Molybdenum Market Factors –A new paradigm emerging

August 2017

GMO: NYSE MKT & TSX

GMONYSE MKT

& TSX

Cautionary StatementThis presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, andSection 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the safe harbor created by suchsections. Such forward-looking statements include, without limitation, (i) estimates of future molybdenum and oil and gas prices, supply,demand and/or production; (ii) estimates of global molybdenum cash operating costs; (iv) estimates regarding timing of expansion of oil andgas, clean energy and other end-use demand, and China and other global economic and infrastructure growth; (v) statements regarding coststructure, project economics, or competitive position, and (vi) statements related to potential market signals. Where the Company expressesor implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have areasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual resultsto differ materially from future results expressed, projected or implied by such forward-looking statements. These risks and uncertaintiesinclude, but are not limited to, metals price and production volatility, global economic conditions, currency fluctuations, increased productioncosts and variances in ore grade or recovery rates from those assumed in mining plans, exploration risks and results, political, operational andproject development risks, including the Company’s ability to reobtain water permits and Record of Decision, and retain other required stateand federal permits to commence construction and its ability to obtain suitable financing for development of the Mt. Hope project, adversegovernmental regulation and judicial outcomes. For a more detailed discussion of such risks and other factors, see the Company’s AnnualReport on Form 10K, which is on file with the Securities and Exchange Commission, as well as the Company’s other SEC filings. The Companydoes not undertake any obligation to release publicly revisions to any “forward-looking statement,” to reflect events or circumstances afterthe date of this presentation, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

2

For more information, contact General MolyHeadquarters

Bruce Hansen, CEO

Lakewood, Colorado

(303) 928-8599

info@generalmoly.com

New Moly Bits blog

www.generalmoly.com/molybits.php

www.generalmoly.com

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Molybdenum Market Factors Outline

Extensive use of

steel by oil

industry

Stable oil prices

positive for moly

Oil and gas

account for 15%

of moly demand

and a further 15%

of demand is for

chemical and

petrochem

1. Demand:

Moly & Oil

2. Demand:

Clean Energy & Technology

3. Supply:

Primary vs. By-Product

4. Structural Change:

China & More

5. Market Signals:

Recovery Begins

Renewable energy

growth positive for

moly

Wind and solar

use moly steel

Fast growth in

moly catalysts,

metal and alloy

uses

Nearing end of by

product expansion;

peak by-product

production in

2019E

Tightening supply

in 2016 and

beyond

China is a swing

producer and no

longer a significant

exporter

Historical

structural changes

in the moly market

Tighter supply and

demand

Moving towards

greater diversified

end users

China: Demand for

higher quality

steel.

China: Tougher

regulations lead to

long term supply

side reform

Development of a

secular upward

moly market trend

Moly is a late cycle

metal compared

with base metals

Signals for a

recovery include a

stable oil sector,

global industrial

expansion,

continued

strengthening of the

steel market and

higher moly price

ranges

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GMONYSE MKT

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Moly and Oil Loosely Correlated –1970-End of April 2017

Note: Crude oil prices refer to West Texas Intermediate 1986 to Present, US First Purchase price pre-1986. Molybdenum Prices refer to USGS ('52 - ‘78) Metals Week(‘79-'92). AMM ('92-'05) & Metals Week Mean Monthly Oxide Price ('06-'17) Source: CPM Group

$0

$20

$40

$60

$80

$100

$120

0

20

40

60

80

100

120

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015

Real Crude Oil and Molybdenum PricesAnnual, Through 2017, Base Price is 2017

US$/barrel oil US$/lb moly

Crude Oil

Molybdenum

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1,000

1,500

2,000

2,500

3,000

3,500

4,000

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17

Operating Rigs

Demand: Energy-Related Activity and Oil Stabilization Positive for Moly, with Growing Intensity of Use

U.S. Monthly Steel Usage ($/st) Per Rig up 39%

Worldwide Oil Rig Count up 43% YOY June 2017

Moly price loosely correlated to oil price

WTI price increased 45% YOY at year-end 2016

Moly price jumped 29% YOY at year-end 2016

Stable oil prices $50-$70/barrel allow replacement of reserves & petroleum to be competitive vs clean energy

Rising oil price generally positive for moly demand and price until it impacts global industrial production

Stable oil price drives increased oil-related investment

North American rigs more than doubled YOY May 2017

International drilling (deeper water, less efficient) bottomed in 2016. Has risen since, but is only at ~half level of recent historical average (2011-2014).

