Fundamental Analysis & Analyst Recommendations - Uranium Exploration and Extraction Universe

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June 2012

A . M !SscnlmnA . M !Sscnlmn | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

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Currency

Market Capitalization (in mio

USD)Daily

Volume (M)

Total Common

Shares (M)Total Debt

(USD)Preferred

Stock (USD)

Minority Interest (USD)

Cash and Equivalents

(USD)

Enterprise Value (USD)

Tot. Rev. - LFY

Est. Tot. Rev. - Tr.

12MEst. Tot.

Rev. - 2013Est. Tot.

Rev. - 2014 EBITDA - LFYEst. EBITDA -

Tr. 12MEst. EBITDA -

2013Est. EBITDA -

2014 EPS - LFYEst. EPS - Tr. 12M

Est. EPS - 2013

Est. EPS - 2014

P/E Ratio - LFY

Est. P/E Ratio - Tr.

12MEst. P/E

Ratio - 2013Est. P/E

Ratio - 2014

Est. Revenue

Growth - 1Y

Est. Revenue

Growth - 5YEst. EBITDA Growth - 1Y

Est. Est. EBITDA

Growth - 5YEst. EBITDA

Margin -

S&P LT Credit

Rating - S&P LT Credit Rating Date

Moody's LT Credit Rating

Moody's LT Credit Rating Date

S&P 500 INDEX USD 11827593 1793.428 1100 1100 198 210 210 98.97 104.86 104.86 12.91 12.91 12.19 12.19 18.92

Euro Stoxx 50 Pr EUR 1883560 9389.343 4514 4514 719 768 768 149.76 308.87 308.87 21.45 13.33 10.40 10.40 19.65

NIKKEI 225 JPY 2054320 168.0403 231 231 23 26 26 5.28 8.52 8.52 0.26 - 0.16 0.16 0.14

FTSE 100 INDEX GBP 2257229 12132.55 9169 9169 1607 1696 1696 791.00 864.96 864.96 15.66 14.97 14.32 14.32 26.63

SWISS MARKET INDEX CHF 759496 10086.57 3839 3839 805 765 765 384.72 515.56 515.56 15.91 15.59 11.88 11.88 22.49

S&P/TSX COMPOSITE INDEX CAD 1444373 16918.94 7202 7202 1959 2043 2043 831.94 878.31 878.31 12.59 12.59 11.92 11.92 25.32

S&P/ASX 200 INDEX AUD 1056664 7121.979 2743 2743 607 657 657 289.10 333.17 333.17 13.25 12.47 11.50 11.50 22.59

HANG SENG INDEX HKD 1363954 2318.043 1488 1488 348 378 378 265.96 250.46 250.46 1.14 1.24 1.21 1.21 3.20

MSCI EM USD 6435970 1220.684 940 940 175 182 182 83.26 92.08 92.08 10.60 11.19 9.58 9.58 19.40

CAMECO CORP CAD 7298 1216 395 1 0 0 1 7.13 2292 2397 2247 2492 762 798 152 152 1.11 1.19 1.16 1.54 14.89 14.89 15.36 11.53 11.80 8.38 4.92 9.29 31.97 BBB+ 19.12.2003 WR 17.01.2006

PALADIN ENERGY LTD AUD 1004 5277 778 1 0 0 0 1.73 260 316 364 497 -3 - - - -0.11 -0.22 -0.03 0.05 - - #VALUE! 23.40 31.22 - - - -1.06 - - - -

URANIUM ONE INC CAD 2116 1832 957 0 0 0 1 1.76 510 504 605 785 319 313 68 68 0.11 0.10 0.14 0.23 21.29 21.29 14.58 8.95 59.83 658.87 155.72 - 60.11 BB- 11.11.2011 - -

DENISON MINES CORP CAD 551 756 385 0 0 0 0 0.49 93 93 74 72 1 3 - - -0.10 -0.14 -0.07 -0.05 - - #VALUE! #VALUE! -23.61 18.51 -94.51 - 0.73 - - - -

ENERGY RESOURCES OF AUST AUD 658 2056 518 0 0 0 1 0.04 634 634 417 443 -66 -66 -35 -35 - -0.53 -0.19 -0.14 - - #VALUE! #VALUE! 13.45 22.23 - - -10.19 - - - -

ROCKGATE CAPITAL CORP CAD 52 21 109 0 0 0 0 0.03 0 0 #VALUE! #VALUE! -11 -22 - - -0.12 -0.19 #VALUE! #VALUE! - - #VALUE! #VALUE! - - -84.47 - - - - - -

URANIUM ENERGY CORP USD 153 980 73 0 0 0 0 0.14 0 #VALUE! 15 39 -27 - - - -0.40 -0.33 -0.22 0.01 - - #VALUE! 155.38 - - -26.25 - - - - - -

UR-ENERGY INC CAD 107 49 104 0 0 0 0 0.07 0 0 #VALUE! 36 -15 -14 - - -0.15 -0.13 -0.05 0.02 - - #VALUE! 44.21 - - -9.97 - - - - - -

URANERZ ENERGY CORP USD 96 449 77 #VALUE! #VALUE! 0 0 0.07 #VALUE! 0 16 53 -16 -12 - - -0.20 -0.15 0.04 0.10 - - 35.43 13.05 - - -2.75 - - - - - -

AZIMUTH RESOURCES LTD AUD 166 1754 336 0 0 0 0 0.15 0 #VALUE! #VALUE! #VALUE! -3 -4 -2 -2 -0.01 -0.01 0.00 0.00 - - #VALUE! #VALUE! 1475.54 - -12.58 - -7669.07 - - - -

USEC INC USD 85 526 123 1 0 0 0 0.63 1672 1853 1460 1175 -197 -190 - - -4.48 -4.54 -0.30 0.24 - - #VALUE! 2.91 -17.86 9.45 - - -11.80 CCC+ *- 15.05.2012 Caa2 18.12.2009

GREENLAND MINERALS & ENERGY AUD 146 192 416 0 0 0 0 0.13 0 0 #VALUE! #VALUE! -14 -14 - - -0.03 -0.04 #VALUE! #VALUE! - - #VALUE! #VALUE! - - -102.11 - - - - - -

UEX CORP CAD 126 560 203 0 0 0 0 0.11 0 K 0 K #VALUE! #VALUE! -5 -5 - - -0.03 -0.02 #VALUE! #VALUE! - - #VALUE! #VALUE! - - 33.84 - - - - - -

URANIUM RESOURCES INC USD 71 346 94 0 0 0 0 0.06 #VALUE! #VALUE! #VALUE! #VALUE! -9 -10 - - -0.10 -0.11 #VALUE! #VALUE! - - #VALUE! #VALUE! - - -23.10 - - - - - -

BANNERMAN RESOURCES LTD AUD 42 366 234 0 0 0 0 0.04 0 0 0 0 -12 - -7 -7 - -0.05 -0.03 -0.01 - - #VALUE! #VALUE! - - -35.97 - - - - - -

LARAMIDE RESOURCES CAD 58 37 70 0 0 0 0 0.06 0 0 #VALUE! #VALUE! -2 -2 - - -0.04 -0.04 -0.02 #VALUE! - - #VALUE! #VALUE! - - -5.43 - - - - - -

MEGA URANIUM LTD CAD 48 101 257 0 0 0 0 0.03 0 0 #VALUE! #VALUE! -141 -8 - - -0.53 -0.50 #VALUE! #VALUE! - - #VALUE! #VALUE! - - -1113.52 - - - - - -

BERKELEY RESOURCES LTD AUD 68 164 174 0 0 0 0 0.03 0 #VALUE! #VALUE! #VALUE! -17 - - - -0.10 -0.08 -0.07 -0.04 - - #VALUE! #VALUE! - - -20.25 - - - - - -

EXTRACT RESOURCES LTD AUD #VALUE! 0 251 0 0 0 0 #VALUE! 0 0 0 0 -59 - - - -0.22 -0.16 -0.09 -0.11 - - #VALUE! #VALUE! - - -11.91 - - - - - -

Valuation Measures I/IIMarket Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 %D to Spot

S&P 500 INDEX 1.91 1.91 1.73 1.58 1.91 1.16 1.16 1.11 1.06 1.16 8.19 8.19 7.41 6.72 8.19 8.53 8.53 7.85 7.33 8.53 12.19 12.19 10.83 9.76 12.19 2.35 2.35 2.62 2.84 2.35 1566.0 22.5%

Euro Stoxx 50 Pr 0.91 0.91 0.85 0.81 0.91 0.57 0.57 0.55 0.54 0.57 4.07 4.07 3.82 3.57 4.07 12.23 12.23 11.52 11.04 12.23 8.37 8.37 7.48 6.91 8.37 5.81 5.81 6.22 6.65 5.81 2746.2 31.9%

NIKKEI 225 1.01 1.01 0.94 0.88 1.01 0.46 0.46 0.45 0.44 0.46 5.64 5.64 5.26 5.05 5.64 6.55 6.55 6.03 5.75 6.55 12.56 12.56 11.57 9.54 12.56 2.51 2.51 2.54 2.91 2.51 10519.4 25.5%

FTSE 100 INDEX 1.39 1.39 1.28 1.18 1.39 0.88 0.88 0.85 0.84 0.88 6.13 6.13 5.65 5.29 6.13 7.15 7.15 6.65 6.39 7.15 9.33 9.33 8.45 7.91 9.33 4.58 4.58 4.93 5.35 4.58 6524.3 24.0%

SWISS MARKET INDEX 1.80 1.80 1.67 1.54 1.80 1.54 1.54 1.46 1.39 1.54 9.84 9.83 8.54 7.70 9.84 13.18 13.18 12.15 11.36 13.18 11.48 11.48 10.23 9.39 11.48 4.12 4.12 4.60 4.98 4.12 6852.8 19.7%

S&P/TSX COMPOSITE INDEX 1.57 1.57 1.43 1.29 1.57 1.51 1.51 1.40 1.37 1.51 7.83 7.83 6.58 5.79 7.83 8.28 8.28 7.19 6.83 8.28 12.41 12.41 10.79 9.97 12.41 3.21 3.21 3.36 3.56 3.21 14434.9 27.3%

S&P/ASX 200 INDEX 1.54 1.54 1.44 1.35 1.54 1.43 1.43 1.34 1.27 1.43 8.77 8.77 7.69 7.12 8.77 10.85 10.85 9.39 8.67 10.85 11.81 11.81 10.40 9.53 11.81 5.25 5.25 5.68 6.10 5.25 4828.3 19.4%

HANG SENG INDEX 1.20 1.20 1.10 1.01 1.20 1.58 1.58 1.45 1.32 1.58 5.70 5.70 5.17 4.95 5.70 6.13 6.13 5.63 5.18 6.13 9.40 9.40 8.46 7.65 9.40 4.17 4.17 4.54 5.03 4.17 23426.2 28.3%

MSCI EM 1.37 1.37 1.23 1.12 1.37 0.94 0.94 0.86 0.80 0.94 5.84 5.84 5.10 4.80 5.84 6.69 6.69 6.01 5.57 6.69 9.58 9.58 8.50 7.80 9.58 3.36 3.36 3.68 4.01 3.36 1167.4 32.3%

CAMECO CORP 1.48 1.46 1.36 1.26 3.47 3.25 2.93 2.81 2.55 12.65 10.22 8.33 9.50 7.14 11.32 9.86 7.70 7.55 6.04 19.13 15.98 11.99 12.87 9.46 2.08 2.08 2.08 2.08 2.08 32.71 70.3%

PALADIN ENERGY LTD 0.80 0.80 0.76 0.73 0.66 3.57 2.69 1.97 1.76 1.49 8.29 6.53 4.66 75.12 46.11 10.65 7.96 5.72 24.04 12.93 7.16 0.00 0.00 0.00 0.00 0.00 2.20 78.4%

