Ann: 30 September 2014 Quarterly Conference Call Presentation, page-5

Markets currently very green in Europe. But this is all about the U price and sentiment revolving around nuke restarts in Japan - and the hype that this is generating in a sector that has turned its back on fear and looking towards greed again.

As PDN say in the "Uranium Outlook" section:

Uranium spot price recovery in recent months from a low of US$28/lb to US$42/lb indicates both a tightness in supply
and the effects of possible realignment of some supply sources due to negative geopolitical developments. With
China as the nuclear growth leader, confirming its strong commitment in the build up of its reactor fleet over the next
30 years combined with supply shortfalls identified in the mid-term, uranium is set for a long period of price strength.

Primary product available for the spot market has declined appreciably essentially due to production cutbacks that occurred during FY2014, which are all now affecting supply into the spot market for FY2015 and beyond. Amongst those factors contributing to production cutbacks and availability of product in the spot market are: Paladin placing KM on care and maintenance; Paladin’s sale of a minority equity stake in Langer Heinrich with its associated off-take arrangement; the sole uranium producer in Uzbekistan (Navoi) realigning previous spot market material into multiyear sales agreements with two major utility buyers, and US ISR producers and Rossing restricting production only to what they need to deliver into long term contracts. Consequently some 10Mlb to 12Mlb of annual production is
removed from the market, thus creating a supply squeeze in the prompt spot market.

Also in Japan authorities have cleared the final hurdle for restart of the Sendai 1 & 2 reactors paving the way for a
revival of the stalled Japanese nuclear industry. Start-up of the Sendai 1 & 2 reactors will signify confidence in follow-on
approvals on those applications accounting for 18 additional reactors located across 12 sites in Japan.