Uranium Sector Review Exploration, Development & Production December Quarter

Uranium Sector Review
Exploration, Development & Production

December Quarter 2008
Resource Capital Research
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 and Australian
residents only. Copies are available for purchase from RCR.
5 December 2008
Uranium Sector Review

December Quarter 2008
Resource Analyst (Uranium): John Wilson
Resource Analyst: Dr Tony Parry

Resource Analyst: Dr Trent Allen
Suite 1306
183 Kent Street
Sydney, NSW 20 000
Tel: +612 9252 94

405
Fax: +612 9251 2859
Email: info@rcresearch.com.au
earch.c
Web: www.rcresearch.com.au
rch.com
Resource Capital Resear

earch
ACN 111 622 489
Contents
Contents .............................................................................................................................. 2
Overview and Investment Comment ........................................................................................ 3
RCR December Quarter Featured Company Summary ................................................................ 5
[Industry Background and Analysis…………………………………………………………………………………………………………]
Comparative Charts ............................................................................................................... 7
Financial Data ....................................................................................................................... 9
Company Statistics ................................................................................................................ 9
Reserves, Resources and Historic Mineralisation ...................................................................... 10
Valuation and Performance Data ........................................................................................... 10
Exploration, Development and Production Companies
Aura Energy Limited ............................................................................................................ 11

[Berkeley Resources Limited ....................................................................................................]
Black Range Minerals Limited................................................................................................ 13
[CanAlaska Uranium Limited ....................................................................................................]
[Deep Yellow Limited ..............................................................................................................]
Energy and Minerals Australia Limited.................................................................................... 15
Energy Metals Limited.......................................................................................................... 17
[Energy Resources of Australia Limited*....................................................................................]
[Extract Resources Limited ......................................................................................................]
[Forsys Metals Corp ................................................................................................................]
Globe Metals and Mining Limited ........................................................................................... 19
Greenland Minerals and Energy Limited.................................................................................. 21
Paladin Energy Limited* ....................................................................................................... 23
[PepinNini Minerals Limited......................................................................................................]
[Scimitar Resources Limited ....................................................................................................]
Toro Energy Limited ............................................................................................................ 25
Uranex NL .......................................................................................................................... 27
[West Australian Metals Limited ...............................................................................................]
White Canyon Uranium Limited ............................................................................................. 29
[Uranium Price Fundamentals ..................................................................................................]

[Uranium Company Share Price Performance Tables ...................................................................]
Disclosure and Disclaimer..................................................................................................... 32
* Indicates companies with detailed financial projections and valuation available.
[This is the Abridged version of the September Quarter RCR Uranium Sector Review. The purchase price of the
Comprehensive Report (86 pages) is A$2,200. Sections in brackets above are included in the Comprehensive
Report. There is also a Subscriber Report version which is available for A$110. Contents and purchase details
can be found at www.rcresearch.com.au]
December Quarter, 2008 Disclaimer and disclosure attached. Copyright © 2008 by Resource Capital Research Pty Ltd. All rights reserved. 2
Overview and Investment Comment

Equity market performance
The market valuation of Australian companies with one or more

uranium projects is down 23% over the past month, down 55% over
the past 3 months, and down 75% over the past 12 months. This
compares with Canadian companies with one or more uranium projects,
down 27% over the past month, down 64% over the past 3 months,
and down 77% over the past 12 months.
In the past 1 month the majors have had negative share price
performance with the exception of ERA: Cameco (CCO) is down 12%,
Denison Mines (DML) down 53%, Uranium One (UUU) down 17%,
Energy Resources of Australia (ERA) up 8% and Paladin (PDN) down
16%.
Increased uranium purchases by utilities anticipated early in 2009,

coupled with recent announcements of delayed, deferred or moth balled
mining projects is providing support to the spot uranium price with
potential for further modest increases into 1H09. Coupled with the rapid
fall in the Australian dollar (currently US 0.64) and Canadian dollar
(currently US 0.78) over the past several months and fall in the oil
price, domestic producer margins in Australia and Canada are expected
to be positively impacted compared to earlier in the year.
Uranium price outlook
The uranium spot price is currently trading at US$55/lb, flat compared

The spot uranium
with the beginning of the quarter. It fell to US$45/lb briefly late October
price is currently
and early November with liquidity driven forced sales by uranium
US$55/lb.
fund/s. The current spot price compares with the cycle high uranium
price of US$138/lb reached June ’07.
The uranium price is
The uranium price is expected to trade ~US$50-65/lb over the next
expected to trade
quarter. While sector fundamentals suggest a modest strengthening in
~US$50-65/lb over
the spot price is possible into 1H09, the Fund Implied Price (FIP),
the next quarter. …
currently at US$36/lb indicates market uncertainty and the
… though market susceptibility to further forced uranium fund sales a possibility.
uncertainty remains
and susceptibility to In the past 3 months the FIP has traded from a low of US$28/lb (23
further forced fund Oct) to a high of US$60/lb (8 Sept) with volatility reflecting the
sales is a possibility. increased volatility and uncertainty in the broader financial markets.
The long term contract uranium price is US$70/lb down from US$95/lb
where it held firm for nearly 12 months from May ’07 to March ’08. The
long term and spot uranium prices are expected to converge over time.
Producers continue to face significant challenges in financing and

developing new projects, including cost pressures and potential delays
variously relating to permitting, infrastructure development,
commissioning and now credit and equity market weakness. Recent
examples include Uranium One (TSX:UUU) placing Dominion on care
and maintenance and sulphuric acid problems in Kazakhstan expected
to impact production through 1H09, postponement of the Midwest
©
December Quarter, 2008 Disclaimer and disclosure attached. Copyright 2008 by Resource Capital Research Pty Ltd. All rights reserved. 3
project in Canada (Areva/Denison/OURD), First Uranium (TSX:FIU) at

Ezulwini, and Cameco (TSX:CCO).
World planned and proposed nuclear power reactors
There are 376 new nuclear reactors planned or proposed globally as of

A large number of Dec ’08, up from 318 Aug ’08 (+58 units, +18%). The main increases
recently announced are UAE (11), Italy (10), UK (6), Vietnam (6), and Poland (5).
proposed nuclear
reactors came from Interestingly, a significant number of new planned and proposed
Europe (Italy, UK and reactors announced since August are in advanced, non Asian economies
Poland). such as Europe. While too early to call a trend, it reaffirms the potential
for advanced market economies to be a significant driver of nuclear
reactor growth going forward, driven by energy security concerns and
climate change commitments.
Currently there are 439 nuclear power reactors in operation and 39

under construction. A total of 61 new reactors are expected to be
commissioned by 2014.
Events of the past 3 months include:
- Strategic investments - Paladin Energy (ASX:PDN, TSX:PDN)

made a scrip takeover offer for Fusion Resources (ASX:FSN, Dec
‘08) valuing the company at A$17.8m – FSN’s most advanced
project is Valhalla North (QLD) – initial JORC resource expected Dec
’08, plus FSN has A$14m in cash; Private company George Forrest
International Afrique SPRL has made a takeover offer for Forsys
Metals Corp (TSX:FSY) which holds the advanced Valencia alaskite
project in Namibia. Cash offer of C$7/share values FSY at
US$7.50/lb U3O8; Rio Tinto (ASX:RIO) stake in Extract Resources
(ASX:EXT, extension to Rossing, Namibia) has risen to 15.2%;
Mitsui agreed to purchase a 49% stake in 6 Australian uranium
projects held by Uranium One (TSX:UUU) including Honeymoon.
The total minimum cash commitment from Mitsui is ~A$104m.
- Uranium mining law announced in Zambia (Oct ’08) will allow
uranium mining and milling. Equinox Minerals (ASX:EQN, TSX:EQN)
Lumwana project could be near term beneficiary.
- Uranium mining ban formally lifted in WA (November 08)
following the surprise Liberal win in the September election.
- BHP outlined 5 stages for the Olympic Dam expansion without
committing to a specific time frame. However, the first stage by
2013 will be an opimisation of existing operations to produce
4,500tpa U3O8. In the final 5th stage, the project will have capacity
China may increase to produce 19,000tpa U3O8.
nuclear generating - China indicated (Nov ’08) it may consider increasing its nuclear
capacity to 70GW by generating capacity to 70GW by 2020, up from 9GW (11
2020. reactors) representing only 1.3% of total Chinese installed electricity
generating capacity currently.
©
RCR December Quarter Featured Company Summary

AUSTRALIA
Company Code Comment
Aura Energy Limited AEE Advanced Exploration, Early Exploration
AEE's Storsjön Project (Alum Shale, Sweden) has a near-term resource target of >100mlbs
U3O8 and a sale agreement with Sino King worth up to A$460m. It is also advancing
uranium projects in Australia, West Africa. CY09 exploration budget A$5-8m, majority
funded by partners.
Berkeley Resources Limited BKY Feasibility Study

BKY continues to drill high-grade uranium mineralisation in Spain, e.g. 6.0m @ 0.123%
U308 (3Q08, Zona 7). ENUSA deal (Jul '08) could give BKY access to a uranium mill at
Salamanca and to State Reserve historic uranium resources - more details expected Dec
'08.
Black Range Minerals Limited BLR Advanced Exploration, Scoping

New drilling at Taylor Ranch (CO) has located high-grade uranium mineralisation in an
800m corridor between the Boyer and North Hansen deposits. Taylor Ranch zones
aggregate 23.5mlbs U3O8 (grading 0.12%, 750ppm cutoff, Jul '08) - potential 2.2mlbspa
underground production.
Deep Yellow Limited DYL Advanced Exploration

DYL is focused on establishing a >100mlb U3O8 resource in Namibia by 2Q09, and drilling
its encouraging Mt Isa U3O8 exploration projects. Looks undervalued with ~A$50m cash,
market cap ~US$0.90/lb (basis: 100mlb resource) and neighbour PDN holding 19.3%
strategic stake.
Energy and Minerals Australia Limited EMA Resource Definition, Early Exploration
EMA has accelerated its development of the multi-faceted Mulga Rock Deposits and
regional projects, supported by a lift of the ban on uranium mining in WA (Nov '08). High
grade historic (non-JORC) resource of 102.5mlbs U3O8 grading 0.11% – JORC statement
expected Dec '08.
Energy Metals Limited EME Advanced Exploration

Bigrlyi (NT) extension and infill drilling underway (20,000m) - results to date include 5.3m @
0.52% eU3O8 (from 77m) and 4.8m @ 0.47% eU3O8 (from 123m). Revised resource
expected 1Q09. Accelerated drilling programs 2H08 at regional Ngalia (NT) and also at 3
WA projects.
Energy Resources of Australia Ltd ERA Producer

ERA is seeking preliminary stakeholder approval for mine expansion and heap leach options
at Ranger. Potential for significant expansion of reserves with exploration success and
inclusion of low grade material. Positive impact to operating margin expected from dramatic
fall in AUD.
Extract Resources Limited EXT Early to advanced exploration

EXT's continued spectacular drilling results (120m @ 0.104% U3O8) and initial target
~200mlb uranium resource at its Rössing South discovery in Namibia, neighbour RIO's
15.2% stake and a valuation at a fraction of an analagous company takeover all suggest a
very undervalued stock.
Globe Uranium Limited GBE Early to advanced exploration

GBE has found additional high-grade, near-surface material at the uranium/ specialty-metal
Kanyika Project (Malawi). JORC resource 56mt with 321mlbs Nb2O5 and 9mlbs U3O8,
upgrade expected Feb'09 as part of PFS. Nb and Ta prices, demand remains high.
Greenland Minerals and Energy Limited GGG Advanced exploration

GGG has the rights for up to 100% of the Kvanefjeld uranium and rare earths deposit in SW
Greenland. JORC resource 223mlb U3O8 and 2.6mt REO with upside potential. Scoping
study commencing 1Q09. Govt indicates support for by-product uranium production (Nov
'08).
Paladin Energy Ltd PDN Producer

Langer Heinrich producing at nameplate capacity - operating profit US$13.3m 3Q08. Plant
recoveries expected to improve to high 80's%. Stage II expansion on track for Dec '08
completion to 3.7mlbspa uranium. Kayelekera reserve expansion to 29mlbs U3O8 (+17%,
Nov '08).
PepinNini Minerals Limited PNN Advanced Exploration

PNN's Crocker Well uranium project (60% Sinosteel, 40% PNN) 14.9mlb resource is at BFS
stage. With possible production late 2010, potential to double uranium resources and
SA/Qld exploration programs for base metals, gold, uranium we expect a stock re-rating into
1H09.
Scimitar Resources Limited SIM Advanced Exploration

SIM is focused on uranium exploration in Australia - holds 2.1m ha close to known deposits.
New JV at prospective Marree (SA, Beverley 4 Mile type target) with Korean consortium,
worth up to A$6.2m. Pro-uranium policy in WA could boost development of Bennet Well
(Yanrey).
©
AUSTRALIA (cont.)
Toro Energy Limited TOE Advanced Exploration/Resource Definition/PFS
TOE is aiming for 2012 production from two projects. Wiluna (WA) calcrete project (24mlb
resource) - PFS completed, optimisation study underway, BFS to start mid 2009. Napperby
(NT) target 13mlb resource, scoping study and JORC upgrade at end 1Q09.
Uranex NL UNX Advanced Exploration

Aggregate resources of 29mlbs U3O8 at Bahi (15mlbs, Tanzania) and Thatcher Soak
(14mlbs, WA) . PFS expected at Manyoni (Bahi) Dec '08. Bahi resource upgrade expected
1Q09 - potential >25mlbs U3O8 - 2010 production potential. Drilling prospective Mkuju
region 4Q08 (15,000m).
West Australian Metals Ltd. WME Mid Exploration

The Marenica uranium deposit (80% WME), Namibia, is adjacent to Areva's Trekkopje heap
leach development project. Palaeochannel resource 34mlbs U3O8 - next resource
statement expected 1Q09. Uraniferous alaskites confirmed 2Q08 - further drilling 4Q08.
White Canyon Uranium Limited WCU Development

WCU is a near term uranium producer, with a mining application submitted for underground
operations at Daneros (Utah) – high grade core >0.2% U3O8. Mining and toll treatment
contracts under negotiation, potential mine production 1Q09. Combined resource target
10mlbs U3O8.
CANADA
CanAlaska Uranium Ltd CVV Advanced Exploration
CVV has a strategic land position (2.5m ac in the Athabasca Basin) with a pipeline of high
value exploration targets and funding from key strategic investors. Cree East (Hanwha JV)
confirmed substantial hydrothermal alteration - further drill results awaited.
Forsys Metals Corp FSY Feasibility

The Valencia Project, Namibia, has a current resource of 62mlbs
U3O8 with an upgrade expected 1Q09 and uranium production planned for 1H10. A current
takeover offer by a private company (closing Feb '09) values FSY at C$7/share (US$7.50/lb
U3O8 resource).
©
[PAGE LEFT BLANK INTENTIONALLY]
©
Comparative Charts
Explorers' forecast cash balances Percentage difference in share price from

(end current quarter) 12-month low, to December 5, 2008
Paladin Energy Ltd Forsys Metals Corp
Deep Yellow Ltd Energy Resources of Australia Ltd
Energy Resources of Australia Ltd Extract Resources Ltd
Extract Resources Ltd Greenland Minerals and Energy Ltd
Forsys Metals Corp West Australian Metals Ltd
Berkeley Resources Ltd Aura Energy Ltd
Greenland Minerals and Energy Ltd Paladin Energy Ltd
Toro Energy Ltd CanAlaska Uranium Ltd
PepinNini Minerals Ltd White Canyon Uranium Ltd
CanAlaska Uranium Ltd Uranex NL
Black Range Minerals Ltd

Black Range Minerals Ltd
Uranex NL
Energy Metals Ltd
Aura Energy Ltd

Scimitar Resources Ltd
Energy Metals Ltd

Berkeley Resources Ltd
White Canyon Uranium Ltd

Globe Uranium Ltd
Globe Uranium Ltd

Toro Energy Ltd
Energy and Minerals Australia Ltd
PepinNini Minerals Ltd
West Australian Metals Ltd
Energy and Minerals Australia Ltd
Scimitar Resources Ltd
Deep Yellow Ltd
0
10
100
1000
0
20
40
60
80
100
120
140
160
180
200
US$m (log) %
Recent share performance has been

