June 2014 Corporate Presenation for Macusani Yellowcake (TSX-V: YEL) Uranium Project in Peru.

1. TSX-V:YEL FSE:QG1
Investor Presentation
November 2014 TSX-V:YEL FSE:QG1

2. Disclaimer
The particulars contained herein were obtained from sources which we believe reliable but are not guaranteed by us and may be incomplete. The opinions expressed are based upon
our analysis and interpretation and are not to be construed as a solicitation or offer to buy or sell the securities mentioned herein. This presentation includes certain forward-looking
statements concerning the future performance of Macusani's business, operations and financial performance and condition, as well as management's objectives, strategies, beliefs
and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to
future events and results. Forward-looking statements are based on the current opinions and expectations of management. Forward-looking statements and forward-looking
information include, but are not limited to, statements with respect to estimated production and mine life; the future price of uranium; the estimation of mineral reserves and
resources; the realization of mineral resource and reserve estimates; the timing and amount of estimated future production; costs of production; success of exploration activities; and
currency exchange rate fluctuations. Except for statements of historical fact relating to Macusani, certain information contained herein constitutes forward-looking statements. All
forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and
development, fluctuating commodity prices, competitive risks, the availability of financing, variations in grades or recovery rates, risks relating to international operations, fluctuating
currency exchange rates, changes in project parameters, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining
industry, failure of plant, equipment or processes to operate as anticipated, as described in more detail in the Company's recent securities filings available at www.sedar.com. Actual
events or results may differ materially from those projected in the forward-looking statements and Macusani cautions against placing undue reliance thereon. Neither Macusani nor
its management assume any obligation to revise or update these forward-looking statements.
Qualified Persons
The scientific and technical information contained in this news release relating to preliminary economic assessment was prepared by or under the supervision of, or reviewed and
approved by, Mr. Michael Short, B.E., CEng., FIMMM and Dr Thomas Apelt, PhD, CEng., MAusIMM, of GBM Minerals Engineering Consultants, and/or Mr. Mark Mounde, BEng.,
CEng., MIMMM of Wardell Armstrong International, who are independent technical consultants to the Company and "Qualified Persons" under NI 43-101 Standards of Disclosure for
Mineral Projects.
The scientific and technical information contained in this news release relating to the Mineral Resources was prepared under the supervision of, or reviewed and approved by Mr.
David Young, B.Sc. (Hons), FGSSA, FSAIMM, FAusIMM, Pr Sci Nat (No 400989/83) of The Mineral Corporation that is an independent technical consultant to the Company and a
“Qualified Person” under NI 43-101 Standards of Disclosure for Mineral Projects.
2

3. Investment Highlights
• Large Scale – Proposed production of 5.2M lbs U3O8 /year*
• Low Cost - <$21/lb* estimated cash production cost
• Robust Economics - NPV: $708 M / IRR: 47.5% (pre-tax)*
• Growing Resource** – 49.7 M lbs U3O8 Measured & Indicated;
47.5 M lbs U3O8 Inferred; through organic growth & consolidation
• Excellent Infrastructure - roads, inexpensive power, water, etc.
• Mining Friendly Jurisdiction of Peru
Well-positioned for Uranium sector recovery
* Dec 2013 Preliminary Economic Assessment – see slides 9 & 10 for details. ** See Slide 19 for resource details 3

4. Consolidating An Emerging Uranium District
4
Macusani
Projects
• Macusani controls one of the largest
undeveloped uranium projects in the world
• Located on the Macusani Plateau, Puno,
Southern Peru: concessions cover over 1,000
km2
• District offers exceptional exploration
prospects & development potential
• Excellent infrastructure:
• Access to labour, water and inexpensive
hydro-electric power
• Transport (major highway runs past
properties)
• Plentiful supply of sulfuric acid
• Good government and local community
relations

5. Consolidated Strategic Land Position
• 10 km radius
• Macusani controls
5
49.7M lbs M&I;
47.5 M lbs Inf.
• 7 main deposits
(see Slide 19)
• 100 – 635 ppm
avg. grade
all uranium
resources
Over 1000 km2 of claims holding all known resources in the region

