Pure-Play Molybdenum OpportunityBruce D. HansenChief Executive Officer

Jefferies’ Industrials ConferenceNew York11:20 a.m. ET, August 8, 2017 Salon 1, Lobby

GMO: NYSE MKT & TSX

GMONYSE MKT

& TSX

Cautionary StatementsThis 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 prices, supply, demand and/orproduction; (ii) estimates of future statements are subject to risks, uncertainties and other factors, which could cause actual results to dcashcosts, direct operating costs, costs applicable to sales (CAS), or royalty payments; (iii) estimates of future capital expenditures; (iv) estimatesregarding timing of permitting, future development, construction or production activities; (v) statements regarding cost structure, projecteconomics, or competitive position, and (vi) statements comparing Mt. Hope to other mines, projects, or metals. Where the Companyexpresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed tohave a reasonable basis. However, forward-looking differ materially from future results expressed, projected or implied by such forward-looking statements. These risks and uncertainties and Exchange Commission, as well as the Company’s other SEC filings. The Company doesnot undertake any obligation to release publicly revisions to any “forward-looking statement,” to reflect events or circumstances after the dateof this presentation, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. include,but are not limited to, metals price and production volatility, global economic conditions, currency fluctuations, increased production costs andvariances in ore grade or recovery rates from those assumed in mining plans, exploration risks and results, political, operational and projectdevelopment risks, including the Company’s ability to reobtain water permits and Record of Decision, and retain other required state andfederal 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

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 for certain slides. 2

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Investment Highlights – only pure-play, western exchange traded moly stock

Mt. Hope Project, one of world’s largest & highest grade undeveloped moly deposits, and previously mined Liberty Project

World-Class Molybdenum

Medium-Term Producer

StrategicPartnerships

TangibleAssets

FinancialStability

Mt. Hope Project bankable feasibility complete; 65% engineered

Advancing on new air quality analysis for supplemental Environmental Impact Statement

Develop upon sustained market improvement & financing

Strategic relationship with largest share-holder, Chinese multinational AMER

Mt. Hope partner-ship with Korean POSCO unit

Off-take sales agreements with international companies –ArcelorMittal, SeAH Besteel and Sojitz Coporation

80% interest in $87M of plant & mine equipment at Mt. Hope Project $21M in other

Company tangible assets

1Q 2017 cash $7.1Mi

Restricted Mt. Hope Project cash $12.0M sufficient to sustain project through 2021i

i. Please see the Company’s 1Q 2017 news release issued on May 11, 2017.

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Capital Structure Major institutional shareholders:

1. AMER 12.0%

2. Hanlong 10.7%

3. APERAM i 7.4%

4. University Texas Inv. Mgt. 2.6%

5. Vanguard Group 2.0%

6. Blackrock Fund Advisors 1.5%

Insider ownership total ii 16.7% Bruce Hansen, CEO 2.6% Other senior management 1.3%

Research coverage Heiko Ihle, Rodman & Renshaw John Tumazos, JT Very Independent

Research

Exchanges: TickerNYSE MKT; TSX: GMO

Recent stock price $0.44

Stock 52-week high/low $0.72/$0.21

Shares outstanding (M) 111.2

Recent moly price iii $7.55

Moly 52-week high/low iii$9.10/$6.60

Financial Highlights iv (M) 3/31/2017

Cash and cash equivalents $7.1

Working capital $5.8

Restricted cash at Mt. Hope $12.0

Long-term debt & sr. convert. $7.0

Total shareholders’ equity $107.9i. APERAM, the former stainless steel division of ArcelorMittal, was spun off as a separate public company as of January 2011.ii. Insider ownership includes AMER shareholdings on basic shares outstanding.iii. Source: CPM Group, Metals Bulletiniv. Please refer to the Company’s 1Q 2017 news release issued on May 11, 2017. 2Q results are pending.

