toward production of clean energy commodities: …...3 u3o8 corp: commodities for clean energy a...

www.u3o8corp.comJuly, 2018

Uranium

Nuclear Energy Power Storage Rare Earths

Toward production of clean energy commodities:

uranium & battery metals

A G reen R esources C om pany

Vanadium, Nickel & Phosphate

Yttrium & NeodymiumTSX: UWE | OTCQB: UWEFF

2

QP for Technical Disclosure – All scientific and technical disclosure contained herein has been prepared and approved by Dr.RichardSpencer, U3O8 Corp’s President andCEOanda “qualifiedperson” within the meaningof NI 43-101.Certain statements contained herein constitute forward-looking statements (“FLS”) that involve substantial known and unknown risks and uncertainties. These FLS

are subject to numerous risks and uncertainties, certain of which are beyond the control of U3O8 Corp., including, but not limited to, the impact of general economicconditions, industry conditions, geopolitical risks, volatility of commodity prices, assumptions used in resource estimates, economic analysis and financialprojections, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on exploration projects, timingand outcome of the preliminary economic assessment (“PEA”) and that a mine will be achieved on the Laguna Salada Project or the Berlin Deposit, that a jointventure will be formed with the Chubut provincial resource company, that the frac sand property will be developed as anticipated and silica potential is realized,

currency fluctuations, the uncertainty of obtaining additional financing and exploration risk, and dependence upon regulatory approvals. Readers are cautioned thatthe assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such,

undue reliance should not be placed on FLS. These FLS are made as of the date hereof and U3O8 Corp. assumes no obligation to update or revise them to reflectnew events or circumstances. Industry and peer information has been drawn from publicly available sources and have not been independently verified by U3O8Corp. Comparisons of U3O8 Corp’s resource and exploration targets with other uranium deposits are conceptual in nature, and have not been independentlyverified by U3O8 Corp. and information regarding these peer deposits are drawn from publicly available information.

Kurupung Project, Guyana – resource of 8.4Mlb indicated at 0.09% U3O8 and 7.7Mlb inferred at 0.08% U3O8 . See June 26, 2012 – “Technical Review and MineralResource Estimates of the Aricheng C and Aricheng West Structures, Kurupung Uranium Project, Mazaruni District, Guyana for U3O8 Corp.” and January 14, 2009– “A Technical Review of the Aricheng North and Aricheng South Uranium Deposits in Western Guyana for U3O8 Corp. and Prometheus Resources (Guyana) Inc.”

Scout drilling suggests that the Kurupung may contain an additional exploration target of 6-11Mt at a grade of 0.08% to 0.10% U3O8 (~14-19Mlb) – see pressreleases dated June 10, 2008, October 15, 2009, November 18, 2009, March 16, 2010, April 20, 2011 and June 8, 2011.

Laguna Salada Project, Argentina – resources of 6.3Mlb indicated at 60ppm U3O8 and 3.8Mlb inferred at 85ppm U3O8 ; and 57Mlb indicated at 550ppm V2O5 and27Mlb at 590ppm V2O5 . See May 20, 2011 – “Laguna Salada Project, Chubut Province, Argentina, NI 43-101 Technical Report on Laguna Salada: Initial ResourceEstimate”. Based on exploration results on other mineralized areas, there is an additional exploration target of 56-113Mt at a grade of 50ppm to 60ppm U3O8 (~10-15Mlb) – see press releases dated December, 4, 2013 and November 12, 2013. For the Laguna Salada PEA, see the September 18, 2014 – “PreliminaryEconomic Assessment of Laguna Salada Uranium-Vanadium Deposit, Chubut Province, Argentina”.

Berlin Project, Colombia – resources of 1.5Mlb indicated at 0.11% U3O8 and 19.9Mlb inferred at 0.11% U3O8 ; plus a phosphate inferred resource of 0.8Mt at 9.3%P2O5 and vanadium inferred resource of 97mlb at 0.50% V2O5 defined on only the southern 3km of the 10.5km mineralized trend at Berlin. See March 2, 2012 –“Berlin Project, Colombia – National Instrument NI 43-101 Report”. Based on exploration on other mineralized areas, there is an additional exploration target of 20-27Mt at a grade of 0.09% to 0.11% U3O8 (~50-55Mlb) on the remaining 7.5km of the trend – see press release dated September 20, 2012. For the Berlin PEA seethe January 31, 2013 – “Berlin Project, Colombia - Preliminary Economic Assessment, NI 43-101 Report”.

