GoviEx Uranium

September 2013

Disclaimers & Cautionary StatementsThis presentation is confidential and proprietary to GoviEx Uranium Inc., and may not be reproduced, disseminated or referred to, in whole or in part without the prior consent of the company. The company assumes no responsibility for verification of the information in these materials, and no representation or warranty is made as to the accuracy or completeness of such information. The company assumes no obligation to correct or update these materials. These materials do not contain all information that may be required to evaluate, and do not constitute a recommendation with respect to, any transaction or matter. Any recipient of these materials should conduct its own independent analysis of the matters referred to herein.

This presentation includes certain “forward-looking statements”. All statements other than statements of historical facts, are forward looking statements that involve various risks and uncertainties. Statements relating to “resources” are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the resources described can be profitably produced in the future. There can be no assurances that such statements will prove accurate and actual results and future events could differ materially from those anticipated in such statements. Such information contained herein represents management’s best judgment as of the date hereof based on information currently available. The company can not guarantee future results, levels of activity, performance, or achievements. The company does not assume the obligation to update any forward-looking statement.

Information contained in this presentation regarding Areva and its mines and mineral projects in Niger has been derived from publicly available information. The company does not assume any responsibility or liability for the accuracy of any such information.

Disclosure of a scientific or technical nature in this presentation relating to the companies mineral properties was prepared by, or under the supervision of, Dr. Rob Bowell of SRK Consulting UK, a “qualified person” as defined in NI 43-101. Historical data disclosed herein has not been verified by Dr. Bowell

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The Republic of Niger – Uranium Country

• World’s 6th largest uranium-producing nation• 50 years of uninterrupted uranium exports on highway across GoviEx

tenements• 2011 Presidential Election lauded by independent observers and the EU• President Issoufou, elected on platform of job creation, mining background

Cominak Mill & Somair Mine near Arlit, adjacent to GoviEx’s Madaouela Project

• Mining accounts for 50-70% of export revenues, national priority for job creation

• Well established infrastructure• Mining Code encourages FDI

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GoviEx Licenses in Niger’s Mining Heart

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Partners for the Future• 2007 – Commenced operations focused on building local team• 2008 – Signed Strategic Partnership with Cameco Corporation• 2009 – Expanded exploration program at Madaouela, close to Arlit• 2010 – Completed 43-101 Preliminary Economic Assessment (PEA) • 2011 – Surpass 400,000m of drilling and updated resource estimate• 2012 – Signed Strategic Financing and off-take agreement with Toshiba• 2013 – Completed 43-101 Integrated Development Plan (IDP)

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2006 2007 2008 2009 2010 2011 2012

Uranium resources(millions of pounds)

20

40

60

80

100

$85 million raised to fund

acquisitions and exploration

$25 million raised

(historical resource)

$40 million strategic financing with Toshiba

Corporation

What We’ve Done - So Far…

537% increase in resources

122M lbs U308

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Madaouela Project Licenses • Renewed Madaouela 1, 2, 3, 4 and Anou Melle permits in Nov

2012, extended for a further 36 months• Agal and Era reapplied for in Nov 2012, issuance expected

Q4 2013

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Madaouela Historical Drilling License Metres*Mad 1 & Agal

457,400

Mad 2 10,200Mad 3 16,300Mad 4 & Era 14,100Anou Melle 3,300Total 501,300

*End 2012

• Resource extension drilling targets still open on Mad 1 • Agal targets for resource development and extension • Considerable “blue sky” remains

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Madaouela Formation Upside Potential

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Madaouela Project “Pearls on a String”• Marianne-Marilyn – sub horizontal tabular body 5km by 2km in plan, thickness 0.2 to over 2m (average thickness ~ 1m). Mineralization depths 30m to 120m

• Maryvonne - smaller body similar in depth and thickness to Marianne-Marilyn

• MSNE – Sub horizontal tabular body spans approx 2km by 2.5km, occurs at depths from 120 to 160m with an average thickness of 1 to 2m

• Miriam is a tabular body approximately 1.4km by 0.7km. Mineralization thickness is approx 20 to 25m at depths from 60m to 80m

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Madaouela Project Deposits (Plan & 3D)Plan View 3D View – Miriam

Marianne &

Marilyn

MSNE

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Summary of the classified mineral resources in accordance with CIM guidelines for Madaouela Project using cut-Off: 0.4 kg/t eUMarch 14, 2013

*On November 22, 2012, GoviEx submitted to the Niger authorities a license application covering certain portions of the original Madaouela I and IV licences surface areas that were excluded from the renewed licences granted on November 2, 2012. GoviEx has been advised that the two applications for the excluded areas of Madaoula I and IV will be approved, but is awaited at the time of writing its applications, and hence has not adjusted its resources to account for any potential changes. However, it should be noted that resources associated with MSEE, and La Banane would be materially affected, and to a limited extent Miriam’s resources would be affected should GoviEx not be successful in its application.

