URANIUM RESOURCES, INC. EMERGING URANIUM PRODUCTION

Transcription

1 URANIUM RESOURCES, INC. EMERGING URANIUM PRODUCTION Christopher M. Jones President and Chief Executive Officer Uranium Resources, Inc. (Nasdaq: URRE) (ASX:URI) London, New York & Toronto November

2 CAUTIONARY STATEMENT This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as expects, estimates, projects, anticipates, believes, could, and other similar words. All statements addressing operating performance, events, or developments that Uranium Resources Inc. ( URI ) expects will occur in the future, including but not limited to statements relating to (i) resulting cost savings, synergies and other expectations as a result of the transaction between URI and Anatolia Energy Limited, (ii) the ability to optimize technical and operational components of the combined business, the timing and results of the updated Pre-Feasibility Study for the Temrezli project, (iii) the timing, occurrence, rates and cost of production at the properties in the United States and Turkey, including statements regarding future growth pipeline, the timing and completion of the proposed transaction with Laramide Resources Ltd., (iv) the cost of uranium production at the properties, (v) capital resources, capitalization and ownership, including relationships with major shareholders, (vi) additions of reserves and resources, the timing of the analysis of historical data, and the occurrence, extent and results of any future exploration program, including drilling, (vii) mineral resources and exploration results, which includes inferred resources (see Cautionary Note Regarding References to Resources and Reserves ), (viii) future improvements in the demand for and price of uranium and growth in nuclear generating capacity, (ix) adequacy of funding and access to capital markets, and (x) plans for capital management, revenue, cash generation and profits are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties include, but are not limited to, (i) the ability to enter into and close upon definitive documentation with Laramide Resources Ltd., (ii) the ability to raise additional capital in the future, (iii) worldwide demand for uranium, including specifically the spot price and long-term contract price of uranium, (iv) the ability to reach agreements with any royalty holders, (v) operating conditions at the projects, including without limitation weather conditions, (vi) government (including tribal governments) regulation of the uranium industry and the nuclear power industry, (vii) maintaining sufficient financial assurance in the form of sufficiently collateralized surety instruments, (viii) unanticipated geological, processing, regulatory and legal or other problems which may be encountered, (ix) the ability to enter into and successfully close acquisitions or other material transactions, (x) the fact that NI reports describe various types of resources which are not recognized by the SEC, inferred resources are the lowest standard of resource allowed under NI standards and may not qualify as mineralized material under SEC staff positions, reserves are defined differently by the SEC and under NI standards (see Cautionary Note Regarding References to Resources and Reserves ), (xi) access rights, (xii) timely receipt of recovery and other permits from regulatory agents, and (xiii) other factors which are more fully described in the URI s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the SEC, and Anatolia s Annual Report. Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on forward-looking statements. Except as required by law, Anatolia and URI disclaim any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this presentation. 2

3 CAUTIONARY NOTE REGARDING REFERENCES TO RESOURCES AND RESERVES URI discloses mineral resources, including inferred resources, pursuant to the Canadian Institute of Mining, Metallurgy and Petroleum Standards (CIM Standards) for reporting mineral resources and reserves, and Canadian National Instrument (NI ). Investors are cautioned that the requirements and terminology of NI and the CIM Standards differ significantly from the requirements and terminology of the SEC set forth in the SEC s Industry Guide 7 ( SEC Industry Guide 7 ). Accordingly, the Company s disclosures regarding mineralization may not be comparable to similar information disclosed by the Company in the reports it files with the SEC. Without limiting the foregoing, while the terms mineral resources, inferred resources, indicated resources and measured mineral resources are recognized and required by NI and the CIM Standards, they are not recognized by the SEC and are not permitted to be used in documents filed with the SEC by companies subject to SEC Industry Guide 7. Mineral resources which are not mineral reserves do not have demonstrated economic viability, and investors are cautioned not to assume that all or any part of a mineral resource will ever be converted into reserves. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher resource category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of a feasibility study or pre-feasibility study, except in rare cases. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant reserves as in-place tonnage and grade without reference to unit amounts. In addition, the NI and CIM Standards definition of a reserve differs from the definition in SEC Industry Guide 7. In SEC Industry Guide 7, a mineral reserve is defined as a part of a mineral deposit which could be economically and legally extracted or produced at the time the mineral reserve determination is made, and a final or bankable feasibility study is required to report reserves, the three-year historical price (or in certain circumstances, a contract price) is used in any reserve or cash flow analysis of designated reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. URI discloses non-reserve mineralized material that is considered too speculative geologically to be categorized as reserves under SEC Industry Guide 7. Estimates of non-reserve mineralized material are subject to further exploration and development, are subject to many risks and highly speculative, and may not be converted to future reserves of URI. Investors are cautioned not to assume that all or any part of such non-reserve mineralized material exists, or is economically or legally extractible. Mineralized material that is not reserves does not have any demonstrated economic viability. 3

