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Pure-Play Molybdenum (“Moly”) Opportunity Bruce D. Hansen Chief Executive Officer and Chief Financial Officer Corporate Update June 2020
Pure-Play Molybdenum (“Moly”) Opportunity
Bruce D. HansenChief Executive Officer and Chief Financial Officer
Corporate Update
June 2020
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Cautionary Statements Statements herein that are not historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and are intended to be covered by the safe harbor created by such sections. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected, or implied by the Company. These risks and uncertainties include, but are not limited to availability of cash to continue ongoing operations, that the COVID-19 pandemic is having and will continue to have an effect on financing efforts to improve liquidity, availability of insurance, metals price and production volatility, global economic conditions, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, exploration risks and results, reclamation risks, political, operational and project development risks, ability to maintain required federal and state permits to continue construction, and commence production of molybdenum, copper, silver, lead or zinc, ability to identify any economic mineral reserves of copper, silver, lead or zinc, ability of the Company to obtain approval of its joint venture partner at the Mt. Hope Project in order to mine for molybdenum, copper, silver, lead or zinc, ability to raise required project financing or funding to pursue an exploration program related to potential copper, silver lead or zinc deposits at Mt. Hope, ability to respond to adverse governmental regulation and judicial outcomes, and ability to maintain and /or adjust estimates related to cost of production, capital, operating and exploration expenditures. For a detailed discussion of risks and other factors that may impact these forward looking statements, please refer to the Risk Factors and other discussion contained in the Company's quarterly and annual periodic reports on Forms 10-Q and 10-K, on file with the SEC. The Company undertakes no obligation to update forward-looking statements.
Cautionary Note to U.S. Investors Concerning Estimates of Reserves and Resources
Calculations with respect to "proven reserves" and "probable reserves" referred to herein have been made in accordance with, and using thedefinitions of National Instrument 43-101, as required by Canadian securities regulatory authorities. For United States reporting purposes, theU.S. SEC applies a different standard in order to classify mineralization as a "reserve". Under SEC standards, mineralization may not beclassified as a "reserve" unless the determination has been made that the mineralization could be economically and legally extracted orproduced at the time the reserve determination is made. No such determinations have been made with respect to any mineralization at theLiberty project, and it cannot be assured that such a determination will be made. This presentation also uses the terms “measured”,“indicated” and “inferred” resources. We caution U.S. investors that while such terms are recognized and required by Canadian SecuritiesAdministrators pursuant to the National Instrument 43-101, the SEC does not recognize them. U.S. investors are cautioned not to assume thatany part or all of mineral deposits in these categories will ever be converted into reserves. “Inferred Resources”, in particular, have a greatamount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all orany part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian Securities Administration rules,estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies. U.S. investors are cautioned not toassume that part or all of an inferred resource exists, or is economically or legally minable.
Please refer to End Notes in the Appendix.
The Qualified Person’s statement related to exploration is in End Notes in the Appendix. 2
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General Moly – A Strategic Opportunity
Mt. Hope high-grade
moly project, fully
permitted and
construction ready*
Shallow, high-grade
zinc mineralization at
Mt. Hope
Strategic joint venture
partner & Mt. Hope
20% owner, POSCO
affiliate
World-Class Moly with Zinc
Potential
Moly Optionality
Intangibles
Moly shortfall
anticipated in 2021-
2024i
Global LNG industries
driving infrastructure
build-out with moly-
related steels i
Management – mining
development,
technical, and
financial expertise
Mt. Hope located in
mining-supportive
Nevada
Non-core assets being
marketed for sale
* See End Note 1 in the Appendix.i. CPM Molybdenum Quarterly, May 2020, forecast
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General Moly Investment Highlights Only western-exchange listed, significant moly developer
Key assets include:
80% interest in the Mt. Hope Project
100% of the Liberty Project, also located in state of Nevada
Miscellaneous non-core General Moly and Mt. Hope Project assets being sold
Strategic partnerships and investors:
Amer International Group, largest shareholder
POSCO, Korean steel company, joint-venture partner in Mt. Hope Project
APERAM, major shareholder
Largest individual investor and shareholder is the CEO/CFO
Poised to take advantage of anticipated 4-year moly supply shortfall i
to develop the next world-class, primary moly mine ii
4i. CPM Molybdenum Quarterly, May 2020, forecast.ii. Subject to project financing and sustained higher moly prices
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Addressing Near-Term Liquidity and Longer Term Sustainability
The Company is working diligently with its Financial Advisors to evaluate potential strategic alternatives, including raising incremental capital
Potential near-term sales of non-core assets
Sourcing of potential, incremental, intermediate-term capital financing
Sale or merger of interest(s) in the assets of the Company, including a potential sale of interest in the Mt. Hope Project, or the Company
Financial advisors: XMS Capital Partners, Headwall Partners, and Odinbrook Global Advisors i
5i. See Company’s March 13, 2019 news release.
