Uranium Sector Review Exploration, Development & Production March Quarter

Uranium Sector Review
Exploration, Development & Production

March Quarter 2009
Resource Capital Research
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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.
30 March 2009
Uranium Sector Review

March Quarter 2009
Resource Analyst (Uranium): John Wilson
Resource Analyst: Dr Tony Parry

Resource Analyst: Dr Trent Allen
Suite 1306
183 Kent Street
Sydney, NSW 2000
Tel: +612 9252 9405

Fax: +612 9251 2859
Email: info@rcresearch.com.au
Web: www.rcresearch.com.au

ACN 111 622 489
Contents

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Overview and Investment Comment

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RCR March Quarter Featured Company Summary

AUSTRALIA
Company Code Comment
Alliance Resources Limited AGS Advanced Exploration
Uranium production at the 32mlb U3O8 Four Mile Project (AGS 25%) is possible in January
2010, at initial 3mlbspa – environmental and mine permits are pending. Independent
scoping study and resource upgrades expected 2Q09. Exploration target 50kt U3O8
(109mlbs).
Aura Energy Limited AEE Advanced Exploration
At the Storsjön Project (Alum Shale, Sweden), AEE has a resource target of 330mlbs-
1,200mlbs U3O8. It is advancing uranium projects in Australia and West Africa, with
promising grassroots exploration results from Mauritania. CY09 exploration majority funded
by JV partners.
Berkeley Resources Limited BKY Feasibility Study

BKY awaits Spanish Government approval of its Dec '08 JV deal with ENUSA, which has a
uranium mill at Salamanca and State Reserve historic uranium resources – target 75mlbs
U3O8. Completed Bankable Feasibility Study expected within 18 months of approval.
Black Range Minerals Limited BLR Scoping

A new agreement between BLR and Uranium One (TSX:UUU) could see joint development
of the Taylor Ranch and Hansen uranium deposits. Taylor Ranch high-grade zones total
23.5mlbs U3O8 (at 0.12%) - resource expansion expected 1Q09.
Deep Yellow Limited DYL Advanced Exploration

Cashed up DYL is on track for a 100mlb U3O8 resource in Namibia by mid 2009 (current
46mlb), and producing encouraging results from Mt Isa (QLD) U3O8 exploration. Shares
look undervalued with target A$0.30/share if Namibian resources valued at modest
~US$1.50/lb.
Energy and Minerals Australia Limited EMA Resource Definition

Initial JORC resource for the Mulga Rock Deposits (Jan '09) is 54.4mlbs U3O8, including
24.1mlbs grading 0.1%. Infill drilling will continue through 2009, with a scoping study, met.
results, Ni-Co resource and expanded U resource all expected in 4Q09-1Q10.
Energy Metals Limited EME Advanced Exploration

Bigrlyi (NT) revised resource expected April '09. 4Q08 drill results include 5m @ 0.48%
U3O8, 0.48% V2O5 (from 80m) and 6m @ 0.26% U3O8, 0.79% V2O5 (from 37m). PFS
expected 3Q09. Cappers (NT) initial drilling 4Q08 (500m) confirms shallow, widespread
uranium over 5km strike.
Energy Resources of Australia Limited ERA Producer

Significant resource expansion at Ranger announced (Jan '09) - up 128% to 115kt U3O8 on
lower cut-off (0.02% U3O8) and Ranger 3 Deeps (34kt U3O8). ERA continues to explore
and evaluate opportunities to expand, extend and accelerate output. Final year end dividend
A$0.20/share.
Extract Resources Limited EXT Advanced exploration

EXT has been a standout sharemarket performer with its stock up by >200% since the
announcement (Jan '09) of a 108mlb U3O8 resource at Rossing South Zone 1. With total
resources of ~250mlb expected by 3Q09, and RIO now holding 15.5% the shares still look
undervalued.
Greenland Minerals and Energy Limited GGG Advanced exploration

A Pre-Feasibility Study is under way at the Kvanefjeld uranium and rare earths deposit in
Greenland, results expected from late 3Q09, including mine plan and process flow sheet.
JORC resource 223mlb U3O8 and 2.6mt REO, upgrade scheduled for 2Q09.
Paladin Energy Limited PDN Producer

PDN is integrating the stage II expansion at Langer Heinrich taking production to 3.7mlbspa
U3O8 (from 2.6mlbs); and expects first production from Kayelekera March '09 (3.3mlbspa
U3O8). Solid project pipeline: Skal resource upgrade expected March '09; Mt Isa PFS April
'09.

AUSTRALIA (cont.)
Toro Energy Limited TOE Advanced Exploration/Resource Definition/PFS
The 3Q09 release of an optimisation study for the Wiluna (WA) calcrete project (24mlb
resource) and an imminent scoping study for Napperby (NT) - on track for 13mlb resource -
will be crucial to changing a sceptical market overly influenced by short term spot price
trends.
Uran Limited URA Mid-Advanced Exploration

URA targets uranium deposits in or near areas of historic production. The underexplored
Grants Ridge Project (New Mexico) includes previously mined high-grade mineralisation, in
a district that has yielded >340mlbs U3O8. Sampling under way, drilling 2-3Q09.
Uranex NL UNX Advanced Exploration

UNX is currently focused on completing the Manyoni PFS (Tanzania) - expected 4Q09. The
project, while low grade (15mlbs U3O8 @ 0.015%) is near surface with good regional
infrastructure. Resource upgrade expected 2Q09. Thatcher Soak (WA) scoping study
expected 1H09.
White Canyon Uranium Limited WCU Development

WCU is on the verge of underground uranium production at Daneros (Utah) – high grade
core >0.2ft.% U3O8. Mine permit expected Apr '09, first ore sales to Blanding Mill (Denison)
possible in late 2Q09. Combined project target 10mlbs U3O8.
CANADA
CanAlaska Uranium Ltd CVV Advanced Exploration
CVV has a strategic land position (2.9m ac in the Athabasca Basin) with a pipeline of high
value exploration targets and funding from key strategic investors. Winter drilling schedule -
C$4.6m budgeted, drilling 13,600m at 4 projects.


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Financial Data
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COMPANY Share Price (LC$/share)3 Diluted Cap Book Value
Code Status1 Yr End Exchanges 52 week Current Shares Opt+W 2 C. Notes2 Shares (undiluted) Cash Debt Value (Undiluted)
30 March 2009 Hi Low (m) (m) (m) (m) (LC$m)3 (LC$m)3 (LC$m)3 (LC$m)3 (LC$m)3
AUSTRALIA (A$)
Alliance Resources Limited AGS I June ASX No 1.68 0.29 0.51 274 9 0 282 138 12.3 0.0 45 138
Aura Energy Limited AEE E June ASX No 0.33 0.08 0.08 43 6 0 49 4 0.6 0.0 6 4
Berkeley Resources Limited BKY E June ASX No 1.01 0.15 0.60 104 14 0 117 62 13.7 0.0 24 62
Black Range Minerals Limited BLR E June ASX BLRO 0.10 0.01 0.04 619 109 0 729 24 8.8 0.0 18 24
Deep Yellow Limited DYL E June ASX No 0.38 0.10 0.14 1121 65 0 1186 157 47.2 0.0 147 157
Energy and Minerals Australia Limited EMA E June ASX EMAO 0.85 0.17 0.20 232 9 128 369 46 2.3 0.0 5 46
Energy Metals Limited EME E June ASX No 1.55 0.31 0.48 117 4 0 121 56 5.1 0.0 22 56
Energy Resources of Australia Limited ERA P Dec ASX No 24.95 9.35 20.43 191 0 0 191 3897 88.3 0.0 781 3897
Extract Resources Limited EXT E June ASX TSX No 4.60 0.75 4.30 220 12 0 232 945 28.0 0.0 110 945
Greenland Minerals and Energy Limited GGG E June ASX GGGO 1.10 0.15 0.18 194 171 0 365 35 12.5 0.0 35 35
Paladin Energy Limited PDN P June ASX TSX NSX No 6.72 1.63 3.52 623 16 82 722 2195 195.9 577.5 505 2772
Toro Energy Limited TOE E June ASX No 0.42 0.09 0.11 556 15 0 571 61 10.0 0.0 144 61
Uran Limited URA E June ASX URAO 0.30 0.02 0.03 52 49 0 101 2 1.0 0.0 2 2
Uranex NL UNX E June ASX No 0.58 0.11 0.18 83 6 6 95 15 5.4 0.0 9 15
White Canyon Uranium Limited WCU I June ASX W CUO 0.25 0.06 0.16 183 92 5 279 28 4.6 0.0 37 28
Total: Australia 435.6 577.5 1890 8241
CANADA (C$)
CanAlaska Uranium Ltd CVV E Apr TSX.V OTC FSE No 0.35 0.05 0.13 138 26 0 163 18 5.4 0.0 45 18
Total: Canada 5.4 0.0 45 18
Total: (US$)4 305 398 1341 5701
(1) P: Producer; E: Explorer; I: Imminent - includes companies with bankable feasibility studies and likely to be in production within 3 years; IHC: Investment Holding Company
(2) Fully Diluted (shares, options + warrants (opt. + w), convertible notes (Conv. N), other obligations)
(3) L.C. - Local Currency unit (4) AUD/USD: 0.69; CAN/USD: 0.81
Company Statistics
COMPANY
7 7
Code Land Drilling ('000 m) (A) Exploration (L.C.$m) (B) Corporate (L.C.$m) (A)/(A+B) %
6
30 March 2009 ('000 ha) Dec-08 Mar-09 2008 2009 Dec-08 Mar-09 2008 2009 Dec-08 Mar-09 2008 2009 Mar-09 2008 2009
AUSTRALIA (A$)
Alliance Resources Limited AGS 228 14.4 15.0 140.0 63.7 0.9 1.0 1.3 3.5 0.6 0.5 1.8 2.1 67 43 63
Aura Energy Limited AEE 1,200 1.0 0.5 4.9 10.5 0.6 0.1 2.0 2.0 0.2 0.1 1.0 0.8 50.0 67.5 72.8
Berkeley Resources Limited BKY 250 5.0 2.0 21.1 12.5 1.7 0.5 9.7 4.7 0.3 0.3 0.3 1.3 62.5 96.9 79.0
Black Range Minerals Limited BLR 6 3.8 3.8 10.0 15.0 1.0 0.3 2.8 2.1 0.4 0.3 0.7 1.3 50 80 62
Deep Yellow Limited DYL 6,427 50.0 50.0 100.0 35.0 4.9 2.5 9.6 15.4 0.4 0.5 2.1 2.1 84 82 88
Energy and Minerals Australia Limited EMA 325 11.0 15.0 10.0 41.0 1.4 0.8 1.5 3.4 0.7 0.5 1.3 2.0 60 55 63
Energy Metals Limited EME 400 15.0 0.0 30.6 29.5 3.0 0.8 4.0 6.6 0.2 0.2 1.2 0.8 81 77 90
Energy Resources of Australia Limited ERA 8 10.0 12.5 57.7 45.0 16.8 4.0 0.0 16.0 3.0 3.0 11.1 12.2 57 0 57
Extract Resources Limited EXT 265 35.0 30.0 68.0 130.0 6.7 4.2 10.2 20.0 0.9 1.0 2.9 4.2 82 78 83
Greenland Minerals and Energy Limited GGG 211 1.5 0.0 17.5 10.0 3.3 0.5 11.8 7.4 1.0 0.6 3.7 3.1 44 76 71
Paladin Energy Limited PDN na 25.0 25.0 100.0 100.0 3.1 3.0 11.7 13.3 7.8 8.0 27.8 35.7 27 30 27
Toro Energy Limited TOE 3,274 6.5 5.0 34.0 32.0 1.6 0.6 6.3 6.1 0.9 0.8 2.5 2.9 44 72 68
Uran Limited URA 4 0.0 0.0 0.0 3.0 0.0 0.1 0.2 0.3 0.6 0.1 2.8 1.3 50 8 18
Uranex NL UNX 3,390 8.4 1.5 16.1 23.4 1.4 0.8 4.5 3.6 0.9 0.5 2.5 2.4 60 64 60
W hite Canyon Uranium Limited W CU 4 3.5 3.5 5.0 14.0 0.1 0.2 1.9 0.8 0.2 0.2 0.7 0.8 50 72 51
Total: Australia 190 164 615 565 46 19 78 105
CANADA (C$)
CanAlaska Uranium Ltd CVV 1,184 2.5 6.0 13.5 16.0 3.4 3.8 14.4 12.5 0.7 0.6 2.9 2.5 86 83 83
Total: Canada 3 6 14 16 3 4 14 12
Total: (US$)4 35 16 65 83
(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 Currenc y unit
Reserves, Resources and Historic Mineralisation

