1 reactor owned by Guangdong Nuclear Corporation (51%), Electricite de France (30%) and Guangdong Energy Group (19%) reported a build-up of inert radioactive gases in its primary circuit / reactor coolant which lead to a small leak into the environment ■ A failure in five fuel rods was cited as the cause of the build-up which remained within operating / regulatory specifications ■ The initial uncertainty surrounding the incident caused some spot market buyers to withdraw from the market resulting in a decrease of monthly volume Term Market Overview ■ Activity in the uranium term market increased somewhat as new demand emerged from a U.S. utility seeking slightly more than 1.1 Mlb. for delivery in the period, 2022-2025 ■ UxC reported that "Other activity continues in the market as several utilities have been in discussions with potential suppliers or evaluating unsolicited offers" Despite the incremental uptick in activity, the UxC Long-Term (LT) price remained unchanged at US$32.00 /lb. Sprott and UPC ■ The proposed plan of arrangement which would transform Uranium Participation Corporation (“UPC") into a closed end investment trust managed by Sprott Asset Management (SAM) with UPC becoming a subsidiary of the Sprott Physical Uranium Trust (SPUT) received resounding support from UPC shareholders in a 7 July vote ■ 99.9% of the votes cast supported the plan which now requires clearance from the Ontario Superior Court of Justice (Commercial List) and other regulatory approvals 3

View entire presentation