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$0.26
Capital Structure
Exchanges: TickerNYSE AMEX; TSX: GMO
NYSE AMEX trailing 3-mth. daily trading average 304,000
Common shares outstanding i 152,685,255
Common shares from future conversion of preferred shares ii 5,333,330
Fully Diluted Shares ii 158,018,585
i. At March 31, 2020. ii. At March 31, 2020. Warrants and restricted stock units for insiders are out of the money and excluded from the Fully Diluted total.iii. Volume Weighted Average Price for the past 30 trading days.iv. See the Company’s Form 10Q for 1Q 2020 results filed on May 15, 2020.v. Source: Platts
Research coverage
Heiko Ihle, H.C. Wainwright
John Tumazos, J. Tumazos Very Independent Research
Current Financials ivMarch 31,
2020
Cash and cash equivalents i $3.1M
Restricted cash at Mt. Hope $3.7M
Senior promissory notes $8.4M
Total shareholders’ equity $95.3M
GMO
$0.40$0.14
Molyv
52-week price range on NYSE American
Recent
$0.24VWAPiii
$12.38$7.80
$8.10
52-week price range
Recent
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Ownership – Common and Preferred Shares, and Notes
Key Institutional OwnershipCommon
Shares (M)
Amer International Group i 39.1
Hanlong 11.8
APERAM ii 8.3
Vanguard Group 2.4
Blackrock Fund Advisors 1.6
Insider Ownership iii
Bruce Hansen, CEO & CFO 5.7
Other insiders 3.6
Total Insiders iii 9.3
i. Includes shares held by affiliate of Amer. ii. APERAM, the former stainless steel division of ArcelorMittal, was
spun off as a separate public company in 2011.iii. Excluding Amer.iv. See Series A and B Convertible Preferred Shares slide in Appendix.
Mr. Hansen would have 4.5M more common shares and Mr. Pennington 570,370 more shares if their respective preferred shares were all converted.
v. Both 12% and 13% Notes’ Principals mature Dec 26, 2022.vi. Former owner of the Thompson Creek moly mine.
2019 Private PlacementsPreferred Shares iv
Bruce Hansen, CEO & CFO $1,160,000
Robert Pennington, COO $140,000
12% Promissory Notesv
Bruce Hansen, CEO & CFO $1,174,023
Steve Mooney vi $5,248,611
Others $798,323
13% Promissory Notes iv
Bruce Hansen, CEO & CFO $223,700
Steve Mooney vi $1,000,000
Others $111,800
All data on this slide reflect March 31, 2020.
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Moly Upside Supply deficit 2021-24
1Q 2020: Output from U.S., So. America and Mexico drives 2.8% YOY global increase despite 13.8% decrease YOY in China
In 2020: Higher production from Bingham Canyon and Antamina. Climax cut by half. Yichun Luming tailings leak shutdown at end of March could lower China’s 2020 output by 6-7% (China’s annual output is over 250M lbs)
Demand anticipated higher next year 2020 global stainless steel demand anticipated to decline from
pandemic impact on global economy
Largest crude steel and stainless steel producer China reported 3rd consecutive month of rising stainless steel production in May, although May was 4% lower YOY i
Partial offset from continued strong LNG infrastructure expansion; 23 LNG terminals under construction around the world
Series 300 high-nickel-and-moly stainless steel is regaining favor over Series 200 low-nickel-and-moly steel as nickel prices have declined
CPM nominal price projections (2019 base) $9.06, 2020; $11.13, 2021; & $13.09, 2022
$13.54 average for 2021-2025; 8.3% CAGR
Source: CPM Group subject to duration of pandemic, except for (i), which is from BMO Metals Brief, citing SMM data and (ii) WBMS and CPM Group.
