Uranium One : Announces 8% Increase in 2013 Production to 13.2 Million Pounds; Average Total Cash Cost of $16 per Pound Sold and Attributable Sales of 13.6 Million Pounds

March 31, 2014

Toronto, Ontario - Uranium One Inc. ("Uranium One") today reported revenues of
$386.4 million for full year 2013 at an average total cash cost per pound sold of produced material(4) of $16 based on attributable sales of 13.6 million pounds at an average realized sales price of $40 per pound. Attributable production for full year 2013 was 13.2 million pounds.

Operational

 Total attributable production during 2013 was a record 13.2 million pounds, 8%
higher than total attributable production of 12.2 million pounds during 2012.
 The average total cash cost per pound sold of produced material(4) was $16 per pound during 2013 compared to $16 per pound during 2012.

Financial

 Attributable sales volumes of produced material for 2013 were 13.6 million
pounds sold from the Corporation's operations and joint ventures compared to
11.7 million pounds sold during 2012.
 Headline revenues were $386.4 million in 2013, compared to $353.4 million in
2012.
 Attributable revenues(4) (which includes revenues from interests in joint ventures
and the Corporation's headline revenues), amounted to $659.2 million in 2013, compared to $623.7 million in 2012.
 The average realized sales price of produced material(4) during 2013 was $40 per pound, compared to $48 per pound in 2012. The average spot price in 2013 was
$38 per pound compared to $49 per pound in 2012.
 Gross profit was $63.1 million during 2013, compared to gross profit of
$30.8 million in 2012.
 Attributable gross profit(4) (which includes the Corporation's share of gross profit
from joint ventures), totaled $159.1 million in 2013, a 30.1% decrease compared

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to $227.6 million in 2012, primarily due to a decrease of 20% in the price of
U3O8.
 The net loss for 2013 was $41.3 million or $0.04 per share, compared to net losses of $96.7 million or $0.10 per share for 2012.
 The adjusted net earnings(4) for 2013 were $16.3 million or $0.02 per share, compared to adjusted net earnings(4) of $65.1 million or $0.07 per share for 2012.
 The Corporation announced the suspension of production at its Honeymoon Project during the fourth quarter following the impairment charge of $67.8 million previously announced in the third quarter of 2013, and the Honeymoon operation was placed on a care and maintenance (C&M) program.
 During the fourth quarter of 2013 the Corporation distributed $381.3 million to its shareholders and did a share buy-back of $16.8 million for a total distribution of
$398.1 million.

Corporate

 The previously announced "Going Private Transaction", whereby the Corporation would be taken private pursuant to a Plan of Arrangement with JSC Atomredmetzoloto ("ARMZ") was completed on October 18, 2013. All of the publicly held common shares of the Corporation not already owned by subsidiaries of ARMZ (which indirectly owned 51.4% of the Corporation's outstanding common shares) were acquired by a subsidiary of ARMZ for a cash consideration of C$2.86 per share. Following the completion of the Going Private Transaction, and an internal reorganization by ARMZ's parent corporation, Russia's State Atomic Energy Company "Rosatom" ("Rosatom") in December
2013, Uranium One is now a wholly-owned indirect subsidiary of Rosatom and is no longer controlled by ARMZ.
 On December 9, 2013, Uranium One gave notice to ARMZ of the termination of the Mantra Resources option agreement in respect of the Mkuju River Project, which termination will be effective as of June 10, 2014.
 As previously announced, during the fourth quarter of 2013, the Corporation's wholly-owned subsidiary Uranium One Investments Inc. ("U1 Investments") completed an offering, on a private placement basis to qualified institutional buyers in the U.S. and Europe, of $300.0 million aggregate principal amount of non-convertible 6.25% Senior Secured Notes due December 13, 2018 ("Senior Secured Notes"). Net proceeds from this offering were made available to the Corporation for the repurchase of its 2010 Debentures, as discussed below, and for general corporate purposes. In addition, U1 Investments entered into a three year $120 million revolving credit facility agreement (the "Revolving Credit Facility") with a syndicate of lenders.
 On January 2, 2014, the Corporation completed the repurchase of C$227,461,000 aggregate principal amount of its outstanding 5.0% convertible unsecured subordinated debentures due March 13, 2015 ("2010 Debentures"), representing

