Uranium Sector Review Exploration, Development & Production · Financial Data ... a 10.6% strategic stake in MEY Dec '09. ... Uranex NL UNX Advanced Exploration/PFS UNX is intensifying

Uranium Sector ReviewExploration, Development & ProductionMarch Quarter 2010

Resource Capital Research


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Resource Capital Research ACN 111 622 489

Uranium Sector ReviewMarch Quarter 2010

Resource Analyst (Uranium): John Wilson

Resource Analyst: Dr Tony ParryResource Analyst: Dr Trent Allen

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.

22 March 2010


March Quarter 2010 Disclaimer and disclosure attached. Copyright© 2010 by Resource Capital Research Pty Ltd. All rights reserved. 2

Contents Contents.............................................................................................................................2 Overview and Investment Comment .......................................................................................3 RCR March Quarter Featured Company Summary .....................................................................4 [Industry Background and Analysis…………………………………………………………………………………………………………] Comparative Charts..............................................................................................................6 Financial Data .....................................................................................................................7 Company Statistics...............................................................................................................7 Reserves, Resources and Historic Mineralisation .......................................................................8 Valuation and Performance Data ............................................................................................8 Exploration, Development and Production Companies

African Energy Resources Limited .................................................................................9 [Black Range Minerals Limited..................................................................................... .] [CanAlaska Uranium Limited ........................................................................................ ] [Deep Yellow Limited .................................................................................................. ] Energy and Minerals Australia Limited ......................................................................... 11 Energy Resources of Australia Limited* ....................................................................... 13 Extract Resources Limited ......................................................................................... 15 Greenland Minerals and Energy Limited ....................................................................... 17 [Marenica Energy Limited ............................................................................................ ] Monaro Mining NL .................................................................................................... 19 Paladin Energy Limited*............................................................................................ 21 Peninsula Minerals Limited......................................................................................... 23 Toro Energy Limited ................................................................................................. 25 [Uranex NL................................................................................................................ ] UR-Energy Inc ......................................................................................................... 27 [White Canyon Uranium Limited ................................................................................... ]

The Resurgence of the United States Domestic Uranium Industry: Who Said it Couldn’t Happen? ..29 [Uranium Price Fundamentals ................................................................................................ ] [African Uranium Projects: Australian and Canadian Companies.................................................. ] [Uranium Company Share Price Performance Tables ................................................................. ] Report Contributors............................................................................................................35 Disclosure and Disclaimer.................................................................................................... 36

* Indicates companies with detailed financial projections and valuation available.

[This is the Abridged Report version of the March Quarter RCR Uranium Sector Review. The purchase price of RCR March quarter reports (uranium, gold and iron ore) which includes the Comprehensive version of the Uranium Sector Review (94 pages) is A$2,200. There is also a Subscriber Report version (for uranium, gold and iron ore) which is available for A$110. Contents and purchase details can be found at www.rcresearch.com.au]



Overview and Investment Comment

Equity market performance The market valuation of Australian companies with one or more uranium projects is up 6% over the past month, up 8% over the past 3 months, and up 173% over the past 12 months. This compares with Canadian companies with one or more uranium projects, up 6% over the past month, up 16% over the past 3 months, and up 136% over the past 12 months. In the past 1 month, the uranium mining majors have had mixed share price performance, with DML being the standout performer to the upside: Cameco (CCO) is down 8% (3 month performance -16%), Denison Mines (DML) is up 16% (3 month performance +44%), Uranium One (UUU) down 14% (3 month performance -8%), Energy Resources of Australia (ERA) up 3% (3 month performance -14%) and Paladin (PDN) up 1% (3 month performance -1%). The Merrill Lynch Uranium Equity Index (a basket of uranium equities) is up 8% over the past month, up 4% over 3 months and up 24% over the past 12 months. Uranium price outlook The uranium spot price is currently trading at US$41.25/lb, down 8% from 3 months ago (US$45.00/lb) and compares with US$52.50/lb at year end December 2008. The Fund Implied Price (FIP) is US$42.50/lb, which compares with US$41.40/lb at year end December ‘08. The FIP has generally been a good leading indicator of near term spot price performance. RCR’s outlook for the uranium price over the next 3 to 6 months is to continue to trade in the US$40 to US$45/lb range. Our view is in part informed by the FIP, which at US$42.50/lb suggests modest further near term upside from the recent spot price low of US$40.50/lb. Since August 2009 the FIP has been reasonably stable, trading in a range of ~US$40/lb to ~US$49/lb. In the absence of unexpected exogenous shocks we anticipate no strong drivers to influence the market outlook through 2010. Utility purchases remain discretionary though timing of demand from long term Chinese inventory build remains a factor with potential to influence short term market trends. The long term contract uranium price is US$60.00/lb. It is down from US$70/lb Dec ’08, though has been relatively stable, compared with the more thinly traded spot market price, since peaking at US$95/lb from May ’07 to March ‘08. World planned and proposed nuclear power reactors Currently there are 436 nuclear power reactors in operation and 53 under construction. There are 469 new nuclear reactors planned or proposed globally as of Feb ’10, up from 376 (+93 units, +25%) Dec ‘08. A total of 67 new reactors are scheduled to be commissioned by 2016.

The price movement of uranium equities has flattened out following strong gains in equity markets last year and dipped in recent months with the pull back in the spot uranium price. The spot uranium price is currently US$41.25/lb. The Fund Implied Price (FIP), a good leading indicator of the spot uranium price, has traded in a relatively narrow band since early August, from US$40-49/lb. The contract uranium price has remained relatively stable through 2009 - currently US$60.00/lb.



RCR March Quarter Featured Company Summary

AUSTRALIACompany Code CommentAfrican Energy Resources Limited AFR Pre-Feasibility Study

AFR is pushing to expand its uranium resource inventory, with drilling expected in 2Q10 at Sitwe (Zambia) – an 8km uranium in soil anomaly – and Gojwane (Sese Project, Botswana), which is a possible extension to the 158mlb U3O8 Lethlhakane deposit.

Black Range Minerals Limited BLR ScopingBLR is maintaining its intense focus on acquiring 100% (currently 49%) of the Hansen Uranium Deposit, CO (historic ~30mlbs of U3O8), to add to its 60.2mlb U3O8 inventory at adjoining Taylor Ranch. It is also seeking a mining permit for a Taylor / Hansen operation.

Deep Yellow Limited DYL PFS, Advanced ExplorationDeep Yellow believes it has high enough grades (+400ppm) at its Omalaha project in Namibia to underpin its transition from explorer to potential producer with an open cut operation and 2-3 mlbpa heap leach operation envisaged. PFS is underway with completion late 3Q10.

Energy and Minerals Australia Limited EMA Resource DefinitionThe potential for uranium resource expansion at the Mulga Rock Deposits (54.4mlbs U3O8) has been confirmed by the delineation of significant sandstone-hosted mineralisation at Ambassador. A resource upgrade and Scoping Study are expected in 1H10.

Energy Resources of Australia Limited ERA ProducerERA is focused on mining, evaluating and exploring its leases in the highly prospective East Alligator River region (NT). New Ranger projects advancing - heap leach potential from 2013; and exploration decline decision for Ranger 3 Deeps expected mid year.

Extract Resources Limited EXT Advanced explorationExtract's stock price has fallen below our NAV of A$8.00/share, probably due to reduced takeover speculation. This seems unjustifed - why wouldn't a major seek control of this potential ~600mlb resource at up to US$4/lb, which would equate to A$11/share?

Greenland Minerals and Energy Limited GGG Advanced ExplorationThe Kvanefjeld Pre-Feasibility Study forecasts that a US$2.31bn mine could become one of the world's main sources of REE (43.7kt/yr) and uranium (3.9kt/yr U3O8) - current resource includes 283mlbs U3O8. Uranium mining negotiations are ongoing.

Marenica Energy Limited MEY Mid ExplorationMEY holds the Marenica uranium deposit (80% MEY), Namibia. Areva acquired a 10.6% strategic stake in MEY Dec '09. This is a significant vote of confidence in the economic potential of the Marenica project given Areva owns the adjacent producing Trekkopje heap leach project.

Monaro Mining NL MRO Advanced ExplorationDrilling is planned for 2Q10 at two US uranium projects: Rio Puerco (NM) and Apex-Lowboy (NV). Resources 12.3mlbs U3O8. Leveraged to +US$8m spend by JV partners, including drilling March '10 at a promising grassroots gold project (Bernard, AZ).



AUSTRALIA (cont.)Company Code CommentPaladin Energy Limited PDN Producer

PDN has growth potential at African operations to 13.8mlbspa U3O8 (up from 8.5mlbs) from 2014. Langer Heinrich Stage 2 nameplate production achieved of 3.7mlbspa U3O8; Kayelekera nameplate production of 3.3mlbspa expected during 2Q10. PDN valuation A$4.40/share.

Peninsula Minerals Limited PEN Prefeasibility StudyPEN is advancing the prospective Lance ISR project in Wyoming. Key resource and economic data are expected 2Q10. BFS expected 1H11; production potential 2012. A significant re-rating of PEN's share price is anticipated as project parameters are confirmed 2010.

Toro Energy Limited TOE BFS, Scoping Study and ExplorationCashed-up Toro is creating value on three fronts: progressing the Wiluna (WA) BFS (potential 1.6mlbpa production 2013), developing Wiluna as a regional uranium hub, and actively exploring in WA and NT (A$4.5mpa). We have a medium term price target of A$0.18/share.

Uranex NL UNX Advanced Exploration/PFSUNX is intensifying efforts in Tanzania; Manyoni heap leach PFS expected 3Q10; initial trenching underway at Itigi over a very large and intense radiometric anomaly; and Mkuju River - resource definition drilling at Likuju North - best intercept 4Q09, 6.3m @ 0.14% U3O8.

White Canyon Uranium Limited WCU ProductionThe Daneros Uranium Mine (Utah) could be running at 55ktpa in March 2010. A toll treatment plan has been set with White Mesa Mill: stockpile processing planned for April 2011. Exploration drilling is expected in 1H10 - regional target 10mlbs U3O8.

CANADACompany Code Comment

CanAlaska Uranium Ltd CVV Mid ExplorationCVV has a large strategic land position (1.13m Ha) in the Athabasca Basin. A C$10m exploration program is underway Jan - Apr 2010; drilling 5 projects, planning > 50 holes on increasingly refined targets. Since Sept '04 CVV has spent over C$60m on exploration.

Ur-Energy Inc URE PermittingURE is a near-term uranium producer, with its Lost Creek ISR project (WY) expected to operate from early 2011 subject to permitting. Production could ramp up to 1mlbs/yr U3O8, with costs <US$25/lb. Resource inventory is 26.4mlb U3O8 targetting additional 24-28mlbs.



Comparative Charts

Explorers' forecast exploration budgetsfor March quarter, 2010

0 5 10 15 20

White Canyon Uranium Limited

African Energy Resources Limited

Black Range Minerals Limited

Monaro Mining NL

Greenland Minerals and EnergyLimited

Marenica Energy Limited

Ur-Energy Inc

Uranex NL

Energy and Minerals AustraliaLimited

Paladin Energy Limited

Toro Energy Limited

Peninsula Minerals Limited

Deep Yellow Limited

CanAlaska Uranium Ltd

Energy Resources of AustraliaLimited

Extract Resources Limited

US$m

Three month share price performanceto March 22, 2010

-40

-30

-20

-10 0

10

20

30

40

50

Monaro Mining NL

White Canyon Uranium Limited


Deep Yellow Limited

Energy Resources of AustraliaLimited

Greenland Minerals and EnergyLimited

Toro Energy Limited

Extrac t Resources Limited

Paladin Energy Limited

CanAlaska Uranium Ltd

Ur-Energy Inc

Energy and Minerals AustraliaLimited

Black Range Minerals Limited

Uranex NL


Marenica Energy Limited

%

Uranium company exploration and evaluation budgets are robust. A number of companies are supporting large infill drilling programs for PFS and BFS stage projects as they move toward production decisions.

Share price performances were mixed over the past few months as a fall in the spot uranium price exerted downward pressure on the sector. Specific company outperformance typically was driven by project news flow or corporate activity.



Financial Data

COMPANY Aust

Can

ada

USA

Euro

pe

othe

r

List

ed

optio

ns

Share Price (LC$/share)3

2 FullyDiluted

MarketCap Book

EnterpriseValue

ExchangesCode Status1 Yr End 52 week Current Shares Opt+W2 C. Notes2 Shares (undiluted) Cash Debt Value (Undiluted)22 March 2010 Hi Low (m) (m) (m) (m) (LC$m)3 (LC$m)3 (LC$m)3 (LC$m)3 (LC$m)3

AUSTRALIA (A$)

African Energy Resources Limited AFR E June ASX No 0.24 0.02 0.08 283 18 0 301 24 6.8 0.0 21 24 Black Range Minerals Limited BLR E June ASX BLRO 0.11 0.03 0.05 638 109 0 748 29 6.0 0.0 17 29 Deep Yellow Limited DYL E June ASX No 0.47 0.12 0.23 1126 42 0 1168 259 31.3 0.0 133 259 Energy and Minerals Australia Limited EMA E June ASX EMAO 0.41 0.18 0.23 388 67 30 485 87 5.6 0.0 9 87 Energy Resources of Australia Limited ERA P Dec ASX No 28.28 17.66 19.84 191 0 0 191 3784 252.1 0.0 997 3784 Extract Resources Limited EXT E June ASX TSX No 11.45 3.19 8.11 243 1 0 243 1967 82.6 0.0 192 1967 Greenland Minerals and Energy Limited GGG E Dec ASX GGGO 0.94 0.17 0.49 231 176 0 407 113 15.6 0.0 57 113 Marenica Energy Limited MEY E June ASX FSE NSE No 0.28 0.07 0.16 455 66 4 524 73 3.9 0.0 8 73 Monaro Mining NL MRO E June ASX OTC FSE No 0.16 0.06 0.06 137 5 5 146 8 1.0 0.0 13 8 Paladin Energy Limited PDN P June ASX TSX NSX No 5.52 3.24 3.95 717 14 82 813 2833 475.3 794.4 1152 3627 Peninsula Minerals Limited PEN E June ASX PENO, PENOA 0.06 0.02 0.05 1376 360 0 1736 66 4.2 0.0 39 66 Toro Energy Limited TOE E June ASX No 0.29 0.10 0.13 965 22 0 987 125 58.9 0.0 133 125 Uranex NL UNX E June ASX No 0.58 0.17 0.32 96 6 0 102 31 1.6 0.0 13 31 White Canyon Uranium Limited WCU P June ASX No 0.45 0.15 0.19 206 0 0 206 39 10.4 0.0 38 39

Total: Australia 955.2 794.4 2823 10233

CANADA (C$)CanAlaska Uranium Ltd CVV E April TSX.V OTC FSE No 0.24 0.10 0.16 172 46 0 218 27 2.4 0.0 51 27 Ur-Energy Inc URE I Dec TSX NYSE No 1.39 0.60 0.82 94 8 0 102 77 40.8 0.0 91 77

Total: Canada 2.4 0.0 51 27

Total: (US$)4 872 723 2619 9339

(1) P: Producer; E: Explorer; I: Imminent - includes companies with bankable feasibility studies and likely to be in production 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: 0.91; CAN/USD: 0.98

Exchanges

Company Statistics

COMPANY

(A) Exploration (L.C.$m)7 (B) Corporate (L.C.$m)7Drilling ('000 m)Code Land (A)/(A+B) %22 March 2010 ('000 ha)6 Dec-09 Mar-10 2010 2011 Dec-09 Mar-10 2010 2011 Dec-09 Mar-10 2010 2011 Dec-09 2010 2011

AUSTRALIA (A$)

African Energy Resources Limited AFR 915 8.7 0.5 16.6 15.5 1.0 0.2 2.2 1.7 0.7 0.4 1.9 1.6 33.3 52.9 51.5Black Range Minerals Limited BLR 7 3.8 3.8 15.0 15.0 0.4 0.4 1.7 3.8 0.4 0.4 1.4 1.4 50 55 73Deep Yellow Limited DYL 6,427 50.2 30.0 160.2 160.0 4.7 5.0 19.7 24.0 1.1 0.9 3.6 4.0 85 85 86Energy and Minerals Australia Limited EMA 325 28.1 10.0 58.1 40.0 2.5 3.0 8.3 8.0 0.2 0.3 1.3 1.2 90.9 86.8 87.0Energy Resources of Australia Limited ERA 8 5.0 5.0 20.0 30.0 7.0 7.0 28.0 28.0 3.1 3.0 12.1 12.3 70 70 69Extract Resources Limited EXT 270 35.0 40.0 155.0 160.0 8.2 16.5 47.5 60.0 1.4 1.6 6.5 6.4 91 88 90Greenland Minerals and Energy Limited GGG 211 1.0 1.0 8.0 4.0 2.1 0.7 7.1 2.4 1.9 1.5 6.5 6.0 30 52 29Marenica Energy Limited MEY 83 2.6 3.5 23.3 4.5 1.4 0.8 5.6 3.8 0.3 0.6 3.2 2.4 56 64 61Monaro Mining NL MRO 300 1.5 1.0 3.5 2.0 0.7 0.5 2.3 2.0 0.7 0.5 2.0 1.2 50 53 63Paladin Energy Limited PDN na 25.0 25.0 105.0 100.0 3.0 3.0 12.0 12.0 9.0 9.0 36.0 36.0 25 25 25Peninsula Minerals Limited PEN 272 10.0 10.0 40.0 40.0 2.1 3.3 12.9 21.0 0.6 0.5 2.0 2.0 87 87 91Toro Energy Limited TOE 4,216 6.0 6.5 25.5 26.0 2.5 3.0 10.3 16.0 0.7 0.9 3.4 4.2 77 75 79Uranex NL UNX 2,180 5.5 8.0 30.5 22.0 2.2 2.0 6.4 4.0 0.5 0.5 2.2 2.0 80 75 67White Canyon Uranium Limited WCU 4 0.0 0.0 2.5 10.0 0.0 0.1 0.4 1.0 0.4 0.4 1.7 1.4 13 20 42

