Toward Production & Storage of Clean Energy

www.u3o8corp.comFebruary, 2021

Uranium

Nuclear Energy Power Storage Rare Earths

Toward Production & Storage of Clean Energy:

Resources in battery commodities & uranium

A Green Resources Company

Vanadium, Nickel & Phosphate

Yttrium & NeodymiumTSX-V: UWE.H

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QP for Technical Disclosure – All scientific and technical disclosure contained herein has been prepared and approved byDr. Richard Spencer, U3O8 Corp’s President and CEO and a “Qualified Person” within the meaning of NI 43-101.

Certain statements contained herein constitute forward-looking statements (“FLS”) that involve substantial known and unknown risks anduncertainties. 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 economic conditions, industry conditions, geopolitical risks, volatility of commodity prices,assumptions used in resource estimates, economic analysis and financial projections, risks associated with the uncertainty of explorationresults and estimates and that the resource potential will be achieved on exploration projects, timing and outcome of the preliminaryeconomic assessment (“PEA”) and that a mine will be achieved on the Berlin Deposit. Readers are cautioned that the assumptions used inthe 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 updateor revise them to reflect new events or circumstances. Industry and peer information has been drawn from publicly available sources andhave not been independently verified by U3O8 Corp. Comparisons of U3O8 Corp’s resource and exploration targets with other uraniumdeposits are conceptual in nature, and have not been independently verified by U3O8 Corp. and information regarding these peer depositsare drawn from publicly available information.

Berlin Project, Colombia – resources of 1.5Mlb indicated at 0.11% U3O8 and 19.9Mlb inferred at 0.11% U3O8 ; plus a phosphate inferredresource 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 10.5kmmineralized trend at Berlin. See March 2, 2012 – “Berlin Project, Colombia – National Instrument NI 43-101 Report”. Based on explorationon 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 theremaining 7.5km of the trend – see press release dated September 20, 2012. For the Berlin PEA see the January 31, 2013 – “BerlinProject, 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 economicconsideration that would enable them to be classified as mineral reserves. Mineral resources are not mineral reserves and have notdemonstrated economic viability. There is no certainty that the results of the PEAs will be realized. Potential quantity and grades areconceptual in nature. There has been insufficient exploration to define a mineral resource on the above exploration targets, and it isuncertain 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-V: UWE.H

http://www.u3o8corp.com/

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U3O8 Corp: Clean energy & Energy Storage


3. Rare Earths High-efficiency generators & motors

2. UraniumTo fuel large nuclear

power plants

To fuel small modular reactors (SMRs)

1. Battery CommoditiesNickel,

Vanadium, Phosphate,

Zinc

TSX-V: UWE.H

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U3O8 Corp. Capital Structure

8% Insiders


Share Capital

Market cap(at $0.24) C$4.5M

Basic shares o/s 29,775,104

Warrants o/s 9,612,193

Options o/s 2,163,000

Fully diluted 41,550,297

TSX-V: UWE.H

Name Experience & Key Areas of Expertise Function

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

• Chairperson• Member of Audit Committee

Ms. Helen Molesworth

• A gemologist and classicist. • BA (Oxon) and has international experience across the coloured gemstone industry. • A recognized gems and jewellery expert, who has worked at Sotheby’s and Christie’s, and launched a coloured gemstone Academy out of Hong Kong and China.

• Independent Director• Member of Audit Committee

Dr. Scott Morrison

• Geologist (B.Sc in Geology)• Metallurgist (PhD in metallurgy)• Director of Zinc Oxide LLC, largest zinc producer in the USA• Director of AK Altynalmas – a gold producer in Kazakhstan.

• Independent Director• Chair of Audit Committee

Dr. Richard Spencer

Led the exploration teams that:• Discovered the 3.3 million ounce 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

• Non-independent Director• 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 ultra-contrarian when the majors were still hedged and when the Bank of England was selling the country’s gold

• CFO

U3O8 Corp. Board & Management

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TSX-V: UWE.H

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U3O8 Corp. is a minerals exploration company focused on:• Battery commodities for the accelerating e-transport and renewable energy

storage markets; and• Uranium for the zero-carbon nuclear electricity generation.

