Uranerz Energy — Merger or Acquisition (January 2015)
27 slides from Uranerz Energy's merger presentation, Jan 8, 2015
Slide 1: Creating the Leading Integrated Uranium Producer Focused on the United States
CREATING THE LEADING INTEGRATED URANIUM PRODUCER FOCUSED ON THE UNITED STATES The Combination of Energy Fuels Inc. and Uranerz Energy Corporation Transaction Presentation. January 2015 Global Energy.
Slide 2: Forward Looking Statements
Forward Looking Statements Certain of the information contained in this presentation constitutes “forward-looking information” (as defined in the Securities Act (Ontario)) and "forward-looking statements" (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that are based on exp
Slide 3: Notice Regarding Technical Disclosure
Notice Regarding Technical Disclosure All of the technical information in this presentation was prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 - Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators (NI 43-101")
Slide 4: Cautionary Statements for U.S. Investors Concerning Mineral Resources
“CF <Q Uranerz Cautionary Statements for U.S. Investors Concerning Mineral Resources sources. 'S,iestors re aised ta, mle such ems ae recogrzed and requted by Canaan runs, he Uniod Sates Secuites 2nd Exchange Commission (SEC das catego, Under Canaan rls, estates of Ifensd Rescues may not om he base
Slide 5: Important Information for Investors and Stockholders
CF QQ Uranerz Important Information for Investors and Stockholders This presentation is for informational purposes only and does not constitute an offer to purchase, a solicitation of an offer to sell the shares of common stock of Uranerz or a solicitation of any proxy, vote or approval. Energy Fuel
Slide 6: Why Uranium Producers Should Consolidate
CF <Q Uranerz Why Uranium Producers Should Consolidate 4 Reduced overhead and other cost efficiencies decreases the “true” cost of production 4 De-risking through an increased and diversified production profile « Increased trading liquidity and improved market profile
Slide 7: Transaction Highlights
“CF QJ Uranerz Transaction Highlights 4 Creation of one of the few publicly-traded, integrated |SR-conventional uranium producers in the World 4 Emergence of a dominant U.S. uranium company 4 Aleading investment vehicle focused on U.S. uranium production 4 Larger, stronger company + diversified prod
Slide 8: Transaction Summary
Transaction Summary Consideration Key Terms | Required Approvals & Acquisition of Uranerz Energy Corp. (‘URZ”) by Energy Fuels Inc. (“EF”) pursuant to a merger under Nevada law 4 Each URZ shareholder will receive 0.255 common shares of EF for each URZ share held 4 Implied offer premiums of 36.6% & 4
Slide 9: Financial and Resource Highlights
<Q Uranerz Financial and Resource Highlights Energy Fuels Uranerz Gea int Post-Transaction ‘Shares Outstanding 19.7 million 95.9 million 44.1 million Warrants 0.9 milion 40.6 million 3.6 million Options 4.4 million 7.3 million 2.9 million Fully Diluted 21.7 million 113.8 million 50.5 million Pro-For
Slide 10: Board & Management (Proposed)
Board & Management (Proposed) Q Uranerz Stephen P. Antony Harold Roberts. Paul Goranson Danie! Zang Management David Frydenlund President, CEO & Director of Energy Fuels inc. Executive Vice President & COO of Energy Fuels Inc. President & COO of Uranerz Chief Financial Offcer of Energy Fuels Inc. Se
Slide 11: Benefits to Shareholders
Benefits to Shareholders QD Uranerz Energy Fuels Uranerz 4 Direct participation in the newest U.S. uranium producer 4 Addition of ISR capability and production 4 Strengthens EF’s value proposition to U.S. utilities by adding scale & ISR production sources 4 Exposure to a large, strategic land positi
Slide 12: Dominant Position in Relation to Comparable Companies
C 2 Uranerz Dominant Position in Relation to Comparable Companies Commercial-Scale Market Malibs. Inferred Ibs. Working Production? Multiple Supply Sole U.S. Company Cap2) (wu) (MM)“) Capital® ISR Conventional Contracts? Focus? CF ROMAN sostals 91.0 318 $57.3 v v v v C sie 34 83 9 «© « « x romeo $11
