BARYS RESOURCES LIMITED — Investor Presentation 2021

Dec 8, 2021

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ASX:KMT

Corporate Presentation December 2021

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IMAGE: Historical Horseshoe Lights Mine open pit
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Disclaimer

Summary Information

This presentation (Presentation) has been prepared and authorised for release by the Board of Kopore Metals Limited ( Kopore or the Company ). This Presentation provides a summary on Kopore, its subsidiaries and its Botswana and Australian projects, which is current as at the date of this Presentation. It also includes information about a proposed acquisition of assets in Niger. The information in this Presentation is of a general nature and does not purport to be complete nor does it contain all the information which a prospective investor may require in evaluating a possible investment in Kopore. This Presentation should be read in conjunction with Kopore's other periodic and continuous disclosure announcements which are available at www.asx.com.au. This Presentation does not constitute financial product or investment advice or an offer, invitation or recommendation to acquire securities in Kopore. The information in this Presentation does not take into account the investment objectives, financial situation or particular needs of any recipient. Before making an investment decision, each recipient of this Presentation should make their own independent evaluation of an investment in the Company and consult with their own legal, tax, business and/or financial advisers in connection with any acquisition of securities or interest in Kopore.

Disclaimer

This Presentation does not constitute an offer, invitation or recommendation to subscribe for, or purchase any security or interest in Kopore. Kopore makes no representation or warranty, express or implied, as to the accuracy, adequacy, completeness or reliability of any statements, representations, estimates or opinions or other information contained in this Presentation. To the maximum extent permitted by law, each of Kopore and its subsidiaries, and their respective directors, officers, employees, contractors, agents and advisers shall have no liability, including liability to any person by reason of negligence or negligent misstatement, for any statements, opinions, information or matters, express or implied, arising out of, contained in or derived from, or for any omissions from this Presentation and they do not accept any liability for any loss or damage which may be suffered by a person through the use or reliance on any statement made in, or omitted from, this Presentation.

Information regarding the Niger project is based on data compiled from company announcements to the ASX by the previous owners of the project, NGM Resources Limited (NGM) and Paladin Energy Limited (Paladin). In particular the announcements made by NGM on 5[th] June 2008, 25[th] May 2009, 23[rd] July 2009, 4[th] August 2009, 6[th] November 2009, 15[th] December 2009, 28[th] January 2010, 31st March 2010, 5[th] May 2010, 27[th] May 2010 and 15[th] July 2010 and Paladin’s annual reports announced 31[st] August 2011, 30th August 2012, 29th August 2013 and 28th August 2014. Based on the reporting by both NGM and Paladin, the Company believes that there has been no material change to the drilling results or Mineral Resources previously announced to the ASX and that there is no additional information available regarding the project that has not been previously announced to the ASX. It should be noted that the Mineral Resource estimate for the Takardeit deposit was first reported under the 2004 edition of the Joint Ore Reserves Committee Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC(2004)) and is included in the presentation on the basis that there has been no additional drilling reported on the deposit and there has been no material change to the underlying Mineral Resource information. It is expected that, once the transaction has been completed studies will be undertaken to enable the company to report the Takardeit Mineral Resources to the current JORC(2012) code. The Company does not adopt or endorse the drilling results or Mineral Resources previously announced to the ASX.

Forward Looking statements

This Presentation contains forward looking statements that are based on the Company’s beliefs, expectations, estimates and projections as of the date on which the statements were made and no obligation is assumed by Kopore to update forward looking statements if these beliefs, expectations, estimates and projections should change or to reflect other future developments. Forward looking statements can generally be identified by the use of words such as ‘outlook’, ‘anticipate’, ‘project’, ‘target’, ‘potential’, ‘likely’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘may’, ‘would’, ‘could’, ‘should’, ‘scheduled’, ‘will’, ‘plan’, ‘forecast’, ‘evolve’ and other similar expressions. Any forward looking statements, including projections, guidance on future revenues, earnings and estimates, are provided as a general guide only and should not be relied upon as an indication or guarantee of the future performance of Kopore. Forward looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies and involve known and unknown risks, and other factors that may cause Kopore's actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward looking statements.

