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HONE YMOON URANIUM PROJE CT So uth Austra lia INVE ST OR PRE SE NT AT ION Oc to b e r 2016 DISCLAIMER T he info rma tio n c o ntaine d in this pre se nta tio n o r sub se q ue ntly pro vide d to a ny re c ipie nt o f this pre se nta

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SLIDE 1

HONE YMOON URANIUM PROJE CT

So uth Austra lia

INVE ST OR PRE SE NT AT ION

Oc to b e r 2016

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SLIDE 2

DISCLAIMER

T he info rma tio n c o ntaine d in this pre se nta tio n o r sub se q ue ntly pro vide d to a ny re c ipie nt o f this pre se nta tio n whe the r o ra lly o r in writing b y o r o n b e ha lf o f Bo ss Re so urc e s L imite d (“Bo ss”) o r its re spe c tive e mplo ye e s, a g e nts o r c o nsulta nts (Info rma tio n) is pro vide d to the re c ipie nts o n the te rms a nd c o nditio ns se t o ut in this no tic e . T he purpo se o f this pre se nta tio n is to pro vide re c ipie nts with info rma tio n re la ting to Bo ss Pro je c ts. T his pre se nta tio n do e s no t c o nstitute inve stme nt a d vic e a nd ha s b e e n pre pa re d b y Bo ss witho ut ta king into a c c o unt the re c ipie nt’ s inve stme nt o b je c tive s, fina nc ial c irc umsta nc e s o r pa rtic ula r ne e ds. E a c h re c ipie nt must ma ke his/ he r o wn inde pe nde nt a sse ssme nt a nd inve stig a tio n o f Bo ss a nd its busine ss a nd a sse ts whe n de c iding if an inve stme nt is a ppro pria te a nd sho uld no t re ly o n a ny sta te me nt o r the a de q ua c y a nd a c c ura c y o f a ny info rma tio n. T his pre se nta tio n is in summa ry fo rm a nd do e s no t purpo se to b e e xha ustive . T his pre se nta tio n sho uld b e re a d in c o njunc tio n with Bo ss’ pe rio dic a nd c o ntinuo us disc lo sure a nno unc e me nts lo dg e d with the Austra lia n Se c uritie s E xc ha ng e , whic h a re a va ila b le to do wnlo a d a t www.a sx.c o m.a u. Bo ss ma ke s no re pre se nta tio n o r wa rra nty (e ithe r e xpre sse d o r implie d) a s to the a c c ura c y, re lia bility o r c o mple te ne ss o f the I nfo rma tio n. Bo ss a nd its dire c to rs, e mplo ye e s, a g e nts a nd c o nsulta nts sha ll ha ve no lia b ility (inc luding lia bility to a ny pe rso n b y re a so n o f ne g lig e nc e o r ne g lig e nt missta te me nt) fo r a ny sta te me nts, o pinio ns, info rma tio n o r ma tte rs (e xpre ss o r implie d) a rising o ut o f, c o nta ine d in o r de rive d fro m, o r fo r a ny o missio ns fro m the p re se nta tio n, e xc e pt lia b ility unde r sta tute tha t c a n no t b e e xc lude d. T his pre se nta tio n ma y c o nta in fo rwa rd-lo o king sta te me nts. F

  • rwa rd-lo o king state me nts a re o nly pre dic tio ns a nd a re sub je c t to risks, unc e rtaintie s a nd

a ssumptio ns whic h a re o utside the c o ntro l o f Bo ss. Ac tua l va lue s, re sults o r e ve nts ma y b e ma te ria lly diffe re nt to tho se e xpre sse d o r implie d in this pre se nta tio n. Give n the se unc e rta intie s, re c ipie nts a re c a utio ne d no t to pla c e re lia nc e o n fo rwa rd-lo o king sta te me nts. T his pre se nta tio n do e s no t c o nstitute in a ny wa y a n o ffe r o r invita tio n to sub sc rib e fo r se c uritie s in Bo ss pursua nt to the Co rpo ra tio ns Ac t 2001 (Cth) a nd ha s no t b e e n lo dg e d with the Austra lia n Se c uritie s a nd Inve stme nt Co mmissio n. T he info rma tio n in this do c ume nt re la ting to the E xpa nsio n Study is e xtra c te d fro m the a nno unc e me nts e ntitle d ‘ Po sitive E xpa nsio n Study Re sults Pro g re ss T he Ho ne ymo o n Ura nium Pro je c t T

