Uranium Sector Review Exploration, Development & Production

December Quarter 2008

Resource Capital Research

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5 December 2008 Uranium Sector Review December Quarter 2008 Resource Analyst (Uranium): John Wilson Resource Analyst: Dr Tony Parry Resource Analyst: Dr Trent Allen

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Contents
Contents .............................................................................................................................. 2 Overview and Investment Comment ........................................................................................ 3 RCR December Quarter Featured Company Summary ................................................................ 5 [Industry Background and Analysis…………………………………………………………………………………………………………] Comparative Charts ............................................................................................................... 7 Financial Data ....................................................................................................................... 9 Company Statistics ................................................................................................................ 9 Reserves, Resources and Historic Mineralisation ...................................................................... 10 Valuation and Performance Data ........................................................................................... 10

Exploration, Development and Production Companies
Aura Energy Limited ............................................................................................................ 11 [Berkeley Resources Limited ....................................................................................................] Black Range Minerals Limited................................................................................................ 13 [CanAlaska Uranium Limited ....................................................................................................] [Deep Yellow Limited ..............................................................................................................] Energy and Minerals Australia Limited.................................................................................... 15 Energy Metals Limited.......................................................................................................... 17 [Energy Resources of Australia Limited*....................................................................................] [Extract Resources Limited ......................................................................................................] [Forsys Metals Corp ................................................................................................................] Globe Metals and Mining Limited ........................................................................................... 19 Greenland Minerals and Energy Limited.................................................................................. 21 Paladin Energy Limited* ....................................................................................................... 23 [PepinNini Minerals Limited......................................................................................................] [Scimitar Resources Limited ....................................................................................................] Toro Energy Limited ............................................................................................................ 25 Uranex NL .......................................................................................................................... 27 [West Australian Metals Limited ...............................................................................................] White Canyon Uranium Limited ............................................................................................. 29 [Uranium Price Fundamentals ..................................................................................................] [Uranium Company Share Price Performance Tables ...................................................................] Disclosure and Disclaimer..................................................................................................... 32

* Indicates companies with detailed financial projections and valuation available.

[This is the Abridged version of the September Quarter RCR Uranium Sector Review. The purchase price of the Comprehensive Report (86 pages) is A$2,200. Sections in brackets above are included in the Comprehensive Report. There is also a Subscriber Report version which is available for A$110. Contents and purchase details can be found at www.rcresearch.com.au]

December Quarter, 2008

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Overview and Investment Comment
Equity market performance The market valuation of Australian companies with one or more uranium projects is down 23% over the past month, down 55% over the past 3 months, and down 75% over the past 12 months. This compares with Canadian companies with one or more uranium projects, down 27% over the past month, down 64% over the past 3 months, and down 77% over the past 12 months. In the past 1 month the majors have had negative share performance with the exception of ERA: Cameco (CCO) is down Denison Mines (DML) down 53%, Uranium One (UUU) down Energy Resources of Australia (ERA) up 8% and Paladin (PDN) 16%. price 12%, 17%, down

Increased uranium purchases by utilities anticipated early in 2009, coupled with recent announcements of delayed, deferred or moth balled mining projects is providing support to the spot uranium price with potential for further modest increases into 1H09. Coupled with the rapid fall in the Australian dollar (currently US 0.64) and Canadian dollar (currently US 0.78) over the past several months and fall in the oil price, domestic producer margins in Australia and Canada are expected to be positively impacted compared to earlier in the year. Uranium price outlook The spot uranium price is currently US$55/lb. The uranium spot price is currently trading at US$55/lb, flat compared with the beginning of the quarter. It fell to US$45/lb briefly late October and early November with liquidity driven forced sales by uranium fund/s. The current spot price compares with the cycle high uranium price of US$138/lb reached June ’07. The uranium price is expected to trade ~US$50-65/lb over the next quarter. While sector fundamentals suggest a modest strengthening in the spot price is possible into 1H09, the Fund Implied Price (FIP), currently at US$36/lb indicates market uncertainty and the susceptibility to further forced uranium fund sales a possibility. In the past 3 months the FIP has traded from a low of US$28/lb (23 Oct) to a high of US$60/lb (8 Sept) with volatility reflecting the increased volatility and uncertainty in the broader financial markets. The long term contract uranium price is US$70/lb down from US$95/lb where it held firm for nearly 12 months from May ’07 to March ’08. The long term and spot uranium prices are expected to converge over time. Producers continue to face significant challenges in financing and developing new projects, including cost pressures and potential delays variously relating to permitting, infrastructure development, commissioning and now credit and equity market weakness. Recent examples include Uranium One (TSX:UUU) placing Dominion on care and maintenance and sulphuric acid problems in Kazakhstan expected to impact production through 1H09, postponement of the Midwest
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The uranium price is expected to trade ~US$50-65/lb over the next quarter. … … though market uncertainty remains and susceptibility to further forced fund sales is a possibility.

2008 by Resource Capital Research Pty Ltd. All rights reserved.

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project in Canada (Areva/Denison/OURD), First Uranium (TSX:FIU) at Ezulwini, and Cameco (TSX:CCO). World planned and proposed nuclear power reactors There are 376 new nuclear reactors planned or proposed globally as of Dec ’08, up from 318 Aug ’08 (+58 units, +18%). The main increases are UAE (11), Italy (10), UK (6), Vietnam (6), and Poland (5). Interestingly, a significant number of new planned and proposed reactors announced since August are in advanced, non Asian economies such as Europe. While too early to call a trend, it reaffirms the potential for advanced market economies to be a significant driver of nuclear reactor growth going forward, driven by energy security concerns and climate change commitments. Currently there are 439 nuclear power reactors in operation and 39 under construction. A total of 61 new reactors are expected to be commissioned by 2014.

A large number of recently announced proposed nuclear reactors came from Europe (Italy, UK and Poland).

Events of the past 3 months include: Strategic investments - Paladin Energy (ASX:PDN, TSX:PDN) made a scrip takeover offer for Fusion Resources (ASX:FSN, Dec ‘08) valuing the company at A$17.8m – FSN’s most advanced project is Valhalla North (QLD) – initial JORC resource expected Dec ’08, plus FSN has A$14m in cash; Private company George Forrest International Afrique SPRL has made a takeover offer for Forsys Metals Corp (TSX:FSY) which holds the advanced Valencia alaskite project in Namibia. Cash offer of C$7/share values FSY at US$7.50/lb U3O8; Rio Tinto (ASX:RIO) stake in Extract Resources (ASX:EXT, extension to Rossing, Namibia) has risen to 15.2%; Mitsui agreed to purchase a 49% stake in 6 Australian uranium projects held by Uranium One (TSX:UUU) including Honeymoon. The total minimum cash commitment from Mitsui is ~A$104m. Uranium mining law announced in Zambia (Oct ’08) will allow uranium mining and milling. Equinox Minerals (ASX:EQN, TSX:EQN) Lumwana project could be near term beneficiary. Uranium mining ban formally lifted in WA (November 08) following the surprise Liberal win in the September election. BHP outlined 5 stages for the Olympic Dam expansion without committing to a specific time frame. However, the first stage by 2013 will be an opimisation of existing operations to produce 4,500tpa U3O8. In the final 5th stage, the project will have capacity to produce 19,000tpa U3O8. China indicated (Nov ’08) it may consider increasing its nuclear generating capacity to 70GW by 2020, up from 9GW (11 reactors) representing only 1.3% of total Chinese installed electricity generating capacity currently.

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China may increase nuclear generating capacity to 70GW by 2020.

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December Quarter, 2008

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RCR December Quarter Featured Company Summary
AUSTRALIA
Company Aura Energy Limited Code AEE Comment Advanced Exploration, Early Exploration AEE's Storsjön Project (Alum Shale, Sweden) has a near-term resource target of >100mlbs U3O8 and a sale agreement with Sino King worth up to A$460m. It is also advancing uranium projects in Australia, West Africa. CY09 exploration budget A$5-8m, majority funded by partners. Feasibility Study BKY continues to drill high-grade uranium mineralisation in Spain, e.g. 6.0m @ 0.123% U308 (3Q08, Zona 7). ENUSA deal (Jul '08) could give BKY access to a uranium mill at Salamanca and to State Reserve historic uranium resources - more details expected Dec '08. Advanced Exploration, Scoping New drilling at Taylor Ranch (CO) has located high-grade uranium mineralisation in an 800m corridor between the Boyer and North Hansen deposits. Taylor Ranch zones aggregate 23.5mlbs U3O8 (grading 0.12%, 750ppm cutoff, Jul '08) - potential 2.2mlbspa underground production. Advanced Exploration DYL is focused on establishing a >100mlb U3O8 resource in Namibia by 2Q09, and drilling its encouraging Mt Isa U3O8 exploration projects. Looks undervalued with ~A$50m cash, market cap ~US$0.90/lb (basis: 100mlb resource) and neighbour PDN holding 19.3% strategic stake. Resource Definition, Early Exploration EMA has accelerated its development of the multi-faceted Mulga Rock Deposits and regional projects, supported by a lift of the ban on uranium mining in WA (Nov '08). High grade historic (non-JORC) resource of 102.5mlbs U3O8 grading 0.11% – JORC statement expected Dec '08. Advanced Exploration Bigrlyi (NT) extension and infill drilling underway (20,000m) - results to date include 5.3m @ 0.52% eU3O8 (from 77m) and 4.8m @ 0.47% eU3O8 (from 123m). Revised resource expected 1Q09. Accelerated drilling programs 2H08 at regional Ngalia (NT) and also at 3 WA projects. Producer ERA is seeking preliminary stakeholder approval for mine expansion and heap leach options at Ranger. Potential for significant expansion of reserves with exploration success and inclusion of low grade material. Positive impact to operating margin expected from dramatic fall in AUD. Early to advanced exploration EXT's continued spectacular drilling results (120m @ 0.104% U3O8) and initial target ~200mlb uranium resource at its Rössing South discovery in Namibia, neighbour RIO's 15.2% stake and a valuation at a fraction of an analagous company takeover all suggest a very undervalued stock. Early to advanced exploration GBE has found additional high-grade, near-surface material at the uranium/ specialty-metal Kanyika Project (Malawi). JORC resource 56mt with 321mlbs Nb2O5 and 9mlbs U3O8, upgrade expected Feb'09 as part of PFS. Nb and Ta prices, demand remains high. Advanced exploration GGG has the rights for up to 100% of the Kvanefjeld uranium and rare earths deposit in SW Greenland. JORC resource 223mlb U3O8 and 2.6mt REO with upside potential. Scoping study commencing 1Q09. Govt indicates support for by-product uranium production (Nov '08). Producer Langer Heinrich producing at nameplate capacity - operating profit US$13.3m 3Q08. Plant recoveries expected to improve to high 80's%. Stage II expansion on track for Dec '08 completion to 3.7mlbspa uranium. Kayelekera reserve expansion to 29mlbs U3O8 (+17%, Nov '08). Advanced Exploration PNN's Crocker Well uranium project (60% Sinosteel, 40% PNN) 14.9mlb resource is at BFS stage. With possible production late 2010, potential to double uranium resources and SA/Qld exploration programs for base metals, gold, uranium we expect a stock re-rating into 1H09. Advanced Exploration SIM is focused on uranium exploration in Australia - holds 2.1m ha close to known deposits. New JV at prospective Marree (SA, Beverley 4 Mile type target) with Korean consortium, worth up to A$6.2m. Pro-uranium policy in WA could boost development of Bennet Well (Yanrey).
©

Berkeley Resources Limited

BKY

Black Range Minerals Limited

BLR

Deep Yellow Limited

DYL

Energy and Minerals Australia Limited

EMA

Energy Metals Limited

EME

Energy Resources of Australia Ltd

ERA

Extract Resources Limited

EXT

Globe Uranium Limited

GBE

Greenland Minerals and Energy Limited

GGG

Paladin Energy Ltd

PDN

PepinNini Minerals Limited

PNN

Scimitar Resources Limited

SIM

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AUSTRALIA (cont.)
Company Toro Energy Limited Code TOE Comment Advanced Exploration/Resource Definition/PFS TOE is aiming for 2012 production from two projects. Wiluna (WA) calcrete project (24mlb resource) - PFS completed, optimisation study underway, BFS to start mid 2009. Napperby (NT) target 13mlb resource, scoping study and JORC upgrade at end 1Q09. Advanced Exploration Aggregate resources of 29mlbs U3O8 at Bahi (15mlbs, Tanzania) and Thatcher Soak (14mlbs, WA) . PFS expected at Manyoni (Bahi) Dec '08. Bahi resource upgrade expected 1Q09 - potential >25mlbs U3O8 - 2010 production potential. Drilling prospective Mkuju region 4Q08 (15,000m). Mid Exploration The Marenica uranium deposit (80% WME), Namibia, is adjacent to Areva's Trekkopje heap leach development project. Palaeochannel resource 34mlbs U3O8 - next resource statement expected 1Q09. Uraniferous alaskites confirmed 2Q08 - further drilling 4Q08. Development WCU is a near term uranium producer, with a mining application submitted for underground operations at Daneros (Utah) – high grade core >0.2% U3O8. Mining and toll treatment contracts under negotiation, potential mine production 1Q09. Combined resource target 10mlbs U3O8.

Uranex NL

UNX

West Australian Metals Ltd.

WME

White Canyon Uranium Limited

WCU

CANADA
Company CanAlaska Uranium Ltd Code CVV Comment Advanced Exploration CVV has a strategic land position (2.5m ac in the Athabasca Basin) with a pipeline of high value exploration targets and funding from key strategic investors. Cree East (Hanwha JV) confirmed substantial hydrothermal alteration - further drill results awaited. Feasibility The Valencia Project, Namibia, has a current resource of 62mlbs U3O8 with an upgrade expected 1Q09 and uranium production planned for 1H10. A current takeover offer by a private company (closing Feb '09) values FSY at C$7/share (US$7.50/lb U3O8 resource).

Forsys Metals Corp

FSY

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December Quarter, 2008

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Comparative Charts
Explorers' forecast cash balances (end current quarter)

Percentage difference in share price from 12-month low, to December 5, 2008

Paladin Energy Ltd Deep Yellow Ltd Energy Resources of Australia Ltd Extract Resources Ltd Forsys Metals Corp Berkeley Resources Ltd Greenland Minerals and Energy Ltd Toro Energy Ltd PepinNini Minerals Ltd CanAlaska Uranium Ltd Black Range Minerals Ltd Uranex NL Aura Energy Ltd Energy Metals Ltd White Canyon Uranium Ltd Globe Uranium Ltd Energy and Minerals Australia Ltd West Australian Metals Ltd Scimitar Resources Ltd
0 1 10 100 1000

Forsys Metals Corp Energy Resources of Australia Ltd Extract Resources Ltd Greenland Minerals and Energy Ltd West Australian Metals Ltd Aura Energy Ltd Paladin Energy Ltd CanAlaska Uranium Ltd White Canyon Uranium Ltd Uranex NL Black Range Minerals Ltd Energy Metals Ltd Scimitar Resources Ltd Berkeley Resources Ltd Globe Uranium Ltd Toro Energy Ltd PepinNini Minerals Ltd Energy and Minerals Australia Ltd Deep Yellow Ltd
80 100 120 140 160 180 200
8

0 20

US$m (log)

40 60

%

Cash remains selectively available to some explorers though at a deep discount to 12 months ago.

