1

OUR POWERFUL PARTNER They say ‘know your enemy’. Perhaps it is equally important to ‘know your ally’. This is particularly true for investors in Forte Energy, who would do well to appreciate the significance of having a partner like Areva on board and understand the value the French company could bring to Forte’s operations. Forte derive some good credibility by having Areva on board, but 2010 could be the year when that credibility translates into real value, as Forte look set to increase their JORC U308 several fold and earn increased participation from Areva. AREVA: BACKGROUND The nuclear giant – World No.3 - has business units that span the entire nuclear fuel cycle from uranium mines, enrichment, nuclear fuel, reactors, and spent fuel reprocessing. It has global reach with operations in Europe, Africa, Asia, and North America.

It sold two 1,600 MW EPR reactors to China in 2008 along with a commitment to provide nuclear fuel for them for the next two decades. It has an agreement with India to sell two EPR reactors in the near term and as many as six over the next two decades along with fuel to run them for up to 60 years. In Europe it has two EPR reactors under construction, one in France and the other in Finland. French President Nickolas Sarkozy just committed to a second EPR to be built in France. And Areva has just announced a JV in Niger with South Korea, who pipped them to a reactor deal in the UAE for two EPRs.

A Special Relationship

January 2010

A Special Relationship January 2010

2

Areva has taken stakes in a number of uranium exploration companies including Summit, Forte Energy, Marenica Energy and UraMin. Australia’s Paladin has just acquired Summit and UraMin was famously acquired by Areva for $2.5bn in 2007. Areva’s latest exploration-to-production project is the $200 million Bakouma project in the Central African Republic. It aims to start open pit mining in 2010 at 1200 tU/yr. Resources have been reported 16,000 tU - 38,000 tU. Currently, the group operates uranium production sites in Canada, Niger, Namibia and Kazakhstan. FORTE ENERGY AND AREVA Mauritania: Areva centre stage Forte Energy holds nine “group 4” (uranium) exploration permits covering 11,895km2 in the former French colony of Mauritania, in and around the Bir En Nar region. Much of the interest in Forte to date is as a result of this and the involvement of the French nuclear group. There was historic drilling at Bir En Nar and in the 1980s the French became interested in the uranium potential and completed further drilling and radiometric surveys. In October 2006, Forte carried out field reconnaissance and identified episyenite samples which returned assays of up to 9,500ppm uranium. In December 2007, the company completed 4006m of reverse circulation drilling with 41 holes of between 50m and 150m depth which returned grades of up to 18,280 ppm U3O8. A special relationship Areva began discussions with Forte regarding Bir En Nar in early 2008. In July 2008, Areva acquired a 5% stake in Forte through a subscription for 19,009,131 shares at a subscription price of AU$0.135 (which was the 8-week volume weighted average price). In December 2008, Areva acquired a further 39,919,175 shares in exchange for granting Forte access to Areva’s extensive geological database of Mauritania (which included Forte’s holdings), provision of equipment, technical services and staff to accelerate Forte’s current exploration work. Indeed, while Areva has taken equity stakes in other explorers, Forte is the only explorer in which they have invested technical expertise and personnel. AREVA AND BIR EN NAR As part of the agreement, Areva and Forte would establish a JV if Forte delineated a 60Mlb JORC inferred uranium resource by June 2010 at Bir En Nar. It is envisaged that Areva would increase its stake in the JV by funding the project through to production, when it could acquire a 100% interest on commercial terms based on internal and market valuations. Initially, on defining the resource, Areva could acquire 25% but the aim would be to convert the resource into an indicated 40Mlbs resource at which stage Areva could acquire up to 51% of the project. Areva would also have the option to acquire 100% marketing rights on any future production from the JV. All of this is negotiable and Forte is under no obligation to do a deal. However, the agreement has proved worthwhile to Forte. Apart from using the database of digital airborne and radiometric data to identify primary targets, Areva has provided staff on the ground, including hydrologists and geophysicists.