Global oil capex likely bottomed in 2016, 7-year low

Greater use of moly-reinforced steel, driving significant increased moly intensity of use

US oil rigs consuming one-third more steel than in 2010

Potential growth in fracking in China and Russia

Deeper, longer lateral drilling requiring more moly-reinforced steel tubular goods

Growth in value-added petroleum products (LNG) and pipeline and transportation needs

More moly-catalysts for cleaner-burning fuel to meet China 6 emission standard in 2020

Top chart source: CPM/Baker HughesBottom chart source: Cowen & Company/Pipe Logix, OCTG Situation Report, Baker HughesSource: Baker Hughes, Barclays, McKinsey & media reports

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Demand - Major Structural Trend Emerging:Significant Expansion of LNG Transportation & Storage

Source: U.S. Energy Information Administration AEO 2017

United States Natural Gas Trade

Natural gas demand is being fueled by growth in electricity consumption.

This will require expanded transport networks to bring the fuel from suppliers to end users. Most natural gas comes from the Middle East and Eurasia.

Building of pipelines, onshore and offshore rigs, as well as in Liquefied Natural Gas (LNG) infrastructure and storage vessels are positive for moly demand.

Investment in Liquefied Natural Gas (LNG)

Export Infrastructure Grows as the U.S.

Commences Exports of LNG

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Demand:LNG Supply Growth led by U.S. & Australia

Source: BP Energy Outlook 2017

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Demand:Global LNG Trade Increase in 2035

Source: BP Energy Outlook 2017

GMONYSE MKT

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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)y

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

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Demand: Clean Energy/New Technology

Clean renewable energy now accounts for 30% of world electric power capacity; 23% of world power generation

Past decade saw annual growth rates of 50% in solar power and 23% in wind power

Moly use in wind turbines (especially offshore), geo-thermal plants, nuclear plants, carbon capture technology and desalination plants

Fast growth in moly catalysts, metal and alloys (15% of demand)

Moly metal and alloys in photovoltaic and other uses to increase 3.5% CAGR to 46M lbs to 2025

Moly catalysts to rise 4% CAGR to 55M lbs to 2025

New industrial and clean/alternative energy patents with moly at highest in past 15 years

Propelled by moly’s high temperature resistance, desulfurization characteristic as a fuel catalyst and a lack of substitutes.

Increasing global specialty steel production

Asia’s steel use is progressing towards parity with developed economies

China averages 8.64 kg of moly per 100 tonnes of crude steel today versus 6 kg moly in 2005; compared to the U.S. 40 kg moly used per unit currently.

Global infrastructure expansion led by China. Proposed $1 trillion U.S. infrastructure upgrades.

Strengthening world steel production

+5.72% YOY in Q1 2017

11 consecutive months of YOY increases through May 2017, signaling rising steel demand

Sources: CPM, media reports, World Energy Council, World Steel Association and Marketfriendly.com

Continued new innovations underestimated in future moly demand

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Demand:Clean Energy & New Technology

0.10%

0.70%

-1.00%

-0.80%

0.60%

0.30%

3.50%

0.20%

0.30%

-2.00% -0.50% 1.00% 2.50% 4.00%

Liquid Fuels & Other Petroleum

Natural Gas

Coal

Nuclear

Hydropower

Biomass

Other Renewable Energy

Other

Total

EIA U.S. Energy Consumption Outlook (2017)

Annual Consumption, CAGR 2016 -2050

Source: CPM, SMR

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Demand Influenced By:Trends in Infrastructure Spending

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

2000 2002 2004 2006 2008 2010 2012 2014 2016

World Industrial Production Mo Demand

YoY Change

World Industrial Production and Molybdenum Demand

Year-on-Year Change, 2000 - 2016

R-squared = 53%

Source: CPM Group, CPB

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Supply:Moly Market Balance Tightens Moving Forward

Source: CPM Group

Market effectively in equilibrium after protracted mine supply curtailments

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Supply – Moly Inventories:

Above-ground Stockpiles to Decline

0

2

4

6

8

10

12

14

0

2

4

6

8

10

12

14

2000 2003 2006 2009 2012 2015 2018p 2021p 2024p

Months of Global Demand Covered by Estimated Cumulative Market Balance

Compounded annual stocks, data for 2000 is the CPM's base case cumulative market balance from 1991 thru 2000

Months of Global Demand Months of Global Demand

Actual Projections

Source: CPM Group

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Supply: Primary Mines Key to Fulfill Future Supply

Source: CPM Group

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Supply:Byproduct Capacity Expansion Nears End

40%

50%

60%

70%

80%

1985 1990 1995 2000 2005 2010 2015 2020p 2025p

% byproduct production

Contribution from Byproduct Producers to Total Moly Supplies, 2017 Projection

Byproduct supply starts to ramp up in 2013

Source: CPM Group

Byproduct output contribution expected to peak at 65.5% in 2019

Lower Moly Grades for Byproduct Producers: Late-stage byproduct mines under development have reserve grades ~ 0.002%-0.035% Mo, with the majority grading ~0.017% Mo, significantly lower than historical mill head grade ~0.0299% Mo during 2000-2014.

