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Uranerz Energy Unternehmenspräsentation
1. NYSE Amex Exchange
Toronto Stock Exchange
Frankfurt
Exchange U9EURZ1
Advanced Stage Uranium
Development in Wyoming
November 2010
NYSE Amex Exchange
Toronto Stock Exchange
Frankfurt
Exchange U9EURZ
2. NYSE Amex Exchange
Toronto Stock Exchange
Frankfurt
Exchange U9EURZ2
Cautionary Statements
This presentation may contain or refer to "forward-looking information" and “forward-looking statements” within the meaning of applicable United States and
Canadian securities laws, which may include, but are not limited to, statements with respect to future production, future pursuit of uranium sales contracts,
anticipated exposure to uranium market price fluctuations and pricing diversification, planned development, capital and operating cost and other projections,
resource estimates, permitting and development activities, our planned exploration and drilling programs and results, commodity recovery rates, the availability
of future financing for acquisitions or exploration, the regulatory approval of our planned operations, the expected advantages of in-situ mining in relation to
capital costs, operating costs and environmental impact and other plans, transactions, projections, estimates and expectations. Such forward-looking
statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and
uncertainties outlined in our most recent financial statements and reports and registration statement filed with the United States Securities and Exchange
Commission (the “SEC”) (available at www.sec.gov) and with Canadian securities administrators (available at www.sedar.com). Should one or more of these risks
or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or
expected. We do not undertake to update forward-looking statements, except as required by law.
Cautionary Statement for US Investors concerning estimates of mineral resources and potential target mineral resources:
Mineral resources disclosed in this presentation and in the NI 43-101 technical reports referenced herein have been estimated in accordance with the definition
standards on mineral resources and mineral reserves of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in National Instrument 43-101,
commonly referred to as "NI 43-101". The NI 43-101 technical report on the Arkose property dated February 27, 2008 includes estimations of potential mineral
resources for further targeted exploration by the issuer, disclosed pursuant to the applicable provisions of NI 43-101.The NI 43-101 technical reports referenced
herein are a requirement of NI 43-101 and includes estimations of mineral resources and potential mineral resources for further targeted exploration by the
issuer disclosed pursuant to the applicable provisions of NI 43-101. As a company listed on the TSX, we are required by Canadian law to provide disclosure in
accordance with NI 43-101. US reporting requirements for disclosure of mineral properties are governed by the United States Securities and Exchange
Commission ("SEC") and included in the SEC's Securities Act Industry Guide 7 entitled "Description of Property by Issuers Engaged or to be Engaged in Significant
Mining Operations" ("Guide 7"). NI 43-101 and Guide 7 standards are substantially different. For example, the terms "mineral reserve", "proven mineral reserve"
and "probable mineral reserve" are Canadian mining terms as defined in accordance with NI 43-101. These definitions differ from the definitions in Guide 7. The
NI 43-101 technical reports and this presentation use or may use the terms "mineral resource“, “measured mineral resource”, “indicated mineral resource”,
“Inferred mineral resource”, "potential uranium exploration target", "potential mineral resource", "potential mineral deposit" and "potential target mineral
resource". US Investors are advised that these terms and concepts are set out in and required to be disclosed by NI 43-101 as information material to the issuer;
however, these terms and concepts are not recognized by the SEC or included in Guide 7, and these terms and concepts are normally not permitted to be used
in reports and registration statements filed with the SEC. US Investors should be aware that the issuer has no "reserves" as defined by Guide 7 and are cautioned
not to assume that any part or all of an inferred mineral resource or potential target mineral resources will ever be upgraded to a higher category or confirmed
or converted into Guide 7 compliant "reserves". US Investors are cautioned not to assume that all or any part of a potential target mineral resource exists, or is
economically or legally mineable.
