CEBOLLETA PROJECT

LOCATION

Cibola County, New Mexico
35 miles west of Albuquerque
Within prolific Grants Mineral Belt of New Mexico
One of the largest concentrations of sandstone-hosted uranium deposits in the world
Historical Production of ~350M lbsU3O8, or ~37% of all Uranium produced in the US

OVERVIEW

An Advanced Exploration Uranium Project

Located within the Grants Mineral Belt of New Mexico
Historical Estimate of 18.98 million Pounds U₃O₈*
100% lease-hold interest (6,700 acres mineral rights, 5,700 acres surface rights)
Site of several formerly operated open pit and underground uranium mines

Historical Production of 3.5 million lbs of U₃O₈

Well defined, undeveloped uranium mineralization adjacent to past mines

Year-round 2-wheel drive road access

Existing Infrastructure

* The reliability of the historical estimate is considered reasonable but a qualified person has not done sufficient work to classify the historical estimate as a current mineral resource and the Company is not treating the historical estimate as a current mineral resource.

HISTORICAL EXPLORATION

Extensive exploration and development, both open pit and underground 1950s through 1980s.

Past operators were highly reputable; Sohio Western Mining Corporation (acquired by Rio Tinto) and United Nuclear Corporation (acquired by General Electric Company)

Significant, well-defined zones of uranium mineralization

Over 3,500 drill holes completed at the property

Mineralization ranges from 200 - 800 feet deep.

Grades calculated from both chemical and downhole radiomatric assays

Extensive equilibrium studies demonstrate chemical assays exceed radiometric assays %e U₃O₈

Click image to enlarge.

Historical Estimate*

AREA CUTOFF eU₃O₈ % TONS (K) TONS U₃O₈ (K) U₃O₈ lbs (K)

Area I-II-V 0.08 0.173 4,564 7.874 15,748
Area III 0.08 0.162 998 1.616 3,232

* The reliability of the historical estimate is considered reasonable but a qualified person has not done sufficient work to classify the historical estimate as a current mineral resource and the Company is not treating the historical estimate as a current mineral resource.

Metallurgy & Process Development