  • PFS’ da te d 28 Se pte mb e r 2016. T

he info rma tio n in this do c ume nt re la ting to the Mine ral Re so urc e s is e xtra c te d fro m the a nno unc e me nts e ntitle d ‘ Sub sta ntia l I nc re a se And Up g ra de I n Ho ne ymo o n Ura nium Re so urc e ’ da te d 20 Ja nua ry 2016 , ‘ Bo ss I nc re a se s Ho ne ymo o n Ura nium Pro je c t Re so urc e ’ da te d 8 April 2016, ‘ Maide n Re so urc e

  • f

5.2Mlb fo r Ja so n’ s De po sit’ da te d 14 June 2016 a nd is a va ila b le to vie w

  • n

www.b o ssre so urc e s.c o m.a u. T he info rma tio n re la ting to the E xplo ra tio n T a rg e t is e xtra c te d fro m the a nno unc e me nt e ntitle d ‘ Ho ne ymo o n Pro je c t E xplo ra tio n Upda te ’ a nd da te d 8 De c e mb e r 2015. T he Co mpa ny c o nfirms tha t it is no t a wa re o f a ny ne w info rma tio n o r da ta tha t ma te ria lly a ffe c ts the info rma tio n inc lude d in the o rig ina l ma rke t a nno unc e me nts a nd tha t, in the c a se o f Mine ra l Re so urc e s o r Ore Re se rve s, a ll the ma te ria l a ssumptio ns a nd te c hnic al pa ra me te rs unde rpinning the e stima te s in the re le va nt ma rke t a nno unc e me nt c o ntinue to a pply a nd ha ve no t ma te ria lly c ha ng e d. T he Co mpa ny c o nfirms tha t the fo rm a nd c o nte xt in whic h the Co mpe te nt Pe rso n’ s finding s a re pre se nte d ha ve no t b e e n ma te ria lly mo difie d fro m the

  • rig ina l ma rke t

a nno unc e me nts. T he E xplo ra tio n T a rg e t is c o nc e ptua l in na ture a s the re ha s b e e n insuffic ie nt e xplo ra tio n to de fine a Mine ra l Re so urc e . It is unc e rtain if furthe r e xplo ra tio n will re sult in the de te rmina tio n o f a Mine ral Re so urc e unde r the JORC Co de 2012. T he Explo ra tio n T a rg e t is no t b e ing re po rte d a s pa rt o f a ny Mine ra l Re so urc e o r Ore Re se rve .

2

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SLIDE 3

3

Nuc le a r Powe r: T he Be st Solution

WHY URANIUM?

  • Nuc le a r po we r pro vide s the b e st so lutio n fo r a

no n-po lluting 24:7 b a se lo a d po we r so urc e

  • Ze ro c a rb o n e missio ns
  • Ove r 440 e xisting

nuc le a r pla nts, fo c use d in E uro pe , No rth Ame ric a , Russia , So uth K

  • re a

a nd Ja pa n

  • 1.7

b illio n

  • f

the wo rld’ s po pula tio n is still witho ut e le c tric ity

  • E

me rg ing e c o no mie s will ne e d to imple me nt a c o mb ina tio n

  • f

nuc le a r, c o a l, g a s a nd re ne wa b le s to me e t the ir g ro wing po we r re q uire me nts