3. NYSE Amex Exchange
Toronto Stock Exchange
Frankfurt
Exchange U9EURZ3
439 reactors operating world-wide with 57 currently under construction
553 reactors currently in construction, planned or proposed stages
Uranium Market Outlook
*Source: WNA website June 3, 2010
0 20 40 60 80 100 120 140 160 180
South Korea
UAE
Japan
Ukraine
South Africa
USA
Russia
India
China
Reactors Under Construction
Reactors Planned
Reactors Proposed
Number of Reactors
4. NYSE Amex Exchange
Toronto Stock Exchange
Frankfurt
Exchange U9EURZ4
Company Summary (As of Oct. 29, 2010)
NYSE Amex / TSX: URZ Frankfurt: U9E
Share Price: US$2.24 or CDN$ 2.23
52 Week High/Low: US$2.29-$0.87 or CDN$2.36-$0.93
Market Capitalization: US$143.8 Million
Current Cash: US$20 M
No Debt
Share Capitalization: 10.3% owned by Directors and Management
Shares outstanding 64.2 M
Warrants 6.25 M (4.25M @ US$3.00 expiring April 2012; listed on TSX)
(2.0M @ US$3.00 expiring June 2014)
Options 7.1 M (Average strike price: ~ US$1.82)
Fully Diluted 77.6 M
5. NYSE Amex Exchange
Toronto Stock Exchange
Frankfurt
Exchange U9EURZ5
Investment Highlights
Expecting to receive final permits and licenses in Q4 2010
Experienced management team
Focused on commencing near-term uranium production and
expanding resource base
Advancing two in-situ recovery (“ISR”) development projects
in the Powder River Basin (“PRB”) of Wyoming
Control a large and strategic land position in the PRB
Signed long-term uranium sales contracts with two large US-
based nuclear operators, including Exelon
6. NYSE Amex Exchange
Toronto Stock Exchange
Frankfurt
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State of Wyoming – Prime Location
Continuous uranium production since 1957
Largest uranium producing state with 2 operating ISR processing plants (Cameco
and Uranium One)
Wyoming hosts the largest uranium resources of all 50 states
*Source: Fraser Institute
Annual Survey of Mining
Companies - 2010 Mid-
Year Update
7. NYSE Amex Exchange
Toronto Stock Exchange
Frankfurt
Exchange U9EURZ7
In-Situ Recovery Uranium Mining (“ISR”)
1. ISR-amenable deposits
located in aquifers with
underground permeable rock,
i.e., sandstone
2. Ground water fortified with
oxidizing agents pumped into
deposit (“in-situ”) dissolving
the contained uranium
3. Dissolved uranium (U3O8)
solution pumped to surface to
be processed into yellowcake
4. Yellowcake shipped to
conversion facility
ISR comprised 36% of global uranium production in 2009 (WNA)
8. NYSE Amex Exchange
Toronto Stock Exchange
Frankfurt
Exchange U9EURZ8
ISR Industry Presence
ISR comprised 36% of global uranium production in 2009*
All uranium production in Wyoming is ISR
The Wyoming ISR Advantage:
Low capital costs
Low operating costs
Low environmental impact
Short time frame for mine construction
Uranerz management has history of permitting and operating ISR
projects in Wyoming
*(Source: World Nuclear Association)
10. NYSE Amex Exchange
Toronto Stock Exchange
Frankfurt
Exchange U9EURZ10
People
Permits
Properties
Production
The 4 P’s
The ISR Production Pyramid
11. NYSE Amex Exchange
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1st P – People
Management and technical team has over 57 years of
combined experience with ISR mining in Wyoming
Dennis Higgs, Executive Chairman of the Board, (B.Com.)
25+ years in financial and venture capital markets
Glenn Catchpole, President & CEO, (P.Eng., M.S.)