Cash remains selectively available to
mixed. M&A and an increase in the spot
some explorers though at a deep discount
uranium price have driven strong
to 12 months ago.
recoveries in some companies’ share
price.
©
Financial Data
da
pe
ns
d
2
Fully Market Enterprise
Cana
Liste
r
optio
Euro
USA
Aust
othe
COMPANY Share Price (LC$/share)3 Diluted Cap Book Value
C. Notes/
Code Status1 Yr End Exchanges 52 week Current Shares Opt+W 2 Other2 Shares (undiluted) Cash Debt Value (Undiluted)
5 December 2008 Hi Low (m) (m) (m) (m) (LC$m)3 (LC$m)3 (LC$m)3 (LC$m)3 (LC$m)3
AUSTRALIA (A$)
Aura Energy Limited AEE E June ASX No 0.51 0.11 0.17 43 24 0 67 7 6.2 0.0 11 7
Berkeley Resources Limited BKY E June ASX No 1.50 0.15 0.18 104 16 0 119 19 16.7 0.0 27 19
Black Range Minerals Limited BLR E June ASX BLRO 0.15 0.01 0.01 604 108 0 712 8 10.1 0.0 18 8
Deep Yellow Limited DYL E June ASX No 0.45 0.10 0.11 1121 70 0 1191 123 51.0 0.0 149 123
Energy and Minerals Australia Limited EMA E June ASX EMAO 0.85 0.17 0.17 232 9 128 369 39 5.3 0.0 7 39
Energy Metals Limited EME E June ASX No 1.55 0.32 0.41 117 4 0 121 47 5.9 0.0 19 47
Energy Resources of Australia Ltd ERA P Dec ASX No 24.95 9.35 16.99 191 0 0 191 3241 34.8 98.3 664 3339
Extract Resources Limited EXT E June ASX TSX No 1.48 0.55 0.96 213 19 0 232 204 24.9 0.0 100 204
Globe Metals and Mining Limited GBE E June ASX No 0.58 0.10 0.12 68 6 0 73 8 5.5 0.0 13 8
Greenland Minerals and Energy Limited GGG E June ASX GGGO 1.35 0.17 0.28 193 169 0 362 53 15.2 0.0 34 53
3
Paladin Energy Ltd PDN P June ASX TSX NSX No 7.46 1.63 2.32 614 18 82 714 1424 271.8 581.2 1234 2006
PepinNini Minerals Limited PNN I June ASX No 1.35 0.20 0.22 68 1 0 68 15 11.8 14.8 18 30
Scimitar Resources Limited SIM E June ASX No 0.79 0.10 0.13 50 9 0 59 6 0.7 0.0 10 6
Toro Energy Limited TOE E June ASX No 0.53 0.10 0.11 556 11 0 566 61 13.1 0.0 145 61
Uranex NL UNX E June ASX No 0.99 0.11 0.14 83 0 6 89 12 7.4 0.0 11 12
W est Australian Metals Ltd. W ME E June ASX FSE:W TT No 0.39 0.05 0.08 332 16 0 348 26 0.9 0.0 2 26
W hite Canyon Uranium Limited W CU I June ASX W CUO 0.25 0.11 0.15 183 92 5 279 27 5.6 0.0 31 27
Total: Australia 486.9 694.3 2493 6016
CANADA (C$)
CanAlaska Uranium Ltd CVV E Apr TSX.V OTC FSE No 0.44 0.05 0.06 138 35 0 172 8 8.5 0.0 47 8
Forsys Metals Corp FSY E Jan. TSX.V No 6.19 2.00 5.41 77 14 0 91 417 37.6 0.0 93 417
Total: Canada 46.2 0.0 140 425
Total: (US$)4 348 444 1705 4182
(1) P: Producer; E: Explorer; I: Imminent - includes companies with bankable feasibility studies and likely to be in production within 3 years; IHC: Investment Holding Company
(2) Fully Diluted (shares, options + warrants (opt. + w), convertible notes (Conv. N), other obligations)
(3) L.C. - Local Currency unit. PDN company financials USD.(4) AUD/USD: 0.64; CAN/USD: 0.78
Company Statistics
COMPANY
Code Land Drilling ('000 m) (A) Exploration (L.C.$m)7 (B) Corporate (L.C.$m)7 (A)/(A+B) %
5 December 2008 ('000 ha)6 Sep-08 Dec-08 2008 2009 Sep-08 Dec-08 2008 2009 Sep-08 Dec-08 2008 2009 Dec-08 2008 2009
AUSTRALIA (A$)
Aura Energy Limited AEE 1,200 7.0 1.0 4.9 22.8 1.0 0.1 2.0 2.6 0.2 0.2 1.0 0.8 33.3 67.5 76.1
Berkeley Resources Limited BKY 250 3.5 5.0 21.1 18.5 2.0 1.5 9.7 6.5 0.3 0.4 0.3 1.5 79.8 96.9 81.8
Black Range Minerals Limited BLR 6 12.5 12.5 37.0 25.0 0.5 0.5 6.0 4.0 0.4 0.3 1.1 1.1 67 84 78
Deep Yellow Limited DYL 6,427 40.0 30.0 100.0 130.0 5.0 3.0 9.6 14.0 0.6 0.7 2.1 2.6 82 82 85
Energy and Minerals Australia Limited EMA 325 5.0 11.0 10.0 20.0 0.5 0.5 1.5 2.0 0.3 0.3 1.3 1.1 63 55 65
Energy Metals Limited EME 400 12.5 15.0 30.6 47.5 2.1 0.5 4.0 6.6 0.2 0.2 1.2 0.8 74 77 90
Energy Resources of Australia Ltd ERA 8 14.6 10.0 57.7 45.0 4.2 4.2 16.4 10.0 5.0 5.1 20.1 20.3 45 45 33
Extract Resources Limited EXT 265 30.0 35.0 68.0 130.0 4.4 4.7 10.2 18.5 1.3 0.9 2.9 4.0 84 78 82
Globe Metals and Mining Limited GBE 275 4.0 2.0 16.7 12.0 1.3 0.8 3.8 4.6 0.6 0.4 1.5 1.6 70 71 74
Greenland Minerals and Energy Limited GGG 211 7.5 1.5 17.5 11.0 3.0 1.5 11.8 5.7 0.8 0.6 3.7 2.7 71 76 68
Paladin Energy Ltd3 PDN na 25.0 25.0 100.0 100.0 4.2 3.5 11.7 13.7 11.9 8.0 27.8 35.9 30 30 28
PepinNini Minerals Limited PNN 692 13.0 8.0 21.0 37.0 2.1 0.6 2.6 3.9 0.4 0.5 1.7 1.9 55 59 67
Scimitar Resources Limited SIM 2,144 3.5 8.5 34.9 29.0 1.1 0.6 4.1 3.2 0.2 0.3 1.0 1.0 71 81 77
Toro Energy Limited TOE 3,274 14.5 6.5 34.0 31.0 2.5 1.2 6.3 7.7 0.5 0.8 2.5 2.9 60 72 73
Uranex NL UNX 3,390 5.0 8.5 16.1 52.5 0.9 1.5 4.5 5.4 0.6 0.4 2.5 1.8 79 64 76
W est Australian Metals Ltd. W ME 100 11.7 0.0 27.4 19.7 1.4 0.4 3.0 2.4 0.9 0.4 1.9 2.1 50 61 53
W hite Canyon Uranium Limited W CU 3 3.5 3.5 5.0 14.0 0.4 0.8 1.9 3.0 0.2 0.2 0.7 0.8 80 72 79
Total: Australia 213 183 602 745 37 26 109 114
CANADA (C$)
CanAlaska Uranium Ltd CVV 1,012 #REF! #REF! 13.5 10.0 1.5 3.8 14.4 12.8 0.6 0.6 2.9 2.4 86 83 84
Forsys Metals Corp FSY 1 0.0 0.0 0.0 0.0 1.9 1.5 6.2 7.5 1.0 1.0 3.5 3.5 60 64 68
Total: Canada #REF! #REF! 14 10 3 5 21 20
Total: (US$)4 26 21 86 89
(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
©
Reserves, Resources and Historic Mineralisation

COMPANY Reserves (Equity)2 Resources (Equity)2 Historical/Mineralised Material (Equity)2 Total Uranium (U3O8) Total - Gold
Code Status 1 Uranium (U3O8) Gold Other Uranium (U3O8) Gold Other Uranium (U3O8) Gold Other (All Mineralisation)1 Equivalent3
5 December 2008 Mlb kt Moz Mlb kt Moz Mlb kt Moz Mlb kt (Moz)
AUSTRALIA
Aura Energy Limited AEE E 0.0 0.0 2.6 1.2 0.0 0.0 2.6 1.2 0.2
Berkeley Resources Limited BKY E 0.0 0.0 26.1 11.8 0.0 0.0 26.1 11.8 1.9
Black Range Minerals Limited BLR E 0.0 0.0 86.4 39.2 58.8kt (Cu) 0.0 0.0 86.4 39.2 6.2
Deep Yellow Limited DYL E 0.0 0.0 38.8 17.6 39.2 17.8 78.0 35.4 5.6
Energy and Minerals Australia Limited EMA E 0.0 0.0 0.0 0.0 102.5 46.5 102.5 46.5 7.3
Energy Metals Limited EME E 0.0 0.0 15.5 7.0 19.8kt (Vn) 0.0 0.0 15.5 7.0 1.1
Energy Resources of Australia Ltd ERA P 239.1 108.4 279.3 ^ 126.7 ^ 0.0 0.0 518.4 ^ 235.2 ^ 37.0
Extract Resources Limited EXT E 0.0 0.0 25.1 11.4 0.0 0.0 25.1 11.4 1.8
Globe Metals and Mining Limited GBE E 0.0 0.0 8.9 4.0 0.0 0.0 8.9 4.0 0.6
Greenland Minerals and Energy Limited GGG E 0.0 0.0 135.8 61.6 0.0 0.0 135.8 61.6 9.7
Paladin Energy Ltd PDN P 90.7 41.1 310.9 141.0 35.1 15.9 346.0 157.0 24.7
PepinNini Minerals Limited PNN E 0.0 0.0 7.6 3.4 0.0 0.0 7.6 3.4 0.5
Scimitar Resources Limited SIM E 0.0 0.0 4.8 2.2 0.0 0.0 4.8 2.2 0.3
Toro Energy Limited TOE E 0.0 0.0 27.0 12.3 19.5 8.8 46.5 21.1 3.3
Uranex NL UNX E 0.0 0.0 29.3 13.3 0.0 0.0 29.3 13.3 2.1
West Australian Metals Ltd. WME E 0.0 0.0 27.4 12.4 0.0 0.0 27.4 12.4 2.0
White Canyon Uranium Limited WCU I 0.0 0.0 0.0 0.0 1.9 0.9 1.9 0.9 0.1
Average: Australia
CANADA
CanAlaska Uranium Ltd CVV E 0.0 0.0 0.0 0.0 0.5 0.2 0.5 0.2 0.0
Forsys Metals Corp FSY E 30.6 13.9 62.1 28.2 0.0 0.0 62.1 28.2 4.4
Total/Total Average 360 163 1088 493 199 90 1525 692
(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.
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$55/lb and a gold price of US$770/oz * Mineral resource estimates are inclusive of the mineral reserve. ^ ERA reserves are in addition to resources.
Valuation and Performance Data

COMPANY EV-Cash EV-Cash EV-Cash Production Share Price Performance Current Share Price
Code P/Book P/Net Cash /Reserves /Res'v+resources /Total U3O8 Commencement (%) % off 12 month
5 December 2008 (x) (x) US$/unit US$/unit US$/unit Year 1 month 3 month 6 month 12 month Hi Lo
AUSTRALIA
Aura Energy Limited AEE 0.6 1.2 na 0.3 0.3 na -29 -26 -38 -63 67 55
Berkeley Resources Limited BKY 0.7 1.1 na 0.0 0.0 na -8 -70 -75 -87 88 24
Black Range Minerals Limited BLR 0.5 0.8 na -0.01 -0.01 na -26 -66 -82 -90 91 27
Deep Yellow Limited DYL 0.8 2.4 na 1.19 0.59 na -31 -54 -63 -73 80 0
Energy and Minerals Australia Limited EMA 6.1 7.5 na na 0.21 na -17 -51 -73 na 80 0
Energy Metals Limited EME 2.5 8.0 na 1.72 1.72 na -1 -61 -69 -69 74 27
Energy Resources of Australia Ltd ERA 4.9 -51.0 8.85 7.57 7.57 1981 8 -8 -26 -13 32 82
Extract Resources Limited EXT 2.0 8.2 na 4.57 4.57 na -1 -4 -13 9 35 75
Globe Metals and Mining Limited GBE 0.6 1.4 na 0.16 0.16 na -26 -52 -68 -78 80 17
Greenland Minerals and Energy Limited GGG 1.5 3.5 na 0.18 0.18 na 10 -19 -62 -79 80 62
Paladin Energy Ltd PDN 1.2 -4.6 19.12 5.58 5.01 2008 -16 -54 -57 -66 69 42
PepinNini Minerals Limited PNN 1.2 -4.6 na 1.52 1.52 na -31 -58 -75 -83 84 10
Scimitar Resources Limited SIM 0.6 9.3 na 0.75 0.75 na 0 -50 -63 -82 84 25
Toro Energy Limited TOE 0.4 4.7 na 1.14 0.66 na -21 -43 -65 -79 79 12
Uranex NL UNX 1.1 1.6 na 0.09 0.09 na -10 -39 -67 -85 86 27
W est Australian Metals Ltd. W ME 13.6 29.0 na 0.59 0.59 na -7 -55 -73 -79 80 55
W hite Canyon Uranium Limited W CU 0.9 4.8 na na 7.06 2Q09 7 -3 -22 na 42 32
Average: Australia 13.98 1.69 1.82
CANADA
CanAlaska Uranium Ltd CVV 0.2 1.0 na na -0.42 na -25 -67 -79 -85 86 33
Forsys Metals Corp FSY 4.5 11.1 9.66 4.77 4.77 1H10 20 18 16 47 13 171
Average: Canada 9.66 4.77 2.17
Total/Total Average 9.41 1.77 1.77 -10 -38 -53 -58 66 39
©
AEE.AU
Aura Energy Limited
Aura Energy Limited A$ 0.17
5 December 2008 AEE's Storsjön Project (Alum Shale, Sweden) has a near-term resource
Uranium target of >100mlbs U3O8 and a sale agreement with Sino King worth up to
Sweden, Australia, Mauritania, Niger
Advanced Exploration, Early Exploration A$460m. It is also advancing uranium projects in Australia, West Africa.
Exchanges: ASX:AEE CY09 exploration budget A$5-8m, majority funded by partners.
Capital Profile Production and Financial Forecasts

Share price (A$) 0.17
YEAR END: June Sep-08a Dec-08F 2007a 2008a 2009F
52 week range (A$/share) 0.11 to 0.51
Number of shares (m) 43 Exploration and evaluation (A$m) 1.01 0.10 0.80 2.03 2.61
Options and warrants (m) 24 Corporate (A$m) 0.22 0.20 0.90 0.98 0.82
Convertible notes (m) 0 Exploration/(Expl.+ Corporate) (%) 82 33 47 68 76
Fully diluted (m) 67 Funding duration at current burn (years) 1.0 20.6 1.9 0.8 1.7
Market capitalisation (undiluted) (A$m) 7.3 Shares on issue (pr end) (m shares) 42.8 43.2 36.0 42.8 43.2
Debt (A$m) - Dec 08F 0.0 Drilling - RAB (m) 5,000 0 6,000 2,000 13,800
Enterprise value (A$m) 7.3 Drilling - Other/Diamond (m) 2,000 1,000 0 2,900 9,000
Major shareholders: Global Coal Management plc (14.6%), Land holding ('000 ha)* 1,200 1,200 450 1,000 1,200
Drake Resources (10.5%) Tenement costs ($k per year) - - - - -
Avg monthly volume (m) 1 Capital raisings (A$m) 0.00 3.57 0.00 1.62 3.57
Cash (A$m) - Dec 08F 6.2 Funding from JV partners (A$m) 0.8 0.8 0.0 1.8 5.2
Price/Cash (x) 1.2 Cash (A$m) 1.2 6.2 3.2 2.4 5.8
Price/Book (x) 0.6 Cash backing (Ac/share) 2.9 14.3 9.0 5.7 13.5
Listed company options No Net asset backing (Ac/share) 14.5 26.1 14.9 14.6 28.7
*Uranium prospective tenements only, both held and under application. Quarters refer to calendar year.
Investment Points Company Comment

