URANIUM IN SOUTH CONTENTS

SOUTH AUSTRALIA IN CONTEXT PAGE Global Resources 3 Australia’s Resources 4 South Australia’s Resources & Production 5 MAJOR MINES AND PROSPECTS Major Mines & Developing Projects 6 Prospects 7 FURTHER INFORMATION South Australia – The Low Risk Mining Jurisdiction 8 Research and Development 9 Information Resources 11 Olympic Dam Resource Taxation 12 Foreign Investment in South Australian Uranium 13 Legislation and Regulation 14 PROJECT SUMMARIES Operating Mines 15 Developing Projects 21 Prospects 25

Worker in a Beverley wellfield GLOBAL DISTRIBUTION OF IDENTIFIED URANIUM RESOURCES

(

Russia 9% Canada Kazakhstan 8% Ukraine 12% Mongolia 2% 2% Uzbekistan 2% USA China 4% 3%

Niger 7%

Tanzania 1%

Brazil Botswana 5% 1% Australia Namibia 29% 6% South Australia 23% South Africa 6%

• South Australia has more than 23% of global identified uranium • South Australia is internationally recognised for its high prospectivity resources (recoverable at

Source: IAEA 2014 Red Book, Geoscience Australia - Australia’s Minerals Resources Assessment 2013 3 AUSTRALIA’S URANIUM RESOURCES

Identified Resources (RAR & Inferred) THE GLOBAL LEADER FOR URANIUM RESOURCES

2,000 1,800 • Australia has a substantial allocation of the world’s uranium resources, 1,600 especially defined under the lower risk RAR (Reasonably Assured 1,400

Resources) metric. Australia hosts 29% of the world’s uranium 1,200 resources (RAR and inferred) recoverable at

kilotonnes 800 600 • Australia has a rich 60-year history of uranium mining with the first 400 mine operating in 1954 in South Australia. 200

- Australia Kazakhstan Canada Russian Brazil Federation • Australia is a globally recognised, low-risk uranium mining jurisdiction with a streamlined regulatory framework aimed to

Australia’s Share of Global Uranium Resources • Australia is a preferred supplier of the global uranium market, (RAR and Inferred) currently exporting to: 40% • Japan 35% • USA 30% • China 25% • South Korea 20% • Canada 15% 29% • Taiwan 10% 24% • Various European Union nations. 5%

0%

Source: World Nuclear Association, Department of Resources, Energy and Tourism, IAEA Red Book 2014. Cost categories are used to identify economic feasibility of exploitation by 4 identifying the cost of uranium recovered at the ore processing plant. . SOUTH AUSTRALIA’S RESOURCES & PRODUCTION

Economic Demonstrated Uranium Resources • South Australia hosts four of Australia’s six approved As at December 2012 Uranium projects with 58% of national production in 2015.

• South Australia is home to Port , one of only two ports in Australia authorised for uranium export (WA to ship via Port Adelaide or Darwin).

Northern Territory • Olympic Dam is the world’s largest uranium deposit with 2.5 10% Mt of U3O8. Queensland 4% Western • South Australia is underutilising its identified resources demonstrating potential to support further long term Australia SOUTH 6% AUSTRALIA development. 80% Production vs Identified Resources

% Resources (<130/kgU) 29% 30% 23%

20% 15% 12% 12% 9% 8% 8% 8% 10% 7% 7% 6% • South Australia is home to 80% of Australia’s Economic 5% Demonstrated uranium resources recoverable at

Source: Geoscience Australia, IAEA Red Book 2014 5 MAJOR MINES & DEVELOPING PROJECTS IN SOUTH AUSTRALIA

OPERATING MINES

MINE OPERATOR JORC U308 DEPOSIT RESOURCE RESOURCE TYPE (tonnes)

Olympic Dam* BHP Billiton 10,100 Mt at 2,525,000 Breccia 0.025%

Beverley Heathgate 7.7 Mt at 0.27% 21,000 Sandstone Resources

Beverley North Heathgate 2.2 Mt at 0.18% 4,000 Sandstone Resources

Four Mile Quasar Resources 9.7 Mt at 0.33% 32,000 Sandstone Alliance Resources

Honeymoon Boss Resources 37.3 Mt at 640ppm 23,800 Sandstone (Care & Maintenance) eU308

TOTAL OPERATING MINES 2,605,800

DEVELOPING PROJECTS

PROJECT OPERATOR JORC U308 DEPOSIT RESOURCE RESOURCE TYPE (tonnes)

Junction Dam Marmota 4.36 Mt at 0.0437% 1,510 eU308 Sandstone Energy Ltd Teck, PlatSearch, etc.

Samphire Uranium SA 64.5 Mt at 0.0230% 14,850 eU308 Sandstone

Crocker Well Sinosteel 18.84 Mt at 0.03% 5,290 Vein Corporation

TOTAL DEVELOPING PROJECTS 21,650

Source: Company reports, Intierra, Department of State Development 6 * Uranium is a co-product MINING PROSPECTS IN SOUTH AUSTRALIA

PROSPECTS

LOCATION OPERATOR DEPOSIT TYPE

Acropolis / Aphrodite * BHP Billiton Ltd Breccia

Becaroo* Sinosteel Corporation Sandstone

Blanchewater (Maree) Cauldron Energy Ltd Sandstone

Fitton Core Exploration Ltd Breccia

Mount Victoria Sinosteel Corporation N/A

Victory (Edward Creek) Reedy Lagoon Corp Ltd N/A

Vulcan* Tasman Resources Breccia

Yadglin (Lake Frome JV) Heathgate Resources Sandstone

A number of companies are currently operating in SA under the exploration model based on the analogy of the Chu-Saryssu and Syrdarya uranium fields in Kazakhstan. The economic sandstone- hosted uranium deposits occur up to 250km from the uranium source region.

