Northern Territory Mineral Investment Opportunities

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Northern Territory

Mineral Investment Opportunities

October 2014

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This publication has been compiled by the Northern Territory of Australia as a guide ONLY to the exploration and investment opportunities in the Northern Territory of Australia and is not intended to qualify for, be utilised or interpreted as a prospectus for any contributing party or to give any impression that the Northern Territory of Australia endorses any particular exploration project. Further information should be obtained directly from any contributing entity (including by way of due diligence enquiries) where you are considering opportunities outlined in this publication.

Reliance should not be placed upon any information contained in this publication for the purpose of making any legal, corporate or investment decisions. The Northern Territory of Australia recommends any person proposing to invest in any exploration activity or entity conducting exploration in the Northern Territory of Australia to obtain relevant independent fi nancial and legal advice which specifi cally takes into account matters relating to your particular situation. The Northern Territory of Australia disclaims any liability or responsibility or duty of care towards any person for any loss or damage whatsoever caused by the use of, or reliance on the information contained in this publication.

The Northern Territory of Australia compiled this publication using materials and information provided by private sector entities. While all care has been taken to ensure that information contained in this Northern Territory Mineral Investment Opportunities publication is correct at the time of publication the Northern Territory of Australia has not independently verifi ed the information provided. Changes in circumstances of the private sector entities contributing to this publication after the time of its publication may impact on the accuracy of information contained in it. The Northern Territory of Australia gives no warranty or assurance, and makes no representation as to the accuracy of any information or advice contained in this publication provided by any private sector entities, or that such information or advice is suitable for use in relation to legal, corporate or investment decisions.

Contact Details

Dr. Ian Scrimgeour Executive Director

Northern Territory Geological Survey Tel: +61 8 8999 5377

e-mail: [email protected] Fiona Park

Director Investment Attraction

Northern Territory Geological Survey Tel: +61 8 8999 1385

e-mail: fi [email protected]

www.core.nt.gov.au

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Project Status Summary

STATUS COMMODITY PROJECT

Grassroots Exploration Opportunities

Bowgan Minerals Au, Cu, Ag Neutral Junction

Bowgan Minerals U, Au, base metals Bowgan

Crossland Strategic Metals REE, U Mount Stafford

Red Metal Cu, Au, NI Irindina

Red Metal Cu, Au Tennant Creek

Spectrum Rare Earths Base metals, Au Calvert

Daylight Jack Diamonds and base metals Kirkimbie

Ismins Au, Ag, Cu, Sn Compass Creek

Early Stage Exploration

Crossland Strategic Metals U, Au, base metals Chilling

Outback Metals Sn, W, Au, Ag, Cu Maranboy/Yeuralba

Outback Metals SN (Cu, Au) Mt Wells

Spectrum Rare Earths REE Stromberg and Skyfall HREE

District

Spectrum Rare Earths REE, U Quantum

Thundelarra Exploration U Ngalia Basin

TNG Ltd Cu Mount Hardy

Uranium Equities U, PGE, Au Nabarlek

Advanced Exploration

Alligator Energy U Tin Camp Creek

Crossland Strategic Metals REE Charley Creek

Deep Yellow U Napperby

KGL Resources Cu, Zn, Ag, Pb Jervois

Minemakers P (P₂O₅) Wanarah

Rum Jungle Resources Potash Karinga Lakes

Rum Jungle Resources P (P₂O₅) Ammaroo

Thor Mining Au Spring Hill

Project Development

Arafura Resources REE Nolans

TNG Limited V, Ti, Fe Mount Peake

Thor Mining W, Mo Molyhil

Tellus Holdings NaCl Chandler Salt Mine

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Project Status Defi nitions

PROJECT STATUS DEFINITIONS

Grassroots Exploration Opportunities This category is for exploration tenements with identified prospectivity, but with little or no drilling undertaken.

Early exploration This project is at a preliminary stage of investigation. While the company might have reported some exploration results, the information is not yet sufficient to estimate the size of a Mineral Resource according to the JORC Code.

Advanced exploration Exploration results have been sufficient to estimate a Mineral Resource or Ore Reserve according to the JORC Code.

