canada research · with this report, we are rationalizing our 2h13 uranium price forecasts...

Canada Research Published by Raymond James Ltd.

Please read domestic and foreign disclosure/risk information beginning on page 24 and Analyst Certification on page 25. Raymond James Ltd. | 2100 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2

Mining & Natural Resources July 29, 2013

Industry Report - ChangesDavid Sadowski | 604.659.8255 | [email protected]

Uranium 2Q13: Marking-to-Market Amidst Languishing Spot Price Environment, but there's Hope in Japan

Uranium spot prices sit at US$34.50/lb, the lowest level since Dec-2005, after falling 13% over the past three weeks. Supply for immediate delivery remains abundant and demand remains discretionary and soft. Looking forward, 2H13E may provide little relief to distressed sellers: global mines are performing well, notably including Kazakhstan (27.5 Mlbs in 1H13, +9% y/y) despite a major storm in January and likely ramping opex in the south; Cigar Lake is due to start producing in 4Q13E; and we estimate Japan’s reactors are unlikely to restart before year-end. A May suicide attack at Areva’s Somair (~0.7 Mlbs impact, RJL est.) also did little to support the price, underlining the amount of material available to buyers at the moment. To reflect these and other developments, we are tweaking our 2013 global mine supply forecast from 151.0 Mlbs to 153.4 Mlbs (200.3 Mlbs including secondary supplies). Our demand remains at 169 Mlbs of purchases for burn and initial cores (188 Mlbs including strategic inventory build), suggesting an oversupply situation that may portend continued weakness in spot prices heading into 2014.

With that said, the picture in the medium- to long-term is, if anything, becoming increasingly compelling: the long-term price has hardly budged YTD and now sits at US$57/lb, implying a US$22.50/lb spread between spot and term (the largest since Apr-2009, ignoring Mar-2011) and a potentially attractive buy-spot-and-hold alternative for utilities; uncovered requirements for the three-year-out period – typically the start of the nuclear utility contracting window – remain at six-year highs; the 20-24 Mlbs/year Russian HEU agreement ends in Nov-2013; prices remain too low to incentivize new mines and may even endanger further existing, high-cost production (e.g. Ranger, Rössing); China’s newbuild rate remains frenetic with 28 reactors under construction (of 68 globally); and many of Japan’s reactors appear as likely as ever to restart. These realities underpin a global supply shortfall that we expect to exert upward pressure on prices during 2014. The equities, perhaps reflecting this inevitability, have performed quite well (producers are +9% YTD, juniors +7%; vs. S&P/TSX Materials -24%) and we expect this relative strength to persist as developments in Japan lower the hurdle for expedient reactor restarts (recent pro-nuclear LibDem party win in Upper House elections; inspection results on first restart candidates in late-2013E/early-2014E). Recall, though the impact of these restarts may not move the needle on actual global uranium demand, they should add comfort that the country’s large inventories (>90 Mlbs RJL est.) – though above ‘optimal’ levels – are unlikely to be sold.

With this report, we are rationalizing our 2H13 uranium price forecasts (US$40/lb in 2013E, -US$5 vs. previous) and flattening the curve in 1H14 (US$52/lb in 2014, -US$8). Our expectations on 2015 and beyond are unchanged at US$70/lb. This, combined with the updated RJL FX forecast of US$0.96 (from US$0.98) and currently challenging financing conditions in the junior equity market, leads us to make the following adjustments to targets and recommendations on our covered uranium companies. We urge investors to bolster positions (or switch into) equities that are expected to benefit from what we view as an inevitable rise in uranium prices, but have the balance sheets and milestones to buoy valuations in the more immediate-term.

Producers – top pick: Cameco Cameco – Outperform, $25.00 – we expect 2Q13 EPS of C$0.22 (vs. consensus of C$0.20); Cigar start-up 4Q13E; remains space’s lower risk go-to: low opex, organic growth in safe jurisdictions, LT contracts, solid balance sheet, fuel chain diversification. Paladin – Outperform, $1.50 – we expect F4Q13 EPS of –C$0.01 (vs. –C$0.01); we see mid/late-August update on the sale of an interest in Langer, continued cost reductions and a potential spot price rebound in 2014E as providing a compelling entry point. Uranium One – Market Perform, $2.86 – acquisition by Russia’s ARMZ is expected to close during 3Q13, pending final approvals.