PEAs are preliminary in nature as they include inferred mineral resources that are considered too speculative geologically for economic consideration that would

enable them to be classified as mineral reserves. Mineral resources are not mineral reserves and have not demonstrated economic viability. There is no certaintythat the results of the PEAs will be realized. Potential quantity and grades are conceptual in nature. There has been insufficient exploration to define a mineralresource on the above exploration targets, and it is uncertain if further exploration will increase the mineral resources on the company’s projects in Guyana,Argentina and Colombia. Information on U3O8 Corp., its projects and technical reports in compliance with NI 43-101 are available on the company’s web site atwww.u3o8corp.com.

Forward-Looking Statements & DisclaimerA Green Resources Company

TSX: UWE | OTCQB: UWEFF

http://www.u3o8corp.com/

3

U3O8 Corp: Commodities for clean energy

A Green Resources Company

1. UraniumTo fuel large nuclear

power plants

2. Battery Commodities

3. Rare Earths High-efficiency generators & motors


To fuel small modular reactors (SMRs)

Nickel, Vanadium, Phosphate,

Zinc

U3O8 Corp. Core Components& Estimate of % Revenue that would be derived from each

4

Note - PEA estimates are preliminary in nature, as is the revenue projected to be derived from each commodity. The PEAs include resources that are not reserves that do not have demonstrated economic viability. There is no certainty of the results of the PEA being realized - see slide 2


U3O8 CorpProject Uranium Battery

CommoditiesRare Earth Elements

Other Metals Total

Laguna Salada, Argentina 86% Vanadium 14% 100%

Berlin, Colombia 35%

Vanadium 9%

7% 1% 100%Nickel 15%

Phosphate 31%Zinc 2%

Sub-total 57%

U3O8 Corp has a 39% holding in South American Silica


U3O8 Corp. Uranium Resource: 48 million pounds

5


Note – Projected cash costs are based on PEAs that are preliminary in nature as they include resource estimates that are not mineral reserves and do not have demonstrated economic viability – see slide 2

GuyanaColombia

Argentina

Estimated Cash Cost of Uranium

Production

Estimated Capital

CostPriority

BERLIN, Colombia

Resource Type Million pounds

Indicated 1.5 US$0/pound of uranium net of by-

products

US$441 million

2Inferred 19.9

LAGUNA SALADA, Argentina

Indicated 6.3 US$22/pound of uranium, net of by-product vanadium

US$136 million 1

Inferred 3.8

KURUPUNG, Guyana

Indicated 8.3 Rough estimate: US$45/pound

Not yet estimated 3

Inferred 7.9


Nuclear in ArgentinaWill generate 9% of electricity when

Embalse reactor is back on stream

6


Reactor Atucha I Embalse Atucha II Atucha III “No 5”

Date of CommercialOperation

1974 1984 2015Constructionstarts 2018

Construction starts 2020

Capacity (MWe net) 335 600ð635 692 800 1,150

Type Siemens Candu-6 Siemens Candu-6 Hualong One

Life extensions10-years to

202730-years to 2048

6% output increaseConstruction contract signed

May, 2017

Large Nuclear Power Plants: 2 operating reactors, one being refurbished

Small Reactors:

5 Research reactors operating in Argentina

5 Research reactors built by Argentine reactor construction company INVAP elsewhere in the world

CAREM Small Modular Reactor:

• 25MW prototype under construction, 100MW & 200MW units designed


Nuclear Energy in Argentina:

77


Source of data: C N EA , IA EA


0

5,000

10,000

15,000

20,000

25,000

30,000

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

Ele

ctri

city

Pro

duct

ion

(GW

h)

Electricity Generation from Nuclear in Argentina: actual & planned

Reactor 4

Reactor 5

Refurbished Embalse reactor ramps up to full production

Nuclear in Argentina – the opportunity

8


Reactor Design Reactor Construction

Enrichment & Fuel-Rod

Manufacture

Spent Fuel Storage

CNEA/INVAP INVAP

Uranium Production

DIOXITEC & CONUAR

NA-SA1

CNEA2

INVAP to build medical isotope facility in USA for Coqui Pharma

Spent fuel in dry storage in concrete casks - CNEA

Nuclear fuel rod cluster

1 Short-term storage at nuclear power plants operated by NA-SA;

2 Long-term storage in dry casks by CNEA.

Nuclear energy industry overseen by ARN (Nuclear Regulatory Authority)

Australia’s only nuclear reactor – the OPAL research facility

Laguna Salada Deposit –

U3O8 Corp.

Cerro Solo Deposit – State through CNEA


Ivana Deposit –Blue Sky

Uranium Corp.