Source: Company reports, Intierra, Department of State Development * Uranium is a co-product 7 SOUTH AUSTRALIA – THE LOW-RISK MINING JURISDICTION

ROBUST GROWING ECONOMY • South Australia has experienced 22 years of uninterrupted annual growth.

GOVERNMENT SUPPORT FRASER INSTITUTE SURVEY OF MINING • Opening up new areas for exploration. COMPANIES • World leading geoscientific data. • South Australia continues to perform well across key metrics in the Fraser Institute's survey, achieving 3 top 10 global • World class drill core library. rankings in 2015 out of 109 jurisdictions. • Co-funding for exploration drilling. • South Australia ranked highest in the world for Geological th • Mining Industry Participation Office. Databases that encourage investment, 5 globally for legal system and 10th globally for Investment Attractiveness. • PACE Copper

MINERALS COUNCIL OF AUSTRALIA 2012 RESOURCESTOCKS MAGAZINE WORLD RISK SCORECARD SURVEY • Scorecard results for 2012 (released in June 2013) reveal that • South Australia was ranked 11th in the world for lowest South Australia leads all jurisdictions in Australia and risk resource investment destination. New Zealand for the majority of mining approval, • The survey asks global investors, executives and brokers environmental assessments and land access policies and around the world to rate various mining jurisdictions based on regulation. factors like red and green tape, infrastructure, sovereign risk and land access.

8 Source: Fraser Institute Survey of Mining Companies 2014, RESOURCESTOCKS Magazine World Risk Survey 2014 8 RESEARCH AND DEVELOPMENT

MINING AND PETROLEUM SERVICES CENTRE OF EXCELLENCE PARTNERS INCLUDE: • OZ Minerals The South Australian Government has committed $10 million over five years as innovation seed funding toward the development of strategically important capabilities in areas such as: • BHP Billiton • Deep resource exploration and deep mining • Institute for Mineral and Energy Resources at the University of Adelaide • Next generation minerals processing • Ian Wark Centre at the University of South • Leading practice in mine rehabilitation and environmental protection Australia • Mine to mill optimisation, ore selection and pre-concentration, mine logistics • Commonwealth Scientific and Industrial • Automating the resource sector through innovative ICT applications across the entire mining Research Organisation (CSIRO) lifecycle • Deep Exploration Technology Cooperative • Leading practice in multiple land use policy and community engagement Research Centre • Deep gas well operations and training.

CASE STUDY: REMOTE OPERATIONS CENTRE (ROC) • An eight month study for a collaborative Remote Operations Centre (ROC) for the minerals and energy sectors in South Australia was successfully completed in 2014 and has set the foundation for an information and communications technology (ICT) innovation platform for remote applications. • The ROC is a collaborative innovation project between OZ Minerals, the University of South Australia, IPACS Power and the State Government. • The ROC project looked at how remote vibration analysis of important equipment at a distant mine site can indicate impending problems and future failures, providing the opportunity for equipment to be repaired ahead of failure and allows it to be used more intensively for longer periods of time.

9 RESEARCH AND DEVELOPMENT

DEEP EXPLORATION TECHNOLOGIES COOPERATIVE RESEARCH RESEARCH PARTICIPANTS: CENTRE (DET CRC) • Commonwealth Scientific and Industrial • Established in 2010, the DET CRC is the world’s best-supported independent Research Organisation (CSIRO) research initiative in mineral exploration with $145m of cash and in-kind funding • The University of Adelaide from the Commonwealth Government of Australia and its Participants The DET CRC will deliver research programs in more successful, cheaper and • Curtin University () safer ways to drill, analyse and target deep mineral deposits • Industry participants include BHP Billiton, Heathgate Resources, Paladin Energy, Vale • The DET CRC will deliver research programs in more successful, cheaper and safer ways to drill, analyse and target deep mineral deposits.

THE IAN WARK RESEARCH INSTITUTE AREAS OF RESEARCH: • Established in 1994, The Ian Wark Research Institute at the University of South Australia, • Energy Materials holds a prominent place in the Australian research landscape with high-end research • Minerals Processing facilities and instrumentation. • Functional Coatings • Applied research is focused on chemistry and physics at interfaces, covering a wide range of mineral processing applications. • Lubrication • Nanomedicine and biopharmaceuticals

10 INFORMATION RESOURCES

INFORMATION ADVANTAGES WORLD CLASS DRILL CORE WORLD LEADER IN ONLINE DATA DELIVERY LIBRARY The South Australian Resources Information Geoserver • Drilling samples from companies required to (SARIG) be retained and stored under legislation • Core library holds representative samples of all petroleum cores and cuttings KEY FEATURES OF SARIG • Available for inspection and sampling in • Search and identify mineral, petroleum and modern viewing facilities geothermal geoscientific information • Overlay data across 400 spatial layers including geophysical data, logistics and land access • Save and download maps for customised use • Instant access to petroleum and geothermal well completion reports, current and historical company reports.

www.sarig.pir.sa.gov.au

FREE SMART PHONE APP: SOUTH AUSTRALIA MINING PACE

Designed for investors, this free app highlights real-time investment The South Australian Government's PACE opportunities within the state's mineral and energy resources sector. initiative (Plan for Accelerating Exploration) is tasked with showcasing South Australia Available as a free download on Apple iPhones, iPads and iPad minis through internationally as a premier minerals and the App Store and on Android smart phones and tablets through Google Play. energy resources investment destination.