  • Nuc le a r po we r ne e ds to

b e ma d e re a dily a c c e ssib le a nd a ffo rda b le to the e me rg ing e c o no mie s to e nsure tha t no n-po lluting so urc e s a re c ho se n in the hunt fo r mo re po we r

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SLIDE 4

CL IMAT E CHANGE RE QUIRE S NUCL E AR E NE RGY INVOL VE ME NT

“T he re ’ s re a lly o nly o ne te c hno lo g y tha t we kno w o f tha t supplie s c a rb o n-fre e po we r a t the sc a le mo de rn c iviliza tio n re q uire s, a nd tha t is nuc le ar powe r”

  • K

e n Ca lde ira o f Sta nfo rd Unive rsity’ s De pa rtme nt o f Glo b a l E c o lo g y

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SLIDE 5

MARKET DEMAND

Global Re ac tor Gr

  • wth

5

OPE RABL E RE ACT ORS DE CE MBE R 2013

  • Generation Capacity: 374,067 MWe
  • Annual Uranium Demand: 64,978 tonnes U

441 173

PL ANNE D RE ACT ORS

  • Generation Capacity: 187,740 MWe
  • Annual Uranium Demand: 32,600 tonnes U

UNDE R CONST RUCT ION

64

  • Generation Capacity: 74,886 MWe
  • Annual Uranium Demand: 13,000 tonnes U
  • Glo b a l nuc le a r po we r g e ne ra tio n c a pa c ity

will inc re a se 70% o ve r the ne xt de c a de fro m 374,067MWe to 636,693MWe

  • Annua l ura nium de ma nd will inc re a se fro m

177mlb s to 280mlb s b y 2020, re pre se nting a 58% inc re a se

  • Additio na l 390mlb s will b e ne e de d fo r ne w

initia l c o re s

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SLIDE 6

CHINA

223mlb s U3O8 purc ha se d sinc e 2009 Bre a king g ro und o n 6-8 ne w units pe r ye a r (inc re a sing to 10 pe r ye a r po st-2020) Air Qua lity Impe ra tive – mo ra to rium

  • n ne w c o a l pla nts

CURRE NT NUCL E AR GROWT H PL AN

58GWe 97GWe 160GWe

2020 2025 2040

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SLIDE 7

INDIA

21 6 4

With insta lle d c a pa c ity o f 6 GWe

RE ACT ORS OPE RAT ING

Ca pa c ity o f 6 GWe

UNDE R CONST RUCT ION

T

  • ta lling 24 GWe

PL ANNE D

Offic ia l Pla n – 15 GWe insta lle d b y 2025 Ura nium b uying spre e (lo ng te rm c o ntra c ts) – Ca na d a , K a za khsta n, Uzb e kista n E sta b lishme nt o f “Stra te g ic Ura nium Re se rve ” o f b e twe e n 13 a nd 39mlb s U3O8

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SLIDE 8

JAPAN

20- 22%

Go ve rnme nt a ppro ve d

PL ANNE D

NUCL E AR POWE R

26 5 4

NRA ha s re c e ive d 26 re a c to r re sta rt a pplic a tio ns

APPL ICAT IONS

F ive re a c to rs a ppro ve d fo r re sta rt

APPROVE D

F

  • ur re a c to rs ha ve

sta rte d

RE ST ART E D

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SLIDE 9

PE RMIT T E D

F ully pe rmitte d ura nium

  • pe ra tio n

(1 o f o nly 4 in Austra lia )

T ARGE T

Sig nific a nt e xplo ra tio n ta rg e t Hug e 80+ km po te ntia lly mine ra lise d strike 2,600km2 unde re xplo re d ura nium pro vinc e 57.8mlb U

3O 8 JORC Re so urc e

INF RAST RUCT URE

$170m pla nt a nd infra struc ture in pla c e

L OW CAPE X

E xpa nsio n Study hig hlig hts lo w CAPE X e xpa nsio n US$57M to 2mlb pa a nd AISC o f US$24/ lb F urthe r e xpa nsio n to 3.6mlb pa

