Pure-Play Molybdenum Opportunity Bruce D. Hansen Maxim Group - PowerPoint PPT Presentation

GMO: NYSE AMER & TSX Pure-Play Molybdenum Opportunity Bruce D. Hansen Maxim Group Presentation Chief Executive Officer New York City September 4, 2018

Cautionary Statements Statements herein that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and are intended to be covered by the safe harbor created by such sections. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected, or implied by the Company. These risks and uncertainties include, but are not limited to metals price and production volatility, global economic conditions, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, exploration risks and results, political, operational and project development risks, including the Company's ability to obtain a re-grant of its water permits and Record of Decision, ability to maintain required federal and state permits to continue construction, and commence production of molybdenum, copper, silver, lead or zinc, ability to identify any economic mineral reserves of copper, silver, lead or zinc; ability of the Company to obtain approval of its joint venture partner at the Mt. Hope Project in order to mine for copper, silver, lead or zinc, ability to raise required project financing or funding to pursue an exploration program related to potential copper, silver lead or zinc deposits at Mt. Hope, ability to respond to adverse governmental regulation and judicial outcomes, and ability to maintain and /or adjust estimates related to cost of production, capital, operating and exploration expenditures. For a detailed discussion of risks and other factors that may impact these forward looking statements, please refer to the Risk Factors and other discussion contained in the Company's quarterly and annual periodic reports on Forms 10-Q and 10-K, on file with the SEC. The Company undertakes no obligation to update forward-looking statements. Cautionary Note to U.S. Investors Concerning Estimates of Reserves and Resources Calculations with respect to "proven reserves" and "probable reserves" referred to herein have been made in accordance with, and using the definitions of National Instrument 43-101, as required by Canadian securities regulatory authorities. For United States reporting purposes, the U.S. SEC applies a different standard in order to classify mineralization as a "reserve". Under SEC standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally extracted or produced at the time the reserve determination is made. No such determinations have been made with respect to any mineralization at the Liberty project, and it cannot be assured that such a determination will be made. This presentation also uses the terms “measured”, “indicated” and “inferred” resources. We caution U.S. investors that while such terms are recognized and required by Canadian Securities Administrators pursuant to the National Instrument 43-101, the SEC does not recognize them. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. “Inferred Resources”, in particular, have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian Securities Administration rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies. U.S. investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally minable. Please refer to End Notes in the Appendix. GMO The Qualified Person’s statement related to exploration is in End Note 5 in the Appendix. on NYSE American 2 & TSX

Investment Highlights – only pure-play, In western exchange tr traded moly stock World-Class Medium-Term Strategic Tangible Financial Moly with Cu- Partnerships Value Status Producer Ag-Zn Potential  Strategic  Mt. Hope Project,  Mt. Hope Project  80% interest in  June 30, 2018 cash relationship with one of world’s bankable feasibility $88.1M of plant & $4.7M i largest share- largest & highest complete; 65% mine equipment at  Anticipated holder, Chinese grade moly engineered Mt. Hope Project i quarterly burn rate multinational deposits, and  Advancing  $21.1M in other of $1.3M per AMER previously mined Supplemental EIS tangible Company quarter for 2018, Liberty Project  Mt. Hope partner- through draft pre- assets i excluding ship with Korean  Drilling of high- publication review exploration drilling POSCO unit grade Cu-Ag process  Mt. Hope Project Target & zinc  Off-take sales  Water rights restricted cash of mineralized agreements with hearing set $8.2M sufficient to skarns international sustain project into  Develop upon companies – 2021 i sustained market ArcelorMittal, improvement & SeAH Besteel and financing Sojitz GMO on NYSE American 3 i. Please see the Company’s news release and Form 10Q for 2Q 2018 results filed on August 14, 2018. & TSX