Historical/Mineralised Material
COMPANY Reserves (Equity)2 Resources (Equity)2 (Equity)2 Total Uranium (U3O8) Total - Gold Production
1
Code Status Uranium (U3O8) Other Uranium (U3O8) Other Uranium (U3O8) Other (All Mineralisation)1 Equivalent3 Commencement
30 March 2009 Mlb kt Mlb kt Mlb kt Mlb kt (Moz) Year
AUSTRALIA
Alliance Resources Limited AGS I 0.0 0.0 8.0 3.6 0.0 0.0 8.0 3.6 0.4 na
Aura Energy Limited AEE E 0.0 0.0 2.6 1.2 0.0 0.0 2.6 1.2 0.1 na
Berkeley Resources Limited BKY E 0.0 0.0 26.1 11.8 17.0 7.7 43.1 19.6 2.0 na
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 4.0 na
Deep Yellow Limited DYL E 0.0 0.0 46.4 21.0 39.2 17.8 85.6 38.8 3.9 na
Energy and Minerals Australia Limited EMA E 0.0 0.0 54.4 24.7 0.0 0.0 54.4 24.7 2.5 na
Energy Metals Limited EME E 0.0 0.0 15.5 7.0 19.8kt (Vn) 0.0 0.0 15.5 7.0 0.7 na
Energy Resources of Australia Limited ERA P 245.7 111.4 416.5 ^ 188.9 ^ 0.0 0.0 662.1 ^ 300.3 ^ 30.4 1981
Extract Resources Limited EXT E 0.0 0.0 133.4 60.5 0.0 0.0 133.4 60.5 6.1 na
Greenland Minerals and Energy Limited GGG E 0.0 0.0 135.8 61.6 0.0 0.0 135.8 61.6 6.2 na
Paladin Energy Limited PDN P 90.7 41.1 327.6 148.6 35.1 15.9 362.7 164.5 16.7 2008
Toro Energy Limited TOE E 0.0 0.0 31.3 14.2 19.5 8.8 50.8 23.0 2.3 na
Uran Limited URA E 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 na
Uranex NL UNX E 0.0 0.0 29.3 13.3 0.0 0.0 29.3 13.3 1.3 na
White Canyon Uranium Limited WCU I 0.0 0.0 0.0 0.0 1.9 0.9 1.9 0.9 0.1 2Q09
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 na
Total/Total Average 336 153 1313 596 113 51 1672 758
(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$42.50/lb and a gold price of US$925/oz * Mineral resource estimates are inclusive of the mineral reserve. ^ ERA reserves are in addition to resources.
Valuation and Performance Data

Valuation (%) of U3O8 Price (USD)
COMPANY EV-Cash EV-Cash EV-Cash Res'v+resources Share Price Performance Current Share Price
Code P/Book P/Net Cash /Reserves /Res'v+resources /Total U3O8 Spot Contract FIP (%) % off 12 month
30 March 2009 (x) (x) US$/unit US$/unit US$/unit 42.50 69.50 37.00 1 month 3 month 6 month 12 month Hi Lo
AUSTRALIA
Alliance Resources Limited AGS 3.1 11.2 na 10.87 10.87 26 16 29 29 29 -17 -24 70 77
Aura Energy Limited AEE 0.6 5.9 na 0.79 0.79 2 1 2 -48 -53 -64 -59 75 0
Berkeley Resources Limited BKY 2.6 4.6 na 1.28 0.78 3 2 3 41 118 41 -25 40 314
Black Range Minerals Limited BLR 1.3 2.7 na 0.12 0.12 0 0 0 27 36 27 -40 61 245
Deep Yellow Limited DYL 8.5 20.5 na 1.63 0.88 4 2 4 12 27 -36 -46 76 18
Energy and Minerals Australia Limited EMA 8.5 20.5 na 0.56 0.56 1 1 2 11 18 -53 na 76 18
Energy Metals Limited EME 2.6 10.8 na 2.25 2.25 5 3 6 40 40 -34 -47 69 53
Energy Resources of Australia Limited ERA 5.0 44.1 10.70 6.31 6.31 15 9 17 11 11 21 5 18 119
Extract Resources Limited EXT 8.6 33.8 na 4.74 4.74 11 7 13 85 244 274 306 7 473
Greenland Minerals and Energy Limited GGG 1.0 2.8 na 0.11 0.11 0 0 0 9 -28 -40 -82 84 20
Paladin Energy Limited PDN 4.3 -5.8 19.60 5.43 4.90 13 8 15 17 49 -10 -33 48 116
Toro Energy Limited TOE 0.4 6.1 na 1.13 0.70 3 2 3 16 15 -46 -50 74 22
Uran Limited URA 0.8 1.6 na na na na na na na na na na 90 45
Uranex NL UNX 1.6 2.8 na 0.23 0.23 1 0 1 13 24 -16 -60 69 64
White Canyon Uranium Limited WCU 0.8 6.2 na na 8.65 na na na 55 na 3 -23 38 158
Average: Australia 15.15 2.73 2.99 6 4 7
CANADA
CanAlaska Uranium Ltd CVV 0.4 3.3 na na 20.69 na na na -7 30 0 -61 62 189
Average: Canada na na 20.69 na na na
Total/Total Average 10.10 2.53 3.91 6 4 7 19 37 3 -16 56 114

Alliance Resources Limited
$%% 2 A$ 0.51

30 March 2009 Uranium production at the 32mlb U3O8 Four Mile Project (AGS 25%) is
Uranium, Gold, Copper, Base Metals
Australia (VIC, SA, NSW)
possible in January 2010, at initial 3mlbspa – environmental and mine
Advanced Exploration permits are pending. Independent scoping study and resource upgrades
Exchanges: ASX:AGS expected 2Q09. Exploration target 50kt U3O8 (109mlbs).
Capital Profile Production and Financial Forecasts

Share price (A$) 0.51
YEAR END: June Dec-08a Mar-09F 2008a 2009a 2010F
52 week range (A$/share) 0.29 to 1.675
Number of shares (m) 273.9 Exploration and evaluation (A$m) 0.88 1.02 1.32 3.50 4.08
Options and warrants (m) 8.6 Corporate (A$m) 0.60 0.50 1.77 2.10 2.00
Convertible notes (m) 0 Exploration/(Expl.+ Corporate) (%) 59 67 43 63 67
Fully diluted (m) 282 Funding duration at current burn (years) 2.5 2.6 5.6
Market capitalisation (undiluted) (A$m) 138 Shares on issue (pr end) (m shares) 274 274 274 315 315
Debt (A$m) - Mar 09F 0.0 Drilling - RAB (m) 0 10,000 100,000 31,385 40,000
Enterprise value (A$m) 138.3 Drilling - Other/Diamond (m) 14,441 5,000 40,000 32,267 20,000
Major shareholders: Land holding ('000 ha)* 227.6 227.6 3.0 227.6 227.6
Abbottsleigh Pty Ltd (32.1%) Tenement costs ($k per year) - - - - -
Avg monthly volume (m) 8 Capital raisings (A$m) 0.2 0.0 30.5 22.7 0.3
Cash (A$m) - Mar 09F 12.3 Funding from JV partners (A$m) 1.3 1.3 0.0 5.0 5.0
Price/Cash (x) 11.2 Cash (A$m) 15.6 12.3 15.6 29.2 33.9
Price/Book (x) 3.1 Cash backing (A$c/share) 5.7 4.5 5.7 9.3 10.8
Exchange traded options: No Net asset backing (A$c/share) 16.4 16.4 16.2 21.4 26.0
*Uranium prospective tenements only, both held and under application. Quarters refer to calendar year.
Investment Points Company Comment

The company's main project is a 25% stake in the Four Mile Overview: AGS changed its name in Oct '03 from Alliance Energy Limited (listed ASX 1994). The company
has a 25% interest in the near-production Four Mile Uranium Project (SA, Quasar – 75%). It also has gold
advanced uranium project in SA, adjacent to the Beverley assets in Victoria and an exploration projects in SA and western NSW.
ISR uranium mine. Four Mile Project (SA): Situated 8km from the existing Beverley ISR uranium mine, operated by Quasar, an
affiliate of Heathgate Resources. The prospect consists of two tabular sandstone uranium mineralised areas,
Inferred JORC resource at Four Mile West (FMW) is 32mlbs 1-8m thick at a depth of ~150-210m. Current JORC inferred resource, for Four Mile West (FMW), is 3.9mt @
0.37% for 15kt (32mlbs) U3O8. There is a JORC qualifying Exploration Target Range at Four Mile East (FME)
grading 0.37% U3O8. Upgrade expected 2Q09 along with 2
of 14-22kt (30-47mlbs) U3O8 grading 0.2-0.3%. Known mineralisation covers 2.9km at GT contour >0.15m%
initial Four Mile East (FME) resource. U3O8. Total project resource target is 50kt (109mlbs) U3O8. An internal Quasar/Heathgate feasibility study
(Sep ’08) included a non-JORC resource estimate for FME and showed it is amenable to ISR. Quasar’s
Independent scoping study expected 2Q09 to verify internal permeability studies and process refinements are ongoing. A decision to mine at FME was made by Quasar in
Sep ’08, after which AGS (previously free carried) started pro rata contributions to JV funding. Environmental
feasibility study of JV partner Quasar Resources Pty Ltd. approvals and a Mining Permit are pending. An independent Scoping Study, commissioned by AGS to verify
project viability is expected 2Q09 (subject to data disclosure by Quasar), as are an initial JORC resource for
FME production planned Jan '10 at 3mlbspa U3O8 after ramp- Four Mile East and an upgrade for Four Mile West. If approvals are granted, construction will progress
through 2009; first production is planned for Jan ‘10. Initial capex ~A$90m (AGS A$22.5m), including a
up, opex US$25/lb, project development A$90m incl. remote
satellite RIX plant. Downstream processing could be at nearby Beverley. Quasar has already spent $40m on
ion exchange plant (RIX). Mine permit pending. the project. Expected recoveries ~70% (and as high as ~89%). Opex is ~ US$25/lb U3O8 for the planned
3mlbspa production. Potential to increase rate if initial production targets are achieved. The JV’s ongoing
AGS will require capital raising to fund A$22.5m share of exploration budget for the whole 1248km2 tenement package (plus 150km2 application) could be ~A$3-4m in
development; cash Mar 09F A$12.3m, no debt. each of 2009 and 2010; AGS is free carried outside the immediate Four Mile project area.
Maldon (Au; Vic): 30km SW of Bendigo, the Alliance South reef system was discovered in 1997. AGS
tenements cover the majority of the Maldon Goldfield with historic gold production to 1926 of 1.7moz grading
Maldon (VIC) gold project on care and maintenance. 28g/t. Potential production 20kozpa Au through existing CIL plant. The project has been prepared for
underground trial mining but was placed on care and maintenance in Nov ’08 to conserve cash for Four Mile.
Warrina (Au; SA): Gawler Craton. IOCGU exploration targets with coincident magnetic and gravity
anomalies. Previous drilling has found Cu to 0.17% from 475-486m, and magnetite-rich host rocks with minor
AGS - Alliance Resources Limited brecciation and haematite-carbonate alteration. Assay results from 4Q08 core samples expected in 2Q09.
2
East Lake Frome (Au,Cu, base metals; NSW): 1,038km , located north west of Broken Hill in NSW.
1.60 Exploration in 2009 could include drilling based on a 4Q08 regional gravity survey.
Investment Comment: The process route and economic potential of the Four Mile project have been largely
1.40 established and uranium production in 1Q10 appears likely, if a mining permit is granted. Alliance will require
a capital raising, probably by equity placement, to fund its A$22.5m share of initial capex. We calculate NPV
Share Price ($/Share)
1.20
for AGS to be A$140m based on the current Four Mile resource and 3mlbs/yr U3O8 production at the current
1.00 spot price (US$42.5/lb), rising to A$214m at a hypothetical 4mlbs/yr and with exploration upside to 50kt U3O8.
Our mid-term share price target for AGS, based on the latter, is A$0.80. If AGS gains independent marketing
0.80 rights to its 25% of uranium and can establish an offtake agreement at long-term contract prices (currently
0.60
US$70/lb U3O8), the share price could move upwards of A$1.10.
0.40 Reserves and Resources/Mineralised Material

Code for reporting mineral resources - Australian: (JORC)
0.20
Uranium (U3O8) Classification/ Project Ore Grade Cut Off Eqty
0.00 Geology Equity Mt % ppm Kt Mlb Mlb
Sep-08
Feb-09
Apr-08
Jul-08
Aug-08
Nov-08
Jan-09
May-08
Jun-08
Oct-08
Mar-09
Reserves 0.0 0.0 0.0

Resources
Source: Bloomberg
Four Mile West 25% 3.9 0.37 15.0 32.0 8.0
Mineralised Material (est., non compliant with JORC) 0.0 0.0 0.0
Contacts Directors Key Projects

Mr Patrick Mutz JS Dunlop (Non Exec Chair) Ownership/ JV/ Target Process Project
Managing Director P Mutz (MD) Project Option Metal Partner Type Route Status Location
Tel: +61 3 9697 9090 I Gandel (Non Exec) Four Mile 25% U Quasar S'stone ISL/O' Pit Feasibility Aus (SA)
Southbank, Victoria, Australia A Lethlean (Non Exec) Maldon Project 100% Au na Lode CIL, gravity Care & m'tnce Aus (VIC)
www.allianceresources.com.au Warrina Project 100% Au,Cu na IOCGU na Mid Expl Aus (SA)
East Lake Frome 100% Au,Cu,base na na na Early Expl Aus (NSW)
Analyst: John Wilson
Analyst: Dr Trent Allen
info@rcresearch.com.au
ALLIANCE RESOURCES VALUATION
Target Valuation Sensitivity

