Corporate Presentation December 2012 Creating a Globally Diversified Uranium Producer
Jun 22, 2015
Corporate Presentation December 2012
Creating a Globally Diversified Uranium Producer
2 | TSX: UUU | JSE: UUU WWW.URANIUM1.COM
Cautionary Statement
Readers are advised to refer to independent technical reports containing detailed information with respect to the material properties of Uranium One. These technical
reports are available under the profile of Uranium One Inc. at www.sedar.com and provide the date of each resource or reserve estimate, details of the key assumptions,
methods and parameters used in the estimates, details of quantity and grade or quality of each resource or reserve and a general discussion of the extent to which the
estimate may be materially affected by any known environmental, permitting, legal, taxation, socio-political, marketing, or other relevant issues. The technical reports also
provide information with respect to data verification in the estimation.
Scientific and technical information contained herein has been reviewed on behalf of Uranium One by Mr. M.H.G. Heyns, Pr.Sci.Nat. (SACNASP), MSAIMM, MGSSA,
Senior Vice President of Uranium One Inc., a Qualified Person for the purposes of NI 43-101.
Certain of the statements herein are forward-looking statements. Forward-looking statements include but are not limited to those with respect to the price of uranium, the
estimation of mineral resources and reserves, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production,
capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency fluctuations, requirements for
additional capital, government regulation of mining operations, environmental risks, costs of environmental compliance including reclamation expenses, title disputes or
claims and limitations on insurance coverage and the timing and possible outcome of litigation or investigations. In certain cases, forward-looking statements can be
identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does
not anticipate”, or “believes” or variations of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur
or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or
achievements of Uranium One to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
Such risks and uncertainties include, among others, the completion of the projects described in this document, the future steady state production and cash costs of
Uranium One, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined,
possible variations in grade and ore densities or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes or other risks
of the mining industry, delays in obtaining government approvals or financing or in completion of development or construction activities, risks relating to the integration of
acquisitions, to international operations, to prices of uranium as well as those factors referred to in the section entitled “Risk Factors” in Uranium One’s Annual Information
Form for the year ended December 31, 2011, which is available on SEDAR at www.sedar.com, and which should be reviewed in conjunction with this document. Although
Uranium One has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-
looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers
should not place undue reliance on forward-looking statements. Uranium One expressly disclaims any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
For further information about Uranium One, please visit www.uranium1.com.
Uranium Market Overview
4 | TSX: UUU | JSE: UUU WWW.URANIUM1.COM
28 34 43 53 62 6264
93106
141156 167
158
222
266
327322 317
0
100
200
300
400
500
600
Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Nov-2012
Global Nuclear Power Reactor New Builds
Under Construction
Ordered or Planned
349
415
521
Num
ber
of N
ucle
ar
Pow
er
Reacto
rs
250
Proposed
Source: WNA, October 2012
540
Demand Growth Fueled by New Builds
546
Corporate Presentation │ December 2012
5 | TSX: UUU | JSE: UUU WWW.URANIUM1.COM
China, India and Russia represent over 55% of the 546 reactors in the construction, planned or proposed
categories
0 20 40 60 80 100 120 140 160 180 200
South Korea
UAE
UK
Ukraine
Saudi
USA
Russia
India
China
Demand Growth Fueled by New Builds
Nuclear Reactor New Build (top eight countries)
Source: WNA, October 2012
Proposed Planned Under Construction
Number of Reactors
