#17 October 2020 MARENICA ENERGY LIMITED ASX Announcement INVESTOR PRESENTATION NOTICE Office C1, 1139 Hay Street West Perth WA 6005 +61 (0)8 6555 1816 www.marenicaenergy.com.au Please find attached a presentation to be given by Murray Hill, CEO of Marenica Energy Limited (ASX:MEY) to investors and shareholders via a live webinar hosted by Reach Markets at 7pm AEST on Thursday, 8 October 2020. To participate, please register at: https://marenicaenergy.investorportal.com.au/live-investor-briefing/ This announcement has been authorised for release to the ASX by Murray Hill. For further information, please contact: Warrick Lace Reach Markets [email protected] +61 (0) 404 656 408 About Marenica Energy Limited Marenica Energy Limited is exploring its large tenement position in the globally recognised Erongo uranium region of Namibia, a country with an established and longstanding uranium mining industry. In addition, Marenica has tenements and joint venture interests containing substantial uranium resources in the Northern Territory of Australia and Western Australia and its U-pgrade ™ uranium beneficiation process. TM#2MARENICA ENERGY LIMITED Acquire Explore U-pgrade™ Investor Presentation October 2020 ASX:MEY#3Nuclear Power Global demand increasing • MARENICA ENERGY LIMITED · • Benefit of reduced carbon emissions and pollution more fully understood and accepted Nuclear produces the lowest carbon emissions of any power source Nuclear provides base load power 24/7; not only when the sun shines or the wind blows • . Nuclear is back in favour as a base-load provider of clean energy Hundreds of millions of new energy consumers urbanising and modernising 54 nuclear power stations under construction and 321 expected to come on line before 2040 The worlds reactors will need supply of uranium, but not at the current uranium price 2#4Uranium Supply side constraints • • Suppressed uranium spot price over an extended period No new Uranium production coming on stream Uranium stockpiles have been depleted 400 350 300 • Supply side deficit existed at start of • · 2020 Global pandemic significantly impacted uranium production Many uranium projects remain uneconomic at current uranium prices Source: World Nuclear Association Mlbs U308 < Production > < Demand 250 COVID 200 Impact 150 100 50 0 2020 Estimated Primary and Secondary 442 Reactors in Operation Production MARENICA ENERGY LIMITED 54 Reactors under Construction 321 Reactors Proposed 3#5A Developing Uranium Company Strategy Acquire Acquire projects / tenements that meet a defined criteria Explore Strategic exploration of large tenement position MARENICA ENERGY LIMITED U-pgrade™ Value add through application of patented U-pgrade TM uranium beneficiation process Delivering on Strategy • Australian uranium asset portfolio - 48 Mlb at average 859 ppm U308 • Successful exploration results achieved on large and strategic tenement position in Namibia • U-pgrade™ beneficiation process expected to be applied to all assets - lowering cost base • Potentially providing significant sustainable project developments in the future . Global macroeconomic tailwinds supporting increased use of nuclear energy 4#6• Namibia MARENICA ENERGY LIMITED 72200'S Usakos Namibia is a world-class uranium province with an established uranium mining industry Marenica is the largest tenement holder for uranium in Namibia Tenements upstream of known calcrete hosted palaeochannel deposits Target mineralisation is calcrete hosted shallow palaeochannels, ideally suited for the application of U-pgrade™ 61 Mlb resource at Marenica Uranium Project beneficiates to ~5,000 ppm via U-pgrade TM process Cape Cross Mile 72 Area MILE 72 EPL 3308 EPL 7508 Marenica Area Henties Bay MARENICA URANIUM PROJECT MDRL 3287 Trekkopje