Info on the world\'s best undeveloped uranium and rare earth deposit.

1. U2010, Saskatoon, Canada AgpaiticNephelineSyenites of the Ilimaussaq Complex, Greenland: An Important New Uranium Ore-Type John L. Mair (BSc (Hons), PhD, MAusIMM) General Manager Business Development Shaun Bunn (BSc, GDip (Met), MBA, MAusIMM) Chief Operating Officer “Specialty Metals for a Greener World”

2. ACKNOWLEDGEMENTS Material presented herein draws on studies by Greenland Minerals and Energy Ltd. as well as many years work by numerous groups Geology and resources: Geological survey of Greenland and Denmark, researchers from the University of Copenhagen Metallurgy and process development: Danish Atomic Energy Commission (RISO)

3. Introduction Uranium and REEs: strategically important commodities for the future Greenland: an emerging minerals province Project: the Kvanefjeld Multi-element Project, South Greenland Geology: Intrusive deposit types: Alaskite (leucogranite) – large bulk-tonnage, low grade deposits Rossing Mine, Rossing South, Etango, Valencia Agpaitic Nepheline Syenites: type locality – Ilimaussaq Complex Unconventional rocks and minerals; unique hydrometallurgical uranium extraction

4. Greenland Geology Border zone Batholith zone Archaeancraton Ketilidianorogen (Paleaoproterozoic) Metasediment zone Gardar Province (Mesoproterozoic) Gardar Province – Alkaline intrusions emplaced in a continental rift setting (Ilimaussaq Intrusion)

5. 5 Ilimaussaq Intrusive Complex Ilimaussaq Complex False-colour image over south Greenland

7. Subject of more that 700 published scientific papers

8. Uranium enrichment identified in the 1950’s

9. Work programs implemented by RISO and GEUS (state sponsored)

10. Work programs ceased in 1983, project mothballed

11. Work recommended in 2007 by Greenland Minerals and Energy Limited

13. Ilimaussaq Intrusive Complex Geology and Genesis

14. MAJOR ORE TYPES OF THE ILIMAUSSAQ COMPLEX REE, U, Zn ores Eudialyte ores (Zr, REE, +/-Nb, Ta) U Zr REE Key Minerals Steenstrupine - U, REEs Na-Zr-U-silicates - U, Y Cerite, Vitusite - REEs Sphalerite - Zinc Eudialyte +/-monazite Geochemical profiles

15. Block faulting has resulted in different levels of the complex being exposed with deeper levels exposed to the south Upper Levels Mid- Levels Basal Levels (Kakortokites)

16. View toward northern half of the complex where highest levels are preserved Thick sequence of black lujavrite

17. Ilimaussaq Intrusive Complex Key Geological Units

18. Kvanefjeld - Resources 1) Uranium cut-off grades used owing to greater assay coverage; 2) TREO = rare earth elements plus yttrium 457 Mt Resource containing: 4.9 Mt TREO @ 1.07%, 0.99 Mt Zn @ 0.22% Zn 282 Mlbs U3O8@ 280 ppm U3O8 JORC – Compliant, 79% Indicated, 21% Inferred

20. Low strip ratio

21. Highest grades are in the near-surface environment:

22. Grades range from >350 ppm U3O8, 1.3% REO near surface, to 200 ppm U3O8 and 1% REO below 250 m depth

23. Resource is located 7 km from tidewater, with deep water fjords running directly out to North Atlantic OceanKvanefjeld – Long section through resource model

25. The Global Significance of the Kvanefjeld Resource Kvanefjeld is both large, and relatively enriched in the high-demand Heavy Rare Earths Known REE resources that are compliant by either the Australian JORC code, or Canadian National Instrument 43-101 standards. China also contains very significant REE resources but compliant figures are uncertain (Source IMCOA).

26. Ilimaussaq Complex Resource Potential Regional drill holes demonstrate huge potential for new multi-element deposits Lujavrite – host to multi-element ores, occurs throughout the northern Ilimaussaq Complex at varying depths B B’

27. Kvanefjeld Ore (Lujavrite Mineralogy) Aegirine Arfvedsonite Bioitite Albite Microcline Sodalite Analcime SteenstrupineU, REE Monazite REE, Th VitusiteREE CeriteREE Na-Zr-silicatesU (lovozero group) SphaleriteZn Amphibole, pyroxene (Fe silicates) Feldspars/Feldspathoids (Silicates) Phosphates Silicates Sulphide 20

29. Alkaline leaching evaluated, but unconventional approach required

30. Unconventional mix of carbonate and bicarbonate

31. Temperatures > 250°c required to achieve good recoveries

32. Piloted successfully using pipe reactors, whole-of-ore feed

34. Highly selective U extraction

35. Unconventional NaHCO3, Na2CO3 ratio of ~ 6:1 , with oxidant

36. High reagent concentrations, but low consumption

37. Pilot plant tests demonstrate strong influence of temperature

38. Variability tests reveal significant mineralogical influence on uranium recovery – ability to account for mineralogical variation in resource essential

41. Multi-element approach – looking to extract U, plus REEs, and Zn

42. Draws heavily on historic work, and integrates technological developments of the last 25 years

43. Autoclave technology allows higher P-T operations

44. Geochemical modeling and 3D geological software provides ability to map ore-body to account for mineralogical variability

46. 24 Conceptual process flow sheet – base case scenario: 1- alkaline pressure leach uranium extraction; 2 - concentrate REE minerals; 3 - extract REEs with dilute acid wash

48. Ores are considered polymetallic: uranium co-exists with REEs and zinc

49. The Ilimaussaq complex already hosts one of the world’s largest uranium resources with potential for significant increases

50. Alkaline (carbonate) pressure leach can successfully extract uranium, without affecting the subsequent recovery of a REE concentrate