TSX-V:YEL FSE:QG1

Investor Presentation

TSX-V:YEL FSE:QG1November 2014

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 Macusani'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 Macusani, 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 Macusani nor

its management assume any obligation to revise or update these forward-looking statements.

Qualified Persons

The scientific and technical information contained in this news release 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 news release 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

• Large Scale – Proposed production of 5.2M lbs U3O8 /year*

• Low Cost - <$21/lb* estimated cash production cost

• Robust Economics - NPV: $708 M / IRR: 47.5% (pre-tax)*

• Growing Resource** – 49.7 M lbs U3O8 Measured & Indicated; 47.5 M lbs U3O8 Inferred; through organic growth & consolidation

• Excellent Infrastructure - roads, inexpensive power, water, etc.

• Mining Friendly Jurisdiction of Peru

Well-positioned for Uranium sector recovery

* Dec 2013 Preliminary Economic Assessment – see slides 9 & 10 for details. ** See Slide 19 for resource details 3

Consolidating An Emerging Uranium District

4

MacusaniProjects

• Macusani controls one of the largest undeveloped uranium projects in the world

• Located on the Macusani Plateau, Puno, Southern Peru: concessions cover over 1,000km2

• 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

• Good government and local community relations

Consolidated Strategic Land Position

5

Over 1000 km2 of claims holding all known resources in the region

49.7M lbs M&I;

47.5 M lbs Inf.

• 7 main deposits (see Slide 19)

• 100 – 635 ppm avg. grade

• 10 km radius

• Macusani controls all uranium resources

Development & Growth to Date

6

2008 2009 2010 2011 2012 2013 2014

Key Milestones Resource Estimate

for Col ibri 2&3

Acquis i tion of

Corachapi and

Kihi tian

concess ions

Resource Estimate

for Corachapi and

updated for Col ibri

2&3

PEA for 1.2 M lb/year

operation; cash cost

of $21.65/lb U3O8

$14.4 M Financing

Dri l l ing s tarts at

Kihi tian

Merger with

Southern Andes to

become dominant

land holder on

Macusani plateau

Resource Estimate

for Kihi tian

Resource Estimate

update

PEA for 4.3 M lb/year

operation; cash cost

of $20.57/lb U3O8

Acquis i tion of

Minergia , further

consol idation of the

Macusani Plateau

2008 2009 2010 2011 2012 2013 2014

1.6 1.6 11.7 11.7 13.1 31.5

49.7

13.0 13.0

30.0 30.0 40.6

30.1

47.5

2008 2009 2010 2011 2012 2013 2014

Measured & Indicated Inferred

Strategy to consolidate and grow resources at below-industry valuations/discovery costs

Please see SEDAR for historic resource estimates. Breakdown of cut-off and current resource estimates available on slide 21.

2013 PEA Highlights

• Robust financials

• Low cash costs

• Large-scale production

• Manageable CAPEX

• Resource expansion potential

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

Paves the way for Pre-Feasibility Study in 20157

PEA Highlights & Update

8

Multiple deposits serviced by centralized processing plant

PEA based on pre-Azincourtacquisition resource base: 31.5 M lbs U3O8 Measured & Indicated and 30.1 M lbs U3O8 Inferred Resources (see Slide 21*)

PEA contemplates open pit and underground mining of these deposits over 10 year mine life to feed a centralized heap leach processing facility

Updated PEA planned for Q1-2/15 to incorporate entire expanded resource base and additional data = Expected synergies with potential Capex/Opex reductions

Low cost production potential

PEA Financial Highlights

9* All figures in US dollars

Financial Parameters*

Uranium price $65 / lb U3O8

Average cost of production $20.57 / lb U3O8

Initial capital expenditure $331 million

Sustaining capital $228 million

Pre-tax Post-tax

NPV (8% discount rate) $708 M $417 M

IRR 47.5% 32.4%

Payback period 2.9 years 3.5 years

Large-scale production potential

PEA Production Highlights

10

Production Parameters*

Mine life 10 years

Average annual potentially mineable tonnes 8.5 million tonnes

Processing recovery rate 88%

Open pit strip ratio 1 : 0.65

Average grade 259 ppm U3O8

Average annual production (LOM) 4.3 million lbs U3O8

Average annual production (Operating Years 1-5) 5.2 million lbs U3O8

* ~23 400 tonne per day heap leach operation. Conventional open pit and underground mining.

