U92 Energy Corp. · TSXV:UTWO
U92 Energy — Investor Presentation (November 2026)
34 slides from U92 Energy's investor presentation, November 2026
Slide 1: Investor Presentation November 2026
ENERGY CORP. INVESTOR PRESENTATION » NOVEMBER 2026 + REV 0 Ne Bivanicen Uranium resource in the Americas U92 Energy Corp. | TSXV: UTWO
Slide 2: Disclaimer
Disclaimer ‘This presentation, as supplemented or amencied for time 10 time, I for information purposes only and does nor constitute an offer ‘0 sell ora solicitation of an offer to buy securities. The information contained herein has been prepared for the purnose of providing interested parties wit
Slide 3: An Undervalued Opportunity
An Undervalueo Opportunity ESTABLISHED RESOURCE MINERALISED TARGETS {| LICENCE AREA DRILLING TO DATE 20.6 mio uso. +10 Q2.5 er 129,000 m (indicated 10.59 Mlb at 0.072% and inferred Already drilled, with over 15,000 Two prospecting licences, By Cogema (Orano) and U308 Tce Mi at pers usc.) metres acro
Slide 4: Guyana: An economy driven by natural resources
Guyana An economy driven by natural rese Hydrocarbons, gold and bauxite drive the econo investment reached US$8.3 billion in 2024. EXXONMOBIL CONSORTIUM G MINING VENTURES ZIJIN MINING "FAST-GROWING ECONOMY ' +US$60B' +US$3B’ » US$238M’ ‘ GDP +19.3% Stabroek project. Reunion Gold,G2Goldfieldsand Auro
Slide 5: An Established Mining Jurisdiction
Atlantic Ocean An Established Mining Jurisdiction Four mining companies within 190 km Georgetown © G Mining Ventures Oko West in Cuyuni River 13O0kmME — unver constRUcTION i: ual ® aurora / ee ARIS MINING aI Aris Mining j VENTURES y Toroparu Ny Bartica § = Toroparu | NS ‘( » O olive creek Oko 7 3 :
Slide 6: Uranium Market
Uranium Market Uranium demand that supply can’t meet Nuclear power contributes approximately 9% of the world's electricity, and every reactor runs on uranium: The number of reactors is growing, with governments and the largest technology companies signing up for more. 441 . 80 12 . 336 Operating rea
Slide 7: Investment Highlights
Investment Highlights An established uranium resource with a clear path to development 20.6 Mlb UsQz 7M ; Ind c ato 10.05 Mlb at ¢ TOTAL CORE ON SITE 88,000 » Diamond drill core, stored on the property. U92 Energy Corp. - TSXV: UTWO on page 02 INDICATED GRADE 0.072 « Indicated category of the histor
Slide 8: Board and Independent QP
Board and Independent QP Over 150 years of experience in natural resources, building companies from discovery to development e7 o © EXECUTIVE CHAIRMAN AND CEO. Adam Clode Adam brings over 25 years’ experience across the resources sector, capital markets and project development, with a focus on strat
Slide 9: The Kurupung Project
The Kurupung PrOjeeE In the Cuyuni-Mazaruni region of Guyana.