URANIUM ONE INC 0.86 1.00 0.90 0.81 3.86 3.37 2.59 2.09 1.81 8.45 7.66 5.65 4.61 4.71 5.37 4.99 3.60 2.73 2.35 15.82 15.17 9.31 6.82 5.36 0.00 0.00 0.00 4.54 97.5%

DENISON MINES CORP 1.23 1.43 1.38 1.42 5.81 7.21 7.35 6.93 3.54 358.76 23.91 7.97 8.28 28.70 0.00 0.00 1.90 27.5%

ENERGY RESOURCES OF AUST 0.48 0.56 0.59 0.62 0.67 1.15 1.58 1.48 1.73 2.07 6.98 6.90 4.31 5.80 8.70 1.56 0.71 0.38 0.45 0.77 0.00 0.00 0.61 0.00 0.00 1.54 18.3%

ROCKGATE CAPITAL CORP 743.03 2.15 362.4%

URANIUM ENERGY CORP 27.39 9.96 3.94 1.82 1.62 12.10 5.94 19.25 3.31 2.58 155.38 7.09 0.52 3.98 97.2%

UR-ENERGY INC 2.98 7.08 46.00 7.67 1.93 110.1%

URANERZ ENERGY CORP 5.94 1.81 1.71 1.56 5.17 4.77 35.43 13.05 4.96 3.74 201.2%

AZIMUTH RESOURCES LTD 3.86 2.66 3.04 0.70 64.7%

USEC INC 0.06 0.07 0.17 0.12 13.96 5.92 7.95 6.75 2.91 11.66 5.00 0.90 28.7%

GREENLAND MINERALS & ENERGY

UEX CORP 1.85 213.6%

URANIUM RESOURCES INC 1.45 116.4%

BANNERMAN RESOURCES LTD 0.44 39.13 127.37 0.00 0.43 193.1%

LARAMIDE RESOURCES 2766.36 2.00 132.6%

MEGA URANIUM LTD 12.82 0.60 224.3%

BERKELEY RESOURCES LTD 1.00 254.28 9.75 19.50 0.00 0.55 41.0%

EXTRACT RESOURCES LTD 17.84 3.33

Price to Earnings Ratio

Valuation Measures II/IIEstimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target


05.06.2012

Cameco Corporation explores for, develops, mines, refines, converts, and

fabricates uranium for sale as fuel for generating electricity in nuclear powerreactors in Canada and other countries. The Company also operates the Bruce Bnuclear reactors in Ontario, as well as through a subsidiary, explores for,develops, mines, and sells gold.

Latest Fiscal Year: 12/2011LTM as of: 03/yy52-Week High (06.06.2011) 27.6852-Week Low (25.11.2011) 17.25Daily Volume

19.2152-Week High % Change -30.60% Dividend Yield 2.0852-Week Low % Change 11.36% Beta 1.41% 52 Week Price Range High/Low 18.79% Equity Float 391.44

Shares Out 31.05.2012 395.3 Short Int 10.097'592.86 1 Yr Total Return -28.93%

Total Debt 1'038.81 YTD Return 4.83%Preferred Stock 0.0 Adjusted BETA 1.407Minority Interest 185.9 Analyst Recs 16Cash and Equivalents 1'203.42 Consensus Rating 4.375Enterprise Value 7'420.19

Average Volume 5 Day 1'824'310CCO CN EQUITY YTD Change - Average Volume 30 Day 1'783'323CCO CN EQUITY YTD % CHANGE - Average Volume 3 Month 2'168'944

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3

2'309.7 2'182.6 2'315.0 2'123.7 2'384.4 2'100.0 2'493.4 2'337.6 2'592.7 521.2 568.46.35x 4.16x 5.72x 7.46x 3.06x 22.34x 13.33x 3.24x 2.92x 14.33x 13.29x

900.4 891.5 805.5 754.4 793.0 698.4 830.2 752.9 963.3 157.8 175.316.28x 10.19x 16.43x 21.01x 9.19x 16.05x 9.99x 9.86x 7.70x 9.45x 9.10x416.1 450.1 1'099.4 516.4 450.4 464.7 490.7 471.8 611.9 86.5 98.323.55x 18.96x 18.14x 30.07x 15.87x 24.30x 17.27x 15.98x 11.99x 14.83x 13.30x

EBITDA 793.04 Long-Term Rating Date 19.12.2003EBIT 518.21 Long-Term Rating BBB+Operating Margin 21.73% Long-Term Outlook STABLEPretax Margin 18.89% Short-Term Rating Date 19.12.2003Return on Assets 6.00% Short-Term Rating A-2Return on Common Equity 9.37%Return on Capital 8.47% EBITDA/Interest Exp. 10.77Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 1.98

Net Debt/EBITDA -0.21Gross Margin 32.5% Total Debt/EBITDA 1.31EBITDA Margin 33.3%EBIT Margin 21.7% Total Debt/Equity 21.1%Net Income Margin 18.9% Total Debt/Capital 16.9%

Asset Turnover 0.32Current Ratio 3.65 Net Fixed Asset Turnover 0.56Quick Ratio 2.56 Accounts receivable turnover-days 81.18Debt to Assets 13.31% Inventory Days 116.53Tot Debt to Common Equity 21.12% Accounts Payable Turnover Day 98.55Accounts Receivable Turnover 4.50 Cash Conversion Cycle 99.17Inventory Turnover 3.13

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E

Market Capitalization

Average Daily Trading VolumeRelative Stock Price Performance

Total RevenueTEV/Revenue

EBITDATEV/EBITDA

Fiscal Year Ended

Cameco CorpPrice/Volume

Valuation Analysis

1'215'560.00Current Price (6/dd/yy) Market Data

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05.06.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeTRADEWINDS GLOBAL IN n/a Co File 32'393'599 8.2 (8'497'795) 30.04.2012 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 17'825'756 4.51 462'915 30.12.2011 Hedge Fund ManagerMANNING & NAPIER ADV MANNING & NAPIER ADV 13F 12'826'189 3.25 2'850'369 31.03.2012 Investment AdvisorJARISLOWSKY FRASER L JARISLOWSKY FRASER L 13F 10'504'868 2.66 (466'478) 31.03.2012 Investment AdvisorNUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 9'348'430 2.37 (3'881'039) 30.04.2012 Investment AdvisorBEUTEL GOODMAN & COM BEUTEL, GOODMAN & CO 13F 8'355'220 2.11 160'068 31.03.2012 Investment AdvisorBLACKROCK INC BLACKROCK INC 13F 6'513'835 1.65 586'001 31.03.2012 Investment AdvisorCAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 6'503'245 1.65 609'800 31.03.2012 Investment AdvisorCAPITAL GUARDIAN TRU CAPITAL GUARDIAN TRU 13F 5'972'987 1.51 (441'400) 31.03.2012 Investment AdvisorIG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 5'701'402 1.44 168'030 31.03.2012 Investment AdvisorMACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 5'528'748 1.4 2'022'957 31.03.2012 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 5'333'861 1.35 1'043'430 31.03.2012 Investment AdvisorCIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 5'145'316 1.3 535'097 31.03.2012 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 4'977'840 1.26 191'034 31.03.2012 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 4'731'482 1.2 84'902 31.03.2012 Investment AdvisorIA CLARINGTON INVEST Multiple Portfolios MF-AGG 4'691'520 1.19 122'000 31.12.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 4'569'895 1.16 (132'708) 31.03.2012 Investment AdvisorGUARDIAN CAPITAL LP GUARDIAN CAPITAL LP 13F 3'902'709 0.99 (72'686) 31.03.2012 Investment AdvisorFRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 3'781'413 0.96 (273'028) 31.03.2012 Investment AdvisorAGF INVESTMENTS INC AGF INVESTMENTS INC 13F 3'771'493 0.95 1'614'700 31.03.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date DateCanaccord Genuity Corp OREST WOWKODAW buy 5 M 31 12 month 01.06.2012Salman Partners RAYMOND GOLDIE buy 5 M 43 12 month 30.05.2012Desjardins Securities JOHN F HUGHES buy 5 M 38 12 month 29.05.2012BMO Capital Markets EDWARD STERCK outperform 5 M 29 Not Provided 23.05.2012TD Newcrest GREG BARNES buy 5 M 30 12 month 22.05.2012Dahlman Rose & Co ANTHONY YOUNG buy 5 M 31 Not Provided 21.05.2012RBC Capital Markets FRASER PHILLIPS outperform 5 M 32 12 month 14.05.2012Cormark Securities Inc. MIKE KOZAK buy 5 M 41 12 month 08.05.2012CIBC World Markets IAN PARKINSON sector perform 3 M 37 Not Provided 02.05.2012Gabelli & Co BRIAN CHIN buy 5 M #N/A N/A Not Provided 02.05.2012EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 02.05.2012Credit Suisse RALPH M PROFITI neutral 3 M 28 Not Provided 01.05.2012JPMorgan TYLER LANGTON overweight 5 M 29 6 month 01.05.2012Daiwa Securities Co. Ltd. HIDETOSHI NISHIWAKI neutral 3 M #N/A N/A Not Provided 22.11.2011Paradigm Capital Inc DAVID DAVIDSON buy 5 M 30 12 month 14.02.2011

Holdings By:

Cameco Corp ee


05.06.2012

Paladin Energy Limited primarily explores for uranium in Australia and Southern

Africa.




Total Debt 719.70 YTD Return -9.85%Preferred Stock 0.0 Adjusted BETA 1.617Minority Interest 83.7 Analyst Recs 22Cash and Equivalents 117.40 Consensus Rating 3.864Enterprise Value 1'772.87

Average Volume 5 Day 8'532'097PDN AU EQUITY YTD Change - Average Volume 30 Day 9'794'344PDN AU EQUITY YTD % CHANGE - Average Volume 3 Month 9'152'138


3.3 93.8 111.8 202.0 266.8 256.3 299.5 374.1 510.4 116.0 123.01365.40x 44.94x 27.48x 13.05x 10.44x 52.31x 29.04x 4.34x 3.07x - -

(41.1) (5.2) (749.9) 21.1 (2.9) 12.1 (19.7) 38.5 166.4 - -- - - 124.89x - 0.00x 0.00x 46.11x 10.65x - -

(37.6) (36.0) (480.2) (45.6) (82.3) (54.2) (177.0) (51.3) 44.9 - -- - - - - 0.00x 0.00x - 24.04x 50.09x 34.35x

EBITDA -2.90 Long-Term Rating Date -EBIT -40.00 Long-Term Rating -Operating Margin -14.99% Long-Term Outlook -Pretax Margin -39.39% Short-Term Rating Date -Return on Assets -3.76% Short-Term Rating -Return on Common Equity -7.59%Return on Capital - EBITDA/Interest Exp. -0.08Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. -3.63

Net Debt/EBITDA -Gross Margin 16.7% Total Debt/EBITDA -248.17EBITDA Margin -1.1%EBIT Margin -15.0% Total Debt/Equity 56.6%Net Income Margin -30.8% Total Debt/Capital 34.7%


