toward production of clean energy commodities: …resource estimates of the aricheng c and aricheng...

A Green Resources Company

Toward production of clean energy commodities:commodities:

uranium & battery metals

www.u3o8corp.comAugust, 2016

Clean Energy Power Storage Fertilizer

Uranium Vanadium PhosphateTSX: UWE | OTCQX: UWEFF | SSE: UWECL Vanadium & Nickel

Forward-Looking Statements & DisclaimerA Green Resources Company

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

bj t t i k d t i ti t i f hi h b d th t l f U3O8 C i l di b t t li it d t th i t f l iare 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,nd e reliance sho ld not be placed on FLS These FLS are made as of the date hereof and U3O8 Corp ass mes no obligation to pdate or re ise them to reflectundue 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 reflect

new 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 wouldbl th t b l ifi d i l Mi l t i l d h t d t t d i i bilit Th i t i t

2

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.

TSX: UWE | OTCQX: UWEFF | SSE: UWECL

U3O8 Corp. StategyA Green Resources Company

To create shareholder value through:• The discovery & development of deposits of uranium and “battery

commodities” that have potential for low-cost production; and• Short permitting timelines

while working with local communities to create a safe workplace, stimulating sustainable development, maintaining water quality and minimizing our environmental impact and carbon footprint

TSX: UWE | OTCQX: UWEFF | SSE: UWECL 3

U3O8 Corp. BoardA Green Resources Company

Director Experience & Key Areas of Expertise Role on the Board

Dr. Keith• 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

• Founder of U3O8 Corp.• MinefinderDr. Keith

Barron(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

Minefinder• Entrepenuer• Major shareholder

Mr. David

• 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 • Chairman

Constableg y y p y j

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

• Corporate governance

Mr. David • Co-founder & MD of WoodsWater Capital LP, a resource-focused private equity firm• Formerly CEO of Sprott Private Wealth; • Investment banking

Franklin • Was market strategist at Sprott where he co-wrote the widely-followed monthly note “Markets at a Glace” with Eric Sprott;

• Corporate strategy

Mr. Pablo Marcet

• 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;

• Entrepeneur• Mine developer• LatAm perspective – has Marcet • Was president of Waymar Resources, which merged with Orosur Mining that operates a

gold mine in Uraguayfirst-hand knowledge - lives in Argentina

Mr. Darin Milmeister

• Founder & Managing Partner of Extract Capital, a resource-focused fund;• Formerly Principal of Delware Street Capital, a long/short fund focused on commodities;

• Resource fund perspective• Corporate strategyCo po ate st ategy

Dr. Richard Spencer See “Management” slide • Minefinder

• Deep LatAm experience

4TSX: UWE | OTCQX: UWEFF | SSE: UWECL

U3O8 Corp. ManagementA Green Resources Company

Name Experience & Key Areas of Expertise Management Role

Led the exploration teams that:

Dr. Richard Spencer

• 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

• M.Sc in Mineral Exploration from Queens University, Ontario & an MBA

Mr. Elpidio Reis

• 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

VP ExplorationMr. 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. Core ComponentsA Green Resources Company

p p& Estimate of Revenue That Would Be Derived From Each

U3O8 Corp

Uranium

p

Battery Phosphate Frac SandyCommodities & Rare Earth

Elements86% of revenue

from Laguna Salada

14% of revenue from Laguna

Salada

31% f

35% of revenue from Berlin

39% holding in Souht

American Silica (pvt Co)



( )

Warning PEA estimates are preliminary in nature as is the revenue projected to be derived from each commodity The


Warning - 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 Corp. FocusA Green Resources Company

GUYANADepositUranium

• Lower quartile cash cost for uranium:COLOMBIA

Deposit Uranium• Projected US$22/lb in

Argentina;• By-product credits

projected to cover

pUranium | Vanadium

Phosphate | Rare earths

By-product credits projected to cover

On Hold

projected to cover uranium production costs in Colombia;

• Potential near-term

projected to cover cost of uranium production

production in Argentina.

