Lightbridge Corporation (NASDAQ: LTBR) Investor Presentation - May 2012

1. ® Lightbridge Corporation (NASDAQ: LTBR) Investor Presentation -May2012

2. 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 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 limited 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 others 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 Annual Report on Form 10-K for the year ended December 31, 2011, 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.

3. Lightbridge Overview Nuclear fuel designs Nuclear advisory services Moscow Washington DC London Abu Dhabi NASDAQ: LTBR ®

4. Why Invest in Lightbridge? Limited competition – LTBR Fuel Designs Increasedpoweroutput/ Improved economics Plug & play Enhancedproliferationresistance Reducedspent fuelquantities Increasedsafety Proprietary technology – Strong patent portfolio Superior investment returns Advisory services Highly experienced management team, strategic advisors and technical teams

5. Nuclear Energy Forecast & Market Drivers 73% The estimated increase in nuclear power generation globally by 2035. Nukes’ share of total power generated is projected to be 13%, the same as in 2009. New market Capital cost per MWe Fuel supply diversity 63 The number of nuclear reactors under construction today. China is building 26 while India has six under way. Existing market Power uprates Longer fuel cycles 435 The number of reactors in operation worldwide. Source – Fortune Mag., IAEA, WNA, NRC, IAEA World Energy Outlook 2011

6. Lightbridge: Advancing Nuclear Energy Levelized Costs1($/MWh) 250 Solar 200 150 Wind 100 Nuclear Coal Natural Gas 50 10% uprate with Lightbridge metallic fuel2 Environmental (CO2 lbs/MWh) 0 1,200 2,500 Levelized Cost of Electricity for new generation sources in 2015. Source EIA “Annual Energy Outlook 2011” and EPRI “Program on Technology Innovation” 2. Operating nuclear power plant uprate with Lightbridge fuel can provide approximately 23 $/MWh electricity generation costs

7. Limitation of Renewables 770 SQ. Miles – Rhode Island To generate an equivalent amount of electricity as a typical nuclear plant, you’d need to cover about 770 square miles of land with wind turbines, an area slightly smaller than Rhode Island. 37 Million Acres – Illinois Replace one-tenth of U.S. oil consumption with fuel derived from switch grass would require cultivating some 37 million acres of land, an area roughly the size of Illinois. 130 Million tons of Coal Ash American commercial nuclear-power has produced 62,000 tons of high-level waste over its entire history. Roughly the size of a football field 20 feet deep. U.S. coal fired plants generate about 130 million tons of coal ash per year. Source – Wall Street Journal

8. Comparison to Standard Fuel Rod ® Standard Cylindrical Oxide Fuel Rod Cross-Section Lightbridge metallic fuel rod cross-section

9. Fuel Design Evolution – Seed & Blanket to All-Metal All-Metal Seed Seed Metallic Metallic Metallic Uranium Uranium Uranium Blanket Blanket Oxide Oxide Uranium Uranium Thorium-based seed & blanket All-metal fuel Uranium-based seed & blanket

10. LTBR Fuel Technology Value Proposition Increased Power Output from Plant • 10-17% power uprate and 24 month fuel cycles for existing PWRs • Up to 30% power uprate for new build PWRs • Applicable to light water based SMRs and BWRs • Increased revenue and improved operating margins of existing nuclear power plants • Reduced total levelized cost per kilowatt-hour for new build reactors • Increased competitiveness of nuclear power versus other energy sources Improved Plant Economics Increased Supply Chain Efficiency • Fuel enables the supply chain to deliver more power from the same capacity • Reduced fuel fabrication costs Improved Spent Fuel Management • Reduced volume of spent fuel • Enhanced proliferation resistance of spent fuel

11. LTBR Fuels - Key Safety Benefits Increased Heat Transfer • Higher thermal conductivity improves the rate at which heat from the fuel can be transferred to the coolant • Increased fuel rod surface area (~35-40% greater) provides increased safety margin • Improved coolant mixing due to helical twist Lower Operating Temperature • Average operating temperature of ~ 370 oC, i.e. “cold fuel” • Reduces the amount of sensible heat that must be removed at reactor shutdown • Improves fission product retention and mitigates fuel swelling Improved Fuel Rod Integrity • Metallurgical bonding of fuel to cladding improves strength • Fuel rod integrity substantially reduces radioactive source term in the event of cladding breach

12. LTBR Metallic Fuel - Safety Benefits Structural integrity Reduced operating temperature 1200°C - 1300°C Conventional Fuels 340°C – 380°C LTBR Fuels Improved heat transfer

13. Nuclear Power Market Size and Growth Projections 364 Source – The Global Nuclear Fuel Market. Supply and Demand 2011-2030, World Nuclear Association, August 2011 Source – World Nuclear Association’s Reactor Database

14. Revenue Model for 10% Power Uprate Fuel Variant Incremental Annual Revenue for an 1,100-MWe Plant with a 10% Power Uprate and 24-Month Cycle

15. Licensing Revenue Projections for 10% Power Uprate Fuel Note: The above revenue numbers include an escalation factor of 3% per year. The 20-40% market share of the PWR target market for 10% power uprates represents approximately 8-16% of the entire projected global market size in 2025.