Fiscal Year Ended

Paladin Energy LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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05.06.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeNEWMONT MINING CORP n/a Co File 52'097'937 6.23 - 16.09.2011 CorporationL1 CAPITAL PTY LTD n/a EXCH 44'135'468 5.28 - 17.02.2012 Mutual Fund ManagerNATIONAL AUSTRALIA B n/a EXCH 41'932'448 5.02 21'028 14.02.2012 BankUBS AG n/a EXCH 39'980'126 4.78 (2'257'895) 07.05.2012 Investment AdvisorGE ASSET MANAGEMENT n/a EXCH 37'554'068 4.49 - 06.01.2011 Investment AdvisorBORSHOFF JOHN n/a Co File 21'877'394 2.62 - 31.08.2011 n/aFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 20'715'383 2.48 120'688 30.04.2012 Investment AdvisorGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 18'433'218 2.21 - 30.04.2012 Investment AdvisorIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 8'687'500 1.04 (400'000) 29.02.2012 Investment AdvisorCRABB RICK WAYNE n/a Co File 4'881'528 0.58 - 31.08.2011 n/aVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 4'567'121 0.55 13'171 30.03.2012 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 4'103'025 0.49 (11'051) 31.03.2012 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 3'884'075 0.46 (8'198'642) 30.06.2011 Hedge Fund ManagerTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'757'200 0.45 913'037 31.12.2011 Investment AdvisorKLEINHEINZ CAPITAL P KLEINHEINZ CAPITAL P 13F 3'750'000 0.45 750'000 31.03.2012 Hedge Fund ManagerVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 2'493'389 0.3 - 01.06.2012 Investment AdvisorMIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 2'125'000 0.25 (175'000) 30.03.2012 Mutual Fund ManagerMANNING & NAPIER ADV Multiple Portfolios MF-AGG 2'120'710 0.25 - 30.04.2012 Investment AdvisorSWABY GILLIAN n/a SEDI 2'081'655 0.25 (755'000) 12.09.2011 n/aFEDERATED INVESTORS Multiple Portfolios MF-AGG 2'000'000 0.24 2'000'000 31.03.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date DateCommonwealth Bank ANDREW KNUCKEY hold 3 M 2 12 month 04.06.2012Canaccord Genuity Corp OREST WOWKODAW buy 5 M 3 12 month 01.06.2012Haywood Securities Inc. GEORDIE MARK sector outperform 5 M 2 12 month 01.06.2012Salman Partners PATRICK DONNELLY Under Review #N/A N/A M #N/A N/A Not Provided 30.05.2012Deutsche Bank PAUL-D YOUNG buy 5 U 2 12 month 25.05.2012Cormark Securities Inc. MIKE KOZAK buy 5 M 4 12 month 23.05.2012BMO Capital Markets EDWARD STERCK market perform 3 M 2 Not Provided 18.05.2012JPMorgan MARK BUSUTTIL overweight 5 M 3 6 month 17.05.2012RBC Capital Markets ADAM SCHATZKER sector perform 3 M 2 12 month 16.05.2012Macquarie MARTIN STULPNER neutral 3 U 1 12 month 16.05.2012Dundee Securities Corp DAVID A TALBOT buy 5 M 3 12 month 16.05.2012Credit Suisse RALPH M PROFITI outperform 5 M 3 Not Provided 15.05.2012CIBC World Markets IAN PARKINSON sector outperform 5 M 4 Not Provided 15.05.2012Paterson Securities SIMON TONKIN sell 1 M 1 12 month 15.05.2012EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 15.05.2012E.L. & C. Baillieu RAY CHANTRY hold 3 M 2 12 month 17.04.2012Ambrian Partners Ltd ADAM KILEY hold 3 N 2 Not Provided 12.04.2012Austock Securities ANDREW SHEARER buy 5 M 3 Not Provided 16.02.2012Argonaut Securities Pty Ltd TROY IRVIN speculative buy 4 M 2 12 month 15.02.2012Paradigm Capital Inc DAVID DAVIDSON hold 3 D 5 12 month 16.11.2010

Holdings By:

Paladin Energy Ltd ee


05.06.2012

Uranium One, Inc. explores for uranium. The Company operates in Kazakhstan,

the United States, and Australia.




Total Debt 214.40 YTD Return 6.48%Preferred Stock 0.0 Adjusted BETA 1.531Minority Interest 0.0 Analyst Recs 17Cash and Equivalents 619.00 Consensus Rating 4.529Enterprise Value 1'833.32

Average Volume 5 Day 3'004'650UUU CN EQUITY YTD Change - Average Volume 30 Day 4'065'291UUU CN EQUITY YTD % CHANGE - Average Volume 3 Month 5'275'555


134.0 149.8 152.0 326.9 530.4 393.3 524.4 629.3 817.1 128.0 184.031.23x 4.94x 11.73x 14.27x 3.07x 31.92x 16.42x 3.79x 2.85x 18.27x 12.59x

31.3 53.8 38.9 126.6 331.7 181.9 325.5 367.1 508.8 71.2 120.3133.72x 13.74x 45.87x 36.86x 4.91x 21.41x 7.27x 4.99x 3.60x 4.10x 3.91x

(17.6) (2'455.8) (36.1) (153.7) 88.4 (138.3) 78.9 144.6 240.4 25.1 51.4- - 47.66x - 19.32x 0.00x 27.73x 15.17x 9.31x 13.59x 11.84x

EBITDA 331.70 Long-Term Rating Date 11.11.2011EBIT 206.50 Long-Term Rating BB-Operating Margin 38.93% Long-Term Outlook STABLEPretax Margin 28.53% Short-Term Rating Date -Return on Assets 2.83% Short-Term Rating -Return on Common Equity 4.54%Return on Capital 5.24% EBITDA/Interest Exp. 6.73Asset Turnover 0.17% (EBITDA-Capex)/Interest Exp. 3.65

Net Debt/EBITDA -1.22Gross Margin 49.5% Total Debt/EBITDA 0.65EBITDA Margin 62.5%EBIT Margin 38.9% Total Debt/Equity 10.8%Net Income Margin 16.7% Total Debt/Capital 9.7%


Fiscal Year Ended

Uranium One IncPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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400.0

500.0

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05.06.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeEFFECTIVE ENERGY n/a SEDI 387'553'219 40.49 73'462'454 30.12.2010 OtherURANIUM MINING CO n/a SEDI 104'664'710 10.93 - 30.12.2010 n/aCARMIGNAC GESTION Multiple Portfolios MF-AGG 57'154'900 5.97 1'482'600 31.12.2011 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 25'530'243 2.67 (1'474'809) 30.04.2012 Investment AdvisorGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 6'785'477 0.71 - 30.04.2012 Investment AdvisorPYRAMIS GLOBAL ADVIS Multiple Portfolios MF-AGG 5'248'005 0.55 923'489 31.03.2012 Investment AdvisorBEUTEL GOODMAN & COM Multiple Portfolios MF-AGG 5'144'300 0.54 - 30.04.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 3'764'126 0.39 1'344'000 31.03.2012 Investment AdvisorALLIANZ GLOBAL INV O Multiple Portfolios MF-AGG 3'336'680 0.35 927'373 31.12.2011 Investment AdvisorIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 3'325'900 0.35 - 29.02.2012 Investment AdvisorMD MANAGEMENT LTD Multiple Portfolios MF-AGG 3'231'577 0.34 710'000 30.04.2012 Investment AdvisorURALSIB JSC Multiple Portfolios MF-AGG 2'840'000 0.3 - 31.01.2012 Investment AdvisorCAPITAL INTERNATIONA Multiple Portfolios MF-AGG 2'383'500 0.25 - 29.02.2012 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 2'194'430 0.23 - 30.03.2012 Investment AdvisorHARTFORD INVESTMENT Multiple Portfolios MF-AGG 1'919'300 0.2 (120'775) 30.04.2012 Investment AdvisorMIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 1'725'000 0.18 (325'000) 30.03.2012 Mutual Fund ManagerTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'458'795 0.15 250'934 31.12.2011 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'442'896 0.15 (557'435) 31.08.2011 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 1'329'831 0.14 - 01.06.2012 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 1'180'700 0.12 501'900 30.06.2011 Hedge Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date DateRBC Capital Markets ADAM SCHATZKER outperform 5 M 4 12 month 04.06.2012Canaccord Genuity Corp OREST WOWKODAW buy 5 M 4 12 month 01.06.2012Desjardins Securities JOHN F HUGHES buy 5 M 5 12 month 29.05.2012IFG Continent ERLAN ABDIKARIMOV buy 5 M 6 Not Provided 28.05.2012EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 24.05.2012Halyk Finance MARIYAM ZHUMADIL buy 5 M 3 12 month 11.05.2012BMO Capital Markets EDWARD STERCK outperform 5 M 5 Not Provided 09.05.2012Cormark Securities Inc. MIKE KOZAK market perform 3 M 6 12 month 09.05.2012JPMorgan TYLER LANGTON overweight 5 M 5 6 month 08.05.2012CIBC World Markets IAN PARKINSON sector outperform 5 M 6 Not Provided 08.05.2012Dundee Securities Corp DAVID A TALBOT buy 5 M 5 12 month 08.05.2012Credit Suisse RALPH M PROFITI outperform 5 M 5 Not Provided 07.05.2012Troika Dialog MIKHAIL STISKIN hold 3 M 4 12 month 07.03.2012Visor Capital LEILA KULBAYEVA buy 5 M 5 12 month 28.02.2012Renaissance Capital MIKHAIL SAFIN Under Review #N/A N/A M #N/A N/A Not Provided 17.01.2012Paradigm Capital Inc DAVID DAVIDSON buy 5 M 5 12 month 09.11.2011Broker Credit Service OLEG PETROPAVLOVSKIY hold 3 M 7 2 month 14.03.2011

Holdings By:

Uranium One Inc ee


05.06.2012

Denison Mines Corporation explores and produces uranium concentrates. The

Company holds interest in properties in the United States, Canada, and Mongolia.Denison also has a mining project in Zambia.



Shares Out 31.05.2012 384.7 Short Int 0.81573.14 1 Yr Total Return -27.32%

Total Debt 0.22 YTD Return 17.32%Preferred Stock 0.0 Adjusted BETA 1.962Minority Interest 0.0 Analyst Recs 9Cash and Equivalents 53.52 Consensus Rating 2.889Enterprise Value 508.92

Average Volume 5 Day 1'141'927DML CN EQUITY YTD Change - Average Volume 30 Day 1'503'207DML CN EQUITY YTD % CHANGE - Average Volume 3 Month 2'394'590


76.8 123.2 79.2 128.3 96.8 133.1 96.4 76.6 75.1 17.7 7.621.73x 2.71x 5.13x 9.03x 4.41x 21.21x 20.12x 6.81x 6.43x - -

6.4 0.7 (12.2) 43.8 0.7 43.5 3.1 (7.9) (17.2) - -261.52x 509.07x - 26.46x 582.08x 17.41x 180.66x - - - -

47.2 (80.6) (147.0) (5.3) (70.9) (5.2) (115.8) (40.6) (19.2) - -- - - - - 0.00x 0.00x - - - -

EBITDA 0.73 Long-Term Rating Date -EBIT -39.25 Long-Term Rating -Operating Margin -40.54% Long-Term Outlook -Pretax Margin -74.29% Short-Term Rating Date -Return on Assets -13.79% Short-Term Rating -Return on Common Equity -15.34%Return on Capital - EBITDA/Interest Exp. 19.32Asset Turnover 0.19% (EBITDA-Capex)/Interest Exp. -619.47

Net Debt/EBITDA -72.61Gross Margin -6.6% Total Debt/EBITDA 0.30EBITDA Margin 0.8%EBIT Margin -40.5% Total Debt/Equity 0.0%Net Income Margin -73.2% Total Debt/Capital 0.0%



Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Denison Mines CorpPrice/Volume