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Molybdenum Market i Poised to Rise

Strengthening world steel production +5.5% YOY for December 2016 +3.2% YOY for June 2017 12 consecutive months of YOY

increases through June 2017, signaling rising steel demand

Catalysts for demand resurgence Recovery in oil & gas sector and

major pipeline projects Other energy capital investments Global and China infrastructure

expansion (specialty steel)

Supply contracts from price weakness In 2016, mine supply dropped by nearly

5% to 506M lbs Total Chinese moly production down 6%

YOY in 2016, 2nd consecutive year KGHM cancels Phase 2 expansion of

Sierra Gorda for steady moly production at 10M lbs

Freeport McMoRan reduced primary and byproduct moly production

i Source: World Steel Association, CPM Group, Metal Bulletin, China's National Development and Reform Commission, Freeport McMoRan, Thompson Creek and news reports.

Current price gradually improving. Strong LT fundamentals.

Recent moly price/ lb

Up 14% from 52-weeklow of $6.60= $7.55 =

6

$-

$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 ProjectionsHistorical 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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Future Global Moly Demand Growth Projected to be Robust

2016 moly consumption = 512.4M lbs Demand projected to increase~21M lbs/year between 2018 and 2025 Historical pre-financial crisis moly demand growth rate averaged 6.3% CAGR

(1991-2007)

World Moly Demand (2016-2025p) i

i. CPM Group, March 2017.

Millions of Pounds

512

570

686

300

350

400

450

500

550

600

650

700

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

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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)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 - 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 fuelled 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 LNG export infrastructure grows as

the U.S. commences exports of LNG

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Structural Change:Continued Moly Demand in China

10The 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.

In addition to the megacity construction ongoing in the Pearl River Delta, there is the recently announced Xiongan new area, outside of Beijing. Wood McKenzie estimates that the new Xiongan could add ~20 Mt of steel demand during the first 10 years of 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: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

11i. 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

per

100

Mt o

f Cru

deSt

eel

Source: CPM Group, World Steel, IMOA, Antaike

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

12

World Molybdenum Cash Operating Costs, 2016 ii

US cents/lb pro-rata; no credits

i. At 2016 average molybdenum price of $6.48/lb. Current spot price is $7.55/lb as of July 27, 2017. Source: CPM/Metal Bulletin. 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

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Ownership 80% General Moly; 20% POSCO

Status Pre-constructionwork suspended

Estimated life * 30 years

P&P reserves,100% (lbs) * 1.4B

Head grade (1st 5 yrs) * 0.09%

Mill recovery rate (1st 5 years) * 89.8%

LOM Strip ratio * 1.7: 1 (waste:ore)

Remaining capex, 100% $1.03B

First 5 years*:40M lbs/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 –A World-Class Moly Project

Among the largest and lowest-cost primary development projects

Invested $286M in permitting & long-lead equipment

Obtain reinstatement of the BLM’s Record of Decision and Nevada water permits i

Mining friendly location in Nevada

Outlook: Improved financing ability with AMER upon market improvement

Reno

BattleMountainWinnemucca

Carlin

Elko Wells

Austin Eureka Ely

i See Slides 23 and 24 in the Appendix.* Data and reserves reflect upside of an optimized $12/lb

molybdenum pit. See End Note 1 in the Appendix. 13

Tonopah

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Strategic Partner & Largest Shareholder: AMER

14i. Source for AMER background: Fortune, Forbes & AMER’s website.* See End Note 2 in the Appendix.

AMER International Group Snapshot i

Largest GMO shareholder

12% stake from Tranche 113M shares + warrants

Three-trancheinvestment in General Moly *

Invested $4M in 2015.Potential funding from Tranches 2 & 3 for additional $16M.

Fortune Global 500 ranking

Privately owned; 190th on annual revenues of $47.8B

Majorbusinesses

Non-ferrous metals (copper mining, downstream wire/cable fabrication & trading); value-added manufacturing of semi-conductors & polymers

Employees Over 17,000

Headquarters Shenzhen, China

Chairman Mr. Wang Wenyin, ranked 6th richest billionaire in China in 2016 by Forbes

Chairman Wang: “We regard the Mt. Hope and Liberty projects as two of the most promising molybdenum assets worldwide… We also look forward to leveraging General Moly’s mining finance (and technical) expertise to identify and acquire other mining assets in North America.”