16. IRR - Power Uprate Fuel Note: The above internal rate of return numbers are based on projected technology licensing revenue, R&D expenditures and allocated corporate overhead expenses from 2012 to 2030. An escalation factor of 3% per year is applied to all revenue and cost figures.

17. Fuel Development & Commercialization Timeline Begin lead test assembly (LTA) operation Begin test reactor irradiation Completetest reactorirradiations Complete 1st cycle of LTA operation Complete 2nd cycle of LTA operation 2014 2012 2016 2018 2020 2022 Demonstratefull-lengthrodfabrication Begin commercial operation Commercialization of Fuel Designs Complete regulatorylicensing of lead testassemblies

18. Nuclear Fuel – Commercialization Strategies “Push, Pull & Government” Safety, non-proliferation, waste Commercialize Power producers Fabricator Economics ® Demand

19. Our Place In The Nuclear Space – Advisory Services Nuclear Power Plant Operation National Infrastructure Development New Program Strategy and Planning Nuclear Power Plant Construction Site Decommissioning World class experience Generation Government Regulations ®

20. Advisory Services – Client Success Stories Kuwait Qatar Bahrain U.A.E Saudi Arabia Oman ®

21. Advisory Services – Market Penetration & Teaming Approach ®

22. LTBR - Management Team Seth Grae Chief Executive Office & President James D. Guerra, CPA Chief Operating & Financial Officer Ambassador Thomas Graham, Jr. Chairman of the Board James MaloneChief Nuclear Fuel Development Officer Andrey Mushakov, PhDExecutive VP/ International Nuclear Operations Jon JohnsonSenior Vice President, Nuclear Regulatory Expert

23. LTBR - Strategic Advisors Sir Ronald Grierson Hans Blix, PhD Sam Vaidyanathan, PhD Kathleen KennedyTownsend Simon Murray, CBE Norton Shapiro, PhD

24. LTBR - Nuclear Utility Fuel Advisory Board (NUFAB) Lightbridge recently announced the formation of a Nuclear Utility Fuel Advisory Board (NUFAB) composed of leading nuclear utilities. The objective and purpose of the board is to further strengthen dialogue with global nuclear utilities and provide their input into Lightbridge's nuclear fuel development and commercialization efforts.   The initial members of NUFAB include top fuel managers from Exelon Generation Co., Dominion, Duke Energy, and Southern Company. Lightbridge plans to expand NUFAB to include representatives from additional nuclear utilities in the future.

25. Why Invest in Lightbridge Limited competition – LTBR Fuel Designs Increasedpoweroutput/ Improved economics Plug & play Enhancedproliferationresistance Reducedspent fuelquantities Increasedsafety Proprietary technology – Strong patent portfolio Superior investment returns Advisory services Highly experienced management team, strategic advisors and technical teams

26. Lightbridge Corporation – Key Contacts Lightbridge Key Contact Information US Headquarters 1600 Tysons Blvd. Suite 550 McLean, VA 22102 USA +1.571.730.1200 Seth Grae President & Chief Executive Officer • +1.571.730.1200 sgrae@ltbridge.com James D. Guerra Chief Operating and Financial Officer • +1.571.730.1203 jguerra@ltbridge.com Andrey Mushakov Executive Vice President, International Nuclear Operations • +1.571.730.1204 amushakov@ltbridge.com • Jon Johnson • Senior Vice President Advisory Services • +1.571.730.1211 • jjohnson@ltbridge.com • Gary Sharpe • Investor Relations • +1.571.730.1213 • ir@ltbridge.com

27. Appendix

28. LTBR - Key Technical Milestones in 2012-2013 Technical milestone Fabrication of semi-scale fuel samples for irradiation in test reactors Short-term irradiation of samples in the Advanced Test Reactor at Idaho National Laboratory Begin long-term loop irradiation in prototypic PWR operating conditions Fabrication of full-length fuel rods Provides fuel samples for irradiation testing Confirm US fuel fabrication process for the metallic fuel technology (MFT) Demonstrate the performance of MFT under prototypic operating conditions of Western-type PWRs. Full-length fuel rods will be manufactured for fabrication process demonstration and out-of-reactor tests Milestone significance

29. Lightbridge Management Team • Member of the Civil Nuclear Trade Advisory Committee to the US Secretary of Commerce • Member of the Suppliers Advisory Committee of the Nuclear Energy Institute • Member of the Governing Board of the Bulletin of the Atomic Scientists • Former Co-Chair of the American Bar Association’s Committee on Arms Control & Disarmament Seth Grae Chief Executive Office & President Lightbridge Corporation • Chairman of the Board of the Cypress Fund for Peace and Security • Former senior U.S. diplomat, world-renowned expert on nuclear non-proliferation • Involved in every major arms control/non-proliferation agreement for the past 35 years • Advisor to five US presidents on nuclear non-proliferation Ambassador Thomas Graham, Jr. Executive Chairman of the Board Lightbridge Corporation James D. Guerra, CPA Chief Operating & Financial Officer Lightbridge Corporation • Former Vice President of Finance for Exelon Nuclear • Former Vice President of Finance and CFO of Exelon Business Services Company • Former Vice President of Finance, Treasurer and Controller of Grupo Dina • Senior management positions with AT&T, Citigroup, and Beatrice Companies 5