Valuation Analysis

755'895.00Current Price (6/dd/yy) Market Data

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20.0

40.0

60.0

80.0

100.0

120.0

140.0

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05.06.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeKEPCO CANADA URANIUM n/a PROXY 58'000'000 15.08 - 14.03.2011 CorporationDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 8'281'048 2.15 2'326'275 31.07.2011 Investment AdvisorGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 5'616'143 1.46 (66'202) 31.03.2012 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 4'828'958 1.26 988'300 31.03.2012 Pension Fund (ERISA)ANDREEFF EQUITY ADVI ANDREEFF EQUITY ADVI 13F 3'681'653 0.96 (40'971) 31.03.2012 Hedge Fund ManagerPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 2'845'600 0.74 - 31.03.2012 Investment AdvisorNORGES BANK NORGES BANK 13F 2'755'701 0.72 2'755'701 31.12.2011 GovernmentVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 2'377'169 0.62 - 01.06.2012 Investment AdvisorCQS CAYMAN LP CQS CAYMAN LP 13F 2'360'000 0.61 - 31.03.2012 Investment AdvisorTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 2'308'400 0.6 378'900 31.03.2012 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 2'207'593 0.57 (74'035) 31.03.2012 Investment AdvisorBLACKROCK INC BLACKROCK INC 13F 1'895'772 0.49 182'652 31.03.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1'895'164 0.49 175'300 31.03.2012 Investment AdvisorGOODMAN & CO INVESTM Multiple Portfolios MF-AGG 1'500'000 0.39 1'500'000 30.06.2011 Hedge Fund ManagerLUNDIN LUKAS HENRIK n/a SEDI 1'050'000 0.27 300'000 31.03.2011 n/aINVESCO LTD INVESCO LTD 13F 1'043'608 0.27 (112'949) 31.03.2012 Investment AdvisorOMERS ADMINISTRATION OMERS ADMINISTRATION 13F 993'530 0.26 (590'400) 31.03.2012 Pension Fund (ERISA)HOCHSTEIN RONALD F n/a SEDI 918'000 0.24 10'000 23.12.2010 n/aASTON HILL ASSET MAN Multiple Portfolios MF-AGG 827'454 0.22 33'000 31.12.2011 Investment AdvisorROYAL BANK OF CANADA ROYAL BANK OF CANADA 13F 673'740 0.18 (637'211) 31.03.2012 Bank

Firm Name Analyst Recommendation Weighting Change Target Price Date DateHaywood Securities Inc. GEORDIE MARK restricted #N/A N/A M #N/A N/A Not Provided 01.06.2012Salman Partners PATRICK DONNELLY Under Review #N/A N/A M #N/A N/A Not Provided 30.05.2012Cormark Securities Inc. MIKE KOZAK buy 5 M 3 12 month 29.05.2012TD Newcrest CRAIG MILLER reduce 2 M 1 12 month 22.05.2012Dahlman Rose & Co ANTHONY YOUNG hold 3 M #N/A N/A Not Provided 21.05.2012BMO Capital Markets EDWARD STERCK market perform 3 M 2 Not Provided 10.05.2012RBC Capital Markets ADAM SCHATZKER sector perform 3 M 2 12 month 10.05.2012CIBC World Markets IAN PARKINSON sector underperform 1 M 2 Not Provided 10.05.2012Credit Suisse RALPH M PROFITI neutral 3 M 2 Not Provided 09.05.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 19.04.2012Paradigm Capital Inc DAVID DAVIDSON buy 5 U 2 12 month 18.04.2012Toll Cross Securities STEVE KING Under Review #N/A N/A M #N/A N/A Not Provided 08.11.2010

Holdings By:

Denison Mines Corp ee


05.06.2012

Energy Resources of Australia Limited is a uranium company which mines,

processes and sells uranium oxide from the Ranger mine in the Northern Territoryand uranium concentrates sourced outside Australia to nuclear electric utilitiesin Japan, South Korea, Europe and North America. The Company also providesenvironmental consulting services.





Average Volume 5 Day 1'373'851ERA AU EQUITY YTD Change - Average Volume 30 Day 2'125'164ERA AU EQUITY YTD % CHANGE - Average Volume 3 Month 2'021'313

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

357.1 496.4 768.3 572.3 651.4 - - 428.6 455.6 - -10.52x 7.09x - 3.38x 0.00x - - 0.34x 0.54x - -155.3 222.6 447.5 130.8 (68.2) - - 60.4 113.7 - -24.19x 15.80x - 14.80x - - - 0.71x 0.38x - -

76.1 221.8 272.6 47.0 (153.6) - - (96.8) (61.6) - -48.87x 16.34x 16.72x 66.25x - - - - - - -

EBITDA -68.18 Long-Term Rating Date -EBIT -194.11 Long-Term Rating -Operating Margin -29.80% Long-Term Outlook -Pretax Margin -31.68% Short-Term Rating Date -Return on Assets -9.11% Short-Term Rating -Return on Common Equity -13.72%Return on Capital - EBITDA/Interest Exp. -32.31Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. -78.49

Net Debt/EBITDA -Gross Margin 25.6% Total Debt/EBITDA 0.00EBITDA Margin -10.5%EBIT Margin -29.8% Total Debt/Equity 0.0%Net Income Margin -23.6% Total Debt/Capital 0.0%


Fiscal Year Ended

Energy Resources of Australia LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

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05.06.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeRIO TINTO LTD n/a EXCH 354'078'854 68.39 - 21.11.2011 CorporationWELLINGTON MANAGEMEN n/a EXCH 9'349'953 1.81 (231'029) 18.04.2011 Investment AdvisorGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 5'325'219 1.03 (1'000'000) 30.04.2012 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 3'224'164 0.62 - 01.06.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1'007'312 0.19 63'425 31.03.2012 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 836'581 0.16 6'046 30.03.2012 Mutual Fund ManagerBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 497'614 0.1 97'552 01.06.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 343'378 0.07 (19'384) 04.06.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 257'270 0.05 257'270 31.07.2011 Investment AdvisorJULIUS BAER ASSET MA Multiple Portfolios MF-AGG 240'053 0.05 37'624 29.02.2012 Mutual Fund ManagerGANRA PTY LTD n/a Co File 240'000 0.05 - 31.01.2011 CorporationPMG FONDS MANANGEMEN Multiple Portfolios MF-AGG 190'000 0.04 - 30.03.2012 UnclassifiedQUEENSLAND INVESTMEN n/a Co File 186'509 0.04 - 31.01.2011 Investment AdvisorAMP LIFE LTD n/a Co File 160'754 0.03 - 31.01.2011 Investment AdvisorBURLEIGH HEADS HLDGS n/a Co File 125'000 0.02 - 31.01.2011 n/aGARDINER JAMES n/a Co File 125'000 0.02 - 31.01.2011 n/aSCHRODER INVESTMENT Multiple Portfolios MF-AGG 93'929 0.02 - 30.12.2011 Investment AdvisorLEGAL & GENERAL GROU Multiple Portfolios MF-AGG 87'976 0.02 - 30.03.2012 Investment AdvisorACOMEA SGR Multiple Portfolios MF-AGG 82'000 0.02 - 30.03.2012 Investment AdvisorCHARLES SCHWAB INVES Multiple Portfolios MF-AGG 65'977 0.01 (1'779) 04.06.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date DateCredit Suisse MATTHEW HOPE underperform 1 M 1 Not Provided 25.05.2012Macquarie LEE BOWERS underperform 1 M 1 12 month 17.05.2012BMO Capital Markets EDWARD STERCK market perform 3 M 2 Not Provided 19.04.2012EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 19.04.2012JPMorgan MARK BUSUTTIL neutral 3 M 2 6 month 17.04.2012RBC Capital Markets ADAM SCHATZKER underperform 1 M 2 12 month 10.04.2012Commonwealth Bank ANDREW HINES sell 1 M 1 12 month 10.04.2012Investec TIM GERRARD hold 3 M 2 12 month 07.11.2011E.L. & C. Baillieu RAY CHANTRY hold 3 M 2 12 month 13.10.2011

Holdings By:

Energy Resources of Australia Ltd ee


05.06.2012

Rockgate Capital Corp. is a mineral exploration company. The Company currently

mines for uranium and copper.




Total Debt 0.00 YTD Return -37.16%Preferred Stock 0.0 Adjusted BETA 2.042Minority Interest 0.0 Analyst Recs 2Cash and Equivalents 34.58 Consensus Rating 5.000Enterprise Value 26.21

Average Volume 5 Day 49'893RGT CN EQUITY YTD Change - Average Volume 30 Day 145'833RGT CN EQUITY YTD % CHANGE - Average Volume 3 Month 292'749


- - - 0.0 0.0 0.0 0.0 - - - -- - - - - 12049.49x #DIV/0! - - - -- - - (6.1) (11.5) (7.5) (23.2) - - - -- - - - - 0.00x 0.00x - - - -- - - (6.2) (11.6) (9.2) (22.6) - - - -- - - - - 0.00x 0.00x - - - -

EBITDA -11.53 Long-Term Rating Date -EBIT -11.64 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -37.42% Short-Term Rating -Return on Common Equity -38.40%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA 0.00EBITDA Margin -EBIT Margin - Total Debt/Equity 0.0%Net Income Margin - Total Debt/Capital 0.0%

Asset Turnover 0.00Current Ratio 40.65 Net Fixed Asset Turnover 0.00Quick Ratio 40.05 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover 0.00 Cash Conversion Cycle -Inventory Turnover -


Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Rockgate Capital CorpPrice/Volume

Valuation Analysis


'''-----...

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05.06.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSPROTT INC n/a Co File 17'587'402 15.08 8'696'569 31.12.2011 Hedge Fund ManagerGOODMAN & CO INVESTM Multiple Portfolios MF-AGG 11'922'000 10.22 7'270'300 30.06.2011 Hedge Fund ManagerGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 11'780'208 10.1 - 30.04.2012 Investment AdvisorNED GOODMAN INVESTME n/a Co File 8'800'000 7.54 - 31.10.2011 Investment AdvisorPINETREE CAPITAL LTD n/a SEDI 7'927'500 6.8 500'000 24.12.2010 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 4'650'000 3.99 - 29.02.2012 Investment AdvisorMIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 1'500'000 1.29 (200'000) 30.03.2012 Mutual Fund ManagerFEDERATED INVESTORS Multiple Portfolios MF-AGG 1'020'000 0.87 - 31.03.2012 Investment AdvisorINWENTASH SHELDON n/a SEDI 1'006'250 0.86 (25'000) 26.12.2010 n/aKOTTMEIER KARL n/a SEDI 718'231 0.62 20'000 10.04.2012 n/aAMBROSE ALLEN V n/a SEDI 650'000 0.56 (50'000) 24.01.2012 n/aWARNER LORNE n/a SEDI 292'000 0.25 (10'000) 03.03.2011 n/aIFM - INDEPENDENT FU Multiple Portfolios MF-AGG 200'000 0.17 - 26.03.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 127'002 0.11 - 31.05.2012 Investment AdvisorHYDE BRYAN n/a SEDI 100'000 0.09 - 19.05.2011 n/aFORD EDWARD DOUGLAS n/a SEDI 98'000 0.08 - 06.02.2012 n/aFORD DOUGLAS E n/a SEDI 90'000 0.08 - 30.04.2009 n/aJP MORGAN CHASE & CO Multiple Portfolios MF-AGG 86'000 0.07 - 30.04.2012 Investment AdvisorCITY OF LONDON INVES Multiple Portfolios MF-AGG 50'000 0.04 50'000 29.07.2011 Investment AdvisorGOOD TIMES ENTERPRIS n/a SEDI 50'000 0.04 - 05.04.2011 Other

Firm Name Analyst Recommendation Weighting Change Target Price Date DateGMP ANDREW MIKITCHOOK buy 5 N 2 Not Provided 09.05.2012Dundee Securities Corp DAVID A TALBOT buy 5 M 3 12 month 26.04.2012

Holdings By:

Rockgate Capital Corp ee


05.06.2012

Uranium Energy Corporation explores for and develops uranium resources in the

south western United States.