3

The Areva hydrologists have established a source of water at Bir En Nar. The target sits on top of the water table and Forte believes that its water needs can be sustainably met locally. It is believed that the grades at Bir En Nar are consistent and are expected to get thicker at depth. Although the veins are narrow, the grades are high and the mineralisation remains open at depth to the east. Areva believes that 60Mlbs is attainable and the group currently has a geophysicist on site and would, when drilling starts, appoint an exploration manager. Forte is has completed resource drilling and is now aiming to release an initial JORC resource. Hanson Weshouse have a target SP of 19.3p if Forte and Areva can prove up just 15Mlbs at Bir En Nar. Matrix is targeting 24p on a 20Mlbs maiden JORC at Bir En Nar. Since those broker notes, Forte has reported ‘highly encouraging’ initial results and they ‘eagerly await’ assays. AREVA AND GUINEA Firawa is just one of three project areas in Guinea 100% owned by Forte Energy. Nevertheless, Firawa is proving to be far better than Forte expected. This is largely due to higher grades and wider intersections than were first foreseen. The deposit is open both along strike and at depth. As a result, the company is expecting the total resource to be around 30Mlbs. As Guinea is a former French colony, Hanson Westhouse would expect French energy group, Areva, to be interested in the project especially with its existing relationship with Forte Energy. They said in July 2009: Firawa is looking attractive in its own right and with a maiden resource for Bir En Nar due, we believe that Forte is becoming an attractive target. With Areva’s current 12.5% stake in Forte and Areva stating yesterday that it could look at buying mining or renewable energy assets, you do not have to look to far to see who the potential suitors might be. There is a lot of interest in uranium at the moment as supply issues mean new sources of U3O8 are required by 2011 and we expect that interest in both of Forte’s main projects will grow. Areva CEO Anne Lauvergeon stated on France's Radio Classique that it could look at buying mining or renewable energy assets. The close relationship with Areva and the fact that both Guinea and Mauritania are Francophone suggests that the Areva would be interested in extending the agreement to Guinea as well. AREVA POLICY TO DIVERSIFY ITS U308 EXPLORATION I believe that it is Areva’s firm intention to become a primary uranium producer in North West Africa at Mauritania/Guinea, should the exploration potential – led by Forte – start to bear fruit. As a window into the future, we could learn a lot from their current and historical operations in Mongolia (as AREVA Mongol). In December they partnered up with Japan’s Mitsubishi Corporation in the ‘development of their exploration licenses’ -

4

http://www.areva.com/servlet/cp_21_12_2009-c-PressRelease-cid-1261150647660-en.html AREVA Mongol has been conducting successful exploration activities in Mongolia for more than 10 years (Areva has a similar historical presence in Mauritania). Key Sentence: ‘This contract illustrates how AREVA diversifies its uranium resources to guarantee future supply to all its customers.’ Could it be that Mauritania is their next point of diversification? If Forte can confirm JORC resources of a sufficient standard, Areva might go all out to plant their Frech flag in the ground and grab as much of Mauritania as they can. They have already forged a strong partnership with Forte, and any indication by Areva that they are looking to set up a production base in Mauritania could have a dramatic effect on Forte’s prospects. In effect, Forte would secure ‘preferred partner’ status with a world giant in an emerging U308 province. Here’s an up-to-date list of emerging uranium provinces in the African continent. Forte Energy feature prominently – http://www.world-nuclear.org/info/inf112.html AREVA & ASIA Looking forward, I believe that if Areva stake a stronger claim on Forte’s Mauritanian assets this Spring/Summer, they could look to invite Asia to the party (just as they have in Mongolia and Niger). Areva are clearly not averse to bringing in Asian partners to part-fund operations. It derisks nascent production and broadens the market for the mined uranium. It also solves a problem of how Areva fund their ambitious plans for global expansion. Moreover, the U308 deficit in Asia is well documented and needs to be urgently addressed. SOUTH KOREA Areva are currently strengthening ties with South Korea, who recently won a huge reactor contract in the Middle East. Korea will need Areva’s uranium, as evidenced in this recent news - Areva and Korea JV on Niger uranium deposit (Dec 09) South Korea is to take an interest in African uranium to secure supplies as it makes nuclear power the dominant source of electricity. State-controlled Korea Electric Power Company (Kepco) has partnered with Areva of France to take a stake in the latter's Imoureren mine in Niger. Under its strategy of "deliberate strengthening" cooperation with major clients, Areva will "allow Kepco to indirectly hold 10% of the operating company, Imouraren SA" itself founded jointly by Areva with the state of Niger.