Uranium Price (Low) (High)
Equity Resource Valuation A$m A$m A$m
Projects (mlbs) US$/lb
+ Four Mile 25% 32 11.31 116 112 154
+ Four Mile Exploration 25% 77 3.00 74 55 280
+ Exploration Assets 100% 10 5 20
Sub Total 200 172 454
+ Cash 12.3 12.3 12.3

+ Tax Losses 5.1 5.1 5.1
- Corporate 3.6 3.6 3.6
Sub Total 13.8 13.8 13.8
AGS NET ASSET VALUE 214 186 468
Capital Structure
Shares 273.9 273.9 273.9
Fully Diluted Shares 282.5 282.5 282.5
AGS NET ASSET VALUE PER SHARE :A$/share 0.78 0.68 1.71
AGS NET ASSET VALUE DILUTED :A$/share fully diluted 0.80 0.70 1.70
FOUR MILE URANIUM PROJECT (based on based on feasibility studies of majority JV partner, Quasar Resources)
Equity Sensitivity
LONG TERM URANIUM PRICE^ :US$/lb 35 40 70 90 125
EXCHANGE RATE :AUUS 0.78 0.78 0.78 0.78 0.78
FOUR MILE URANIUM NPV @ 10% NOMINAL* :A$m 25% 112 182 271 330 434
FOUR MILE URANIUM NPV @ 10% NOMINAL* :US$m 25% 88 142 211 258 338
NPV/SHARE :A$/share 1.08 1.76 2.62 3.19 4.19
* Includes a pre-production project discount of 20% of the project valuation: 20%

^Uranium price forecasts are US$60/lb from 1Q10 to 4Q15, thence long term price indicated.
FOUR MILE URANIUM PROJECT KEY ASSUMPTIONS*
RESOURCE ESTIMATES
Conceptual Uranium Target Four Mile
Uranium
Mt % Mlbs
Current Resource 4 0.37 32
Exploration Target 14 0.25 77
Total 18 0.28 109 =50kt U3O8
Further exploration target 77mlbs @ 0.2-0.3% U3O8

MINING METHOD In-Situ Recovery (ISR)
PROCESS METHOD Satellite Remote Ion Exchange (RIX)

Possible downstream treatment at Beverley Uranium Mine
PRODUCTION RATE :mtpa 0.5

:mlbspa 3.0 (First quarter 2.6mlbspa. Potential to increase long term)
CAPITAL COSTS :A$ 90 Plus sustaining capex of 4%/yr. Plus A$40m to date.
RECOVERY - URANIUM :% 70
OPERATING COSTS :US$/t 132 i.e. per ton of resource leached
US$/lb 25 Includes 1% Royalty
TAX :% 30
MINE LIFE :Years 9 based on current resource, 15+ with exploration target
TARGET COMMISSION DATE : 1Q10
* These figures, based on Quasar's internal Feasibility Study, 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 AGS independent scoping study and resource announcements, expected in 2Q09.

$ 3 #2 Aura Energy Limited

A$ 0.08

30 March 2009 At the Storsjön Project (Alum Shale, Sweden), AEE has a resource target
Uranium of 330mlbs-1,200mlbs U3O8. It is advancing uranium projects in Australia
Sweden, Australia, Mauritania, Niger
Advanced Exploration and West Africa, with promising grassroots exploration results from
Exchanges: ASX:AEE Mauritania. CY09 exploration majority funded by JV partners.

YEAR END: June Dec-08a Mar-09F 2008a 2009F 2010F
Number of shares (m) 43 Exploration and evaluation (A$m) 0.62 0.10 2.03 2.02 1.60
Options and warrants (m) 6 Corporate (A$m) 0.24 0.10 0.98 0.76 0.80
Fully diluted (m) 49 Funding duration at current burn (years) 0.7 3.0 0.8 0.3 0.7
Market capitalisation (undiluted) (A$m) 3.6 Shares on issue (pr end) (m shares) 42.9 44.9 42.8 44.9 44.9
Debt (A$m) - Mar 09F 0.0 Drilling - RAB (m) 0 500 2,000 6,500 4,000
Enterprise value (A$m) 3.6 Drilling - Other/Diamond (m) 1,000 0 2,900 4,000 4,000
Major shareholders: Global Coal Management plc (14.6%), Land holding ('000 ha)* 1,200 1,200 1,000 1,200 1,200
Drake Resources (8.5%) Tenement costs ($k per year) - - - - -
Price/Book (x) 0.6 Cash backing (Ac/share) 1.4 1.3 5.7 2.0 4.0
Listed company options No Net asset backing (Ac/share) 12.8 14.0 14.6 15.3 20.8
*Uranium prospective tenements only, both held and under application. Quarters refer to calendar year.

AEE exploration budget 100% uranium focused, funded 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).
largely by JV partners. Sweden – Alum Shale Projects (Storsjön East and West) – AEE holds 100% of 100km2 over the Alum
Shale uranium province in northern Sweden. The deposits are also enriched in vanadium, molybdenum
Sweden, Storsjön - Alum Shale - potential for very large and nickel (typically 0.01-0.03% U3O8, 0.13-0.61% V2O5 and 0.025-0.06% MoO3). The adjacent Viken
scale, near surface uranium-moly-vanadium deposit. licence (TSX:CZQ) has an Inferred Resource of 1.04 billion lbs U3O8 (0.017% U3O8), 1.52blbs MoO, and
16.7blbs VO, and Indicated of 9.9mlbs U3O8. AEE drilling at Häggån licence (Storsjön West Project,
Typical U3O8 grades 0.01-0.03%. 3,835m diamond ended Aug ‘08) intercepted 116m av. thicknesses of mineralised shale (17 holes) – eg
180m @ 0.015% U3O8, 0.032% MoO3 and 0.25% V2O5 with 70m @ 0.02% U3O8. Drilling in Aug-Sep ’08
Long-term target ~330mlbs-1200mlbs U3O8 - nearby 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. Metallurgy is being tested by ANSTO (extraction
Continental Precious Metals (TSX:CZQ) Viken, Sweden
of U, V, Mo and Ni) - historic work recovered 80-93% U3O8. Near-term resource target at Storsjön East
Alum Shale project has 1.05b lbs U3O8 grading 0.017%. >100mlbs U3O8, focused on thick, higher-grade zones. Long-term target (Nov ’08) is 1bt-3bt @ 0.015%-
0.018% U3O8 ie ~330mlbs-1200mlbs. Further exploration depends on funding. A potential JV with Sino
AEE is exploring prospective uranium districts of WA King (Oct ’08) is unlikely to proceed as the project is at an earlier stage than Sino required. AEE is
negotiating with other interested parties. At Timansberg (AEE, 100%), also in central Sweden, Mar ’08
targeting calcrete near Lake Way and lignite/sandstone assays of 7 rock chip samples showed 0.08%-6.5% U3O8 in iron oxide formations and skarn, as well as
Mulga Rock style (Gunbarrel, drilling mid '09). high levels of heavy rare earth elements (HREE), e.g. Y2O3 up to 0.8%. Potential ~1km strike.
Mauritania (West Africa, AEE 50%/30%, GCM (AIM) can earn up to 70% by sole funding exploration) –
2
2 3 exploration licences covering 3,600km in the uranium-bearing Requibat Shield, and 11 applications.
Mauritania - over 20km radiometric anomalies in granite;
Uranium mineralisation (uranium vanadate) found in calcrete over weathered granite. Radiometrics show
one is 3km long, pit samples av. 0.081% U3O8. 2 2
individual uranium anomalies up to 3.5km . AEE indicates there is 10-30km of mineralised material at
surface, depth untested. Pit sampling (85 pits, reported Jan ’09) included grades to 0.22% U3O8. A 3km
Significant uranium alliance with Global Coal Management long, 100-500m wide radiometric zone in Survey Area A had 10 pits mineralised out of 15, average grade
0.081% U3O8. Scoping-level metallurgical study in progress, results mid ‘09.
(Mauritania/Niger, AIM:GCM). Gunbarrel Basin JV (WA) – 3750km2. Prospective for sediment-hosted uranium mineralisation with AEE
targeting palaeochannels draining from the Yilgarn into the Eucla Basin. Region includes the major
uranium deposits at Mulga Rock (lignite, ASX:EKR) and Thatcher Soak (calcrete, ASX:UNX/ELE).
AEE - Aura Energy Limited Drilling at Kirgella in 2Q08 returned 0.26m @ 0.014% e U3O8. Drilling at Junction Palaeochannel, an EM
0.35
target down-drainage from Thatcher Soak, approved by JV partner Mega (TSX:MGA) for mid ‘09.
Other uranium projects: Wondinong (AEE 100%, WA) calcrete-hosted uranium resource (2.6mlbs, Apr
‘08). Porcupine Well (AEE 100%, WA), between Lake Maitland and Lake Way – calcrete samples to
0.30 0.01-0.02% U3O8, drilling 2009 if funding allows. Niger (West Africa, AEE 50%, GCM (AIM) sole funding)
2
- 3 licence applications (1500km ) in the underexplored Tim Mersoi Basin, prospective for sandstone-
0.25 hosted uranium. Virka (Sweden, AEE 100%) – targeting vein hosted uranium.
Investment Comment: AEE’s projects are in proven uranium districts prospective for large scale
0.20 deposits. Exploration in CY09 (Australia, Africa) could be supported by JV funding. The Alum Shale
(Sweden) resource base and extraction technology are yet to be demonstrated – timing of future work is
0.15 dependent on funding. Exploration in Mauritania, over granite-associated radiometric anomalies with
confirmed uranium, could be a near-term value driver. Drilling Gunbarrel Basin (WA) mid CY09.
0.10
Reserves and Resources/Mineralised Material
0.05 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
May-08
Nov-08
Feb-09
Apr-08
Jun-08
Aug-08
Oct-08

Resources
Source: Bloomberg Wondinong Inferred 100% 6.5 0.019 150 1.2 2.6 2.6

Dr Bob Beeson B Fraser (Non Exec Chair) 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 Exec) Storsjön 100%/20% U,Mo,V,Ni Sino King Alum shale na Mid Expl Sweden
North Perth, WA, Australia S O'Loughlin (Non Exec) Mauritania 50%/30% U GCM calcr/granite 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)
Porcupine Well 100% U na calcrete na Early Expl Aus (WA)
Analyst: Dr Trent Allen Virka 100% U na vein na Mid. Expl Sweden
trentallen@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% U 3O8. Neighbouring Viken
licence (TSX:CZQ) has an Inferred Resource of 1.04 billion lbs U3O8 grading 0.017%.
2
Gunbarrel Basin, WA: (3750km ) AEE has a JV with Mega Redport (TSX:MGA) in this highly prospective
region, host to deposits including Mulga Rock (25kt U3O8) and Thatcher Soak (10kt U3O8). Phase 1 drilling
(Kirgella) detected anomalous uranium at palaeochannel targets – Phase 2 (Junction) planned for 2009.

Black Range Minerals Limited
!%"# %2 A$ 0.038
30 March 2009 A new agreement between BLR and Uranium One (TSX:UUU) could see
Uranium, Coal, Copper joint development of the Taylor Ranch and Hansen uranium deposits.
USA (CO,WY,AK), Australia (NSW)
Scoping Taylor Ranch high-grade zones total 23.5mlbs U3O8 (at 0.12%) - resource
Exchanges: ASX:BLR expansion expected 1Q09.

YEAR END: June Dec-08a Mar-09F 2008a 2009F 2010F
Market capitalisation (undiluted) (A$m) 24 Shares on issue (pr end) (m shares) 604 619 604 619 619
Debt (A$m) - Mar 09F 0.0 Drilling - RAB (m) 0 0 0 0 0
Enterprise value (A$m) 23.5 Drilling - Other/Diamond (m)* 3,750 3,750 10,000 15,000 15,000
Major shareholders: R & H Healy (11.7%) Land holding ('000 ha)* 6.1 6.1 3.0 6.1 6.1
Tenement costs ($k per year) - - - - -
Price/Book (x) 1.3 Cash backing (A$c/share) 1.6 1.4 1.6 1.3 0.4
Listed company options: BLRO Net asset backing (A$c/share) 3.0 2.9 3.0 2.9 2.8
* Uranium prospective properties only. Quarters refer to calendar year.