Uses of Moly
Global Moly Production ii
-6%625
645
604611
2016 2017 2018 2019
+1%
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Demand:Diverse End Uses of Moly
9Source: SMR Research
5%
3%
4%
6%
7%
8%
10%
13%
15%
15%
15%
Other Applications
Electronics & Medical
Aerospace & Defense
Building & Construction
Power Generation
Other Transportation
Process Industry
Mechanical Engineering
Automotive
Chemical / Petrochemical
Oil & Gas Oil & Gas - Refinery catalysts, LNG development, shale gas installations, off-shore /deep ocean oil production
Chemical / Petrochemical - Corrosion inhibitors, chemical catalysts, fertilizers, waste water treatment
Automotive - Engines, pistons, crankshafts, axle shafts, steering components
Mechanical Engineering - Heavy machinery, mining equipment, cutting tools
Process Industry - Food processing equipment and storage, metal / steel processing, desalination
Other Transportation - Locomotive shafts, train wheels, brake pads, shipbuilding (bulkheads and hulls)
Power Generation - Coal, oil, gas and nuclear power plants, wind turbines, hydro and solar energy
Building & Construction - Major infrastructure: bridges & tunnels, anchors, rebars, heating / ventilation systems
Aerospace & Defense - Turbine parts, jet engines, landing gear, piping systems, armored vehicles
Electronics & Medical - Semiconductors, pharmaceutical and biotechnology processing equipment, x-ray tubes
Other Applications - Pigments, coatings, lubricants
Energy & Transportation
45%
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Moly Supply Deficit Begins
World Moly Supply and Demand BalanceAnnual, Projected through 2030p
Source: CPM Group’s Molybdenum Quarterly, May 2020. 10
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Molybdenum Price Projection Historical Monthly Prices 2006-To Date i CPM Price Projection ii
$14.13
Oct 2015 Bottom at $4.30
Recent moly price
$8.10
$9.06
$8.86
$12.23 $13.27$13.34
$10.63$12.23
$13.21 $13.14$13.34 $13.40
$13.00
$15.64
$13.39
$11.13
$13.09
$15.76$15.29$14.80
$16.70$16.65
$16.44
15-year average ~$15.0810-year average ~$10.75
i. Historical price source: Plattsii. CPM Group’s Molybdenum Quarterly projections, May 2020.
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(Base: 2019, 2020-2030) projections)
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Ownership 80% General Moly; 20% POSCO
Status Pre-constructionwork suspended; 65% engineered
Estimated life 30 years
Remaining capex, 100% $1.03B
First 5 years:*
40M lb/year$6.28 cash op. costs/lb
General Moly’s 80% interest LOM:*
NPV = $734M IRR = 18%After-tax, undiscounted cash flow= $3.8B
Flagship Mt. Hope –World-Class Moly Project
Next primary moly development in the world
Fully-permitted, construction-ready, high-grade moly project*
Invested $299M in permitting, pre-construction & long-lead equipment
Augmented by shallow, high-grade zinc mineralization
Outlook: Seeking project financing upon sustained higher moly prices
* See End Notes 1 and 2 in the Appendix.
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Mt. Hope Moly Project Path Forward
Fully Permitted & Construction Ready
• Record of Decision received – Sept 2019 *
• Water Permits received – July 2019
Moly Price
• Supply deficit anticipated 2021-2024
• Anticipate sustained higher prices as global economy recovers
Project Financing
• Commence project financing upon sustained higher moly prices
• Evaluate selling portion of 80% Mt. Hope Project ownership
• Update bankable feasibility
Construction Decision
13i. Please refer to the Cautionary Statement in slide 2.* See End Note 1 in Appendix.
Subject to raising near-term liquidity, this is the path forward for the Mt. Hope Project. i
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First 5 years:*
14M Mo lb
& 7.5M Cu lb /year
$7.79 cash op. costs/lb Mo
LOM NPV = $325M IRR = 17%LOM after-tax, undisc. cash flow = $1.7B
Follow On –Liberty Moly-Copper Project
Another world-class moly asset
Previously mined for molybdenum and copper
Significant infrastructure remains (electrical, roads, and truck shops)
Deposit lies on General Moly’s private fee lands and patented claims, and carries no royalties
Mining friendly location in Nevada
Outlook: Advancement to Feasibility Study upon market improvement
Ownership 100%
Status Completed PFS
Estimated life 32 years
Capex $366M
* See End Note 3 in the Appendix.