2.0252-Week High % Change -54.50% Dividend Yield -52-Week Low % Change 1.00% Beta 1.38% 52 Week Price Range High/Low 0.82% Equity Float 70.53



Average Volume 5 Day 776'101UEC US EQUITY YTD Change - Average Volume 30 Day 659'977UEC US EQUITY YTD % CHANGE - Average Volume 3 Month 680'847


- 0.0 0.0 0.0 0.0 0.0 6.2 15.4 39.0 - -- - - - - #DIV/0! 77.90x - - - -- (18.6) (11.2) (21.1) (26.6) (10.8) (11.4) (12.5) 7.1 - -- - - - - 0.00x 0.00x - 19.25x - -- (19.2) (13.5) (14.5) (27.4) (19.3) (24.0) (14.4) (5.3) - -- - - - - 0.00x 0.00x - 155.38x - -



Asset Turnover 0.00Current Ratio 8.67 Net Fixed Asset Turnover 0.00Quick Ratio 7.89 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 422.70Accounts Receivable Turnover 0.00 Cash Conversion Cycle -Inventory Turnover 0.00


Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Uranium Energy CorpPrice/Volume

Valuation Analysis


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05.06.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 5'019'400 6.61 109'200 31.03.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 3'709'094 4.88 210'257 31.03.2012 Investment AdvisorHUBER CAPITAL MANAGE HUBER CAPITAL MGMT L 13F 3'221'458 4.24 653'830 31.03.2012 Investment AdvisorGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 2'606'503 3.43 (379'671) 31.03.2012 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 2'191'906 2.89 (57'168) 31.03.2012 Investment AdvisorADNANI AMIR n/a PROXY 1'745'301 2.3 - 25.05.2010 n/aCQS CAYMAN LP CQS CAYMAN LP 13F 1'628'926 2.14 50'000 31.03.2012 Investment AdvisorBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 1'597'069 2.1 39 31.03.2012 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 1'381'803 1.82 57'378 31.03.2012 Investment AdvisorLINDSAY ALAN PETER n/a PROXY 1'306'287 1.72 - 25.05.2010 n/aYANCEY CLYDE L n/a Form 4 1'160'136 1.53 (30'000) 06.02.2012 n/aVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 1'090'471 1.44 189'221 31.03.2012 Investment AdvisorJUPITER ASSET MANAGE JUPITER ASSET MANAGE 13F 1'000'000 1.32 7'858 31.03.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 968'049 1.27 42'605 31.03.2012 Investment AdvisorCIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 943'568 1.24 - 31.12.2011 Investment AdvisorJUPITER ASSET MANAGE Multiple Portfolios MF-AGG 842'142 1.11 (26'248) 30.11.2011 Investment AdvisorANTHONY IV HARRY L n/a Form 4 822'500 1.08 (12'918) 18.02.2010 n/aCLEARBRIDGE ADVISORS CLEARBRIDGE ADVISORS 13F 664'008 0.87 (44'859) 31.03.2012 Investment AdvisorPERRITT CAPITAL MANA PERRITT CAPITAL MANA 13F 653'100 0.86 - 31.03.2012 Investment AdvisorWELLINGTON SHIELDS & WELLINGTON SHIELDS & 13F 647'000 0.85 (94'200) 31.03.2012 Hedge Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date DateDahlman Rose & Co ANTHONY YOUNG buy 5 N 3 12 month 05.06.2012Haywood Securities Inc. GEORDIE MARK sector perform 3 M 3 12 month 01.06.2012Global Hunter Securities JEFF WRIGHT accumulate 4 M 5 12 month 16.05.2012RBC Capital Markets ADAM SCHATZKER underperform 1 M 3 12 month 08.05.2012Dundee Securities Corp DAVID A TALBOT buy 5 M 5 12 month 08.05.2012CIBC World Markets IAN PARKINSON sector perform 3 M 5 Not Provided 29.04.2012McNicoll Lewis & Vlak LLC RICHARD A VERDI buy 5 N 6 12 month 24.02.2012EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 18.01.2012Prosdocimi TEAM COVERAGE buy 5 M 10 Not Provided 25.11.2010

Holdings By:

Uranium Energy Corp ee


05.06.2012

Ur-Energy, Inc. explores for uranium. The Company operates in Nunavut in

Canada and Wyoming in the United States.





Average Volume 5 Day 67'594URE CN EQUITY YTD Change - Average Volume 30 Day 97'905URE CN EQUITY YTD % CHANGE - Average Volume 3 Month 106'994


0.0 0.0 0.0 0.0 0.0 0.0 0.0 - 37.4 - -- - - - - #DIV/0! #DIV/0! - - - -

(22.9) (25.2) (16.8) (14.3) (15.8) (14.3) (15.0) - - - -- - - - - 0.00x 0.00x - - - -

(20.5) (17.9) (18.7) (16.4) (16.3) (16.3) (14.0) (6.0) 9.5 - -- - - - - 0.00x 0.00x - 46.00x - -




Fiscal Year Ended

Ur-Energy IncPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'&''

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05.06.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 16'376'450 13.53 2'000'000 31.03.2012 Investment AdvisorGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 6'988'601 5.77 3'151'343 31.03.2012 Investment AdvisorBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 2'188'575 1.81 4'309 31.03.2012 Investment AdvisorAUSTIN W MARXE AND D AUSTIN W MARXE AND D 13F 1'900'000 1.57 1'900'000 31.03.2012 Hedge Fund ManagerKLENDA JEFFREY T n/a SEDI 1'576'147 1.3 16'247 22.02.2012 n/aSTATE STREET CORP STATE STREET CORPORA 13F 1'491'380 1.23 56'454 31.03.2012 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 1'213'781 1 (50'607) 31.03.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'136'765 0.94 23'433 31.03.2012 Investment AdvisorTHE BANK OF NOVA SCO THE BANK OF NOVA SCO 13F 939'000 0.78 500'000 31.03.2012 Investment AdvisorASTON HILL ASSET MAN Multiple Portfolios MF-AGG 809'490 0.67 - 31.12.2011 Investment AdvisorBOBERG WALTER WILLIA n/a SEDI 590'662 0.49 11'197 22.02.2012 n/aCQS CAYMAN LP CQS CAYMAN LP 13F 550'000 0.45 - 31.03.2012 Investment AdvisorTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 519'112 0.43 (26'000) 31.03.2012 Investment AdvisorFRANKLIN JAMES M n/a SEDI 455'011 0.38 5'011 22.02.2012 n/aDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 394'885 0.33 2'458 31.03.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 360'058 0.3 (794'390) 31.07.2011 Investment AdvisorANDREEFF EQUITY ADVI ANDREEFF EQUITY ADVI 13F 358'516 0.3 (46'147) 31.03.2012 Hedge Fund ManagerMIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 275'000 0.23 (1'675'000) 30.03.2012 Mutual Fund ManagerBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 249'910 0.21 (1'480) 31.03.2012 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 235'500 0.19 - 31.03.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date DateHaywood Securities Inc. GEORDIE MARK sector outperform 5 M 2 12 month 01.06.2012RBC Capital Markets ADAM SCHATZKER outperform 5 M 2 12 month 01.05.2012Dundee Securities Corp DAVID A TALBOT buy 5 M 2 12 month 01.05.2012

Holdings By:

Ur-Energy Inc ee


05.06.2012

Uranerz Energy Corporation explores for, develops, and produces uranium. The

Company has interests in properties located in the United States, Mongolia, andCanada.




Total Debt - YTD Return -31.87%Preferred Stock - Adjusted BETA 2.047Minority Interest 0.1 Analyst Recs 4Cash and Equivalents 34.64 Consensus Rating 4.750Enterprise Value 68.15

Average Volume 5 Day 727'266URZ US EQUITY YTD Change - Average Volume 30 Day 703'083URZ US EQUITY YTD % CHANGE - Average Volume 3 Month 533'128


0.0 0.0 0.0 0.0 - 0.0 0.0 16.1 52.9 - -- - - - - #DIV/0! #DIV/0! - - - -

(14.9) (36.7) (9.4) (15.1) (15.5) (14.6) (11.9) - - - -- - - - - 0.00x 0.00x - - - -

(14.2) (34.2) (8.7) (14.6) (15.1) (14.1) (11.6) - - - -- - - - - 0.00x 0.00x 35.43x 13.05x - -


Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin -EBIT Margin - Total Debt/Equity 0.0%Net Income Margin - Total Debt/Capital -

Asset Turnover 0.00Current Ratio 12.68 Net Fixed Asset Turnover 0.00Quick Ratio 12.35 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -

Fiscal Year Ended

Uranerz Energy CorpPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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05.06.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeHAYWOOD SECURITIES n/a 13G 5'201'800 6.74 2'547'900 21.09.2011 Investment AdvisorDEANS KNIGHT CAPITAL n/a 13G 4'426'900 5.74 - 31.12.2011 Investment AdvisorGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 4'172'689 5.41 1'275'543 31.03.2012 Investment AdvisorHIGGS DENNIS L n/a Form 4 3'875'000 5.02 - 09.03.2011 n/aDISBROW ROBERT n/a 13G 2'710'000 3.51 1'485'000 21.09.2011 n/aCATCHPOLE GLENN n/a Form 4 1'452'100 1.88 - 15.02.2012 n/aBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 1'376'361 1.78 27'593 31.03.2012 Investment AdvisorHIGHFIELDS CAPITAL M HIGHFIELDS CAPITAL M 13F 1'337'017 1.73 337'017 31.03.2012 Hedge Fund ManagerSTATE STREET CORP STATE STREET CORPORA 13F 928'512 1.2 47'181 31.03.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 923'524 1.2 247'798 31.03.2012 Investment AdvisorHARTMAN GEORGE n/a Form 4 761'900 0.99 10'000 18.05.2012 n/aBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 745'235 0.97 (40'660) 31.03.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 731'851 0.95 21'600 31.03.2012 Investment AdvisorCQS CAYMAN LP CQS CAYMAN LP 13F 728'181 0.94 78'181 31.03.2012 Investment AdvisorMIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 650'000 0.84 (475'000) 30.03.2012 Mutual Fund ManagerCIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 625'869 0.81 - 31.12.2011 Investment AdvisorKIRCHNER GERHARD n/a Form 4 427'122 0.55 - 20.01.2012 n/aRBC DOMINION SECURIT RBC DOMINION SECURIT 13F 424'268 0.55 (1'789) 31.03.2012 Investment AdvisorANDREEFF EQUITY ADVI ANDREEFF EQUITY ADVI 13F 360'499 0.47 (38'584) 31.03.2012 Hedge Fund ManagerTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 309'206 0.4 8'410 31.03.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date DateDahlman Rose & Co ANTHONY YOUNG buy 5 M 3 12 month 05.06.2012Haywood Securities Inc. GEORDIE MARK sector outperform 5 M 5 12 month 01.06.2012Dundee Securities Corp DAVID A TALBOT buy 5 M 4 12 month 26.04.2012Global Hunter Securities JEFF WRIGHT accumulate 4 N 4 12 month 01.03.2012

Holdings By:

Uranerz Energy Corp ee


05.06.2012

Azimuth Resources Ltd. explores for metals. The Company explores for iron and

uranium in Australia, and gold and uranium in Guyana.



