Uranium Sector Review Exploration, Development & Production · mine could account for ~20% of global uranium mine supply by 2025. December 2011: The Australian government approved

Uranium Sector ReviewExploration, Development & ProductionMarch Quarter 2009

Uranium Sector ReviewExploration, Development & ProductionDecember Quarter 2011

Resource Capital Research


Suite 1306 183 Kent Street Sydney, NSW 2000

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Resource Capital Research ACN 111 622 489

Uranium Sector ReviewDecember Quarter 2011

Resource Analyst (Uranium): John Wilson

Resource Analyst: Dr Tony ParryResource Analyst: Murray Brooker

This report is subject to copyright and may not be redistributed without written permission from RCR. The information contained in this report is for use by US, Canadian and Australian residents only. Copies are available for purchase from RCR.

7 December 2011


December Quarter 2011 Disclaimer and disclosure attached. Copyright© 2011 by Resource Capital Research Pty Ltd. All rights reserved. 2

Contents Contents .............................................................................................................................. 2

Overview and Investment Comment ........................................................................................ 3

RCR December Quarter Featured Company Summary ................................................................ 5

[Industry Background and Analysis ........................................................................................... ] Comparative Charts ............................................................................................................... 7

Financial Data ....................................................................................................................... 9

Company Statistics ................................................................................................................ 9

Reserves, Resources and Historic Mineralisation ...................................................................... 10

Valuation and Performance Data ........................................................................................... 10

Exploration, Development and Production Companies

Alligator Energy Limited ............................................................................................. 11

[Anatolia Energy Limited ............................................................................................... ] [Black Range Minerals Limited........................................................................................ ] Energy and Minerals Australia Limited .......................................................................... 13

Energy Resources of Australia Limited* ........................................................................ 15

Hathor Exploration Limited ......................................................................................... 17

Laramide Resources Limited ....................................................................................... 19

Paladin Energy Limited* ............................................................................................. 21

Peninsula Energy Limited............................................................................................ 23

Toro Energy Limited................................................................................................... 25

[Uranium Price Fundamentals .................................................................................................. ] Selected Uranium Sector Performance Charts ......................................................................... 27

Report Contributors ............................................................................................................. 29

Disclosure and Disclaimer ..................................................................................................... 30

* Indicates companies with detailed financial projections and valuation available.

[This is the Abridged Report version of the December Quarter RCR Uranium Sector Review. The purchase price

of RCR’s December quarter Subscriber Reports is A$110. The annual subscription rate for all RCR reports is

A$440 – commodities covered may vary from quarter to quarter. Purchase details and research services for

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December Quarter 2011 Disclaimer and disclosure attached. Copyright

© 2011 by Resource Capital Research Pty Ltd. All rights reserved. 3

Overview and Investment Comment

Market performance summary table

Equity market performance In the past month, the uranium majors have had mixed share price performance: Cameco (CCO) is down 13% (3 month performance -13%), Denison Mines (DML) is down 4% (3 month performance +1%), Uranium One (UUU) down 12% (3 month performance +6%), Energy Resources of Australia (ERA) down 22% (3 month performance -41%), Extract Resources (EXT) up 5% (3 month performance +3%), and Paladin (PDN) up 22% (3 month performance -6%). The global uranium majors have significantly underperformed the broader share market over the past 12 months largely due to set backs following Fukushima. The Canadian majors are down around 50% in the past 12 months. In Australia, the worst performer has been ERA, down 82% over the past 12 months, the decline exacerbated by operational problems at Ranger (ERA). PDN is down 66%, its decline exacerbated by ramp-up delays and higher cost outlook, particularly at Kayelekera (PDN). The Merrill Lynch Uranium Equity Index (a global basket of uranium equities) is down 2% over the past month, down 7% over 3 months and down 54% over the past 12 months. The sector has faced near term uranium price uncertainty since the March nuclear crisis in Japan. Sector performance has also been impacted by broader global equity market volatility resulting from slow US economic activity and ongoing sovereign debt issues in the advanced economies. Uranium price and market outlook The uranium spot price is US$52.25/lb. Immediately prior to the Japanese earthquake on 11 March, the spot price had been trading at US$67.75/lb, a 12 month high.

7 December 2011 Current 1 month 3 month 6 month 12 month

Price*

:US$/lb 52.25 0.5 3.5 -8.3 -13.3

Uranium Participation Corp :C$/Share 5.78 -1.9 -1.4 -10.0 -29.9

247.8 -1.8 -7.3 -30.7 -54.3

Share Prices - Select Companies

:A$/share 1.47 -21.8 -41.3 -52.6 -82.1

Extract Resources :A$/share 8.08 5.3 2.7 4.9 -10.3

:A$/share 1.70 21.9 -6.4 -42.3 -66.5

:C$/Share 18.92 -13.1 -13.2 -28.3 -49.5

:C$/Share 1.49 -3.9 1.4 -25.1 -56.8

:C$/Share 2.49 -12.0 6.0 -25.9 -44.8

Market Indices

World Markets (all sectors) Morgan Stanley World Index 1193.7 -0.5 5.2 -7.7 -1.4

Currencies (compared to USD)

Australian dollar 1.03 -1% -4% -4% 4%

Canadian dollar 0.99 0% -3% -3% 0%

Euro 1.34 -3% -5% -9% 1%

Energy Resources of Australia

Paladin Energy

Uranium One

Cameco

Denison Mines

Performance (%)

Spot Uranium Price

Merrill Lynch Uranium Equity Index

The uranium market performance has, in general, stabilized over the past few months… …following the downward correction, post Fukushima. The Merrill Lynch Uranium Equity Index is down 2% over the past 1 month and down 54% over the past 12 months. The spot uranium price is US$52.25/lb.




The dynamics driving the near term sector outlook continue to be dominated by the aftermath of Fukushima, including Germany’s decision to close reactors and the potential for disposal of surplus utility inventory. The spot market has been trading in the range of US$51-53/lb recently, except for a short breakout in November. Traders indicate they remain cautious going into 1H12. Nonetheless, buying opportunities continue to emerge driven by perceptions of a floor to the uranium spot price holding at around US$50/lb, and the recent emergence of strong strategic investor interest and acquisition activity at the large end of the market, viz., 1. Rio Tinto investing around US$1bn, A$342m in the ERA rights issue

and the acquisition of Hathor Exploration (TSX:HAT) for around

C$654m (assuming 100% acceptance). The HAT acquisition follows

a bidding war with Cameco (TSX:CCO) and coincides with a resource

upgrade at Roughrider and release of the PFS.

2. There is also the anticipated bid for Extract Resources by CGNPC,

which prompted EXT to enter into a trading halt (8 Dec). EXT

received its mining licence for Husab Nov ’11 and now has all

permits in place to commence project development.

Sector fundamentals appear positive in the mid and long term. Over 84 new nuclear power reactors are expected to be commissioned globally by 2017, with 62 currently under construction. There are 499 new reactors planned or proposed (1 Dec, WNA), including 171 in China, 57 in India, 44 in Russia, 34 in the USA, and 13 in Ukraine. The contract uranium price is US$62.50/lb (30 Nov). It has drifted down from US$64.50/lb (31 August), falling about US$0.50/lb per month. While it may trend a little weaker in the near term, we expect the contract price to remain around the US$60-70/lb mark. This level should support development decisions at a number of advanced uranium development projects, particularly in Namibia, eg the large scale Husab project of Extract Resources (ASX:EXT). Events of the past 3 months include: Olympic Dam is looking to expand production to 42mlbspa U3O8 by 2025. Australian state and federal government environment approvals for the expansion were received Oct ’11 and BHP has subsequently approved US$1.2bn in pre-commitment expenditure for long-lead items ahead of a formal Board decision to approve the expansion expected mid 2012. Stage 1 expansion expected 2013 (to 5,000tpa U3O8, up 600tpa). BHP intends to increase uranium output at Olympic Dam from around 4.5ktpa to 17kt over 11 years, plus an additional 2kt of U3O8 to be extracted from copper concentrate (for a total of 19ktpa, 42mlbspa). WNA reference case projections indicate the mine could account for ~20% of global uranium mine supply by 2025. December 2011: The Australian government approved the sale of Australian uranium to India reversing a long term ban, a move that paves the way for the sale of long term uranium contracts and should help underpin the development of Olympic Dam.

Uranium traders indicate they remain cautious going into 1H12. Emergence of strong strategic investor interest and acquisition activity in the uranium sector reinforce midterm positive fundamentals, viz., TSX:HAT, ASX:ERA, ASX:EXT. Over 84 new nuclear power reactors are expected to be commissioned by 2017. The contract price is US$62.50/lb (30 November). Australian state and federal government environment approvals received for the expansion of Olympic Dam.




RCR December Quarter Featured Company Summary

AUSTRALIA

Company Code Comment

Alligator Energy Limited AGE Mid exploration

AGE is well funded, focused in ARUP, NT - Australia's premier uranium

province. High grade uranium prospects established on 7km trend. Dec '11

drill results at Caramal include 14m @ 0.707% U3O8. Potential for Ranger-

Jabiluka style trend.

Anatolia Energy Limited AEK Advanced Exploration

High grade (0.11% U3O8), ISL prospective Temrezli Uranium Project,

Turkey. Regional Exploration Target 30-50mlb. Drilling 2H11 (2,000m);

hydrology 4Q11; PFS 3Q12. Highly experienced management team led by

former Uranerz GmbH executives.

Black Range Minerals Limited BLR Scoping

BLR has consolidated ownership of the Hansen/Taylor Ranch uranium

project in Colorado. The project has a large resource of 90.9mlbs grading

0.060% U3O8. The revised PFS (due 2Q12) should clarify mine

development strategy and potentially drive a re-rating.

Energy and Minerals Australia Limited EMA Development

Major drill program planned at Mulga Rock (commencing 4Q11; 20,000m)

with a focus on expanding potential ISR amenable, sandstone-hosted

uranium resources at 5 prospects. Potential for rapid resource expansion

at low cost. PFS expected 4Q12/1Q13.

Energy Resources of Australia Limited ERA Producer

ERA is focused on mining, evaluating and exploring its leases in the highly

prospective East Alligator River region (NT). Ranger 3 Deeps u/g

exploration decline approved. ERA increasing exploration effort for near

mine upside, both opencut and u/g.

Paladin Energy Limited PDN Producer

PDN is making renewed efforts to achieve production targets at LHM and

KM and has initiated company wide cost cutting studies and initiatives.

This is a timely move - maximising operating asset returns to achieve

growth in a time of heightened global market uncertainty.

Peninsula Energy Limited PEN Prefeasibility Study

Lance ISR project (WY, USA; 100% PEN) economic prospects bolstered

by expanding/upgraded resource base (+25% June '11) and ongoing

advancement of key permitting milestones. Expanded DFS expected

1H12; production potential 2012/13.

Toro Energy Limited TOE BFS and Exploration

Wiluna Project and regional resources (TOE 100%) increased 32% to

50.1mlbs U3O8 (Nov '11). BFS expected 2Q12. Production potential 2H13.

Exciting Theseus (WA) discovery - potential large ISR - could be a second

project for TOE midterm.

CANADA

Company Code Comment

Hathor Exploration Limited HAT Advanced Exploration

RIO’s determination to secure Hathor reflects HAT’s strategic value – a

high grade (11.6% U3O8), low unit opex (US$14.40/lb) development asset,

with good near term exploration upside; and a high quality exploration

pipeline in one of the world’s premier uranium districts.

Laramide Resources Limited LAM Advanced Exploration/Development Stage

LAM's flagship project, Westmoreland (QLD) will be re-rated if the LNP

wins the QLD state election (1H12) - an outcome polls indicate is highly

likely. The company is also poised to reap a substantial royalty as URI's

Section 8 (USA) nears production (expected 2013).




[THIS PAGE LEFT BLANK INTENTIONALLY]




Comparative Charts

Hathor Exploration Limited (TSX:HAT) has been acquired by Rio Tinto (ASX:RIO) for C$654m - an adjusted EV/resource ratio US$9.85/lb.

Share price performance of uranium companies has been mixed over the last month. The spot uranium price has generally held in the US$51/lb-US$53/lb range, while global equity markets have continued to be volatile on concerns over the outlook for Europe.




Explorers’ Development Cycle: Conceptual market capitalisation versus development stage; December Q 2011



Financial Data

Company Statistics

C OM P A N Y Share Price (LC$/share)3

2 Fully

Diluted

Market

Cap Book

Enterprise

Value

ExchangesCode Status1 Yr End 52 week Current Shares Opt+W2 C. Notes2 Shares (undiluted) Cash Debt Value (Undiluted)

7 December 2011 Hi Low (m) (m) (m) (m) (LC$m)3 (LC$m)3 (LC$m)3 (LC$m)3 (LC$m)3

AUSTRALIA (A$)

Alligator Energy Limited AGE E June ASX No 0.25 0.08 0.11 156 21 0 177 17 8.6 0.0 18 17

Anatolia Energy Limited AEK E June ASX No 0.31 0.09 0.13 99 2 22 122 12 4.0 0.0 15 12

Black Range M inerals Limited BLR E June ASX TSX No 0.09 0.02 0.02 797 5 0 802 16 4.2 0.0 18 16

Energy and M inerals Australia Limited EM A E June ASX EM AO 0.30 0.08 0.09 388 186 30 604 35 8.9 0.0 12 35

Energy Resources of Australia Limited ERA P Dec ASX No 9.14 1.35 1.48 518 0 0 518 764 622.7 0.0 1301 764

Paladin Energy Limited PDN P June ASX TSX NSE No 5.61 1.11 1.70 835 8 109 952 1420 235.8 656.2 1272 2076

Peninsula Energy Limited PEN E June ASX PENOA, PENOC 0.16 0.04 0.04 2135 894 19 3048 79 19.6 0.0 70 79

Toro Energy Limited TOE E June ASX No 0.17 0.07 0.09 975 39 0 1014 88 16.3 0.0 96 88

Total: Australia 920.1 656.2 2803 3088

CANADA (C$)Hathor Exploration Limited HAT E M ar TSX No 5.10 1.50 4.70 128 12 0 139 600 23.0 0.0 137 600

Laramide Resources Limited LAM E Dec TSX AMEX No 2.87 0.61 0.73 68 7 0 75 50 1.2 0.0 89 50

Total: Canada 24.2 0.0 226 649

Total: (US$)4 972 676 3111 3823

(1) P: Producer; E: Explorer; I: Imminent - includes companies with bankable feasib ilit y studies and likely to be in product ion within 3 years; IHC: Investment Holding Company

(2) Fully Diluted (shares, options + warrants (opt . + w), convertible notes (Conv. N), other obligations)

(3) L.C. - Local Currency unit ; End of quarter forecast . (4) AUD/USD: 1.03; CAN/USD: 0.99

Exchanges

C OM P A N Y

(A) Exploration (L.C.$m)7 (B) Corporate (L.C.$m)7Drilling ('000 m)Code Land (A)/(A+B) %

7 D ecember 2011 ('000 ha)6 Sep-11 Dec-11 2011 2012 Sep-11 Dec-11 2011 2012 Sep-11 Dec-11 2011 2012 Dec-11 2011 2012

AUSTRALIA (A$)

Alligator Energy Limited AGE 860 2.9 2.0 0.5 6.9 1.6 1.6 2.9 4.1 0.4 0.4 1.6 1.6 80.0 64.1 72.4

Anatolia Energy Limited AEK 140 0.6 1.3 5.0 4.9 0.4 0.3 2.9 1.7 0.2 0.2 1.0 0.6 68 75 72

Black Range M inerals Limited BLR 7 0.5 1.4 11.5 9.4 2.4 1.0 1.0 5.7 0.3 0.3 1.2 1.1 76.9 44.9 84.3

