Tribeca Global Natural Resources Ltd. · ASX:TGF

Tribeca Global Natural Resources — Investor Presentation (July 2019)

26 slides from Tribeca Global Natural Resources's investor presentation, Jul 26, 2019

1. Slide 1: Tribeca Global Natural Resources Limited (ASX:TGF)

   For personal use only — Tribeca Global Natural Resources Limited (ASX:TGF) aeeete y www.tribecaip.com.au/lic —

2. Slide 2: For personal use only

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3. Slide 3: Overview

   Overview THE NUCLEAR COMMON CURRENT MARKET » FUEL CYCLE » MISPERCEPTIONS » DYNAMICS = Global Price History - Current Demand Projection - Global Demand - Environmental Concerns - Supply Dynamics - Production Costs - Section 232 - Global Inventory Tribeca Global Natural Resources

4. Slide 4: The Nuclear Fuel Cycle

   The Nuclear Fuel Cycle Uranium will play an increasingly important role in the global supply of clean, stable, base-load power generation given the focus on environmental improvement and rising global demand for electricity. MILLING Once an ore body is discovered and defined there are three common w

5. Slide 5: Uranium Price History and Key Events

   inium Price History and Key Events: 196: ne URANIUM PRICES ARE SENSITIVE TO RL TID SUPPLY ISSUES AT KEY MINES AND Arthur River cutalment REMAIN LOW VERSUS HISTORICAL LEVELS The uranium price was above US$40/b before Japanese demand went offline Ml 9 orl 6, 2 after the Fukushima disaster in 2011. As

6. Slide 6: For personal use only

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   For personal use only • • • • Nuclear OECD Renewables Non-OECD Fossil

9. Slide 9: Environmental Concerns Rising — Especially in non-OECD

   Environmental Concerns Rising — Especially in non-OECD CARBON EMISSIONS PER UNIT OF POWER * 4,000 0 § coo Hy 2 00 m0 ) 6 —_— ( Ho Weed Neer ‘Sr hrmase ‘Nard Gov oi Col Analysis of European and German data suggests that Germany has spent $580 billion on renewables over the last decade and in that tim

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12. Slide 12: For personal use only

    ibeca Global Natural Resources

13. Slide 13: Global uranium demand by country

    Argentina Slovakia Bangladesh Japan Brazil Finland France Pakistan Belarus USA India Russia UAE Korea Honeymoon Ex China McArthur River China Husab 20,000,000 18,000,000 16,000,000 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 - For personal use only

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15. Slide 15: Status of Japan's Nuclear Reactor Fleet – November 2018

    For personal use only STATUS OF JAPAN’S NUCLEAR REACTOR FLEET – NOVEMBER 2018 ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ Permanently shut down post-Fukushima Pressurized Water Reactor No Restart Application with NRA Restart Application Under NRA Review Boiling Water Reactor ▪ Restart Application approved by NRA Operating Reac

16. Slide 16: For personal use only

    Global Natura|fResources (©) 6) a) OQ h r= cal “Fi (Ajuo:dsn jeuosisd Jo

17. Slide 17: Uranium Supply Dynamics

    Uranium Supply Dynamics RECENT SUPPLY CUTS AND LONG LEAD TIMES MEAN FUTURE SUPPLY RESPONSE WILL BE MUTED Kazakhstan supplies ~40% of global U308 via its state owned company KazAtomProm (KAP) which transacted a partial IPO in 2018. They have shifted their policy to “premium over pounds” (i.e. less po

18. Slide 18: Supply Cuts

    Supply Cuts (%) Thermal Coal +206% CARE AND MAINTENANCE AND SUPPLY CUTS SINCE 2013 2% cut *® Kar? 8 ats 0 tee 200% Met Coal en rch U *200% s snes ranium 5 6% cut Mowrur ver soe . ° “Sunes 2018 w 0 Bite 100% 20% cut srabitse 2 0. Zinc +60% 16 “se 3% cut 7 vraes tow | <a hes . mie 18 Months 2018 as 15

19. Slide 19: Uranium Cost Curve

    19 Uranium Cost Cu CURRENT PRICES REMAIN DEEP IN THE COST CURVE. * 30% of planned 2020 production will be losing money at current prices 3 mines highlighted in grey are no longer producing since this chart was updated in 2018, and a chunk of Kazakhstan production has been cut. 2018 is production clo

20. Slide 20: For personal use only

    For personal use only • • • • • 20 Source: International Atomic Agency

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    For personal use only 180.00 160.00 140.00 120.00 100.00 80.00 60.00 40.00 20.00 - 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

22. Slide 22: For personal use only

    STIS N SW = —_.... Aff, — Mis, 1 —-aA sa 7 Me = a = <0, q om INS =a =o a iy Sy Y, CK

23. Slide 23: Checklist to Risk Weight Exposure to Uranium Miners

    ibility Uranium Miners Checklist to Risk Weight Expo mand Producer - producing, mine on care and maintenance Stage Developer — brownfield, greenfield Explorer — resources Jurisdiction Diversification Permitting and community Ot rtuniti Time to production and required incentive price for builds CAPEX

24. Slide 24: Case Study: Boss Resources

    Case Study: Boss Resources (ASX:BOE) First mover into production of Australian projects and in the first wave of new production on a global comparison. STAGE: Brownfield ISR project with $170m plant on care & maintenance (CaM) JURISDICTION: South Australia is a uranium friendly jurisdiction with two

25. Slide 25: Investment Team

    Tribeca Global Natural Resources Investment Team Ben Cleary Craig Evans Haydn Smith Guy Keller Ted Coupland Portfolio Manager Portfolio Manager Portfolio Manager, Head of Credit Head of Commodities Trading Geologist, Technical Advisor James Eginton Michael Orphanides Simon Brown Matthew Turner Margo

26. Slide 26: For personal use only

    Tribeca Global Natural Resources a 5 ~ The information contained in the presentation, and any dist iifis ofa general nabs ar ‘objectives or needs of any specific recipient and as such is not intended to constitute investment advice nor a personal securities mendation. Opinions exoressed may ch z ion

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