Total: Australia 182 144 663 629 38 45 164 188

CANADA (C$)CanAlaska Uranium Ltd CVV 1,130 1.0 20.0 30.8 12.5 1.6 5.5 13.8 15.0 0.8 0.7 2.8 2.6 89 83 85Ur-Energy Inc URE 26 20.0 20.0 80.0 80.0 0.2 1.0 4.0 4.0 1.4 1.3 5.0 5.0 44 44 44

Total: Canada 1 20 31 13 2 6 14 15

Total: (US$)4 36 47 163 185

(6) To convert hectares to acres, multiply 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 COMPANY Total - Gold Production

Code Status1 Other Other Other Equivalent3 Commencement22 March 2010 Mlb kt Mlb kt Mlb kt Mlb kt (Moz) Year

AUSTRALIA

African Energy Resources Limited AFR E 0.0 0.0 7.7 3.5 0.0 0.0 7.7 3.5 0.3 naBlack Range Minerals Limited BLR E 0.0 0.0 60.2 27.3 58.8kt (Cu) 14.7 6.7 74.9 34.0 2.8 naDeep Yellow Limited DYL E 0.0 0.0 6.2 2.8 39.2 17.8 45.4 20.6 1.7 naEnergy and Minerals Australia Limited EMA E 0.0 0.0 54.4 24.7 0.0 0.0 54.4 24.7 2.0 naEnergy Resources of Australia Limited ERA P 231.4 105.0 401.4 ^ 182.1 ^ 0.0 0.0 632.8 ^ 287.0 ^ 23.7 1981Extract Resources Limited EXT E 0.0 0.0 292.2 132.5 0.0 0.0 292.2 132.5 11.0 naGreenland Minerals and Energy Limited GGG E 0.0 0.0 172.6 78.3 0.0 0.0 172.6 78.3 6.5 naMarenica Energy Limited MEY E 0.0 0.0 67.9 30.8 0.0 0.0 67.9 30.8 2.5 naMonaro Mining NL MRO E 0.0 0.0 12.3 5.6 1.0 0.5 13.3 6.0 0.5 naPaladin Energy Limited PDN P 90.7 41.1 335.3 152.1 35.1 15.9 370.3 168.0 13.9 2008Peninsula Minerals Limited PEN E 0.0 0.0 0.0 0.0 6.1 2.8 6.1 2.8 0.2 naToro Energy Limited TOE E 0.0 0.0 31.8 14.4 13.2 6.0 45.0 20.4 1.7 naUranex NL UNX E 0.0 0.0 32.9 14.9 0.0 0.0 32.9 14.9 1.2 naWhite Canyon Uranium Limited WCU P 0.0 0.0 0.0 0.0 1.4 0.6 1.4 0.6 0.1 2009

Average: Australia

CANADACanAlaska Uranium Ltd CVV E 0.0 0.0 0.0 0.0 0.5 0.2 0.5 0.2 0.0 naUr-Energy Inc URE I 0.0 0.0 26.4 12.0 3.3 1.5 29.7 13.5 1.1 2011E

Total/Total Average 322 146 1501 681 114 52 1847 838

(1) P: Producer; E: Explorer; I: Imminent - includes companies with bankable feasibility studies and likely to be in production 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: SAMREC

(3) For uranium only. Assumes a uranium price of US$41.25/lb and a gold price of US$1100/oz * Mineral resource estimates are inclusive of the mineral reserve. ^ ERA reserves are in addition to resources.

(All Mineralisation)1

Total Uranium (U3O8)

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

Reserves (Equity)2 Resources (Equity)2Historical/Mineralised Material

(Equity)2

Valuation and Performance Data COMPANY EV-Cash EV-Cash EV-Cash

Code P/Book P/Net Cash /Reserves /Res'v+resources /Total U3O8 Spot Contract FIP22 March 2010 (x) (x) US$/unit US$/unit US$/unit 41.25 60.00 42.50 1 month 3 month 6 month 12 month Hi Lo

AUSTRALIA

African Energy Resources Limited AFR 1.1 3.5 na 2.0 2.0 5 3 5 -2 -27 -1 na 65 265Black Range Minerals Limited BLR 1.7 4.8 na 0.34 0.28 1 1 1 0 7 -35 13 57 36Deep Yellow Limited DYL 1.9 8.3 na 33.41 4.56 81 56 79 -8 -22 -39 92 51 100Energy and Minerals Australia Limited EMA 9.5 15.6 na 1.37 1.37 3 2 3 5 5 -10 13 51 100Energy Resources of Australia Limited ERA 3.8 15.0 13.89 8.01 8.01 19 13 19 3 -14 -22 4 30 12Extract Resources Limited EXT 10.3 23.8 na 5.87 5.87 14 10 14 3 -2 -14 157 29 154Greenland Minerals and Energy Limited GGG 2.0 7.3 na 0.51 0.51 1 1 1 -16 -9 5 188 48 188Marenica Energy Limited MEY 9.5 18.4 na 0.92 0.92 2 2 2 0 39 -3 158 43 139Monaro Mining NL MRO 0.6 8.2 na 0.53 0.49 1 1 1 -14 -33 -25 -33 61 3Paladin Energy Limited PDN 2.5 -8.9 31.62 8.55 7.74 21 14 20 1 -1 -13 18 28 22Peninsula Minerals Limited PEN 1.7 15.6 na na 9.27 na na na 2 17 0 174 21 182Toro Energy Limited TOE 0.9 2.1 na 1.90 1.35 5 3 4 4 -4 -41 33 54 30Uranex NL UNX 2.4 19.5 na 0.81 0.81 2 1 2 -7 14 -16 78 57 31White Canyon Uranium Limited WCU 1.0 3.8 na na 18.75 na na na 12 -28 -27 9 57 31

Average: Australia 22.76 5.35 4.42 13 9 13

CANADACanAlaska Uranium Ltd CVV 0.5 11.4 na na 50.10 na na na 0 0 -29 39 32 60Ur-Energy Inc URE 0.9 1.9 na 1.34 1.20 3 2 3 -9 4 -13 34 41 37

Average: Canada na 1.34 25.65 3 2 3

Total/Total Average 15.17 4.68 6.66 11 8 11 -2 -3 -17 61 43 82

Valuation (%) of U3O8 Price (USD)Res'v+resources

(%)

Share Price Performance Current Share Price

% off 12 month




0.24

Debt (A$m) - Mar 10FEnterprise value (A$m)

Avg monthly volume (m)Cash (A$m) - Mar 10FPrice/Cash (x) Cash (A$m)Price/Book (x) Listed company options: Net asset backing (Ac/share)

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

Njame (Chirundu JV)Gwabe (Chirundu JV)

Mineralised Material (est., non compliant with JORC)

Contacts DirectorsDr Frazer TabeartManaging Director F Tabeart (Managing Dir)Tel: +618 6465 5500West Perth, WA, Australia V Chitalu (Non Exec)

-

57

282.80

2

7.01.7

7.1

1.60.6

7.82.55.3

27,200915

7.6

11.1

0.0Mlb

3.4

-2,100

5.0

ZambiaZambia

^ AFR JV with Albidon Exploration. AFR earning initial 30% for A$1m spend at each project.

Early Expl.RollfrontAldershot

U3O8

Ktppm

100

18.71.6

JV ProcessType

RollfrontEarly Expl.

Rollfrontnana

Analyst: Dr Trent Allen

0.02770% 5.7 1000.028

Convertible notes (m) 0Fully diluted (m)Market capitalisation (undiluted) (A$m)

23.8915Land holding ('000 ha)

5.6

Tenement costs ($k per year)4 Capital raisings (A$m) 0.04.2

1

915--

Major shareholders: Energy Ventures Ltd (37%), 915Stanlib (7%) -

AFR.AU

18

UraniumZambia, BotswanaPre-Feasibility StudyExchanges: ASX:AFR

Capital Profile

22 March 2010

52 week range (A$/share) to

Options and warrants (m)

Share price (A$)

Number of shares (m) Exploration and evaluation (A$m)283

0.080.023

Corporate (A$m)

Year End: June

Drilling - Other/Diamond (m)0

1.223.8 282.80.0

282.8301

18,3000Drilling - RAB (m)Shares on issue (pr end) (m shares)

0

033Exploration/(Expl.+ Corporate) (%)Funding duration at current burn (years)

282.7

59 53

174.50.50

A$ 0.08

Production and Financial Forecasts

0.19 1.702.16

African Energy Resources Ltd

AFR is pushing to expand its uranium resource inventory, with drillingexpected in 2Q10 at Sitwe (Zambia) – an 8km uranium in soil anomaly –and Gojwane (Sese Project, Botswana), which is a possible extension tothe 158mlb U3O8 Lethlhakane deposit.

2010F

0.40 1.93

Mar-10F

0.98

Dec-09a

100%

0

2011F

05008,600

0.69 1.60

0

0.20

2009a

2

8.2

Route

13.0

100

U3O8

4.8

%

2.04.2

Investment Points

1.2 Cash backing (Ac/share)5.6 0.9

9.1No

Reserves

Meas, Ind and Inf

U3O8

Ore(JORC)

Reserves and Resources/Mineralised Material

70%

Focus on +200km uranium-prospective strike in KaribaValley, southern Africa, exploration budget A$2-3m FY10.

Chirundu JV (Njame and Gwabe, Zambia): Sediment-hosted uranium. Potential mining within 2 years of BFS,opex US$26-31/lb (Jun '09), capex ~US$100m.

Njame deposit (7.6mlbs U3O8) and Gwabe (3.5mlbs);combined resource 11.1mlbs at 0.027% U3O8 (Oct '09),60% is Measured and Indicated.

Sese (Botswana): Greenfields uranium discovery - nearLetlhakane (ASX:ACB, 158mlbs U3O8). Recent results(Gojwane) incl. 19m @ 0.032% U3O8. Infill drilling 2Q10.

Drilling 8km surface uranium discovery at Sitwe (NorthernLuangwe Valley, Botswana) in 2Q10.

Well funded, debt free: A$4.2m raised at A$0.15/share in4Q09, plus US$0.75m JV payment 1Q10 from Albidion.

K ib V ll JV t Chi d ith 100k

70%

A Cooke (Exec Chair) Ownership/

Meas, Ind and Inf

B Fry (Exec)

Classification

Albidion RollfrontRollfront

www.africanenergyresources.com MP Curnow (N Exec)

Funding from JV partners (A$m)

U3O8

0.04

6.02.1

Code for reporting mineral resources - Australian:

7.1

4.0

0.5

Mt EquityCut OffProjectUranium

Resources^

7.1

Company Comment

0.0

Zambia

0.0

BFSStatus

0.0Mlb

U3O8 Eqty

3.5

na

0.0

U

Target

0.027

heap l. (2.3mtpa)Partner

[email protected]

na

Mid. Expl.

Luangwa

Adv. Expl.

Zambia

0.0

U BotswanaAlbidon

Metal

naU

na

OptionProject

0.0

Location

Key ProjectsProject

^ Measured and Indicated Resources at Chirundu are 7.4mlb, or 85% of total.

Bungua Ridge JV

Chirundu JV

UU

51%/70%

100%SeseKariba Valley JV^ 30/70%

Overview: AFR listed on the ASX Apr ’07. Tenements are in southern Africa’s Karoo Basin uraniumprovince, which is prospective for sedimentary roll-front and calcrete-hosted uranium deposits.Chirundu JV (uranium, Zambia): Joint venture with Albidon (ASX:ALB), AFR 70%. The NjameDeposit has a – 7km x 1.5km radiometric anomaly first identified in the late 1970’s. Uraniummineralisation forms tabular zones within Escarpment Grit sediments. JORC resource for Njame is 13mt@ 0.026% for 7.6mlb U3O8 down to 40m to 50m depth. Of this, 4mlb is at Njame North and 2.4mlbs is atNjame South (Oct ’09). The nearby Gwabe Deposit was a greenfields AFR discovery. JORC resourceis 3.5mlb @ 0.028% U3O8 defined at shallow depths (3-29m). The combined Njame and Gwaberesource is 11mlb U3O8 (Oct ’09). Targets drilled in 4Q09 included Siamboka (5km x 0.6km radiometricand soil anomaly), where intercepts included 2m @ 0.071% U3O8 – further drilling is possible in 2010. Chirundu JV pre-feasibility study: (Apr ’08) was based on satellite open pits with acid heap leach andindividual ion-exchange plants (RIX), resins trucked to central plant at Njame. Base model 1.3mlbpaU3O8 for 5-6 years. Initial capex US$68m for Njame and US$21m deferred at Gwabe (deposits minedsequentially), or a total US$100m including contingencies. PFS opex (US$30-40/lb U3O8) was revised inJun ’09 to US$31/lb at Njame and US$26/lb at Gwabe, with Njame more expensive due to higher miningcosts (strip ratio). Target is US$22-$25/lb. A mining trade-off study (2Q09) favoured surface mining overdrill & blast or free dig. Metallurgy is ongoing, with uranium recoveries of ~85% at Njame, ~70% at morerefractory Gwabe. A mining licence (ML) for 248km2 was granted in Oct ’09. A full Bankable FeasibilityStudy is on hold until the resource base can support +10 years production (currently, 7-8 years). Kariba Valley JV (Zambia), 80km SW of Chirundu and part of the same geological system, Kariba has100km strike, with 42km of radiometric anomalies. There is mineralisation at Chisebuka (0.012-0.482%U3O8) and Namakande (total strike 20km, up to 0.295% U3O8 in rock chips). Drilling at Namakande inNov ’09 returned intercepts of <1m but there is potential for areas of thickening. The Mutanga deposit(Denison, 7.8mlb U3O8 M&I) lies between Chirundu and Kariba – potential to consolidate. Sese Project (uranium, Botswana): 50km south of Francistown, <5km from highway and railway,Adjacent to Letlhakane sedimentary uranium deposit (ASX:ACB; 158mlbs U3O8 @ 0.015%). Drilling atthe Gojwane Prospect on 400m x 200m spacing (4,512m, Oct-Nov ’09) found a possible northernextension to Lethlhakane. Mineralisation occurs in a 2km x 3km area, with intercepts including 4m @0.04% U3O8 from 51m depth and 19m @ 0.032% from 29m. Infill drilling in 2Q10. Other targets to betested include Foley (7km x 7km of laterites overlying sediments), up to 0.049% U3O8). Northern Luangwe Valley (Zambia): At the Sitwe prospect, soil sampling and geological mapping in4Q09 defined an 8km-long, strike-parallel uranium anomaly. Exploration RC drilling is planned for 2Q10.Investment Comment: AFR is known for the high prospectivity of its African uranium ground, much ofwhich is under shallow cover. Ongoing exploration and infill drilling (~17,400m in FY10) has had successand this is likely to continue, with a near-term focus on Gojwane/Sese (adjacent to Lethlhakane) andSitwe. As a pure uranium play, AFR’s share price is highly leveraged to the uranium price, and the sizeand confidence levels of its resource inventory. We maintain our target price for AFR, of A$0.20/sharefully diluted, based on an NPV (10% discount) of A$61m with the current resource, and explorationupside valued at A$25m (a possible 100mlb at A$0.025/lb). AFR will likely require a strategic partner toassist with project development and help it access the uranium contract price.



AFR valuation derived from Chirundu prefeasibility study (2Q08) and subsequent opex update (Jun ’09) as part of BFS. Exploration upside has been valued at a nominal US$0.025/lb for an undiscovered 100mlbs.

AFRICAN ENERGY RESOURCES VALUATION

TargetUranium Price (Low) (High)

Resource/Target Valuation A$m A$m A$mProjects (mlbs) US$/lb

+ Chirundu (Njame + Gwabe)* 7.4 3.24 21 21 21+ Expansion/satellites (for 10 yrs prod) 4 2.29 8 0 61+ Regional Exploration 25 5 55

Sub Total 54 26 137* Chirundu Measured and Indicated

+ Cash 5.6 5.6 5.6+ Tax Losses 2.4 2.4 2.4- Corporate 2.4 2.4 2.4

Sub Total 5.7 5.7 5.7

AFR NET ASSET VALUE 60 32 143

Capital StructureShares 283 283 283Fully Diluted Shares 301 301 301

AFR NET ASSET VALUE PER SHARE :A$/share 0.21 0.11 0.50AFR NET ASSET VALUE DILUTED :A$/share fully diluted 0.20 0.11 0.47

CHIRUNDU URANIUM PROJECT (based on PFS, Jun '09 opex guidance and potential satellite expansion)Equity

LONG TERM URANIUM PRICE^ :US$/lb 30 50 70 90 110

EXCHANGE RATE :AUUS 0.80 0.80 0.80 0.80 0.80

CHIRUNDU URANIUM NPV @ 10% NOMINAL* :A$m 70% 29 37 53 68 84CHIRUNDU URANIUM NPV @ 10% NOMINAL* :US$m 70% 23 30 42 54 67NPV/SHARE :A$/share 0.10 0.13 0.19 0.24 0.30

* Includes a pre prefeasibility study project discount of 30% of the project valuation: 30%^Uranium price forecasts are US$60/lb from 2Q10 to 4Q17, thence long term price indicated.

