Uraniumletter I N T E R N A T I O N A L

Transcription

1 Uraniumletter I N T E R N A T I O N A L the international independent information and advice bulletin for uranium resource investments Overviews as at November 30, 2018 Marino G. Pieterse, publisher and editor OVERVIEW of U3O8 PRICES Spot Long-term Spot Long-term 2018 November Year-end October Year-end September May 31, 2015 (high) August Year-end July May 14, 2014 (low) June Year-end May Year-end April Year-end March February Pre-Fukushima accident January March 11, Year-end December 4 (high) September June May 29 (low) May March February February 6 (high) January Year-end November * October September June March * 12- year low source: Cameco calculations from the month-end prices published by UxC and TradeTech Uraniumletter International 1 November 2018

2 Peer Group of the world's top 20 listed Uranium Companies November 30, 2018 Trade symbol Share price Change 12 months Net shares Market cap. Nov. 30 year-end in % H L issued million Location of listing million local US$ Kazakhstan (1) US$ US$ US$ US$ US$ US$ Kazatomprom 1) LSE KAP * , ,299.6 Canada (8) C$ C$ C$ C$ C$ US$ Cameco TSX CCO , ,687.6 NexGen Energy TSX NXE Denison Mines TSX DML Fission Uranium TSX FCU GoviEx Uranium TSX.V GXU Plateau Energy Metals 2) TSX.V PLU UEX 3) TSX UEX Laramide Resources TSX LAM Sub-total 8, ,217.7 United States (4) US$ US$ US$ US$ US$ US$ Energy Fuels 4) NYSE MKT UUUU Uranium Energy AMEX UEC Ur-Energy NYSE MKT URG Peninsula Energy NYSE PENMF Sub-total Australia (7) A$ A$ A$ A$ A$ US$ Paladin Energy 5) ASX PDN * , Energy Resources of Australia ASX ERA Deep Yellow ASX DYL Toro Energy ASX TOE , Bannerman Resources ASX BMN , Berkeley Energia ASX BKY A-Cap Resources ASX ACB Sub-total * listed since November 16, 2018 ** trading resumed on February 16, ) listed on London Stock Exchange) as at November 16, 2018 through an IPO offering of 15% of the Company's outstanding shares at a price of US$ ) combined uranium-lithium project in Peru ; currently major focus on vanadium 3) also cobalt-nickel deposit 4) combined urnium-vanadium project 5) raised US$ 115 million in February 2018 pursuant to the issue of new secured notes Total market capitalization November 30, 2018: US$ 10,804.2 million Uraniumletter International 2 November 2018

3 MARKET VALUATION OF THE WORLD'S LISTED URANIUM PRODUCERS (in US$ million) Country Company November 30 Year-end Change Year-end Year-end Year-end Year-end Year-end Year-end Change % focus Name in % / 2010 Canada Cameco 4,688 3, ,112 4,865 6,477 7,744 7,306 15, United States Energy Fuels 1) Uranium Energy 2) Ur-Energy 3) Peninsula Energy 4) Australia ERA (68% Rio Tinto) , Namibia Paladin Energy 5) ,118 3, Total 5,753 4, ,421 2,019 2,252 6, U3O8 spot price U3O8 long-term price ) completed takeover of Uranerz on June 19, 2018; also vanadium recovery operations from company's White Mesa Mill, Utah 2) ISR production commencement in November 2010; stopped production since 2014; also uranium activities in Paraguay ; acquired North Reno Creek Project, Wyoming from Energy Fuels in April ) ISR production commenced 1n August ) first ISR production commenced in December ) CNNC Overseas Uranium Holding of China decided on August 21, 2017 not to exercise a potential option to acquire Pladin's 75% interest in the Langer Heinrich Mine in Namibia and retains 25% interest MARKET VALUATION OF THE WORLD'S MOST ADVANCED LISTED URANIUM DEVELOPMENT COMPANIES (commercial production target <5 years) (in US$ million) Country Nov.30 Year-end Change Year-end Year-end Year-end Year-end Year-end Year-end Change focus in % in% 2017/2010 Canada Denison Mines , UEX Australia Toro Energy Vimy Resources Spain Berkeley Energia x x Namibia Deep Yellow 1) Bannerman Resources x x Niger GoviEx Uranium 2) * Botswana A-Cap Resources Total ,385 x -62 x not included in year total * listing date June 20, 2014 Uraniumletter International 3 November 2018

