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www.prophecydev.com

The Gibellini Vanadium Project, Eureka County, Nevada: A Permitting and Development Stage Project September 27th, 2018

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Forward Looking Statements

This presentation may include certain “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding future plans and objectives of the Company, projected capital and operating expenses, permitting approvals, timetable to permitting and production and the prospective mineralization of the properties, are forward-looking statements that involve various risks, assumptions, estimates and uncertainties. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. All sources are from the Company unless otherwise noted. Forward-looking information is subject to known and unknown risks, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; acquisition risks; and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. These statements reflect the current internal projections, expectations or beliefs of Prophecy Development Corp. (“the “Company” or “Prophecy”) and are based on information currently available to the Company. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

The technical content of this news release has been prepared under the supervision of Danniel Oosterman, VP, Exploration. Mr. Oosterman is not independent of the Company in that he is employed as a consultant to the Company and most of his income is derived from the Company. Mr. Oosterman is a Qualified Person as defined in NI 43-101.

Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated or Inferred Resources – The information presented uses the terms “measured”, “indicated” and “inferred” mineral resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize these terms. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable.

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Prophecy Development Corp: corporate summary

Prophecy Development Corp (Toronto Stock Exchange: PCY), headquartered

in Vancouver, operates Gibellini project through wholly owned Nevada

subsidiary Vanadium Gibellini Company LLC

Field Office, Point of Contact

51S Buehl St.

Eureka, NV,

89316

Contact: Michael Drozd, VP Operations (Elko)

Head Office

Vancouver, BC, Canada

Suite 1610 – 409 Granville Street

Vancouver, BC

V6C 1T2 Canada

Phone: (604) 569-3661

Email: info@prophecydev.com

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Prophecy’s Team

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Degrees in economics and engineering from Rice University.

Lead the company in completing many project acquisitions and raised over $100 million for Prophecy. Mr. Lee identified, negotiated and closed Gibellini acquisition

40 years in mining operations, metallurgical R&D, and engineering and process design. Former Barrick Chief Metallurgist at Goldstrike JV, the largest gold mine in the USA

With patents in molydenum and vanadium recovery. Member of Society of Mining, Metallurgy & Exploration

Mr. Drozd is a Qualified Person as defined in NI 43–101

17 years in exploration for companies such as Falconbridge Ltd. and Inco Limited.

He holds a B.Sc. (Hons) degree in Geology from Laurentian University and is a member of the Association of Professional Geoscientists of Ontario.

Mr. Oosterman is a Qualified Person as defined in NI 43–101

With Prophecy since 2012; managed commissioning of Mongolian open pit coal mine

Master of Science in Finance from the Stockholm School of Economics

Fluent in English, Spanish, Russian and Mongolian

John Lee, CFA CEO and Chairman

Michael Drozd, QP VP Operations

Danniel Oosterman, P.Geo

VP Exploration

Bekzod Kasimov VP Business Development

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Prophecy’s Team 5 5

5 Over 100 staff, successfully obtained several WPCP approvals in Nevada including:

Newmont’s Long Canyon gold project with carbon in column processing method; Kinross Bald Mountain gold project with heap leach facility; and West Kirkland’s Three Hills gold and silver project with heap leach facility

over 40 years of experience in environmental compliance, mine permitting, and mine reclamation

Previous positions include Environmental Manager at Barrick, Kinross and Newmont

Completed several environmental impact statements (EIS) for mines in the western United States, as well as managed regulatory processes for exploration, mine development and reclamation and closure projects

Over 24 years experience in permitting, closure, reclamation, radioactive waste management, risk-assessement concerning radiation and chemical exposure

Authored numerous publications in radiation protection, radiological characterization of copper and cobalt mines, and radiation evaluation of waste facilities

NewFields

John Young Environmental Permitting Consultant

Matthew Arno, Ph.D

Principal Health Physicist, Foxfire Scientific Inc

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Gibellini: Produce Vanadium in the USA

Premium Location: Nevada Ranked #1 for N. America mining investment

(Fraser Institute)

Vanadium critical strategic metal in USA

Federal, state and county support

District Scale Potential 13.5 year mining plan

Situated in vanadium-rich geological belt

Controls 27 sqkm area, excellent potential for

resource expansion

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Vanadium Supply, Demand and Price

