September 9, 2011 Industry Update

URANIUM REACTION
Switzerlands anti-nuclear stance softening?
Reports from Switzerland indicate that a Senate committee has drafted three texts on nuclear policy that would all keep the door open for nuclear power, but would ban current generation designs. This appears to be a notable softening in the stance of a country that saw its National Council approve three texts that banned construction of all new reactors. The Senate-generated texts would consider Generation-III reactor designs, which are expected to include enhanced safety features over the current Generation-II designs. The Swiss Senate is expected to vote on the new texts on September 28. After which it will then be sent back to the National Council for debate and vote. Once approved, the cabinet would draft enacting legislation that would then be debated in both houses again. Switzerland is one of the three countries with the most adverse reactions to nuclear power post-Fukushima (the others being Germany and Italy). With countries around the world moving forward with nuclear power, the actions of the Swiss Senate may indicate a softening in their stance. In other Swiss news, the countrys Federal Nuclear Safety Commission declared that Switzerlands five nuclear power stations can cope with the kind of severe flooding that only occurs once in every 10,000 years. An assessment of their ability to withstand major earthquakes is expected in March 2012.

Equity Research

U3O8 CORPS BERLIN PROJECT RESOURCE ESTIMATE IS ON TRACK

U3O8 Corp. (UWE-TSXV) announced this week that its infill drilling program is proceeding on schedule for its Berlin Project located in the Caldas province of Columbia. The project, which has a historical resource estimate of 38 M lbs of U3O8 at a grade of 0.13%, is expected to have a 43-101 compliant resource estimate in early Q4/2011. Besides uranium, the resource estimate may also include other commodities such as: vanadium, phosphate, molybdenum, rhenium, silver and yttrium as meaningful amounts of these metals have been encountered in the assay results. To date, 72 bore holes over 16,050m have been drilled as part of a 19,000m infill drill program. Forty-one holes have been assayed and management notes that the holes confirm the continuity of mineralization along strike and across the Berlin syncline. Two drill rigs continue to focus on resource drilling, while trenching is planned to advance along the whole 10.5km trend

Rob Chang
rchang@versantpartners.com (416) 849-5008 (866) 442-4485 Sales/Trading Montreal: (514) 845-8111, (800) 465-5616; Toronto: (416) 363-5757, (866) 442-4485 See disclosure and a description of our recommendation structure at the end of this report.

Premier Gold Mines Ltd.

August 17, 2011

Exhibit 1. Berlin Project - Location of Trenches and Drill Platforms

Source: U3O8 Corp.

HATHOR ANNOUNCES IMPRESSIVE DRILL RESULTS FROM FAR EAST ZONE

Hathor Exploration (HAT-TSXV) announced drill results from the Far East Zone of its summer 2011 drilling campaign. Highlights from the results include 61m grading 1.78% U3O8, 12m grading 2.65% U3O8, 34m grading 3.34% U3O8, and 42m grading 2.95% U3O8. These are long, high-grade intercepts that begin 320m to 435m from surface. Management approximates the geometry of the Far East Zone to be 95 m x 35m with an average thickness of 33m. Based on Hathors provided guidelines of a weighted average grade of 2.25% and a density range of 1.97 to 5.04 g/cm3, the estimated resource size is between 10.7M to 27.4M lbs of U3O8 in the Far East Zone. Of course, significant exploration still needs to be done to refine and confirm these estimates.

Rob Chang, (416) 849-5008

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Premier Gold Mines Ltd.

August 17, 2011

Exhibit 2. Far East Zone Drill Plan Map

Source: Hathor Exploration

PALADIN ENERGYS KAYELEKERA DELAYED A WEEK

Paladin Energy (PDN-TSX) announced that recommencement of production at its Kayelekera mine in Malawi is expected to be delayed by a week as the company installs additional tanks to store four weeks worth of production of intermediate wet uranium participate.