Energy and M inerals Australia Limited EM A 242 2.5 15.0 30.0 27.5 0.4 2.0 3.2 4.9 0.5 0.4 2.4 1.7 82.6 57.2 74.0

Energy Resources of Australia Limited ERA 8 5.0 5.0 12.3 35.0 10.0 6.0 23.0 31.7 3.1 3.1 12.0 12.5 66.0 65.8 71.7

Paladin Energy Limited PDN na 15.0 15.0 100.0 60.0 4.3 4.0 17.6 14.3 13.9 13.0 54.0 52.4 23.5 24.6 21.4

Peninsula Energy Limited PEN 272 51.4 50.0 142.0 126.4 3.5 3.0 11.8 10.5 1.3 1.3 5.1 5.2 69.8 69.8 67.1

Toro Energy Limited TOE 3,668 5.3 5.8 25.7 35.5 5.8 3.8 15.5 15.0 1.2 1.1 3.5 4.5 77.3 81.5 77.0

Total: Australia 83 95 327 306 28 22 78 88

CANADA (C$)Hathor Explorat ion Limited HAT 102 15.0 0.0 44.5 40.0 8.0 4.0 15.7 20.0 3.2 2.5 4.3 8.4 61.5 78.4 70.5

Laramide Resources Limited LAM 700 0.0 0.0 0.0 5.0 1.4 1.4 5.0 5.6 0.4 0.6 2.3 2.4 70 69 70

Total: Canada 15 0 45 45 9 5 21 26

Total: (US$)4 39 28 101 116

(6) To convert hectares to acres, mult iply by 2.47; eg 100 thousand hectares ('000 ha) = 247 thousand acres ('000 ac)

(7) L.C. - Local Currency unit

(A) Exploration (L.C.$m)7 (B) Corporate (L.C.$m)7Drilling ('000 m)



Reserves, Resources and Historic Mineralisation

Valuation and Performance Data

C OM P A N Y Total - Gold Product ion

Code Status1 Other Other Other Equivalent3 Commencement

7 D ecember 2011 M lb kt M lb kt M lb kt M lb kt (M oz) Year

AUSTRALIA

Alligator Energy Limited AGE E 0.0 0.0 0 .0 0.0 0.0 0 .0 0.0 0 .0 0% na

Anatolia Energy Limited AEK E 0.0 0.0 6.1 2.8 0.0 0 .0 6 .1 2 .8 0.2 na

Black Range M inerals Limited BLR E 0.0 0.0 58.1 26.4 0.0 0 .0 58.1 26.4 1.8 na

Energy and M inerals Australia Limited EM A E 0.0 0.0 59.6 27.0 0.0 0 .0 59.6 27.0 1.8 na

Energy Resources of Australia Limited ERA P 184.1 83.5 418.7 189.9 0.0 0 .0 602.8 273.4 1821% 1981

Paladin Energy Limited PDN P 155.1 70.4 528.9 239.9 21.9 9 .9 550.8 249.8 16.6 2008

Peninsula Energy Limited PEN E 0.0 0.0 41.4 18.8 6.1 2 .8 47.5 21.5 1.4 na

Toro Energy Limited TOE E 0.0 0.0 50.1 22.7 0.0 0 .0 50.1 22.7 1.5 na

Average: Australia

CANADAHathor Explorat ion Limited HAT E 0.0 0.0 58.0 26.3 0.0 0 .0 58.0 26.3 175% na

Laramide Resources Limited LAM E 0.0 0.0 62.4 28.3 4.7 2 .2 67.1 30.4 2.0 na

Total/Total Average 339 154 1283 582 33 15 1500 680

(1) P: Producer; E: Explorer; I: Imminent - includes companies with bankable feasibility studies, f inancing and likely to be in product ion within 3 years; IHC: Investment Holding Company

(2) Reserves, resources and mineralised material published by the relevant company. Tonnes are metric (2204.6 pounds).

The applicable mineral resource codes are by country: Australian: JORC, Canadian: NI 43-101, South Africa: SAM REC

(3) For uranium only. Assumes a uranium price of US$52.25/ lb and a gold price of US$1730/oz

* M ineral resource est imates are inclusive of the mineral reserve. ^ ERA reserves are in addit ion to resources.

(All M ineralisat ion)1

Total Uranium (U3O8)

Uranium (U3O8) Uranium (U3O8) Uranium (U3O8)

Reserves (Equity)2 Resources (Equity)2

Historical/M ineralised M aterial

(Equity)2

C OM P A N Y EV-Cash EV-Cash EV-Cash

Code P/Book P/Net Cash /Reserves /Res'v+resources /Total U3O8 Spot Contract

7 D ecember 2011 (x) (x) US$/lb US$/ lb US$/ lb 52.25 62.50 1 month 3 month 6 month 12 month Hi Lo

AUSTRALIA

Alligator Energy Limited AGE 0.9 2.0 na na na na na 25 0 22 na 55 47

Anatolia Energy Limited AEK 0.8 3.1 na 1.41 1.41 3 2 19 -11 -24 -38 60 39

Black Range M inerals Limited BLR 0.9 3.8 na 0.2 0.2 0 0 -13 -23 -35 -50 78 5

Energy and M inerals Australia Limited EM A 3.0 4.0 na 0.46 0.46 1 1 -17 -9 -39 -60 69 20

Energy Resources of Australia Limited ERA 0.6 1.2 0.79 0.35 0.35 1 1 -22 -41 -52 -82 84 10

Paladin Energy Limited PDN 1.1 -3.4 12.22 3.58 3.44 7 6 22 -6 -42 -66 70 53

Peninsula Energy Limited PEN 1.1 4.0 na 1.48 1.29 3 2 -10 -26 -53 -42 76 6

Toro Energy Limited TOE 0.9 5.4 na 1.5 1.5 3 2 15 8 7 -40 47 34

Average: Aust ralia 6.50 1.28 1.23 2 2

CANADAHathor Exploration Limited HAT 4.4 26.1 na 9.85 9.85 19 16 2 13 87 35 8 213

Laramide Resources Limited LAM 0.6 40.6 na 0.77 0.71 1 1 -22 -34 -41 -64 75 20

Average: Canada na 5.31 5.28 10 8

Total/Total Average 4.34 1.96 1.92 4 3 0 -12 -16 -41 56 41

(%)

Share Price Performance Current Share Price

% off 12 month

Valuat ion (%) of U3O8

Price (USD)

Res'v+resources



Alligator Energy Limited

0.25

Debt (A$m) - Dec 11F

Enterprise value (A$m)

Avg monthly volume (m)

Cash (A$m) - Dec 11F

Price/Cash (x) Cash (A$m)

Price/Book (x)

Listed company options: Net asset backing (Ac/share)

* Uranium prospective properties only. Quarters refer to calendar year.

Contacts Directors

Mr Denis Gately

Executive Chairman G Duncan (Exec Alternate)

Tel: +61 (07) 3852 4712 P Dickson (Non Exec)

Spring Hill, Qld, Australia L Curyer (non Exec)

A Vigar (Non Exec)

Analyst: John Wilson Mamadawerre 0/40/90/40% U Cameco

Analyst: Murray Brooker

[email protected]

155.6

860

155.6

4.5

-

Unconformity na Expl

0.0

Expl

Unconformity Adv Expl

Status

Project

AUS (NT)

Kt Mlb

0.0

U3O8

860

0.0

3.2

2.1

-

AUS (NT)

Mlb

(JORC)

na AUS (NT)

Expl

0.0 0.0

60

U3O8 Eqty

* An aboriginal trust holds 2% in tw o of the three granted tenements. Cameco has back in rights on these projects. 'Initial earn in.

Alligator Energy Limited

Uranium

Reserves and Resources/Mineralised MaterialCode for reporting mineral resources - Australian:

PartnerOption

0.8

0.0

Location

AUS (NT)

1.2

6,940

2.40

0.0

0

6,000

10.5

1.60

Project

12.3

Unconformity

100%

Type

Unconformitynone*

U

U none*

100%Caramal

Key Projects

Ownership/ Process

Route

R Sowerby (CEO Exec)

www.alligatorenergy.com.au

Project

Gorrunghar

8.6

0.0

Investment Points

0.9

12.0

7

2.0

Cash backing (Ac/share)

No

Funding from JV partners (A$m)

705

Geology

705

Equity

Classification/

8.0

Tenement costs ($k per year)

Capital rais ings (A$m)

Cut OffU3O8

8.5

0.0

00

10.5

-

0 0

17.5

Land holding ('000 ha)

Mr Robert Sow erby (3.6%), MO U Investments (2.6%)

155.3

-

Major shareholders: Macquarie Bank (11.3%), Lagoon Creek Res. (4.5%), 860

5002,940

Shares on issue (pr end) (m shares)

0.0

Number of shares (m)

Fully diluted (m)

Convertible notes (m)

Options and warrants (m)

17.1

2.8

155.6

176.8

0.0

155.6

11.3

7.08.6

2,000

0 0

12.5

-

5.5

11.8

6.8

Drilling - Other/Diamond (m)

72

Corporate (A$m)

Market capitalisation (undiluted) (A$m)

0 0Drilling - RAB (m)

Funding duration at current burn (years)

0.11

0.0752012F

155.6

1.62

Exploration and evaluation (A$m)

21.3

4.101.60

1.57

AGE.AU7 December 2011

Uranium

Australia (NT)

1.60

Mid exploration

Exchanges: ASX:AGE

Share price (A$)

Capital Profile

52 week range (A$/share)

2.89

to

6481

0.400.37

Exploration/(Expl.+ Corporate) (%) 80

A$ 0.11

Production and Financial Forecasts

2013FDec-11F 2011aSep-11a

AGE is well funded, focused in ARUP, NT - Australia's premier

uranium province. High grade uranium prospects established on

7km trend. Dec '11 drill results at Caramal include 14m @ 0.707%

U3O8. Potential for Ranger-Jabiluka style trend.

Year End: June

Company Comment

Mineralised Material (est., non compliant w ith JORC)

Resources

Ore

0.0

0.0

U3O8

Reserves

Mt

0.0

%

na

Focused on Australia's premier uranium region - Alligator

River Uranium Province (ARUP) - host to 950 mlb U3O8.

Tenements within Arnhem Land, 60 km east of Jabiluka,

and in the same host rocks. 2H11 exploration focus on

three prospects in the eastern part of Tin Camp.

Arnhem Land under-explored due to former government

3 mines uranium policy, previous low uranium prices

and access restrictions by traditional owners.

AGE prospects contain historical high grade uranium

intersections >0.5%. Jabiluka-style setting at Caramal

prospect, with potential for a JORC resource 1H12.

33 drill holes (4,500m) completed 2H11 at Tin Camp.

Caramal Dec '11 results include 18m @ 0.338%

U3O8 and 9m @ 0.327% U3O8.

AGE board and management have extensive uranium

industry experience.

none*

Target

Metal

JV

Total

AUS (NT)

U3O8

ppm

U

none* naU

ExplUnconformity na

100%South Horn

Two Rocks 100%

0.00

0.05

0.10

0.15

0.20

0.25

0.30

Feb

-11

Ma

r-11

Ap

r-1

1

May

-11

Jun

-11

Aug

-11

Sep

-11

Oct

-11

No

v-11

Sh

are

Pri

ce (

$/S

ha

re)

AGE - Alligator Energy Limited

Source: Bloomberg

Overview: AGE listed on the ASX 3rd February 2011, with a focus on uranium exploration in the prolific Alligator River Uranium Province (ARUP) of the Northern Territory (NT), having successfully bid for tenements held by major uranium producer Cameco, in a highly competitive bid process. The project area contains prospects where previous exploration drilling has intersected high grade uranium mineralisation. Mining and Exploration agreements are in place with Traditional Owners. Cameco retains an option to buy back 51% of total resources at 10% of spot price if a deposit >20,000t U3O8 is identified. AGE also holds 11 Exploration Licence Applications (ELAs) in the ARUP totalling 415km2. Alligator River Uranium Province (ARUP): Targets are high grade unconformity style uranium deposits, such as ARUP deposits Ranger orebodies 1 and 3 (multiple pods, 134mlb U3O8), Jabiluka (312mlb U3O8) and Nabarlek (single pod of ~24mlb U3O8). The tenements cover the same units, structural setting and mineralisation as these deposits. Little uranium exploration was undertaken in the ARUP between the 1970’s and the 1990’s due to low U prices and the former 3 mines policy. Tin Camp Creek - (NT; uranium): 275km E of Darwin, purchased from Cameco for A$3m. The tenements include several prospects, the most advanced of which is Caramal, ~60km east of Jabiluka and ~20km south of Nabarlek. 2H11 Caramel 25 holes, 3,200m; South Horn 6 holes, 1000m; Two Rocks 2 holes, 300m. Caramal: Dec ’11 drill results (including CAD11-020 14m @ 0.707% U3O8 from 108m, CAD11-019 18m @ 0.338% U3O8 from 116m) confirms continuity and extends historically defined mineralisation. Historical high grade intersections include 21m @ 0.50% U3O8 and 22.7m @ 0.38% U3O8. Mineralised envelope is now defined over 350m strike, 40m to 80m wide, and 10m to 30m thick, with upside potential beyond this. Suggested similarities with Jabiluka and Ranger in the geological setting, host lithologies and alteration styles. Exploration results in 2011 confirm key structures and host rocks over a 7km trend from Caramal to South Horn and will be the focus of follow up drilling in 2012. Most of the area is under shallow cover (<50m). South Horn (NT; uranium): Drilling is targeted adjacent to the Beatrice Fault, which juxtaposes dolerite and prospective Cahill Formation. Radiometric data highlights elevated uranium responses in the north of the prospect requiring drilling. Historical drilling includes 13m @ 0.21% and 15m @ 0.47% U3O8. Two Rocks (NT, Uranium): Historical exploration defined two small zones of uranium and copper with the best historical intersection of 4m @ 0.82% U3O8. Electromagnetic and radiometric targets representing possible black shales are a priority for 500m of 2H11 drilling. Mamadawerre JV - AGE has negotiated to earn into Cameco EL24992 (contiguous to other AGE prospects) in the ARUP; high quality, early stage targets spending $0.5m and drilling 600m by December 2012. AGE can earn 40% spending $2m in 3 years and 90% spending $10m within 6 years. Cameco retains a 60% claw back right. A 3km anomalous zone is associated with a regional fault. Drilling expected 3Q12. Investment Comment: AGE’s tenements are in one of the world’s premier provinces for high grade uraniumdeposits. Initial exploration is to concentrate on granted tenements with historical high grade intersections, vizCaramal, South Horn and Two Rocks. Share price drivers are drill results and resource definition in an area of historical high grade uranium discoveries. Potential maiden resource 1H12 at Caramal.



AGE’s exploration tenements are exclusively in the Alligator River Uranium Province (ARUP, NT), purchased from Cameco (51% claw back), held 100%, and JV (Mamadawerre). ARUP known uranium endowment is 950mlbs of high grade resources (>0.1% U3O8) – includes Ranger and Jabiluka (ERA).

Caramal Project (NT): December ’11 drill results include 14m @ 0.707% U3O8 from 108m (CAD11-20). Drilling 2H11 confirms continuity and extension of historical drill results (1970s). Priority exploration zone

established along 7km corridor - from Caramal to South Horn. Shallow cover – mostly <50m.

Caramal-South Horn Key structures and host rocks defined over 7km trend.



Energy and Minerals Australia Limited

0.30






Price/Book (x)


* Subject to PFS. * Uranium prospective properties only granted and under application. Quarters refer to calendar year.