5

http://www.world-nuclear-news.org/ENF_Imouraren_uranium_stake_for_Kepco_1112091.html CHINA Areva has strong and direct links to China, via its subsidiary AREVA Dongfang. The French company has been present in China for 30 years and employs 3500 people in the country. The group participated in building 6 of China’s 11 operating nuclear plants. They recently signed agreements with China covering reactor design and the supply of nuclear components. Read this - http://www.areva.com/servlet/cp_chine_21_12_2009-c-PressRelease-cid-1261150647722-en.html Key sentence: ‘The group hails the joint declaration from France and China, calling for industrial cooperation between the two countries in the nuclear sector.’ But if anyone doubts the need for Areva to feed China with U308, this article should make it unequivocal – China seals $12bn deal for Areva uranium (Nov 07) China's global quest to secure uranium supplies received a boost when Areva, the French nuclear company, agreed to supply African uranium for at least the next 14 years. Areva will also build, operate and supply two nuclear reactors in the southern province of Guangdong.

The €8bn ($12bn) deal with state-owned China Guangdong Nuclear Power Corp, the biggest commercial nuclear power contract on record, included at least 23,000 tonnes of uranium on top of an annual supply of about 600 tonnes to the two reactors, both of which had previously been announced.

With its ambitious plans to build dozens of reactors and more than double nuclear power capacity in the next 12 years, China is the fastest-growing uranium consumer in the world. http://www.kazatomprom.kz/en/news/1/China_seals_12bn_deal_for_Areva_uranium Key observation: Only 35% of this uranium will come from Areva’s UraMin resources – Areva are committed to supply around 15000 tonnes of U308 from other deposits.

CHINA AND GUINEA

All the attention is on Mauritania, but Hanson Westhouse point to history to suggest that China may partner with Forte at Firawa in Guinea -

Chinese companies investing in Guinea is not a recent phenomenon going back to the 1950s when the newly independent Guinea was an isolated socialist state. Given China’s appetite for resources including uranium at the moment, Chinese companies are obvious candidates to either acquire, JV and/or agree off-takes with Firawa. However, there are many other significant candidates should Forte wish to attract a partner or sell the assets.

6

FRANCO-CHINESE COOPERATION Franco-Chinese cooperation in the nuclear sector illustrates a long-term industrial partnership - For more than 20 years, French industry (via AREVA, Alstom, EDF) has played a predominant role in creating a number of Chinese civilian nuclear power plants (Daya Bay, Ling Ao). The future construction of two PWR reactors in China will make it possible to strengthen this partnership for the long term.’ http://www.diplomatie.gouv.fr/en/country-files_156/china_506/france-and-china_5691/economic-relations_5696/index.html FRANCE’S GLOBAL AMBITIONS France seeks foreign cash to grow nuclear sector (DEC 09) PARIS - France pledged 1 billion euros ($1.5 billion) to support next generation reactor design and said it would seek foreign capital to back its move to the forefront of nuclear energy expansion. The investment is part of a 35 billion-euro spending plan French President Nicolas Sarkozy unveiled on Monday aimed at improving France’s competitiveness.

The new nuclear projects, dubbed fourth generation reactors, would recycle uranium and plutonium, creating less waste, he told a press conference. As concerns rise over dwindling oil supplies and the environmental hazards of global warming, nuclear energy, which produces almost no carbon dioxide, has come back into vogue.

The French government, which owns majority stakes in both nuclear reactor maker Areva and utility giant EDF, is trying to position France as the market leader in designing and running these power plants. http://www.khaleejtimes.com/DisplayArticle08.asp?xfile=data/international/2009/December/international_December778.xml&section=international HOW MIGHT AREVA STRENGTHEN TIES TO FORTE? Let’s look at how Areva have behaved with some other uranium explorers/producers in which they held a stake. SUMMIT RESOURCES - April 07 (to December 09) Uranium miner Summit Resources entered into a strategic alliance with Areva. Under the alliance, Areva would subscribe for shares in Summit (10.5%), giving it marketing rights over two-thirds of Summit's uranium production from its Australian projects. This did not stop Summit accepting a takeover from Paladin Energy – which has only

