NASDAQ : LTBR

Investor Presentation

October 2014

®

Safe Harbor Statement This presentation includes or incorporates by reference statements that constitute forward-looking

statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and

Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future

events or to our future financial performance, and involve known and unknown risks, uncertainties

and other factors that may cause our actual results, levels of activity, performance, or achievements

to be materially different from any future results, levels of activity, performance or achievements

expressed or implied by these forward-looking statements. These statements include, but are not

imitated to, information or assumptions about revenues, gross profit, expenses, income, capital and

other expenditures, financing plans, capital structure, cash flow, liquidity, management’s plans, goals

and objectives for future operations and growth. In some cases, you can identify forward-looking

statements by the use of words such as “may”, “could”, “expect”, “intend”, “plan”, “seek”, “anticipate”,

“believe”, “estimate”, “predict”, “potential”, “project”, “continue”, or the negative of these terms or

other comparable terminology. You should not place undue reliance on forward-looking statements

since they involve known and unknown risks, uncertainties, and other factors which are, in some

cases, beyond our control and which could materially affect actual results, levels of activity,

performance or achievements. These risks and uncertainties include, but are not limited to, the

factors mentioned in the “Risk Factors” section of our most recent annual and quarterly reports on

Forms 10-K and 10-Q, and other risks mentioned in our other reports filed with the Commission.

The forward-looking statements contained in this presentation are made only of this date, and

Lightbridge Corporation is under no obligation to revise or update these forward-looking statements.

1

The nuclear energy industry has

lain stagnant for over 30 years and

has suffered from missteps and

perception issues.

Lightbridge is here to innovate

and change the conversation.

2

By listening to utilities, we

saw we could solve industry

issues by designing new fuel

that is compatible with

existing and new reactors.

The resulting solution:

Lightbridge’s proprietary fuel

technology addresses the two

overarching issues afflicting the

nuclear industry.

Lightbridge delivers:

. Improved Economics

. Improved Safety

power uprates for existing

pressurized water reactors

10%

power uprates for new build

pressurized water reactors

30%

period between refueling outages

increased from 18 to 24 months

for existing pressurized water

reactors

+6 months

ahead of any potential competitor

due to testing and regulatory

requirements

10+ years

3

Lightbridge technology

has been independently

validated by venerable

industry organizations.

Numerous third-party

analyses confirm

Lightbridge fuel design:

Technology value proposition

U.S. nuclear supply chain issues and

implications for Lightbridge metallic fuel

Lightbridge metallic PWR fuel

evaluation of proliferation resistance

properties

American Nuclear Society’s

Nuclear Technology

peer-reviewed journal

Independent validation includes:

4

The world’s demand for energy is

rapidly rising.

Nuclear is the only clean,

sustainable and reliable solution

that addresses increasing base

load demand.

5

Capacity Factor %

Nuclear is in position to

displace coal for base load

energy sources - bringing

the non-emission benefits of

renewables, but with

reliability of delivery.

nuclear coal hydro gas wind solar 6

0

50

100

150

200

250

1200 2500

Environmental impact (CO2 lbs/MWh)

Levelized costs for Incremental Power ($/MWh) solar wind natural gas

coal nuclear Lightbridge

uprate

solar

wind

nuclear

Lightbridge

gas

coal

Sources: Siemens Industry Inc., EIA Annual Energy Outlook 2014, and

EPRI “Program on Technology Innovation’”

7

Nuclear and coal

are base load generation.

Nuclear is best

suited to displace coal.

Renewables are not base

load generation sources.

8

Lightbridge is

advancing

nuclear energy

9

10

Increases electric

generation

Improves

safety

Enhances

economics

Decreases

waste

DECREASES WASTE

Reduces volume of spent fuel

Reduces radio-toxicity of spent fuel

Enhances proliferation resistance of

spent fuel

ENHANCES ECONOMICS

Period between refueling outages

increased from 18 to 24 months for

existing pressurized water reactors

Increases nuclear plant capacity

factors

Allows utilities more flexibility to plan

for refueling shutdowns

INCREASES ELECTRIC GENERATION

10 – 17% power uprate for existing

pressurized water reactors

Up to 30% power uprate for new build

pressurized water reactors

Applicable to boiling water reactors

and light water based small modular

reactors

IMPROVES SAFETY

Improves response to design basis

events (Three Mile Island)

Increases fuel reliability and reduced

occupational exposures

Improves margin to fuel rod safety

limits (Fukushima Daiichi)

10

11

Efficient heat transfer

Enhanced structural integrity

Reduced operating temperature

Lightbridge fuel

360c

conventional fuel

1250c

Lightbridge fuel is

designed for safety.

o

o

12

Financial &

economic

benefits

13

$48M

$4M

$8M

10% uprate

24 month cycle

Fewer outages *Assumes wholesale power price of $55/MWh

14

Operating pressurized

water reactors larger

than 900 MWe with

more than 20 years

licensed life at 2025 Sources: The Global Nuclear Fuel Market.