4 COMPETENT PERSON STATEMENTS Information in this presentation which relates to Mineral Resources and Reserves in Texas and New Mexico is based on and fairly represents information and supporting documentation, which was compiled by and verified under the supervision of Dean T. ( Ted ) Wilton (CPG-7659) who is Chief Geologist and Vice President of Uranium Resources, and a Qualified Person under Canadian National Instrument Mr Wilton is a Registered Professional Geologist in the State of Wyoming and is a Certified Professional Geologist by the American Institute of Professional Geologists (AIPG), a Recognised Overseas Professional Organisation (ROPO) as listed by the ASX. Mr Wilton has over 40 years of minerals industry experience, including more than 5 years of experience which are relevant to the style of mineralisation and type of deposits under consideration. By virtue of his Professional Geologist Certification from AIPG he qualifies as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Wilton consents to the inclusion of this information herein in the form and context in which it appears, and confirms that this information is an accurate representation of the available data and studies in respect of the projects to which foreign resource estimates relate. Information in this presentation which relates to Anatolia s Mineral Resources and Exploration Results is based on information compiled by Mr Dimitry Pertel and Mr Robert Annett, who are Members of the Australian Institute of Geosciences ( AIG ). Mr Pertel is employed by CSA Global Pty Ltd and Mr Annett is a non-executive Director of Anatolia Energy Ltd. Mr Pertel and Mr Annett have over 20 years of exploration and mining experience in a variety of mineral deposit styles, and have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Pertel and Mr Annett consent to inclusion in this presentation of the matters based on their information in the form and context in which it appears. The information in this presentation which relates to Temrezli Plant and Well field Engineering is based on information compiled by Mr Thomas Young who at the effective date of the Prefeasibility Study was employed by TetraTech Inc. Mr Young is a Professional Engineer in the State of Colorado and is a member of a Recognised Overseas Professional Organisation (ROPO) as listed by the ASX. Mr Young has over 30 years experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Young consents to inclusion in this presentation of the matters based on this information in the form and context in which it appears. The information in this presentation which relates to Temrezli s well field geology is based on and fairly represents information compiled by Mr Stephen Lunsford who at the effective date of the Temrezli Pre-feasibility Study was a consultant to TetraTech Inc. Mr Lunsford is a Professional Geologist in the State of Wyoming and is a member of a Recognised Overseas Professional Organisation (ROPO) as listed by the ASX. Mr Lunsford has over 40 years experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for r Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Lunsford consents to inclusion in this presentation of the matters based on this information in the form and context in which it appears. FOREIGN ESTIMATES OF RESOURCES / RESERVES 4