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NPV Shows Significant Leverage to Rising Moly Prices
Mt. Hope, Liberty and Combined NPV* ($M)
15
$289
$734
$1,194
$85
$325
$559
$12.50 $15.00 $17.50
Mt. Hope Liberty
Molybdenum price/lb
$374
$1,059
$1,753
* See End Notes 2 and 3 in the Appendix.
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General Moly has Significant Leverageto the Molybdenum Price
Every $1/lb change in moly price between $10-$20/lb* NPV
Mt. Hope Project +/- $180M
Liberty Project +/- $95M
General Moly Total NPV +/- $275M
Projects’ Breakeven Prices
Mt. Hope NPV breakeven price $10.82/lb
Mt. Hope cash flow breakeven price $9.35/lb
Liberty NPV breakeven price $11.64/lb
Liberty cash flow breakeven price $9.58/lb
* See End Note 4 in the Appendix.
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Investment Highlights
Only publicly traded, pure-play moly Company
Favorable moly price outlook i
Mt. Hope Project is fully permitted and construction ready ii
Solid partner support from POSCO
Mt. Hope plus Liberty provide significant leverage to arising moly price
Pursuing a range of strategic alternatives to enhance value
i. Upon recovery of the global economy ii. See End Note 1 in the Appendix.
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Appendix
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Outstanding Common Shares Ownership
Source: General Moly data and Nasdaq.com for 13F institutional ownership.
Bruce Hansen, CEO-CFO4%
Other Insiders2%
Amer26%
Hanlong8%
APERAM5%
Vanguard2%
Blackrock1%
Other Institutions2%
Retail50%
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Series A and B Convertible Preferred Shares General Structure
Price: $100/preferred share
5% annual dividend
Convertible at any time at the holder’s discretion into common shares whereby one preferred share converts at a conversion price (see below). The conversion price was set as the closing price of the common share on the day before the announcement of the $0.9M and $0.4M private placements.i
Series A Convertible Preferred Shares
Each preferred share converts at $0.27/common share to 370.37 common shares.
Series B Convertible Preferred Shares
Each preferred share converts at $0.20/common share to 500 common shares.
Redemption Upon maturity or full repayment of the promissory notes currently
outstanding, there will be mandatory redemption of the preferred shares into equivalent cash for the principal invested, plus any accrued and unpaid dividends.
i. See March 13, 2019 and August 1, 2019 news releases
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12% and 13% Senior Promissory Notes* 12% Senior Promissory Notes – Issued in December 2019
Company made private Exchange Offer to holders of maturing debt of $7.25M to exchange for 12% Senior Promissory Notes due December 2022 and Warrants (described below).
95% tendered for $6.89M exchanged for 12% Senior Promissory Notes
The Company paid $368,000 in unpaid principal and all accrued and unpaid interest to the holders who elected not to exchange.
Annual interest at 12%, payable quarterly. Matures December 26, 2022.
13% Senior Promissory Notes – Issued in December 2019
Company made Subscription Offer to eligible holders who tendered in the Exchange Offer to purchase 13,355 units for $100 each of new 13% Senior Promissory Notes due December 2022 and Warrants (described below).
$1.34M in new capital raised from the Subscription Offer.
Annual interest at 13%, payable quarterly. Matures December 26, 2022.
Warrants
One Warrant to purchase one common share issued per $1 invested in the above 12% and 13% notes.
Each Warrant has an exercise price of $0.35 per common share over a three-year term.
* See January 3, 2020 and November 27, 2019 news releases
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Mt. Hope Zinc-Copper-Silver Exploration Shallow zinc zone overlapping final pit outline for Mt. Hope moly deposit
Targeting open-pit-mineable zinc and high-grade underground-mineable copper-silver
Historical intermittent underground zinc production from 1886 to 1970s, with 185,000 st of ore produced during 1944-1947 grading 8.5% Zn, 1.0% Pb, 0.9 oz/st Ag
Induced Polarization geophysical results indicate anomalous zone open at depth
Historical drilling of approximately 20,000 ft
2018 General Moly drill program: 9 core holes, 8,300 ft with high-grade zinc intercept results demonstrating shallow to open at depth zinc mineralization
Develop potential – before, after, or simultaneous to moly deposit
Permitting largely in place
Synergies with water, power, and tailing storage to be developed for moly
5 Mst of stripping overlap between moly open pit and zinc mineralization
Zinc and silver mineralization potentially present in molybdenum waste
Moly open pit provides access for further exploration drilling and to potentially access deeper, high-grade copper-silver mineralization
* See End Note 5 in Appendix.