7

just been resolved: http://ca.news.finance.yahoo.com/s/03122009/2/biz-finance-uranium-producer-paladin-energy-resolves-dispute-shares-areva.html URAMIN - August 07 Areva successfully bid $2.5bn for London listed uranium miner UraMin, who had been focusing on the development of ‘advanced stage exploration projects’ at Trekkopje in Namibia, Bakouma in the Central African Republic and Ryst Kuil in South Africa. The company also has a number of exploration projects in Chad, Niger, Senegal, Mozambique, Bakouma and Canada. Areva already owned a 5.5% stake in the company. They valued UraMin’s U308 at a whopping $16/lb. And the reason for the takeover? That ‘diversification’ word came up again - The deposits identified by UraMin in South Africa, Namibia and the Central African Republic should result in an annual production of more than 7000tU after 2012, according to Areva. "The commissioning of these projects will also enable Areva to further diversify its production resources to secure its customers' uranium supplies over the long-term," the company said. http://www.world-nuclear-news.org/newsarticle.aspx?id=13802 MARENICA ENERGY - December 09 (BERKELEY – January 2010) Two pieces of recent news here. Areva has effectively swapped its interest in Uranium Explorer Berkeley Resources for Polo's stake in MEY - Areva Acquires 10.6% Stake in Marenica Energy (476m shares) In late December 2009, the French-based multinational industrial and nuclear energy giant, Areva NC, has agreed to acquire a 10.57% interest in Marenica from Polo Resources PLC. Areva, has a majority interest in the Trekkopje Uranium Mine, which is located less than 30km from the Marenica Project. The proximity to Areva’s existing mine, added to existing infrastructure in Namibia, makes commercial sense, and many suspect that Areva will ultimately acquire Marenica, who are due to upgrade their resource soon. They currently have 38.6 Mlbs uranium at an average grade of 150-160 ppm (up from 34 Mlbs at 140 ppm). The grade is not quite clear as they make a difference between indicated resources (170 ppm) and inferred resources (140 ppm) The final resource upgrade is due in January 2010 and is expected to lift the overall resource somewhere in the 45-50 Mlbs category. It should be noted that MEY own 80% of their Namibian resource, while Forte own 100% of their own licenses. http://www.mineweb.co.za/mineweb/view/mineweb/en/page674?oid=95881&sn=Detail Berkeley Resources terminates Areva off-take agreement (Jan 2010) Berkeley Resources, the Australian mining group behind plans to develop uranium projects in Spain, has cancelled a provisional off-take agreement with Areva NC that was first signed back in March 2006. Berkeley did not give reasons for the move but did say that as a consequence, any

8

rights previously granted to Areva for off-take or marketing of uranium production from Berkeley's projects have been terminated with immediate effect. It is understood that Areva intends to exercise its Berkeley options and dispose of its entire holding of Berkeley shares. Perhaps because their diversification strategy is now focused on Africa, not Spain? http://www.smallcapnews.co.uk/article/Berkeley_Resources_terminates_Areva_offtake_agreement/8144.aspx 2010 – Areva to start production in Central African Republic Having taken over UraMin Inc, Areva is proposing to develop the $200 million Bakouma project, originally discovered by Cogema (Areva) and more recently taken forward by UraMin Inc of Toronto. It aims to start open pit mining in 2010, at 1200 tU/yr. Resources have been reported as 38,000 tU, though UraMin's web site (October 2007) said 16,000 tU as historic resource estimate reported by a previous owner. Areva Resources Southern Africa holds a 90% interest over ten discrete deposits, the government holds a 10% free carried share, and was disputing some aspects of the Areva takeover of UraMin's rights until an agreement was signed in mid 2008. The news article relating to that dispute from 2008 (below) illustrates Areva’s ability to negotiate with difficult regimes in Francophone Africa, and take a resource into commercial production relatively quickly. It’s taken less than two years to move from defined resource to commercial mine – http://www.energy-daily.com/reports/Areva_signs_uranium_mining_deal_with_Central_African_Republic_999.html POLITICAL CLOUT It would seem that every government/regime has a price, if the resource is commercially attractive. CAR settled for 7%. Mauritania may be no different. Moreover, with the French Government owning a direct majority stake in Areva (and therefore an indirect stake in Forte), the relationship with Areva derisks Forte politically and provides us with some tangible diplomatic muscle. This has been evidenced in Areva successfully negotiating commercial contracts in other African U308 hotspots. WHAT IS FORTE WORTH TO AREVA? We know that Forte has entered into a cooperative agreement with Areva, allowing the latter to negotiate a buy in to the company’s Mauritanian projects if certain size hurdles are met. Remember, the balance of power lies with Forte, who negotiated the terms of this deal. And the agreement only gives Areva the ‘right to talk’. If Areva want to secure ‘first dibs’ on the Mauritanian (or Guinean) resources, they will have to buy in (JV).