AEE exploration budget CY09 A$5-8m, largely from JV Overview: Aura Energy listed on the ASX May ‘06. It has early stage exploration projects for uranium in
Australia, Sweden and West Africa and an advanced calcrete project in WA (resource 2.6mlb U3O8).
partners - 100% uranium focus. Sweden – Alum Shale Projects (Storsjön East and West) – AEE holds 100% of 100km over the
2
Alum Shale uranium province in northern Sweden. The deposits are also enriched in vanadium,
Sweden, Storsjön - Alum Shale - potential for very large molybdenum and nickel (typically 0.01-0.03% U3O8, 0.13-0.61% V2O5 and 0.025-0.06% MoO3). The
scale, near surface uranium-moly-vanadium deposit. adjacent Viken licence (TSX:CZQ) has an Inferred Resource of 437mlbs U3O8 (grading 0.016% U3O8),
900mlbs MoO, and 7.14blb VO, and Indicated of 6mlbs U3O8. AEE drilling at Häggån licence (Storsjön
Typical U3O8 grades 0.01-0.03%. Resource likely 1Q09. West Project, 4,000m diamond ended Aug ‘08) intercepted 116m av. thicknesses of mineralised shal e
(17 holes) – eg 180m @ 0.015% U3O8, 0.032% MoO3 and 0.25% V2O5 with 70m @ 0.02% U3O8. Drilling
Long-term target ~330mlbs-1200mlbs U3O8 - nearby in Aug-Sep ’08 at northern Marby Licence (7 holes) found av. thickness 96m, including 126m @
0.014% U3O8, 0.003% MoO3 and 0.367% V2O5. Mineralisation is near surface - potential open pit
Continental Precious Metals (TSX:CZQ) Viken, Sweden mining. Metallurgy is being tested by ANSTO (extraction of U, V, Mo and Ni) - historic work recovered
Alum Shale project has 443mlbs U3O8 grading 0.016%. 80-93% U3O8. Winter drilling could begin Dec ’08 (~5,000m). Near-term resource target at Storsjön East
>100mlbs U3O8, focused on thick, higher-grade zones. Long-term target (Nov ’08) is 1bt-3bt @ 0.015%-
AEE is exploring prospective uranium districts of WA 0.018% U3O8 ie ~330mlbs-1200mlbs. In Oct ’08, AEE signed a Heads of Agreement with China-based
Sino King Enterprise Investment to fund A$15m of exploration (due diligence Nov-Dec ’08). A JORC-
targeting calcrete near Lake Way and lignite/sandstone compliant resource of >1bt @ 0.016% U3O8 (~350mlbs) entitles Sino to an 80% interest for A$460m.
Mulga Rock style (Gunbarrel). Drilling 1H09. Mauritania (West Africa, AEE 50%/30%, GCM (AIM) can earn up to 70% by sole funding exploration) –
2
3 exploration licences covering 3,600km in the uranium-bearing Requibat Shield, as well as 11
2 applications. Uranium mineralisation (uranium vanadate) found by AEE in 7 shallow pits (1.2m deep).
Mauritania - over 20km of radiometric anomalies. Grades 2
Airborne radiometric has shown individual uranium anomalies up to 3.5km and the company indicates a
to 0.33% U3O8 at surface. Trenching Dec '08. 2
site visit suggests 10-30km of material grading 0.017-0.33% U3O8 at surface, depth untested.
Trenching expected from Dec ‘08. AEE does not expect a recent military coup to affect operations.
2
Gunbarrel Basin JV (WA) – 3750km . Prospective for lignite sediment-hosted uranium mineralisation
Significant uranium alliances with Sino King (Sweden),
with AEE targeting palaeochannels draining from the Yilgarn into the Eucla Basin. Region includes the
Global Coal Management (Mauritania/Niger, AIM:GCM). Mulga Rock (ASX:EMA) and Ponton deposits. Phase 1 drilling at Kirgella in 2Q08 included 0.26m @
0.014% e U3O8. Phase 2 drilling (~6,800m air core) approved by JV partner Mega (TSX:MGA) for 2009.
AEE - Aura Energy Limited Other uranium projects: Wondinong (AEE 100%, WA) calcrete-hosted uranium resource (2.6mlbs,
0.60
Apr ‘08). Drilling Porcupine Well (AEE 100%, WA) 2H08, between Lake Maitland and Lake Way –
calcrete samples to 0.01-0.02% U3O8. Niger (West Africa, AEE 50%, GCM (AIM) sole funding) - 3
licence applications (1500km 2) in the underexplored Tim Mersoi Basin, prospective for sandstone-
0.50 hosted uranium. Virka (Sweden, AEE 100%) – targeting vein hosted uranium. Fieldwork under way.
Investment Comment: AEE’s projects are in proven uranium districts prospective for large scale
Share Price ($/Share)
0.40 deposits. Exploration in CY09 will be supported by a A$5-8m budget, with the majority from JV partners.
While the Alum Shale (Sweden) resource base and extraction technology are yet to be demonstrated,
further drilling (Dec ’08) could lead to a significant initial resource 1Q09. Trenching in Mauritania is
0.30
expected Dec ’08, over large radiometric anomalies with confirmed U mineralisation, and could be a
near-term value driver for AEE. Drilling Gunbarrel Basin (WA) 2009.
0.20
Reserves and Resources/Mineralised Material
0.10 Code for reporting mineral resources - Australian: (JORC)
Uranium Classification/ Project Ore U3O8 Cut Off U3O8 U3O8 U3O8 Eqty
0.00 U3O8 Geology Equity Mt % ppm Kt Mlb Mlb
Mar-08
Dec-07
Jan-08
Sep-08
Oct-08
Apr-08
Jun-08
Jul-08
Reserves 0.0 0.0 0.0

Resources
Source: Bloomberg
Wondinong Inferred 100% 6.5 0.019 150 1.2 2.6 2.6
Mineralised Material (est., non compliant with JORC) 0.0 0.0 0.0
Contacts Directors Key Projects

Dr Bob Beeson B Fraser (Non-Exec Ch) Ownership/ JV Target Process Project
Managing Director R Beeson (MD) Project Option Metal Partner Type Route Status Location
Tel: +61 (0) 8 9228 0711 J Stephenson (Non-Ex Dir) Storsjön 100%/20% U,Mo,V,Ni Sino King Alum shale na Mid Expl Sweden
North Perth, WA, Australia S O'Loughlin (Non-Ex Dir) Mauritania 50%/30% U GCM na na Early Expl Mauritania
www.auraenergy.com.au Gunbarrel 100%/50/30% U Mega sandstone na Early Expl Aus (WA)
Wondinong 100% U na calcrete na Adv. Expl Aus (WA)
Analyst: John Wilson Porcupine Well 100% U na calcrete na Early Expl Aus (WA)
Analyst: Dr Trent Allen Virka 100% U na vein na Mid. Expl Sweden
info@rcresearch.com.au Niger 50% U GCM sandstone na Early Expl Niger
©
Alum Shale, Häggån, Sweden: location of AEE reconnaissance drilling to Oct ’08. Average thickness of
shale intersected 1H08 is 116m (17 holes), assays include 180m @ 0.015% U3O8. Neighbouring Viken
licence (TSX:CZQ) has an Inferred Resource of 437mlbs U3O8 and Indicated Resource of 6mlbs U3O8.
2
Gunbarrel Basin, WA: (3750km ) AEE has a JV with Mega Redport (TSX:MGA) in this highly prospective
region, host to the Mulga Rock and Ponton uranium projects (combined >100mlbs U3O8). Phase 1 drilling
(4,000m) detected anomalous uranium at palaeochannel targets – Phase 2 planned for 2009.
©
BLR.AU
Black Range Minerals Limited
A$ 0.014
Black Range Minerals Limited
5 December 2008 New drilling at Taylor Ranch (CO) has located high-grade uranium
Uranium, Copper mineralisation in an 800m corridor between the Boyer and North Hansen
USA (WY,CO), Australia (NSW)
Advanced Exploration, Scoping deposits. Taylor Ranch zones aggregate 23.5mlbs U3O8 (grading 0.12%,
Exchanges: ASX:BLR 750ppm cutoff, Jul '08) - potential 2.2mlbspa underground production.

Fully diluted (m) 712 Funding duration at current burn (years) 2.0 1.6 1.5
Market capitalisation (undiluted) (A$m) 8 Shares on issue (pr end) (m shares) 604 604 603 604 604
Debt (A$m) - Dec 08F 0.0 Drilling - RAB (m) 0 0 0 0 0
Enterprise value (A$m) 8.5 Drilling - Other/Diamond (m)* 3,750 3,750 15,000 10,000 15,000
Major shareholders: R & H Healy (11.7%) Land holding ('000 ha)* 6.1 6.1 3.0 6.1 6.1
Tenement costs ($k per year) - - - - -
Cash (A$m) - Dec 08F 10.1 Funding from JV partners (A$m) 0.0 0.0 0.0 0.0 0.0
Price/Book (x) 0.5 Cash backing (A$c/share) 1.8 1.7 2.2 1.9 1.1
Listed company options: BLRO Net asset backing (A$c/share) 3.0 3.0 3.7 3.0 3.0
* Uranium prospective properties only. Quarters refer to calendar year.

BLR has a $10m exploration and evaluation budget over 2 Overview: BLR underwent restructuring and relisted in Dec. 2004. Its new managers are focused on
exploration and acquisitions, with the priority to advance its US uranium projects.
years - 70% focused on uranium. Taylor Ranch: (CO, 9,500ac) Located 35km from a licensed uranium mill at Canon City. Inferred JORC
resource upgraded to 83.9mlbs U3O8 Jul ’08 (at 100ppm cut-off) over 6 deposits. High grade zones
Taylor Ranch JORC resource 83.9mlbs (Jul '08, 139mt @ (750ppm cut-off) occur in each of the 6 deposits with Boyer containing over 9mlbs U3O8 at a high grade of
0.027%; 100ppm cut-off) U3O8 over 6 deposits. 0.13% U3O8 equivalent to ~US$186/t, assuming U3O8 US$65/lb). Taylor Ranch lies along strike from the
geologically similar Hansen uranium deposit, (5 to 6 miles away, ~30mlbs grading ~0.08% U3O8) which was
fully permitted in the 1970’s. Historic data exist for 1,250 holes (160,000m) and drilling confirms
Taylor Ranch includes high grade zones aggregating mineralisation has >5km strike - recent results include 2.6m @ 0.133% eU3O8 from 800m corridor between
23.5mlbs (grading 0.12% at 750ppm cut-off). Boyer and North Hansen (2.86mlbs eU3O8). Mine permitting is in process and follows other underground-toll
treatment uranium projects permitted in CO, including Denison’s (TSX:DML) Colorado Plateau projects.
Uranium exploration and mining on the BLR lease area is approved by the owners of Taylor Ranch but
Scoping study indicates opex of US$34/lb U3O8, mine opposed by some neighbours. Fremont County’s Board of Commissioners (re-elected Nov ’08) granted a
capex US$60m, EBITDR US$68mpa (at US$65/lb U3O8) Conditional Use Permit (CUP) for ongoing exploration drilling (May ’08) for 8 years. A District Court
challenge to Freemont Board’s decision could be heard 4Q08. The scoping study (Mar. ‘08) indicates an
initial underground 1mtpa mine, head grades of ~0.1% U3O8, on-site conventional acid leach, producing
Taylor Ranch - good exploration upside: recent success in 2.2mlbpa U3O8 (or toll treatment at Canyon City). Cash cost ~US$34/lb U3O8, initial capex ~US$160m (mine
Boyer - North Hansen corridor. BFS expected 2009. $60m, plant $100m) - potential mine life 8+ years.
Keota: (CO) BLR has acquired 100% of 2,750ac within the historic Keota uranium district in northern
Colorado and interests in a further 640ac. Approximately 500 holes drilled since the 1970s. Known uranium
Keota (CO) - in known uranium field, historic drill data mineralisation is shallow and considered potentially amenable to open cut or ISL recovery. Best assay data
include 3m @ 0.17% U3O8. from the 20 historic holes so far assessed include 3m @ 0.17% U3O8 from 84m depth.
Cyclone Rim and Eagle Uranium: Red Desert, southwest Wyoming; these adjacent projects are shallow,
believed ISR amenable. Combined JORC resource of 5.1mlbs U3O8.
Eagle and Cyclone Rim (WY): JORC 5.1mlbs U3O8 (Jun Investment Comment: BLR has cash of ~A$10m and is evaluating 4 uranium projects, as well as seeking
'08) - both historic projects. ISR potential. new investments. Taylor Ranch is the most advanced and holds potential for low tonnage, high grade (0.1%
U3O8) underground production. The current drilling program has found high-grade mineralisation (Boyer -
North Hansen corridor) and ongoing resource updates are anticipated. Taylor Ranch appears to offer
significant economic potential though re-rating of BLR will depend on achieving project milestones, including
BLR - Black Range Minerals Limited granting of mine permits.
0.16
0.14
Code for reporting mineral resources - Australian: (JORC)
0.12 Uranium (U3O8) Classification Project Ore Grade Cut Off Eqty
Equity Mt % ppm Kt Mlb Mlb

0.10
Resources
0.08
Taylor Ranch (6 deposits) Inferred 100% 138.8 0.027 100 38.0 83.9 83.9
0.06 ( Boyer incl. high grade zone 100% 3.2 0.130 750 4.2 9.2 9.2 )
( NW Taylor incl. high grade zone 100% 1.7 0.110 750 1.9 4.1 4.1 )
0.04 ( Other areas incl. high grade zone 100% 4.0 0.116 750 4.6 10.2 10.2 )
( Sub Total high grade cutoff (750ppm) 100% 8.9 0.120 750 10.7 23.5 23.5 )
0.02
Eagle Inferred 50% 9.3 0.023 200 2.1 4.7 2.3
0.00 Cyclone Rim Inferred 50% 0.6 0.030 100 0.2 0.4 0.2
Nov-08
Mar-08
Jan-08
Feb-08
Dec-07
Sep-08
Apr-08
Jun-08
Jul-08
Aug-08
Oct-08
Total 40.4 89.0 86.4

Copper Resources Cu % Zn % Cu Kt Zn Kt
Source: Bloomberg
Koonenberry Ind. & Inf. 100% 5.7 1.0 0.35 58.8 19.8

Mr Michael Haynes A Scott (Chairman) Ownership/ JV/ Target Process Project
Managing Director M Haynes (MD) Project Option Metal Partner Type Route Status Location
Tel: 61 (8) 9481 4920 M Wood (Dir) Taylor Ranch (various) 100% Uranium na sandstone UG/OP Adv. Expl. US (CO)
Perth, Australia Cyclone Rim 50% Uranium Uranerz sandstone ISR/OP Adv. Expl. US (WY)
www.blackrangeminerals.com Eagle 50% Uranium Uranerz sandstone ISR/OP Adv. Expl. US (CO)
Keota 100/25/9% Uranium various sandstone ISR/OP Adv. Expl. US (WY)
Analyst: John Wilson Koonenberry 100% Copper na VMS na Mid. Expl. Aus (NSW)
Analyst: Dr Trent Allen
info@rcresearch.com.au
©
Taylor Ranch district uranium projects (CO, 100% BLR): aggregate resource of 83.9mlbs U3O8 (100ppm cut-
off). The Boyer deposit has a high grade zone of 9mlbs grading 0.13% U3O8 (Nov. ’07). Recent exploration
has located mineralisation in the previously undrilled Boyer North Hansen corridor, more assays pending.
Red Desert: (WY) BLR has JV’s with Uranerz at Eagle and Cyclone Rim uranium projects. The Red Desert
Basin has a long history of uranium production. Combined project resource 5.1mlbs U3O8.
©
EMA.AU
Energy and Minerals Australia Limited Energy and Minerals Australia Limited
A$ 0.17
5 December 2008 EMA has accelerated its development of the multi-faceted Mulga Rock
Uranium, Base Metals, Gold Deposits and regional projects, supported by a lift of the ban on uranium
Australia (WA)
Resource Definition, Early Exploration mining in WA (Nov '08). High grade historic (non-JORC) resource of
Exchanges: ASX:EMA 102.5mlbs U3O8 grading 0.11% – JORC statement expected Dec '08.