CHIRUNDU URANIUM PROJECT KEY ASSUMPTIONS*

RESOURCE ESTIMATES

Mt % MlbsConceptual Uranium TargetNjame (Chirundu, meas + ind resource) 6.4 0.029 5.2Gwabe (Chirundu, meas + ind resource) 4.9 0.029 3.5Expansion to 10yr Life Of Mine 11.0 0.029 7Total 25 0.029 16

MINING METHOD Open Pit, Surface Miners

PROCESS METHOD Dedicated Uranium PlantAcid Heap Leach and Ion-Exchange Precipitation

PRODUCTION RATE :mtpa 2.3:mlbspa 1.3

CAPITAL COSTS :US$m 100 Njame $67.8m, Gwabe $20.6m after 3 yrs, + contingencies.RECOVERY - URANIUM :% 70-85 Njame 85%, Gwabe 70%OPERATING COSTS :US$/t 11.9-17.4

US$/lb 26-31TAX :% 30 (potential for further fiscal incentives to lower tax rate)MINE LIFE :Years 10 Current resources will support 7-8 years.TARGET COMMISSION DATE : 1Q12

* 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 ongoing Bankable Feasibility Study.

Valuation Sensitivity

Sensitivity

Uranium



Energy and Minerals Australia Limited

0.41

Debt (A$m) -Mar 10FEnterprise value (A$m)



ReservesResourcesMulga Rock Deposits Ambassador Inferred Emperor Inferred Shogun Inferred

TotalHigh grade


Contacts DirectorsMr Chris DavisManaging DirectorTel: 61 (0) 8 9389 2700West Perth, WA, Australia

Analyst: Dr Trent Allen100% U na sandstone

[email protected]

Minigiwal naU

24.1

Process

Drilling - Other/Diamond (m) 20,000

Tenement costs ($k per year)325

5,000 15,751325

Early Expl

961.0

8.00

20,000

26.44.8

Aus (WA)

200

0.0

sandstone

12.02.2

0.050

RouteAdv Expl

na

387.9

4.00.055

700

0.06324.1

10.9

11.6

%

1.26

417.9

Mlb0.0

42,367

325

20,000

325

The potential for uranium resource expansion at the Mulga RockDeposits (54.4mlbs U3O8) has been confirmed by the delineation ofsignificant sandstone-hosted mineralisation at Ambassador. Aresource upgrade and Scoping Study are expected in 1H10.

Energy and Minerals Australia Limited

2011F

8.26

00

0.387

1.20Corporate (A$m)Exploration/(Expl.+ Corporate) (%)Funding duration at current burn (years)

91

A$ 0.23

2010F


Year End: June

291.0

0.24 23.000.30

387.9

91

387.9

Dec-09a0.23

388to

22 March 2010

2009a

2.53 3.00Exploration and evaluation (A$m)

Mar-10F

Fully diluted (m)Market capitalisation (undiluted) (A$m)

0.0

Share price (A$)

Number of shares (m)0.175

M Few ster (82%)

52 week range (A$/share)

Exchanges: ASX:EMA

Capital Profile

87.348530


Major shareholders:

Performance Shares (m)

Drilling - RAB (m)Shares on issue (pr end) (m shares)

21,0005,00027,367

EMA.AU

67

Uranium, Base Metals, GoldAustralia (WA)Resource Definition

Mlb

Lignite

200

Status

54.424.544.6

na

16.5

325

Aus (WA)

Kt

0.6

0 03.2

0.0

23.3

na

Capital raisings (A$m)0Funding from JV partners (A$m) 0

2.4


9.60.8

5.6

15.0

23.3

U3O8 Eqty

0.0

U3O8 U3O8

2.3

10.4

- --0.0

--0.03

87.3

10.3

Cash backing (Ac/share) 2.5

Classification

0.05.6 0.015.6

Investment Points

9.5EMAO

1.69.41.42.4

0.62.4

EMA's initial development focused on uranium - FY10development and exploration budget A$10m.

Mulga Rock Deposits (MRD): first revenue streamuranium, with potential from, Ni, Co, Au and lignite/oil.

MRD: JORC Inferred Resource of U3O8 is 54.4mlbsgrading 0.055% (24.1mlbs high grade) in lignite.

Potential for U3O8 resource expansion, includingsandstone-hosted uranium (possible ISR), based onAmbassador driling in 4Q09 (27,367m air core).

Recent Ambassador assays include 10.4m @ 0.17%U3O8 and defined extensive sandstone-hosted uranium.

MRD timetable: Scoping Study and uranium resourceupgrade and expansion 1H10; production 2H13.

Pipeline of adjacent grassroots projects, prospective forMRD-style mineralisation and palaeochannel uranium.

www.eama.com.auS Penrose (Non-Exec) U,ligniteC Davis (MD) 100%Mulga Rock DepositM Fewster (Exec)

Key Projects

Narnoo regional

Location

24.10.0 0.0

Ownership/Type

Aus (WA)Early Explnana

Early Expl Aus (WA)

54.4200

Mt

4.826.4

Gunbarrel100%100% na sandstone

U3O8

Code for reporting mineral resources - Australian: (JORC)

0.106

6.1

Project Option Metal PartnerU,Ni,Co

ppmCut OffOre

Company Comment

751Land holding ('000 ha)

ProjectUraniumU3O8

100%

Equity

ProjectJV TargetP Golding (Chairman)

100%100% 0.059

Overview: Energy and Minerals Australia listed in the ASX in May ’08. It holds 3,397km2 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 PNCExploration (Japan) and developed as a uranium deposit – it had an historic, non JORC resource of46,500t U3O8 at grade 0.11% U3O8. It is comprised of three known deposits – Ambassador, Emperor andShogun. Current JORC Inferred Resource (Jan ’09) is 24.5kt (54.4mlbs) U3O8 grading 0.055% at200ppm cut-off, or 10.9kt (24.1mlbs) U3O8 grading 0.106% at 700ppm cut-off. The resource is based onhistoric assays and uranium-equivalent grades from EMA radiometric data. Aside from uranium,commodities include nickel and cobalt (e.g. 0.5m @ 2% Ni and 0.9% Co from 44m depth) and gold (1m@ 1.1g/t from 69m depth). Mineralisation evolved via the deposition of metals from enrichedgroundwater. Host rocks are sediments and lignite below a clay cap, at shallow depths (40m to 70m). Aircore drilling at Ambassador (27,367m in 4Q09) could result in an upgrade and expansion of the ligniteuranium resource and establish a sandstone-hosted resource. Assays include 10.4m @ 0.17% U3O8,with intervals of nickel to +1% and cobalt to +0.3%, with significant zinc, REE and scandium. Thepresence of sandstone-hosted uranium beneath the lignite-hosted resource has been confirmed in twobodies. Ambassador 4 measures 3km x 0.4km (open); average grade thickness value from 76 holes is0.27%m eU3O8 .Ambassador 1A measures 1km x 0.19km (open); average grade from 21 holes is0.31%m eU3O8. Metallurgical studies show high recoveries of uranium using acid leach and solventextraction. Recoveries: Co/Ni, 40/60%; U, 80-99%. Detailed test results (ANSTO) for lignite andsandstone mineralisation, based on 200mm core samples, are expected in April ‘10. Other WA tenements: Narnoo (surrounding the MRD), Minigwal and Gunbarrel, are prospective forMRD-style, calcrete and palaeochannel uranium deposits - drilling is planned, subject to permitting. Development and timetable: Considerable historic work was done on the MRD, including surveys forNative Title, flora-fauna and radioecology. Permitting and baseline studies are ongoing. The firstproduction target is Ambassador, for which a uranium and base metal (Ni-Co) resource upgrade isexpected in 1H10. A Scoping Study (Coffee Mining) is under way and should be completed in mid2010, targeting +7 years mine life at a production rate of 1ktpa U3O8. All three known MRD will beincluded in the study. Mining could commence in 2013; the possibility of ISR is being considered for thesandstone-hosted U3O8. EMA’s budget has increased to A$10m for FY10, including A$3m for resourcework and A$1m for metallurgy, funded by a A$12.16m capital raising in 3Q09 (A$0.21/share). Investment Comment: After an extensive works program at Ambassador in 2009, EMA is approachingMRD project milestones in 1H10, potentially including multiple resource upgrades and expansions foruranium (in lignite and sandstone) and other commodities, and detailed metallurgy. A Scoping Study(mid 2010) that demonstrates favourable economics would be an important achievement, and could leadthe share price back towards A$0.40 from its current strong support at A$0.20.



EMA holds 3,397km2 in the Yilgarn Craton and Eucla Basin region of WA. Its tenements are prospective for uranium, base and precious metals, specialty metals and lignite. The polymetallic Mulga Rock Deposits

(MRD), part of the Narnoo project, have uranium mineralisation of 54.4mlbs U3O8 (JORC inferred, Jan ’09).

Outline of sandstone hosted uranium mineralisation at Ambassador: recent drilling has defined two bodies

of sandstone-hosted uranium beneath the known lignite-hosted mineralisation, which could contribute significantly to a resource upgrade and boost the project economics. A Scoping Study is expected in 1H10.



Energy Resources of Australia Limited*

28.28

Debt (A$m) - Mar 10FEnterprise value (A$m)Major shareholders: Rio Tinto (68.39%);

Avg monthly volume (m)Cash (A$m) - Mar 10FPrice/Cash (x) Drilling - RAB (m)Price/Book (x) Listed company options: Land holding ('000 ha)*

*Ranger only. Quarters refer to calendar year.

Jabiluka

Jabiluka

JabilukaRanger 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

A$ 19.79

45,000

258

Mlb

2012F

EqtyU3O8

-

Inferred

Stockpile

100%

100%

Uranium acid leach

- -

14.5

U3O8

Project

57,674

Exploration and Evaluation (A$m)

Ranger No. 3 pit Proved and Probable

Ranger No. 3 pit Measured and Ind.

6.25

Sub total

100%

Target

EV/EBITDA (x)

17.028Dividends (A¢/share) 5460

PER (x)

Yield (%)

13.87.5

2.8%8.2

2.7%7.7

28.0

12.813.9 12.6

7.728.0

477273

116

393329

154CFPS (A¢/share)

ERA is focused on mining, evaluating and exploring its leases in thehighly prospective East Alligator River region (NT). New Ranger projectsadvancing - heap leach potential from 2013; and exploration declinedecision for Ranger 3 Deeps expected mid year.

5,189 394

5,137 5,296

294


ERA offers 100% exposure to uranium production andexploration in Australia (NT).

ERA is the world's fourth largest uranium producer, miningat Ranger (NT) since 1981.

Ranger 3 Deeps exploration development decisionexpected 2-3Q10 (75mlbs;10mt @ 0.34% U3O8).

Ranger heap leach EIS expected 2Q10; DFS 4Q10.Production potential 1Q13. 15-20kt U3O8 resource.

Legacy uranium contracts declining: 2009 realised priceUS$50.84/lb (+56%) compared to US$32.53/lb (2008).

ERA growth potential includes further reserve increases atRanger, Jabiluka, regional exploration success andleverage to higher realised uranium prices.

Jabiluka mining lease granted - awaiting developmentconsent from traditional land owners. 12 year mine life.

NPV valuation is A$20.27/share.

8.21.4%

30.08.2

14.5P/CF (x)

29.0

Capital ProfileShare price (A$)52 week range (A$/share)

Fully diluted (m)

Number of shares (m)Options and warrants (m)Convertible notes (m)

Equity Production (t)

137

2011F

5,240

Net Profit (norm) (A$m)EBIT (A$m)

YEAR END: Dec

143291

271

ERA.AU

0

22 March 2010UraniumAustralia (NT)ProducerExchanges: ASX:ERA

191to

2008a

241

2009a 2010F

5,339 213

No

BlackRock Investment Management (5.03%)12

15.0252.1

3,775

3,775 191

19.7917.66

0

%Classification

427

28.0

50

20,000

119

%

(JORC)

148.9

Drilling - Other/Diamond (m)7.9

U3O8

7.9

33.3

Mt Equity

7.9

0.200.060.08

30,000

ktCut Off

401.4

36.2

22.3

21.936.24

81.0

9.916.4

21.9

Uranium

0Market capitalisation (undiluted) (A$m)

-

Proved and Probable

7.9

126.80.53

Aus (NT)Pending

0.0

Location

401.4

EPS (norm) (A¢/share)

Investment Points

3.8

Company Comment

49.1

OreCode for reporting mineral resources - Australian:Uranium

0.20 57.5 126.810.938.0

142.70.0

0.02 17.244.5 0.04182.1

Unconformityna

Key Projects

100%

Metal

Ranger No. 3 pit0.20

0.12100% 0.36Measured and Ind.

0.02Inferred 100%

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

0.00.0

Ownership/ JV Process

RangerProject

David Skinner (IR - Rio Tinto) C. Salisbury (Non Ex Dir)Tel: 61 (0) 8 8924 3500 (ERA) R. Atkinson (Director)

Tel: 61 (0) 3 9283 3628 (RIO) R. Carter (Non Exec Dir) JabilukaProduction

172

0.25

142

U3O8

2.5%

241

7.9

-

148.9

Resources (in addition to reserves)

Ranger Stockpile

Sub total

Reserves100%100%100%

15.1

41.5

0.24

0.4913.8 67.721.4


Energy Resources of Australia Ltd

6.82.0%

14,933

8.2

Mlb

39

4.54

100%Partner

na UnconformityOption Type

0.00

8.0

0.13

P. Taylor (Non Exec Dir)www.energyres.com.au H. Garnett (Non Exec Dir)

Analyst: John [email protected]

0.11

J. Pegler (Non Exec Dir)

74.7

Darwin (NT), Australia

Cut Off*178.5178.5

Routeacid leach

Project

38.0

0.02

231.4105.1

0.10

Aus (NT)

231.4

33.349.1

Status

ERA - Energy Resources of Australia Ltd

10.00

12.00

14.00

16.00

18.00

20.00

22.00

24.00

26.00

28.00

30.00

Mar

-09

Apr

-09

Jun-

09

Jul-0

9

Aug

-09

Sep

-09

Oct

-09

Nov

-09

Dec

-09

Jan-

10

Mar

-10

Shar

e Pr

ice

($/S

hare

)

Source: Bloomberg

Overview: ERA has mined ore and produced uranium oxide at Ranger (NT) since 1981. Ranger is theworld's second largest uranium mine with normalised production of ~5.5kt of U3O8 per year, equivalent to12% of global uranium mine supply. ERA also holds title to the Jabiluka deposit 22km north of Ranger. Ranger No. 3: Ranger is an open cut mine scheduled to operate till 2012 after which stockpiled ore willbe processed through to 2020. ERA is reviewing potential for a larger pit extension (containing 8kt U3O8)or possible underground and plant expansion. Expansion options include de-bottlenecking of thecrushing and grinding circuit and a heap leach – potential production 2013 (to treat additional 15k to 20ktU3O8 within current pit and on stockpiles; EIS submission expected 1H10, DFS expected 4Q10). Ranger3 Deeps’ development decision is expected 1H10 for an underground decline to allow for closer spacedexploration drilling. Subject to approvals, the decline could commence 1H10. Ranger 3 Deeps resourcetarget is 15m-20mt containing 30k-40kt U3O8, mineralisation - defined over 1.2km strike (open to thenorth) and 250m-500m depth. The current pit floor is around 130m deep and reserves are to 180m.Ranger is powered by diesel genset. The laterite plant, commissioned June Q 09 is expected to produce400tpa U3O8 to 2013. Production from a radiometric sorter commenced 2009, aims to bring forwardproduction of a total of 1,100t (~220tpa) U3O8 from 2009 to 2013. There is potential for additional material(categorised as waste) to be treated (approx. 40mt @ 0.04% U3O8). Exploration 2H09 focused onsurface work at Ranger 4 and Ranger 18 South – 10 holes (2401m) were drilled. Jabiluka: The project remains on long term care and maintenance and will not proceed without theconsent of the traditional owners - the Mirrar. All regulatory permits are granted (some may need to bereviewed). We model mine production to commence by 2017, subject to approval. The Jabiluka grademodel was revised in 2007. With optimisation of the existing mine plan reserves increased (Jan ’09,+15%) to 67.7kt U3O8 (grading 0.49%) up from 59kt U3O8 (grading 0.50%) previously. The project ishighly prospective for resource upside and the deposit is open at depth and along strike. Investment Comment: Our NPV valuation is A$20.27/share, (10% discount rate, spot uranium priceforecasts of US$40/lb 2010 to 2017; contract price forecast is US$60/lb from 2010 to 2017 and US$46/lblong term). Net profit after tax for the year ended December 2009 was reported at $272.6m comparedwith $221.8m for 2008. ERA has near term earnings growth potential from rising leverage to the uraniumprice as legacy contracts continue to expire and longer term share price upside from organic growth inreserves and production, and exploration discovery. The 2010 full year result is expected to be in linewith 2009; guidance indicates production and earnings to be significantly skewed to 2H10 over 1H10.



