News Release

January 2, 2014

Uranium One Completes Offer to Repurchase Convertible Debentures

Toronto, Ontario - Uranium One Inc. ("Uranium One") today announced that it has completed the repurchase of C$227,461,000 of the aggregate principal amount of its convertible unsecured subordinated debentures due March 13, 2015 (the "Debentures"), representing 87.49% of the outstanding aggregate principal amount of the Debentures, pursuant to its offer to repurchase the Debentures announced on November 15, 2013. The repurchased Debentures have been cancelled.

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 Statement
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Forward-looking statements:
This press release contains "forward-looking statements" within the meaning of applicable securities laws that are intended to be covered by the safe harbours created by those laws, including statements that use forward-looking terminology such as "may", "will", "expect", "anticipate", "believe", "continue", "potential", or the negative thereof or other variations thereof or comparable terminology. Such forward-looking statements may include, without limitation, statements regarding the completion of the proposed repurchase of debentures and other statements that are not historical facts. While such forward-looking statements are expressed by Uranium One, as stated in this release, in good faith and believed by Uranium One to have a reasonable basis, they are subject to important risks and uncertainties which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. As a result of these risks and uncertainties, the results or events predicted in these

Bay Adelaide Centre • Suite 1710, Box 23

Toronto • ON • CANADA • M5H 2R2

forward-looking statements may dilfer materially from actual results or events. These forward-looking statements are not guarantees offuture performance, given thai they involve risks and uncertainties. Uranium One is not alfinning or adopting any statements made by any other person in respect ofthe proposed repurchase and expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result ofnew information, future events or otherwise, except in accordance with applicable securities orto comment on expectations of, or statements made by any other person in respect ofthe proposed transaction. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a realfinnation of that statement. Reliance onforward-looking statements is at investors' own risk

For further infonnation ahout Uranium One, please visi! www. uraniuml.com.

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