Corporate Presentation │ December 2012
6 | TSX: UUU | JSE: UUU WWW.URANIUM1.COM
An estimated 70% of new global production this decade will come from Kazakhstan and Africa
Kazakhstan targeted production for 2012 of just over 21,000 t U (55 million pounds U3O8), an increase of
approximately 7% from 2011
Growth of Supply from Kazakhstan
Primary Uranium Production by Country, 1992 – 2010
Source: UxC Q3 2012 Report
0
5,000
10,000
15,000
20,000
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
ton
nes U
Kazakhstan
Canada
Australia
Namibia
Russia (est)
Niger
Uzbekistan
USA
Ukraine (est)
China (est)
South Africa
Czech Republic
Corporate Presentation │ December 2012
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Source: Ux Consulting, Q3 2012 Report
0
5
10
15
20
25
30
35
40
45
50
55
2008 2009 2010 2011f 2012f 2013f 2014f 2015f 2016f 2017f 2018f 2019f 2020f
Secondary Uranium Supply
Secondary Uranium Supply
Expiry of HEU Agreement
Mill
ions o
f pounds U
3O
8
Corporate Presentation │ December 2012
Overview of Uranium One
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Global Asset Base
*
* Uranium One currently owns 13.9% of Mkuju River and has an option to acquire remaining 86% from ARMZ
*
Corporate Presentation │ December 2012
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0
2
4
6
8
10
12
14
2007 2008 2009 2010 2011 2012F 2013F 2014F
Production
Notes: 1. Includes commercial production and production during commissioning
2.0 2.9
3.6
7.4
10.7
11.6
Actual production
Forecast production
Attributable U3O8 Production(1)
M lbs U
3O
8
12.5
Corporate Presentation │ December 2012
13.0
11 | TSX: UUU | JSE: UUU WWW.URANIUM1.COM
ERA Paladin Cameco Uranium One
U1 is the Lowest Cost Producer
2013 Analyst Cash Cost Forecast (US$/lb)
Note: Cash cost shows 2013 median street consensus estimates as of November 8, 2012
$40
$35
$26
$18
Corporate Presentation │ December 2012
CORPORATE PRESENTATION | JANUARY 2011
| 12 | TSX: UUU | JSE: UUU WWW.URANIUM1.COM
$35
$40
$45
$50
$55
$60
$65
$70
$75
1-O
ct-
10
15-O
ct-
10
29-O
ct-
10
12-N
ov-1
0
26-N
ov-1
0
10-D
ec-1
0
24-D
ec-1
0
7-J
an-1
1
21-J
an-1
1
4-F
eb-1
1
18-F
eb-1
1
4-M
ar-
11
18-M
ar-
11
1-A
pr-
11
15-A
pr-
11
29-A
pr-
11
13-M
ay-
11
27-M
ay-
11
10-J
un-1
1
24-J
un-1
1
8-J
ul-11
22-J
ul-11
5-A
ug-1
1
19-A
ug-1
1
2-S
ep-1
1
16-S
ep-1
1
30-S
ep-1
1
14-O
ct-
11
28-O
ct-
11
11-N
ov-1
1
25-N
ov-1
1
9-D
ec-1
1
23-D
ec-1
1
6-J
an-1
2
20-J
an-1
2
3-F
eb-1
2
17-F
eb-1
2
2-M
ar-
12
16-M
ar-
12
30-M
ar-
12
13-A
pr-
12
27-A
pr-
12
11-M
ay-
12
25-M
ay-
12
8-J
un-1
2
22-J
un-1
2
6-J
ul-12
20-J
ul-12
3-A
ug-1
2
17-A
ug-1
2
31-A
ug-1
2
14-S
ep-1
2
28-S
ep-1
2
12-O
ct-
12
26-O
ct-
12
9-N
ov-1
2
23-N
ov-1
2
Spot Ux U3O8 Price vs. Ux Long-Term (LT) Price
Source: Ux Consulting
Long Term Price
Spot Price
Recent U3O8 Price History
$ p
er
lb U
3O
8
Corporate Presentation │ December 2012
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0.4 0.41.5 0.8 1.5 1.7
2.91.7 2.0
3.1 3.21.8 1.9
3.12.5 2.13.2 3.1
4.25.5
6.97.8 8.2
9.6 9.9 10.1 10.0 10.0
0.01.02.03.04.05.06.07.08.09.0
10.011.012.0
Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012
Quarterly sales volume Rolling sales volume for previous 12 months
Attributable U3O8 Sales Volumes
2012 sales guidance of 11.0 M lbs
2013 sales guidance of 12.5 M lbs
2014 sales guidance of 13.0 M lbs
Sales Levels
Mill
ions o
f lb
s U
3O
8
Corporate Presentation │ December 2012
Development Projects
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Mkuju River Project
Mkuju River Resources as of September 27, 2011
Tonnes
(millions)
Grade
(ppm U3O8)
Contained U3O8
(M lbs)
Measured Resource 80.3 313 55.3
Indicated Resource 59.3 291 38.0
Total Measured & Indicated 139.6 303 93.3
Inferred Resource 42.5 278 26.1
Notes: 1. The above technical and scientific information concerning the Mkuju River Project is derived from the Company’s press release dated November 3, 2011. The above information is based on information
compiled by “Qualified Persons” (as defined under National Instrument 43-101) and is also based on assumptions, qualifications and procedures which are set out in such press release. For a complete description of the assumptions, qualifications and procedures associated with the above information, reference should be made to the full text of the press release which is available for review on SEDAR at www.sedar.com.
