Investor Presentaiton

20 20 92 22 238 U URANIUM BEST FUNDAMENTALS FOR URANIUM MARKET IN LIFETIME SHORT TERM URANIUM DRIVERS 10 years of under-investment in uranium exploration and development - result is looming supply shortfall Supply side issues – i.e. Niger Coup, reduction in Cameco Supply, Kazatomprom? Long-term contract market for uranium between producers and utilities resumed, demonstrating the supply risk has shifted to utilities Energy security concerns resulting in stockpiling of uranium and Nuclear Power Plant (NPP) extensions ➤ Financial market speculation (primarily from SPUT 14) 92Energy.com LONGER-TERM URANIUM PRICE DRIVERS Electrification - electricity demand predicted to grow by 75% from 2020 levels to 202515 Global shift to decarbonisation - COP28 - 25 countries pledged to triple nuclear energy by 2050, incl US, France and Canada Small modular reactors (SMR's) - potential to replace coal? In 2022, risks to energy security resulted in a record number of nuclear power plant restarts, extensions, and new build announcements. Some recent events: Japan restarting nuclear reactors and announced new builds. China NPP's 156 proposed, 47 planned, 21 under construction, 55 in operation 1 - 16 India NPPs - 28 proposed, 12 planned, 8 under construction 13 Korea announced +30% of energy will be produced using nuclear NPP Extensions US, Belgium, Japan 14 Sprott Physical Uranium Investment Trust 15 IEA World Economic Outlook 16 WNA Nuclear Power Reactors and Uranium Requirements - Jan 2023 92 Energy Ltd.

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