ARGENTINADeposit

UWE average projected uranium cash cost of ~US$6/lb Current long-term Deposit

UraniumVanadium

Projected US$22/lb uranium cash cost of production

for Colombian & Argentine deposits

uranium price US$41/lb

7

cash cost of production

WARNING – Projected cash costs 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 2TSX: UWE | OTCQX: UWEFF | SSE: UWECL

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


Discovery

Initial (10Mlb) NI43-101 uranium resource

Landmark agreement with Provincial govt

Initial (10Mlb) NI43 101 uranium resource

PEA focus on projected cash cost$22/lb

Lower quartile

Increase resource to 20-25Mlbs

Trial Mining Pilot processing plant

PEA – focus on projected cash cost

Next Steps

qproduction cost

Trial Mining Pilot processing plant

Feasibility Study

Construction decision

p

Construction decision

8TSX: UWE | OTCQX: UWEFF | SSE: UWECL TSX: UWE | OTCQX: UWEFF | SSE: UWECL

Berlin Project, Colombia:Project status & pathway to production


j p y p

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

Built on discovery by Cogema (Areva)

Initial (21Mlb) NI43-101 uranium resourceInitial (21Mlb) NI43 101 uranium resource

Having confirmed low potential production cost in PEA PEA – focus on projected cash cost

Pilot processing plant

Next Next StepStep

Test alternative extraction techniques

Increase resource to 50Mlb threshold

Feasibility Study

TSX: UWE | OTCQX: UWEFF | SSE: UWECL 9

Construction decision TSX: UWE | OTCQX: UWEFF | SSE: UWECL TSX: UWE | OTCQX: UWEFF | SSE: UWECL

U3O8 Corp.Potential production cost of uranium


in context with the uranium industry

of ita

l)

Total world mine production

Laguna Salada estimated all in production

prod

uctio

n o

men

t of c

ap

Laguna Salada estimated all-in production cost at 10% NPV discount rate

otal

cos

t of p

xes

& re

paym

$ pe

r pou

nd

ted

actu

al to

nclu

ding

tax

in U

S$

Estim

atur

aniu

m (i

Cumulative annual production (in millions of pounds) from each mine or future project arranged in order of increasing total cost of production

10

Source: Ratmond James and http://www.sprottglobal.com/thoughts/articles/thoughts-on-uranium/ March 14, 2016

future project arranged in order of increasing total cost of production

WARNING – 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 2TSX: UWE | OTCQX: UWEFF | SSE: UWECL

U3O8 Corp. Project ranking under prevailing market conditions


Project ranking under prevailing market conditions 1. Priority 1 is Laguna Salada, Argentina:• Meets lower quartile potential production cost criterion;• Technically simple: soft gravel at surface, no blasting, no crushing, standard alkaline

leach to extract the uranium & vanadium; • $8.6MM over two years to complete feasibility study & permitting reach

construction decision;;• Relatively low capex – estimate in PEA is US$136MM. Currency weakness in

countries in which components of the plant were quoted would reduce capex;2. Berlin Project, Colombia:• Meets lower quartile potential production cost criterion;• Relatively high capex at US$441MM defined in PEA. Alternative extraction technique

could significantly reduce capex & opex;$ f• ~$1M required for pilot plant to test alternative technique;

• $44MM over 4 years to complete resource expansion, complete feasibility study & reach mine construction decision;

3 Kurupung Project Guyana:

11

3. Kurupung Project, Guyana:• Does not meet lower quartile potential production cost hurdle project is on hold.


Laguna Salada DepositOverview


Overview

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

l d

10Mlb uranium resource,Vanadium by-product,

completed

Simple Geology

10 year mine life

Flat-lying in soft gravel

E l ti h d fi d t i

Simple Mining

Clear resource-growth potential Exploration has defined extensions to the deposit

Free-digging “migrating trench”