Surplus Deficit

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Gibellini Location, Nevada, USA

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9

Fish Creek River Water Source

Refurbished Electrical Grid

Onsite and Offsite Infrastructure

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Onsite and Offsite Infrastructure

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Exploration

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Gibellini Project NI43-101 Resource (May, 2018)

GIBELLINI RESOURCE with various cut-off grade scenarios

Cut-off Measured and Indicated Inferred

(V2O5) Metric

Tonnes Grade

Contained

V2O5

Metric

Tonnes Grade

Contained

V2O5

(k tonnes) (V2O5 %) (k lb) (k tonnes) (V2O5 %) (k lb)

variable 20,823 0.286 131,344 13,584 0.175 52,305

0.25 12,503 0.35 96,367 420 0.271 2,511

0.35 5,034 0.433 48,017 3 0.381 20

LOUIE HILL RESOURCE with various cut-off grade scenarios

Cut-off Measured and Indicated Inferred

(V2O5) Metric

Tonnes Grade

Contained

V2O5

Metric

Tonnes Grade

Contained

V2O5

(k tonnes) (V2O5 %) (k lb) (k tonnes) (V2O5 %) (k lb)

variable — — — 6,825 0.276 41,494

0.25 — — — 3,622 0.352 28,119

0.35 — — — 1,393 0.451 13,842

51,265 feet of drilling

The Qualified Person for the estimate is Mr. E.J.C. Orbock III, RM SME, a Wood Group employee. The Mineral Resources have an effective date of May 29, 2018. The oxidation state for the Louie Hill deposit was not modeled. Mineral Resources are reported within a conceptual pit shell that uses the following assumptions: Mineral Resource V2O5 price: $14.64/lb; mining cost: $2.21/ton mined; process cost: $13.62/ton processed; general and administrative (G&A) cost: $0.99/ton processed; metallurgical recovery assumptions of 60% for mineralized material; tonnage factors of 16.86 ft3/ton for mineralized material, royalty: 2.5% net smelter return (NSR); shipping and conversion costs: $0.37/lb V2O5. For the purposes of the resource estimate constraining pit shell, an overall 40º slope angle assumption was used. Rounding as required by reporting guidelines may result in apparent summation differences between tons, grade and contained metal content. Tonnage and grade measurements are in US units. Grades are reported in percentages.

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Gibellini Flowsheet to Produce V2O5 Product

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Planned 14 Year Life of Mine for Gibellini

0.00

0.10

0.20

0.30

0.40

0.50

0.60

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

4,500,000

5,000,000

1 2 3 4 5 6 7 8 9 10 11 12 13 14

Min

ed M

ater

ial (

ton

s)

Material Mined

Product Oxide Product Transition Product Reduced Waste Waste:Leach

Low Strip ratio

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Previous Work by American Vanadium Corp. • Mine Plan of Operations (MPO) submitted November 2014, all environmental baseline information has been collected and

submitted to BLM for review

Resource Area Existing Data

Water Resources Update to Surface Water and Groundwater Quality Baseline Report for American Vanadium US, Inc.,

Gibellini Project. July 14, 2014. Prepared by Schlumberger Water Services.

Ground Water Surface Water and Groundwater Quantity and Quality Baseline Report and Impacts Analysis, American

Vanadium US Inc., Gibellini Project. November 2013. Prepared by Schlumberger Water Services.

Surface Water Drainage Report for the Gibellini Project. November 27, 2012. Prepared by Scotia Corp of Nevada (in

Attachment A of Stormwater Management Plan, Appendix D, 2018 MPO-RPA).

Spring/Seeps

Field Investigations of Water Features on the Fish Creek Ranch. October 2012. Prepared by SRK

Consulting.

Preliminary Water Resource Assessment and Baseline Groundwater Data, Gibellini Project. September

28, 2011; updated August 13, 2012. Prepared by Schlumberger Water Services.

Baseline information included in: Application for New Water Pollution Control Permit, American

Vanadium US, Inc., Gibellini Project. December 2013. Prepared by SRK Consulting, Inc.

Baseline information included in: Revised Water Management Plan, American Vanadium US, Inc.,

Gibellini Project. December 2013. Prepared by Schlumberger Water Services USA, Inc. (in 2018 MPO-

RPA, Appendix L).