Laguna SaladaSimple mining - real-time environmental restoration

9

Migrating Trench Advances

Mined area restored to original landscape

Excavation up to 3m/10’ deep


Gravel – averages 8m thick

Mineralized layer averages 1m/3’ thickG ravel that’s been m ined,

w ashed & rep laced

Removing the Gravel Cover

Mining Uranium-Vanadium – bearing gravel

Gravel – averages 8m thick

Impermeable shale


10

Gravel is sievedWashed

Only fine material sent for

processing

No blasting, no crushing



Laguna SaladaOperational Simplicity

11

Only 9% of the gravel is processed for

uranium & vanadium extraction.

Extraction of Uranium & Vanadium is with household

products -Baking powder & baking soda



Laguna SaladaSimple Processing

Laguna Salada Project:Resource growth potential

U3O8’s Concession

Block Outlined in

Green

10MlbCurrent NI

43-101

uranium

resource

>25Mlb potential in gravel plain

(grey area)

Ø 10Mlb NI 43-101 Uranium

Resource

Ø 20-25Mlb potential in in La

Susana, La Rosada discoveries

Ø >25Mlb - potential in rest of

land package

> 55Mlb potential20km

12


Location of exploration

results reported in Jan, 2017

20-25Mlb potential in La

Susana, La

Rosada(1)

discoveries &

anomalous radon area


$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

05001,0001,5002,0002,5003,0003,5004,000

Cash cost of production of U

ranium(U

S$ per pound)

Uranium Grade (ppm U3O8)

Estimated Cash-Cost of Production with Grade of Fine Component of Gravel

Average life of mine cash cost of production US$21.62/lb of U3O8

Laguna Salada Project:Higher Grades lead to lower Production Cost Estimates

13


Year 1

Year 10

Objective of current exploration - to find additional higher-grade uranium-vanadium


Uranium Commodity Price

1414


Source: of data U x C onsulting C om pany LLC , H ayw ood Securities


$0

$20

$40

$60

$80

$100

$120

$140

$160

1-Jan-0

3

1-Jan-0

4

1-Jan-0

5

1-Jan-0

6

1-Jan-0

7

1-Jan-0

8

1-Jan-0

9

1-Jan-1

0

1-Jan-1

1

1-Jan-1

2

1-Jan-1

3

1-Jan-1

4

1-Jan-1

5

1-Jan-1

6

1-Jan-1

7

1-Jan-1

8

Ura

nium

Pric

e (U

S$/lb

)

Uranium Price Chart

Spot Pric e

Long Term Pric e

Argentine Importa tionPrice

Uranium Market Summary

15

Source: TradeTech, compiled by Cormark

15



Producers making deep production cuts – led by Cameco and Kazatomprom.

Total U3O8 supply in 2017 was ~200Mlbs so:• 2018: supply cut to ~

169Mlbs (15.5% from 2017)• 2019: further cut to ~

167Mlbs (1%);• 2020: further cut to ~

165Mlbs (1%)-6M

lbs -12Mlbs

-34Mlbs

-36Mlbs

-38Mlbs

Paladin Energy

Uranium Market Summary

16

Source: Cantor Fitzgerald

Global Uranium Demand Scenarios vs. Global Total SupplySupply cuts put market into deficit in 2018

Primary Supply

Proposed Laguna Salada production

Mlb

s/ye

ar U

3O

8

16


Secondary Supply


Forecast Demand

Laguna Salada DepositTimeline & budget to mine decision

17

BUDGET TOWARDS

POTENTIAL PRODUCTION (US$)

Resource expansion &

upgrade to Measured &

Indicated

$3.0M

Metallurgy & pilot plant $1.5M

Social, environmental &

permitting$1.0M

Feasibility study (FS) $1.5M

Budget to Construction

Decision$7.0M

CAPEX (in 2014 US$)

CAPEX after forex

adjustment (in 2015 US$)

$136M

/

$117M

Next Steps:

1. Trial mining & pilot plant test work to produce yellowcake as proof of concept;

2. Reduce production cost estimates by finding additional higher grade gravel and

optimizing metallurgy.

R ecom m ended w ork program , tim ing & budget based on PEA that is prelim inary in nature. Includes resources that are not reserves & do not have dem onstrated econom ic v iability . N o certa inty of the PEA being realized – see slide 2

Conceptual Timeline Year 1 Year 2 Year 3

Resource expansion & upgrade

Environmental (EIA)

Metallurgy & pilot plant

Mining & Environ. permit

Permit to produce yellowcake

Feasibility study (FS)

Construction


• Projected 2 years to construction decision

• Projected additional 1 year for construction


Battery Commodities

18


Colombia

Argentina

BERLIN, Colombia

NI 43-101 Resource category

Vanadium Nickel Phosphate ZincMillionpounds

Million pounds

Million Tonnes

Million Pounds

Indicated 6 3.1 0.05 4.4Inferred 91 42.1 0.8 45

LAGUNA SALADA, ArgentinaNI 43-101

ResourceVanadium

(Mlb)Indicated 57Inferred 27


19

Lithium Ion Battery Commodities


Metal content by battery chemistry


Li-ion Battery Type

Chemistry Abrev.