Slower Growth in Moly Output from Cu Mines:Growth in molybdenum byproduct output from copper mines expected to slow to a CAGR of 3.1% during 2020-2025, from a CAGR of 4.6% during 2016-2019.

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Supply: China Imports Moly When Prices Are Right

-5,000

-4,000

-3,000

-2,000

-1,000

0

1,000

2,000

3,000

4,000

Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16

Other Mo products Mo waste & scrap Mo wire

Mo bar & section Unwrought Mo Mo powder

FeMo Other molybdate AMT

Mo oxide/hydroxide Raw Mo concentrate Roasted Mo concentrate

Metric Tonnes

Net Imports

Net Exports

Chinese Molybdenum Trade

Monthly, Jan. 2007 - December 2016

Source: Antaike

Raw Mo Concentrate Imports to China More than Doubled YoY in 2016

China has remained a net importer of unroasted moly concentrates since 2012

In 2016, unroasted moly concentrates imported into China doubled from 2015 to 16.1 million pounds

Inventory withdrawals have tightened domestic surplus in 2016. This combined with favorable arbitrage (Jan –Apr and Nov – Dec.) encouraged greater imports.

GMONYSE MKT

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Supply: Molybdenum Costs Curve –As much as ~42% of global producers running cash negative i

18

World Molybdenum Cash Operating Costs, 2016 ii

US cents/lb pro-rata; no credits

i. At 2016 average molybdenum price of $6.48lb.ii.Chart represents approximately 93% of total molybdenum production. Source: CPM Group, SNL and company documents.iii.First five years of Optional Plan.

Annual Average Molybdenum Prices in 2016 was $6.48/lbi

Mt. Hope’s Optional Plan cash operating costs $6.28/lb iii

GMONYSE MKT

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Historical Structural Changes in the Moly Market

19

AMAX dominates; stable pricing.

Dominant Climax Mine opens in 1918.

World War I tungsten shortage spurs substitution to moly.

Oil crisis (1973). Energy crisis (1979) leads to global stagflation (early 1980s). Real price spikes to $119/lb and falls.

AMAX loses pricing power. China supply dominates.

Inventories build.

Byproduct supply ramps up.

Price is weak in single digits, & relatively stagnant global demand

Post financial crisis period sees moly recover into the teens, weighed by expanding byproduct supply.

Economic slowdown in China and around the world.

Oil weakens, dropping below $30/barrel in early 2016.

Moly price declines with oil price contraction and continued byproduct supply growth.

Oil begins to recover in late 2016 and moly price stabilizes

Mike IannacchioneVP & GM Mt. Hope

2009-2014

1983-2003

1973-1982

Pre-1973

2015-today

Rapid demand growth from industrialization in China. Real price averages ~$27/lb. but world financial crisis in 2008

leads to severe price contraction (-74%) to $8.25/lb.2004-2008

GMONYSE MKT

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Structural Change:Limited Supply as Swing Producer

High quartile costs producer

Consecutive years of double-digit declines in marginal cost production since 2012.

Marginal producers account for ~11% of Chinese moly production in 2016 and continuing declines are expected through 2018.

In 2016, average cost for ~40% of Chinese moly production is estimated above $7.77 per pound

Environmental and safety concerns

Entry standards and environmental thresholds restrict development of small and medium sized mines

No new moly mining permits since 2013

20Source: CPM Group, Molybdenum News Service. Chart – CPM Group, World Steel and IMOA.

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

Chinese Average 2016 Production Costs for Roasted Mo Concentrate

% of Total Production

Low Cost Production

(<$7.77)

Mid Level Production

($7.77-$9.14)

High Cost Production

(+$9.14)

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Structural Change: The China Effect

The 13th five-year plan (2016 – 2020) pledges to raise urbanization to 60% by 2020 from around 56% in 2015, creating 50 million urban jobs, and renovating 20 million housing units in public housing.

Central government-led capacity cutbacks in the steel sector are primarily targeting inefficient mills making crude and sub-standard steel products.

Official policies are leaning toward green and efficient capacity that produces value-added specialty steels.

Quality improvement in Chinese steelmaking is expected to accelerate over the longer term.

The ratio of specialty to crude steel in China is expected to rise to 25% in 2020 from 17% in 2015.

The ratio of moly-bearing steel to alloy steel in China is forecast to rise to 12% in 2020 from 10% in 2015.

Source: CPM

GMONYSE MKT

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Structural Change:Rising Chinese Demand for Higher Quality Steel

China consumes a third of global moly and produces 50% of world’s crude steel and stainless steel

CPM projects China’s molybdenum demand at 4.7% CAGR for 2016-2025

China’s average intensity of use rose 5% from 2007 to 8.64 kg of moly per 100 tonnes of steel in 2016, but well below the global average

If China’s intensity of use reached the global average, it would need an additional 100.64 M lbs moly/year, basis its 2016 level.