BLR has a $5m exploration and evaluation budget over 2 Overview: BLR underwent restructuring and relisted on the ASX in Dec 04. It is 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 2.4m @ 0.145% 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 has granted a Conditional Use Permit (CUP) for ongoing
capex US$60m, EBITDR US$68mpa (at US$65/lb U3O8) exploration drilling (May ’08) for 8 years. A District Court challenge to Freemont Board’s decision is ongoing.
The scoping study (Mar ‘08) indicates an initial underground 1mtpa mine, head grades of ~0.1% U3O8, on-
site conventional acid leach, producing 2.2mlbpa U3O8 (or toll treatment at Canyon City). Cash cost
Taylor Ranch - resource expansion (Boyer - North Hansen ~US$34/lb U3O8, initial capex ~US$160m (mine $60m, plant $100m) - potential mine life 8+ years. In Jan
corridor) expected1Q09. ’09, BLR formed an agreement with Uranium One (TSX:UUU) to pursue jointly buying 51% of the Hansen
deposit by Dec ‘11, adding to UUU’s current option over 39.2%, and form a 60:40 JV (majority UUU)
Agreement with Uranium One (TSX:UUU) to jointly develop amalgamating Taylor Ranch and Hansen. Potential for a combined resource of >100mlbs U3O8.
Jonesville Coal Project (AK, 1,450ac): Acquired Jan ’09, with a 130mt JORC resource of thermal coal
the Taylor Ranch - Hansen area. (volatile B bituminous), in 12 seams, each >1m thick. Historic production 5.5mt, with a potential ~0.5mt in
tailings that could be retreated (possible in late 2009). The project is 100km from Anchorage in an area with
Jonesville coal deposit (AK): 130mt thermal coal, potential road, rail and port. Price: BLR shares 15m, plus US$2m at first production.
to reprocess tailings as early as 4Q09. Investment Comment: BLR’s agreement to develop Taylor Ranch in a JV with Uranium One could provide
a significant impetus to the project. Negotiations to acquire 51% of the Hansen deposit are ongoing. Taylor
Ranch, which is geologically similar to Hansen, holds potential for low tonnage, high grade (0.1% U 3O8)
underground production. An initial resource for mineralisation (drilled 4Q08) in the Boyer - North Hansen
K (CO) i k i fi ld hi i d ill d corridor is expected in 1Q09. Near-term exploration expenditure at Taylor Ranch is on hold while the
BLR - Black Range Minerals Limited Hansen negotiation is concluded. There is potential for early cash flow from Jonesville coal tailings.
0.10

Uranium (U3O8) Classification Project Ore Grade Cut Off Eqty
0.07
Equity Mt % ppm Kt Mlb Mlb
0.06 Reserves 0.0 0.0 0.0
0.05 Resources
Taylor Ranch (6 deposits) Inferred 100% 138.8 0.027 100 38.0 83.9 83.9
0.04
( Boyer incl. high grade zone 100% 3.2 0.130 750 4.2 9.2 9.2 )
0.03 ( NW Taylor incl. high grade zone 100% 1.7 0.110 750 1.9 4.1 4.1 )
0.02 ( 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 )
0.01
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
May-08
Apr-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Jan-09
Feb-09
Mar-09
Total 40.4 89.0 86.4

Source: Bloomberg Copper Resources Cu % Zn % Cu Kt Zn Kt
Koonenberry Ind. & Inf. 100% 5.7 1.0 0.35 58.8 19.8
Also Jonesville Coal: 130mt JORC measured, indicated and inferred of thermal coal (volatile B bituminous)

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 Jonesville 100% Coal na Thermal Convnt'l Adv Expl US (AK)
info@rcresearch.com.au
Taylor Ranch district uranium projects (CO, 100% BLR): aggregate resource of 83.9mlbs U3O8 (100ppm cut-
off). Resource for Boyer - North Hansen corridor mineralisation (drilled 4Q08) is expected 1Q09. Agreement
with Uranium One (Jan ’09) could see a 60:40 (UUU majority) JV over the Taylor Ranch - Hansen area.
Jonesville Coal Project: (AK, 100%) The deposit has a JORC resource of 130mt thermal coal and there is
potential for early processing of ~0.5mt historic mine tailings. The project is close to infrastructure and
strategically placed relative to possible customers in Asia.

Energy Resources of Australia Ltd
3 # 1$ %26
A$ 20.55

30 March 2009
Significant resource expansion at Ranger announced (Jan '09) - up 128%
Uranium to 115kt U3O8 on lower cut-off (0.02% U3O8) and Ranger 3 Deeps (34kt
Australia (NT)
Producer U3O8). ERA continues to explore and evaluate opportunities to expand,
Exchanges: ASX:ERA extend and accelerate output. Final year end dividend A$0.20/share.

YEAR END: Dec 2007a 2008a 2009F 2010F 2011F
Number of shares (m) 191 Equity Production (kt) 5,412 5,339 5,304 5,340 5,393
Options and warrants (m) 0 EBIT (A$m) 100 213 349 434 499
Convertible notes (m) 0 Net Profit (norm) (A$m) 76 119 239 299 344
Fully diluted (m) 191 EPS (norm) (A¢/share) 40 116 125 157 180
Market capitalisation (undiluted) (A$m) 3,920 CFPS (A¢/share) 76 137 211 259 300
Debt (A$m) - Mar 09F 0 Dividends (A¢/share) 20 19 94 117 135
Enterprise value (A$m) 3,920 PER (x) 51.5 17.7 16.4 13.1 11.4
Major shareholders: Rio Tinto (68.39%) P/CF (x) 27.0 15.0 9.7 7.9 6.8
Yield (%) 1.0% 0.9% 4.6% 5.7% 6.6%
Avg monthly volume (m) 9 EV/EBITDA (x) 27.0 15.0 9.7 7.9 6.8
Cash (A$m) - Mar 09F 88.3 Exploration and Evaluation (A$m) 14.1 0.0 16.0 16.0 10.0
Price/Cash (x) 44.4 Drilling - RAB (m) - - - - -
Price/Book (x) 5.0 Drilling - Other/Diamond (m) 51,127 57,674 45,000 45,000 45,000
Listed company options: No Land holding ('000 ha)* 7.9 7.9 7.9 7.9 7.9
*Ranger only. Quarters refer to calendar year.

ERA offers 100% exposure to uranium production and Overview: ERA has mined ore and produced uranium oxide at Ranger (NT) since 1981. Ranger is the
world's second largest uranium mine with normalised production of 5.9kt of U3O8 per year, equivalent to
exploration.
12% of global uranium mine supply. ERA also holds title to the Jabiluka deposit 22km north of Ranger.
Ranger No. 3: Ranger is an open cut mine scheduled to operate till 2012 after which stockpiled ore will
ERA is the world's third largest uranium producer, mining at be processed through to 2020. A pre-feasibility study (PFS, A$10m) is underway to review potential for a
Ranger (NT) since 1981. larger pit extension (containing 8kt U3O8) or possible underground and plant expansion with an update
expected 1H09. Expansion options include de-bottlenecking of the crushing and grinding circuit and a
heap leach (to treat additional 15k to 20kt U3O8). The Ranger resource upgrade (Jan ’09, +128%)
Ranger 3 Deeps PFS expected mid 2009; Resource received a substantial boost from lowering the cut-off grade to 0.02% U3O8 (from 0.08%), in part
remains open to the north. reflecting the demonstrated potential for extraction via heap leach. Exploration and evaluation
expenditure in 2008 was A$29m. Ranger 3 Deeps is relatively early stage and ERA is evaluating
Ranger expansion/heap leach assessment - initial options development of an underground decline to allow for closer spaced drilling. The company has not revised
its initial resource target for Ranger 3 Deeps, viz., 15m-20mt containing 30k-40kt U3O8, mineralisation -
expected 1H09. defined over 1.2km strike (open to the north) and 250m-500m depth. The current pit floor is around 130m
deep and reserves are to 180m. Ranger is powered by diesel genset. Production from a radiometric
Initial production from laterite and radiometric sorting plants sorter aims to bring forward production of a total of 1,100t (~220tpa) U3O8 from 2009 to 2013. There is
expected 2009 - target opex <US$20/lb. potential for additional material (categorised as waste) to be treated (approx. 40mt @ 0.04% U3O8).
Jabiluka: The project remains on long term care and maintenance and will not proceed without the
consent of the traditional owners - the Mirrar. All regulatory permits are granted (some may need to be
Legacy uranium contracts are declining. reviewed). We model mine production to commence by 2014, subject to approval. The Jabiluka grade
model was revised in 2007. With optimisation of the existing mine plan reserves increased (Jan ’09,
ERA growth potential includes further reserve increases at +15%) to 67.7kt U3O8 (grading 0.49%) up from 59kt U3O8 (grading 0.50%) previously. The project is
Ranger, Jabiluka, regional exploration success and highly prospective for resource upside and the deposit is open at depth and along strike.
Investment Comment: Our NPV valuation is A$22.03/share, (10% discount rate, uranium price
leverage to the stronger uranium price. forecasts of US$51/lb in CY09, US$60/lb from 2010 to 2015 and US$35/lb long term). ERA reported
2008 profit of A$221.8m, comprising underlying earnings of A$119m, in line with expectations. The profit
Jabiluka mining lease granted - awaiting development number included an after tax insurance recovery of A$131.4m and exchange loss on US debt of
consent from traditional land owners. 12 year mine life. A$28.6m. The average realised uranium price for the year was US$32.53/lb (2007 US$25.06/lb). ERA
has good mid term earnings growth potential and share price upside from organic growth in reserves and
production, exploration discovery, and rising leverage to the uranium price as legacy contracts expire.
ERA - Energy Resources of Australia Ltd Reserves and Resources/Mineralised Material

Uranium Classification Project Ore U3O8 Cut Off U3O8 U3O8 Eqty
25.00 U3O8 Equity Mt % % kt Mlb Mlb
Reserves
20.00 Ranger No. 3 pit Proved and Probable 100% 7.9 0.23 0.08 18.5 40.7 40.7
Ranger Stockpile Stockpile 100% 22.3 0.11 0.06 25.5 56.0 56.0
15.00 Jabiluka Proved and Probable 100% 13.8 0.49 0.20 67.7 148.9 148.9
Sub total 44.0 0.25 111.7 245.7 245.7
10.00
Resources (in addition to reserves)
5.00 Ranger No. 3 pit Measured and Ind. 100% 86.2 0.10 0.02 89.7 197.4 197.4
Jabiluka Measured and Ind. 100% 4.54 0.36 0.20 16.4 36.17 36.2
0.00 Ranger No. 3 pit Inferred 100% 6.1 0.13 0.02 8.1 17.9 17.9
May-08
Mar-08
Nov-08
Mar-09
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Dec-08
Feb-09
Jabiluka Inferred 100% 10.9 0.53 0.20 57.5 126.5 126.5

Ranger Stockpile Stockpile 100% 36.0 0.05 0.02 17.5 38.5 38.5
Source: Bloomberg Sub total 143.7 0.13 189.3 416.5 416.5
Mineralised Material (est.) 0.0 0.00 0.0 0.0 0.0

Mr Rob Atkinson (CEO) D. Klinger (Chairman) Ownership/ JV Target Process Project
Tel: 61 (0) 8 8924 3500 (ERA) R. Atkinson (Director) Project Option Metal Partner Type Route Status Location
David Skinner (IR - Rio Tinto) C. Salisbury (Non Ex Dir) Ranger 100% Uranium na Unconformity acid leach Production Aus (NT)
Tel: 61 (0) 3 9283 3628 (RIO) R. Carter (Non Exec Dir) Jabiluka 100% Uranium na Unconformity acid leach Pending Aus (NT)
Darwin (NT), Australia P. Taylor (Non Exec Dir)
www.energyres.com.au H. Garnett (Non Exec Dir)
Analyst: John Wilson

johnwilson@rcresearch.com.au
Energy Resources of Australia Ltd
YEAR END: Dec Year Year

ASSUMPTIONS 2007a 2008a 2009F 2010F 2011F FINANCIAL RATIOS 2007a 2008a 2009F 2010F 2011F
A$/US$ 0.84 0.85 0.68 0.76 0.77
Uranium Price (US$/lb) 99.9 61.6 51.3 60.2 60.8 Net debt/equity (%) 1% -3% -5% -8% -11%
Uranium Price Realised (US$/lb) 25.1 32.5 41.4 52.7 57.8 Net debt/ net debt + equity (%) 1% -3% -5% -9% -13%
Current ratio (x) 1.8 1.5 2.3 3.1 3.1
EBIT/interest (x) 83 49 na na na
Debt/operating cashflow (%) 82% 0% 0% 0% 0%
EQUITY PRODUCTION Exploration/total overhead (%) 74% 72% 57% 56% 45%
Ranger Production (t) 5,412 5,339 5,304 5,340 5,393 EV/EBITDA (x) 27.0 15.0 9.7 7.9 6.8
Jabiluka Production (t) 0 0 0 0 0 Market cap/net cash (x) -105.1 36.7 21.3 12.3 8.7
ERA Equity Production U3O8 (t) 5,412 5,339 5,304 5,340 5,393 Market cap/book (x) 6.5 5.2 4.5 4.0 3.5
Cash Costs (US$/lb) 12.42 16.69 16.17 19.20 19.72
PROFIT AND LOSS (A$m) FINANCIAL SENSITIVITIES

Revenues 362 504 720 832 911
Operating costs -158 -205 -240 -254 -256 % Change in EPS for a 10% increase in:
Depreciation/amortization -46 -47 -53 -60 -74
Exploration -14 -29 -16 -16 -10 AUD/USD -36% -25% -19%
Corporate -5 -11 -12 -12 -12 Uranium Price 24% 34% 28%
Other -40 2 -49 -55 -60
EBIT 100 213 349 434 499
Interest 1 4 0 0 0 % Change in NPV for a 10% increase in forecast minelife
Operating profit/loss 98 209 349 434 499 commodity assumptions for:
Tax -22 -91 -110 -135 -155 Base + 10%
Minorities 0 0 0 0 0 A$/share A$/share %
Net profit/loss 76 119 239 299 344 Uranium Price 21.81 23.46 8%
Net other 0 103 0 0 0
Net profit/loss (reported) 76 222 239 299 344
BALANCE SHEET (A$m) VALUATION (A$m) Q1 09