Reserves

Resources

Mulga Rock Deposits

Ambassador* Inferred

Emperor Inferred

Shogun Inferred

Total

Mineralised Material (est., non compliant with JORC)

Contacts Directors

Mr Mike Fewster

Executive Director

Tel: 61 (0) 8 9389 2700

West Perth, WA, Australia

Analyst: John Wilson

[email protected]

sandstone


340

0 2,500

-

242

-

0.2

70

0.0

* Includes 10kt U3O8 grading 0.06% in Upper Lignite, 1.2kt grading 0.032% in Low er Lignite and 1.7kt grading 0.024% in sandstone.

242

U

Drilling - Other/Diamond (m) 10,000

sandstone

4.00

2,500

26.4

Process

Status

0.0

Aus (WA)

na

na

0.0

U,Ni,Co Lignitena

Route

na

RIP/ISR

Aus (WA)Early Expl

Development

Early Expl Aus (WA)

387.9

3.7

0.047

24.1

10.00

%

1.68

387.9

Mlb

0.0

25,000

242

7,500

242

4.943.18

Dec-11FSep-11a

0.2

57

0.9

74

2.38 1.74

A$ 0.09

2012F


YEAR END: June

Major drill program planned at Mulga Rock (commencing 4Q11;

20,000m) with a focus on expanding potential ISR amenable,

sandstone-hosted uranium resources at 5 prospects. Potential for

rapid resource expansion at low cost. PFS expected 4Q12/1Q13.

Energy and Minerals Australia Limited

2013F2011a

604

30

Options, warrants, convertible notes (m) Corporate (A$m)


83

1.4

0.48 0.42

2.000.44

Major shareholders:

Performance Shares* (m)

Fully diluted (m)


0.0

3.7


35.3


Exchanges: ASX:EMA

Capital Profile

Share price (A$) 0.091

388

to

387.9 387.9

48

387.9

EMA.AU

186

Uranium, Base Metals, Rare Metals

Australia (WA)

Development

7 December 2011


10.00

Classification

3.1

0.076


Exploration/(Expl.+ Corporate) (%)

20,00015,000

0.0

1.5

5.7

2.5

Drilling - Other/RAB (m)

12.9

Kt

0.3

0.0

2,500

100-200

200

28.4

U3O8 Eqty

0.0

U3O8

Reserves and Resources/Mineralised Material

0.2

0.0

(JORC)

Uranium

59.627.155.4

0.0

200

M. Few ster (73.5%), Acorn Capital (7.6%)

8.9

2.3

0.00

2.9


0.0

1.1

0.3

100%Mulga Rock Deposits

JV

0

35.3


8.9

-

Funding from JV partners (A$m) 0.0

www.eama.com.au

M Fewster (Exec)

S Penrose (Non-Exec)

Mulga Rock Deposits (MRD): possible production 2014

(2.6mlbpa), plus by-product revenues base metals (Ni,

Co) and rare metals (Sc, REE) after year 2.

JORC Inferred Resource at MRD is 59.6mlb grading

0.047%-0.059% U3O8, in upper and lower lignite, and

sandstone (June 2010).

Sandstone-hosted uranium could be amenable to low

cost ISR (In Situ Recovery). Exploration Target 7.6kt-

13kt U3O8 grading 0.024 to 0.065% (Prospects 1-3).

Drilling ISR Prospects 1-5; JORC Statement expected

2Q12 for Prospects 1-3.

Scoping Study (Nov '10): 2.6mlbpa U3O8 from 2014-

2025, split 50/50 between ISR and lignite open cut.

Capex A$260m, opex US$23/lb with by-product credits.

Funding in place following $10m convertible note issue

(4Q11) to institutional investors.

RCR valuation: NAV A$120m or A$0.26/share.

P Golding (Non Exec Chair)

4.0

Investment Points

3.0

EMAO

U3O8

0.3

1.3

Code for reporting mineral resources - Australian:

U3O8

Narnoo regional

4.8

Location

100%

U,lignite

Project

Type

2.2

Gunbarrel

100%

100% na

Ownership/

Project Option Metal Partner

ppm

Cut OffOre

Company Comment

0

Land holding ('000 ha)*

0.00

-

U3O8

100%

Equity

0.050

27.6

0.059

Mlb

28.4

12.0

-

Mt

Project

0.00

0.1

Target

59.6

26.4

0.0

100%

Key Projects

4.8

0.00

0.05

0.10

0.15

0.20

0.25

0.30

Dec

-10

Jan

-11

Feb

-11

Mar

-11

May

-11

Jun

-11

Aug

-11

Oct

-11

Sh

are

Pri

ce (

$/S

har

e)

EMA - Energy and Minerals Australia Limited

Source: Bloomberg

Overview: Energy and Minerals Australia listed on the ASX in May ’08. It holds 1,527km2 in granted

tenements in WA, prospective for uranium, precious and base metals, and lignite. Mulga Rock Deposits (WA): 240km NE of Kalgoorlie. Mulga Rock was discovered in 1980 by PNC Exploration (Japan) and developed as a uranium deposit. It is comprised of three known deposits –Ambassador, Emperor and Shogun. Host rocks are sandstones and lignite below a clay cap, at shallow depths (40m to 70m). Aside from uranium, commodities include base metals (nickel, cobalt), scandium and rare earth elements. Current JORC Inferred resource (Jun ’10) is 27.1kt (59.6mlbs) U3O8 grading an average 0.049% at cut-off 100ppm (sandstone) to 200ppm (lignite). The resource is based on uranium-equivalent grades from EMA radiometric data and diamond drilling. An upgrade to Indicated resource will need to address remaining uncertainty with regard to sample integrity during previous drilling (Coffey Mining, June 2010). Three sandstone prospects (Prospects 1-3) within 10km of Ambassador have a combined Exploration Target of 7.6kt to 13kt U3O8 at grades of 0.024% to 0.065% eU3O8 and a further two sandstone prospects have also been found near the Emperor Deposit. Other WA tenements: Narnoo (surrounding the MRD) and Gunbarrel are prospective for MRD-style, calcrete and palaeochannel uranium deposits. Scoping Study (Nov ’10): See following page for a summary of key parameters. Based on production at Ambassador of 12kt U3O8 from 2014-2025, i.e. 1.2ktpa or 2.6mlbs per annum at full production. Assumption is a 50/50 split (600tpa each) between open cut mining of lignite and in situ recovery (ISR) of the sandstone-hosted uranium. Years 1 and 2 would be ISR only; ISR continues to Year 11 and open pit to Year 13. Processing is solvent extraction (SX) for ISR, and acid leach and RIP (resin in pulp) for lignite. Forecast opex is US$23/lb U3O8 after by product credits such as base and rare metals. EMA recently lodged Mining Lease applications and is gearing up for a Pre-Feasibility Study of the MRD, expected to start in 2H11 and finalised 4Q12/1Q13. The PFS will include a field leach trial to test ISR potential(expected 2Q-3Q12), and advanced metallurgical and mineralogical studies of lignite-hosted mineralisation.Uranium recovery from hyper saline leach liquors is being pioneered by ANSTO (for ASX:USA) and confirms the viability of chelating resins for IX (2Q11) – a development that could have significant opex and capex benefits for Mulga Rock (both for ISR and lignite projects). Corporate: EMA raised $10m via the issue of 10.684m convertible notes Oct ’11 to Acorn Capital, Macquarie Bank and Element Resources Fund. Notes have a 2 year term, 10% coupon and conversion price set at an initial $0.18/note. The company is also issuing 59.36m 2 year options with the notes with strike price of $0.22/share. As part of the company restructure Mike Fewster will reduce his holding in EMA to under 45% by Oct ’12. Investment Comment: Based on the Scoping Study, our base case DCF valuation at a long-term U3O8

price of US$60/lb and allowing for risk, we estimate NAV10 is A$120m or A$0.26/share fully diluted. EMA share price catalysts include resolution in the Wardens Court of the Yarri Mining Plaints (listed for hearing Mar ‘12), resource statement expected for ISR Prospects 1-3 2Q12, ongoing project de-risking with PFS results, and reduction of Mike Fewster’s stake in EMA to under 45%.



Our NAV valuation for EMA is based on the November 2010 Scoping Study of the Ambassador Deposit at the Mulga Rock Deposits (WA), and RCR’s uranium price assumptions (base case US$60/lb long term,

A$/US$ = 0.84 long term). This gives a target price of A$0.26/share (fully diluted).

ENERGY AND MINERALS AUSTRALIA, VALUATION

Target

Uranium Price (Low) (High)

Resource/Target Valuation Discount A$m A$m A$m

Projects (mlbs) US$/lb for risk

+ Mulga Rock, Ambassador Resource 28.4 2.58 30% 87 37 134

+ Mulga Rock, Emperor and Shogun 31.2 0.53 40% 20 5 93

+ Ambassador Exploration 45.4 0.06 60% 3 2 4

Sub Total 105 110 44 231

+ Cash 8.9 8.9 8.9

+ Tax Losses 8.2 8.2 8.2

- Corporate 6.8 6.8 6.8

Sub Total 10.2 10.2 10.2

EMA NET ASSET VALUE 120 55 241

Capital Structure

Shares 388 388 388

Fully Diluted Shares* 604 604 604

EMA NET ASSET VALUE PER SHARE :A$/share 0.31 0.14 0.62

EMA NET ASSET VALUE DILUTED :A$/share fully diluted 0.26 0.15 0.46

* Includes 30.042m performance shares, 10.68m convertible notes plus options

Target price based on RCR forecast long term uranium price US$60/lb; A$/US$ = 0.84. Low = US$50/lb, High = US$70/lb l. term price.

MULGA ROCKS PROJECT, AMBASSADOR DEPOSIT (based on November 2010 Scoping Study)

Equity

LONG TERM URANIUM PRICE^ :US$/lb 40 50 60 70 80

EXCHANGE RATE :AUUS 0.84 0.84 0.84 0.84 0.84

MULGA ROCKS URANIUM NPV @ 10% NOMINAL* :A$m 100% na 53 125 191 254

MULGA ROCKS URANIUM NPV @ 10% NOMINAL* :US$m 100% na 45 105 161 213

NPV/SHARE :A$/share na 0.14 0.32 0.49 0.65

* Includes a Scoping Study and Inferred Resource project discount of 35% of valuation: 35%

^Uranium contract price forecasts are US$68/lb in 1H11, US$65/lb to 1Q12, US$60/lb to 4Q17, thence long term price indicated.

MULGA ROCKS URANIUM PROJECT KEY ASSUMPTIONS*

RESOURCE ESTIMATES

Mt % Mlbs Kt

Conceptual Uranium Target

Mulga Rocks, Ambassador Resource 27.6 0.047 28.4 12.9

Mulga Rocks, Emperor and Shogun 27.8 0.051 31.2 14.2

Ambassador exploration targets 42.0 0.049 45.4 10.3

Total 97.3 0.049 105 37.4

MINING METHOD ISR (In Situ Recovery) for sandstone; open pit for lignite-hosted uranium and other metals.

PROCESS METHOD Dual front end, and combined product preparation facility

Front end: solvent extraction (SX) for ISR; acid leach and RIP (Resin in Pulp) for lignite

SX and RIP pregnant fluids combined at RIP plant for uranium precipitation

PRODUCTION RATE (U3O8) :tpa 1,200 Study assumes 50/50 ISR and RIP

:mlbspa 2.6

CAPITAL COSTS :A$m 260 Combined ISR and RIP operations

RECOVERY - URANIUM :% 65-82 ISR 65%, RIP 82%. Likely to change with further testing.

OPERATING COSTS :US$/lb 23 Net of by-product credits: base, rare and minor metals, gold

EMA assumes A$600m revenue over life of mine

TAX :% 30

ROYALTY (WA) :% 2.5%, 5% Royalty rate for base metals 2.5%, uranium 5%.

MINE LIFE :Years 12

TARGET COMMISSION DATE : 1Q14

* These figures are preliminary in nature and are intended to provide only a general indication of project potential scale and economic robustness. Further

refinement may result from the Pre-Feasibility Study, which should commence in 2H11 and include ISR borefield trials.

Valuation Sensitivity

Sensitivity

Uranium



Energy Resources of Australia Limited*

9.14



Major shareholders: Rio Tinto (68.39%);



Price/Cash (x) Drilling - RAB (m)

Price/Book (x)

Listed company options: Land holding ('000 ha)*

*Ranger only. Quarters refer to calendar year.

(JORC); As at 31 Dec '10; + estimated adjustments 4 Aug ERA release.

Jabiluka

Jabiluka

Jabiluka

Ranger Stockpile Stockpile - Measured

Mineralised Material (est.)

* Ranger cut-off grades: 0.02% U3O8 open pit; 0.15% U3O8 underground; 0.02% U3O8 stockplie ore.

Contacts Directors

Status

19.0

16.2

47.3

184.183.7

0.07

184.1

67.7 148.9 148.90.49 0.20

Aus (NT)

Cut Off*

192.7192.7

[email protected]

0.07125.3

4.54

100%


Darwin (NT), Australia H. Garnett (Non Exec Dir)

www.energyres.com.au J. Pegler (Non Exec Dir)

Option Type


Energy Resources of Australia Ltd

2.8

Route

Project

Partner

na Unconformity acid leach

10.4

Target

0.20

35,000

kt

-

1.7

Cut Off

-

Mt

Ore

7.9

Resources (in addition to reserves)

Ranger Stockpile

Sub total

Reserves

Ranger No. 3 pit

Proved and Probable

-6

0.30

-12

U3O8

0.0%

25

7.9

-

Production

Tel: 61 (0) 3 9283 3628 (RIO) P. Taylor (Non Exec Dir) Jabiluka

Ranger

Project

David Skinner (IR - Rio Tinto) M. Coulter (Non Exec Dir)

Tel: 61 (0) 8 8924 3500 (ERA) R. Atkinson (Director)

Mr Rob Atkinson (CEO) D. Klinger (Chairman)

0.00.0

Ownership/ JV Process

0.00

0.12

100% 0.36Measured and Ind.

Inferred 100% 6.0

Unconformityna

Key Projects

47.3

194.7

0.0

0.10

57.5 126.810.9

48.0 0.04

189.9 418.7

126.80.53

0.02 21.5

0.20

Uranium

0


EPS (norm) (A¢/share)

Investment Points

0.6

7.1

16.4

Pending Aus (NT)

418.7

36.2

7.4

0.0

15.6 15.6

36.2

87.4

Company Comment

16.2

U3O8

7.9

19.00.21

U3O8

Project

Mlb

8.6

13.8

0.06

0.08100%

100%

%

Classification

-55

23.0

0

12,277

273

%

2009a

764

764

518

1.48

1.35

No

BlackRock Investment Management (5.03%)

55

1.2

622.7

71

2010a 2011F

5,240

393

ERA.AU

0

7 December 2011

Uranium

Australia (NT)

Producer

Exchanges: ASX:ERA

518

to

Equity Production (t)

Share price (A$)


241

2012F

3,793

Net Profit (norm) (A$m)

EBIT (A$m)

YEAR END: Dec

25

53

-33

75

Fully diluted (m)



0Convertible notes (m)

Production and Financial Forecasts Capital Profile

-17

47

143

ERA offers 100% exposure to uranium production and

exploration in Australia (NT).

Capital raising $500m @ A$1.53 Nov '11. Key use of

proceeds: brine concentrator $220m; Ranger 3 Deeps

exploration decline A$120m + evaluation A$55m.

Ranger 3 Deeps exploration decline proceeding.

Timeline: Box cut 3Q12; exploration drilling from June

'13, potential production late 2015.

Ranger operating costs under review: $150m in

cumulative cost reductions identified through 2014.

Additional initiatives likely.

Jabiluka mining lease granted - subject to development

consent from traditional land owners. 12 year mine life.

Ranger Pit No. 3 mining to end 4Q12; treatment of low

gra+de stockpiles to end 4Q16. Potential extension of

low grade processing to 2020 subject to costs.

NPV $2.55/share - outlook remains volatile - increasingly

geared to exploration success.