Recent share performance has been mixed. M&A and an increase in the spot uranium price have driven strong recoveries in some companies’ share price.

December Quarter, 2008

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Financial Data
da Euro pe Liste d optio ns Cana USA othe r Aust

COMPANY
Code Status1 Yr End

Share Price (LC$/share)3

2 Fully Diluted

Market Cap

Book

Enterprise Value

Exchanges

5 December 2008

52 week Hi Low

Current

Shares (m)

Opt+W 2 (m)

C. Notes/ Other2 (m)

Shares (undiluted) (LC$m)3 (m)

Cash Debt (LC$m)3 (LC$m)3

Value (LC$m)3

(Undiluted) (LC$m)3

AUSTRALIA (A$)
Aura Energy Limited Berkeley Resources Limited Black Range Minerals Limited Deep Yellow Limited Energy and Minerals Australia Limited Energy Metals Limited Energy Resources of Australia Ltd Extract Resources Limited Globe Metals and Mining Limited Greenland Minerals and Energy Limited 3 Paladin Energy Ltd PepinNini Minerals Limited Scimitar Resources Limited Toro Energy Limited Uranex NL W est Australian Metals Ltd. W hite Canyon Uranium Limited AEE BKY BLR DYL EMA EME ERA EXT GBE GGG PDN PNN SIM TOE UNX W ME W CU E E E E E E P E E E P I E E E E I June June June June June June Dec June June June June June June June June June June ASX ASX ASX ASX ASX ASX ASX ASX ASX ASX ASX ASX ASX ASX ASX ASX ASX No No BLRO No EMAO No No No No GGGO No No No No No No W CUO 0.51 1.50 0.15 0.45 0.85 1.55 24.95 1.48 0.58 1.35 7.46 1.35 0.79 0.53 0.99 0.39 0.25 0.11 0.15 0.01 0.10 0.17 0.32 9.35 0.55 0.10 0.17 1.63 0.20 0.10 0.10 0.11 0.05 0.11 0.17 0.18 0.01 0.11 0.17 0.41 16.99 0.96 0.12 0.28 2.32 0.22 0.13 0.11 0.14 0.08 0.15 43 104 604 1121 232 117 191 213 68 193 614 68 50 556 83 332 183 24 16 108 70 9 4 0 19 6 169 18 1 9 11 0 16 92 0 0 0 0 128 0 0 0 0 0 82 0 0 0 6 0 5 67 119 712 1191 369 121 191 232 73 362 714 68 59 566 89 348 279 7 19 8 123 39 47 3241 204 8 53 1424 15 6 61 12 26 27 6.2 16.7 10.1 51.0 5.3 5.9 34.8 24.9 5.5 15.2 271.8 11.8 0.7 13.1 7.4 0.9 5.6 0.0 0.0 0.0 0.0 0.0 0.0 98.3 0.0 0.0 0.0 581.2 14.8 0.0 0.0 0.0 0.0 0.0 11 27 18 149 7 19 664 100 13 34 1234 18 10 145 11 2 31 7 19 8 123 39 47 3339 204 8 53 2006 30 6 61 12 26 27

TSX

TSX

NSX

FSE:W TT

Total: Australia

486.9

694.3

2493

6016

CANADA (C$)
CanAlaska Uranium Ltd Forsys Metals Corp Total: Canada Total: (US$)4 (1) P: Producer; E: Explorer; I: Imminent - includes companies with bankable feasibility studies and likely to be in production within 3 years; IHC: Investment Holding Company (2) Fully Diluted (shares, options + warrants (opt. + w), convertible notes (Conv. N), other obligations) (3) L.C. - Local Currency unit. PDN company financials USD.(4) AUD/USD: 0.64; CAN/USD: 0.78 CVV FSY E E Apr Jan. TSX.V TSX.V OTC FSE No No 0.44 6.19 0.05 2.00 0.06 5.41 138 77 35 14 0 0 172 91 8 417 8.5 37.6 46.2 348 0.0 0.0 0.0 444 47 93 140 1705 8 417 425 4182

Company Statistics
COMPANY
Code Land ('000 ha)6
Drilling ('000 m) Dec-08 2008 (A) Exploration (L.C.$m)7 Sep-08 Dec-08 2008 2009 (B) Corporate (L.C.$m)7 Sep-08 Dec-08 2008 2009

5 December 2008

Sep-08

2009

(A)/(A+B) % Dec-08 2008 2009

AUSTRALIA (A$)
Aura Energy Limited Berkeley Resources Limited Black Range Minerals Limited Deep Yellow Limited Energy and Minerals Australia Limited Energy Metals Limited Energy Resources of Australia Ltd Extract Resources Limited Globe Metals and Mining Limited Greenland Minerals and Energy Limited Paladin Energy Ltd3 PepinNini Minerals Limited Scimitar Resources Limited Toro Energy Limited Uranex NL W est Australian Metals Ltd. W hite Canyon Uranium Limited AEE BKY BLR DYL EMA EME ERA EXT GBE GGG PDN PNN SIM TOE UNX W ME W CU 1,200 250 6 6,427 325 400 8 265 275 211 na 692 2,144 3,274 3,390 100 3 7.0 3.5 12.5 40.0 5.0 12.5 14.6 30.0 4.0 7.5 25.0 13.0 3.5 14.5 5.0 11.7 3.5 1.0 5.0 12.5 30.0 11.0 15.0 10.0 35.0 2.0 1.5 25.0 8.0 8.5 6.5 8.5 0.0 3.5 4.9 21.1 37.0 100.0 10.0 30.6 57.7 68.0 16.7 17.5 100.0 21.0 34.9 34.0 16.1 27.4 5.0 22.8 18.5 25.0 130.0 20.0 47.5 45.0 130.0 12.0 11.0 100.0 37.0 29.0 31.0 52.5 19.7 14.0 1.0 2.0 0.5 5.0 0.5 2.1 4.2 4.4 1.3 3.0 4.2 2.1 1.1 2.5 0.9 1.4 0.4 0.1 1.5 0.5 3.0 0.5 0.5 4.2 4.7 0.8 1.5 3.5 0.6 0.6 1.2 1.5 0.4 0.8 2.0 9.7 6.0 9.6 1.5 4.0 16.4 10.2 3.8 11.8 11.7 2.6 4.1 6.3 4.5 3.0 1.9 2.6 6.5 4.0 14.0 2.0 6.6 10.0 18.5 4.6 5.7 13.7 3.9 3.2 7.7 5.4 2.4 3.0 0.2 0.3 0.4 0.6 0.3 0.2 5.0 1.3 0.6 0.8 11.9 0.4 0.2 0.5 0.6 0.9 0.2 0.2 0.4 0.3 0.7 0.3 0.2 5.1 0.9 0.4 0.6 8.0 0.5 0.3 0.8 0.4 0.4 0.2 1.0 0.3 1.1 2.1 1.3 1.2 20.1 2.9 1.5 3.7 27.8 1.7 1.0 2.5 2.5 1.9 0.7 0.8 1.5 1.1 2.6 1.1 0.8 20.3 4.0 1.6 2.7 35.9 1.9 1.0 2.9 1.8 2.1 0.8 33.3 79.8 67 82 63 74 45 84 70 71 30 55 71 60 79 50 80 67.5 96.9 84 82 55 77 45 78 71 76 30 59 81 72 64 61 72 76.1 81.8 78 85 65 90 33 82 74 68 28 67 77 73 76 53 79

Total: Australia

213

183

602

745

37

26

109

114

CANADA (C$)
CanAlaska Uranium Ltd Forsys Metals Corp Total: Canada Total: (US$)4 CVV FSY 1,012 1 #REF! 0.0 #REF! #REF! 0.0 #REF! 13.5 0.0 14 10.0 0.0 10 1.5 1.9 3 26 3.8 1.5 5 21 14.4 6.2 21 86 12.8 7.5 20 89 0.6 1.0 0.6 1.0 2.9 3.5 2.4 3.5 86 60 83 64 84 68

(6) To convert hectares to acres, multiply by 2.47; eg 100 thousand hectares ('000 ha) = 247 thousand acres ('000 ac) (7) L.C. - Local Currency unit

December Quarter, 2008

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Reserves, Resources and Historic Mineralisation
COMPANY
Code Status 1 Reserves (Equity)2 Uranium (U3O8) Mlb kt Gold Moz Other Resources (Equity)2 Uranium (U3O8) Mlb kt Gold Moz Other Historical/Mineralised Material (Equity)2 Uranium (U3O8) Mlb kt Gold Moz Other Total Uranium (U3O8) (All Mineralisation)1 Mlb kt Total - Gold Equivalent3 (Moz)

5 December 2008

AUSTRALIA
Aura Energy Limited Berkeley Resources Limited Black Range Minerals Limited Deep Yellow Limited Energy and Minerals Australia Limited Energy Metals Limited Energy Resources of Australia Ltd Extract Resources Limited Globe Metals and Mining Limited Greenland Minerals and Energy Limited Paladin Energy Ltd PepinNini Minerals Limited Scimitar Resources Limited Toro Energy Limited Uranex NL West Australian Metals Ltd. White Canyon Uranium Limited Average: Australia AEE BKY BLR DYL EMA EME ERA EXT GBE GGG PDN PNN SIM TOE UNX WME WCU E E E E E E P E E E P E E E E E I 0.0 0.0 0.0 0.0 0.0 0.0 239.1 0.0 0.0 0.0 90.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 108.4 0.0 0.0 0.0 41.1 0.0 0.0 0.0 0.0 0.0 0.0 2.6 1.2 26.1 11.8 86.4 39.2 38.8 17.6 0.0 0.0 15.5 7.0 279.3 ^ 126.7 ^ 25.1 11.4 8.9 4.0 135.8 61.6 310.9 141.0 7.6 3.4 4.8 2.2 27.0 12.3 29.3 13.3 27.4 12.4 0.0 0.0 0.0 0.0 0.0 39.2 102.5 0.0 0.0 0.0 0.0 0.0 35.1 0.0 0.0 19.5 0.0 0.0 1.9 0.0 0.0 0.0 17.8 46.5 0.0 0.0 0.0 0.0 0.0 15.9 0.0 0.0 8.8 0.0 0.0 0.9 2.6 26.1 86.4 78.0 102.5 15.5 518.4 ^ 25.1 8.9 135.8 346.0 7.6 4.8 46.5 29.3 27.4 1.9 1.2 11.8 39.2 35.4 46.5 7.0 235.2 ^ 11.4 4.0 61.6 157.0 3.4 2.2 21.1 13.3 12.4 0.9 0.2 1.9 6.2 5.6 7.3 1.1 37.0 1.8 0.6 9.7 24.7 0.5 0.3 3.3 2.1 2.0 0.1

58.8kt (Cu)

19.8kt (Vn)

CANADA
CanAlaska Uranium Ltd Forsys Metals Corp CVV FSY E E 0.0 30.6 0.0 13.9 0.0 62.1 0.0 28.2 0.5 0.0 0.2 0.0 0.5 62.1 0.2 28.2 0.0 4.4

Total/Total Average

360

163

1088

493

199

90

1525

692

(1) P: Producer; E: Explorer; I: Imminent - includes companies with bankable feasibility studies and likely to be in production within 3 years; IHC: Investment Holding Company (2) Reserves, resources and mineralised material published by the relevant company. The applicable mineral resource codes are by country: Australian: JORC, Canadian: NI 43-101, South Africa: SAMREC (3) For uranium only. Assumes a uranium price of US$55/lb and a gold price of US$770/oz * Mineral resource estimates are inclusive of the mineral reserve. ^ ERA reserves are in addition to resources.

Valuation and Performance Data
COMPANY
Code EV-Cash P/Book P/Net Cash (x) (x) /Reserves US$/unit EV-Cash /Res'v+resources US$/unit EV-Cash /Total U3O8 US$/unit Production Commencement Year 1 month

Share Price Performance (%) 3 month 6 month
12 month

Current Share Price % off 12 month Hi Lo

5 December 2008

AUSTRALIA
Aura Energy Limited AEE Berkeley Resources Limited BKY Black Range Minerals Limited BLR Deep Yellow Limited DYL Energy and Minerals Australia Limited EMA Energy Metals Limited EME Energy Resources of Australia Ltd ERA Extract Resources Limited EXT Globe Metals and Mining Limited GBE Greenland Minerals and Energy Limited GGG Paladin Energy Ltd PDN PepinNini Minerals Limited PNN Scimitar Resources Limited SIM Toro Energy Limited TOE Uranex NL UNX W est Australian Metals Ltd. W ME W hite Canyon Uranium Limited W CU 0.6 0.7 0.5 0.8 6.1 2.5 4.9 2.0 0.6 1.5 1.2 1.2 0.6 0.4 1.1 13.6 0.9 1.2 1.1 0.8 2.4 7.5 8.0 -51.0 8.2 1.4 3.5 -4.6 -4.6 9.3 4.7 1.6 29.0 4.8 na na na na na na 8.85 na na na 19.12 na na na na na na 0.3 0.0 -0.01 1.19 na 1.72 7.57 4.57 0.16 0.18 5.58 1.52 0.75 1.14 0.09 0.59 na 0.3 0.0 -0.01 0.59 0.21 1.72 7.57 4.57 0.16 0.18 5.01 1.52 0.75 0.66 0.09 0.59 7.06 na na na na na na 1981 na na na 2008 na na na na na 2Q09 -29 -8 -26 -31 -17 -1 8 -1 -26 10 -16 -31 0 -21 -10 -7 7 -26 -70 -66 -54 -51 -61 -8 -4 -52 -19 -54 -58 -50 -43 -39 -55 -3 -38 -75 -82 -63 -73 -69 -26 -13 -68 -62 -57 -75 -63 -65 -67 -73 -22 -63 -87 -90 -73 na -69 -13 9 -78 -79 -66 -83 -82 -79 -85 -79 na 67 88 91 80 80 74 32 35 80 80 69 84 84 79 86 80 42 55 24 27 0 0 27 82 75 17 62 42 10 25 12 27 55 32

Average: Australia

13.98

1.69

1.82

CANADA
CanAlaska Uranium Ltd Forsys Metals Corp Average: Canada Total/Total Average CVV FSY 0.2 4.5 1.0 11.1 na 9.66 9.66 9.41 na 4.77 4.77 1.77 -0.42 4.77 2.17 1.77 -10 -38 -53 -58 66 39 na 1H10 -25 20 -67 18 -79 16 -85 47 86 13 33 171

December Quarter, 2008

Disclaimer and disclosure attached. Copyright 2008 by Resource Capital Research Pty Ltd. All rights reserved.

©

10

Resource Capital Research

Aura Energy Limited

AEE.AU

Aura Energy Limited
A$ 0.17 AEE's Storsjön Project (Alum Shale, Sweden) has a near-term resource target of >100mlbs U3O8 and a sale agreement with Sino King worth up to A$460m. It is also advancing uranium projects in Australia, West Africa. CY09 exploration budget A$5-8m, majority funded by partners.