Cash and deposits 34 109 186 321 452
Total current assets 254 278 355 490 621 Assumptions Base "What if"
PP&E 369 491 482 480 490 Long Term Uranium Price :US$/lb 35 70
Total non-current assets 731 893 884 882 892 Spot AUUS 0.78 0.78
Total assets 985 1170 1239 1372 1512 Projects
Total current liabilities 143 188 152 158 161 Ranger 100% NPV@10% US$16.00/lb 1547 1857
Reclamation reserves 186 184 184 184 184 Jabiluka 100% NPV@10% US$6.46/lb 962 1954
Long term debt 0 0 0 0 0 Resources
Total non-current liabilities 236 224 224 224 224 Ranger 100% 253.8 mlb US$3.00/lb 1171 2343
Total liabilities 379 411 376 382 385 Jabiluka 100% 162.7 mlb US$2.50/lb 532 1170
Equity 606 759 863 990 1128 Exploration 70 110
Assets
Total debt 55 0 0 0 0 Cash and deposits 88 88
Net debt 37 -107 -184 -319 -450 Rehabilitation Fund 52 52
Average shares (fully diluted) (m) 191 191 191 191 191 Other 0 0
Liabilities
FLOW OF FUNDS (A$m) Debt 0 0
EBITDA 145 261 402 494 573 Corporate -79 -79
Cash flow from operating activities Reclaimation reserve -184 -184
Operating surplus 203 297 475 568 639 Net Assets 4160 7311
Corporate -5 -11 -12 -12 -12
Net borrowing cost -2 -5 -6 -12 -17 Fully Diluted Shares (m) 191 191
Net tax paid -29 -30 -91 -120 -149 Net assets/share (A$/share) 21.81 38.33
Net exploration paid -14 0 -16 -16 -10
Other non cash items -86 156 21 33 35
Net cash from operating activities 67 406 371 441 486 Valuation/Reserve lb :US$/lb 13.21 23.21
Cash flow from investing activities Valuation/Reserve & Resource lb :US$/lb 4.90 8.61
Capital expenditure -93 -166 -45 -58 -84
Other non cash items 0 2 -16 -16 -10
Net cash from investing activities -93 -164 -61 -74 -94 OWNER Share %
Cash flow from financing activities
Net proceeds from issue of shares 0 0 0 0 0 Rio Tinto 68
Dividends paid -21 -53 -179 -224 -258
Net proceeds from borrowings 50 -98 0 0 0
Net cash from financing activities 29 -151 -179 -224 -258
Net change in cash 3 90 131 142 134
PRODUCTION STATISTICS
Ranger 100%
Ore Treated (kt) 1924 2000 3580 4180 4180
Head Grade (%) 0.31 0.34 0.17 0.15 0.15
Recovery (%) 90 88 86 85 85
Recovered grade (%) 0.28 0.30 0.15 0.13 0.13 The largest 20 shareholders hold 72.82% of the total shares issued.
U3O8 Produced (t) 5412 5339 5304 5340 5393
Equity Production (t) 5412 5339 5304 5340 5393
Cash Costs (US$/lb) 8.73 13.57 16.21 19.20 19.72
Production Costs ($/t) 54.17 89.76 52.93 54.08 56.08
ERA Share EBIT (A$m) 131.0 257.4 382.2 462.2 515.5
DIRECTOR'S INTERESTS Shares
Jabiluka 100%
Ore Treated (kt) 0 0 0 0 0 R Carter Director 25,000
Head Grade (%) 0.00 0.00 0.00 0.00 0.00
Recovery (%) 0 0 0 0 0
Recovered grade (%) 0.00 0.00 0.00 0.00 0.00
U3O8 Produced (t) 0 0 0 0 0
Cash Costs (US$/lb) 0.00 0.00 0.00 0.00 0.00
ERA Share EBIT (A$m) 0.0 0.0 0.0 0.0 0.0

38 2 Extract Resources Limited
A$ 4.27
30 March 2009 EXT has been a standout sharemarket performer with its stock up by
Uranium >200% since the announcement (Jan '09) of a 108mlb U3O8 resource at
Namibia
Advanced exploration Rossing South Zone 1. With total resources of ~250mlb expected by
Exchanges: ASX:EXT, TSX:EXT 3Q09, and RIO now holding 15.5% the shares still look undervalued.

Enterprise value (A$m) 938.0 Drilling - RC/Diamond (m) 35,000 30,000 67,956 130,000 140,000
Major shareholders: Kalahari Uranium Ltd (38.2%), Rio Tinto (15.5%), Land holding ('000 ha)* 265 265 265 265 265
HSBC Custody Nominees (4.6%), National Nominees (4.3%) Tenement costs ($k per year) - - - - -
Avg monthly volume (m) 20 Capital raisings, net (A$m) 0.00 12.35 31.44 12.35 0.00
Cash (A$m) - Mar 09F 28.0 Funding from JV partners (A$m) 0 0 0 0 0
ASX/TSX listed options: No Net asset backing (Ac/share) 46.1 49.4 46.3 49.1 47.6
*Uranium prospective tenements only, both held and under application. Quarters refer to calendar year end.

100% uranium focus in Namibia. Exploration budget Overview: EXT’s exploration for uranium in Namibia is exceeding expectations as the world class
potential of the major Rössing South discovery (located immediately South of the RIO’s Rössing uranium
A$20m pa, cash A$24m. production potential 2012. mine) becomes more evident. Exploration is advancing rapidly towards 200mlb U3O8 and beyond.
Rossing South Project – Resource Status: EXT has identified extensive strongly mineralised high
Rossing South ("RS") is confirmed as a major world class grade alaskite which is undoubtedly a major extension of the Rössing orebody (previously concealed
uranium discovery of great interest to neighbour Rio Tinto beneath Namib desert cover). RIO’s Rössing Mine which produces ~8% of the world’s primary uranium
(~370mlb deposit, 13mtpa ore processing, 9mlbpa U3O8 production) is ~6km north of the EXT lease
(now owns 15.5% of EXT). boundary. EXT has identified two initial mineralised zones (Zones 1 and 2) covering a combined 6km
strike length out of a total target zone of 15km. Both zones are open along strike and at depth (and are
RS Zone1 resource 108mlb @ 430ppm, exceeds target. over 500m wide). After ~50,000m of 100m x 100m resource drilling (mostly in 2008) EXT’s consultants
(Coffey Mining) have recently confirmed the initial inferred Zone 1 resource estimate of 115mt @ 430ppm
U3O8 containing 108.3mlb of U3O8. This is an excellent result and well in excess of the original 57-92 mlb
RS Zone 2 resource drilling underway - JORC statement
target for Zone 1, mainly due to significantly higher grades than initially forecast. EXT has confirmed that
expected 3Q09 - target 106mlb likely to be exceeded with Rossing South is the highest grade granite-hosted uranium deposit in Namibia. Zone 2 (resource drilling
excellent grades. is now underway) target is 69 – 106mlb U3O8. Given recent spectacular Zone 2 results (e.g. 73m @
1060ppm) we would expect higher grades and a resource exceeding the upper limit in Zone 2 – Maiden
Total resources expected by 3Q09 >250mlb (with 40mlb Zone 2 JORC statement expected in Aug 09. Therefore we anticipate a total Rossing S resource of
>220mlb in 3Q09, with only 6km of the total 15km Rossing S strike drilled.
Ida Dome). Gross value US$15bn (@US$60/lb U3O8). Rossing South PFS: Preliminary metallurgical tests have indicated recoveries ~90% with conventional
acid leach. PFS to commence Mar 09. Current pace of development could see production 2012.
Zones 1 and 2 constitute less than 50% of total potential Ida Dome Project: The Ida Dome resource is ~20km south of the Rössing S and was the first discovered
(now seen as a satellite ore body). Interim JORC resource of 25.1mlbs U3O8. Resource definition drilling
mineralised trend. Plenty more to be drilled.
has been completed, we expect an updated Ida Dome JORC resource of ~40mlb in 2Q09.
Corporate: Recent scrapping between EXT and major shareholder KAH over Board composition was
Now in ASX 300 index. Still looks undervalued based on essentially a distraction, now resolved. EXT/KAH merger shelved due to RIO control concern
resource valuation, RIO stake-building. Medium term target Forsys Takeover Valuation: Forsys Metals Corp (TSX:FSY) owns the Valencia uranium project (62mlb
A$5.00-A$5.50/share. uranium resource at time of takeover), 35km from the Rossing Mine. FSY was recently acquired by a
private company through a cash takeover offer which values the resource at ~US$7.50/lb. In comparison,
Rossing S is much higher grade, much bigger resource, possibly moderately deeper.
EXT – Extract Resources Limited
Investment Comment:. With market cap approaching A$1bn, EXT has recently been added to the ASX
5.00
300 index. RIO has recently upped its stake in EXT to 15.5% with an exercise of options. It also owns
4.50 15.8% of EXT’s parent KAH (KAH owns 38% of EXT). The question is, what price will RIO pay for the
opportunity to potentially more than double its ~US$20bn Rossing uranium reserves? Current EXT price
4.00
values the potential resource at US$2.30/lb (200mlb) or US$1.50/lb (300mlb), which would be a steal for
3.50 RIO. Given the FSY takeout at US$7.50/lb, EXT (with RIO accumulating) looks very undervalued. Our 6
3.00 month target (anticipating Zone 2 JORC statement) is A$5.00-A$5.50/share (~US$3/lb valuation). 12
months could see A$7.00. Still an excellent risk/reward investment despite recent huge gains.
2.50
1.00 Uranium Classification Project Ore U3O8 Cut Off U3O8 U3O8 U3O8 Eqty
U3O8 Equity Mt % ppm Kt Mlb Mlb
0.50
0.00 Resources
May-08
Apr-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Jan-09
Feb-09
Mar-09
Rossing South Zone 1 Inferred 100% 115.0 0.043 100 49,450 108.3 108.3
Ida Dome Indicated & Inferred. 100% 53.3 0.021 100 11,374 25.1 25.1
Total Resources 60,824 133.4 133.4
Source: Bloomberg

Mr Peter McIntyre S Galloway (Non Exec Chairma Ownership/ JV Target Process Project
(Managing Director) P. McIntyre (MD) Project Option Metal Partner Type Route Status Location
Tel: 61 (0) 8 9367 2111 N. MacLachlan (Non Exec) Rössing South 100% U none Alaskite Acid leach Advanced Expl. Namibia
South Perth, WA, Australia J Main (Non Exec) Ida Dome 100% U none Alaskite Acid leach Advanced Expl. Namibia
www.extractresources.com Hildenhof 100% U none Alaskite na Early Expl. Namibia
Uis 100% U none Calcrete na Early Expl. Namibia
Analyst: Dr Tony Parry
tonyparry@rcresearch.com.au
Extract Resources valuation - estimates derived from NPV modelling of 4Q07 Ida Dome scoping study
parameters (GRD Minproc) and resource projections for Rossing South. Base case based on US$60/lb long
term uranium price and A$/US$=0.78.
EXTRACT RESOURCES VALUATION
Target Valuation Sensitivity

Uranium Price (Low) (High)
Resource Valuation A$m A$m A$m
Projects (mlbs) US$/lb
+ Ida Dome (NPV@5% - Scoping study) 40 1.80 111 52 200
+ Rossing South (conservative target) 200 3.00 923 615 1231
+Exploration 35 10 50
Sub Total 1069 677 1481.0
+ Cash 28.0 28.0 28.0

+ Tax Losses 24.7 24.7 24.7
- Corporate 15.8 15.8 15.8
Sub Total 36.9 36.9 36.9
EXT NET ASSET VALUE 1106 714 1518
Capital Structure
Shares 222.3 222.3 222.3
EXT NET ASSET VALUE PER SHARE :A$/share 4.97 3.21 6.83
EXT NET ASSET VALUE DILUTED :A$/share fully diluted 4.81 3.12 6.59
IDA DOME URANIUM PROJECT (based on scoping study, conceptual resource extrapolation to 40mlb)
Equity Sensitivity
LONG TERM URANIUM PRICE^ :US$/lb 35 40 60 90 125
EXCHANGE RATE :AU$/US$ 0.78 0.78 0.78 0.78 0.78
IDA DOME URANIUM NPV @ 10% NOMINAL* :A$m 100% 35 52 111 200 306
IDA DOME URANIUM NPV @ 10% NOMINAL* :US$m 100% 27 41 87 156 239
NPV/SHARE :A$/share 0.16 0.23 0.50 0.90 1.38
* Includes a pre prefeasibility study project discount of 30% of the project valuation: 30%
^Uranium price forecasts are long term price indicated.
Extract Resources’ RCR valuation with different Namibian resource size and US$/lb valuation scenarios.
EXTRACT RESOURCES - PROJECTED NET ASSET VALUE

(Modelled on different scenarios of resource size of Rossing
South and resource valuation)
12.00
10.00
EXT Net Asset Value
8.00
(A$/share)
RCR Med. Rossing South 300mlb

Term Target Rossing South 250mlb
6.00
Rossing South 200mlb
4.00 Rossing South 150mlb
2.00
0.00
1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00
Resource Valuation (US$/lb U3O8)
GGG.AU
Greenland Minerals and Energy Ltd
A$ 0.18
30 March 2009 A Pre-Feasibility Study is under way at Kvanefjeld, which is emerging as

Rare Earth Elements, Uranium one of the world's largest uranium and rare earths deposits – results
Greenland
Advanced exploration expected from late 3Q09, including mine plan and process flow sheet.
Exchanges: ASX:GGG JORC resource 223mlb U3O8 and 2.6mt REO, potential upgrade 2Q09.

