Macusani Project - Plateau Uranium Home - Plateau...

January 2016

Macusani Project Preliminary Economic Assessment

TSX-V:PLU FSE:QG1 OTC:PLUUF

Disclaimer

The particulars contained herein were obtained from sources which we believe reliable but are not guaranteed by us and may be incomplete. The opinions expressed are based upon

our analysis and interpretation and are not to be construed as a solicitation or offer to buy or sell the securities mentioned herein. This presentation includes certain forward-looking

statements concerning the future performance of Plateau Uranium's business, operations and financial performance and condition, as well as management's objectives, strategies,

beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words

referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. Forward-looking statements and forward-

looking information include, but are not limited to, statements with respect to estimated production and mine life; the future price of uranium; the estimation of mineral reserves and

resources; the realization of mineral resource and reserve estimates; the timing and amount of estimated future production; costs of production; success of exploration activities; and

currency exchange rate fluctuations. Except for statements of historical fact relating to Plateau Uranium, certain information contained herein constitutes forward-looking

statements. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral

exploration and development, fluctuating commodity prices, competitive risks, the availability of financing, variations in grades or recovery rates, risks relating to international

operations, fluctuating currency exchange rates, changes in project parameters, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other

risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, as described in more detail in the Company's recent securities filings available at

www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and Macusani cautions against placing undue reliance thereon.

Neither Plateau Uranium nor its management assume any obligation to revise or update these forward-looking statements.

Qualified Persons

The scientific and technical information contained in this document relating to preliminary economic assessment was prepared by or under the supervision of, or reviewed and

approved by, Mr. Michael Short, B.E., CEng., FIMMM and Dr Thomas Apelt, PhD, CEng., MAusIMM, of GBM Minerals Engineering Consultants, and/or Mr. Mark Mounde, BEng.,

CEng., MIMMM of Wardell Armstrong International, who are independent technical consultants to the Company and "Qualified Persons" under NI 43-101 Standards of Disclosure for

Mineral Projects.

The scientific and technical information contained in this document relating to the Mineral Resources was prepared under the supervision of, or reviewed and approved by Mr. David

Young, B.Sc. (Hons), FGSSA, FSAIMM, FAusIMM, Pr Sci Nat (No 400989/83) of The Mineral Corporation that is an independent technical consultant to the Company and a “Qualified

Person” under NI 43-101 Standards of Disclosure for Mineral Projects.

2

Investment Highlights

• Strong Project Economics at US$50/lb U3O8*• NPV: US$603M / IRR: 40.6% / 1.8 years capital payback (post-tax)

• Large Scale: Proposed production of over 6M lbs U3O8 per year over a 10 year mine life

• Low Cost: US$17/lb LoM cash production cost, <US$300M initial capital

• Project economic at current Term uranium prices, significant leverage to consensus longer term forecasted prices

• Consolidated Resource in Emerging Uranium District** • 52.9 M lbs U3O8 Measured & Indicated (248 ppm)

• 72.1 M lbs U3O8 Inferred (251 ppm)

• 75 ppm U cut-off

• Robust Resource at Higher Grade Cut-Off ** • 32.8 M lbs U3O8 Measured & Indicated (445 ppm)

• 45.9 M lbs U3O8 Inferred (501 ppm)

• 200 ppm U cut-off

• Excellent Infrastructure• Roads, inexpensive power, water, etc.

• Mining Friendly Jurisdiction – Peru• Pathway to production - 2019

Well Positioned for Uranium Sector Recovery* Jan 2016 Preliminary Economic Assessment – see slide 9 for details. ** Resource details from May 2015 43-101 Report. See Appendix Slides for details.

Macusani Project, Puno, Peru

Post Tax IRR/NPV of 40.6%, US$603M

1.6 1.6 11.7 11.7 13.1

31.5

49.7 51.9

13.0 13.0

30.0 30.0

40.6

30.1

47.5

72.1

Ura

niu

m (

Mlb

s)

2008 2009 2010 2011 2012 2013 2014 2015

Development & Growth to Date

4Please see SEDAR for historic resource estimates. Breakdown of cut-off and current resource estimates available in presentation appendix slides.