Energy Resources of Australia Ltd

ASSUMPTIONS 2008a 2009a 2010F 2011F 2012F FINANCIAL RATIOS 2008a 2009a 2010F 2011F 2012FA$/US$ 0.85 0.80 0.87 0.82 0.80Uranium Price - Spot (US$/lb) 62 46 43 44 45 Net debt/equity (%) -3% -7% -13% -19% -26%Uranium Price - Contract (US$/lb) 83 66 60 62 63 Net debt/ net debt + equity (%) -3% -7% -14% -24% -35%Uranium Price Realised (US$/lb) 33 51 60 61 56 Current ratio (x) 1.5 3.1 5.2 7.2 7.2

EBIT/interest (x) 49 35 na na naDebt/operating cashflow (%) 0% 0% 0% 0% 0%

EQUITY PRODUCTION Exploration/total overhead (%) 72% 68% 70% 69% 69%Ranger Production (t) 5,339 5,362 5,189 5,296 5,137 EV/EBITDA (x) 14.5 8.2 8.2 6.8 7.7Jabiluka Production (t) 0 0 0 0 0 Market cap/net cash (x) 35.3 14.9 7.9 5.1 3.9ERA Equity Production U3O8 (t) 5,339 5,240 5,189 5,296 5,137 Market cap/book (x) 5.0 3.9 3.2 2.6 2.2Cash Costs (US$/lb) 16.69 17.87 21.81 20.23 20.43

PROFIT AND LOSS (A$m) FINANCIAL SENSITIVITIESRevenues 504 781 797 896 834Operating costs -205 -218 -243 -242 -247 % Change in EPS for a 10% increase in:Depreciation/amortization -47 -67 -66 -79 -65Exploration -29 -30 -28 -28 -28 AUD/USD -36% -27% -19%Corporate -11 -14 -12 -12 -13 Uranium Price 24% 33% 19%Other 2 -59 -53 -58 -54EBIT 213 393 394 477 427Interest 4 11 0 0 0 % Change in NPV for a 10% increase in forecast minelifeOperating profit/loss 209 382 394 477 427 commodity assumptions for:Tax -91 -109 -123 -148 -133 Base + 10%Minorities 0 0 0 0 0 A$/share A$/share %Net profit/loss 119 273 271 329 294 Uranium Price 20.27 22.56 11%Net other 103 0 0 0 0Net profit/loss (reported) 222 273 271 329 294

BALANCE SHEET (A$m) VALUATION (A$m) Q1 10 Cash and deposits 109 254 476 736 979Total current assets 278 449 672 931 1174 Assumptions Base "What if" PP&E 491 470 462 467 444 Long Term Contract Uranium Price (from 2018) :US$/lb 46 70Total non-current assets 893 910 902 907 883 Spot AUUS 0.80 0.80Total assets 1170 1359 1573 1837 2058 ProjectsTotal current liabilities 188 145 128 129 121 Ranger 100% NPV@10% US$16.42/lb 1353 1540 Reclamation reserves 184 199 199 199 199 Jabiluka 100% NPV@10% US$5.21/lb 776 1589 Long term debt 0 0 0 0 0 ResourcesTotal non-current liabilities 224 247 247 247 247 Ranger 100% 238.4 mlb US$5.00/lb 1310 2096Total liabilities 411 393 376 376 369 Jabiluka 100% 163.0 mlb US$2.50/lb 381 837Equity 759 967 1198 1461 1689 Exploration 70 110

AssetsTotal debt 0 0 0 0 0 Cash and deposits 252 252Net debt -107 -254 -476 -736 -979 Rehabilitation Fund 0 0Average shares (fully diluted) (m) 191 191 191 191 191 Other 0 0

LiabilitiesFLOW OF FUNDS (A$m) Debt 0 0EBITDA 261 460 460 555 492 Corporate -78 -78Cash flow from operating activities Reclaimation reserve -199 -199 Operating surplus 297 560 540 629 550 Net Assets 3866 6148 Corporate -11 -14 -12 -12 -13 Net borrowing cost -5 -21 -14 -27 -40 Fully Diluted Shares (m) 191 191 Net tax paid -30 -132 -97 -155 -144 Net assets/share (A$/share) 20.27 32.23 Net exploration paid -29 -30 -28 -28 -28 Other non cash items 185 -114 60 73 93Net cash from operating activities 406 249 450 480 419 Valuation/Reserve lb :US$/lb 13.37 21.26Cash flow from investing activities Valuation/Reserve & Resource lb :US$/lb 4.89 7.77 Capital expenditure -166 -37 -58 -84 -42 Other non cash items 2 0 -28 -28 -28Net cash from investing activities -164 -37 -86 -112 -70 OWNER Share %Cash flow from financing activities Net proceeds from issue of shares 0 0 0 0 0 Rio Tinto 68 Dividends paid -53 -65 -95 -115 -103 Net proceeds from borrowings -98 0 0 0 0Net cash from financing activities -151 -65 -95 -115 -103Net change in cash 90 147 269 253 246

PRODUCTION STATISTICSRanger 100%Ore Treated (kt) 2000 3243 3780 3880 3880Head Grade (%) 0.34 0.20 0.16 0.16 0.15Recovery (%) 88 84 86 86 86Recovered grade (%) 0.30 0.17 0.14 0.14 0.13 The largest 20 shareholders hold 72.82% of the total shares issued.U3O8 Produced (t) 5339 5362 5189 5296 5137Equity Production (t) 5339 5362 5189 5296 5137Cash Costs (US$/lb) 13.49 17.96 21.75 20.23 20.43Production Costs ($/t) 89.32 65.46 65.83 60.87 59.63ERA Share EBIT (A$m) 237.6 456.9 431.0 502.3 441.6

DIRECTOR'S INTERESTS SharesJabiluka 100%Ore Treated (kt) 0 0 0 0 0 R Carter 25,000Head Grade (%) 0.00 0.00 0.00 0.00 0.00Recovery (%) 0 0 0 0 0Recovered grade (%) 0.00 0.00 0.00 0.00 0.00U3O8 Produced (t) 0 0 0 0 0Equity Production (t) 0 0 0 0 0Cash Costs (US$/lb) 0.00 0.00 0.00 0.00 0.00Production Costs ($/t) 0.00 0.00 0.00 0.00 0.00ERA Share EBIT (A$m) 0.0 0.0 0.0 0.0 0.0

Year YearYEAR END: Dec

Director




11.45


Avg monthly volume (m)Cash (A$m) - Mar 10FPrice/Cash (x) Cash (A$m)Price/Book (x) ASX/TSX listed options: Net asset backing (Ac/share)

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

Rossing South Zone 1Rossing South Zone 2

Total Resources

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

Contacts DirectorsMr Steven Galloway S Galloway (Non Exec Chair)(Chairman)Tel: 61 (0) 8 9367 2111 N. MacLachlan (Non Exec)South Perth, WA, Australia J Main (Non Exec)www.extractresources.com I Zaamwani-Kamwi (Non Exec)

[email protected]

Project Option Route

302.3 0.044 100

JV ProcessTargetPartner

Early Expl.

0

Adv. Expl, PFS

0.0

Project

NamibiaLocationStatus

Calcrete

82.6

Project

79.2

100% uranium focus in Namibia. Exploration budget~A$50m pa, cash ~A$83m, production potential 2013.

Rossing South ("RS") is a potential >500mlb uraniumdiscovery, Zones 1+2 resource 267mlb (@487ppm).

Updated resource statement due 3Q10, DFS completion4Q10 - targets 15mtpa, 14.8mlbpa uranium operation -60% bigger than current Rossing output.

Still major exploration upside - new zones south of Zone2: 185-285mlb target.

EXT assessing strategic partnership options.

New CEO brings strong pedigree: ex Rio Director andRossing MD.

Our assessed NAV is A$8.00/share, stock is nowundervalued (@ ~US$2.60/lb potential resource).

We think a major would consider paying US$4/lb potentialresource (A$11/share) to seek full ownership.

18.3

Investment Points

7.9 Cash backing (Ac/share)

C McFadden (Non Exec)

Type

Key Projects

Namibia100%

Namibia

1.1

0

NamibiaAdv. Expl, PFS

Mlb0.00.0

67.0

AlaskiteAcid leach

Early Expl.

Alaskite

Resources

na

100

0.045

naU

U

6

No

(JORC)

Ownership/

12.6

100

270- -

270

0.00

2.6

88.94

Cut OffKt

78.9

Equity Mt MlbUranium

040,000

-16.12

270

0.00-

270

6.4090

242.6

155,000

0.01.2242.6

00160,000

1.6088

EXT.AU

18

UraniumNamibiaAdvanced explorationExchanges: ASX:EXT, TSX:EXT

Capital Profile

6.46Convertible notes (m)

Share price (A$)

Exploration and evaluation (A$m)Options and warrants (m)

52 week range (A$/share) to185Number of shares (m)

242.6Fully diluted (m)

Major shareholders: Kalahari Uranium Ltd (40.4%), Rio Tinto Ltd (14.7%)

22 March 2010

8.183.19

0.0Market capitalisation (undiluted) (A$m)

1509.2

1509.2

77.2

0 Exploration/(Expl.+ Corporate) (%)203

Polo Resources Ltd (9.3%), National Nominees Ltd (3.1%).

1.2

Ore U3O8

0

100% 0.02153.3

Company Comment

Corporate (A$m)

A$ 8.18


2011FMar-10F 2009aDec-09a 2010FYEAR END: June

Shares on issue (pr end) (m shares)

85

19.674.32

Drilling - RC/Diamond (m)0

91

229.0

130,000

82

40.9

60.0047.468.20 16.50

Funding duration at current burn (years

Land holding ('000 ha)*

Drilling - RAB (m)242.6

082.6

Capital raisings, net (A$m)Tenement costs ($k per year)

35,000

-49.00

Classification

45.3

028.9

0

34.079.1

27.699.3

UisHildenhofIda DomeRössing South 100%

U

100%

0.0

292.2

U3O8

Reserves

145.066.0

11.4 25.1

0.0

132.8

S Dattels (Non Exec)

A Clayton (Non Exec)

Alaskite

Analyst: Dr Tony Parry100%100%

Ida Dome Indicated & Inferred.

0.0

Acid leach

25.1

noneU

none

none

Metal

none

Indicated & Inferred 100% 147.0

292.2

% ppm

145.0

EXT's stock price has fallen below NAV of A$8.00/share, probablydue to reduced takeover speculation. This seems unjustifed - whywouldn't a major seek control of this potential ~600mlb resource atup to US$4/lb, which would equate to A$11/share?


Reserves and Resources/Mineralised MaterialU3O8 U3O8 U3O8 Eqty


270


1.41

55.4 122.1 122.1Inferred 102.0 0.054 100

Overview: EXT’s exploration for uranium in Namibia has continued to exceed expectations as the world class potential of the major Rössing South discovery (located immediately south of the RIO’s Rössing uranium mine) becomes more evident. Exploration is advancing towards a possible ~600mlb U3O8 total resource based on new targets for additional southern zones. A DFS is underway which targets a 14.8mlbpa operation (production 2013?) which would be the world’s second biggest uranium mine. Rössing South Project – Resource Status: EXT has identified extensive strongly mineralised high grade alaskite which is a major southern extension of the Rössing Mine (RIO 69%) orebody (previously concealed beneath Namib desert cover). To date EXT has identified two initial mineralised zones (Zones 1 and 2) covering a combined 8km strike length out of a total target zone of 15km. Zones 1 and 2: EXT has defined to date an Indicated and Inferred resource of 249mt @ 487ppm for 267mlb contained U3O8 for zones 1 and 2. Infill resource definition drilling is proceeding at a furious pace (16 RC rigs are currently engaged), heading towards an updated resource statement in 3Q10 which will increase the size of the resource as well as upgrade status. Zone Extensions: All zones drilled to date are open at depth and along strike. EXT’s initial drilling southof Zone 2 has intersected uraniferous alaskite with indicative results better than Zone 1 discovery holes.EXT has announced an additional resource target of 210-260mt at grades 400-500ppm to give 185mlb –285mlb contained (to max. 400m depth for the new zones). If the upper limit is achieved (as EXT has consistently done in the past), total Rössing S resource would more than double to >550mlb. Rössing South DFS: As previously reported, GRD Minproc has completed a preliminary cost estimates (”PCE”) based on a conventional acid tank leach 15mtpa operation, for 14.8mlb/year U3O8 production. A DFS is underway (completion 4Q10) which is validating PCE assumptions. Further Metallurgical testing indicates recoveries 90%+. EXT has confirmed that the likely pit design will be to a depth of ~400m, (LOM strip ratio 6.9:1) with a high degree of conversion of resources to mineable reserves expected. Capex quoted of US$704m does not include power, water, site infrastructure – could add US$200m? Board Composition: Johnathan Leslie, an ex Rio Tinto director and former Managing Director of Rössing Uranium, was recently appointed as the new CEO and will join the board of EXT soon. His pedigree looks well suited to guide EXT’s evolution into a major uranium producer, although those keen on the takeover story for EXT may rightly assume that a friendly Rio JV get together is now more likely. Investment Comment: Our preliminary DCF modeling of the GRD Minproc PCE, gives an assessed NAV of A$8.00/share (see next page) assuming long term US$60/lb uranium contract price, US$1.2bn capex and a conservative 30% pre-DFS discount applied to NPV. So why is EXT trading closer toA$7.00, which would value a potential ~600mlb resource at only US$2.65/lb, when corporate transactions in uranium companies have taken place at US$6-US$7/lb in recent years? It seems the market has decided that EXT won’t be taken over by a major (maybe more so now an ex Rio man is CEO) with Kalahari’s 40% blocking stake. This removes much of the speculative upside and brings the market back to NPV’s and a focus on major capital raisings. And the market doesn’t get excited by JV’s with majors, which could represent a sell down without a major premium being paid. Our view is that the stock looksundervalued, and it should be trading closer to A$9/share. After all, why wouldn’t a major pay US$4/lb for this likely massive uranium resource and make Kalahari an offer it can’t refuse at ~A$11/share?



Our Extract Resources valuation is based on Rossing South Project NPV @ 10% nominal discount rate, further discounted by 30% for scoping study level data. Based on EXT’s track record, we have assumed

the 285mlb upper target for new southern zones, valued at @ US$2.50/lb. EXTRACT RESOURCES VALUATION

TargetUranium Price (Low) (High)Resource Valuation A$m A$m A$m

Projects (mlbs) US$/lb+ Rossing South (NPV @ 10%) * 267 (actual) 3.31 961 440 1482+ Ida Dome (resource target) 40 (potential target) 2.76 120 84 180+Exploration - further resource potential ** 285 (upper target) 2.50 774 542 1162

Sub Total 592 2.88 1855 1066 2824

+ Cash (Mar '10) 82.6 82.6 82.6+ Tax Losses 28.3 28.3 28.3- Corporate 19.4 19.4 19.4

Sub Total 91.5 91.5 91.5

EXT NET ASSET VALUE 1947 1158 2915

Capital StructureShares 242.6 242.6 242.6Fully Diluted Shares 243.4 243.4 243.4

EXT NET ASSET VALUE PER SHARE :A$/share 8.02 4.77 12.02EXT NET ASSET VALUE DILUTED :A$/share fully diluted 8.00 4.76 11.98

IMPLIED RESOURCE VALUATION ^ :US$/lb 3.03 1.80 4.5* Includes a scoping study project discount of 30% of the project valuation:** Exploration target is upper level of EXT target range for Rossing S additional resource^ Based on potential resource target of 592mlb.

ROSSING SOUTH URANIUM PROJECT (based on EXT prelim cost estimates, 267mlb resource)Equity

LOW TARGET HIGHLONG TERM URANIUM PRICE^ :US$/lb 30 40 60 80 100

LONG TERM EXCHANGE RATE :AU$/US$ 0.80 0.80 0.80 0.80 0.80

ROSSING SOUTH URANIUM NPV @ 10% NOMINAL* :A$m 100% 138 440 961 1482 2003ROSSING SOUTH URANIUM NPV @ 10% NOMINAL* :US$m 100% 111 352 769 1186 1602NPV/SHARE :A$/share 0.57 1.81 3.96 6.11 8.25

* Includes a scoping study project discount of 30% of the project valuation: 30%^ Uranium long term contract price forecasts are based on US$60/lb until 4Q17, then long term price indicated

ROSSING SOUTH URANIUM PROJECT KEY ASSUMPTIONS*

RESOURCE ESTIMATES GRD Minproc Scoping StudyCurrent Uranium Resource

Mt % MlbsRossing South Zones 1 & 2Prelim. Cost Estimates (GRD Minproc) 249 0.049 267Total 249 0.049 267

MINING METHOD Open Pit to 400m depth, LOM strip ratio 6.9:1

PROCESS METHOD Dedicated Uranium PlantConventional acid leach (same as Rössing)Radiometric sorting

PRODUCTION RATE :mtpa 15.0:mlbspa 14.8

CAPITAL COSTS :US$m 1200 Plus sustaining capex of US$20mpa (US$1.30/t).RECOVERY - URANIUM :% 92 (with radiometric sorting)OPERATING COSTS :US$/t 23.40 (unescalated)

:US$/lb 23.60TAX :% 35.0ROYALTIES :% 3.0MINE LIFE :Years 17 based only on current Zone 1 &2 resourceTARGET COMMISSION DATE : 1H13

* These figures are preliminary in nature and are intended to provide only a general indication of project potential scale and economic robustness. Considerable refinement may result from the current definitive feasibility study which is underway for Rossing South.

Valuation Sensitivity

Sensitivity

Uranium



Greenland Minerals and Energy Limited

0.94

Debt (A$m) - Mar 10F

Enterprise value (A$m)

Avg monthly volume (m)

Cash (A$m) - Dec 09F

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

Price/Book (x)

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

* Uranium prospective properties only.