Juniors – top picks: Ur-Energy, Alpha, and Fission Alpha–Outperform, $7.80 – cashed-up (C$17 mln), C$7 mln program on-going at Patterson Lake South (PLS), takeout candidate. Denison–Outperform, $2.00 – well-funded ($32 mln), 2H13E: more Wheeler results, Cigar toll revenues; high takeout potential. Fission–Outperform, $1.40 – like Alpha, well-funded (C$16 mln cash) with torrent of news expected from PLS through year-end. Kivalliq–Market Perform, $0.50 – transition to PEA focus slows news and near-term resource growth; year-end cash of ~C$2 mln. UEX–Market Perform, $0.80 – Shea results in 3Q13E; PLS success boosts district consolidation potential, but drilling slowed. Ur-Energy–Outperform, $1.80 – fully-funded to 3Q13E production start-up, nicely hedged, low interest state bonds imminent. Uranium Part. Fund–Outperform, $6.50 – implying US$34.54/lb prices; lower risk call option on medium-term price rebound.

Canada Research | of 31 Mining & Natural Resources

Raymond James Ltd. | 2100 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2

Company Ticker(s) Current Target Price Div. Total Suitability Rating Primary Secondary Price Old New Yield Return Old New Old NewUranium Alpha Minerals, Inc. AMW-TSXV C$5.60 C$7.80 C$7.80 0% 39% VR VR OP2 OP2Cameco Corp. CCO-TSX CCJ-NYSE C$21.89 C$25.00 C$25.00 2% 14% AG AG OP2 OP2Denison Mines Corp. DML-TSX DNN-NYSE

MKT C$1.37 C$2.00 C$2.00 nm 46% VR VR OP2 OP2

Fission Uranium Corp. FCU-TSXV C$1.05 C$1.40 C$1.40 0% 33% VR VR OP2 OP2Kivalliq Energy Corp. KIV-TSXV C$0.25 C$0.70 C$0.50 0% 100% VR VR OP2 MP3Paladin Energy PDN-TSX PDN-ASX C$0.99 C$1.60 C$1.50 nm 52% HR HR OP2 OP2UEX Corp. UEX-TSX C$0.42 C$1.20 C$0.80 0% 93% VR VR OP2 MP3Ur-Energy Inc. URE-TSX URG-NYSE

MKT C$1.33 C$1.80 C$1.80 nm 35% VR VR SB1 OP2

Uranium One Inc. UUU-TSX UUU-JSE C$2.72 C$2.86 C$2.86 nm 5% HR HR MP3 MP3Uranium Participation Corporation U-TSX C$5.12 C$7.00 C$6.50 nm 27% HR HR OP2 OP2 Note: Target prices are for a 6-12 month period; TR - Total Return, G - Growth, AG - Aggressive Growth, HR - High Risk, VR - Venture Risk; SB1 - Strong Buy, OP2 - Outperform, MP3 - Market Perform, UP4 - Underperform, UR - Under Review, R - Restricted.

Raymond James Ltd.

Mining & Natural Resources Canada Research | of 31


A Brief Market Update

Inspections are a Go. On July 8, Japan’s Nuclear Regulation Authority (NRA) commenced pre-restart inspections at a series of nuclear plants within the country. The inspectors are checking to see if reactors meet stringent new guidelines, including remote back-up control rooms, hardened filter vents, no active fault line beneath the plant, tsunami counter-measures, and so on. Based on public disclosure, each inspection could take as long as six months. Our industry channel checks suggest there is ramping pressure to expedite the process, however, we anticipate that with Ōi units 3 and 4 scheduled for maintenance shutdown in September, we are unlikely to see any units online before early 2014E.