2. Reported at a cut-off grade of 100 ppm U3O8 3. All figures are rounded to reflect appropriate levels of confidence . Apparent differences may occur due to rounding
Option Agreement
On March 15, 2012, the Corporation paid $150 million to acquire 13.9% of Mantra Resources and to extend its option to
acquire the remaining 86% interest in Mantra until June 7, 2013.
Updated Resource Estimate
39% increase in Measured Resources to 55.3 M lbs U3O8, 48% increase in Indicated Resources to 38.0 M lbs U3O8
Inferred Resources of 26.1 M lbs U3O8
87% or 81.2 million pounds U3O8 of the Measured and Indicated resources are within 60 metres of surface (91% of
Measured Resources and 82% of Indicated Resources)
Corporate Presentation │ December 2012
16 | TSX: UUU | JSE: UUU WWW.URANIUM1.COM
Mantra Definitive Feasibility Study(1): Initial life of mine 12 years Annual production of 4.2 M lbs Life of mine average cash cost $22/lb U3O8 Capital expenditures of US$430M
Upside to Definitive Feasibility Study:
Strong potential to increase production beyond 4.2 M lbs per year
Growth via heap leaching being investigated
Large land package; excellent exploration potential
Mkuju River Project
Note: 1. Mantra Resources News Release; May 6, 2011
T A N Z A N I A
Kayelekera
Maputo
Durban
PretoriaGabarone
Bulawayo
Victoria Falls
Lusaka
Makambako
Mtwara
Dar es Salaam
Dodoma
Songea
Mbamba Bay
L a k e M a l a w i
I n d i a n O c e a n
Mkuju RiverUranium Mine/DepositCity/TownRailwayRoad
A F R I C A
Mkuju River
Corporate Presentation │ December 2012
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0
5
10
15
20
25
30
2009 2010 2011 2012F 2013F 2014F Steady State
Production Growth
3.6
7.4
10.7 11.6
22 to 26
Akdala 1.8
South Inkai 3.6
Kharasan 2.3
Karatau 2.6
Akbastau 3.9
Zarechnoye 1.3
U.S. 2 to 4
Mkuju River
4.2 to 5.7
Existing Operations
18 - 20
Attributable U3O8 Production
12.5 Mlb
U3O
8
Honeymoon 0.9
Corporate Presentation │ December 2012
13.0
Conclusion
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Attractive Investment
Focus on market-related pricing
Significant uncommitted future production
Steady state production of 22-26 M lbs per year
$19/lb(1)
$442 M cash(2)
8 producing mines
Diversifying into Tanzania with development of Mkuju River
Production growth
Low total cash costs
Diversified asset base
Leverage to uranium price
Strong balance sheet
Notes:
1. Cash costs as per U1 Guidance 2012
2. Cash as at September 30. 2012
Corporate Presentation │ December 2012
Appendix 1 Mine by Mine Assets
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2011 production of 2.0 M lbs(1)
2012 guidance:
Production - 1.8 M lbs(1)
Cash cost per pound sold - $16
Capex - $19 M(1)
2013 guidance:
Production - 1.8 M lbs(1)
Cash cost per pound sold - $15
Capex - $22 M(1)
Akdala Uranium Mine (70%)
Note: 1. Attributable to Uranium One Inc.
