SETTING UP FOR LONG-TERM SUCCESS IN THE US URANIUM INDUSTRY EAST CANYON URANIUM-VANADIUM PROJECT, UTAH, USA I N V E S TO R P R E S E N TAT I O N | M AY 2 0 2 0 | A S X : T I N | 1
DISCLAIMER This presentation does not constitute an offer that is capable of acceptance nor is it a disclosure document under the Corporations Act. This presentation is intended for recipients collectively and does not take into account the investment objectives, financial situations and particular needs of any particular person. It does not constitute financial advice. In all cases recipients of this presentation should carry out their own independent enquiries and investigations into, and independent assessment and review of TNT Mines and the information contained in this presentation as well as forming their own views on all general economic, commercial, financial, technological and regulatory risks that may be associated with an investment in TNT Mines. Forward looking Statements This presentation contains forward looking and other subjective information. Such exemptions, projections and information are not a guarantee of future performance and involve unknown risks and uncertainties. Actual results and developments will almost certainly differ from those expressed or implied and should make your own assessment of the expectations, estimates, projections and the relevant assumptions and calculations based on which opinions, estimates and projections are based. No representation or warranty, express or implied, is given as to the accuracy of the information or opinions contained in this document and no liability is accepted by the company or director, member, officer, employee, agent or adviser for any such information or opinions. TNT Mines | Investor Presentation | 2
AN OUTSTANDING INVESTMENT OPPORTUNITY 100% ownership of highly strategic and prospective landholding in historically significant uranium and vanadium-producing district Project claims include old workings and mines with visible high grade mineralisation US government policy shifting strongly to support rejuvenation of domestic uranium industry Tier one, mining friendly jurisdiction with excellent infrastructure including operating uranium mill Very modest enterprise value compared to listed uranium-vanadium peers in US and Australia Figure 1: East Canyon uranium-vanadium project South East, Utah USA TNT Mines | Investor Presentation 3
CORPORATE STRUCTURE HIGHLY EXPERIENCED BOARD* ASX CODE TIN BRETT MITCHELL • Corporate finance executive with over 25 years of experience in finance & capital CURRENT SHARE PRICE 17.5c EXECUTIVE markets, specialising in project generation, financing of early stage resources and DIRECTOR technology companies. Chairman of ASX listed MGC Pharmaceuticals Ltd (ASX:MXC) SHARES ON ISSUE 33.5M PETER WOODS • East Canyon Project vendor with 13 years’ equity capital markets and financial NON-EXECUTIVE services experience, including directorships with Matador Mining (ASX:MZZ) MARKET CAP $5.8M DIRECTOR* • Director of boutique advisory and investment firm Bluebird Capital CASH @ 30/04/20 ~$1.9M NICK CASTLEDEN • Geologist with over 20 years of experience in the mineral exploration NON-EXECUTIVE and resources industry, including Mt Isa Mines, Perilya Mines, MPI Mines & LionOre DIRECTOR • Currently Managing Director of Apollo Consolidated Limited (ASX:AOP) ENTERPRISE VALUE $3.9M SHARE PRICE MOVEMENT TECHNICAL ADVISERS NEIL INWOOD • Geologist with +25 years’ international experience in uranium, gold and base metals, and previously uranium specialist for Coffey Mining • Led technical and due diligence studies on multiple uranium projects including Honeymoon Mine prior to acquisition by Boss Resources (ASX:BOE) and Kayelekera Mine by Lotus Resources (ASX:LOT) CHERIE LEEDEN • Geologist with 18 years’ global mining industry experience and strong capital markets network. Founder of Battery Minerals (ASX:BAT) • Based in Nevada, well established North American mining network with experienced US exploration team TNT Mines | Investor Presentation 4 * Effective on completion of settlement