5 December 2008 Uranium Sweden, Australia, Mauritania, Niger Advanced Exploration, Early Exploration Exchanges: ASX:AEE

Capital Profile
Share price (A$) 0.17 0.11 52 week range (A$/share) Number of shares (m) 43 Options and warrants (m) 24 Convertible notes (m) 0 67 Fully diluted (m) 7.3 Market capitalisation (undiluted) (A$m) 0.0 Debt (A$m) - Dec 08F 7.3 Enterprise value (A$m) Major shareholders: Global Coal Management plc (14.6%),
Drake Resources (10.5%)

Production and Financial Forecasts
to
0.51

YEAR END: June Exploration and evaluation (A$m) Corporate (A$m) Exploration/(Expl.+ Corporate) (%) Funding duration at current burn (years) Shares on issue (pr end) (m shares) Drilling - RAB (m) Drilling - Other/Diamond (m) Land holding ('000 ha)* Tenement costs ($k per year) Capital raisings (A$m) Funding from JV partners (A$m) Cash (A$m) Cash backing (Ac/share) Net asset backing (Ac/share)

Sep-08a 1.01 0.22 82 1.0 42.8 5,000 2,000 1,200 0.00 0.8 1.2 2.9 14.5

Dec-08F 0.10 0.20 33 20.6 43.2 0 1,000 1,200 3.57 0.8 6.2 14.3 26.1

2007a 0.80 0.90 47 1.9 36.0 6,000 0 450 0.00 0.0 3.2 9.0 14.9

2008a 2.03 0.98 68 0.8 42.8 2,000 2,900 1,000 1.62 1.8 2.4 5.7 14.6

2009F 2.61 0.82 76 1.7 43.2 13,800 9,000 1,200 3.57 5.2 5.8 13.5 28.7

Avg monthly volume (m) Cash (A$m) - Dec 08F Price/Cash (x) Price/Book (x) Listed company options

1 6.2 1.2 0.6 No

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

Investment Points
AEE exploration budget CY09 A$5-8m, largely from JV partners - 100% uranium focus. Sweden, Storsjön - Alum Shale - potential for very large scale, near surface uranium-moly-vanadium deposit. Typical U3O8 grades 0.01-0.03%. Resource likely 1Q09. Long-term target ~330mlbs-1200mlbs U3O8 - nearby Continental Precious Metals (TSX:CZQ) Viken, Sweden Alum Shale project has 443mlbs U3O8 grading 0.016%. AEE is exploring prospective uranium districts of WA targeting calcrete near Lake Way and lignite/sandstone Mulga Rock style (Gunbarrel). Drilling 1H09. Mauritania - over 20km of radiometric anomalies. Grades to 0.33% U3O8 at surface. Trenching Dec '08. Significant uranium alliances with Sino King (Sweden), Global Coal Management (Mauritania/Niger, AIM:GCM).
AEE - Aura Energy Limited 0.60 0.50
2

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

Share Price ($/Share)

0.40 0.30

0.20 0.10

Reserves and Resources/Mineralised Material
Code for reporting mineral resources - Australian:

(JORC)

0.00

Source: Bloomberg

Uranium Project Classification/ U3O8 Equity Geology Reserves Resources Inferred 100% Wondinong Mineralised Material (est., non compliant with JORC)

Ore Mt

U3O8 %

Mar-08

Dec-07

Sep-08

Jan-08

Jun-08

Oct-08

Apr-08

Jul-08

Cut Off U3O8 ppm Kt 0.0
150

U3O8 U3O8 Eqty Mlb Mlb 0.0 0.0 2.6 0.0 2.6 0.0

6.5

0.019

1.2 0.0

Contacts
Dr Bob Beeson Managing Director Tel: +61 (0) 8 9228 0711 North Perth, WA, Australia www.auraenergy.com.au Analyst: John Wilson Analyst: Dr Trent Allen info@rcresearch.com.au
December Quarter, 2008

Directors
B Fraser (Non-Exec Ch) R Beeson (MD) J Stephenson (Non-Ex Dir) S O'Loughlin (Non-Ex Dir)

Key Projects
Project Storsjön Mauritania Gunbarrel Wondinong Porcupine Well Virka Niger
©

Ownership/ Option Metal 100%/20% U,Mo,V,Ni 50%/30% U 100%/50/30% U 100% U 100% U 100% U 50% U

JV Partner Sino King GCM Mega na na na GCM

Target Type Alum shale na sandstone calcrete calcrete vein sandstone

Process Route na na na na na na na

Project Status Mid Expl Early Expl Early Expl Adv. Expl Early Expl Mid. Expl Early Expl

Location Sweden Mauritania Aus (WA) Aus (WA) Aus (WA) Sweden Niger

Disclaimer and disclosure attached. Copyright 2008 by Resource Capital Research Pty Ltd. All rights reserved.

11

Resource Capital Research

Alum Shale, Häggån, Sweden: location of AEE reconnaissance drilling to Oct ’08. Average thickness of shale intersected 1H08 is 116m (17 holes), assays include 180m @ 0.015% U3O8. Neighbouring Viken licence (TSX:CZQ) has an Inferred Resource of 437mlbs U3O8 and Indicated Resource of 6mlbs U3O8.

Gunbarrel Basin, WA: (3750km ) AEE has a JV with Mega Redport (TSX:MGA) in this highly prospective region, host to the Mulga Rock and Ponton uranium projects (combined >100mlbs U3O8). Phase 1 drilling (4,000m) detected anomalous uranium at palaeochannel targets – Phase 2 planned for 2009.

2

December Quarter, 2008

Disclaimer and disclosure attached. Copyright 2008 by Resource Capital Research Pty Ltd. All rights reserved.

©

12

Resource Capital Research

Black Range Minerals Limited

BLR.AU
0.01 0.011 604 108 0 712 8 0.0 8.5

Black Range Minerals Limited
A$ 0.014

5 December 2008 Uranium, Copper USA (WY,CO), Australia (NSW) Advanced Exploration, Scoping Exchanges: ASX:BLR

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

Capital Profile
Share price (A$) 52 week range (A$/share) Number of shares (m) Options and warrants (m) Convertible notes (m) Fully diluted (m) Market capitalisation (undiluted) (A$m) Debt (A$m) - Dec 08F Enterprise value (A$m) Major shareholders: R & H Healy (11.7%) Avg monthly volume (m) Cash (A$m) - Dec 08F Price/Cash (x) Price/Book (x) Listed company options: to 0.15

Production and Financial Forecasts
YEAR END: June Exploration and evaluation (A$m) Corporate (A$m) Exploration/(Expl.+ Corporate) (%) Funding duration at current burn (years) Shares on issue (pr end) (m shares) Drilling - RAB (m) Drilling - Other/Diamond (m)* Land holding ('000 ha)* Tenement costs ($k per year) Capital raisings (A$m) Funding from JV partners (A$m) Cash (A$m) Cash backing (A$c/share) Net asset backing (A$c/share)
* Uranium prospective properties only.

Sep-08a 0.54 0.37 60 604 0 3,750 6.1 0.0 0.0 10.7 1.8 3.0

Dec-08F 0.50 0.25 67 604 0 3,750 6.1 0.0 0.0 10.1 1.7 3.0

2007a 2.09 1.30 62 2.0 603 0 15,000 3.0 21.3 0.0 13.6 2.2 3.7

2008a

2009F

76 10.1 0.8 0.5 BLRO

2.83 0.72 80 1.6 604 0 10,000 6.1 0.1 0.0 11.5 1.9 3.0

3.04 1.12 73 1.5 604 0 15,000 6.1 0.0 0.0 6.4 1.1 3.0

Quarters refer to calendar year.

Investment Points
BLR has a $10m exploration and evaluation budget over 2 years - 70% focused on uranium. Taylor Ranch JORC resource 83.9mlbs (Jul '08, 139mt @ 0.027%; 100ppm cut-off) U3O8 over 6 deposits. Taylor Ranch includes high grade zones aggregating 23.5mlbs (grading 0.12% at 750ppm cut-off). Scoping study indicates opex of US$34/lb U3O8, mine capex US$60m, EBITDR US$68mpa (at US$65/lb U3O8) Taylor Ranch - good exploration upside: recent success in Boyer - North Hansen corridor. BFS expected 2009. Keota (CO) - in known uranium field, historic drill data include 3m @ 0.17% U3O8. Eagle and Cyclone Rim (WY): JORC 5.1mlbs U3O8 (Jun '08) - both historic projects. ISR potential.

Company Comment
Overview: BLR underwent restructuring and relisted in Dec. 2004. Its new managers are focused on exploration and acquisitions, with the priority to advance its US uranium projects. 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 (750ppm cut-off) occur in each of the 6 deposits with Boyer containing over 9mlbs U3O8 at a high grade of 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 mineralisation has >5km strike - recent results include 2.6m @ 0.133% eU3O8 from 800m corridor between 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 opposed by some neighbours. Fremont County’s Board of Commissioners (re-elected Nov ’08) granted a Conditional Use Permit (CUP) for ongoing exploration drilling (May ’08) for 8 years. A District Court challenge to Freemont Board’s decision could be heard 4Q08. The scoping study (Mar. ‘08) indicates an initial underground 1mtpa mine, head grades of ~0.1% U3O8, on-site conventional acid leach, producing 2.2mlbpa U3O8 (or toll treatment at Canyon City). Cash cost ~US$34/lb U3O8, initial capex ~US$160m (mine $60m, plant $100m) - potential mine life 8+ years. Keota: (CO) BLR has acquired 100% of 2,750ac within the historic Keota uranium district in northern Colorado and interests in a further 640ac. Approximately 500 holes drilled since the 1970s. Known uranium mineralisation is shallow and considered potentially amenable to open cut or ISL recovery. Best assay data from the 20 historic holes so far assessed include 3m @ 0.17% U3O8 from 84m depth. Cyclone Rim and Eagle Uranium: Red Desert, southwest Wyoming; these adjacent projects are shallow, believed ISR amenable. Combined JORC resource of 5.1mlbs U3O8. Investment Comment: BLR has cash of ~A$10m and is evaluating 4 uranium projects, as well as seeking new investments. Taylor Ranch is the most advanced and holds potential for low tonnage, high grade (0.1% U3O8) underground production. The current drilling program has found high-grade mineralisation (Boyer North Hansen corridor) and ongoing resource updates are anticipated. Taylor Ranch appears to offer significant economic potential though re-rating of BLR will depend on achieving project milestones, including granting of mine permits.

BLR - Black Range Minerals Limited 0.16 0.14 Share Price ($/Share) 0.12 0.10 0.08 0.06 0.04 0.02 0.00 Dec-07 Sep-08 Aug-08 Nov-08 Mar-08 Feb-08 Jan-08 Apr-08 Jun-08 Oct-08 Jul-08

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

Uranium (U3O8)

Classification

Project Equity

Ore Mt

Grade %

Cut Off ppm

Source: Bloomberg

Reserves Resources Inferred Taylor Ranch (6 deposits) incl. high grade zone ( Boyer ( NW Taylor incl. high grade zone ( Other areas incl. high grade zone ( Sub Total high grade cutoff (750ppm) Eagle Inferred Cyclone Rim Inferred Total Mineralised Material (est., non compliant with JORC) Copper Resources Ind. & Inf. Koonenberry

Kt 0.0

Mlb 0.0 83.9 9.2 4.1 10.2 23.5 4.7 0.4 89.0 0.0 Zn Kt 19.8

Eqty Mlb 0.0 83.9 9.2 ) 4.1 ) 10.2 ) 23.5 ) 2.3 0.2 86.4 0.0

100% 100% 100% 100% 100% 50% 50%

138.8 3.2 1.7 4.0 8.9 9.3 0.6

0.027 0.130 0.110 0.116 0.120 0.023 0.030

100%

5.7

Cu % 1.0

38.0 4.2 1.9 4.6 10.7 2.1 0.2 40.4 0.0 Zn % Cu Kt 0.35 58.8 100 750 750 750 750 200 100

Contacts
Mr Michael Haynes Managing Director Tel: 61 (8) 9481 4920 Perth, Australia www.blackrangeminerals.com

Directors
A Scott (Chairman) M Haynes (MD) M Wood (Dir)

Key Projects
Project Taylor Ranch (various) Cyclone Rim Eagle Keota Koonenberry
Ownership/ Option 100% 50% 50% 100/25/9% 100% Metal Uranium Uranium Uranium Uranium Copper JV/ Partner na Uranerz Uranerz various na Target Type sandstone sandstone sandstone sandstone VMS Process Route UG/OP ISR/OP ISR/OP ISR/OP na Project Status Adv. Expl. Adv. Expl. Adv. Expl. Adv. Expl. Mid. Expl. Location US (CO) US (WY) US (CO) US (WY) Aus (NSW)

Analyst: John Wilson Analyst: Dr Trent Allen info@rcresearch.com.au
December Quarter, 2008

Disclaimer and disclosure attached. Copyright 2008 by Resource Capital Research Pty Ltd. All rights reserved.

©

13

Resource Capital Research

Taylor Ranch district uranium projects (CO, 100% BLR): aggregate resource of 83.9mlbs U3O8 (100ppm cutoff). The Boyer deposit has a high grade zone of 9mlbs grading 0.13% U3O8 (Nov. ’07). Recent exploration has located mineralisation in the previously undrilled Boyer North Hansen corridor, more assays pending.

Red Desert: (WY) BLR has JV’s with Uranerz at Eagle and Cyclone Rim uranium projects. The Red Desert Basin has a long history of uranium production. Combined project resource 5.1mlbs U3O8.

December Quarter, 2008

Disclaimer and disclosure attached. Copyright 2008 by Resource Capital Research Pty Ltd. All rights reserved.

©

14

Resource Capital Research
Energy and Minerals Australia Limited

EMA.AU

Energy and Minerals Australia Limited
A$ 0.17 EMA has accelerated its development of the multi-faceted Mulga Rock Deposits and regional projects, supported by a lift of the ban on uranium mining in WA (Nov '08). High grade historic (non-JORC) resource of 102.5mlbs U3O8 grading 0.11% – JORC statement expected Dec '08.

5 December 2008 Uranium, Base Metals, Gold Australia (WA) Resource Definition, Early Exploration Exchanges: ASX:EMA

Capital Profile
Share price (A$) 52 week range (A$/share) Number of shares (m) Options and warrants (m) Convertible notes (m) Fully diluted (m) Market capitalisation (undiluted) (A$m) Debt (A$m) -Dec 08F Enterprise value (A$m) Major shareholders: M. Fewster (82%)
Avg monthly volume (m) Cash (A$m) - Dec 08F Price/Cash (x) Price/Book (x) Listed company options:

Production and Financial Forecasts
0.17 0.17 232 9 128 369 39.4 0.0 39.4 to
0.85

YEAR END: June Exploration and evaluation (A$m) Corporate (A$m) Exploration/(Expl.+ Corporate) (%) Funding duration at current burn (years) Shares on issue (pr end) (m shares) Drilling - RAB (m) Drilling - Other/Diamond (m) Land holding ('000 ha)* Tenement costs ($k per year) Capital raisings (A$m) Funding from JV partners (A$m) Cash (A$m) Cash backing (Ac/share) Net asset backing (Ac/share)

Sep-08a 0.55 0.49 53 na 0 5,000 325 0.00 0 6.0 na na

Dec-08F 1.60 0.30 84 231.7 6,000 5,000 325 0.00 0 5.3 2.3 2.9

2007a na na na na na na na na na na na na na na

2008a 1.54 1.26 55 2.5 231.7 0 10,000 325 10.00 0.0 7.0 3.0 3.0

2009F 3.15 1.29 71 0.6 330.0 21,000 20,000 325 0.00 0.0 3.8 1.2 1.9

5 5.3 7.5 6.1 EMAO

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

Quarters refer to calendar year.