Bolstered Inspection Teams. Last month’s news that the NRA intends to more than double its inspection staff to >160 (from 80) during fiscal 2014 provides another shot in the arm for the restart effort. We had previously seen the inspectors, which comprised three teams capable of examining six reactors at a time, as a potential bottleneck for the speed at which reactors are given the green light to restart; now, however, assuming six months per inspection, up to 24 reactors could be surveyed each year. This provides additional comfort to our modeled restart timeline: 9.5 GW in 2014E, 7.2 GW in 2015E, 8.8 GW in 2016E and 5.3 GW in 2017E (see Exhibit 1).

Exhibit 1: RJL Forecast Operating Nuclear Capacity in Japan 2013E-2017E (GW)

0.0 GW

9.5 GW

17.3 GW

26.8 GW

32.2 GW

0

5

10

15

20

25

30

35

2013E 2014E 2015E 2016E 2017E

Oper

atin

g Nuc

lear

Capa

city

(GW

)

Newbuild ABWR APWR BWR PWR

Source: Raymond James Ltd., WNA, Company reports

Applications Submitted thus Far. Applications to restart 12 reactors totaling 10.7 GW have been submitted thus far, albeit the NRA has suspended review of Tomari 1 and 2 due to errors on its restart application (Hokkaido provided incorrect data on its cooling systems); Hokkaido aims to resubmit its applications as soon as possible.

Exhibit 2: Summary of Japanese Reactor Restart Applications to Date Capacity Years Coast Restart Application

Reactor Type (MW) Online Operator DateIkata-3 PWR 846 18 Shikoku West 8-Jul-13Ohi-3 PWR 1,127 21 Kansai West 8-Jul-13Ohi-4 PWR 1,127 19 Kansai West 8-Jul-13Sendai-1 PWR 846 28 Kyushu West 8-Jul-13Sendai-2 PWR 846 27 Kyushu West 8-Jul-13Takahama-3 PWR 830 27 Kansai West 8-Jul-13Takahama-4 PWR 830 27 Kansai West 8-Jul-13Tomari-3 APWR 912 3 Hokkaido West 8-Jul-13Genkai-3 PWR 1,127 18 Kyushu West 12-Jul-13Genkai-4 PWR 1,127 15 Kyushu West 12-Jul-13Total (10 reactors) 9,618 20

Tomari-1 PWR 550 23 Hokkaido West DelayedTomari-2 PWR 550 21 Hokkaido West DelayedKashiwazaki Kariwa-6 ABWR 1,315 16 TEPCO West ExpectedKashiwazaki Kariwa-7 ABWR 1,315 15 TEPCO West ExpectedTotal (4 reactors) 3,730 19Total (14 reactors) 13,348 20 Source: Raymond James Ltd., WNA, Company reports



Inventories and Impact to Equities. Recall, as outlined in our Apr-30-13 Industry Report, “Revised Supply-Demand Analysis Suggests Prices Must Go Higher”, we anticipate Japanese inventories to continue to rise as most supply contracts are either honoured or deferred, only flattening in growth in the second half of the decade as long-term contracts roll-off (and are not renewed) and reactors start to work through existing stocks (see Exhibit 3). Accordingly, we do not expect a dramatic increase or decrease in Japanese uranium imports as reactors are restarted. In the near-term, therefore, we believe the most important catalysts for the space are signals that the majority of Japan’s reactors are going to be restarted, which should provide comfort that the country’s vast, built-up inventories will not be dumped into the market. We believe equity valuations should benefit as a result.

Exhibit 3: RJL Forecast Japan Utility Uranium Inventories (Mlbs; EOP, 2011E - 2030E)

80

95105

113 118 121 121 121 118 116 111103

9587

7971

6357 57 57

0

20

40

60

80

100

120

140

2011

E

2012

E

2013

E

2014

E

2015

E

2016

E

2017

E

2018

E

2019

E

2020

E

2021

E

2022

E

2023

E

2024

E

2025

E

2026

E

2027

E

2028

E

2029

E

2030

E

Japa

n Util

ity U

rani

um In

vent

orie

s (M

lbs)

Source: Raymond James Ltd., WNA, Company reports

Pro-nuclear Party Wins Japan Upper House Elections. On July 21, the relatively pro-nuclear Liberal Democratic Party (LDP) won a decisive victory in elections for Japan’s upper house of parliament, which results in a LDP majority in both houses (LDP won lower house general elections in Dec-2012) and paves the way for Prime Minister Shinzo Abe to more easily pass legislation. Although well-telegraphed by recent polling, the result should lower the political hurdle for reactor restarts and further de-risks the process, in our view – a positive read-through for uranium equities.

