BOSS ENERGY LTD — Investor Presentation 2021

Jun 20, 2021

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ENHANCED FEASIBILITY STUDY RESULTS Australia’s Next Uranium Producer

JUNE 2021

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DISCLAIMER AND IMPORTANT NOTICES

Boss Energy makes no representation or warranty, express or implied, in relation to, and no responsibility or liability (whether for negligence, under statute or otherwise) is or will be accepted by Boss Energy or by any of their respective officers, directors, shareholders, partners, employees, or advisers as to or in relation to the accuracy or completeness of the information, statements, opinions or matters (express or implied) arising out of, contained in or derived from this announcement or any omission from this announcement or of any other written or oral information or opinions provided now or in the future to any interested party or its advisers. In furnishing this announcement, Boss Energy undertakes no obligation to provide any additional or updated information whether as a result of new information, future events or results or otherwise. Nothing in this material should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities. It does not include all available information and should not be used in isolation as a basis to invest in Boss Energy.

IMPORTANT: You must read the following before continuing.

This investor presentation (“Presentation”) has been prepared by Boss Energy Limited (ACN 116 834 336) (“Boss Energy” or “Company”). The information contained in this presentation or subsequently provided to any recipient of this presentation whether orally or in writing by or on behalf of Boss Energy Limited (“Boss”) or its respective employees, agents or consultants (Information) is provided to the recipients on the terms and conditions set out in this notice. The purpose of this presentation is to provide recipients with information relating to Boss Energy’s Honeymoon uranium project.

SUMMARY INFORMATION

The information in this document relating to the Enhanced Feasibility Study (“EFS”) is extracted from the announcement entitled ‘Updated Feasibility Study identifies lower costs and increased financial returns’ dated 21[st] June 2021. Boss Energy confirms that all the material assumptions underpinning the production targets, and forecast financial information derived from the production targets, continue to apply and have not materially changed.

By reviewing or retaining these materials, or attending or participating in this Presentation, you acknowledge and represent that you have read, understood and accepted the terms of this “Disclaimer and Important Notices”. This Presentation contains summary information about Boss Energy, and its activities current only at the date of this Presentation. This Presentation is for information purposes only. The information in the Presentation is of a general nature only and does not purport to be complete. This Presentation should be read in conjunction with Boss Energy’s most recent financial report and other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (“ASX”) which are available at www.asx.com.au and also available on Boss Energy’s website at www.bossenergy.com. Certain information in this Presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. Neither Boss Energy nor its representatives have independently verified any such information sourced from third parties or industry or general publications.

As the EFS utilises a portion of Inferred Mineral Resources, the ASX Listing Rules require a cautionary statement to be included in this presentation. The EFS is based on a Mineral Resources Estimate in accordance with JORC guidelines 2012 (ASX: 149% Increase in Measured and Indicated Resources at Honeymoon date 25 February 2019). The Company advises that the EFS uses a portion of Inferred Resources; in the first 3 years (less than 4%) and over the 11-year life of mine (24.7%). The Company confirms that the use of Inferred Resources is not a determining factor to the Honeymoon Project’s economic viability. There is a low level of geological confidence associated with Inferred Resources and there is no certainty that further exploration or evaluation work will result in the determination of Indicated Resources or that the production targets reported in this announcement will be realised.

NOT INVESTMENT ADVICE

This presentation does not constitute in any way an offer or invitation to subscribe for securities in Boss pursuant to the Corporations Act 2001 (Cth) and has not been lodged with the Australian Securities and Investment Commission.

REFERENCE TO PREVIOUS ASX ANNOUNCEMENTS

The mineral resource estimate and exploration target in this announcement were reported by the Company in accordance with listing rule 5.8 and 5.7 (respectively) on 25 February 2019 and 25 March 2019, respectively. The Company confirms it is not aware of any new information or data that materially affects the information included in the previous announcement and that all material assumptions and technical parameters underpinning the estimates in the previous announcement continue to apply and have not materially changed.