30. Lightbridge Senior Advisors • Co-Chairman of the Blackstone Group’s International Advisory Board • Former Chairman of the General Electric Company plc (UK) 1968 -1996 • Served on the Boards of Chrysler Corp., R.J. Reynolds, Nabisco, W.R. Grace & Co., British Aircraft Corp., International Computers Ltd. • Former Managing Director of S. G. Warburg Sir Ronald Grierson, Chairman of the Committee • Non-Executive Chairman of Glencore, the world's largest diversified commodities trader • Chairman and founder of the General Enterprise Management Services (GEMS) a private equity firm in Hong Kong, former Executive Chairman of the Asia Pacific Division of Deutsche Bank, Former CEO of Hutchison Whampoa • Board member – Vodafone, Richemont and Cheung Kong Holdings, Ltd. Simon Murray, CBE • Former Lieutenant Governor of Maryland • Past deputy assistant attorney general in the Clinton Administration’s Department of Justice Kathleen Kennedy Townsend • Former Foreign Minister of Sweden • Served for sixteen years as the Director General of the International Atomic Energy Agency • Former chief weapons inspector and executive chair of the U.N. Monitoring, Verification, and Inspection Commission in Iraq Hans Blix, PhD 5

31. Advisory Services - Leadership • 33-year veteran of Westinghouse Electric Co. where he was Vice President for New Plants and was in charge of the successful construction and installation of nuclear power plants in numerous countries. • Past Vice President for Engineering at Westinghouse, where he directed all design, analysis and safety evaluation for new nuclear power plants and new product development Ernie Kennedy Senior Vice President, Nuclear Deployment & Program Manager Generation Consulting • Former Deputy Director of the Nuclear Regulatory Commission’s (NRC) Office of Nuclear Reactor Regulation • Oversaw inspection, licensing, assessment, and event response at all 104 commercial and 26 research nuclear reactor facilities in the United States • Regulatory agencies around the world have looked to Mr. Johnson for advice on reactor safety design, operation, and oversight matters, including the United Arab Emirates' Federal Authority for Nuclear Regulation, the Canadian Nuclear Safety Commission, and the Japanese Nuclear Safety Institute Jon Johnson Senior Vice President, Nuclear Safety and Regulatory Expert Regulatory Consulting • Former President and Chief Operating Officer of Holtec Manufacturing – Dry cask nuclear waste container manufacturer • Former Vice President for nuclear supply management at Exelon Nuclear Kevin Yessian Vice President, Consulting • Former UKAEA (United Kingdom Atomic Energy Authority) International Marketing Director • Developed nuclear projects in locations such as Russia, Ukraine, South Korea, and Romania Sandy McWhirter Vice President, Consulting 5

32. Nuclear Fuels Management Team • Primary liaison between Lightbridge and the Russian nuclear organizations • 10+ years with Lightbridge Andrey Mushakov, PhD EVP, International Nuclear Operations • Four decades of high-level experience in the nuclear industry • Former Vice President, Nuclear Fuel, Exelon Generation where he was responsible for procurement (uranium, conversion, enrichment and fuel fabrication) for seventeen operating nuclear reactors - PWRs and BWRs James Malone Chief Nuclear Fuel Development Officer Aaron Totemeier Director of Fuel Cycle Technology & Fuel Fabrication • PhD candidate in nuclear engineering at Texas A&M University • Expertise in material aspects of the nuclear fuel cycle including fuel design, fabrication, performance analysis and reprocessing technology • 30+ years of nuclear experience at Westinghouse and ABB Combustion Engineering, including former Chairman of Westinghouse’s Technical Review Committee Norton Shapiro, PhD Sam Vaidyanathan, PhD • 30+ years of nuclear fuel research and development experience at GE Nuclear Energy Russian Federation Office Alexei Morozov, PhD – Managing Director Senior Nuclear Engineers Valeri Kevrolev, PhD Sergei Bashkirtsev • Russian employees of Lightbridge International Holding, LLC - Moscow • 2 PhD’s, 1 Master Degree In Nuclear Engineering from the Kurchatov Institute • 90+ Years combined experience in the Russian nuclear program • Experts in neutronics, thermal hydraulics, nuclear fuel performance and advanced reactor and fuel designs 5

33. Advisory Services – Regulatory • Key Lightbridge Regulatory Expertise Lightbridge has unique international nuclear talent and experience to meet the specific needs of clients

34. Advisory Services – Nuclear Generation • Key Lightbridge Nuclear Generation Expertise Lightbridge has unique international nuclear talent and experience to meet the specific needs of clients

35. +1.571.730.1200 ir@ltbridge.com www.ltbridge.com