Competent Persons Statement

The information in this presentation that relates to Exploration Results and Mineral Resources for the Niger project is based on information compiled by Mr David Princep, who is an independent consultant of the Company. Mr Princep confirms that the information in this presentation is an accurate representation of the available data and studies of the Takardeit Project. Mr Princep is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM) and a Chartered Professional Geologist and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Princep consents to the inclusion in the report of matters based on information in the form and context in which it appears.

The information in this presentation that relates to Geophysical Exploration Results for the Botswana and Australian projects is based on information compiled by Mr Grant Ferguson, who is a non-executive Director, shareholder and consultant of the Company. Mr Ferguson is a fellow of the Australian Institute of Geoscientists (AIG) and a fellow of the Australian Institute of Mining and Metallurgy (AusIMM) and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Ferguson consents to the inclusion in the report of matters based on information in the form and context in which it appears.

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2

Uranium & Copper – Critical Components for a Green Future

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Proposed Acquisition
Agadez Project
Tim Mersoi Basin
Niger (U)
Horseshoe West Project
Bryah Basin
Western Australia
(Cu/Au)
Ghanzi West Project
Kalahari Copper Belt
Botswana (Cu)
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3

Overview – A Unique Opportunity in Niger

• 17% U3O8 highest assay recorded from samples of sandstone outcrops at Takardeit

• Same geology as Orano’s mines and the significant deposits held by TSX listed Global Atomic and TSX-V listed Goviex

• Niger is a mining friendly jurisdiction with a 50-year history of uranium production

• Tenements previously acquired by Paladin Energy for AU$27M when uranium prices were ~US$45/lb[1]

• 2004 JORC Inferred Mineral Resource at Takardeit of 23Mt at a grade of 210ppm U3O8 for 11Mlbs utilizing a 120ppm cut off[2]

• Strengthened leadership team with strong uranium experience

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Notes:

1. At the time of Paladin’s acquisition of NGM, NGM also held metal exploration tenements in Madagascar. The original uranium tenements covered an area of ~1,500km[2] . In 2013, Paladin Energy relinquished 50% of the uranium tenements. The areas retained by Paladin reflect the Permits proposed to be acquired by KMT

2. The Mineral Resource Estimate was previously reported by NGM Resources Limited (NGM) on 28 January 2010 under the JORC Code 2004. The estimate of Mineral Resource is not reported in accordance with the JORC Code 2012. A Competent Person has not done sufficient work to classify the estimates of Mineral Resource

4 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 in accordance with the JORC Code 2012. For further information, including the work the Company intends to undertake on the asset and reporting it in accordance with JORC 2012, please see the Company’s announcement of 9 December 2021.

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Overview – Ghanzi West Project in the Kalahari Copper Belt

• Underexplored emerging world-class copper province

• Along strike of Sandfire’s copper-silver Motheo mine under construction and high-grade A4 deposit

• Large domal targets at Kara (~840km[2] ) and Korong (~1,090km[2] )

• Botswana ranked 1st in Africa and 11th of 77 countries globally in overall mining investment attractiveness[1]

• Safe, politically stable and mining-friendly jurisdiction

• 6 prospecting licences over a land area of 2,619km[2 ]

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Notes:

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1. Fraser Institute Annual Survey of Mining Companies 2020

5

Overview – Horseshoe West Project in Western Australia

• Earn-in and Joint Venture with subsidiary of Horseshoe Metals Ltd relating to 9 prospecting licences, 1 exploration licence and part of a mining lease

• Tenements surround the historical high-grade coppergold Horseshoe Lights Mine

• Located in highly prospective and prolific (Cu-Au) Bryah Basin region in WA

• 75km from Sandfire’s (ASX:SFR) Degrussa Mine

• Recent auger drilling program delineated a coherent copper-gold soil anomaly over identified airborne magnetic trends