4 Geographical overview of the world's highest valued uranium exploration and development companies Traditional countries (12) (market capitalization in million as at November 30, 2018) Canada (7) C$ United States (2) US$ Australia (3) A$ NexGen Energy Laramide Resources 1) 48.4 Toro Energy 1) 64.8 Denison Mines Azarga Uranium 2) 34.4 Vimy Resources 25.0 Fission Uranium Energy Metals 21.0 UEX 66.7 Fission Skyharbour Resources 28.4 Iso Energy 1) 23.2 notes Canada: notes US: notes Australia: 1) 75.6 % owned by NexGen Energy 1) also advancced-stage uranium projects in 1) equity interests of 20.81% in Toro Energy from spin-off Australia and 8.69% in NexGen Energy 2) Merger between Azarga Uranium and URZ Energy effective from July 3, 2018 Geographical overview of the world's highest valued uranium exploration and development companies Emerging countries (10) (market capitalization in million as at November 30, 2018) AFRICA (5) SOUTH AMERICA (3) EUROPE (2) Namibia (3) A$ Peru (1) C$ Berkeley Energia (Spain) 51.7 Deep Yellow 92.5 Plateau Energy Metals x 70.0 Aura Energy (Sweden) x 21.4 Bannerman Resources 52.0 C$ Argentina (2) Forsys Metals 39.2 Blue Sky Uranium xx 19.2 Niger (1) C$ GoviEx Uranium x 79.0 U3O8 Corp. xxx 6.0 name change from Plateau Uranium Botswana (1) A$ effective March 16, 2018 A-Cap Resources 43.6 xx combined uranium-vanadium project xxx combined uranium-vanadium project; x bought African uranium assets in Zambia, Mali and Namibia from Denison Mines in consideration of 25% of GoviEx' shares; x combined uranium-lithium project; also uranium assets in Colombia and Guyana x uranium-vanadium project, representing one of the world's largest undeveloped vanadium resources; also major uranium development project in Mauretania. A$ Uraniumletter International 4 November 2018

5 World's top 10 listed uranium exploration/development companies focused on traditional countries ( by market valuation) Trade symbol Share price Country Market Nov. 30 focus valuation 2018 (US$ million) NexGen Energy TSX.V NXE C$ 2.84 Canada 745 Denison Mines TSX DML C$ 0.77 Canada 341 Fission Uranium TSX FCU C$ 0.64 Canada 234 Boss Resources * ASX BOE A$ 0.06 Australia 69 Toro Energy ASX TOE A$ 0.03 Australia 69 UEX TSX UEX C$ 0.18 Canada 50 Laramide Resources TSX LAM C$ 0.49 USA/Australia 48 Azarga Uranium ** TSX.V AZZ C$ 0.27 USA 34 Skyharbour Resources TSX.V SYH C$ 0.46 Canada 21 Vimy Resources *** ASX VMY A$ 0.06 Australia 18 Total market capitalization 1,629 * also gold assets in Burkina Faso, and nickel/copper assets in Sweden ** completed merger in May 2018 with URZ Energy *** also stand-alone battery metals project; acquisition of Cameco's Alligator River Project World's top 10 listed uranium exploration/development companies focused on emerging countries (by market valuation) Trade symbol Share price Country Market Nov.16 focus valuation 2018 (US$ million) Deep Yellow ASX DYL A$ 0.46 Namibia 68 GoviEx TSX.V GXU C$ 0.20 Niger/other African countries 59 Plateau Energy Metals * TSX.V PLU C$ 0.91 Peru 53 Berkeley Energia ASX BKY A$ 0.20 Spain 38 Bannerman Resources ** ASX BMN A$ 0.05 Namibia 38 A-Cap Resources ASX ACB A$ 0.05 Botswana 32 Forsys Metals TSX FSY C$ 0.25 Sweden/Namibia 30 Aura Energy ASX AEE A$ 0.02 Sweden/Mauretania 16 Blue Sky Uranium ** TSX.V BSK C$ 0.18 Argentina 14 U3O8 Corp *** TSX.V UWE C$ 0.26 Argentina 5 Total market capitalization 353 * uranium-lithium project; current main focus on lithium ** uranium-vanadium project *** uranium-lithium project; also uranium assets in Colombia and Guyana Uraniumletter International 5 November 2018