A summary of our revised supply-demand outlook is provided in Appendix 1.

Changes to our Price Deck. Excess supply for immediate delivery and sustained spot price weakness have compelled us to mark-to-market our uranium price deck and push out our expectations of a rise in uranium prices. We now expect prices to average US$40/lb in 2013E, with 2H13E averaging US$38/lb, before rising in 2014. The key spark we are looking for is a rebound in long-term contract activity to meet global utilities’ forward uncovered uranium requirements (UUR) in 2016-2018; UUR in the ‘three-year out’ period have not been this high since 2007.

Exhibit 4: Revised RJL Uranium Price Forecasts (US$/lb) Changes to RJL Uranium Price Forecasts (US$/lb U3O8)

2012A 2013E 2014ERevised Uranium Price 48.77 40.00 52.00

Previous Uranium Price 48.77 45.00 60.00

% Chg (Revised/Prev.) 0.0% -11.1% -13.3%

2015E 2016E LT

Revised Uranium Price 70.00 70.00 70.00

Previous Uranium Price 70.00 70.00 70.00

% Chg (Revised/Prev.) 0.0% 0.0% 0.0%

$40.00

$52.00

$70.00

$0

$20

$40

$60

$80

$100

$120

$140

2005E 2006E 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E 2017EUxC Spot Price UxC LT Price RJL Price Forecast (Annual Average)

2017E$70.00 $70.00

2013E

2014E

2015E 2016E

2005A 2006A 2007A 2008A 2009A 2010A 2011A 2012A

Source: Raymond James Ltd., UxC



Top Picks. We recommend equities with solid balance sheets and meaningful near-term catalysts that are able to weather continued weakness in uranium spot prices, but are poised to benefit from (i) positive news out of Japan over the next several months, which should support sector sentiment and equity valuations and (ii) our view of an inevitable rebound in prices towards sustainable levels in the medium-term.

Producers – Cameco – the industry’s bellwether, ‘go-to’ name on its size and liquidity; organically growing low cost operations; safe jurisdictions; low risk contract pricing mix (40% fixed); solid balance sheet (C$1.1 bln in 1Q13 WC, C$1.75 bln in undrawn lines of credit); fuel chain diversification (fuel services, nuclear power, Nukem trading); and a critical near-term catalyst – delivery of first pounds from Cigar Lake in 4Q13E. Developers – Ur-Energy – the best-positioned junior uranium developer in North America. The company’s flagship is the low cost (US$22/lb LOM cash costs, RJL est.), 100%-owned Lost Creek in-situ leach project in mining-friendly Wyoming; remaining capital requirements are very low (we model a small C$5 mln shortfall); much of near-term production is hedged against potentially weak spot prices and we view the management team as strong. With start-up only a few weeks away, we see valuation as highly attractive at 0.7x P/NAV – a large discount to producers trading at 0.9x.

Explorers – Alpha and Fission – each is a 50% owner of the exciting Patterson Lake South (PLS) project in northern Saskatchewan. We believe PLS is the world’s last remaining open-pittable, high-grade (>1%) uranium asset underpinning strong takeout potential. Although a 43-101 resource has not been released, we estimate 19 Mlbs based on drilling thus far and believe >100 Mlbs is possible based on geological, geochemical and structural data. The on-going C$7 mln drill program should provide a flurry of newsflow through November.

Exhibit 5: Current Valuation Comparison for our Covered Uranium Equities (top picks highlighted)

0.64x0.78x

1.00x

1.20x

0.50x 0.51x

0.67x 0.70x 0.72x 0.75x

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

PDN UUU U CCO UEX KIV DML URE AMW FCU

P/NAV (x)

$2.54

$4.86

$8.16

$34.