Investment Points
EMA's initial development focused on uranium - two-year development and exploration budget A$4.7m. Mulga Rock Deposits (MRD) - multiple potential revenue streams including U, Ni, Co, Au and lignite/oil. MRD - mineralisation 46,600t U3O8 (~102.5mlbs, non JORC resource), with mineralisation open to south. Drilling results from the first hole 1Q08 intercepted 5.3m at 0.203% U3O8 (from 49.2m) incl. 1m @ 1.0% Ni, 0.4% Co, 0.9% Cu, and 0.8m at 1.1% Zn. Drilling underway. Development timetable - establish MRD uranium JORC resource in Dec '08 and Ni/Co resources in 1H09. Potential to convert lignite to oil by pyrolysis at 2/3bl/t, target lignite resource 500mt. Pipeline of adjacent grassroots projects, prospective for MRD-style mineralisation and palaeochannel uranium.
EMA - Energy and Minerals Australia Limited 0.80 0.70
Share Price ($/Share)

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

0.60 0.50 0.40 0.30 0.20 0.10 0.00
May-08 Aug-08 Sep-08 Nov-08 Jun-08 Oct-08

Reserves and Resources/Mineralised Material
Code for reporting mineral resources - Australian:

(JORC)

Source: Bloomberg

Project Classification Uranium Equity U3O8 Reserves Resources Mineralised Material (est., non compliant with JORC) Mulga Rock Deposits 100% Ambassador 100% Emperor 100% Shogun Total

Ore Mt

U3O8 %

Cut Off ppm

U3O8 Kt 0.0 0.0

U3O8 U3O8 Eqty Mlb Mlb 0.0 0.0 0.0 0.0

6.1 34.0 2.3 42.4

0.20 0.09 0.13 0.11

12.0 31.6 2.9 46.5

26.5 69.7 6.4 102.5

26.5 69.7 6.4 102.5

Contacts
Mr Chris Davis Managing Director Tel: 61 (0) 8 9389 2700 W. Perth, WA, Australia www.eama.com.au

Directors
P Golding (Chairman) M Fewster (Exec Dir) C Davis (MD) S Penrose (Non-Exec Dir)

Key Projects
Project Mulga Rock Deposit Narnoo regional Gunbarrel Minigiwal Ownership/ Option 100% 100% 100% 100%

Metal U,Ni,Co U,lignite U U

JV Partner na na na na

Target Type Lignite sandstone sandstone sandstone

Process Route na na na na

Project Status Adv. Expl. Early Expl. Early Expl. Early Expl.

Location Aus (WA) Aus (WA) Aus (WA) Aus (WA)

Analyst: Dr Trent Allen Analyst: John Wilson info@rcresearch.com.au
December Quarter, 2008 Disclaimer and disclosure attached. Copyright 2008 by Resource Capital Research Pty Ltd. All rights reserved.
©

15

Resource Capital Research

EMA holds 3,397km in the Yilgarn Craton and Eucla Basin region of WA. Its tenements are prospective for uranium, base and precious metals, specialty metals and lignite. The polymetallic Mulga Rock Deposits (MRD), part of the Narnoo project, has uranium mineralisation of 46.5kt U3O8 (non JORC compliant).

2

EMA’s projects - development stages and sequences. Initial focus on Mulga Rock (MRD), to be followed by other projects (Narnoo, Gunbarrel, Minigwal). Approx timescale from May ’08 IPO – MRD uranium resource, 6 months (Dec ’08); MRD nickel-cobalt, 12 months; MRD/Narnoo lignite ± MRD gold, 12-18 months.

December Quarter, 2008

Disclaimer and disclosure attached. Copyright 2008 by Resource Capital Research Pty Ltd. All rights reserved.

©

16

Resource Capital Research
Energy Metals Limited

EME.AU

Energy Metals Limited
A$ 0.41 Bigrlyi (NT) extension and infill drilling underway (20,000m) - results to date include 5.3m @ 0.52% eU3O8 (from 77m) and 4.8m @ 0.47% eU3O8 (from 123m). Revised resource expected 1Q09. Accelerated drilling programs 2H08 at regional Ngalia (NT) and also at 3 WA projects.

5 December 2008 Uranium Australia (NT, WA) Advanced Exploration Exchanges: ASX:EME

Capital Profile
Share price (A$) 52 week range (A$/share) Number of shares (m) Options and warrants (m) Convertible notes (m) Fully diluted (m) Market capitalisation (undiluted) (A$m) Debt (A$m) - Dec 08F Enterprise value (A$m) Major shareholders: Jindalee Resources (40.0%),
Avg monthly volume (m) Cash (A$m) - Dec 08F Price/Cash (x) Price/Book (x) Listed company options:

Production and Financial Forecasts
0.41 0.32 117.1 4.2 0.0 121.3 47.4 0.0 47.4 to
1.55

YEAR END: June Exploration and evaluation (A$m) Corporate (A$m) Exploration/(Expl.+ Corporate) (%) Funding duration at current burn (years) Shares on issue (pr end) (m shares) Drilling - RAB (m) Drilling - Other/Diamond (m) Land holding ('000 ha)* Tenement costs ($k per year) Capital Raisings (A$m) Funding from JV partners, est. (A$m) Cash (A$m) Cash backing (Ac/share) Net asset backing (Ac/share)

Sep-08a 2.10 0.21 91 117 5,000 7,500 400 0.0 0.58 6.2 5.3 16.2

Dec-08F 0.50 0.18 74 117 5,000 10,000 400 0.0 0.25 5.9 5.0 16.3

2007a 3.17 0.47 87 0.6 27 13,500 28,125 400 0.5 0.6 2.3 8.6 29.3

2008a
3.97 1.21 77 1.0 117 0 30,625 400 8.3 1.0 5.3 4.6 13.6

2009F
6.60 0.75 90 0.5 117 15,000 32,500 400 0.0 2.5 3.5 3.0 17.7

Mark Scott (11.7%), Denison Mines Inc. (8.1%), LG Dudfield (5.6%)

1 5.9 8.0 2.5 No

*Uranium prospective tenements, both held and under application. ^ Assumes uranium price US$65/lb and vanadium US$15/lb.

Investment Points
100% dedicated uranium exploration. Strategic alliance with Denison Mines (TSX:DEN). JV with Paladin (ASX:PDN) at Bigrlyi (NT). Bigrlyi resource: 23.4mlbs U3O8 at 0.14% including high grade 17.6mlbs U3O8 at 0.20% (1000ppm cut-off). Bigrlyi mill high head grade forecast: 0.15% U3O8. Enhanced scoping study economics driven by improved metallurgy and production scale. PFS expected 1H09. RC and diamond program 2H08 aims to extend shallow resources and at depth at A4 and A15 deposits. Drilling diary: 2H08 Bigrlyi JV and Ngalia regional (NT); Anketell (WA) 4Q08 - resource expected 1Q09. Mopoke Well and Manyingee (both WA, 100% EME) 4Q08. Solid balance sheet with ~A$6m in cash.

Company Comment
Overview: Energy Metals listed on the ASX Sept ‘05. It controls 8 uranium projects, 2 in the NT, including Bigrlyi, 390km NW of Alice Springs which is the most advanced of EME's projects. The other 6 projects are in WA (100% EME) and 5 have historic mineralisation aggregating 13mlbs U3O8. Bigrlyi (NT): Is located 350km northwest of Alice Springs. Uranium (and vanadium) mineralisation was discovered at Bigrlyi in 1973. The deposits are characterised as high grade (0.14% U3O8) containing vanadium, narrow (2m to 5m width) and steeply dipping. The known mineralisation outcrops along a 14km strike. The resource estimate of 23.4mlbs U3O8 (500ppm) by Hellman and Schofield is based on chemical assays. Most of the resource occurs at less than 250m depth and defined over Anomalies 4 (to A6), A15, A2, A3, and A7. Anomaly 4 (to A6) forms a 2km mineralised corridor with multiple lenses and accounts for 59% of the resource. A15 accounts for 31% of the resource (A15 and A4 account for 90% of the deposit). Mineralisation is defined to 300m depth and there is potential to expand resource envelopes along strike. Resource upside could also come by running an unconstrained resource model at A4, and there is potential for increased vanadium tonnage and grade across Bigrlyi as gaps in the historic data are filled. Drilling 2H08 is expected to focus on upgrading the resource to measured and indicated. PFS expected 2H09. The enhanced scoping study (July ’08, by Andrew Hutson of Paladin Energy) follows from the initial study 4Q07 and envisages 6 open pits at 3 deposits (A2/3, A4 and A15) and subsequently 1 underground mine (A15), conventional acid leach, 500ktpa mill, producing 16.2mlbs U3O8 and 14.5mlbs of vanadium over a 12 year mine life. Capex is A$70m (for treatment plant and tailings; not inclusive of mine development and surface infrastructure). Operating costs are anticipated to be provided as additional resources are confirmed and with anticipated refinements to metallurgy and engineering optimisation. The scoping study assumed a contract uranium price of US$75/lb. Metallurgical testwork, favourable results are reported from tests at A4 (June ‘08) - low in calcium carbonate. Uranium recoveries from acid leach testwork indicate 98% recovery in 24 hours. Indicative metallurgical recovery for vanadium is 45%. Encouraging initial heap leach studies for processing low grade material will be followed up with permeability and porosity testing 1Q09. Ngalia Region (100% EME): The tenements enclose the Bigrlyi, Malawiri (52% EME) and Walbiri (42% EME) prospects giving EME strategic regional control over a 200km strike. Tenements contain uranium and vanadium mineralisation in roll-front style with encouraging historic intercepts. Drilling 4Q08 will test Camel Flat (sandstone target with hi storic intercepts) and Cappers (defined palaeochannel, radiometric anomaly not previously drilled) 20km NW of Napperby - New Well (ASX:TOE). Investment Comment: EME has an experienced management team and near term is expected to advance Bigrlyi through a resource upgrade (to Measured and Indicated) and possible expansion 1Q09 and PFS (1H09). There is potential for further resource increases at Bigrlyi and the company is well positioned for regional exploration success (initial Ngalia regional drill program 4Q08). WA is now a uranium mine friendly jurisdiction, and EME is accelerating exploration at historic calcrete and sandstone uranium projects in that state. EME appointed Gresham June ‘08 to advise on corporate options for advancing the Bigrlyi project, which is ongoing with EME indicating interest from majors, notwithstanding the current financial crisis.

EME- Energy Metals Limited 1.60 1.40

Share Price ($/Share)

1.20 1.00 0.80 0.60 0.40 0.20 0.00

Reserves and Resources/Mineralised Material
Code for reporting mineral resources - Australian:

(JORC)

Uranium (U3O8) Reserves Resources Bigrlyi (A4, 15, 2, 3, 7)*
May-08 Mar-08 Sep-08 Jan-08 Dec-07 Dec-08 Apr-08 Aug-08 Jul-08 Oct-08

Classification

Project Equity

Ore Mt 0.0 7.56
4.04

U3O8 % 0.00
0.14
0.20

Cut Off ppm

U3O8 Kt 0.0
10.6
8.0

V2O5 Kt 0.0
19.8
13.6

Eqty U3O8 Mlb 0.0
12.5
9.5 )

Indicated and Infer. Inferred

54% 100%

500
1,000

(Includes high grade zone at 1000ppm cut off

Lake Mason Total

7.90

0.017

100

1.3 11.9
0.0 11.9

0.0 19.8
0.0 19.8

3.0 15.5

Source: Bloomberg

* Bigrlyi contains 19.81kt V2O5 (500ppm cut-off) grading 0.26%; or 13.6kt V2O5 (1000ppm cut-off) grading 0.34%.

Mineralised Material (est., non compliant with JORC) EME - Total

0.0 15.5

Contacts
Mr Lindsay Dudfield Executive Director Tel: 61 (0) 8 9322 6904 Perth, Australia www.energymetals.net

Directors
O Aamodt (Non Ex Chair.) L Dudfield (Exec Dir) G Jones (Non Ex Dir)

Key Projects
Project Bigrlyi Ngalia Regional Lake Mason Mopoke Well Anketell Lakeside Manyingee
©

Analyst: John Wilson johnwilson@rcresearch.com.au
December Quarter, 2008

Ownership/ Option 53.7% 100% 100% 100% 100% 100% 100%

Metal U, V U, V Uranium Uranium Uranium Uranium Uranium

JV Partner PDN, SCX na na na na na na

Target Type Sandst-tab Sandst-tab Calcrete Calcrete Calcrete Calcrete Sandst-rf

Process Route acid leach na na na na na na

Project Status Adv. Expl. Mid Expl. Mid Expl. Mid Expl. Mid Expl. Mid Expl. Mid Expl.

Location Aus (NT) Aus (NT) Aus (WA) Aus (WA) Aus (WA) Aus (WA) Aus (WA)

Disclaimer and disclosure attached. Copyright 2008 by Resource Capital Research Pty Ltd. All rights reserved.

17

Resource Capital Research

Location map: EME’s most advanced project is Bigrlyi (NT) - PFS expected 2H09. The company also has 5 calcrete uranium prospects (all have historic mineralisation) in WA where increased exploration activity, including drilling is underway.

Ngalia Region (NT) deposits and prospects: EME holds a strategic position (mostly 100%) over 200km of uranium/vanadium prospective stratigraphy along strike from the Bigrlyi uranium deposit. Drilling expected 2H08 at the Bigrlyi deposit and Ngalia regional (Camel Flat and Cappers).

December Quarter, 2008

Disclaimer and disclosure attached. Copyright 2008 by Resource Capital Research Pty Ltd. All rights reserved.

©

18

Resource Capital Research

Globe Metals and Mining Limited

GBE.AU

Globe Metals & Mining Limited
A$ 0.12 GBE has found additional high-grade, near-surface material at the uranium/ specialty-metal Kanyika Project (Malawi). JORC resource 56mt with 321mlbs Nb2O5 and 9mlbs U3O8, upgrade expected Feb'09 as part of PFS. Nb and Ta prices, demand remains high.