5 DISCLOSURE REGARDING FOREIGN ESTIMATES URI wishes to confirm that the information reported in relation to the URI Mineral Resources is on the basis of a foreign estimates (Foreign Estimate) and as such are not reported in accordance with the JORC Code. The following additional information is provided in accordance with Listing Rule The information provided in relation to Foreign Estimates was extracted from URI s website and various filings with the SEC (USA). resources, pursuant to the CIM Standards and NI URI discloses Mineral Resources, including inferred URI believes that the categories of mineralisation reported are similar to the JORC Code (2012) classification. representations of the available data, and are the most recent Resource Statements by URI. The Foreign Estimates in their current form are considered to be accurate URI considers the Foreign Estimates to be material to URI. URI also believes that the Foreign Estimates are relevant to shareholders as they provide an indication of the current estimated mineralisation under the control of URI. URI believes that the Foreign Estimates are sufficiently reliable and consistent with estimation methodologies commonly used at the time of their estimation. URI reported the Foreign Estimates and has been involved in the exploration and evaluation of these deposits. URI has significant experience in uranium exploration and the production of uranium from its uranium assets in South Texas, USA, and files all necessary information relating to their activities with the governing authorities (SEC). Information relating to the key assumptions, mining and processing parameters, and methods used to prepare the Foreign Estimates are documented in a number of historic NI reports held by URI, and various filings with the SEC. After completion of the merger of URI and Anatolia, URI intends to evaluate the required work necessary to verify the Foreign Estimates in accordance with Appendix 5A (JORC Code). Cautionary Statement The foreign estimates of mineral resources and reserves in this presentation are not reported in accordance with the Australian JORC Code. A competent person has not done sufficient work to classify the foreign estimates as mineral resources or ore reserves in accordance with the JORC Code but URI notes the close similarity of the Canadian NI and JORC classification systems. It is uncertain that following evaluation and/or further exploration work that the foreign estimates will be able to be reported as mineral resources or ore reserves in accordance with the JORC Code. This will require new estimates and future reporting under JORC (2012) after completion of the merger. 5

6 THE NEW URANIUM RESOURCES We have The Temrezli Project Low CAPEX, Low OPEX, High-Margin We have a Clear Pathway to Profitable Uranium Production We have a deep pool of in-house Uranium Expertise We have one of the Largest Uranium Mineralisation bases in the USA We have 2 Licensed Processing Facilities in South Texas We have a demonstrated ability to execute Proactive M&A Watch this space! 6

7 Share Price (US$) Volume CORPORATE SNAPSHOT Shares outstanding 51.5 million $5.00 3,500,000 Options/Warrants Share Price Market Capitalisation 9.5 million US$0.76 A$ 1.06 US$38.4M A$53.7M $4.00 $3.00 $2.00 3,000,000 2,500,000 2,000,000 1,500,000 Cash and Equivalents US$3.8 million (9/30/15) 1 Sale Proceeds from LOI 2 Convertible Note 3 $12.5 million US$8.0 million $1.00 $0.00 1,000, ,000 - Major Shareholders % Resource Capital Fund V LP 14.3% JP Morgan Nominees 5.5% Global X Management Company LLC 5.4% Azarga Resources Ltd 4.7% RMB Resources Ltd 4.3% Sprott 2.9% 1 Does not include US$3.9 million in restricted cash, nor does it include any cash from recently announced LOI with Laramide Resources Ltd. 2 Subject to the successful closing of recently announced agreement. Closing is currently anticipated to occur by the end of first quarter of Convertible Loan with RCF, matures 31 December 2016, and is convertible into 3.076m shares at US$2.60 per share at RCF s election All metrics on this slide are prepared on the basis that the merger between Uranium Resources and Anatolia Energy Limited is completed 7

8 A TRANSFORMATIONAL 30 MONTHS UNDER NEW LEADERSHIP Focus on setting the foundation for a robust long-term uranium production company Five project level and/or M&A deals completed since November 2014 Chris Jones joins as CEO March 2013 Reduction of overhead by US$1.5M pa through office closures May 2013 Appointment of Jeff Vigil as Vice President and CFO June 2013 Renegotiation of Uranium Sales Contact with ITOCHU July 2013 Placement raises US$10.3 million Feb 2014 Cebolleta Project Resource Update 1700ppm U308) April 2014 Terrence Cryan appointed to Chairman June 2014 Juan Tafoya Project Resource Update 1450ppm U308) June Land Swap Deal: URI gains 5 new projects in vicinity of South Texas processing plants Nov 2014 Exploration drilling commenced on new South Texas properties Feb 2015 Placement to raise US$6.0 million March 2015 Divestment of Roca Honda Project for US$ 2.5M cash, plus royalties, new acreage and shares in Energy Fuels May 2015 Merger with Anatolia Energy announced June 2015 Acquisition of extensive data set acquired for Butler Ranch, South Texas, including historical resource of 1.2Mlbs July 2015 LOI to divest Churchrock and Crownpoint properties for $12.5 million strengthens financial position. Nov