Project development Having defined Mineral Resource or Ore Reserve according to the JORC Code, the company is now undertaking studies and/or seeking approvals to determine whether the project can feasibly be developed into an operating mine.

PROJECT DEVELOPMENT DEFINITIONS Scoping study

A scoping study is a preliminary economic and technical study to understand the approximate economics and viability of various development options for the mining and treatment of a mineral deposit. It will involve a conceptual or preliminary mine plan and is used as the basis for determining whether to proceed to more detailed studies. Scoping studies are developed copying plans and factoring known costs from existing similar projects completed elsewhere and are accurate to within plus or minus 35-50%.

Feasibility Studies

A Preliminary Feasibility or “Pre-Feasibility Study” (PFS) is more detailed than a Scoping Study. A Pre-Feasibility Study is used in due diligence work, determining whether to proceed with a Definitive Feasibility Study and as a

“reality check” to determine areas within the project that require more detailed attention. Pre-Feasibility Studies are done by factoring known unit costs and by estimating gross dimensions or quantities once preliminary technical, engineering and mine design has been completed. Pre- Feasibility Studies are generally accurate to 20-30%.

A Definitive Feasibility Study (DFS) is the most detailed study and will determine definitively whether to proceed with the project. A Definitive Feasibility Study requires a high level of technical, engineering and design work as well as detailed capital and operating budget figures for the project. Definitive Feasibility Studies are accurate to within 10-15%.

A Bankable Feasibility Study (BFS) is a Definitive Feasibility Study, with a focus on financial and budget aspects, that is presented to financiers to obtain project financing. It is also accurate to within 10-15% depending on the requirements of the financial institution.

OTHER DEFINITIONS JORC Code

The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves is called ‘the JORC Code’.

The JORC Code is a professional code of practice that sets minimum standards for Public Reporting of minerals Exploration Results, Mineral Resources and Ore Reserves.

The JORC Code provides a mandatory system for the classification of minerals Exploration Results, Mineral Resources and Ore Reserves according to the levels of confidence in geological knowledge and technical and economic considerations in Public Reports.

Any Public Reporting of Exploration Results, Mineral Resources or Ore Reserves must be signed off by a Competent Person in accordance with the JORC Code.

A Competent Person must be a Member or Fellow of The Australasian Institute of Mining and Metallurgy, or of the Australian Institute of Geoscientists, or of a ‘Recognised Overseas Professional Organisation’ (the 2004 Edition) or ‘Recognised Professional Organisation’ (2012 Edition).A Competent Person must have a minimum of five years’ experience working with the style of mineralisation and type of deposit under consideration and relevant to the activity which that person is undertaking.

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COMMODITY COMPANY PROJECT STATUS PAGE URANIUM

U Alligator Energy Tin Camp Creek A 6

U, Au, base metals Crossland Strategic Metals Chilling E 13

U Deep Yellow Napperby A 20

U Thundelarra Exploration Ngalia Basin E 24

U, PGE, Au Uranium Equities Nabarlek E 31

RARE EARTHS

REE Arafura Resources Nolans PD 39

REE Crossland Strategic Metals Charley Creek A 43

REE Spectrum Rare Earths Stromberg and Skyfall HREE

District

E 51

REE, U Spectrum Rare Earths Quantum E 57

BASE METALS

Cu, Zn, Ag, Pb KGL Resources Jervois A 66

Cu TNG Ltd Mount Hardy E 72

FERROUS METALS & FERROALLOYS

V, Ti, Fe TNG Limited Mount Peake PD 79

W, Mo Thor Mining Molyhil PD 86

GOLD

Au Thor Mining Spring Hill A 90

U, Au, PGE Uranium Equities Nabarlek E 93

PHOSPHATE, POTASH

P (P₂O₅) Minemakers Limited Wonarah A 101

Potash Rum Jungle Resources Karinga Lakes A 108

P (P₂O₅) Rum Jungle Resources Ammaroo A 114

SALT

NaCl Tellus Holdings Chandler Salt Mine PD 119

TIN

Sn, W, Au, Ag, Cu Outback Metals Maranboy/Yeuralba E 125

Sn (Cu, Au) Outback Metals Mt Wells E 132

Grassroots Exploration Opportunities

Au, Cu, Ag Bowgan Minerals Neutral Junction G 138

U, Au, base metals Bowgan Minerals Bowgan G 147

REE, U Crossland Strategic Metals Mount Stafford G 153

Cu, Au, NI Red Metal Irindina G 158

Cu, Au Red Metal Tennant Creek G 163

Base metals, Au Spectrum Rare Earths Calvert G 168

Diamonds, base metals Daylight Jack Kirkimbie G 178

Au, Ag, Cu, Sn Ismins Compass Creek G 185

Key to symbols

PD: Project Development A: Adanced Exploration E: Early Stage Exploration G: Grassroots Exploration Opportunities