• 2016 PEA a culmination of over eight years of resource growth, exploration and regional consolidation

• $45M spent in the district between five companies over this time period: Discovery/Delineation costs of $0.36/lbfor defined U3O8 mineral resources

Resource Estimate for Colibri 2&3

Acquisition of Corachapi and Kihitian concessions.

Resource Update.

Merger with Southern Andres

Resource Update

Acquisition of Minergia;

Implementation of Cameco met and project work

Updated Resource Estimate on all definedresources in the consolidated Macusani Plateau Uranium District

PEA Completed

Uranium Sector Snapshot

5*Market Capitalization calculated in CDN Dollars based on exchange rates and share prices as of Jan. 22, 2016,

$0

$50

$100

$150

$200

$250

$300

$350

Mark

et

Cap (

C$M

)Uranium Developers Peers

U3O8 developers with economic study showing sub US$30 cash + capex cost per lb production

Significant Value Gap Between Plateau and its Sector Peers

Plateau Trades at a Significant Discount to its Peers

Macusani – Comparable Projects

6* Pre-Tax NPV10%.

Company Vimy Resources Limited

Berkeley EnergiaLimited

Fission Uranium Corp.

Plateau Uranium Inc.

Mkt Cap (C$M) $69M $89M $248M $15M

Project Mulga Rock Salamanca PLS Macusani

Location Australia Spain Canada Peru

Study Type PFS PFS PEA PEA

Release Date Nov-15 Nov-15 Sep-15 Jan-16

Base Case U3O8 Price (US$/lb) $65 $65 $65 $50

NPV8% (US$M) - $65/lb $431* $871 $1,041 $967

IRR (%) - $65/lb 25.1%* 93.3% 34.2% 55.3%

Processing Type Acid Leach Heap Leach Acid Leach Heap Leach

Throughput (tpd) 7,300 14,250 1,000 30,000

Mine Life (Yrs) 17 18 14 10

Annual Production (Mlbs) 3.0 3.0 7.2 6.1

LoM Production (Mlbs) 50.4 51.6 100.8 60.9

LoM Cash Cost (US$/lb) $31.65 $19.80 $14.02 $17.28

Initial Capex (US$M) $254 $81 $1,100 $300

LoM Capex (US$M) $367 $297 $1,339 $344

All-In Costs (US$/lb LoM production) $38.93 $25.56 $27.30 $22.91

Values as of Jan. 22nd, 2016

Developing An Emerging Uranium District

7

PlateauUranium

• Plateau Uranium controls one of the largest undeveloped uranium districts in the world

• Located on the Macusani Plateau, Puno, Southern Peru: concessions cover > 910 km2

• District offers exceptional exploration prospects & development potential

• Excellent infrastructure:

• Access to labour, water and inexpensive hydro-electric power

• Transport (major highway runs past properties)

• Plentiful supply of sulfuric acid

• History of mining in the region

• Minsur – San Rafael Tin Mine

• Minera IRL – Ollachea Gold project

• Good government and local community relations

2016 PEA Highlights

• Robust financials

• Low cash costs

• Large-scale production

• Manageable CAPEX

• Scalability in both high/low price uranium environment

• Resource expansion potential

• Prepared by GBM Minerals Engineering Consultants, The Mineral Corp. & Wardell Armstrong International

Paves the Way for PFS in 20168

Robust Project Economics at US$50 per lb U3O8

2016 PEA Highlights

9* All figures in US dollars

January 2016 PEA Results*

Mine life 10 years

Average annual potentially mineable tonnes 10.9 million tonnes

Average grade 289 ppm U3O8

Open pit strip ratio 2.05:1

Processing methodology Heap Leach

Processing recovery rate 88%

Acid consumption 9 kg/t

Average annual production (LOM) 6.1 million lbs U3O8

Uranium price US$50/lb U3O8

Average cost of production US$17.28/lb U3O8

Initial capital expenditure US$299.8 million

Sustaining capital expenditure US$43.9 million

After-tax NPV (8% discount rate) US$603 million

After-tax IRR 40.6 %

Payback period 1.76 years

Significant Improvements in Updated PEA

• Consolidated resource estimate & new mining inventories improved throughput, average grade (+12%) and increased annual production

• Met testing show potential for >88% recovery

• PEA included data acquired from Cameco from their work on Minergia, improve leaching time, and acid consumption requirements

