Pure-Play Molybdenum Opportunity Bruce D. Hansen Meetings during - PowerPoint PPT Presentation

GMO: NYSE AMER & TSX Pure-Play Molybdenum Opportunity Bruce D. Hansen Meetings during Prospectors & Developers Association of Canada (PDAC) Conference Chief Executive Officer Toronto Robert Pennington March 4-7, 2018 Chief Operating Officer

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. NYSE AMER 2 & TSX

Investment Highlights – only pure-play, western exchange traded moly stock World-Class World-Class Medium-Term Medium-Term Strategic Strategic Tangible Tangible Financial Financial Moly with Cu- Moly with Cu- Partnerships Partnerships Value Value Stability Stability Producer Producer Ag-Zn Potential Ag-Zn Potential  Strategic  Mt. Hope Project,  Mt. Hope Project  80% interest in  3Q 2017 cash relationship with one of world’s bankable feasibility $87.9M of plant & $3.4M, & largest share- largest & highest complete; 65% mine equipment at subsequent $6M holder, Chinese grade moly engineered Mt. Hope Project Tranche 2 financing multinational deposits, and with AMER i  Completed new air  $21.1M in other AMER previously mined quality analysis to tangible Company  Mt. Hope Project Liberty Project  Mt. Hope partner- advance assets restricted cash of ship with Korean  Exploration of Supplemental EIS $11.0M sufficient to POSCO unit high-grade Cu-Ag sustain project into  Water rights Target and zinc 2022 ii  Off-take sales hearing set potential i agreements with  Develop upon international sustained market companies – improvement & ArcelorMittal, financing SeAH Besteel and Sojitz GMO i. Please refer to Company news release of March 1, 2018. Please also see End Note 5 in the Appendix. NYSE AMER 3 & TSX ii.Please see the Company’s news releases regarding 3Q 2017 results on November 6, 2017 and closing of financing with AMER on October 16, 2017 .

Capital Structure NYSE AMER;  Major institutional Exchanges: Ticker TSX: GMO shareholders: Recent stock price $0.41 1. AMER 22.1% Stock 52-week high/low $0.58/$0.28 2. Hanlong 9.3% Shares outstanding (M) 126.8 3. APERAM AMO Holding i 6.5% Recent moly price iii $12.98 4. Vanguard Group 1.7% $12.98/ 5. Blackrock Fund Advisors 1.2% Moly 52-week high/low iii $6.85  Insider ownership total ii 26.9% Financial Highlights iv (M) 9/30/2017  Bruce Hansen, CEO 2.5% Cash and cash equivalents v $3.4  Other senior management 1.5% Working capital $1.5  Research coverage  Heiko Ihle, H.C. Wainwright Restricted cash at Mt. Hope $11.0  John Tumazos, John Tumazos Very Long-term debt & sr. convert. $7.0 Independent Research Total shareholders’ equity $103.7 i. APERAM, the former stainless steel division of ArcelorMittal, was spun off as a separate public company in 2011. GMO ii. Insider ownership includes AMER shareholdings on basic shares outstanding. NYSE AMER iii. Source: Platts 4 & TSX iv. Please refer to the Company’s 3Q 2017 news release of Nov. 6, 2017. v. Subsequent to quarter end, GMO closed on $6M Tranche 2 financing with AMER, per news release of Oct. 16, 2017.

Moly Price Rising; Best Among Metals YTD Current moly Up 89% from 52-week = $12.98 = price/ lbS low of $6.85 Growth catalysts for moly  Synchronized global economic expansion  January 2018 J.P. Morgan Global Manufacturing Purchasing Managers’ Index (PMI) at 7-year high  Global economic growth projected at 3.1% in 2018 ii  Further growth in China and India  China to grow 6.4% in 2018, coming off 6.8% growth in 2017 ii  India to grow 7.3% in 2018 versus 6.7% in 2017 ii  Late business cycle positive for commodities  Moly is a late-stage industrial metal  Looming inflation Moly, 2 nd best metal price  Inverse relationship of greenback and metals appreciation  Weaker dollar-priced metals like moly allow China after cobalt and foreign buyers greater purchasing power  Strengthening metals demand amidst supply constriction GMO NYSE AMER 5 & TSX i Chart Source: Bloomberg, BMO Capital Markets, 3/2/18.

Molybdenum Price Projections Historical Prices 2006-To Date i CPM Price Projections ii (Base: 2017) Current moly price $12.98 $15.60 $15.09 $14.25 $13.51 $14.15 $10.73 $14.00 Tripled from $10.00 $12.60 $12.80 Nov 2015 10.35 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019p 2020p 2021p 2022p 2023p i. Source: Platts ii. CPM Group’s October 2017 Molybdenum Market Outlook Update Report projected real prices based on 2017 real dollars. 6 2018 price projection updated in February 2018.

Industrial Metals versus Equities S&P GSCI Industrial Metals Index (SPGSINTR)/ S&P 500 Index (SPX) (From inception of SPGSINTR January 1977-February 2018) GMO NYSE AMER 7 & TSX Source: Bloomberg