This presentation does not constitute investment advice and has been prepared by Boss Energy without taking into account the recipient’s investment objectives, financial circumstances or particular needs. Each recipient must make his/her own independent assessment and investigation of Boss and its business and assets when deciding if an investment is appropriate and should not rely on any statement or the adequacy and accuracy of any information. This presentation is in summary form and does not purpose to be exhaustive. This presentation should be read in conjunction with Boss’ periodic and continuous disclosure announcements lodged with the Australian Securities Exchange, which are available to download at www.asx.com.au.

In relation to the exploration target, this does not include areas of the existing mineral resource and the potential quantity and grade reported are conceptual only in nature. Insufficient exploration has been conducted to estimate a mineral resource and it is uncertain whether future exploration will lead to the estimation of a mineral resource in the defined areas.

Boss Energy makes no representation or warranty (either expressed or implied) as to the accuracy, reliability or completeness of the Information. Boss Energy and its directors, employees, agents and consultants 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 the presentation, except liability under statute that can not be excluded.

EFFECT OF ROUNDING

A number of figures, amounts, percentages, estimates, calculations of value and fractions in this Presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this Presentation.

FORWARD LOOKING STATEMENTS

PAST PERFORMANCE

All dollar amounts are in Australian dollars unless otherwise indicated. This announcement may contain certain statements and projections provided by or on behalf of Boss Energy Limited with respect to the anticipated future undertakings. These forward-looking statements reflect various assumptions by or on behalf of Boss Energy. Accordingly, these statements are subject to significant business, economic and competitive uncertainties and contingencies associated with the mining industry which may be beyond the control of Boss Energy which could cause actual results or trends to differ materially, including but not limited to price and currency fluctuations, geotechnical factors, drilling and production results, development progress, operating results, reserve estimates, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries, approvals and cost estimates, environmental risks, ability to meet funding requirements, share price volatility. Accordingly, there can be no assurance that such statements and projections will be realised. Boss Energy makes no representations as to the accuracy or completeness of any such statement of projections or that any forecasts will be achieved. Additionally,

Past performance information, including past share price performance of Boss Energy and pro forma financial information, given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of Boss Energy’s (or anyone else’s) views on Boss Energy’s future financial performance or condition. Past performance of Boss Energy cannot be relied upon as an indicator of (and provides no guidance as to) the future performance of Boss Energy. Nothing contained in this Presentation nor any information made available to you is, or shall be relied upon as a promise, representation, warranty or guarantee, whether as to the past, present or future.

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INTRODUCTION

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HONEYMOON URANIUM PROJECT A technically proven, low-cost re-start operation in a uranium friendly jurisdiction

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Honeymoon is a brownfield project that has produced and exported U3O8 to global markets Industry competitive upfront capital requirement of only US$80M

Tier one, 1[st] world mining jurisdiction of South Australia; a destination of choice for utilities Fast track to production, <12 months from Final Investment Decision to first U3O8 production Low-cost producer; LOM average AISC of US$25.6/lb, AIC of US$31.9/lb and Cash Costs of US$18.5/lb Fully permitted. All Native Title Agreements in place. Ready to go when the uranium price rebounds

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HONEYMOON’S PATH FORWARD

Project finance and offtake negotiations underway seeking to maximise Boss’ exposure to U3O8 price recovery

• Strategic timetable aimed at ensuring Boss signs long-term offtake agreements when prices strengthen, locking in robust margins and substantial free cashflow

• The EFS has confirmed reduced operating costs and increased nameplate capacity up to 2.45Mlb p.a. U3O8 by adopting Ion Exchange production using NIMCIX columns

• Honeymoon has a valid Uranium Mineral Export Permission for 3.3Mlb p.a. No further permitting required

• Substantial scope to extend LOM and/or increase production profile utilising the known JORC Resource and significant defined Exploration Target of up to 190Mlb

• Strong potential to increase free cashflow substantially , targeting an increased production profile and commensurate reduction in unit costs of production