• Fuel and other key mining cost drivers optimized under new mining sequence, land constraints from 2014 PEA removed

• Project shows improved, robust economics at uranium prices below peer precedents; flexible economic production at varying uranium prices

• Additional upside to be further considered prior to commencement of PFS

Project Adjacent to Road and Power

Site Access & Regional Infrastructure


• 650 km southeast of Lima

• Road Access – Interoceanic Highway just to the east linking the project to Pacific and Atlantic Ocean ports; all-weather gravel roads to communities

• Juliaca – city and airport 220 km to the south with several daily flights from Lima

• Grid power – San Gaban hydro generating station 20 km north; high voltage power lines adjacent to project

• Mild Climate – low latitude, high altitude -2 to 15 °C typical range causing no issues for uranium processing

>60 million lbs Production Planned Over 10 Years – Additional Upside

Proposed Mine Plan


0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

U3O

8 M

lbs

Recovere

d

Year

Colibri

Isivilla

Kihitian UG

Kihitian

Standard Mining, Processing & Yellowcake Production

Process Design – Mining & Processing


• Standard 30,000 tpd open pit mining with small underground operation contemplated using continuous miners/conveyors to supplement higher grade material

• Low work index/crushing requirements

• Standard acid heap leach uranium extraction process in proven use around the world

• Standard Solvent Extraction with Ion Exchange (SX-IX) uranium precipitation producing yellowcake with no deleterious elements

• Previous work by Cameco & Plateau predecessors demonstrate excellent leach kinetics, low acid consumption, high recoveries and in-spec yellowcake product

• Future test work: significant potential exists to consider ore sorting/screening; tank leach processing and effects of lower acid cost

Capital Expenditures

13* All values denoted in USD

LOM Project CAPEX Estimate

Cost Centre InitialPhased

ExpansionClosure TOTAL

Total Capital Investment $299,890,000 $43,911,000 $14,672,000 $358,473,000

FIXED CAPITAL TOTAL $250,619,000 $43,911,000 $14,672,000 $309,202,000

DIRECT TOTAL $167,079,000 $34,049,000 $13,100,000 $214,228,000

General $0 $0 $0 $0

Mining $0 $23,730,000 $0 $23,730,000

Processing $115,320,000 $2,551,000 $0 $117,871,000

Waste Management $16,786,000 $6,796,000 $13,100,000 $36,682,000

Product Handling $0 $0 $0 $0

Infrastructure $34,974,000 $971,000 $0 $35,945,000

INDIRECT TOTAL $83,540,000 $9,862,000 $1,572,000 $94,974,000

EPCM $25,062,000 $1,116,000 $0 $26,178,000

Field $8,354,000 $904,000 $262,000 $9,520,000

Contingency $50,124,000 $7,842,000 $1,310,000 $59,275,000

WORKING CAPITAL $49,271,000 $0 $0 $49,271,000

44%

14%

14%

10%

19%

17%

3%

Initial CAPEX Breakdown

ProcessingWaste ManagementInfrastructureEPCMWorking CapitalContingencyField

$0.69

$11.02

$4.42

Average Annual OPEX Cost Breakdown (US$/lb)

General & Administration

Mining

Process

Waste Management

Product Handling

Infrastructure

Operating Expenditures

14* All values denoted in USD

* Royalties excluded

Area DescriptionAverage Annual

CostPercent of total

OPEX

Average cost per tonne of PEM

($/t)

LOM average cost per lbU308 produced ($/lb)

