feasibility study upgrades economics at lance

• The Lance Feasibility Study (FS) has upgraded the economic viability of the Lance In-
Situ Recovery (ISR) Uranium Projects in the Powder River Basin Wyoming, USA
• NPV8 US$252 million (8% discount rate)
• Initial capital cost of US$78 million inclusive of Central Processing Plant (CPP)
• Steady state total production, CPP and production unit expansion, ongoing wellfield
development and closure costs of $36.60 per pound (C1 cash costs of US$12.94 per
pound – excluding Vanadium credits)
• Planned steady state production rate of 2.2mlbs U3O8 per annum
• Initial mine plan based on 29mlbs recovered U3O8
• Extensive exploration potential remains within the Lance projects area
• WDEQ Permit to Mine anticipated grant on lodgement of environmental bonding (Q2,
2012)
• Proposals for project development financing have been received and are being
progressed