Slide 10: A Geological Model Unlocked
A Geological Model Unlocked 20.6 million pounds, and ten additional mineralised targets already drilled 20.6 Mib U3Og (Indicated 10.59 Mib at 0.072% and Inferred 10.05 Mlb at 0.067% U20a). Historical resource estimate, 0.03% cut-off. 129,000m drilled Cogema (Orano} and U3O8 Corp, 1979 to 2012. 88,00
Slide 11: Historical Resource Estimate
Historical Resource Estimate 20.6 MIb U,Og, at a 0.03% cut-off (Indicated 10.59 Mib at 0.072% and Inferred 10.05 Mlb at 0.067% Us INDICATED INFERRED DEPOSIT TONNES GRADE POUNDS TONNES GRADE POUNDS TOTAL Aricheng West 1,338,000 0.064% 1,902,000 4,022,000 0.061% 5,376,000 7.28 Mib Aricheng South 3,186
Slide 12: The Objective
he Objective Increase the mineral resource to support an initial ten-year life of mine (+3 Mlb per annum) The licence areas host large-scale, extensively mineralised magnetic low corridors, open at depth and along strike. ol Mineralisation Open Along Strike The deposits are extensively open along st
Slide 13: A Clear Path to Grow the Resource Base
A Clear Path to Grow the Resource Base Fewer holes, more pounds DISCOVERY COST REDUCED BY 61% 28,000 a 21000 Ww 4 =| a Q 14,000 a Ww fe Accori North C w 24 holes -5:209m = 7000 @ @ e900 > 9800 ° 25 Source: NI 43101 Technical Report, 4 Aug! U92 Energy Corp. - TSXV: UTWO Aricheng C 4.21 Mib 34 holes -
Slide 14: Mineralisation Open in All Directions
Mineralisation Open in All Directions Over 15,000 metres (82 holes) in 10 additional mineralised targets, already drilled 20.6 Mib U,0, IN THE HISTORICAL ESTIMATE POUNDS ADDITIONAL MINERALISED TARGETS, NOT YET IN THE ESTIMATE (Indicated 10.59 Mib at 0.072% and inferred 10.05 Mlb at 0.067% UsOx) TARG
Slide 15: Discovery Cost per Pound
Discovery Cost per Pound Unlocking the geological model has reduced the discovery cost per pound by 61% DISCOVERY COST TO FIND A POUND OF U;0¢ Aricheng North US$0.82/10 Drilled first - 106 holes - 18,036m - 3.41 Mlb (OM total drilling cost Aricheng C US$0.32: OQ reduction in the discovery @) cost pe
Slide 16: Discovery Cost per Pound by Deposit
Discovery Cost per Pound by Deposit Unlocking the geological model has significantly reduced the cost of discovery DEPOSIT HOLES METRES COST AT US$155/m POUNDS COST PER Ib evened saa 106 18,036 US$2.80M 3.41 Mlb US$O.82 Aricheng West 106 24,941 US$3.87M 7.28 Mlb 0s Aricheng South 100 18,877 US$2.93M
Slide 17: Work Programme
Work Programme Our path to development THE OBJECTIVE Increase the mineral resource to support an initial ten-year life of mine (+3 Mib per annum). @ Drilling and resource update Assay Supporting work Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Phase 1 exploration plan finalised Camp construction and inf
Slide 18: Peer Production
Peer Production Namibian open pits run at 3.5 to 5 million pounds a year ANNUAL PRODUCTION GRADE CASH OPERATING COST MINE AND OWNER MLB U0, % U0. US$ PER POUND Etango-8 3.5 0.024% US$35.80 Bannerman Energy In development Shay ene eae o Tumas 3.6 Deep Yellow - In development study rate, 30-year life
Slide 19: Grade and Cost Comparison
Grade and Cost Comparison Grade and cost are not a straight line Grade against cash cost per pound for two Athabasca Basin mines and two Namibian PROJECT GRADE, % Uz0, CASH COST, US$ PER POUND open pits. KURUPUNG 0.072% 1 CIGAR LAKE AGAINST ETANGO-8 Cigar Lake ie 1635, [EE ussiz10 6BBO x richer arad
Slide 20: An Undervalued Opportunity
An Undervalu Opportunity U92 Energy Corp. shows significant value against j its peers, on value per pound in the ground and ~ market capitalisation. U92 Energy Corp. - TSxv: UTWO
Slide 21: Peer Valuation
Peer Valuation US$0.35 EV per pound against a US$1.17 EV per pound peer average Verdera Energy Frontier Nuclear & Minerals Elevate Uranium, U92 Energy Corp. * American Uranium Aura Energy Blue Sky Uranium, Global Atomic Asarian Energy Premier American Uranium Laramide Resources Deep Yellow Peninsula