• Engagement with potential debt providers underway . Honeymoon has one of the lowest capital intensities in the uranium sector with an added advantage of being a technically proven, re-start operation

• Negotiations and tenders with utilities ongoing , with fuel buyers showing increased interest in Honeymoon

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KEY MILESTONES ACHIEVED

Track record of delivering project growth while technically de-risking the Honeymoon re-start strategy

Milestone	Date	Status
Acquisition of Honeymoon Uranium Project - globalResources of 16.6Mlb U3O8	Dec 2015
Scoping study confirminglow capital requirements and operating costs for Honeymoon re-start	Sept 2016
PFS - 2Mlb p.a. U3O8 production, significant potential for economic upside with further resource expansion and/or LOM extension	May 2017
Field Leach Trial - improved leach chemistry results in historic high tenors (>80mg/L U3O8) exceeded plant design. Ion Exchange process successfully provedwith excellent performance of selected resins on Honeymoon conditions	Nov 2017
Boss acquired the remaining 20% of Honeymoon project -100% ownership	Mar 2018
Mineral Resource upgrade - globalResources of 71.6 Mlb U3O8,increasing Honeymoon’s re-start area to 36Mlb contained U3O8	Feb 2019
Australian Government renews Honeymoon’sExport Permit for 3.3Mlb p.a. U3O8, planned operations fully permitted	Apr 2019
Feasibility Study confirming Honeymoon as Australia’s next Uranium Producerwith global first mover advantage. 12 month timeframe from Final Investment Decision to production	Jan 2020
$15M Capital Raising at $0.067/sh- to fund ongoing technical process optimisation studies and exploration activities	Oct 2020
Comprehensive geological review of historic database while site activities were restricted due to COVID-19	2020
$60M Capital Raising at $0.14/sh- acquisition of 1.25Mlb U3O8strategic inventory to strengthen off-take and project funding negotiations	Mar 2021
Enhanced Feasibility Study - incorporatingNIMCIX Ion Exchange columns, vastly reduced execution risk	Jun 2021
Progress off-take negotiations and project financing efforts		Ongoing
Develop a plan for increasing production profile and extending mine life through development of satellite resources		Ongoing
Maintain a strong exploration focus		Ongoing

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INVESTMENT RATIONALE

An institutional grade uranium developer in a Tier 1 jurisdiction

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Advanced Stage Existing Tier 1 Jurisdiction Strong ESG Focus Robust Financials
Developer Infrastructure Fully Permitted Towards sustainable 47% IRR
12 month pathway to Sunk cost of A$170M 3.3Mlb p.a. mining 62% EBITDA Margin
Export License
production (post-FID)
Board and <US$32/lb US$309M 1.25Mlb Exploration
All in Cost (AIC) NPV8%, Pre-tax Physical U3O8
Management Upside
Global low cost producer at US$60/lb inventory
with proven uranium Multiple brownfield
experience expansion targets
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HONEYMOON EFS RESULTS

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EFS OVERVIEW

A pivotal step in Honeymoon’s path to production

• The EFS has delivered a more resilient, sustainable mining operation

• Higher confidence NIMCIX columns, replacing traditional SX

• Reduced uncertainty in all capital and operating cost inputs

• Finalised all required permits for production re-start

• Optimised utilisation of installed infrastructure through increased production profile (up from 2.00Mlb p.a. to 2.45Mlb p.a.)