Northern Territory

Mineral Investment Opportunities

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Thor Mining PLC

Project: Spring Hill Gold Project COMMODITY: GOLD

COMPANY CONTACT DETAILS

Company: Thor Mining PLC

Contact Officer: Mick Billing Position: Chairman & CEO

Phone: 08 7324 1935

Fax: 08 8351 5169

Email: [email protected]

Web: www.thormining.com

PO Address: PO Box 485 MARLESTON, SA, 5035

Head Office: Level 1, 32 Richmond Rd, KESWICK, SA, 5035 Market Capitalisation: A$20 million

Number of Shares: 800 million ASX / AIM Code: THR

Company: Thor Mining PLC

PROJECT DETAILS

Project Name: Spring Hill Gold Project

Location: Spring Hill Gold Deposit is located 150 kilometres south-east of Darwin.

Project Equity: Thor holds a 25% interest and has rights to acquire up to an 80% interest in Spring Hill Gold Project in the Northern Territory

Tenement Area Grant Expiry

EL 22957 36.57 km² 13 February 2003 12 January 2013 ML 23812 10.35 km² 16 January 2004 15 January 2025 EL 28855 19.89 km² 31 January 2012 30 January 2018 EL 28981 13.36 km² 23 April 2012 22 April 2018

Please only include the area of Els and MLs not applications

MAP SHOWING PROJECT LOCATION

The Spring Hill project is located approximately 150 km south of Darwin in Australia’s Northern Territory. The location is served by all-weather access and is in close proximity to the sealed arterial Stuart Highway, north-south rail, gas pipeline and trunk powerlines.

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CURRENT PROJECT STATUS RESOURCE ESTIMATE

Spring Hill hosts an Indicated Resource of 274,000oz gold within 3.64Mt @ 2.34 grams per tonne (g/t) gold which is accessible for open pit mining. However, Directors believe significant potential exists for exploration upside, both for increments to the identified resource and at depth for a major resource using the “Callie” model.

Resource Estimate (Reported to ASX on 22 January 2011) (3.6 million tonnes @2.34g/t gold.

Cutoff grade 1.0 g/t)

Measured Indicated Inferred --- Total --- Tonne

s (Mt) Grad e g/t Au

Tonne s (Mt)

Grad e g/t Au

Tonne s (Mt)

Grad e g/t Au

Tonne s (Mt)

Grad e g/t Au

Containe d Gold (K oz) Zone of

Oxidation - - 1.32 2.16 - - 1.32 2.16 92

Transition

Zone - - 0.50 2.37 - - 0.50 2.37 38

Unweathere

d Zone - - 1.82 2.47 - - 1.82 2.47 144

Total - - 3.64 2.34 - - 3.64 2.34 274

Estimate: McDonald Speijers, June 2003, Compliant with JORC Code September 1999

At a lower cut-off grade of 0.5g/t the resource estimate in 2003 was 404,000 oz gold.

Gold at Spring Hill occurs mainly in quartz veins concentrated in fracture zones and the axial zones of anticlinal fold structures. Much of the gold is relatively coarse- grained, in the visible range, imparting significant ‘nugget effect’

to drill samples.

Four main zones of gold mineralisation cover an area of approximately 1,000 x 400 metres.

They have been outlined during the early 1990s and mid 2000s by drilling conducted by previous owners of the project around historic workings. These zones have not been drill tested below 150 metres. Additionally, several subordinate occurrences have been identified in adjoining areas, which are scheduled for testing by Thor.