9 Pipeline of Projects MERGED ENTITY PROJECT PIPELINE TURKEY TEXAS, USA NEW MEXICO, USA ISR development project ISR method of recovery Conventional method of recovery National Instrument Compliant Technical Report Temrezli Kingsville Dome (Processing plant on standby) Rosita Near Term (Now-2018) Butler Ranch Sefaatli Mid Term (3-5 Years) Cebolleta Juan Tafoya Sejita Dome Long Term (5-8+ Years) Evaluation Projects: Ambrosia Lake Jack Pump Nell Nose Rock Alta Mesa Este West Largo 9

10 TEMREZLI PROJECT Long life, low cost project, nearing development decision Pre-Feasibility completed February 2015: Average annual production of 800,000 pounds of uranium over 12 years Average cash operating costs of US$16.89/ lb U 3 O 8 Free cash flow of over US$345M over life of mine URI will now update the PFS to reflect cost savings identified by the merger, updated wellfield design and drilling quotes Mineralization below the water table and generally less than 200m deep Potential for resource extensions and additions Upside from Sefaatli satellite property hub and spoke development plan for regional deposits proved up over time Update of PFS Expected to be completed in Q1, 2016 CATEGORY TONNES ( 000s) GRADE (ppm U ) U (Mlbs) Measured 2,008 1, Indicated 2,178 1, Inferred* 1, TOTAL RESOURCE 5,206 1, * See Cautionary Note Regarding References to Resources and Reserves. 10

11 THE ROSITA PLANT Plan to relocate idle capital equipment at Rosita plant to the Temrezli site, providing up to US$8 million in capital savings Rosita facility is designed to scale up the production from 800,000lbs per annum to 1.6Mlbs U per annum with some capital upgrades URI team s experience in designing and building the Rosita facility, and will reduce Temrezli s EPCM and other engineering costs by US$3 million Expected synergies reduce estimated Temrezli PFS development capital costs by 27% 11

12 USD Millions Internal Rate of Return TEMREZLI PROJECT PFS RESULTS Robust Financial Returns 1 $500 90% $450 Free Cash Flow NPV IRR 80% Total Resources Mlb U Life of mine 12 years $400 $350 70% 60% Annual Production (avg.) 0.8 M lb U $300 50% Upfront Capital Cost Cash Operating Cost Pre-Tax NPV (8%) Free Cash Flow $41.0M $16.89/lb $191.1M $345.5M $250 $200 $150 $100 $50 40% 30% 20% 10% Internal Rate of Return $0 0% 65% $40.00 $50.00 $60.00 $70.00 $80.00 Key financial metrics based on the Development Case as presented in the announcement of Anatolia s Pre-Feasibility Study on 16 February 2015 All figures quoted in US Dollars. Assumed U price of $65/lb by the Independent Pre-Feasibility Study completed by TetraTech 1. Excludes potential synergies from the merger of URI and Anatolia. 2. Please refer to the Appendix slide on Pro Forma Reserves and Resources and the disclosures on slides 3 and 4. 12

13 US$/lb - All in Costs TEMREZLI - LOWEST QUARTILE OF INDUSTRY COSTS Cumulative Production Capacity Temrezli PFS 1 : $30.12 So. Texas estimate: $40-$ MM lbs U3O8 Source: Operating Mines Design Capacity UxC 2013 and Dundee s current data 1. Based on the Development Case as presented in the announcement of Anatolia s Pre-Feasibility Study on 16 February

