| U/G PFS, 23 September 2019 | |
| Long-Term Price Case | $50/lb. U308 |
| Flagship Project | PLS (Triple R) |
| Ownership | 100% |
| Mineral Reserves | 81.4M lbs. |
| Shares Outstanding | 486,266,370 |
| Market Cap | $99,684,606 |
| Average Annual Production | 13.1M lbs. |
| Recovery | 96.8% |
| Payable Product | 78.7 lbs. |
| LoM | 7 Years |
| True All-in Costs (TAIC) | $35.26/lb. |
| Gross Revenue | $3,935,000,000 |
| Provincial Revenue Royalties | ($287,142,555) |
| Net Revenue | $3,647,857,445 |
| Total Operating Costs | ($567,803,677) |
| Operating Cash Flow | $3,080,053,768 |
| Provincial Profit Royalties | ($328,593,580) |
| Income Taxes | ($492,136,715) |
| Total Capital Costs | ($1,099,582,645) |
| Net Income | $1,159,740,828 |
| Net Profit Margin | 29% |
| Absolute Cost Structure (ACS) | 71% |
| MTQ Score (Higher is Better) | 0.4 |
| True Value | $2.38/sh. |
| True Value Discount (TVD) | 88% |
| Cash Flow Multiple | 10x |
| Net Annual Cash Flow | 165,677,261 |
| Future Market Cap | 1,656,772,610 |
| Future Market Cap Growth | 1,068% |
| Target | $3.41/sh. |
Notes: All Values in U.S. Dollars