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Figure 1: Location of Horseshoe Lights Project tenements in the Kopore earnin and joint venture agreement, with Kopore ‘Exclusion Zone’ within M52/743 highlighted in red

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6

Overview – Program of Work 2022

Niger

• Complete acquisition

• Set up office in Niger & engage technical team

• Acquire full set of historical data on Tenements

• Undertake fieldwork and ground mapping

• Develop and execute drilling program

Botswana

• Aeromagnetic survey on Botswana tenements scheduled for Q1 2022

• Reinterpretation of historical electro-magnetic survey will identify possible drill targeting

• Develop and execute drilling program

Australia

• Results from auger and planned IP to inform drill program at Horseshoe West

• Design a drill program based on recent work undertaken

• Identifying additional targets based on recent desktop and field work

• Upgrade 2004 JORC Inferred Mineral Resource to 2012 JORC status

• Intention to increase land holdings in Niger

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7

Uranium & Copper – Critical Components for a Green Future

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Agreement to Acquire Highly Prospective Uranium Tenements in Niger

• •• Agreement to acquire 3 Agreement to acquire 3 uranium exploration uranium exploration tenements in Niger (Agadez tenements in Niger (Agadez Project), in the same region Project), in the same region as other mines and major as other mines and major deposits deposits

• • Located in the Tim Mersoi • Located in the Tim Mersoi Basin, which hosts all Basin, which hosts all commercial uranium commercial uranium deposits in Niger deposits in Niger

• •• Marks first step in KMT’s Marks first step in KMT’s strategic diversification into strategic diversification into clean energy focused assets clean energy focused assets

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Complementary Asset Portfolio

• •• Copper exploration assets in Copper exploration assets in Botwana’s Kalahari copper Botwana’s Kalahari copper belt along strike of belt along strike of Sandfire’s Resources NL Sandfire’s Resources NL Motheo copper-silver Motheo copper-silver mine planned mine (2022) under construction

• •• Earn-in & JV with subsidiary Earn-in & JV with subsidiary of Horseshoe Metals Ltd of Horseshoe Metals Ltd into tenements surrounding into tenements surrounding the historic high-grade the historic high-grade copper-gold Horseshoe copper-gold Horseshoe Lights Mine in Western Lights Mine in Western Australia Australia

• • • Copper has a significant role Copper has a significant role in the electrification of in the electrification of renewable energy systems renewable energy systems

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Near Term Geology Workplan and Acquisition Completion

• • Completion of Niger Completion of Niger acquisition scheduled for acquisition scheduled for Q1 2022 Q1 2022

• • • Exploration program for Exploration program for Niger tenements being Niger tenements being developed for developed for commencement Q1 2022 commencement

• • Aeromagnetic survey on immediately postBotswana tenements completion

• • scheduled for Q1 2021.Aeromagnetic survey on • Botswana tenements Results from auger and planned IP to inform drill scheduled for Q1 2022

• program at Horseshoe West Results from auger and planned IP to inform drill program at Horseshoe West

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Strengthened Leadership Team

• • Leadership team focused on Leadership team focused on transforming Kapore into a transforming Kopore into a leading clean energy leading clean energy minerals explorer minerals explorer

• • New MD with significant New MD with significant African, corporate and African, corporate and operations experience with operations experience with copper and uranium assets copper and uranium assets

• • New Chairman with broad • New Chairman with broad skillset and deep uranium skillset and deep uranium and copper industry and copper industry experience experience

• •• Additional technical support Additional technical support to help develop and drive to help develop and drive exploration program exploration program

Strategic acquisition of highly prospective uranium assets in one of the world’s major uranium producing regions

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8

Corporate Snapshot

Capital Structure[1]