Number of shares (m) 232 Exploration and evaluation (A$m) 0.55 1.60 na 1.54 3.15
Options and warrants (m) 9 Corporate (A$m) 0.49 0.30 na 1.26 1.29
Convertible notes (m) 128 Exploration/(Expl.+ Corporate) (%) 53 84 na 55 71
Fully diluted (m) 369 Funding duration at current burn (years) na 2.5 0.6
Market capitalisation (undiluted) (A$m) 39.4 Shares on issue (pr end) (m shares) na 231.7 na 231.7 330.0
Debt (A$m) -Dec 08F 0.0 Drilling - RAB (m) 0 6,000 na 0 21,000
Enterprise value (A$m) 39.4 Drilling - Other/Diamond (m) 5,000 5,000 na 10,000 20,000
Major shareholders: M. Fewster (82%) Land holding ('000 ha)* 325 325 na 325 325
Tenement costs ($k per year) - - na - -
Avg monthly volume (m) 5 Capital raisings (A$m) 0.00 0.00 na 10.00 0.00
Cash (A$m) - Dec 08F 5.3 Funding from JV partners (A$m) 0 0 na 0.0 0.0
Price/Cash (x) 7.5 Cash (A$m) 6.0 5.3 na 7.0 3.8
Price/Book (x) 6.1 Cash backing (Ac/share) na 2.3 na 3.0 1.2
Listed company options: EMAO Net asset backing (Ac/share) na 2.9 na 3.0 1.9

2
EMA's initial development focused on uranium - two-year Overview: Energy and Minerals Australia listed in the ASX in May ’08. It holds 3,397km in WA,
prospective for uranium, precious and base metals, and lignite. Its most advanced project is the Mulga
development and exploration budget A$4.7m. Rock Deposit (MRD).
Mulga Rock Deposits (WA): 250km NE of Kalgoorlie. Mulga Rock was discovered in 1980 by PNC
Mulga Rock Deposits (MRD) - multiple potential revenue Exploration (Japan) and developed as a uranium deposit – there is an historic, non JORC resource of
th
streams including U, Ni, Co, Au and lignite/oil. 46,500t U3O8 at grade 0.11% U3O8, equivalent to Australia’s 4 -largest uranium deposit. The project
was subsequently acquired by EMA via Eaglefield Holdings and Narnoo Mining. It is comprised of three
known deposits – Ambassador, Emperor and Shogun. Aside from uranium, commodities include nickel
MRD - mineralisation 46,600t U3O8 (~102.5mlbs, non (to 2%), cobalt (to 1%) and gold (~0.25g/t), with other base and trace metals as yet unquantified.
JORC resource), with mineralisation open to south. Mineralisation evolved via the deposition of metals from enriched groundwater, adjacent to the Albany
Fraser Fault. Host rocks are non-marine sediments and lignite below an impermeable clay cap. There
are multiple known and projected styles of mineralisation, including lignite and sandstone hosted
Drilling results from the first hole 1Q08 intercepted 5.3m at deposits. In the lignite, uranium is present partly in solution as uranium sulphate (core samples are kept
0.203% U3O8 (from 49.2m) incl. 1m @ 1.0% Ni, 0.4% Co, at -20°C to preserve the liquid content). Overburden is free-digging, as is the lignite. Metallurgical
0.9% Cu, and 0.8m at 1.1% Zn. Drilling underway. studies show high recoveries of uranium using acid leach and solvent extraction – Ni-Co sulphides
oxidise to release acid, aiding the leaching process. Recoveries: Co/Ni, 40/60%; U, 80-99%. There is
potential to convert lignite to oil at 2-3bbl/t – target lignite resource of 500mt.
Development timetable - establish MRD uranium JORC Other WA tenements: EMA has three early-stage projects – Narnoo (surrounding the MRD), Minigwal
resource in Dec '08 and Ni/Co resources in 1H09. and Gunbarrel, which are prospective for MRD-style deposits, as well as conventional palaeochannel
uranium deposits. Airborne electromagnetics over these grassroots projects commenced Sep ’08.
Development and timetable: Previous work on the MRD area encompasses geological and
Potential to convert lignite to oil by pyrolysis at 2/3bl/t,
geophysical data (1,600 drill holes), and surveys for Native Title, flora-fauna and radioecology. Existing
target lignite resource 500mt. infrastructure includes an airstrip, water bores and ~1,000km of roads. Near-term development targets
are focused on the MRD: MRD uranium resource 4Q08; ~9 months, potentially Ni-Co resources; ~9-15
Pipeline of adjacent grassroots projects, prospective for months, lignite and Ambassador gold resources. Two-year exploration budget from May ‘08 is A$4.7m
MRD-style mineralisation and palaeochannel uranium. – 21 diamond holes (twinning historic holes) completed, 16,000m air core expected 4Q08-1Q09.
Investment Comment: The Mulga Rock Deposits form a geologically diverse project with multiple
potential revenue streams, including but not confined to U, Ni, Co, Au and lignite/oil. EMA also has
EMA - Energy and Minerals Australia Limited three grassroots projects (U, lignite/U) with potential to generate exploration success. The company
has a fully diluted mkt. cap. of ~A$70m, or ~US$0.44/lb U3O8 based on the historic, non-JORC
0.80 resource. The WA Government’s lifting of the ban on uranium mining (Nov ’08) has opened the way for
0.70
full development of the deposits – on a uranium inclusive basis. An initial JORC uranium resource for
the MRD is expected in Dec ‘08. Third party litigation over the granting of two EMA tenements is
th th
0.60 planned to be heard in the Supreme Court on Dec 15 -17 ’08, judgement 1Q09.
0.50 Reserves and Resources/Mineralised Material

0.40
0.30 Uranium Classification Project Ore U3O8 Cut Off U3O8 U3O8 U3O8 Eqty
U3O8 Equity Mt % ppm Kt Mlb Mlb
0.20
0.10 Resources 0.0 0.0 0.0
Mineralised Material (est., non compliant with JORC)
0.00 Mulga Rock Deposits
May-08
Nov-08
Sep-08
Jun-08
Aug-08
Oct-08
Ambassador 100% 6.1 0.20 12.0 26.5 26.5

Emperor 100% 34.0 0.09 31.6 69.7 69.7
Source: Bloomberg Shogun 100% 2.3 0.13 2.9 6.4 6.4
Total 42.4 0.11 46.5 102.5 102.5

Mr Chris Davis P Golding (Chairman) Ownership/ JV Target Process Project
Managing Director M Fewster (Exec Dir) Project Option Metal Partner Type Route Status Location
Tel: 61 (0) 8 9389 2700 C Davis (MD) Mulga Rock Deposit 100% U,Ni,Co na Lignite na Adv. Expl. Aus (WA)
W. Perth, WA, Australia S Penrose (Non-Exec Dir) Narnoo regional 100% U,lignite na sandstone na Early Expl. Aus (WA)
www.eama.com.au Gunbarrel 100% U na sandstone na Early Expl. Aus (WA)
Minigiwal 100% U na sandstone na Early Expl. Aus (WA)
Analyst: John Wilson
©
2
EMA holds 3,397km 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, has uranium mineralisation of 46.5kt U3O8 (non JORC compliant).
EMA’s projects - development stages and sequences. Initial focus on Mulga Rock (MRD), to be followed by
other projects (Narnoo, Gunbarrel, Minigwal). Approx timescale from May ’08 IPO – MRD uranium resource,
6 months (Dec ’08); MRD nickel-cobalt, 12 months; MRD/Narnoo lignite ± MRD gold, 12-18 months.
©
EME.AU
Energy Metals Limited
Energy Metals Limited A$ 0.41
5 December 2008 Bigrlyi (NT) extension and infill drilling underway (20,000m) - results to date
Uranium include 5.3m @ 0.52% eU3O8 (from 77m) and 4.8m @ 0.47% eU3O8 (from
Australia (NT, WA)
Advanced Exploration 123m). Revised resource expected 1Q09. Accelerated drilling programs
Exchanges: ASX:EME 2H08 at regional Ngalia (NT) and also at 3 WA projects.

Number of shares (m) 117.1 Exploration and evaluation (A$m) 2.10 0.50 3.17 3.97 6.60
Options and warrants (m) 4.2 Corporate (A$m) 0.21 0.18 0.47 1.21 0.75
Convertible notes (m) 0.0 Exploration/(Expl.+ Corporate) (%) 91 74 87 77 90
Fully diluted (m) 121.3 Funding duration at current burn (years) 0.6 1.0 0.5
Market capitalisation (undiluted) (A$m) 47.4 Shares on issue (pr end) (m shares) 117 117 27 117 117
Debt (A$m) - Dec 08F 0.0 Drilling - RAB (m) 5,000 5,000 13,500 0 15,000
Enterprise value (A$m) 47.4 Drilling - Other/Diamond (m) 7,500 10,000 28,125 30,625 32,500
Major shareholders: Jindalee Resources (40.0%), Land holding ('000 ha)* 400 400 400 400 400
Mark Scott (11.7%), Denison Mines Inc. (8.1%), LG Dudfield (5.6%) Tenement costs ($k per year) - - - - -
Avg monthly volume (m) 1 Capital Raisings (A$m) 0.0 0.0 0.5 8.3 0.0
Cash (A$m) - Dec 08F 5.9 Funding from JV partners, est. (A$m) 0.58 0.25 0.6 1.0 2.5
Listed company options: No Net asset backing (Ac/share) 16.2 16.3 29.3 13.6 17.7
*Uranium prospective tenements, both held and under application. ^ Assumes uranium price US$65/lb and vanadium US$15/lb.

100% dedicated uranium exploration. Overview: Energy Metals listed on the ASX Sept ‘05. It controls 8 uranium projects, 2 in the NT, including
Bigrlyi, 390km NW of Alice Springs which is the most advanced of EME's projects. The other 6 projects are
in WA (100% EME) and 5 have historic mineralisation aggregating 13mlbs U3O8.
Strategic alliance with Denison Mines (TSX:DEN). JV with Bigrlyi (NT): Is located 350km northwest of Alice Springs. Uranium (and vanadium) mineralisation was
Paladin (ASX:PDN) at Bigrlyi (NT). discovered at Bigrlyi in 1973. The deposits are characterised as high grade (0.14% U3O8) containing
vanadium, narrow (2m to 5m width) and steeply dipping. The known mineralisation outcrops along a 14km
Bigrlyi resource: 23.4mlbs U3O8 at 0.14% including high strike. The resource estimate of 23.4mlbs U3O8 (500ppm) by Hellman and Schofield is based on chemical
assays. Most of the resource occurs at less than 250m depth and defined over Anomalies 4 (to A6), A15,
grade 17.6mlbs U3O8 at 0.20% (1000ppm cut-off). A2, A3, and A7. Anomaly 4 (to A6) forms a 2km mineralised corridor with multiple lenses and accounts for
59% of the resource. A15 accounts for 31% of the resource (A15 and A4 account for 90% of the deposit).
Bigrlyi mill high head grade forecast: 0.15% U3O8. Mineralisation is defined to 300m depth and there is potential to expand resource envelopes along strike.
Resource upside could also come by running an unconstrained resource model at A4, and there is potential
Enhanced scoping study economics driven by improved for increased vanadium tonnage and grade across Bigrlyi as gaps in the historic data are filled. Drilling 2H08
metallurgy and production scale. PFS expected 1H09. is expected to focus on upgrading the resource to measured and indicated. PFS expected 2H09.
The enhanced scoping study (July ’08, by Andrew Hutson of Paladin Energy) follows from the initial study
RC and diamond program 2H08 aims to extend shallow 4Q07 and envisages 6 open pits at 3 deposits (A2/3, A4 and A15) and subsequently 1 underground mine
(A15), conventional acid leach, 500ktpa mill, producing 16.2mlbs U3O8 and 14.5mlbs of vanadium over a 12
resources and at depth at A4 and A15 deposits. year mine life. Capex is A$70m (for treatment plant and tailings; not inclusive of mine development and
surface infrastructure). Operating costs are anticipated to be provided as additional resources are confirmed
Drilling diary: 2H08 Bigrlyi JV and Ngalia regional (NT); and with anticipated refinements to metallurgy and engineering optimisation. The scoping study assumed a
Anketell (WA) 4Q08 - resource expected 1Q09. Mopoke contract uranium price of US$75/lb. Metallurgical testwork, favourable results are reported from tests at
A4 (June ‘08) - low in calcium carbonate. Uranium recoveries from acid leach testwork indicate 98%
Well and Manyingee (both WA, 100% EME) 4Q08. recovery in 24 hours. Indicative metallurgical recovery for vanadium is 45%. Encouraging initial heap leach
studies for processing low grade material will be followed up with permeability and porosity testing 1Q09.
Solid balance sheet with ~A$6m in cash. Ngalia Region (100% EME): The tenements enclose the Bigrlyi, Malawiri (52% EME) and Walbiri (42%
EME) prospects giving EME strategic regional control over a 200km strike. Tenements contain uranium and
vanadium mineralisation in roll-front style with encouraging historic intercepts. Drilling 4Q08 will test Camel
Flat (sandstone target with hi storic intercepts) and Cappers (defined palaeochannel, radiometric anomaly
not previously drilled) 20km NW of Napperby - New Well (ASX:TOE).
EME- Energy Metals Limited Investment Comment: EME has an experienced management team and near term is expected to advance
1.60 Bigrlyi through a resource upgrade (to Measured and Indicated) and possible expansion 1Q09 and PFS
(1H09). There is potential for further resource increases at Bigrlyi and the company is well positioned for
1.40 regional exploration success (initial Ngalia regional drill program 4Q08). WA is now a uranium mine friendly
jurisdiction, and EME is accelerating exploration at historic calcrete and sandstone uranium projects in that
1.20 state. EME appointed Gresham June ‘08 to advise on corporate options for advancing the Bigrlyi project,
which is ongoing with EME indicating interest from majors, notwithstanding the current financial crisis.
1.00
0.80
0.60 Uranium (U3O8) Classification Project Ore U3O8 Cut Off U3O8 V2O5 Eqty U3O8
Equity Mt % ppm Kt Kt Mlb
0.40 Reserves 0.0 0.00 0.0 0.0 0.0
Resources
0.20
Bigrlyi (A4, 15, 2, 3, 7)* Indicated and Infer. 54% 7.56 0.14 500 10.6 19.8 12.5
0.00 (Includes high grade zone at 1000ppm cut off 4.04 0.20 1,000 8.0 13.6 9.5 )
May-08
Mar-08
Sep-08
Dec-07
Jan-08
Dec-08
Apr-08
Jul-08
Aug-08
Oct-08
Lake Mason Inferred 100% 7.90 0.017 100 1.3 0.0 3.0
Total 11.9 19.8 15.5
* Bigrlyi contains 19.81kt V2O5 (500ppm cut-off) grading 0.26%; or 13.6kt V2O5 (1000ppm cut-off) grading 0.34%.
Source: Bloomberg
EME - Total 11.9 19.8 15.5

Mr Lindsay Dudfield O Aamodt (Non Ex Chair.) Ownership/ JV Target Process Project
Executive Director L Dudfield (Exec Dir) Project Option Metal Partner Type Route Status Location
Tel: 61 (0) 8 9322 6904 G Jones (Non Ex Dir) Bigrlyi 53.7% U, V PDN, SCX Sandst-tab acid leach Adv. Expl. Aus (NT)
Perth, Australia Ngalia Regional 100% U, V na Sandst-tab na Mid Expl. Aus (NT)
www.energymetals.net Lake Mason 100% Uranium na Calcrete na Mid Expl. Aus (WA)
Mopoke Well 100% Uranium na Calcrete na Mid Expl. Aus (WA)
Anketell 100% Uranium na Calcrete na Mid Expl. Aus (WA)
Analyst: John Wilson Lakeside 100% Uranium na Calcrete na Mid Expl. Aus (WA)
johnwilson@rcresearch.com.au Manyingee 100% Uranium na Sandst-rf na Mid Expl. Aus (WA)
©
Location map: EME’s most advanced project is Bigrlyi (NT) - PFS expected 2H09.
The company also has 5 calcrete uranium prospects (all have historic mineralisation) in
WA where increased exploration activity, including drilling is underway.
Ngalia Region (NT) deposits and prospects: EME holds a strategic position (mostly 100%) over 200km of
uranium/vanadium prospective stratigraphy along strike from the Bigrlyi uranium deposit. Drilling
expected 2H08 at the Bigrlyi deposit and Ngalia regional (Camel Flat and Cappers).
©
GBE.AU
Globe Metals & Mining Limited
A$ 0.12
Globe Metals and Mining Limited
5 December 2008 GBE has found additional high-grade, near-surface material at the
Uranium, Specialty Metals uranium/ specialty-metal Kanyika Project (Malawi). JORC resource 56mt
Malawi, Argentina
Early to advanced exploration with 321mlbs Nb2O5 and 9mlbs U3O8, upgrade expected Feb'09 as part of
Exchanges: ASX:GBE PFS. Nb and Ta prices, demand remains high.