ORANO Orano Desalination Plant Atlantic Ocean 25 kilometres Orano Desalination SWAKOPMUND Pipeline Alaskite Alley EPL 7368 andis Rossing CNUC Etango BANNE MAN WALVIS BAY (Port) Tubas (DYL) International Tumas 3 (DYL) Airport Husab CGNPCAKOP NAMIBIA NAMIBIA WANDHOEK Langer Hein PALADIN Area Tumas 2 (DYL) Tumas 1 (DYL) Tur as Et (DYL) EPL 6663 EPL 7279 KOPPIE EPL 6987 EPL 7436 Mine Prospect Active EPL EPL Application 14°30'E Namib Area EPL 7662 EPL 7278 Aussinanis (DYL) 15°00'E 15°30'E 22°30'S 23°30'S#7Namib Area · . Contiguous land package Known uranium province - hosting >230 Mlb of resources Upstream of known deposits Exploration to date has been successful Swakopmund 23km Tubas - 19 Mlb Tumas 3-37 Mlb Walvis Bay 23km Tumas 1 & 2-16 Mlb Sy kop River MARENICA ENERGY LIMITED Langer Heinrich - 120 Mlb KOPPIES EPL 6987 EPL 6663 Tumas Channel Total - 96 Mlb Tumas 1 East- 25 Mlb EPL 7279 Maren on Energy 1.1 ACEAL Maranica Er orgy Lid EPL Action Deep Yalow Ltd Paisdir Energy Ltd Marenica Paleocharnel DYL Pace with Cerection of Flaw Mine Propan Deep Year Lid dela vereed om Cutlery Adres Report for the Per Ending 50 2010, 11 July 200 Pelsdn Energy Lttenta aced tom BUD-29th Glow Metals & Unne Conference Presentasen Aussinanis 18 Mlb EPL 7662 EPL 7436 HIRABEB EPL 7278 A 20 kilometres Windhoek 200km 6 ndhoek 170km#8Koppies Project Drilling at Koppies has delivered exceptional uranium mineralisation 7,448,000mN 2019 Koppies drill results: 13 m at 905 ppm U3O Incl. 2 m at 4,504 ppm U308 3 m at 3,087 ppm U3O8 Incl. 1 m at 7,060 ppm U308 10 m at 687 ppm U3O8 Incl. 2 m at 1,974 ppm U308 Koppies palaeochannel currently 6.4 km² 528 000mE KOPPIES 1 KOPPIES 2 7,448,000ml 1.6km 530,000mE MARENICA ENERGY LIMITED KOPPIES EPL 5987 KOPPIES EPL 6987 Map Area 5.1km 7,446,000m 528,000mE 530,000mE 7,448,000mN EPL 7279 1000 metres Projection: UTM Zone 335 (WGS84) EPL Boundary Grade Thickness Drill Holes (U,O,ppm x m) > 5000 0 1000 - 5000 ° 500-1000 . 100-500 <100 Palaeochannel September 2020 7 N N#9Hirabeb Project MARENICA ENERGY LIMITED 530,000mE 540,000mE 550,000mE Marenica Energy • · Exploration at Hirabeb identifies extensive mineralised palaeochannel system Palaeochannel extends >36 km, distance wider than English Channel Mineralisation identified over 30 km Large area of tenement covered by palaeochannels EPL Boundary Deep Yellow EPL Boundary HLEM Survey Line Palaeochannel July 2020 Mineralised Palaeochannel- Uncertain Location Grade Thickness Drill Holes (U,O,ppm x m) 0 1000-5000 500-1000 100 - 500 50-100 <50 Within Palaeochannel <50 Outside Palaeochannel Aussinanis ENGLAND DOVER ENGLISH CHANNEL HIRABEB EPL 7278 36km Palaeochannel CALAIS FRANCE 7,410,000mN HIRABEB EPL 7278 36 km 520,000mE 530,000mE 540,000mE ??? EPL 7436 7,430,000r 7,420,000r 7,410,000r 5 kilometres Projection: UTM Zone 33S (WGS84) 550,000mE 8#10Australian Projects BEATRICE SOUTH MARENICA ENERGY LIMITED Port Hedland O OOBAGOOMA Broome O WESTERN AUSTRALIA Lake Maitland Yeelimie MOUNT GILRUTH Ranger Jabiluka NORTHERN TERRITORY WALBIRI Kintyre BIGRLYI MINERVA O Alice Springs ANGELA 100% Owned Angela deposit: 31 Mlb at 1,310 ppm U₂Og Minerva deposit high-grade uranium and gold Thatcher Soak deposit: 11 Mlb at 425 ppm U308 Oobagooma deposit: historical resource (unable to report) PERTH O 500km THATCHER SOAK Mulga Rocks Kalgoorlie O Operating Uranium Mine Uranium Deposit Marenica Energy Uranium Project SOUTH AUSTRALIA Beverley Joint Venture Interests Olympic Dam Honeymoon JV's Bigrlyi deposit (21% MEY): 21 Mlb at 1,283 ppm U3Og and Walbiri deposit (23% MEY): 16 Mlb at 641 ppm U3O8 Additional smaller deposits (21-24% MEY): 3.6 Mlb at 524 ppm U308 See resource table on slide 16 9#11U-pgrade™ - The Differentiator MARENICA ENERGY LIMITED What is U-pgrade™ · 100% owned and patented