Sage Plain

Overview

Highlights

• Sage Plain property in located in the Slick Rock District 15 miles northeast of Monticello, Utah and 54 road miles from the White Mesa Mill
• The property consists of two fee mineral leases covering about 960 acres (Calliham and Crain) and a Utah State lease of 640 acres. It also consists of a high vanadium-to-uranium ratio
• The Calliham mine property was explored in the early 1970s by Hecla Mining Company. The lease was acquired by Atlas and the mine was brought into production in 1976. It operated again briefly in 1990-1991
• All infrastructure from the historic mine has been removed and all permits have lapsed however, the underground workings remain relatively intact and the declines could be reestablished for quick re-entry

Historical Mineral Resource Estimate

Category	Tons (000s)	Grade (%U3O8)	Contained U3O8 (000s lbs)	Grade (%V2O5)	Contained  V2O5 (000s lbs)
Measured	240	0.16	772	1.32	6,349
Indicated	13	0.10	26	0.77	199
Inferred	10	0.13	25	0.94	188

Notes:
1) Grades and tonnages shown as diluted amounts.
2) Vanadium grades are based on assays where known, otherwise estimated at the average V 2 O 5 :U 3 O 8 ratios for the individual properties used by previous operators based on core assay data and past production.
3) Mineral Resources were classified in accordance with CIM Definition Standards.

For additional information on the Sage Plain Project, please refer to the Technical Report entitled “UPDATED TECHNICAL REPORT ON SAGE PLAIN PROJECT (Including the Calliham Mine)”, prepared by Douglas C. Peters, CPG of Peters Geosciences, dated March 18, 2015.

This resource is a historical estimate under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and a qualified person has not done sufficient work to classify the historical estimate as current mineral resources.  As a result, the historical estimate is not being treated as a current mineral resource.

Historical Production – Calliham Mine

Operator	Tons (000s)	%U3O8	lbs U3O8 (000s)	%V2O5	lbs V2O5 (000s)
Atlas	209	0.15	605	.090	3,773
Umetco	13	0.21	56	1.29	343
Total	221	0.15	661	0.93	4,116

The Calliham Mine was in production from the 1970s to the early 1980s by Atlas Minerals. The Calliham Mine property was explored in the early 1970s by Hecla Mining Company. The Calliham lease was acquired by Atlas Minerals and went into production in March 1976. Atlas Minerals departed the uranium business in the region in the mid-1980s. The Calliham Mine and associated leases were acquired by Umetco Minerals (“ Umetco ”) in 1988 and operated briefly in 1990-1991 during a spike in vanadium prices. During Umetco’s tenure, the Calliham Mine produced 13,300 tons of ore averaging 0.21% U 3 O 8 (~56,000 lbs. U 3 O 8 ) and 1.29% V 2 O 5 (~343,000 lbs. V 2 O 5 ). This ore was milled at the White Mesa Mill near Blanding, Utah. All infrastructure from the historic mine has been removed and all permits have lapsed.