9

HONEYMOON HIGHLIGHTS

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SLIDE 10

E xisting Share s (ASX:BOE

)

903 millio n Pe rformanc e Rights* 58 millio n Options ($0.02 Aug 18) 10 millio n Cash (30 June 2016) ~ $3 millio n Marke t Capitalisation

(a t $0.055)

~$50 millio n T

  • p 100 Share holde rs

~ 80%

*10 million rights c onve rt if share pric e is gre ate r than 7.5c for 20 c onse c utive ASX trading days. 3.3 million rights c onve rt if share pric e is gre ate r than 8.5c for 20 c onse c utive ASX trading days. 13.3 million rights c onve rt on disc ove ry and de c ision to mine of 75kt Ni JORC re sourc e on Sc andinavian Proje c t. 13.3 million rights c onve rt on disc ove ry and de c ision to mine of 125kt Ni JORC re sourc e on Sc andinavian Proje c ts

14% 12% 4% 70%

Dire c to rs & Re la te d Pa rtie s Offsho re Ho lding s No mine e Co mpa nie s Hig h Ne t Wo rth & Re ta il

Sha re ho lde r Bre a kdo wn

10

Sha re Pric e Mo ve me nt

CORPORATE STRUCTURE

0.01 0.02 0.03 0.04 0.05 0.06 0.07 0.08 02-Nov-15 02-Dec-15 02-Jan-16 02-Feb-16 02-Mar-16 02-Apr-16 02-May-16 02-Jun-16 02-Jul-16 02-Aug-16 02-Sep-16 02-Oct-16

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SLIDE 11

11

AUSTRALIAN

URANIUM PROJE CT S

  • One o f the hig he st g ra de un-

mine d ura nium re so urc e s in Austra lia

  • 1 o f o nly 4 fully pe rmitte d ura nium

pro je c ts in Austra lia

  • Curna mo na Ba sin – a sig nific a nt

unde re xplo re d ura nium pro vinc e

  • T

a rg e ting >100mlb s re so urc e

  • L
  • w CAPE

X a nd OPE X c o sts

  • Curre ntly o n c a re a nd

ma inte na nc e

HONE YMOON URANIUM PROJE CT

Operational Mine Major Deposit Former Mine L E GE ND

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SLIDE 12
  • L
  • c a te d

75K m NW o f Bro ke n Hill, in the Curna mo na Re g io n o f So uth Austra lia

  • Re so urc e s a me na b le to I

SLre c o ve ry

  • Mine ra lisa tio n o c c urs a t 90-120m de pth
  • Ove r5,300 drill ho le s in da ta b a se
  • Multiple

style s

  • f

ura nium mine ra lisa tio n ide ntifie d

12

HONEYMOON

URANIUM PROJE CT

slide-13
SLIDE 13

INFRASTRUCTURE

$170M E XIST ING INF RAST RUCT URE IN PL ACE Water Treatment Plant Camp Workshop Production Facility PLS Ponds Admin Buildings Control Centre Production Well Fields

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SLIDE 14

HONEYMOON RESOURCE

SIGNIF ICANT E XIST ING HIGH GRADE RE SOURCE S – HIGHE ST GRADE AMONGST ASX-L IST E D PE E RS

Cla ssific a tion Million T

  • nne s

U3O 8 ppm Conta ine d U3O 8 (Mkg ) Conta ine d U3O 8 (Mlb)

Me asur e d

1.7 1720 2.95 6.5

Indic ate d

5.9 810 4.80 10.6

Infe r r e d

32.5 569 18.50 40.7

T

  • tal

40.1 654 26.24 57.8

Note : F igur e s have be e n r

  • unde d. Quote d r

e sour c e s have be e n adjuste d to e xc lude pr e vious pr

  • duc tion of appr
  • ximate ly335t of U3O 8.