Major shareholder is Rio Tinto: 68.39%

2.1

26.4%

38.0

5.6

0.6P/CF (x)

30.0


7.9

CFPS (A¢/share)

ERA is focused on mining, evaluating and exploring its leases in the

highly prospective East Alligator River region (NT). Ranger 3 Deeps

u/g exploration decline approved. ERA increasing exploration effort

for near mine upside, both opencut and u/g.

2,606

-60

2,655 4,061

-87

7

31.7

-8.7-13.3 -30.7

5.1

00

0.0%

6.6

31.7

PER (x)

Yield (%)

6.0

EV/EBITDA (x)

1.0

39Dividends (A¢/share)

5.4%

8

Ranger No. 3 pit Measured and Ind.

4.10

Sub total

100%

Ranger No. 3 pit

Proved and Probable

100%

28.3

7.9

-

11.4

3.4

14,933 21,081

Equity


Uranium

Exploration and Evaluation (A$m)

100% Uranium acid leach

Location

-30

Metal

0.0%

5.1

Inferred

Stockpile

100%

100%

A$ 1.48

30,000

29

Mlb

2013F

EqtyU3O8

-

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

Dec

-10

Jan

-11

Feb

-11

Mar

-11

Ap

r-11

Jun

-11

Jul-

11

Aug

-11

Sep

-11

Oct

-11

No

v-11

Sh

are

Pri

ce (

$/S

har

e)

ERA - Energy Resources of Australia Ltd

Source: Bloomberg

Overview: ERA has mined ore and produced uranium oxide at Ranger (NT) since 1981. Ranger has beenthe world's second largest uranium mine with normalised production of ~5.5ktpa of U3O8, equivalent to 12% of global uranium mine supply. ERA also holds title to the Jabiluka deposit 22km north of Ranger. Ranger Pit No. 3: Ranger is an open cut mine scheduled to operate till year end 2012 after which stockpiled ore will be processed through 2016. Post 2016 low grade ore processing is subject to further cost/processing studies. Mining and processing is due to cease under the current lease arrangement Jan 2021, followed by a 5 years rehab to 4Q25. Rehab will commence after pit closure (4Q12) – annual site rehab budget 2013-2025 is ~$52mpa. The provision of $550m is subject to revision 4Q12 on completion of detailed studies. Process water management and treatment: The current water management capital program and brine concentrator DFS is budgeted at A$287m; and $367m if the brine concentrator is approved 1Q12. Ranger 3 Deeps’ exploration decline board approval announced 3Q11 and regulatory approval received.Capital cost A$120m, 35km of drilling. Box cut completion Oct ‘12. Exploration results expected 2014. Ranger 3 Deeps resource target is 15m-20mt containing 30k-40kt U3O8 - defined over 1.2km strike (open to the north) and 250m-500m depth. Resource statement includes 34kt U3O8 grading 0.34% (ind and Inf) associated with Ranger 3 Deeps. A decision on the exploration decline reflects a number of factors, including the attitude of the Mirrar, whose support will be important during the EIS for an underground mine, and mining lease extension beyond 2021. The absence of a clear indication in advance by the Mirrar adds to ERA’s project risk in committing to the exploration decline. Exploration: ERA holds a strategic land position in the prospective Alligator Rivers region (NT), one of the world’s most prospective uranium districts - cumulative exploration budget in the wider Ranger project area is a cumulative $40m over 2012-2014. Current drill targets include Georgetown and Ranger 18 East. Jabiluka: The project remains on long term care and maintenance, and will not proceed without the consent of the traditional owners - the Mirrar. All regulatory permits are granted (some may need to be reviewed). We model mine production to commence by 2020, subject to approval. Investment Comment: ERA’s share price is expected to remain volatile reflecting Ranger production risk and growing reliance on exploration success. RCR NPV is $2.55/share (LT uranium price US$60/lb, LT AUD 0.84). Major capital raising Nov ’11: $500m at $1.53/share added 327m new shares to the 191m shares on issue and was fully supported by major shareholder Rio Tinto. Share price catalysts in the next 12 months hinge on exploration success. Midterm catalysts include potential for an underground mine at Ranger 3 Deeps (development decision 2014) and extension of low grade ore treatment beyond 2016. Risk factors include water management, rehab costs (4Q12) and potential for a further capital raising in 2014/15. Reduced earnings outlook reflect higher depreciation charges on diminished ore reserve base.



Energy Resources of Australia Ltd

A SSUM P T ION S 2009 a 2010a 2011F 2012F 20 13F F IN A N C IA L R A T IOS 2009a 2010a 20 11F 2012F 2013FA$/US$ 0.80 0.92 1.0 3 1.00 1.00

Uranium Price - Spot (US$/lb) 46 47 56 54 55 Net debt/equity (%) -33% -25% - 8 2 % -95% -89%

Uranium Price - Contract (US$/lb) 66 61 6 7 65 65 Net debt/ net debt + equity (%) -50% -33% - 4 4 2 % -2060% -775%

Uranium Price Realised (US$/lb) 51 48 59 57 53 Current rat io (x) 3.1 3.4 13 .2 15.5 15.5

EBIT/ interest (x) 35 5 - 2 0 -2

Debt /operat ing cashf low (%) 0% 0% na 0% 0%

EQUIT Y P R OD UC T ION Explorat ion/total overhead (%) 68% 76% 59% 72% 71%

Ranger Product ion (t) 5,240 3,793 2 ,6 0 6 4,061 2,655 EV/EBITDA (x) 1.7 5.6 11.4 2.8 5.1

Jabiluka Product ion (t) 0 0 0 0 0 M arket cap/net cash (x) 3.0 4.1 1.2 1.0 1.1

ERA Equity Product ion U3O8 (t ) 5,240 3,793 2 ,6 0 6 4,061 2,655 M arket cap/book (x) 0.8 0.8 0 .6 0.6 0.6

Cash Costs (US$/lb) 17.87 41.51 6 8 .3 8 20.21 17.93

P R OF IT A N D LOSS (A $ m) F IN A N C IA L SEN S IT IVIT IESRevenues 781 586 4 8 4 508 311

Operat ing costs -218 -352 - 3 6 0 -157 -91 % Change in EPS for a 10% increase in:

Depreciat ion/amort isat ion -67 -61 - 12 7 -265 -206

Explorat ion and evaluat ion -30 -38 - 17 -32 -32 AUD/USD -64% 136% 33%

Corporate -14 -12 - 12 -13 -13 Uranium Price 31% -141% -40%

Other -59 -48 - 2 8 -35 -25

EB IT 3 9 3 75 - 6 0 7 - 55

Finance costs 11 16 2 8 32 32 % Change in NPV for a 10% increase in forecast minelife

Operat ing p ro f it / loss 3 8 2 59 - 8 9 - 2 5 - 8 7 commodity assumptions for:

Tax -109 -12 55 -5 0 B ase + 10 %

M inorit ies 0 0 0 0 0 A $/ shar eA $/ share %

N et p r o f it / loss 2 73 4 7 - 3 3 - 3 0 - 8 7 Uranium Price 2.61 4.61 77%

Net other 0 0 - 9 9 0 0

Net prof it / loss (reported) 273 47 - 13 3 -30 -87

B A LA N C E SH EET ( A $ m) VA LUA T ION (A $ m ) Q4 11

C ash and deposit s 2 54 18 8 6 2 3 72 8 6 76

Total current assets 449 412 759 864 812 A ssumpt ions B ase " W hat if "

PP&E 4 70 54 0 76 8 6 55 6 2 5 Long Term Contract Uranium Price (from 2018) :US$/ lb 6 0 70

Total non-current assets 910 1011 113 3 1021 991 Long Term AUUS 0 .8 4 0.84

Total assets 1359 1423 18 9 2 1885 1803 Pro ject s

Total current liabilit ies 145 122 57 56 47 Ranger 100% NPV@10% US$3.65/ lb 12 8 950

Reclamation reserves 199 300 53 4 534 534 Jabiluka - probability factor 40% 100% NPV@10% US$3.63/ lb 54 1 1002

Long t erm debt 0 0 0 0 0 R esources

Total non-current liabilit ies 247 351 53 4 534 534 Ranger 100% 255.7 mlb US$2.00/ lb 511 818

Total liabilit ies 393 472 59 1 590 581 Jabiluka - probability factor 40% 100% 163.0 mlb US$0.64/ lb 10 4 215

Equit y 9 6 7 9 51 13 0 1 12 9 5 12 2 2 Explorat ion 55 85

A sset s

Tot al d eb t 0 0 0 0 0 Cash and deposits 6 2 3 623

Net debt -254 -188 -623 -728 -676 Rehabilitat ion Fund 0 0

Average shares (fully diluted) (m) 191 191 2 72 518 518 Other 0 0

Liab il it ies

F LOW OF F UN D S (A $ m) Debt 0 0

EB ITD A 4 6 0 13 6 6 7 2 72 151 Corporate - 8 0 -80

Cash f low from operat ing act ivit ies Reclaimation reserve - 53 4 -534

Operat ing surplus 560 224 111 321 189 N et A sset s 13 4 9 3 0 79

Corporate -14 -12 - 12 -13 -13

Net f inancing cost -1 -6 - 2 0 0 0 Fully Diluted Shares (m) 518 518

Net tax paid -132 -75 - 4 6 -5 0 N et asset s/ share ( A $/ share) 2 .6 1 5.9 5

Net explorat ion paid -30 -38 - 2 3 -32 -32

Other non cash items -134 -51 - 2 4 18 20

N et cash f rom operat ing act ivit ies 2 4 9 4 2 - 14 2 8 9 16 5 Valuat ion/Reserve lb :US$/lb 6 .15 14.05

Cash f low from invest ing act ivit ies Valuat ion/Reserve & Resource lb :US$/lb 1.8 8 4.29

Capital expenditure -37 -45 - 13 0 -153 -176

Other non cash items 0 0 0 0 0

N et cash f rom invest ing act ivit ies - 3 7 - 4 5 - 13 0 - 153 - 176 OWN ER Share %Cash f low from f inancing act ivit ies

Net proceeds from issue of shares 0 0 50 0 0 0 Rio Tinto 68

Dividends paid -65 -63 0 0 0

Net proceeds from borrowings 0 0 - 13 0 0

N et cash f rom f inancing act ivit ies - 6 5 - 6 3 4 8 7 0 0

Net change in cash 147 -66 3 4 4 136 -11 R anger Product ion Forecast R ange

Current operat ions including Pit 3 (ending end of 2012) and excludes Ranger 3 Deeps.

P R OD UC T ION ST A T IST IC S

R anger 10 0 %

Ore Treated (kt) 2268 2400 158 9 2600 2600

Head Grade (%) 0.26 0.19 0 .2 0 0.18 0.11

Recovery (%) 88 87 8 9 88 89

Recovered grade (%) 0.23 0.17 0 .16 0.16 0.10

U3O8 Produced (t) 5240 3793 2 6 0 6 4061 2655

Equit y Product ion ( t ) 52 4 0 3 79 3 2 6 0 6 4 0 6 1 2 6 55

C ash C ost s ( U S$/ lb , est .) 17.9 4 2 3 .14 2 9 .2 9 2 1.0 2 18 .11

D IR EC T OR 'S IN T ER EST S SharesJab iluka 10 0 %

Ore Treated (kt) 0 0 0 0 0

Head Grade (%) 0.00 0.00 0 .0 0 0.00 0.00

Recovery (%) 0 0 0 0 0

Recovered grade (%) 0.00 0.00 0 .0 0 0.00 0.00

U3O8 Produced (t) 0 0 0 0 0

Equit y Product ion ( t ) 0 0 0 0 0

C ash C ost s ( U S$/ lb ) 0 .0 0 0 .0 0 0 .0 0 0 .0 0 0 .0 0

Product ion Costs ($/t) 0.00 0.00 0 .0 0 0.00 0.00

Source: ERA

Year YearYEAR END: Dec



Hathor Exploration Limited

5.10

Debt (C$m) - Dec 11F

Enterprise value (C$m)


Cash (C$m) - Dec 11F

Price/Cash (x) Cash (C$m)

Price/Book (x)

Company options : Net asset backing (Cc/share)

^ Uranium prospective tenements only, both held and under application. Quarters refer to calendar year.


^ 500ppm cut-off based on open pit; 4000ppm based on underground.

Contacts Directors

24.2

0.343

Code for reporting mineral resources - Canada (NI43-101). Date: November 2010 (West); May 2011 (East Zone).

500 0.0 0.0 0.0

T otal High G rade (W est) 500

0.336

Ind and Inf 100% 58.00.556 500 26.3

3.6

Ind and Inf 100%

0.31

100% 0.095 11.60

0.48 500

11.0

Inferred 100%

1.6 3.6

Ind and Inf 24.2

100%

Inferred 100%

10.68 500

0.037 13.07 500 4.8

West Zone - High Grade

10.5

0.48

0.00

nana

- High Grade

0.0

100%

- Low Grade

www.hathor.ca

Vancouver, Canada

Tel: 604-684-6707

President, CEO & Director

West Zone - Low Grade Indicated

Dr. Michael Gunning

Key Projects

Metal

100%

%

Ore

U3O8

58.0

Eqty

0.0

Mlb

Historical (est., non compliant w ith NI43-101)

Can (SK)

Can (SK)

(TSX.V:FDC)

Advanced Expl.

Early Expl.

Partner LocationStatus

Early Expl.na

Project

[email protected]

Early Expl.

(TSX.V:TXM)

Can (AB)Hatchet Lake

Can (SK)Early Expl.nana

kt

13.7

10.5

6.2 13.7

40000

0.0

102

1.00

Mlb

0.1

-

0

0.0

Henday Lake

ppm

Cut Off^

Company Comment

- -

0.0

Geology

21

Can (SK)

12.3

12

Project

M Gunning (CEO, Pres) Option

JV/Ownership/

139.2

Uranium

Vedette Lake

Contingent obligations (m shares)

Project

B Ainsworth (Exec Dir)

94

11.6

Exploration budget ~C$16mpa - 100% Athabasca Basin.

Pipeline of high potential Athabasca Basin properties

contiguous or near major, high-grade uranium mines of

Areva and Cameco.

Midwest NE: Roughrider - exceptional high grade

resource (11.6% U3O8); high met. recovery (98%); low

arsenic.

Positive PEA Sep '11. Production potential 1Q20;

5mlbspa U3O8, capex US$540m, opex US$14.40/lb.

Far East - 3rd discovery zone along 700m resistivity

anomaly. Initial resource expected Dec '11.

Good regional infrastructure. Pro-uranium mining

jurisdiction with ~25% of global uranium mine production.

0

Grade


26.1

4.4

No

Cash backing (Cc/share)

Investment Points

Fully diluted (m)

Market capitalisation (undiluted) (C$m)

0.0

128

0.6


1.00

25000

102102

18.6

C$ 4.70

7 December 2011

0

44545

23.0

599.8

Major shareholders:

15000

19

HAT.CN

Capital Profile

52 week range (C$/share) to


2013FDec-11F 2011aSep-11a 2012F


Share price (C$)


Uranium, Gold, Silver

Canada (AB,SK, NT)

Advanced Exploration

Exchanges: TSX:HAT

YEAR END: Mar4.70

1.50

0.25

0.0

599.8

3.16

127.6

-

Land holding ('000 ha)^

1.00

4.73

102

78

0.25

1.2

0.00

21.1

8.00

Total Resources


20.8

0Drilling - RAB (m)

26.5

102

Indicated

2.80

128

23.8

21

-

Capital raisings (C$m)

18.0

23.0


128

72

Exploration and evaluation (C$m)

85

0

2.50

0.215.7

20.00

8.36

Uranium

Equity

Classification/

15.68

4.33

RIO’s determination to secure Hathor reflects HAT’s strategic value – a

high grade (11.6% U3O8), low unit opex (US$14.40/lb) development

asset, with good near term exploration upside; and a high quality

exploration pipeline in one of the world’s premier uranium districts.

