CEBOLLETA PROJECT

LOCATION

Cibola County, New Mexico
Within prolific Grants Mineral Belt of New Mexico
One of the largest concentrations of sandstone-hosted uranium deposits in the world
The Grants Mineral Belt has produced ~350M lbsU3O8, or ~37% of all Uranium produced in the US^1*

1 A qualified person and the Company has been unable to verify the information and that the information is not necessarily indicative to the mineralization on the property
* Dahlkamp, Franz J., 2010; Uranium Deposits of the World, vol. 2 USA and Latin America; Springer – Verlag publisher; 517 pages.

OVERVIEW

An Advanced Exploration Uranium Project

Located within the Grants Mineral Belt of New Mexico
Historical Estimate of ~19,000,000lbs U₃O₈*
100% lease-hold interest (6,700 acres mineral rights, 5,700 acres surface rights)
Site of several formerly operated uranium mines and other undeveloped deposits of uranium mineralization

* 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.
Several significant sandstone-hosted uranium zones on the property¹.
Historic² drill holes ranged between 200-800 feet.
Drill holes logged (probed) with surface recording down-hole gamma-ray/S-P Resistivity geophysical surveying equipment^*.
Equivalent (% eU₃O₈, or radiometric assays) uranium grades calculated from gamma-ray logs.

1 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.

2 Historical work completed prior to 1980.

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.

*Notes on the historic estimate:

The historic estimate is from the NI 43-101 Technical Report on Resources Cebolleta Uranium Project, Cibola County, New Mexico from March 24, 2014
The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to verify these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category;
Historic resource estimates are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves;
The historic estimate was completed in 2014 in accordance with Canadian Securities Administrators (CSA) National Instrument 43-101 (NI 43-101) and have been estimated in conformity with generally accepted Canadian Institute of Mining, Metallurgy and Petroleum (CIM) “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines;
Resources are stated at a 0.08% eU3O8 cut-off grade; sufficient to define potentially underground mineable resources; however mineable underground shapes have not yet been defined;
The lower cut-off was ascertained using a uranium price of US$50.00/lb, at the current Term Price, underground mining costs at US$60/ton, and milling plus G&A costs at US$16.50/ton;
A tonnage factor of 16.0 cubic ft per ton was used for all tonnage calculations;
Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding;
Resources are reported on a 100% basis for URRE controlled lands, as in-situ resources without reference to potential mine-ability except for the referenced cut-off grade
The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues, although the Company is not aware of any such issues.
The work needed to upgrade or verify the historical estimate includes verification of historic drilling, surveying, sampling, assay certificates and mining data, remodeling historic information into an updated 3D model, & applying new economic thresholds to the project with updated mining costs, uranium prices and cut-off grades.

“NI 43-101 Technical Report on Resources Cebolleta Uranium Project, Cibola County, New Mexico, USA” –effective Date: March 24, 2014

Metallurgy & Process Development

NEXT STEPS

Exploration will continue across the site in the near term with a focus on geophysics as well as validation/infill drilling to confirm the historical deposit data and increase the confidence level to work towards a new resource model and estimation.

Concurrently, geo-metallurgical assessment and sample selection will focus on confirming historical data to work towards an updated preliminary flowsheet.