Pump House at Akdala
Q3 2012 Q3 2011 FY 2011
Production (lbs)(1) 494,400 496,100 2,027,800
Sales (lbs)(1) 582,100 728,900 1,408,200
Inventory at End of Period (lbs)(1) 1,021,100 936,800 1,227,000
Operating Expenses (per lb sold) $13 $13 $13
Corporate Presentation │ December 2012
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2011 production of 2.8 M lbs(1)
2012 guidance:
Production – 3.4 M lbs(1)
Cash cost per pound sold - $20
Capex - $36 M(1)
2013 guidance:
Production – 3.3 M lbs(1)
Cash cost per pound sold - $19
Capex - $39 M(1)
South Inkai Uranium Mine (70%)
South Inkai production facilities
Q3 2012 Q3 2011 FY 2011
Production (lbs)(1) 903,400 690,800 2,817,700
Sales (lbs)(1) 767,800 666,800 3,622,400
Inventory at End of Period (lbs)(1) 1,799,700 1,162,000 693,700
Operating Expenses (per lb sold) $18 $19 $18
Note: 1. Attributable to Uranium One Inc.
Corporate Presentation │ December 2012
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2011 production of 2.8 M lbs(1)
2012 guidance: Production – 2.6 M lbs(1)
Cash cost per pound sold - $13 Capex - $26 M(1)
2013 guidance: Production – 2.6 M lbs(1)
Cash cost per pound sold - $13 Capex - $26 M(1)
Karatau Uranium Mine (50%)
Karatau Well Fields (view from processing plant)
Q3 2012 Q3 2011 FY 2011
Production (lbs)(1) 722,300 691,900 2,826,800
Sales (lbs)(1) 808,400 1,084,700 2,569,400
Inventory at End of Period (lbs)(1) 842,400 551,200 659,900
Operating Expenses (per lb sold) $11 $9 $9
Note: 1. Attributable to Uranium One Inc.
Corporate Presentation │ December 2012
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2011 production of 1.4 M lbs(1)
2012 guidance:
Production – 1.5 M lbs(1)
Cash cost per pound sold - $18
Capex - $57 M(1)
2013 guidance:
Production – 1.9 M lbs(1)
Cash cost per pound sold - $13
Capex - $21 M(1)
Akbastau Uranium Mine (50%)
Akbastau – Karatau building to process Akbastau Flow
Notes: 1. Attributable to Uranium One Inc
Q3 2012 Q3 2011 FY 2011
Production (lbs)(1) 345,400 389,500 1,437,000
Sales (lbs)(1) 282,100 303,700 1,361,200
Inventory at End of Period (lbs)(1) 946,100 382,500 421,800
Operating Expenses (per lb sold) $11 $13 $12
Corporate Presentation │ December 2012
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2011 production of 0.9 M lbs(1)
2012 guidance:
Production – 1.1 M lbs(1)
Cash cost per pound sold - $22
Capex - $21 M(1)
2013 guidance:
Production – 1.1 M lbs(1)
Cash cost per pound sold - $26
Capex - $18 M(1)
Zarechnoye Uranium Mine (49.67%)
Zarechnoye Mining Blocks
Notes: 1. Attributable to Uranium One Inc
Q3 2012 Q3 2011 FY 2011
Production (lbs)(1) 312,300 211,400 947,900
Sales (lbs)(1) 318,400 302,400 920,200
Inventory at End of Period (lbs)(1) 273,600 109,400 117,800
Operating Expenses (per lb sold) $24 $21 $21
Corporate Presentation │ December 2012
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Entered commercial production on July 1st, 2012
2012 guidance:
Production – 0.4 M lbs(1)
Capex - $20 M(1)
2013 guidance:
Production – 0.5 M lbs(1)
Cash cost per pound sold - $30
Capex - $10 M(1)
Kharasan Uranium Project (30%)
Processing facilities at Kharasan
Notes: 1. Attributable to Uranium One Inc 2. Values since reaching commercial production as of July 1, 2012 Kharasan Mining Blocks
Corporate Presentation │ December 2012
Q3 2012 (2)
Production (lbs)(1) 117,100
Sales (lbs)(1) 107,00
Inventory at End of Period (lbs)(1) 285,700
Operating Expenses (per lb sold) $28
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Design capacity of 880,000 lbs per year