Historical Intersections approx 1km north of resource boundary

Spring Hill - Summary Cross Section

Simplified geological plan & gold deposit outli

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Additionally, the Company believes that the Spring Hill gold deposit may be just the indicator of much more substantial mineralisation at depth. The figure opposite (based on a publication of the Northern Territory Geological Survey) indicates the conceptual setting of gold deposits throughout the Pine Creek Orogen. The Northern Territory’s Tanami Region shares a near- identical geological history and gold endowment. Importantly, in the Tanami, the Callie deposit (resources + production >5 million ounces at 5-6 g/t gold) occupies a structural-stratigraphic setting comparable to that of Cosmo Howley (resources + production

>1 million ounces at 3-4 g/t) on the adjacent cross section. Consequently, the Company is targeting a sheeted vein system deeper in the anticline, below the known Spring Hill mineralisation and which it believes has substantial Company-making potential.

The targeted stratigraphy is exposed, within EL22957, and is believed to exist in the subsurface below the Spring Hill deposit at depths which are reasonable to test by drilling.

It is proposed to drill test for this mineralisation during 2012.

Structural and stratigraphic setting and styles of gold mineralisation in the Pine Creek Inlier (After N.T.

Geological Survey)

BUSINESS DEVELOPMENT PLAN PROJECT EQUITY

Thor Mining PLC holds 25% of the Spring Hill Gold Project along with rights to increase that equity to 80% in two stages.

• the first stage is an option to acquire an additional 26% (to 51%) interest in the tenements for consideration of 5 million Thor shares plus shares to the value of A$250,000, exercisable following expenditure by Thor of A$1.5 million in exploration and development expenditure by February 2013. By 31 December 2011, Thor has spent A$1.01 million in earning that option;

• the second stage is an option to acquire a further 29% (to 80%) interest in the tenements for consideration of a further 5 million Thor shares plus additional shares to the value of A$500,000, exercisable following the expenditure by Thor of a further A$1.5 million in exploration and development expenditure by February 2014.

It is Thor’s intention to acquire an 80% interest in this project.

EXPLORATION AND EVALUATION ACTIVITIES The Company is planning in 2012 to:

x continue drill testing for depth extensions to the existing resource at Spring Hill, along with drill testing known mineralisation to the north, south and west;

x drill test the deeper (“Callie” style) target;

x scoping and feasibility studies for development.

Thor Mining PLC is seeking equity investment in the company to progress the development of the Spring Hill project.

The information in this report that relates to exploration results, mineral resources or ore reserves is based on information compiled by Richard Bradey, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Bradey is an employee of Thor Mining PLC. Richard Bradey has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the which activity he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the

‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Richard Bradey consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Updated 2013

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Updated September 2014

Uranium Equities Limited

Commodity Uranium, Platinum group elements (PGEs), Gold Project name Nabarlek Project

Project maturity Early Stage Exploration Company name Uranium Equities Ltd (UEL)

Company type Listed on the Australian stock exchange (ASX: UEQ) Company size Market capitalisation AUD$5m at 12/09/2014

Project details The 100% owned Nabarlek Mineral Lease is the location of the historic Nabarlek Uranium Mine which produced 24Mlbs

@ 1.84% U

3

O

8

. UEL, through a joint venture with Cameco Australia, owns 40% (UEL earning 100%) of the

surrounding exploration licences. In addition, the company has a total landholding of 5000km

²

of readily accessible granted exploration licences and exploration licence applications throughout West Arnhem Land.

Current project status

Geochemical drilling and gravity surveys have been conducted in parts of the project area. Highlights include:

x 6.8m @ 6.71% U

3

O

8

from 75m x 4.8m @ 1.85% U

3

O

8

from 80.4m

Location and size Located in the Alligator Rivers Uranium Field, 50km east of Jabiru.

History of project area

The project is in the area of the historic and highly profitable Nabarlek Uranium Mine. In the 1980’s, 546,437 tonnes of ore were mined from Nabarlek at an average grade of 1.84% U3O8

producing 24Mlbs of U3O8.

Business

development plan

Drill-ready targets exist throughout the Project area, with the most prospective to be investigated including further work at the Nabarlek ‘Deeps’. Drilling at the N147 Prospect is proposed with the possibility that a small resource can be delineated in the short term.

