Overview: WME’s principal asset is the Marenica Uranium Project...

Overview: WME’s principal asset is the Marenica Uranium Project JV, Namibia. The JV was formed
April ’06 and has been approved by the Namibian Ministry of Mines and Energy.

Marenica (Namibia, 70,600ha): Located 100km north of Langer Heinrich, Marenica is a palaeochannel uranium deposit which is also prospective for primary uranium.

A historic resource (non JORC compliant) of 8kt (17.6mlb) at a grade of 0.02% U3O8 (gold equivalent 2.1gpt, Au US$650oz, U3O8 US$100/lb), near surface (0-20m depth) was estimated by Gold Fields in the ‘80’s within the eastern part of the tenement.


WME expects to define higher grade zones based on drill data sourced to date which has reported higher grade intersections including; 9.7m at 0.098% eU3O8, 8.1m at 0.05% eU3O8, and 3m at 0.075% eU3O8.

Information has been obtained on approximately 1000 of Gold Fields’ drill holes with another 1240 holes, where information is not available undergoing probe testing
with gamma logging tools 2Q/3Q07 (about 24,000m of holes are open).

A JORC resource is expected 4Q07 over Anomalies 1 to 4 (eastern portion of project area) where the historic resource is located and will be based in part on the historic data, new gamma logs and verification drilling.

The initial resource target range is 14mlb to 22mlbs U3O8. Trench sampling over the historic Gold Fields tenements indicates higher grade mineralised extensions may exist to the northwest and southwest.


Regional: Only 30% of the current Marenica licence (EPL3287) was explored by Gold Fields and did
not include 25km to 30km of interpreted palaeochannel extension being explored by WME.

WME logging of 31 historic holes 5 to 7km west of Anomalies 1 to 4 3Q07 reported shallow uranium
mineralisation including 0.3m @ 0.097% eU3O8 and 0.7m @ 0.04% eU3O8. WME is reviewing drill
targets for primary uranium which have not previously been tested. Potential drilling 4Q07.

Scaddan Uranium (WA): 75km northeast of Esperance, the area is prospective for early stage
palaeochannel hosted uranium and has identified radiometric anomalies. An airborne EM survey
(covering 300km2) has been contracted for Sep. ’07 to identify palaeochannel boundaries.


Investment Comment:
WME is potentially positioned to achieve a JORC resource at Marenica 4Q07


WME’s market cap. of ~A$71m (fully diluted) leaves considerable upside potential for re-rating short
term (to A$100m to A$150m) with confirmation of and modest expansion of the historic resource.

Resource Capital Research