TOTAL* 103,062,707 100.0% $9.46 $16.90

000 G&A COSTS $4,185,000 4.16% $0.38 $0.69

100 MINING $67,242,100 66.8% $6.17 $11.02

Weighed average of underground and open pit

$69,613,280 67.5% $6.39 $11.41

200 PROCESS $26,937,917 26.1% $2.47 $4.42

Reagents $14,149,639 13.7% $1.30 $2.32

Personnel $2,737,428 2.66% $0.25 $0.45

Fuel & Lubricants $75,100 0.07% $0.01 $0.01

Electricity $6,370,331 6.2% $0.58 $1.04

Maintenance & Operating Spares

$3,605,418 3.5% $0.33 $0.59

300 WASTE MANAGEMENT $1,044,031 1.0% $0.10 $0.17

Fuel & Lubricants $105,000 0.1% $0.01 $0.02

Electricity $939,030 0.9% $0.09 $0.15

400 PRODUCT HANDLING $306,787 0.3% $0.03 $0.05

500 INTRASTRUCTURE $975,691 0.95% $0.09 $0.16

Fuel & Lubricants $102,400 0.1% $0.01 $0.02

Consumables $873,291 0.85% $0.08 $0.14

Less Than 2-yr Payback of Capital at US$50/lb Uranium

Economics – Cash Flow Model


Robust Project Highly Sensitive to Expected Uranium Price Increase

Project Sensitivities & Optimization


Uranium Price Sensitivities:(After-tax NPV8%/IRR)

• At US$65/lb: $937.4M/55.3% IRR

• At Spot Uranium (US$34.85/lb): $232.5M/22.3% IRR

• NPV break-even price: US$25.66/lb

• 15% IRR at US$30/lb

• Relatively less sensitive to operating and capital costs

• Project highly leveraged to uranium price

Project Specific Opportunities

17

Substantial Project Upside to be Evaluated in 2016

• 85% of exploration land package undrilled

• 52.9M lbs M&I/72.1M lbs Inferred resources defined on the project; <70Mlbs used as feed for PEA

• Simplicity and low cost to explore and convert resources to reserves to prove up to feasibility study: shallow deposits; company has its owns drills – Discovery and delineation costs to date at $0.36/lb in ground

• Scalability: higher-grade/smaller capex options & larger robust options considered

• Additional work on tank leach option planned – better recoveries and leach cycle times

• Initial work by Cameco and others suggest potential economic improvement with size/screen sorting – additional work required.

• Royalties: currently conservative 3% NSR assumed in PEA; in Peru royalties are negotiated and usually range between 1-3% of profits – upside for financial model

• Evaluation of secondary mineral potential – host rhyolites enriched in other elements

• Economic at $50/lb: project can be optimized for higher and lower price environments

Un-modelled Resources

18

Future Upside for Additional Resources to Extend Mine Life

Corachapi and Corani Complexes

• Not considered in PEA update (size/grade/proximity)

• Existing Mineral Resource estimates of over 10 M lbs

• Additional drill targets exist – higher grades expected

Sayaña and Agaton Complexes

• Substantial historical exploration drilling completed

• 180 Drill Holes (13,000 m)

• Mineralization and Uranium assay data positive

• No current resource estimate – minor confirmation & in-fill drilling and QA/QC needed

Proposed CentralProcessing Plant(PEA Jan 2016)

Regional Exploration – Key Targets

19

Over 910 km2 of Exploration Concessions

7.5 km radius

• Consolidated >910 km2

land package

• One of the largest

uranium districts in the

world

• Un-tested Mineralized

prospects at surface

• Drilling focused on <15%

of land package

• Significant exploration

potential exists

throughout district

High Grade Alternatives Evaluated


Financial Model Estimate Results (US$50/lb)

Recovered U3O8 Pre-Tax Post-Tax

Case Mlb/a NPV (M US$) IRR (%) NPV (M US$) IRR (%)

Base Case 6.08 $852.7 47.6% $603.1 40.6%

Case 1 4.26 $544.4 41.2% $417.4 37.3%

Case 2 5.01 $733.5 49.4% $550.9 43.7%

Case 3 4.50 $510.2 36.8% $397.2 33.9%

Case 4 5.30 $679.9 43.2% $516.1 28.9%

• Various alternative cases evaluated within PEA:• Case 1: Heap leach, open-pit

mining only

• Case 2: Heap leach, open pit & underground mining

• Case 3: Tank leach, open pit mining only

• Case 4: Tank leach, open pit and underground mining

Alternative Case Cost Summary

Case

Initial Capital

(millions US$)

LOM Capital

(millions US$)

US$/t ROM US$/lb U3O8

Base Case $299.9 $358.5 $9.60 $17.28

Case 1 $247.5 $279.4 $14.60 $17.39

Case 2 $247.5 $291.4 $13.60 $15.95

Case 3 $267.4 $299.3 $17.60 $19.73

Case 4 $267.4 $311.3 $17.00 $18.81

Mining History in Peru

21

• Established mining industry in Peru

• No current uranium production in the country

• Established specific uranium exploration regulations

• Working committee formed to advance uranium production permitting regulations:

• Plateau Uranium representatives

• INGEMMET (Institute of Geology, Mining & Metallurgy)

• MEM (Ministry of Mines & Energy)

• IPEN (Peruvian Nuclear Energy Institute)

• International Atomic Energy Agency (IAEA)• Established in 1957 - Peru is a founding member state

• “Red Book” resource reporting

• Potential scientific & regulatory assistance

Community Engagement

22

• Twice yearly medical campaign

• Employment of local community members from Isivilla, Tantamaco and Corani –drill/camp personnel; environmental monitoring; prospecting, etc.