TOUGH WEEK FOR URANIUM EQUITIES

Our basket of highlighted uranium names had a tough week as their performance from August 31 to September 7 was down 4% on average. Since we highlighted the names on August 24, the basket has gained 7% and has outperformed the S&P/TSX Global Base Metals Indexs return of -1.9%.
Exhibit 3. One-Week Performance of Highlighted Uranium Names

Company Name Cameco Uranium One Uranium Participation Fission Energy Kivalliq Energy Energy Fuels Average S&P TSX Global Base Metals Index
Source: Versant Partners

Ticker CCO UUU U FIS KIV EFR

Weekly Since Inception -0.4% 3.0% -8.6% -11.6% -1.3% 1.4% -1.4% 40.0% -17.1% 3.0% 4.8% 6.5% -4.0% 7.0% 4.7% -1.9%

Rob Chang, (416) 849-5008

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Uranium Update

September 9, 2011

IF CASH IS KING
Uranium equities trading at the lowest multiples relative to their most recently reported balance sheet cash positions are the following:
Exhibit 4. Top 10 Uranium Companies - Price to Balance Sheet Cash
September 9, 2011 Company Name Stage All figures in $CAD Stock Price $0.26 $0.24 $0.03 $0.19 $0.08 $0.19 $0.12 $0.17 $0.13 $0.27 Market Cap (MM) 13.46 13.60 9.95 20.48 5.56 64.82 23.25 14.35 13.43 14.64 Enterprise Value (MM) -4.69 1.42 2.69 5.99 1.95 30.97 10.88 5.04 17.27 10.00 Price/Cash 0.7x 1.1x 1.4x 1.4x 1.5x 1.7x 1.9x 1.9x 2.0x 2.3x Cash (MM) 19.7 12.75 7.26 14.49 3.61 37.26 12.37 7.63 6.86 6.27 Shares O/S 51.75 56.68 331.71 107.78 69.50 341.17 193.73 84.44 103.30 54.23

Continental Precious Minerals, Inc. (TSX:CZQ) Exploration Tigris Uranium Corp. (TSXV:TU) Exploration Australian American Mining Corporation Limited (ASX:AIW) Pre-Feasibility Macusani Yellowcake, Inc. (TSXV:YEL) Exploration Energia Minerals Limited (ASX:EMX) Exploration Alliance Resources Ltd. (ASX:AGS) Development Tournigan Energy Ltd. (TSXV:TVC) Pre-Feasibility Uranium North Resources Corp. (TSXV:UNR) Exploration Powertech Uranium Corp. (TSX:PWE) Pre-Feasibility Khan Resources Inc. (TSX:KRI) Feasibility

Source: Versant Partners and Capital IQ

IMPLIED EV/LB VALUATION

Applying the concept of mean reversion, a market-implied valuation can be derived by applying the average EV/Lb value to the valuation of each constituent company to determine its value if it reverted to the mean.
Exhibit 5. EV/Lb Averages by Development Stage

Global # of 43-101/JORC Stage Resource Constituents EV/Lb Avg EV/Lb Avg Producer 7 $7.22 $8.47 Developer 4 $3.83 $3.55 Feasibility 7 $0.66 $0.61 Pre-Feasibility 10 $1.40 $1.20 Exploration 32 $1.75 $1.46 60 $1.92 $2.05
*Results higher than three standard deviations are removed from the calculation of averages Source: Versant Partners