Madaouela Classified Mineral Resources

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Integrated Development Plan

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Ore reserves CIM mineral reserve statement (June 7th, 2013) for the Madaouela deposit *

* Open Pit Mineral Reserves for Miriam are reported within a designed pit shell at a cut-off grade of 0.41 kg/t eU. Cut-off grades are based on a price of USD 70 per pound of U3O8 (USD 154 /kg U3O8) and uranium recoveries of 84.4 %, without considering revenues from other metals. Note Mineral Reserves are based on both Measured and Indicated Resources.Underground Mineral Reserves for MSNE-Maryvonne are reported at a cut-off grade of 0.48 kg/t eU for MSNE-Maryvonne. Cut-off grades are based on a price of USD 70 per pound of U3O8 (USD 154 /kg U3O8) and uranium recoveries of 84.4 %, without considering revenues from other metals. Note Mineral Reserves are based on both Measured and Indicated Resources.Underground Mineral Reserves for Marianne Marilyn are reported at a cut-off grade of 0.60 kg/t eU for Marianne Marilyn, higher than the estimated cut-off grade 0.48 kg/t eU.On November 22, 2012, GoviEx submitted to the Niger authorities an application covering certain portions of the original Madaouela I and IV licences surface areas that were excluded from the renewed licences granted on November 2, 2012. GoviEx has been advised that the two applications for the excluded areas of Madaoula I and IV will be approved, but is awaited at the time of writing, and hence has not adjusted its reserves to account for any changes. However, it should be noted that to a limited extent Miriam’s resources and hence reserves would be impacted should GoviEx not be successful in its application.

• Ore reserves are 54.88 mlb U3O8• Accounts for dilution, mining losses and stope design losses• Based on June 2013 IDP cash costs, still to be revised for lower Sept IDP

costs

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Mine Designs

Mining units above cut-off grade for Marianne-Marilyn at a minimum mining height of 1.8 m (conventional mining)

Miriam final pit shell and block model (Green measured, Blue Indicated)

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Two optimization options were analyzed with potential to be applied to the base case process design improving project economics:

• Ablation to upgrade the leach feed material by removal of associated feed waste material resulting in higher grade and lower mass of leach feed

• Cyanex 600 solvent to improve molybdenum and uranium separation and recovery at lower pH, enabling removal of IX plant

Project Optimisation

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Ablation Testwork

Pre-Ablation material (crushed, screened) ROM -3.35 mm

Post-Ablation material+50-100 fraction post ablation

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Ablation Results

Mesh Size

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• Completed three large scale bench tests on Miriam ore• Recovery of 93% of contained Uranium in 36% of the total

mass • Molybdenum recovery of 71%• Secondary recovery optimisations to be reviewed

• New solvent extraction approach developed for copper industry to remove molybdenum and uranium

• Testwork focussed on a sequential strip to produce separate molybdenum and uranium streams at high acidity/low pH

• Results indicate two stage strip for both molybdenum and uranium

• Forecast recovery of 99% for uranium and 99% for molybdenum

• IX plant no longer required

• Saleable molybdenum oxide by-product produced (< 50 ppm U)

Cyanex 600 Solvent

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Modifications to IDP Circuit:

• Improve milling circuit post ROS to ensure p80 < 5mm and screens at 20 microns

• Insert three stage Ablation unit with screens post ROS• Two stage acid leach circuit reduced in size by 64%• Remove Ion Exchange circuit• Increase Solvent Extraction circuit to have five strip

streams• Precipitation, drying and packaging plant for

molybdenum oxide• Precipitation, drying and packaging plant for uranium

oxide • Total Uranium Recovery 83.0% vs 84.4% in IDP • Smaller simplified plant

Process Updates

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ECONOMICS SUMMARY TABLEParameter Units

June IDPBase Case

September IDPBase Case

Sales U3O8 (Mlb) 46,33 45,59Prices U3O8 (USD/lb) 70 70Cash Operating Costs (USD/lb U3O8) 35.89 26.39Total Operating Costs (incld Rylty) (USD/lb U3O8) 39.74 33.10Total Capital Expenditure (USDm) 681 646Capital Costs (USD/lb U3O8) 14.69 14.16Total Costs (USD/lb U3O8) 50.58 40.55NPV @ 8.00% (USDm) 123.00 251.14IRR (%) 14.3% 21.9%Break even price (NPV=0 @ 8%) (USD/lb U3O8) 61.6 50.5