Simple ProcessingScreening to remove pebbles &

concentrate uranium – followed by standard alkaline leach

In-country uranium-enrichment

Continuous real-time environmental restoration

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

Pilcaniyeu located ~450km from


In-country uranium-enrichment facility

Pilcaniyeu located 450km from Laguna Salada

Laguna SaladaSimple mining & processing


- continuous environmental restoration15cm

6 inches

Simple, continuous

Gravel is sieved

No blasting, no crushing p ,

Natural landscape

Gravel is replaced, recontoured& replanted with indigenous shrubs

Mining Beneficnmen

tg, g

Washedremoved prior to mining

ciation

ExtractionEnvi

ron

Transplantation trials7-10% of the gravel

is fine silt that is

Residual silt

U i &

Washing soda, baking soda

13

is fine silt that is processed to

remove its uranium & vanadium

Uranium & Vanadium


Laguna Salada ProjectPEA Highlights


PEA shows potential for low-cost, near-term productionPEA Highlights

PEA Highlights (base case, in US$ at US$60/lb U3O8)U i V di

Annual productionUranium Vanadium0.6Mlb 0.96Mlb

Revenue $223M $53M

P i i l Fi i l M t i P T Aft TPrincipal Financial Metrics Pre-Tax After-TaxNPV discount rate 7.5% 10% 7.5% 10%NPV (incl royalties due to State) $55M $43M $31M $22MIRR 24% 18%

Cash cost of production, capex, mine life & payback periodMine life 10 yearsLife of Mine average uranium cash cost of production1 $21 62/lb

IRR 24% 18%

Increasing resource size & production rate has been modelled and shows a very significant improvement to

Life of Mine average uranium cash cost of production1 $21.62/lbAverage uranium cash cost of production over 2½ year payback1 $16.14/lbTotal capital (incl. sustaining & 20% contingency) $136M

14

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.)

1 Projected uranium cash cost, net of vanadium credit & incl. 3% NSR to the Provincial Government.. Laguna Salada PEA – see cautionary statements on slide 2TSX: UWE | OTCQX: UWEFF | SSE: UWECL

Laguna Salada Project:Resource growth potential


U3O8’s Concession Block Outlined in

Green20-25Mlb Greenpotential in La

Susana, La Rosada(1)

discoveries &

>25Mlb potential in gravel plain discoveries &

anomalous radon area

(grey area)

10MlbCurrent NI

43 101

10Mlb NI 43-101 Uranium Resource43-101

uranium resource

20-25Mlb potential in in La Susana, La Rosada discoveries >25Mlb - potential in rest of pland package

> 55Mlb potential20km

15

Concessions under JV option agreement are outlined in black


Laguna Salada ProjectTimeline & budget to mine decision


BUDGET TOWARDS (US$)

Next Steps:1. Trial mining & pilot plant test work to produce

yellowcake as proof of concept; BUDGET TOWARDS POTENTIAL PRODUCTION (US$)

Resource expansion $1.8M

Metallurgy & pilot plant $1.3M

Social & environmental $0 6M

y p p2. Resource growth since economics are strongly

geared to deposit size.• Projected 2½ years to construction decision

Social & environmental $0.6M

Pre-feas study (PFS) $0.8M

Sub-total to PFS $4.5M

Permitting (incl. EIA) $1.5M

Conceptual Timeline Year 1 Year 2 Year 3 Year 4

Resource expansion & upgrade

• Projected 1 year for construction

Resource upgrade 20Mlb to Measured & Indicated $1.1M

Feasibility study (FS) $1.5M

Sub-total to FS $4 1M

upgrade

Environmental (EIA)

Metallurgy & pilot plant

Mining & Environ. permitSub total to FS $4.1M

Budget to Construction Decision $8.6M

CAPEX (in 2014 US$) CAPEX after forex

$136M/

Permit to produce yellowcake

Pre-feasibity (PFS)

Feasibility study (FS)

16

adjustment (in 2015 US$) $117M

Recommended work program, timing & budget based on PEA that is preliminary in nature. Includes resources that are not reserves & do not have demonstrated economic viability. No certainty of the PEA being realized – see slide 2TSX: UWE | OTCQX: UWEFF | SSE: UWECL