Rob Chang, (416) 849-5008

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Uranium Update

September 9, 2011

Exhibit 6. Uranium Comparables

September 9, 2011 SYM Exch Company Name Stage All figures in $CAD Stock Price $22.73 $1.60 $4.18 $2.16 $3.43 $2.68 $0.23 $0.20 $0.32 $2.33 $1.23 $0.31 $0.39 $0.39 $0.30 $0.34 $0.61 $0.20 $0.03 $0.30 $0.90 $1.08 $0.06 $0.15 $0.50 $0.09 $0.12 $0.43 $0.05 $0.29 $0.29 $0.65 $0.06 $0.17 $0.08 $0.35 $8.38 $0.71 $0.05 $4.14 $0.12 $0.41 $0.19 $0.03 $1.68 $0.20 $0.23 $0.14 $1.41 $1.98 $0.25 $0.32 $0.87 $0.07 $0.10 $0.15 $1.14 $0.16 $0.22 $0.16 Implied EV/Lb Valuation $19.67 $6.60 $26.12 $4.11 $4.66 $1.39 $0.05 $0.31 $0.60 $1.51 $1.32 $0.60 $0.52 $0.34 $0.58 $0.22 $1.03 $0.21 $0.07 $2.92 $1.60 $1.39 $0.04 $0.31 $0.24 $0.08 $0.51 $0.28 $0.13 $8.50 $36.50 $0.93 $0.15 $0.10 $0.24 $0.30 $3.84 $0.73 $0.04 $1.11 $0.04 $0.33 $0.58 $0.25 $4.50 $0.63 $2.49 $0.23 $0.93 $0.55 $1.22 $1.09 $0.83 $0.32 $0.62 $0.29 $2.12 $0.33 $0.30 $0.61 Upside to Market Enterprise Value Market Cap (MM) (MM) Implied Value 8,971.76 8,963.22 -13.48% 615.46 482.88 312.47% 797.29 605.78 524.78% 1,679.01 2,340.66 90.13% 247.95 216.24 35.85% 2,565.30 2,744.31 -48.13% 47.35 50.31 -76.41% 68.23 30.97 52.72% 39.68 31.17 88.45% 179.29 136.13 -35.21% 127.43 96.05 6.98% 61.69 46.38 92.62% 91.43 82.37 32.30% 67.98 60.54 -13.74% 16.27 10.00 94.52% 87.41 56.29 -34.89% 54.86 39.65 68.24% 25.96 19.59 3.00% 9.95 2.69 146.13% 6.70 4.98 873.56% 72.12 65.00 78.14% 73.29 69.65 29.15% 116.53 90.63 -28.53% 15.50 17.27 104.52% 72.47 78.11 -51.70% 86.30 55.60 -14.78% 23.25 10.88 321.37% 72.87 67.55 -35.57% 4.75 3.99 158.79% 38.31 31.77 2832.69% 15.01 -4.69 12485.68% 30.86 20.07 42.75% 6.85 6.73 144.63% 175.43 163.75 -43.56% 5.56 1.95 199.81% 47.00 35.85 -13.03% 2,038.85 2,002.89 -54.17% 69.27 41.98 2.30% 29.14 28.06 -26.60% 467.90 444.04 -73.22% 12.74 10.38 -68.71% 50.22 34.50 -19.38% 20.48 5.99 204.49% 14.96 11.36 718.56% 86.77 73.80 167.71% 