9

Under the terms of the agreement, if Forte meets its resource targets, payments to the company could be as much as US$150m, increasing the possibility that it could get to production without the need for additional equity raisings. Brokers also believe that Areva could pay top dollar for Forte’s U308. Matrix said - Areva is the world’s third-largest uranium miner; however, being a vertically integrated nuclear utility, uranium mining only contributes 6% of its total sales, with the remainder coming from downstream fuel enrichment and reactor services. To an extent therefore, Areva may be prepared to pay more for uranium resources than other companies as it can subsidise its mining activities from its larger downstream businesses. Remember, Areva’s last major transaction was the US$2.5bn acquisition of Uramin in 2007, at a price of US$16/lb. While this price was considered expensive at the time, within months, Areva had announced those Chinese reactor development contracts that more than compensated for the purchase price. But Areva’s contracts with UraMin only satisfy 35% of the requisite supply. Meaning Areva needs to find the other 65% from other U308 sources. So while Hanson Westhouse and Matirx use $5/lb to arrive at their SP targets (the industry mean), do not rule out Areva valuing Forte’s U308 at $6-7 or more. And a boon to the spot price might also provide a boon to Forte’s share price. Matrix is already citing an early stage recovery in the sector, and predict that the annual uranium requirement will increase by 230%. VALUATIONS Hanson Westhouse target 19.3p if FTE achieve a maiden resource at Bir En Nar of just 15Mlbs. Matrix Capital target 24p if Forte achieve a ‘highly probable’ maiden JORC of 20Mlbs and upgrade Firawa to a ‘near certain’ 20Mlbs - Although the Forte resource is still small, we view the exploration upside as considerable. Being new to the market, the upside potential is not yet being appreciated. On the basis of results to date on both main projects, we see the current resource being increased several fold in coming months. Our later price target of 24p if 40Mlbs is proven assumes that half of the company’s current cash balance has been employed in further drilling. The expectation is that Forte could delineate 60-80Mlbs in 2010, which has the potential to value the company at roughly 33-44p per share (at $5/lb) on in-situ resources. This rises to a ‘blue sky’ in-situ valuation of around 39-53p (at $6/lb) and 46-62p (at $7/lb) for 60-80Mlbs* These figures do not include any premium from cash injected by Areva, nor do they account for further derisking of FTE should Areva increase their stake/interest. And we know that the likelihood of dilution in 2010 is extremely low.

10

TIMELINE FOR 2010 JANUARY – Completion of drill at Bir En Nar From 4th Jan RNS - 'Resource core drilling program at Bir En Nar set for completion in mid-January. Most of the drilling in the current program has been completed.' IMMINENT – Assay Results from Bir En Nar Assay results from the first samples sent to Canada are expected to be available ‘within days’ according to 4th Jan statement. Samples are transported initially to the Mauritanian capital of Nouakchott to await inspection by the Ministry of Mines before being transported to ALS Chemex in Bamako, Mali for initial preparation. They are then sent to ALS Chemex laboratory in Vancouver, Canada, for multi-element analysis, including uranium. It all hinges on how busy the labs are, and with Forte ‘highly encouraged’ by indications so far, I’d imagine they will be extremely frustrated at any delays. The results, when they are known, will be released to market as and when they get them. ASX rules mandate continuous disclosure to prevent insider trading. END JAN - Airborne surveys over the 9 licenses Detailed radiometric airborne surveys over 9 areas within Forte's Mauritanian licenses scheduled for completion in January 2010. We know that the company is actively pursuing new drill targets in Mauritania. FEBRUARY - Trebled R/C drill at Bir Moghrein Planned R/C drilling program around the town of Bir Moghrein has been tripled from 2000m to about 6000m, or 300 holes, across 14 prospects. This is set to commence February 2010. This will likely include the large Leg Beija anomaly, which is looking pretty exciting and IMHO has the potential to surpass the maiden target at Bir En Nar. Time will tell. END FEBRUARY - $2m cash from divested copper assets Sale of non-core copper assets in W.Australia should complete. More cash in bank. Forte focused solely on North West African Uranium. BY END OF MARCH - Maiden JORC from Bir En Nar The big one, and the first key indicator that FTE are on target to hit 60Mlbs. No wonder they are 'eagerly' awaiting it. 'Maiden JORC resource for Bir En Nar Uranium Project expected to be completed in first quarter of 2010, subject to final assay results.’ Brokers are expecting 20-25Mlbs. FTE have mentioned 30Mlbs as a target in investor presentations. We just don’t know. My own hope is that Forte will be sitting on 40-45Mlbs by June. But brokers have set SP targets of 19.3p (15Mlbs) and 24p on a 20Mlb JORC.