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Key Terms of Investment Agreement* with AMER Ongoing discussions, supportive of the partnership, on modification of

$16M in additional funding of Tranches 2 and 3 equity investments by AMER, contingent on certain conditions *

1 director nominee Mr. Tong Zhang from initial Tranche 1 investment of $4M with up to 2 additional director nominees

Jointly identify value-accretive acquisition opportunities, focusing on base metal prospects in the Americas

Upon molybdenum market improvement, AMER will work with General Moly to procure and support a Bank Loan of approximately $700M from major Chinese banks for development of the Mt. Hope Project

General Moly will provide AMER one-time option for off-take and purchase of the balance of its share of Mt. Hope Project production

When drawdown of Bank Loan becomes available, warrants to purchase $40M in shares of General Moly will become exercisable by AMER

15* See End Note 2 in the Appendix.

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Joint Business DevelopmentEvaluating Opportunities for Mutual Benefit

Evaluating internally-developed list of base metal prospects in the Americas, identifying distressed and undervalued assets

Examining potential outright acquisitions, privatizations or significant minority investments with financing support

GMO may participate in value creation by

Retaining a minority interest,

Generating management fees, or

Acquiring non-core assets

Presentations to AMER’s Overseas Investment Committee

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First 5 years*:14M Mo lbs

& 7.5M Cu lbs /year$7.79 cash op. costs/lb Mo

LOM NPV* = $325M IRR* = 17%LOM after-tax, undisc. cash flow*= $1.7B

Next Up –Liberty Moly-Copper Project

Second world-class moly asset Previously mined for

molybdenum and copper Significant infrastructure remains

(electrical, roads, truck shops)

Mining friendly location in Nevada

Outlook: Advancement to Feasibility Study contingent on market improvement

Ownership 100%

Status Completed PFS

Estimated life* 32 years

P&P reserves* (lbs) 482M Mo, 606M Cu

Head grade (1st 5 yrs) * 0.09% Mo; 0.07% Cu

Mill recovery rate(1st 5 years) * 83.5%

Strip ratio* 1.8:1 (waste to ore)

Capex* $366M

Reno

BattleMountainWinnemucca

Carlin

Elko Wells

Austin

Eureka Ely

Tonopah

* See End Note 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 /lb $10.82

Mt. Hope cash flow breakeven price /lb $9.35

Liberty NPV breakeven price /lb $11.64

Liberty cash flow breakeven price /lb $9.58

* See End Note 4 in the Appendix.

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Significant Tangible Asset Value

19

(M, except per share) Current

Cash and cash equivalents (Corporate) i $ 7.1

Restricted cash to be used for loan procurementfund or business opportunities i 1.1

Share of Mt. Hope Project cash(Restricted cash) i,ii 9.6

Share of Mt. Hope’s property, plant & equipment iii 69.9

Cost basis in land, water rights & Liberty Project i 21.0

Long-term debt and convertible debt i (7.0)

Net Tangible Assets $101.7

Net Tangible Assets/GMO share $0.91

i. Please refer to the Company’s Form 10-Q for the quarter ended March 31, 2017 as filed on May 11, 2017.ii. Represents Company’s 80% ownership of $87.4M in PP&E in the Consolidated Balance Sheets.

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2017 Priorities Leverage internal skills working with AMER to identify value-accretive

opportunities with a focus on base metal prospects in North America

Effect reinstatement of the ROD, and reissuance of permits for water rights at the Mt. Hope Project which would lead to the Tranche 2 investment of $6.0 million by AMER, contingent on a molybdenum price trading at or above $8 per pound for 30 consecutive calendar days, and the restoration of our water permits by the State Engineer i

Maintain existing state permits for the Mt. Hope Project

Prudently manage financial liquidity and flexibility to sustain the Company over the medium term and to fund current business activities into 2Q 2018, excluding potential additional AMER investments

20i See Slides 28 and 29 in the Appendix.