-

4,000,000

8,000,000

12,000,000

16,000,000

20,000,000

World's Largest Uranium Mines (lb U/yr)

Large Scale Production Potential

Paves way for Pre-Feasibility Study in 2014

6th Largest

World Nuclear Association Market Report data

11

Ranked against world-class projectsWorld Nuclear Association Market Report data

Low Production Cost vs Global Cost Curve

$20.57/lb

Source: November 10, 2014 Cantor Fitzgerald Canada Estimates, Ux Consulting, Company Reports

12

Low Production Cost vs Developers

13

Source: Company Reports and Technical Reports.

$0

$10

$20

$30

$40

$50

$60

$70

A-Cap Bannerman Forsys Metals GoviEx ExtractAcquisition (Feb.

2012)

Toro Energy MantraAcquisition (Mar.

2011)

Berkeley Macusani

LoM

Op

era

tin

g C

ash

Cost

(U

S$

/lb

U3

O8

)

Uranium Supply and Demand

14* World Nuclear Association

Growing Uranium Demand

15Source: World Nuclear Association (October 1, 2014)

Global Demand For Electricity to grow

76% by 2030

Nuclear Reactors Worldwide:436 Operating Worldwide

71 Under Construction174 Planned

301 Additional Proposals

Today’s Uranium Supply Crunch:85% of demand met by mining15% from secondary sourcesAround The World: The Rise Of Nuclear Energy by 2030

Uranium Inducement Price for New Production

16

Source: JPMorgan Research, July 28th, 2014. Macusani data based on 2013 PEA.

$0

$20

$40

$60

$80

$100

$120

$140

$160

U3

O8

Pri

ce R

eq

uir

ed

INDUCEMENT PRICE FOR NEW PRODUCTION (15% IRR)

Global Peer Comparables• Company is undervalued compared to uranium development peers

• Macusani currently has the lowest market capitalization amongst >2Mlbs per year uranium developers

17

Mkt Cap as of November 17th 2014 unless otherwise specified.Source: Company Reports and Technical Reports.

Macusani

Bannerman

Berkeley

Deep Yellow

ForsysLaramide

A-Cap

$-

$10

$20

$30

$40

$50

$60

$70

$15.00 $20.00 $25.00 $30.00 $35.00 $40.00 $45.00 $50.00 $55.00

Ma

rke

t C

ap

italiz

ati

on

(C

$M

)

Lo M Cash Op Cost (US$/lb) - Economic StudyBubble Size (Lighter Shade) denotes M&I Resources.Bubble Size (Darker Shade) denotes Inferred Resources.

Board of Directors

18

Ted O’ConnorCEO, Director

Over 22 years of experience in the exploration industry, most recent as Director of Corporate Development at Cameco. In that role, he was responsible for evaluating, directing and exploring for uranium deposits worldwide. Mr. O’Connor has successfully led new project generation from early exploration through to discovery on multiple unconformity uranium projects. CEO & President of Azincourt Uranium for the past 18 months.

Laurence StefanPresident & COO, Director

Founder of Macusani, 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 FerryChairman, Director

Over 25 years of experience in the investment industry following a career as a geologist, mainly in uranium exploration. Significant experience in mining analysis, mineral economics and corporate finance. Current Lead Director of Guyana Goldfields Inc. and Chairman of Avalon Rare Metals Inc.

Marc HendersonDirector

Over 20 years of CEO experience. Currently President & CEO of Laraminde Resources Ltd. Mr. Henderson previously served as President of Aquiline Resources Inc., prior to being acquired by Pan American Silver in Jan. 2010. Mr. Henderson is a Chartered Financial Analyst, and holds an economics degree from the University of Colorado.