• Reduced unit cost of production to US$25.62/lb AISC

• Improved financial returns

• More robust throughout U3O8 price cycles

• Improved level of confidence and detail

• Streamline project financing process

• Vastly reduced technical execution risk in construction and commissioning phase of development

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BEVERLEY
OLYMPIC
DAM BOSS ENERGY
HONEYMOON
PERTH
PROJECT
ADELAIDE SYDNEY
MELBOURNE
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TECHNICAL IMPROVEMENTS

Continuous improvement and technical advances has greatly improved the operability of Honeymoon

• The below table summarises key improvements at Honeymoon, addressing historical issues encounter by Uranium One

		Uranium One	Boss Energy Improvements	Proven Outcomes
Leach Fluid Stability		pH ~2 pH 1.5 Increase silica stability
		Low iron 1.5 g/L iron ‘Ties-up’ sulphate (supressing gypsum formation)
		Large bleed treatment Groundwater pre-treatment Cost effective calcium and chloride removal
High Operating Cost		Solvent Extraction (100%) NIMCIX (EFS 100%) Lower unit costs
		High pH / low iron Revised leach chemistry Faster leaching – higher feed grade
		Unstable leachate Stable leachate Lower wellfield maintenance
Low Uranium Production		Solvent Extraction only Modular NIMCIX Enables much higher throughput with lower footprint
		Complex operation Simple operation Less operators / unit production
Product Quality		Organic (SX) contamination Eliminated Improved product safety and saleability
		Iron contamination Iron does not load on IX Lower probability of iron rejection
		Low wash capacity Introduced 2 stage re-pulp Improved product wash efficiency
		Vacuum dryer (UO4) Calciner (U3O8) Higher packing density Improved customer acceptance
Environmental		Potential for solvent loss to wellfield Eliminated through IX Lower environmental impact

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FINANCIAL HIGHLIGHTS

Honeymoon’s low cost of production delivers robust financial returns

KEY STUDY OUTCOMES 2020 FS1	2021 EFS	Change
Physical Summary
Life of Mine Years 12 U3O8Production Mlb 20.74	11 21.81	5%
Financial Summary
NPV8%, Pre-tax US$M 228.3 IRRUngeared, Pre-tax % 51.4% Revenue US$M 1,199 Free Cash Flow (Pre-tax) US$M 452 EBITDA Margin % 53%	308.7 47.1% 1,279 580 62%	35% 7% 28% 17%
Operating Costs
Cash Cost US$/lb U3O8 23.3 All In Sustaining Cost US$/lb U3O8 30.5 All In Cost US$/lb U3O8 35.9	18.5 25.6 31.9	(21%) (16%) (11%)
Capital Costs
Re-start US$M 69.7 Additional IX Columns US$M - Total US$M 69.7	60.2 19.8 80.0	(14%) 15%

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US$309M US$25.62/lb
NPV AISC
8%, Pre-tax
62% Low US$80M
EBITDA Margin Capital Cost
PRODUCTION SUMMARY
3.00 60
2.50 50
2.00 40
1.50 30
1.00 20
0.50 10
- -
Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11
Production AISC / lb
AISC (US$/lb)
Annual Production (Mlbs)
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1 For comparative purposes only, the key financial outcomes for the Feasibility Study have been presented in the table above using a U3O8 price of US$60/lb and an exchange rate of A$1:US$0.75. Nothing in the above table changes the results of the Feasibility Study released on the ASX on 21 January 2020

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COMPARISON TO JANUARY 2020 FS

The EFS has delivered significantly improved returns and operating costs

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35%
NPV increase
8%
(Pre-tax)
2020 Operating Wellfield Capital Misc. / 2021
FS [1] Costs Design Costs Other EFS
16%
saving
AISC
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1 For comparative purposes only, the key financial outcomes for the Feasibility Study have been presented in the table above using a U3O8 price of US$60/lb and an exchange rate of A$1:US$0.75. Nothing in the above graphs changes the results of the Feasibility Study released on the ASX on 21 January 2020

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SENSITIVITY ANALYSIS

Key input sensitivities and impact on NPV

• Variances to Honeymoon’s upfront capital cost and ongoing operating costs do not have a material impact on project value

• Confirms Honeymoon’s low capital intensity and low cost of production

• 20% increase in capital costs results in the NPV decreasing by only 5%

• 20% increase in operating costs results in the NPV decreasing by only 16%

• As expected, the underlying uranium price and foreign exchange rate have the biggest impact on project return