5 December 2008 Uranium, Specialty Metals Malawi, Argentina Early to advanced exploration Exchanges: ASX:GBE

Capital Profile
Share price (A$) 52 week range (A$/share) Number of shares (m) Options and warrants (m) Convertible notes (m) Fully diluted (m) Market capitalisation (undiluted) (A$m) Debt (A$m) - Dec 08F Enterprise value (A$m) Major shareholders:
Mark Sumich (9.3%), TGP-Axon (8.9%)

Production and Financial Forecasts
0.12 0.10 68 5.9 0 73 7.8 0.0 7.8 to 0.58 YEAR END: June Exploration and evaluation (A$m) Corporate (A$m) Exploration/(Expl.+ Corporate) (%) Funding duration at current burn (years) Shares on issue (pr end) (m shares) Drilling - RAB (m) Drilling - Other/Diamond (m) Land holding ('000 ha)* Tenement costs ($k per year) Capital raisings (A$m) Funding from JV partners (A$m) Cash (A$m) Cash backing (Ac/share) Net asset backing (Ac/share) Sep-08a 1.27 0.57 69 3.3 67.6 0 4,000 275 0.00 0 6.0 8.8 18.6 Dec-08F 0.80 0.35 70 4.8 68.3 0 2,000 275 0.60 0 5.5 8.1 18.9 2007a 1.36 0.73 65 4.9 50.3 0 6,000 209 8.08 0 10.2 20.3 23.3 2008a 3.77 1.52 71 1.5 67.5 0 16,700 275 3.02 0 7.7 11.5 19.7 2009F 4.57 1.62 74 3.6 40.7 0 12,000 275 20.60 0 22.4 55.1 79.5

Avg monthly volume (m) Cash (A$m) - Dec 08F Price/Cash (x) Price/Book (x) Listed company options

4 5.5 1.4 0.6 No

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

Quarters refer to calendar year.

Investment Points
Kanyika (central Malawi) – multi-commodity Nb-U-Ta-Zr deposit. Estimated ore value ~US$120/t (~4.5g/t Au eq). Kanyika initial resource includes 321mlbs at 0.26% Nb2O5 (includes high grade zone of 116mlbs at 0.37%) and 8.9mlbs U3O8; upgrade expected Feb '09. Kanyika scoping study (Jun '08, Coffey) - 4ktpa Nb as FeNb, opex US$13/kg-US$20/kg Nb, capex US$177m. Pre-feasibility study began Sep '08, results 3Q09. Key economic driver is Nb (>85% of forecast revenue) used in steel. Current Nb contract price (in FeNb) ~US$4346/kg, has risen during financial crisis. Kanyika drilling (6,000m 2H08) - high grade zone extended: results incl. 3m @ 4.4% Nb2O5, 0.16% U3O8. Midterm upside potential derived from scoping study is >A$250m (US$35/kg Nb, AUD 0.70); current GBE market capitalisation ~A$8m.
GBE - Globe Metals and Mining Limited 0.70 0.60 Share Price ($/Share) 0.50 0.40 0.30 0.20 0.10 0.00 May-08 Dec-07 Sep-08 Nov-08 Jan-08 Feb-08 Apr-08 Jun-08 Oct-08 Jul-08

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

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

Uranium, Niobium U3O8, Ta2O5

Classification/ Geology

Project Equity

Ore Mt

Cut off Nb2O5 ppm 1,500

U3O8 %

U3O8 Mlb 0.0 8.9 0.0

Nb2O5 % 0.00 0.26 0.00

Nb2O5 Mlb 0.0 320.7 0.0

Reserves Resources - Kanyika Inferred 100% Mineralised Material (est., non compliant with JORC)

56.4

0.007

Resource also contains: 0.012% Ta2O5 for 14.5mlbs and 0.48% ZrSiO4 for 600.5mlbs.

Contacts

Directors

Key Projects
Project Kanyika Livingstonia Nthalire Belele Dambo Cerro Tin Tin Ownership/ Option 100% 100% 100% 100% 100% Metal U (Nb,Ta) U U U (Nb,Ta) U (V) JV Partner none none none none none Target Type Granitoid S'stone S'stone Granitoid Shear Process Route na na na na na Project Status Scoping Mid. Expl. Early Expl. Early Expl. Early Expl.
Location Malawi Malawi Malawi Malawi Argentina

D Sumich (Non-Exec Chair) Mr Mark Sumich M Sumich (MD) Managing Director Tel: +61 (0) 8 9486 1779 P van der Borgh (Tech. Dir) West Perth, WA, Australia www.globemetalsandmining.com.au Analyst: John Wilson Analyst: Dr Trent Allen info@rcresearch.com.au
December Quarter, 2008

Disclaimer and disclosure attached. Copyright 2008 by Resource Capital Research Pty Ltd. All rights reserved.

©

19

Resource Capital Research

Proposed process flowchart for GBE’s Kanyika Project, Malawi, from the scoping study (Coffey, Jun ’08). Note that uranium reports to waste during FeNb production but could be recovered by expanding the plant to produce high purity metal oxides (Phase 2).

Niobium price sensitivities and NPVs for the Kanyika Project. Modelling does not include potential revenues from a possible Phase 2 expansion to produce uranium.
KANYIKA SPECIALTY METALS PROJECT (NPV based on Coffey Scoping Study)
Equity LONG TERM NIOBIUM PRICE (per kg in FeNb alloy)^ EXCHANGE RATE :US$/kg :AUUS 25 0.70 35 0.70

Sensitivity
45 0.70 55 0.70 65 0.70

KANYIKA NPV @ 8% REAL* KANYIKA NPV @ 8% REAL* NPV/SHARE

:A$m :US$m :A$/share

100% 100%

70 49 1.04
50%

234 164 3.46

397 278 5.87

561 393 8.29

726 508 10.74

* Includes a scoping study stage project discount of 50% of the project valuation: ^Niobium prices are modelled as flat line for 20 years. Spot US$55/kg.

KANYIKA SPECIALTY METALS PROJECT KEY ASSUMPTIONS*
RESOURCE ESTIMATES Current inferred resource Model does not include uranium production

Ore Mt 56.4

Nb % 0.30

Ta % 0.012

Zr % 0.48

U % 0.007

Contained metal, mlbs MINING METHOD PROCESS METHOD Open Pit

320.7

14.5

600.5

8.9

Dedicated Specialty Metals Plant Gravity (incl. seperation of zircon), flotation, aluminothermic smelting for FeNb (+Ta) alloy

PRODUCTION RATE

:mtpa :tpa Nb :strip ratio :US$ :%

Year 1 2.2
4,000 0.5 177m 72.9 65.9 72.9 85 90

Year 20 3.5
4,000 0.9 (+97m)

Head grade falls from >0.25% Nb2O5 to ~0.25% Nb2O5

CAPITAL COSTS RECOVERIES TO CONCENTRATE Nb2O5 Ta2O5 U3O8 ZrSiO4 DOWNSTREAM RECOVERY OPERATING COSTS TAX ROYALTY MINE LIFE COMMISSION DATE

Two expansions, in yrs 3 & 6. Sustaining capex $5.2mpa.

:US$/t :% :% :Years :

17 to 24 30 3 20 Post 2012

Company tax in Malawi ASX:PDN at Kayelekera pays 1.5% for first 3 yrs, then 3%

* These figures are preliminary in nature and are intended to provide only a general indication of project potential scale and economic robustness. Considerable refinement may result from subsequent pre-feasibility study, expected in 3Q09.
December Quarter, 2008 Disclaimer and disclosure attached. Copyright 2008 by Resource Capital Research Pty Ltd. All rights reserved.
©

20

Resource Capital Research

GGG.AU
5 December 2008 Rare Earth Elements, Uranium Greenland Advanced exploration Exchanges: ASX:GGG

Greenland Minerals and Energy Ltd
A$ 0.28 GGG has the rights for up to 100% of the Kvanefjeld uranium and rare earths deposit in SW Greenland. JORC resource 223mlb U3O8 and 2.6mt REO with upside potential. Scoping study commencing 1Q09. Govt indicates support for by-product uranium production (Nov '08).

Capital Profile
Share price (A$) 0.28 to 1.35 52 week range (A$/share) 0.17 Number of shares (m) 193 Options and warrants (m) 169 Shares and options to be issued (m)* 362 Fully diluted (m) 53.1 Market capitalisation (undiluted) (A$m) 0.0 Debt (A$m) - Dec 08F 53.1 Enterprise value (A$m) Major shareholders: GCM Nominees (18.1%), Westrip Holdings (15.6%),
Gravner Ltd (15.0%), ANZ Nominees (10.5%), HSBC Custody Nom. (5.5%)

Production and Financial Forecasts
Year End: June Exploration and evaluation (A$m) Corporate (A$m) Exploration/(Expl.+ Corporate) (%) Funding duration at current burn (years) Shares on issue (pr end) (m shares) Drilling - RAB (m) Drilling - Other/Diamond (m) Land holding ('000 ha) Tenement costs ($k per year) Capital raisings (A$m) Funding from JV partners (A$m) Cash (A$m) Cash backing (Ac/share) Net asset backing (Ac/share) Sep-08a 3.00 0.80 79 192.9 0 7,500 211 0.0 0 17.2 8.9 18.0 Dec-08F 1.50 0.63 71 192.9 0 1,500 211 0.0 0 15.2 7.9 17.8 2007a 2.20 0 0 0 37.1 0 0 211 1.3 0 2.4 6.5 13.9 2008a 11.78 3.72 76 1.4 192.9 0 17,522 211 38.8 0 21.5 11.2 18.7 2009F 5.70 2.68 68 1.2 192.9 0 11,000 211 0.0 0.0 10.4 5.4 15.9

Avg monthly volume (m) Cash (A$m) - Dec 08F Price/Cash (x) Price/Book (x) Listed company options:

5 15.2 3.5 1.5 GGGO

*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.

Investment Points
Multi-element focus at Kvanefjeld - uranium component valued at approx ~US$12bn (US$55/lb). JORC resource 334mt containing 223mlbs U3O8, 2.6mt REO and 2.2mt NaF- open at depth (>300m) and along strike. Potential resource upgrade 1Q09. Exploration budget is A$4m CY09, with potential 40% contribution from JV. Mid term resource target 500mt. Seven regional exploration targets identified - 3 drilled 3Q08 with assays pending - all contained lujavrite, which is Kvanefjeld host rock. Drilling ~4,000m in CY09. Potential to be one of the world's largest REE and U deposits - plus economic potential NaF, Zn, Sn, and Nb. Metallurgy and mineralogy budget ~A$5m in CY09. In-principle government support for uranium production as byproduct in licence area announced Nov '08.

Company Comment
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 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 Ilimaussaq alkaline intrusive complex, and is recognized as one of the world’s largest undeveloped rare earth elements and uranium deposits. The Danish Atomic Energy Agency and the Danish Geological Survey completed over 11,500m of diamond drilling (1957-1983) and defined an in-situ resource of 2 126mt @ 0.04% U3O8 (1km area). Other potentially economic elements and minerals include zinc, tin and sodium fluoride. Uranium likely accounts for ~25% of the deposit’s potential in-ground value per tonne at current prices. GGG ownership of 61% moving to 90% with A$10m cash payment and 100% with additional A$50m payment, subject to various conditions. The deposit: is a flat-lying slab of disseminated mineralisation, open at depth and in three directions, and accounts for ~10% of the prospective host rock. The current area of significant mineralisation is 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 NaF resources expected to increase with receipt of pending assays – next upgrade possible 4Q08. Field season completed for ’08 (runs May-Oct) with 19,334m drilling including regional exploration. Total CY09 exp. budget ~A$4m, with potential for JV partner to contribute 40%, planning to drill 4,000m. There is significant resource and exploration upside within the ~6km x 4km Ilimaussaq intrusive (eg K2-K4, N2, S1) – target resource base is 500mt. GGG indicates historical metallurgical testwork recoveries of 70%-90% using pressure alkaline leach - good recoveries though may be expensive. Further metallurgical and mineralogical tests began 4Q07, with a CY09 budget of A$5m. Beneficiation testwork underway has potential to reduce downstream processing costs through upgrade of U3O8 (e.g., from 0.04% to 0.14%) and REO. Potential production (open cut) is in the order of 3,000tpa U3O8 and 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 resource, which could have applications in dentistry, agriculture, ceramics and aluminium smelting. Investment Comment: GGG’s primary focus is advancing the Kvanefjeld project in Greenland. Director and former chairman, Mr H K Schonwandt, is the former minister for mines in Greenland, while new Chairman Michael Hutchinson is a Director of the LME. The major drill programs in 2007 and 2008 confirm both the historical resource and the huge exploration upside in the area – the resource has potential to be one of the world’s largest REE and uranium deposits. Greenland parliamentary debate Nov ’08 has indicated in-principle support for uranium production at Kvanefjeld as a byproduct of multi-element exploration and mining. Mineral rights are expected to be transferred from the Danish Crown to Greenland as part of the self-governing transition with Nov ’08 referendum in Greenland. With further resource upgrades supported by ongoing infill and regional drilling, confirmation of metallurgy and political intent clarified, the company’s market cap could be re-rated to over A$500m (>US$3/lb U3O8 resource) mid term. Complex mineralogy and metallurgical recoveries require further study.

GGG - Greenland Minerals and Energy Limited 1.60 1.40 Share Price ($/Share) 1.20 1.00 0.80 0.60 0.40 0.20 0.00 May-08 Dec-07 Sep-08 Aug-08 Nov-08 Mar-08 Jan-08 Feb-08 Jun-08 Jul-08 Oct-08

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

Uranium U3 O 8

Classification

Project Equity

Ore Mt

U3 O 8 %

Cut Off ppm

U3O8 Kt 0.0

U3 O 8 Mlb 0.0 222.6 0.0

U3O8 Eqty Mlb 0.0 135.8 0.0

Reserves Resources Kvanefjeld Inferred 61% Mineralised Material (est., non compliant with JORC)

334.0

0.03

150

101.0 0.0

Additional mineralisation includes REO (2.59mt contained metal @ 1.21% REO) and NaF (2.21mt contained @ 1.11% NaF).

Contacts
Mr Roderick McIllree Managing Director Tel: 61 (0) 8 9226 1100 West Perth, WA, Australia www.ggg.gl Analyst: John Wilson Analyst: Dr Trent Allen info@rcresearch.com.au
December Quarter, 2008

Directors
M Hutchinson (Chair) R McIllree (MD) M Mason (Tech Dir) S Cato (Exec Dir) J Whybrow (Expl Dir) T Ho (Non-Exec) H Schonwandt (Non Exec)

Key Projects
Project Kvanefjeld Ownership/ Option 61%/100% Metal U, REO JV Partner none Target Type Dissem Process Route na Project Status Adv. Expl. Location Greenland

Disclaimer and disclosure attached. Copyright © 2008 by Resource Capital Research Pty Ltd. All rights reserved.

21

Resource Capital Research

Schematic map of the Ilimaussaq intrusive complex showing the location of Kvanefjeld deposit and the new multi-element targets. Current resource is 223mlbs U3O8, 2.6mt of rare earth oxides and 2.2mt of NaF – midterm upside >100%.

Kvanefjevld exploration, schematic sections – holes were drilled in 3Q08 and assay results are expected in 1Q09. Mineralised lujavrite is likely to be continuous between Kvanefjeld and K2 (top section), highlighting the resource potential. Holes V001 and S001 (lower section) also intersected mineralised lujavrite.

