Investor Presentaiton

Uranium 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

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