China’s State Reserves Bureau purchased for its national stockpile of moly oxide:

5.8M-6.3M lbs in 2014

11.7M-12.6M lbs in 2015

8.5M-9.2M lbs in 1Q 2016

22i. Source: CPM Group, Molybdenum News Service. Chart – CPM Group, World Steel and IMOA.

Moly Use/ 100 tonnes of Steel - 2016

Chinese Moly Demand by End Use

-

5

10

15

20

25

30

35

40

45

USA Europe Japan China CIS

World Intensity of Use =

14.3 kg Mo/ 100 Mt of Steel

Kg

Mo p

er 1

00

Mt

of

Cru

de

Ste

el

Source: CPM Group, World Steel, IMOA, Antaike

GMONYSE MKT

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Structural Change:Continued Moly Demand in China

23The Jiaozhou Bay Bridge is the world's longest cross-sea bridge, stretching nearly 26 miles, which would span the English Channel.

CPM projects China’s molybdenum demand at 4.7% CAGR for 2016-2025

China leads the world in mega infrastructure construction.

By 2030, China plans to combine a nine-city region into one giant megacity, twice the size of South Korea, in the Pearl River Delta.

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Structural Change: India and Other Major Developing Economies

Beyond China, the major growing economies of India, Russia, Indonesia and Brazil will propel global expansion.

India is projected to overtake China in economic growth from 2021 onward.

India is expected to grow at above 6% CAGR between 2015-2050 in transportation, housing and energy sectors.i

i. Source: Roskill/HSBC Consumer in 2050 report.ii. Charts’ source: PwC World in 2050 report, February 2017

Projected GDP Rankings at Purchasing Power Parity (PPP)

Emerging markets will dominate the world’s top 10 economies in 2050 (GDP at PPP)

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Market Signals:

Asia Overtakes the USA

PPP= Purchasing Power ParitySource: PwC World in 2050 report, February 2017

USA and Europe will steadily lose ground relative to the Asian giants

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Market Signals:Emerging Secular Upward Moly Market Trend

Market signals include Stable oil prices

Renewed global industrial expansion; highly correlated to moly

Continued economic growth in China, India, Russia, Indonesia and Brazil

Continued growth in steel and higher quality steel production

Molybdenum prices settling into higher ranges

Growth in moly metal, alloy and chemical uses start to exceed projections

-

20

40

60

80

100

120

140

160

Full alloy Stainless HSLA Tool Carbon Cast iron Mo

Metal/Alloys

Superalloys Catalysts Other

Chemicals

2016 2025p

Note: Other Chemicals includes lubricants, pigments, and other chemical demand; Source: CPM Group

Molybdenum Demand Projections, by End-Use

Million Pounds

3.2% 3.5%

3.8% 3.8%

1.3% 1.9% 3.5%

3.8%

4.0% 5.2%

Percentage = CAGR 2016-2025p

27

$-

$5

$10

$15

$20

$25

$30

$35

$40

Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25

Molybdenum Price Projections

Historical Prices 2006-To Date i CPM Price Projections ii

i. Source: CPM Group.ii. CPM Group’s March 2017 Report and Roskill’s 2017 Molybdenum Report for projected real prices based on 2016 real dollars. Inset

bar chart: CPM Group data.

$11.95$12.65$13.30

$15.20

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018p 2019p 2020p 2021p 2022p 2023p 2024p 2025p

$9.50$10.00

$12.15$12.75

$8.33 $9.85

$11.98

$16.45

2014-16 2012-16 2010-16 2007-16

3-Year Avg. 5-Year Avg. 7-Year Avg. 10-Year Avg.

(Base: 2017)

$9.68$10.40

$13.50 $13.18$13.27

$14.35 $15.41

$17.97

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A New Paradigm Emerging

Source: SMR, CPM Group

Structural & surface components in public infrastructure

Downstream investments in chemical processing in United States

Infrastructure development for LNG transportation and storage

Reconstruction of power infrastructure in Japan as alternative to nuclear power

High grade defense equipment in the U.S. Air Force and Navy

Long Term

Near Term

Medium Term

Primary moly production needed to satisfy demand

Higher moly content in car components

Downstream investments in chemical processing in Asia and Middle East

Gas pipeline buildout in China (West-East IV, China-Russia east route, etc)

Renewed growth in gas pipeline buildout in U.S., Europe, Middle East

Aerospace/jet engines, structural components

Likely recovery of oil & gas capex

Mo-based catalyst for upgrading clean fuels in China

Structural shift in China and then India and emerging economies will be key market drivers going forward

Renaissance of nuclear power infrastructure growth

Upgrade of defense equipment globally

Higher moly grade for civil engineering projects in China

Moly catalysts, metal and alloys used for renewable/alternative energy

Major drivers of demand delivering above-GDP growth potential for moly