breakthrough beneficiation process developed in collaboration with CSIRO TM U-pgrade ™ rejects >95% of mass prior to leach TM U-pgrade ™ demonstrated to increase Marenica Project ore grade from 93 ppm to ~5,000 ppm U308 · U-pgrade TM also rejects acid consumers and thereby reduces acid consumption Significant Benefits • . Potential to reduce CAPEX and OPEX by ~50%, compared with conventional processes, on surficial uranium ores Produces low-volume high-grade concentrate which reduces capital costs of processing plant and tailings; and operating costs for handling, processing and tailings • Provides optionality for project development • Allows Marenica to develop projects others can't 10#12Strategic Advantage MARENICA ENERGY LIMITED Large Uranium Asset Base + U-pgrade™ • • . • Resources + Process Namibian uranium asset portfolio Australian uranium asset portfolio Assets held in politically safe jurisdictions Wholly owned breakthrough beneficiation process Increased Marenica Project ore grade from 93 to ~5,000 ppm U308 Reduces cost base by ~50% · • Strategic Advantage Lower uranium price required to commence development Able to expedite development Positioned to take "first-mover advantage" ahead of other greenfield developments Multi-asset uranium portfolio, providing long term development opportunities 11#13Corporate Snapshot MARENICA ENERGY LIMITED Experienced Board & Management Andrew Bantock Chairman Murray Hill MD/CEO Nelson Chen NED Shane McBride CFO & Co Sec Dave Princep Consulting Geologist +25 years experience as Director, CEO and CFO roles primarily in mining Highly experienced ASX Director +38 years experience in ASX listed mining companies, including 11 years in uranium industry Geologist - Extensive uranium experience in Namibia and Australia Capital Structure ASX Code MEY Share Price (17 September 2020) $0.088 +35 years experience in the mining industry, including 14 years in uranium Shares on issue 143 M Options on issue 50 M Market Capitalisation $12.6 M Cash (30 June 2020) $1.1 M Enterprise value $11.5 M Significant Shareholders O ■Chris Retzos (10.5%) Hanlong Resources (8.1%) Directors & Management (5.8%) JP Morgan Nominees Australia Limited (3.1%) Citicorp Nominees Pty Ltd (3.0%) ■Other (69.6%) 12#14Investment Highlights A Y MARENICA ENERGY LIMITED Large scale Namibian tenement holdings with successful uranium exploration results achieved Portfolio of under-developed high-grade uranium assets in Australia Breakthrough U-pgrade TM beneficiation process shown to reduce cost at Marenica Project, providing Marenica with a first mover advantage at a lower uranium incentive price to peers Clear differentiation from peers in terms of U-pgrade TM process advantage and large uranium asset base Low market capitalisation when compared to peers Experienced team with a proven track record in exploration and development of mining projects 13#15Contact MARENICA ENERGY LIMITED Murray Hill Managing Director [email protected] +61 417 001 020 Warrick Lace Investor Relations warrick.lace@reach markets.com.au +61 404 656 408 14#16JORC Resource Table MARENICA ENERGY LIMITED Cut-off Total Resource Deposit Category (ppm Tonnes U308 U308 V₂O5 U30g) (M) (ppm) (Mlb) (ppm) V205 Marenica Tonnes (Mlb) Holding (M) (ppm) (Mlb) (ppm) (Mlb) Marenica Share U308 U308 V₂O5 V₂O5 Australia 100% Holding Angela Pamela JORC 2004 Inferred 300 Thatcher Soak JORC 2012 Inferred 150 10.7 11.6 1,310 30.8 100% 10.7 1,310 30.8 425 10.9 100% 100% Held Resource Total 22.3 850 41.7 100% 11.6 22.3 425 10.9 850 41.7 Australia - Joint Venture Holding Bigrlyi Deposit Indicated 500 4.7 1,366 14.0 1,303 13.4 1,303 2.8 Inferred 500 2.8 1,144 7.1 Bigrlyi Total JORC 2004 Total 500 7.5 1,283 21.1 1,022 1,197 6.3 19.7 1,022 1.3 20.82% 1.55 1,283 4.39 1,197 4.1 