Company strategy The company is actively pursuing advanced growth opportunities – exploration for uranium at key established brownfields sites around Australia.

Target timeline to production

Subject to securing investment and achieving desired drilling results, the company envisages the following potential timeline to developing the project into production:

x Further drilling to grow and further define resource 2015

x Feasibility study 2016

x Potential production from 2018 Investment type

sought

Uranium Equities is seeking a Joint Venture Partner to assist in funding on-going exploration on the Nabarlek Project either through an option or earn-in arrangement.

Company contact details

James Merrillees General Manager Phone: +61 8 9322 3990

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Uranium Equities Limited

COMMODITY: URANIUM, PGE, GOLD

COMPANY CONTACT DETAILS

Company: Uranium Equities Limited Contact Officer: James Merrillees

Position: General Manager

Phone: +61 8 9322 3990

Fax: +61 8 9322 5800

Web: www.uel.com.au

PO Address: Uranium Equities Limited PO Box 2890

Perth WA 6001

Head Office: Uranium Equities Limited Level 2, 1292 Hay St West Perth WA 6005 Market Capitalisation: AUD$5M

Number of Shares: 450M

ASX Code: UEQ

PROJECT DETAILS

Project Name: Nabarlek Project

Location: Alligator River Uranium Field

Project Tenements: Queensland Mines Pty Ltd and GE Resources are wholly owned subsidiaries of Uranium Equities Limited

TENEMENT HOLDER STATUS AREA (km²)

MLN962 Queensland Mines Pty Ltd Granted 12.8

EL10176 Cameco Australia /

GE Resources Pty Ltd Granted 354.8

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MAP SHOWING PROJECT LOCATION

Figure 1 – Project Location

HISTORY OF PROJECT AREA

The Nabarlek Uranium Deposit was discovered in 1970 by Queensland Mines Pty Ltd via follow up of a prominent airborne radiometric anomaly in outcropping basement lithologies. Ore was mined and processed in the period from 1979 – 1988.

Queensland Mines Limited (QML) conducted other exploration in the area, now covered by EL10176, in the early 1970s and then in 1988 to 1993, following a 15-year hiatus, while the issue of Aboriginal Land Rights was resolved. Investigations consisted of airborne radiometric and magnetic surveys, ground radiometric follow up, reconnaissance exploration and mapping, trenching and drilling.

In 1998 a joint venture partnership involving Afmeco Mining and Exploration Pty Ltd (AFMEX), Cameco Australia and SAE Australia Pty Ltd acquired the ground from QML and new applications were lodged to retain tenure. AFMEX as operator focused entirely on three previously identified prospects immediately on strike of the Nabarlek Mine. Numerous geophysical surveys were completed in the region, however follow up drilling of selected targets failed to add to the known mineralisation, and the tenements were relinquished.

EL10176 and EL24371 were granted to Cameco Australia on 1 September 2004 and EL23700 was granted on 3 June 2005.

Work to date carried out by Cameco Australia has included historical data compilation and review, reprocessing and re-interpretation of geophysical data, TEMPEST, hyperspectral and detailed airborne radiometric-magnetic surveys, prospect and anomaly reconnaissance and prioritisation of target areas.

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Although large parts of EL10176 appear intensively explored, it is important to note that concealed mineralisation was not a target in work undertaken prior to 1993 and a large part of this tenement has not been explored since this time. Furthermore in a number of areas the pattern drilling did not effectively test the targets and not all anomalies were adequately followed up.

COMPANY MANAGEMENT EXPERIENCE & SKILLS

Uranium Equities (UEQ) is an innovative Australian uranium exploration company with a vision to achieve an economic discovery in the Alligator Rivers Region that can be taken into production.

The UEQ team has a wide range of technical and financial skills related to the exploration, assessment and development of uranium projects both in the Alligator Rivers Region and elsewhere globally.

CURRENT PROJECT STATUS

The Nabarlek Project comprises UEQ’s 100% Nabarlek Mineral Lease (MLN962) which contains the historic and profitable Nabarlek Mine, with the surrounding exploration licences held in joint venture with Cameco Australia Limited (UEQ 40% (earning 100%) and Cameco 60%). This is known as the West Arnhem JV. The tenements are contiguous and together cover more than 460km² in the heart of the Alligator Rivers Uranium Field, Northern Territory (Figure 2).