Follow Twitter account “@PACE_sagov” for more details. 11 Source: DSD, Federal Department of Resources, Energy and Tourism RESOURCES TAXATION

TAXES & ROYALTIES South Australia's taxation regime compares favourably to both domestic and international uranium mining jurisdictions.

LOCATION CORPORATE TAX MINING TAX AND ROYALTIES DISCOUNT/BONUS

South Australia Federal 30% of taxable income (Gross sales – allowable deductions) x 5% 2% for first 5 years Northern Territory Federal 30% of taxable income [(Gross sales – allowable deductions) – (Operating + exploration costs + capital deduction + other costs)] x 20% Western Australia Federal 30% of taxable income (Gross sales – allowable deductions) x 5% Queensland Federal 30% of taxable income 2.5% of value Royalty free threshold Kazakhstan Federal 20% of taxable income Mineral Extraction Tax: Profit x 18.5% Signature bonus

Excess Profit Tax: (0% – 60%) based on aggregate annual income/deductions ratios of 1.25 – 1.7 Commercial discovery bonus Canada – Federal (15%) + Provincial (12%) Basic royalty 5% of gross sales + Resource credit of 0.75% Saskatchewan = 27% of taxable income Tiered royalty (10% - 15%) of gross sales gross sales Russia 20% of taxable income Gross sales x 6% Accelerated depreciation One off & regular payments for subsoil use provisions

Source: EY, KPMG, and PWC Tax reports 12 FOREIGN INVESTMENT IN SOUTH AUSTRALIAN URANIUM

FOREIGN INVESTMENT IN SOUTH AUSTRALIAN URANIUM A number of South Australian uranium projects include capital from foreign investors.

PROJECT INVESTOR ORIGIN PROJECTS DETAIL OWNERSHIP FOREIGN INVESTMENT General Atomics USA Beverley 100% Investment via subsidiaries Beverley North 100% Heathgate Resources and Quasar REVIEW BOARD Yadglin 100% Resources. Four Mile 75% The Foreign Investment Review Board Sinosteel Corporation China Crocker Well 100% Chinese state-owned enterprise. (FIRB) examines foreign investment Becaroo 100% Originally JV with PepinNini in proposals to ensure the investment is in 2007 and acquired remaining Australia’s interest. interest in 2014. FIRB must be notified on certain COMPANY INVESTOR ORIGIN SHARES IN DETAIL acquisitions, irrespective of the value or OWNERSHIP the nationality of the investor. All other Joseph Investment China Cauldron Energy 10% Portfolio Investment. Provided acquisitions which do not require Ltd $2m funding in June 2014 notification must meet certain thresholds.

placement. One important threshold for an interest in Mr Qiu Derong China Cauldron Energy 12% Non-executive-director of an Australian business is an investment Ltd Cauldron Energy. Provided $2m with a value less than $252 million (as at funding in June 2014 placement. 1 January 2015).

Guangzhou City Guangrong China Cauldron Energy 7% Portfolio Investment. Provided Other exemptions and thresholds apply Investment Management Co Ltd Ltd $5m funding in June 2014 including a lower threshold for real estate placement. assets and certain investment types.

Further information can be found at www.firb.gov.au

13 LEGISLATION AND REGULATION

LEGISLATION & REGULATION Uranium exploration and mining in South Australia is governed by: • Mining Act 1971 APPLICATION FOR AN APPLICATION FOR A • Mining Regulations 2011 amendments EXPLORATION MINING LEASE • Radiation Protection and Control Act 1982 LICENCE • Environment Protection and Biodiversity Conservation Act 1999 (Federal)

The Act and the Regulations require licenses for ONE STOP SHOP both exploration and mining prior to any work DSD provides a “one stop shop” for being commissioned. minerals companies. Please contact for further details Considerations must be included for each approval type.

The Beverley North uranium mine was granted a Further detail regarding legislation and regulation including contact details Mining Lease in 6 months through a coordinated can be obtained by visiting the South Australian minerals website: State & Commonwealth process. minerals.statedevelopment.sa.gov.au This compares to national benchmark of: • 1- 2 years for “Major” mines • 6-12 months for “small” mines

14 14 OPERATING URANIUM MINES

15 BEVERLEY (care & maintenance)

OVERVIEW STATUS Care & Maintenance LOCATION MAP Production commenced in 1999 and at the time was one of the largest, and most advanced, in situ recovery (ISR) mines in the OWNERSHIP world. Operator Heathgate Resources P/L 100% The mineralisation is primarily coffinite with some uraninite. Production has almost completed, and commenced shifting to the Beverley North mine. OPERATOR DETAILS Heathgate Resources operates as a subsidiary of General Atomics. Headquarters Adelaide, Australia MARKET CAPITALISATION Website www.heathgateresources.com.au Contact Details +61 8 8110 0500 N/A (Private Company)

DEPOSIT DETAILS MINE DETAILS EXPENDITURE SHARE INFORMATION

Deposit Type Sandstone Style ISR Estimated Capex ($m) - Listing Details - ASX Private Company

Total Resource (Mt) 7.7 Estimated Life 25-30 years Estimated Opex ($/lb) - Market Capitalisation -

Resource Grade (U3O8 2,700 Production Undisc. Cash - ppm) 2013-14 PORT DETAILS Top 20 Shareholders - Contained U3O8/t 21,000 Port options Adelaide

Maximum vessel size Panamax

16 BEVERLEY NORTH (care & maintenance)

OVERVIEW STATUS Care & Maintenance LOCATION MAP Discovered during exploration drilling in 2009 for shallow calcrete- hosted uranium. OWNERSHIP Mineralisation occurs at redox fronts within the Eyre Formation. Operator Heathgate Resources P/L 100% Heathgate Resources operates as a subsidiary of General Atomics. OPERATOR DETAILS Headquarters Adelaide, Australia MARKET CAPITALISATION Website www.heathgateresources.com.au Contact Details +61 8 8110 0500 N/A (Private Company)

DEPOSIT DETAILS MINE DETAILS EXPENDITURE SHARE INFORMATION

Deposit Type Sandstone Style ISR Estimated Capex ($m) - Listing Details - ASX Private Company

Total Resource (Mt) 2.2 Estimated Life - Estimated Opex ($/lb) - Market Capitalisation -

Resource Grade (U3O8 1,800 Production Undisc. Cash - ppm) 2013-14 PORT DETAILS Top 20 Shareholders - Contained U3O8/t 4,000 Port options Adelaide

Maximum vessel size Panamax

17 FOUR MILE

OVERVIEW STATUS Operating LOCATION MAP The Four Mile Project was a joint venture between Quasar Resources (75%) (a wholly owned subsidiary of General Atomics) OWNERSHIP and Alliance Resources (25%) an Australian publicly listed Operator Quasar Resources Pty Ltd company. Quasar assumed 100% of the project in 2015.

The deposit is located in South Australia, 550km north of Adelaide and close to the Beverley mine (100% owned by Heathgate Resources, a wholly owned subsidiary of General Atomics). OPERATOR DETAILS Headquarters Adelaide, Australia MARKET The mine was opened in June 2014 with initial production CAPITALISATION transported to the nearby Beverley plant for stripping, precipitation, Website www.quasarresources.com.au drying and packaging. Contact Details +61 8 8110 0500 N/A (Private Company)

DEPOSIT DETAILS MINE DETAILS EXPENDITURE SHARE INFORMATION

Deposit Type Sandstone Style ISL (Acid) Estimated Capex ($m) - Listing Details - ASX Private Company

Total Resource (Mt) Estimated Life 20 years Estimated Opex ($/lb) - Market Capitalisation - Inferred & Indicated 9.8 Production 1,397,476 lbs Cash - Resource Grade 2014 UOC PORT DETAILS (U3O8 ppm) 3,300 Significant Shareholders - Forecast 2,640,000 lbs Port options Adelaide Contained (U3O8 t) 32,000 Production UOC 2015 Maximum vessel size Panamax

18 HONEYMOON (care & maintenance)

OVERVIEW STATUS Care & Maintenance LOCATION MAP Mineralisation extends over an area of 900 x 450m at an average depth of 110m. Deposit occurs as five discrete mineralised sand OWNERSHIP packages, located near the confluence of a major tributary entering the Yarramba Palaeochannel. Operator Boss Resources Distribution of uraninite, coffinite and uranium phosphate mineralisation is structurally influenced by a basement ridge. Production commenced in November 2011 with an estimated annual OPERATOR DETAILS

production of 400t of U3O8. On 12 November 2013 Uranium One suspended production indefinitely reflecting high production costs and Headquarters , Australia MARKET continuing difficulties in reaching design capacity for the operation. CAPITALISATION Website www.bossresources.com.au In September 2015, Boss Resources Limited entered into an agreement with Uranium One Inc. to acquire the Honeymoon Uranium Key Executive Mr Evan Cranston, Chairman project and finalised the acquisition on 30 November 2015. N/A Contact Details +61 (8) 6143 6730 Boss Resources announced a resource upgrade of the Honeymoon Project on 8 April 2016, with the resource estimate including the Maiden Mineral Resource for Gould’s Dam.

DEPOSIT DETAILS MINE DETAILS EXPENDITURE SHARE INFORMATION

Deposit Type Sandstone Style ISR Estimated Capex ($m) - Listing Details - ASX BOE

Total Resource (Mt) 37.3 Estimated Life N/A Estimated Opex ($/lb) - Market Capitalisation $36.75m

Resource Grade (U3O8 640 Production N/A Cash $2.4m ppm) PORT DETAILS Top 20 Shareholders Mr Antonious Joseph Contained U3O8/t 23,800 Port options Adelaide Smit 8.26%, Kingslane P/L Maximum vessel size Panamax 8.11%, Mr James David Taylor 5.16%

19 OLYMPIC DAM

OVERVIEW STATUS Operating LOCATION MAP Olympic Dam was discovered in 1975 and now one of the world’s major mines, located some 550km north northwest of Adelaide. It is OWNERSHIP the site of an extremely large iron oxide copper gold deposit Operator BHP Billiton Ltd 100% producing copper, uranium, gold and silver.

The site hosts an underground mine as well as an integrated metallurgical processing plant. It is the fourth largest copper deposit and the largest known single deposit of uranium in the OPERATOR DETAILS world, though uranium represents a minority of the mine's total Headquarters , Australia MARKET CAPITALISATION revenue. ($ Billion) Website www.bhpbillition.com 250 BHP has considered several options to construct an open pit to 200 expand production. Key Executives Mr Jac Nasser, AO, Chairman 150

Mr Andrew MacKenzie, CEO 100 Contact Details +61 1300 55 47 57 50 - Dec11 Dec12 Dec13 Dec14 Dec15

DEPOSIT DETAILS MINE DETAILS EXPENDITURE SHARE INFORMATION (31.12.2015)

Deposit Type IOCGU Status Production Capex ($m) - Primary Listing – ASX, LSE BHP

Total Resource (Mt) 10,100 Style Underground Opex Guidance ($/lb) - Market Capitalisation AUD$94,949.4m

Cu % U3O8 kg/t Au (g/t) Ag (g/t) Estimated 47 years Cash AUD$9,336.8m Life (reserve life) PORT DETAILS 0.78 0.25 0.30 1.00 Top 20 Shareholders 58.44% Production 3,988t U3O8 Port options Adelaide Total Reserve (Mt) 484 2013-14 Concentrate Significant Shareholders No holdings greater Maximum vessel size Panamax than 5% Cu % U O kg/t Au (g/t) Ag (g/t) 3 8 Production ~4,000t U3O8 2014-15 Concentrate 1.95 0.59 0.74 4.00

20 20 DEVELOPING PROJECTS

21 CROCKER WELL

OVERVIEW STATUS BFS (on hold) LOCATION MAP Crocker Well was operated by 40% owner ASX-listed PepinNini Minerals Limited, before a Sale & Purchase Agreement was OWNERSHIP announced on 15 July 2014 whereby Sinosteel would acquire Operator Sinosteel Corporation 100% PepinNini’s 40% share in the project. This sale was completed on 22 September 2014.

In 2010 it was announced the combined deposits at Crocker Well consists of an Indicated Resource totalling 13,250,000 tonnes at OPERATOR DETAILS 283 ppm U O for 3,750 tonnes (8.27 Mlbs) contained U O , and 3 8 3 8 Headquarters Perth, Australia MARKET an Inferred Resource totalling 5,590,000 tonnes at 275 ppm U O 3 8 CAPITALISATION for 1,537 tonnes (3.39 Mlbs) contained U3O8. Website australia.sinosteel.com Contact Details +61 8 9321 9966 N/A (Private Company)

DEPOSIT DETAILS MINE DETAILS EXPENDITURE SHARE INFORMATION

Deposit Type Vein Style - Estimated Capex ($m) - Listing Details - ASX Private Company

Total Resource (Mt) Estimated Life - Estimated Opex ($/lb) - Market Capitalisation - Inferred & Indicated 19.80 Production - Cash - Resource Grade PORT DETAILS (U3O8 ppm) 300 Top 20 Shareholders - Port options Adelaide Contained U3O8/t 5,290 Maximum vessel size Panamax

22 JUNCTION DAM

OVERVIEW STATUS Exploration LOCATION MAP The Junction Dam prospect is operated by large majority owner ASX-listed Marmota Energy Limited. The prospect is located to the OWNERSHIP east of the Honeymoon mine near to Broken Hill. Operator Marmota Energy Limited 100% Marmota is seeking to develop Junction Dam into a large in-situ leaching uranium project. Marmota has conducted broad spaced drilling confirming uranium OPERATOR DETAILS mineralisation confirmed along 15km strike on Junction Dam. New intercepts in multiple holes achieving grades greater than 1000ppm Headquarters Adelaide, Australia MARKET CAPITALISATION U O offering expansion potential to the existing defined zone of 3 8 ($ Million) uranium mineralisation. Website www.marmotaenergy.com.au 20 Work has continued to progress the Saffron deposit at the Junction Key Executives Mr Colin Rose, Chairman 15 Dam project towards a Retention Lease. Mr David Williams, Managing Director 10 5 Contact Details +61 8 7078 4883 - Dec11 Dec12 Dec13 Dec14 Dec15

DEPOSIT DETAILS MINE DETAILS EXPENDITURE SHARE INFORMATION (31.12.2015)

Deposit Type Sandstone Style ISR Estimated Capex ($m) - Listing Details - ASX MEU

Total Resource (Mt) Estimated Life - Estimated Opex ($/lb) - Market Capitalisation AUD$8.0m Inferred 5.4 Production - Cash AUD$0.3m Resource Grade PORT DETAILS Top 20 Shareholders 32.11% (U3O8 ppm) 557 Port options Adelaide Contained U3O8/t 1,510 Significant Shareholders Dr Colin Rose 18.71%. Maximum vessel size Panamax