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Appendix

21

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Molybdenum 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 MoMetal/Alloys

Superalloys Catalysts OtherChemicals

2016 2025p

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

Molybdenum Demand Projections, by End-UseMillion 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

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Experienced Management Team

23

CEO and a Director since 2007. 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 38 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.

Recently appointed Principal Accounting Officer; 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 Admin. Services Manager since 2012. CPA and former long-time Controller and Supply Chain Director of Nevada operations

for Newmont. Prior finance and accounting roles at Lockheed Aircraft and Red Lion Inn and Casino.

Alan LondonAdmin. Services Manager

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NPV Shows Significant Leverage to Rising Moly Prices

Mt. Hope, Liberty and Combined NPV* ($M)

24

$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 in the Appendix.

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General Moly’s Partnerships for Mt. Hope POS-Minerals, unit of Korean POSCO, owns 20%

interest in the Mt. Hope Project Entitled to 8M lbs of annual production Contributed $210M to development

World’s largest steel producer & Luxembourg based General Moly’s largest customer

Off-take agreements with Korean and Japanese companies

Combined with ArcelorMittal sales contract, approximately 50% of General Moly production (15.5M lbs) committed for first 5 years

Sales contracts’ floor prices of

$13.00 - $13.75/lbCovers 37% of General Moly production

(11.5M lbs/yr) over first 5 years

Sales contracts’ upside participation

80% of priceAbove floor price

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$-

$5

$10

$15

$20

$25

$30

$35

$40

$45

$5 $10 $15 $20 $25 $30 $35 $40

General Moly has Significant Leverage to the Molybdenum Price with Downside Protection

Moly Spot Price

Realized Price

Downside price protection

Discount to spot above floor price

Price Protection from Off-Take Arrangements

Moly Price/lb(LHS)

GMO Share Price (RHS)

$-

$2

$4

$6

$8

$10

$12

$-

$5

$10

$15

$20

$25

$30

$35

2007 2009 2011 2013 2015 2017

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Mt. Hope Equipment Procurement Status (100% basis)

Paid $87.2M on commitments for $174M in equipment orders

Own or secured with order in place for major milling equipment: Crusher SAG mill and ball mill Mill drives Roaster equipment

Made $75M order with Caterpillar for haul fleet and support equipment, including 18 240-ton haul trucks i

Secured letter of intent for 4 large P&H electric mining shovels i

Ordered 4 Atlas Copco mine drills i

Outlook: Upon an improvement in the markets and obtaining financing, the Company expects to place orders for remainder of equipment.

i. All orders are cancellable with no further liability. There were non-refundable deposits made of $3.4 million to P&H, $1.2 million to Caterpillar and $0.4 million to Atlas Copco.

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Mt. Hope Supplemental EIS The Record of Decision (“ROD”) for the Mt. Hope Project was initially granted in

November, 2012, and subsequently challenged in the U.S. District Court for the District of Nevada by two western U.S. based NGOs ("non-governmental organization"). The U.S. District Court upheld the ROD in August, 2014. The NGOs appealed the U.S. District Court's Order to the U.S. Court of Appeals for the Ninth Circuit in September, 2014.

On December 28, 2016, the Ninth Circuit issued its Opinion rejecting many of the arguments raised by the NGOs challenging the Environmental Impact Statement ("EIS") issued by the BLM. The Ninth Circuit reversed on technical grounds a narrow issue related to a baseline air quality analysis and related cumulative impact examination, and as a result vacated the ROD.

The Company is advancing completion of a Supplemental EIS, including additional evaluation of direct and cumulative impacts to air quality to address the Ninth Circuit’s concerns with the zero baseline assumption previously used.