14 REGIONAL EXPLORATION SETTING - TURKEY EXPLORING IN A PREMIER URANIUM DISTRICT 14

15 OUTSTANDING LEADERSHIP TEAM Christopher M. Jones, President, CEO and Director Jeffrey L. Vigil, VP and CFO Ted Wilton, VP, Chief Geologist Dain A. McCoig, VP, South Texas Operations Cevat Er * General Manager - Turkey John W. Lawrence, General Counsel and Corporate Secretary Joined in March 2013; more than 30 years of industry experience; licensed Professional Engineer (US and Canada) B.S. in Mining Engineering from South Dakota School of Mines and an MBA from Colorado State University Joined in June 2013; more than 30 years of financial experience, including 20 years of mining background with 10 years in the uranium sector B.S. in Accounting from the University of Wyoming; licensed CPA Joined in April 2012; more than 40 years of industry experience; Certified Professional Geologist B.G.S., Geology with an Engineering minor from New Mexico Institute of Mining & Technology Joined in 2004; experienced in all phases of ISR development and production; licensed Professional Engineer in Texas Managed design and construction of Rosita Facility in Texas B.S. in Mechanical Engineering from Colorado School of Mines Joined Anatolia in March Founder of SRK Ankara, with 30 years of Turkish mining and environmental experience M.Sc. from Arizona State, and B.S. Geological Engineering Joined in October 2012; more than 30 years of experience in law and licensing across nuclear fuel cycle B.S. in Nuclear Engineering from Purdue University and a J.D. from Catholic University, Columbus School of Law * Joined URI upon completion of the merger with Anatolia. 15

16 MID-TERM ISR POTENTIAL IN SOUTH TEXAS URI s Texas landholdings total 17,000 acres (6,880 hectares) All projects are located near our existing processing infrastructure Our Kingsville Dome facility is on standby, ready to restart upon strong uranium prices Sejita Dome: Greenfield exploration opportunity; resembles Kingsville Dome in its potential. Roll-Front mineralization in sandstones amenable to in-situ recovery Acquired historic resources data of 1.3M pounds U 3 O 8 and logs from over 2,000 drill holes in Butler Ranch data set 1 1. Please refer to URI s news release of July 7,

17 MID & LONG TERM: POTENTIAL IN NEW MEXICO URI holds a dominant resource and land position in the Grants Uranium Belt One of the largest known concentrations of sandstone-hosted uranium deposits in the world Cebolleta: Ready for Preliminary Economic Assessment Ready for infill drilling to upgrade to indicated resources and identify historic St. Anthony deposit resources Juan Tafoya: Ready for Preliminary Economic Assessment 15 road miles to Cebolleta URI s land position in New Mexico totals approximately 186,000 acres (73,500 hectares) 17

18 Market Capitalisation (US$ Millions) VERY SIGNIFICANT LEVERAGE TO THE URANIUM PRICE HIGHLY LEVERAGED TO THE URANIUM PRICE URI S HISTORICAL MARKET CAPITALIZATION $700 $160 $600 $140 $500 $400 $300 $200 $120 $100 $80 $60 $40 Uranium Spot Price $100 $20 $0 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 $

19 GLOBAL DEMAND FOR URANIUM IS GROWING More reactors are under construction or ordered today than prior to 2011 Governments around the world are focused on carbon reduction - The only base load solution is nuclear power There are 393 operating nuclear power facilities around the world China, India, Russia and Korea are building or have ordered 148 new reactors China alone has 25 reactors currently under construction China consumes 19Mlbs per year, and is forecast to grow to 73Mlbs by 2030 Global annual consumption of Uranium is 175Mlbs Feb-15 Pre-Fukushima Total Reactors Ordered or Planned Under Construction Operable Reactors Source: World Nuclear Association, August

20 URANIUM SUPPLY & DEMAND FUNDAMENTALS 260 MM lbs Current 240 Uranium Demand is Rising A 2013A 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E Global Primary Uranium Supply (M lbs U3O8) Global Secondary Uranium Supply (M lbs U3O8) Source: Cantor Fitzgerald estimates using data from Ux Consulting and World Nuclear Association