Enterprise value (A$m) 7.8 Drilling - Other/Diamond (m) 4,000 2,000 6,000 16,700 12,000
Major shareholders: Land holding ('000 ha)* 275 275 209 275 275
Mark Sumich (9.3%), TGP-Axon (8.9%) Tenement costs ($k per year) - - - - -
Cash (A$m) - Dec 08F 5.5 Funding from JV partners (A$m) 0 0 0 0 0
Listed company options No Net asset backing (Ac/share) 18.6 18.9 23.3 19.7 79.5

Kanyika (central Malawi) – multi-commodity Nb-U-Ta-Zr Introduction: Globe Metals and Mining listed Dec ’05. The Company is focused on uranium and
specialty metals exploration and has early to mid-stage projects in Malawi (175,000 hectares).
deposit. Estimated ore value ~US$120/t (~4.5g/t Au eq). Kanyika (uranium, central Malawi): GBE is targeting uranium and specialty metal mineralisation in an
alkalic granitoid (similar to Rossing or Goanikontes deposits) with strike length 3.5km+:
Kanyika initial resource includes 321mlbs at 0.26% • Resource and grade - drilling confirms U3O8 and tantalum, niobium and zirconium, over five strike-
Nb2O5 (includes high grade zone of 116mlbs at 0.37%) parallel high-grade zones within a larger mineralised envelope. Inferred JORC resource defined
over 2.1km strike: 56.4mt @ 0.26% Nb2O5 (320.7mlbs), 0.007% U3O8 (8.9mlbs), 0.0120% Ta2O5
and 8.9mlbs U3O8; upgrade expected Feb '09. (14.5mlbs) and 0.48% ZrSiO4. High-grade resource at 3,000ppm Nb2O5 cut-off is 14.1mt. Deposit is
open in 3 directions. 6,000m resource drilling from Jun ’08 – upgrade expected Feb ‘09. Oct ’08
Kanyika scoping study (Jun '08, Coffey) - 4ktpa Nb as results include 17m @ 1.40% Nb2O5, 0.085% Ta2O5 and 0.059% U3O8 from 33m depth.
FeNb, opex US$13/kg-US$20/kg Nb, capex US$177m. • Favourable Mining Potential - the deposit could be mined open-pit with low strip ratio of 0.5-0.9
and has a higher-grade, near surface area - critical for early capex payback. Scoping study (Coffey,
Pre-feasibility study began Sep '08, results 3Q09. Jun ’08) examined 4ktpa Nb production as FeNb alloy, with 59tpa Ta2O5 and 11.4-13.7ktpa ZrSiO4
(processing 2.2-3.5mtpa) bringing ~US$3bn revenue and ~US$1.1bn free cash flow over 20yr LOM,
Key economic driver is Nb (>85% of forecast revenue) - capex US$177m with < 2 year payback, opex US$21/t- US$44/t (US$13/kg to US$20/kg Nb). Study
used in steel. Current Nb contract price (in FeNb) ~US$43- accuracy +/-30-50%. Uranium would report to aluminous slag for potential future processing. Pre-
feasibility study began Sep ’08, results expected Q309. Assuming prices of Nb (in FeNb) US$35/kg
46/kg, has risen during financial crisis. (current long term price ~US$43-46/kg), Ta raw material ~US$45/lb (min 30% Ta2O5) and ZrSiO4 at
US$600/t, project potential NPV at 8% (real) is >A$230m based on scoping study parameters.
Kanyika drilling (6,000m 2H08) - high grade zone • Metallurgy – Phase 2 of testing began May ’08. Phase 1 reported good recoveries via physical
extended: results incl. 3m @ 4.4% Nb2O5, 0.16% U3O8. separation of pyrochlore and zircon concentrates (pyrochlore 72%) and acid leaching (eg Nb2O5 and
Ta2O5 98%, and U3O8 89%). Could produce FeNb alloy by pyrometallurgy. Phase 2: pilot-scale
testing of 100t sample and production of concentrate for potential buyers, results Feb-Mar ’09.
Midterm upside potential derived from scoping study is • Marketing/Demand – A & M Minerals assisting with marketing, e.g. introductions to prospective
>A$250m (US$35/kg Nb, AUD 0.70); current GBE market offtake customers. Prices for niobium (used in steel) and tantalum (used in capacitors) have
capitalisation ~A$8m. remained steady during global financial upheaval and are predicted to remain strong.
• Livingstonia (uranium, northern Malawi): GBE is targeting roll-front deposits in Karoo sandstones
similar to, and in the region of, the Kayelekera deposit (15.6kt, 34.3mlbs U3O8, ASX:PDN). Chombe
GBE - Globe Metals and Mining Limited (roll-front style) - economic grades over an area of 600m x 1,000m in three parallel zones, up to
0.70 15m thick. Results include 8.1m @ 0.064% U3O8 with 3.1m @ 0.081% U3O8 (2Q08) - similar results
were returned Sep ’08 for the third, eastern zone. Further drilling 1H09.
0.60 Investment Comment: GBE’s most advanced project, Kanyika, has developed quickly and at low cost
(2 years and A$4m) to have a JORC resource (supporting a potential 20+ year operation) and scoping
0.50 study. With high leverage to niobium, encouraging metallurgy and high-grade intercepts, GBE has
started a pre-feasibility study. With current infill drilling completed at Kanyika, GBE expects a period of
0.40 low expenditure (including the PFS) and should have sufficient capital to reach 2010. Kanyika has
considerable upside potential as milestones are met (scoping study derived NPV of >A$250m).
0.30
0.20
0.10 Uranium, Niobium Classification/ Project Ore Cut off U3O8 U3O8 Nb2O5 Nb2O5
U3O8, Ta2O5 Geology Equity Mt Nb2O5 % Mlb % Mlb
0.00 ppm
May-08
Nov-08
Dec-07
Jan-08
Feb-08
Sep-08
Apr-08
Jun-08
Jul-08
Oct-08
Reserves 0.0 0.00 0.0

Resources - Kanyika Inferred 100% 56.4 1,500 0.007 8.9 0.26 320.7
Resource also contains: 0.012% Ta2O5 for 14.5mlbs and 0.48% ZrSiO4 for 600.5mlbs.

Mr Mark Sumich D Sumich (Non-Exec Chair) Ownership/ JV Target Process Project
Managing Director M Sumich (MD) Project Option Metal Partner Type Route Status Location
Tel: +61 (0) 8 9486 1779 P van der Borgh (Tech. Dir) Kanyika 100% U (Nb,Ta) none Granitoid na Scoping Malawi
West Perth, WA, Australia Livingstonia 100% U none S'stone na Mid. Expl. Malawi
www.globemetalsandmining.com.au Nthalire 100% U none S'stone na Early Expl. Malawi
Belele Dambo 100% U (Nb,Ta) none Granitoid na Early Expl. Malawi
Analyst: John Wilson Cerro Tin Tin 100% U (V) none Shear na Early Expl. Argentina
©
Proposed process flowchart for GBE’s Kanyika Project, Malawi, from the scoping study (Coffey, Jun ’08).
Note that uranium reports to waste during FeNb production but could be recovered by expanding the plant
to produce high purity metal oxides (Phase 2).
Niobium price sensitivities and NPVs for the Kanyika Project. Modelling does not include potential
revenues from a possible Phase 2 expansion to produce uranium.
KANYIKA SPECIALTY METALS PROJECT (NPV based on Coffey Scoping Study)

Equity Sensitivity
LONG TERM NIOBIUM PRICE (per kg in FeNb alloy)^ :US$/kg 25 35 45 55 65
EXCHANGE RATE :AUUS 0.70 0.70 0.70 0.70 0.70
KANYIKA NPV @ 8% REAL* :A$m 100% 70 234 397 561 726

KANYIKA NPV @ 8% REAL* :US$m 100% 49 164 278 393 508
NPV/SHARE :A$/share 1.04 3.46 5.87 8.29 10.74
* Includes a scoping study stage project discount of 50% of the project valuation: 50%
^Niobium prices are modelled as flat line for 20 years. Spot US$55/kg.
KANYIKA SPECIALTY METALS PROJECT KEY ASSUMPTIONS*
RESOURCE ESTIMATES
Current inferred resource Ore Nb Ta Zr U

Mt % % % %
Model does not include uranium production 56.4 0.30 0.012 0.48 0.007
Contained metal, mlbs 320.7 14.5 600.5 8.9
MINING METHOD Open Pit
PROCESS METHOD Dedicated Specialty Metals Plant

Gravity (incl. seperation of zircon), flotation, aluminothermic smelting for FeNb (+Ta) alloy
Year 1 Year 20
PRODUCTION RATE :mtpa 2.2 3.5 Head grade falls from >0.25% Nb2O5 to ~0.25% Nb2O5
:tpa Nb 4,000 4,000
:strip ratio 0.5 0.9
CAPITAL COSTS :US$ 177m (+97m) Two expansions, in yrs 3 & 6. Sustaining capex $5.2mpa.
RECOVERIES TO CONCENTRATE :%
Nb2O5 72.9
Ta2O5 65.9
U3O8 72.9
ZrSiO4 85
DOWNSTREAM RECOVERY 90
OPERATING COSTS :US$/t 17 to 24
TAX :% 30 Company tax in Malawi
ROYALTY :% 3 ASX:PDN at Kayelekera pays 1.5% for first 3 yrs, then 3%
MINE LIFE :Years 20
COMMISSION DATE : Post 2012
* 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 subsequent pre-feasibility study, expected in 3Q09.
©
GGG.AU
Greenland Minerals and Energy Ltd
A$ 0.28
5 December 2008 GGG has the rights for up to 100% of the Kvanefjeld uranium and rare
Rare Earth Elements, Uranium earths deposit in SW Greenland. JORC resource 223mlb U3O8 and 2.6mt
Greenland
Advanced exploration REO with upside potential. Scoping study commencing 1Q09. Govt
Exchanges: ASX:GGG indicates support for by-product uranium production (Nov '08).

Year End: June Sep-08a Dec-08F 2007a 2008a 2009F
Options and warrants (m) 169 Corporate (A$m) 0.80 0.63 0 3.72 2.68
Shares and options to be issued (m)* - Exploration/(Expl.+ Corporate) (%) 79 71 0 76 68
Fully diluted (m) 362 Funding duration at current burn (years) 0 1.4 1.2
Major shareholders: GCM Nominees (18.1%), Westrip Holdings (15.6%), Land holding ('000 ha) 211 211 211 211 211
Gravner Ltd (15.0%), ANZ Nominees (10.5%), HSBC Custody Nom. (5.5%) Tenement costs ($k per year) - - - - -
Cash (A$m) - Dec 08F 15.2 Funding from JV partners (A$m) 0 0 0 0 0.0
Listed company options: GGGO Net asset backing (Ac/share) 18.0 17.8 13.9 18.7 15.9
*A$62m in cash and 10m shares subject to various conditions - optional staged payments to increase Kvanefjeld holding from 61% to 100%. Quarters refer to calander year.

Multi-element focus at Kvanefjeld - uranium component Overview: Greenland Minerals and Energy Limited is a Perth based company that listed on the ASX in
valued at approx ~US$12bn (US$55/lb). June 2006 (ASX:GGG). It is evaluating the uranium-rich Kvanefjeld multi-element project in Greenland, a
self-governing Danish province. The project was acquired in 2007.
Kvanefjeld (uranium, Greenland): The project is located on the SW tip of Greenland, within the
JORC resource 334mt containing 223mlbs U3O8, 2.6mt Ilimaussaq alkaline intrusive complex, and is recognized as one of the world’s largest undeveloped rare
REO and 2.2mt NaF- open at depth (>300m) and along earth elements and uranium deposits. The Danish Atomic Energy Agency and the Danish Geological
Survey completed over 11,500m of diamond drilling (1957-1983) and defined an in-situ resource of
strike. Potential resource upgrade 1Q09. 2
126mt @ 0.04% U3O8 (1km area). Other potentially economic elements and minerals include zinc, tin
and sodium fluoride. Uranium likely accounts for ~25% of the deposit’s potential in-ground value per
Exploration budget is A$4m CY09, with potential 40% tonne at current prices. GGG ownership of 61% moving to 90% with A$10m cash payment and 100%
contribution from JV. Mid term resource target 500mt. with additional A$50m payment, subject to various conditions.
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. The current area of significant mineralisation is
Seven regional exploration targets identified - 3 drilled 1,900m by 700m and depth >275m. Current JORC Inferred resource (Aug ’08) is 334mt @ 0.03% U3O8
3Q08 with assays pending - all contained lujavrite, which is for 223mlbs, including 215mt @ 1.21% REO for 2.59mt and 201mt @ 1.11% NaF for 2.21mt. REO and
Kvanefjeld host rock. Drilling ~4,000m in CY09. NaF resources expected to increase with receipt of pending assays – next upgrade possible 4Q08. Field
season completed for ’08 (runs May-Oct) with 19,334m drilling including regional exploration. Total CY09
exp. budget ~A$4m, with potential for JV partner to contribute 40%, planning to drill 4,000m. There is
Potential to be one of the world's largest REE and U significant resource and exploration upside within the ~6km x 4km Ilimaussaq intrusive (eg K2-K4, N2,
deposits - plus economic potential NaF, Zn, Sn, and Nb. S1) – target resource base is 500mt. GGG indicates historical metallurgical testwork recoveries of
70%-90% using pressure alkaline leach - good recoveries though may be expensive. Further
Metallurgy and mineralogy budget ~A$5m in CY09. metallurgical and mineralogical tests began 4Q07, with a CY09 budget of A$5m. Beneficiation testwork
underway has potential to reduce downstream processing costs through upgrade of U3O8 (e.g., from
0.04% to 0.14%) and REO. Potential production (open cut) is in the order of 3,000tpa U3O8 and
In-principle government support for uranium production as compares with Rossing (3,700tpa U3O8; 174kt resource @ 0.03% U3O8, 470mlbs). GGG can acquire
byproduct in licence area announced Nov '08. outstanding 39% of the project for total A$60m. There is potential to commercialise the large NaF
resource, which could have applications in dentistry, agriculture, ceramics and aluminium smelting.
Investment Comment: GGG’s primary focus is advancing the Kvanefjeld project in Greenland. Director
and former chairman, Mr H K Schonwandt, is the former minister for mines in Greenland, while new
GGG - Greenland Minerals and Energy Limited Chairman Michael Hutchinson is a Director of the LME. The major drill programs in 2007 and 2008
1.60 confirm both the historical resource and the huge exploration upside in the area – the resource has
potential to be one of the world’s largest REE and uranium deposits. Greenland parliamentary debate
1.40 Nov ’08 has indicated in-principle support for uranium production at Kvanefjeld as a byproduct of
multi-element exploration and mining. Mineral rights are expected to be transferred from the Danish
1.20 Crown to Greenland as part of the self-governing transition with Nov ’08 referendum in Greenland. With
further resource upgrades supported by ongoing infill and regional drilling, confirmation of metallurgy and
1.00
political intent clarified, the company’s market cap could be re-rated to over A$500m (>US$3/lb U3O8
0.80 resource) mid term. Complex mineralogy and metallurgical recoveries require further study.

0.40
Uranium Classification Project Ore U3 O 8 Cut Off U3O8 U3 O 8 U3O8 Eqty
0.20 U3 O 8 Equity Mt % ppm Kt Mlb Mlb
0.00
May-08
Nov-08
Mar-08
Dec-07
Jan-08
Feb-08
Sep-08
Jun-08
Jul-08
Aug-08
Oct-08
Resources
Kvanefjeld Inferred 61% 334.0 0.03 150 101.0 222.6 135.8
Additional mineralisation includes REO (2.59mt contained metal @ 1.21% REO) and NaF (2.21mt contained @ 1.11% NaF).

Mr Roderick McIllree M Hutchinson (Chair) Ownership/ JV Target Process Project
Managing Director R McIllree (MD) Project Option Metal Partner Type Route Status Location
Tel: 61 (0) 8 9226 1100 M Mason (Tech Dir) Kvanefjeld 61%/100% U, REO none Dissem na Adv. Expl. Greenland
West Perth, WA, Australia S Cato (Exec Dir)
www.ggg.gl J Whybrow (Expl Dir)
T Ho (Non-Exec)
Analyst: John Wilson H Schonwandt (Non Exec)
December Quarter, 2008 Disclaimer and disclosure attached. Copyright © 2008 by Resource Capital Research Pty Ltd. All rights reserved. 21
Schematic map of the Ilimaussaq intrusive complex showing the location of Kvanefjeld deposit and the
new multi-element targets. Current resource is 223mlbs U3O8, 2.6mt of rare earth oxides and
2.2mt of NaF – midterm upside >100%.
Kvanefjevld exploration, schematic sections – holes were drilled in 3Q08 and assay results are expected in
1Q09. Mineralised lujavrite is likely to be continuous between Kvanefjeld and K2 (top section), highlighting
the resource potential. Holes V001 and S001 (lower section) also intersected mineralised lujavrite.
©
PDN.AU
Paladin Energy Ltd
A$ 2.32
Paladin Energy Limited*
5 December 2008 Langer Heinrich producing at nameplate capacity - operating profit

Uranium US$13.3m 3Q08. Plant recoveries expected to improve to high 80's%.
Australia (WA,QLD,NT), Namibia, Malawi
Producer Stage II expansion on track for Dec '08 completion to 3.7mlbspa uranium.
Exchanges: ASX:PDN; TSX:PDN; NSX (Namibia):PDN Kayelekera reserve expansion to 29mlbs U3O8 (+17%, Nov '08).