6 November 30, 2018 Trade symbol Share price Change 12 months Shares Market Nov. 30 year-end in % H L issued capitalization million million US$ US$ US$ US$ US$ US$ Canada Overviews of worldwide uranium production and exploration companies Producers: C$ C$ C$ C$ C$ US$ Cameco TSX CCO , ,687.6 Development / Exploration: NexGen Energy TSX NXE Denison Mines TSX DML Fission Uranium TSX FCU UEX TSX UEX Fission 3.0 TSX.V FUU Skyharbour Resources TSX.V SYH IsoEnergy TSX.V ISO Purepoint Uranium Group TSX.V PTU CanAlaska Uranium TSX.V CVV ALX Uranium TSX.V AL ValOre Metals 1) TSX.V VO Azincourt Energy 2) TSX.V AAZ Forum Energy Metals 3) TSX.V FMC Zadar Ventures 4) TSX.V ZAD Rojo Resources TSX.V RJ.H Northern Uranium TSX.V UNO Roughrider Exploration 5) TSX.V REL Makena Resources CNSX MKNA Uravan Minerals TSX.V UVN ) name change from Kivalliq Energy as at June 28, 2018 ; flagship uranium project Angilak ; also includes precious and base metals capital consolidation 1 for 10 effective from June 28, ) also lithium joint venture in Canada and letters of intent to acquire lithium-uranium project in Peru and Ontario cobalt project 3) name change from Forum Uranium, effective February 28, ) also 100% interest in two lithium projects in Nevada, US 5) 1 for 5 share consolidation effective from July 3, 2018 Uraniumletter International 6 November 2018

7 Overview of uranium companies focused on the Athabasca Basin, Saskatchewan November 30, 2018 Trade symbol Share price Change 12 months Shares Nov. 30 Year-end in % H L total million Market capitalization million Producers (1) C$ C$ C$ C$ C$ US$ Cameco TSX CCO , ,687.6 Exploration / Development (18) C$ C$ C$ C$ C$ NexGen Energy TSX NXE Denison Mines TSX DML Fission Uranium TSX FCU UEX TSX UEX Fission 3.0 TSX.V FUU Skyharbour Resources TSX.V SYH IsoEnergy TSX.V ISO Purepoint Uranium Group TSX.V PTU CanAlaska Uranium TSX.V CVV ALX Uranium TSX.V AL Azincourt Energy TSX.V AAZ Forum Energy Metals 1) TSX.V FMC Rojo Resources TSX.V RJ.H Northern Uranium TSX.V UNO Roughrider Exploration TSX.V REL Makena Resources CNSX MKNA Uravan Minerals TSX.V UVN ) name change from Forum Uranium effective from February 28, 2018 Uraniumletter International 7 November 2018

8 Overviews of worldwide uranium production and exploration companies November 30, 2018 Trade symbol Share price Change 12 months Shares Nov. 30 year-end in % H L issued million United States Market capitalization million Producers: US$ US$ US$ US$ US$ US$ Energy Fuels 1) NYSE MKT UUUU Uranium Energy AMEX UEC Ur-Energy NYSE MKT URG Peninsula Energy 2) NYSE PENMF Development / Exploration: US$ US$ US$ US$ US$ US$ Western Uranium & Vanadium 3) OTC WSTRF C$ C$ C$ C$ C$ US$ Laramide Resources 4) TSX LAM Azarga Uranium 5) TSX AZZ EnCore Energy TSX.V EU Anfield Energy TSX.V AEC Virginia Energy 6) TSX.V VUI ) combined uranium-vanadium project 2) also uranium assets in South Africa 3) uranium-vanadium project 4) closed on January 6, 2017 the acquisition of a substantial portfolio of ISR projects in New Mexico, US, valued at US$ 12.5 million from Westwater Resources,also development-stage uranium projects in Australia 5) Merger between Azarga Uranium and URZ Energy effective from July 3, ) filed state lawsuit challenging constitutionality of Vrginia's ban on uranium mining on November 25, 2015; announcement May 22, 2018, case under new legal consideration Overviews of worldwide uranium production and exploration companies November 30, 2018 Trade symbol Share price Change 12 months Shares Nov. 30 year-end in % H L issued million Market capitalization million Australia Producer: A$ A$ A$ A$ A$ US$ Energy Resources of Australia ASX ERA Development / Exploration: Boss Resources 1) ASX BOE , Toro Energy ASX TOE , Vimy Resources ASX VMY Energy Metals Ltd. ASX EME Alligator Energy ASX AGE Cauldron Energy 2) ASX CXU Manhattan Corp. ASX MHC Thundelarra Exploration 3) ASX THX DeVex Resources 4) ASX DEV C$ C$ C$ C$ C$ US$ Mega Uranium 5) TSX MGA ) also nickel/copper project in Sweden and gold project in Senegal 2) also uranium assets in Argentina 3) major focus on copper and gold 4) name/symbol change Uranium Equities effective December 4, ) also uranium assets in Canada, sold Lake Maitland Project to Toro Energy in August 2013 in exchange for a 28% equity interest in Toro Energy (currently 20.81%), also 8.69% equity interest in NexGen Energyfocused on Athabasca Basin, Canada Uraniumletter International 8 November 2018

