ENERGY METALS LTD — AGM Information 2021

May 27, 2021

==> picture [207 x 76] intentionally omitted <==

Annual General Meeting 2021 Shuqing Xiao Managing Director

Disclaimer

This presentation has been prepared by Energy Metals Limited (“Energy Metals or EME”). The information contained in this presentation is a professional opinion only and is given in good faith.

Certain information in this presentation has been derived from third parties and though Energy Metals has no reason to believe that it is not accurate, reliable or complete, it has not been independently audited or verified by Energy Metals.

Any forward looking statements included in this presentation involve subjective judgement and analysis and are subject to uncertainties, risks and contingencies, many of which are outside the control of, and maybe unknown to, Energy Metals. In particular they speak only to the date of this presentation, they assume the success of Energy Metals’ strategies, and they are subject to significant regulatory, business, competitive and economic uncertainties and risks. Actual future events may vary materially from the forward looking statements and the assumptions on which these assumptions are based. Recipients of this presentation are cautioned not to place undue reliance on such forward looking statements.

Energy Metals makes no representation or warranty as to the accuracy, reliability or completeness of information in this document and does not take responsibility for updating any information or correcting any errors or omissions which may become apparent after this presentation is released.

To the extent permitted by law, Energy Metals and its officers, employees, related bodies corporate and agents disclaim all liability, direct, indirect or consequential (and whether or not arising out of the negligence, default or lack of care of Energy Metals and/or any of its agents) for any loss or damage suffered by a recipient or other persons arising out of, or in connection with, any use or reliance on this presentation or information.

Information in this presentation relating to exploration results, data and cut off grades is based on information compiled by Dr Wayne Taylor. Dr Taylor is a member of the AIG. Dr Taylor is a full time employee of Energy Metals. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the “Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves – The JORC Code (2012)”. Dr Taylor consents to the inclusion of the information in the report in the form and context in which it appears.

All amounts in A$ unless stated otherwise.

==> picture [108 x 36] intentionally omitted <==

==> picture [95 x 35] intentionally omitted <==

Disclaimer

This presentation has been prepared by Energy Metals Limited (“Energy Metals or EME”). The information contained in this presentation is a professional opinion only and is given in good faith.

Certain information in this presentation has been derived from third parties and though Energy Metals has no reason to believe that it is not accurate, reliable or complete, it has not been independently audited or verified by Energy Metals. Any forward looking statements included in this presentation involve subjective judgement and analysis and are subject to uncertainties, risks and contingencies, many of which are outside the control of, and maybe unknown to, Energy Metals. In particular they speak only to the date of this presentation, they assume the success of Energy Metals’ strategies, and they are subject to significant regulatory, business, competitive and economic uncertainties and risks. Actual future events may vary materially from the forward looking statements and the assumptions on which these assumptions are based. Recipients of this presentation are cautioned not to place undue reliance on such forward looking statements.

Energy Metals makes no representation or warranty as to the accuracy, reliability or completeness of information in this document and does not take responsibility for updating any information or correcting any errors or omissions which may become apparent after this presentation is released.

To the extent permitted by law, Energy Metals and its officers, employees, related bodies corporate and agents disclaim all liability, direct, indirect or consequential (and whether or not arising out of the negligence, default or lack of care of Energy Metals and/or any of its agents) for any loss or damage suffered by a recipient or other persons arising out of, or in connection with, any use or reliance on this presentation or information.

Information in this presentation relating to exploration results, data and cut off grades is based on information compiled by Dr Wayne Taylor. Dr Taylor is a member of the AIG. Dr Taylor is a full time employee of Energy Metals. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the “Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves – The JORC Code (2012)”. Dr Taylor consents to the inclusion of the information in the report in the form and context in which it appears.

All amounts in A$ unless stated otherwise.

==> picture [108 x 36] intentionally omitted <==

==> picture [95 x 35] intentionally omitted <==

EME Share Price vs U3O8 Price from 2010

EME Share Price Au$

Uranium Price Au$ US$/lb U3O8 2.00 Current EME Share Price $0.18 Japanese Current Spot Price $28.90 Tsunami Long Term Uranium Price $33.75 1.50

90

==> picture [690 x 299] intentionally omitted <==

----- Start of picture text -----

1.50 70
1.00 50
0.50 30
0.00 10
Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21
----- End of picture text -----

==> picture [94 x 35] intentionally omitted <==

==> picture [109 x 37] intentionally omitted <==

EME Ca ital Structure & Cor orate Information p p

Issues shares & cash on hand

Directors & Management

Shares on Issue	209.7M
Shareholders*	632
Cash & Bank (31 Dec 2020)	$16.26M

• Mr Fei He (Non-Executive Chairman)

• Mr Shuqing Xiao (Managing Director)

• Mr Lindsay Dudfield (Non-Executive Director)

• As at 6 April 2021

• Ms Jan Macpherson (Non-Executive Director)