YEAR END: June 2006a* 2007a 2008a 2009F 2010F
Number of shares (m) 614 Equity Production (kt) 0 54 797 1361 2728
Options and warrants (m) 18 EBIT (US$m) -7.3 -36.7 -16.7 64.3 226.0
Convertible notes (m) 82 Net Profit (norm) (US$m) -7.5 -37.6 -36.0 28.5 194.2
Fully diluted (m) 714 EPS (norm) (US$/share) -0.02 -0.07 -0.06 0.04 0.31
Market capitalisation (undiluted) (A$m) 1424.5 CFPS (US$/share)^ -0.01 -0.06 -0.01 0.12 0.38
Debt (US$m) - Dec 08F 581.2 Dividends (US$/share) 0.00 0.00 0.00 0.00 0.00
Enterprise value (A$m) 2302.2 PER (x) nmf nmf nmf 35 5
Major shareholders: GE Asset Management (6.07%) P/CF (x) nmf nmf nmf 13 4
Yield (%) 0 0 0 0 0
Avg monthly volume (m) 124 EV/EBITDA (x) nmf nmf nmf 20.6 6.3
Cash (US$m) - Dec 08F 271.8 Exploration and evaluation (US$m) 5.6 8.6 11.7 13.7 12.0
Price/Cash (x) 3.4 Drilling - RAB (m) - - - - -
Price/Book (x) 0.8 Drilling - Other/Diamond (m) 14,600 17,000 100,000 100,000 50,000
Listed company options: No Land holding ('000 ha) - - - - -
* 2006 stated in A$. PDN converted to US$ reporting Dec. '06. ^ EBITDA AU/US: 0.66

PDN is 100% focused on uranium. Exploration budget 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 under construction (Malawi). PDN
~US$13m expected in 2009. increased its holding in Deep Yellow (ASX:DYL) Sep ’08 to 19.3% (up from 15.3%).
Langer Heinrich Mine: Production in the September quarter was 650.6klb U3O8 (nameplate production
Langer Heinrich production 3Q08 - 650.55klbs U3O8. 650klb/q U3O8). Plant recoveries now ~80% - targeting high 80’s. Stage 2 expansion construction
Operating profit from Langer Heinrich US$13.3m 3Q08. expected to be completed Dec ‘08, capex US$50m, increasing production to 3.7mlbspa (+ 44%). PDN
has sufficient power contracted from Nampower to cover the expansion and also has sufficient water. A
PDN 3Q08 loss reported of US$4.7m potential Stage 3 (2H10) expansion could lift production to 6mlbspa U3O8, though additional water supply
is required. Advanced negotiations with NamWater suggest desalinated supply may be available as early
Langer Heinrich stage 2 expansion to 3.7mlbspa U3O8 as mid 2010. Exploration upside exists in the Mining Lease through infill drilling and potential for heap
leach low grade processing of material between 100ppm and 250ppm U3O8 containing 29.2mlbs U3O8.
commissioning expected Dec '08. Stage 3 expansion to
Kayelekera: Project construction was 75% complete at the end of September and commissioning is
6mlbpa - decision expected late '08. expected 1Q09 – 3.3mlbpa U3O8 production, LOM opex US$25/lb, 9 yr LOM, capex is US$200m plus
US$45m working capital. On site power is provided via a 10MW diesel generator. PDN’s BFS financial
Kayelekera commissioning 1Q09 - 3.3mlbspa U3O8. analysis used a flat real uranium price of US$60/lb and the pit was optimised using US$30/lb U3O8.
Angela and Pamela uranium deposits: (NT, PDN 50%) Near Alice Springs – awarded to PDN/CCO JV
Feb. ’08. Historic work undertaken by Uranerz between 1972 and 1983 identified historic mineralisation of
Fusion Resources (ASX:FSN, TSX:FNS) takeover offer 12kt to 13kt U3O8 with grade thought to range from 0.10% to 0.13%. The deposits are open at depth.
A$17.8m (Dec '08) - most advanced project is Valhalla Work commitments include A$5m on exploration and A$5m to A$10m on a BFS. Licence granted Oct ’08.
North (QLD) - initial JORC resource expected Dec '08. Isa Uranium JV: (IUJV, QLD, PDN 90.9%). An extensive drilling program (50,000m) is underway at
Valhalla and Skal (IOCGU deposits). Revised Valhalla resource expected 4Q08. The IUJV has
development potential post 2012. Areva retains its 10.46% blocking stake in SMM.
Advanced stage exploration projects at Isa JV (QLD, PDN Investment Comment: Our NPV valuation is A$3.63/share (10% discount rate) with uranium price
90.9%), Bigrlyi (NT, PDN 42%) and Pamela/Angela (NT). forecasts of US$61/lb CY09; US$63/lb CY10; US$60/lb from 1Q10 to 4Q15, US$35/lb long term. PDN's
share price trades closely to its NPV valuation discounting the forward uranium price. Currently the
forward price (fund implied price (FIP)) for uranium is US$36/lb valuing PDN at ~A$3.65/share indicating
PDN has a strong resource position, a management team
PDN is undervalued at present from both a trading and fundamental valuation point of view. The FIP is
recognised as industry leaders, and production growth. currently trending up from a recent low – reaching US$28.41/lb Oct ’08. GE Asset management increased
its PDN holding Oct ’08 to 6.07% (from 5.03% previously).
PDN - Paladin Energy Ltd Reserves and Resources/Mineralised Material

Uranium (U3O8) Classification/ Project Ore Grade Cut Off Eqty
7.00
Reserves Geology Equity Mt % (ppm) Kt Mlb Mlb
6.00 Langer Heinrich Proved and Prob. 100% 50.6 0.060 250 29.9 65.8 65.8
Kayelekera Proved and Prob. 85% 12.6 0.105 400 13.3 29.3 24.9
5.00
Sub total 50.6 0.06 43.2 95.1 90.7
4.00 Resources (includes proved and probable reserves)
Langer Heinrich M.Ind.Inf../calcrete 100% 127.1 0.06 250 74.4 164.0 164.0
3.00
Kayelekera M.Ind.Inf../sndst-rf 85% 26.1 0.08 300 19.9 43.8 37.2
2.00 Valhalla (Mt Isa Uranium) Ind & Inf../Ir ox vein 91% 33.3 0.08 230 25.9 57.0 51.8
Skal (Mt Isa Uranium) Inf./ Iron oxide vein 91% 7.6 0.05 250 3.8 8.5 7.7
1.00
Bigrlyi Ind. & Inf./sndst 42.1% 7.6 0.14 500 10.6 23.3 9.8
0.00 Other (4 projects)^ 19.9 43.8 40.4
Nov-08
Mar-08
Dec-07
Jan-08
Feb-08
Sep-08
Apr-08
Jun-08
Jul-08
Aug-08
Oct-08
Sub total 154.5 340.4 310.9

Mineralised Material (est., non JORC compliant)
Source: Bloomberg
Angela/Pamela Sandstone 50% na .10-.13 na 12-13 26.4 13.2
Oobagooma Historic/sndst. 100% 8.2 0.12 350 10.0 21.9 21.9
^ Manyingee (24mlbs U3O8), Andersons (4.7mlbs), Watta (3.8mlbs), Bikini (11.5mlbs) 22.0 48.3 35.1

Mr John Borshoff (MD/CEO) R. Crabb (Non-Ex Chair) Ownership/ JV Plant Process Project
Paladin Resources Ltd J. Borshoff (MD) Project Option Metal Partner (ktpa) Route Status Location
Tel: 61 (0) 8 9381 4366 S. Llewelyn (Non-Ex Dir) Langer Heinrich 100% U na 1500 alk. leach Production Namibia
Perth, Australia D. Shumka (Non-Ex Dir) Kayelekera 85% U Malawi Gov. 1500 acid leach Construction Malawi
www.paladinenergy.com.au I. Noble (Non-Ex Dir) Mt Isa Uranium 91% U SMM na convention'l Adv. Expl. Aust (QLD)
Bigrlyi 42% U,V EME, SCX na convention'l Mid Expl. Aust (NT)
Angela and Pamela 50% U CCO na convention'l Adv. Expl. Aust (NT)
Analyst: John Wilson Manyingee 100% U na na ISR dormant Aust (WA)
johnwilson@rcresearch.com.au Oobagooma 100% U na na ISR dormant Aust (WA)
Quarters refer to calendar year.
©
Paladin Energy Ltd
YEAR END: June Year Year

ASSUMPTIONS 2006a* 2007a 2008a 2009F 2010F FINANCIAL RATIOS 2006a* 2007a 2008a 2009F 2010F
A$/US$ 0.75 0.79 0.90 0.71 0.74
Uranium Price (US$/lb) 37 82 81 61 63 Net debt/equity (%) -3% 6% 17% 20% 11%
Uranium Price Realised (US$/lb) 0 0 69 68 67 Net debt/ net debt + equity (%) -3% 6% 15% 16% 10%
Current ratio (x) 5.6 7.8 8.3 6.8 9.1
EBIT/interest (x) -49 -3 -1 2 7
Debt/operating cashflow (%) 2945% na na 998% 263%
EQUITY PRODUCTION Exploration/total overhead (%) 45% 21% 32% 25% 25%
Langer Heinrich Production (t) 0 54 782 1191 1602 EV/EBITDA (x) nmf nmf nmf 22.3 7.1
Kayelekera Production (t) 0 0 0 170 1126 Market cap/net cash (x) 35.1 -15.8 -5.8 -3.6 -6.9
PDN Equity Production U3O8 (t) 0 54 797 1361 2728 Market cap/book (x) 11.4 1.1 1.0 0.8 0.7
Cash Costs (US$/lb) 0.00 97.74 30.61 25.72 18.46
PROFIT AND LOSS (US$m) FINANCIAL SENSITIVITIES

Revenues 5 11 102 204 400
Operating costs 0 -12 -54 -77 -111 % Change in EPS for a 10% increase in:
Depreciation/amortization 0 0 -9 -9 -14
Exploration -4 -7 -13 -12 -11 AUD/USD 0% 0% 0%
Corporate -5 -29 -28 -36 -32 Uranium Price 0% -17% 19%
Other 3 0 15 5 7
EBIT -7 -37 -17 64 226
Interest 0 13 28 33 32 % Change in NPV for a 10% increase in forecast minelife
Operating profit/loss -7 -50 -44 32 194 commodity assumptions for:
Tax 0 12 7 -4 0 Base + 10%
Minorities 0 0 -1 -1 0 US$/sh US$/sh %
Net profit/loss -7 -38 -36 29 194 AUD/USD 2.40 2.51 -5%
Net abnormals/extaordinaries 0 0 0 0 0 Uranium Price 2.40 2.51 5%
Net profit/loss (reported) -7 -38 -36 28 194
BALANCE SHEET (US$m) VALUATION (US$m) Q4 08

Cash and deposits 60 183 338 305 440
Total current assets 63 233 448 410 545 NPV Assumptions Base "What if"
PP&E 80 135 230 307 371 Long Term Uranium Price :US$/lb 35 70
Total non-current assets 97 1825 2115 1936 2012 A$/US$ 0.66 0.78
Total assets 160 2058 2563 2346 2558 Projects
Total current liabilities 12 30 54 60 60 Langer Heirich phase I,II&III 100% NPV@10% 894.1 1162.3
Reclamation reserves 0 0 0 0 0 Kayelekera 85% NPV@10% 440.8 573.0
Long term debt 19 268 572 574 581 Resources
Total non-current liabilities 24 720 1080 1018 1025 Kayelekera 85% 12.3 mlb US$6.00/lb 62.9 81.7
Total liabilities 36 750 1134 1078 1086 Manyingee 100% 24.0 mlb US$1.75/lb 42.0 52.5
Equity 125 1308 1429 1268 1472 Oobagooma 100% 21.9 mlb US$1.75/lb 38.3 47.9
Isa Uranium (100%+81.9% SMM) 91% 200.0 mlb US$3.50/lb 630.7 819.9
Total debt 19 273 583 585 593 Angela and Pamela 50% 26.4 mlb US$5.00/lb 66.0 89.1
Net debt -41 90 245 280 152 Other + Exploration 175.0 236.3
Average shares (fully diluted) (m) 468 545 623 632 632 Assets
Cash and deposits 271.8 279.7
FLOW OF FUNDS (US$m) Other 0.0 0.0
EBITDA -7 -37 -8 74 240 Liabilities
Cash flow from operating activities Debt -581.2 -579.3
Operating surplus 1 0 41 117 277 Corporate -111.0 -111.5
Corporate -5 -29 -28 -36 -32 Other liabilities -443.9 -443.9
Net interest paid -4 -14 -25 -43 -44 Reclaimation reserve 0.0 0.0
Net tax paid 0 0 0 0 0 Net Assets 1485 2208
Net exploration paid -6 -9 -12 -14 -12 Fully Diluted Shares (m) 632 632
Other non cash items 15 13 5 34 37 Net NPV/share (US$/share) 2.40 3.54
Net cash from operating activities 1 -39 -18 59 225 Net NPV/share (A$/share) 3.63 4.54
Cash flow from investing activities Valuation/Reserve lb :US$/lb 16.38 24.34
Capital expenditure -71 -89 -100 -70 -78 Valuation/Reserve & Resource lb :US$/lb 4.78 7.10
Other non cash items -5 -33 -51 -30 -12
Net cash from investing activities -76 -122 -151 -100 -90 OWNER Shares
Cash flow from financing activities
Net proceeds from issue of shares 77 7 11 3 0
Dividends paid 0 0 0 0 0
Net proceeds from borrowings 18 291 314 0 0
Net cash from financing activities 95 299 324 3 0
Net change in cash 19 138 155 -38 135
PRODUCTION STATISTICS
Langer Heinrich 100%
Ore Treated (kt) 0 167 1255 1593 2180
Head Grade (%) 0.00 0.04 0.07 0.09 0.08
Recovery (%) 0 67 88 88 88
Recovered grade (%) 0.00 0.02 0.06 0.07 0.07
U3O8 Produced (t) 0.0 40.6 782.3 1191.1 1601.9
Equity Production (t) 0 41 782 1191 1602
Cash Costs (US$/lb) 0.00 49.22 35.54 23.92 16.31
Production Costs ($/t) 0.00 26.40 48.84 39.43 26.43
PDN Share EBIT (US$m) 0 3 10 72 132
DIRECTOR'S INTERESTS Shares
Kayelekera 85% (m shares) %
Ore Treated (kt) 0 0 0 200 1300 Mr. John Borshoff Managing Director 18.1 2.9%
Head Grade (%) 0.00 0.00 0.00 0.11 0.11
Recovery (%) 0 0 0 90 90
Recovered grade (%) 0.00 0.00 0.00 0.10 0.10
U3O8 Produced (t) 0.0 0.0 0.0 196.2 1275.3
Equity Production (t) 0 0 0 167 1084
Cash Costs (US$/lb) 0.00 0.00 0.00 15.01 18.29
Production Costs ($/t) 0.00 0.00 0.00 32.46 39.55
PDN Share EBIT (US$m) 0 0 0 17 106
* 2006 stated in A$. PDN converted to US$ reporting Dec. '06.
©
TOE.AU
Toro Energy Limited Toro Energy Limited
A$ 0.11
5 December 2008 TOE is aiming for 2012 production from two projects. Wiluna (WA)
Uranium calcrete project (24mlb resource) - PFS completed, optimisation study
Australia (WA,NT,SA), Namibia
Advanced Exploration/Resource Definition/PFS underway, BFS to start mid 2009. Napperby (NT) target 13mlb resource,
Exchanges: ASX:TOE scoping study and JORC upgrade at end 1Q09.

Debt (A$m) - Dec 08F 0.8 Drilling - RAB (m) 2,500 5,000 12,500 12,500 12,500
Major shareholders: OZ Minerals Ltd (51.7%), Minotaur Exploration (6.3%) Land holding ('000 ha)* 3,274 3,274 2,600 3,274 3,274
Argonaut Capital (4.0%) Tenement costs ($k per year) - - - - -
*Uranium prospective tenements only, both held and under application. Quarters refer to calendar year end.