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

Contacts DirectorsMr Roderick McIllree M Hutchinson (Chair)Managing DirectorTel: 61 (0) 8 9226 1100West Perth, WA, Australia


0.0

Greenland

173

U3O8

128

0.0

Kt Mlb

A$ 0.49

MlbU3O8 Eqty

2010F

4,000

Equity

0.0

-

[email protected]

176

Number of shares (m) 226 Exploration and evaluation (A$m)


U3O8

Fully diluted (m)Shares on issue (pr end) (m shares)

0.0

10.97 2.45

1

29

6.00

1.2

4

73

2.15

Exploration/(Expl.+ Corporate) (%)

Corporate (A$m)

8

1.93

398226.8

Drilling - Other/Diamond (m)

Drilling - RAB (m)

Market capitalisation (undiluted) (A$m)

Major shareholders: GCM Nominees (15.1%), Westrip Holdings (11.2%),110.7

110.7

22.0

6.4

2

21.5 22.0

0

-

Capital raisings (A$m)

Tenement costs ($k per year)

30

243.5

0

243.5 218.5

211

0

1.50

Funding duration at current burn (years)

-

5.0

Land holding ('000 ha)

10.0

10,000

53

211

GGG.AURare Earth Elements, Uranium, Zinc, Sodium FluorideGreenlandAdvanced Exploration

Production and Financial Forecasts Capital Profile

The Kvanefjeld Pre-Feasibility Study forecasts that a US$2.31bnmine could become one of the world's main sources of REE(43.7kt/yr) and uranium (3.9kt/yr U3O8) - current resource includes283mlbs U3O8. Uranium mining negotiations are ongoing.

Citicorp Nominees (9.5%), ANZ Nom. (7.6%), HSBC Custody Nom. (5.4%)

22 March 2010

Exchanges: ASX:GGG

0.17 to

Share price (A$) 0.49

Convertible notes (m) 0

52 week range (A$/share)Dec-09a 2009a^Mar-10FYear End: June

4,000

0

Greenland Minerals and Energy Ltd

211

2011F

56.8

14.8

26.7

6.00

423.36.8

7.6 15.6

10.00.8

1,000

0

-

14.0


Advanced Expl

2.40

31

U3O8

0

4.0

23.6

Project

3.4

1,000

0

Company Comment

Reserves and Resources/Mineralised MaterialU3O8Cut OffOreUranium

0.65

-

211

Cash backing (Ac/share)

211

Funding from JV partners (A$m) 1.6

9.8

6.4

53.6

(JORC)Classification

0

*Also total REO (4.91mt contained @ 1.07%), Zn (0.99mt contained @ 0.22%) and NaF (3.09mt contained @ 0.85% NaF).

0.0

283

ppm%Mt

Reserves

Process

Igneous

457 0.0361%

U, REOMetal Status

Westrip

JV

na

ResourcesKvanefjeld*

ProjectOwnership/

OptionProject

1500.0

TargetRoutePartner

^Financial year end June 30, now changed to December 30.

Type LocationR McIllree (MD)

S Cato (Exec Dir)

Key Projects

Kvanefjeld

Multi-element focus at Kvanefjeld - uranium componentvalued in-ground at ~US$17 billion (US$60/lb) and REEat ~US$49 billion (US$10/kg).

Potential to be one of the world's largest REE and Udeposits - plus economic potential NaF, Zn and Sn.

JORC resource (Jun '09) containing 283mlbs U3

4.9mt REO, 1mt Zn and 3.1mt NaF- defined over 2km x1km, open at depth (>300m) and along strike.

Metallurgical studies are advanced: process flow sheetincludes alkaline/carbonate pressure leach for uranium,and separate flotation and leach for REO.

Pre-feasibility study, Feb '10: processing 10.8mtpa for 23years, producing 43.7ktpa REO and 8.6mlbspa U3 OCapex is US$2.31bn, opex US$41/t. NPV US$2.18bn.

Mineral Resources Act came into force Jan '10,transferring mineral rights from Denmark to Greenland.Actively consulting about issue of uranium production.

Indicated, inferred

15.6

7.1

Investment Points

1.9

GGGO

61%/100%

0.0

T Ho (Non-Exec)www.ggg.gl J Whybrow (Expl Dir)

M Mason (Tech Dir)

Overview: Greenland Minerals and Energy Limited is a Perth based company that listed on the ASX in June 2006 (ASX:GGG). It is evaluating the uranium-rich Kvanefjeld multi-element project in Greenland. Kvanefjeld (uranium, Greenland): The project (80km2) is located on the SW tip of Greenland, at Narsaq. Within the Ilimaussaq alkaline intrusive igneous complex, it is one of the world’s largest undeveloped rare earth elements and uranium deposits. Other potentially economic elements and minerals include zinc, tin and sodium fluoride. Uranium GGG’s ownership of 61% is moving to 90% with A$10m cash payment, and 100% with additional A$50m. The deposit: is a flat-lying slab of disseminated mineralisation, open at depth and in three directions, and accounts for ~10% of the prospective host rock. Current JORC resource (Jun ’09) is 457mt @ 0.028% U3O8 for 283mlbs, 1.07% REO for 4.91mt (includes yttrium) and 0.22% Zn for 0.99mt, with 79% of these in the Indicated category. There is also 363mt @ 0.85% NaF for 3.09mt. The resource covers 2km by 1km and extends from surface to 280m depth. There is significant resource and exploration upside within the ~6km x 4km Ilimaussaq intrusive (e.g. prospects K2-K8). The company expects further resource expansions. Metallurgical and mineralogical tests are at an advanced stage. Current process flow sheet includes alkaline pressure leach (CPL) to remove uranium, recovering 84%, followed by flotation and acid leach to produce REE carbonate (rec. 34%). There is potential to improve recoveries, and to beneficiate the ore prior to the CPL circuit and reduce costs. There is also the possibility of generating a zinc concentrate (ZnS). Fluorine and thorium can both convert to insoluble compounds during CPL. Pre-Feasibility Study (January 2010): is of open cut mining and 10.8mtpa processing, for 43.739kt REO and 3.895kt (8.6mlbs) U3O8. Total capital cost is US$2.31bn including contingency. Operating costs are US$3.83/t mining, US$23.55/t for the CPL uranium circuit (US$29.61/lb at head grade 365ppm U3O8), which includes some of the REO flowsheet, and a further US$13.62/t for the REO circuit (US$3.36/kg at head grade 1.19% REO). In the PFS, construction is scheduled for 2013 and production for 2015. The study places mid-point NPV (10% disc) at US$2.18bn (pre tax), including five year payback and IRR 24%. Assumed base commodity prices are US$80/lb U3O8 (current contract price is US$60/lb) and US$13/kg REO. Break even U3O8 price is US$37.47/lb at 10% discount. A 15% reduction in U price, to US$68/lb, reduces the pre-tax NPV to ~US$1.58bn. RCR’s long term average contract price assumption is US$44/lb but a higher price in this case is reasonable given the potential for scale and consistency of long term supply. A Definitive Feasibility Study could start in 2011. Investment Comment: GGG’s focus is on advancing the Kvanefjeld project in Greenland. The resource of REE and uranium is one of the world’s largest, with huge exploration upside and potential to feed the growing REE market An NPV of US$1.58bn for a PFS-stage project, compared to the current market cap of A$215m, suggests GGG is undervalued. Why the large gap? The effects of dilution while raising US$2.31bn capex must be considered; however, if GGG gets 25% of this in equity at A$1/share, in 2013 it will have ~1bn shares that could be worth +A$1.50. In terms of this value being realised, the market has been waiting on three key milestones: a final process flow sheet, which is now at an advanced stage; a transfer of mineral rights from Denmark to Greenland, which occurred in January 2010; and permission from Greenland for uranium mining, where it is currently banned. Some positive movement on this final front could result from ongoing negotiations with regional stakeholders.



Map of the Ilimaussaq intrusive complex showing the Kvanefjeld deposit and new multi-element targets. Current resource is 283mlbs U3O8, 4.9mt of rare earth oxides, 1mt of Zn and 3.1mt of NaF. Untested

mineralised lujavrite is present in the license area, so resource upside is considerable.

Conceptual process flow sheet for Kvanefjevld: The circuit incorporates an alkaline pressure leach to extract uranium, followed by flotation to concentrate REE minerals, and acid leach to generate a REE

product. A Pre Feasibility Study was released in Feb ‘10 but work on process improvements is continuing.



Monaro Mining NL

0.16




Contacts DirectorsMr Jim MaloneChairman G Barns (Non Exec)Tel: +61 (0) 8 9277 9782Belmont, WA, Australia

Analyst: Dr Trent [email protected] Capitol

Aus (NT)

Mayfieldna

Skarn

Fog Bay / Liverpool 0%/75% U Hapsburg

100%/25% Au,CuMultiple

USA (AZ)

Kyrgyz Republic 25% U Gate Bridge Kyrgyz R.

Structural na Early Expl

Early Expl Aus (NSW)

na Early ExplSst, unconf

Mid Expl

5.2

12.3

11.40.4

Bernard 100%/51% Au,U,Mn Cristol

Inferred 100%

156.7

0.073006.0

Geology

100%

-0.5

U3O8 Eqty

11.4

Mlb

0

0.0

-1.5

naEarly Expl

na USA (AZ)

0.9

Adv Expl

Mlb

Monaro Mining NL

Uranium

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

Project

USA (NV)

0.0

Project

0.9

02,000

Adv Expl

-4.5

U3O8

300

1.1

-

naGranite-sednone

6.6

100% Sandstone

www.monaromining.com.au

U

UnconformityVale

0.0

LocationUSA (NM)

156.7

69

2.00

0.0

Key ProjectsJVJ Malone (Chairman)

PartnerProject

Apache Basin

M Duncan (Non Exec)Route

noneToll

Apex-Lowboy 100% U

Option MetalProcess

Classification/

280

Ownership/

Equity

Inferred

U3O8

Reserves

Type Status

Apex-Lowboy 100% 1.0

Target

0.45

1.0

Metco (32%), ANZ Nom (1%)

0

Ore

10.3

Cut OffKt

0

Tenement costs ($k per year)1.10Funding from JV partners (A$m)

0.00

8.2

9.09.0 8.9

1.71.02.0-1.00.7 1.6

0.4

3,5000

0.09

%U3O8

0

0

1.7

280-

0.0108.4

-Major shareholders: 300

7.2 01,500 1,0000Drilling - RAB (m)

Funding duration at current burn (years)141.7

137

Capital Profile

Exploration and evaluation (A$m)

Year End: June

Number of shares (m)

Share price (A$) 2010F

Advanced ExplorationExchanges: ASX:MRO, OTC:MNOMY, FSE:M2H

Market capitalisation (undiluted) (A$m)

Corporate (A$m)

Fully diluted (m)Deferred acquisition payment^ (m)Options and warrants (m)

8.2145

MRO.AU22 March 2010Uranium, Gold, Base MetalsUSA (UT,NM,AZ), Australia (NT,NSW)

0.501.20

Exploration/(Expl.+ Corporate) (%) 500.50 450

0.662.290.67

0.060.05852 week range (A$/share)

5335

2.052.65

to

0

7

A$ 0.06


2011FMar-10F 2009aDec-09a

Drilling is planned for 2Q10 at two US uranium projects: Rio Puerco (NM)and Apex-Lowboy (NV). Resources 12.3mlbs U3O8. Leveraged to +US$8mspend by JV partners, including drilling March '10 at a promisinggrassroots gold project (Bernard, AZ).



Capital raisings (A$m)

141.70

3.0

Land holding ('000 ha)-

Company Comment

0.6


Apex

Mt U3O8

ppm

Investment Points

0.69.3

Cash backing (Ac/share)No

1.4

Resources

Total

Rio Puerco

Rio Puerco

100%/40% U

5.6

Focused on advancing two established uranium projects topre-feasibility, in USA (New Mexico, Nevada) - budgetA$2.6m for Nov '09 to Jun '10.

Rio Puerco (NM): located in highly prospective GrantsMineral Belt. JORC resource 11.4mlbs U3O8 grading0.09% (Oct '09). Exploration upside on 15km strike.

Apex-Lowboy (NV): resource 0.95mlb U3O8 in area ofhistoric production, near-term 100% upside. Explorationtarget to 10mlb U3O8.

Free carried through US$8.6m ongoing explorationspending by JV partners in Arizona, at Apache Basin(uranium, Vale) and Bernard (Au,U,Mn, Cristol).

Australian base metal projects (Mayfield JV, Captain's FlatJV and others) may be divested in 2Q10.

Capital raising possible mid-2010. Remains undervalued at~US$0.65/lb U3O8 EV/Resource.

1.0

0.0

12.3

Overview: Monaro listed on the ASX in September, 2005. Its main focus is on uranium exploration in theUSA. It also has uranium, gold and base metal Joint Ventures in both the USA and Australia. Rio Puerco Project (New Mexico; uranium): Targeting roll front uranium deposits in Grants Mineral Belt,which has historic production of ~340mlb U3O8. Regional deposits include Mt Taylor (100mlb U3O8, RioGrande Resources, potential ISR) and Roca Honda (33mlb U3O8, Strathmore Minerals, mine/mill permittingat advanced stage). There is a JORC resource at Rio Puerco of 11.4mlb U3O8 grading 0.09% (cut-off0.03%), estimated from historic drilling (795 holes). This includes a high-grade component of 5.8mlbs @0.27% (cut-off 0.1%). The project was first explored in the 1970s; existing infrastructure includes a mine witha 260m concrete shaft and multiple drives. The claim block hosting the resource is 7% of the 48km2 project.Prospective strike is 15km, with 5km continuous. There is an Exploration Target of 1.3mlbs-2.6mlbs U3O8grading 0.05% to 0.20% on blocks adjacent to the resource, with upside to a total 20mlbs. Upgrade andexploration drilling is planned for May ’10, with potential to increase resource confidence to Measured andIndicated status. In terms of development, MRO could co-operate with neighbouring companies, e.g. it mightbe possible to toll treat material at future nearby operations. The deposit could be amenable to ISR. Apex-Lowboy Project (Nevada; uranium): 270km E of Reno. The Apex claims include an historic mine(105klb U3O8 production to 1966, grading 0.25%). Mineralisation is focused on sediment-granite contact.Current JORC resource, based on historic data, of 0.95mlbs U3O8 grading 0.07%, and there is an explorationtarget of a further 500kt grading 0.05% U3O8 for ~570klb. Scoping Study (Jul ’07) is for open cut (strip 2:1)and heap leach, recovery 80% in 48hrs, capex US$24m, opex US$22/lb, IRR 72%. There is uraniumexploration upside at Apex-Lowboy on 12km of strike. MRO has a regional target of 1mlb-10mlb grading0.05%-0.25% U3O8. A radon hydrocarbon soil survey could be used to further guide drilling in April ‘10. Apache Basin JV (Arizona; uranium): Main target is possible unconformity-hosted uranium (e.g. AthabascaBasin). Unconformity targets include Jim and Bull, below known fracture-controlled high grade (0.18-0.19%U3O8) uranium mineralisation at Red Bluff and Sue. The exploration model is being tested by JV partner Vale(NYSE:VALE), which is spending US$3.25m over 3 years to earn 60%. First year spend (A$0.75m) includedairborne geophysics, which defined multiple targets for ground follow-up. Drilling planned for 1H10. Bernard JV (Arizona; U, Au, Mn): 11km2. Cristol Enterprises spending A$5.3m to earn 51%. MRO iscurrently managing the project, on Cristol’s behalf. Target is detachment fault hosted (Copperstone-type)gold. Surface rock chips grade to 9.6g/t Au. Phase-one drilling found anomalous gold and base metal levelsin the target structure. Phase 2 drilling, guided by seismic and magnetic surveys, should commence shortly. Other projects: Monaro is considering a spin-off of its NSW gold and base metals projects in 2Q10. MRO isnegotiating the acquisition of further uranium assets, with known mineralisation, in the southern USA. Corporate: MRO plans to focus a possible mid-2010 capital raising on US investors and reactivate its ADR(American Depositary Receipt) programme. Head office has been relocated to Perth to reduce costs. Investment Comment: Results from the 2010 uranium exploration program should start to flow in 2Q10.There is potential for near-term resource expansion at Rio Puerco and Apex-Lowboy and both should movetowards feasibility studies in 2H10-1H11. Aside from exploration results and resource modelling, share pricecatalysts could include the future award of a uranium mining permit to one of MRO’s neighbours in NM. AtEV/resource of ~US$0.65/lb U3O8 with considerable exploration upside, Monaro remains very undervalued.



Monaro Mining uranium project locations, USA: Apex-Lowboy and Rio Puerco are 100% owned by MRO. Both are advanced exploration projects that include historic uranium mines and have JORC-qualifying

resources. The Apache Basin Project is managed under JV by Vale, which is earning 60%.

Rio Puerco location map: the project lies at the eastern end of the well known Grants Mineral Belt, which has pre-1986 production of >320mlbs U3O8. The region is host to a number of large uranium deposits that

are in the advanced stages of mine permitting. Rio Puerco has resource of 11.4mlbs U3O8 (Oct ’09).



Paladin Energy Limited*

5.52

Debt* (US$m) - Mar 10FEnterprise value (A$m)

Avg monthly volume (m)Cash (US$m) - Mar 10FPrice/Cash (x) Drilling - RAB (m)Price/Book (x) Listed company options: Land holding ('000 ha)* Tranches due 2011 and 2013. ^ EBITDA Quarters refer to calendar year. AU/US:

Resources (includes proved and probable reserves)Langer Heinrich M.Ind.Inf../calcrete 250Kayelekera M.Ind.Inf../sndst-rf 300Valhalla (Mt Isa Uranium) M,Ind,Inf./Ir ox vein 230

250Bigrlyi Ind. & Inf./sndst 500Other (6 projects)^Sub totalMineralised Material (est., non JORC compliant)Angela/Pamela SandstoneOobagooma Historic/sndst.