Slide 13: Market capitalization bubble chart: conventional vs ISR
CF J Uranerz _ /Uranerz =) ENeRaY conronation CONVENTIONAL 1) Bubble size is indicative of relative market capitalization as of January 2, 2015
Slide 14: Conventional & ISR Assets
Conventional & ISR Assets In-Situ Recovery ("ISR"): 4 Existing uranium production at Nichols Ranch 4 Dominant land position in the Powder River Basin of Wyoming (a known ISR production district) 4 Significant future ISR production potential from nearby satellite projects Conventional: 4 The White Me
Slide 15: Combined Resource Summary
Combined Resource Summary La ENERGY FUELS The Largest NI 43-101 Uranium Resource Portfolio Among Producers & Near-Producers Measured Tons (000) Grado(%U308) Lbs. Us0s( 000), Tons (000) Indicated ‘Grae OUD) Ls. U0 (000) Tons (000) Inferred Grade 030) Lbs. USO (0) Combined Company Total 528 2300 012%
Slide 16: Uranerz – Operating Platform
Slide 17: Operations Summary
(CF Q Uranerz Operations Summary A A a Production at Nichols Ranch began in April 2014 Licensed capacity of 2 million Ibs. per year The Powder River Basin (“PRB”) hosts some of the highest-grade, ISR-amenable uranium deposits in the U.S. The PRB has the largest producing ISR uranium POWDER RIVER BAS
Slide 18: Powder River Basin and URZ Land Position
Powder River Basin and URZ Land Position c Uranerz SS nnnen « Uranerz has a major land position in Wyoming’s PRB, a key uranium production district in the U.S. Cameco and Uranium One are a tigaray ISR Hf Plant (Willow iT North-Butte ISR Mine so active in this region with production and land holdings
Slide 19: The Strategic Value of Nichols Ranch
QJ Uranerz The Strategic Value of Nichols Ranch « Licensed capacity of 2 million Ibs. of Potential for Synergies & Cost Savings U30, per year at Future Satellite Operations « Actual production of 197,600 Ibs. of Hank Project U0, for 2014") Partially permitted with potential to pipe solution to Nicho
Slide 20: Energy Fuels' Operating Platform
Energy Fuels’ Operating Platform Q Uranerz 20
Slide 21: The White Mesa Mill - Utah
2 Qn nerz The White Mesa Mill - Utah 4 The only operating conventional uranium mill in the U.S. today White Mesa Mill's recent share of total U.S. uranium production 4 Located near the U.S.’ highest- grade conventional uranium deposits « Separate “alternate feed material’ and vanadium circuits » Ful
Slide 22: Arizona Uranium Mines
c Uranerz % Arizona Uranium Mines a High-Grade Uranium Production 4 Pinenut Mine: Mining continuing during 1* half of 2015 with expected completion of milling in 2016 « Canyon Mine: Fully-permitted (development construction currently on standby) ae + £2 Comploo wef Pinenut Mine ‘anyon Mine the ae «
Slide 23: Wyoming Uranium Projects
Q Uranerz Wyoming Uranium Projects 4 Pursuing 2"4 major production center focused on Sheep Mountain 4 Historically significant uranium districts located in mining-friendly Wyoming 4 Project economics as projected in published NI 43-101 report"): ‘Standby/Major Projecd Other Project 4 Operating Cost
Slide 24: Roca Honda
CF Q Uranerz i Sheep Mountain _| Juniper “#~ * Ridge Roca Honda — New Mexico a One of the largest & highest-grade uranium projects in the U.S. a Joint Venture Ownership: 60% Energy Fuels + 40% Sumitomo Corporation of Japan La Sal Complex Whirlwind Henry Mountains», 7 « Potential to process uranium r
Slide 25: Henry Mountains Complex - Utah
CF Henry Mountains Complex - Utah « “Tony M’ is a large standby uranium mine 4 Significant potential for a new mine at "Bullfrog" deposit « Higher grades and lower royalty burden than “Tony M” Production at "Tony M" mine as recently as 2010 « Significant existing infrastructure « 120-miles to the Wh
Slide 26: Summary
CF Q Uranerz Summary |. The clear benefits of consolidation, including reduced costs, increased liquidity and| diversified production 2 The only US-based integrated uranium producer, and one of the few in the World © More uranium production, more future projects “ Strong balance sheet and contract p
Slide 27: Contact Us
Uranerz Energy — Merger or Acquisition (January 2015) on 6ix