23 SAMPHIRE

OVERVIEW STATUS Exploration LOCATION MAP The Samphire project is located approximately 20km southwest of Whyalla within the Gawler Craton geological province. Owned by OWNERSHIP ASX-listed UraniumSA which was Incorporated May 2006 and Operator UraniumSA Limited 100% completing an IPO in October 2006. Uranium mineralisation was discovered at Samphire in late 2007 in two separate deposits called Blackbush (11km southwest of Whyalla) and Plumbush (29km south southwest of Whyalla). The OPERATOR DETAILS aggregated Inferred Resources of uranium mineralisation of 18,300 Headquarters Adelaide, Australia MARKET CAPITALISATION tonnes of U3O8 (63.3Mt mineralisation at 290ppm U3O8 equivalent ($ Million) to approximately 41 million pounds of U3O8). High grade 100 mineralisation has been discovered at the Blackbush deposit in Website www.uraniumsa.com.au sediments, at the unconformity at the base of Eocene, and in the Key Executives Ms Alice McCleary, Chairman 75 underlying granite basement. 50 Focus for the Samphire project in 2015 is to increase the bulk Mr David Paterson, acting CEO 25 grade of sediment hosted mineralisation at Blackbush West and Contact Details +61 8 8132 0577 further develop the exploration opportunity seeking large tonnage - uranium targets within the Samphire granite. Dec11 Dec12 Dec13 Dec14 Dec15

DEPOSIT DETAILS MINE DETAILS EXPENDITURE SHARE INFORMATION (31.12.2015)

Deposit Type Sandstone Style Open cut and Estimated Capex ($m) - Listing Details - ASX USA or in-situ Total Resource (Mt) Estimated Opex ($/lb) - Market Capitalisation AUD$3.3m Inferred (Blackbush) 64.50 Estimated Life - Inferred (Plumbush) 21.80 Cash AUD$0.1m Production - PORT DETAILS Resource Grade Top 20 Shareholders 52.60% (U O ppm) Port options Adelaide 3 8 Significant Shareholders Lindsay Carthew Inferred (Blackbush) 230 15.66% Inferred (Plumbush) 292 Maximum vessel size Panamax

Contained U3O8/t Inferred (Blackbush) 14,850 Inferred (Plumbush) 6,300

24 URANIUM PROSPECTS

25 ACROPOLIS / APHRODITE

OVERVIEW STATUS - LOCATION MAP Acropolis / Aphrodite is owned by ASX-listed BHP Billiton Limited OWNERSHIP and comprises two tenements totalling 3111km2 abutting BHP's licences at Olympic Dam. Previous work completed by WMC Operator BHP Billiton Limited 100% comprised only 4 holes with results indicating Olympic Dam-style alteration and copper mineralisation occurs within iron breccias at depths in 3 of the 4 prospects. The historical work was biased towards testing magnetic anomalies however many significant gravity targets remain untested, and only about 50% of the total OPERATOR DETAILS area has been subject to detailed geophysical survey work. Headquarters Melbourne, Australia MARKET CAPITALISATION

($ Billion) In 2011 the SA Government co-funded Minotaur’s drilling work in Website www.bhpbillition.com 250 the tenement. 200 Key Executives Mr Jac Nasser, AO Chairman 150

Mr Andrew MacKenzie, CEO 100 Contact Details +61 1300 55 47 57 50 - Dec11 Dec12 Dec13 Dec14 Dec15

DEPOSIT DETAILS MINE DETAILS EXPENDITURE SHARE INFORMATION (31.12.2015)

Deposit Type Breccia Style - Estimated Capex ($m) - Primary Listing – ASX, LSE BHP

Total Resource (Mt) - Estimated Life - Estimated Opex ($/lb) - Market Capitalisation AUD$94,949.4m

Resource Grade - Production - Cash AUD$9,336.8m

(U3O8 ppm) PORT DETAILS Top 20 Shareholders 58.44% Contained U3O8/t - Port options Adelaide Significant Shareholders No holdings greater Maximum vessel size Panamax than 5%

26 BECAROO

OVERVIEW STATUS Exploration LOCATION MAP Becaroo was operated by 40% owner ASX-listed PepinNini Minerals Limited, before a Sale & Purchase Agreement was OWNERSHIP announced on 15 July 2014 whereby Sinosteel would acquire Operator Sinosteel Corporation 100% PepinNini’s 40% share in the project. This sale was completed on 22 September 2014. Becaroo is part of the exploration area operated by SinoSteel Corporation that includes Crocker Well and Mount Victoria. OPERATOR DETAILS The area was first explored in 1958 and PepinNini started Headquarters Perth, Australia MARKET exploration in 2004. ~1,000 boreholes were drilled to assess CAPITALISATION Crocker Well and Mount Victoria located in the west of the Website australia.sinosteel.com tenement. At least seven shafts were sunk to obtain bulk samples for metallurgical tests. Contact Details +61 8 9321 9966 N/A (Private Company)

DEPOSIT DETAILS MINE DETAILS EXPENDITURE SHARE INFORMATION

Deposit Type Sandstone Status Exploration Estimated Capex ($m) - Listing Details - ASX Private Company

Total Resource (Mt) - Style - Estimated Opex ($/lb) - Market Capitalisation -

Resource Grade Estimated Life - Cash -

(U3O8 ppm) - PORT DETAILS Production - Top 20 Shareholders - Contained U3O8/t - Port options Adelaide