Lithium Iron Phosphate LiFePO4 LFP

Lithium Vanadium Phosphate Li3V2(PO4)3 LVP

Lithium Manganese Oxide

LiMn2O4 LMO

Lithium Cobalt Oxide LiCoO2 LCO

Lithium Nickel Cobalt Aluminium Oxide

LiNiCoAlO2 NCA

Lithium Nickel Manganese Cobalt Oxide

LiNiMnCoO2 NMC

0

100

200

300

400

500

600

Le ad A ci d N iC ad N ic kel M et alH yd ri d e

Li t hi u mTi t an it e

Li t hi u m I ronP ho sph at e

Li t hi u mM an ga nes e

O xi de

N M C Li t hi u mC ob al tO xi de

N CA Li t hi u mV ana di umP ho sph at e

Spe

cific

Ene

rgy

(Wh/

kg)

20

Lithium Ion Battery CommoditiesA Green Resources Company

Source of data: batteryuniversity.com

Comparison of Specific Energy or Capacity of Battery Types

Lithium-Ion Batteries

Nissan Leaf, GM,

Chevy Volt,BMW i3

BYD e-buses

Tesla, Panasonic

Subaru G4e,BYD

Car battery


21

Battery CommoditiesVanadium Redox Flow Batteries (“VRB”)



Flow Batteries

Lithium Ion Lead Acid

1 hr 5 hrs 10 hrs

10MW

10kW

1MW

Rat

edO

utpu

t

Battery Duration

5+

4+3+

2+

Vanadium occurs naturally in 4 different charge states

+ve -ve

V5+

V4+

V3+

+veelectrode

-veelectrode

V2+

current

Membrane

22

Battery CommoditiesVanadium Redox Batteries – Industrial e-Storage


Cost Guidance• US$500/kWh (UniEnergy Technologies)

= US$0.10/kWh over 15,000 cycles;

• US$300/kWh with recycled Vanadium (Imery)

= US$0.07/kWh over 15,000 cycles

• Footprint: 20MW/acre or 50MW/hectare

• UET system cost estimate: US$0.05c/kWh


VRB

=Typical large

reactor (1,000MW)

Only 5 of these VRBs would be needed to store the entire electricity output of a typical large reactor

Largest battery in world is a VRB:• 200MW / 800MWh in Dalian, China;

• Sufficient to power 100,000 typical western homes for 8 hours;

VRB selected for:

• Reliability – no significant loss of capacity over battery life;

• >20 year life;

• Electrolyte is fully recyclable at end of the battery’s life.

VRB

VRB

VRB

VRB

Dalian VRB 50% complete

23

Battery CommoditiesVanadium


Source of data: www.assetmacro.com, Camelot Ferroalloys Inc., VanitecTSX: UWE | OTCQB: UWEFF

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Steel , Chemic als

Vanadium requi red for Redox Flow Batteries

Vanadium requi red for Li -Ion Batteries

Supply

Vanadium Pentoxide (V2O5) Supply/Demand

Vana

dium

(ton

nes)

http://www.assetmacro.com/

24

Battery CommoditiesVanadium


Source of data: vanadiumprice.comTSX: UWE | OTCQB: UWEFF

$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

$16.00

$18.00

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Vana

dium

Pri

ce (V

2O5)

in U

S$/

lb

Vanadium (V2O5) Price Chart

25

Battery CommoditiesZinc-Air Batteries



0

100

200

300

400

500

600

Lithiu

m Tita

nite

Lithiu

m Iron Phosp

hate

Lithiu

m Man

ganese

Oxide

NMC

Lithiu

m Cobalt

Oxide NCA

Lithiu

m Vana

dium P

hospha

te

Zinc-A

ir

Sp

ec

ific

En

erg

y (

Wh

/kg

)

Specific Energy: Li-Ion vs Zinc-Air

Zinc + Air → Zinc Oxide & Energy (1.6 volts)

Reverse to refuel: Zinc Oxide + Energy → Zinc + Air

• Simple• Inexpensive• Safe• Refillable, but not

rechargeable• Breakthrough (Aug

2017) on recharging using iron-nickel-cobalt catalyst

Strategically Located in Uruguay, Brazil, Argentina

San Jorge Shale

In Shale

Nascent Need for Local Frac Sand Supply• Oil & gas production from the Vaca

Muerta is just starting

• Foreign oil majors investing >$9B so far to develop the giant Vaca Muerta shale in Argentina

• Frac sand / proppant market expected to be 800,000 tonnes per year in 2017. Current local production only 6,000t per year