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87.49% of the outstanding aggregate principal amount of the 2010 Debentures, pursuant to an offer to repurchase the 2010 Debentures commenced on November
15, 2013, as required by the indenture governing the 2010 Debentures as a result of the completion of the Going Private Transaction. The repurchased 2010
Debentures have been cancelled.
 On January 6, 2014, the Corporation appointed Juliana L. Lam as Executive Vice President and Chief Financial Officer. Julie brings with her extensive senior-level international financial management experience in diverse industries such as mining, manufacturing, services and distribution.
 On March 16, 2014, the Corporation appointed Feroz Ashraf as Executive Vice President and Chief Operating Officer. Feroz brings over 34 years of experience in the resource sector, including mining and metallurgy, oil and gas, and related downstream industries.
 The United States, European Union and Canada have recently issued orders or adopted regulations imposing sanctions in the form of visa restrictions and asset freezes on the property of certain designated persons considered to be responsible for the events in Ukraine. To date, the US, EU and Canada have designated a number of Russian and Ukrainian nationals, and the US and Canada have designated one Russian financial institution. The Corporation's operations have not been impacted by the foregoing orders or regulations or any designations or determinations made thereunder and the Corporation continues to carry on business as usual.
 On March 26, the Special Inter-District Economic Court for the City of Astana (Republic of Kazakhstan) issued an order having the effect of invalidating the original transfers in 2004 and 2005 to the Betpak Dala and Kyzylkum joint ventures of the subsoil use contracts for the Akdala, South Inkai and Kharasan fields. The order is being appealed by the joint ventures and is subject to a stay while the appeal is being heard. The Company and its shareholders are currently in discussions with Kazatomprom with a view to obtaining new subsoil use rights to the Akdala, South Inkai and Kharasan fields in the event that the order becomes effective. Kazatomprom, Betpak Dala and Kyzylkum are putting in place temporary arrangements designed to ensure that, notwithstanding the court order, Betpak Dala and Kyzylkum carry on normal business operations and the rate of return to the Company from existing operations is unaffected during this period. The Company's shareholder, Uranium One Holding N.V., and Kazatomprom have signed protocols to this effect and are taking the steps necessary to ensure that scheduled production and deliveries to customers are not affected.

 Total attributable production for 2014 is expected to be 12.4 million pounds.

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 During 2014, the average cash cost per pound sold of produced material(3) is expected to be approximately $18 per pound.
 The Corporation expects attributable sales of produced material to be approximately 12.4 million pounds in 2014.
 The Corporation expects to incur attributable capital expenditures in 2014 of $65 million for wellfield development and $8 million for plant and equipment, totalling $73 million for its assets in Kazakhstan and the United States.
 In 2014, general and administrative expenses, excluding non-cash items, are expected to be approximately $32 million and exploration expenses are expected to be $1 million.

During 2013, Uranium One achieved attributable production of 13.2 million pounds, an increase of 8% over attributable production of 12.2 million pounds in 2012.
Operational results for Uranium One's assets during 2013 were:

(1) Honeymoon production represents concentrates in process that require further processing in order to become uranium concentrates that

can be converted into a saleable product.

Headline revenues were $386.4 million in 2013, compared to $353.4 million in 2012. Attributable revenues(4) (which includes revenues from its interests in joint ventures and the Corporation's headline revenues), amounted to $659.2 million in 2013, compared to
$623.7 million in 2012. The average realized sales price of produced material(4) during
2013 was $40 per pound, compared to $48 per pound in 2012. The average spot price in
2013 was $38 per pound compared to $49 per pound in 2012.
Cash cost per pound sold of produced material(4) was $16 for 2013 compared to $16 in
2012.
Gross profit was $63.1 million during 2013, compared to gross profit of $30.8 million in
2012. Attributable gross profit(4) (which includes the Corporation's share of gross profit

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from joint ventures), totaled $159.1 million in 2013, a 30.1% decrease compared to
$227.6 million in 2012.
The net loss for 2013 was $41.3 million or $0.04 per share, compared to a net loss of
$96.7 million or $0.10 per share for 2012.
The adjusted net earnings(4) for 2013 were $16.3 million or $0.02 per share, compared to adjusted net earnings(4) of $65.1 million or $0.07 per share for 2012.
On December 31, 2013, the Corporation had cash and cash equivalents, including restricted cash, of $440.6 million, compared to $442.0 million at December 31, 2012.

The following table provides a summary of key financial results:

FINANCIAL Q4 2013 Q4 2012 FY 2013 FY 2012

(1) Honeymoon production represents concentrates in process that require further processing in order to become uranium concentrat es that

can be converted into a saleable product.

(2) Attributable production and attributable sales are from assets owned and joint ventures in commercial production during the period.

(3) Comparative information has been restated with the adoption of IFRS 11 - Joint arrangements on January 1, 2013.

(4) The Corporation has included the following non-GAAP performance measures: average realized sales price per pound - produced material, average total cash cost per pound sold - produced material, attributable revenues, attributable gross profit, adjusted net earnings (loss) and adjusted net earnings (loss) per share. See the section on "Non-GAAP Measures".