December Quarter, 2008

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©

22

Resource Capital Research

Paladin Energy Limited*

PDN.AU

Paladin Energy Ltd
A$ 2.32
Langer Heinrich producing at nameplate capacity - operating profit US$13.3m 3Q08. Plant recoveries expected to improve to high 80's%. Stage II expansion on track for Dec '08 completion to 3.7mlbspa uranium. Kayelekera reserve expansion to 29mlbs U3O8 (+17%, Nov '08).

5 December 2008 Uranium Australia (WA,QLD,NT), Namibia, Malawi Producer Exchanges: ASX:PDN; TSX:PDN; NSX (Namibia):PDN

Capital Profile
Share price (A$) 2.32 52 week range (A$/share) 1.63 614 Number of shares (m) Options and warrants (m) 18 Convertible notes (m) 82 Fully diluted (m) 714 1424.5 Market capitalisation (undiluted) (A$m) 581.2 Debt (US$m) - Dec 08F 2302.2 Enterprise value (A$m) Major shareholders: GE Asset Management (6.07%)
Avg monthly volume (m) Cash (US$m) - Dec 08F Price/Cash (x) Price/Book (x) Listed company options:

Production and Financial Forecasts
to
7.46

YEAR END: June Equity Production (kt) EBIT (US$m) Net Profit (norm) (US$m) EPS (norm) (US$/share) CFPS (US$/share)^ Dividends (US$/share) PER (x) P/CF (x) Yield (%) EV/EBITDA (x) Exploration and evaluation (US$m) Drilling - RAB (m) Drilling - Other/Diamond (m) Land holding ('000 ha)

2006a*
0 -7.3 -7.5 -0.02 -0.01 0.00 nmf nmf 0 nmf 5.6 14,600 -

2007a 54 -36.7 -37.6 -0.07 -0.06 0.00 nmf nmf 0 nmf 8.6 17,000 -

2008a
797 -16.7 -36.0 -0.06 -0.01 0.00 nmf nmf 0 nmf 11.7 100,000 AU/US:

2009F
1361 64.3 28.5 0.04 0.12 0.00 35 13 0 20.6 13.7 100,000 0.66

2010F
2728 226.0 194.2 0.31 0.38 0.00 5 4 0 6.3 12.0 50,000 -

124 271.8 3.4 0.8 No

* 2006 stated in A$. PDN converted to US$ reporting Dec. '06. ^ EBITDA

Investment Points
PDN is 100% focused on uranium. Exploration budget ~US$13m expected in 2009. Langer Heinrich production 3Q08 - 650.55klbs U3O8. Operating profit from Langer Heinrich US$13.3m 3Q08. PDN 3Q08 loss reported of US$4.7m Langer Heinrich stage 2 expansion to 3.7mlbspa U3O8 commissioning expected Dec '08. Stage 3 expansion to 6mlbpa - decision expected late '08. Kayelekera commissioning 1Q09 - 3.3mlbspa U3O8. Fusion Resources (ASX:FSN, TSX:FNS) takeover offer A$17.8m (Dec '08) - most advanced project is Valhalla North (QLD) - initial JORC resource expected Dec '08. Advanced stage exploration projects at Isa JV (QLD, PDN 90.9%), Bigrlyi (NT, PDN 42%) and Pamela/Angela (NT). PDN has a strong resource position, a management team recognised as industry leaders, and production growth.

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

PDN - Paladin Energy Ltd 8.00 7.00

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

Share Price ($/Share)

6.00 5.00 4.00 3.00 2.00 1.00 0.00

Uranium (U3O8) Reserves Langer Heinrich Kayelekera
Sub total

Classification/ Geology Proved and Prob. Proved and Prob.

Project Equity 100% 85%

Ore Mt 50.6 12.6 50.6
127.1 26.1 33.3 7.6 7.6

Grade % 0.060 0.105 0.06

Cut Off (ppm) 250 400

Kt 29.9 13.3 43.2
74.4 19.9 25.9 3.8 10.6 19.9 154.5
12-13 10.0 22.0

Mlb 65.8 29.3 95.1
164.0 43.8 57.0 8.5 23.3 43.8 340.4
26.4 21.9 48.3

Eqty Mlb 65.8 24.9 90.7 164.0 37.2 51.8 7.7 9.8 40.4 310.9
13.2 21.9 35.1

Resources (includes proved and probable reserves) 100% Langer Heinrich M.Ind.Inf../calcrete 85% Kayelekera M.Ind.Inf../sndst-rf Valhalla (Mt Isa Uranium) Ind & Inf../Ir ox vein 91% 91% Skal (Mt Isa Uranium) Inf./ Iron oxide vein 42.1% Bigrlyi Ind. & Inf./sndst Other (4 projects)^
Dec-07 Aug-08 Sep-08 Nov-08 Mar-08 Jan-08 Feb-08 Jun-08 Jul-08 Oct-08 Apr-08
Sub total

0.06 0.08 0.08 0.05 0.14

250 300 230 250 500

Source: Bloomberg

Mineralised Material (est., non JORC compliant) Angela/Pamela Sandstone Oobagooma Historic/sndst.

50% 100%

na 8.2

.10-.13 0.12

na 350

^ Manyingee (24mlbs U3O8), Andersons (4.7mlbs), Watta (3.8mlbs), Bikini (11.5mlbs)

Contacts
Mr John Borshoff (MD/CEO) Paladin Resources Ltd Tel: 61 (0) 8 9381 4366 Perth, Australia www.paladinenergy.com.au

Directors
R. Crabb (Non-Ex Chair) J. Borshoff (MD) S. Llewelyn (Non-Ex Dir) D. Shumka (Non-Ex Dir) I. Noble (Non-Ex Dir)

Key Projects
Project Langer Heinrich Kayelekera Mt Isa Uranium Bigrlyi Angela and Pamela Manyingee Oobagooma
Quarters refer to calendar year.
©

Analyst: John Wilson johnwilson@rcresearch.com.au
December Quarter, 2008

Ownership/ Option 100% 85% 91% 42% 50% 100% 100%

Metal U U U U,V U U U

JV Partner na Malawi Gov. SMM EME, SCX CCO na na

Plant (ktpa) 1500 1500 na na na na na

Process Route alk. leach acid leach convention'l convention'l convention'l ISR ISR

Project Status Production Construction Adv. Expl. Mid Expl. Adv. Expl. dormant dormant

Location Namibia Malawi Aust (QLD) Aust (NT) Aust (NT) Aust (WA) Aust (WA)

Disclaimer and disclosure attached. Copyright 2008 by Resource Capital Research Pty Ltd. All rights reserved.

23

Resource Capital Research
Paladin Energy Ltd

YEAR END: June
ASSUMPTIONS
A$/US$ Uranium Price (US$/lb) Uranium Price Realised (US$/lb)

Year
2006a*
0.75 37 0

Year
2009F
0.71 61 68

2007a
0.79 82 0

2008a
0.90 81 69

2010F
0.74 63 67

FINANCIAL RATIOS
Net debt/equity (%) Net debt/ net debt + equity (%) Current ratio (x) EBIT/interest (x) Debt/operating cashflow (%) Exploration/total overhead (%) EV/EBITDA (x) Market cap/net cash (x) Market cap/book (x)

2006a*
-3% -3% 5.6 -49 2945% 45% nmf 35.1 11.4

2007a
6% 6% 7.8 -3 na 21% nmf -15.8 1.1

2008a
17% 15% 8.3 -1 na 32% nmf -5.8 1.0

2009F
20% 16% 6.8 2 998% 25% 22.3 -3.6 0.8

2010F
11% 10% 9.1 7 263% 25% 7.1 -6.9 0.7

EQUITY PRODUCTION
Langer Heinrich Production (t) Kayelekera Production (t) PDN Equity Production U3O8 (t) Cash Costs (US$/lb) 0 0 0 0.00 54 0 54 97.74 782 0 797 30.61 1191 170 1361 25.72 1602 1126 2728 18.46

PROFIT AND LOSS (US$m)
Revenues Operating costs Depreciation/amortization Exploration Corporate Other EBIT Interest Operating profit/loss Tax Minorities Net profit/loss Net abnormals/extaordinaries Net profit/loss (reported) 5 0 0 -4 -5 3 -7 0 -7 0 0 -7 0 -7 11 -12 0 -7 -29 0 -37 13 -50 12 0 -38 0 -38 102 -54 -9 -13 -28 15 -17 28 -44 7 -1 -36 0 -36 204 -77 -9 -12 -36 5 64 33 32 -4 -1 29 0 28 400 -111 -14 -11 -32 7 226 32 194 0 0 194 0 194

FINANCIAL SENSITIVITIES
% Change in EPS for a 10% increase in: AUD/USD Uranium Price 0% 0% 0% -17% 0% 19%

% Change in NPV for a 10% increase in forecast minelife commodity assumptions for: Base + 10% US$/sh US$/sh AUD/USD 2.40 2.51 Uranium Price 2.40 2.51

% -5% 5%

BALANCE SHEET (US$m)
Cash and deposits Total current assets PP&E Total non-current assets Total assets Total current liabilities Reclamation reserves Long term debt Total non-current liabilities Total liabilities Equity
Total debt Net debt Average shares (fully diluted) (m)

VALUATION (US$m)
60 63 80 97 160 12 0 19 24 36 125
19 -41 468

Q4 08 Base 35 0.66
894.1 440.8

183 233 135 1825 2058 30 0 268 720 750 1308
273 90 545

338 448 230 2115 2563 54 0 572 1080 1134 1429
583 245 623

305 410 307 1936 2346 60 0 574 1018 1078 1268
585 280 632

440 545 371 2012 2558 60 0 581 1025 1086 1472
593 152 632

FLOW OF FUNDS (US$m)
EBITDA Cash flow from operating activities Operating surplus Corporate Net interest paid Net tax paid Net exploration paid Other non cash items Net cash from operating activities Cash flow from investing activities Capital expenditure Other non cash items Net cash from investing activities Cash flow from financing activities Net proceeds from issue of shares Dividends paid Net proceeds from borrowings Net cash from financing activities Net change in cash -7
1 -5 -4 0 -6 15 1

-37
0 -29 -14 0 -9 13 -39

-8
41 -28 -25 0 -12 5 -18

74
117 -36 -43 0 -14 34 59

240
277 -32 -44 0 -12 37 225

-71 -5 -76 77 0 18 95 19

-89 -33 -122 7 0 291 299 138

-100 -51 -151

-70 -30 -100 3 0 0 3 -38

-78 -12 -90 0 0 0 0 135

NPV Assumptions Long Term Uranium Price A$/US$ Projects Langer Heirich phase I,II&III Kayelekera Resources Kayelekera Manyingee Oobagooma Isa Uranium (100%+81.9% SMM) Angela and Pamela Other + Exploration Assets Cash and deposits Other Liabilities Debt Corporate Other liabilities Reclaimation reserve Net Assets Fully Diluted Shares (m) Net NPV/share (US$/share) Net NPV/share (A$/share) Valuation/Reserve lb Valuation/Reserve & Resource lb

:US$/lb

"What if" 70 0.78
1162.3 573.0

100% 85%

NPV@10% NPV@10% 12.3 mlb 24.0 mlb 21.9 mlb 200.0 mlb 26.4 mlb US$6.00/lb US$1.75/lb US$1.75/lb US$3.50/lb US$5.00/lb

85% 100% 100% 91% 50%

62.9 42.0 38.3 630.7 66.0 175.0 271.8 0.0
-581.2 -111.0 -443.9 0.0 1485 632 2.40 3.63 16.38 4.78

81.7 52.5 47.9 819.9 89.1 236.3 279.7 0.0
-579.3 -111.5 -443.9 0.0 2208 632 3.54 4.54 24.34 7.10

:US$/lb :US$/lb

OWNER

Shares

11 0 314 324 155

PRODUCTION STATISTICS
Langer Heinrich Ore Treated (kt) Head Grade (%) Recovery (%) Recovered grade (%) U3O8 Produced (t) Equity Production (t) Cash Costs (US$/lb) Production Costs ($/t) PDN Share EBIT (US$m) 0 0.00 0 0.00 0.0 0 0.00 0.00 0 167 0.04 67 0.02 40.6 41 49.22 26.40 3

1255 0.07 88 0.06 782.3 782 35.54 48.84 10

1593 0.09 88 0.07 1191.1 1191 23.92 39.43 72

100% 2180 0.08 88 0.07 1601.9 1602 16.31 26.43 132

DIRECTOR'S INTERESTS
Kayelekera Ore Treated (kt) Head Grade (%) Recovery (%) Recovered grade (%) U3O8 Produced (t) Equity Production (t) Cash Costs (US$/lb) Production Costs ($/t) PDN Share EBIT (US$m) 0 0.00 0 0.00 0.0 0 0.00 0.00 0 0 0.00 0 0.00 0.0 0 0.00 0.00 0 0 0.00 0 0.00 0.0 0 0.00 0.00 0 200 0.11 90 0.10 196.2 167 15.01 32.46 17 85% 1300 0.11 90 0.10 1275.3 1084 18.29 39.55 106
©

Shares
(m shares) % 2.9%
Managing Director

Mr. John Borshoff

18.1

* 2006 stated in A$. PDN converted to US$ reporting Dec. '06.

December Quarter, 2008

Disclaimer and disclosure attached. Copyright 2008 by Resource Capital Research Pty Ltd. All rights reserved.

24

Resource Capital Research
Toro Energy Limited

TOE.AU

Toro Energy Limited
A$ 0.11 TOE is aiming for 2012 production from two projects. Wiluna (WA) calcrete project (24mlb resource) - PFS completed, optimisation study underway, BFS to start mid 2009. Napperby (NT) target 13mlb resource, scoping study and JORC upgrade at end 1Q09.

5 December 2008 Uranium Australia (WA,NT,SA), Namibia Advanced Exploration/Resource Definition/PFS Exchanges: ASX:TOE

Capital Profile
Share price (A$) 0.11 0.10 52 week range (A$/share) to 0.53 Number of shares (m) 556 Options and warrants (m) 566 Convertible notes (m) 564 Fully diluted (m) 556 61.1 Market capitalisation (undiluted) (A$m) 0.8 Debt (A$m) - Dec 08F 61.9 Enterprise value (A$m) Major shareholders: OZ Minerals Ltd (51.7%), Minotaur Exploration (6.3%)
Argonaut Capital (4.0%)

Production and Financial Forecasts
YEAR END: June Exploration and evaluation (A$m) Corporate (A$m) Exploration/(Expl.+ Corporate) (%) Funding duration at current burn (years) Shares on issue (pr end) (m shares) Drilling - RAB (m) Drilling - Other/Diamond (m) Land holding ('000 ha)* Tenement costs ($k per year) Capital raisings (A$m) Funding from JV partners (A$m) Cash (A$m) Cash backing (Ac/share) Net asset backing (Ac/share) Sep-08a 2.50 0.50 83 3.6 494.7 2,500 12,000 3,274 0.0 0 10.8 2.2 26.9 Dec-08F 1.20 0.80 60 6.6 555.8 5,000 1,500 3,274 12.2 0 13.1 2.4 26.0 2007a 2.36 2.26 51 2.5 494.7 12,500 0 2,600 0.0 0 11.7 2.4 6.7 2008a 6.32 2.50 72 1.5 494.7 12,500 12,500 3,274 0.0 0 13.4 2.7 26.9 2009F 7.70 2.90 73 0.6 494.7 12,500 18,500 3,274 12.2 0 6.5 1.3 29.0

Avg monthly volume (m) Cash (A$m) - Dec 08F Price/Cash (x) Price/Book (x) Listed company options:

17 13.1 4.7 0.5 No

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

Quarters refer to calendar year end.