Biological Resources Baseline Biological Survey Report, Gibellini Project. Final Report December 20, 2012; updated July 20,

2013; revised October 28, 2013. Prepared by Enviroscientists, Inc., Great Basin Ecology, Inc., and

Cedar Creek Associates, Inc.

Flora Baseline Summary – Technical Memo to Ron Espell. December 14, 2012. Prepared by Great Basin

Ecology.

Fauna

Biological Survey Report. September 2012. Prepared by Cedar Creek, Inc., Great Basin Ecology, Inc.,

and Enviroscientists, Inc.

Mt. Wheeler Power, Inc. Strawberry 69kV Transmission Line Project, Biological Survey Report. August

2012. Prepared by Enviroscientists, Inc.

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Previous Work by American Vanadium Corp. • Mine Plan of Operations (MPO) submitted November 2014, all environmental baseline information has been collected and

submitted to BLM for review

Resource Area Existing Data

Wetlands

Preliminary Jurisdictional Determination, American Vanadium. Gibellini Mine Project Utility Corridor; Eureka County, Nevada. April

2014. Prepared by Three Parameters Plus Inc.

Preliminary Jurisdictional Determination, American Vanadium Gibellini Mine Project. Eureka County, Nevada. November 2013.

Prepared by Three Parameters Plus Inc.

Letter dated April 2, 2014 from Jason A. Gipson, Chief – Utah-Nevada Branch, Regulatory Division, Department of the Army, U.S.

Army Engineer District, Sacramento Corps of Engineers, to Mr. Ron Espell, VP, Environmental, American Vanadium.

Noise Ambient Noise Assessment; American Vanadium Gibellini Mine, Eureka County, Nevada. August 28, 2013. Prepared by J.C. Brennan &

Associates, Inc.

Air Resources

Meteorological Data Report, July 1 – September 30, 2014, Gibellini Project. prepared by Air Sciences Inc. (October 2014).

Audit Report, Gibellini Project, Meteorological Monitoring System. prepared by Air Sciences Inc. (July 2014).

Air Quality Impact Analysis for the Proposed Gibellini Project. prepared by Air Sciences Inc. (February 2014).

Preliminary Air Quality Report for the Proposed Gibellini Project. prepared by Air Sciences Inc. (November 2013).

Quality Assurance Project Plan for American Vanadium Gibellini Site. prepared by Air Sciences Inc. (September 2012).

Cultural

Resources

Class Ill Cultural Resource Inventory for the Proposed Gibellini Mine in the Fish Creek Range, Eureka County, Nevada. August 31,

2011. Prepared by Kautz Environmental Consultants, Inc., prepared for Enviroscientists, Inc.

Cultural Resource Reports: BLM6-3015 (Kautz and Harmon, 2012); BLM6-3015-1 (Kautz, 2011); and BLM6-3015-2/8111 NV040-12-2012

(Harmon et al., 2012).

Geochemistry

Characterization

Supplemental Geochemistry Test Results, American Vanadium Gibellini Project. November 2014. Prepared by Schafer Limited LLC.

Supplemental Geochemistry Work Plan, American Vanadium Gibellini Project. April 2013. Prepared by American Vanadium.

Geochemical Characterization of Ore and Process Solutions, American Vanadium Gibellini Project. December 2012. Prepared by

Schafer Limited LLC.

Baseline Geochemistry Report, Gibellini Vanadium Project. October 2012. Prepared by Schafer Limited LLC, Schlumberger Water

Services, Inc., and Foxfire Scientific, Inc.

Humidity Cell Test Termination, Gibellini Project. March 2012. Prepared by Interralogic, Inc. Technical Memorandum transmitted by

Enviroscientists, Inc. to BLM and NDEP on March 27, 2012.

2012 Scoping Summary.

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Baseline Studies Footprint

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2018 BLM Prophecy Meeting Recap

March 23, 2018: Prophecy met BLM in Battle Mountain

Topics discussed:

• New permitting schedule - under Secretary of the Interior Order No.