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Mt. Hope Zinc-Copper-Silver Exploration
Geologic section looking northwest, showing drill holes intersections in red with intercepts above 1% Zn
* See End Note 5 in Appendix.
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Experienced Management Team
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CEO and a Director since 2007. Assumed CFO role in 2017.
Previously served in multiple executive roles at Newmont, including Chief Financial Officer and Senior VP, Operations Services & Development, and was Senior VP, Corporate Development for Santa Fe Pacific Gold. Executed numerous financings and M&A transactions.
COO since 2012; joined in 2007 as VP Engineering & Construction.
Over 35 years in mine operations, project engineering and construction. Previously served as general manager of Phelps Dodge’s Morenci Mine, one of the largest open-pit/concentrator operations in the world.
Chief Legal Officer since 2015; joined in 2010 as VP HR and Corporate Counsel. Formerly served as General Counsel and Executive Vice President of Law and Human
Resources at Flatiron Financial Services and as in-house counsel for Qwest and US West. Financing and corporate deal experience, including cross-border transactions.
Manager of Engineering and Development since 2008.
Over 40 years of industry experience. Previously worked for Rio Tinto, Phelps Dodge and Freeport-McMoRan in operations, technical services, research and development, project management and M&A.
Mike IannacchioneVP & GM Mt. Hope
Chuck MaxwellManager Engineering &
Development
Scott RoswellChief Legal Officer & VP HR
Bob Pennington Chief Operating Officer
Bruce HansenChief Executive Officer &
Chief Financial Officer
Vice President of Permitting and Environmental Compliance since joining in 2006.
More than 25 years industry experience, including extensive work in Nevada Previously served as Operations Environmental Permitting Manager with Newmont
Pat RogersVP Permit. & Envir. Comp.
Became Principal Accounting Officer in 2017; Controller since 2016. Joined 2008.
Previously served in audit at KPMG. CPA since 2009 and has a Chartered Global Mgt. Accountant certificate from the American Inst. of Certified Public Accountants.
Amanda CorrionPrincipal Accnt. Officer &
Controller
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Board of Directors
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Managing Director of the minerals capital and advisory practice of Capstone Headwaters and an international natural resources banker for more than 35 years.
Also a director of Endeavour Silver and Forsys Metals.
Previously served in multiple executive roles at Newmont, including Chief Financial Officer and Senior VP, Operations Services & Development, and was Senior VP, Corporate Development for Santa Fe Pacific Gold. Executed numerous financings and M&A transactions.
Also a director of Energy Fuels and ASA Gold and Precious Metals.
Retired as Chief Financial Officer of Apex Silver Mines and previously served senior financial positions with Cyprus Amax, AMAX and Amax.
Mike IannacchioneVP & GM Mt. Hope
Mark LettesDirector
Bruce HansenDirector, CEO and CFO of
General Moly
Ricardo CampoyChairman & Lead
Independent Director
Retired as President, Chief Executive Officer, and a Director of Frontera Copper and previously served as Senior Vice President of South American Operations for Phelps Dodge Mining.
Gary LovingDirector
Former Partner of KPMG and previously served as global director of Arthur Andersen’s mining industry practice.
Also a member of the Board of Managers of Jonah Energy Holdings and Discovery DJ Holdings.
Gregory RaihDirector
Risk Advisory and Controls Manager for Amer Singapore.
Previously served as Regional Enterprise Planning Manager for Sibelco Asia. Fourteen years experience in internal audit beginning with Ernst and Young and progressing to several other companies.
Terry LeeDirector
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End Notes 1 - 31. Mt. Hope Project ROD – Slides 3,5, 12, and 13
In October 2019, a Complaint was filed against the U.S. Department of Interior and Bureau of Land Management (“BLM”) in the U.S. District Court in Nevada, challenging the September 27, 2019 re-issuance of the Record of Decision (“ROD”) for the Mt. Hope molybdenum project. The process for completing the associated Supplemental Environmental Impact Statement involved an exhaustive environmental analysis and review that lasted almost three years, and included extensive public notice and comment. The Company supports the very robust, and legally and technically defensible work completed by the BLM and believes that the new ROD complies with all federal statutes and rules.