Investment Points
100% uranium focus. Expl. + eval. budget A$7m pa, cash A$14m. Potential production 2012 (2 projects). Rights Issue (1:3.8 @20c) raised A$12.2m, OZL took up entitlement, increased to 51.7% (prev. 46%). Most advanced is Wiluna project (WA) - 24mlb JORC resource (target 28mlb) - PFS recently completed. Wiluna optimisation study underway for improved mined grades and recoveries, then possible BFS start 2Q09. Resource drilling at Napperby, NT (16,000m 2008). JORC upgrade 1Q09 - currently 3mlb, targeting 13mlb. Napperby scoping study complete end 1Q09. Active exploration pipeline in well positioned greenfield/brownfields uranium portfolio in NT, SA and Namibia . Our medium term target is A$0.25/share based on positive (2Q09) optimisation study results for Wiluna.
TOE - Toro Energy Limited 0.60 0.50
Share Price ($/Share)

Company Comment
Overview: TOE listed on the ASX in March 2006 and is now the pacesetter in advancing calcrete style uranium projects in Australia, with one at PFS stage and the other the subject of a scoping study. Wiluna Uranium (WA): Lake Way and Centipede uranium deposits TOE’s most advanced project. Wiluna PFS: The results of the GRD Minproc PFS were released on 23 Sept. 2008. Based on the recently revised JORC compliant resource of 25.8mt at 419ppm U3O8 (23.9mlb), the PFS considered a number of process options, including 2.0mtpa alkaline heap leach (“Option B”) and 1.5mtpa conventional alkaline leach/direct precipitation (“Option D”). These two options have been selected to proceed to an Optimisation Study (OS). The PFS Option D assumed 1.5mtpa, ore grade 503ppm (through grade control), total ore processed 16.3mt for 15.1mlb production over a 12 year mine life. Forecast capex is A$247m and opex US$39/lb, giving a base case project NPV @ 12.3% (nominal) of A$78m, using long term U3O8 price of US$80/lb and A$/US$ of 0.75. The project NPV is highly sensitive to grade (+20% grade increases NPV to A$134m) as well as long term U3O8 price. The OS will focus on mined head grade improvements (PFS indicates +30-40% is possible), improved recoveries and process optimisation, and is expected to be complete mid 2009, then BFS to commence, with possible production late 2012. Further resource drilling will target 28mlbs U3O8 (resource upgrade 2Q09). Napperby Project (NT): 150km NW of Alice Springs, TOE recently announced an interim JORC resource of 3.1mlb U3O8 (up from 1.5mlb) over ~3km strike of total 14km which hosts a shallow (<8m) 13.2mlb non JORC resource (Uranerz). A new resource drilling campaign over ~1.5km of strike (aircore/sonic drilling of ~1,500 holes for 14,000m) was completed end 3Q08. Expect a further JORC resource upgrade (1-2mlb increase) in 1Q09 and a milestone scoping study to be completed end 1Q09. 2 Other Exploration: Namibia (3 leases, ~1,300km ): 3 early stage projects in a premier world uranium district indicative of potential palaeochannels – subject to review. SA/NT Palaeochannel Exploration: 2 Large strategic position (27,000km ). Active on four priority projects. 1H09 programs: Lake MacKay ground surveys, 5,000m aircore, Warrior S, aircore drilling palaeochannels 2,500m. Radium Hill, 2 palaeochannel targets 1,500m aircore, Waterhouse, 1,000m RC testing W of Angela/Pamela Investment Comment: Major shareholder OZL’s support in rights issue has been crucial to boost cash and enabled ~A$8m stamp duty accrual to be paid. TOE’s considerable pedigree of uranium management experience will be crucial to bring Wiluna and Napperby into production in 2012/2013. Critical factors for Wiluna go ahead will be grade and process flowsheet optimisation and uranium contract pricing. RCR 6 month price target A$0.25/sh, based on expected enhancement of project economics from Wiluna optimisation study, and improved uranium spot prices.

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

0.40 0.30 0.20 0.10 0.00
Dec-07 Sep-08 Aug-08 Nov-08 Mar-08 Jan-08 Feb-08 Jun-08 Oct-08 Apr-08 Jul-08

Uranium U3O8
Reserves Resources Wiluna uranium Napperby

Classification

Project Equity

Ore Mt

U3O8 %

Cut Off U3O8 Kt ppm 0.0

U3O8 Mlb 0.0 23.9 3.1 27.0
13.2 8.8 22.0

Eqty Mlb 0.0 23.9 3.1 27.0
13.2 1.0 5.3 19.5

Indicated & Inferred Inferred

100% 0/100%

25.8 4.60

0.042 0.031

200 200

10.8 1.42 12.26
6.0 4.0 10.0

Source: Bloomberg

Mineralised Material (est., non compliant with JORC, inclusive of the Napperby Inferred Resource) 27.0 0/100% 0.037 Napperby Historic 0.034 0/11%* 11.8 Warrior Historic 0/60%* Warrior Historic

*RNG tenements cover approxiamately 15% and SRZ tenements cover approximately 85% of the historic Warrior deposit.

Contacts
Mr Greg Hall Managing Director Tel: 61 (0) 8 8132 5600 Norwood, SA, Australia www.toroenergy.com.au

Directors
I. Gould (Non Ex. Ch'man) G. Hall (MD) P. Lester (Non Exec Dir) D. Carter (Non Exec Dir) J. Sells (Non Exec Dir) E. Smyth (Non Exec Dir) M.Myers (Non Exec Dir)

Key Projects
Project Napperby (New Well) Wiluna Tarcoola JV (Warrior) Stellar JV (Warrior) Namibia Lake Mackay Ownership/ Option 0/100% 100% 0/75% 0/51/70% 100% 100% Metal U U (V) U U U U JV Partner DYL none RNG SRZ none none Target Type Calcrete Calcrete Sandstone Sandstone Calc/Alsk Unc+S'stone Process Route alk. Leach Alk. Leach na na na na Project Status Location Adv. Expl. Aus (NT) PFS Aus (WA) Mid. Expl Aus (SA) Aus (SA) Mid. Expl Early Expl. Namibia Early Expl. Aus (WA)

Analyst: Dr Tony Parry tonyparry@rcresearch.com.au
December Quarter, 2008

Disclaimer and disclosure attached. Copyright 2008 by Resource Capital Research Pty Ltd. All rights reserved.

©

25

Resource Capital Research

Toro has a strong uranium project pipeline from extensive grassroots and brownfields exploration projects in highly prospective uranium ground in Australia and Namibia, to its two advanced development projects (Wiluna and Napperby) aiming to be in production in 2012.

TOE valuation is strongly geared to Wiluna uranium project economics. Current optimisation study for improving Wiluna head grades (mid 2009) and Napperby scoping study (1Q09) will be key to driving the share price to our A$0.30/share (medium term) target.
TORO ENERGY VALUATION
Uranium Resource/Mineralisation mlbs A$/lb Projects + Wiluna (PFS stage development project, potential upside with mined grade increases)* + Napperby Option, net of DYL option payment (advancing development project) + Warrior/Tarcoola (potential to find higher grade system, grass roots discoveries) + Namibia (good tenement position, early stage, premium district) + Basement projects (SA, uranium rights to Oxiana's IOCGU exploration program) + Other Australia - WA, NT and SA (grass roots, requires targeting work)

Target Price A$m A$/Share
85 15 10 15 10 5 140 13 2 14 1 0.15 0.03 0.02 0.03 0.02 0.01 0.25 0.02 0.00 0.03 0.00

Valuation Range (Low) (High) A$m A$m
30 5 5 10 5 2 57 13 2 14 1 130 50 15 25 20 10 250 13 2 14 1

24.9 13.0

3.41 1.2

Sub Total + Cash (Dec '08) + Tax Losses - Corporate Sub Total

TOE NET ASSET VALUE Capital Structure Shares Fully Diluted Shares TOE NET ASSET VALUE PER SHARE TOE NET ASSET VALUE DILUTED :A$/share :A$/share fully diluted

141

0.25

58

251

555.8 566.3

555.8 566.3

555.8 566.3

0.25 0.26

0.11 0.11

0.45 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 LONG TERM URANIUM PRICE^ LONG TERM EXCHANGE RATE :US$/lb :AU/US NPV Sensitivity

40
0.78

60
0.78

80
0.78

100
0.78

NPV @ 10% NOMINAL** Base Case Head grade +20%

:A$m :A$m

100% 100%
30%

na na

na 33

67 132

150 230

** Includes a pre prefeasibility study project discount of 30% of the project valuation: ^Long term uranium price forecasts are from 1Q10.

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

December Quarter, 2008

Disclaimer and disclosure attached. Copyright 2008 by Resource Capital Research Pty Ltd. All rights reserved.

©

26

Resource Capital Research
Uranex NL

UNX.AU

Uranex NL
A$ 0.14

5 December 2008 Uranium Tanzania, Australia (NT, WA) Advanced Exploration Exchanges: ASX:UNX

Aggregate resources of 29mlbs U3O8 at Bahi (15mlbs, Tanzania) and Thatcher Soak (14mlbs, WA). PFS now expected at Manyoni (Bahi) Mar '09. Manyoni resource upgrade expected 2Q09 - potential >25mlbs U3O8 – late 2010-11 production potential. Drilling prospective Mkuju region 4Q08.

Capital Profile
Share price (A$) 52 week range (A$/share) Number of shares (m) Options and warrants (m) Partly paid shares (m) Fully diluted (m) Market capitalisation (undiluted) (A$m) Debt (A$m) - Dec 08F Enterprise value (A$m) Major shareholders: IMX Resources NL (39.5%),
HSBC Custody Nominees (4.8%), Geigor Counter (4.29%)

Production and Financial Forecasts
0.14 0.11 83.5 0.0 5.6 89.1 11.7 0.0 11.7 to
0.99

YEAR END: June Exploration and evaluation (A$m) Corporate (A$m) Exploration/(Expl.+ Corporate) (%) Funding duration at current burn (years) Shares on issue (pr end) (m shares) Drilling - RAB (m) Drilling - Other/Diamond (m) Land holding ('000 ha)* Tenement costs ($k per year) Capital Raisings (A$m) Funding from JV partners (A$m) Cash (A$m) Cash backing (Ac/share) Net asset backing (Ac/share)
*Uranium tenements applied for or granted.

Sep-08a 0.95 0.56 63 89.1 5,000 0 3,390 0.0 0 9.1 10.2 12.3

Dec-08F 1.50 0.40 79 89.1 7,500 15,000 3,390 0.0 0 7.4 8.3 12.1

2007a 2.40 0.98 71 4.9 88.6 15,500 1,000 3,500 12.4 0 16.7 18.8 18.7

2008a 4.52 2.53 64 1.6 89.1 16,088 0 3,390 0.0 0 11.0 12.4 12.5

2009F

Avg monthly volume (m) Cash (A$m) - Dec 08F Price/Cash (x) Price/Book (x) Listed company options:

2 7.4 1.6 1.1 No

5.45 1.76 76 0.5 89.1 22,500 30,000 3,390 0.0 0 3.9 4.4 11.5

Quarters refer to calendar year.

Investment Points
2009 exploration budget ~$6m - 100% uranium focus. Manyoni: 3 (A,C,E) of 5 playa lakes - JORC resource 15.3mlbs U3O8 @ 0.015% (June '08, 100ppm cut-off). Further resource statements expected 2Q09 (D,F). Manyoni economics enhanced by good regional infrastructure and at, or near, surface mineralisation (<10m). PFS expected Mar '09. BFS 1Q10. Thatcher Soak JORC 14mlbs grading 0.022% U3O8 (June '08, 100ppm cut-off). PFS expected 2Q09. Mkuju - 3 extensive trends with confirmed mineralisation. Potential for early discovery - adjacent to WMT's Mtonya prospect. Drilling diary 4Q08-1Q09: Manyoni (5,500m), Mkuju (13,000m) and Bremer (2,000m).
UNX - Uranex NL 1.20

Company Comment
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 style targets in Australia (NT), and calcrete and sandstone palaeochannel targets in Tanzania and WA. 2 2 Tanzanian projects: (30,100km ) Manyoni (4,600km ) tenements cover an extensive closed drainage system and include 5 proximal large playa lake systems. Potential for proximate (~10km) multiple satellites, from shallow deposits (3-8m) with low cost, free dig mining and centralised processing. Mineralisation occurs as a surficial schrockingerite zone 1m thick underl ain by carnotite to 5m to 10m depth. Manyoni (C1,A,E) – C1 resource is the highest grade and largest of the 3 playa lake resources announced to date (8.6mlbs U3O8) and would be the initial production focus. Anticipated resource statements 2Q09 are expected to include infill drill results at playa lakes A,C and E and initial resources at D and F. Mkuju shares characteristics with the nearby Kayelekera (PDN, 44mlbs U3O8) sandstone hosted deposit. Uranium mineralisation is confirmed and radiometric anomalies identified over a large 16km x 2km trend. Trenching (60 pits) and auger drilling (70 holes) 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 ~$50m (UNX market cap ~$12m). Drilling 4Q08. Thatcher Soak (WA): (Surficial calcrete). Two separate mineralised zones extend over a combined strike 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) cutoff. Eleckra (ASX:EKM) holds the other significant portion of the deposit - initial JORC resource (Sep ’08) 6.2mlbs U3O8 (100ppm cut-off) or 4.5mlbs U3O8 (150ppm cut-off). The combined UNX/EKM resource is ~20mlbs U3O8 (100ppm cut-off). The project is understood to have possible grade upside though limited potential tonnage upside. U3O8 Limited’s (ASX:UTO) scoping study (Mar ’08) at Dawson-Hinkler calcrete project (WA, 10.4mlbs grading 0.023% U3O8, 150ppm cut-off) indicates opex of US$52/lb. Toro (ASX:TOE) released its PFS Sep ’08 for Wiluna (23.9mlbs @ 0.042% U3O8, 200ppm cut-off); opex ~US$40/lb, capex A$196-247m, producing ~1.45mlbspa U3O8. UTO and TOE opex figures suggest lower opex or higher cutoff grade may apply at Thatcher Soak. Investment Comment: UNX is expecting strong newsflow with a PFS at Manyoni (1Q09) and a resource upgrade 2Q09. Initial drill results are expected at Mkuju and Bremer 2Q09. Mkuju in particular holds 2 near surface projects (Thatcher Soak and Manyoni) to production decision – valuation will be st rongly influenced by ability to secure long term offtake agreements or attract strategic partners.