21 URANIUM SPOT & LONG-TERM PRICES ($ per lb.) $ Average Weekly Spot $95.00 LT LT FORECAST PERIOD 9/29/2015: $36.50 Avg. Weekly Spot Price; $44.00 LT $47.06 $51.21 $58.19 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Uranium Average Weekly Spot Price Uranium Long Term Price Sources: Ux Consulting for uranium prices to date and ThomsonOne for analysts forecast prices. There are currently three analyst estimates for

22 THE INVESTMENT PROPOSITION Low-cost production from High-Grade Temrezli ISR Project Large portfolio of undeveloped uranium mineralisation, providing Significant Leverage to the Uranium Price Strong Scope for Re-Rating as we progress towards uranium production Potential for Material Synergies through use of URI infrastructure and personnel We will Remain Active in M&A to continue to grow our company Medium term Production Potential at other US and Turkish projects Timely, growing Production Profile is Well Aligned With Uranium s Solid Outlook Questions? 22

23 Appendices 23

24 BOARD OF DIRECTORS Terence J. Cryan Chairman Christopher M. Jones President and CEO Paul Cronin * Director Marvin K. Kaiser Director Patrick Burke * Director Tracy A. Stevenson Director Mark K. Wheatley Director Managing Director at Concert Energy Partners, a New York private equity and investment advisory firm. Chairman of the Board of Ocean Power Technologies, Inc., and he is a Board Leadership Fellow of the National Association of Corporate Directors. Former Sr. Managing Director, Investment Banking, at Bear Stearns. CEO since March 2013; over 30 years of industry experience and a licensed professional engineer. CEO of Anatolia Energy and former investment banker with RMB Resources. Advisor to Nufcor Uranium Limited, and VP of Nuclear Origination at Constellation Energy. More than 40 years of industry experience, including EVP, Chief Administrative Officer and CFO at The Doe Run Co. Director of Anatolia and corporate lawyer with more than 20 years experience in mergers and acquisitions, and a detailed understanding of ASX, ASIC and Corporations law in Australia. Founding member of Bedrock Resources, a private financial advisory firm focused on natural resource businesses. Former Global Head of Business Process Improvements at Rio Tinto. Executive Chairman of Xanadu Mines. Over 35 years of industry experience and former chairman and Chief Executive Officer of Southern Cross Resources, predecessor to Uranium One. * Have been invited to join the board of Uranium Resources. 24

25 PRO FORMA COMBINED MINERAL RESERVES & RESOURCES Property In Place Reserves in South Texas 1,2 (At August 2015) Short Tons Grade (% U 3 O 8 ) In-Place Pounds Recovery Method Kingsville Dome 35, ,000 ISR Rosita 384, ,000 ISR Total 419, ,000 Footnotes to the Reserves table: 1.The Company estimates a 65% recovery rate for ISR methods and used a price assumption of $53.58 per uranium pound, which is the trailing three-year, average long-term price of uranium using Ux Consulting s Term pricing data. 2.Amounts have been rounded. Non-Reserve Mineralized Material 1 Property Temrezli Project, Turkey a Short Tons (millions) Grade (% U 3 O 8 ) Recovery Method Measured & Indicated ISR Inferred ISR US Projects Cebolleta 3 Inferred Conventional Juan Tafoya 3 Inferred Conventional/ISR Butler Ranch 2 (Historical) ISR Ambrosia Lake (Historical) Conventional/ISR Footnotes to the Mineralized Material table: 1.Investors are cautioned not to assume that all or any part of such nonreserve mineralized material exists, or is economically or legally extractible. See Cautionary Note Regarding References to Resources and Reserves and other disclosures on slides 3 and 4. Amounts have been rounded. 2.URI acquired historic resources data as part of a mineral data set of drill logs and other geological information as announced in a July 7, 2015 news release. 3.Each project s Canadian National Instrument compliant Technical Report on resources is available on the Company s website. Classified as Inferred Resources under the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards. a. JORC compliant resources Nose Rock (Historical) Conventional West Largo (Historical) Conventional 25

26 CONTACT DETAILS Christopher Jones President and CEO Uranium Resources, Inc. Tel: Investor Relations Robert Winters Alpha IR Group Executive Vice President Office: Cell: