third party plans to utilise ablation, page-31

During the second quarter of 2013, GoviEx issued a technical economic analysis prepared by SRK Consulting (UK)
Limited for its Madaouela uranium project in Niger. The base case project economics assume a long-term uranium price
of US$70/lb. Based on the current uranium market price, this project does not meet our minimal profitability criteria. In
addition, GoviEx is in the process of restructuring its debt, which may create material dilution of the Corporation’s
ownership in GoviEx. By combining the low profitability of the project and the potentially material dilution of our
ownership, the Corporation deemed that the decline in GoviEx’s fair value is significant and that there is an objective
evidence of impairment.

http://www.semafo.com/pdfdb/finreport/46en.pdf