34+ years in ISR uranium sector; 24 years in Wyoming
George Hartman, Executive VP & COO, (M.S. Colorado School of Mines)
34 years in ISR mining; 17 years in Wyoming
Kurtis Brown, Senior VP Exploration, (B.A. Geology)
16 years of Wyoming ISR experience
12. NYSE Amex Exchange
Toronto Stock Exchange
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Wyoming – Powder River Basin (PRB)
)Hosts some of the highest grade
ISR-amenable deposits in the
State
Property potential validated by
the presence of Cameco and
Uranium One
Since 1986, all Wyoming ISR
production has been sourced
from the PRB
Project acquisitions concentrated
on areas of known uranium
mineralization
2nd P – Properties
d Wyoming
Powder River Basin
Utah
Colorado
Nebraska
South DakotaIdaho
Montana North Dakota
14. NYSE Amex Exchange
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Uranerz 81% / United Nuclear 19%
Approx 67,000 acres (27,113 Ha) in PRB
Provides internal growth potential
Permitting Jane Dough for production
Exploration drilling:
Arkose has exploration targets along
uranium mineralized alteration
-reduction boundaries
Drilling confirms trends with favorable
uranium mineralization
Arkose Mining Venture
2nd P – Properties
15. NYSE Amex Exchange
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Frankfurt
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3rd P – Permits
Current Permitting Status
State and federal licenses expected in Q4 2010
Draft SEIS issued December 2009; Final expected Q4 2010
Wyoming DEQ Air Quality Permit issued in October 2009
Uranerz permitting/licensing applications filed in December 2007
Permitting in Wyoming
7 commercial ISR projects licensed in Wyoming since 1981
including 6 in the PRB
Uranerz members were directly involved with obtaining the WDEQ
and NRC licenses for 3 of the 7 projects
16. Commence ISR Mine Construction
NRCWDEQEPA
GEIS / SEISWQD LQD AQD SER
DDW
(UIC)
Aquifer
Exemption
Permit to
Mine
Air Quality
Permit
Source Material
License
Mine Permitting
LEGEND
EPA = U.S. Environmental Protection Agency AQD = Air Quality Division
WDEQ = Wyoming Department of Environmental Quality SER = Safety Evaluation Report
NRC = Nuclear Regulatory Commission GEIS = Generic Environmental Impact Statement
WQD = Water Quality Division SEIS = Supplemental Environmental Impact Statement
LQD = Land Quality Division DDW = Deep Disposal Well Permit
UIC = Underground Injection Containment
Commence Uranium Production
17. NYSE Amex Exchange
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4th P – Production
Nichols Ranch processing facility permitting underway for:
Maximum annual production level of 2M lbs yellowcake (U3O8)
Production commencing in 2012 (estimated)
Cost savings/synergies with potential satellite operations:
Jane Dough (with well-field only; potentially pipeline solutions to Nichols Ranch plant)
Reno Creek
West North-Butte
North Rolling Pin / Willow Creek
18. NYSE Amex Exchange
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Preliminary Economic Assessment Highlights:
Nichols Ranch ISR Project
Production Life: 5.25 years
Capital Cost: $35M
Operating Cost: $24/lb of U3O8; $35/lb including taxes and royalties
IRR: 56% using $64/lb U3O8
Typical Satellite Unit Economics
Initial investment of Central Processing Plant at Nichols Ranch allows multiple
satellite facilities to transport resin to the main plant for “tolling”
Each additional satellite has a projected IRR of 65%
Capital Cost: $13.5M ($3.8M plant plus $9.7M first well-field)
Operating Cost: $32.70/lb ($26/lb op cost including local taxes and royalties,
plus $6.70/lb toll processing fee)
4th P – Production (cont.)
19. NYSE Amex Exchange
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…the 5th “P” – Product Sales
Uranerz has entered into two uranium off-take agreements
with 2 major nuclear operators in the US, including Exelon
Exelon operates the largest nuclear fleet in US and the third
largest fleet in the world
Both agreements are long-term contracts with deliveries over
a five year period
The contracts have flexible start dates for deliveries
The contracts include one with fixed escalating prices, and the
other uses a combination of spot and long-term prices with a
floor and a ceiling
20. NYSE Amex Exchange
Toronto Stock Exchange
Frankfurt
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Receive final permits to commence mine construction
Commence commercial production by 2012
Increase annual production to +1.5M lbs U3O8
Continue exploring and developing assets
Sequential development of PRB properties
Continue property acquisition efforts, particularly in the
Powder River Basin
Company Objectives
21. NYSE Amex Exchange
Toronto Stock Exchange
Frankfurt
Exchange U9EURZ21
Research Analyst Commentary
“…Uranerz provides an excellent
opportunity for investors for exposure to a
near-term, low cost producer…”
Geordie Mark, Haywood Securities
“URZ’s management team [is] one of the
best in the North American uranium
industry…”
David Wargo, GMP Securities
“Management is gaining strong credibility
by fulfilling promises…we anticipate an
ongoing re-rating of the stock.”
David Talbot, Dundee Securities
Firm
Name
Most Recent
Report Date
Recommendation
& Price Target
Dundee
Securities
10/05/2010 Buy C$2.35
GMP Securities 03/18/2010 Buy C$2.30
Haywood
Securities
10/25/2010 Buy US$3.20