• Assisted establishing water treatment plant

• Monthly madre leche (milk) program contribution

• Schools programs sponsorship

• Sponsorship of local & regional festivals

• Loan road building equipment for local community use

• Scaled for current and planned company activities

Permitting Environment in Peru

23

• Environmental Impact Study (EIA) to MEM

• Builds on Exploration EIS – enhanced number of monitoring sites and frequency

• Mine, processing infrastructure & tailings design details and Construction Plan

• Includes a social relations plan/community agreement(s)

• Certification of no archaeological remains in the area

• Draft mine closure and remediation plan

• Water rights from the National Water Authority

• Surface lands right agreements with surface owners

• Assuming all submissions are acceptable, approval to construct is granted within 1-4 months

Path to Production

Except for statements of historical fact relating to Plateau Uranium, certain information contained herein constitutes forward-looking statements. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks, the availability of financing, variations in grades or recovery rates, risks relating to international operations, fluctuating currency exchange rates, changes in project parameters, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.

24

2016 2018+

• Enhanced Environmental work

• Drilling for new discovery & to convert inferred to measured and indicated

• Advance uranium permitting discussions with government

• Further metallurgical test work

• Complete trade-off & optimization studies, PFS

• Project financing

• Commence construction

• Drilling to convert resources to reserves

• Bankable Feasibility Study

• Complete EIA process submissions for construction/production permitting

• Approvals 20-120 days

2017-2018

Budget to PFS (end of 2016):

$4-6M

Budget to Complete BFS and Permitting:

$8-10M

Intend to position Plateau for

production by 2019 to meet forecasted

supply deficit

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

LoM

Opera

ting C

ash

Cost

s (U

S$/l

b U

3O

8)

Low Production Cost vs Developers

25Source: Company Reports and Technical Reports.

*Comparison of economic studies release since Jan. 2014

Peer Average: US$27.50

$0

$10

$20

$30

$40

$50

$60

All-I

n P

roducti

on C

ost

s (U

S$M

)

“All-In” Production Costs


*Comparison of economic studies release since Jan. 2014

“All-In” Production Costs calculated based on Avg LoM Cash Operating Cost + LoM Capital Cost per lb of production

Peer Average: US$39.00

Low Valuation vs Developer Peers

27Source: Company Reports and Technical Reports. As of May 5th, 2015.

Only One of Three Development Projects with Study Supporting <US$30 ‘all-in’ Cost

Mkt Cap (C$M)

LocationM&I Res.

(Mlbs)

InfRes.

(Mlbs)Study Date

Ann. Prod

(Mlbs)

Mine Life (yrs)

LoM Op. Cash Cost (US$/lb)

“All-In Cost”*

NPV8% -US$65/lb(US$M)**

IRR (%)

Vimy Resources $69M Australia 23.6M 49.2M PFS: Nov 2015 3.0M 17 yrs $32 $39 $431 25%

Bannerman $21M Namibia 164.6M 106.1M FS: Nov 2015 7.2M 15.7 yrs $38 $48 $85 10%

Berkeley $89M Spain 62.0M 28.4MM PFS: Nov 2015 3.0M 18 yrs $20 $26 $871 93%

A-Cap Resources $15M Botswana 42.2M 148.2M Tech: Sept 2015 2.7M 18 yrs $41 $55 $240 24%

Fission Uranium $256M Sask. 79.6M 25.9M PEA: Sept 2015 7.2M 14 yrs $14 $27 $1,041 34%

GoviEx Uranium $7M Niger 110.8M 27.7M PFS: Aug 2015 2.7M 21 yrs $24 $39 $263 20%

Azarga Uranium $18M S. Dakota 19.0M 13.4M PEA: Apr 2015 0.9M 11 yrs $19 $36 $114 57%