54

$0.93 $0.97$1.80 $2.61

$12.85$14.40

0.0

5.0

10.0

15.0

PDN UUU CCO U UEX KIV DML URE AMW FCU

US$/

lb R

esou

rce

EV/Resources (US$/lb)

Producer /Fund Developer/ExplorerProducer /Fund Developer/Explorer

Note: EV/lb for AMW and FCU assume our estimate for contained metal at PLS based on drilling to date (19 Mlbs, 100% basis) Source: Raymond James Ltd., company reports



Exhibit 6: Summary of Target Valuation Changes for RJL Covered Uranium Equities Ticker Company Price Rating Target Return Weighting P/NAV NAVPS Weighting P/CF CFPS '14E P/NAV P/CF '14EProducersCCO Cameco 21.89 New Outperform 2 25.00 14% 50% 1.3x 18.26 50% 12x 1.99 1.2x 11.0x

Old Outperform 2 25.00 14% 50% 1.3x 17.09 50% 12x 2.08 1.3x 10.5xPDN Paladin 0.99 New Outperform 2 1.50 52% 100% 1.0x 1.54 0% n/a 0.00 0.6x 558.2x

Old Outperform 2 1.60 62% 100% 1.0x 1.61 0% n/a 0.06 0.6x 16.5xUUU Uranium One 2.72 New Market Perform 3 2.86 5% 100% 0.9x 3.49 0% n/a 0.20 0.8x 13.6x

Old Market Perform 3 2.86 5% 100% 0.9x 3.55 0% n/a 0.30 0.8x 8.9xJuniorsAMW Alpha 5.60 New Outperform 2 7.80 39% 100% 1.0x 7.79 0% n/a -0.06 0.7x nm

Old Outperform 2 7.80 39% 100% 1.0x 7.80 0% n/a -0.06 0.7x nmDML Denison 1.37 New Outperform 2 2.00 46% 100% 1.0x 2.06 0% n/a -0.06 0.7x nm

Old Outperform 2 2.00 46% 100% 1.0x 2.06 0% n/a -0.06 0.7x nmFCU Fission 1.05 New Outperform 2 1.40 33% 100% 1.0x 1.40 0% n/a -0.02 0.7x nm

Old Outperform 2 1.40 33% 100% 1.0x 1.38 0% n/a -0.02 0.8x nmKIV Kivalliq 0.25 New Market Perform 3 0.50 100% 100% 1.0x 0.49 0% n/a -0.01 0.5x nm

Old Outperform 2 0.70 180% 100% 1.0x 0.66 0% n/a -0.01 0.4x nmUEX UEX 0.42 New Market Perform 3 0.80 93% 100% 1.0x 0.84 0% n/a -0.01 0.5x nm

Old Outperform 2 1.20 189% 100% 0.9x 1.27 0% n/a -0.01 0.3x nmURE Ur-Energy 1.33 New Outperform 2 1.80 35% 100% 0.9x 1.90 0% n/a 0.17 0.7x 7.9x

Old Strong Buy 1 1.80 35% 100% 0.9x 1.97 0% n/a 0.17 0.7x 7.8xU Uranium Participation 5.12 New Outperform 2 6.50 27% 100% 1.0x 6.50 0% n/a -0.03 1.0x* nm

Old Outperform 2 7.00 37% 100% 1.0x 7.00 0% n/a -0.03 1.0x* nm

*Note: Our current P/NAV for U is calculated using our current NAVPS of C$5.11 not our target NAVPS of C$6.50

Source: Raymond James Ltd.

Uranium Producers: Quarterly Expectations and Company Updates

Exhibit 7: Uranium Producers’ Earnings Calendar Earnings Per Share (EPS) Conference Prior

Ticker FY Rpt # of Expected ToD Call Date Opert'n

end Curr 4Q12A* 1Q13A* RJ Est. Consen. vs. Cons. Est's Rpt Date Time (EST) Update?