• Boss is highly leveraged to future uranium price improvements

• 20% increase in base case uranium price delivers a 44% uplift in NPV

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Base Case NPV
US$309M
Capex
US$293M US$330M
20% to -20%
Opex
US$260M US$357M
20% to -20%
Discount Rate
US$265M US$360M
10% to 6%
Forex
US$189M US$488M
20% to -20%
Commodity Price
US$174M US$444M
-20% to 20%
(300) (200) (100) - 100 200 300
Impact on NPV (US$M)
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OPPORTUNITIES

Further upside to the EFS results leveraging known Resources and improving technologies

• The below table highlights several of the remaining opportunities for Honeymoon following completion of the EFS

OPPORTUNITY DESCRIPTION

• The EFS is based on 36Mlb of Honeymoon’s total JORC Resources of 71.6Mlb U3O81

• Potential to incorporate existing Resources at Gould’s Dam and Jason’s into a LOM extension

• LOM - Gould’s Dam contains ~25Mlb U3O8 (22.1Mt at 514ppm)[1]

• Extension - Jason’s contains ~11Mlb U3O8 (6.2Mt at 790ppm)[1]

  • Both projects are within pumping distance of Honeymoon’s processing infrastructure

• Additional ongoing exploration efforts have significant potential to deliver a near-mine discovery

Expanded Production Capacity Reagents

• Honeymoon is fully permitted to produce and export up to 3.3Mlb p.a.[2] - Updated EFS Ion Exchange plant design allows for future expansion in existing plant footprint

• • Potential increase of ~35% to annual production rate

• Expanded production capacity would be expected to deliver a reduced unit cost of production

• • Possible improved offtake terms for larger volumes

• Continued improvements in reagent technologies create ongoing opportunities for Honeymoon - New improved, lost-cost IX resins

• Alternative and low-cost oxidants for the leach solution

• • Potential to refine reagent dosing regimes through ongoing metallurgical test work and process control optimisation

1 Refer ASX announcement 25February 2019. Refer Slide 18 for full JORC Resource for Honeymoon

2 Refer ASX announcement 8 April 2019

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WATER
TREATMENT
PLANT
HONEYMOON: A BIRD’S EYE VIEW
Site Infrastructure (Sunk Cost of $170M)
CONTROL
CENTRE
ADMIN
BUILDINGS
PRODUCTION
FACILITY
CAMP
PLS
WORKSHOP
PONDS
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PRODUCTION WELL FIELDS

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STRATEGIC URANIUM INVENTORY

Boss’ investment in strategic uranium inventory complements the Honeymoon Project

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OPTIMISE OFFTAKE STRENGTHEN ALIGNED WITH MARKETING RESTART TIMING FLEXIBILITY BALANCE SHEET HONEYMOON ADVANTAGES

• De-risks contract delivery • Significant benefits for during commissioning uranium marketing phase

• Provides restart • Boss presents as an optionality attractive counterparty

• Strengthens the balance sheet - leverage to the uranium price

• Retain off-take contract execution flexibility

• Strengthening the marketing infrastructure and in-house management expertise for the purchase and trading of uranium

• Exercise patience in a rising price environment - platform to maximise shareholder value

• Delivers optionality - • Uranium inventory ability to use inventory equates to ~70% of the as collateral to support first 6 months of Honeymoon’s future production funding requirements

• shareholder value • Potential to sell into as collateral to support offtake(s) either before Honeymoon’s future

• • Enhanced visibility to Honeymoon’s restart, funding requirements uranium price during commissioning or movements into the future • Provide initial funding towards Honeymoon’s

• • Remain fully leveraged to re-start capital future price increases requirements

• Purchase price lower than Honeymoon’s • Ability to layer contracts average all-in cost (AIC) over time - first mover of production ~US$32/lb advantage amongst ASX peers

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EFS RESULTS SUMMARY

Key financial results for prices between US$40 and US$80/lb U3O8 and foreign exchange of 0.75 AUD:USD