Construction

Laguna Salada DepositPEA Summary


PEA Summary 1st independent PEA completed on a uranium deposit in Argentina; Study completed by Tenova (Bateman) >100 years of experience; Resource: Resource:

10Mlbs uranium (6.4Mlbs recoverable); 84Mlbs vanadium (10Mlbs recoverable);

Projected average annual production 0 6Mlb uranium over 10 year mine life: 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 potential for off-take agreement; 1Mlb/annum vanadium production; Focus of the PEA was cash-cost of production:

US$21.62/lb average over the life of the mine; US$16.14/lb during the 2½ year payback period; Demonstrates potential for production cost to be in the lower quartile of the uranium industry.

Capex: $136M incl 20% contingency. US$ strength against currencies in which plant equipment was quoted could reduce Capex by ~15%.plant equipment was quoted could reduce Capex by 15%.

17

1 Projected uranium cash cost, net of vanadium credit & includes a 3% NSR to the Provincial Government. The PEA is preliminary in nature. Includes resources that are not reserves & do not have demonstrated economic viability. No certainty of the PEA being realized. – see slide 2


Argentina Nuclear GrowthSeeking Local Uranium Supply


Seeking Local Uranium Supply

• Federal Policy – target 20% of electricity from nuclear by 2025• 3rd reactor online in Feb. 2015 (5% of Argentina’s electricity from nuclear)

• 4th & 5th reactors – finance & construction contract signed (China)

• 6th reactor – financing & construction contract being negotiated

• Building world’s first small-scale reactor (27MWe) – completion 2017. Being considered for major desalination plants in Saudi Arabia March 2015 R&D JV CNNC IPO $2B goalconsidered for major desalination plants in Saudi Arabia. March 2015 – R&D JV with Saudi state nuclear authority

• Provincial Support – U3O8 Corp. agreement with provincial resource company on Laguna Salada

CNNC IPO $2B goal interest for $273B

• Nuclear leadership with own enrichment, heavy water & isotope facilities

• Building USA’s first medical isotope facility• Argentina has no local uranium production today

Carem 25 –Argentina building Argentina has no local uranium production today

Argentina’s INVAP built Australia’s only nuclear reactor – th

g gworld’s first small-

scale reactorArgentina’s INVAP to build medical isotope facility in USA


nuclear reactor thOPAL reasearchreactor outside

SydneySource: WNA, CNEA, various media outlets

facility in USA for CoquiPharma

Berlin:Introduction


Introduction

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

COLOMBIA

p p p g yrailway that it being refurbished;

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

19

on site to remove the contained metals.


Berlin DepositCross Section


Cross Section

Mi li ti i 3 thi k

West East

Mineralized layer Mineralization in 3m thick layer;

Remarkable continuity; Underground mining

SandstoneShale

operation; Minimal mine

footprint; Waste would be

replaced in backfill of underground excavations;

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


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 trendon southern 3km of a 10.5km mineralized trend

10.5km

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 294 m M

ineralized

8.1 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)

Trend

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 ( illi )

Zinc Silver(million) Grade (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


3km

Berlin ProjectPEA: commodities produced,


% of revenue generated by each commodity

Main uses of commodities:Yttrium6%

Neodymium1%

Mo, Zn3%

Uranium: Nuclear energyPhosphate: Fertilizer, batteries

Nickel: Stainless steel, batteries, fertilizerUranium

35%

Vanadium9%

Vanadium: Steel alloys, batteriesYttrium: Lazers, electronics, monitors

Neodymium: Magnets high-efficiency motors

Nickel15%

Neodymium: Magnets, high efficiency motorsBase metals: Steel alloys, fertilizer, Zn-Ceflow batteries, galvanizing, alloysPhosphate

31%

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

22

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 – see slide 2


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


Clean Energy & Agriculture Commodities

Battery Commodities: NickelBattery Commodities: Nickel, Vanadium, Phosphate

Ph h t f f tiliPhosphate for fertilizer

Berlin contains 3 micronutrients used in Ni

Mo

speciality fertilizersZn

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


in screens an lazertechnology

Berlin Project“Battery Commodities”