100% uranium focus. Expl. + eval. budget A$7m pa, cash Overview: TOE listed on the ASX in March 2006 and is now the pacesetter in advancing calcrete style
uranium projects in Australia, with one at PFS stage and the other the subject of a scoping study.
A$14m. Potential production 2012 (2 projects). Wiluna Uranium (WA): Lake Way and Centipede uranium deposits TOE’s most advanced project.
Wiluna PFS: The results of the GRD Minproc PFS were released on 23 Sept. 2008. Based on the
Rights Issue (1:3.8 @20c) raised A$12.2m, OZL took up recently revised JORC compliant resource of 25.8mt at 419ppm U3O8 (23.9mlb), the PFS considered a
entitlement, increased to 51.7% (prev. 46%). number of process options, including 2.0mtpa alkaline heap leach (“Option B”) and 1.5mtpa conventional
alkaline leach/direct precipitation (“Option D”). These two options have been selected to proceed to an
Optimisation Study (OS). The PFS Option D assumed 1.5mtpa, ore grade 503ppm (through grade
Most advanced is Wiluna project (WA) - 24mlb JORC control), total ore processed 16.3mt for 15.1mlb production over a 12 year mine life. Forecast capex is
resource (target 28mlb) - PFS recently completed. A$247m and opex US$39/lb, giving a base case project NPV @ 12.3% (nominal) of A$78m, using long
term U3O8 price of US$80/lb and A$/US$ of 0.75. The project NPV is highly sensitive to grade (+20%
grade increases NPV to A$134m) as well as long term U3O8 price. The OS will focus on mined head
Wiluna optimisation study underway for improved mined
grade improvements (PFS indicates +30-40% is possible), improved recoveries and process
grades and recoveries, then possible BFS start 2Q09. optimisation, and is expected to be complete mid 2009, then BFS to commence, with possible
production late 2012. Further resource drilling will target 28mlbs U3O8 (resource upgrade 2Q09).
Resource drilling at Napperby, NT (16,000m 2008). JORC Napperby Project (NT): 150km NW of Alice Springs, TOE recently announced an interim JORC
upgrade 1Q09 - currently 3mlb, targeting 13mlb. resource of 3.1mlb U3O8 (up from 1.5mlb) over ~3km strike of total 14km which hosts a shallow (<8m)
13.2mlb non JORC resource (Uranerz). A new resource drilling campaign over ~1.5km of strike
(aircore/sonic drilling of ~1,500 holes for 14,000m) was completed end 3Q08. Expect a further JORC
Napperby scoping study complete end 1Q09. resource upgrade (1-2mlb increase) in 1Q09 and a milestone scoping study to be completed end 1Q09.
2
Other Exploration: Namibia (3 leases, ~1,300km ): 3 early stage projects in a premier world uranium
Active exploration pipeline in well positioned district indicative of potential palaeochannels – subject to review. SA/NT Palaeochannel Exploration:
2
Large strategic position (27,000km ). Active on four priority projects. 1H09 programs: Lake MacKay
greenfield/brownfields uranium portfolio in NT, SA and ground surveys, 5,000m aircore, Warrior S, aircore drilling palaeochannels 2,500m. Radium Hill, 2
Namibia . palaeochannel targets 1,500m aircore, Waterhouse, 1,000m RC testing W of Angela/Pamela
Investment Comment: Major shareholder OZL’s support in rights issue has been crucial to boost cash
Our medium term target is A$0.25/share based on positive and enabled ~A$8m stamp duty accrual to be paid. TOE’s considerable pedigree of uranium
management experience will be crucial to bring Wiluna and Napperby into production in 2012/2013.
(2Q09) optimisation study results for Wiluna. Critical factors for Wiluna go ahead will be grade and process flowsheet optimisation and uranium
contract pricing. RCR 6 month price target A$0.25/sh, based on expected enhancement of project
TOE - Toro Energy Limited economics from Wiluna optimisation study, and improved uranium spot prices.
0.60
Uranium Classification Project Ore U3O8 Cut Off U3O8 U3O8 Eqty
0.40
0.30
0.20 Resources
Wiluna uranium Indicated & Inferred 100% 25.8 0.042 200 10.8 23.9 23.9
0.10 Napperby Inferred 0/100% 4.60 0.031 200 1.42 3.1 3.1
12.26 27.0 27.0
0.00 Mineralised Material (est., non compliant with JORC, inclusive of the Napperby Inferred Resource)
Nov-08
Mar-08
Dec-07
Jan-08
Feb-08
Sep-08
Oct-08
Apr-08
Jun-08
Jul-08
Aug-08
Napperby Historic 0/100% 27.0 0.037 6.0 13.2 13.2

Warrior Historic 0/11%* 11.8 0.034 4.0 8.8 1.0
Source: Bloomberg Warrior Historic 0/60%* 5.3
10.0 22.0 19.5
*RNG tenements cover approxiamately 15% and SRZ tenements cover approximately 85% of the historic Warrior deposit.

Mr Greg Hall I. Gould (Non Ex. Ch'man) Ownership/ JV Target Process Project
Managing Director G. Hall (MD) Project Option Metal Partner Type Route Status Location
Tel: 61 (0) 8 8132 5600 P. Lester (Non Exec Dir) Napperby (New Well) 0/100% U DYL Calcrete alk. Leach Adv. Expl. Aus (NT)
Norwood, SA, Australia D. Carter (Non Exec Dir) Wiluna 100% U (V) none Calcrete Alk. Leach PFS Aus (WA)
www.toroenergy.com.au J. Sells (Non Exec Dir) Tarcoola JV (Warrior) 0/75% U RNG Sandstone na Mid. Expl Aus (SA)
E. Smyth (Non Exec Dir) Stellar JV (Warrior) 0/51/70% U SRZ Sandstone na Mid. Expl Aus (SA)
M.Myers (Non Exec Dir) Namibia 100% U none Calc/Alsk na Early Expl. Namibia
Analyst: Dr Tony Parry Lake Mackay 100% U none Unc+S'stone na Early Expl. Aus (WA)
tonyparry@rcresearch.com.au
©
Toro has a strong uranium project pipeline from extensive grassroots and brownfields exploration projects
in highly prospective uranium ground in Australia and Namibia, to its two advanced development projects
(Wiluna and Napperby) aiming to be in production in 2012.
TOE valuation is strongly geared to Wiluna uranium project economics. Current optimisation study for
improving Wiluna head grades (mid 2009) and Napperby scoping study (1Q09) will be key to driving the
share price to our A$0.30/share (medium term) target.
TORO ENERGY VALUATION
Uranium Valuation Range

Resource/Mineralisation Target Price (Low) (High)
mlbs A$/lb A$m A$/Share A$m A$m
Projects
+ Wiluna (PFS stage development project, potential upside with mined grade increases)* 24.9 3.41 85 0.15 30 130
+ Napperby Option, net of DYL option payment (advancing development project) 13.0 1.2 15 0.03 5 50
+ Warrior/Tarcoola (potential to find higher grade system, grass roots discoveries) 10 0.02 5 15
+ Namibia (good tenement position, early stage, premium district) 15 0.03 10 25
+ Basement projects (SA, uranium rights to Oxiana's IOCGU exploration program) 10 0.02 5 20
+ Other Australia - WA, NT and SA (grass roots, requires targeting work) 5 0.01 2 10
Sub Total 140 0.25 57 250
+ Cash (Dec '08) 13 0.02 13 13

+ Tax Losses 2 0.00 2 2
- Corporate 14 0.03 14 14
Sub Total 1 0.00 1 1
TOE NET ASSET VALUE 141 0.25 58 251
Capital Structure
Shares 555.8 555.8 555.8
Fully Diluted Shares 566.3 566.3 566.3
TOE NET ASSET VALUE PER SHARE :A$/share 0.25 0.11 0.45
TOE NET ASSET VALUE DILUTED :A$/share fully diluted 0.26 0.11 0.45
*NOTE: Wiluna target NPV is based on high probability of 20% mined grade increases and even weighting of probability of achieving spot prices or long term contract prices for uranium sales.
WILUNA URANIUM PROJECT NPV @10% nominal - based on TOE Sep '08 prefeasibility parameters - Option D
Equity NPV Sensitivity
LONG TERM URANIUM PRICE^ :US$/lb 40 60 80 100
LONG TERM EXCHANGE RATE :AU/US 0.78 0.78 0.78 0.78
NPV @ 10% NOMINAL**

Base Case :A$m 100% na na 67 150
Head grade +20% :A$m 100% na 33 132 230
** Includes a pre prefeasibility study project discount of 30% of the project valuation: 30%
The PFS Option D (conventional alkaline leach and direct precipitation) which we have modelled is still at scoping study level. See "Company Comment" for summary of key parameters
^Long term uranium price forecasts are from 1Q10.
©
UNX.AU
Uranex NL Uranex NL
A$ 0.14
5 December 2008 Aggregate resources of 29mlbs U3O8 at Bahi (15mlbs, Tanzania) and
Uranium
Tanzania, Australia (NT, WA)
Thatcher Soak (14mlbs, WA). PFS now expected at Manyoni (Bahi) Mar '09.
Advanced Exploration Manyoni resource upgrade expected 2Q09 - potential >25mlbs U3O8 – late
Exchanges: ASX:UNX 2010-11 production potential. Drilling prospective Mkuju region 4Q08.

YEAR END: June 2007a 2008a 2009F
52 week range (A$/share) 0.11 to 0.99 Sep-08a Dec-08F
Number of shares (m) 83.5 Exploration and evaluation (A$m) 0.95 1.50 2.40 4.52 5.45
Partly paid shares (m) 5.6 Exploration/(Expl.+ Corporate) (%) 63 79 71 64 76
Fully diluted (m) 89.1 Funding duration at current burn (years) 4.9 1.6 0.5
Debt (A$m) - Dec 08F 0.0 Drilling - RAB (m) 5,000 7,500 15,500 16,088 22,500
Enterprise value (A$m) 11.7 Drilling - Other/Diamond (m) 0 15,000 1,000 0 30,000
Major shareholders: IMX Resources NL (39.5%), Land holding ('000 ha)* 3,390 3,390 3,500 3,390 3,390
HSBC Custody Nominees (4.8%), Geigor Counter (4.29%) Tenement costs ($k per year) - - - - -
Avg monthly volume (m) 2 Capital Raisings (A$m) 0.0 0.0 12.4 0.0 0.0
*Uranium tenements applied for or granted. Quarters refer to calendar year.

2009 exploration budget ~$6m - 100% uranium focus. Overview: Uranex listed on the ASX Oct '05 as a spin off from Goldstream Mining (ASX:GDM, renamed
IMX Resources; ASX:IXR) which holds a 39.5% interest. IMX has substantial global exploration interests
and has Anglo American as its major shareholder. UNX is focused on uranium, pursuing unconformity
Manyoni: 3 (A,C,E) of 5 playa lakes - JORC resource style targets in Australia (NT), and calcrete and sandstone palaeochannel targets in Tanzania and WA.
2 2
15.3mlbs U3O8 @ 0.015% (June '08, 100ppm cut-off). Tanzanian projects: (30,100km ) Manyoni (4,600km ) tenements cover an extensive closed drainage
Further resource statements expected 2Q09 (D,F). system and include 5 proximal large playa lake systems. Potential for proximate (~10km) multiple
satellites, from shallow deposits (3-8m) with low cost, free dig mining and centralised processing.
Mineralisation occurs as a surficial schrockingerite zone 1m thick underl ain by carnotite to 5m to 10m
Manyoni economics enhanced by good regional depth. Manyoni (C1,A,E) – C1 resource is the highest grade and largest of the 3 playa lake resources
infrastructure and at, or near, surface mineralisation announced to date (8.6mlbs U3O8) and would be the initial production focus. Anticipated resource
(<10m). PFS expected Mar '09. BFS 1Q10. statements 2Q09 are expected to include infill drill results at playa lakes A,C and E and initial resources at
D and F. Mkuju shares characteristics with the nearby Kayelekera (PDN, 44mlbs U3O8) sandstone hosted
deposit. Uranium mineralisation is confirmed and radiometric anomalies identified over a large 16km x 2km
Thatcher Soak JORC 14mlbs grading 0.022% U3O8 (June trend. Trenching (60 pits) and auger drilling (70 holes) completed 4Q07. The Kalulu prospect is adjacent to
'08, 100ppm cut-off). PFS expected 2Q09. Mtonya (WMT) and testing the same radiometric anomaly (Grandfather). Mantra (ASX:MRU), has had
strong results at Mkuju, driving its market cap to ~$50m (UNX market cap ~$12m). Drilling 4Q08.
Thatcher Soak (WA): (Surficial calcrete). Two separate mineralised zones extend over a combined strike
Mkuju - 3 extensive trends with confirmed mineralisation. length of 7.7km with widths of 0.2km to 1km and thickness of 1m to 6m to ~ 20m in depth. The initial JORC
Potential for early discovery - adjacent to WMT's Mtonya resource of 14mlbs grades 0.022% U3O8 (100ppm cut-off) or 11mlbs grading 0.029% U3O8 (150ppm)
prospect. cutoff. Eleckra (ASX:EKM) holds the other significant portion of the deposit - initial JORC resource (Sep
’08) 6.2mlbs U3O8 (100ppm cut-off) or 4.5mlbs U3O8 (150ppm cut-off). The combined UNX/EKM resource
is ~20mlbs U3O8 (100ppm cut-off). The project is understood to have possible grade upside though limited
Drilling diary 4Q08-1Q09: Manyoni (5,500m), Mkuju potential tonnage upside. U3O8 Limited’s (ASX:UTO) scoping study (Mar ’08) at Dawson-Hinkler calcrete
(13,000m) and Bremer (2,000m). project (WA, 10.4mlbs grading 0.023% U3O8, 150ppm cut-off) indicates opex of US$52/lb. Toro (ASX:TOE)
released its PFS Sep ’08 for Wiluna (23.9mlbs @ 0.042% U3O8, 200ppm cut-off); opex ~US$40/lb, capex
A$196-247m, producing ~1.45mlbspa U3O8. UTO and TOE opex figures suggest lower opex or higher cut-
UNX - Uranex NL off grade may apply at Thatcher Soak.
1.20 Investment Comment: UNX is expecting strong newsflow with a PFS at Manyoni (1Q09) and a resource
upgrade 2Q09. Initial drill results are expected at Mkuju and Bremer 2Q09. Mkuju in particular holds
1.00 2 near surface projects (Thatcher Soak and Manyoni) to production decision – valuation will be st rongly
influenced by ability to secure long term offtake agreements or attract strategic partners.

0.60 Uranium Classification Project Ore U3O8 Cut Off U3O8 U3O8 U3O8 Eqty
0.40 Reserves 0.0 0.0 0.0
Resources
Thatcher Soak Inferred 100% 28 0.022 100 6.3 14.0 14.0
0.20
(Thatcher - high grade Inferred 100% 17 0.029 150 4.9 11.0 11.0 )
Bahi (Playa C1) Inferred 100% 24 0.016 100 3.9 8.6 8.6
0.00 Bahi (Playa A) Inferred 100% 10 0.015 100 1.5 3.3 3.3
May-08
Nov-08
Mar-08
Jan-08
Dec-07
Feb-08
Sep-08
Jun-08
Jul-08
Aug-08
Oct-08
Bahi (Playa E) Inferred 100% 12 0.013 100 1.5 3.4 3.4

(Bahi high grade Inferred 100% 14 0.022 150 3.1 6.7 6.7 )
Source: Bloomberg 13.2 29.3 29.3

Dr John Cottle T Ward (Chairman) Ownership/ JV Target Process Project
Managing Director J Cottle (MD) Project Option Metal Partner Type Route Status Location
Tel: 61 (0) 3 9621 1533 A Daley (Non-Exec Dir) Lake Bahi 100% U none Calcrete na Adv. Expl. Tanzania
Melbourne, VIC, Australia R Udovenya (Non-Ex Dir) Thatcher Soak 100% U none Calcrete na Adv. Expl. Aus (WA)
www.uranex.com.au B Manzi (Non-Ex Dir) Mkuju 100% U none Sandstone na Mid Expl. Tanzania
Bynoe/Alligator Rivers 100% U none* Unconformity na Early Expl. Aus (NT)
Analyst: John Wilson Bremer 100% U none Lignite na Early Expl. Aus (WA)
johnwilson@rcresearch.com.au
* Prior licence holder retains claw back rights.
©
Mukuju (Tanzania): Highly prospective Karoo Basin sediments – target deposits >10kt U3O8. Radiometric
anomalies over large 16km x 2km trend - confirmed mineralisation including 1.4m @ 0.18% U3O8. Adjacent
to Mtonya (ASX:WMT) and also near Mantra’s (ASX:MRU) Mkuju deposit. Drilling 4Q08-1Q09 (13,000m).
Uranex work schedule 2008/09. Pre-feasibility study expected at Manyoni March ’09 and resource
upgrade 2Q09 - potential for fast track development. Thatcher Soak PFS expected 2Q09.
Exploration drilling at Bremer and Mkuju 4Q08-1Q09 with results expected 2Q09.
©
WCU.AU
White Canyon Uranium Limited White Canyon Uranium Limited
A$ 0.15
5 December 2008 WCU is a near term uranium producer, with a mine permit application
Uranium submitted for underground operations at Daneros (Utah) – high grade
USA
Development core >0.2ft.% U3O8. Mining and toll treatment contracts pending,
Exchanges: ASX:WCU potential mine production 1Q09. Combined project target 10mlbs U3O8.