• Almost all of Argentina’s frac sand imported from Brazil, China & USA

ÆOur properties near key shale basins & infrastructure (road, rail & ports)

Rail

Road

Brazil Properties

Uruguay Properties

Argentine Properties

Vaca Muerta

San Antonio Port

Comodoro Port

Rio Grande

Port

26TSX: UWE | OTCQB: UWEFF

Favouredroute to the Vaca M uerta

Director Experience & Key Areas of Expertise Role on the Board

Dr. Keith Barron

• Founded Aurelian Resources & discovered the 13 million ounce (“Moz”) Fruta del Norte (FDN) gold deposit in Ecuador. FDN was sold to Kinross Gold for $1.3B• Recipient of PDAC’s Thayer Lindsley International Discovery Award – 2008• Northern Miner’s Mining Man of the Year – 2008

• Founder of U3O8 Corp.• Minefinder• Entrepenuer• Major shareholder

Mr. David Constable

• Was VP- Investor Relations (IR) with Australia’s Normandy Mining until it was acquired by Newmont;• VP-IR at FNX during the discovery in Sudbury that took the company from junior explorer to a producer with a multi-billion dollar market cap;• Served on the board of Aquiline Resources until it was sold to Pan American Silver;• Holds a ICD.D designation from Institute of Canadian Directors

• Chairman• Corporate governance

Mr. David Franklin

• Co-founder & MD of WoodsWater Capital LP, a resource-focused private equity firm• Formerly CEO of Sprott Private Wealth;• Was market strategist at Sprott where he co-wrote the widely-followed monthly note “Markets at a Glance” with Eric Sprott

• Investment banking• Corporate strategy

Mr. Pablo Marcet

• Member of Board of Directors of Barrick Gold;•Participated in start-up of the giant Escondida copper mine in Chile;• As president of Northern Orion, oversaw project development of the Agua Rica gold-copper deposit & its subsequent sale to Yamana Gold for $1.6B;• Was president of Waymar Resources, which merged with Orosur Mining that operates a gold mine in Uruguay

• Entrepeneur• Mine developer• LatAmperspective – has first-hand knowledge - lives in Argentina

Mr. David Marsh

• Extensively experienced metallurgist – was instrumental in installation of Paladin Energy’s alkaline leach uranium plant at Langer Heinrich and acid leach uranium plant at Kayelekera;• Expertise in metal extraction from multi-commodity deposits

• Technical expertise• Corporate strategy

Dr. Richard Spencer See “Management” slide • Minefinder

• Deep LatAmexperience

U3O8 Corp. Board

27



Name Experience & Key Areas of Expertise Management Role

Dr. Richard Spencer

Led the exploration teams that:• Discovered the 3.3 million ounce Quimsacocha / Loma Larga gold deposit in Ecuador (+23Moz silver);• Increased gold reserves at Las Cristinas in Venezuela by 65% from 10Moz to 17Moz;• Grass roots discoveries of copper porphyries in Ecuador – resources are:23 billion pounds of copper + 4 Moz gold in Mirador, Panantza & San Carlos porphyries

President & CEO

Mr. John Ross

• As CFO of IAMGOLD Corp., was the first to introduce the gold “money policy” – converted the company’s cash to gold at an average price of US$287/oz as an ultracontrarian when the majors were still hedged and when the Bank of England was selling the country’s gold

CFO

Dr. Hugo Bastias

• Instrumental in the discovery of the 7.5Moz Veladero gold deposit – now a Barrick mine in Argentina;• Instrumental in U3O8 Corp.’s uranium discoveries in Colombia & Argentina.

Executive VP – based in Argentina

Mr. Elpidio Reis

• M.Sc in Mineral Exploration from Queens University, Ontario & an MBA • Business Development Director of Rio Tinto – Brazil (1988-2001);• Was General Manager of Braziron Ltd;• Instrumental in the development of the 10Moz Morro do Ouro mine – developing processing techniques for very low grade ore.

Chief Operating Officer

– based in Brazil

Mr. Gabriel Bastias

• Completed MSc in Mineral Exploration at Queens University, Ontario• Led the team that discovered U3O8 Corp.’s Laguna Salada uranium-vanadium project in Argentina.

VP Exploration– based in Argentina

U3O8 Corp. Management

28



29

U3O8 Corp. Capital Structure

8% Insiders



Share Capital after ConsolidationMarket cap(at $0.47) C$9M

Average daily volume (3-mth): 39K

Basic shares o/s 19,851,095

Warrants o/s 6,644,387

Options o/s 829,750

Fully diluted 27,325,232

U3O8 Corp. Shareholder Base

Largest Shareholders:Dr Keith Barron – founder & director;Delaware Street Capital;Extract Capital;JMM Partners;Alpha North Asset Management.

