Kuannersuit (Kvanefjeld) Project Ministry of Industry and Mineral Resources v/ Jørn Skov Nielsen Kuannersuit (Kvanefjeld) Project

Area around Kuannersuit (Kvanefjeld) Greenland Minerals & Energy (GME) REE + uran project - Kuannersuit Kvanefjeld: 619 Mt 4.79 Mt REO, 283 M lbs U3O8 1M tonnes Zn New zones REE + Uranium + Zinc Kuannersuit/ Kvanefjeld 4km License Boundary Area around Kuannersuit (Kvanefjeld) 18-09-2018

Kvanefjeld The town of Narsaq is located 10 km from Kvanefjeld and is expected to provide both general labour and services to the Project Source: GME 2014 Kvanefjeld Plateau

Kvanefjeld Multi-Element Project Source: GME 2013 Overview of the Narsaq Peninsula, south Greenland, view is toward the north. The Kvanefjeld project is easily accessed by ship from the North Atlantic, year round. The distance from Narsaq town to Narsarsuaq Airport is 45 km.

Kvanefjeld multi-element project REE’s, uranium, zinc One of the world’s most strategically important mineral projects - 100% owned by GMEL One of the world’s largest REE-uranium resources Highly accessible – bulk ore bodies favourably located in southern Greenland near towns, harbours and airport 2013 - Feasibility level ‘Mine and Concentrator Study’ demonstrates long-life, cost-competitive production of rare earths and uranium; the start point of a mining project that will continue to evolve for decades Greenland is politically stable and pro-mining; attracting increasing international interest Source: GME 2013

Kvanefjeld Project – Global resource Mineralisation is hosted by lujavrite. The main ore mineral is steenstrupine, which is the dominant host to both uranium and REE’s. Project overall resource inventory: 956 Mt containing 575 Mlbs U3O8 , 10.33 Mt TREO, 2.25 Mt zinc HREE is 12 % (JORC-code compliant, Prepared by SRK Consulting) Kvanefjeld Deposit: Global resource: 619 Mt @ 257 ppm U3O8, 1.06% TREO, 0.22% zinc Sørensen Deposit: Global resource: 242 Mt @ 304 ppm U3O8, 1.1% TREO, 0.26% zinc Zone 3 Deposit: Global resource: 95 Mt @ 300 ppm U3O8 1.16% TREO Source: GME 2013

Greenland Minerals & Energy (GME) REE + uran project - Kuannersuit CAPEX is expected to be more than DKK 5 mia. based on previous calculaltions. GME has made a MoU with China Non-Ferrous Metal (NFC) in order to advance and secure the path to a rare earth market. Without alignment with a partner that is proficient in RE separation, it is extremely challenging to become an effective rare earth producer. Expected workforce during the construction phase is between 1,000 - 2,000 mainly (FIFO – Fly In Fly Out). Expected workforce during the operation phase is around 700. GMEs infrastructure at the project area. 18-09-2018

Scenario 1+2+3 Processing of minerals is divided into three different scenarios where scenario 1+2 is considered the base case scenario in the feasibility study. Scenario 1: Mechanical processing where REE + uranium (steenstrupine) and zinc are separated into two different concentrates. Scenario 2: Chemical processing (refinery) where REE and uranium are chemically separated into a uranium oxide (yellow cake) and a Rare Earth Carbonate. Scenario 3: Rare Earth separation into individual RE products. This process is considered largely unfeasible to conduct in Greenland. No emerging RE miner has the technology to conduct RE separation, and it would take years, and excessive costs, to develop such technology independently. The technology is costly to implement for this type of complex chemical processing in Greenland.

GME Greenland has prolific polymetallic resources of Uranium and Rare Earth Elements Kvanefjeld (Ilimaussaq) - Global (JORC) uranium resource of 575 Mlbs U3O8 @150ppm U3O8 cut off Coincident REE resources of 10.8 Mt – one of the world’s largest with huge upside <20% of prospective ground in northern Ilimaussaq complex evaluated Olympic Dam’s resources are 5,404 Mlbs Source: BCC, Company Filings and websites as at January 27, 2012 Current JORC resource Source: GME 2014 * *Geological resource estimate generated by Henning Sørensen, published by the IAEA, of >1.3Blb’s @ 150ppm U3O8 cut-off

The Kvanefjeld Project – Project Timeline Key Milestones: mining license application, confirmation of partners, off-takes Environmental & Social Baseline Studies SIA and EIA Mining License Application Detailed Engineering Permitting and Approvals Strategic Partner Engagement Construction Stakeholder Engagement Zero tolerance repealed Commissioning Mine & Concentrator Study completed Development strategy Finalised Exploitation license decision Construction commences Apply for Exploitation license 2013 2014 2015 2016 2017 2018 Process Design & Cost Estimation JV Partner engagement, Refinery piloting & Off-take Agreements Project Funding and Construction Source: GME 2014