Uranium One : Provides Update on Betpak Dala and Kyzylkum Joint Ventures

June 5, 2014

Toronto, Ontario - Uranium One Inc. ("Uranium One" or the "Company") announced today that the Astana City Court has dismissed the appeal of the Company's Betpak Dala and Kyzylkum joint ventures against the March 26, 2014 Kazakh court order invalidating the Akdala, South Inkai and Kharasan subsoil use contracts.
Uranium One also announced that its parent company, Rosatom, and Kazatomprom, the Company's Kazakh joint venture partner, have signed an agreement providing for the issuance of new subsoil use rights on the same terms for the Akdala, South Inkai and Kharasan uranium fields by October 28, 2014.
Concurrently with the signing of this agreement, Betpak Dala and Kyzylkum entered into a number of other agreements which provide for the continuation of normal business operations and which are designed to ensure that the economic return to the joint ventures from existing operations will not be affected in the period prior to the issuance of the new subsoil use rights. Uranium One and Kazatomprom also signed a definitive uranium offtake agreement ensuring the continuity of deliveries to Uranium One and its customers during this period.
The agreement relating to the issuance of new subsoil use rights was signed by Sergiy Kirienko, Chief Executive Officer of Rosatom, and Vladimir Shkolnik, Chairman of Kazatomprom's Management Board, and was among the documents formally signed in the presence of the Presidents of the Russian Federation and the Republic of Kazakhstan at a high level Russia/Kazakhstan summit meeting held in Astana, Kazakhstan on May 29, 2014.
A memorandum of understanding for cooperation in the construction of Kazakhstan's first nuclear power plant was also signed during the summit, together with a comprehensive program relating to further cooperation between the two countries in the peaceful uses of nuclear energy as well as a joint statement on closer cooperation in alternative energy and rare earth metals production.
Bay Adelaide Centre • Suite 1710, Box 23
Toronto • ON • CANADA • M5H 2R2

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.

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 further possible appeals of the court order, the probability of a successful appeal of that order (if any), the possibility of concluding and the terms of any new subsoil use contracts which may be entered into with Kazatomprom if the order is not reversed, the price of uranium, the estimation of mineral resources and mineral reserves, 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 lines, currency fluctuations, requirements for additional capital, government regulation of mining operations, obtaining of necessary governmental and corporate approvals, 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 subsoil use rights if the order is not reversed, 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, 2013, which is available under Uranium One's profile on SEDAR at www.sedar.com, and which should be reviewed in

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conjunction with this document. There can be no assurance as to whether or on what terms new subsoil use rights might be obtained, or as to whether all required regulatory, corporate and other approvals will be obtained or as to the ultimate outcome of the current legal proceedings. 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), 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 intended. 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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