6. Development & Growth to Date
6
Strategy to consolidate and grow resources at below-industry valuations/discovery costs
2008 2009 2010 2011 2012 2013 2014
Key Milestones Resource Es timate
for Col ibri 2&3
Acqui s i tion of
Corachapi and
Kihi tian
conces s ions
Resource Es timate
for Corachapi and
updated for Col ibri
2&3
PEA for 1.2 M lb/year
operation; cash cos t
of $21.65/lb U3O8
$14.4 M Financing
Dri l l ing s tarts at
Kihi tian
Merger with
Southern Andes to
become dominant
land holder on
Macusani plateau
Resource Es timate
for Kihi tian
Resource Es timate
update
PEA for 4.3 M lb/year
operation; cash cos t
of $20.57/lb U3O8
Acqui s i tion of
Minergia, further
consol idation of the
Macusani Plateau
13.0 13.0
30.0 30.0
40.6
1.6 1.6 11.7 11.7 13.1
30.1
31.5
47.5
49.7
2008 2009 2010 2011 2012 2013 2014
2008 2009 Measured 2010 & Indicated 2011 Inferred
2012 2013 2014
Please see SEDAR for historic resource estimates. Breakdown of cut-off and current resource estimates available on slide 21.

7. 2013 PEA Highlights
• Robust financials
• Low cash costs
• Large-scale production
• Manageable CAPEX
• Resource expansion potential
• Prepared by GBM Minerals Engineering Consultants,
The Mineral Corp. & Wardell Armstrong International
Paves the way for Pre-Feasibility Study in 2015
7

8. PEA Highlights & Update
PEA based on pre-Azincourt
acquisition resource base: 31.5 M
lbs U3O8 Measured & Indicated
and 30.1 M lbs U3O8 Inferred
Resources (see Slide 21*)
PEA contemplates open pit and
underground mining of these
deposits over 10 year mine life to
feed a centralized heap leach
processing facility
Updated PEA planned for Q1-
2/15 to incorporate entire
expanded resource base and
additional data = Expected
synergies with potential
Capex/Opex reductions
8
Multiple deposits serviced by centralized processing plant

9. PEA Financial Highlights
Financial Parameters*
Uranium price $65 / lb U3O8
Average cost of production $20.57 / lb U3O8
Initial capital expenditure $331 million
Sustaining capital $228 million
Pre-tax Post-tax
NPV (8% discount rate) $708 M $417 M
IRR 47.5% 32.4%
Payback period 2.9 years 3.5 years
Low cost production potential
* All figures in US dollars 9

10. PEA Production Highlights
Large-scale production potential
10
Production Parameters*
Mine life 10 years
Average annual potentially mineable tonnes 8.5 million tonnes
Processing recovery rate 88%
Open pit strip ratio 1 : 0.65
Average grade 259 ppm U3O8
Average annual production (LOM) 4.3 million lbs U3O8
Average annual production (Operating Years 1-5) 5.2 million lbs U3O8
* ~23 400 tonne per day heap leach operation. Conventional open pit and underground mining.

11. Large Scale Production Potential
20,000,000
16,000,000
12,000,000
8,000,000
4,000,000
-
World's Largest Uranium Mines (lb U/yr)
6th Largest
World Nuclear Association Market Report data
Paves way for Pre-Feasibility Study in 2014
World Nuclear Association Market Report data
11
Ranked against world-class projects

12. Low Production Cost vs Global Cost Curve
$20.57/lb
Source: November 10, 2014 Cantor Fitzgerald Canada Estimates, Ux Consulting, Company Reports
12

13. Low Production Cost vs Developers
13
Source: Company Reports and Technical Reports.
$70
$60
$50
$40
$30
$20
$10
$0
A-Cap Bannerman Forsys Metals GoviEx Extract
Acquisition (Feb.
2012)
Toro Energy Mantra
Acquisition (Mar.
2011)
Berkeley Macusani
LoM Operating Cash Cost (US$/lb U3O8)