Battery Commodities

+ve ve

Lithium Ion Batteries – short duration high power output

Vanadium Redox Batteries – long duration lower power output

ode

+ve

Ano

-ve

GraLi+Li+

V5+ V3+

Cat

ho

ode

aphiteAs battery discharges Li+

Li+Li+

V4+ V2+

• Elements typically used in Cathode• Nickel • Cobalt

V V

Potential by-d t f B li• Cobalt

• Phosphate • Manganese • Aluminium

V di 5

4+3+

Vanadium occurs naturally in 4

different charge

product from Berlin

Iron & manganese added as a

reagents planned

24

• Vanadium• Iron


5+ 2+states reagents - planned to be recovered

Berlin Deposit:PEA Highlights


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

PEA Highlights

Annual uranium production 1.2Mlb

Mine life 15 years

Cumulative free cash flow $982M

Pay-back period 4.6 yearsy y

Initial capex $360M

Sustaining capital $40M

Contingency $41M

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

Principal Financial Metrics Pre-Tax After-TaxNPV discount rate 7.5% 10% 7.5% 10%NPV (incl royalties due to State) $338M $223M $198M $112MIRR 19% 15%

$1.8Billion of by-product revenues would cover the $1.6Billion

25TSX: UWE | OTCQX: UWEFF | SSE: UWECL1. Projections based on Berlin PEA – see cautionary statements on slide 2

operating cost (cost of mining & extraction)1

Berlin ProjectDrilling has shown Resource Growth Potential


N >25Mlbpotential

21Mlb NI 43-101 Uranium Resource

4kmpotential identified

by trenching

U a u esou ce 25-30Mlb potentialexploration-drilled area >25Mlb – northern area –potential indicated by

10.5km

25-30Mlb resource potential

trenchingpotential indicated by trenching> 70-75Mlb potential

Mineraliz

3.5kmGreen unit contains uranium &

other minerals

potential already

identified by drilling

zed Trend

3km1Target based on mineral resources & exploration results for potential 32-34Mt at 0.09% to 0.11% U3O8(~70-75Mlb) Potential quantity & grades are conceptual i t Th h b i ffi i t l ti t

21MlbCurrent

NI 43-101

26

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.

NI 43 101 uranium resource


Berlin DepositPotential to Improve Project’s Economics


Potential to Improve Project s Economics

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

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

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

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

Elements (Neodymium & Yttrium) Include other REEs such asElements (Neodymium & Yttrium). Include other REEs such as Dysprosium & Europium in revenue stream; Reduce electricity cost by capturing excess heat generated by the

processing plant. Increase the uranium resource – the target is 70-75Mlbs1. Economics of

the deposit are strongly geared to deposit size.

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

2727

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.


Corporate Strategy:Sequential Project Development


Laguna Salada, Argentina~3.5 years to potential production

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

Having demonstrated lower quartile production cost potential:

y p p y p p

Immediate goal – double uranium resource to 20-25Mlb $1.8M

Pre-feasibility study (PFS) $2.7M

Met tests & refine flowsheet $1.0MDouble resource to 50Mlb target & show 70-75Mlb potential $23M

Sub-Total: Completion to PFS $4.5MFeasibility study – resource growth, environmental studies, permitting, feasibility study

$4.1M

Resource upgrade, environmental,permitting, feasibility study $20M

TOTAL to reach mine decision $44M

Capex $441MTOTAL to reach mine decision in 2.5yrs $8.6MCapexCapex (forex-adjusted)

$136M$117M

Development strategy: Project is

Development strategies:• JV with producer & keep minority stake

• Streaming agreements or royalties on by-

Capex $441M

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

Streaming agreements or royalties on byproducts (phosphate, vanadium, nickel, rare earths)

Recommended work & budgets based on PEAs that are preliminary in nature. Resources are not reserves & do not have demonstrated economic viability. No

28

g p y ycertainty of the PEAs being realized . Conceptual cumulative targets based on mineral resources & exploration results: Colombia – potential 32-34Mt at 0.09% to 0.11% U3O8 (~70-75Mlb) & Argentina – potential150-225Mt at 50ppm to 60ppm U3O8 (~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.


