rcr report

http://www.rcresearch.com.au/

Investment Comment: EXT has high quality exploration targets and is approaching important
milestones for a likely development stage uranium project at Husab, in the Namibian “alaskite corridor”.
Project advancement is supported by an aggressive drilling program, which includes potential southern
extensions to Rossing and an initial JORC resource expected at Husab in Mar. ’08. The region has high
potential for very large, low grade deposits which are likely economic at a uranium price of ~US$40/lb.
Upgrades of Namibian power and water infrastructure are scheduled for completion in 2009. Extract
(diluted mkt cap A$201m) is undergoing a similar process of expansion, but at earlier stage, to Forsys
(TSX:FSY, low grade 0.0126% U3O8, BFS, mkt cap ~C$300m/A$350m) and Bannerman (ASX:BMN,
mkt cap. A$515m). The TSX listing (Oct ’07) is expected to further raise EXT’s profile and liquidity
following a capital raising anticipated 1H08. Near term target price A$1.50/share with expected further
re-ratings on continuing news flow to A$2.00 to A$2.50/share.