Pure-Play Molybdenum (“Moly”) Opportunity

Bruce D. HansenChief Executive Officer and Chief Financial Officer

Corporate Update

Oct 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. 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 Securities Administrators pursuant to theNational Instrument 43-101, the SEC does not recognize them. U.S. Investors are cautioned not to assume that any part or all of mineraldeposits in these categories will ever be converted into reserves. “Inferred Resources”, in particular, have a great amount of uncertainty as totheir existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an InferredMineral Resource will ever be upgraded to a higher category. Under Canadian Securities Administration rules, estimates of Inferred MineralResources may not form the basis of feasibility or pre-feasibility studies. U.S. Investors are cautioned not to assume that part or all of aninferred 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.

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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

Molybdenum Optionality

Intangibles

▪ Molybdenum supply

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, Aug 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

▪ 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, Aug 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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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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Molybdenum Upside▪ Supply deficit 2021-24

▪ 2020 H1: Production grows 1.5%, China loses 1M Mlb, others gain 18 Mlb, net gain 4 Mlb

▪ Demand anticipated higher next year▪ 2020 global stainless steel demand anticipated to decline from

pandemic impact on global economy

▪ Crude steel production contracts by 5.5% globally but still grows 2.2% in China

▪ Stainless steel production contracts globally, but rebounds in China to pre-COVID levels

▪ Shifts In demand from 300-series steel to 200-series reversed as nickel prices fall, with June production of Series 300 in China reaches the highest level in years

▪ Demand from oil and gas exploration crashes, but many major LNG projects In the pipeline may compensate for this

▪ CPM nominal price projections▪ 2020: $8.74/lb

▪ 2021: $11.00/lb

▪ 2021-2025: $13.38/lb

▪ 2026-2030: $16.05/lb

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

8Source: 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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Molybdenum Supply Deficit Begins

World Moly Supply and Demand BalanceAnnual, Projected through 2030p

Source: CPM Group’s Molybdenum Quarterly, Aug 2020. 9

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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

8.74

8.89

12.29 13.3413.41

10.6912.29

13.28 13.2113.41 13.47

13.07

15.46

13.23

11.00

12.94

15.5715.1114.62

16.5016.46

16.25

15-year average ~$15.0810-year average ~$10.75

i. Historical price source: Plattsii. CPM Group’s Molybdenum Quarterly projections, Aug 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

GMI’s 80% interest LOM*

NPV $734M IRR 18%After-tax, undsctd. cash flow $3.8B

Flagship Mt. Hope –World-Class Moly Project

▪ Next primary molybdenum development in the world

▪ Fully-permitted, construction-ready, high-grade molybdenum project*

▪ Invested $299M in permitting, pre-construction & long-lead equipment

▪ Augmented by shallow, high-grade zinc mineralization

▪ Outlook: Seeking project financing upon sustained higher 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

Molybdenum 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

12i. 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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NPV Leverage to Rising Molybdenum Price

Mt. Hope NPV* ($M)

13

$289

$734

$1,194

$12.50 $15.00 $17.50

Molybdenum price/lb

* 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

Projects’ Breakeven Prices

Mt. Hope NPV breakeven price $10.82/lb

Mt. Hope cash flow breakeven price $9.35/lb

* See End Note 3 in the Appendix.

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Investment Highlights

▪ Only publicly traded, pure-play molybdenum company

▪ Favorable molybdenum price outlook I

▪ Mt. Hope Project is fully permitted and construction ready ii

▪ Solid partner support from POSCO

▪ Leverage to rising molybdenum 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

22

▪ 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. Mt. Hope Project ROD – Slides 3,5, 11, and 12

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 11 and NPV sensitivity Slide 13: 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/lb molybdenum 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. NPV Leverage Table– Slide 14: 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.

4. Zinc potential at Mt. Hope – Slides 11, 20 and 21: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

bhansen@generalmoly.com

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