9%

19%

72%

Insiders

Institutions

OtherShareholders

30

Laguna Salada, Argentina~3 years to potential production

Berlin Project, Colombia~4 to 5 years to potential production

Corporate Strategy:Sequential Project Development

Immediate goal – double uranium resource to 20Mlb & upgrade to Measured & Indicated

$3.0M

Metallurgy & pilot plant $1.5M

Social, environmental & permitting $1.0M

Feasibility study $1.5M

TOTAL to reach mine decision in 2 yrs $7.0M

CapexCapex (forex-adjusted)

$136M$117M

Development strategy: Project is sufficiently simple for U3O8 Corp. to put into production or JV with producer & keep minority stake to receive cash flow

Development strategies:• JV with producer & keep minority stake• Streaming agreements or royalties on by-

products (phosphate, vanadium, nickel, rare earths)

Met tests & refine flowsheet $1.0M

Double resource to 50Mlb target & show 70-75Mlb potential $23M

Resource upgrade, environmental,permitting, feasibility study

$20M

TOTAL to reach mine decision $44M

Capex $441M

Recommended work & budgets based on PEAs that are preliminary in nature. Resources are not reserves & do not have demonstrated economic viability. No certainty of the PEAs being realized . Conceptual cumulative targets based on mineral resources & exploration results: Colombia – potential 32-34Mt at 0.09% to 0.11% U3 O8 (~70-75Mlb) & Argentina – potential150-225Mt at 50ppm to 60ppm U3 O8 (~20-25Mlb). Potential quantity & grades are conceptual in nature. There has been insufficient exploration to define mineral resources on the targets. It is uncertain if further exploration will increase the mineral resources on the company’s projects.– see slide 2.



Richard Spencer, President & [email protected]

(416) 868-1491www.u3o8corp.com

31

APPENDIX FOLLOWS



http://www.u3o8corp.com/

Uranium Market DriversUnprecedented Nuclear Reactor Build

32

Projected Supply

C hina 43%

449518

Reactors by 2024

Operable Reactors today, up from 439

at Dec 2015

OperableUnder

constructionOn

Order TotalLife extension

of existing

reactors

Closures planned in

the short-

term

Pre-Fukushima 443 62 156 661

March 2018 449 61 176 674 159 28

Source: W ord N uclear Association, W orld N uclear N ew s, D undee Securities, T im eless U ranium

32



Uranium Market DriversChinese & Indian Nuclear – long-term growth

33

0

20

40

60

80

100

120

140

160

1969

1981

1986

1992

1994

1998

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

2024

2026

2028

2030

2032

Nu

cle

ar

En

erg

y O

utp

ut

(GW

)

China’s nuclear build is exponential

USA’s nuclear output: ~100GW

• China- world’s 2nd largest economy;

• Air polutionðnon-carbon power sources;

• Water polutionðsymbiosis between nuclear & water purification / desalination.

• India - world’s 7th largest economy;

• 7% average GDP growth rate in last 20 years;

• 1/3 of popluation doesn’t have electricity;• 2/3 electricity provided by coal;

• Per capita electricity use to double by 2020.

Chinese actual & planned nuclear energy output (GW)

0

50

100

150

200

250

300

1969

1984

1992

1998

2001

2004

2007

2010

2013

2016

2019

2022

2025

2028

2031

2034

2037

2040

2043

2046

2049

Nu

cle

ar

En

erg

y C

ap

ac

ity

(G

W)

India’s nuclear energy plan shows that India’s build is also exponential, comparable with China’s

Indian actual & planned nuclear energy output (GW)



Laguna Salada Project, Argentina:Project status & pathway to production

34

Landmark agreement with Provincial govt

Discovery

Initial (10Mlb) NI43-101 uranium resource

Increase resource to 20-25MlbsTrial Mining Pilot processing plant

Feasibility Study

Construction decision

PEA – focus on projected cash cost

Next Steps

$22/lb Low cash cost of production



Laguna Salada DepositOverview

35

Argentina’s only NI 43-101 uranium resource on which a PEA has been completed

Simple Geology

Simple Mining

Simple Processing

In-country uranium-enrichment facility

Continuous real-time environmental restoration

Clear resource-growth potential

10Mlb uranium resource,Vanadium by-product,

10 year mine life

Flat-lying in soft gravel

Exploration has defined extensions to the deposit

Free-digging “migrating trench”

Screening to remove pebbles & concentrate uranium – followed by

standard alkaline leach

Shrubs moved from leading edge of the trench replanted on trailing edge

Pilcaniyeu located ~450km from Laguna Salada



PEA shows potential for low-cost, near-term production

36

Increasing resource size & production rate has been modelled and shows a very significant improvement to the project’s economics. (This analysis was done internally by U3O8 Corp. and can’t be shown because it has not been verified by an external NI43-101 - compliant study.)