FINANCIAL METRICS US$40/lb U3O8 A$ US$	Base Case US$60/lb U3O8	US$80/lb U3O8
	A$ US$	A$ US$
Revenue $M 1,139 854 EBITDA $M 528 396 Re-start Capex $M 84 63 Additional IX Columns Capex $M 28 21 Free Cash flow (Pre-tax) $M 244 183 Free Cash flow (Post-tax) $M 187 140	1,705 1,279 1,058 793 84 63 28 21 774 580 567 425	2,272 1,704 1,588 1,191 84 63 28 21 1,304 978 938 704
IRR (Pre-tax) % 19.2% 19.2%	47.1% 47.1%	69.6% 69.6%
IRR (Post-tax) % 15.2% 15.2%	37.2% 37.2%	54.7% 54.7%
NPV 8% (Pre-tax) $M 94 71	412 309	729 547
NPV 8% (Post-tax) $M 58 44 Revenue p.a. (Steady State1) $M 113 84 EBITDA p.a. (Steady State1) $M 55 41 AISC2 $/lb U3O8 32.5 24.4	285 214 169 126 107 81 34.2 25.6	506 380 225 168 160 120 35.8 26.9
AIC3 $/lb U3O8 40.8 30.6	42.5 31.9	44.2 33.1

• 1 Steady State - 5th Quarter to 48th Quarter of production

• 2 AISC = all mining costs, onsite processing costs, onsite general and administrative costs, logistical costs, royalties and sustaining capital expenditure

• 3 AIC = AISC + upfront and deferred capital expenditure

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JORC RESOURCES

Solid base with significant exploration upside

• 71.6Mlb U3O8 JORC Resource[1] at an average grade of 620ppm U3O8

• The Honeymoon Re-start Area (HRA) contains 36Mlb U3O8

• Underpins the proposed 11 year operation

• ML 6109 sits on top of the HRA

• Shallow mineralisation at 90 - 120m depth

• A further 36Mlb sits outside the HRA, providing long term upside

• In addition to the JORC Resource, Honeymoon has a substantial Exploration Target[2]

• Target of 28Mt to 133Mt at grades of 340ppm to 1,080ppm U3O8

• Equates to a potential further 58Mlb to 190Mlb contained U3O8

• Historical drill hole database (>5,000 holes) and modern exploration targeting technology creates an opportunity for cost effective, large scale discoveries

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	Classification	Ore	Grade	Contained	U3O8
		(Mt)	(ppm U3O8)	(kt)	(Mlb)
	Measured	3.1	1,100	3.4	7.6
	Indicated	18.4	630	12.0	25.5
	Inferred	30.9	570	18.0	38.5
	Total	52.4	620	32.5	71.6

• 1 Refer ASX announcement 25February 2019

2 Refer ASX announcement 25 March 2019. The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain whether future exploration will result in the definition of a Mineral Resource

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SUMMARY

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CORPORATE OVERVIEW

BOARD OF DIRECTORS

Non-Executive Chairman Peter O’Connor Managing Director & CEO Duncan Craib Technical Director Bryn Jones Non-executive Director Wyatt Buck Non-executive Director Dudley Kingsnorth

STRATEGIC & MARKET ADVISER

Strategic Adviser Sashi Davies

SHARE PRICE PERFORMANCE

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0.25 40.0
35.0
0.20
30.0
25.0
0.15
20.0
0.10
15.0
10.0
0.05
5.0
0.00 0.0
Jun-20 Sep-20 Dec-20 Mar-21 Jun-21
Volume (M)
Share Price (A$/sh)
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SHAREHOLDER SUMMARY

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8.0%
5.7%
5.6%
80.7%
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Paradice Sachem Cove Tribeca Other Shareholders

KEY METRICS

Ordinary Shares Market Capitalisation (A$0.1 Physical Uranium1 Cash (21st June 2021)	Shares (M) Value (A$M) 2,278 6/sh) 365 54 20 291
Enterprise Value

1 1.25Mlb valued at the prevailing spot price of US$32.5/lb and AUD:USD of 0.75 as at 21st June 2021

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BOSS ENERGY - BOARD OF DIRECTORS

Highly credentialed team with a proven track record in the uranium industry

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Peter O’Connor

Duncan Craib

Wyatt Buck

Bryn Jones

Non-Executive Chairman

Technical Director

Managing Director & CEO

Non-Executive Director

Mr Craib (CA) has held senior executive roles with international mining operations in Australia, United Kingdom, Namibia, and China. For the past 14 years Mr Craib’s career has been dedicated to the uranium industry.