Deferred acquisition payment^ (m) 5 Exploration/(Expl.+ Corporate) (%) 60 80 75 72 79
Major shareholders: Golden State Resources (24.9%), Land holding ('000 ha)* 3 3 3 3 3
M. Shumway (24.9%) Tenement costs ($k per year) - - - - -
Listed company options: WCUO Net asset backing (Ac/share) 15.8 15.8 46.2 15.6 15.6

100% uranium focus, one-year exploration, development Overview: WCU holds 100% of the White Canyon and Thompson sandstone-hosted uranium projects
in Utah, USA. The company listed on the ASX in March ‘08.
budget ~A$3.5mpa. Possible TSX listing 1H09. 2
White Canyon Project (Utah, USA): 1.14km , 50-65km west of Blanding, in San Juan County,
southeastern Utah. Uranium deposits are hosted by palaeochannels within the Chinle Formation, the
Potential for early development of small, underground source of 80% of Utah’s historical production – 130mlbs U3O8. Deposits are tabular, 0.3m-4m thick and
uranium mine at Daneros (UT) 1Q09 - target 0.5mlbspa @ up to ~400m long. There are two sub-projects, both with historical mineralisation estimates made by
Utah Power & Light (UPL, electricity utility) in 1985. WCU’s main focus is Daneros, a flat lying ore body,
0.3% U3O8. Decline to commence on issue of permit.
which has non-JORC historic reserves of ~1.7mlbs U3O8. WCU drilling in 2007 (~1,000m) successfully
twinned historic holes. Drilling 6,000m diamond core finished Aug ‘08, assays include 0.9m @ 2% U3O8
Early drilling success at Daneros - strike of high grade and 2.6m @ 1.1% U3O8 (from 96m depth) with Cu to 17% (Cu not recoverable). Drilling extended the
core extended to 250m (1H08). Assays include 2.6m @ known high-grade core (>0.2% U3O8, 250m strike), which is open north-south. JORC resource expected
1Q09. Environmental and heritage studies are completed. Mining and milling contracts are under
1.1% U3O8. Drilling will resume 1Q09. negotiation. A mine permit application was lodged Aug ’08 and advertised Nov ‘08: should be
straightforward - underground mining, no onsite uranium production. Existing infrastructure includes a
Daneros JORC resource expected 1Q09 - near term 200m decline. Formal review after public comment will begin Dec ’08 and be completed in late Jan to
upside potential of 40% to 2.5mlbs. Mar ’09; if successful, development will commence immediately (ore shipment a further 2-4 months, ie
2-3Q09). The second project, Geitus, could be a small underground mine. Mineralised material
0.24mlbs U3O8. There is potential to double historic mineralisation at White Canyon, target ~5mlbs
Favourable uranium mining jurisdiction (UT) - permit could U3O8. WCU has also acquired the Blue Jay and Marcy & Look deposits (Sep ’08, 1,080ac) near
be granted as early as Jan '09. Other nearby permitted Geitus – these have much historic data and potential to add more than 1mlbs U3O8.
2
uranium mines include Tony M (DML). Thompson Project (Utah, USA): 27.1km , 30km north of Moab, in Grand County, Utah. The project
covers depth extensions, defined by drilling, of old shallow uranium workings (active from 1911 to early
‘80s). Uranium deposits are palaeochannel style - irregular to tabular bodies, 1-4m thick and extending
Near-by White Mesa uranium mill (DML, ~100km from to 80m strike - within the Morrison Formation. The USGS (1950s) defined uranium mineralisation of 82-
Daneros) with surplus capacity for ore treatment. 127kt @ 0.18-0.25% U3O8 and 1.13-1.47% V2O5, with sampling at < 170m depth. Drilling and JORC-
compliant resource in 2010 (focus now on Daneros area) – target 5mlbs U3O8.
Investment Comment: WCU’s development focus is on areas of defined mineralisation, and aims for
first mine development in 1Q09, beginning with Daneros. WCU management has experience mining
WCU - White Canyon Uranium Limited
uranium in Utah - operations manager Michael Shumway is principal of Reliance Resources, which runs
0.30
Pandora, at La Sal. Denison’s recently upgraded White Mesa uranium mill at Blanding, 100km from
White Canyon, has the capacity to treat WCU’s ore – agreement possible Dec ‘08. The company has
0.25 sufficient cash (~A$7m) to achieve mine production. With a 2 year resource target of ~10mlbs, low
operational risk and potential uranium mine production 1Q09 (processing 2-3Q09), WCU has a solid
base for share price appreciation as operational milestones are achieved.

0.20
Uranium Classification/ Project Ore U3O8 Cut Off U3O8 U3O8 U3O8 Eqty
U3O8 Geology Equity Mt % ppm Kt Mlb Mlb
0.10

0.05 Resources 0.0 0.0 0.0
Mar-08
Apr-08
Jun-08
Jul-08
Mineralised Material (est., non compliant with JORC)

White Canyon (Daneros) 'Defined' + 'Potential' 100% 0.7 1.7 1.7
Source: Bloomberg White Canyon (Geitus) 'Defined' 100% 0.1 0.2 0.2
Total 0.8 1.9 1.9

Mr John Hasleby L Cross (Non-Exec Ch) Ownership/ JV Target Process Project
Managing Director J Hasleby (MD) Project Option Metal Partner Type Route Status Location
Tel: +61 (0) 8 9381 9192 R Sciano (Exec Dir) White Canyon 100% U none Sandstone Toll Adv. Expl. USA (UT)
Subiaco, WA, Australia M Swanson Thompson 100% U (V) none Sandstone na Adv. Expl. USA (UT)
www.whitecanyonuranium.com.au K Shumway

Analyst: John Wilson
©
Project Locations: WCU has five sandstone hosted uranium projects in two major uranium districts in
Utah. Utah has active/permitted uranium mines and the operating White Mesa uranium mill (Denison).
Daneros Project: WCU’s intial focus is on Daneros, which has an “historical reserve” (non JORC) of
1.7mlbs U3O8. Assays from 2008 drilling to 3.43% U3O8, high-grade core extended and a new mineralised
channel found 200m to the north. Mine permit submitted Aug ’08, resource and production expected 1Q09.
©
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.
Kim Wright: Kim has worked in the Australian minerals industry for 40 years, half of which was with
Geopeko which found the Ranger ore bodies, and 4 years with Getty Oil (minerals division) which
was directly involved in Jabiluka. He was personally involved with the calculation of the ore reserves
of both deposits. He also worked at Rum Jungle for a short time when it was producing uranium
products and has visited several operations in the South Alligator Valley.
Maran Clark: Maran spent 10 years with Rio Tinto's US Borax Inc. in a variety of roles in sales,
marketing, and global business unit management. She then worked for Rio Tinto's Australia-
based Energy Marketing Services for 2 years, managing market analysis and strategic marketing
projects in the coal sector. She holds a B. Sci. in Agricultural Science and Management from the
University of California Davis, and an MBA from Marshall School of Business, University of Southern
California.
©
Disclosure and Disclaimer

Disclosure and Disclaimer
Important Information
Resource Capital Research Pty Limited (referred to as “we”, “our”, or “RCR” herein) ACN 111 622 489 is an authorised representative (Authorised
Representative No. 286538) of Australian Mutual Holdings Limited ACN 115 182 137 (AFS Licence No. 295393). The FSG and Supplemental FSG is available
at www.rcresearch.com.au. All references to currency are in Australian dollars unless otherwise noted.
This report and its contents are intended to be used or viewed only by persons resident and located in the United States and Australia and therein
only where RCR’s services and products may lawfully be offered. The information provided in this report is not intended for distribution to, or use by, any
person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject RCR or its affiliates to
any registration requirement within such jurisdiction or country.
This report and its contents are not intended to constitute a solicitation for the purchase of securities or an offer of securities. The information
provided in this report has been prepared without taking account of your particular objectives, financial situation or needs. You should, before acting on the
information provided in this report, consider the appropriateness of the purchase or sale of the securities of the companies that are the subject of this report
having regard to these matters and, if appropriate, seek professional financial, investment and taxation advice. RCR does not guarantee the performance of any
investment discussed or recommended in this report. Any information in this report relating to the distribution history or performance history of the securities of
the companies that are the subject of this report, should not be taken as an indication of the future value or performance of the relevant securities.
In preparing this report, RCR analysts have relied upon certain information provided by management of the companies that are the subject of this
report or otherwise made publicly available by such companies. The information presented and opinions expressed herein are given as of the date
hereof and are subject to change. We hereby disclaim any obligation to advise you of any change after the date hereof in any matter set forth in this
report. THE INFORMATION PRESENTED, WHILE OBTAINED FROM SOURCES WE BELIEVE RELIABLE, IS CHECKED BUT NOT GUARANTEED
AGAINST ERRORS OR OMISSIONS AND WE MAKE NO WARRANTY OR REPRESENTATION, EXPRESSED OR IMPLIED, AND DISCLAIM AND NEGATE
ALL OTHER WARRANTIES OR LIABILITY CONCERNING THE ACCURACY, COMPLETENESS OR RELIABILITY OF, OR ANY FAILURE TO UPDATE, ANY
CONTENT OR INFORMATION HEREIN.
This report and the information filed on which it is based may include estimates and projections which constitute forward looking statements that
express an expectation or belief as to future events, results or returns. No guarantee of future events, results or returns is given or implied by RCR.
Estimates and projections contained herein, whether or not our own, are based on assumptions that we believe to be reasonable at the time of publication,
however, such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from the
estimates and projections provided to RCR or contained within this report.
This report may, from time to time, contain information or material obtained from outside sources with the permission of the original author or links to web sites or
references to products, services or publications other than those of RCR. The use or inclusion of such information, material, links or references does not imply
our endorsement or approval thereof, nor do we warrant, in any manner, the accuracy of completeness of any information presented therein.
RCR, its affiliates and their respective officers, directors and employees may hold positions in the securities of the companies featured in this report and may
purchase and/or sell them from time to time and RCR and its affiliates may also from time to time perform investment banking or other services for, or solicit
investment banking or other business from, entities mentioned in this report. Aura Energy Limited, Black Range Minerals Limited, Energy and Minerals
Australia, Energy Metals Limited, Globe Metals and Mining Limited, Greenland Minerals and Energy Limited, Toro Energy Limited, Uranex NL and White Canyon
Uranium Limited commissioned RCR to compile respective company reviews in this report. In consideration, RCR received from each company a cash
consultancy fee of less than $15,000. RCR may receive referral fees from issuing companies or their advisors in respect of investors that RCR refers to
companies looking to raise capital. Those fees vary, but are generally between 0 - 1% of the value of capital raised from referrals made by RCR. RCR received
referral fees in relation to recent capital raisings for Globe Uranium Limited, Contact Uranium Limited, PepinNini Minerals Limited and Uranex NL. At the date of
this report, neither RCR, nor any of its associates, hold any interests or entitlements in shares mentioned in this report with the exception that either or both of
John Wilson (either directly or through Resource Capital Investments Pty Limited (RCI)) and associates, or RCI, as trustee of the Resource Capital Investments
Fund owns shares in BHP, Rio Tinto, shares in Energy Metals Limited, Berkeley Resources Limited, Uranex NL, Curnamona Energy Limited, Contact Uranium
Limited, Extract Resources Limited, Energy Resources of Australia Ltd., Equinox Minerals Limited, West Australian Metals Limited, White Canyon Uranium
Limited and PepinNini Minerals Limited.
Analyst Certification: All observations, conclusions and opinions expressed in this report reflect the personal views of RCR analysts and no part of the
analyst’s or RCR’s compensation was, is, or will be, directly or indirectly related to specific recommendations or views expressed in the report. Officers,
directors, consultants, employees and independent contractors of RCR are prohibited from trading in the securities of U.S. companies that are, or are expected
to be, the subject of research reports or other investment advice transmitted to RCR clients for a blackout window of 14 days extending before and after the date
such report is transmitted to clients or released to the market.
Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated and Inferred Resources: RCR publishes mineral resources based on
standards recognized and required under securities legislation where listed mining and exploration companies make their exchange filings and uses the terms
“measured", "indicated" and "inferred" mineral resources. U.S. investors are advised that while such terms are recognized and required under foreign securities
legislation, the SEC allows disclosure only of mineral deposits that can be economically and legally extracted. United States investors are cautioned not to
assume that all or any part of measured, indicated or inferred resources can be converted into reserves or economically or legally mined. We recommend that
US investors consult Securities and Exchange Commission Industry Guide 7 – “Description of Property by Issuers Engaged or to Be Engaged in Significant
Mining Operations” for further information about the use of defined terms and the presentation of information included in this report.
Resource Capital Research Suite 1306 Tel: +612 9252 9405

ACN 111 622 489 183 Kent Street Fax: +612 9251 2859
www.rcresearch.com.au Sydney, NSW 2000 Email: johnwilson@rcresearch.com.au
©
www.rcresearch.com.au

Suite 1306
183 Kent Street
Sydney, NSW 2000
T: +612 9252 9405

F: +612 9251 2859
E: johnwilson@rcresearch.com.au
ACN 111 622 489

Гораздо больше, чем просто документы.

Uranium Sector Review Exploration, Development & Production December Quarter

Загружено:

Сведения о документе

Описание:

Авторское право:

Доступные форматы

Uranium Sector Review Exploration, Development & Production December Quarter

Загружено:

Описание:

Авторское право:

Доступные форматы

Похожие издания

Uranium Sector Review

Exploration, Development & Production

This report is subject to copyright and may not be redistributed

Uranium Sector Review

Resource Analyst (Uranium): John Wilson

Resource Analyst: Dr Tony Parry

Resource Capital Research

Tel: +612 9252 94

Resource Capital Resear

Aura Energy Limited ............................................................................................................ 11

[Uranium Price Fundamentals ..................................................................................................]

* Indicates companies with detailed financial projections and valuation available.

Overview and Investment Comment

The market valuation of Australian companies with one or more

Increased uranium purchases by utilities anticipated early in 2009,

Uranium price outlook

The uranium spot price is currently trading at US$55/lb, flat compared

Producers continue to face significant challenges in financing and

project in Canada (Areva/Denison/OURD), First Uranium (TSX:FIU) at

World planned and proposed nuclear power reactors

There are 376 new nuclear reactors planned or proposed globally as of

Currently there are 439 nuclear power reactors in operation and 39

Events of the past 3 months include:

- Strategic investments - Paladin Energy (ASX:PDN, TSX:PDN)

RCR December Quarter Featured Company Summary

Berkeley Resources Limited BKY Feasibility Study

Black Range Minerals Limited BLR Advanced Exploration, Scoping

Deep Yellow Limited DYL Advanced Exploration

Energy Metals Limited EME Advanced Exploration

Energy Resources of Australia Ltd ERA Producer

Extract Resources Limited EXT Early to advanced exploration

Globe Uranium Limited GBE Early to advanced exploration

Greenland Minerals and Energy Limited GGG Advanced exploration

Paladin Energy Ltd PDN Producer

PepinNini Minerals Limited PNN Advanced Exploration

Scimitar Resources Limited SIM Advanced Exploration

Uranex NL UNX Advanced Exploration

West Australian Metals Ltd. WME Mid Exploration

White Canyon Uranium Limited WCU Development

Forsys Metals Corp FSY Feasibility

[PAGE LEFT BLANK INTENTIONALLY]

Explorers' forecast cash balances Percentage difference in share price from

Paladin Energy Ltd Forsys Metals Corp

Deep Yellow Ltd Energy Resources of Australia Ltd

Energy Resources of Australia Ltd Extract Resources Ltd

Extract Resources Ltd Greenland Minerals and Energy Ltd

Forsys Metals Corp West Australian Metals Ltd

Berkeley Resources Ltd Aura Energy Ltd

Greenland Minerals and Energy Ltd Paladin Energy Ltd

Toro Energy Ltd CanAlaska Uranium Ltd

PepinNini Minerals Ltd White Canyon Uranium Ltd

CanAlaska Uranium Ltd Uranex NL

Black Range Minerals Ltd

Aura Energy Ltd

Energy Metals Ltd

White Canyon Uranium Ltd

Globe Uranium Ltd

Recent share performance has been

Total: Australia 486.9 694.3 2493 6016

Total: Canada 46.2 0.0 140 425

Total: (US$)4 348 444 1705 4182

Total: Australia 213 183 602 745 37 26 109 114

Total: Canada #REF! #REF! 14 10 3 5 21 20

Reserves, Resources and Historic Mineralisation

Total/Total Average 360 163 1088 493 199 90 1525 692

Valuation and Performance Data

Average: Australia 13.98 1.69 1.82