Highlights of Corporate presentation of April, 2022:
Most diversified US ISR uranium development company
• Texas - two licensed processing plants in Texas (of 11 in the US) with offtake agreements in place
• Turnkey production capability (Texas) and growing portfolio
• Advanced-stage Dewey Burdock project (South Dakota)
• Pipeline project at Gas Hills (Wyoming)
• Significant uranium resource endowment (New Mexico)
Estimated uranium resources of 90.0 Mlbs in the Measured & Indicated (M&I) category 9.0 Mlbs in the Inferred category (see Appendix)
Systematic conversion of Historical Resources to NI 43-101 Compliant
Proven management and board with key US uranium development and operating experience
In-Situ Recovery (ISR): Environmentally Superior & Economically Competitive
57% of global uranium is produced through ISR
ISR uses injection wells which add oxygen and carbon dioxide creating a lixiviant solution; uranium dissolves into the solution
Recovery wells pump the solution back to the surface to a processing facility
Monitoring wells surround the wells
Environmental impact manageable - no tailings, minimal dust and less water consumption that conventional mining
Economic advantage - operate at ~ 2/3 the cost of conventional mining
Average CAPEX of ISR operations less than 15% of conventional mines
American Uranium
An industry leading pipeline of exploration and development staged ISR focused uranium projects throughout the Western US
Combined estimated resource base of 90.0 Million lbs in the M&I category, 9.0 Million lbs in the Inferred category, and 68.4 Million lbs in the historic category
Portfolio diversity allows for advancement of projects simultaneously across multiple jurisdictions
Advanced permitting in South Dakota and Texas
Texas and Wyoming are Agreement States with advanced ISR uranium regulatory environments
US Uranium Sector Renaissance
Bi-Partisan Support for Nuclear Energy in US – first time in 48 years Democrat platform supports nuclear “We are not going to be able to achieve our climate goals if nuclear plants shut down. We have to find ways to keep them operating” Energy Secretary GranholmSee reference 1
US Uranium Reserve - $1.5B requested over 10 years to establish domestic uranium reserve - $75M appropriated for Fiscal 20212
Department of Interior – “Uranium is being advanced as a “critical materials” that is vital to America’s economic and national security.”3
Nuclear Fuel Working Group - strategy designed to restore America’s competitive nuclear advantages4
Nuclear is carbon-free - It is the largest source of carbon-free electricity in the United States and protects our air quality by generating electricity without other harmful pollutants (NEI)5
Nuclear energy protects air quality - a zero-emission clean energy source according to the Nuclear Energy Institute (NEI)6
Global Uranium Environment
~200 nuclear reactors under construction or planned – over 40% of current operating nuclear fleet1
“Global realignment away from Russia in the nuclear fuel supply chain…new emphasis on western and in particular US produced uranium.”1
Japan – 10 reactors restarted and 16 additional reactors have applied for restarts2
US – heavy reliance on nuclear power3
• Generates approx. 20% of electricity and 55% of carbon-free electricity
• Increased power authorization increases fuel demand
Financial investors and mining company purchases depleting spot market supply
Bottom Line:
2018-20: URANIUM SUPPLY IN A NET DEFICIT POSITION
2022: EXPECTED DEMAND OF 181 Million lbs
2022: EXPECTED PRIMARY SUPPLY OF 126 Million lbs
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