Walbiri Joint Venture Joint Venture 100% EME Inferred 200 5.1 636 7.1 22.88% 1.16 636 1.63 Inferred 200 5.9 646 8.4 Walbiri Total JORC 2012 Total 200 11.0 641 15.5 Bigrlyi Joint Venture Sundberg JORC 2012 Inferred 200 1.01 259 0.57 Hill One Joint Venture JORC 2012 Inferred 200 0.26 281 0.16 20.82% 0.21 20.82% 0.05 259 0.12 281 0.03 Hill One EME Karins JORC 2012 Inferred 200 0.24 371 0.19 JORC 2012 Inferred 200 1.24 556 1.52 20.82% 0.26 556 0.32 Malawiri Joint Venture JORC 2012 Inferred 100 0.42 1,288 1.20 23.97% 0.10 1,288 0.29 Joint Venture Resource Total Australia Total 21.6 847 40.2 1,197 19.7 3.34 923 6.77 1,197 4.1 43.9 848 81.9 1,197 19.7 25.6 859 48.4 1,197 4.1 Namibia Marenica JORC 2004 Indicated 50 Inferred MA7 JORC 2004 Inferred 555 26.5 110 6.4 50 249.6 92 50.9 50 22.8 81 4.0 Namibia Total 298.9 93 61.3 TOTAL 75% 19.9 110 4.8 75% 187.2 92 38.2 75% 17.1 81 3.0 224.2 93 46.0 94.4 15#17Disclaimer & Competent Persons Statement MARENICA ENERGY LIMITED Disclaimer: This presentation has been prepared by Marenica Energy Limited (MEY) for general information purposes only. The presentation is not and should not be considered as an offer or invitation to subscribe for or purchase any securities in MEY. No agreement to subscribe for securities in MEY will be entered into on the basis of this presentation. This presentation may contain certain forward-looking statements which have not been based solely on historical facts but rather on MEY's current expectations about future events and a number of assumptions which are subject to significant uncertainties and contingencies many of which are outside the control of MEY and its directors, officers and advisers. Due care and attention has been taken in the preparation of this presentation. However, the information contained in this presentation including financial information and estimates (other than as specifically stated) has not been independently verified for MEY or its directors and officers. Marenica Uranium Project: The Company confirms that the Mineral Resource Estimate for the Marenica Uranium Project has not changed since the annual review included in the 2020 Annual Report. The Company is not aware of any new information, or data, that effects the information in the 2020 Annual Report and confirms that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. Australian Uranium Projects: The Company confirms that the Mineral Resource Estimates for Angela, Thatcher Soak, Bigrlyi, Sundberg, Hill One, Karins, Walbiri and Malawiri have not changed since the annual review included in the 2020 Annual Report. The Company is not aware of any new information, or data, that effects the information in the 2020 Annual Report and confirms that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The Mineral Resource Estimates for the Angela deposit and the Bigrlyi deposit were prepared in accordance with the requirements of the JORC Code 2004. The Mineral Resource Estimates were prepared and first disclosed under the 2004 Edition of the Australian Code for the Reporting of Exploration Results, Minerals Resources and Ore Reserves (JORC Code 2004). They have not been updated since to comply with the 2012 Edition of the Australian Code for the Reporting of Exploration Results, Minerals Resources and Ore Reserves (JORC Code 2012) on the basis that the information has not materially changed since they were last reported. A Competent Person has not undertaken sufficient work to classify the estimate of the Mineral Resources in accordance with the JORC Code 2012; it is possible that following evaluation and/or further exploration work the currently reported estimates may materially change and hence will need to be reported afresh under and in accordance with the JORC Code 2012. 16