Battery commodities include:• Phosphate for the LFP lithium-ion batteries – used by BYD, the Chinese battery

and e-vehicle manufacturer, as well as in Tesla’s Chinese-made cars;• Nickel for NMC lithium-ion batteries used by most e-vehicle manufacturers

including Tesla in the USA;• Vanadium for Vanadium Redox Batteries (“VRB”) – for industrial-scale storage

Uranium resources in the Berlin Deposit.

SummaryA Green Resources Company

TSX-V: UWE.H

Battery Commodities

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Colombia

Arge

ntin

a

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

TSX-V: UWE.H

U3O8 Corp. holds shares in International Consolidated Uranium TSXV:CUR, that has interests in uranium deposits in Argentina (from U3O8 Corp.), Canada and Australia.

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Berlin:Estimated Revenue by Commodity

– Preliminary Economic Assessment Model


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.

$977, 35%

$866, 31%

$420, 15%

$268, 9%

$202, 7%

$92, 3%

Uranium

PhosphoricAcidNickel

Vanadium

Rare EarthElementsZinc &Molybdenum

TSX-V: UWE.H

$489, 27%

$265, 14%$720,

39%

$12, 1%

$208, 11%

$29, 2%$50, 3%

$59, 3%

PEA Model: Revenue (US$ millions) PEA Model: Revenue at current commodity prices (US$ millions)

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Estimated Increase in Demand for Battery Commodities


TSX-V: UWE.H

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Lithium-Ion Battery CommoditiesA 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

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Battery CommoditiesVanadium Redox Batteries – Industrial e-Storage


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


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

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Battery CommoditiesVanadium Redox Flow Batteries (“VRB”)



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

U3O8 Corp. Uranium Resource: 21 million pounds

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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

Colombia

Argentina

BERLIN, Colombia Estimated Cash Cost of Uranium

Production

Estimated Capital Cost

Resource Type Million pounds

Indicated 1.5 US$0/pound of uranium net of by-

products

US$441 millionInferred 19.9

TSX-V: UWE.H

Richard Spencer, President & [email protected]

1-647-292-0225www.u3o8corp.com

Appendix Follows

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TSX-V: UWE.H

http://www.u3o8corp.com/

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Berlin Deposit: Stage of ProjectA Green Resources Company

Built on discovery by Cogema (Orano)

Initial (21Mlb) NI43-101 uranium resource

Increase resource to 50Mlb threshold

Pilot processing plant

Feasibility Study

Construction decision

PEA – focus on cash cost of productionNext Step

TSX-V: UWE.H

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Berlin Deposit:Location & Infrastructure


Good Existing Infrastructure• Between Colombia’s largest cities

(Bogota & Medellin) in agricultural heartland

• Power – 395MW hydroelectric plant located 12km from Project

• Roads – 60km from main highway• Port – 60km from major Magdalena

river, navigable to the Caribbean• Rail – 60km from rail line scheduled

for refurbishment

------- National Highways------- Railway Being Refurbished

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Uranium Sector SnapshotA Green Resources Company

TSX-V: UWE.H

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Berlin ProjectPEA – Production Profile


1 Projections based on Berlin PEA – see cautionary statements on slide 2

Product Uranium Phosphate Vanadium Nickel Rare Earth Elements Moly Zinc

Units Mlbs Thousand tonnes Mlbs Mlbs Tonnes Mlbs Mlbs

Annual Mill throughput 500,000 tonnes

Life of Mine Production 16.3 884 51 22 4,040 4.2 47

Average AnnualProduction 1.2 59 3.4 1.5 270 0.3 3.1

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Berlin ProjectPEA Opex Estimate



Item US$/tonne of Ore Life of Mine

Revenue $405.81 $B2.82

Opex

Royalty to State $18.60

$B1.40

Mining $54.69

Processing $103.00

G&A $3.60

Dewatering $4.84

Contingency $16.61

Total $201.33

Free Cash Flow per tonne of Ore $204.48 $B1.42

TSX-V: UWE.H

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Berlin ProjectPEA Capex Estimate