14. Uranium Supply and Demand
* World Nuclear Association 14

15. Growing Uranium Demand
Global Demand
For Electricity to grow
76% by 2030
Nuclear Reactors Worldwide:
436 Operating Worldwide
71 Under Construction
174 Planned
301 Additional Proposals
Today’s Uranium Supply Crunch:
85% of demand met by mining
Around The World: The Rise Of Nuclear Energy by 2030 15% from secondary sources
Source: World Nuclear Association (October 1, 2014) 15

16. Uranium Inducement Price for New Production
16
$160
$140
$120
$100
$80
$60
$40
$20
$0
Source: JPMorgan Research, July 28th, 2014. Macusani data based on 2013 PEA.
U3O8 Price Required
INDUCEMENT PRICE FOR NEW PRODUCTION (15% IRR)

17. Global Peer Comparables
• Company is undervalued compared to uranium development peers
• Macusani currently has the lowest market capitalization amongst >2Mlbs per
year uranium developers
17
Macusani
$70
$60
$50
$40
$30
$20
$10
Mkt Cap as of November 17th 2014 unless otherwise specified.
Source: Company Reports and Technical Reports.
Bannerman
Berkeley
Deep Yellow
Forsys
Laramide
A-Cap
$-
$15.00 $20.00 $25.00 $30.00 $35.00 $40.00 $45.00 $50.00 $55.00
Market Capitalization (C$M)
LoM Cash Op Cost (US$/Bubble Size (Lighter Shade) denotes M&I Resources. lb) - Economic Study
Bubble Size (Darker Shade) denotes Inferred Resources.

18. Board of Directors
18
Ted O’Connor
CEO, Director
Over 22 years of experience in the exploration industry, most recent as Director of Corporate Development at Cameco.
In that role, he was responsible for evaluating, directing and exploring for uranium deposits worldwide. Mr. O’Connor
has successfully led new project generation from early exploration through to discovery on multiple unconformity
uranium projects. CEO & President of Azincourt Uranium for the past 18 months.
Laurence Stefan
President & COO, Director
Founder of Macusani, serving as Managing Director in Peru since Oct. 2007. Dr. Stefan previously worked at Gold
Fields of South Africa and JCI (Pty) Ltd. with recent years spent mainly on South American projects.
Alan Ferry
Chairman, Director
Over 25 years of experience in the investment industry following a career as a geologist, mainly in uranium
exploration. Significant experience in mining analysis, mineral economics and corporate finance. Current Lead
Director of Guyana Goldfields Inc. and Chairman of Avalon Rare Metals Inc.
Marc Henderson
Director
Over 20 years of CEO experience. Currently President & CEO of Laraminde Resources Ltd. Mr. Henderson previously
served as President of Aquiline Resources Inc., prior to being acquired by Pan American Silver in Jan. 2010. Mr.
Henderson is a Chartered Financial Analyst, and holds an economics degree from the University of Colorado.
Richard Patricio
Director
Current VP Legal & Corporate Affairs at Pinetree Capital Ltd. Mr. Patricio is responsible for merger and acquisition
activity, corporate transactions, compliance, corporate governance and the administration of Pinetree. Mr. Patricio
received his law degree from Osgoode Hall and was called to the Ontario bar in 2000.
Ian Stalker
Director
Over 30 years experience in mining development and operations in Europe, Africa, and Australia. Former CEO of
UraMin Inc. until its acquisition by Areva in 2007 for US$2.5 billion. Former VP Exploration of Gold Fields Ltd., the
fourth largest gold producer in the world at that time.
Experienced, proven and committed