Richard PatricioDirector

Current VP Legal & Corporate Affairs at Pinetree Capital Ltd. Mr. Patricio is responsible for merger and acquisition activity, corporate transactions, compliance, corporate governance and the administration of Pinetree. Mr. Patricio received his law degree from Osgoode Hall and was called to the Ontario bar in 2000.

Ian StalkerDirector

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.

Experienced, proven and committed

Macusani: 43-101 Compliant Resources

19

* Resource shown at a 75 ppm U cut-off (88.4 ppm U3O8 cut-off) Conversion of U to U3O8 is 1.179. Source: Technical Report dated September 20, 2013 by The Mineral Corporation: “Mineral Resource Estimates for the Colibri 2 & 3 / Tupuramani, Kihitian and Triunfador Uranium Projects, held by Global Gold S.A.C. in the Puno District of Peru.” & Technical Report dated February 22, 2012 by Foremost Geological Consulting: “Technical Report on the Corachapi and Kihitian Uranium Properties, Macusani District, Department of Puno, Peru.”**Resource shown at a 77 ppm U cut-off (90.7 ppm U3O8 cut-off); Conversion of U to U3O8 is 1.179. Source: Technical Report dated August 31, 2014 by Henkle and Associates “Updated Technical Report of the Macusani and Muñani Uranium Exploration Projects Department of Puno, Perú”, prepared for Macusani Yellowcake Inc.

Project Measured & Indicated InferredTonnes

(Mt)Grade

(ppm U3O8)Contained lbs(Mlbs U3O8)

Tonnes(Mt)

Grade (ppm U3O8)

Contained lbs(Mlbs U3O8)

Kihitian* 8.4 Mt 635 ppm 11.8 Mlbs 12.8 Mt 615 ppm 17.4 Mlbs

Colibri 2 & 3 / Tupuramani*

27.9 Mt 240 ppm 14.7 Mlbs 20.4 Mt 170 ppm 7.7 Mlbs

Corachapi* 11.6 Mt 195 ppm 5.0 Mlbs 3.8 Mt 230 ppm 1.9 Mlbs

Triunfador* - - - 3.5 Mt 409 ppm 3.1 Mlbs

Tantamaco** 32.7 Mt 220 ppm 16.0 Mlbs 13.2 Mt 119 ppm 5.6 Mlbs

Isivilla** 4.5 Mt 150 ppm 1.5 Mlbs 6.9 Mt 420 ppm 6.4 Mlbs

Nuevo Corani** 3.2 Mt 100 ppm 0.7 Mlbs 7.3 Mt 210 ppm 3.4 Mlbs

Tuturumani/Calvario Real**

- - - 6.8 Mt 134 ppm 2.0 Mlbs

Sub-Total 88.3 Mt 256 ppm 49.7 Mlbs 74.7 Mt 288 ppm 47.5 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 -Cooper / Zinc Mine

Macusani Yellowcake

Other Operating Mines in the Andes20

Near-Term Milestones

Except for statements of historical fact relating to Macusani , 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.

21

Q4-2014 2016+

• Resource Integration & Revised PEA incorporating entire portfolio initiated

• Initiate prospecting & sampling on unexplored land and prioritize known un-drilled prospects

• Further metallurgical testwork planned

• Community Agreements & Environmental Permits in place

• Bankable Feasibility Study

• Project financing

• Commence construction

• Production Visibility - 2018

• Revised PEA completion

• Environmental studies

• Additional engineering

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

• Pre-Feasibility Study

• Initiate Mine Permitting

2015

Capital Structure

22

Shares 259.7 M

Warrants @ $0.10 31.9M

Options 10.0 M

Fully Diluted 301.6 M

Recent share price (Nov 14, 2014) CAD $0.065

Market Capitalization CAD $16.9 M

Key shareholders: Khan Resources, RMB Resources, Robert Disbrow, Sprott &Mega Uranium

Contact Information

23

Ted O’ConnorChief Executive Officer & Director416-628-9600ted@macyel.com

OR

Laurence StefanPresident & Chief Operating Officer416-628-9600laurence@macyel.com

www.macyel.com

Head Office 141 Adelaide Street West, Suite 1200Toronto, Ontario M5H 3L5