EAST CANYON URANIUM PROJECT OVERVIEW 200 contiguous claims covering 4000 acres (~16km 2 ) within the extended Uravan Mineral Belt Long history of uranium/vanadium mining in the region dating back more than 100 years Historic production from Uravan Belt area in excess of 85mlbs (>40,000t) of uranium and 660mlbs (>300,000t) of vanadium* Historical uranium production records from East Canyon district report average >1.3% U 3 O 8 * Surrounded by other uranium/vanadium mines and development projects Close proximity (50km) to operating White Mesa Mill, which has accepted third party ore and has spare capacity Minimal annual lease costs with no minimum expenditure obligations on claims Figure 2: Nearby Uranium Deposits and Trends TNT Mines | Investor Presentation 5 *Refer to ASX: TIN announcement 11 th May 2020 “Acquisition of High-Grade US Uranium & Vanadium Project”
PROVEN PROSPECTIVITY Salt Wash Member of the Morrison Formation (which hosts uranium/vanadium deposits in the region) outcrops throughout the claims Estimated Salt Wash thickness 10-30m Multiple old workings remain open and accessible and contain visible mineralisation Recent fieldwork assays confirms high-grade mineralisation Historic drill intercepts (1962) show mineralisation of >0.23% U 3 O 8 and >1% V 2 O 5 * Shallow ore horizon, multiple targets and large exploration area Figure 3: Tenement map showing Salt Wash Member outcrop, location of workings and 2018-2019 rock chip samples TNT Mines | Investor Presentation 6 *Refer to ASX: TIN announcement 11 th May 2020 “Acquisition of High-Grade US Uranium & Vanadium Project”
RECENT FIELDWORK SUCCESS Samples collected from underground ribs/faces and ore dumps over 2018-2019 High grade assays returned of up to 0.47% U 3 O 8 (4,700 ppm) and 9% V 2 O 5 * Abundant visible uranium-vanadium mineralised seams and zones observed in workings SELECT HIGH-GRADE ROCK CHIP SAMPLES SAMPLE U 3 O 8 V 2 O 5 EC18007 0.47% 9.21% EC19009 0.39% 2.74% EC18010 0.33% 2.74% EC19003 0.24% 2.92% *Refer to ASX: TIN announcement 11 th May 2020 “Acquisition of High-Grade US Uranium & Vanadium Project” 7 TNT Mines | Investor Presentation Visible uranium-vanadium mineralisation
FORWARD PROGRAM – NEXT SIX MONTHS Compile and review available data Undertake further mapping and geochemical sampling of exposed mineralisation and underground workings Bulk sample and metallurgical testwork Downhole logging of historical drill holes Undertake initial shallow drilling to test mineralisation extensions and locate additional buried pods of mineralisation Timeline to securing drilling permits is anticipated to be three months TNT Mines | Investor Presentation 8
WHITE MESA MILL White Mesa Mill within trucking distance of East Canyon (50km) via major highway Only conventional, fully licensed and operational uranium mill in the USA Historically largest producer of uranium in the US and major producer of high purity vanadium Owned by Energy Fuels Inc (TSE:EFR) Currently operating at 10% of its licensed capacity of 8mlbs of U 3 O 8 a year Potentially open to toll milling agreements and purchase programs for ore from third party sources White Mesa Mill TNT Mines | Investor Presentation 9
SUPPORTIVE US GOVERNMENT Uranium and vanadium both on US Government’s Critical Minerals List US imports 98% of its annual domestic uranium demand Nuclear Fuel Working Group (NFWG) established in 2019 to advise on returning the US to nuclear leadership and reducing reliance on China/Russia/Kazakhstan Trump administration proposes the creation of US$1.5 billion uranium reserve by purchasing US$150 million of domestic uranium production a year for 10 years Prospect of streamlined regulatory reform and land access for uranium extraction 10 TNT Mines | Investor Presentation
WHY INVEST IN TNT MINES? Modest enterprise value and tight structure = highly leveraged to exploration success and uranium price upside Visible high grade mineralisation throughout claims reduces exploration risk Historical production on project, in district Simple, cheap follow-up exploration and metallurgical testwork to begin immediately Well funded for immediate work program Potential processing solution in White Mesa Mill presents opportunity for low CAPEX development 11 TNT Mines | Investor Presentation TNT Mines | Investor Presentation 11
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