Capital Structure NYSE AMER;  Major institutional Exchanges: Ticker TSX: GMO shareholders: Recent stock price $0.39 1. AMER 21.9% Stock 52-week high/low $0.51/$0.28 2. Hanlong 9.3% Shares outstanding (M) 128.0 3. APERAM AMO Holding i 6.5% Recent moly price iii $12.05 4. Vanguard Group 2.6% $13.00/ 5. Blackrock Fund Advisors 1.2% Moly 52-week high/low iii $8.13  Insider ownership total ii 28.2% Financial Highlights iv (M) 6/30/2018  Bruce Hansen, CEO 4.2% Cash and cash equivalents $4.7  Other senior management 1.1%  Research coverage Working capital $3.4  Heiko Ihle, H.C. Wainwright Restricted cash at Mt. Hope $8.2  John Tumazos, John Tumazos Very Long-term debt & sr. convert. $7.1 Independent Research Total shareholders’ equity $103.1 GMO i. APERAM, the former stainless steel division of ArcelorMittal, was spun off as a separate public company in 2011. ii. Insider ownership includes AMER shareholdings on basic shares outstanding. on NYSE iii. Source: Platts American 4 iv. See the Company’s Form 10Q for 2Q 2018 results filed on August 14, 2018. & TSX

Industrial Metals Underv In rvalued vs. Equities S&P GSCI Industrial Metals Index (SPGSINTR)/ S&P 500 Index (SPX) (From inception of SPGSINTR January 7, 1977-August 24, 2018) 2.5 Global Energy Gulf Financial Crisis Crisis 2.0 Crisis 1.5 1.0 0.5 Current: Dot Com Bottom Black Bubble Forming Monday 0.0 GMO J-77 J-78 J-79 J-80 J-81 J-82 J-83 J-84 J-85 J-86 J-87 J-88 J-89 J-90 J-91 J-92 J-93 J-94 J-95 J-96 J-97 J-98 J-99 J-00 J-01 J-02 J-03 J-04 J-05 J-06 J-07 J-08 J-09 J-10 J-11 J-12 J-13 J-14 J-15 J-16 J-17 J-18 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2018 on NYSE American 5 & TSX Source: Bloomberg

Molyb lybdenum Pric rice Proje jectio ions Historical Monthly Prices 2006-To Date i CPM Price Projections ii (Base: 20 2017 17) $40 $35 Current $30 moly price $12.05 $25 $19.36 $20 $17.55 $16.35 $16.77 $16.14 $15.62 $15 $16.29 Current price is $15.43 $12.37 $15.08 $14.51 $14.70 $14.36 180% up from $11.85 Oct 2015 $10 $5 $0 J-06 J-07 J-08 J-09 J-10 J-11 J-12 J-13 J-14 J-15 J-16 J-17 J-18 J-19 J-20 J-21 J-22 J-23 J-24 J-25 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019p 2020p 2021p 2022p 2023p 2024p 2025p Nominal Prices Real Price Projection Nominal Price Projection i. Source: Platts ii. CPM Group’s Molybdenum Market Outlook Update, June 2018, projected real prices based on 2017 real dollars. 6

Moly Growth Cataly lysts = Further Pric ice In Increase Current moly Up 48% from 52-week = $12.05 = price/ lb low of $8.13 Strengthening demand; supply constriction approaching  Robust oil and gas industry driving energy infrastructure and drilling  Worldwide drill rig count up 6.7% YOY in July 2018 i  From shale revolution, U.S. to become net exporter of energy by 2022 ii  World crude steel production up 4.6% YOY in 1H 2018  Synchronized global economic expansion projected at 3.1% in 2018 iii  China to grow 6.4% in 2018, after 6.8% growth in 2017 iii  India to grow 7.3% in 2018 vs. 6.7% in 2017 iii  Late business cycle positive for commodities  Moly is a late-stage industrial metal  Moly market surplus shrinking in 2018 and tipping into deficit in 2019 iv  Byproduct moly supply to peak in 2019 iv GMO  Sierra Gorda Mine produced 41% lower moly output (7.7M lbs) in 1H 2018 vs 1H 2017. on NYSE American 7 Sources & TSX i . Baker Hughes, a GE company. ii. U.S. Dept of Energy’s Economic Information Administration. iii. World Bank. iv. CPM esti mates.