Shares Out 03.05.2012 401.4 Short Int 0.69170.58 1 Yr Total Return 51.79%


Average Volume 5 Day 1'173'051AZH AU EQUITY YTD Change - Average Volume 30 Day 2'003'039AZH AU EQUITY YTD % CHANGE - Average Volume 3 Month 2'055'138


- - - 0.0 0.0 0.0 0.0 - - - -- - - 4002.34x 2379.41x #DIV/0! 47652.98x - - - -

(1.3) (1.6) (3.5) (2.6) (2.9) 0.0 (1.2) (2.0) (1.9) - -- - - - - 0.00x 0.00x - - - -

(1.2) (1.5) (3.7) (2.5) (3.4) 0.0 (1.1) (2.0) (1.9) - -- - - - - 0.00x 0.00x - - - -

EBITDA -2.91 Long-Term Rating Date -EBIT -2.95 Long-Term Rating -Operating Margin -7998.03% Long-Term Outlook -Pretax Margin -9177.68% Short-Term Rating Date -Return on Assets -10.69% Short-Term Rating -Return on Common Equity -13.32%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA 0.00EBITDA Margin -7879.2%EBIT Margin -7998.0% Total Debt/Equity 0.0%Net Income Margin -9177.7% Total Debt/Capital 0.0%



Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Azimuth Resources LtdPrice/Volume

Valuation Analysis


'

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05.06.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMACQUARIE GROUP LTD n/a EXCH 51'289'430 12.78 6'804'620 16.05.2012 Investment AdvisorO'SULLIVAN DOMINIC n/a SEDI 28'286'008 7.05 - 14.05.2012 n/aEYE INVESTMENT FUND n/a EXCH 18'777'298 4.68 (2'222'702) 03.11.2011 n/aPINETREE RESOURCE PA n/a EXCH 18'250'000 4.55 (4'250'000) 14.03.2012 n/aPINETREE CAPITAL LTD n/a EXCH 15'500'000 3.86 (16'869'549) 29.06.2011 Investment AdvisorACORN CAPITAL LTD n/a EXCH 13'632'983 3.4 (1'700'000) 14.01.2011 Investment AdvisorGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 9'949'571 2.48 - 30.04.2012 Investment AdvisorMONTI RICHARD n/a SEDI 9'043'651 2.25 - 14.05.2012 n/aFIRST STATE INVESTME Multiple Portfolios MF-AGG 3'243'833 0.81 - 29.02.2012 Investment AdvisorRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 2'500'000 0.62 - 31.12.2011 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 1'727'600 0.43 1'727'600 30.03.2012 Mutual Fund ManagerBHR FUND ADVISORS LP Multiple Portfolios MF-AGG 1'000'000 0.25 - 29.02.2012 Investment AdvisorWARD JOSHUA SCOTT n/a SEDI 909'139 0.23 - 14.05.2012 n/aLARSON BRUCE EDWIN n/a EXCH 735'000 0.18 - 18.02.2011 n/aHUNT MICHAEL WILLIA n/a EXCH 732'631 0.18 55'000 04.04.2012 n/aFIRST STATE INVESTME Multiple Portfolios MF-AGG 609'709 0.15 (9'978) 29.02.2012 Mutual Fund ManagerFELTON DEAN n/a SEDI 167'262 0.04 - 14.05.2012 n/aBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 76'654 0.02 - 31.05.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 12'771 0 1'839 29.02.2012 Investment AdvisorAUSTRALIAN INDEX INV Multiple Portfolios MF-AGG 3'403 0 - 31.05.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date DatePaterson Securities ALEX PASSMORE speculative buy 4 M 1 12 month 31.05.2012Argonaut Securities Pty Ltd PATRICK CHANG speculative buy 4 M 1 Not Provided 31.05.2012Bell Potter STEPHEN THOMAS accumulate 4 D 1 12 month 01.02.2012

Holdings By:

Azimuth Resources Ltd ee


05.06.2012

USEC Inc. is a global energy company that supplies low enriched uranium ("LEU")

for commercial nuclear power plants. The Company, through its subsidiary,operates a uranium enrichment facility in Kentucky.





Average Volume 5 Day 730'353USU US EQUITY YTD Change - Average Volume 30 Day 922'096USU US EQUITY YTD % CHANGE - Average Volume 3 Month 1'225'623


1'928.0 1'614.6 2'036.8 2'035.4 1'671.8 2'071.2 1'852.8 1'460.0 1'175.0 - -0.43x 0.57x 0.43x 0.63x 0.43x 2.11x 1.58x - - - -

154.4 98.5 59.4 77.0 (197.3) 51.8 (190.4) 45.0 106.0 - -5.40x 9.38x 14.82x 16.63x - 20.89x 0.00x 13.96x 5.92x - -96.6 48.7 58.5 7.5 (540.7) 0.6 (552.9) (36.0) 29.0 - -9.57x 12.83x 9.87x 66.89x - 0.00x 0.00x - 2.91x - -

EBITDA -197.30 Long-Term Rating Date 15.05.2012EBIT -247.40 Long-Term Rating CCC+ *-Operating Margin -14.80% Long-Term Outlook -Pretax Margin -15.46% Short-Term Rating Date 26.10.2000Return on Assets -14.62% Short-Term Rating NRReturn on Common Equity -52.34%Return on Capital - EBITDA/Interest Exp. -4.38Asset Turnover 0.45% (EBITDA-Capex)/Interest Exp. -7.78

Net Debt/EBITDA -Gross Margin 5.0% Total Debt/EBITDA -3.12EBITDA Margin -11.8%EBIT Margin -14.8% Total Debt/Equity 81.7%Net Income Margin -32.3% Total Debt/Capital 45.0%



Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

USEC IncPrice/Volume

Valuation Analysis


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05.06.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 8'386'701 6.88 (16'144) 31.03.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 6'738'954 5.53 369'042 31.03.2012 Investment AdvisorGUGGENHEIM CAPITAL L GUGGENHEIM CAPITAL L 13F 6'623'350 5.43 (40'006) 31.03.2012 Investment AdvisorGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 6'218'127 5.1 2'695'278 31.03.2012 Investment AdvisorNOBLE GROUP LTD n/a 13D/PROX 5'848'940 4.8 - 04.03.2011 CorporationDONALD SMITH & CO IN DONALD SMITH & CO IN 13F 4'884'442 4.01 45 31.03.2012 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 2'965'846 2.43 (114'441) 31.03.2012 Investment AdvisorLSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 2'859'269 2.34 (31'900) 31.03.2012 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 2'323'697 1.91 3'666 31.03.2012 Investment AdvisorZPR INVESTMENT MANAG ZPR INVESTMENT MANAG 13F 2'317'540 1.9 2'317'540 31.03.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2'243'106 1.84 76'716 31.03.2012 Investment AdvisorBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 2'159'325 1.77 - 31.03.2012 Investment AdvisorWELCH JOHN K n/a Form 4 1'969'537 1.62 - 08.05.2012 n/aVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 1'760'158 1.44 299'237 31.03.2012 Investment AdvisorAQR CAPITAL MANAGEME AQR CAPITAL MANAGEME 13F 1'684'164 1.38 1'684'164 31.03.2012 Hedge Fund ManagerRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 1'518'775 1.25 (529'686) 31.03.2012 Hedge Fund ManagerJACOBS LEVY EQUITY M JACOBS LEVY EQUITY M 13F 1'347'876 1.11 (502'600) 31.03.2012 Investment AdvisorWCM INVESTMENT MANAG WCM INVESTMENT MANAG 13F 1'253'260 1.03 (83'362) 31.03.2012 Investment AdvisorSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'000'000 0.82 - 31.12.2011 Investment AdvisorPROXIMA CAPITAL MANA PROXIMA CAPITAL MANA 13F 875'000 0.72 (25'000) 31.03.2012 Hedge Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date DateJefferies LAURENCE ALEXANDER hold 3 M 1 12 month 03.05.2012EVA Dimensions TEAM COVERAGE hold 3 M #N/A N/A Not Provided 18.11.2011

Holdings By:

USEC Inc ee


05.06.2012

Greenland Minerals and Energy Limited explores for, acquires, and exploits

multi-element deposits in Australia. The Company's exploration activitiesinclude uranium and rare earth oxides.




Total Debt 0.00 YTD Return -20.88%Preferred Stock 0.0 Adjusted BETA 1.376Minority Interest (6.4) Analyst Recs 0Cash and Equivalents 10.87 Consensus Rating -Enterprise Value 132.63

Average Volume 5 Day 319'894GGG AU EQUITY YTD Change - Average Volume 30 Day 530'681GGG AU EQUITY YTD % CHANGE - Average Volume 3 Month 475'180


- - - 0.0 0.0 - - - - - -- - - - - - - - - - -

(0.4) (204.0) (5.2) (7.2) (14.8) - - - - - -- - - - - - - - - - -

(0.2) (202.8) (4.0) (6.4) (13.0) - - - - - -- - - - - - - - - - -




Fiscal Year Ended

Greenland Minerals & Energy LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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05.06.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeRENSBURG INVESTMENT n/a EXCH 31'000'000 7.44 - 09.06.2011 Investment AdvisorMACQUARIE GROUP LTD n/a EXCH 21'750'000 5.22 - 02.02.2010 Investment AdvisorUBS AG n/a EXCH 20'249'393 4.86 - 06.07.2011 Investment AdvisorMCILLREE RODERICK CL n/a Co File 11'411'456 2.74 - 31.12.2011 n/aGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 8'972'769 2.15 - 30.04.2012 Investment AdvisorWHYBROW JEREMY SEAN n/a Co File 6'010'200 1.44 - 31.12.2011 n/aMAIR JOHN n/a Co File 5'110'000 1.23 - 31.12.2011 n/aCATO SIMON KENNETH n/a Co File 4'712'200 1.13 - 31.12.2011 n/aQUAYSIDE SERVICES LI n/a EXCH 4'000'000 0.96 - 09.06.2011 n/aVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 1'726'052 0.41 - 30.03.2012 Mutual Fund ManagerSCHONWANDT HANS n/a EXCH 1'500'000 0.36 - 09.03.2010 n/aBUNN SHAUN n/a Co File 600'000 0.14 - 31.12.2011 n/aHSBC TRINKAUS INVEST Multiple Portfolios MF-AGG 400'000 0.1 150'000 28.02.2011 Mutual Fund ManagerF&C MANAGEMENT LTD Multiple Portfolios MF-AGG 368'235 0.09 (210) 29.02.2012 Investment AdvisorGUY MILES SIMON n/a Co File 300'000 0.07 - 31.12.2011 n/aHO ANTHONY PENG n/a Co File 250'000 0.06 - 31.12.2011 n/aCRYSTAL FUND MGMT Multiple Portfolios MF-AGG 184'000 0.04 - 31.05.2012 UnclassifiedBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 85'662 0.02 - 31.05.2012 Investment AdvisorBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 49'869 0.01 - 31.01.2012 Investment AdvisorPRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 43'030 0.01 - 31.12.2011 Insurance Company

Firm Name Analyst Recommendation Weighting Change Target Price Date Date#N/A N/A

Holdings By:

Greenland Minerals & Energy Ltd ee


05.06.2012

UEX Corporation is a uranium exploration company focusing its activities in the

Athabasca Basin area of Saskatchewan, Canada.