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ASX Code ASX:KMT
Share Price (A$) [2] 0.034
Shares on Issue (M) 645.4
Shares to be issued under capital
40.0
raising (M)
Market Capitalisation (A$M) [2,3] 21.9
Options (M) [4] 50.0
Cash (A$M) [2] 0.6
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KMT Share Price Performance (LTM)

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Price (A$) / Share Volume (M)
0.05 20.00
17.50
0.04
15.00
12.50
0.03
10.00
0.02
7.50
5.00
0.01
2.50
- -
Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21
Volume (M) Share Price (A$ / Share)
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Notes:

1. Does not include the Consideration Shares, Performance Shares and Performance Options to be issued pursuant to the Share Sale Agreement announced on 9 December 2021.

2. 9

3. As at last close on 6 December 2021

4. Undiluted basis

5. 8,000,000 options exercisable at $.036 each and expiring 29 May 2024; 14,000,000 options exercisable at $0.045 each and expiring 7 December 2023; 3,000,000 IMAGE: Drill rig at Korong Dome - Botswana options exercisable at $0.045 each and expiring 19 November 2023; 25,000,000 options exercisable at $0.02 each and expiring 1 February 2025

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Strengthened Leadership Team

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James Eggins Non-Executive Chairman BA, LLB (Hons)

Mr Eggins is a seasoned mining executive who has been involved in the uranium industry since 1981. Mr Eggins has been involved in the mine-tomarket supply chain for mines in Africa and Australia and has served as Chair of the Uranium Information Centre and as a Board member for the World Nuclear Association

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Caroline Keats Managing Director / CEO BBus, LLB (Hons)

Ms Keats is a focused business leader and mining executive with 20

years’ corporate / commercial experience. She has worked with listed mining companies at all stages of the development cycle and has a strong background in financing, off-take and M&A for copper/uranium producers. Ms Keats was previously the MD of DRC copper producer, Tiger Resources Ltd

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Grant Ferguson Technical Director BSc (Geology), PGradDip

A geologist with over 24 years’ experience in gold and base metal

operations, including significant experience with assets in Australia and Africa. He has worked on exploration, scoping / prefeasibility & feasibility studies, project development and mining operations for public and private companies

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Simon Jackson David Catterall Corporate Executive Exploration Manager Bcom, FCA BSc (Hons), MSc, C.Eng

• A chartered accountant Mr Catterall is a geologist and corporate executive with 36 years’ experience with over 25 years’ in mineral exploration

• experience in the mining throughout Africa and sector, Mr Jackson Europe, in a wide range of

• specializes in M&A, public commodities, including equity markets two years of uranium and

• management and industrial minerals

• corporate finance. His exploration. Mr Catterall career has included specializes in structurally

• corporate transactions in controlled precious and Canada, Australia, Africa base metals deposits. and Indonesia

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10

Transaction Overview

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Highlights Detail
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Transaction Overview	• Agreement to purchase 100% of the issued capital in EF Niger Exploration SARL(Niger Exploration), a wholly owned subsidiary of Endeavour Financial AG (Endeavour) that holds the Agadez Project • Agadez Project comprises 3 granted exploration permits and 1 exploration licence application in the highly prospective Tim Mersoi Basin (Permits) • In consideration, Kopore will pay US$100,000 to Endeavour and issue Endeavour (or its nominee(s)) 120,000,000 Company shares at a deemed issued price of $0.02 (Consideration Shares) • The Consideration Shares will be subject to a cascading voluntary escrow regime (3, 6 and 12 months) and customary sales provisions • Kopore has agreed to spend a minimum of US$2,000,000 on the Permits within the first 24 months (subject to any force majeure extension), with US$1,500,000 of that amount to be spent on a drilling program • The Company has also agreed to issue Endeavour (or its nominee(s)) 80,000,000 performance shares, with a 5 year expiry date, and 50,000,000 performance options, with an exercise price of $0.03 and a 3 year expiry date, with the vesting of those performance shares and options linked to Kopore having declared a Mineral Resource of at least 16,000,000 pounds of U308at a minimum grade of 200ppmU308on any of the Permits (prepared and reported in accordance with the JORC Code 2012)
Conditions Precedents	• The Company raising at least A$1M (before costs) • The Company being satisfied with its due diligence enquiries • Niger Exploration obtaining a 2 year extension on the Permits (on terms satisfactory to it), taking the Permit term to November 2024 • All regulatory, government and shareholder approvals being obtained
Funds raised	• A$1.2M (before costs)
Use of Funds	• Working capital • Transaction costs

