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Calculation of NAV and Value of Securities

At the end of each month, the Manager is obligated under the Management Services Agreement to calculate and publicly disclose the NAV per share. The NAV is calculated as the value of total assets less the value of total liabilities, which is determined by multiplying the quantity of uranium held by or on behalf of the Corporation by the last spot price for uranium for the month published by Ux Consulting, plus cash and any other assets held by the Corporation, less any outstanding payables, indebtedness and all other liabilities of the Corporation. Any amounts in U.S. dollars are converted into Canadian dollars based on the daily exchange rate as published by the Bank of Canada as at the last business day of the month. The NAV equals the Corporation's total equity balance as reported in the Corporation's consolidated financial statements. To arrive at NAV per share, the NAV is then divided by the total number of common shares outstanding as at a specific date. The NAV per share may not necessarily reflect the actual realizable value of uranium attributable to each common share of UPC.

"NAV" is a non-IFRS financial performance measure. The term NAV does not have any standardized meaning according to IFRS and therefore may not be comparable to similar measures presented by other companies. NAV per share does not have a comparable IFRS financial measure presented in UPC's consolidated financial statements and thus there is no applicable quantitative reconciliation for this non-IFRS financial performance measure. The Corporation has calculated NAV and NAV per share consistently for many years and believes these measures provide information useful to its shareholders in understanding UPC's performance and may assist in the evaluation of the Corporation's business relative to that of its peers.

See "Risk Factors -- Market Price and Liquidity of Common Shares" and "Risk Factors -- Net Asset Value" in the Corporation's Annual Information Form.