Corporate ValuationAfter-tax net present value of projects


$350Berlin Deposit, Colombia

p p jAfter-tax Net Present Value of U3O8 Corp.’s projects

(NPV at 7.5% Discount Rate (US$ Million) )

%

$200

$250

$300p

Laguna Salada Project, Argentina

alue

at 7

.5%

S$M

)

$142

$198

$255

$100

$150

$200

C t M k tPres

ent V

aun

t rat

e (U

S

-$40 -$25 $3$31 $59$56 $85

$142

$50

$0

$50Current Market capitalization of

U3O8 Corp.

er-T

ax N

et

disc

o u

Combined NPV of

-$100

-$50

$35 $40 $50 $60 $70=$229M =$314M=$145M=$60MA

fte Projects (7.5% discount rate)

Uranium Price (US$/lb)

29TSX: UWE | OTCQX: UWEFF | SSE: UWECL NPVs based on PEAs – see cautionary statements on slide 2

Current long-term uranium price: $44/lb

Corporate ValuationAfter-tax net present value of projects


$250

p p j

After-tax Net Present Value of U3O8 Corp.’s projects (NPV at 10% Discount Rate (US$ Million) )

%

$150

$200Berlin Deposit, Colombia

Laguna Salada Project, Argentina

Valu

e at

10%

S$M

)

$112

$159

$50

$100

$

Current Market Pres

ent V

unt r

ate

(US

-$42 -$29-$4 $22

$47

-$4

$19$66

-$50

$0

$50

=$134M =$206M=$62M

capitalization of U3O8 Corp.

er-T

ax N

et

disc

o u

Combined NPV of Projects (10%

-$100

-$50$35 $40 $50 $60 $70Aft

j (discount rate)

Uranium Price (US$/lb)

30TSX: UWE | OTCQX: UWEFF | SSE: UWECL NPVs based on PEAs – see cautionary statements on slide 2

Current long-term uranium price: $44/lb

Strategically Located in Uruguay, Brazil, ArgentinaStrategically Located in Uruguay, Brazil, Argentina

Brazil Properties Immediate Need for Local Frac Sand Supply

Oil & gas production from the VacaUruguay Properties

Vaca Muerta

Rio Grande Rio Grande PortPort

• 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 ArgentinaMontevideo PortMontevideo Port

Buenes AiresBuenes Aires

BahiaBahia

in Argentina

• Frac sand / proppant market expected to be 800,000 tonnes per year in 2016/2017. Current local production only 6,000t per ear

Favouredroute to the

Argentine Properties

Bahia Bahia Blanca PortBlanca Port

San Antonio San Antonio PortPort

In Shale

year

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

Our properties near key shale basins

route to the Vaca Muerta Rail

Comodoro Comodoro PortPort

San Jorge Shale

Shale p p y& infrastructure (road, rail & ports)


Corporate ValuationComparison with peers


$2.50

Enterprise Value per Pound of Uranium Resources250

NI 43-101 Compliant Resources

p p

$1.50

$2.00

$

b

150

200

rce

(Mlb

s)

$0.50

$1.00

$

US$

/l

50

100

nium

Res

our

$0.00

$0.50

Den

ison

Fiss

ion

Ener

gyEn

ergy

Meg

aN

exG

enB

erke

ley

Aza

rga

um R

es.