Item Initial Capital (US$)

Sustaining Capital (US$)

Total Estimate

(US$)

Mine & Mining $63 $11 $74

Processing Plant $164 $13 $177

Mine Dewatering, Environmental & Closure $10 $15 $25

Infrastructure $55 $4 $59

EPCM & Indirect Costs $65 $65

Contingency $41 $41

Total $398 $43 $441

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ProjectedAnnual

Production

SensitivitiesProjected

Capex(US$M)

Uranium Price ($/lb)

After-Tax (US$M) Payback (years)

NPV7.5% NPV10% IRR

1.2MlbBase Case

$40 $85 $19 11% 6.6

$441$50 $142 $66 13% 5.9

$60 $198 $112 15% 5.3

$70 $255 $159 17% 4.9

Sensitivity analysis based on PEA that is preliminary in nature. Includes resources that are not reserves & do not have demonstrated economic viability. No certainty of the PEA being realized.

BerlinPreliminary Economics

Current Resource

The economics can be strengthened through alternative technology. The key next step is testing membrane technology – used in water purification – is the next crucial test as a way of separating the various commodities from the leach fluid at Berlin


TSX-V: UWE.H

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Berlin DepositOpportunities to Increase Cash Flow


NPV7.5% could increase by US$156M or ~45% through optimization:US$

PEA NPV7.5% (Current PEA) $338M

Process optimization:• Removal of 30% of carbonate by flotation (Aiming to achieve >50%

reduction in carbonate) $42M

• Rare Earths Elements: • current PEA includes Yttrium & Neodymium onlyð add Dysprosium & Europium

$66M

Optimize power production by utilizing excess heat from plant $48M

POTENTIAL NPV7.5% $494M

Analysis based on PEA that is preliminary in nature. Includes resources that are not reserves & do not have demonstrated economic viability. No certainty of the PEA being realized. For INTERNAL DISCUSSION PURPOSES – see slide 2

TSX-V: UWE.H

Berlin ProjectCurrent Flow Sheet (modelled in the PEA)

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SX Solvent ExtractionIX Ion Exchange

Uranium-Vanadium processRare Earth (REE) processPhosphoric acid processBase Metal processGypsumMolybdenum

IX

Uraniumrecovery

Peroxide +

sulphuric acid

V recovery

IXAmmonia

+ Sulphuric

acidMolybdenumPrecipitation

Uranium VI peroxide

Ammonium metavanadate

Ammonium carbonate

TBP + Shell Sol SX Phosphoric

Acid

Ammonia REE precipitation

SX

Ni Zn Mn

REE Oxides

Carbonates

Crush to ~ 100µm

Acetic acid calcite leach

Ferric iron + sulphuric acid leach

Sulphuric acid wash

& Fe Reduction

“Step 1”

“Step 2”

Ore

High Purity

Gypsum

Calcium acetate

Acetic acid regeneration

Sulphuric acid

Ferric Iron reuse

Sulphuric acid

Iron Rejection or

Regeneration

TSX-V: UWE.H

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Berlin Deposit:Potential of Membranes to Separate Metals


Æ If the membranes effectively separate the various commodities, Capex and Opex are likely to be reduced

Membrane technology – used in water purification – is the next crucial test as a way of separating the various

commodities from the leach fluid at Berlin

Leach fluid carrying 3 metals

A single metal is concentrated in the fluid –and can be extracted more efficiently

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Ø21Mlb NI 43-101 Uranium Resource

Ø 25-30Mlb potentialexploration-drilled area

Ø >25Mlb – northern area –potential indicated by trenching

> 70-75Mlb potential

Green unit contains uranium & other minerals

3km

3.5km

N

4km

25-30Mlbresource potential already

identified by drilling

>25Mlb potential identified

by trenching

21MlbCurrent

NI 43-101 uranium resource

10.5km M

ineralized Trend

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.

Berlin Deposit:Resource Growth Potential

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Berlin DepositCross Section

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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

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TSX-V: UWE.H

Berlin DepositPotential to Improve Project’s Economics

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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.

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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.

TSX-V: UWE.H

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Toward Production & Storage of Clean Energy