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11

A Unique Opportunity in Niger’s Uranium Basin 100% acquisition of prospective tenements close to producing U3O8 mines

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726km[2 ] landholding across three tenements in Niger’s uranium-rich Tim Mersoi Basin

Existing Inferred Resource[1] U308 23Mt @ .021% for 11Mlb U3O8

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Previous owners identified a number of drill-ready (exploration) targets[2]

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High-grade sampling results include[2] 17% U3O8

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Located in the Tim Mersoi basin within ~200kms of Niger’s largest Uranium mines

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>24,000m of Percussion, Mud Rotary and Diamond drilling completed on tenement package

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Strong Niger government Niger remains a globally and community support significant Uranium for new foreign jurisdiction, being the 6[th] investment largest producer in 2020[3]

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Nuclear is a zero-emission, clean energy source

Notes:

1. JORC(2004) announced to the ASX by NGM, 28th January 2010. Refer to Note 1 of slide 13 for additional disclosure information. 2. Announced to the ASX by NGM, 4 August 2009

2. https://www.world-nuclear.org/information-library/nuclear-fuel-cycle/mining-of-uranium/world-uranium-mining-production.aspx, September 2021

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12

Discovering New-U in Niger Overview of Acquired Uranium Tenements

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3 Highly Prospective Tenements in Niger’s Tim Mersoi Basin

• 3 exploration permits covering an area of ~726km[2] , 18-70Km’s from Agadez

• Permits were previously held by NGM Resources Limited ( NGM ) and Paladin Energy Ltd ( Paladin )

• Tenements host same geology that is represented at Orano’s Cominak and Somair mines and the Imouraren (Orano), Madaouela (Goviex) and Dasa (Global Atomic) projects

• On 28 January 2010, NGM announced a maiden 2004 JORC Inferred Mineral Resource at Takardeit of 23Mt at a grade of 210ppm U3O8 for 11Mlbs utilizing a 120ppm cut off[1]

• Historical geological work programs conducted by previous owners, but significantly underexplored

• Numerous high-value walk-up prospects identified with high-grade mineralisation found in historical sampling

Notes:

1. The Mineral Resource Estimate was previously reported by NGM Resources Limited (NGM) on 28 January 2010 under the JORC Code 2004. The estimate of Mineral Resource is not reported in accordance with the JORC Code 2012. A Competent Person has not done sufficient work to classify the estimates of Mineral

13 Resource 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 in accordance with the JORC Code 2012. For further information, including the work the Company intends to undertake on the asset and reporting it in accordance with JORC 2012, please see the Company’s announcement of 9 December 2021.

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Niger – Long History of Uranium Production

• Tim Mersoi Basin is one of the most significant areas of producing sandstone-hosted uranium deposits globally

• Niger was the 6th largest producer of uranium globally in 2020

• Production has come from Orano’s 2 mines, Cominak (59%) (now shut down) and Somair (63.4%), which has generated nearly 145,000tU since 1971[1]

• TSX listed Global Atomic and TSX-V listed Goviex are undertaking feasibility studies on their respective Madaouela and Dasa projects

• Niger government mining support and uranium mining culture

• Trained workforce in the region

• Tim Mersoi Basin is infrastructure rich with power, water, sealed roads, Agadez city and an international airport