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

Contacts Directors

Oobagooma

na

22.0 48.3

Status

ISRdormant

.10-.13

Plant

Mt Isa Uranium

Aust (NT)CCO

U SMM91%

Metal (ktpa)

U

Route

convention'lEME, SCX

85%91%

50% na

36.426.1

42.1% 7.6

3627141.3 191.3

23.1335.3

23.3

366.4

0.08

50.8 47.4

35.1

26.4 13.2

9.8

19.9

0.14

65.8 65.8

0.0018

-

Company Comment

PDN has growth potential at African operations to 13.8mlbspa U3O8 (upfrom 8.5mlbs) from 2014. Langer Heinrich Stage 2 nameplate productionachieved of 3.7mlbspa U3O8; Kayelekera nameplate production of3.3mlbspa expected during 2Q10. PDN valuation A$4.40/share.

0.0876.6

10.60.05

31.7

Analyst: John Wilson

Perth, Australia D. Shumka (Non-Ex Dir)www.paladinenergy.com.au I. Noble (Non-Ex Dir)

J. Borshoff (MD) LocationProjectProcess

10.0 21.9 21.912-13

Tel: 61 (0) 8 9381 4366

8.2

S. Llewelyn (Non-Ex Dir)

R. Crabb (Non-Ex Chair)

0.12

100%Paladin Resources Ltd

50.685% 12.6

100%400

101.9

3294

0.04-0.0325.6

-2.2

0

0.92

Paladin Energy Ltd

-36.0-0.06

782-16.7

300.5

1974

2009a

Kt29.913.3

- --

Classification/ Ore

YEAR END: June 2010F

- 12.0

0.11

nmf

0.06

(ppm)250

0.105

3296

0.06

%0.06050.6

Grade

100%

Equity

127.1

KayelekeraProved and Prob.


nmf

Proved and Prob.

Geology Mt

Exploration and evaluation (US$m)

105,000 105,000

12.0-

Sub total

nmf

-

EPS (norm) (US$/share)

nmf

11.7

-0.01CFPS (US$/share)^

nmf0

EV/EBITDA (x)

1245

0.00

Net Profit (norm) (US$m)EBIT (US$m)

0.04

0

2011FShare price (A$)

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

3.97

Capital Profile

2008a3.2452 week range (A$/share) to

PDN.AU

1482


Uranium

Convertible notes (m)

Australia (WA,QLD,NT), Namibia, Malawi, NigerProducer

22 March 2010


0.00104

717

3632.6

2846.9

62.9

0.00nmf

Equity Production (kt)

Market capitalisation (undiluted) (A$m)Fully diluted (m)

P/CF (x)Yield (%)

813

PER (x)722.9

108National Nom (9.01%), JP Morgan (6.57%), CEDE & Co (5.08%)Major shareholders: CDS & Co (19.17%), HSBC Cus. Nom. Aust (17.05%)

Langer Heinrich

432.5

Investment Points

2.5No

Reserves

PDN is 100% focused on uranium. Exploration budget~US$13m expected in 2010.

Langer Heinrich Stage 4 expansion: 10mlbspa; LOM opex~US$25-30/lb U3O8 at head grade 0.06% U3O8; onsitecapex +US$350m. BFS expected 2010. Ramp-up 2H13.

Langer Heinrich stage 2 expansion to 3.7mlbpa U3O8

nameplate throughput achieved Dec '09. Stage 3expansion underway: 5.2mlbpa expected from 4Q10.

Kayelekera ramp-up delay 4Q09: 145klbs U3O8. Nameplate production (3.3mlbspa) expected 3Q10.

Angela and Pamela (NT) resource expected 1Q10.

Advanced stage exploration projects at Isa JV (QLD, PDN90.9%), Bigrlyi (NT, PDN 42%) and Pamela/Angela (NT).

PDN has a strong resource position, a management teamrecognised as industry leaders, and production growth.

Code for reporting mineral resources Aust/Canadian:Project

100,000

Reserves and Resources/Mineralised Material(JORC/NI 43-101)

-

Cut OffUranium (U3O8) Eqty

ConstructionU

Option

KayelekeraLanger Heinrich

85%1500

ProjectJV

Namibia

na convention'l Adv. Expl.

alk. leach1500 acid leach

0.23

100,000

19.8

-

0.29

100,000

130

12.0

166.3

43.2

-

74.4

24.9

Mlb

164.0

95.129.3

350100%

Ind,Inf/ Ir ox vein

U

U,V

naPartner

91%

Malawi Gov.

Key Projects

Skal (S+E, Mt Isa Uranium)

ISR

42%

UU

Bigrlyi

nana

nana

Mid Expl.convention'l

100%100%

6.1

Mr John Borshoff (MD/CEO)

Dividends (US$/share)

Ownership/

Manyingee50%

[email protected] nadormant


Angela and Pamela

0.00

149.8

90.7

37.2

2012F

A$ 3.97

0.20

12.7

0.14

015.7

1626

12.0

164.0

69.943.8

63.6

Mlb

Aust (QLD)Aust (NT)na

14.5 13.2

Production

Aust (WA)Aust (WA)

Malawi

Adv. Expl.

PDN - Paladin Energy Ltd

2.00

2.50

3.00

3.50

4.00

4.50

5.00

5.50

6.00

Mar

-09

Apr

-09

Jun-

09

Jul-0

9

Aug-

09

Sep-

09

Oct

-09

Nov

-09

Dec

-09

Feb-

10

Mar

-10

Shar

e Pr

ice

($/S

hare

)

Source: Bloomberg

Overview: Paladin Energy Ltd is an Australian company listed on the ASX and TSX. It is a mid tier uranium producer with one mine in production (Namibia) and another in commissioning (Malawi). PDN holds 19.3% stake in Deep Yellow (ASX:DYL) and a 19.9% stake in NGM Resources (ASX:NGM). Capital raising A$429m at A$4.60/share Sep ‘09. RCR undertook a site visit to Langer Heinrich June ‘09. Langer Heinrich Mine: Dec Q production was 842klb U3O8 (Stage 2 nameplate production 925klb/qU3O8); nameplate production expected 1Q10. Stage 3 expansion underway; production expected 4Q10targets 5.2mlbspa U3O8 (downsized from 6mlbspa due to water allocation constraints). Capex increase from US$71m to US$99.5m due to changes in scope - announced Jan ‘10. Anticipated design for 0.075% U3O8 head grade. Stage 4 potential expansion to 10mlbspa U3O8 (+92% over Stage 3) with ROM 8mtpa grading 0.06% U3O8. Production is expected to include 1mlbspa U3O8 heap leach (42mt @ 175ppm U3O8). Onsite mill upgrade capex ~US$300m; opex US$25-30/lb; heap leach capex ~US$50m, opex <US$35/lb. Offsite infrastructure for water and electricity is additional and subject to ongoing negotiations. BFS for Stage 4 expected 2010, potential production ramp up from 3Q13. Exploration upside in the region remains positive - PDN extended the defined palaeochannel at EPL3500 3Q09 by 300m west. Kayelekera: Dec Q production 145kt U3O8. Nameplate production 3.3mlbpa U3O8, LOM opex US$25/lb, 9 yr LOM. Ramp up behind schedule due to problems with resin transfer screens – nameplate production expected march ‘10. PDN 2010 guidance 2.2-2.6mlbs U3O8. Pit design optimised at US$30/lb U3O8. Angela and Pamela uranium deposits: (NT, PDN 50%, CCO 50%) Historic work undertaken by Uranerz between 1972 and 1983 identified historic mineralisation of 12kt to 13kt U3O8 with grade thought to range from 0.10% to 0.13%. Initial resource expected Mar Q ‘10. Development potential post 2012. Isa Uranium JV: (IUJV, QLD, PDN 90.95%). Valhalla and Skal (IOCGU deposits). Following resource upgrade 3Q09, PDN managed regional resources now stand at 111.4mlb U3O8 (up from 106.6mlb). Measured and Indicated 66.3mlb U3O8 (at 0.084%). Economic breakeven target ~100-120mlbs. The IUJV has development potential post 2012. Drilling budget 2010: 40,000m; DFS to commence from 1Q11. Areva retains a 10.46% blocking stake in SMM. Investment Comment: We value PDN at A$4.40/share (market long term uranium price US$61/lb and 10% discount rate). The valuation is highly leveraged to the uranium price forecast and our NAV for PDNis A$3.05/share based on RCR’s uranium price forecast (US$60/lb through 4Q17, US$46/lb long term).



Paladin Energy Ltd

ASSUMPTIONS 2008a 2009a 2010F 2011F 2012F FINANCIAL RATIOS 2008a 2009a 2010F 2011F 2012FA$/US$ 0.90 0.75 0.88 0.84 0.80Uranium Price - Spot (US$/lb) 81 51 44 43 44 Net debt/equity (%) 9% 18% 10% 8% 5%Uranium Price - Contract (US$/lb) 93 71 62 61 62 Net debt/ net debt + equity (%) 8% 15% 9% 8% 4%Uranium Price Realised (US$/lb) 67 50 54 57 57 Current ratio (x) 8.3 2.0 6.2 7.0 5.4

EBIT/interest (x) -1 0 2 4 7Debt/operating cashflow (%) na na na 493% 243%

EQUITY PRODUCTION Exploration/total overhead (%) 32% 26% 23% 23% 23%Langer Heinrich Production (t) 782 1226 1483 2095 2376 EV/EBITDA (x) nmf nmf nmf 18.0 13.6Kayelekera Production (t) 0 18 491 1199 1251 Market cap/net cash (x) -11.6 -5.5 -9.6 -10.2 -17.3PDN Equity Production U3O8 (t) 782 1245 1974 3294 3627 Market cap/book (x) 2.0 4.5 2.7 2.0 1.8Cash Costs (US$/lb) 31.19 19.31 27.78 28.23 24.84

PROFIT AND LOSS (US$m) FINANCIAL SENSITIVITIESRevenues 102 115 256 429 469Operating costs -54 -53 -121 -205 -199 % Change in EPS for a 10% increase in:Depreciation/amortization -9 -9 -20 -28 -22Exploration -13 -12 -11 -11 -11 AUD/USD 0% 0% 0%Corporate -28 -35 -36 -36 -36 Uranium Price 0% -300% 45%Other 15 8 5 8 10EBIT -17 -2 63 141 191Interest 28 31 37 39 27 % Change in NPV for a 10% increase in forecast minelifeOperating profit/loss -44 -33 26 102 164 commodity assumptions for:Tax 7 237 0 0 -14 Base + 10%Minorities -1 -96 0 0 0 US$/sh US$/sh %Net profit/loss -36 301 26 102 150 AUD/USD 2.77 2.95 -7%Net other 0 -781 * 0 0 0 Uranium Price 2.77 2.95 7%Net profit/loss (reported) -36 -480 26 102 150* Net adjustment for abnormal impairment charges

BALANCE SHEET (US$m) VALUATION (US$m) Q1 10 Cash and deposits 338 66 428 498 355Total current assets 448 182 566 636 493 NPV Assumptions Base "What if" PP&E 230 458 513 552 552 Long Term Uranium Price (from 2016) :US$/lb 40 70Total non-current assets 2115 1282 1479 1529 1541 A$/US$ 0.91 0.80Total assets 2563 1464 2044 2165 2035 ProjectsTotal current liabilities 54 91 91 91 91 Langer Heirich phase I,II,III, and IV 100% NPV@10% 1252.9 1691.5 Reclamation reserves 0 0 0 0 0 Kayelekera 85% NPV@10% 479.1 622.8 Long term debt 572 572 694 701 455 ResourcesTotal non-current liabilities 1080 741 890 898 652 Kayelekera 85% 12.3 mlb US$7.00/lb 73.3 95.3Total liabilities 1134 832 981 989 742 Manyingee 100% 24.0 mlb US$1.75/lb 42.0 54.6Equity 1429 631 1063 1177 1292 Oobagooma 100% 21.9 mlb US$1.75/lb 38.3 49.8

Isa Uranium (100%; 81.9% SMM) various 85.2 mlb US$5.00/lb 370.6 481.8Total debt 583 586 725 732 486 Angela and Pamela 50% 26.4 mlb US$5.00/lb 66.0 89.1Net debt 245 520 297 234 131 Other + Exploration 125.0 168.8Average shares (fully diluted) (m) 628 636 732 732 732 Assets

Cash and deposits 432.5 483.3FLOW OF FUNDS (US$m) Other 125.0 168.8EBITDA -8 7 83 169 213 LiabilitiesCash flow from operating activities Debt -722.9 -591.3 Operating surplus 41 59 123 209 257 Corporate -121.8 -123.1 Corporate -28 -35 -36 -36 -36 Other liabilities -164.0 -169.0 Net interest paid -25 -40 -49 -54 -40 Reclaimation reserve 0.0 0.0 Net tax paid 0 0 0 0 -7 Net Assets 1996 3022 Net exploration paid -12 -12 -12 -12 -12 Fully Diluted Shares (m) 732 732 Other non cash items 5 20 36 42 38 Net NPV/share (US$/share) 2.77 4.17Net cash from operating activities -18 -8 61 149 200 Net NPV/share (A$/share) 3.04 5.21Cash flow from investing activities Valuation/Reserve lb :US$/lb 22.01 33.32 Capital expenditure -100 -237 -57 -66 -22 Valuation/Reserve & Resource lb :US$/lb 5.95 9.01 Other non cash items -51 -21 -12 -12 -12Net cash from investing activities -151 -258 -69 -78 -34 OWNER SharesCash flow from financing activities Net proceeds from issue of shares 11 6 430 0 0 Dividends paid 0 0 0 0 0 Net proceeds from borrowings 314 -13 13 0 -309Net cash from financing activities 324 -7 443 0 -309Net change in cash 155 -273 436 70 -143

PRODUCTION STATISTICSLanger Heinrich 100%Ore Treated (kt) 1255 1608 2076 3150 3600Head Grade (%) 0.08 0.09 0.09 0.08 0.07Recovery (%) 80 80 80 86 88Recovered grade (%) 0.06 0.08 0.07 0.07 0.07U3O8 Produced (t) 782.3 1206.2 1482.9 2095.1 2376.0Equity Production (t) 782 1206 1483 2095 2376Cash Costs (US$/lb) 35.54 26.69 26.39 25.75 24.84Production Costs ($/t) 48.89 44.15 41.56 37.75 36.15PDN Share EBIT (US$m) 10 55 65 128 145

DIRECTOR'S INTERESTSKayelekera 85% (m shares) %Ore Treated (kt) 0 18 700 1475 1500 Mr. John Borshoff 21.5 3.0%Head Grade (%) 0.00 0.11 0.11 0.11 0.11Recovery (%) 0 80 75 88 90Recovered grade (%) 0.00 0.09 0.08 0.10 0.10U3O8 Produced (t) 0.0 15.7 577.8 1410.4 1471.5Equity Production (t) 0 13 491 1199 1251Cash Costs (US$/lb) 0.00 16.89 22.45 21.24 21.12Production Costs ($/t) 0.00 32.48 40.85 44.78 45.68PDN Share EBIT (US$m) 0 1 39 97 103

Year YearYEAR END: June

Managing Director

Shares




0.06

Debt (A$m) - Mar 10FEnterprise value (A$m)Major shareholders: ANZ Nominees (5.03%)


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

Contacts DirectorsMr. John (Gus) SimpsonChairmanTel: 61 (0) 8 9380 9920West Perth, WA, Australia

2.4

0.0

Resources

Mlb0.0

Uraniumppm

28.8

PENO, PENOA

[email protected]

0.00

Kt

27210,000 20,000

272


Equity

(JORC)

0

Tenement costs ($k per year) -

87

0.00

0

79

1376.10

10,000

0.57

2.8

00.11

1376.1

272

0

2.9


PEN is advancing the prospective Lance ISR project in Wyoming. Keyresource and economic data are expected 2Q10. BFS expected 1H11;production potential 2012. A significant re-rating of PEN's share price isanticipated as project parameters are confirmed 2010.

1.64 21.0012.932.14Exploration and evaluation (A$m)

A$ 0.05


2011FMar-10F 2009aDec-09a 2010F

1.991.94462.1

-35.78

3.5

1356.9

0.6 1.57.6

0.00.0

0.0

0.00.000

0.0

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

100%

4.82

0.076

0.146

0

Ore U3O8

Mt %

0.000

PEN.AU

360

Uranium, Molybdenum, GoldUSA (WY), South Africa, Australia (WA), FijiPrefeasibility StudyExchanges: ASX:PEN

Capital Profile

52 week range (A$/share) to

22 March 2010

2.00

Share price (A$)

Number of shares (m) 1376Options and warrants (m)

0.050.02

Corporate (A$m)3.300.50


YEAR END: June

0.00


Drilling - Other/Diamond (m)Land holding ('000 ha)*

Drilling - RAB (m)Shares on issue (pr end) (m shares)66.1

1736


15.6

Investment Points

0

91

ASX:GPR na na Fiji

2547.50

4.2

87

-

2.01.9

272-

040,000

-

1976.1

40,000272

U na

U

62

Fully diluted (m)

66.1

Au

0.111

Target

ISR

3.60.60.3

RouteTypeProjectProcess

0.00

1.7

Company Comment

4.2

U3O8Cut Off

Focused on uranium - 2010 total exploration andevaluation budget A$25m; A$20m earmarked for Lance.

Lance ISR project (WY): potential production 2012;Production target 1.5mlbspa U3O8; PEN est. total opexUS$26/lb; initial capex US$60m. NPV breakeven~US$30/lb U3O8.

Lance project regional exploration target 70 to 90mlbsU3O8 grading 0.05 - 0.07%. Ross and Barber target 12 to18mlbs U3O8. 4 rigs on site.

Initial JORC resource and PFS expected 2Q10.

Karoo Project: shallow, high grade mineralisation identifiedfrom surface to 40m - exploration target of 90 to 150mlbsU3O8 grading 0.12 to 0.14%.