Cash cost of production, capex, mine life & payback period

Mine life 10 years

Life of Mine average uranium cash cost of production1 $21.62/lbAverage uranium cash cost of production over 2½ year payback1 $16.14/lb

Total capital (incl. sustaining & 20% contingency) $136M

1 Projected uranium cash cost, net of vanadium credit & incl. 3% N SR to the Provincia l G overnm ent.. Laguna Salada PEA – see cautionary statem ents on slide 2

Laguna Salada ProjectPEA Highlights

PEA Highlights (base case, in US$ at US$60/lb U3O8)

Annual productionUranium Vanadium

0.6Mlb 0.96Mlb

Revenue $223M $53M

Principal Financial Metrics Pre-Tax After-Tax

NPV discount rate 7.5% 10% 7.5% 10%

NPV (incl royalties due to State) $55M $43M $31M $22M

IRR 24% 18%



Laguna Salada DepositPEA Summary

Ø 1st independent PEA completed on a uranium deposit in Argentina;

Ø Study completed by Tenova (Bateman) >100 years of experience;

Ø Resource:

Ø 10Mlbs uranium (6.4Mlbs recoverable);

Ø 84Mlbs vanadium (10Mlbs recoverable);

Ø Projected average annual production 0.6Mlb uranium over 10 year mine life:

Argentina requires 0.4Mlbs per year to operate its three reactors – currently imports 100% of its fuel requirement ð potential for off-take agreement;

Ø 1Mlb/annum vanadium production;

Ø Focus of the PEA was cash-cost of production:

Ø US$21.62/lb average over the life of the mine;

Ø US$16.14/lb during the 2½ year payback period;

Ø Demonstrates potential for production cost that is competitive with in situ leach and Athabasca Basin deposits.

Ø Capex: $136M incl 20% contingency. US$ strength against currencies in which

plant equipment was quoted could reduce Capex by ~15%.

37

1 Projected uranium cash cost, net of vanadium credit & includes a 3% N SR to the Provincia l G overnm ent. The PEA is prelim inary in nature. Includes resources that are not reserves & do not have dem onstrated econom ic v iability . N o certa inty of the PEA being realized. – see slide 2



Berlin Project, Colombia:Project status & pathway to production

Highest-value project in U3O8 Corp’s portfolio with one of the lowest projected uranium extraction costs in the industry

38

Built on discovery by Cogema (Areva)

Initial (21Mlb) NI43-101 uranium resource

Having confirmed low potential production cost in PEA

Increase resource to 50Mlb threshold

Pilot processing plant

Feasibility Study

Construction decision

PEA – focus on projected cash cost

Next Step Test alternative extraction techniques



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Berlin:Introduction

Chubut

Province

Berlin:Ø A uranium-bearing phosphate layer in sedimentary rocks - contains a rare mix of nickel, vanadium, rare earths and other metals;Ø The current 21 million pound uranium resource is from 3km of a 10.5km uranium-phosphate – bearing trend ð there is room for resource growth to 70-75 million pounds of uranium;Ø Extensive metallurgical test work has shown that this mix of commodities can be cost-effectively extracted from the rock;Ø Good infrastructure:

• located 12km from a hydroelectric plant;• 60km from the Magdalena river that is navigable by barge to the Caribbean Sea;• 60km from principal paved highway and a railway that it being refurbished;

Ø Local community is supportive of the project;Ø Mining would be by underground methods and the uranium-phosphate rock would be processed on site to remove the contained metals.

COLOMBIA



Berlin DepositCross Section

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Sandstone

Mineralized layer

Limestone

Shale

Ø Mineralization in 3m thick layer;

Ø Remarkable continuity;

Ø Underground mining operation;

Ø Minimal mine footprint;

Ø Waste would be replaced in backfill of underground excavations;

Ø Cut and fill mining in the steep areas combined with room and pillar in the flat areas.