Year End: June Dec-08a Mar-09F 2008a 2009a 2010F
Options and warrants (m) 171 Corporate (A$m) 1.05 0.63 4 3.10 2.50
Shares and options to be issued (m)* - Exploration/(Expl.+ Corporate) (%) 76 44 0 71 49
Fully diluted (m) 365 Funding duration at current burn (years) 0 1.0 2.7
Enterprise value (A$m) 34.8 Drilling - Other/Diamond (m) 1,500 0 17,522 10,000 4,000
Major shareholders: GCM Nominees (18.1%), Westrip Holdings (15.6%), Land holding ('000 ha) 211 211 211 211 0
Gravner Ltd (15.0%), ANZ Nominees (10.5%), HSBC Custody Nom. (5.5%) Tenement costs ($k per year) - - - - -
Cash (A$m) - Mar 09F 12.5 Funding from JV partners (A$m) 0 0 0 0 1.6
Listed company options: GGGO Net asset backing (Ac/share) 18.7 17.8 18.7 16.9 18.2
*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
June 2006 (ASX:GGG). It is evaluating the uranium-rich Kvanefjeld multi-element project in Greenland, a
valued at approx ~US$12bn (US$55/lb).
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 REO Ilimaussaq alkaline intrusive complex, and is one of the world’s largest undeveloped rare earth elements
and 2.2mt NaF- open at depth (>300m) and along strike. and uranium deposits. The Danish Atomic Energy Agency and the Danish Geological Survey completed
Potential resource upgrade 2Q09. >11,500m of diamond drilling (1957-1983) and defined a resource of 126mt @ 0.04% U3O8 (1km2 area).
Other potentially economic elements and minerals include zinc, tin and sodium fluoride. Uranium likely
accounts for ~25% of the potential in-ground value. GGG ownership of 61% moving to 90% with A$10m
Exploration budget '09 is A$3m, with potential 40% cash payment and 100% with additional A$50m payment, subject to various conditions.
contribution from JV. Drilling ~3,000m in 2009. Mid-term The deposit: is a flat-lying slab of disseminated mineralisation, open at depth and in three directions,
resource target 500mt. and accounts for ~10% of the prospective host rock. The current area of significant mineralisation is
1,900m by 700m and depth >275m. Current JORC Inferred resource (Aug ’08) is 334mt @ 0.03% U3O8
for 223mlbs, including 215mt @ 1.21% REO for 2.59mt and 201mt @ 1.11% NaF for 2.21mt. REO and
Potential to be one of the world's largest REE and U NaF resources expected to increase with receipt of pending assays – next upgrade possible 2Q09. Field
deposits - plus economic potential NaF, Zn, Sn, and Nb. season completed for ’08 (runs May-Oct) with 19,334m drilling including regional exploration. Total ‘09
exp. budget ~A$3m, with potential for JV partner to contribute 40%, planning to drill 3,000m. There is
Metallurgy and mineralogy budget ~A$5m in 2009. significant resource and exploration upside within the ~6km x 4km Ilimaussaq intrusive (eg targets K2 to
K8) – target resource base is 500mt. GGG indicates historical metallurgical testwork recoveries of
70%->95% using pressure alkaline leach - good recoveries though may be expensive. Further
Pre-feasibility study, with mine plan (Coffey) and process metallurgical and mineralogical tests began 4Q07, with a 2009 budget of A$5m. Beneficiation testwork
flow sheet (GRD Minproc), expected from late 3Q09. 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
Government support - uranium production as a by-product compares with Rossing (3,700tpa U3O8; 174kt resource @ 0.03% U3O8, 470mlbs). GGG can acquire
outstanding 39% of the project for total A$60m. There is potential to commercialise the large NaF
from polymetallic resources to be considered following
resource, which could have applications in dentistry, agriculture, ceramics and aluminium smelting. Pre-
positive parliamentary debate in Nov '08. Feasibility Study: began in 4Q08, drawing on the historic feasibility study. Results expected from 3Q09,
including mine plan (Coffey Mining) and multi-element process flow sheet (GRD Minproc).
Investment Comment: GGG’s primary focus is advancing the Kvanefjeld project in Greenland. Director
GGG - Greenland Minerals and Energy Limited and former chairman, Mr H K Schonwandt, is the former minister for mines in Greenland, while new
1.20
Chairman Michael Hutchinson is a director of the LME. The scale of the current resource (upgrade
expected 2Q09), and the huge exploration upside in the area, show that Kvanefjeld has potential to be
one of the world’s largest REE and uranium deposits. Greenland parliamentary debate Nov ’08 has
1.00 indicated in-principle support for uranium production as a byproduct of multi-element exploration and
mining. Mineral rights are expected to transfer from the Danish Crown to Greenland as part of the self-
0.80 governing transition, in Jun ‘09. A successful Pre-Feasibility Study would provide confidence in project
economics, especially regarding mineralogy and metallurgical recoveries, and be a step towards
0.60 potential re-rating of GGG mkt cap to over A$500m (>US$3/lb U3O8 resource) mid-term.
0.40
Reserves and Resources/Mineralised Material
0.20 Uranium Classification Project Ore U3O8 Cut Off U3O8 U3O8 U3O8 Eqty
0.00
Apr-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Jan-09
Feb-09
May-08
Resources
Kvanefjeld Inferred 61% 334.0 0.03 150 101.0 222.6 135.8
Source: Bloomberg
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)
H Schonwandt (Non Exec)
Analyst: Dr Trent Allen
trentallen@rcresearch.com.au
Map of the Ilimaussaq intrusive complex showing the Kvanefjeld deposit and new multi-element targets.
Current resource is 223mlbs U3O8, 2.6mt of rare earth oxides and 2.2mt of NaF – midterm upside >100%.
PFS expected from 3Q09, including preliminary mine plan and process flow sheet.
Kvanefjevld exploration cross sections –assay results for 3Q08 holes and resource upgrade expected in
2Q09. Mineralised lujavrite is likely to continue between Kvanefjeld and K2 (top section), highlighting the
resource potential. Holes V001 and S001 (lower section) also intersected mineralised lujavrite.

0%3 #26 Paladin Energy Ltd
A$ 3.52
30 March 2009 PDN is integrating the stage II expansion at Langer Heinrich taking
Uranium production to 3.7mlbspa U3O8 (from 2.6mlbs); and expects first
Australia (WA,QLD,NT), Namibia, Malawi
Producer production from Kayelekera March '09 (3.3mlbspa U3O8). Solid project
Exchanges: ASX:PDN; TSX:PDN; NSX (Namibia):PDN pipeline: Skal resource upgrade expected March '09; Mt Isa PFS April '09.

YEAR END: June 200 7a 2008a 2009F 2 010F 2011F
52 week rang e (A$/share) 1.63 to 6.72
Numbe r of shares (m) 6 23 Equity Production (kt) 54 797 1384 2652 3128
Options and warrants (m) 16 EBIT (US$m) -36.7 -16.7 35.1 149.8 194.1
Convertible notes (m) 82 Net Profit (norm) (US$m) -37.6 -36.0 19.6 118.3 154.9
Fully diluted (m) 7 22 EPS (norm) (US$/share) -0.07 -0.06 0.01 0.19 0.25
Market capita lisation (undiluted) (A$m) 2194.6 CFPS (US$/share)^ -0.06 -0.01 0.07 0.27 0.35
Debt* (US$m) - Mar 09F 577.5 Dividends (US$/share) 0.00 0.00 0.00 0.00 0.00
Enterprise value (A$m) 3069.6 PER (x) nmf nmf 234 12 9
Majo r s hareholders: CDS & Co (25.26%), HSB C Cus. Nom. A ust (12.68%) P/CF (x) nmf nmf 31 9 7
Na tiona l Nom (7.45% ), CE DE & Co (5. 83% ), ANZ Nom. (5 .66%) Yield (%) 0 0 0 0 0
Avg month ly volume (m) 81 EV/EBITDA (x) nmf nmf nmf 12.0 9.1
Cash (US$m) - Mar 09F 195.9 Exploration and evaluation (US$m) 8.6 11.7 13.3 12.0 12 .0
Price/Cash (x) 7.4 Drilling - RAB (m) - - - - -
Price/Book (x) 2.9 Drilling - Oth er/Diamond (m) 17,000 100,0 00 100,000 50,000 0
Li sted company options: No Land holding ('000 ha) - - - - -
* Tra nches d ue 2011 and 201 3. ^ E BITDA AU/US: 0. 66

PDN is 10 0% fo cused on uranium. Exploration budg et O v e rv ie w : P a la d in E ne r g y Ltd is a n A u stra li a n co m p a n y liste d o n th e A S X a n d TS X . It i s a m id tie r
~US$1 3m exp ected in 2009 . u ra n iu m p ro d u ce r w ith o n e m in e in p r o du c ti o n ( Na m ib ia ) an d a n oth e r i n c om m is sio n in g ( M a la wi ).
L an ge r He in ric h Min e : P ro d u ctio n in the D ec e mb e r q u a rte r w a s 6 74 k lb U 3 O 8 (n a m e plate p ro d u ctio n
6 5 0k lb /q U 3 O 8 ) . P la n t re co ve r ie s 8 2 .3 % - ta rg e tin g h ig h 8 0’ s. S ta g e 2 e xp an s io n co n stru cti on e xp e cte d to
Langer Heinrich 4Q 08 pro duction - 6 74klbs U 3O 8; gross b e in te gr a te d b y J u ne ‘ 0 9, a n d L H p r od u ci n g a t n a m e pl ate p r od u cti on o f 3 .7 m lb sp a (+ 4 4 % ) . P DN h as
profit US $6.4m. su ffic ie nt po w e r c on tr ac ted fr o m Na m p o we r to c o ve r th e e xp a n sio n a n d a lso h a s s u fficie n t w ate r . A
p o ten ti al S ta g e 3 ( 20 1 0 ) e xp a ns io n co u ld lift pr o du cti o n to 6 m lb sp a U 3O 8, tho u g h a d d itio n a l wa te r su pp ly
is r eq u ir ed . A dv an ce d n e g o tia tio n s w ith N am W a te r su gg e st d e sa l in ate d s up p ly m a y b e a va ila b le as e a rly
Angela/Pam ela (NT) fieldwork and Man ying ee (W A) drilling a s m id 20 1 0 . E xp lo r ati o n up s id e ex ists in th e M in in g L e as e th ro u g h in fill d rilling an d p o te nti al fo r he a p
1H09. le a ch lo w gr a d e p r oc es sin g o f m a te ri al be tw ee n 1 0 0p p m a n d 2 5 0p p m U 3O 8 co n ta in in g 29 .2 m lb s U 3O 8.
K a ye le k era : P ro je ct co n str u ctio n is e xp e cte d to b e co m p le ted M a rch ’0 9 . G u id a n ce for pr o d uc ti o n to Ju n e
Langer Heinrich stage 2 expan sio n to 3.7m lbpa U 3O 8 ’0 9 is 0 .4 m lb s U 3O 8. Na m e p la te p ro d u ctio n 3 .3 m lb p a U 3 O 8 , L O M o p ex U S $ 25 /l b, 9 yr LO M, ca p ex
U S $2 0 0 m p lu s U S $4 5 m wo rk in g ca p ita l. O n s ite p o w er is p ro vid e d v ia a 1 0M W d ie se l g en e ra to r . P D N’s
com missio ning underwa y - 2 m onths behin d schedule. B FS fi na n cia l an a l ysis u se d a ur a n iu m p r ice o f US $ 6 0 /lb an d th e p i t w a s o pti m ise d us in g US $ 3 0 /l b U 3 O 8 .
Stage 3 expa nsion to 6mlbpa - decision expected 2Q09. An ge la a nd P a m e la u ran ium de po s it s : (N T, P D N 5 0% ) N e a r A lice S pr in g s – a w a rd e d to P D N/CC O JV
F eb ’ 0 8. His tor ic wo r k u n d er ta ke n b y U ra n e rz b etw e en 19 7 2 a n d 1 98 3 id en tifie d hi sto ric m in e ra lisa tio n o f
1 2 kt to 1 3 kt U 3 O 8 w ith g ra d e th ou g h t to r a ng e fr o m 0 .1 0 % to 0 .13 % . Th e d e p os its a r e o pe n a t d e p th .
Fusion Resources (AS X:FSN, TSX :FNS) takeover closed
W o rk c om m itm e n ts in clu d e A$ 5 m e xp lo ra tio n a n d A $ 5 -1 0 m o n a B FS . D ev el o pm e n t po te n tia l p o st 2 0 12 .
1Q0 9. Valha lla North (QLD) - initial JORC resou rce Is a Ura niu m J V : ( IUJ V , Q LD , P DN 9 0 .9% ). A n e xte ns ive d ri lli n g p r o gr a m (5 0,0 0 0 m ) i s u nd e rw a y a t
7.06mlbs U 3O 8 (Dec ' 08). V a lh a ll a a nd S ka l ( IO CG U d e p o sits) . R e vis ed re so u r ce e xp e cte d a t S ka l Ma r ch ’ 09 . Th e IU JV h as
d e ve lo p m en t p ote n tia l p o st 2 0 12 . A r ev a r e tai ns its 1 0 .4 6% b l oc kin g sta ke in S MM .
Inv e s tm en t C om m e nt: O u r N A V for P DN is A $ 3 .1 8/sh a r e ( 1 0% d isco u n t r a te ) wi th u r an i um p r ice
Adva nced stage e xploration proje cts at Isa JV (Q LD, PDN fo re ca s ts of US $ 5 1/l b CY 0 9 ; US $ 6 0 /lb fro m 1 Q 1 0 to 4Q 15 , U S $3 5 /lb l on g te rm . P D N's sh ar e p ric e tr a d es
90.9%), Bigrlyi (NT, P DN 42%) an d Pamela/Ang ela (NT). cl os el y to i ts NA V d is co un tin g th e fo r wa rd u ra n iu m p ri ce . C u rr en tl y th e fo rw a rd p ric e ( fu nd im p li ed p ri ce
( FIP )) fo r ur a n iu m is ar o u nd U S $ 3 7 /l b va lu in g P D N at ~A $ 3.3 0 /sh a re . H o we ve r , a t th e lo n g ter m u ra n iu m
PDN has a st rong resource position, a manag ement te am p rice (U S $ 6 9.5 0 /lb ), th e p ri ce a t wh ic h s tra te gi c d e a ls a p p e ar va lu e d , P DN ’s NA V is A $ 4.2 0 /sh a re w ith
p o ten ti al fo r fu rth e r up s id e if a ta ke o ve r p re m iu m is fa cto r ed in . In o u r vi e w, P D N r em a in s a p o te nti al
re cognised as industry lead ers, and p rodu ction growth.
ta rg e t, re in fo rc ed 1 Q 0 9 b y Ca m e co ra isi ng U S $ 46 0 m to a d d to its wa r c he st fo r s tra te gi c a cq us itio n s.
P DN - P ala din E ne rgy Ltd Reserves and Resources/Mineralised Material