Forsys Metals $13M Namibia 115.0M 11.0M FS: Mar 2015 5.2M 15 yrs $35 $45 $383 26%

Uranium Resources $29M Turkey 11.3M 33.6M PFS: Feb 2015 0.8M 12 yrs $17 $30 $146 N/A

Plateau

*“All-In” Production Costs calculated based on Avg LoM Cash Operating Cost + LoM Capital Cost per lb of production.**After-Tax NPV8% except Vimy (Pre-Tax NPV10%) and A-Cap (US$81/lb uranium price deck)

Corporate Summary

28

TSX-V: PLU FSE:QG1 OTC:PLUUF

Plateau Uranium Inc. Symbol:PLU

Listed Exchange TSX-V

Market Cap. ~$15.4 million

Shares Outstanding 40,639,863

Warrants Outstanding 7,700,000

Options Outstanding 1,700,000

52 Wk Trading Range $0.23 to 0.69

Recent Price $0.38

Management & Board

29

Ian StalkerChairman

Over 30 years experience in mining development and operations in Europe, Africa, and Australia. Former CEO of UraMin Inc. until its acquisition by Areva in 2007 for US$2.5 billion. Former VP Exploration of Gold Fields Ltd., the fourth largest gold producer in the world at that time.

Ted O’ConnorCEO, Director

Over 22 years of experience in the uranium industry, most recent as Director of Corp. Development at Cameco. In that role, he was responsible for evaluating, directing and exploring for uranium deposits worldwide. Mr. O’Connor has successfully led projects from generation through delineation and multiple acquisitions on uranium projects globally.

Laurence StefanPresident & COO, Director

Founder of Plateau Uranium (formerly Macusani Yellowcake), serving as Managing Director in Peru since Oct. 2007. Dr. Stefan previously worked at Gold Fields of South Africa and JCI (Pty) Ltd. with recent years spent mainly on South American projects.

Alan FerryDirector

Current Lead Director of Guyana Goldfields Inc. and director of Avalon Rare Metals Inc and GPM Metals Inc

Marc HendersonDirector

Currently President & CEO of Laramide Resources Ltd.

Richard PatricioDirector

Current Interim CEO and VP Legal & Corporate Affairs at Pinetree Capital Ltd. and CEO of Mega Uranium

Engin ÖzberkDirector

Currently Executive Director & Senior Technical Advisor and Mitacs Industry Executive in Residence –Minerals, with the International Minerals Innovation Institute.

Dennis HiggsDirector

Currently serves on the board of Energy Fuels Inc., an integrated uranium producer focused in the United States, following its acquisition of Uranerz.

Experienced & Proven

Contact Information

30

Ted O’ConnorChief Executive Officer & [email protected]

Ian StalkerChairman & [email protected]

Mohsen KolahdouzWeb/Investor [email protected]

www.plateauuranium.com

Head Office 141 Adelaide St. W., Suite 1200Toronto, Ontario M5H 3L5

mailto:[email protected]



Appendix Slides

31

Uranium Supply and Demand

32* World Nuclear Association

Uranium Supply and Demand

33* Source UxC Presentation January 2014

Growing Uranium Demand

34Source: World Nuclear Association (December 1, 2015)

Global Demand For Electricity to grow

76% by 2030Nuclear Reactors Worldwide:439 Operating Worldwide64 Under Construction159 Planned329 Additional Proposals

Today’s Supply Crunch:85% of demand met by mining15% from secondary sources

U3O8 RequirementsCurrent Demand 173.5 MM lbsReference Demand 270 MM lbs by 2030

Around The World: The Rise Of Nuclear Energy by 2030

U Price & Uncovered Demand

35* Source: Dundee Capital Markets, Company Reports, UxC (uxc.com)

Utilities contract 2-4 years ahead

NI 43-101 Compliant Resources

36

All Resources stated at 75 ppm U cutoff(1) Kihitian Complex includes the Chilcuno Chico, Quebrada Blanca, Tuturumani and Tantamaco deposits updated, May 6, 2015(2) Isivilla Complex includes the Isivilla, Calvario Real, Puncopata and Calvario I deposits, updated May 6, 2015(3) Corani Complex includes the Calvario II, Calvario III and Nueva Corani deposits, updated May 6, 2015(4) Colibri II-III and Tupuramani remain unchanged, last updated August 14, 2013(5) Corachapi remains unchanged, last updated September 8, 2010