11

APRIL-JUNE - Assay results from Bir Moghrein (?) From 4th Jan RNS: ‘Assays from sampling pits at the encountered anomalies have already been submitted to ALS Chemex, though no results have been received as yet. The Company looks forward to announcing the results of its sampling and R/C drilling programs at Bir Moghrein in 2010.’ I reiterate: The samples from Leg Beija (10km long and up to 500 metres) are of particular interest here. The Feb R/C drill will likely provide further info from Leg Beija. My view: if Forte could be sitting at June with around 30Mlbs JORC on Bir En Nar + ‘highly encouraging’ assays on Bir Moghrein, there is nothing to say that Areva won’t increase their interest in the Mauritanian prospects, regardless of the JV agreement. As others have stated, 50Mlbs at good grades is generally considered to be the figure that tips the balance and makes a U308 find highly attractive to commercially mine. I have no doubt that Mauritania will be proven as commercially attractive in 2010. Ergo, I anticipate that this is the year where Areva will need to make a bold move in order to secure first refusal on the asset: JUNE - Areva Statement of Intent We know that Forte Energy and Areva have agreed to establish a joint venture to develop the Company's Mauritanian assets if a minimum 60-80 million pounds of JORC Code compliant inferred uranium resources are established by June 2010. But Areva could make a move sooner. Nobody envisages that 60Mlbs will be achieved in one hit from Bir En Nar, but it’s not unreasonable to expect that Areva will have seen enough by June to cement their relationship to FTE by either (a) increase their shareholding – which got diluted in the July 2009 placing, (b) inject cash, (c) agree revised timing/terms on a JV – Forte will be much closer to 60Mlbs by then. 2010 - Resource upgrade from Firawa This is currently being worked on, and the 11.6Mlbs is expected to increase substantially. Matrix believe this is a ‘near certainty’ to double. We also know that heap leaching process is viable for Firawa, and increases the likelihood of commercial mining. Firawa could still surprise people. 2010: New Licenses and Project Updates Forte are undertaking a lot of work this year, and communication from the company is very good. We know they are ‘well placed’ to secure other tenements … but realistically, they are only scratching the surface of the ones that they own. Investors should expect potential reserves/prospects to increase this year. 2010: Broker Upgrades? The pencilled news will fundamentally change the outlook for Forte. Hanson Westhouse and Matrix will undoubtedly have to revise their notes. And there is the real possibility that other brokers will initiate coverage. The closer we get to holding 50Mlbs, the more attractive Forte becomes as an investment. We're 'early stage' explorer just now. 50Mlbs+ and we're a potential producer.

12

2010: Forte relocate to London? We know Mark Reilly is in London right now (January). Is he courting institutions / meeting Areva / or just having dinner with Lady Barbara Judge? We know that the lion’s share of recent funding came from ‘sophisticated institutional investors’ in the UK, Europe and North America. And London is now the lead market for Forte. It wouldn’t be unreasonable to think that Forte might bolster their presence in the UK’s financial heartland as it better positions them to court institutional interest. It’s also a train ride to Areva’s front door in Paris. This move makes even more sense now that Forte has divested all assets in Oz. Such a move can only be good for the company. ROBUST CASH POSITION No Nasty Surprises Forte’s cash position is extremely good. One of the worries associated with investing in a junior explorer, particularly in difficult times for the economy, is that the threat of a dilutive capital raising is always round the corner. Forte raised AU$10m in July 09 – and they will receive further millions from divesting their non-core assets in Oz. That is more than enough to see them through 2010, by which time we hope that Areva will have injected cash. Analysts believe that Forte could get into production without the need to raise further capital. This could prove extremely attractive to potential investors. CONCLUSION Do not underestimate the leverage to this small cap explorer that Areva brings. If all goes to plan, there really is no reason why we couldn't test 30p in 2010. That is MY OWN PERSONAL VIEW and not one to base your investment decisions on. I am openly bullish about this share but have no control over the amount of U308 Forte find, and have no influence in their negotiations with Areva. I certainly see no reason for me to sell a single share until June. And even then, this company will likely be a different beast (and one worth holding on to). Should Areva seek to increase their presence in Mauritania (and/or Guinea) in tandem with Forte, it would give us a direct line to Asia and a global market that is hungry for uranium. The next six months could point the way to Forte realizing its ambitions to become a significant player in the global uranium sector.