19. Macusani: 43-101 Compliant Resources
* Resource shown at a 75 ppm U cut-off (88.4 ppm U3O8 cut-off) Conversion of U to U3O8 is 1.179. Source: Technical Report dated September 20, 2013 by The Mineral
Corporation: “Mineral Resource Estimates for the Colibri 2 & 3 / Tupuramani, Kihitian and Triunfador Uranium Projects, held by Global Gold S.A.C. in the Puno District
of Peru.” & Technical Report dated February 22, 2012 by Foremost Geological Consulting: “Technical Report on the Corachapi and Kihitian Uranium Properties,
Macusani District, Department of Puno, Peru.”
**Resource shown at a 77 ppm U cut-off (90.7 ppm U3O8 cut-off); Conversion of U to U3O8 is 1.179. Source: Technical Report dated August 31, 2014 by Henkle and
Associates “Updated Technical Report of the Macusani and Muñani Uranium Exploration Projects Department of Puno, Perú”, prepared for Macusani Yellowcake Inc.
19
Project Measured & Indicated Inferred
Tonnes
(Mt)
Grade
(ppm U3O8)
Contained lbs
(Mlbs U3O8)
Tonnes
(Mt)
Grade
(ppm U3O8)
Contained lbs
(Mlbs U3O8)
Kihitian* 8.4 Mt 635 ppm 11.8 Mlbs 12.8 Mt 615 ppm 17.4 Mlbs
Colibri 2 & 3 /
27.9 Mt 240 ppm 14.7 Mlbs 20.4 Mt 170 ppm 7.7 Mlbs
Tupuramani*
Corachapi* 11.6 Mt 195 ppm 5.0 Mlbs 3.8 Mt 230 ppm 1.9 Mlbs
Triunfador* - - - 3.5 Mt 409 ppm 3.1 Mlbs
Tantamaco** 32.7 Mt 220 ppm 16.0 Mlbs 13.2 Mt 119 ppm 5.6 Mlbs
Isivilla** 4.5 Mt 150 ppm 1.5 Mlbs 6.9 Mt 420 ppm 6.4 Mlbs
Nuevo Corani** 3.2 Mt 100 ppm 0.7 Mlbs 7.3 Mt 210 ppm 3.4 Mlbs
Tuturumani/
- - - 6.8 Mt 134 ppm 2.0 Mlbs
Calvario Real**
Sub-Total 88.3 Mt 256 ppm 49.7 Mlbs 74.7 Mt 288 ppm 47.5 Mlbs

20. High Elevation Mines
metres above sea level
5400
5200
5000
4800
4600
4400
4200
4000
Minsur -
San Rafael
Tin Mine
Chinalco -
Toromocho
Copper Mine
Collahuasi -
Copper Mine
Antamina -
Cooper /
Zinc Mine
Macusani
Yellowcake
Other Operating Mines in the Andes
20

21. Near-Term Milestones
2015
Except for statements of historical fact relating to Macusani , certain information contained herein constitutes forward-looking statements. All
forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of
mineral exploration and development, fluctuating commodity prices, competitive risks, the availability of financing, variations in grades or recovery
rates, risks relating to international operations, fluctuating currency exchange rates, changes in project parameters, the possibility of project cost
overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to
operate as anticipated.
21
Q4-2014 2016+
• Resource Integration &
Revised PEA incorporating
entire portfolio initiated
• Initiate prospecting &
sampling on unexplored
land and prioritize known
un-drilled prospects
• Further metallurgical
testwork planned
• Community Agreements &
Environmental Permits in
place
• Bankable
Feasibility Study
• Project financing
• Commence
construction
• Production
Visibility - 2018
• Revised PEA
completion
• Environmental studies
• Additional engineering
• Drilling for new
discovery & to convert
inferred to measured
and indicated
• Pre-Feasibility Study
• Initiate Mine Permitting

22. Capital Structure
22
Shares 259.7 M
Warrants @ $0.10 31.9M
Options 10.0 M
Fully Diluted 301.6 M
Recent share price (Nov 14, 2014) CAD $0.065
Market Capitalization CAD $16.9 M
Key shareholders: Khan Resources, RMB Resources, Robert Disbrow, Sprott &
Mega Uranium

23. Contact Information
23
Ted O’Connor
Chief Executive Officer & Director
416-628-9600
ted@macyel.com
OR
Laurence Stefan
President & Chief Operating Officer
416-628-9600
laurence@macyel.com
Head Office
141 Adelaide Street West, Suite 1200
Toronto, Ontario
M5H 3L5
www.macyel.com