Major Shareholders

China Uranium
	139.3M	66.45%
Development Co.*
Ningbo Weisheng Dingxuan Equity	26.5M	12.66%
Jindalee Resources	13.2M	6.29%

• Mr Jun Zhou (Non-Executive Director)

• Mr Zhe Gao (Non-Executive Director)

• Mr Zhe Xu (Non-Executive Director)

• Ms Xuekun Li (Company Secretary & CFO)

• Dr Wayne Taylor (Exploration Manager)

• A subsidiary of CGN Uranium Resources Company Ltd

==> picture [109 x 37] intentionally omitted <==

==> picture [94 x 35] intentionally omitted <==

Uranium Market Review – Uranium Price

Uranium spot price is still at a low level and in the transition from the downward cycle to the upward cycle

Data source: World Nuclear Association

==> picture [709 x 216] intentionally omitted <==

Uranium Market Review - Uranium Demand

Stable and strong demand from nuclear reactors

• Uranium consumption has returned to pre-2011 levels.

• More reactors to be built in Asia and the Middle East with 52 reactors under construction and more planned reactors.

• Uranium requirements expected to continue to grow. It is expected that China will approve 6-8 new reactors each year.

==> picture [368 x 172] intentionally omitted <==

By 2040, global uranium demand is expected to increase by 47% from 2020 levels

==> picture [109 x 37] intentionally omitted <==

==> picture [94 x 35] intentionally omitted <==

Data source: World Nuclear Association

Uranium Market Review - Mine Supply

Uranium supply cycles lagged behind uranium price cycles

• The supply upward cycle continued to the year of 2012 since the Fukushima in 2011

• The change of supply cycle from

• the upward to downward happened in 2016.

• Now it is in the supply downward cycle, which is expected to continue.

==> picture [363 x 198] intentionally omitted <==

==> picture [677 x 182] intentionally omitted <==

Data source: World Nuclear Association

==> picture [109 x 37] intentionally omitted <==

==> picture [94 x 35] intentionally omitted <==

Uranium Market Review - Mine Supply

Global Supply Cuts

Producers have been taking self-help measures

• 47Mlbs supply reduction from major uranium mines since 2016

• 14Mlbs supply cannot recover due to production ceased or shutdown (Rabbit Lake, Cominak and Ranger)

==> picture [714 x 291] intentionally omitted <==

Data source: UxC and public information of uranium companies

==> picture [109 x 37] intentionally omitted <==

==> picture [94 x 35] intentionally omitted <==

Uranium Market Outlook

Another uranium price upward cycle is approaching

• Uranium requirements will grows steadily with cumulative uncovered requirements of about 1.4 billion pounds to the end of 2035.

• Uranium supply is still in the downward cycle and it will continue.

• Uranium price will transit to the upward cycle as the current downward cycle continues with the certain increase in uranium requirements from nuclear reactors.

UxC estimates that cumulative uncovered requirements are about 1.4 billion pounds to the end of 2035

==> picture [109 x 37] intentionally omitted <==

==> picture [94 x 35] intentionally omitted <==

Strong Shareholder Support – CGN URC

CGN Uranium Resources Co., Ltd (CGN-URC) is a wholly owned subsidiary of CGN, the largest nuclear utility in China

==> picture [349 x 277] intentionally omitted <==

As of the end of December 2020

==> picture [39 x 44] intentionally omitted <==

==> picture [39 x 44] intentionally omitted <==

56% domestically

x24 27.14GW

Units in operation: remains No.1 domestically, enters top 3 globally

==> picture [39 x 43] intentionally omitted <==

43% domestically

x7 8.21GW

South China Sea Islands

Units under construction: the largest nuclear power builder

Professional nuclear power operation services

Overhaul Spare parts Operation Training preparation

==> picture [109 x 37] intentionally omitted <==

Specialized nuclear power engineering construction general contracting services

Engineering Engineering Construction Commissioning design procurement management

==> picture [94 x 35] intentionally omitted <==

Northern Territor ro ects y p j

==> picture [640 x 431] intentionally omitted <==

==> picture [109 x 37] intentionally omitted <==

==> picture [94 x 35] intentionally omitted <==

NORTHERN TERRITORY PROJECTS

Northern Territor Pro ects – Bi rl i JV y j g y

Bigrlyi Joint Venture (EME 72.39%, NTU 20.82% and Noble 6.79%)

==> picture [394 x 212] intentionally omitted <==

• EME’s flagship project is the sandstone-hosted Bigrlyi Uranium-Vanadium Deposit.

• A prefeasibility study was completed in 2011 with key parts being progressively updated.

• Development work was suspended in 2012 due to Fukushima-related market downturn.

• Recent work has significantly expanded the vanadium exploration target.

• EME’s Bigrlyi Project well positioned to take advantage of recent uranium market interest and an anticipated market turn-around.