NPV IRRNPV at 10% (USD70/lb U3O8) (USDm) 185 21.9%NPV at 8% (USD70/lb U3O8) (USDm) 251 21.9%NPV at 8% (USD65/lb U3O8) (USDm) 184 18.5%NPV at 8% (USD75/lb U3O8) (USDm) 317 25.2%

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SUMMARY• Large High Hrade Resource

– 40 Mt of ore @ 1.4 kg/t, containing 122 Mlb U3O8– 80% of resource in Measured & Indicated

• Open Pit & Underground mining at approx 4,000tpd mill feed • Simplified process circuit• - ROS, Ablation, Acid Leach, SX• Molybdenum by-product benefits due to Cyantex 600• Positive Project Economics;

– Cash costs $26.39/lb and total cost $40.55/lb– IRR = 21.9%, NPV (8%) = $251 M

• No fatal flaws identified to date• ESIA on track

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Other IDP Items

• Hydrogeology confirms sufficient water • Environmental Impact Study well advance for DFS

• Baseline studies continue, community engagement commenced

• Geotechnical Drilling to DFS level for majority of the Project • Approx 75% capital costs based on supplier quotations• Operating costs based on supplier information and quotations• Reserves not updated for lower process costs in September

Report

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Five Year Plan

• Completed IDP by Q2 2013• Mining Permit in 2013-2014• Secure financing 2013-2014• Complete DFS in 2013-2014• Mine development in 2014/2015• Commence initial production 2016• Full commercial production in 2017

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Toshiba $40M Financing to advance Madaouela

• Japanese industrial and nuclear giant provided $40m to GoviEx to advance the Madaouela project

• Signed off-take agreement for up to 600,000 pounds of uranium per year for 14 years, starting in 2020.*

• Toshiba: “GoviEx stood out from others and it is significant for Toshiba to make an upstream investment to secure a long-term, stable supply for our clients worldwide.”

* Off-take agreement and delivery of concentrates subject to Niger governmental consents and approvals

April 18, 2012

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Investment Strategy in Niger

Sustainable Success Through Local Investment

• Over US$100 million invested in Niger since 2007• 100% in-country leadership positions occupied by

locals• Substantial investment in training programs• Approaching 500 Nigeriens employed & contracted • Top FDI (non Sovereign, ex France / China)

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Delivering Value to Shareholders

Pounds of Uranium Resource per Share Outstanding

0.00

0.20

0.40

0.60

0.80

1.00

1.20

0.27

0.56

0.82

1.05

October 2007Private Placement

April 2010Private Placement

Sept 2011Private Placement

September 2012NI 43-101 Resource

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Committed to Responsible Practices• $1+5 million donation for local social relief • Investments to improve educational facilities• Focus on water delivery that serve 2,000 locals• Partnership with Rain 4 Sahara

“We believe that the realization of a broad, common good can be assisted by enterprise that demonstrates, through its Corporate Citizenship practices, its support for human rights, social justice and sound environmental management – and is encouraged to prosper in a free market business environment.”

- Statement of Values and Responsibilities

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GoviEx Core TeamExecutive Management Board of Directors

• Govind Friedland, Exec. Chairman, GE, Colorado School of Mines• Daniel Major, CEO, Mining Engineer, Camborne School of Mines• Pierre Massé, CFO, Mining Engineer, McGill• B. Matthew Hornor, EVP & GC, M&A corporate finance

• Aminou Boukari, Niger Country Manager• Ibrahim Mamadou Aouami, On-Site Manager, Arlit operations• Dr. Henri Sanguinetti, Head of Exploration, 35 years experience in

uranium exploration and mining, 25+ years with COGEMA and AREVA

• Dr. Rob Bowell, SRK Project Manager for Madaouela PFS• Ryan Freeman, SRK Mining Engineer for Madaouela PFS• Assane Adamou, Legini Niger, geotechnical and environmental

(EIA)

• Matthew Lechtzier, Lead Director • Govind Friedland, Exec Chairman• Daniel Major, CE0 & Exec Director• Robert Hanson, HRCC Chair • Rachid Benyakhlef, TC Chair• William Assini, Audit Chair• David Marsh, Director, TC Member• Benoit LaSalle, Director

• SRK Consulting, Madaouela Project Consultants

• Tenova Bateman Engineering (EPCM)• Deloitte & Touche LLP, Auditors• Blake, Cassels & Graydon LLP,

Canadian counsel

External AdvisorsNiger Management

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Questions?