ARMZ Uranium Holding: Expanding Global Presence

World nuclear renaissance Today In a 20 years: Source: WNA 440 operating Nuclear Power Reactors with a installed capacity of 376 GWe. 55 new NPPs under construction worldwide. The total number of NPPs under construction, planned / proposed increased from 250 to 551 units over the past 3.5 years. Under construction Planned Proposed World NPP’s construction plans dynamics, pcs NPP’s construction, pcs USA Russia Others China India Japan S. Korea France 88 % growth of operating NPPs worldwide. 119% growth of total installed nuclear capacity. Most active nuclear industry development - in China and India. 2,5-fold grow of installed NPP’s capacity in Russia. Global financial crunch had no impact on NPPs plants construction. It gave impetus to nuclear energy development, confirming its reliability, efficiency and profitability. Today the Nuclear Renaissance is a reality.

33 Uranium conversion and enrichment  40% of world’s uranium enrichment capacity  Enrichment and supply of uranium to the US, Europe, Asia, and other countries NPP construction Holds 16% market share in terms of nuclear power plant construction worldwide Rosatom Is a fully diversified corporation, with operations ranging from uranium mining to NPP construction, power generation, and sales NPP’s Engineering and equipment supply  Supplies equipment and services to the power generation and Oil & Gas sectors  Supplies equipment to over 20 countries Electricity generation  World’s №2 in installed capacity (23.2GW)  Operates 32 reactor cores across 10 power stations  Further 7 power stations in construction Nuclear fuel fabrication and supply  Supplies NPPs in Russia and 76 other NPPs across 14 countries (17% market share)  Annual export volume in excess of $1bn ARMZ, Uranium mining  Uranium mining and supply  World’s №5 in uranium production Rosatom — Global Leader in Nuclear Industry

4 Rosatom’s Strategy and Primary Focus — NPP Construction Abroad ROSATOM Active units worldwide Rosatom holds 16% current market share in NPP construction worldwide 3 rd worldwide by active units Source: Company reports Rosatom’s global development strategy suggests reliable and long-term uranium supplies. Thus, ARMZ’s strategy aimed at diversification of its assets by low risk and long-term uranium projects.

Uranium production capabilities to WNA,2009, reference Stages of the uranium industry development  reactor demand covered by uranium production  after uranium production shortage  after 2025 – decrease of uranium production and production capacity shortage (decommissioning of some mines due to U resources depletion) Uncovered demand - «window of opportunities» tU production

World uranium production at a glance U production growth rate in 2010, % World uranium production in , tU Companies – leaders of U production in 2010, tU  World uranium production in 2010 reached 53,4 thou tU. (ARMZ preliminary estimation)  Production growth rate in 2010 amounted to 6%, and is lower than 2009 production rate, which amounted to 15%.  Kazakhstan significantly increased uranium production in 2010, whereas Australia, Canada, Namibia slightly decreased uranium output.  ARMZ – U1 alliance holds third place in 2010 global uranium production after Kazatomprom and Cameco.  As for U production growth rating, ARMZ – U1 alliance holds second place among largest uranium producers.

Start of negotiations Jun 14, 2009 First U1 deal announced Second U1 deal announced ARMZ & Uranium One: established and reputable partnership Synergy and value creation through organic growth and further M&A deals First U1 Deal Closed Dec 15, 2009 ARMZ’s existing stake highlights its commitment to Uranium One as a long-term strategic partner. Jun 08, 2010 Dec, 2010 Second U1 deal expected to close 7 Jul, Uranium One price of shares, CAD

Why Uranium One? Uranium One is the best opportunity to implement ARMZ diversification strategy and the platform for ARMZ growth Track record and high profile among the sector’s public companies Highest standards of corporate governance Best in class management (bringing mines into operation, significant experience in M&A) Best in class assets with lowest cash cost (Kazakhstan) Significant growth prospectives Widest diversification of assets (projects on 3 continents: America, Asia and Australia)

ARMZ projects pipeline Designing / Exploration Construction Exploration / Perspective 9 Источник: АРМЗ ARMZ strategy — through diversification to world’s leadership Production Akbastau Zarechnoe Elkon Gornoe Olovskaya Lunnoe Mongolia Armenia Namibia Honeymoon US ISL N.Kharasan U1 Priargunsky Dalur Karatau Akdala S.Inkai U1 Khiagda U1

ARMZ – U1 alliance potential 10 ARMZ — Uranium One will be one of the leading global uranium producer. It preliminary ranks second in production volume by Further U resources strengthening, especially in the lowest cash cost category. Synergy in combining production facilities in Kazakhstan and political risks minimization. Rosatom guarantees U demand and access to new markets. The increase in market capitalization and the ability to attract investment, using all the market mechanisms. Excellent potential for further ARMZ – Uranium One growth. Deal with the Uranium One is the first and most important step in ARMZ strategy Source: UxC data, ARMZ evaluation 2015 Uranium Production, th. t. U* * on attributable basis Key market players’ reserves with cash cost less 80$/kg, th. t. U* * on attributable basis

ARMZ New M&A Target - Mantra Resources Asset Quality Sandstone-hosted deposit located within the Karoo sediments Multiple stacked mineralized horizons of variable thickness at shallow depths (i.e. less than 100 m) Relatively low technical risk based on preliminary scoping study and metallurgical work No drilling and blasting required Government has been very supportive of the mining industry Assets Overview Exploration Upside Significant resource increase potential within existing licenses Nyota Prospect only covers 100 km 2 of 3,250 km 2 land package 100 km 2 of airborne radiometric anomalies detected Higher grade mineralization has been observed at surface in outcrops and trenches PFS LOM Production ~3.7 mm lbs U 3 O 8 per annum Mine Life 12 years, with potential to increase Mining Grade308 to 586 ppm U 3 O 8 Recovery 85% recovery and low acid consumption LOM Avg Cash Cost US$28.06 / lb U 3 O 8 Development Capex US$298.1 million Handa Bahi North Mkuju River Mbamba Bay Regional Karoo Targets ZVP Mozambique TANZANIA MOZAMBIQUE Project Geography PFS results overview 11 The flagship Mantra’s Mkuju River project (Tanzania) is low cost, near term production, significant potential to increase resources and life of mine.