Summary of the classified mineral resources in accordance with CIM guidelines for Madaouela Project (cut-off: 0.4 kg/t eU) as of November 13, 2017
Classification Tons (Mt) Grade (kg/t eU3O8) eU3O8 (t) eU3O8 (Mlb)
Marianne/Marilyn
Measured 2.14 1.79 3,835 8.45
Indicated 14.72 1.43 21,000 46.30
Inferred 5.04 1.17 5,908 13.02
Miriam
Measured 9.62 1.08 10,397 22.92
Indicated 2.68 0.79 2,112 4.66
Inferred 0.58 1.33 773 1.70
MSNE
Indicated 5.05 1.61 8,111 17.88
Inferred 0.10 1.34 131 0.29
Maryvonne
Indicated 1.23 1.79 2,195 4.84
Inferred 0.42 1.66 703 1.55
MSCE
Inferred 0.72 1.81 1,308 2.88
MSEE
Inferred 1.45 1.64 2,373 5.23
La Banane
Indicated 1.57 1.64 2,589 5.71
Inferred 1.15 1.18 1,358 2.99
TOTAL MEASURED 11.76 1.21 14,232 31.37
TOTAL INDICATED 25.25 1.43 36,007 79.39
TOTAL INFERRED 9.46 1.33 12,554 27.66

The company’s mineral resources as at November 13, 2017 are classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum’s “CIM Definition Standards – For Mineral Resources and Mineral Reserves” in accordance with the requirements of National Instrument 43-101 “Standards of Disclosure for Mineral Projects" (the Instrument). Mineral reserve and mineral resource estimates reflect the company's reasonable expectation that all necessary permits and approvals will be obtained and maintained. (1kg/t eU3O8 = 0.1% eU3O8). The “e” symbol denotes that resource estimation is based on spectrometer data obtained in the field and confirmed by a smaller number of samples by laboratory chemical analysis.

Mineral resources that are not mineral reserves do not have to demonstrate economic viability. Mineral resources are subject to infill drilling, permitting, mine planning, mining dilution, and recovery losses, among other things, to be converted into mineral reserves. Due to the uncertainty associated with inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to indicated or measured mineral resources, including as a result of continued exploration.

The Mineral Resource Statement was prepared by John Arthur, FGS, C.Geol. (CP) and Peter Gleeson FAusIMM (CP) of SRK Consulting (UK) Ltd.; both are Qualified Persons as defined by the CIM Code..

Madaouela Probable Mineral Reserves as at May 20, 2015

Deposit Cut-Off RoM Uranium Metal Uranium Oxide
Grade eU (kg/t) Tonnes
(Mt)
Grade
eU (kg/t)
eU3O8 (t) Grade eU3O8 (kg/t) Contained eU3O8 (t)
Marianne-Marylin (M&M)*
Probable 0.48 14.1 0.79 11,164 0.93 13,164
MSNE-Maryvonne*
Probable 0.48 7.8 0.76 5,938 0.89 7,002
Total Underground (Probable) 0.48 21.9 0.78 17,102 0.92 20,167
Miriam Open Pit**
Probable 0.4 7.5 0.82 6,197 0.97 7,302

* Underground Mineral Reserves for Marianne-Marilyn and MSNE-Maryvonne are reported at a cut-off grade of 0.48 kg/t eU. Cut-off grades are based on a price of US$70/lb of U3O8 (US$154/kg U3O8) and uranium recoveries of 83.0%, without considering revenues from other metals. Note Mineral Reserves include both Measured and Indicated Resources.

** Open Pit Mineral Reserves are reported within the MAD I licence and within a designed pit shell at a cut-off grade of 0.4 kg/t eU. Cut-off grades are based on a price of US$70/lb of U3O8 (US$154/kg U3O8) and uranium recoveries of 83%, without considering revenues from other metals. Mining modifying factors are 2% ore loss and 5% dilution at 0 kg/t grade. Note Mineral Reserves include both Measured and Indicated Resources.


Mineral Resource Estimate1, Mutanga Uranium Project, Zambia, SRK Consulting (UK) Ltd. – November 20, 2017


Deposit Category Tonnes (Mt) U3O8 Grade (ppm) U3O8 Mlb
Mutanga2 Measured 1.9 481 2.0
Indicated 8.4 314 5.8
Inferred 7.2 206 3.3
Dibwe2 Inferred 17.0 239 9.0
Dibwe East2 Inferred 43.1 304 28.9
Gwabe3 Measured 1.3 237 0.7
Indicated 3.6 313 2.5
Inferred 0.7 178 0.3
Njame3 Measured 2.7 350 2.1
Indicated 3.7 252 2.1
Inferred 2.1 225 1.1
Njame South3 Inferred 4.4 250 2.4
Sub-total Measured 5.9 366 4.8
Sub-total Indicated 15.7 299 10.4
Measured and Indicated 21.6 317.5 15.1
Inferred 74.6 273.0 44.9

1 Mineral Resources have not been constrained by pit shells; however, almost all of the mineralization occurs within 125 metres of surface with uranium grades which are, in general, considered to have reasonable prospects for eventual economic extraction by open pit mining.

2 The cut-off grade used for reporting the Mineral Resource is 100 ppm U3O8, which is applied directly to block model cells.

3 No U3O8 ppm cut-off is applied to block model cells for reporting the Mineral Resource. However, the outer limits block model was constrained within a 100 ppm U3O8 wireframe used for geological modelling.

The Qualified Persons from SRK Consulting (UK) Limited for the PEA are:
• Robert J. Bowell, B.Sc., PhD, C.Chem., CGeolFGS, EGeolFIMMM – Corporate Consultant (Recovery Methods, Mineral Processing and Metallurgical Testing).
• Guy Dishaw, P.Geo. – Senior Resource Geology Consultant (Exploration, geology, drilling, sample preparation, data verification and resource estimation).
• Filip Orzechowski, M.Sc., MIMMM, C.Eng. – Charter Mining Engineer (Mining) as defined by the CIM Definition Standards and Section 5.1 of National Instrument 43-101 – Standards of Disclosure for Mineral Projects, Form 43- 101F1 and Companion Policy 43-101CP).

Falea Mineral Resources as at October 26, 2015


Category Tonnes U3O8 Cu Ag U3O8 Cu Ag
(MT) (%) (%) (g/t) (Mlb) (Mlb) (Moz)

Indicated

6.88

0.115

0.161

72.8

17.4

24.4

16.11

Inferred

8.78

0.069

0.200

17.3

13.4

38.7

4.9

Notes:
1. CIM definitions were followed for classification of Mineral Resources
2. Reported above a cut-off grade of 0.03% U308, based on a uranium price of US$75/lb
3. Bulk density is 2.65 t/m3
4. Numbers may not add due to rounding

The company’s mineral resources as at October 26, 2015 are classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum’s “CIM Definition Standards - For Mineral Resources and Mineral Reserves" in accordance with the requirements of National Instrument 43-101 “Standards of Disclosure for Mineral Projects" (the Instrument). Mineral reserve and mineral resource estimates reflect the company's reasonable expectation that all necessary permits and approvals will be obtained and maintained.


Mineral resources that are not mineral reserves do not have to demonstrate

The Mineral Resource Statement was prepared Mark Mathisen, C.P.G., Senior Geologist, of Roscoe Postle Associates Inc., who is a Qualified Persons as defined by the CIM Code.

Source: Falea NI 43-101 RPA Report: October 26, 2015.