Corporate (C$m)

4.00 16.00

M Glynn

J Currie

0.0

Mt

0.007

na

Cap.

T otal Low G rade ( W est)

J Malone (Non Exec Ch.)

Hathor Exploration Limited

128113

0

7162

0 0

0.0 0.0 0.0

Uranium na na

Route

Can (SK)Wollas ton Northeast

1.3

Funding from JV partners, est. (C$m)

18

0


Reserves

0.058

na na

na

60/70%

100%

naUranium

Early Expl.49%

Analyst: John Wilson 100%

nana

Uranium

na

naUranium

Uranium

Russell Lake

1.6 3.6

Midwest Northeast

Process

East Zone

100%

30.1

Plant

30.1

Resources - Roughrider

Inferred 100% 0.118 11.58 4,000 13.7

3.6500

0.00

1.00

2.00

3.00

4.00

5.00

6.00

De

c-1

0

Ja

n-1

1

Fe

b-1

1

Ma

r-1

1

Ap

r-1

1

Ju

n-1

1

Jul-

11

Au

g-1

1

Se

p-1

1

Oct

-11

No

v-1

1

Sh

are

Pri

ce

($

/Sh

are

)

HAT - Hathor Exploration Limited

Source: Bloomberg

Overview: HAT’s main uranium projects are in the Athabasca Basin, Canada. It is actively exploring 4 projects in the eastern part of the Basin, an area that accounts for ~25% of world uranium mine production. Midwest Northeast: (NE Athabasca Basin, depth to unconformity 210m). Located along strike and 4km NE of the Midwest uranium orebody of AREVA, Denison Mines and OURD Canada (41.7mlbs U3O8 grading 5.47% U3O8).and Midwest A. Excellent regional infrastructure, 8.5km from regional service town of Points North. Roughrider (West Zone): Robust, high grade deposit. The high grade zone of the resource (Ind and Inf) is 95,000t grading 11.6% U3O8 for 24mlbs SRK, Nov ’10). Mineralogy is predominantly pitchblende. The resource envelope is ~220m strike by 100m wide; mineral zones are up to 55-60m thick. The deposit is low in toxic elements (eg arsenic, selenium) making it desirable for blending through a nearby mill (25km to Cameco’s under-utilized Rabbit Lake Mill) – the synergistic rationale for CCO’s bid, saving ~C$170m (HAT C$1.22/share) in plant construction cost. Roughrider East Zone: located on land, 200m east of West Zone. Resource announced May ’11 of 30.1mlbs U3O8 grading 11.58%. Best intercepts 63.5m @ 7.75% U3O8 (announced Oct ’10) including an interval of 17.5m grading 24.3% and assays up to 87.2%. Identified strike length ~220m. It is part of a 700m resistivity anomaly that extends along the Midwest uranium trend and which hosts a third mineralised system at Far East Zone. Initial resource at Far East expected Dec ’11 (subject to new owners) – open to south and east –ultimate resource size could exceed East Zone (30mlbs). Preliminary Economic Assessment (PEA, SRK, Sep ’11): Confirms project is economically robust: Annual production 5mlbspa U3O8, mill rate 70ktpa, ROM feed grade 3.3%, recovery 97.7%, LOM 10.5 years, capex US$540m (includes contingency, working capital and supporting infrastructure), opex US$14.40/lb. Assumes underground mining, 53mlbs U3O8 mineable resource (West Zone and East Zone). RCR NPV C$422m (US$60/lb U3O8 price, CAUS long term xrate 0.84, 10% r/i, and assuming 28mlb resource at Far East). Investment Comment: With Cameco allowing its bid for HAT to lapse, RIO has now successfully acquired the company (>70% acceptance 30 Nov, and offer extended till 12 Dec) with its revised bid of C$4.70 share, all cash offer, valuing HAT at C$654m (US$631m) on a fully diluted basis. The bid equates to an EV ratio (adjusted for cash) of US$10.48/lb U3O8. Cameco’s inital hostile bid was C$3.75/share August 29. RIO’s determination to secure HAT reflects HAT’s strategic value – a high grade (11.6% U3O8), low unit opex (US$14.40/lb) development asset, with good near term exploration upside on the Roughrider and Midwest trends, and a pipeline of high quality exploration projects in one of the world’s premier uranium districts.



Base

Resource Base NAV Adjusted

Equity Val'n NAV Factor Value

(%) (US$/lb) (C$m) (%) (C$m)

Assumptions

LT Realised Uranium Price : US$/lb 60 60 40 50 70 80

LT Exchange Rate: CAUS 0.84 0.84 0.84 0.84 0.84 0.84

Projects

Roughrider project : NPV @10% 100% 3.57 272 70% 190 83 99 283 374

Resources and Exploration

Roughrider (resource +28mlbs) : NPV @10% 100% 3.72 150 70% 105 36 84 127 149

Other 60 60 40 50 70 80

Sub-total Exploration 210 165 76 134 197 229

Assets/Other

+ Cash 23 23 23 23 23 23

+ Tax losses 9 9 9 9 9 9

+ Strategic potential (plant redundancy - CCO synergy) 170 170 170 170 170 170

Liabilities

- Debt 0 0 0 0 0 0

- Corporate 7 7 7 7 7 7

- BFS, reserve drilling, permitting 35 35 35 35 35 35

HAT Net Assets 642 515 320 393 639 763

Fully diluted shares (m) 139.2 139.2 139.2 139.2 139.2 139.2

Cash on Option Conversion 26.2 26.2 26.2 26.2 26.2 26.2

HAT Net Asset Value per share : C$/share 5.03 4.04 2.50 3.08 5.01 5.98

HAT Net Asset Value Diluted : C$/share dil 4.80 3.89 2.48 3.01 4.78 5.67

Sensitivity of Net Asset Value to Equity Raising Price:

HAT Net Asset Value (assuming C$300m capex raised through share issue at C$5.00) 4.22 3.24 3.61 4.85 5.47



RESOURCE ESTIMATES

Uranium Resource Grade Uranium

% Cutoff Mlbs

PEA (and RCR) model assumptions Roughrider - West (Ind) 1.06 15.8

Roughrider - West (Inf) 1.06 9.3

Roughrider - East (Inf) 1.06 28.2

Total 53.3

MINING METHOD UNDERGROUND - raisebore, ground freezing, main access via decline

PROCESS METHOD GRIND, ACID LEACH, RESIN-IN-PULP

RESOURCE CONVERSION :% 91% (Inferred and Indicated - assumed in PEA economic model. Assumes 1.06% cut-off.)

TONNAGE DILUTION :% 30%

WASTE DILUTION GRADE :% 0

BASE CASE ASSUMPTIONS

PRODUCTION RATE :ktpa 70.4

AVERAGE HEAD GRADE - U3O8 :% 3.3

HIGH GRADE :% na

RECOVERY - URANIUM :% 97.7

URANIUM PLANT CAPACITY :mlbspa 5.00 Assumes expanded resource base (not included in base case NPV)

CAPITAL COSTS :US$m 540

OPERATING COSTS: :US$/lb 14.40 Assumes Mining C$421/t milled; Processing C$480/t milled; G&A C$136/t milled.

FIXED ROYALTY :% 4

TIERED ROYALTY :% 10 Tier Two rate - uranium price range US$45/lb to US$60/lb U3O8. PEA index 1.3056.

Tier One: 6% (US$30/lb to US$45/lb); Tier Three: 15% (>US$60/lb).

CAPITAL TAX SURCHARGE :% 3

INCOME TAX :% 27 Federal income tax: 15%, Provincial income tax: 12%. Payable after capital recovery.

MINE LIFE :Years 10.5

COMMISSION PROJECT : 1Q 2020 24 month ramp-up. Assumes 4 years BFS/permits/financing; +4 years construction.

These figures are preliminary in nature and are intended to provide only a general indication of project scale and economic robustness. Considerable

refinement may result from subsequent feasibility studies.

58 7.2

PEA capex C$567m. Includes working capital, closure costs, 25% contingency,

and supporting infrastructure.

732 3.3

286 2.5

388 3.3

ROUGHRIDER URANIUM PROJECT KEY ASSUMPTIONS (derived from PEA - SRK, September 2011)

Tonnes

kt % U3O8

HATHOR EXPLORATION LIMITED VALUATION

Adjusted

Uranium Price Sensitivity

(C$m)



Laramide Resources Limited

2.87

Debt (C$m) - Dec 11F

Enterprise value (C$m)

Major shareholders: Not disclosed.


Cash + s-t inv. (C$m)

Price/Cash (x)

Price/Book (x) Net asset backing (Cc/share)

Company options: Quarters refer to calendar year.

h

La Sal Historical

Melrich Historical

Los Ochos Historical

Sub Total

Total LAM

Contacts Directors

P Mullens (Dir)

11.3

8.40.098 200 3.8

0.079 200 11.3

8.4

5.1

West'land (Redtree) Inf. and Ind. 100% 17.3 0.084 200

Uranium

ProcessTarget

Sandstone

US (UT)

Grade

Project

Reserves

14.6

Various

naUraniumLa Sal

23.6

4.7

Ownership/ JV/

Early-Mid Explvarious

Sandstone

100%

100%

% ppmMt

Sandstone

Unconfomity na

2.1

3.9

0.31

Cut Off

Kt

0.0

Laramide Resources Limited


0

5,000

700

Option Metal

2.7

700

1.2 1.2

0

700

Ore

4.7

32.3

0.1

0.0

68

0

0.0

68

0


49.5

700

Advanced Exploration/Development Stage

Exchanges: TSX:LAM

LAM's flagship project, Westmoreland (QLD) will be re-rated if the

LNP wins the QLD state election (1H12) - an outcome polls indicate

is highly likely. The company is also poised to reap a substantial

royalty as URI's Section 8 (USA) nears production (expected 2013).

68

0.40

0.2


0.0

0.61 to

Share price (C$)


0.73

52 week range (C$/share)

Market capitalisation (undiluted) (C$m)

74.6

Sep-11a

0

0.4

0

2011F2010aDec-11F

0

5.03

0

7668

69


2012F

1.0

70

5.60

2.29

YEAR END: Dec

1.0

1.0

Uranium na

Cu/Au/U

40.6

0.6

royalty

Capital Profile

4.7

Uranium Aus

convent'l

0.4

100%

1.0

Route

52.0

0.24

0.085

4.7

Type

100%

Adv. Expl.

Adv. Expl.convent'l

1.0

1.2 2.7

Uranium

Australia, USA

US (NM)

LocationStatus

Project

67.2

Key Projects

67.1

Partner

6.29

1.62

78

LAM.CN


1.40

0.60Corporate (C$m)


70

62.4

10.410.4

Drilling - RAB (m)


1.42

0

Exploration and evaluation, est. (C$m)

Equity

52.0

133.9

100%

Mineralised Material (est., non NI 43-101 compliant)

100%

na BFS US (NM)

Adv. Expl.acid leach

ISL

Capital raisings (C$m)

0

0.0

La Jara Mesa

27.7

Inf. and Ind.

Inf. and Ind.

West'land (Huarabagoo) 100%


Laramide Resources Ltd

Tel: +1 416 599 7363

S Patterson (Dir)

www.laramide.com P Wilkens (Dir)

Toronto, Canada

131.8

na Unconformity

100%

Aus (QLD)Westmoreland

URI Royalty

La Jara Mesa

M Henderson (Dir)

Regional QLD/NT

J Booth (Non Exec Chair)

Exploration and development budget C$5m in 2011.

Westmoreland (QLD) resource: 52mlbs U3O8 at 0.085%

(to 60m depth). Good local and regional exploration

upside. Production potential 2015.

Westmoreland: 11 year mine life, producing 3mlbspa

U3O8 (GRD Minproc scoping study, Apr '07). Revised

scoping study expected 1Q12.

Large pipeline of drill prospects in the NT. Early stage,

high value unconformity targets. Drilling expected 2012.

High value URI ISL production royalty at Churchrock

(NM). BFS expected 1Q12. Key production permits

already in place (NRC and state). Production potential

2H13.

Permitting La Sal (UT). Potential for a small underground

mine (<0.5mlbspa U3O8) to be in production 2012.

QLD election (by June 2012). Early polls suggest LNP

victory. LNP policy supports uranium mining in QLD.

Marc Henderson (President)

7 December 2011

Uranium (U3O8)

Funding from JV partners (C$m)

128.3

No

Investment Points

Fully diluted (m)

6.8

1.8

0

0

1.2

Land holding ('000 ha)

67.9

0.0

Cash + s-t Inv.(C$m) - Dec 11F


50

2


32.3

28.3 62.4

0.0

[email protected]

West'land (Junnagunna) Inf. and Ind. 100%

0.0

0.3

Company Comment

Cash +s-t inv. backing (Cc/share)

Eqty

MlbMlb

122.6

0.0

Resources

Code for reporting mineral resources - Canadian:

0.0

7.8

131.8

0.0

Westmoreland - total

ProjectClassification

1.8

C$ 0.73

3.2

0

10.2

10.0

700

79

2.40

0.6

0

6.5

(NI 43-101)

0.2

0.00

0.00.0

0.00

0.50

1.00

1.50

2.00

2.50

3.00

Dec

-10

Jan

-11

Feb

-11

Ma

r-11

Ap

r-1

1

Jun

-11

Jul-

11

Aug

-11

Sep

-11

Oct

-11

No

v-11

Sh

are

Pri

ce (

$/S

har

e)

LAM - Laramide Resources Limited

Source: Bloomberg

Overview: LAM is a Toronto-based resource company focused on uranium. The company’s strategy is to acquire historic, advanced exploration projects in safe jurisdictions. It has a number of near term, production visible projects; viz La Sal - 2012 (Utah, small scale, toll treatment); URI royalty - 2013 (New Mexico, production royalty), a significant value driver with royalty rates ranging from 13-24%; La Jara Mesa - 2014 (NM, underground mine), 10.4mlb @ 0.24% U3O8 resource plus exploration upside; and key project is Westmoreland – 2015 (QLD, large resource, strategic exploration upside). LAM also holds equity interests in a number of listed gold and uranium companies (September 30 market value C$9.7m). Westmoreland (QLD): The GRD Minproc scoping study (Apr ’07) indicates 3 open pits to be mined sequentially over 11 years, conventional acid leach plant of 1.5mtpa capacity producing 3mlbspa U3O8, plant recovery 90.6%, capex US$214m (assumes contract mining), and opex ranging from US$37.95/t (U$19/lb) to US$50.40/t (US$25/lb). Pit optimisation uranium price US$50/lb. Previously, RIO completed a pre-feasibility study (mid '90's) for an open cut, acid leach project. An updated scoping study (Jacobs Engineering) is expected 1Q12 with likely expanded production rate on account of the increased resource (Apr ’09) – 80% occurs within 50m of surface, and enhanced metallurgical recoveries of 97% (ANSTO Jul ’11) . Production potential 2015 (assuming LNP election victory 1H12). LAM also has 4 regional, strategic JV exploration projects prospective large scale, unconformity style uranium targets in QLD and the NT, much of which is little explored. URI royalty (NM, USA): RCR site visit 3Q11 to Section 8. LAM acquired a production based royalty portfolio (Dec ’06) on 3 separate parcels of land in the Churchrock area, in the prolific Grants Mineral District, viz Section 8, Section 17, and Mancos. The properties are owned by URI (NASDAQ: URRE). The project is permitted (NRC and state) for ISL production, and a BFS is expected 1Q12, incorporating Section 8 in which LAM holds royalty interest over 6.5mlbs U3O8 (mineralised material non JORC compliant). Litigation is expected to be resolved quickly, potentially 4Q11. Production potential 2H13. Investment Comment: LAM’s share price has potential for significant re-rating in the next 6 months with anticipated victory of an LNP government in QLD, revised Westmoreland scoping study (1Q12), and a favourable BFS at Section 8 (URI, 1Q12). Westmoreland (QLD) is expected to be a significant beneficiary of a change in government at the next state election (on or before 16 June 2012). A September Newspoll indicated a landslide victory to the LNP – a party supportive of uranium mining in QLD. The URI royalty is a significant value driver for LAM. Reactivation of NRC licence Oct ’11 saw URRE’s share price rise by ~100%. While it has since drifted back down on broader equity market concerns, the significant potential value of the status/progress of Section 8 has largely been overlooked by the market in relation to LAM.RCR’s 12 month share price target for LAM is $2.00, assuming equity markets have stabilized.