CCO-T Dec 31 CDN 0.60 0.07 0.22 0.20 BEAT 10 Aug-01-13 bm Aug-01-13 (1pm ET) None

PDN-T Jun 30 USD 0.01 (0.02) (0.01) (0.01) In Line 4 Aug-29-13 tba Aug-30-13 Done (Jul-15-13)

Note: aftm = after market, bm = before market, wo = week of, EST = eastern standard time; tba = to be announced;

Paladin (PDN-T) has a June year-end. Estimates relate to F4Q13;* Actual EPSSource: Raymond James Ltd., Thomson/FirstCall

2Q13E

Cameco Corp. (CCO-TSX) Outperform, $25.00 target.

The Quarter Ahead. We expect earnings to rebound in 2Q13E on higher uranium sales of 6.6 Mlbs (+29% q/q), a lower Canadian dollar, and the return of Bruce Power to normal output. Even though spot prices were 5% lower vs. 1Q13, Cameco’s earnings are largely sheltered due to its conservative contract mix, which targets 40% fixed pricing. On the production side, we expect 5.1 Mlbs (-14% q/q) due to scheduled maintenance at McArthur. Two of the larger potential impacts to earnings should be the lower number of planned outages at BPLP and the exclusion of one-time expenses related to the NUKEM acquisition; combined we model these two developments as increasing 2Q13E EPS by $0.09 vs. 1Q13. On a consolidated basis, we forecast net earnings of C$88 mln or C$0.22/share, vs. consensus of C$0.20/share. An update on Cigar Lake development is also expected – a key indicator for the most important catalyst for Cameco: production start-up and delivery of first pounds by year-end.



Exhibit 8: Quarterly Operational and Financial Summary for Cameco RJL Est.

CCO 2Q12A 3Q12A 4Q12A 1Q13A 2Q13E %Chg %Chg 30-Jun-12 30-Sep-12 31-Dec-12 31-Mar-13 30-Jun-13 Q/Q Y/Y

Attributable Production lbs U3O8 5,300,000 5,300,000 6,500,000 5,900,000 5,056,664 -14% -5%McArthur River/Key Lake lbs U3O8 3,300,000 3,800,000 3,500,000 3,500,000 2,658,771 -24% -19%Rabbit Lake lbs U3O8 900,000 300,000 1,700,000 1,100,000 1,111,309 1% 23%Smith Ranch/Highland lbs U3O8 300,000 300,000 300,000 300,000 351,208 17% 17%Crow Butte lbs U3O8 200,000 200,000 200,000 200,000 199,677 0% 0%Inkai lbs U3O8 600,000 700,000 800,000 800,000 735,699 -8% 23%

Uranium Sales (lbs U3O8) lbs U3O8 4,900,000 5,100,000 14,400,000 5,100,000 6,596,664 29% 35%

Spot Uranium Price (UxC) US$/lb 51.41 48.91 43.05 42.67 40.53 -5% -21%Average Realized U Price US$/lb 42.08 44.49 49.97 48.42 48.25 0% 15%Percent of Spot % 82% 91% 116% 113% 119% 5% 45%

Stated Revenues C$mln 391 408 958 444 537 21% 37%Uranium C$mln 206 231 709 247 326 32% 58%Fuel Services C$mln 66 56 99 66 84 27% 26%NUKEM C$mln 132 128 -3% nmBPLP (through 4Q12) C$mln 119 121 124 nm nm

BPLP Earnings (1Q13-fwd) C$mln (1) 36 3673% nm

Stated Uranium 'Cost of Sales' C$mln 164 169 480 163 221 36% 34%Cost of Sales/lb U3O8 (incl. dep) C$/lb U3O8 33.48 33.07 33.34 33.03 33.44 1% 0%Net Earnings C$mln 8 82 45 9 88 875% 996%Adjusted Net Earnings C$mln 64 52 237 27 88 225% 37%Cash Flow Operations (w/o WC) C$mln 97 136 376 44 169 287% 74%

EPS (basic) C$/sh 0.02 0.21 0.11 0.02 0.22 1010% 1010%Adj EPS (basic) C$/sh 0.16 0.13 0.60 0.07 0.22 217% 39%CFPS (before WC chgs) C$/sh 0.24 0.34 0.95 0.11 0.43 289% 78%

RJL Est.

Source: Raymond James Ltd., Cameco Corp.