2012 guidance:
Production – 0.6 M lbs
Cash cost per pound sold - $47
Capex - $25 M
2012 guidance:
Production – 0.5 M lbs
Cash cost per pound sold - $37
Capex - $8 M
Honeymoon Project, Australia (100%)
Honeymoon – Precipitation and Thickening Circuits
Corporate Presentation │ December 2012
28 | TSX: UUU | JSE: UUU WWW.URANIUM1.COM
Entered commercial production on May 1st, 2012
2012 guidance:
Production – 0.5 M lbs
Cash cost per pound sold - $30
Capex - $33 M
2013 guidance:
Production – 0.8 M lbs
Cash cost per pound sold - $27
Capex - $26 M
Powder River Basin, Wyoming (100%)
Irigaray Central Processing Facility
Christensen Ranch Wellfield
Q3 2012 Q2 2012 (1)
Production (lbs)(1) 186,400 95,900
Sales (lbs)(1) - 184,200
Inventory at End of Period (lbs)(1) 452,600 267,000
Operating Expenses (per lb sold) - $36
Note: 1. Values since reaching commercial production as of May 1, 2012
Corporate Presentation │ December 2012
Appendix 2 Recent Financial and Operating Highlights
CORPORATE PRESENTATION | JANUARY 2011
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Financial Highlights
Highlights:
Figures in USD millions, unless otherwise indicated
Q3 2012 Q3 2011
Attributable sales (lbs) 2,865,800 3,086,500
Average sales price ($ per lb) 49 51
Average cash cost ($ per lb sold) 16 14
Revenue 142.6 157.7
Operating expenses (45.6) (42.2)
Depreciation (38.2) (41.8)
Earnings from mine operations 58.8 73.7
Net (loss) / earnings (61.6) 45.8
Net (loss) / earnings per share (0.06) 0.05
Adjusted net earnings 7.6 46.4
Adjusted net earnings per share 0.01 0.05
Corporate Presentation │ December 2012
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Highlights:
Figures in USD millions, unless otherwise indicated
2011 2010
Attributable sales (lbs) 9,881,400 6,861,600
Average sales price ($ per lb) 54 48
Average cash cost ($ per lb sold) 14 13
Revenue 530.4 326.9
Operating expenses (142.6) (91.9)
Depreciation and depletion (125.2) (96.3)
Earnings from mine operations 262.6 138.7
Net earnings 88.4 (153.7)
Net earnings per share 0.09 (0.25)
Adjusted net earnings 113.7 (3.3)
Adjusted net earnings per share 0.12 (0.01)
Financial Highlights
Corporate Presentation │ December 2012
Appendix 3 2013 Capital Expenditure Guidance
CORPORATE PRESENTATION | JANUARY 2011
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2013 Capital Expenditure Guidance
Mine/Project
Figures in USD millions, unless otherwise
indicated
Wellfield
Development
Plant and
equipment and
other
Total Ownership % Total
100% Attributable
Kazakhstan
Akdala 11 21 32 70% 22
South Inkai 31 25 56 70% 39
Karatau 30 22 52 50% 26
Akbastau 25 16 41 50% 21
Zarechnoye 32 4 36 49.67% 18
Kharasan 30 4 34 30% 10
SKZ-U - 4 4 19% 1
Subtotal - Kazakhstan 159 96 255 137
Australia and United States
Honeymoon 5 3 8 100% 8
Willow Creek & Powder River
Basin 20 6 26 100% 26
Other - 2 2 2
Subtotal – Australia and United States 25 11 36 36
Totals 184 107 291 173
Corporate Presentation │ December 2012
Appendix 4 Reserves and Resources Summary
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* Mineral resources that are not mineral reserves do not have demonstrated economic viability. ** All figures are subject to rounding and columns may not add up due to rounding. All mineral resources and mineral reserves are based on CIM Standards. *** Represents the portion of total reserves and/or resources notionally attributable to Uranium One’s equity interest in the joint venture through which the property is owned in the percentage indicated in this column.