Paladin Energy Limited*

5.61

Debt* (US$m) - Dec 11F



Cash (US$m) - Dec 11F

Price/Cash (x) Drilling - RAB (m)

Price/Book (x)

Listed company options: Land holding ('000 ha)

* Convertible notes due Mar '13 (US$325m) and Nov '15 (US$300m). ^ EBITDA Quarters refer to calendar year. AU/US:

Code for reporting mineral resources Aust/Canadian: (JORC/NI 43-101)

Resources (includes proved and probable reserves)

Langer Heinrich M.Ind.Inf../calcrete 250

Kayelekera M.Ind.Inf../sndst-rf 300

Aurora (Mich. +5 CMB dep) M,Ind,Inf /IOCGU *

Valhalla (Mt Isa Uranium) M,Ind,Inf./Ir ox vein 230/250

250

120

Bigrlyi Ind. & Inf./sndst 500

Angela/Pamela 300

Other (6 projects)^

Sub total

Mineralised Material (est., non JORC compliant)

Oobagooma Historic/sndst.

* Cut-off: 200ppm open cut; 500ppm underground.

^ Manyingee (24mlbs U3O8), Andersons (4.7mlbs), Watta (3.8mlbs), Bikini (11.5mlbs), Duke Batman (3.1mlbs), Honey Pot (3.96mlbs)

Contacts Directors

P. Baily (Non-Ex Dir)

P. Donkin (Non-Ex Dir)

Angela and Pamela

Aust (WA)

Adv. Expl.

Aust (QLD)

Aust (NT)

Adv. Expl.

Adv. Expl.

Malawi

Manyingee

Production Namibiaalk. leach

1500 acid leachKayelekera

Langer Heinrich

85%

-

79.0

23.4

Aust (WA)

Key Projects

Malawi Gov.

174

0.02

0

61.3

9.0

11

103

0.00

A$ 1.70

Mlb

174

2013F

0.07

13

Mt Isa Uranium 91% U

na Can (NL)

155.1

42

23.0

Grade

Kt

15

0.055

%

70.3

na

42

Adv. Expl.

[email protected] 50%

100%

6.0

Mr John Borshoff (MD/CEO)

Dividends (US$/share)

Michelin + Jacques L.

Oobagooma 100%

100%

Scoping Studyna

na

U convention'l

ISR

100%

8.2 0.12

50% 10.7

Takardeit 11 11

-

Proved and Prob.

257

Inferred

0.28

60,000

6

0

14.3

Eqty

-

Cut Off

13.0

Project Option

Sub total

U

100%

Ownership/

Skal (S+E, Mt Isa Uranium) Ind,Inf/ Ir ox vein

155.1

23.4

Mlb

308

12.2

100,000

17.6

-

60,000

15.4

National Nom (9.15%), JP Morgan (8.48%)

Major shareholders: CDS & Co (19.95%), HSBC Cus. Nom. Aust (16.13%)

1.1

No

Reserves

PDN is 100% focused on uranium. Exploration budget

~US$14m FY12.

LHM: Stage 3 (5.2mlbspa) production ramp-up underway.

LHM: Stage 4 expansion: to 8.7mlbspa + possible

1.3mlbspa heap leach; LOM opex ~US$25-30/lb

U3O8; onsite capex +US$350m. DFS expected 4Q11.

Kayelekera (KM) Sept Q production 395klbs vs 825klb/q

nameplate. Impacted by 6 weeks lost production.

Cost optimisation study and initiatives underway company

wide: KM mining contract restructured. Target corporate

cost cuts of 10-15% in FY12.

Extensive pipeline of exploration projects globally. Initiative

underway to attract JV partners for Australian projects.

PDN NPV $2.67/share (US$60/lb uranium, spot AUD1.02).

We expect a modest maiden profit FY12 as ramp-up and

expansions continue at LHM and KM.

242.9

Investment Points

Uranium (U3O8)



Fully diluted (m) 952

PER (x)

675.9

CFPS (US$/share)^

PDN.AU

8

109


Uranium

Convertible notes + incentive shares (m)

Australia (WA,QLD,NT), Namibia, Malawi, Niger, Canada (CMB)

Producer

7 December 2011


Exchanges: ASX:PDN; TSX:PDN; NSX (Namibia):PDN

1.70

Capital Profile

2009a1.1152 week range (A$/share) to

YEAR END: June


Share price (A$)

835

2082.9

1420.2

nmf

Net Profit (norm) (US$m)

EBIT (US$m)

Equity Production (kt)

EPS (norm) (US$/share)

24P/CF (x)

Yield (%)

Exploration and evaluation (US$m)

EV/EBITDA (x)

0.00

P+P and s tockpile.

-

Geology

0.14


0.07

nmf

0

0.00

nmf

0.059

(ppm)

250

0.098

2011a

0.05

-43.6

0

nmf

10.6

- -

Classification/

Langer Heinrich

Mt

Ore

0.055

14.1

1.02

109.2

3212

0.00

nmf

-

17.1

59.7

Kayelekera 400

Paladin Energy Ltd

300.5

-0.78

1245

-2.2

-45.6

Project

2435

2010a

3047

-0.11-0.07

-82.3

3.4

1898

2012F

144.5

120.1

100% 10.9

100%

0

-

105,000

nmf

105,000

S. Llewelyn (Non-Ex Dir)

R. Crabb (Non-Ex Chair)

(ktpa)

100% 1500

MetalPaladin Resources Ltd J. Borshoff (MD)

Tel: 61 (0) 8 9381 4366


Perth, Australia D. Shumka (Non-Ex Dir)

www.paladinenergy.com.au

4.8

9.6

0.021

6.6

19.0

0.128

0.09 62.1

39.3

0.077

131.7 131.7

0.00

24

-

Company Comment

PDN is making renewed efforts to achieve production targets at LHM

and KM and has initiated company wide cost cutting studies and

initiatives. This is a timely move - maximising operating asset returns

to achieve growth in a time of heightened global market uncertainty.

51 49

22

9

22 22

0.052

91%

69.3

3839

61.5 148.0

0.076

0.16

100%

Equity

23.1

529

21

567

U na

ProjectProcess

Partner

na

100%

91% 12.7

24.6

42.1% 7.5

100%

51.9

JV

137 137

87 79

22.0 22

Status Location

Plant

Production

ISR

Route

10.0350

convention'lnaCCO

na

U

U

na

0.13 14.0 31 15Inf./Sandstone

SMM

U

convention'l

0.00

1.00

2.00

3.00

4.00

5.00

6.00

Dec

-10

Jan

-11

Feb

-11

Mar

-11

May

-11

Jun

-11

Jul-

11

Aug

-11

Sep

-11

Oct

-11

No

v-11

Sh

are

Pri

ce (

$/S

har

e)

PDN - Paladin Energy Ltd

Source: Bloomberg

Overview: Paladin Energy Ltd is an Australian company listed on the ASX and TSX. It is a mid tier uranium producer with two mines in production. PDN holds 19.98% stake in Deep Yellow (ASX:DYL). RCR conducted a site visit to Langer Heinrich Feb ‘11. Langer Heinrich Mine: Sept Q production 849klb U3O8 (Stage 2 nameplate production 925klb/q; 3.7mlbpa U3O8). C1 opex increased to US$32/lb 3Q11 due to stronger Namibian dollar and lower production with Stage 3 tie in; compares with US$28/lb FY11. Stage 3 expansion commissioning commenced (front end 2Q11) - production target 5.2mlbspa U3O8 by year end and assumes mill throughput head grade of 0.079% U3O8. Stage 4 potential expansion to 8.7mlbspa U3O8 (+92% over Stage 3) ex ROM (8mtpa) grading ~0.053% U3O8; and possible additional production of 1.3mlbspa from low grade material – cut-off and process not yet defined, though potential heap leach. Stage 4 capex ~US$400m; opex US$25-30/lb; heap leach capex ~US$50m, opex <US$35/lb. BFS for Stage 4 expected 4Q11 - potential production ramp up from 3Q13 – however, management flagged it “will not waste a good ore body” on sub-par returns – suggesting IRR may be below the hurdle rate. LHM reserves stated using US$60/lb U3O8. Kayelekera: Sept Q production of 395klbs U3O8 remains below nameplate (825klbs) due to ongoing debottlenecking issues, 3 week remediation shutdown and 3 week plant upgrade tie in. Ramp-up commenced Apr ’09 and nameplate production of 3.3mlbpa U3O8 is anticipated 2012 with ongoing plant debottlenecking. Plant upgrade brought forward to 3Q11 (from 4Q11), in part to facilitate debottlenecking of the front end (crusher and conveyors). Optimised production 3.8mlbspa planned for late 2012. Forecast opex ~US$30/lb C1 costs US$40/lb 3Q11, down from US$50/lb FY11. Pit design used US$30/lb U3O8. Isa Uranium JV: (IUJV, QLD, PDN 90.95%). Valhalla and Skal (IOCGU deposits). PDN managed regional resources stand at 128mlb U3O8. 2011 drilling budget for resource expansion: 40,000m, US$10m; DFS to commence 4Q11. Development potential post 2015. Investment Comment: Our NAV for PDN is A$2.67/share at spot AUD/USD 1.02 (market long term uranium price US$60/lb, 10% discount rate). We expect positive results from the company wide cost optimisation study and initiatives, as well as renewed efforts to achieve production targets through 2012. PDN’s share price is highly leveraged to improved operating performance and should benefit from sector fundamentals that look positive midterm. The share price is up ~50% to A$1.70 from its 12 month low of A$1.11 Oct 4. Placement to institutions Oct '11 raised A$68m @ A$1.20/share. Newmont retains a 6.7% stake in PDN. PDN, as an unaligned producer, remains a strategic acquisition target.



Paladin Energy Ltd

A SSUM P T ION S 2009a 2010a 2011a 2012F 2013F F IN A N C IA L R A T IOS 2009a 2010a 2011a 2012F 2013F

A$/US$ 0.75 0.88 1.0 0 1.01 1.00

Uranium Price - Spot (US$/lb) 51 44 57 53 55 Net debt/mkt equit y (%) 36% 27% 4 2 % 30% 37%

Uranium Price - Contract (US$/lb) 71 61 6 6 65 65 Net debt/ net debt + mkt equity (%) 27% 21% 3 0 % 23% 27%

Uranium Price Realised (US$/ lb) 64 54 55 57 59 Current rat io (x) 2.0 4.3 4 .4 7.5 6.1

EBIT/interest (x) 0 0 - 1 1 3

Debt/operating cashflow (%) na na na 783% 374%

EQUIT Y P R OD UC T ION Exploration/total overhead (%) 26% 20% 5% 5% 4%

Langer Heinrich Production (t) 1226 1521 159 9 2005 2503 EV/EBITDA (x) nmf nmf nmf 16.4 9.4

Kayelekera Production (t) 18 378 8 3 6 1042 1336 M arket cap/net cash (x) -2.7 -3.7 - 2 .4 -3.3 -2.7

PDN Equity Production U3O8 (t) 1245 1898 2 4 3 5 3047 3839 M arket cap/book (x) 2.3 1.5 1.0 1.1 1.0PDN Equity Production U3O8 (mlbs) 2.7 4.2 5.4 6.7 8.5

Cash Costs (US$/lb) 19.31 31.45 3 3 .54 37.40 27.90

P R OF IT A N D LOSS (US$ m) F IN A N C IA L SEN SIT IV IT IES

Revenues 115 214 2 71 456 542

Operating costs -53 -132 - 18 0 -251 -236 % Change in EPS for a 10% increase in:

Depreciat ion/amortisation -9 -14 - 3 6 -76 -88

Exploration -12 -9 - 3 -3 -2 AUD/USD 0% 0% 0%

Corporate -35 -39 - 54 -52 -52 Uranium Price -68% 69% 242%

Other 8 17 4 1 12 16

EBIT - 2 3 - 4 4 6 2 14 8

Interest 31 21 6 2 53 53 % Change in NPV for a 10% increase in forecast minelife

Oper at ing pro f it / loss - 3 3 - 18 - 10 5 8 9 5 commodity assumptions for:

Tax 237 -29 17 7 -31 B ase + 10 %

M inorit ies -96 -1 - 6 1 3 US$/ sh US$/ sh %

N et pro f it / loss 3 0 1 - 4 6 - 8 2 14 6 1 AUD/USD 2.71 3.24 -20%

Net other -781 -7 * 0 -133 0 Uranium Price 2.71 3.24 20%

Net profit / loss (reported) -480 -53 - 8 2 -119 61

* Net adjust ment f or abnormal impairment charges

B A LA N C E SH EET (US$ m) VA LUA T ION (US$ m) Q4 11

Cash and depo sit s 6 6 3 4 8 117 2 53 16 9

Total current assets 182 516 3 2 9 451 368 NPV A ssump t io ns B ase "W hat if "

PP&E 4 58 54 1 6 3 0 4 6 7 6 2 1 Long Term Realised Uranium Price :US$/ lb 59 70

Total non-current assets 1282 1442 2 0 74 1881 2049 Currency A$/US$ 1.0 2 0.84

Total assets 1464 1958 2 4 0 4 2333 2416 Pro ject s

Total current liabilit ies 91 121 119 111 111 Langer Heinrich + phase III, IV 100% NPV@10% 9 9 9 .2 1348.9

Reclamation reserves 0 0 0 0 0 Kayelekera 85% NPV@10% 4 52 .9 588.7

Lo ng t er m d ebt 572 6 8 2 6 76 6 8 3 6 9 6 Resources

Total non-current liabilit ies 741 880 9 3 0 913 926 Kayelekera 85% 38.0 mlb US$7.00/lb 2 2 6 .2 294.1

Total liabilit ies 832 1001 10 4 9 1023 1037 M anyingee 100% 24.0 mlb US$3.75/lb 9 0 .0 117.0

Equi t y 6 3 1 9 56 13 55 13 0 9 13 8 0 Oobagooma 100% 21.9 mlb US$3.00/lb 6 5.7 85.4

Isa Uranium (100%; 81.9% SM M ) various 117.7 mlb US$6.00/lb 70 6 .2 918.1

T ot al d ebt 58 6 73 0 72 0 6 8 3 6 9 6 Angela and Pamela 50% 26.4 mlb US$5.00/lb 6 6 .0 89.1

Net debt 520 382 6 0 2 430 526 M ichelin + 5 CM B deposits 100% 136.8 mlb US$2.00/lb 2 73 .6 369.4

Average shares (fully diluted) (m) 618 697 752 836 851 Other + Exploration 12 5.0 168.8

Asset s

F LOW OF F UN D S (US$ m) Cash and deposits 2 4 2 .9 242.9

EBIT DA 7 18 - 8 13 8 2 3 6 Other 4 2 .0 56.7

Cash f low from operating act ivit ies Liabil it ies

Operating surplus 59 71 8 7 198 297 Debt - 6 75.9 -675.9

Corporate -35 -39 - 54 -52 -52 Corporate - 16 8 .3 -168.3

Net interest paid -40 -35 - 4 2 -60 -62 Other liabilit ies - 19 0 .8 -230.0

Net tax paid 0 -16 - 3 4 -12 -15 Reclaimation reserve 0 .0 0.0

Net exploration paid -12 -17 - 18 -14 -13 Net A sset s 2 2 55 3 2 0 5

Other non cash items 8 2 - 4 2 27 30 Shares (m) 9 52 952

N et cash f r om op erat ing act ivit ies - 2 0 - 3 5 - 10 2 8 7 18 6 Net N PV / share ( US$/ share) 2 .71 3 .71