Slide 22: Market Capitalisation
Market Capitalisation C$16.2 million against a C$195 million average American Uranium J CS6 U92 Energy Corp. [ll csic Blue Sky Uranium [Il $17 Frontier Nuclear & Minerals Ml CSI Verdera Energy Ml C$26 Jaguar Uranium I C327 Western Uranium [i C530 Premier American Uranium [I CS3. Aura Eneroy MEE c$cs
Slide 23: Uranium Peers and Valuation
Uranium Peers and Valuation Peer listed advanced exploration uranium companies key ASSET ATTAIBUTABLE RESOURCE VALUATION company TICKER MABKETCAP ENTERPRISE VALUE JURISDICTION KEV ASSET Stace TYPE MEI INFERRED Mais! HISTORIC WaIN= HIST. GRADE EV/ MRI EV/‘aivi+ HIST ‘American Uranium Lea rom $6 $7 wy
Slide 24: What we have achieved
What we have achieved HISTORIC RESOURCE 20.6 Mlb U3Og Indicated: 10.59 Mlb at 0.072% UsO. Inferred: 10.05 Mlb at 0.067% UO At a 0.03% cut-off. GEOLOGICAL MODEL Unlocked Mineralisation is open at depth and along strike in extensively mineralised magnetic low corridors Where we are going THE OBJECTIVE
Slide 25: Thank You
ENERGY CORP. hank You Adam Clode Executive Chairman and CEO EMAIL LISTING WEBSITE [email protected] TSXV: UTWO u92corp.com 92 Energy Corp. - TSX: UTWO
Slide 26: Technical Appendix
APPENDIX Technical Appendix What sits behind the numbers in this deck. Al Interpretation of Magnetic Low Corridors A2 Long Sections AS Ore Shoots Below Aricheng South 26
Slide 27: Interpretation of Magnetic Low Corridors
Al Interpretation of Magnetic Low Corridors Mineralised targets are identified utilising airborne geophysics and soil geochemistry . ae a A oto richeng North Aroka ) Aricheng C Accori North A richeng West ‘Accori North)}B . Aricheng South Accori North C Wild Cow Aécori South @ Drill Collar Prospecti
Slide 28: Long Sections
Long Sections Mineralisation is open at depth and along strike in extensively mineralised magnetic low corridors Aricheng North 130 m AVERAGE HOLE DEPTH FROM SURFACE 3.41 mip HISTORICAL ESTIMATE Aricheng South 130 m AVERAGE HOLE DEPTH FROM SURFACE 5.74 mib HISTORICAL ESTIMATE SW_ Southern Extension
Slide 29: Ore Shoots Below Aricheng South
Ore Shoots Below Aricheng South Mineralisation is open at depth and along strike in extensively mineralised magnetic low corridors Long Section Through the Mineralised Vein Cross Section Through the Mineralised Vein Ww Mineralisation splits into E NE sw <——— 2subparallel structures Arsowo | Ans.c7e
Slide 30: Source Appendix
APPENDIX Source Appendix Where the peer and production figures in this deck come from Sito $3 Peer Resource Sources $4 Production and Cost Sources 30
Slide 31: Peer Resource Sources
SI Peer Resource Sources i Attributable resources are calculated on the expected ownership of the applicable property by its owner, taking into account any third- party interests. Attributable resources include historical resource estimates, which may not be compliant with NI 43-101 standards. Resou
Slide 32: Peer Resource Sources (2)
s2 Peer Resource Sources (2) Bannerman Energy Ltd. ASX release, “Etango-8 Definitive Feasibility Study’, 6 December 2022 (Novernber 2021 Mineral Resource, JORC 2012). bannermanenergy.com. “Etango-XP and Etango-XT Scoping Study”, 18 March 2024. Berkeley Energia Ltd. ASX release, Salamanca Mineral Res
Slide 33: Peer Resource Sources (3)
s3 Peer Resource Sources @) IsoEnergy Ltd., continued “Technical Report on the Mineral Resource Update for the Matoush Project, Central Québec, Canada’, 12 February 2012. “Technical Report on the Dieter Lake Property, Quebec, Canada”, 7 October 2011. “Technical Report on the Mining Leases Covering t
Slide 34: Production and Cost Sources
S4 Production and Cost Sources Figures used on the Peer production and Grade and cost pages. Costs are in US$ per pound. Cameco figures are average operating costs over the remaining mine life, Tumas is a Cl cash cost after by-product credit, and the others are cash operating costs excluding royalti