3355 (Streamlining National Environmental Policy Reviews and

Implementation of Executive Order 13807)

• Existing Gibellini baseline studies completed and submitted to BLM in

2011 and 2012 to be updated

• Acid closure and Uranium recovery licensing

• Parties agreed that MPO will be resubmitted under Prophecy name

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2018, Since March 23rd Meeting

May 9: MPO prepared by SRK Consulting was resubmitted

July: BLM provided comments to MPO according to 43 CF3809.401(b) highlights

August: Prophecy secured surface water for future mining operation in Prophecy

August: Engaged NewFields to advance permitting

September: Completed internal baseline study gap analysis

September: Agreed voluntary cost recovery to fund BLM’s Gibellini permitting efforts

September: Reached out NRC and Nevada Department of Health and Human

Resources regarding uranium licensing

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Uranium Licensing

Prophecy’s Position on Uranium Licensing:

A source material license required for a discrete portion of the plant

Regulatory authority to issue that source material license lies with

the State of Nevada

Prophecy’s rationale and base case:

Gibellini operations will be primarily producing vanadium and will

not produce uranium as a primary product or by product

Uranium production accounts for less than 1% of vanadium production by

volume or by revenue, is generated as a waste product during vanadium

extraction, hence does not fall into by-product material as defined by

Section 11e.(2) of the Atomic Energy Act

The NRC discontinued regulatory authority for regulation of source material

and none of the exceptions to this discontinuation of NRC’s regulatory

authority apply to Gibellini.

September: Official letter was sent to NRC requesting to confirm Prophecy’s

interpretation

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Water Pollution Control Permit (WPCP) and Acid Closure

Prophecy engaged NewFields to prepare the WPCP application

The WPCP application preparation has started in August 2018 and objective is to

file the application with NDEP BMRR in December 2018

NewFields completed Gibellini Heap Leach Facility (HLF) design in 2014 as a part

of the EPCM basic engineering design for the project

As a part of the application, NewFields will carry out the detailed design,

analyses and engineering calculations required for the WPCP and will develop

facility closure concept

Newfields successfully obtained several WPCP approvals in Nevada including:

• Newmont’s Long Canyon gold project with carbon in column processing

method;

• Kinross Bald Mountain gold project with heap leach facility;

• West Kirkland’s Three Hills gold and silver project with heap leach facility

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Prophecy Requests BLM to

2nd half 2018 Establish required updates to the Gibellini baseline studies

1st half 2019 Assist, review, complete Gibellini baseline studies

1st half 2019 Assist, review, complete Gibellini MPO

2nd half 2019 Assist, review, complete preliminary EIS / resource report

preparation

Goal: 2nd half 2019 Prophecy to Trigger the NOI to prepare the Gibellini EIS

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Preliminary Permitting Schedule For Consideration

Q2 Q3 Q4 Q1 Q2 Q3

Resubmission of Mine Plan of Operations

Internal Assesment of Required Updates for Baseline Studies (baseline gap analysis)

Submission of Assesment of Required Updates for Baseline Studies to BLM

BLM Confirm Required Updates for Baseline Studies

Field Surveys related to the Required Updates for Baseline Studies

Preparation and Finalization of the Updated Baseline Reports

Preparation of Preliminary EIS / Resource Report ,

Preliminary EIS / Resource Report Submission to BLM, Trigger NOI to Prepare EIS

Preparation of Water Pollution Control Permit Application

Submission of Water Pollution Control Permit Application to NDEP BMRR

Preparation of Updated Mine Plan of Operations

Submission of Updated Mine Plan of Operations to BLM

2018 2019Permitting task

- Completed

- In progress

- Submission date

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EPCM Schedule

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

EPCM RFP issued

Proposal Submission - September 28, 2018

EPCM Kick-Off - October 1, 2018

Phase 1 - Update of Basic Engineering Design

Update the process Flow Sheet

Update Basic Engineering Design

Capital Cost Estimate and Final Basic Engineering

Phase 2 - Detailed Engineering Design

Equipment Procurement

Detailed Engineering Design

Construction Contracts RFP

Phase 3 - Construction Management

Construction Clearing and Grubbing

Site Construction

Project Dry Commissioning

Project Wet Commissioning

2022EPCM Tasks

2018 2019 2020 2021

- Completed

- In progress

- Submission / Start date

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Contact

Field Office, Point of Contact

51S Buehl St.

Eureka, NV,

89316

Contact: Michael Drozd, VP Operations (Elko)

Head Office

Vancouver, BC, Canada Suite 1610 – 409 Granville Street Vancouver, BC V6C 1T2 Canada Phone: (604) 569-3661 Email: info@prophecydev.com