Average Volume 5 Day 256'083UEX CN EQUITY YTD Change - Average Volume 30 Day 431'267UEX CN EQUITY YTD % CHANGE - Average Volume 3 Month 631'962


0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -- - - - - #DIV/0! #DIV/0! - - - -

(10.1) (9.7) (8.6) (7.4) (4.8) (7.6) (4.7) - - - -- - - - - 0.00x 0.00x - - - -

(5.5) (8.8) (8.0) (6.9) (5.4) (7.4) (3.8) - - - -- - - - - 0.00x 0.00x - - - -

EBITDA -4.81 Long-Term Rating Date -EBIT -4.82 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -3.34% Short-Term Rating -Return on Common Equity -3.64%Return on Capital - EBITDA/Interest Exp. -1366.54Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -4305.64




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Uex CorpPrice/Volume

Valuation Analysis


'

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0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'&''

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05.06.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAMECO CORP n/a SEDI 50'020'427 22.58 4'160'158 14.03.2012 CorporationGOODMAN & CO INVESTM Multiple Portfolios MF-AGG 6'889'200 3.11 (105'500) 30.06.2011 Hedge Fund ManagerGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 4'674'019 2.11 - 30.04.2012 Investment AdvisorMIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 1'900'000 0.86 - 30.03.2012 Mutual Fund ManagerTHODY GRAHAM C n/a SEDI 752'500 0.34 7'000 04.01.2012 n/aDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 569'815 0.26 - 31.07.2011 Investment AdvisorASTON HILL ASSET MAN Multiple Portfolios MF-AGG 451'625 0.2 - 31.12.2011 Investment AdvisorEATON MARK P n/a SEDI 408'500 0.18 59'000 28.05.2010 n/aCIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 326'477 0.15 (180'243) 31.12.2011 Investment AdvisorOPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 90'000 0.04 90'000 31.01.2012 Mutual Fund ManagerFRONT STREET CAPITAL Multiple Portfolios MF-AGG 87'000 0.04 (20'000) 31.03.2012 Investment AdvisorPRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 48'200 0.02 - 31.12.2011 Insurance CompanyDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 41'800 0.02 - 29.02.2012 Investment AdvisorERIKS R SIERD n/a SEDI 33'000 0.01 23'000 29.12.2011 n/aMACDONALD COLIN C n/a SEDI 30'000 0.01 - 05.01.2012 n/aLEE NAN n/a SEDI 25'000 0.01 - 15.03.2012 n/aBONEY EDWARD n/a SEDI 25'000 0.01 - 15.03.2012 n/aBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 24'940 0.01 - 31.01.2012 Investment AdvisorSPROTT INC Multiple Portfolios MF-AGG 20'000 0.01 - 30.06.2011 Hedge Fund ManagerZIOULAS ELIAS LOUIE n/a SEDI 14'000 0.01 - 29.01.2011 n/a

Firm Name Analyst Recommendation Weighting Change Target Price Date DateDundee Securities Corp DAVID A TALBOT buy 5 M 2 12 month 04.06.2012

Holdings By:

Uex Corp ee


05.06.2012

Uranium Resources, Inc. acquires, explores, develops, and mines uranium

properties using the in situ leach mining process. The Company sells uraniumto electric utilities under long-term contracts.





Average Volume 5 Day 316'810URRE US EQUITY YTD Change - Average Volume 30 Day 455'463URRE US EQUITY YTD % CHANGE - Average Volume 3 Month 601'113


31.1 18.6 4.7 - - 0.0 0.0 - - - -20.73x 1.72x 8.22x - - #DIV/0! #DIV/0! - - - -

7.3 (3.6) (5.4) (7.5) (9.2) (8.1) (9.9) - - - -88.11x - - - - 0.00x 0.00x - - - -

1.1 (26.5) (10.1) (10.4) (11.2) (11.0) (11.8) - - - -416.00x - - - - 0.00x 0.00x - - - -


Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -0.06EBITDA Margin -EBIT Margin - Total Debt/Equity 2.4%Net Income Margin - Total Debt/Capital 2.4%

Asset Turnover 0.00Current Ratio 0.91 Net Fixed Asset Turnover 0.00Quick Ratio 0.87 Accounts receivable turnover-days -Debt to Assets 1.81% Inventory Days -Tot Debt to Common Equity 2.43% Accounts Payable Turnover Day 213.51Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -

Fiscal Year Ended

Uranium Resources IncPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'''-----...

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0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'&''

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05.06.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeRESOURCE CAPITAL FUN n/a 13D 10'259'567 9.66 - 19.03.2012 Private EquityRCF MANAGEMENT LLC RCF MANAGEMENT LLC 13F 10'259'567 9.66 10'259'567 31.03.2012 Investment AdvisorANDREEFF EQUITY ADVI ANDREEFF EQUITY ADVI 13F 5'127'522 4.83 (335'115) 31.03.2012 Hedge Fund ManagerZESIGER CAPITAL GROU ZESIGER CAPITAL GROU 13F 4'018'097 3.78 (407'763) 31.03.2012 Investment AdvisorAUSTIN W MARXE AND D AUSTIN W MARXE AND D 13F 3'774'100 3.55 - 31.03.2012 Hedge Fund ManagerBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 3'568'078 3.36 87'401 31.03.2012 Investment AdvisorGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 3'327'204 3.13 (3'451'883) 31.03.2012 Investment AdvisorWS CAPITAL MANAGEMEN WS CAPITAL MANAGEMEN 13F 3'000'000 2.82 - 31.03.2012 Hedge Fund ManagerVANGUARD GROUP INC VANGUARD GROUP INC 13F 2'813'944 2.65 128'192 31.03.2012 Investment AdvisorBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 1'934'930 1.82 (11'660) 31.03.2012 Investment AdvisorROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 1'705'087 1.61 - 31.03.2012 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 1'429'957 1.35 (30'591) 31.03.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'176'045 1.11 (1'585) 31.03.2012 Investment AdvisorWILLMOTT PAUL K n/a Form 4 562'910 0.53 33'333 07.06.2011 n/aEWIGLEBEN DONALD C n/a Form 4 506'457 0.48 - 30.03.2012 n/aGEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 477'313 0.45 82'717 31.03.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 467'017 0.44 626 30.04.2012 Investment AdvisorTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 376'757 0.35 - 31.03.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 353'763 0.33 (10'807) 31.03.2012 Investment AdvisorWINCHESTER GROUP INC WINCHESTER GROUP INC 13F 321'025 0.3 240'000 31.03.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date DateDahlman Rose & Co ANTHONY YOUNG buy 5 N 1 12 month 05.04.2012

Holdings By:

Uranium Resources Inc ee


05.06.2012

Bannerman Resources Ltd. explores for uranium in Australia and Africa.




Total Debt 9.57 YTD Return -27.50%Preferred Stock 0.0 Adjusted BETA 1.420Minority Interest (0.4) Analyst Recs 3Cash and Equivalents 15.29 Consensus Rating 4.000Enterprise Value 36.20

Average Volume 5 Day 418'562BMN AU EQUITY YTD Change - Average Volume 30 Day 610'131BMN AU EQUITY YTD % CHANGE - Average Volume 3 Month 596'888


- - - 0.0 0.0 0.0 0.0 0.3 0.0 - -- - - - - #DIV/0! #DIV/0! - - - -

(2.1) (16.1) (8.3) (8.9) (12.2) (6.7) (6.4) (7.4) (6.0) - -- - - - - 0.00x 0.00x - - - -

(1.8) (15.6) (9.7) (9.6) (12.2) (8.0) (12.2) (10.7) (5.8) - -- - - - - 0.00x 0.00x - - - -


Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -0.79EBITDA Margin -EBIT Margin - Total Debt/Equity 13.7%Net Income Margin - Total Debt/Capital 12.1%


Fiscal Year Ended

Bannerman Resources LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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0.1

0.2

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0.5

0.6

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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'&''

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05.06.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeRESOURCE CAPITAL FUN n/a EXCH 23'338'765 7.79 8'888'888 23.12.2011 Private EquityJONES CLIVE BRUCE n/a EXCH 15'206'940 5.08 - 06.02.2012 n/aGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 11'647'135 3.89 - 30.04.2012 Investment AdvisorBATTEN PETER J R n/a Co File 7'006'940 2.34 - 07.09.2011 n/aWATER ISLAND CAPITAL Multiple Portfolios MF-AGG 4'424'021 1.48 493'968 29.02.2012 Investment AdvisorMIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 1'360'000 0.45 - 30.06.2011 Mutual Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 967'352 0.32 782'367 31.07.2011 Investment AdvisorROBECO FUND MANAGEME Multiple Portfolios MF-AGG 823'891 0.28 - 30.03.2012 Investment AdvisorSTARCAP AG Multiple Portfolios MF-AGG 600'000 0.2 - 30.12.2011 Investment AdvisorASTON HILL ASSET MAN Multiple Portfolios MF-AGG 595'165 0.2 - 31.12.2011 Investment AdvisorHSBC TRINKAUS INVEST Multiple Portfolios MF-AGG 500'000 0.17 200'000 28.02.2011 Mutual Fund ManagerJUBBER LEONARD STANL n/a EXCH 357'099 0.12 61'159 06.02.2012 n/aTUCKER DAVID n/a EXCH 168'099 0.06 61'159 06.02.2012 n/aBEEVOR RONALD HUGH n/a EXCH 111'159 0.04 61'159 06.02.2012 n/aBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 107'928 0.04 - 31.01.2012 Investment AdvisorTURNEY JOHN n/a SEDI 81'159 0.03 61'159 08.02.2012 n/aMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 67'677 0.02 (368'160) 30.06.2011 Mutual Fund ManagerPRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 32'390 0.01 - 31.12.2011 Insurance CompanyKERR PETER n/a Co File 26'000 0.01 - 30.06.2011 n/aDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 21'815 0.01 - 29.02.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date DateHaywood Securities Inc. GEORDIE MARK sector outperform 5 M 1 12 month 01.06.2012Salman Partners PATRICK DONNELLY Under Review #N/A N/A M #N/A N/A Not Provided 30.05.2012BMO Capital Markets EDWARD STERCK market perform 3 M #N/A N/A Not Provided 10.04.2012Argonaut Securities Pty Ltd TROY IRVIN speculative buy 4 M 0 12 month 10.04.2012

Holdings By:

Bannerman Resources Ltd ee


05.06.2012

Laramide Resources Ltd. is a mineral resource company. The Company specializes

in the acquisition, discovery and development of uranium projects. Laramide'scurrent main focus is the Westmoreland Uranium Project in Queensland, Australia.





Average Volume 5 Day 44'004LAM CN EQUITY YTD Change - Average Volume 30 Day 73'909LAM CN EQUITY YTD % CHANGE - Average Volume 3 Month 129'400


0.3 0.0 0.0 0.0 0.0 0.0 0.0 - - - -1387.68x - - - - #DIV/0! #DIV/0! - - - -

(4.7) (3.7) (1.7) (2.1) (2.3) (2.2) (2.2) - - - -- - - - - 0.00x 0.00x - - - -

0.3 (5.6) (15.6) (0.8) (4.3) (1.0) (4.1) (1.4) - - -- - - - - 0.00x 0.00x - - - -




Fiscal Year Ended

Laramide Resources LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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05.06.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSPROTT INC n/a Co File 5'956'500 8.42 (587'000) 30.11.2010 Hedge Fund ManagerHENDERSON MARC C n/a SEDI 5'751'712 8.13 50'000 23.03.2012 n/aGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 1'665'579 2.35 - 30.04.2012 Investment AdvisorMIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 1'420'000 2.01 (30'000) 30.03.2012 Mutual Fund ManagerKIRR MARBACH AND COM KIRR MARBACH AND COM 13F 850'000 1.2 - 31.03.2012 Investment AdvisorTAYLOR INVESTMENT CO TAYLOR INVESTMENT CO 13F 660'000 0.93 - 31.03.2012 Investment AdvisorBOOTH JOHN G n/a SEDI 597'100 0.84 - 09.01.2012 n/aMULLENS PETER JAMES n/a SEDI 506'100 0.72 300'000 04.01.2012 n/aPATTERSON D SCOTT n/a SEDI 460'400 0.65 (72'000) 26.03.2012 n/aASTON HILL ASSET MAN Multiple Portfolios MF-AGG 458'168 0.65 - 31.12.2011 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 424'723 0.6 170'566 31.07.2011 Investment AdvisorHSBC TRINKAUS INVEST Multiple Portfolios MF-AGG 150'000 0.21 - 28.02.2011 Mutual Fund ManagerGIBSON DENNIS G n/a SEDI 72'500 0.1 62'500 04.01.2012 n/aFERRON GREG n/a SEDI 72'400 0.1 10'000 23.03.2012 n/aWILKENS PAUL C n/a SEDI 61'000 0.09 30'000 04.01.2012 n/aSAVANNAH BANCORP INC SAVANNAH BANCORP INC 13F 37'500 0.05 - 31.03.2012 Investment AdvisorOPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 35'000 0.05 35'000 31.01.2012 Mutual Fund ManagerWOOD FLORA n/a SEDI 32'000 0.05 20'000 13.10.2010 n/aDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 15'100 0.02 - 29.02.2012 Investment AdvisorBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 13'254 0.02 - 31.01.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date DateDundee Securities Corp DAVID A TALBOT buy 5 M 2 12 month 22.05.2012

Holdings By:

Laramide Resources Ltd ee


05.06.2012

Mega Uranium Ltd. acquires, explores, and develops natural resource properties,

with a focus on uranium. The Company has uranium resources in Australia anduranium exploration projects in Australia, Argentina, Bolivia, Colombia,Canada and Cameroon. Mega Uranium also has interests in base and preciousminerals exploration properties in Canada and Latin America.