Maximum vessel size Panamax

27 BLANCHEWATER

OVERVIEW STATUS Exploration LOCATION MAP The Blanchewater project is located 550km north east of Adelaide and is also known as the Marree Project. Within the Marree OWNERSHIP Project, there are several silver-lead-zinc-copper prospects that Operator Cauldron Energy Limited 60% were identified and mined in the 1920’s and 1930’s. JV Partner Korean consortium 40% The Project is 60% owned and operated by ASX-listed Cauldron Energy Limited with the remainder held by a Korean consortium made up of government-owned Korea Resources Corporation, OPERATOR DETAILS Daewoo and LG International. The Korean investors can move to MARKET CAPITALISATION a 50% shareholding. Headquarters Perth, Australia ($ Million) Website www.cauldronenergy.com.au 80 The project area includes the Tertiary Eyre and Namba 70 Formations, host to several sedimentary roll-front uranium Key Executive Mr Tony Sage, Executive Chairman 60 occurrences including the Beverley and Honeymoon Well uranium 50 deposits, and the recently discovered high grade uranium 40 Contact Details +61 8 6181 9796 30 mineralisation at Beverley Four Mile 60km to the south. 20 10 - Dec11 Dec12 Dec13 Dec14 Dec15

DEPOSIT DETAILS MINE DETAILS EXPENDITURE SHARE INFORMATION (31.12.2015)

Deposit Type Sandstone Style - Estimated Capex ($m) - Listing Details - ASX CXU

Total Resource (Mt) - Estimated Life - Estimated Opex ($/lb) - Market Capitalisation AUD$27.1m

Resource Grade Production - Cash AUD$1.6m

(U3O8 ppm) - PORT DETAILS Top 20 Shareholders 82.04% Contained U3O8/t - Port options Adelaide Significant Shareholders Cape Lambert Res. Maximum vessel size Panamax 17%, Mr Derong Qiu 12.18%, Joseph Investments 9.65% Guangzhou City 13.49% Starry 13.49%

28 FITTON

OVERVIEW STATUS Exploration LOCATION MAP The Fitton Project is located on the north-west structurally controlled edge of the Mt Painter Inlier, a block that is highly OWNERSHIP prospective for both primary and secondary uranium mineralisation Operator Core Exploration Ltd 100% as demonstrated by the presence of the Beverley, and Four Mile uranium mines.

Core discovered uranium at Fitton in November 2012 in its first drilling campaign on the project. The company’s second RC drilling OPERATOR DETAILS program in March 2013 hit thick and high grade uranium intercepts Headquarters Adelaide, Australia MARKET CAPITALISATION which have continued to extend uranium mineralisation. ($ Million) Website coreexploration.com.au 10 8 Key Executive Mr Stephen Biggins, Managing Director 6 4

Contact Details +61 8 7324 2987 2

- Dec11 Dec12 Dec13 Dec14 Dec15

DEPOSIT DETAILS MINE DETAILS EXPENDITURE SHARE INFORMATION (31.12.2015)

Deposit Type Breccia Status Exploration Estimated Capex ($m) - Listing Details - ASX CXO

Total Resource (Mt) - Style - Estimated Opex ($/lb) - Market Capitalisation AUD$2.3m

Resource Grade Estimated Life - Cash AUD$0.5m

(U3O8 ppm) - PORT DETAILS Production - Top 20 Shareholders 41.32% Contained U3O8/t - Port options Adelaide Significant Shareholders No holdings above 5% Maximum vessel size Panamax

29 MOUNT VICTORIA

OVERVIEW STATUS Exploration LOCATION MAP Mount Victoria was operated by 40% owner ASX-listed PepinNini Minerals Limited, before a Sale & Purchase Agreement was OWNERSHIP announced on 15 July 2014 whereby Sinosteel would acquire Operator Sinosteel Corporation 100% PepinNini’s 40% share in the project. This sale was completed on 22 September 2014. Mount Victoria was part of the exploration area operated by SinoSteel Corporation that includes Crocker Well and Becaroo. OPERATOR DETAILS The area was first explored in 1958 and PepinNini started MARKET exploration in 2004. ~1,000 boreholes were drilled to assess Headquarters Perth, Australia CAPITALISATION Crocker Well and Mount Victoria located in the west of the Website australia.sinosteel.com tenement. At least seven shafts were sunk to obtain bulk samples for metallurgical tests. In 2007 a JV with SinoSteel was created to Contact Details +61 8 9321 9966 fund exploration in the area. N/A (Private Company)

Evaluation of historical data for Mount Victoria has highlighted anomalous grades of titanium, vanadium, chromium, rare earths with lanthanum and cerium.