UEX

Kiv

alliq

Wes

tern

aram

ide

O8

Cor

pPe

le M

tnne

rman

Plat

eau

Gov

iex

Fors

ys

0

Gov

iex

nerm

anN

exG

enPl

atea

uFo

rsys

Den

ison

aram

ide

Fiss

ion

Wes

tern

Ber

kele

yU

EXEn

ergy

Pele

Mtn

O8

Cor

pum

Res

.K

ival

liqEn

Cor

eA

zarg

aM

ega

Ura

n

D

Toro

Vi

my N B

Ura

niu W La

U3O P

Ban

n

Ban

n N D La W B

Vim

y PU

3OU

rani

u

• U3O8 Corp. is undervalued relative to peers – has low enterprise value• U3O8 Corp. value per pound of resources is low relative to its peers – still trading as if


political risk has not improved dramatically in Argentina

Source Data: Dundee Corp. & Cantor Fitzgerald

U3O8 Corp. Capital StructureA Green Resources Company

p p

Share CapitalU3O8 Corp. Shareholder Base

Market cap(at $0.035) $9.8M

52wk range: $0.02 - $0.05

Average volume (3-mth): 885,000I tit ti l

Basic shares o/s 281M

Options o/s 13M

Warrants o/s 105M

8% Insiders

Institutional 24%

Insiders65% Other

Sh h ld Warrants o/s 105M

Fully diluted 399M

Insiders 11%

Shareholders



Richard Spencer, President & [email protected]@u3o8corp.com

(416) 868-1491www.u3o8corp.com

APPENDIX FOLLOWS


Uranium Market DriversUnprecedented Nuclear Reactor Build


Unprecedented Nuclear Reactor Build

Operable Under construction Planned Total

Life extension of existing reactors

Closures planned in the short-

termterm

Pre-Fukushima 443 62 156 661

Post-Fukushima 437 66 158 661 157 23Projected Supply

• Reactors being refurbished for life

518

extension

• 66 reactors under construction today –

China 43%

437 518

Reactors by 2024Operable Reactors

construction today more than there were pre-Fukushima

35

eacto s by 0Ope ab e eacto stoday

Source: WNA, Dundee Securities, Timeless Uranium


Uranium Market DriversChinese & Indian Nuclear – long-term growth


160

Chinese actual & planned nuclear energy output (GW) 300

Indian actual & planned nuclear energy output (GW)

100

120

140

Out

put (

GW

)

Chi ’ l

USA’s nuclear output: ~100GW 200

250

paci

ty (G

W)

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

40

60

80

ar E

nerg

y O China’s nuclear

build is exponential 100

150

r Ene

rgy

Cap comparable with China s

0

20

1969

1981

1986

1992

1994

1998

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

2024

2026

2028

2030

2032

Nuc

lea

0

50

1969

1984

1992

1998

2001

2004

2007

2010

2013

2016

2019

2022

2025

2028

2031

2034

2037

2040

2043

2046

2049

Nuc

lear

• China- world’s 2nd largest economy;• Air polution non-carbon power sources;• Water polution symbiosis between nuclear

& f /

• India - world’s 7th largest economy;• 7% average GDP growth rate in last 20 years;• 1/3 of popluation doesn’t have electricity;

36

& water purification / desalination. • 2/3 electricity provided by coal;• Per capita electricity use to double by 2020.


Uranium Market SummarySpot price responding to forecast supply deficit


Spot price responding to forecast supply deficit Global Uranium Demand Scenarios vs.

Global Total Supply

Projected Demand

Spot Uranium Price (US$/lb)

/lb)

Projected Demand Scenarios

Proposed Laguna /yea

r U3O

8Fukushima

e U

3O8

(US$

/

Projected Supply

Total Supply Demand starts to

outstrip supply in 2020

Salada production

Mlb

s/

rani

um P

rice

• Supply defecit expected to start 2020;• Utilities typically buy inventory 3 years ahead of when it is to be placed in reactors;

U

• Takes 12-18 months to get yellowcake from mine face to fuel delivered to reactors;• 2 Japanese reactors now back on-stream, 25 of 43 operable reactors have applied for

restart. 37 expected to restart by 2020;

37Sources: WNA, Cantor Fitzgerald, Dundee Securities, Raymond James, Ux Consulting Company LLC

Fear of Japan dumping uranium onto the market post-Fukushima finally starting to be outweighed by concern about supply-demand fundamentals.


toward production of clean energy commodities: …resource estimates of the aricheng c and aricheng...

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