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Reserves remaining
43.0Mlb @ 0.17% U3O82
Total Resources
138.4Mlb @ 0.14% U3O83
Total Reserves
555.6Mlb @ 0.08% U3O82
Total Resources
189.2Mlb @ 0.18%
U3O84
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Notes:

1. https://www.orano.group/en/nuclear-expertise/orano-s-sites-around-the-world/uranium-mines/niger/mining-sites, November 2021 2. Orano Annual Activity Report 2020

2. https://goviex.com/projects/madaouela/, November 2021

3. Global Atomic 43-101 Technical Report, 15 April 2020

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14

Historical Overview of Tenements

French Government 1957 – 1971

Historical work by French Govt

• 1957-1967 – French Nuclear Energy Commission/COGEMA (now Orano) undertook an intensive geological exploration program

• Resulted in discovery of Azelik (1960), Madaouela (1964) and the Arlit-Akouta uranium deposits (1966-1967)

• 60s-70s – radiometrics, field work and drill drilling on the exploration tenement areas

• Outcropping mineralisation and drilling encountered uranium bearing structures similar to the Arlit and the Imouraren deposits within the tenement area

• Uranium production commenced in 1971 from Somair and then the Cominak mine (now closed) in 1978[1]

NGM Resources Ltd 2007 - 2010

NGM acquired asset in 2007

• Transaction value of A$10.5M[2]

• • Extensive groundholding of approximately 1,500km[2] in the southern Tim Mersoi basin

• • Airborne radiometric and magnetic survey of region completed by Fugro for Niger Govt in 2007 and acquired by NGM

• Extensive fieldwork program and geological mapping undertaken.

• • 256 rotary mud drillholes totalling 10,509m completed

• In 2010 announced maiden Inferred Mineral Resource on the Teramazour 1 permit[3]

Paladin Energy 2010 - 2016

• Paladin acquired asset in 2010 • Transaction value of A$27M[4]

• • In 2011 completed a drilling program with a total of 11,813m in 51 drill holes

• • Significant anomalies recorded in both the Jurassic and Carboniferous formations

• • In 2013, 50% of the original tenements were relinquished in accordance with Govt requirements

• Security issues in the region hampered exploration work

• In 2016, the reduced tenements were handed back to Government

• These are the tenements proposed to be acquired by Kopore

Notes:

1. World Nuclear Association, April 2021

2. Included the three exploration permits and three exploration permit applications. The applications were not granted.

3. JORC(2004) announced to the ASX by NGM, 28th January 2010 4. See footnote 1 on slide 4

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15

Agadez Exploration Strategy

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Takardeit
North
Takardeit
East
Takardeit
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Historical

Planned Work Program

• Radiometric signature identifies substantial outcropping throughout

• Complete transaction

• Set up office in Niger

• Sampling of sandstone outcrops at Takardeit reported highest recorded assay of >17% U3O81

• Engage technical team in Niger

• Acquire full set of historical data

• Undertake fieldwork and ground mapping

• 23 Mt @ 210ppm U3O8 for 11Mlb Inferred Mineral Resource estimate utilising a 120ppm cut-off at Takardeit

• Drilling program being developed

• Upgrade historical resource to JORC (2012) status

• Mineralisation is supergene in nature of an area of 2.7 x 2.1 km and open to south

• Intention to increase land holdings in Niger

• Mineralisation from surface to 30m

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1. See note 2 in slide 12

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Notes:

16

Nuclear Energy has a Critical Role in a Low-Carbon World

The Facts…

The Response…

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Emission
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Free
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“ …nuclear reactors do not produce air pollution or carbon dioxide while operating” ” Source: U.S. Energy Information Administration

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“ In the high case scenario of its new outlook, the IAEA now expects world nuclear generating capacity to double to 792 gigawatts (net electrical) by 2050 from 393 GW(e) last year”

Source: International Atomic Energy Agency

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24/7
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• “ …the highest capacity factor of any other energy source” ”

Source: U.S. Energy Information Administration

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“ …there are currently 51 nuclear reactors under construction worldwide with a total capacity of over 53,000 MW”

Source: Morgan Stanley, based on IAEA Data

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“ Nuclear thus remains the dispatchable low-carbon technology with the lowest expected costs in 2025”

Source: U.S. Energy Information Administration / OECD Nuclear Energy Agency

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“ China is planning at least 150 new reactors in the next 15 years, more than the rest of the world has built in the past 35.”