Supply and Demand 2011-2030, World

Nuclear Association, August 2011 and

updated totals from the World Nuclear

Association database of nuclear reactors

364

127

249

261

554

614

TARGET

ADDITIONAL

OPPORTUNITY

15

2014 2025 2030

Royalty Revenue

Projections For 10%

Power Uprate Fuel

Captured share of target market for 10%

power uprates

Wholesale electricity price of $65/MWh

16

$503M

$755M

$1B

20% 30% 40%

Note: Revenue projections include an escalation

factor of 3% per year. The 20-40% market for 10%

power uprates represents approximately 8-16% of

the entire projected global market in 2025.

*Siemens Industry Inc. Levelized Cost Model, December 2012

Total incremental

investment

Incremental

gross margin

$65/MWh

Wholesale

electricity price

$85M* $43M 50%

Internal rate

of return

17

Severe

accident testing

Sign

agreement

with

development partner

Letter of

intent

secured

from host utility

Demonstrate

full length manufacturing

Begin

testing in

research

reactor

NRC approval

First use in

commercial

reactors

High risk

Medium risk

Low risk

18

Commercial

strategies &

footprint

19

20

Corporate Objectives for

Nuclear Fuel Business

Fabricate irradiation fuel samples in 2016

Begin test reactor irradiation of the fuel samples by early 2017

Secure a letter of intent from a utility by 2016 for lead test assembly demonstration

Enter into a cost-sharing arrangement with an industry partner and/or government by 2017 to support deployment of a pilot-scale fabrication facility, fabrication of lead test assemblies and their operation in a commercial power reactor

21

Strategies to Achieve Objectives

22

Strategy

1. Recently announced collaboration with AECL-Chalk River

Laboratories on fuel sample fabrication and irradiation testing

2. Leverage our Nuclear Utility Fuel Advisory Board to secure a letter

of intent from at least one utility for lead test assembly

demonstration

3. Seek cost-sharing government and/or industry partner funding

contributions to support lead test assembly demonstration

Collaboration with AECL

23

• Lightbridge and Atomic

Energy of Canada Limited

(AECL) are collaborating to

test Lightbridge's next

generation fuel

• AECL will be testing metallic

nuclear fuel samples at its

state-of-the-art facilities at

Chalk River, Ontario,

Canada

• Work is expected to begin in

October 2014

Summary “This cooperation agreement is

an extraordinary milestone for

Lightbridge, giving us the

opportunity to perform at one

location the most critical phase

of fuel testing and

demonstration work prior to lead

test assembly operation in a

commercial reactor,” said

Lightbridge President and Chief

Executive Officer Seth Grae.

“Our patented metallic fuel

design for power uprates and

longer fuel cycles is safer and

more cost-efficient than

conventional nuclear fuel.”

--Seth Grae

President and Chief

Executive Officer

24

2014 2015 2016 2017 2018 2019 2020 Total

Sign Umbrella Services Agreement

Develop Fabrication Plan

Loop Irradiation Experiment Design

Fabrication of Fuel Samples

Irradiation of Fuel Samples

Post-Irradiation Examination

Out of Reactor Testing

Estimated increase in annual R&D

expenditures over current

program spending levels ($MM) $0.2 $1.8 $1.6 $1.4 $1.7 $1.7 $2.0 $10.4

25

26

Ongoing Activity in Vietnam Collaboration with Power Engineering

Consulting Joint Stock Company 1 (PECC1)

Collaboration with Vietnam Atomic Energy

Institute

27

"We are pleased and excited to work with Vietnam's

preeminent energy engineering firm to establish

the nation's nuclear laboratory and research

reactor in accordance with the highest standards

of safety, security and operational excellence."

--Seth Grae

President and Chief Executive Officer

"Our collaboration with VINATOM involves 24

specific activities, including design review and

selection of nuclear research reactors, site

selection, and nuclear security protocols. This

agreement is another important example of the

improving strategic relationship between Vietnam

and the United States.“

--Seth Grae

President and Chief Executive Officer

Lightbridge investor

value proposition:

Unparalleled combination of nuclear industry

intellectual capital and management expertise

Patented technology delivers safer solutions at

lower cost

Two business lines offer strong revenue and

margin growth

Nuclear is the only clean, sustainable, and

reliable solution that addresses increasing base

load electricity demand 28

NASDAQ : LTBR

®