Cash f low from invest ing activit ies Net N PV / share ( A$/ share) 2 .6 6 4 .4 1

Capital expenditure -237 -170 - 12 9 -67 -242 Valuation/Reserve lb :US$/lb 14 .53 20.66

Other non cash items -33 -9 - 3 -14 -13 Valuation/Reserve & Resource lb :US$/lb 4 .2 6 6.06

N et cash f r om invest ing act ivi t ies - 2 70 - 18 0 - 13 3 - 8 1 - 2 55

Cash f low from f inancing activit ies OWN ER Shares Net proceeds from issue of shares 6 375 1 68 0

Dividends paid 0 0 0 0 0

Net proceeds from borrowings -13 120 0 76 -14

N et cash f r om f inancing act ivi t ies - 7 4 9 5 1 14 4 - 14

Net change in cash -297 281 - 2 3 3 150 -84

P R OD UC T ION ST A T IST IC S

Lang er Heinrich 10 0 %

Ore Treated (kt) 1608 1995 2 2 4 0 2890 3600

Head Grade (%) 0.09 0.10 0 .0 9 0.08 0.08

Recovery (%) 80 80 8 0 84 88

Recovered grade (%) 0.08 0.08 0 .0 7 0.07 0.07

U3O8 Produced (t ) 1206 1521 159 9 2005 2503

Equi t y Pro duct io n ( t ) 12 0 6 152 1 159 9 2 0 0 5 2 50 3

C ash Co st s ( U S$/ lb ) 2 6 .3 4 2 5.9 1 2 8 .0 0 2 6 .8 1 2 2 .54

Production Costs (US$/t ) 43.62 43.54 4 4 .0 6 41.01 34.55

Kayelekera 8 5% D IR EC T OR 'S IN T ER EST S

Ore Treated (kt) 18 571 10 2 3 1212 1620 (m shares) %

Head Grade (%) 0.11 0.13 0 .15 0.12 0.11 M r. John Borshoff 21.5 2.6%

Recovery (%) 80 59 72 83 89

Recovered grade (%) 0.09 0.08 0 .10 0.10 0.10

U3O8 Produced (t ) 16 444 9 8 4 1225 1572

Equi t y Pro duct io n ( t ) 13 3 78 8 3 6 10 4 2 13 3 6

C ash Co st s ( U S$/ lb ) na na 50 .0 0 3 6 .0 6 3 2 .2 4

Production Costs (US$/t ) na na 116 .6 9 80.42 68.97

Shares

Year YearYEAR END: June

M anaging Director



Peninsula Energy Limited

0.16





. Cash (A$m)

Price/Book (x)

Listed company options :* Net asset backing (Ac/share)

* PENOA (3c, exp 30 June 2012); PENOC (3c, exp 31 December 2015). *Uranium prospective tenements only, both held and under application. Quarters refer to calendar year.

^ Ross Permit Area includes a Vanadium resource (MII): 2.33mlbs V2O

5 grading 0.0196%.

Contacts Directors

Mr. John (Gus) Simpson

Executive Chairman

Tel: 61 (0) 8 9380 9920

Subiaco, WA, Australia

Total Lance*

0.4

74%

J Simpson (Chairman)

M James (Exec Dir)

W Grigor (Non Exec Dir)

PENOA, PENOC

Karoo - Site 45

Historic

15.2

2.8

20.3

0.6

41.4

15.2

0.0

Karoo - Site 22

Status

4.8

Aus (WA)

US (WY)

100%

M Barton (Non Exec Dir)

[email protected]

www.pel.net.au A Gillman (Tech Dir)Raki Raki


Mineralised Material (est., non compliant w ith JORC)

Karoo - Site 29

74% S'stoneKaroo Projects

50%

Western Australia

Lance Uranium Projects

acid

ISR100% na

Project

Historic

6.9

200

U3O8 Eq

20.3

Mid Expl. S. Africa

PFS

6.1

0

8.2

3.6

Project

1.1

19.6


41.4

U3O8

2.1

Lance - Ross

Focused on uranium - CY11 exploration and evaluation

budget A$11m.

Lance: PFS (Lyntek, Jul '10) potential production

2012/13, 1.5mlbspa U3O8; C1 opex US$19.88/lb or

US$13.52/lb with Vn credit; initial capex US$53m (total

US$79.2m).

Lance mine permits and EIS lodged Dec '10. Extended

DFS expected 1H12. Construction 2H12. LOM 13 years.

Deep disposal test well permit granted (WDEQ, Apr '11).

Additional Lance resource target is 95-145mlb

U3O8 grading 0.036-0.05%.

Final NRC permits granted 3Q11 to 2 further companies

with WY ISR projects (TSX: URE, URZ).

Karoo Project: shallow, high grade uranium and moly

confirmed (1H11) from surface to 80m (Site 22).

2012 Karoo resource target 30mlb U3O8.

Lance - Barber

Reserves

100%

Ore

0.111

U (Mo)

74%

Type

Roll front

various

JV

Option

Ownership/

Key Projects

Process

RoutePartner

BEE

Mid Expl.

Early Expl.

9.2

16.5

Location

1.3

0.3

Target

* Inferred Resource is 30.2mlbs grading 0.042% U3O

8. Measured and Indicated Resources are 11.25mlbs U

3O

8 grading 0.045%.

3.7

0

5.4 2000.050

2.2

0.0

0.041

Historic

19.6


Land holding ('000 ha)*

Drilling - RAB (m)

0.146

M,I,I

Company Comment

2.0

126,423

eU3O8

Fully diluted (m)

79.0

Au

4.0

Investment Points

1.1

Metal

100%

2635.5

47,500

2635.5

-

%

Cut Off

ppm

0.0

29.3

4.1


Major shareholders: Pala Investment Holdings (13.96%) 272

-

U na

U


0.037

0.035

Performance shares (m)

YEAR END: June

22.7



52 week range (A$/share) to

7 December 2011

Share price (A$)

Number of shares (m) 2135

1.0

Project

Kt

PEN.AU

894

Uranium, Molybdenum, Gold

USA (WY), South Africa, Australia (WA), Fiji

Prefeasibility Study

Exchanges: ASX:PEN

Capital Profile

2135.5

25.4

Equity

(JORC)

23.6

0.9

0

79.0

51,423

0

74

0.0


3048

2093.4

19 Exploration/(Expl.+ Corporate) (%)

Mt

0

198

2.2


1.6

61

2012F

5.15

142,000

0

70

1.6

0

6770

2013FDec-11F 2011a

1.30 5.101.25

Peninsula Energy Limited

Lance ISR project (WY, USA; 100% PEN) economic prospects bolstered

by expanding/upgraded resource base (+25% June '11) and ongoing

advancement of key permitting milestones. Expanded DFS expected

1H12; production potential 2012/13.

11.80 8.003.52

Corporate (A$m)

3.00

Sep-11a

A$ 0.037


2135.5

272 272

0

50,000

10.52

5.20

3.4

-



1.1

3.3


0

1.3

35.6

272

-

0

26.7

272

0.1

-

40.1

0.0

Resources

3.3

Lance - Ross Permit Area^ 100%

44.5


Classification

MlbMlb

na

Fiji

Uranium

ASX:GPR

eU3O8

18.8

na na

0.076

74%

0.0

M,I,I

200

0.041

M,I,I

2.7 5.9 5.9

eU3O8

0.042

0.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.16

De

c-1

0

Jan

-11

Feb-1

1

Mar-

11

May

-11

Jun

-11

Ju

l-11

Au

g-1

1

Se

p-1

1

Oc

t-11

No

v-1

1

Sh

are

Pri

ce (

$/S

hare

)

PEN - Peninsula Energy Limited

Source: Bloomberg

Overview: Formerly Peninsula Minerals (name change Nov ’10), PEN is listed on the ASX and has operated under the current management team since 2007 when key US projects were vended into the company. Lance Uranium Project (USA, WY): Located in the northeast part of the Powder River Basin comprises 13 project areas (12,000 ha) including the Ross and Barber prospects - targeting roll front style uranium. The project area was discovered in the ‘70’s by JV partners Nuclear Dynamics and Bethlehem Steel (NuBeth) and drilled between 1970 and 1979. NuBeth drilled 5000 holes (912,000m). PEN acquired the project 2H07 with a database of drilling and pilot plant data (from Ur-Energy). 22 roll fronts have been defined over a combined strike length of 305km (190 miles). Initial forward sales contract (Feb '11): 1.15mlbs U3O8, priced at ~US$70/lb, 7 year term. PFS (Lyntek) July 2010 confirms development potential for satellite production and a centralised processing plant at Ross from 4Q12 with capacity to produce up to 3mlbspa U3O8, commencing at 1.5mlbpa. Initial production is targeted from Ross and Barber. The PFS vanadium circuit is subject to further confirmation testwork. Lance project resource target is 95 to 145mlbs U3O8 – in addition to current JORC resource. PEN drilling 2H11 is aimed at uplifting resources at Barber to support feed to the processing plant, extension drilling to the north of Ross (Emerson, Berger Hill, Area 05) and establishing additional resource areas outside Ross-Barber. The Expanded DFS (announced Sep ’11) will incorporate the full Ross-Barber resource (41.4mlbs U3O8) compared to the initial DFS resource at Ross (8.95mlbs (M&I)) and is expected to be released 1H12 in conjunction with anticipated receipt of final permits. Extending the scope of the DFS will enable PEN to optimize project design, LOM and economic value prior to raising development capital. The outlook for permitting in Wyoming is positive: Uranium One (TSX:UUU) received its NRC operating license (Oct ’10) for Moore Ranch; and 2 other companies received final NRC permits recently: Uranerz (TSX:URZ, July ’11) and Ur-Energy (TSX:URE, Aug ‘11). URZ has commenced construction of its Nichols Ranch ISR project in Wyoming and expects first production 2H12. Karoo Project (South Africa): Located in the Karoo Basin of the Western, Eastern and Northern Cape Provinces; tenements comprise 6 project areas (198,000ha) with defined U-Mo mineralisation across stacked sandstone units identified from surface to 40m. The region hosts Areva’s historic Ryst Kuil uranium mine (est. 40mlbs @ 0.1% U3O8). Three of PEN’s project areas host historic resources drilled by JCI and Union Carbide (~1,300 holes) in 1970-80’s. PEN has an exploration target of 90 – 150mlbs U3O8 grading 0.07 to 0.14%. Drill results (1H11) confirm high grade uranium and molybdenum from surface to ~75m depth: intercepts include 6.6ft @ 0.36% U3O8 and 0.26% Mo; and 6.6ft @ 0.31% U3O8 and 0.25% Mo. Results being assessed 2H11. Interim resource target 30mlbs grading 0.07 to 0.14% U3O8 expected late 2012. Investment Comment: PEN base case NPV, with full de-risking of Lance post commissioning is ~A$0.09/share fully diluted (see adjacent table; assumes US$60/lb realised uranium price, AUD/USD 0.84 and 10% discount rate). Base case sensitivities: AUD/USD 1.00: NPV ~A$0.08/share; No vanadium credit: NPV ~A$0.07/share. PEN remains well positioned to receive Lance Project permits near term with production visibility 2012/13.



Base

Resource Base NPV Adjusted

Equity Val'n NPV Factor Value

(%) (US$/lb) (A$m) (%) (A$m)

Assumptions

Realised Uranium Price : US$/lb 50 50 40 60 70 80

Exchange rate: AUUS 0.84 0.84 0.84 0.84 0.84 0.84

Projects

Lance project : NPV @10% 100% 7.09 158 75% 119 80 154 190 226

Resources and Exploration

Lance (resource est. +100%) : NPV @10% 100% 3.73 83 75% 63 46 78 93 108

Karoo/other 10 10 5 7 12 15

Sub-total Exploration 93 73 51 85 105 123

Assets

+ Cash 20 20 20 20 20 20

+ Tax Losses 8 8 8 8 8 8

Liabilities

- Debt 0 0 0 0 0 0

- Corporate 42 42 42 42 42 42

- Reclamation 0 0 0 0 0 0

PEN Net Assets 237 177 117 225 280 334

Fully diluted shares (m) 3048.2 3048.2 3048.2 3048.2 3048.2 3048.2

Cash on Option Conversion 28.0 28.0 28.0 28.0 28.0 28.0

PEN Net Asset Value per share : A$/share 0.11 0.083 0.055 0.105 0.131 0.157

PEN Net Asset Value Diluted : A$/share dil 0.087 0.067 0.048 0.083 0.101 0.119

Sensitivity of Net Asset Value to Equity Raising Price:

PEN Net Asset Value (assuming A$40m capex raised through share issue at A$0.07) 0.068 0.051 0.081 0.096 0.111



RESOURCE ESTIMATES

Uranium Resource Grade Uranium

Cutoff Mlbs

Resource (M,I,I) Lance 200ppm 41.4 (as at June 2011)

RCR modelling assumptions Lance 200ppm 18.8

MINING METHOD IN-SITU RECOVERY (ISR)

PROCESS METHOD CENTRALISED URANIUM PLANT

1. Ion exchange and vanadium circuit

2. Potential satellite facilities

RESOURCE CONVERSION :% 40-60% (Inferred to Indicated or better)

TONNAGE DILUTION :% na

GRADE UPLIFT :% 6

BASE CASE ASSUMPTIONS

PRODUCTION RATE :tpa na

AVERAGE HEAD GRADE - U3O8 :% na

HIGH GRADE :% na

RECOVERY - URANIUM :% 76 PFS: 80% recovery in-situ; then 95% plant recovery

URANIUM PLANT CAPACITY :mlbspa 3.00 Assumes expanded resource base (not included in base case NPV)

INITIAL URANIUM PRODUCTION :mlbspa 1.50 Production rate based on PFS resources

VANADIUM PRODUCTION :mlbspa 1.20

CAPITAL COSTS - INITIAL DEVELOPMENT :US$m 53

CAPITAL COSTS - TOTAL :US$m 79

OPERATING COSTS: (C1) :US$/lb 19.88

less by-product credit :US$/lb 6.36 PFS assumes vanadium production of 1.2mlbspa; price US$7.50/lb.

(C2) :US$/lb 21.42

(C3) :US$/lb 30.02

TAX :% 30

ROYALTY :% 6

MINE LIFE :Years 13 Years

COMMISSION PROJECT : 4Q 2012 36 month ramp-up.

These figures are preliminary in nature and are intended to provide only a general indication of project scale and economic robustness. Considerable

refinement may result from subsequent feasibility studies, expected to be completed in 1H12.

Includes sustaning capex of US$13.5m and US$2m for permitting and land

acquisition.

44.5 0.041

18.5 0.046

LANCE URANIUM PROJECT KEY ASSUMPTIONS (derived from PEN PFS (Lyntek) - July 2010)

Tonnes

Mt % U3O8

PFS includes vanadium circuit: production ratio V2O5:U3O8 0.8:1.

Cogema's Crowe Butte project recovers vanadium through IX circuit.

PENINSULA ENERGY LIMITED VALUATION

Adjusted

Uranium Price Sensitivity

(A$m)



Toro Energy Limited

0.17






Price/Book (x)


^ Uranium tenements held or applied for

Reserves

Resources

Wiluna: L. Way & C'pede Meas Ind & Inf.