Resources at

75 ppm cut-off

Measured & Indicated Inferred

Tonnes

(Mt)

Grade

(ppm U3O8)

Contained lbs

(Mlbs U3O8)

Tonnes

(Mt)

Grade

(ppm U3O8)

Contained lbs

(Mlbs U3O8)

Kihitian

Complex(1)47.7 Mt

261 ppm

(0.575 lbs/t)27.4 Mlbs 83.6 Mt

273 ppm

(0.60 lbs/t)50.3 Mlbs

Isivilla

Complex(2)4.6 Mt

350 ppm

(0.77 lbs/t)3.5 Mlbs 16.1 Mt

293 ppm

(0.645 lbs/t)10.4 Mlbs

Corani

Complex(3)3.4 Mt

166 ppm

(.366 lbs/t)1.3 Mlbs 6.1 Mt

131 ppm

(0.288 lbs/t)1.8 Mlbs

Colibri 2 & 3 /

Tupuramani(4)27.9 Mt

240 ppm

(0.529 lbs/t)14.7 Mlbs 20.4 Mt

170 ppm

(0.374 lbs/t)7.7 Mlbs

Corachapi(5) 11.6 Mt195 ppm

(0.43 lbs/t)5.0 Mlbs 3.8 Mt

230 ppm

(0.507 lbs/t)1.91 Mlbs

Total 95.2 Mt248 ppm

(0.546 lbs/t)51.9 Mlbs 130.0 Mt

251 ppm

(0.553 lbs/t)72.1 Mlbs

NI 43-101 Compliant Resources

37

All Resources stated at 200 ppm U cutoff(1) Kihitian Complex includes the Chilcuno Chico, Quebrada Blanca, Tuturumani and Tantamaco deposits updated, May 6, 2015(2) Isivilla Complex includes the Isivilla, Calvario Real, Puncopata and Calvario I deposits, updated May 6, 2015(3) Corani Complex includes the Calvario II, Calvario III and Nueva Corani deposits, updated May 6, 2015(4) Colibri II-III and Tupuramani remain unchanged, last updated August 14, 2013(5) Corachapi remains unchanged, last updated September 8, 2010

Resources at

200 ppm cut-off

Measured & Indicated Inferred

Tonnes

(Mt)

Grade

(ppm U3O8)

Contained lbs

(Mlbs U3O8)

Tonnes

(Mt)

Grade

(ppm U3O8)

Contained lbs

(Mlbs U3O8)

Kihitian

Complex(1)16.23 Mt

505 ppm

(1.11 lbs/t)18.05 Mlbs 29.78 Mt

520 ppm

(1.15 lbs/t)34.1 Mlbs

Isivilla

Complex(2)2.87 Mt

465 ppp

(1.02 lbs/t)2.94 Mlbs 7.21 Mt

500 ppm

(1.10 lbs/t)7.96 Mlbs

Corani

Complex(3)0.42 Mt

342 ppm

(0.75 lbs/t)0.31 Mlbs 0.19 Mt

294 ppm

(0.648 lbs/t)0.12 Mlbs

Colibri 2 & 3 /

Tupuramani(4)11.0 Mt

376 ppm

(0.828 lbs/t)9.12 Mlbs 3.29 Mt

363 ppm

(0.8 lbs/t)2.64 Mlbs

Corachapi(5) 2.94 Mt372 ppm

(0.819 lbs/t)2.41 Mlbs 1.14 Mt

443 ppm

(0.98 lbs/t)0.89 Mlbs

Total 33.47 Mt445 ppm

(0.98 lbs/t)32.8 Mlbs 41.62 Mt

501 ppm

(1.10 lbs/t)45.9 Mlbs

High Elevation Minesm

etre

s ab

ove

se

a le

vel

5400

5200

5000

4800

4600

4400

4200

4000

Minsur -San Rafael Tin Mine

Chinalco -Toromocho

Copper Mine

Collahuasi -Copper Mine

Antamina -Copper / Zinc Mine

PlateauUranium

Other Operating Mines in the Andes38

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