Source: Bloomberg, based on comments made by Chairman of statebacked China General Nuclear Power

Nuclear power now produces 10% of the world electricity and is expected to play an increasing role in enabling the world to provide safe, reliable, low-cost carbon-free baseload electricity and achieve decarbonization objectives

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17

Uranium is Facing a Structural Supply Deficit Amidst Increasing Demand

World Nuclear Association Reference Case Supply Model[1]

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Supply, tU
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• The IEA World Energy Outlook predicts a 52% increase in electricity demand from 2020 to 2040, with a 75% increase predicted from 2020 to 2050[2]

• Persistently low uranium price environment has led to existing sources of supply being temporarily switched off and curtailed investment in new supply and exploration

• Historically, finite secondary supplies of uranium from previous years of over-production have helped fill supply deficits

• Current uranium supply unable to meet current and projected demand

• Tradeable inventories have fallen rapidly, exacerbated by investors having amassed over 40Mlbs U3O8 in 2021 in one fund alone to hold as strategic investments[3]

Notes:

1. World Nuclear Association, Global Scenario’s for Demand and Supply Availability 2021-2040. Reference scenario is one of three prepared, the others being Lower and Upper scenarios. All three scenarios forecast an extended period of unspecified supply 2020-2040

2. IEA World Energy Outlook 2021 Stated Policies

3. https://sprott.com/investment-strategies/physical-commodity-funds/uranium/

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18

Is this the start of the next uranium bull market?

New Uranium Bull Market May be Emerging

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200
Bull Market 2
Bull Market 1 Dec. '00 to June '07 Bull Market 3?
Jan. '73 to May '78 +1,801% | 6.5 yrs
+629% | 5.3 yrs
150
2003-2007:
Commodity
Super Cycle
100
2011:
Fukushima
1973: 2021:
Rapid Reactor 1979: Major Nations
Construction Post Three Mile Commit to
Oil Embargo Island Carbon Neutrality
50
1986:
Chernobyl
0
Aug Aug Aug Aug Aug Aug Nov
68 78 88 98 08 18 21
Price/Pound USD
8
OU3
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Why this time may be different?

• Demand for Uranium is rising on the back of strong nuclear power growth; China 70GWe by 2025[1]

• Lack of alternatives to provide clean, reliable, baseload power

• Recent COP26 Global Climate Conference emphasised nuclear power as a component of the answer to the world’s rising climate change challenge

• Depleting secondary supplies

• Global shift to net zero emissions

• Electrification of the global economy

• Introduction of Small Modular Reactor (SMRs) technology

• Entry of Sprott Physical Uranium Trust and other investors buying yellowcake

Source: Adapted from Trade Tech LLC as of 10/31/2021

Notes:

1. Based on China’s Draft 14th five year plan, other stated capacity metrics include 2030: 110 GWe, China Nuclear Energy Association, 2035: 180 GWe, CNCC proposal and 2050: 327 GWe, Tsinghua ICCSD low carbon scenarios

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Update on Horseshoe West Project KMT Earning up to 70%

Tier 1 Copper Gold Region With Exploration Upside

Deal Terms and Progress to Date

• Located in highly prospective and prolific (Cu-Au) Bryah Basin region in WA, 75km from Sandfire’s (ASX:SFR) Degrussa Mine

• The earn-in and joint venture agreement area comprises one exploration licence, nine prospecting licences and part of one mining lease