Assets Proven Probable Proven & Probable Company Share
Tonnes Grade lbs U308 Tonnes Grade lbs U308 Tonnes Grade lbs U308 Ownership lbs U308
000's U308 % 000's 000's U308 % 000's 000's U308 % 000's % 000's
Kazakhstan
Akdala 28,600 0.011 6,990 1,300 0.033 940 29,900 0.012 7,930 70% 5,551
South Inkai 38,100 0.009 7,720 20,000 0.028 12,430 58,100 0.016 20,150 70% 14,105
Karatau 22,000 0.013 6,530 18,700 0.040 16,480 40,700 0.026 23,010 50% 11,505
Akbastau 7,600 0.020 3,430 12,300 0.066 17,780 19,900 0.048 21,210 50% 10,650
Kharasan 7,300 0.015 2,440 21,600 0.041 19,450 28,900 0.034 21,890 30% 6,567
Zarechnoye 22,900 0.006 3,000 29,500 0.027 17,400 52,400 0.018 20,400 50% 10,133
United States
Christensen Ranch 2,981 0.121 7,930 2,981 0.121 7,930 100% 7.930
Irigaray 3,514 0.076 5,899 3,514 0.076 5,899 100% 5,899
Australia
Honeymoon 1,750 0.163 6,280 1,750 0.163 6,280 51% 3,203
East Kalkaroo 1,890 0.088 3,656 1,890 0.088 3,656 51% 1,865
Total 126,500 30,110 113,534 99,235 240,034 129,345 70,104
Average 0.011 0.040 0.024
Proven and Probable Resource*
Corporate Presentation │ December 2012
36 | TSX: UUU | JSE: UUU WWW.URANIUM1.COM
* Mineral resources that are not mineral reserves do not have demonstrated economic viability. ** All figures are subject to rounding and columns may not add up due to rounding. All mineral resources and mineral reserves are based on CIM Standards. *** Represents the portion of total reserves and/or resources notionally attributable to Uranium One’s equity interest in the joint venture through which the property is owned in the percentage indicated in this column. **** For Notes 1-5 See page 37
Assets Measured Indicated Measured & Indicated Company Share
Tonnes Grade lbs U308 Tonnes Grade lbs U308 Tonnes Grade lbs U308 Ownership lbs U308
000's U308 % 000's 000's U308 % 000's 000's U308 % 000's % 000's
Kazakhstan
Akdala 33,230 0.011 7,753 628 0.075 1,037 33,858 0.012 8,791 70% 6,153
South Inkai 21,933 0.020 9,630 12,523 0.050 13,810 34,456 0.031 23,440 70% 16,408
Kharasan 2,000 0.193 8,600 10,800 0.091 21,700 12,800 0.107 30,300 30% 9,090
Karatau 10,650 0.052 12,100 9,342 0.089 18,300 19,992 0.069 30,400 50% 15,200
Zarechnoye 7,600 0.032 5,200 18,300 0.064 25,700 25,900 0.054 30,900 50% 15,348
Akbastau 3,494 0.056 4,300 11,194 0.126 31,000 14,692 0.109 35,400 50% 17,700
United States
Moore Ranch 2,427 0.06 3,210 - - 2,427 0.06 3,210 100% 3,210
Christensen Ranch - - 6,091 0.096 12,905 6,091 0.096 12,905 100% 12,905
Irigaray - - 3,516 0.076 5,899 3,516 0.076 5,899 100% 5,899
Peterson 763 0.097 1,624 208 0.086 393 971 0.095 2,017 100% 2,017
Barge 3,922 0.053 4,590 - - 3,922 0.053 4,590 100% 4,590
Jab 1,133 0.063 1,561 220 0.077 371 1,352 0.065 1,932 100% 1,932
West Jab 328 0.115 830 109 0.059 143 437 0.101 973 100% 973
Jab RD 1,167 0.061 1,570 - - 1,167 0.061 1,570 100% 1,570
Red Rim - - 305 0.169 1,142 305 0.169 1,142 100% 1,142