Karoo Project: Resource definition drilling 1H10 - 10priority drill targets; scoping study expected 2H10. Mid term target 30mlbs U3O8 2012.

0.0

Project

na100%

MetalJV

Location100%

acidna

Partner

S'stone

Option

Mid Expl.na

U (Mo)

50%

BEE74%

4.2


Key Projects

0.0

U3O8

U3O8

Lance - Ross

0.30.6

Raki Raki

Karoo Projects

Ownership/

Western Australia 100% various

Roll frontLance Uranium ProjectsProject

Mid Expl. S. AfricaPFS

6.1

0.0

40.00

46.7Funding from JV partners (A$m)Capital raisings (A$m)


Total LanceLance - Barber

Reserves

0

1.8

Classification

Analyst: John Wilson

7.9

J Simpson (Chairman)M James (Non Exec Dir)W Grigor (Non Exec Dir)A Marlow (Non Exec Dir)

www.peninsulaminerals.com.au

2.23.7

1.3

0.0na

Status

Aus (WA)

US (WY)

Early Expl.

0.44.88.2

2.12.8

0.0

MlbU3O8 Eq


Karoo - Site 29HistoricKaroo - Site 22Historic 74%

74%

74%Karoo - Site 45 Historic

PEN - Peninsula Minerals Limited

0.00

0.01

0.02

0.03

0.04

0.05

0.06

0.07

Mar

-09

Apr

-09

Jun-

09

Jul-0

9

Aug

-09

Sep

-09

Oct

-09

Nov

-09

Dec

-09

Feb-

10

Mar

-10

Shar

e Pr

ice

($/S

hare

)

Source: Bloomberg

Overview: Peninsula Minerals is a Perth based company listed on the ASX. It has operated under thecurrent management team since 2007 when its key US projects were vended into the company. PEN is exploring for uranium in the US, South Africa and Australia; and gold in Fiji. 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 in 2H07 with a database of drilling and pilot plant data. Initial hydrology studies indicate good permeability and contained aquifer – prerequisites for ISR. Anticipated average GT is 0.55 to 0.75ft%. PFS (Lyntek) expected 2Q10. The development concept envisages satellite production and a centralized processing plant at Ross with capacity to produce up to 3mlbspa U3O8, commencing at 1.5mlbpa. Initial production is targeted from Ross and Barber. The global exploration target is 50 to 76mlbs U3O8. PEN drilling 2009-10 is aimed at identifying extensions to the historic mineralization. Currently 4 rigs are on site at Ross. Initial resources expected at Ross and Barber 2Q10, and upgrades 2H10 targeting 12-18mlbs U3O8 comprising 8 to 12mlbs U3O8 grading 0.05-0.07% at Ross; and 4 to 6mlbs U3O8 grading 0.07-0.09% at Barber. Mine permits to be lodged 4Q10. Karoo Project (South Africa): Located in the Karoo Basin of the Western, Eastern and Northern Cape Provinces; tenements comprise 6 project areas (198,000 ha) with defined U-Mo mineralization 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 which defined high mineralization grades of 0.07 to 0.14% U3O8. Potential for depth extensions to known deposits and new discovery. Drilling 1H10 (2010: $5m, XXXm), in-house scoping study expected 2H10. Initial JORC resource expected 1H11. Investment Comment: PEN’s valuation is driven by the Lance ISR uranium project with production visibility, potentially 2012. While key resource and project data are yet to be confirmed (expected 2Q10)robust project economics are indicated with a breakeven project NPV of ~US$30/lb U3O8. At the current long term price (US$60/lb U3O8) and assuming an initial resource (mid target range) of 15mlbs grading 0.065, total opex US$26/lb, initial capex US$60m, NPV is over US$120m (10% r/i), with upside to anticipated further regional exploration success. PEN’s share price has potential to be re-rated to $0.06-0.08/share near term as project milestones are met 2Q10. WY is a uranium friendly state, combined with PEN’s use of experienced external permitting consultants, and new streamlined permitting timeframes in the US, positions the company well to fast track regulatory approvals.



Lance ISR Project (USA, WY): Located in the Powder River Basin, PEN holds 13 historic projects with drill defined mineralization and a regional exploration target of 70 to 90mlbs U3O8.

Lance ISR Project (USA, WY): Project comparison table of technical parameters for selected advanced stage ISR prospective projects in Wyoming. PEN’s Lance project has potential to be in production 2012.

Source: Peninsula Minerals



Toro Energy Limited

0.29

Debt (A$m) - Dec 10FEnterprise value (A$m)

Avg monthly volume (m)Cash (A$m) - Dec 10FPrice/Cash (x) Cash (A$m)Price/Book (x) Listed company options: Net asset backing (Ac/share)

*Uranium prospective tenements only, both held and under application.

Reserves

ResourcesWiluna: L. Way & C'pede Meas Ind & Inf.Napperby Inferred

Mineralised Material (est., non compliant with JORC, inclusive of the Napperby Inferred Resource)Napperby HistoricTotal Mineralised (non JORC)

Contacts DirectorsMr Greg HallManaging DirectorTel: 61 (0) 8 8132 5600Norwood, SA, Australia D. Carter (Non Exec Dir)

J. Sells (Non Exec Dir)

A Coles (Non Exec Dir)

P. Lester (Non Exec Dir)

none PalaeochannelCameco Unc+S'stone0/50.1%

Route

Early Expl.

13.2

Calcrete

13.26.0 13.2

Project

0.037

Calc/Alask100%/25% na

100% Alk. LeachCalcretePartner Type

none

Analyst: Dr Tony ParryJ. Nitschke (Non Exec Dir)

[email protected]

100% uranium focus. Expl. + eval. budget ~A$10m pa.

Now cashed up (est. A$63m Dec '09) after recent equityraisings, will fund Wiluna BFS, Wiluna resourceexpansion and exploration.

Potential Wiluna production early 2013: Heap leach1.6mlbpa - capex A$162m; opex A$39.70/lb, headgrades 653ppm.

Wiluna BFS underway, mining & heap leach trial test pitand environmental approval process commenced.

TOE's strategy for Wiluna as a regional U3O8 resourcebase could greatly enhance Wiluna Project value.

A$4.5mpa exploration program starting to bear fruit -greenfields Lake Mackay palaeochannel discovery.

Current enterprise valuation (EV-cash) of US$1.90/lbresource (basis 31.8mlb).

Our assessed NAV is A$0.18/share based on US$60long term U price, A$/US$=0.80.

www.toroenergy.com.au

G. Hall (MD)

0.0

E Smyth (Non Ex. Ch'man)

0/100%

JV /Option Metal

(JORC)Project

58.9

U3O8

2.1

Investment Points

0.9No

37.68.9

BFS Aus (WA)

13.71.6

13.8

Mlb

00


0.0

UraniumCode for reporting mineral resources - Australian:

Classification U3O8

5.7

Capital raisings (A$m)**0

55.3

Mt

Company Comment

Equity % ppmU3O8


U DYLU

OZL/MNT

36

Fully diluted (m)

U

Ore

75

-

1.94.0

4,216-

10,000964.9

15,500 16,000

048.1

13.8

58.961.96.4

13.86.1

Drilling - RAB (m) 12,500

-

964.92,500

555.8

4,0002,500

Tenement costs ($k per year)Land holding ('000 ha)*

125.4987

Allarrow Pty Ltd (1.8%)


Major shareholders: OZ Minerals Ltd (42.5%), ANZ Nominees (5.0%)

0.90Corporate (A$m)

Mar-10F

0.73Convertible notes (m)

0.130.1052 week range (A$/share)

TOE.AU

22

UraniumAustralia (WA,NT,SA), NamibiaBFS, Scoping Study and ExplorationExchanges: ASX:TOE

Capital Profile

toNumber of shares (m) 965

22 March 2010

Share price (A$)



Drilling - Other/Diamond (m)125.4

0 Exploration/(Expl.+ Corporate) (%)Funding duration at current burn (years)


964.915.177

YEAR END: June

78

3.00

Dec-09a

Exploration and evaluation (A$m) 2.54

18.9

2010F

Toro Energy Limited

Cashed-up Toro is creating value on three fronts: progressing the Wiluna (WA) BFS (potential 1.6mlbpa production 2013), developingWiluna as a regional uranium hub, and exploring in WA and NT(A$4.5mpa). We have a medium term price target of A$0.18/share.

A$ 0.13


2011F2009a

6.59

4,216

16.0010.323.362.50

721.0

4.2087

60.6

3,500

12.2

19,5003,7994,329 4,216

-0.0

Total Resources

20.2100%0/100%

Key ProjectsOwnership/

U0/100%

WilunaDYL

nana

9.34

ScopingAlk h/leach

0.0

Target

IOCGU

U3O8

KtCut Off

Process

na

StatusProject

11.1

14.420.0360.055 200

200

0.0

Aus (SA)Early Expl.

Early Expl. Aus (WA)Aus (SA)

0.0

24.4

0.0

U

Lake Mackay 100% UBirrindudu

NapperbyNamibia

100% U rightsMount Woods

3.35 7.4 7.431.831.8

NamibiaEarly Expl.

MlbEqty

0.0

24.4

Aus (NT)

Location

964.910,000

-

0

4.315.0

Overview: TOE listed on the ASX in March 2006 and is a pacesetter in advancing calcrete style uranium projects in Australia, - Wiluna (WA) moving to BFS stage and Napperby (NT) scoping study. Wiluna Optimisation Study: A PFS was completed Sep ’08, followed by Optimistation Study (“OS”)(GRD Minproc) released in Sep ’09. Alkaline heap leach/direct precipitation route was chosen. The OS delivered improvements in all areas, particularly mined head grades increased to 653ppm, capex reduced to A$162m, opex A$39.70/lb, production 1.6mlbpa. Recoveries are ~70%, mine life 8 years. Wiluna BFS: TOE has appointed a Project Management team and has started to further evaluate key project parameters for a BFS. A 45,000t resource evaluation test pit and a heap leach trial are now getting underway. Environmental approvals process has commenced – Environmental Review & Management Program to be prepared 2H10 public comment. BFS should be completed 1Q11, production target date is early 2013. Wiluna Regional Resource Consolidation: The NPV of the Wiluna project (8 year mine life) is strongly geared to resource size. We see potential for TOE to increase its Wiluna resource base to >30mlb U3O8in a 40km radius of Wiluna, with strategic acquisitions/alliances. This would increase forecast project NPV by ~A$50m (~6cps). This process has commenced with the acquisition of the Firestrike uraniumdiscovery from Liberty Resources Ltd (ASX:LBY) for A$1.0m. We consider that this deposit could add a further ~1 year (~1.5mlb) to Wiluna project. Expect further such developments in the next 12 months. Napperby Project (NT): Scoping study being reviewed by TOE. DYL option payment due mid 2010. Lake Mackay Discovery (WA): This remote greenfields exploration area (TOE holds 3,268km2 near NT border) is TOE’s best chance for a major 50-100mlb discovery. In the first pass wide spaced scout aircore drilling TOE has found two buried palaeochannels in a 2.5km open ended zone. A good start. Other Exploration: Extensive greenfields/brownfields U exploration portfolio in SA, NT, WA and Namibia (~43,000km2). Cameco JV: This is a farm-in agreement with Cameco Australia (earning 50.1%) in the highly prospective Birrindudu Project in NE WA. Namibia JV: (DYL earning 65%) DYL actively exploring TOE’s 3 Namibian tenements for continuation of uraniferous magnetite discovery on DYL tenements and Rossing S alaskite mineralisation continuity. Drilling likely 2010. Mount Woods (SA), TOE has 100% U rights for tenements surrounding OZL’s Prominent Hill operations. OZL actively exploring for Olympic Dam style IOCGU targets. Corporate: TOE raised A$61m at A$0.15/share 3Q09 - 4Q09 through a placement and SPP. Investment Comment: TOE now has the funds to progress the Wiluna BFS, continue its value-enhancing acquisitive Wiluna regional resource base consolidation, as well the highly prospective A$4.5mpa grass roots exploration program. We expect a strong 2010 newsflow: Wiluna BFS progress and trial pit/heap leach, possibly further Wiluna resource acquisitions and a steady flow of exploration results, particularly from Lake McKay. This should see the share price re-rated towards our A$0.18 current valuation.



The Toro valuation below indicates an unadjusted net asset value of A$0.22/share, which adjusts to A$0.18/share after applying a 30% discount to the Wiluna Project NPV (pre BFS status) and allowing for the

nominal cost to expand the Wiluna regional resource.

TORO ENERGY LIMITED VALUATION (A$m)

Equity

BaseNPV

(A$m)

NPV Adj. Factor *

(%)

Adjusted Value(A$m)

Assumptions (A$m) Long Term Uranium Price :US$/lb 60.00 40.00 50.00 70.00 80.00 Long Term A$/US 0.8 0.8 0.8 0.8 0.8

Projects Wiluna Uranium Project :NPV@10% 100% US$1.93/lb 80.0 70% 56.0 10 21 90.3 133 Napperby 100% US$0.71/lb 11.0 11.0 2 7 15 25Sub-total Projects 91.0 67.0 12.0 28.0 105.3 158.0

Resources and ExplorationWiluna +50% regional resource upside :NPV@10% 100% 38.0 50% 19.0 10 13 25 35Namibia DYL JV 100%/25% 8.0 8.0 4 6 12 15Lake McKay 100% 5.0 5.0 3 4 6 7Uranium rights to OZL's IOCG exploration 100% 8.0 8.0 3 4 6 7Other Australian grass roots project areas 100% 10.0 10.0 6 8 12 14Sub-total Exploration 69.0 50.0 26 35 61 78

Assets Cash and Deposits (1Q10) 58.9 58.9 58.9 58.9 58.9 58.9 Rehabilitation Fund 0.0 0.0 0.0 0.0 0.0 0.0 Other - Tax Losses 23.4 23.4 23.4 23.4 23.4 23.4

Liabilities Debt 0.0 0.0 0.0 0.0 0.0 0.0 Corporate Overheads :NPV@10% -33.2 -33.2 -33.2 -33.2 -33.2 -33.2 Reclaimation Reserve 0.0 0.0 0.0 0.0 0.0 0.0

Net Assets 209 166 87 112 215 285

Fully Diluted Shares (m) 981 981 981 981 981 981Cash on Option Conversion 7 7 7 7 7 7

Net assets/share (A$/share) :fully diluted 0.22 0.18 0.10 0.12 0.23 0.30

Valuation/Resource (basis 31.8mlb) :US$/lb 4.39 2.30 2.96 5.69 7.53

Uranium Price Sensitivity(A$m)

Lake McKay is a significant greenfields palaeochannel discovery ~100m below surface over a width of 2.5 km which will be the subject of further drilling in 2H10 – results of which will be keenly watched.

Source: Toro Energ



UR-Energy Inc

1.39

Debt (C$m) - Mar 10FEnterprise value (C$m)Major shareholders:

Avg monthly volume (m)Cash (C$m) - Mar 10FPrice/Cash (x) Cash (C$m)Price/Book (x) Listed company options: No Net asset backing (Cc/share)

Lost Soldier

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

Contacts Directors

Historical

HistoricalHistorical

Meas, Ind & Inf 100% 11.0 14.0

44

Mlb

0.0

26.4

1.1

0.0

100%100%

CEO and President

Crosshairwww.ur-energy.com JM Franklin (Ind)

P Macdonell (Ind)

Mr Bill Boberg Process

na

WY (US)U

LC North and South

100%

25%100%

Early Expl.

100%

ISR

Ur-Energy Inc

URE is a near-term uranium producer, with its Lost Creek ISR project(WY) expected to operate from early 2011 subject to permitting.Production could ramp up to 1mlbs/yr U3O8, with costs <US$25/lb.Resource inventory is 26.4mlb U3O8, targetting additional 24-28mlbs.

4.940.22Exploration and evaluation (C$m) 1.00 4.00

9.2

0.084

100%Lost Creek Ind & Inf

44

Kaycee

Funding from JV partners (C$m) 0.00.0

0

0.0 0.0

100.4

10.9

3.3

2.3

1.00.0

26.41.5

6.4na

10.914.01.5

UraniumUSA, CanadaPermittingExchanges: TSX:URE, AMEX:URG

2010F


1.01.5 3.3

2.3

0.7

0.0

4.9

12.0

5.43

Capital Profile

52 week range (A$/share) to4.00

0.5

300300


Share price (C$) 0.820.6

Corporate (C$m)93.9

0Drilling - Other/Diamond (m)


1.42

41.5

0.0

49.1

26

45.3

5.00

URE.CN

8.4


2011FMar-10F 2009aYear End: December

1.25 5.00

ppm

C$ 0.82


22 March 2010

Dec-09a

Kt

Code for reporting mineral resources - Canadian:

4844

NI 43-101

0.0

85.3102.0

% MlbU3O8

0.046.1

Cut Off

03.10.0 0.0

Company Comment

47.051.8

0 02626

0.0

0

4.4940

13Exploration/(Expl.+ Corporate) (%)5.0

260

0.0

60,00020,000

0

20,00026

0

101.2

Drilling - RAB (m)Shares on issue (pr end) (m shares)

4.79494

48.7

0.064

Ore U3O8

960

96

80,00080,000

Mt^ Ownership/

U3O8

Hauber Ind and Inf

0.059

Fully diluted (m)

30.9

77.0

Black Rock Inc (12.15%), Fidelity Management and Research Co (8.4%)

Market capitalisation (undiluted) (C$m)

U

Uranium

6

0.0 Cash backing (Cc/share)

NT (CN)na

Adv. Expl.sandstoneWY (US)WY (US)Adv. Expl.ISR

ISR Adv. Expl.sandstonesandstone

na

JT Klenda (Chairman) Ownership/

U

WW Bobergsandstone

WY (US)Adv. Expl.