8.00 Cod e for reporting mineral re source s Aust/Can adian: (JORC/NI 4 3-101)
Uranium (U 3O8) Classification/ Project Ore Grade Cut Off Eqty
7.00 Reserves Geology Equity Mt % (ppm) Kt Mlb Mlb
Lange r Heinrich Proved and Prob. 100% 50.6 0.060 250 29 .9 65.8 65.8
S h a r e P r ic e ( $ /S h
6.00
Kayelekera Proved and Prob. 85% 12.6 0.105 400 13 .3 29.3 24.9
5.00 S ub total 50.6 0.06 43 .2 95.1 90.7
Resources (includes prov ed a nd proba ble reserves)
4.00
Lange r 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
Valhal la (Mt Isa Uraniu m) Ind & In f../Ir ox vein 91% 35.1 0.087 230 30 .6 67.5 61.4
2.00 Skal (Mt Isa Uranium) Inf./ Iro n 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
Other (6 projects)^ 23 .1 50.8 47.4
0.00 S ub total 162.4 358.0 327.6
M a y -0 8
J u n -0 8
A ug - 08
S ep - 08
No v - 0 8
D ec - 08
F e b -0 9
M a r -0 9
A pr - 08
J ul- 08
O c t- 0 8
Mineralis ed Material (est ., non JORC comp liant)

Angela/Pamela Sandstone 50% na .10-.13 na 12-13 26.4 13.2
S ource: B lo omberg Oobagooma Historic/sndst. 100% 8.2 0.12 350 10 .0 21.9 21.9
22 .0 48.3 35.1
^ Man yin gee (24mlbs U 3O 8), An dersons (4. 7mlbs), Wa tta (3.8mlb s), Bikini (11.5mlb s), Duke Ba tman (3.1 mlbs), Hon ey P ot (3 .96mlb s)

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) Lange r Heinrich 100% U na 1500 alk. l each Production Namibia
Perth, Australia D. Shumka (Non-Ex Dir) Kayelekera 8 5% U Malawi Gov. 1500 acid leach Constru ction Malawi
www.paladinenergy.com.au I. Noble (Non-Ex Dir) Mt Isa Uranium 9 1% U SMM na convention'l Adv. Expl. Aust (QLD)
Bigrlyi 4 2% U,V EME, SCX na convention'l Mid Expl. Aust (NT)
Angela and Pamela 5 0% 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)
Qu arte rs refer t o calend ar ye ar.
Paladin Energy Ltd
YEAR END: June Year Year

ASSUMPTIONS 2007a 2008a 2009F 2010F 2011F FINANCIAL RATIOS 2007a 2008a 2009F 2010F 2011F
A$/US$ 0.79 0.90 0.72 0.73 0.76
Uranium Price (US$/lb) 82 81 53 56 61 Net debt/equity (%) 4% 11% 17% 14% 6%
Uranium Price Realised (US$/lb) 0 69 53 60 64 Net debt/ net debt + equity (%) 4% 10% 14% 13% 6%
Current ratio (x) 7.8 8.3 6.5 7.8 11.7
EBIT/interest (x) -3 -1 1 5 6
Debt/operating cashflow (%) na na na 382% 284%
EQUITY PRODUCTION Exploration/total overhead (%) 21% 32% 25% 25% 25%
Langer Heinrich Production (t) 54 782 1198 1568 1877 EV/EBITDA (x) nmf nmf nmf 13.2 10.5
Kayelekera Production (t) 0 0 167 1084 1251 Market cap/net cash (x) -24.3 -9.0 -5.9 -5.0 -12.3
PDN Equity Production U3O8 (t) 54 797 1384 2652 3128 Market cap/book (x) 1.7 1.5 4.2 2.5 2.0
Cash Costs (US$/lb) 97.74 30.61 21.11 18.65 22.45
PROFIT AND LOSS (US$m) FINANCIAL SENSITIVITIES

Revenues 11 102 164 326 428
Operating costs -12 -54 -64 -109 -155 % Change in EPS for a 10% increase in:
Depreciation/amortization 0 -9 -12 -19 -29
Exploration -7 -13 -12 -11 -11 AUD/USD 0% 0% 0%
Corporate -29 -28 -36 -32 -32 Uranium Price 0% 34% 28%
Other 0 15 4 6 7
EBIT -37 -17 35 150 194
Interest 13 28 33 32 32 % Change in NPV for a 10% increase in forecast minelife
Operating profit/loss -50 -44 2 118 162 commodity assumptions for:
Tax 12 7 18 0 -7 Base + 10%
Minorities 0 -1 0 0 0 US$/sh US$/sh %
Net profit/loss -38 -36 20 118 155 AUD/USD 2.07 2.18 -6%
Net other 0 0 -475 * 0 0 Uranium Price 2.07 2.18 6%
Net profit/loss (reported) -38 -36 -455 118 155
* Net adjustment for abnormal impairment charges
BALANCE SHEET (US$m) VALUATION (US$m) Q1 09
Cash and deposits 183 338 210 271 458
Total current assets 233 448 312 373 560 NPV Assumptions Base "What if"
PP&E 135 230 343 405 385 Long Term Uranium Price :US$/lb 35 70
Total non-current assets 1825 2115 1085 1159 1151 A$/US$ 0.65 0.78
Total assets 2058 2563 1397 1532 1712 Projects
Total current liabilities 30 54 48 48 48 Langer Heirich phase I,II&III 100% NPV@10% 848.2 1314.7
Reclamation reserves 0 0 0 0 0 Kayelekera 85% NPV@10% 429.4 558.2
Long term debt 268 572 567 574 582 Resources
Total non-current liabilities 720 1080 830 838 845 Kayelekera 85% 12.3 mlb US$6.00/lb 62.9 81.7
Total liabilities 750 1134 878 886 893 Manyingee 100% 24.0 mlb US$1.75/lb 42.0 54.6
Equity 1308 1429 519 646 818 Oobagooma 100% 21.9 mlb US$1.75/lb 38.3 49.8
Isa Uranium (100%+81.9% SMM) various 85.2 mlb US$5.00/lb 370.6 481.8
Total debt 273 583 579 587 595 Angela and Pamela 50% 26.4 mlb US$5.00/lb 66.0 89.1
Net debt 90 245 370 316 136 Other + Exploration 175.0 236.3
Average shares (fully diluted) (m) 545 623 632 632 632 Assets
Cash and deposits 195.9 279.7
FLOW OF FUNDS (US$m) Other 0.0 0.0
EBITDA -37 -8 47 169 223 Liabilities
Cash flow from operating activities Debt -577.5 -579.3
Operating surplus 0 41 93 209 262 Corporate -110.5 -111.5
Corporate -29 -28 -36 -32 -32 Other liabilities -263.2 -443.9
Net interest paid -14 -25 -40 -40 -43 Reclaimation reserve 0.0 0.0
Net tax paid 0 0 0 0 0 Net Assets 1277 2011
Net exploration paid -9 -12 -13 -12 -12 Fully Diluted Shares (m) 632 632
Other non cash items 13 5 28 28 35 Net NPV/share (US$/share) 2.07 3.23
Net cash from operating activities -39 -18 31 154 209 Net NPV/share (A$/share) 3.18 4.14
Cash flow from investing activities Valuation/Reserve lb :US$/lb 14.08 22.18
Capital expenditure -89 -100 -132 -81 -10 Valuation/Reserve & Resource lb :US$/lb 3.90 6.14
Other non cash items -33 -51 -30 -12 -12
Net cash from investing activities -122 -151 -162 -93 -22 OWNER Shares
Cash flow from financing activities
Net proceeds from issue of shares 7 11 3 0 0
Dividends paid 0 0 0 0 0
Net proceeds from borrowings 291 314 -6 0 0
Net cash from financing activities 299 324 -3 0 0
Net change in cash 138 155 -134 61 188
PRODUCTION STATISTICS
Langer Heinrich 100%
Ore Treated (kt) 167 1255 1613 2180 3400
Head Grade (%) 0.04 0.08 0.09 0.08 0.06
Recovery (%) 67 80 82 86 88
Recovered grade (%) 0.02 0.06 0.07 0.07 0.06
U3O8 Produced (t) 40.6 782.3 1197.5 1568.1 1877.1
Cash Costs (US$/lb) 49.22 35.54 24.06 16.67 20.96
PDN Share EBIT (US$m) 3 10 57 89 109
DIRECTOR'S INTERESTS Shares
Kayelekera 85% (m shares) %
Ore Treated (kt) 0 0 200 1300 1500 Mr. John Borshoff Managing Director 21.5 3.4%
Head Grade (%) 0.00 0.00 0.11 0.11 0.11
Recovery (%) 0 0 90 90 90
Recovered grade (%) 0.00 0.00 0.10 0.10 0.10
U3O8 Produced (t) 0.0 0.0 196.2 1275.3 1471.5
Cash Costs (US$/lb) 0.00 0.00 15.01 18.29 20.99
PDN Share EBIT (US$m) 0 0 13 84 106

: 3 #2 Toro Energy Limited

A$ 0.11
30 March 2009 The 3Q09 release of an optimisation study for the Wiluna (WA) calcrete
Uranium project (24mlb resource) and an imminent scoping study for Napperby
Australia (WA,NT,SA), Namibia
Advanced Exploration/Resource Definition/PFS (NT) - on track for 13mlb resource - will be crucial to changing a
Exchanges: ASX:TOE sceptical market overly influenced by short term spot price trends.