1.00 Share Price ($/Share)

0.80

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

0.60

0.40

0.20

0.00 May-08 Dec-07 Sep-08 Aug-08 Nov-08 Mar-08 Jan-08 Feb-08 Jun-08 Oct-08 Jul-08

Uranium U3O8 Reserves Resources Thatcher Soak (Thatcher - high grade Bahi (Playa C1) Bahi (Playa A) Bahi (Playa E) (Bahi high grade

Classification

Project Equity

Ore Mt

U3O8 %

Cut Off ppm

U3O8 Kt 0.0

U3O8 U3O8 Eqty Mlb Mlb 0.0 0.0

Inferred Inferred Inferred Inferred Inferred Inferred

100% 100% 100% 100% 100% 100%

28 17 24 10 12 14

0.022 0.029 0.016 0.015 0.013 0.022

100 150 100 100 100 150

Source: Bloomberg

Mineralised Material (est., non compliant with JORC)

6.3 4.9 3.9 1.5 1.5 3.1 13.2 0.0

14.0 11.0 8.6 3.3 3.4 6.7 29.3 0.0

14.0 11.0 ) 8.6 3.3 3.4 6.7 ) 29.3 0.0

Contacts
Dr John Cottle Managing Director Tel: 61 (0) 3 9621 1533 Melbourne, VIC, Australia www.uranex.com.au

Directors
T Ward (Chairman) J Cottle (MD) A Daley (Non-Exec Dir) R Udovenya (Non-Ex Dir) B Manzi (Non-Ex Dir)

Key Projects
Project Lake Bahi Thatcher Soak Mkuju Bynoe/Alligator Rivers Bremer

Analyst: John Wilson johnwilson@rcresearch.com.au

Ownership/ Option 100% 100% 100% 100% 100%

Metal U U U U U

JV Partner none none none none* none

Target Process Type Route na Calcrete Calcrete na Sandstone na Unconformity na Lignite na

Project Status Adv. Expl. Adv. Expl. Mid Expl. Early Expl. Early Expl.

Location Tanzania Aus (WA) Tanzania Aus (NT) Aus (WA)

* Prior licence holder retains claw back rights.

December Quarter, 2008

Disclaimer and disclosure attached. Copyright 2008 by Resource Capital Research Pty Ltd. All rights reserved.

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27

Resource Capital Research

Mukuju (Tanzania): Highly prospective Karoo Basin sediments – target deposits >10kt U3O8. Radiometric anomalies over large 16km x 2km trend - confirmed mineralisation including 1.4m @ 0.18% U3O8. Adjacent to Mtonya (ASX:WMT) and also near Mantra’s (ASX:MRU) Mkuju deposit. Drilling 4Q08-1Q09 (13,000m).

Uranex work schedule 2008/09. Pre-feasibility study expected at Manyoni March ’09 and resource upgrade 2Q09 - potential for fast track development. Thatcher Soak PFS expected 2Q09. Exploration drilling at Bremer and Mkuju 4Q08-1Q09 with results expected 2Q09.

December Quarter, 2008

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28

Resource Capital Research
White Canyon Uranium Limited

WCU.AU

White Canyon Uranium Limited
A$ 0.15 WCU is a near term uranium producer, with a mine permit application submitted for underground operations at Daneros (Utah) – high grade core >0.2ft.% U3O8. Mining and toll treatment contracts pending, potential mine production 1Q09. Combined project target 10mlbs U3O8.

5 December 2008 Uranium USA Development Exchanges: ASX:WCU

Capital Profile
Share price (A$) 52 week range (A$/share) Number of shares (m) Options and warrants (m) Deferred acquisition payment^ (m) Fully diluted (m) Market capitalisation (undiluted) (A$m) Debt (A$m) - Dec 08F Enterprise value (A$m) Major shareholders: Golden State Resources (24.9%),
M. Shumway (24.9%)

Production and Financial Forecasts
0.15 0.11 183 92 5 279 26.5 0.0 26.5 to 0.25 YEAR END: June Exploration and evaluation (A$m) Corporate (A$m) Exploration/(Expl.+ Corporate) (%) Funding duration at current burn (years) Shares on issue (pr end) (m shares) Drilling - RAB (m) Drilling - Other/Diamond (m) Land holding ('000 ha)* Tenement costs ($k per year) Capital raisings (A$m) Funding from JV partners (A$m) Cash (A$m) Cash backing (Ac/share) Net asset backing (Ac/share) Sep-08a 0.27 0.18 60 16.8 183.1 0 3,500 3 0.92 0 7.5 4.1 15.8 Dec-08F 0.81 0.20 80 6.5 183.1 0 3,500 3 0.00 0 6.6 3.6 15.8 2007a 1.20 0.40 75 4.8 64.1 0 500 3 0.00 0 7.7 12.1 46.2 2008a 1.95 0.75 72 2.7 183.1 0 5,000 3 17.60 0 7.3 4.0 15.6 2009F 2.89 0.78 79 1.2 183.1 0 14,000 3 0.92 0 4.5 2.5 15.6

Avg monthly volume (m) Cash (A$m) - Dec 08F Price/Cash (x) Price/Book (x) Listed company options:

0 6.6 4.0 0.9 WCUO

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

Quarters refer to calendar year.

Investment Points
100% uranium focus, one-year exploration, development budget ~A$3.5mpa. Possible TSX listing 1H09. Potential for early development of small, underground uranium mine at Daneros (UT) 1Q09 - target 0.5mlbspa @ 0.3% U3O8. Decline to commence on issue of permit. Early drilling success at Daneros - strike of high grade core extended to 250m (1H08). Assays include 2.6m @ 1.1% U3O8. Drilling will resume 1Q09. Daneros JORC resource expected 1Q09 - near term upside potential of 40% to 2.5mlbs. Favourable uranium mining jurisdiction (UT) - permit could be granted as early as Jan '09. Other nearby permitted uranium mines include Tony M (DML). Near-by White Mesa uranium mill (DML, ~100km from Daneros) with surplus capacity for ore treatment.

Company Comment
Overview: WCU holds 100% of the White Canyon and Thompson sandstone-hosted uranium projects in Utah, USA. The company listed on the ASX in March ‘08. 2 White Canyon Project (Utah, USA): 1.14km , 50-65km west of Blanding, in San Juan County, southeastern Utah. Uranium deposits are hosted by palaeochannels within the Chinle Formation, the source of 80% of Utah’s historical production – 130mlbs U3O8. Deposits are tabular, 0.3m-4m thick and up to ~400m long. There are two sub-projects, both with historical mineralisation estimates made by Utah Power & Light (UPL, electricity utility) in 1985. WCU’s main focus is Daneros, a flat lying ore body, which has non-JORC historic reserves of ~1.7mlbs U3O8. WCU drilling in 2007 (~1,000m) successfully twinned historic holes. Drilling 6,000m diamond core finished Aug ‘08, assays include 0.9m @ 2% U3O8 and 2.6m @ 1.1% U3O8 (from 96m depth) with Cu to 17% (Cu not recoverable). Drilling extended the known high-grade core (>0.2% U3O8, 250m strike), which is open north-south. JORC resource expected 1Q09. Environmental and heritage studies are completed. Mining and milling contracts are under negotiation. A mine permit application was lodged Aug ’08 and advertised Nov ‘08: should be straightforward - underground mining, no onsite uranium production. Existing infrastructure includes a 200m decline. Formal review after public comment will begin Dec ’08 and be completed in late Jan to Mar ’09; if successful, development will commence immediately (ore shipment a further 2-4 months, ie 2-3Q09). The second project, Geitus, could be a small underground mine. Mineralised material 0.24mlbs U3O8. There is potential to double historic mineralisation at White Canyon, target ~5mlbs U3O8. WCU has also acquired the Blue Jay and Marcy & Look deposits (Sep ’08, 1,080ac) near Geitus – these have much historic data and potential to add more than 1mlbs U3O8. 2 Thompson Project (Utah, USA): 27.1km , 30km north of Moab, in Grand County, Utah. The project covers depth extensions, defined by drilling, of old shallow uranium workings (active from 1911 to early ‘80s). Uranium deposits are palaeochannel style - irregular to tabular bodies, 1-4m thick and extending to 80m strike - within the Morrison Formation. The USGS (1950s) defined uranium mineralisation of 82127kt @ 0.18-0.25% U3O8 and 1.13-1.47% V2O5, with sampling at < 170m depth. Drilling and JORCcompliant resource in 2010 (focus now on Daneros area) – target 5mlbs U3O8. Investment Comment: WCU’s development focus is on areas of defined mineralisation, and aims for first mine development in 1Q09, beginning with Daneros. WCU management has experience mining uranium in Utah - operations manager Michael Shumway is principal of Reliance Resources, which runs Pandora, at La Sal. Denison’s recently upgraded White Mesa uranium mill at Blanding, 100km from White Canyon, has the capacity to treat WCU’s ore – agreement possible Dec ‘08. The company has sufficient cash (~A$7m) to achieve mine production. With a 2 year resource target of ~10mlbs, low operational risk and potential uranium mine production 1Q09 (processing 2-3Q09), WCU has a solid base for share price appreciation as operational milestones are achieved.

WCU - White Canyon Uranium Limited 0.30

0.25 Share Price ($/Share)

0.20

Reserves and Resources/Mineralised Material
0.15
Code for reporting mineral resources - Australian: (JORC)

0.10

Uranium U3O8

Classification/ Geology

Project Equity

Ore Mt

U3O8 %

Cut Off U3O8 ppm Kt
0.0 0.0

U3O8 U3O8 Eqty Mlb Mlb
0.0 0.0 0.0 0.0 1.7 0.2 1.9

0.05 Mar-08 Apr-08 Jun-08 Jul-08

Source: Bloomberg

Reserves Resources Mineralised Material (est., non compliant with JORC) White Canyon (Daneros) 'Defined' + 'Potential' White Canyon (Geitus) 'Defined'

100% 100%

Total

0.7 0.1 0.8

1.7 0.2 1.9

Contacts
Mr John Hasleby Managing Director Tel: +61 (0) 8 9381 9192 Subiaco, WA, Australia www.whitecanyonuranium.com.au

Directors
L Cross (Non-Exec Ch) J Hasleby (MD) R Sciano (Exec Dir) M Swanson K Shumway

Key Projects
Project White Canyon Thompson
Ownership/ Option 100% 100%

Metal U U (V)

JV Partner none none

Target Type Sandstone Sandstone

Process Route Toll na

Project Status Adv. Expl. Adv. Expl.

Location USA (UT) USA (UT)

Analyst: Dr Trent Allen Analyst: John Wilson info@rcresearch.com.au
December Quarter, 2008 Disclaimer and disclosure attached. Copyright 2008 by Resource Capital Research Pty Ltd. All rights reserved.
©

29

Resource Capital Research

Project Locations: WCU has five sandstone hosted uranium projects in two major uranium districts in Utah. Utah has active/permitted uranium mines and the operating White Mesa uranium mill (Denison).

Daneros Project: WCU’s intial focus is on Daneros, which has an “historical reserve” (non JORC) of 1.7mlbs U3O8. Assays from 2008 drilling to 3.43% U3O8, high-grade core extended and a new mineralised channel found 200m to the north. Mine permit submitted Aug ’08, resource and production expected 1Q09.

December Quarter, 2008

Disclaimer and disclosure attached. Copyright 2008 by Resource Capital Research Pty Ltd. All rights reserved.

©

30

Resource Capital Research

Report Contributors
John Wilson: John has a background in mining, finance and equity research. He worked on Wall Street for 6 years and has covered US, Australian and Latin American mining stocks. He has also worked with BHP in their minerals division. Qualifications include an MBA from the Wharton School of the University of Pennsylvania and a Bachelor of Engineering from the University of Sydney. Tony Parry: Tony has extensive experience in metallurgical process development, (working with MIM Limited for five years) and in mining equity research, equity sales and mining corporate finance (working in London for five years and subsequently Perth). He was a founding Director and CEO of an ASX listed exploration company and has been engaged extensively as a strategic planning consultant to many small-medium enterprises. Tony’s qualifications include a BSc (Hons) in Metallurgy and a PhD in Metallurgy from the University of NSW. Trent Allen: Trent has a BSc (Hons) and a PhD from the University of Sydney, specialising in the petrology, trace-element geochemistry and economic geology of alkaline igneous rocks. His Australian mining industry experience includes several years with Newcrest’s Cadia Valley gold/copper mines, where he was engaged in resource definition and geotechnical engineering. Trent has also worked as an exploration consultant, university lecturer in geology and civil engineering, and as a newspaper editor with Fairfax in Sydney. Kim Wright: Kim has worked in the Australian minerals industry for 40 years, half of which was with Geopeko which found the Ranger ore bodies, and 4 years with Getty Oil (minerals division) which was directly involved in Jabiluka. He was personally involved with the calculation of the ore reserves of both deposits. He also worked at Rum Jungle for a short time when it was producing uranium products and has visited several operations in the South Alligator Valley. Maran Clark: Maran spent 10 years with Rio Tinto's US Borax Inc. in a variety of roles in sales, marketing, and global business unit management. She then worked for Rio Tinto's Australiabased Energy Marketing Services for 2 years, managing market analysis and strategic marketing projects in the coal sector. She holds a B. Sci. in Agricultural Science and Management from the University of California Davis, and an MBA from Marshall School of Business, University of Southern California.

December Quarter, 2008

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The use or inclusion of such information, material, links or references does not imply our endorsement or approval thereof, nor do we warrant, in any manner, the accuracy of completeness of any information presented therein. RCR, its affiliates and their respective officers, directors and employees may hold positions in the securities of the companies featured in this report and may purchase and/or sell them from time to time and RCR and its affiliates may also from time to time perform investment banking or other services for, or solicit investment banking or other business from, entities mentioned in this report. Aura Energy Limited, Black Range Minerals Limited, Energy and Minerals Australia, Energy Metals Limited, Globe Metals and Mining Limited, Greenland Minerals and Energy Limited, Toro Energy Limited, Uranex NL and White Canyon Uranium Limited commissioned RCR to compile respective company reviews in this report. In consideration, RCR received from each company a cash consultancy fee of less than $15,000. RCR may receive referral fees from issuing companies or their advisors in respect of investors that RCR refers to companies looking to raise capital. Those fees vary, but are generally between 0 - 1% of the value of capital raised from referrals made by RCR. RCR received referral fees in relation to recent capital raisings for Globe Uranium Limited, Contact Uranium Limited, PepinNini Minerals Limited and Uranex NL. At the date of this report, neither RCR, nor any of its associates, hold any interests or entitlements in shares mentioned in this report with the exception that either or both of John Wilson (either directly or through Resource Capital Investments Pty Limited (RCI)) and associates, or RCI, as trustee of the Resource Capital Investments Fund owns shares in BHP, Rio Tinto, shares in Energy Metals Limited, Berkeley Resources Limited, Uranex NL, Curnamona Energy Limited, Contact Uranium Limited, Extract Resources Limited, Energy Resources of Australia Ltd., Equinox Minerals Limited, West Australian Metals Limited, White Canyon Uranium Limited and PepinNini Minerals Limited. Analyst Certification: All observations, conclusions and opinions expressed in this report reflect the personal views of RCR analysts and no part of the analyst’s or RCR’s compensation was, is, or will be, directly or indirectly related to specific recommendations or views expressed in the report. 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December Quarter, 2008

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