Cove r ing the E aste r n and We ste r n T e ne me nt Re gions. Re por te d Above a pr e fe r r e d 250ppm U3O 8 lowe r c ut-off

slide-15
SLIDE 15

15

EXPANSION STUDY

L OWE ST CAPE X URANIUM PL AY ON ASX WHIL ST MAINT AINING L OW OPE X

  • Co mple te d Se pte mb e r 2016 b y GR E

ng ine e ring a nd ANST O

  • T

he E xpa nsio n Study wa s b a se d o n re sults from pa st

produc tion ope ra tions

  • A hyb rid E

L UE X pro c e ss utilizing $170m e xisting infra struc ture

  • L
  • w CAPE

X re q uire d - US$7 millio n fo r pla nt re -sta rt plus

US$57 millio n fo r the e xpa nsio n to 2mlb s / a nnum

  • Ste a dy sta te AISC a re ~US$24/ lb U

3O 8

  • F

urthe r e xpa nsion to 3.6mlbs / a nnum U

3O 8 in ye a rs 4-5

  • Ne xt pha se to inc lude e xplo ra tio n o n o the r ide ntifie d

ta rg e ts de fe rring ne e d to de ve lo p Go uld’ s Da m re so urc e

  • Se e ASX a nno unc e me nt (ASX: BOE

28 Se pte mb e r 2016) fo r furthe r de ta ils

slide-16
SLIDE 16
  • E

aste r n T e ne me nt Re sour c e o f 32.8mlb U3O 8

  • Additional re g io na l E

xplo ra tio n T a rg e t o f 18- 47mlb U3O 8

  • 30 str

ike km o f po te ntia l mine ra lisio n

  • Dr

ill r e ady tar ge ts - histo ric a l d rilling sho ws nume ro us

>1,000ppm U

3O 8

  • T

hr e e pr ior ity r e gions – Ya rra mb a , Ja so ns a nd L

a wlo rs

–

E a rly po te ntia l fo r re so urc e d e finitio n

  • Dr

illing to c omme nc e o n Ja so n’ s De po sit Q4 2016

–

Curre nt re so urc e ~5mlbs U3O 8

–

Infill d rill pro g ra m to inc re a se re so urc e s sub sta ntia lly

LAWLORS

Historical & Recent Drilling Intercepts

YARRAMBA NORTH JASONS

ML6109 - Honeymoon

.

16

EASTERN TENEMENTS

E XPL ORAT ION POT E NT IAL

slide-17
SLIDE 17
  • We ste r

n T e ne me nt Re sour c e o f 25mlb U3O 8

  • Additional re g io na l E

xplo ra tio n T a rg e t o f 24- 53mlb U3O 8

  • 54 str

ike km o f po te ntia l mine ra lisio n

  • Goulds Dam / Bille ro o syste m unde r

r ate d: –

12km strike le ng th

– Unde r drille d hig hly pro spe c tive g ro und –

F urthe r re sourc e upg ra de s e stima te d fro m furthe r drilling

  • Othe r pe gmatite hoste d mine r

alisation up to 3.5% U3O 8 id e ntifie d

  • Po te ntia l fo r ne w style s o f mine ra lisa tio n simila r to Be ve rly / 4 Mile
  • Gra d e s o f up to 1% U3O 8 re po rte d fro m histo ric a l d rilling

17

WESTERN TENEMENTS

E XPL ORAT ION POT E NT IAL

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SLIDE 18

L

  • we st c o st pe r lb a c q uisitio n in re c e nt histo ry

Proje c t Ac quisition

T

  • ta l re so urc e o f 57.8mlb U3O8 @ 654ppm – 3.5

time s the re so urc e a t a c q uisitio n in De c e mb e r 2015

Re sourc e Upgrade d

L

  • w CAPE

X a nd OPE X study c o mple te d 2m – 3.6mlb pe r a nnum AISC ~US$24/ lb E xpa nsio n CAPE X US$57m