West East

40



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Berlin Project, ColombiaMulti-commodity Resource

Current resources defined in compliance with NI 43-101 (0.04% U3O8 cut-off grade) on southern 3km of a 10.5km mineralized trend

Tonnes (million)

Uranium Phosphate Vanadium YttriumGrade (Mlb) Grade (Mt) Grade (Mlb) Grade (t)

0.6 0.11% 1.5 8.4% 0.05 0.4% 6.0 461ppm 2948.1 0.11% 19.9 9.4% 0.8 0.5% 91.0 500ppm 4,066

Tonnes (million)

Neodymium Nickel Molybdenum RheniumGrade (t) Grade (Mlb) Grade (Mlb) Grade (t)

0.6 110ppm 70 0.2% 3.1 570ppm 0.8 6ppm 48.1 100ppm 813 0.2% 42.1 620ppm 11.0 7ppm 55

Tonnes (million)

Zinc SilverGrade (Mlbs) Grade (Moz)

0.6 0.30% 4.4 2.8ppm 0.18.1 0.30% 45 3.4ppm% 0.9

Current resource in

southern 3km of 10.5km trend

A Green Resources CompanyDrilled Area

4km3.5km

3km

Trenched Area

10.5km M

ineralized Trend


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Berlin ProjectPEA: commodities produced,

% of revenue generated by each commodity

1 PEA estimates are preliminary in nature. Includes resources that are not reserves & do not have demonstrated economic viability. No certainty of the PEA being realized. INTERNAL DISCUSSION PURPOSES – see slide 2

Uranium: Nuclear energy

Vanadium: Steel alloys, batteries

Main uses of commodities:

Phosphate: Fertilizer, batteries

Yttrium: Lazers, electronics, monitorsNeodymium: Magnets, high-efficiency motors

Nickel: Stainless steel, batteries, fertilizer

Base metals: Steel alloys, fertilizer, Zn-Ceflow batteries, galvanizing, alloys

Uranium35%

Phosphate31%

Nickel15%

Vanadium9%

Yttrium6%

Neodymium1%

Moly, Zinc3%

Metals & Phosphate extracted in a single metallurgical process – iron sulphate leach – was the principal process used at Elliot Lake



43

Berlin Project’s Other Commodities:“Clean Energy & Agriculture Commodities”

Battery Commodities: Nickel, Vanadium, Phosphate

Phosphate for fertilizer

Berlin contains 3 micronutrients used in speciality fertilizers

NiZn

Mo

Rare Earth Elements:• Neodymium for supermagnets in motors & generators;• Yttrium for red phosphors in screens an lazertechnology



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Potential to be a large, very low-cost uranium producerProjected Base Case – PEA Highlights (US$60/lb U3O8), reported in US$

Annual uranium production 1.2Mlb

Mine life 15 years

Cumulative free cash flow $982M

Pay-back period 4.6 years

Initial capex $360M

Sustaining capital $40M

Contingency $41M

Total capex (incl. 10% contingency) $441M

Berlin Deposit:PEA Highlights

1. P rojections based on Berlin PEA – see cautionary statem ents on slide 2

Principal Financial Metrics Pre-Tax After-Tax

NPV discount rate 7.5% 10% 7.5% 10%

NPV (incl royalties due to State) $338M $223M $198M $112M

IRR 19% 15%

$1.8Billion of by-product revenues would cover the $1.6Billion operating cost (cost of mining & extraction)1



45

3km

3.5km

N

Berlin ProjectDrilling has shown Resource Growth Potential

1Target based on mineral resources & exploration results for potential 32-34Mt at 0.09% to 0.11% U3O8 (~70-75Mlb) Potential quantity & grades are conceptual in nature. There has been insufficient exploration to define a mineral resource on these targets & it is uncertain if further exploration will increase the current deposit – see slide 2.

Green unit contains uranium & other minerals

4km

25-30Mlb resource potential already

identified by drilling

>25Mlbpotential identified

by trenching

Ø 21Mlb NI 43-101 Uranium ResourceØ 25-30Mlb potentialexploration-drilled areaØ >25Mlb – northern area –potential indicated by trenching> 70-75Mlb potential

21MlbCurrent

NI 43-101 uranium resource

10.5km M

ineralized Trend



Berlin DepositPotential to Improve Project’s Economics

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Ø Potential to reduce operating (Opex) and capital costs (Capex):Ø Test work on the effectiveness of alternative techniques for the

extraction of metals and phosphate (eg. Use of membrane systems to separate the metals);

Ø Potential to increase revenue:Ø Removal of carbonate to reduce reagent consumption (lower

operating costs);Ø Current PEA only considers revenue stream from two Rare Earth

Elements (Neodymium & Yttrium). Include other REEs such as Dysprosium & Europium in revenue stream;

Ø Reduce electricity cost by capturing excess heat generated by the processing plant.

Ø Increase the uranium resource – the target is 70-75Mlbs1. Economics of the deposit are strongly geared to deposit size.

46


Next Step

1Target based on mineral resources & exploration results for potential 32-34Mt at 0.09% to 0.11% U3O8 (~70-75Mlb) Potential quantity & grades are conceptual in nature. There has been insufficient exploration to define a mineral resource on these targets & it is uncertain if further exploration will increase the current deposit – see slide 2.


toward production of clean energy commodities: …...3 u3o8 corp: commodities for clean energy a...

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