Allemand-Ross 223 0.085 417 29 0.066 42 252 0.083 459 100% 459
South Sweetwater 151 0.065 217 33 0.091 66 184 0.07 283 100% 283
New Velvet 329 0.271 1,966 - - 329 0.271 1,966 100% 1,966
Old Velvet - - 56 0.41 509 56 0.41 509 100% 509
Wood - - 341 0.281 2,113 341 0.281 2,113 100% 2,113
Frank M - - 993 0.101 2,210 993 0.101 2,210 100% 2,210
Tanzania
Mkuju River 80,300 0.031 55,298 59,300 0.029 38,001 139,600 0.03
93,300 14% 13,062
Australia
Honeymoon 1,553 0.197 6,761 1,553 0.197 6,761 51% 3,448
Goulds Dam 1,700 0.12 4,409 1,700 0.12 4,409 51% 2,249
East Kalkaroo 2,639 0.088 5,129 2,639 0.088 5,129 51% 2,616
Total 169,649 118,836 139,884 191,665 309,533 310,502 142,915
Average 0.032 0.062 0.046
Assets Inferred Company Share
Tonnes Grade lbs U308 Ownership lbs U308
000's U308 % 000's % 000's
Kazakhstan
Akdala 9,683 0.073 15,640 70% 10,948
South Inkai 42,845 0.047 44,450 70% 31,115
Kharasan 17,600 0.120 46,700 30% 14,101
Karatau 9,685 0.085 18,200 50% 9,100
Zarechnoye 11,600 0.055 14,300 50% 7,103
Akbastau 31,370 0.115 79,600 50% 39,800
United States
Irigaray 94 0.068 141 100% 141
Jab 219 0.031 150 100% 150
West Jab 119 0.09 236 100% 236
Red Rim 428 0.163 1,539 100% 1,539
Allemand-Ross 1,156 0.098 2,496 100% 2,496
Clarkson Hill 684 0.062 940 100% 940
South Sweetwater 42 0.078 73 100% 73
New Velvet 158 0.174 604 100% 604
Wood 10 0.157 35 100% 35
Frank M 38 0.09 75 100% 75
Wate Breccia Pipe 53 0.076 886 100% 443
Findlay Tank 191 0.223 954 100% 954
Tanzania
Mkuju River 42,500 0.028 26,104 14% 3,631
Australia
Honeymoon 12,000 0.03 7,937 51% 4,048
Total 180,475 261,068 127,445
Average 0.066
Measured, Indicated and Inferred Resources*
Corporate Presentation │ December 2012
37 | TSX: UUU | JSE: UUU WWW.URANIUM1.COM
Notes to slides 35-36:
(1) The above technical and scientific information is based on information compiled by "Qualified Persons" (as defined under National Instrument 43-101) and is also based on
assumptions, qualifications and procedures which are set out in the following independent technical reports concerning the Corporation's material mineral properties which are available for
review on SEDAR under the Corporation's profile at www.sedar.com:
Akdala Mine: report titled “Technical Report on the Akdala Uranium Mine, Kazakhstan” dated February 17, 2012 prepared by Wayne W. Valliant, P.Geo and R. Dennis Bergen,
P.Eng of Roscoe Postle Associates Inc. (“RPA”) (the “Akdala Report”);
South Inkai Mine: report titled “Technical Report on the South Inkai Uranium Mine, Kazakhstan” dated March 12, 2012 , prepared by Wayne W. Valliant, P.Geo and R. Dennis
Bergen, P.Eng of RPA (the “South Inkai Report”);
Karatau Mine: report titled “Technical Report on the Karatau Uranium Mine, Kazakhstan” dated March 1, 2012, prepared by Wayne W. Valliant, P.Geo and R. Dennis Bergen,
P.Eng of RPA (the “Karatau Report”);