Project

sandstone ISR

LocationISR

RouteType

0.0

1.3

0.170

0.00

0.44

Target

Resources

100/25%

Metal

Total

100%RS (Radon Springs)North Hadsell

* Figures reflect the relevant historical (non 43-101) resources. Roscoe Postle Associates (RPA) 2005, NI 43-101 technical report estimated a potential combined resource range of 25mlbs to 65mlbs U3O8. ^Reminder that units are metric (tonnes).


Tel: 1 (720) 981 4588, Ext 223 R Boaz (Ind)Partner

naU

U na

[email protected]

Bootheel

JVOption

Littleton, Colorado T Parker (Ind)EN (Eagles Nest)

Tenement costs ($m per year)Capital raisings (C$m)

Reserves

Project

U3O8

101.785.3

Lost Soldier

46

Reserves and Resources/Mineralised MaterialClassification

48.7

URE is focused on uranium in the Great Divide Basin,Wyoming where it holds resources of 26.4mlbs U3O8.

Lost Creek ISR anticipated production rate 1mlbspaU3O8 with capacity for 2mlbspa, recovery 80%, opexUS$23.36/lb, plant capex US$30m.

NRC licensing decision expected for Lost Creek in3Q10, allowing production in early 2011.

Grassroots exposure to unconformity style uraniumtargets in the Thelon and Baker Lake Basins, CAN.

Strong cash position, with Mar 10F ~C$40.8m, sufficientto fund Lost Creek to production.

Wyoming is an "Agreement State", is considereduranium friendly and has ISR mines at Highlands/SmithRanch (CCO).

40.01.7

Investment Points

51.8

U3O8 Eqty

Key Projects

Lost Creek

0.0

Land holding ('000 ha)

unconform.Kaycee 100% U na sandstone ISR Mid Expl.

100%Thelon BasinWY (US)

Option

100% naU

StatusWY (US)Permtting

Overview: UR-Energy listed on the TSX Nov. '05 and the NYSE- AMEX in Jul ‘08. Its most advanced uraniumprojects are roll front style with in-situ recovery (ISR) potential in the Great Divide Basin, WY. Wyoming ISR Projects (Great Divide Basin): URE holds +60,000 mineral acres of claims in Wyoming. Itskey priority is to advance Lost Creek. Other, earlier stage projects include Lost Creek North and South, LostSoldier, EN (Eagles Nest) and the Bootheel JV. Historic resources total 88mlbs U3O8. Lost Creek: The resource is defined along a 4.8km (3 miles) strike with mineralisation occurring in 4 mainsandstone horizons between 96m (315 feet) and 213m (700 feet) deep. Mineralised beds average 4.9m (16feet) thick. URE expects leach recovery of 80%. An NI 43-101 Preliminary Assessment (Lyntek Inc, 2008)forecast total capex of US$62.5m (US$30m for ISR plant, plus engineering, drilling, etc), cash opex ofUS$23.36/lb, production of 1mlb/yr U3O8 (capacity 2mlb), and break even at US$40/lb. Initial extraction will befrom Mine Units #1 and #2 in the HJ horizon (delineated by +200km down-hole drilling), which each consist ofmultiple roll-fronts. URE’s development plan is to always have three units, or three years’ production (at 1-2mlbs U3O8 per unit), ahead of permitting and mining. Definition of a third mine unit is planned, possibly in theunderlying KM horizon. Lost Creek is in the advanced stages of permitting and URE expects the vital NRCSource Material License to be issued in 3Q10, ahead of production in early 2011. There is potential at LostCreek, LC North and LC South for an additional 24-28mlbs U3O8 (Aug ’09). Lost Soldier: The project is 14m (22.5km) NE of Lost Creek. The main mineralised horizons consist of 14sand units at depths typically from 30m (100 feet) to 137m (450 feet). URE could submit the Lost Soldier NRCand WDEQ applications as an amendment to the Lost Creek licenses. Other Projects: URE has early stage exploration projects in Canada, in the Baker Lake Basin and ThelonBasin, for unconformity style targets. At the Hauber Project (WY), JV partner Bayswater (TSX-V:BAY) hasrecently defined an Indicated roll-front resource of 1.45mlbs U3O8 and should drill 2 ISR test holes in 2010. Investment Comment: URE is advancing ISR projects in Wyoming with a view to production by early 2011.Based on Lost Creek current resources with 80% recovery, NPV for 1mlb/yr U3O8 could be C$116m(assuming plant capex US$30m, 10% discount rate, less 15% for pre-production risks, and uranium contractprice US$60/lb). There is considerable upside from filling the full 2mlb U3O8 capacity of the plant. Market capof URE is ~C$77m (adjusted EV/resource US$1.15/lb). The award of permits, such as the NRC SourceMaterial License, should create strong newsflow through 2010 and lead to a progressive re-rating of the stock.



Ur-Energy has a pipeline of prospective ISR projects in the Great Divide Basin, Wyoming. Lost Creek, the most advanced, could be in production in early 2011.

Lost Creek ISR project (WY): Lost Creek has 58km of multiple redox fronts, including the current 10.9mlb U3O8 resource. The Lost Creek, LC North and LC South areas have an additional 193km of fronts, and

exploration targets of 24-28mlb U3O8.



The Resurgence of the United States Domestic Uranium Industry: Who Said it Couldn’t Happen?

The US uranium mining industry appears to be on the cusp of a renaissance. This article reviews the industry in the context of an evolving and newly streamlined licensing process. 1. OVERVIEW In the past, it has been all too common for analysts, policymakers, and other observers to express doubt that the United States could ever serve as a viable source of uranium for the current and future international nuclear power industry. Discussions about potential United States uranium production were rife with criticism of the painfully slow licensing process, constant attacks from opposition groups, and the failure to bring proposed uranium recovery projects through construction to operation. However, while these discussions continue, in reality, the United States uranium recovery industry is on the verge of a breakout that could significantly increase domestic uranium production. Given that the international community is on the verge of a significant increase in the construction and operation of new nuclear reactor units, it is critical that the United States become an active participant in fuelling these facilities. Based on current conditions in the uranium recovery and related regulatory communities in both the short and long-term, it is reasonable to conclude that the United States is becoming fertile ground for international investment in new and existing uranium recovery projects. 2. SHORT-TERM PROGRESS OF UNITED STATES URANIUM

SUPPLY The short-term progress of the domestic uranium industry can be seen in the imminent licensing of several newly proposed in situ leach uranium recovery (ISR) projects, additional ISR project license applications, and some proposed new conventional uranium recovery projects. Initially, agencies such as the United States Nuclear Regulatory Commission (NRC) and its Agreement States (States that have assumed regulatory authority over uranium recovery from NRC) have or are preparing to license new ISR projects that, when constructed, will produce significant quantities of uranium per year. Currently, the State of Texas has issued permits to Uranium Energy Corp. (UEC) for its Goliad ISR project, and NRC is preparing to issue three licenses to companies (Uranium One Americas, Lost Creek ISR, LLC (a subsidiary of Ur-Energy, Inc.), and Uranerz Energy Corp. with significant ISR production potential in the State of Wyoming. Concurrently, other agencies such as the Bureau of Land Management (BLM) and Texas and Wyoming State authorities are preparing to complete their reviews of these projects. Added to this, other States such as South Dakota are seeing the potential for future uranium resource development as Powertech Uranium Corp. has submitted a license application to NRC that has entered detailed technical and environmental review. These applications, along with significant proposed expansion of existing uranium recovery facilities owned and operated by Cameco Resources in the States of Wyoming and Nebraska

The United States uranium recovery industry is on the verge of a breakout that could significantly increase domestic uranium production.

The U.S. is becoming fertile ground for international investment in new and existing uranium recovery projects. The short-term progress of the domestic uranium industry can be seen in the imminent licensing of several newly proposed in situ leach uranium recovery (ISR) projects, additional ISR project license applications, and some proposed new conventional uranium recovery projects.



and the recent purchase of ISR assets (including a fully licensed central processing facility) in Wyoming by Uranium One, indicate that domestic companies are on the verge of producing significant quantities of uranium over the next two decades. Additionally, potential conventional uranium recovery projects also are being considered, including the proposal of the first new conventional uranium mill in over three decades, and the one actively operating a conventional uranium mill is ramping up its operations. For new or existing conventional uranium mills to prosper, conventional (open-pit or underground) mining projects will be required. The emergence of these projects already has commenced with the activation of mining properties operated by Denison Mines in the State of Arizona and the re-commencement of conventional milling operations at its White Mesa Mill in the State of Utah. In addition, Energy Fuels Nuclear (EFN) has submitted an application for a new conventional uranium mill in the State of Colorado adjacent to significant conventional mining locations that potentially could re-invigorate interest in developing new United States-based conventional uranium mining/milling properties. This application already has been accepted for detailed technical and environmental review and final determinations will be made in the next twelve to fifteen months. The construction and operation of a new conventional uranium mill and the re-opening of existing uranium mines, along with the aforementioned ISR projects, demonstrates that the United States uranium recovery industry is poised to take the first step towards becoming a significant producer of uranium for the first time since the early 1980s. 3. LONG-TERM FUTURE OF UNITED STATES URANIUM

SUPPLY The long-term future of the domestic uranium industry lies in the development of new uranium recovery projects in States historically known to have significant uranium reserves. The State where there should be significant focus on New Mexico. To date, it has been reported that New Mexico has known uranium reserves of over six hundred million pounds of uranium, a significant portion of which is located at four ISR project sites proposed to be operated by Hydro Resources, Inc. (HRI), a subsidiary of Texas-based Uranium Resources, Inc. (URI). This project currently has the three elements required for an ISR project to operate (i.e., an EPA-approved aquifer exemption, a State of New Mexico underground injection control (UIC) permit, and an NRC uranium recovery license); however, since 1998, these projects have been subject to NRC administrative litigation and a challenge to the aforementioned UIC permit. Recently, the United States Court of Appeals for the Tenth Circuit resolved the challenge to the NRC license in HRI’s favour. In the event that the remaining litigation processes are resolved in HRI’s favour, a significant amount of uranium can be produced in New Mexico. But, this is not the end of the State’s uranium producing potential. In October of 2009, New Mexico-based Strathmore Minerals Corp. submitted an application for a State mining permit for the State’s first conventional uranium mining project to be proposed since 1993. This initial permit application is a sign that the nuclear renaissance has incited uranium recovery companies to pursue the enormous opportunities that this State can provide. In addition to these two projects, several other uranium recovery companies such as Rio Grande Resources, Neutron Energy, and Uranium One possess

Domestic companies are on the verge of producing significant quantities of uranium over the next two decades. The long-term future of the domestic uranium industry lies in the development of new uranium recovery projects in States historically known to have significant uranium reserves.



significant uranium reserves that could result in significant long-term United States-based production. Indeed, Rio Grande Resources, a subsidiary of General Atomics, has approximately one hundred million pounds of known uranium reserves at its Mt. Taylor mine. Coupled with the potential for up to ten new ISR projects to be proposed in Wyoming, Texas, Colorado, and New Mexico over the next two to three years, this trend suggests that consistent, long-term uranium production in the United States may be on the horizon. With that said, the presence of several uranium recovery companies seeking to recover known uranium reserves in New Mexico with new projects (conventional and ISR) suggests there could be increased interest in the construction and operation of a “regional” uranium mill site. Given the costs and regulatory struggles likely associated with getting a new conventional uranium mill sited, a “regional” uranium recovery facility would provide companies with a central location for processing both conventional uranium ores and ISR-based uranium-loaded resins without the need for redundant licensing processes. Originally, this concept was first advanced by URI/HRI when the company attempted to purchase the former Rio Algom Ambrosia Lake uranium milling site for a new conventional uranium mill and ISR resin stripping and elution facility. By purchasing this particular site, URI/HRI would have been able to license new uranium milling facilities on a fully characterized site without the need for spending significant capital on data gathering as would be the case at a new site. While this project was never realized, the concept still has substantial merit and, given the recent activities in New Mexico, it should be fully explored by one or more uranium recovery companies. 4. DEVELOPMENT OF UNITED STATES URANIUM RECOVERY

LICENSING PROCESS: THE OTHER SIDE OF THE COIN

While the proposal of new ISR and conventional uranium recovery projects is a solid indication that the United States can serve as a viable source of uranium, progress in this arena cannot be realized without a consistent and predictable regulatory program under which these new projects can be licensed. The nuclear renaissance and the resurgence in new uranium recovery license applications forced regulatory authorities such as NRC and State radiation control departments to develop a more updated and efficient licensing processes to balance timely review of such applications with the limited resources available to the agencies. Even though the initial stages of this licensing process’ development were difficult, it appears that the process has stabilized and has become more predictable for potential license applicants. Starting with non-Agreement States, NRC has developed a new licensing process that provides for time parameters thereby providing license applicants with a rough estimate of how long it will take to receive a new uranium recovery license. The initial step was the development of a programmatic/generic environmental impact statement (GEIS) for ISR projects, so that mandatory environmental reviews of new projects could be streamlined and redundant reviews could be avoided. However, even with the GEIS, NRC reviews still suffered from some redundancy and backlog and those uranium recovery companies that were “first in line” actually suffered significant licensing delays. But, these growing pains have yielded positive results.

It appears that the U.S. licensing process has become more efficient and streamlined… …and timeframes are now more predictable for potential license applicants.



Licensing determinations for the first three new ISR license applications are currently expected by mid-summer 2010, but license applicants coming to NRC with applications after this timeframe will now be able to take advantage of a revamped licensing process, including the following: (1) an internal goal of ninety days or less for detailed acceptance reviews; (2) a goal of combined environmental review and technical review requests for additional information (RAIs) instead of two sets that will minimize, if not eliminate, potential redundancy of questions; (3) completing the draft safety evaluation report to formulate the RAIs, which would minimize the number of open issues and the timeframe for resolution; and (4) preparing Supplemental Environmental Impact Statements (SEIS) that are tiered from the GEIS for new applications. All these factors indicate that NRC is fully prepared to deal with high-quality license applications in a timely manner, which means that investors can be confident that licenses will be issued for new and expanded uranium recovery projects. In Agreement States such as Colorado and Texas, new project licensing has been proceeding according to plan. As stated above, Colorado is moving expeditiously down the road of reviewing the EFN conventional uranium mill application and Texas already has issued permits for a new ISR project at Goliad for UEC. Colorado’s review of the EFN conventional uranium mill application will provide a useful roadmap for NRC and other Agreement States when receiving any future conventional uranium mill applications filed with them. In short, the learning curve for industry and regulators alike has significantly progressed. 5. WHAT DOES THIS MEAN FOR INVESTORS? The above-noted development of industry and at regulatory agencies suggests that investors should take another hard look at companies seeking to engage in uranium production in the United States. The best indicator of the potential for future resource development is the diversified nature of uranium resource availability and the multiple financial models that could be pursued by companies either alone or in tandem with other companies. First, uranium resource availability has become diversified to the point where ISR technology and processes can be used to make small uranium deposits economically viable and where new facilities can readily proposed with confidence that licenses will be issued. For example, as stated above, Uranium One recently purchased COGEMA assets at Irigary and Christensen Ranch, including a fully licensing central processing facility, which will allow the company to avoid the need for licensing a new central processing facility and will allow other companies to have a central location to process their uranium-loaded ISR resins which makes such projects easier to license. Further, it provides a microcosm of the potential for the “regional mill” concept for ISR production to be put into effect. Then, there are multiple financial models that allow uranium recovery companies to take full advantage of uranium resource assets in the United States, regardless of size or grade. The aforementioned “regional mill” concept is the first of these financial models. In the State of New Mexico, there are two existing factors that suggest a

New license applicants coming to NRC with applications will now be able to take advantage of a revamped licensing process.

Factors indicate that NRC is fully prepared to deal with high-quality license applications in a timely manner. Positive regulatory developments suggest investors should take another look at companies seeking to engage in uranium production in the United States.



“regional mill” concept could be pursued: multiple uranium recovery companies with differing uranium resources (conventional and ISR) and an overwhelming quantity of known uranium resources. With these two factors in mind and given the somewhat difficult conditions for obtaining licenses and permits, it only makes sense that this concept be pursued. Further, there is at least one site (Rio Algom Ambrosia Lake) that remains viable for purchase and development as a “regional mill” due to the fact that all aspects of that site, including groundwater, have been fully characterized for several decades. This approach continues to be a potentially lucrative undertaking, especially in light of the beginning of a major push in resource development in New Mexico by companies initiating licensing and permitting operations there. In summary, it appears that the long delay in the start of licensing and permitting of uranium recovery projects in the United States has come to an end and that the environment for such licensing and permitting is more predictable and consistent. With that said and with the impending worldwide shortfall of primary uranium production in the coming years, it is time for the investment community to take a hard look at potential United States uranium producers. You may be surprised at how well such an investment will pay off. Prepared by Thompson & Pugsley, PLLC Christopher S. Pugsley, Esq. Tony Thompson, Esq.

In summary, it appears that the long delay in the start of licensing and permitting of uranium recovery projects in the United States has come to an end.



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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. Trent Allen: Trent has a BSc (Hons) and a PhD from the University of Sydney, specialising in the petrology, trace-element geochemistry and economic geology of alkaline igneous rocks. His Australian mining industry experience includes several years with Newcrest’s Cadia Valley gold/copper mines, where he was engaged in resource definition and geotechnical engineering. Trent has also worked as an exploration consultant, university lecturer in geology and civil engineering, and as a newspaper editor with Fairfax in Sydney.



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