Figure 2 – The Nabarlek Project

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Updated September 2014 West Arnhem JV

In 2006, UEQ entered into the West Arnhem Joint Venture with Cameco Australia. Under the JV agreement UEQ were required to spend AUD$5 million to earn 40% of the Project. This milestone was reached in 2008 and UEQ is now sole-funding exploration to earn the remaining 60% of the project.

Since 2006, the joint venture has completed a number of drilling and geophysical programs targeting specific zones of known mineralisation and/or alteration. Regional aircore drilling programs have been concentrated in a structural corridor along strike of the Nabarlek Mineral Lease, the location of the historic Nabarlek mine which saw historical production of 24Mlbs of uranium. Exploration has also identified a sub-parallel trend 10km to the east known as the Quarry Fault Zone. Both trends were targeted by drilling to test for geochemical and alteration vectors within the regolith and transported cover that may indicate potential for uranium mineralisation.

The U40 Prospect is located on the northern margin of the Quarry Fault Zone. Significant drill results returned to date include;

NAD7492 6.8m @ 6.71% U3O8from 75m including 5m @ 9.11% U3O8

NAD7493 4.8m @ 1.85% U3O8from 80.4m

NAR7520 7m @ 0.27% U3O8 from 46m

including 3m @ 0.52% U3O8 from 49m NAR7527 6m @ 0.13% U3O8 from 19m

including 1m @ 0.61% U3O8 from 23m

Mineralisation is hosted at a “redox boundary” between strongly bleached and pyritic (reduced) rocks and hematite stained oxidized rocks within the Quarry Fault Zone (Figure 3). The QFZ is a north–

south trending structural zone developed for over nine kilometres within the UEQ tenure.

These drill intercepts confirm the potential for the Nabarlek area, and the Alligator Rivers Uranium Field in general, to host additional high grade uranium mineralisation. These insights will be used to target similar prospects in the region, greatly assisting the Company’s broader exploration strategy in the region.

In addition, laboratory results have also revealed that the uranium mineralisation is associated with elevated levels of gold, copper, palladium and platinum and anomalous heavy rare earth elements.

Results include:

NAD7492 7.3m @ 1.68% Cu from 74.5m 4.5m @ 0.91g/t Au from 76.5m

1.5m @ 0.54g/t Pd and 0.24g/t Pt from 78.5m

NAD7493 8.3m @ 2.12% Cu from 77.4m 3.1m @ 6.89g/t Au from 82.1m

2.6m @ 1.57g/t Pd and 0.96g/t Pt from 82.6m

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Figure 3 – U40 Prospect Cross-section

Drilling at the N147 Prospect defined the best intersection for dolerite hosted uranium mineralisation in the region with results including;

NARD6017 21.1m at 0.32% U3O8 from 115.1m NAR6316 28m at 0.145% U3O8 from 112m

The Coopers Prospect is located 2.4 km east of the Nabarlek Mine and 800m east north-east of the N147 Prospect. RC drilling targeted a uranium bedrock geochemical anomaly previously defined by aircore drilling, producing a number of intercepts with visible secondary uranium mineralisation was observed within dolerite lithologies. Strong hematite and chlorite alteration is associated with the mineralisation and also occurs in the underlying basement rocks providing a possible basement target beneath the dolerite sill. Best results include;

NAR7386 23m @ 0.20% U3O8from 40m NAD7496 8m @ 0.24% U3O8from 41.5m 7m @ 0.33% U3O8from 53.5m

Nabarlek Mineral Lease (MLN962)

Uranium Equities Limited acquired the Nabarlek Mineral Lease in 2008. The Nabarlek Uranium Mine, which was a small deposit with a very high net value, producing 24Mlbs @ 1.84% U3O8

from a mineralised zone only 200m long and to a depth of 70m. Exploration for a deposit of similar dimensions is challenging under sandstone and alluvial cover but the Company believes the potential target warrants a persistent and systematic exploration effort.