E xpansion Study

T a rg e t kno wn mine ra lise d a re a s fo r lo w c o st a dditio na l re so urc e

Comme nc e drilling Q4 2016 E xpansion PF S c omple te d Q1 2017 Comme nc e me nt of E xpande d Produc tion e stimate d mid 2019

✓ ✓ ✓

MILESTONES

Proje c t Ac tivitie s Q₃ 2016 Q₄ 2016 Q 1 2017 E nd 2017 Option Study Initial E xploration Re sourc e Upgrade - Jasons PF S E xpansion DF S E xpansion

F E ASIBIL IT Y PL ANNING SCHE DUL E

E xpansion DF S c omple te d Q4 2017

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SLIDE 19

DIRECTORS

  • Mar

k Hohne n Chair

man

MrHo hne n ha s e xte nsive inte rna tio nal b usine ss e xpe rie nc e in a wide ra ng e o f industrie s. He is c urre ntly a Bo a rd me mbe r o f Swa ko p Ura nium a nd wa s the fo unding E xe c utive Cha irman o f K a la ha ri Mine ra ls Plc .

  • Mar

at Abzalov E

xe c utive Dir e c tor

  • Ge ology

Dr Ab za lo v ha s a PhD in Ge o lo g y. Ma ra t ha s re c e ntly c o mple te d a n invite d study o f ISLstyle s o f mine raliza tio n, inc luding tho se in Austra lia . He is a lso a n e x-E xplo ra tio n ma nag e r fo r Rio T into E ura sia , with e xte nsive e xpe rie nc e in K a za khsta n ura nium pro je c ts.

  • E

van Cr anston Cor

por ate Dir e c tor

MrCra nsto n is a c o rpo ra te la wye r with e xpe rie nc e in pub lic ly liste d e ntitie s inc luding c a pita l ra ising s, o ffe ring s, a nd lia iso n with ma rke t a na lysts a nd inve sto rs.

  • Gr

ant Dave y E

xe c utive Dir e c tor

MrDa ve y is a mining e ng ine e r with 20 ye a rs o f se nio r ma nag e me nt a nd o pe ra tio nal e xpe rie nc e in the c o nstruc tio n a nd o pe ra tio n o f Ura nium, g o ld, pla tinum a nd c o a l mine s in Afric a , Austra lia , So uth Ame ric a a nd Russia .

  • Pe te r

Williams Non E

xe c utive Dir e c tor

MrWillia ms is a n e xplo ra tio nist/ g e o physic ist with o ve r 30 ye a rs e xpe rie nc e . He ha s e xte nsive e xpe rie nc e in We st Afric a , Austra lia , F e nno sc a ndia, a nd Ca na da.

  • Ne il Inwood Ge ology Manage r

Mr Inwo o d ha s 22 ye a rs’ inte rna tio nal multi-c o mmo dity pro je c t a nd c o nsulting e xpe rie nc e a nd ha s c o nsulte d o n ura nium pro je c ts in Austra lia , Afric a , the USA a nd So uth Ame ric a . Mr Inwo o d is a F e llo w o f the Austra lia n Institute o f Mining a nd Me ta llurg y a nd ho lds a Ma ste r’ s De g re e in Ge o lo g y (UWA), a BSc in Ge o lo g y (Curtin Unive rsity) a nd a Gra dua te Ce rtific a te in Ge o sta tistic s (E CU).

  • Ke ith Bowe s Pr
  • je c t Manage r

Mr Bo we s is a pro c e ss e ng ine e r with 20 ye a rs’ e xpe rie nc e in me ta llurg y, pro je c t ma na g e me nt a nd o pe ra tio ns. He ha s wo rke d in Afric a , So uth Ame ric a a nd Austra lia fo r the ma jo r mining ho use s o n pro je c ts a nd pla nts c o ve ring a wide ra ng e o f c o mmo ditie s a nd pro c e sse s. He ha s b e e n invo lve d in a numb e r o f te c hno lo g y de ve lo pme nts a nd ha s suc c e ssfully inc o rpo rate d the se into va rio us pro je c ts a nd

  • pe ra ting pla nts.