Average Volume 5 Day 188'641MGA CN EQUITY YTD Change - Average Volume 30 Day 259'512MGA CN EQUITY YTD % CHANGE - Average Volume 3 Month 360'403


0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -- - - - - #DIV/0! #DIV/0! - - - -

(28.6) (32.6) (11.6) (11.7) (147.1) (9.9) (5.4) - - - -- - - - - 0.00x 0.00x - - - -

(16.2) (195.5) 21.5 (41.7) (142.5) (29.4) (140.4) - - - -- - 9.67x - - 0.00x 0.00x - - - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Mega Uranium LtdPrice/Volume

Valuation Analysis


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05.06.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePINETREE CAPITAL LTD n/a SEDI 13'000'000 4.87 - 23.01.2012 Investment AdvisorGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 7'688'586 2.88 - 30.04.2012 Investment AdvisorINWENTASH SHELDON n/a SEDI 6'497'862 2.43 - 04.04.2012 n/aDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'230'441 1.21 341'009 31.07.2011 Investment AdvisorSPROTT INC Multiple Portfolios MF-AGG 992'414 0.37 - 30.06.2011 Hedge Fund ManagerASTON HILL ASSET MAN Multiple Portfolios MF-AGG 747'355 0.28 - 31.12.2011 Investment AdvisorHSBC TRINKAUS INVEST Multiple Portfolios MF-AGG 500'000 0.19 - 28.02.2011 Mutual Fund ManagerTAYLOR STEWART n/a SEDI 390'000 0.15 200'000 05.11.2009 n/aOPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 220'000 0.08 220'000 31.01.2012 Mutual Fund ManagerGOLDBERG LARRY n/a SEDI 215'400 0.08 100'000 23.02.2010 n/aPATRICIO RICHARD J n/a SEDI 101'647 0.04 100'000 17.08.2011 n/aSAVANNAH BANCORP INC SAVANNAH BANCORP INC 13F 75'000 0.03 - 31.03.2012 Investment AdvisorREESON DOUGLAS G n/a SEDI 70'000 0.03 10'000 16.03.2011 n/aDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 53'600 0.02 - 29.02.2012 Investment AdvisorPRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 51'500 0.02 - 31.12.2011 Insurance CompanyGORDIAN INVESTMENTS n/a SEDI 50'000 0.02 (186'000) 30.05.2011 n/aBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 22'931 0.01 - 31.01.2012 Investment AdvisorWILLIAMS PHILIP n/a SEDI 20'000 0.01 - 03.11.2009 n/aHAUCK & AUFHAUSER IN Multiple Portfolios MF-AGG 15'000 0.01 - 30.03.2012 Mutual Fund ManagerSWEATMAN MICHAEL D n/a PROXY 3'500 0 - 24.01.2011 n/a

Firm Name Analyst Recommendation Weighting Change Target Price Date DateHaywood Securities Inc. GEORDIE MARK sector outperform 5 M 1 12 month 01.06.2012Salman Partners PATRICK DONNELLY Under Review #N/A N/A M #N/A N/A Not Provided 30.05.2012

Holdings By:

Mega Uranium Ltd ee


05.06.2012

Berkeley Resources Limited is a uranium exploration company. The Company owns

exploration projects in Spain as well as exploring other uranium explorationopportunities. The Company also owns exploration projects in Australia for gold,nickel, and base metals.



Shares Out 01.05.2012 179.3 Short Int 0.9569.93 1 Yr Total Return 0.00%


Average Volume 5 Day 397'904BKY AU EQUITY YTD Change - Average Volume 30 Day 647'485BKY AU EQUITY YTD % CHANGE - Average Volume 3 Month 453'556


- - - - 0.0 - - - - - -- - - - - - - - - - -

(9.0) (12.0) (10.6) (14.4) (17.4) - - (7.3) (7.2) - -- - - - - - - - - - -

(6.3) (7.0) (10.0) (14.2) (16.3) - - (7.3) (7.2) - -- - - - - - - - - - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Berkeley Resources LtdPrice/Volume

Valuation Analysis


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05.06.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeANGLO PACIFIC GROUP n/a Co File 25'185'251 14.05 - 12.10.2011 CorporationCOMMONWEALTH BANK OF n/a EXCH 14'860'660 8.29 (2'579'824) 03.02.2012 BankRESOURCE CAPITAL FUN n/a Co File 13'020'000 7.26 - 12.10.2011 Private EquityHADRON CAPITAL LLP n/a Co File 11'141'859 6.21 - 12.10.2011 n/aIOOF HOLDINGS LTD n/a EXCH 9'312'443 5.19 (766'649) 19.01.2012 Investment AdvisorJP MORGAN CHASE & CO n/a EXCH 8'599'879 4.8 (106'888) 10.02.2012 Investment AdvisorUBS AG n/a EXCH 7'675'463 4.28 - 20.01.2011 Investment AdvisorMORGAN STANLEY n/a EXCH 6'413'185 3.58 (1'352'152) 19.03.2012 Investment AdvisorTHE BANK OF NOVA SCO n/a EXCH 5'465'047 3.05 (10'945'303) 23.03.2011 Investment AdvisorARREDO PTY LTD n/a EXCH 5'300'000 2.96 - 27.04.2012 CorporationGOODMAN & CO INVESTM Multiple Portfolios MF-AGG 4'900'000 2.73 (9'517'000) 30.06.2011 Hedge Fund ManagerFIRST STATE INVESTME Multiple Portfolios MF-AGG 4'015'856 2.24 - 29.02.2012 Investment AdvisorGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 3'902'573 2.18 - 30.04.2012 Investment AdvisorSYME MATTHEW GORDON n/a Co File 2'168'105 1.21 - 27.09.2011 n/aACD SERVICES LIMITED Multiple Portfolios MF-AGG 1'990'813 1.11 - 30.03.2012 UnclassifiedMITSUBISHI UFJ FINAN n/a EXCH 1'411'788 0.79 - 16.03.2012 Holding CompanyCOLONIAL FIRST STATE Multiple Portfolios MF-AGG 1'411'788 0.79 - 19.10.2011 Investment AdvisorMIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 1'250'000 0.7 (550'000) 30.06.2011 Mutual Fund ManagerJP MORGAN ASSET MANA Multiple Portfolios MF-AGG 1'228'310 0.69 - 31.12.2011 Mutual Fund ManagerBEHETS ROBERT ARTHUR n/a EXCH 1'000'000 0.56 - 27.04.2012 n/a

Firm Name Analyst Recommendation Weighting Change Target Price Date DateDundee Securities Corp DAVID A TALBOT buy 5 M 1 12 month 26.04.2012RBC Capital Markets ADAM SCHATZKER sector perform 3 M 0 12 month 02.04.2012BMO Capital Markets EDWARD STERCK restricted #N/A N/A M #N/A N/A Not Provided 01.03.2012E.L. & C. Baillieu RAY CHANTRY hold 3 D #N/A N/A Not Provided 27.05.2011Austock Securities ANDREW SHEARER buy 5 N 2 Not Provided 17.05.2011Mirabaud Securities KEITH WATSON buy 5 M 2 12 month 22.04.2010

Holdings By:

Berkeley Resources Ltd ee


05.06.2012

Extract Resources Limited is a mineral exploration company. The Company

explores, evaluates, develops, and produces uranium.


-52-Week High % Change - Dividend Yield 0.0052-Week Low % Change - Beta 0.76% 52 Week Price Range High/Low 89.26% Equity Float -

Shares Out 13.03.2012 252.2 Short Int 0.14- 1 Yr Total Return -

Total Debt 0.00 YTD Return -Preferred Stock 0.0 Adjusted BETA 0.756Minority Interest 0.0 Analyst Recs 6Cash and Equivalents 74.89 Consensus Rating 3.500Enterprise Value -

Average Volume 5 Day 0EXT AU EQUITY YTD Change - Average Volume 30 Day 0EXT AU EQUITY YTD % CHANGE - Average Volume 3 Month 145'027

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -- - - - 0.0 - - 0.0 0.0 - -- - - - - - - - - - -

(3.6) (14.3) (27.2) (53.7) (60.3) - - (28.0) (21.7) - -- - - - - - - - - - -

(7.1) (14.1) (11.7) (35.6) (55.1) - - (26.0) (38.8) - -- - - - - - - - - - -




Fiscal Year Ended

Extract Resources LtdPrice/Volume

Valuation Analysis

0.00Current Price (6/dd/yy) Market Data

Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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05.06.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeTAURUS MINERALS LTD n/a EXCH 248'110'790 98.37 6'693'438 02.04.2012 CorporationITOCHU CORP n/a EXCH 12'553'639 4.98 (12'553'639) 15.03.2012 CorporationWATER ISLAND CAPITAL Multiple Portfolios MF-AGG 4'446'741 1.76 2'539'553 29.02.2012 Investment AdvisorSPIVEY MARTIN n/a Co File 615'645 0.24 - 30.06.2011 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 507'380 0.2 25'516 31.03.2012 Investment AdvisorMIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 200'000 0.08 (100'000) 30.06.2011 Mutual Fund ManagerMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 121'283 0.05 24'125 31.08.2011 Mutual Fund ManagerCOLONIAL FIRST STATE Multiple Portfolios MF-AGG 120'137 0.05 - 19.10.2011 Investment AdvisorQUAKER FUNDS INC Multiple Portfolios MF-AGG 65'000 0.03 - 30.04.2012 Investment AdvisorJF ASSET MANAGEMENT Multiple Portfolios MF-AGG 57'200 0.02 - 30.09.2011 Mutual Fund ManagerDEKA INTERNATIONAL S Multiple Portfolios MF-AGG 56'000 0.02 (55'500) 31.12.2011 Mutual Fund ManagerPRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 33'022 0.01 - 31.12.2011 Insurance CompanyBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 30'264 0.01 - 31.01.2012 Investment AdvisorHENDERSON INVESTORS Multiple Portfolios MF-AGG 29'585 0.01 - 30.11.2011 Investment AdvisorPENKETHMAN ANDREW n/a Co File 25'645 0.01 - 30.06.2011 n/aWELLS FARGO BANK NAT Multiple Portfolios MF-AGG 20'957 0.01 (5) 31.03.2012 Investment AdvisorGREEN NORMAN n/a Co File 17'500 0.01 - 30.06.2011 n/aING INVESTMENT MANAG Multiple Portfolios MF-AGG 14'732 0.01 (613) 31.03.2012 Investment AdvisorALLSTATE INSURANCE C ALLSTATE INSURANCE C Sch-D 12'229 0 - 31.12.2011 Insurance CompanyTURGOT ASSET MANAGEM Multiple Portfolios MF-AGG 4'000 0 - 29.07.2011 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

RBC Capital Markets ADAM SCHATZKER sector perform 3 M 9 12 month 01.03.2012Commonwealth Bank ANDREW KNUCKEY hold 3 D 9 12 month 17.01.2012Argonaut Securities Pty Ltd TIM SERJEANT speculative buy 4 M 9 Not Provided 12.12.2011E.L. & C. Baillieu RAY CHANTRY buy 5 U 9 12 month 22.11.2011WH Ireland Ltd GAIUS KING buy 5 M 10 12 month 09.08.2011

Holdings By:

Extract Resources Ltd ee


Date post:	17-May-2015
Category:	Economy & Finance
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Fundamental Analysis & Analyst Recommendations - Uranium Exploration and Extraction Universe

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