The Company looks forward to completing the analysis and public review requirements in compliance with the National Environmental Policy Act ("NEPA"), and to receive a new ROD for the eventual construction and operation of the Mt. Hope Project by early 2018.

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Mt. Hope Water Rights and Permitting Background

In the fall of 2015, the Nevada Supreme Court reversed the prior decisions of the Nevada District Court upholding the Nevada State Engineer’s grant of the project’s water permits and Monitoring, Management and Mitigation (3M) Plan, and remanded the Company’s applications back to the District Court.

In March 2016, the District Court released its Order denying the applications previously approved by the Nevada State Engineer, vacating the permits approved on the applications and vacating the 3M Plan. The State Engineer and the Company disagree with the District Court’s Order, and

believe the proper direction from the Supreme Court was for the District Court to remand the applications to the Nevada State Engineer to address mitigation opportunities to protect against conflicts to senior water right holders.

The State Engineer also asserts that the District Court exceeded its judicial authority . Both the Company and the State Engineer have appealed the Order to the Supreme Court. Oral argument was completed May 1, 2017. The court’s decision is pending.

Notwithstanding the appeal to Supreme Court, the Company has filed additional applications that are pending with the State Engineer.

Eureka County has filed a Writ with the Supreme Court to stop further action by the State Engineer on the additional applications.

Supreme Court is considering the Writ in a separate matter. State Engineer has stopped all action on the applications while the Supreme Court

considers the Writ. The Company will provide additional evidence of its ability to successfully mitigate any

potential impacts to senior water right holders. 29

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End Notes to Slides 13, 14, 15, 17 & 241. Mt. Hope Project - Slide 13 and NPV Slide 24:

Data are based on the updated optional mine plan announced in a February 25, 2014 news release and use parameters from the Bankable Feasibility Study Technical Report, which is compliant with Canada National Instrument 43-101, 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’s proven and probable reserves represent 984.6M tons at an average grade of 0.070% containing 1.4B lbs of molybdenum. Proven reserves are within 320.5M tons at an average molybdenum grade of 0.084% while probable reserves are within 664.1M tons at 0.063%. Mt. Hope Project reserves, based on $12/lb molybdenum, are effective as of January 30, 2014.

2. AMER Slides 14 and 15:Under the amended Investment Agreement with AMER, the Company received $4M ($2M restricted to fund joint business opportunities and

Bank Loan expenses, and $2M general corporate use) from the Trance 1 equity investment. In addition to 13 million GMO shares, AMER also received warrants to purchase 80M shares at an exercise price of $0.50 per share ($40M if fully exercised), exercisable upon availability of a $700M senior secured term loan (Bank Loan). The warrants and its conditions were amended recently to expire June 17, 2017.

AMER is required to complete the Tranche 2 and Tranche 3 equity investments, totaling $16M at higher prices per GMO share, potentially subject to shareholder approval, contingent on certain conditions. Tranche 2 calls for Amer to invest $6M for 12M additional GMO shares priced at $0.50 per share, subject to reinstatement of permits for water rights at the Mt. Hope Project and 30 consecutive days for the molybdenum prices to average in excess of $8/lb. Tranche 3 calls for an investment of $10M for 14.7M GMO shares priced at $0.68 per share, contingent on a final adjudication or settlement of the Mt. Hope water rights permits, if further challenged in the Nevada courts, and for the price of molybdenum to average in excess of $12/lb for a 30-consecutive day period. The conditions to complete Tranche 2 expire November 24, 2017.

3. Liberty Project - Slide 17 and NPV Slide 24: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/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.

Proven and probable reserves of 309.2M tons at average grades of 0.078% molybdenum and 0.098% copper contain 482M lbs of molybdenum and 606M lbs 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.

4. Leverage Slide 24: (Also see Notes 1 and 2 above.)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.

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GMONYSE MKT

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General Moly Contact

HeadquartersLakewood, Colorado (303) 928-8599

www.generalmoly.com

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Bruce D. HansenChief Executive Officerbhansen@generalmoly.com

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