26.78 23.48 217.06% 4.74 4.18 982.76% 5.58 3.67 62.88% 153.22 100.27 -33.74% 431.60 420.04 -72.12% 14.17 1.42 386.32% 32.86 17.43 241.27% 176.67 163.17 -4.91% 2.18 1.90 354.45% 13.28 7.73 521.16% 12.67 5.04 94.48% 106.62 99.25 86.12% 23.43 15.69 104.14% 27.41 18.49 37.01% 15.60 11.65 283.93% Price/Cash 7.4x 4.6x 4.2x 14.8x 7.8x 8.4x 157.8x 1.8x 4.7x 4.1x 4.1x 4.0x 4.9x 9.1x 2.6x 2.8x 2.5x 4.1x 1.4x 3.9x 10.1x 20.1x 4.5x 2.3x 15.4x 2.8x 1.9x 13.7x 5.9x 5.9x 0.8x 2.9x 57.1x 15.0x 1.5x 4.2x 56.7x 2.5x 27.0x 19.6x 5.4x 3.2x 1.4x 2.9x 6.7x 8.1x 8.5x 2.9x 2.9x 37.3x 1.1x 2.1x 13.1x 7.5x 2.4x 1.7x 13.4x 3.0x 2.6x 3.9x Based on 43-101/JORC Resource MKT / LB $9.14 $5.08 $1.20 $3.44 $13.03 $12.27 $3.90 $3.68 $9.41 $4.64 $0.39 $0.54 $0.87 $0.42 $2.22 $0.97 $0.85 $0.81 $0.31 $0.83 $1.18 $3.53 $0.65 $3.58 $2.82 $0.56 $2.45 $0.72 $0.06 $0.01 $1.72 $0.72 $3.52 $0.75 $2.77 $3.97 $2.78 $2.51 $8.08 $3.55 $0.75 $0.22 $5.67 $0.57 $1.36 $5.52 $6.95 $0.44 $1.91 $2.00 $0.30 $1.30 $1.02 $1.62 $0.55 EV / LB $9.13 $3.98 $0.91 $4.79 $11.36 $13.12 $1.77 $2.89 $7.14 $3.50 $0.29 $0.48 $0.78 $0.26 $1.43 $0.70 $0.64 $0.22 $0.23 $0.75 $1.12 $2.75 $0.72 $3.86 $1.82 $0.26 $2.27 $0.61 $0.05 ($0.00) $1.12 $0.71 $3.28 $0.26 $2.11 $3.90 $1.69 $2.42 $7.66 $2.44 $0.22 $0.17 $4.83 $0.50 $0.89 $3.61 $6.76 $0.04 $1.01 $1.85 $0.18 $0.52 $0.69 $1.09 $0.41 Based on Global Resource MKT / LB $8.56 $1.85 $1.20 $3.21 $5.87 $12.27 $24.19 $3.90 $2.29 $9.41 $4.64 $0.39 $0.54 $0.87 $0.42 $2.22 $0.51 $0.84 $0.81 $0.15 $0.83 $1.13 $2.84 $0.65 $2.50 $2.82 $0.38 $2.45 $0.72 $0.06 $0.01 $1.62 $0.72 $3.52 $0.75 $2.77 $3.97 $2.78 $2.51 $8.08 $13.72 $3.55 $0.75 $0.22 $0.69 $0.57 $0.16 $1.36 $5.52 $6.95 $0.44 $0.59 $2.00 $0.40 $0.30 $1.30 $0.98 $1.02 $1.62 $0.49 EV / LB $8.55 $1.45 $0.91 $4.48 $5.12 $13.12 $25.70 $1.77 $1.80 $7.14 $3.50 $0.29 $0.48 $0.78 $0.26 $1.43 $0.37 $0.63 $0.22 $0.11 $0.75 $1.07 $2.21 $0.72 $2.69 $1.82 $0.18 $2.27 $0.61 $0.05 ($0.00) $1.06 $0.71 $3.28 $0.26 $2.11 $3.90 $1.69 $2.42 $7.66 $11.17 $2.44 $0.22 $0.17 $0.59 $0.50 $0.14 $0.89 $3.61 $6.76 $0.04 $0.32 $1.85 $0.35 $0.18 $0.52 $0.91 $0.69 $1.09 $0.36 Avg Grade 9.393% 0.419% 0.308% 0.078% 0.066% 0.072% 0.105% 0.324% 0.206% 0.103% 0.066% 0.015% 0.020% 0.045% 0.127% 0.112% 0.089% 0.113% 0.088% 0.083% 0.024% 0.116% 0.036% 0.138% 0.434% 0.050% 0.302% 0.014% 0.527% 0.016% 0.019% 0.044% 0.043% 0.035% 0.028% 0.091% 0.046% 0.058% 0.030% 8.628% 0.090% 0.790% 0.021% 0.017% 0.031% 0.045% 0.057% 0.230% 0.110% 0.075% 0.105% 0.103% 0.741% 0.063% 0.012% 0.087% 0.168% 0.028% 0.021% 0.076% Resources and Reserves (MM lbs) Total P&P M&I Inferred Historical 484.04 141.65 355.67 67.28 2.87 78.80 39.51 212.15 246.20 272.64 144.74 0.00 159.20 192.06 136.91 34.58 0.00 6.53 12.50 23.24 47.97 59.93 101.25 0.00 0.00 0.00 0.00 1.96 0.00 8.00 9.50 0.00 0.00 6.45 4.35 6.53 0.00 15.72 3.34 0.00 0.00 23.72 3.71 0.00 0.00 50.20 107.60 0.00 0.00 118.96 51.12 0.00 0.00 34.90 43.15 0.00 30.68 6.61 1.39 0.00 0.00 34.56 4.76 0.00 0.00 36.85 19.51 50.50 0.00 30.40 0.00 0.65 0.00 0.00 12.31 0.00 0.00 11.46 10.16 23.73 0.00 77.20 9.50 0.00 0.00 43.26 19.07 2.70 0.00 10.50 22.50 8.00 0.00 17.06 6.85 0.00 0.00 7.46 12.78 8.80 0.00 10.87 19.74 0.00 0.00 28.49 12.66 20.00 0.00 4.35 25.40 0.00 0.00 1.96 4.63 0.00 0.00 0.00 638.00 0.00 0.00 14.41 1,037.96 15.34 0.00 7.40 10.50 1.10 0.00 8.30 1.20 0.00 0.00 30.80 19.09 0.00 0.00 0.00 7.46 0.00 0.00 4.90 12.08 0.00 319.90 38.51 154.80 0.00 0.00 0.00 24.89 0.00 0.00 0.00 11.60 0.00 0.00 17.21 40.73 0.00 0.00 0.00 0.00 0.93 0.00 0.00 14.15 0.00 0.00 10.37 16.97 0.00 0.00 9.60 58.40 0.00 0.00 0.12 15.17 110.00 0.00 15.18 31.44 0.00 0.00 0.00 0.00 29.00 0.00 0.00 4.10 0.00 0.00 6.07 21.68 0.00 0.00 32.70 29.44 0.00 0.00 32.08 0.00 0.00 0.00 12.10 5.14 38.00 0.00 72.77 15.49 0.00 0.00 0.00 0.00 5.49 0.00 0.00 43.95 0.00 0.00 0.00 9.71 0.00 0.00 0.00 0.00 109.15 0.00 0.00 22.90 0.00 0.00 6.24 10.66 0.00 0.00 28.56 0.00 3.40