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Non-GAAP Measures

The Corporation has included the following non-GAAP performance measures: attributable revenues, attributable gross profit, average realized sales price per pound - produced material, average total cash cost per pound sold - produced material, adjusted net earnings (loss) and adjusted net earnings (loss) per share. In the uranium mining industry, these are common performance measures but do not have any standardized meaning, and are non-GAAP measures. The Corporation believes that, in addition to conventional measures prepared in accordance with IFRS, the Corporation and certain investors use this information to evaluate the Corporation's performance and ability to generate cash flow. The additional information provided herein should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
The following table provides a reconciliation of adjusted net earnings (loss) to the consolidated financial statements:

0.07

957.2

The Corporation monitors and evaluates performance of its business by using these additional non-GAAP measures, which are consistent with the results that would be reported under proportionate consolidation accounting.
The Corporation believes that, in addition to conventional measures prepared in accordance with IFRS, the Corporation and certain investors use this information to evaluate the Corporation's performance and ability to generate cash flow. This is

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provided as additional information and should not be considered in isolation, or as a substitute for measures of performance prepared in accordance with IFRS.

Attributable revenues are determined as shown in note 28(a) of the audited annual consolidated financial statements. This note discloses segmented information which incorporates the revenues of the Corporation under proportionate consolidation. The following table provides a reconciliation of attributable revenues to the financial statements:

Attributable gross profit is disclosed in the table of uranium sales, inventory and operating costs on page 23 of the Management's Discussion and Analysis. The following table provides a reconciliation of attributable gross profit to the financial statements:

As in previous periods, average realized sales price per pound of produced material and cash cost per pound sold of produced material are calculated as follows:
a) Average realized sales price per pound of produced material: Revenues -
produced materials divided by attributable sales pounds sold - produced material.
b) Cash cost per pound sold of produced material: Operating expenses - produced material divided by attributable sales pounds sold - produced material.

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The financial statements, as well as the accompanying management's discussion and analysis, are available for review at www.uranium1.com and should be read in conjunction with this news release. All figures are in U.S. dollars unless otherwise indicated. All references to pounds sold or pounds produced are to pounds of U3O8.

About Uranium One

Uranium One is one of the world's largest uranium producers with a globally diversified portfolio of assets located in Kazakhstan, the United States, Australia and Tanzania. ROSATOM State Atomic Energy Corporation, through its affiliates, owns 100% of the outstanding common shares of Uranium One.
For further information, please contact: Chris Sattler
Chief Executive Officer
Tel: +1 647 788 8500
Anton Jivov
Vice President, Corporate Affairs
Tel: +1 647 788 8461

Cautionary Statements

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Scientific and technical information contained herein has been reviewed on behalf of the Corporation by Mr. M.H.G. Heyns, Pr.Sci.Nat. (SACNASP), MSAIMM, MGSSA, Senior Vice President New Business and Technical Services of the Corporation, a qualified person for the purposes of NI 43-101.

Investors are advised to refer to independent technical reports containing detailed information with respect to the material properties of Uranium One. These technical reports are available under the profile of Uranium One Inc. at www.sedar.com. Those technical reports provide the date of each resource or reserve estimate, details of the key assumptions, methods and parameters used in the estimates, details of quantity and grade or quality of each resource or reserve and a general discussion of the extent to which the estimate may be materially affected by any known environmental, permitting, legal, taxation, socio-political, marketing, or other relevant issues. The technical reports also provide information with respect to data verification in the estimation.

Forward-looking statements and risk factors: This news release contains certain forward-looking statements. Forward-looking statements include but are not limited to those with respect to the outcome of the appeals of the court order, the probabilit y of a successful appeal of that order, the possibility of concluding and the terms of any new subsoil use contracts which may be en tered into with Kazatomprom if the order is not reversed, the price of uranium, the estimation of mineral resources and mineral re serves, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time l ines, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, the timing and potential effects of proposed transactions, title disputes or claims, limitations on insurance coverage, and the timing and possible outcome of pending litigation. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Uranium One to be materially different from any future results, performance or achievements expressed or implied by the forward- looking statements. Such risks and uncertainties include, among others, the reversal of the court order on appeal, the obtaining of new

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subsoil use rights if the order is not reversed, the future steady state production and cash costs of Uranium One, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be re fined, possible variations in grade and ore densities or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes or other risks of the mining industry, delays in obtaining government approvals or financing or in completion of development or construction activities, risks relating to the integration of acquisitions and the realization of synergies relating thereto, to international operations, to prices of uranium as well as those factors referred to in the section entitled "Risk Factors" in Uranium One's Annual Information Form for the year ended December 31, 2012, which is available under Uranium One's profile on SEDAR at www.sedar.com, and which should be reviewed in conjunction with this document. There can be no assurance as to whether or on what terms new subsoil use rights might be obtained, and, given the nature of the proceedings, Uranium One cannot assess the probability of a reversal of the order on appeal. If the order is not reversed in full or new subsoil use rights are not granted or alternative arrangements implemented (or are granted or implemented on less favourable terms), or binding agreements with Kazatomprom are not concluded, the effect on Uranium One may be material. Although Uranium One has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward- looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or i ntended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

Accordingly, readers should not place undue reliance on forward-looking statements. Uranium One expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.

For further information about Uranium One, please visit www.uranium1.com

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