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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
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
TSX: UWE | OTCQB: UWEFF
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
A Green Resources Company
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
TSX: UWE | OTCQB: UWEFF
U3O8 Corp. Uranium Resource: 48 million pounds
5
A Green Resources Company
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
TSX: UWE | OTCQB: UWEFF
Nuclear in ArgentinaWill generate 9% of electricity when
Embalse reactor is back on stream
6
A Green Resources Company
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
TSX: UWE | OTCQB: UWEFF
Nuclear Energy in Argentina:
77
A Green Resources Company
Source of data: C N EA , IA EA
TSX: UWE | OTCQB: UWEFF
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
A Green Resources Company
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
TSX: UWE | OTCQB: UWEFF
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
A Green Resources Company
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
TSX: UWE | OTCQB: UWEFF
10
Gravel is sievedWashed
Only fine material sent for
processing
No blasting, no crushing
A Green Resources Company
TSX: UWE | OTCQB: UWEFF
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
A Green Resources Company
TSX: UWE | OTCQB: UWEFF
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
A Green Resources Company
Location of exploration
results reported in Jan, 2017
20-25Mlb potential in La
Susana, La
Rosada(1)
discoveries &
anomalous radon area
TSX: UWE | OTCQB: UWEFF
$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
A Green Resources Company
Year 1
Year 10
Objective of current exploration - to find additional higher-grade uranium-vanadium
TSX: UWE | OTCQB: UWEFF
Uranium Commodity Price
1414
A Green Resources Company
Source: of data U x C onsulting C om pany LLC , H ayw ood Securities
TSX: UWE | OTCQB: UWEFF
$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
A Green Resources Company
TSX: UWE | OTCQB: UWEFF
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
A Green Resources Company
Secondary Supply
TSX: UWE | OTCQB: UWEFF
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
A Green Resources Company
• Projected 2 years to construction decision
• Projected additional 1 year for construction
TSX: UWE | OTCQB: UWEFF
Battery Commodities
18
A Green Resources Company
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
TSX: UWE | OTCQB: UWEFF
19
Lithium Ion Battery Commodities
A Green Resources Company
Metal content by battery chemistry
TSX: UWE | OTCQB: UWEFF
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
TSX: UWE | OTCQB: UWEFF
21
Battery CommoditiesVanadium Redox Flow Batteries (“VRB”)
A Green Resources Company
TSX: UWE | OTCQB: UWEFF
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
A Green Resources Company
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
TSX: UWE | OTCQB: UWEFF
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
A Green Resources Company
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)
24
Battery CommoditiesVanadium
A Green Resources Company
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
A Green Resources Company
TSX: UWE | OTCQB: UWEFF
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
A Green Resources Company
TSX: UWE | OTCQB: UWEFF
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
A Green Resources Company
TSX: UWE | OTCQB: UWEFF
29
U3O8 Corp. Capital Structure
8% Insiders
A Green Resources Company
TSX: UWE | OTCQB: UWEFF
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.
A Green Resources Company
TSX: UWE | OTCQB: UWEFF
Richard Spencer, President & [email protected]
(416) 868-1491www.u3o8corp.com
31
APPENDIX FOLLOWS
A Green Resources Company
TSX: UWE | OTCQB: UWEFF
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
A Green Resources Company
TSX: UWE | OTCQB: UWEFF
Uranium Market DriversChinese & Indian Nuclear – long-term growth
33
0
20
40
60
80
100
120
140
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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)
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India’s nuclear energy plan shows that India’s build is also exponential, comparable with China’s
Indian actual & planned nuclear energy output (GW)
A Green Resources Company
TSX: UWE | OTCQB: UWEFF
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
A Green Resources Company
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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
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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%
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36TSX: UWE | OTCQB: UWEFF
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
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37TSX: UWE | OTCQB: UWEFF
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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39
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
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Berlin DepositCross Section
40
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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41
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
TSX: UWE | OTCQB: UWEFF
42
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
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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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44
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
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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
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Berlin DepositPotential to Improve Project’s Economics
46
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
A Green Resources Company
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.
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