Investors

Focused, experienced and growing

Diversified Athabasca Basin Asset Base with Superior Development Leverage

STRATEGIC PROJECT PORTFOLIO:

• Effective 95% interest in flagship Wheeler River project – largest undeveloped uranium project in the infrastructure rich eastern Athabasca Basin
• 22.5% interest in Strategic McClean Lake Uranium Mill, which has excess licensed annual capacity, and authorization for significant expansion of tailings management facility
• 67.41% interest in emerging Waterbury Lake project, with Preliminary Economic Assessment stage development plans for the Tthe Heldeth Túé deposit (formerly J Zone).
• Participating interests in key development-stage assets operated by uranium “majors”, including 22.5% in McClean Lake (Orano), 25.17% in Midwest (Orano), and an effective 15% in Millennium (Cameco) through 50% ownership of JCU (Canada) Exploration Company, Limited
• 2.5M lbs U₃O₈ of physical uranium held in North American storage facilities – acquired at an average cost of US$29.66/lb U₃O₈, as a long-term investment expected to enhance access to future project financing for Wheeler River
• ~300,000 hectares of prospective exploration ground in the Athabasca Basin

FLAGSHIP WHEELER RIVER PROJECT:

• Largest undeveloped uranium project in infrastructure rich eastern Athabasca Basin, including an estimated 132M lbs U₃O₈ in Indicated resources plus 3M lbs U₃O₈ in Inferred resources.
• Low estimated operating costs, with lowest estimate of initial CAPEX required to build amongst Athabasca Basin development projects⁽¹⁾
• Existing infrastructure supporting mining operations in proximity to Wheeler River – including 4 licensed uranium mines, 3 licensed uranium mills, and access to the provincial power grid and highway network – reduces development risk profile

(1) Ranking is based on comparison of undeveloped uranium projects (at 100% ownership) with total indicated resources greater than 40M lbs U₃O₈, located in the Athabasca Basin region – namely Arrow (NexGen Energy Ltd.), Triple R (Fission Uranium Corp.), Millennium (Cameco, JCU), Shea Creek (Areva, UEX Corp.), Midwest (including the Midwest and Midwest A deposits)(Areva, Denison, OURD). CAPEX estimates are per NI 43-101 technical reports. Certain projects do not have NI 43-101 estimates of upfront capital costs.