13

LINKS Hanson Westhouse Broker Note (July 2009) Matrix Capital Broker Note (July 2009) + Proactive Investor Articles http://www.forteenergy.com.au/Investor-Services/Press-Articles-and-Broker-Reports RECENT PRESS 26/02/09 - Forte Energy Has Cleaned Up Its Act And Now Looks To Be One Of The Better Positioned Uranium Juniors – ‘There’s a different air about Forte now. The company’s non-executive deputy chairman is Lady Barbara Judge who is also non-executive chairman of the UK Atomic Energy Association. Forte will be now able to open doors in London, and in the world of business and high finance generally that some smaller capitalized companies don’t even know exist.’ http://www.minesite.com/nc/minews/singlenews/article/forte-energy-has-cleaned-up-its-act-and-now-looks-to-be-one-of-the-better-positioned-uranium-juniors.html 09/06/09 - Cashed-Up Forte Energy Is Poised To Deliver JORC Uranium Pounds Aplenty In West Africa – ‘The Bir En Nar project in Mauritania will ultimately prove to be the company maker.’ http://www.minesite.com/nc/minews/singlenews/article/cashed-up-forte-energy-is-poised-to-deliver-jorc-uranium-ounces-aplenty-in-west-africa.html 26/10/09 - Forte Energy: Strategically Positioned In Africa’s Emerging Uranium Districts –‘The race is most certainly on for Forte to successfully delineate the required resource to enable them to trigger the JV with Areva. All indications would suggest that the Mauritania licenses hold in excess of 60Mlbs of U3O8. It is also worth noting that Forte own the full rights to the Guinea licenses (including Firawa) and have no agreements in place with Areva regarding these deposits. Therefore if analyst estimates were to come true and 40Mlbs of U3O8 could be delineated from Firawa, Forte Energy would seriously move up the junior uranium league table.’ http://www.proactiveinvestors.co.uk/companies/news/9450/forte-energy-strategically-positioned-in-africas-emerging-uranium-districts--9450.html 10/11/09 - Forte Energy Drills Steadily On Towards Its Target Of 60 Million Pounds Of Uranium In Mauritania – ‘Forte looks likely to hit the start of 2010 on a roll, with plenty of news flow, and plenty of cash still left in the bank too. The wider picture remains bullish. It’s not really any wonder that nuclear power-dependant France, in the shape of Areva, wants to lock in supply from areas like Bir En Nar. In the years to come, supply may become a lot, lot tighter.’ http://www.minesite.com/nc/minews/singlenews/article/forte-energy-drills-steadily-on-towards-its-target-of-60-million-pounds-of-uranium-in-mauritania.html 10/11/09 - Uranium’s Glowing Opportunity – ‘The Geiger Counter fund is looking to invest in the next generation of uranium producers, but doesn't see too many on the horizon. Nuclear powered stocks: Forte Energy has been drilling with exploration results pointing to a significant uranium province in Mauritania. Analysts expect Forte to publish a Mauritania resource statement early next year, and the company already has a resource of 11.6m pounds at a project in Guinea.’ http://www.investorschronicle.co.uk/MarketsAndSectors/Sectors/article/20091110/c999fc3c-cd29-11de-9040-00144f2af8e8/Uraniums-glowing-opportunity.jsp

14

DISCLAIMER This document has been prepared by a Private Investor in Forte Energy. It is in no way an instruction to Buy, Hold or Sell shares in this company. * Moreover, prospective valuations for 60-80Mlbs resource are rough estimates only, based on 567m shares in issue, and in-situ values of $5-$7 U308. They do not take into account other current or future assets/liabilities.