DEPOSIT DETAILS MINE DETAILS EXPENDITURE SHARE INFORMATION

Deposit Type Sandstone Style - Estimated Capex ($m) - Listing Details - ASX Private Company

Total Resource (Mt) Estimated Life - Estimated Opex ($/lb) - Market Capitalisation - Inferred 0.25 Production - Cash - Resource Grade PORT DETAILS Top 20 Shareholders - (U3O8 ppm) 160 Port options Adelaide Contained U3O8 tonnes 400 Maximum vessel size Panamax

30 VICTORY

OVERVIEW STATUS Exploration LOCATION MAP Victory, also known as Edward Creek is located within the South Australian copper province which hosts both Olympic Dam and OWNERSHIP Prominent Hill. Owned by ASX-listed Reedy Lagoon Corporation Operator Reedy Lagoon Corp Ltd 100% Limited

The planned drilling at Victory has been awarded government funding under the South Australian Government’s initiative to encourage exploration by contributing funding towards exploration OPERATOR DETAILS drilling. Headquarters Melbourne, Australia MARKET CAPITALISATION

($ Million) Reedy Lagoon has postponed drilling at the Victory prospect until Website www.reedylagoon.com.au 8 uranium market conditions improve. 7 Key Executives Mr Jonathan Hamer, Chairman 6 5 4 Mr Geoff Fethers, Managing Director 3 2 Contact Details +61 3 8420 6280 1 - Dec11 Dec12 Dec13 Dec14 Dec15

DEPOSIT DETAILS MINE DETAILS EXPENDITURE SHARE INFORMATION (31.12.2015)

Deposit Type - Style - Estimated Capex ($m) - Listing Details - ASX RLC

Total Resource (Mt) - Estimated Life - Estimated Opex ($/lb) - Market Capitalisation AUD$0.71m

Resource Grade Production - Cash AUD$0.0m

(U3O8 ppm) - PORT DETAILS Top 20 Shareholders 71.20% Contained U3O8/t - Port options Adelaide Significant Shareholders Pyrope 12.34% Maximum vessel size Panamax Sked 19.50% Jageen 8.8% Jonathan 5.73%

31 VULCAN

OVERVIEW STATUS Exploration LOCATION MAP Located 30km north of Olympic Dam, the Vulcan prospect was discovered by ASX-listed Tasman Resources Limited in 2009 OWNERSHIP within its Lake Torrens project area. Tasman has drilled 8 holes to Operator Tasman Resources Ltd 100% date.

Tasman was awarded a grant of $70,000 under South Australian Government's PACE discovery drilling 2015 for the testing of this northern gravity anomaly. OPERATOR DETAILS Headquarters Perth, Australia MARKET CAPITALISATION ($ Million) Website www.tasmanresources.com.au 35 30 Key Executives Mr Greg Solomon, Chairman 25 20 Mr Guy Le Page, Director 15 10 Contact Details +61 8 9282 5889 5 - Dec11 Dec12 Dec13 Dec14 Dec15

DEPOSIT DETAILS MINE DETAILS EXPENDITURE SHARE INFORMATION (30.09.2015)

Deposit Type Breccia Style - Estimated Capex ($m) - Listing Details - ASX TAS

Total Resource (Mt) - Estimated Life - Estimated Opex ($/lb) - Market Capitalisation AUD$13.9m

Resource Grade Production - Cash AUD$1.3m

(U3O8 ppm) - PORT DETAILS Top 20 Shareholders 52.36% Contained U3O8/t - Port options Adelaide Significant Shareholders Arkenstone Pty Ltd Maximum vessel size Panamax 13.35% March Bells Pty Ltd 13.21%

32 YADGLIN

OVERVIEW STATUS Exploration LOCATION MAP Yadglin, also known as Lake Frome, is immediately east and south of Heathgate Resources operating Beverley mine. Originally OWNERSHIP owned by Giralia Resources NL under a JV agreed in 1998, Operator Heathgate Resources P/L 75% Heathgate, an affiliate of the US utility General Atomic, manages exploration over Giralia's tenements and can confirm a 75% JV Partner Atlas Iron Limited 25% interest by meeting all expenditure up to a decision to mine, with Giralia free interest carried at 25%. OPERATOR DETAILS Atlas acquired Giralia Resources NL in 2011. Headquarters Adelaide, Australia MARKET CAPITALISATION Website www.heathgateresources.com.au Contact Details +61 8 8110 0500 N/A (Private Company)

DEPOSIT DETAILS MINE DETAILS EXPENDITURE SHARE INFORMATION

Deposit Type Sandstone Style - Estimated Capex ($m) - Listing Details - ASX Private Company

Total Resource (Mt) - Estimated Life - Estimated Opex ($/lb) - Market Capitalisation -

Resource Grade Production - Cash -

(U3O8 ppm) - PORT DETAILS Top 20 Shareholders - Contained U3O8/t - Port options Adelaide

Maximum vessel size Panamax

33 Further Information

Please contact Investment Attraction Agency for detailed investor-ready information across copper, gold, uranium, iron ore and resources infrastructure.

Investment Attraction Agency Level 9, The Conservatory 131-139 Grenfell Street Adelaide 5000 South Australia

T: +61 8 8303 2439 E: [email protected] www.invest.sa.gov.au

Published January 2016

The information contained in this presentation has been compiled by the Department of State Development (DSD) and originates from a variety of sources. Although all reasonable care has been taken in the preparation and compilation of the information, it has been provided in good faith for general information only and does not purport to be professional advice. No warranty, express or implied, is given as to the completeness, correctness, accuracy, reliability or currency of the materials.

DSD and the Crown in the right of the State of South Australia does not accept responsibility for and will not be held liable to any recipient of the information for any loss or damage however caused (including negligence) which may be directly or indirectly suffered as a consequence of use of these materials. DSD reserves the right to update, amend or supplement the information from time to time at its discretion.