19

E XPE RIE NCE BOARD AND MANAGE ME NT

slide-20
SLIDE 20

T E AM ASSE T S APPROVAL S L OW COST E xe c utive s with pro je c t ma na g e me nt, de ve lo pme nt, fina nc ing , a nd o pe ra tio na l e xpe rie nc e Ho ne ymo o n Ura nium a sse t in So uth Austra lia Unde re stima te d ura nium pro vinc e Sig nific a nt e xplo ra tio n ta rg e t All a ppro va ls a re in pla c e Only no n- pro duc ing pro je c t in Austra lia whic h is fully lic e nse d a nd a b le to b e b ro ug ht into pro duc tio n E xpa nsio n Study hig hlig hts lo w CAPE X e xpa nsio n (US$57m) 2mlb pa a nd AISC o f US$24/ lb

20

COMPETITIVE ADVANTAGE

BOSS RE SOURCE S

slide-21
SLIDE 21

21

URANIUM PEERS

COST ANAL YSIS – ASX Ura nium Compa nie s

Pe ninsula (USA)

ASX:PE N 2.3mlb pa (Sta g e 3) CAPE X $150m AIC $29/ lb

Banne r man (Namibia)

ASX:BMN 7mlb pa (L OM) CAPE X $793m OPE X $38/ lb

A-Cap (Botswana)

ASX:ACB 2.2mlb pa CAPE X $351m OPE X $41/ lb

Be r ke le y (Spain)

ASX:BKY 4mlb pa CAPE X $230m ($95m initia l) AIC $17/ lb

T

  • r
  • (Austr

alia)

ASX:T OE 2mlb pa CAPE X $240m C1 Co st $31/ lb (AIC no t q uo te d)

Vimy (Austr alia)

ASX:VMY 3mlb pa CAPE X $290m C1 $31 AIC $49/ lb

Boss (Austr alia)

ASX:BOE 2mlb pa CAPE X $57m AIC $24/ lb

Paladin (Namibia)

ASX:PDN In pro duc tio n 4.75mlb pa OPE X $38/ lb

Athabasc a Basin (Canada)

Ultra hig h g ra de 1% plus Ho we ve r ultra hig h c o sts T ypic a l CAPE X ~ $1 Billio n T ypic a l OPE X $20-30/ lb

Kazakhstan

Pro duc e s ~ 40% wo rld ura nium ISL pro duc tio n T ypic a l OPE X $20-30/ lb

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SLIDE 22

22

PEER COMPARISON

ASX L IST E D ST OCKS

Company Initial Cape x (US$) Mining Pe r mit

R e sour c e

mlb Gr ade ppm Mining T ype Mar ke t Cap (AUD$) $

Re sour c e Valuation/ lb

C1 Costs US$/ lb T

  • r
  • E

ne r gy (ASX:T OE )

$315m

✗

84 482 Bulk surfa c e $100m $1.94 $31

Vimy (E ne r gy & Mine r als) (ASX:VMY)

$378m

✗

76 520 Surfa c e $73.6m $1.06 $31

Pe ninsula Re sour c e s (ASX:PE N)

$46m (sta g e 1)

✓

54 476 ISL $123m $1.61 $29

Be r ke le y Re sour c e s (ASX:BK Y)

$169m

✓

89 514

Ha rd ro c k Ope n pit

$176m $1.40 $13.3

Boss Re sour c e s

(ASX:BOE ) Constr uc te d E xpa nsion $57m

✓

58 654 ISL $50m $0.72 $16

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SLIDE 23

23

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SLIDE 24

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