Lightbridge Corporation is developing nuclear fuel technology that can provide utilities with improved economics through increased power output and enhanced safety. Their metallic fuel design allows existing reactors to increase output by 10-17% and new builds by up to 30%. It also extends the period between refueling outages. Lightbridge expects to generate significant revenue through technology licensing fees and royalties as their fuel is used commercially in the growing $25 billion global nuclear fuel market. They are currently collaborating with Canadian Nuclear Laboratories to fabricate fuel samples for testing in research reactors with the goal of commercial deployment in the 2020s.

1. NASDAQ : LTBR
Investor Presentation
RedChip Global Online Conference – April 2015
®

2. Safe Harbor Statement
This presentation includes or incorporates by reference statements that constitute forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future
events or to our future financial performance, and involve known and unknown risks, uncertainties
and other factors that may cause our actual results, levels of activity, performance, or achievements
to be materially different from any future results, levels of activity, performance or achievements
expressed or implied by these forward-looking statements. These statements include, but are not
imitated to, information or assumptions about revenues, gross profit, expenses, income, capital and
other expenditures, financing plans, capital structure, cash flow, liquidity, management’s plans, goals
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factors mentioned in the “Risk Factors” section of our most recent annual and quarterly reports on
Forms 10-K and 10-Q, and other risks mentioned in our other reports filed with the Commission.
The forward-looking statements contained in this presentation are made only of this date, and
Lightbridge Corporation is under no obligation to revise or update these forward-looking statements.
1

3. Our patented, metallic fuel technology
can help global nuclear utilities achieve
improved operating economics through
increased power output and enhanced
reactor safety.
LTBR can realize significant, high-
margin revenue streams from
technology licensing fees and royalties
from a growing $25 billion global
market for nuclear fuel.
2

4. By listening to utilities, we
designed new fuel that is
compatible with existing and
new reactors.
Lightbridge’s proprietary fuel
technology addresses the two
overarching issues afflicting the
nuclear industry.
Lightbridge delivers:
. Improved Economics
. Improved Safety
power uprates for existing
pressurized water reactors
10%
power uprates for new build
pressurized water reactors
30%
period between refueling outages
increased from 18 to 24 months
for existing pressurized water
reactors
+6 months
ahead of any potential competitor
due to testing and regulatory
requirements
10+ years
3

5. Lightbridge technology
has been independently
validated by respected
industry organizations,
confirming its:
Technology value proposition
U.S. nuclear supply chain issues and
implications for Lightbridge metallic fuel
Proliferation-resistant properties
American Nuclear Society’s
Nuclear Technology
peer-reviewed journal
Independent validation includes:
4

6. Nuclear energy is the only clean,
sustainable and reliable source
that addresses increasing demand
for base load power.
5

7. Producing the Equivalent of
One Cubic Mile of Oil
• Hydro: 200 dams
 1 every quarter for 50 years
 18 GW with 50% availability
• Nuclear: 2500 plants
 1 a week for 50 years
 900 MW with 90% availability
• Solar CSP: 7700 solar parks
 3 a week for 50 years
 900 MW with 25% availability
• Windmills: 3 million
 1200 a week for 50 years
 1.65 MW with 35% availability
• Solar Roofs: 4.2 billion
 250k roofs a day for 50 years
 2.1 kW with 20% availability
Source: Ripudaman Mahlhotra, Ph.D., SRI International 6

8. Capacity Factor %
Nuclear is a more reliable
base load energy source
than coal and generates
zero carbon emissions, as
do renewable sources.
nuclear coal hydro gas wind solar
7

9. 0
50
100
150
200
250
1200 2500
Environmental impact (CO2
lbs/MWh)
Lightbridge Fuel: Lowest Levelized
Cost for Incremental Power on the Grid
Solar
Wind
Nuclear
Lightbridge
Natural Gas
Coal
Sources: Siemens Industry Inc., EIA Annual Energy
Outlook 2014, and EPRI “Program on Technology
Innovation’”
($/MWh)
8