CCO TSX Cameco Corp. (TSX:CCO) Production DML TSX Denison Mines Corp. (TSX:DML) Production ERA ASX Energy Resources of Australia Ltd. (ASX:ERA) Production PDN TSX Paladin Energy, Ltd. (TSX:PDN) Production UEC AMEX Uranium Energy Corp. (AMEX:UEC) Production UUU TSX Uranium One Inc. (TSX:UUU) Production WU TSXV White Canyon Uranium Ltd. (TSXV:WU) Production AGS ASX Alliance Resources Ltd. (ASX:AGS) Development EFR TSX Energy Fuels Inc. (TSX:EFR) Development URZ amex Uranerz Energy Corp. (AMEX:URZ) Development URE TSX UR-Energy Inc. (TSX:URE) Development ACB ASX A-Cap Resources Ltd. (ASX:ACB) Feasibility BAN TSX Bannerman Resources Limited (TSX:BAN) Feasibility BKY ASX Berkeley Resources Ltd. (ASX:BKY) Feasibility KRI TSX Khan Resources Inc. (TSX:KRI) Feasibility MGA TSX Mega Uranium Ltd. (TSX:MGA) Feasibility STM TSX Strathmore Minerals Corp. (TSX:STM) Feasibility TUE TSXV Titan Uranium Inc. (TSXV:TUE) Feasibility AIW ASX Australian American Mining Corporation Limited (ASX:AIW) Pre-Feasibility BYU TSXV Bayswater Uranium Corp. (TSXV:BYU) Pre-Feasibility FSY TSX Forsys Metals Corp. (TSX:FSY) Pre-Feasibility LAM TSX Laramide Resources Ltd. (TSX:LAM) Pre-Feasibility PEN ASX Peninsula Energy Limited (ASX:PEN) Pre-Feasibility PWE TSX Powertech Uranium Corp. (TSX:PWE) Pre-Feasibility RSC TSX Strateco Resources Inc. (TSX:RSC) Pre-Feasibility TOE ASX Toro Energy Ltd (ASX:TOE) Pre-Feasibility TVC TSXV Tournigan Energy Ltd. (TSXV:TVC) Pre-Feasibility UNX ASX Uranex NL (ASX:UNX) Pre-Feasibility ABE TSXV Abitex Resources Inc. (TSXV:ABE) Exploration AEE ASX Aura Energy Limited (ASX:AEE) Exploration CZQ TSX Continental Precious Minerals, Inc. (TSX:CZQ) Exploration CXZ AMEX Crosshair Exploration & Mining Corp. (AMEX:CXZ) Exploration CUE TSXV Cue Resources Ltd (TSXV:CUE) Exploration DYL ASX Deep Yellow Ltd. (ASX:DYL) Exploration EMX ASX Energia Minerals Limited (ASX:EMX) Exploration EME ASX Energy Metals Limited (ASX:EME) Exploration EXT ASX Extract Resources Ltd. (ASX:EXT) Exploration FIS TSXV Fission Energy Corp. (TSXV:FIS) Exploration FTE ASX Forte Energy NL (ASX:FTE) Exploration HAT TSX Hathor Exploration Ltd. (TSX:HAT) Exploration JNN TSXV JNR Resources Inc. (TSXV:JNN) Exploration KIV TSXV Kivalliq Energy Corp. (TSXV:KIV) Exploration YEL TSXV Macusani Yellowcake, Inc. (TSXV:YEL) Exploration MEY ASX Marenica Energy Ltd (ASX:MEY) Exploration MAW TSX Mawson Resources Ltd. (TSX:MAW) Exploration GEM TSXV Pele Mountain Resources Inc. (TSXV:GEM) Exploration PIT TSXV Pitchblack Resources Ltd. (TSXV:PIT) Exploration PXP TSXV Pitchstone Exploration Ltd. (TSXV:PXP) Exploration RGT TSX Rockgate Capital Corp. (TSX:RGT) Exploration SMM ASX Summit Resources Ltd. (ASX:SMM) Exploration TU TSXV Tigris Uranium Corp. (TSXV:TU) Exploration UWE TSXV U308 Corp. (TSXV:UWE) Exploration UEX TSX UEX Corp. (TSX:UEX) Exploration ULU TSXV Ultra Uranium Corp. (TSXV:ULU) Exploration URC TSXV Uracan Resources, Ltd. (TSXV:URC) Exploration UNR TSXV Uranium North Resources Corp. (TSXV:UNR) Exploration URRE NASDAQ Uranium Resources, Inc. (NasdaqCM:URRE) Exploration USA ASX Uraniumsa Limited (ASX:USA) Exploration VEM TSX Vena Resources Inc. (TSX:VEM) Exploration VAE TSXV Virginia Energy Resources Inc. (TSXV:VAE) Exploration

