SETTING UP FOR LONG-TERM SUCCESS IN THE US URANIUM INDUSTRY EAST - - PowerPoint PPT Presentation

SETTING UP FOR LONG-TERM SUCCESS IN THE US URANIUM INDUSTRY

I N V E S TO R P R E S E N TAT I O N | M AY 2 0 2 0 | A S X : T I N

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EAST CANYON URANIUM-VANADIUM PROJECT, UTAH, USA

DISCLAIMER

This presentation does not constitute an offer that is capable of acceptance nor is it a disclosure document under the Corporations Act. This presentation is intended for recipients collectively and does not take into account the investment objectives, financial situations and particular needs of any particular person. It does not constitute financial advice. In all cases recipients of this presentation should carry out their own independent enquiries and investigations into, and independent assessment and review of TNT Mines and the information contained in this presentation as well as forming their own views on all general economic, commercial, financial, technological and regulatory risks that may be associated with an investment in TNT Mines. Forward looking Statements This presentation contains forward looking and other subjective information. Such exemptions, projections and information are not a guarantee of future performance and involve unknown risks and uncertainties. Actual results and developments will almost certainly differ from those expressed or implied and should make your own assessment

• f the expectations, estimates, projections and the relevant assumptions and calculations based on which opinions,

estimates and projections are based. No representation or warranty, express or implied, is given as to the accuracy of the information or opinions contained in this document and no liability is accepted by the company or director, member, officer, employee, agent or adviser for any such information or opinions.

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AN OUTSTANDING INVESTMENT OPPORTUNITY

100% ownership of highly strategic and prospective landholding in historically significant uranium and vanadium-producing district Project claims include old workings and mines with visible high grade mineralisation US government policy shifting strongly to support rejuvenation of domestic uranium industry Tier one, mining friendly jurisdiction with excellent infrastructure including operating uranium mill Very modest enterprise value compared to listed uranium-vanadium peers in US and Australia

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Figure 1: East Canyon uranium-vanadium project South East, Utah USA

HIGHLY EXPERIENCED BOARD*

BRETT MITCHELL EXECUTIVE DIRECTOR

• Corporate finance executive with over 25 years of experience in finance & capital

markets, specialising in project generation, financing of early stage resources and technology companies. Chairman of ASX listed MGC Pharmaceuticals Ltd (ASX:MXC)

PETER WOODS NON-EXECUTIVE DIRECTOR*

• East Canyon Project vendor with 13 years’ equity capital markets and financial

services experience, including directorships with Matador Mining (ASX:MZZ)

• Director of boutique advisory and investment firm Bluebird Capital

NICK CASTLEDEN NON-EXECUTIVE DIRECTOR

• Geologist with over 20 years of experience in the mineral exploration

and resources industry, including Mt Isa Mines, Perilya Mines, MPI Mines & LionOre

• Currently Managing Director of Apollo Consolidated Limited (ASX:AOP)

CORPORATE STRUCTURE

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ASX CODE TIN

CURRENT SHARE PRICE 17.5c SHARES ON ISSUE 33.5M MARKET CAP $5.8M CASH @ 30/04/20 ~$1.9M ENTERPRISE VALUE $3.9M

TECHNICAL ADVISERS

NEIL INWOOD

• Geologist with +25 years’ international experience in uranium, gold and

base metals, and previously uranium specialist for Coffey Mining

• Led technical and due diligence studies on multiple uranium projects

including Honeymoon Mine prior to acquisition by Boss Resources (ASX:BOE) and Kayelekera Mine by Lotus Resources (ASX:LOT)

CHERIE LEEDEN

• Geologist with 18 years’ global mining industry experience and strong

capital markets network. Founder of Battery Minerals (ASX:BAT)

• Based in Nevada, well established North American mining network with

experienced US exploration team

SHARE PRICE MOVEMENT

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* Effective on completion of settlement

EAST CANYON URANIUM PROJECT OVERVIEW

200 contiguous claims covering 4000 acres (~16km2) within the extended Uravan Mineral Belt Long history of uranium/vanadium mining in the region dating back more than 100 years Historic production from Uravan Belt area in excess

• f 85mlbs (>40,000t) of uranium and 660mlbs

(>300,000t) of vanadium* Historical uranium production records from East Canyon district report average >1.3% U3O8 * Surrounded by other uranium/vanadium mines and development projects Close proximity (50km) to operating White Mesa Mill, which has accepted third party ore and has spare capacity Minimal annual lease costs with no minimum expenditure obligations on claims