10. Lightbridge is
advancing
nuclear energy
9

11. Increases electric
generation
Improves
safety
Enhances
economics
Decreases
waste
DECREASES WASTE
 Reduces volume of spent fuel
 Reduces radio-toxicity of spent fuel
 Enhances proliferation resistance
of spent fuel
ENHANCES ECONOMICS
 Period between refueling outages
increased from 18 to 24 months for
existing pressurized water reactors
 Increases nuclear plant capacity
factors
 Allows utilities more flexibility to
plan for refueling shutdowns
INCREASES ELECTRIC GENERATION
 10 – 17% power uprate for existing
pressurized water reactors
 Up to 30% power uprate for new
build pressurized water reactors
 Applicable to boiling water
reactors and light water based
small modular reactors
IMPROVES SAFETY
 Improves response to design
basis events (Three Mile Island)
 Increases fuel reliability and
reduced occupational exposures
 Improves margin to fuel rod
safety limits (Fukushima Daiichi)
1010

12. 11

13. Efficient heat transfer
Enhanced structural integrity
Reduced operating temperature
Lightbridge Fuel
360c
Conventional Fuel
1250c
Lightbridge Fuel Is
Designed for Safety
o
o
12

14. Financial &
economic
benefits
13

15. $48M
$4M
$8M
10% uprate
24 month cycle
Fewer outages
*Assumes wholesale power price of $55/MWh
14

16. Operating pressurized
water reactors larger
than 900 MWe with
more than 20 years
licensed life at 2025
Sources: The Global Nuclear Fuel Market.
Supply and Demand 2011-2030, World
Nuclear Association, August 2011 and
updated totals from the World Nuclear
Association database of nuclear reactors
364
127
249
261
554
614
TARGET
ADDITIONAL
OPPORTUNITY
2014 2025 2030
15

17. Annual Royalty
Revenue Projections
For 10% Power
Uprate Fuel
Captured Share of
Projected Global Market in 2030
Wholesale electricity price of $55/MWh
8%
Royalty fee of
incremental gross
revenue to utility
$344M
$517M
$688M
10% 15% 20%
Note: Revenue projections include an escalation
factor of 3% per year.
16

18. Lightbridge technology facilitates a
high return for utilities
*Siemens Industry Inc. Levelized Cost Model, December 2012
Total incremental
investment
Incremental
gross margin
$45/MWh
Wholesale
electricity price
$85M* $26M 30%
Internal rate
of return
$55/MWh $85M* $35M 41%
$65/MWh $85M* $45M 52%
17

19. Severe
accident
testing
Sign
agreement
with
development
partner
Letter of
interest
secured
from host
utility
Demonstrate
full length
manufacturing
Begin
testing in
research
reactor
NRC
approval
First use in
commercial
reactors
Commercial Deployment Timeline
High risk
Medium risk
Low risk
2014 2016 2018 2020 2022 18

20. Commercial
strategies &
footprint
19

21. 20

22. Lightbridge Near-Term Catalysts
for Nuclear Fuel Business
 Fabricate irradiation fuel samples in 2016
 Secure a letter of interest from a utility by 2016 for lead test
assembly demonstration
 Begin test reactor irradiation of the fuel samples by early 2017
 Enter into a cost-sharing arrangement with an industry partner
and/or government by late 2017-early 2018 to support
deployment of a pilot-scale fabrication facility, fabrication of
lead test assemblies and their operation in a commercial
power reactor
21

23. Path to Commercial Use
1. Execute recently announced collaboration with CNL-Chalk River
Laboratories on fuel sample fabrication
2. Leverage our Nuclear Utility Fuel Advisory Board to secure a letter
of intent from at least one utility for lead test assembly
demonstration
3. Seek cost-sharing government and/or industry partner funding
contributions to support lead test assembly demonstration
22

24. Fuel irradiation program in Halden research reactor
under prototypic power reactor operating conditions
2015 2016 2017 2018 2019 2020 Total
Execute Enabling Agreements
Develop Fabrication Plan
Loop Irradiation Experiment Design
Fabrication of Fuel Samples
Irradiation of Fuel Samples
Post-Irradiation Examination
Out of Reactor Testing
Estimated increase in annual R&D
expenditures over current program
spending levels ($MM)
$1.8 $1.8 $1.4 $1.7 $1.7 $2.0 $10.4
23

25. 24

26. 25

27. Lightbridge Value Proposition
Unparalleled combination of nuclear industry
intellectual capital and management expertise
Patented technology delivers improved
operating economics, more power output and
enhanced reactor safety
Nuclear is the only clean, sustainable and
reliable energy source that addresses
increasing global demand for base load
electricity
26

28. NASDAQ : LTBR
®
Lightbridge Corporation – 1600 Tysons Blvd., Ste. 550 – McLean, VA 22102
+1-571-730-1213 – ir@ltbridge.com – http://www.ltbridge.com
Twitter: @LightbridgeCorp