Millipede Ind and Inf

Dawson-Hinkler Well Inferred

Nowthanna^ Inferred

Mineralised Material (est., non compliant with JORC)

^ Toro ow ns 100% of tw o tenements w hich comprise the major portion of the Now thanna deposit – Toro’s resource show n here.

Contacts Directors

Mr Greg Hall

Managing Director

Tel: 61 (0) 8 8132 5600

Norwood, SA, Australia D. Carter (Non Exec Dir)

A Coles (Non Exec Dir)

10.5 10.5

Cameco Unc+S'stone

Route

na

Calc/Alask25% na

100% Alk. LeachCalcretenone


[email protected]

100% uranium focus. Expl. + Eval. budget ~A$15m pa.

Wiluna Project and regional resources increased to

50.1mlbs U3O8 grading 434ppm (200ppm cut-off) - up

32% through organic growth and acquisition.

State and Federal government approvals expected 1H12.

BFS expected 2H12. Production potential 4Q13.

Wiluna improved economic parameters (Nov '11): Plant

throughput 1.3mtpa , 1.8mlbpa U3O8, capex A$280m,

opex US$33/lb, mill recovery 85%, LOM 14 years.

NPV breakeven US$58/lb U3O8, AUD 0.84, 10% r/i - on

first 10 years of operation. ~US$50/lb with LOM extension.

Theseus Project (WA): potential ISR. Exploration Target

22m to 44mlbs U3O8 grading 400-500ppm. Maiden

resource expected 1H12.

HoA for Northern Minerals (ASX:NTU) to explore for HREE

(and other non U minerals) on TOE's Tanami properties.

NTU to spend $4m over 3 years to earn initial 51%.

Cashed-up OZL could bankroll Australian/overseas

www.toroenergy.com.au

G. Hall (MD)

J. Nitschke (Non Exec Dir)

P. Lester (Non Exec Dir)

E Smyth (Non Ex. Ch'man) JV /

Option Metal

16.3

U3O8

5.4

Investment Points

0.9

No

Type


00

U3O8Project

29.7

Project

52.3

11.3

3.4

11.7

Mlb

0.043

100% 11.9 0.040

Mt

0.0

Uranium


Classification U3O8

1.1


0

9.0

0

Company Comment

Equity % ppm

U3O8

Reserves and Resources/Mineralised Material(JORC)

Kt

U DYL

U

28

Fully diluted (m)

Ore

77

-

-0.50.5

3,668

-

34,500

965.4

1,000 1,000

9.8

16.318.5

1.9

9.9

1.7

Drilling - RAB (m) 24,847

-

965.4

5,000

965.4

250

5,500


Land holding ('000 ha) ^

87.8

1014

HSBC Nominees (1.5%), Allarrow Pty Ltd (1.0%)

0.0

Junket capitalisation (undiluted) (A$m)

Major shareholders: OZ Minerals Ltd (42.5%), ANZ Nominees (2.3%),

1.10Corporate (A$m)

Dec-11F

1.20


0.09

0.0752 week range (A$/share)

TOE.AU

39

Uranium

Australia (WA,NT,SA), Namibia

BFS and Exploration

Exchanges: ASX:TOE

Capital Profile

to

Number of shares (m) 975

7 December 2011

Share price (A$)



Drilling - RC/Sonic/Diamond (m)87.8

0 Exploration/(Expl.+ Corporate) (%)



965.4

3.4

77

YEAR END: June

83

3.75

Sep-11a

Exploration and evaluation (A$m) 5.78

2.6

2012F

Toro Energy Limited

Wiluna Project and regional resources (TOE 100%) increased 32%

to 50.1mlbs U3O8 (Nov '11). BFS expected 2H12. Production

potential 4Q13. Exciting Theseus (WA) discovery - potential large

ISR - could be a second project for TOE midterm.

A$ 0.09


2013F2011a

15.50

3,668

15.0015.03

4.503.53

81

1.6

4.40

77

840

4,6903,668 3,668

-

0.00.0

21.3100%

100%

Key Projects

Ownership/

U

100%

Wiluna

none

13.1

Early Expl.na

0.0

Target

9.0

Palaeo/IOCG

Partner

22.7

0.031

Cut Off

Process

Status

Project

10.90.051 200

200 4.1

200 4.7

0.0

Early Expl. Aus (SA)

0.0

23.9

0.0

U

Theseus (Lake Mackay)

Namibia

Birrindudu 50%

50.150.1

NamibiaEarly Expl.

0.0

BFS Aus (WA)

Total Resources

Mlb

Eqty

0.0

23.9

Aus (WA)

Location

9.0

-10.3

Quarters refer to calendar year.

965.4

48,000

0.0

250

0.0

-

0

-1.4

12.1

6.6100% 6.0 0.050 200 3.0 6.60.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.16

0.18

Dec

-10

Jan

-11

Feb

-11

Mar

-11

May

-11

Jun

-11

Jul-

11

Au

g-1

1

Se

p-1

1

Oct

-11

No

v-11

Sh

are

Pri

ce (

$/S

har

e)

TOE - Toro Energy Limited

Source: Bloomberg

Overview: TOE listed on the ASX in March ‘06 and is a pacesetter in advancing calcrete style uranium projects in Australia. Wiluna is at BFS stage and could be WA’s first new uranium producing project. Aspirational Targets: TOE has ambitious growth targets: 100mlb U3O8 resources by 2015 (currently 50mlb) and production of 5.5mlbpa by 2020 – targets may be achieved with backing from OZ Minerals. Wiluna Regional Resource Consolidation: TOE has been expanding its regional resource base through strategic acquisitions/alliances to great effect. Upgraded resources (Oct ’11) reflect a 32% increase to 50.1mlbs grading 434ppm U3O8 and have more than doubled from 24mlbs 4Q10. The Wiluna Project –Lake Way and Centipede deposits - contains 23.94mlbs grading 510ppm U3O8 of which 58% is in the Measured and Indicated categories. Acquisitions have been at ~A$1/lb, cheap by international benchmarks and could add over 6 years to the Wiluna project’s mine life. Wiluna BFS: The improved economic parameters released Nov ’11 supplements the PFS (Sep ’08) and subsequently the Optimisation Study (Sep ’09). The BFS is expected 2H12. The revised parameters indicate: plant throughput 1.3mtpa (previously 2mtpa), production 1.8mlbpa U3O8, capex A$280m(inclusive of all supporting infrastructure), C1 opex US$33/lb (average for first 10 years), mill recovery 85%, LOM 14 years. The new mining plan indicates a series of shallow open pits to 10m depth, progressively backfilled, 3 to 1 strip ratio, 250ppm cut-off for mining and 500ppm cut-off for processing. Parameters are based on selective mining and use of mining contractors. Plant is alkaline tank leach heated to 90oC producing uranium as UO2. TOE reported pilot plant test recoveries (Sep ’11) of 83-86% uranium. Additional project enhancement could come from further resource upside, potentially higher ROM head grade, reduced capex and lower AUD. RCR modelling indicates NPV breakeven at US$58/lb U3O8, AUD 0.84 using a 10% r/i over first 10 years of operation, plus upside with LOM extension. At the current exchange rate of ~AUD 1.00, NPV breakeven is US$68/lb U3O8 over the first 10 years’ operation. Other Exploration: Theseus Project (WA). Large ISR prospective discovery (2009) located 650km west of Alice Springs. Similar lithologies to 4 Mile and Beverley uranium projects (SA). Exploration Target Range (ETR) 20-40mt grading 400-500ppm U3O8 for 22mlb to 44mlbs U3O8 (Nov ’11). This ETR relates to one of 3 proximal palaeovalleys – the other 2 offer additional bluesky upside. Theseus mineralisation is defined over an interpreted palaeochannel exceeding 10km x 2km at ~90m to 130m depth, and consists of unconsolidated sand capped by clay layers. Drilling results 2011 include 4.46m @ 0.084% eU3O8, and 5.4m @ 0.046% U3O8. Hydrology tests 1H12. Resource statement expected 1H12. Potential $5m exploration budget in 2012 and multiple drill rigs (7,000m sonic/RC and 25,000m aircore). By comparison, the similar size and grade but more advanced Lance ISR Project in Wyoming (ASX:PEN) has an NPV of ~A$150m (US$60/lb U3O8, AUD0.84, 10%r/i) with resource of 44.5mt grading 410ppm for 41.4mlbs U3O8. Investment Comment: 2012 could see significant developments for TOE with government approvals expected 1H12 and BFS for the Wiluna Project expected 2H12. The exciting new Theseus Project has potential to advance with step change and rapidly emerge as a key, new project for TOE and drive a market rerating. An aggressive exploration program is expected 2012; maiden resource 1H12.Comparable, though more advanced projects to Theseus are trading with market values of A$50m to A$150m (eg ASX:PEN).



Flagship Wiluna Project (WA): Toro’s value-enhancing strategy of building Wiluna into a significant uranium production hub over the past year has seen the consolidated regional resource climb to 50mlb, a big increase from the 24mlb original Lake Way/Centipede resource. This will give a significant boost to the Wiluna NPV and project viability.

Theseus Project and regional palaeovalleys (WA): The map shows two additional, discrete palaeovalley systems with potential to be as prospective as Theseus. Each reports anomalous intercepts at kilometre spacing. Drilling 2012. Theseus Exploration Target is 22mlb - 44mlbs U3O8 grading 400-500ppm (Nov ’11).



Selected Uranium Sector Performance Charts

4

6

8

10

12

14

16

18

20

Ma

y-05

Au

g-0

5

No

v-0

5

Fe

b-06

Ma

y-06

Au

g-0

6

No

v-0

6

Fe

b-07

Ma

y-07

Au

g-0

7

No

v-0

7

Fe

b-08

Ma

y-08

Au

g-0

8

No

v-0

8

Fe

b-09

Ma

y-09

Au

g-0

9

No

v-0

9

Fe

b-10

Ma

y-10

Au

g-1

0

No

v-1

0

Fe

b-11

Ma

y-11

Au

g-1

1

No

v-1

1

(C$

/sh

are

)

Uranium Participaton Corp (TSX:U) Share Price(C$/share)

Source: Bloomberg

0

20

40

60

80

100

120

140

Ju

l-0

6

Oct

-06

Jan

-07

Ap

r-0

7

Ju

l-0

7

Oct

-07

Jan

-08

Ap

r-0

8

Ju

l-0

8

Oct

-08

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-09

Ap

r-0

9

Ju

l-0

9

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-09

Jan

-10

Ap

r-1

0

Ju

l-1

0

Oct

-10

Jan

-11

Ap

r-1

1

Ju

l-1

1

Oct

-11

(p/s

har

e)

Geiger Counter Limited (LSE:GCL) Share Price(GBP - p/share)

Source: Bloomberg

0

20

40

60

80

100

120

140

160

Dec

-01

Jun

-02

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-02

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-08

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-08

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-09

Dec

-09

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-10

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-10

Jun

-11

(US

$/lb

)

Uranium Spot Price (U3O8)(US$/lb)

Source: BloombergSource: Bloomberg

0

2

4

6

8

10

12

Feb

-07

Ap

r-0

7J

un-0

7A

ug-0

7O

ct-0

7D

ec-

07F

eb-0

8A

pr-

08

Jun

-08

Aug

-08

Oct

-08

De

c-08

Feb

-09

Ap

r-0

9J

un-0

9A

ug-0

9O

ct-0

9D

ec-

09F

eb-1

0A

pr-

10

Jun

-10

Aug

-10

Oct

-10

De

c-10

Feb

-11

Ap

r-1

1J

un-1

1A

ug-1

1O

ct-1

1

(C$

/sh

are)

Uranium Focused Energy Fund (TSX:UF.UN) Share Price (C$/share)

Source: Bloomberg

0

200

400

600

800

1000

1200

1400

Jan

-02

Jul

-02

Jan

-03

Jul

-03

Jan

-04

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-04

Jan

-05

Jul

-05

Jan

-06

Jul

-06

Jan

-07

Jul

-07

Jan

-08

Jul

-08

Jan

-09

Jul

-09

Jan

-10

Jul

-10

Jan

-11

Jul

-11

US

D

Merrill Lynch Uranium Equity Index

Source: Bloomberg

0

50

100

150

200

250

300

350

400

450

Dec

-01

Jun

-02

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-02

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-03

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-03

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-04

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-05

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-05

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-06

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-06

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-07

Dec

-07

Jun

-08

Dec

-08

Jun

-09

Dec

-09

Jun

-10

Dec

-10

Jun

-11

US

D

DAX global Nuclear Energy Index

Source: Bloomberg



0

10

20

30

40

50

60

70

Dec-0

1

Dec-0

2

Dec-0

3

Dec-0

4

Dec-0

5

Dec-0

6

Dec-0

7

Dec-0

8

Dec-0

9

Dec-1

0

C$

/sh

are

Cameco Corporation (TSX:CCO) Share Price (C$/share)

Source: Bloomberg

0

50

100

150

200

250

Dec

-01

Jun

-02

Dec

-02

Jun

-03

Dec

-03

Jun

-04

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-04

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-05

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-05

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-06

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-06

Jun

-07

Dec

-07

Jun

-08

Dec

-08

Jun

-09

Dec

-09

Jun

-10

Dec

-10

Jun

-11

(US

D/m

etr

ic t

on

ne)

McCloskey Newcastle fob Steam Coal Spot Price/Australia (USD/metric tonne)

Source: Bloomberg

0

20

40

60

80

100

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140

160

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1

Dec-0

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3

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6

Dec-0

7

Dec-0

8

Dec-0

9

Dec-1

0

(US

$/b

arr

el)

West Texas Intermediate (WTI) Cushing Crude Oil Spot Price (US$/barrel)

Source: Bloomberg

4000

6000

8000

10000

12000

14000

16000

Dec

-01

Dec

-02

Dec

-03

Dec

-04

Dec

-05

Dec

-06

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-08

Dec

-09

Dec

-10

US

D

Dow Jones Index

Source: Bloomberg

400

600

800

1000

1200

1400

1600

1800

De

c-0

1

De

c-0

2

De

c-0

3

De

c-0

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c-0

5

De

c-0

6

De

c-0

7

De

c-0

8

De

c-0

9

De

c-1

0

US

D

Morgan Stanley World Index

Source: Bloomberg

0

2

4

6

8

10

12

Dec-0

1

Dec-0

2

Dec-0

3

Dec-0

4

Dec-0

5

Dec-0

6

Dec-0

7

Dec-0

8

Dec-0

9

Dec-1

0

A$

/sh

are

Paladin Energy (ASX:PDN, TSX:PDN) Share Price (A$/share)

Source: Bloomberg



Report Contributors

John Wilson: John has a background in mining, finance and equity research. He worked on Wall Street for 6 years and has covered US, Australian and Latin American mining stocks. He has also worked with BHP in their minerals division. Qualifications include an MBA from the Wharton School of the University of Pennsylvania and a Bachelor of Engineering from the University of Sydney. Tony Parry: Tony has extensive experience in metallurgical process development, (working with MIM Limited for five years) and in mining equity research, equity sales and mining corporate finance (working in London for five years and subsequently Perth). He was a founding Director and CEO of an ASX listed exploration company and has been engaged extensively as a strategic planning consultant to many small-medium enterprises. Tony’s qualifications include a BSc (Hons) in Metallurgy and a PhD in Metallurgy from the University of NSW. Murray Brooker: Murray has a background in mining and consulting as a geologist. He worked for North Limited (now part of Rio Tinto) for 10 years and for Parsons Brinckerhoff (a global engineering consultancy). He has 20 years’ experience assessing exploration projects in Australia, New Zealand, Mexico and South America. Murray has an MSc in Geology (James Cook University, Qld) and an MSc in Hydrogeology. He was also a founding Director of an unlisted Australian geothermal company.



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Documents

Uranium Sector Review Exploration, Development & Production · mine could account for ~20% of global uranium mine supply by 2025. December 2011: The Australian government approved