9 Overviews of worldwide uranium production and exploration companies November 30, 2018 Trade symbol Share price Change 12 months Shares Nov. 30 year-end in % H L issued million Market capitalization million CENTRAL ASIA Kazakhstan Producers: Kazatomprom 1) LSE KAP * , ,299.6 AFRICA Namibia Producers: A$ A$ A$ A$ A$ US$ Paladin Energy ASX PDN * , Development / Exploration: A$ A$ A$ A$ A$ US$ Deep Yellow 2) ASX DYL Bannerman Resources ASX BMN , Marenica Energy ASX MEY C$ C$ C$ C$ C$ US$ Forsys Metals TSX FSY Niger C$ C$ C$ C$ C$ US$ GoviEx Uranium 3) TSX.V GXU Botswana A$ A$ A$ A$ A$ US$ A-Cap Resources ASX ACB ) listed on London Stock Exchange) as at November 16, 2018 through an IPO offering of 15% of the Company's outstanding shares at a price of US$ ) strategic relationship with an affiliate of the Sprott Group concurrently with an initial A$ 1.42 million investment at A$ 0.04 per share equivalent to a 15% equity interest in Deep Yellow; announced a strategic earn-in agreement with JOGMEC of Japan on March 29, 2017 to earn a 39.5% interest in the Nova Joint Venture within 4 years 3) bought African uranium assets in Zambia, Mali and Namibia from Denison Mines in consideration of 25% equity interest; transaction closed in June 2016 (current equity interest 18.65%) Overviews of worldwide uranium production and exploration companies November 30, 2018 Trade symbol Share price Change 12 months Shares Market Nov. 30 year-end in % H L issued capitalization million million LATIN + CENTRAL AMERICA Peru C$ C$ C$ C$ C$ US$ Plateau Energy Metals 1) TSX.V PLU Argentina C$ C$ C$ C$ C$ US$ Blue Sky Uranium TSX.V BSK U3O8 Corp. 2) TSX.V UWE ) name change from Plateau Uranium ; effective March 16, 2018; uranium and lithium development focused on properties on the Macusani Plateau 2) also uranium assets in Colombia and Guyana ; share consolidation 1 for 20 as at September 11, 2017 Uraniumletter International 9 November 2018

10 Overviews of worldwide uranium production and exploration companies November 30, 2018 Trade symbol Share price Change 12 months Shares Market Nov. 30 year-end in % H L issued capitalization million million Other countries: EUROPE Spain A$ A$ A$ A$ A$ US$ Berkeley Energia ASX BKY Greenland A$ A$ A$ A$ A$ US$ Greenland Minerals 1) ASX GGG , Sweden A$ A$ A$ A$ A$ US$ Aura Energy 2) ASX AEE , ) world's largest undeveloped multi-element occurrence of REE-uranium-zinc; entered into a subscription agreement with Shenghe Resources of China on September 23, 2016 for 125 million shares at an issue price of A$ for proceeds of A$ 4,625,000, equal to a 12,5% equity interest 2) polymetallic project representbg ine of the world's largest undeveloped vanadium resources; also advanced development project in Mauretania Uraniumletter International 10 November 2018

11 CALENDAR OF MINING EVENTS Media Partners First half of 2019 February 3 7 Investing in African Mining Indaba Cape Town, South Africa February 26 - March 3 Argus Metals Week - London March 3 6 PDAC Toronto, Canada April 8 10 Symposium Mines Guinea SMG Conakry Guinea June ZIMEC Zambia Int. Mining and Energy Conference Lusaka, Zambia Uraniumletter International 11 November 2018

12 Uraniumletter International 12 November 2018

13 Uraniumletter International a publication by Metal Commodities Investment Platform, the Netherlands Marino G. Pieterse, Publisher and Editor Information and investment comments are independently and thoroughly researched and believed to be reliable and in good faith. No guaranty of absolute accuracy can be given, however Investment decisions are fully made for own risk Chamber of Commerce marino.pieterse@metalcommodities-ip.com tel