Fully diluted (m) 556 Funding duration at current burn (years) 5.1 7.3 1.5 0.9 0.6
Debt (A$m) - Mar 09F 0.8 Drilling - RAB (m) 5,000 2,500 21,500 12,500 10,000
Enterprise value (A$m) 61.9 Drilling - Other/Diamond (m) 1,500 2,500 12,500 19,500 15,500
Major shareholders: OZ Minerals Ltd (51.7%), Minotaur Exploration (6.3%) Land holding ('000 ha)* 3,274 3,274 3,274 3,274 3,274
Argonaut Capital (4.0%) Tenement costs ($k per year) - - - - -
Avg monthly volume (m) 7 Capital raisings (A$m)** 12.2 0.0 0.0 12.2 6.0
Listed company options: No Net asset backing (Ac/share) 26.0 25.9 26.9 25.8 24.1
*Uranium prospective tenements only, both held and under application. ** Nominal A$6m capital raising assumed FY10

Overview: TOE listed on the ASX in March 2006 and is now the pacesetter in advancing calcrete style
100% uranium focus. Expl. + eval. budget A$6m pa, cash
uranium projects in Australia, with one at PFS stage and the other the subject of a scoping study.
A$9m. Potential production 2012 (2 projects). Wiluna Uranium (WA): Lake Way and Centipede uranium deposits TOE’s most advanced project.
Wiluna PFS: The GRD Minproc PFS was released in Sep ‘08. and reviewed in our Dec Quarter Report.
Most advanced is Wiluna project (WA) - 24mlb JORC The PFS Option D assumed 1.5mtpa, ore grade 503ppm (through grade control), total ore processed
resource (target 28mlb) - PFS completed 4Q08. 16.3mt for 15.1mlb production over a 12 year mine life. Capex A$247m, opex US$39/lb, base case
project NPV @ 12.3% (nominal) an uninspiring A$78m, using long term U3O8 price of US$80/lb and
A$/US$ of 0.75. Project NPV is highly sensitive to grade and long term U3O8 price. Two processing
Critical Wiluna optimisation study (due 3Q09) for enhanced options are being considered in the current Optimisation Study (OS) to enhance project economics. The
economics, BFS to start 4Q09. OS will focus on mined head grade improvements (PFS indicates +30-40% is possible), improved
recoveries and process optimisation, complete mid 2009, then BFS to commence, with possible
production late 2012. Further resource drilling will target 28mlbs U3O8 (resource upgrade 2Q09).
Japanese utilities proposed vend-in to analagous Lake Lake Maitland (“LM”) Transaction: In Feb ‘09 Mega Uranium Ltd (TSX:MGA) announced a MOU to
Maitland (WA) is positive for calcrete projects. sell 35% of the LM project to Japanese power utilities and Itochu for US$49m. This has strong
significance to TOE - LM is a similar surficial calcrete deposit to Wiluna (~90km from TOE’s project),
Resource drilling at Napperby, NT (13,000m 2008). JORC similar total resource (23.7mlb) and similar grades. The proposed transaction values LM at US$140m
(A$212m) or US$5.90/lb for existing resource. Underpins long term value of these energy projects.
resource 7.4mlb, on track for 13mlb.
Napperby Project (NT): 150km NW of Alice Springs, TOE recently announced a more than doubling of
the JORC inferred resource to 7.4mlb U3O8 over ~7km strike of a total 14km. Importantly, the revised
Napperby scoping study complete end 1Q09. resource grades are 359ppm, up from 305ppm in Jul 08. This puts TOE on track to confirm the 13.2mlb
non JORC historic resource (Uranerz) over the 14km strike length. The calcrete hosted deposit is near
Active exploration pipeline in well positioned surface (<8m depth), easily mined, low strip ratio. Next key step is the imminent release of the Napperby
scoping study (late Mar 09). Option payment to DYL (min A$57 cash/shares) is significant.
greenfield/brownfields uranium portfolio in WA, NT,SA and Other Exploration: Extensive greenfields/brownfields U exploration portfolio (budget A$2mpa). Priorities
Namibia . are Lake MacKay (WA) palaeochannel and IOCG, Iwupataka (NT) sandstone and unconformity,
Radium Hill (SA), palaeochannel targets. Also Namibia - potential palaeochannels, prime area.
Our medium term target is A$0.15-0.20/share based on Investment Comment: TOE’s considerable pedigree of uranium management experience will be crucial
to bring Wiluna and Napperby into production in 2012/2013. TOE’s drifting share price indicates a short
positive (3Q09) optimisation study results for Wiluna. term market view more focused on current weak spot prices and uncertainty re: OZL 51.7% stake.
Surprisingly, no reaction to bullish Lake Maitland transaction. Critical factors for TOE’s immediate
TOE - Toro Energy Limited prospects are a positive outcome of Wiluna optimisation study and imminent scoping study for Napperby.
If these are positive, we see a med-term target share price range of A$0.15-A$0.20/share.
0.45
0.30 Uranium Classification Project Ore U3O8 Cut Off U3O8 U3O8 Eqty
0.25
0.20 Reserves 0.0 0.0 0.0
0.15 Resources
0.10 Wiluna uranium Indicated & Inferred 100% 25.8 0.042 200 10.8 23.9 23.9
Napperby Inferred 0/100% 9.34 0.036 200 3.35 7.4 7.4
0.05
Total Resources 14.19 31.3 31.3
0.00 Mineralised Material (est., non compliant with JORC, inclusive of the Napperby Inferred Resource)
Mar-09
May-08
Nov-08
Apr-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Dec-08
Feb-09
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
Total Mineralised (non JORC) 10.0 22.0 19.5
*RNG tenements cover approximately 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) Wiluna 100% U (V) none Calcrete Alk. Leach PFS Aus (WA)
Norwood, SA, Australia D. Carter (Non Exec Dir) Napperby (New Well) 0/100% U DYL Calcrete Alk. Leach Scoping Aus (NT)
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) Lake Mackay 100% U none Unc+S'stone na Early Expl. Aus (WA)
M.Myers (Non Exec Dir) Stellar JV (Warrior) 0/51/70% U SRZ Sandstone na Mid. Expl Aus (SA)
Analyst: Dr Tony Parry Namibia 100% U none Calc/Alsk na Early Expl. Namibia
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 – total resource target 41mlb) 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$0.15-0.20/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 OZL'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 (Mar 09) 10 0.02 10 10

+ Tax Losses 3 0.00 3 3
- Corporate 14 0.02 14 14
Sub Total -1 0.00 -1 -1
TOE NET ASSET VALUE 139 0.25 56 249
Capital Structure
Shares 555.8 555.8 555.8
TOE NET ASSET VALUE PER SHARE :A$/share 0.25 0.10 0.45
TOE NET ASSET VALUE DILUTED :A$/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.

Uranex NL
4 8;2 A$ 0.18

30 March 2009 UNX is currently focused on completing the Manyoni PFS (Tanzania) -
Uranium expected 4Q09. The project, while low grade (15mlbs U3O8 @ 0.015%) is
Tanzania, Australia (NT, WA)
Advanced Exploration near surface with good regional infrastructure. Resource upgrade
Exchanges: ASX:UNX expected 2Q09. Thatcher Soak (WA) scoping study expected 1H09.

YEAR END: June 2008a 2009F 2010F
52 week range (A$/share) 0.11 to 0.58 Dec-08a Mar-09F
Number of shares (m) 83.5 Exploration and evaluation (A$m) 1.44 0.75 4.52 3.64 2.00
Options and warrants (m) 5.8 Corporate (A$m) 0.85 0.50 2.53 2.41 2.00
Partly paid shares (m) 5.6 Exploration/(Expl.+ Corporate) (%) 63 60 64 60 50
Fully diluted (m) 94.9 Funding duration at current burn (years) 1.6 0.7 1.0
Debt (A$m) - Mar 09F 0.0 Drilling - RAB (m) 1,879 1,500 16,088 10,379 10,000
Enterprise value (A$m) 15.0 Drilling - Other/Diamond (m) 6,502 0 0 13,002 12,000
Major shareholders: IMX Resources NL (39.5%), Land holding ('000 ha)* 3,390 3,390 3,390 3,390 3,390
HSBC Custody Nominees (4.8%), Geigor Counter (4.29%) Tenement costs ($k per year) - - - - -
Avg monthly volume (m) 1 Capital Raisings (A$m) 0.0 0.0 0.0 0.0 3.0
Listed company options: No Net asset backing (Ac/share) 12.1 11.3 13.3 10.9 10.1
*Uranium tenements applied for or granted. Quarters refer to calendar year.

2009 exploration budget ~$4m - 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 key UNX focus. Economics enhanced by good style targets in Australia (NT), and calcrete and sandstone palaeochannel targets in Tanzania and WA.
regional infrastructure and at, or near, surface Tanzanian projects: (30,100km2) Manyoni (4,600km2) tenements cover an extensive closed drainage
mineralisation (<10m). PFS expected 4Q09. BFS 2H10. system and include 5 proximal large playa deposit 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 underlain by carnotite to 5m to 10m
Manyoni: Playa deposits (A,C,E) - JORC resource depth. Manyoni (C1,A,E) – C1 resource is the highest grade and largest of the 3 playa deposit resources
15.3mlbs U3O8 @ 0.015%. Further resource statements announced to date (8.6mlbs U3O8) and would be the initial production focus. Anticipated resource
expected 2Q09 (D,F). High potential for new discovery. statements 2Q09 are likely to include infill drill results at playa deposits A,C and E and initial resources at
D and F. Metallurgical studies are underway. Mkuju shares characteristics with the nearby Kayelekera
(PDN, 44mlbs U3O8) sandstone hosted deposit. Uranium mineralisation is confirmed and radiometric
Thatcher Soak JORC 14mlbs grading 0.022% U3 anomalies identified over a large 16km x 2km trend. Trenching (60 pits) and auger drilling (70 holes)
(100ppm cut-off). SS expected 2Q09. BFS 2011. completed 4Q07. The Kalulu prospect is adjacent to Mtonya (WMT) and testing the same radiometric
anomaly (Grandfather). Mantra (ASX:MRU), has had strong results at Mkuju, driving its market cap to
Mkuju - 3 extensive trends with confirmed mineralisation. ~$135m (UNX market cap ~$15m). Preliminary results from UNX’s 4Q08 drilling suggest a potential
anomalous trend 6km by 1km. Downhole probe e-values awaited. Further drilling expected 2Q09.
Potential for early discovery - adjacent to WMT's Mtonya Thatcher Soak (WA): (Surficial calcrete). Two separate mineralised zones extend over a combined strike
prospect. length of 7.7km with widths of 0.2km to 1km and thickness of 1m to 6m to ~ 20m in depth. The initial JORC
resource of 14mlbs grades 0.022% U3O8 (100ppm cut-off) or 11mlbs grading 0.029% U3O8 (150ppm)
Drilling diary 2Q-3Q09: Manyoni (5,500m), Mkuju (5,000m) cutoff. Eleckra Mines (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
and Bremer (1,000m). Mkuju results from 4Q08 (6,502m) resource is ~20mlbs U3O8 (100ppm cut-off). There is potential tonnage upside at Dog-leg – a 2km by
drilling expected 2Q09. 400m target adjacent to the current resource and regional exploration upside.
Investment Comment: UNX is positioned to advance 2 near surface projects (Thatcher Soak and
Manyoni) to development stage – valuation will be strongly influenced by ability to secure long term offtake
UNX - Uranex NL agreements and attract strategic partners. Mega Uranium’s announced deal (Feb ‘09) with Japanese farm-
0.60 in and JV partner (JAURD) for a 35% interest in Lake Maitland (WA) confirms the potential of smaller/mid
size projects to attract strategic investment. The 35% stake in the project (23.7mlbs U3O8 @ 0.03%) is
valued at US$49m or US$5.90/lb (~A$9/lb U3O8). The deal price also suggests that project valuations are
0.50 discounting the long term uranium price (currently US$70/lb). UNX has prospective greenfield projects
though is prioritising advanced projects in the current market. UNX has A$5m in cash.

0.30
Uranium Classification Project Ore U3O8 Cut Off U3O8 U3O8 U3O8 Eqty
0.20 Reserves 0.0 0.0 0.0
Resources
0.10
Thatcher Soak Inferred 100% 28 0.022 100 6.3 14.0 14.0
(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
Apr-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Jan-09
Feb-09
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 U 3O8. 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.
Uranex work schedule 2009. Pre-feasibility study expected at Manyoni 4Q09 and resource upgrade 2Q09 -
potential for fast track development. Thatcher Soak scoping study expected 2Q09.
Exploration drilling at Bremer and Mkuju 4Q08-1Q09 - results expected 2Q09.
Report Contributors
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Uranium Sector Review Exploration, Development & Production March Quarter

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Uranium Sector Review Exploration, Development & Production March Quarter

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Exploration, Development & Production

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Uranium Sector Review

Resource Analyst (Uranium): John Wilson

Resource Analyst: Dr Tony Parry

Resource Capital Research

Tel: +612 9252 9405

Resource Capital Research

4 0 % '

* Indicates companies with detailed financial projections and valuation available.

Overview and Investment Comment

RCR March Quarter Featured Company Summary

Berkeley Resources Limited BKY Feasibility Study

Black Range Minerals Limited BLR Scoping

Deep Yellow Limited DYL Advanced Exploration

Energy and Minerals Australia Limited EMA Resource Definition

Energy Metals Limited EME Advanced Exploration

Energy Resources of Australia Limited ERA Producer

Extract Resources Limited EXT Advanced exploration

Greenland Minerals and Energy Limited GGG Advanced exploration

Paladin Energy Limited PDN Producer

Uran Limited URA Mid-Advanced Exploration

Uranex NL UNX Advanced Exploration

White Canyon Uranium Limited WCU Development

C  % .     

0%3 #2 38   

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!% "# %2 4 8

Total: Australia 435.6 577.5 1890 8241

Total: Canada 5.4 0.0 45 18

Total: (US$)4 305 398 1341 5701

Total: Australia 190 164 615 565 46 19 78 105

Reserves, Resources and Historic Mineralisation

Total/Total Average 336 153 1313 596 113 51 1672 758

Valuation and Performance Data

Average: Australia 15.15 2.73 2.99 6 4 7

Average: Canada na na 20.69 na na na

Total/Total Average 10.10 2.53 3.91 6 4 7 19 37 3 -16 56 114

Capital Profile Production and Financial Forecasts

Investment Points Company Comment

0.40 Reserves and Resources/Mineralised Material

Reserves 0.0 0.0 0.0

Contacts Directors Key Projects

ALLIANCE RESOURCES VALUATION

Target Valuation Sensitivity

Sub Total 200 172 454

+ Cash 12.3 12.3 12.3

AGS NET ASSET VALUE 214 186 468

* Includes a pre-production project discount of 20% of the project valuation: 20%

FOUR MILE URANIUM PROJECT KEY ASSUMPTIONS*

Further exploration target 77mlbs @ 0.2-0.3% U3O8

PROCESS METHOD Satellite Remote Ion Exchange (RIX)

PRODUCTION RATE :mtpa 0.5

Capital Profile Production and Financial Forecasts

Investment Points Company Comment

Reserves 0.0 0.0 0.0

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