2. Mt. Hope Project - Slide 12 and NPV sensitivity Slide 15: The mine life and economic indicators are based on the updated optional mine plan announced in a February 25, 2014 news release, which reported on an internal study that examined an optimized pit using lower molybdenum prices. The internal study used a $10.00/lbmolybdenum mine plan and the geologic block model from the Canada National Instrument 43-101 Technical Report Feasibility Study, filed in January 2014 and available on the Company’s website.
Operating data represent the averages over the first five years of production under the optional mine plan. Net Present Value and the Internal Rate of Return use the optional mine plan with a $15.00/lb molybdenum price over 24 years of mining and 30 years of mill processing at an 8% discount rate, after tax. Cash flow is based on the same optional mine plan, except it is undiscounted. The optional mine plan called for mining of 737M tons of ore containing 935M lb of molybdenum and relied on the 2014 Feasibility Study’s proven and probable reserves representing 984.6M tons at an average grade of 0.070% sulfide molybdenum and containing 1.4B lb of molybdenum. While the above reserves are in accordance with NI 43-101, they are not recognized as reserves by the U.S. SEC. Refer to the cautionary note to U.S. investors on Slide 2.
As reported in the Company’s Form 10-K for 2018, based on an $8.00/lb molybdenum pit design, Mt. Hope Project has proven and probable reserves of 367.4M tons of ore at an average grade of 0.080% sulfide molybdenum. There is also additional mineralized material of 682.5M tons at an average grade of 0.061% sulfide molybdenum.
3. Liberty Project – Slide 14 and NPV sensitivity Slide 15:Data are based on the updated Pre-Feasibility Study Technical Report, compliant under Canada National Instrument 43-101, filed in July 2014 and available on the Company’s website.
Operating data represent the averages over the first five years of production. Cash operating costs per pound of molybdenum are estimated using $3.25/lb copper byproduct credits. Net Present Value and Internal Rate of Return use $15.00/lb molybdenum, $3.25/lb copper over 31 years of mining, 32 years of milling and an 8% discount rate, after tax. Cash flow is based on the aforementioned, except it is undiscounted.
Measured and indicated resources of 309.2M tons at average grades of 0.078% molybdenum and 0.098% copper contain 482M lb of molybdenum and 606M lb of copper. Liberty reserves, based on $15/lb molybdenum and $3.00/lb copper, are effective as of July 30, 2014. Proven reserves are within 92.5M tons at average grades of 0.101% molybdenum and 0.056% copper while probable reserves are within 216.7M tons at average grades of 0.068% molybdenum and 0.116% copper. While the above reserves are in accordance with NI 43-101, they are not recognized as reserves by the U.S. SEC. Please refer to the cautionary note to U.S. investors on Slide 2.
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End Notes 4 and 54. NPV Leverage Table– Slide 16:
Mt. Hope Project NPV breakeven and cash flow breakeven reflect General Moly’s 80% ownership in the project under the optional mine plan, using a $15.00/lb molybdenum price over 24 years of mining and 30 years of mill processing at an 8% discount rate, after tax.
Liberty Project NPV breakeven and cash flow breakeven use $15/lb molybdenum, $3.25/lb copper over 31 years of mining, 32 years of milling and a discount rate of 8%, after tax. There is the potential to increase Liberty’s NPV and IRR by toll roasting Liberty molybdenum concentrates at the Mt. Hope Project once constructed, thereby decreasing total cash costs to $7.41/lb for the first 5 full years of production.
5. Zinc potential at Mt. Hope – Slides 12, 22 and 23:Any mineral exploitation will require POSCO approval. This Skarn Area does not contain any mineral resource estimate as defined by Canada National Instrument 43-101 (“NI 43-101”) or any proven or probable reserves as defined by the United States Securities and Exchange Industry Guide 7, nor is there any certainty that further exploration will result in any targets becoming part of a mineral resource or mineral reserve.
Qualified Person’s Statement: The scientific and technical information as related to the zinc drill results was reviewed by Mark W. Osterberg, Principal Consulting Geologist of Mine Mappers, LLC. Dr. Osterberg is a “qualified person” as defined by NI 43-101. He is a Professional Geologist, with master’s and doctorate degrees in geology. He has extensive minerals industry experience that is relevant to the evaluation of the style and nature of mineralization described.
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General Moly Contact
Headquarters
Lakewood, Colorado
(303) 928-8599
www.generalmoly.com
Bruce D. Hansen
Chief Executive Officer and Chief Financial Officer
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