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*Refer to ASX: TIN announcement 11th May 2020 “Acquisition of High-Grade US Uranium & Vanadium Project”

Figure 2: Nearby Uranium Deposits and Trends

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Figure 3: Tenement map showing Salt Wash Member outcrop, location of workings and 2018-2019 rock chip samples

PROVEN PROSPECTIVITY

Salt Wash Member of the Morrison Formation (which hosts uranium/vanadium deposits in the region) outcrops throughout the claims Estimated Salt Wash thickness 10-30m Multiple old workings remain open and accessible and contain visible mineralisation Recent fieldwork assays confirms high-grade mineralisation Historic drill intercepts (1962) show mineralisation of >0.23% U3O8 and >1% V2O5* Shallow ore horizon, multiple targets and large exploration area

*Refer to ASX: TIN announcement 11th May 2020 “Acquisition of High-Grade US Uranium & Vanadium Project”

RECENT FIELDWORK SUCCESS

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Samples collected from underground ribs/faces and ore dumps over 2018-2019 High grade assays returned of up to 0.47% U3O8 (4,700 ppm) and 9% V2O5* Abundant visible uranium-vanadium mineralised seams and zones observed in workings SELECT HIGH-GRADE ROCK CHIP SAMPLES SAMPLE U3O8 V2O5 EC18007 0.47% 9.21% EC19009 0.39% 2.74% EC18010 0.33% 2.74% EC19003 0.24% 2.92%

Visible uranium-vanadium mineralisation

*Refer to ASX: TIN announcement 11th May 2020 “Acquisition of High-Grade US Uranium & Vanadium Project”

FORWARD PROGRAM – NEXT SIX MONTHS

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Compile and review available data Undertake further mapping and geochemical sampling of exposed mineralisation and underground workings Bulk sample and metallurgical testwork Downhole logging of historical drill holes Undertake initial shallow drilling to test mineralisation extensions and locate additional buried pods of mineralisation Timeline to securing drilling permits is anticipated to be three months

WHITE MESA MILL

White Mesa Mill within trucking distance of East Canyon (50km) via major highway Only conventional, fully licensed and

• perational uranium mill in the USA

Historically largest producer of uranium in the US and major producer of high purity vanadium Owned by Energy Fuels Inc (TSE:EFR) Currently operating at 10% of its licensed capacity of 8mlbs of U3O8 a year Potentially open to toll milling agreements and purchase programs for ore from third party sources

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White Mesa Mill

SUPPORTIVE US GOVERNMENT

Uranium and vanadium both on US Government’s Critical Minerals List US imports 98% of its annual domestic uranium demand Nuclear Fuel Working Group (NFWG) established in 2019 to advise on returning the US to nuclear leadership and reducing reliance on China/Russia/Kazakhstan Trump administration proposes the creation

• f US$1.5 billion uranium reserve by

purchasing US$150 million of domestic uranium production a year for 10 years Prospect of streamlined regulatory reform and land access for uranium extraction

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WHY INVEST IN TNT MINES?

Modest enterprise value and tight structure = highly leveraged to exploration success and uranium price upside Visible high grade mineralisation throughout claims reduces exploration risk Historical production on project, in district Simple, cheap follow-up exploration and metallurgical testwork to begin immediately Well funded for immediate work program Potential processing solution in White Mesa Mill presents opportunity for low CAPEX development

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COMPETENT PERSONS STATEMENT

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Claim peg, East Canyon uranium-vanadium project

For information referring to the exploration results in this document, refer to announcements dated 11/5/2020. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources, Exploration Target or Ore Reserves that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements; and that the information in the announcement relating to exploration results is based upon, and fairly represents the information and supporting documentation prepared by the named Competent Persons. Information relating to the endowment of past producing mines and current resources (non-JORC and or NI43/101) have been taken from public documents available on SEDAR.com, including “UPDATED TECHNICAL REPORT ON SAGE PLAIN PROJECT” dated March 18 2015, “VELVET-WOOD MINE URANIUM PROJECT PRELIMINARY ECONOMIC ASSESSMENT” dated 31 May 2016 and “TECHNICAL REPORT ON THE HENRY MOUNTAINS COMPLEX URANIUM PROPERTY,UTAH, U.S.A.” dated 27 June 2020.

1202 HAY STREET WEST PERTH WA 6005 PH: +61 8 6319 1900 E: frontdesk@tntmines.com.au

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