Pure-Play Molybdenum Opportunity Bruce D. Hansen Corporate Update - PowerPoint PPT Presentation

Pure-Play Molybdenum Opportunity Bruce D. Hansen Corporate Update Chief Executive Officer October 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 SEIS ▪ $21.1M in other of $1.3M per AMER previously mined towards new ROD tangible Company quarter for 2018, Liberty Project ▪ Mt. Hope partner- anticipated in early assets i excluding ship with Korean ▪ Drilling of high- 2019 exploration drilling POSCO unit grade Cu-Ag ▪ Water rights ▪ Mt. Hope Project Target & zinc ▪ Off-take sales hearing completed; restricted cash of mineralized agreements with water permits $8.2M sufficient to skarns international anticipated in early sustain project into companies – 2019 2021 i ArcelorMittal, ▪ Develop upon SeAH Besteel and sustained market Sojitz GMO improvement & on NYSE financing American 3 & TSX i. Please see the Company’s news release and Form 10Q for 2Q 2018 results filed on August 14, 2018.

Capital Structure NYSE AMER; ▪ Major institutional Exchanges: Ticker TSX: GMO shareholders, shares held: Recent stock price $0.21 ▪ AMER 27.97M Stock 52-week high/low $0.46/$0.19 ▪ Hanlong 11.84M Shares outstanding (M) 137.1 ▪ APERAM AMO Holding i 8.26M Recent moly price iii $11.96 ▪ Vanguard Group 3.35M ▪ $13.00/ Blackrock Fund Advisors 1.56M Moly 52-week high/low iii $8.25 ▪ Insider ownership total ii 36.06M Financial Highlights iv (M) 6/30/2018 ▪ Bruce Hansen, CEO 5.21M Cash and cash equivalents $4.7 ▪ Other senior management 2.89M ▪ Research coverage Working capital $5.0 ▪ 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 $105.8 GMO i. APERAM, the former stainless steel division of ArcelorMittal, was spun off as a separate public company in 2011. on NYSE ii. Insider ownership includes AMER shareholdings on basic shares outstanding. American iii. Source: Platts 4 & TSX iv. See the Company’s Form 10Q for 2Q 2018 results filed on August 14, 2018.

Moly Price Consistent Performer (Through Oct. 15, 2018, %) >40% for rolling 1 year GMO on NYSE Source: Bloomberg, BMO Capital Markets American 5 & TSX

Moly, Nic ickel and Oil ▪ Moly and nickel are used in stainless steel and other special steels, including oil country tubular goods. ▪ The oil and gas, and petrochemical industry account for ~30% of the total end use for moly. Moly and Nickel Oil (Brent crude (per lb) Through Oct. 5, 2018 per barrel) $20 $100 $18 $90 Oil (RHS) $16 $80 $14 $70 Moly (LHS) $12 $60 $10 $50 $8 $40 $6 $30 Nickel (LHS) $4 $20 $2 $10 GMO $0 $0 on NYSE 1/4/2013 1/4/2014 1/4/2015 1/4/2016 1/4/2017 1/4/2018 American 6 & TSX Source: Bloomberg, CPM Group

Molyb lybdenum Pric rice Proje jectio ions Historical Monthly Prices 2006-To Date i CPM Price Projections ii (Base: 20 2017 17) Current moly price $11.96 $19.36 $17.55 $16.35 $16.77 $16.14 Current price is $15.62 more than 2.5 $16.29 $15.43 $12.37 $15.08 times from $14.51 $14.70 $14.36 Oct 2015 bottom $11.85 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019p 2020p 2021p 2022p 2023p 2024p 2025p i. Source: Platts ii. CPM Group’s Molybdenum Market Outlook Update, June 2018, projected real prices based on 2017 real dollars. 7

Moly Supply Defi ficit Approaching World Moly Supply and Demand Balance Annual, Projected through 2026p US$/Lb. Million Pounds 60 42 Surplus (LHS) Real Molybdenum Prices (RHS) Deficit (LHS) 45 35 30 28 15 21 0 14 -15 7 Projections Actual -30 0 1995 1998 2001 2004 2007 2010 2013 2016 2019p 2022p 2025p GMO on NYSE American 8 & TSX Source: CPM Group’s Molybdenum Market Outlook Update, October 2017 – Base Case estimates.