Total 1,048.64 333.33 663.59 522.74 42.27 209.14 1.96 17.50 17.32 19.06 27.43 157.80 170.08 78.05 38.69 39.32 106.87 31.05 12.31 45.35 86.70 65.03 41.00 23.91 29.03 30.61 61.15 29.74 6.59 638.00 1,067.71 19.00 9.50 49.89 7.46 16.98 513.21 24.89 11.60 57.94 0.93 14.15 27.34 68.00 125.29 46.63 29.00 4.10 27.75 62.14 32.08 55.24 88.25 5.49 43.95 9.71 109.15 22.90 16.90 31.96

Source: Versant Partners and Capital IQ

Rob Chang, (416) 849-5008

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September 9, 2011

DISCLAIMERS AND DISCLOSURES Disclaimers

The opinions, estimates and projections contained in this report are those of Versant Partners Inc. (Versant) as of the date hereof and are subject to change without notice. Versant makes every effort to ensure that the contents have been compiled or derived from sources believed to be reliable and that contain information and opinions that are accurate and complete; however, Versant makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions which may be contained herein and accepts no liability whatsoever for any loss arising from any use of or reliance on this report or its contents. Information may be available to Versant that is not herein. This report is provided, for informational purposes only, to institutional investor clients of Versant Partners Inc. Canada, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such offer or solicitation would be prohibited. This report is issued and approved for distribution in Canada, Versant Partners Inc., a member of the Investment Industry Regulatory Organization of Canada ("IIROC"), the Toronto Stock Exchange, the TSX Venture Exchange and the CIPF. This report is has not been reviewed or approved by Versant Partners USA., a member of FINRA. This report is intended for distribution in the United States only to Major Institutional Investors (as such term is defined in SEC 15a-6 and Section 15 of the Securities Exchange Act of 1934, as amended) and is not intended for the use of any person or entity that is not a major institutional investor. Major Institutional Investors receiving this report should effect transactions in securities discussed in the report through Versant Partners USA.

Potential conflicts of interest

The author of this report is compensated based in part on the overall revenues of Versant, a portion of which are generated by investment banking activities. Versant may have had, or seek to have, an investment banking relationship with companies mentioned in this report. Versant and/or its officers, directors and employees may from time to time acquire, hold or sell securities mentioned herein as principal or agent. Although Versant makes every effort possible to avoid conflicts of interest, readers should assume that a conflict might exist, and therefore not rely solely on this report when evaluating whether or not to buy or sell the securities of subject companies.

Disclosures as of September 9, 2011

Versant has provided investment banking services or received investment banking related compensation from Kivalliq Energy and Energy Fuels within the past 12 months. Versant has not received investment banking related compensation from Cameco, Fission Energy, Uranium One, Uranium Participation and U3O8 Corp. The analyst responsible for this research report does not have, either directly or indirectly, a long or short position in the shares or options of Kivalliq Energy, Energy Fuels, Cameco, Fission Energy, Uranium One, Uranium Participation and U3O8 Corp. The analyst responsible for this report has visited the material operations of U3O8 Corp, Uranium Energy Corp, Uranerz Energy and Kivalliq Energy. The analyst responsible for this report has not visited the material operations of Cameco, Uranium One, Uranium Participation, and Fission Energy.

Analyst certification
The research analyst whose name appears on this report hereby certifies that the opinions and recommendations expressed herein accurately reflect his personal views about the securities, issuers or industries discussed herein.

Definitions of recommendations
BUY: The stock is attractively priced relative to the companys fundamentals and we expect it to appreciate significantly from the current price over the next 6 to 12 months.

BUY (Speculative): The stock is attractively priced relative to the companys fundamentals, however investment in the security carries a higher degree of risk. NEUTRAL: The stock is fairly valued, lacks a near term catalyst, or its execution risk is such that we expect it to trade within a narrow range of the current price in the next 6 to 12 months. The longer term fundamental value of the company may be materially higher, but certain milestones/catalysts have yet to be fully realized. SELL: The stock is overpriced relative to the companys fundamentals, and we expect it to decline from the current price over the next 6 to 12 months. TENDER: We believe the offer price by the acquirer is fair and thus recommend investors tender their shares to the offer. UNDER REVIEW: We are temporarily placing our recommendation under review until further information is disclosed.
Member-Canadian Investor Protection Fund. Customers' accounts are protected by the Canadian Investor Protection Fund within specified limits. A brochure describing the nature and limits of coverage is available upon request.

Rob Chang, (416) 849-5008

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