Mr Craib (CA) has held senior executive roles Adelaide-based Mr Jones (MMinEng) is an with international mining operations in industrial chemist and a Fellow of the Australia, United Kingdom, Namibia, and China. Australian Institute of Mining and Metallurgy For the past 14 years Mr Craib’s career has (AusIMM), with more than 20 years of been dedicated to the uranium industry. experience in the Australian uranium industry. He has worked in all aspects of the mining Prior to commencing with Boss Energy, Mr cycle, particularly in uranium in-situ recovery Craib served as Finance Director to Swakop (ISR) and mine development and production. Uranium Ltd and was heavily involved in the US$2.5 billion development and construction Mr Jones spent nearly 10 years in roles with ISR of its world class Husab uranium mine in uranium producer Heathgate Resources, the Namibia. Its principal shareholder CGN, is the owner and operator of the Beverley Uranium largest nuclear power operator in China and Mine in South Australia, Australia’s only other largest nuclear power constructor world-wide. producing ISR uranium mine. Mr Jones was Husab was commissioned in 2016, upon which previously the Chief Operating Officer of Mr Craib was recruited to join Boss Energy. Laramide Resources (ASX/TSX: LAM). Laramide

Mr O’Connor has extensive global experience in the funds management industry and has worked with public and private companies in developed and emerging economies. He was co-founder, director and deputy chairman of IMS Selection Management Ltd, which had $10 billion under management or advice from 1998-2008. Following this, he was deputy chairman of FundQuest UK Ltd, with $10 billion under management.

Mr Buck’s Uranium experience began with Cameco Corporation, where he was employed for 15 years between 1991-2006 in various roles, culminating as GM of the McArthur River Uranium Mine and Key Lake Mill, the largest Uranium mining operation in the world.

Mr Buck held senior operational roles with Paladin Energy Ltd (ASX: PDN) as General Manager and Managing Director of the Langer Heinrich Uranium Project in Namibia. From 2009 to 2011, Mr Buck was Executive GM Operations at Paladin with direct operational

Mr Jones spent nearly 10 years in roles with ISR uranium producer Heathgate Resources, the owner and operator of the Beverley Uranium Mine in South Australia, Australia’s only other producing ISR uranium mine. Mr Jones was previously the Chief Operating Officer of Laramide Resources (ASX/TSX: LAM). Laramide has a portfolio of uranium US-based assets, and Australian project interests.

Mr O’Connor was a Non-Executive Director of ASX 100 company Northern Star Resources Ltd (ASX: NST) from 2012 to 2021, during which NST grew its market cap significantly to >$10 billion. He is also a Non-Executive Director of Blue Ocean Monitoring Limited.

responsibility for its Langer Heinrich and Kayelekera Uranium projects. From 2011, Mr Buck acted as Operations Director with First Quantum Minerals (TSX: FM), overseeing mining operations in Finland, Spain, Turkey, Australia and Mauritania.

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Dudley Kingsnorth

Non-Executive Director

Mr Kingsnorth (FAusIMM) has extensive executive experience in the international mining sector including positions with Bechtel, Alcoa, Shell (Billiton), Rio Tinto, Ashton Mining and Greenbushes. His career includes a focus on comprehensive management of process development, project feasibility studies and project development through to successful mine start-up that is fully cognisant of market demands.