Field investigations in 2008 and 2009 consisted of reverse circulation and aircore drilling structural targets in close proximity to the Nabarlek Pit. Interpretation of the historical data indicated that high grade mineralisation in the pit may have been structurally offset and a number of target areas were tested. Exploration investigations continued in 2010 and 2011 and were directed towards extending systematic aircore and RC geochemical drilling coverage throughout the Mineral Lease to generate new target areas.

The 2010 and 2011 geochemical drilling programs successfully defined a number of promising prospects under shallow Kombolgie Sandstone and alluvial cover within the mineral lease. A major geological, geophysical, structural and alteration review is currently being undertaken to identify vectors towards high-grade mineralisation and to define targets for the 2015 drill program.

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In addition, a detailed ground gravity survey over the northern portion of the Mineral Lease was completed in 2011. The survey was designed to identify structures at the unconformity surface, beneath transported sands and Kombolgie Sandstone cover sequences. This will assist with future drill targeting and t h e s e d a t a a r e currently being interpreted in conjunction with basement geology established by the drilling campaigns.

Prospects include the Clapstick Prospect which forms an east-south-east trending zone parallel to the northern footwall contact of the Oenpelli Dolerite Sill. The structural setting is considered analogous to the N147 Deposit on the adjacent West Arnhem Joint Venture. The Clapstick Prospect is considered to have significant tonnage potential for medium grade dolerite hosted mineralisation.

Best results from drilling include;

NMLR115 18m @ 0.08% U3O8from 16m

including 11m @ 0.11% U3O8from 21m

12m @ 0.08% U3O8from 46m

including 8m @ 0.10% U3O8from 46m

RC drilling at the Boomerang Prospect, which is located in the central part of the Mineral Lease, has outlined a geochemically anomalous zone beneath shallow Kombolgie Sandstone cover. The anomalous zone extends over an area of 1,300 x 500 metres.

Major structural features defined by magnetics transect the Boomerang area, including a north – south trending structure that could possibly be related to the Nabarlek Pit mineralisation. Best results from drilling include;

NMLR153 2m @ 0.14% U3O8from 48m

NMLR162 5m @ 0.16% U3O8from 121m

Recent drilling also tested the Nabarlek ‘Deeps’ target which was based on the concept of possible extensions of the high-grade Nabarlek Mine structure below a dolerite sill. This target assumes that the controlling structure has been displaced or offset by the dolerite, and that the historical deep drilling has not tested the extension of the Nabarlek mineralised system. Drilling also tested the potential extension of the SMLB Fault – a known mineralised structure – where it trends under the Nabarlek Pit.

Drilling encountered 250m of massive dolerite before intersecting basement sequences with some zones of weak – minor bleaching and hematite alteration adjacent to a narrow, structural quartz- breccia zone. Although not mineralised, the presence of the quartz-breccia and the alteration halos suggests that fertile, Nabarlek-style structures do extend below the dolerite. Further testing of this target structure is warranted.

PROPOSED FUTURE ACTIVITIES

Uranium Equities Limited is planning further work programs on the Nabarlek Mineral Lease and West Arnhem Joint Venture areas with follow-up drill programs targeting extensions to known mineralised zones. In addition, the Company has recently expanded its ground position in the Alligator Rivers Region with the purchase of Arnhem Minerals Limited, taking its total landholdings to over 5,000km² (Figure 4).

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Figure 4 – UEL Ground Position

UEQ is encouraged by the highly prospective nature of the Alligator Rivers Region for high grade uranium mineralisation evidenced by the economic deposits at Nabarlek, Ranger, Jabiluka and Koongarra. The region has seen very little modern exploration and the Company believes it is well placed to make further discoveries building on success to date including a recently expanded landholding to over 5,000km² which will be the focus of activities in the 2014-2015 field-season.

In addition, significant gold, platinum and palladium resources are present at known uranium occurrences in the Alligator Rivers Uranium Field as well as at Coronation Hill in the South Alligator Valley, suggesting that economic precious metal mineralisation, associated with economic or sub- economic uranium may also be present in the project area. This provides an exciting second focus for the company over the coming 12 months.

BUSINESS PLAN

Uranium Equities is currently seeking funding alternatives to assist in funding on-going exploration on the Nabarlek Project and the wider Alligator Rivers Region.

Detailed geological data and exploration plans are available on request.