Bigrlyi Mineral Resource Estimate at a 500ppm U3O8 cut-off (2011)

==> picture [109 x 37] intentionally omitted <==

Resource Category	Tonnes (millions)	U3O8 (ppm)	V2O5 (ppm)	U3O8 (t)	V2O5 (t)	U3O8 (Mlb)	V2O5 (Mlb)
Indicated	4.7	1,366	1,303	6,360	6,060	14.0	13.4
Inferred	2.8	1,144	1,022	3,210	2,870	7.1	6.3
Total	7.5	1,283	1,197	9,570	8,930	21.1	19.7

==> picture [94 x 35] intentionally omitted <==

Northern Territory Projects – Bigrlyi Modelling

==> picture [596 x 371] intentionally omitted <==

During the year, the mineralisation model for uranium along the Anomaly-4 to Anomaly-9 trend was updated including construction of new uranium wireframes.

==> picture [109 x 37] intentionally omitted <==

==> picture [94 x 35] intentionally omitted <==

Northern Territory Projects – Bigrlyi Mining Study

==> picture [586 x 342] intentionally omitted <==

The technical and economic advantages of an open-pit-only mining operation at Bigrlyi were investigated with development of improved open pit designs aimed at the of mineable resources within maximising proportion geotechnical constraints. Further refinements to optimise the waste to ore ratio are planned.

==> picture [109 x 37] intentionally omitted <==

==> picture [94 x 35] intentionally omitted <==

Northern Territory Projects – Bigrlyi Deposit Model

==> picture [371 x 427] intentionally omitted <==

==> picture [109 x 37] intentionally omitted <==

A new model was geological developed for the Bigrlyi deposit which belongs to the Saltwashtype of tabular sandstone-hosted U-V deposit commonly found in the Colorado Plateau of USA.

Uranium and vanadium

mineralisation at Bigrlyi is strongly associated with detrital-origin, clay-rich lithic clasts which are heterogenous in nature casting doubt on previous groundwater models of mineralisation.

The new model expands potential mineralisation sites in ancient river channel sediments upstream and downstream of the presently known deposit.

==> picture [94 x 35] intentionally omitted <==

Northern Territor ro ects – N alia Re ional y p j g g

12 exploration targets have been identified and await drill-testing

==> picture [514 x 300] intentionally omitted <==

• Walbiri South*

• Penrynth *

• Carnotite Hill *

• Autobahn *

• Dingos Rest South *

• Cappers area palaeochannels (off map to the east)

• Patmungala *

• Dingos Rest North *

• Yuendumu Thrust West

• Crystal Creek

• Coonega

• Rankins

Significant potential to increase the overall resource base in proximity to Bigrlyi and Walbiri

Note * = sacred site clearances in place

==> picture [109 x 37] intentionally omitted <==

==> picture [94 x 35] intentionally omitted <==

Plans for 2021

Northern Territory Projects:

• Bigrlyi Project focus.

• Field work and site visits have resumed following 2020 suspension.

• Re-modelling of uranium and vanadium mineralisation at Bigrlyi is on-going in

preparation for revision of the mineral resource estimate.

• and of with focus on ore

• Update Re-optimisation Bigrlyi Pre-feasibility Study beneficiation and carbonate gangue rejection to improve project economics.

• Drill program planning to test Ngalia Regional exploration targets.

WA Projects:

• Exploration activities suspended.

==> picture [108 x 36] intentionally omitted <==

==> picture [95 x 35] intentionally omitted <==

==> picture [207 x 76] intentionally omitted <==

ASX:EME

==> picture [196 x 58] intentionally omitted <==

For more information: Phone: +61 8 9322 6904 Email: enquiry@energymetals.net Web: www.energymetals.net

Competent Persons’ Statement

The information in this report relating to mineral resource estimates for the Bigrlyi Deposit is based on information compiled by Arnold van der Heyden BSc, who is a Member of The Australasian Institute of Mining and Metallurgy (MAusIMM). Mr van der Heyden has more than five years relevant experience in estimation of mineral resources and the mineral commodity uranium. Mr van der Heyden is a full time employee of Helman & Schofield and takes responsibility for the resource estimation. Mr van der Heyden has sufficient experience relevant to the assessment of this style of mineralisation to qualify as a Competent Person as defined in the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves – The JORC Code (2004)”. Mr van der Heyden consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears.

The Mineral Resource estimate for the Bigrlyi Deposit was originally compiled and announced utilising parameters from the 2004 JORC Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. This information was prepared and first disclosed to the ASX on 28 June 2011 under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

Information in this presentation relating to exploration results, data and cut-off grades is based on information compiled by Dr Wayne Taylor, MAIG. Dr Taylor is a full time employee of Energy Metals. Dr Taylor has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves – The JORC Code (2012)”. Dr Taylor consents to the inclusion of the information in the report in the form and context in which it appears.

==> picture [207 x 76] intentionally omitted <==