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BOSS ENERGY - CORPORATE SUMMARY An institutional grade uranium developer providing leveraged exposure to the uranium sector Australia’s next uranium producer, permitted to produce and export up to 3.3Mlb U3O8 Strategic 1.25Mlb physical uranium inventory providing financial strength and offtake flexibility Experienced Board and Management team with a proven track record of delivering results Strong ESG credentials and participant in the global push towards a green energy future Clear pathway to production and cashflow associated with the re-start of Honeymoon Positive uranium thematic offers significant upside and leverage to the uranium price

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APPENDIX THE CASE FOR NUCLEAR

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URANIUM MARKET FUNDAMENTALS

Multiple macroeconomic factors converging in support of a near term price recovery

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The uranium recovery Net zero carbon Increasing Lack of US$60/lb is near Emissions electrification alternatives incentive price After an extended period of Stimulating global growth Global government To provide clean, Required for majority low prices policies committed to change reliable, base load power of new mines to be viable

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Inventories have Primary production Demand for Utility & fuel buyer fallen rapidly is declining uranium is rising engagement is growing COVID production impacts, >45Mlb U3O8 p.a. Strong nuclear power growth; Considered a lead indicator for strategic purchases and removed since 2016 China 70GW by 2025 broader demand demand growth impacts

Strong outlook for nuclear

Procurement of 1.4Blb U3O8 <10yrs

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COMPELLING URANIUM MARKET FUNDAMENTALS

Re-start projects are required to be online by 2023-2024 to fill a looming supply shortage

World Nuclear Association - Reference (Base) Scenario[3]

• RISING TIGHTENING BARRIERS TO

• OPPORTUNITY DEMAND SUPPLY ENTRY

• • Strong fundamentals • Demand has • Dramatic cuts to • US$60/lb incentive supporting a positive exceeded global global uranium price required for price outlook production in almost supply in past 12 majority of new

• • 2020 supply deficit every year since 1990 months[2] uranium production estimated at 50• Highest nuclear • Denison Mines Corp., to be economically 60Mlb (total demand power growth in past Uranium Energy viable[1] less global 25 years[1] Corp., Yellow Cake • US$40/lb incentive •

• production)[1] 442 operable plc, Uranium price required for

• • Global stockpiles reactors in 31 Participation Corp. majority of idled available for energy countries and Boss have mines to restart[1] use are dwindling[1] • 53 units under collectively • Lack of funding for

• • Lack of viable construction committed to new exploration alternatives to • 98 reactors planned purchase ~9Mlbs in • Permitting 2021 to hold as

• provide massive • 326 reactors requirements amounts of clean and strategic investment[2] increasingly difficult reliable power proposed • Increased activity in with long lead time utility supply contract enquiries

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120
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100
Re-starts required
80
60
40
20
0
Unspecified Supply Current Capacity
Specified Secondary Supply Mines Under Development
Planned Mines Prospective Mines
Restarted Idled Capacity Reactor Requirements
Uranium (kt)
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
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• 1 Sourced from UxC, TradeTech and World Nuclear Association publications

• 2 Quantities sourced from various Company announcements

• 3 Sourced from World Nuclear Association at https://world-nuclear.org/our-association/publications/global-trends-reports/nuclear-fuel-report.aspx

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URANIUM PRICE HISTORY

Low uranium prices have curtailed supply. Contract prices must rise to incentivise restart production to meet known demand

Early signs of recovery with utilities returning to the contract market

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$140
$120 2005:
Major Mine
Flood
Spot
$100 (Cigar Lake)
Contract
2011:
Honeymoon AIC US$31.9/lb
Fukushima
$80
Event Industry recognised incentive price
$60
$40
$20
2009: Global Nov 2016:
Financial Crisis $17.75/lb
12 year low
$-
June 2005 June 2009 June 2013 June 2017 June 2021
8
O
3
US$/lb U
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Source: TradeTech, Numerco, UxC, LLC: www.uxc.com

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HONEYMOON RESTART PROJECT

KEEP UP TO DATE WITH US: www.bossenergy.com @Boss_Energy

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