Sustainable Uranium Resource Development Business Model Canvas for

Sustainable Uranium Resource Development Business Model Canvas for ARGENTINA U 3 O 8 Corp. – Laguna Salada Project Presented by Hugo Bastias & Gabriel Bastias In cooperation with Luis Lopez (CNEA) IAEA International Atomic Energy Agency

Infrastructure • Key partners • Argentine UO 2 conversion plant – Dioxitek S. A. • Foreign nuclear fuel fabricators • Option agreement with Provincial exploration company – Additional potential to increase uranium • resources Vanadium end-users: steel industry and Vanadium Redox Battery manufacturers • Key activities • Expansion of resource into adjacent areas in which exploration has already shown the existence of • • • similar surficial U-V mineralization in Chubut Province, Argentina. (Larger resource has a very strong impact on the economics of the deposit: After-tax NPV (7. 5% discount rate) of existing 3, 850 t. U resource is estimated at US$42 million. Doubling resource to 7, 700 t. U and doubling plant throughput would increase NPV to US$131 million) Complete definitive feasibility study in 2 years for a budget of US$8. 5 million, which also includes the doubling of the resource to 7, 700 t. U De-risk the project through an off take agreement with the Argentine nuclear fuel fabricator and/or international utility companies Continue to build a strong relationship with local community • Key resources • Exploration expertise: team has proven track record of success in making uranium discoveries • Intimate knowledge has been developed for mineral processing of the gravels IAEA 2

Value Propositions Environmentally friendly, low-cost, comprehensive uranium – vanadium extraction, to provide revenue, employment and social benefits with a strategic nuclear raw material supply • Strategic importance of having in-country, local supply of raw material for the fabrication of nuclear fuel. Argentina currently imports all of its nuclear fuel • Projected average annual production 230 t. U uranium over 10 year mine life (potential annual needs for 3 Argentine NPPs) • Low-risk, simple mining and standard alkaline leach • Adoption of renewable (wind) energy to drive the Laguna Salada Project could result in very low-carbon emissions uranium production • Projected vanadium production of 440 t V per year during the 10 year mine life • Vanadium for alloy in local steel industry and also in the nascent Vanadium Redox Battery (VRB) industry (Simple, long duration batteries that are expensive for main-stream adoption. Long-term vanadium off-take agreement could de-risk VRB production and lower manufacturing costs to make the batteries more competitive) IAEA • PEA estimated requirement for over 200 full-time jobs in an economically stressed area 3

Customer Relationships • Customer Segments • • Local Argentine nuclear fuel fabricator through long-term off take agreement International nuclear utility companies Local steel industry for supply of vanadium for alloys Vanadium Redox Battery manufacturers • Channels • One-on-one relationships with key nuclear personnel in government and with brokers for utility • • • companies Website, social media Clean energy meetings Press releases • Customer Relationships • Personal contact with local Argentine nuclear industry including CNEA, Dioxitek, CONUAR; • • NASA Contact through nuclear regulatory agencies (local and international) International nuclear fuel market through advisors and utility companies’ brokers Clean energy industry meetings and brokers for the battery industry Argentine steel industry for vanadium steel IAEA 4

Finances • Cost structure • PEA estimated the cash-cost of production to average US$ 56/ kg U over the life of • • • the mine CAPEX: $136 M including 20% contingency. Australian and Brazilian currency weakness against US$ is estimated to reduce CAPEX to $117 M Argentine Peso weakness should reduce CAPEX and OPEX further The Laguna Salada District has potential for doubling current resources, projected CAPEX: US$162 M including 20% contingency. • Revenue streams • 86% from uranium, 14% from vanadium by-product • After tax NPV (7. 5% discount rate) = US$42 MM over 10 -year mine life • Double the resource & plant throughput would increase the after-tax NPV to US$131 MM IAEA 5

The Uranium Business Model Canvas for, Laguna Salada Project, U 3 O 8 Crop. , Argentina Key Partners In-country nuclear fuel fabricator Foreign nuclear fuel manufacturers Option agreement with province’s resource company – potential to increase the size of the deposit Vanadium Redox Battery (VRB) producers, steel manufacturers Key Activities Value Propositions Double uranium resource to 20 Mlbs Build on PEA to complete bankable feasibility study in two years Offtake agreement Study use of wind energy Customer Relationships Personal contact Environmentally friendly, low-cost, comprehensive uranium – vanadium extraction, to provide revenue, employment and social benefits with a strategic nuclear raw material supply Continue to build local community relationships Key Resources Effective exploration team & expertise Mineral processing knowledge Contact through regulatory entities (local & international) Website, social media, conferences to develop clean energy relationships Channels Direct contacts with nuclear entities in Argentina Clean energy conferences Corporate Website Press releases Interview with media Social media Customer Segments Domestic: Uranium sales to in-country nuclear UO 2 fabricator (Dioxitek) International: Export component of production not needed in-country Clean Energy: Vanadium sales to steel or battery / renewable energy segment Cost Structure Revenue Streams PEA estimated cash-cost of production of US$21. 62/lb average 86% from uranium, 14% from vanadium byproduct CAPEX: $136 M including 20% contingency. Australian and Brazilian currency weakness against US$ reduces CAPEX to $117 M. Argentine Peso weakness should reduce capex and opex further IAEA Doubling processing plant throughput on the back of doubling the resource would increase CAPEX: $162 M including 20% contingency After tax NPV (7. 5% discount rate) = US$42 MM over 10 -year mine life Double the resource & plant throughput would increase the after-tax NPV to US$131 MM 6