Akbastau Mine: report titled “Technical Report on the Akbastau Uranium Mine, Kazakhstan” dated March 1, 2012 , prepared by Wayne W. Valliant, P.Geo and R. Dennis Bergen,
P.Eng of RPA (the “Akbastau Report”);
Zarechnoye Mine: report titled “Technical Report on the Zarechnoye Uranium Mine, Kazakhstan” dated February 27, 2012, which was prepared by Hrayr Agnerian, M.Sc.(Applied),
P.Geo., and R. Dennis Bergen, P.Eng. of RPA (the “Zarechnoye Report”);
Kharasan Mine: report titled “Technical Report on the Kharasan Uranium Mine, Kazakhstan” dated February 14, 2012, which was prepared by Hrayr Agnerian, M.Sc.(Applied),
P.Geo., and R. Dennis Bergen, P.Eng. of RPA (the “Kharasan Report”)
(2) Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
(3) Mineral Resources are inclusive of Mineral Reserves
(4) All Reserve and Resource estimates are as at December 31, 2011 except for the Reserve and Resource estimates for the Mkuju River Project which are as at September 27, 2011
(5) Columns and rows may not add correctly due to rounding
Reserves and Resources - Notes
Corporate Presentation │ December 2012
Appendix 5 Uranium Industry Overview
39 | TSX: UUU | JSE: UUU WWW.URANIUM1.COM
Top 10 Producers 2011 M Lbs U3O8 Kazatomprom 23.1 AREVA 22.9 Cameco 22.4 Uranium One 10.7 Rio Tinto 10.6 BHP Billiton 8.7 ARMZ 7.5 Navoi 6.5 Paladin 5.9 Others 20.6 Total 139.1
Production by Mining Method 2011
2011 Global Production 2011 Percentage of Total Nuclear Power Generation MWe
Kazakhstan, 36%
Canada, 17% Australia, 11%
Niger, 8%
Namibia, 6%
Russia, 6%
Uzbekistan, 5%
United States, 3%
Ukraine, 2% Other, 8%
ISL, 45%
Conventional, 50%
By Product, 5%
Source: WNA, UxC
USA, 27%
France, 17%
Russia, 7% South
Korea, 6%
China, 3% India, 1%
Other, 39%
Uranium Industry Overview Corporate Presentation │ December 2012
Appendix 6 In Situ Recovery Process
41 | TSX: UUU | JSE: UUU WWW.URANIUM1.COM
In Situ Recover Process Sheet
Corporate Presentation │ December 2012
Appendix 7 Uranium One Board of Directors
43 | TSX: UUU | JSE: UUU WWW.URANIUM1.COM
Board of Directors
Ian Telfer, CA –
Chairman Chairman and former CEO of Goldcorp Inc., former CEO of Wheaton River Minerals
Ken Williamson Former investment banker at Midland Doherty (Merrill Lynch), director of Goldcorp,
QuadraFNX
Andrew Adams, CA Former CFO of AngloGold north America. Chartered Accountant in the U.K since 1981
Phillip Shirvington Former President and CEO of UrAsia prior to acquisition by Uranium One
Peter Bowie, CA Former CEO of Deloitte China and former Chairman of Deloitte Canada
Chris Sattler – U1 CEO Former EVP, Corporate Development and Investor Relations at U1 and investment banker at
BMO Capital Markets
Vadim Jivov – U1
President
Chairman of ARMZ, former Deputy Director General of Tenex and former Deputy Director
General of Gazprom Media
Jean Nortier Former CEO of Uranium One
Ilya Yampolskiy M&A and Legal Departments of Rosatom since 2004
Board of Directors
Corporate Presentation │ December 2012