• In total, the agreement covers an area of 32.4km2 of largely unexplored land surrounding the historical high-grade copper-gold Horseshoe Lights Mine

• $1.5m expenditure in ground to earn 51% (2 years)

• Minimum expenditure $250,000 (year 1)

• Additional $1.5m to earn 70%

• To date ~A$218K has been spent

• P52/1542 – P52/1550 and M52/743 extended to May 2025 and September 2042, respectively

• The Horseshoe Lights Mine past production of approximately 3.3 Mt at 1.7% Cu and 2.9 g/t Au[1 ] demonstrates the area is significantly mineralised

• Potential exists for en-echelon repetitions of the Horseshoe Lights deposit, especially in the area immediately east of the pit, near the tailings dam and vat leach areas which have received limited drilling

Exploration Focus

• Developing a detailed induced polarization survey program over recently delineated airborne magnetic and geochemical anomalies

• Design of a drill program based on recent work undertaken

• Identifying additional targets based on recent desktop and field work

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Notes:

1. https://horseshoemetals.com.au/projects/horseshoe-lights/

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Horseshoe West Exploration Plan

Targeted areas have undergone little to no historical geochemical or exploration drilling

Exploration Targets

• Volcanogenic massive sulphide (VMS) copper-gold style mineralisation and/or shear zone hosted gold mineralisation

• VMS deposits commonly found in clusters and the Company is seeking to explore an area within 5km to the west of the Horseshoe Lights Mine

• Exploration is targeting a similar stratigraphic and structural position to the Narracoota Formation, which hosts the Horseshoe Lights and Degrussa Mines

Completed Work

• Exploration planning and permitting completed.

• Geophysical review of historic electro-magnetic/ magnetic and detailed gravity geophysical surveys

• New generation airborne magnetic survey

• Geochemical survey for lithology, alteration and pathfinder information

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Figure 1: Location of Horseshoe Lights Project tenements in the Kopore earn-in and joint venture agreement, with Kopore ‘Exclusion Zone’ within M52/743 highlighted in red

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Kalahari Copper Belt A globally significant underexplored region

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Virgo Prospects
Arc Minerals 75% / Kopore Metals 25%
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Botswana - Ghanzi West Projects

Kara

• Within the central structural corridor of the Kalahari Copper Belt, along strike of Sandfire’s copper-silver Motheo planned mine and A4 high-grade Deposit

• Domal target (~840km[2] )

• Planned detailed airborne magnetic and gravity survey to commence in Q1 2022

• Advancement in understanding of regional geology

• Increased exploration activity along strike by Sandfire and other explorers along the central structural corridor

Korong

• Large Domal target (~1,090km[2] )

• New geological information justifying reinterpretation investigation

• Reinterpretation of historical electro-magnetic survey will identify possible drill targeting

Tau

• 4km from Sandfire’s T7 Prospect

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Other Kalahari Copper Belt Assets

Virgo project (Arc Minerals 75% / Kopore 25%)

• ARC Minerals London listed with market cap of £32m

• November 2021, ARC purchased 75% from Kopore for £1.2m in ARC stock

• ARC to spend an average minimum of $200K per year on exploration until a Final Investment Decision (“ FID ”)

• ARC has option to buy Kopore’s 25% for US$5m until FID

• Kopore retains 1% NSR. ARC has option to buy NSR for US$5m up to FID

Namibia

• Sandfire purchased Kopore’s Namibian Projects in May 2020 for A$2m in cash and stock

• Deferred consideration payable by Sandfire if they reach a “Decision to Mine”, based upon:

• ➢ A$1.5m - Ore Reserve of >300kt but 500kt Cu

• ➢ A$3.5m - Ore Reserve of > 500kt Cu

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PL135/2017 Virgo Group Copper and Nickel Soil Anomaly

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PL162/2017 Virgo Group Copper and Nickel Soil Anomaly

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koporemetals.com

info@koporemetals.com

Suite 5, 62 Ord Street West Perth, WA 6005

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