Potential Upcoming Milestones.

• 2Q13 financial and operational results August 1 • Cigar Lake production start-up in 4Q13E, ahead of delivery of first uranium

pounds by year-end 2013E. • Update on permitting progress on Millennium, Key Lake extension and

McArthur River expansion projects during 2013E. • Update on licenses at Inkai to allow production to increase to 5.2 Mlbs/year

rates (from 3.9 Mlbs/year current license) during 2013E. • Potential M&A over the next 12-18 months, given CCO’s healthy balance sheet

and trough valuations of acquisition targets.

Valuation. We are maintaining our $25.00 target and Outperform rating. Our target is based on a 50/50-weighting of (i) a 1.3x P/NAV applied to the project component of our C$18.26 (from C$17.09) NAVPS (8% discount rate) and (ii) a 12x P/CF applied to our 2014E CFPS of C$1.99 (from $2.08). Our higher NAVPS reflects small adjustments to our mineable reserve from Millennium; revision to our treatment of Cameco’s investments and unmodeled resources; and a boost from the lower RJL C$ exchange rate assumption of US$0.96 (from US$0.98). These changes more than offset our lower near-term uranium price assumptions, which are buffered by long-term contract pricing, though the revised price deck lowers our 2014E cash flow slightly. Our multiples bias towards the lower end of historical trading ranges and conservatively against average P/NAV of 1.5x (Nov-2009 to Fukushima) and forward P/CF of 15x (Jan-2005 to present).



Exhibit 9: Cameco Forward Consensus P/CF Multiple

$0

$50

$100

$150

$200

$250

0.0X

10.0X

20.0X

30.0X

40.0X

Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13

FTM P/CF = 12.6 Average = 15.0 Yrly Avg. -1 std dev

+1 std dev -2 std dev +2 std dev Price

Source: Raymond James Ltd., Capital IQ Exhibit 10: RJL NAV Summary for Cameco Corp. Valuation C$ mln $/share % of Total AssetsUranium Purchase Program 269 0.67 4%McArthur River (DCF 8%) - 70% 2,161 5.37 29%Cigar Lake (DCF 8%) - 50% 1,401 3.48 19%JV Inkai (DCF 8%) - 60% 766 1.90 10%Rabbit Lake (DCF 8%) - 100% 250 0.62 3%Smith Ranch (DCF 8%) - 100% 221 0.55 3.0%Crow Butte (DCF 8%) - 100% 94 0.23 1.3%Millennium (DCF 8%) - 70% 564 1.40 7.7%Development Projects ($/lb) 744 1.85 10.1%Exploration & Invstm Assets 978 2.43 13.3%Fuel Services (DCF 8%) 139 0.35 2%Bruce Power LP (DCF 8%) - 31.6% 600 1.49 8%Nukem (DCF 8%) 246 0.61 3%

8,432 20.94 115%Working Capital (2Q13E) 1,029 2.56 14.0%Options & Warrants 168 0.42 2.3%

LT Liabilities (+PV interest) (1,580) (3.92) -21.5%SG&A + CRA Risk (697) (1.73) -9.5%Future Equity Dilution 0 0.00 0.0%NAV 7,353 18.26 100.0%

Implied Target CurrentValuation Measures Multiple MultiplePrice/NAVPS (x) 1.3 1.2Price/2014E CFPS (x) 12 11.0 Target Price C$: C$ 25.00 Source: Raymond James Ltd., Cameco Corp. Paladin Energy Ltd. (PDN-TSX) Outperform, $1.50 target.

The Quarter Ahead. Recall, Paladin released F4Q13 operating results on July 15. Langer production was 1.35 Mlbs (+10% q/q), while Kayelekera produced 789 klbs (+4% q/q) for total output of 2.14 Mlbs. Sales were 2.33 Mlbs, implying 182 klbs of inventory selling, at an average realized price of US$46.22/lb, 14% above the quarter’s average spot price. Revenues were US$108 mln. Maiden production guidance for F2014 was provided at 8.3-8.7 Mlbs (we model 8.5 Mlbs). With respect to full financial results, which we expect late-August, we see earnings of –US$12 mln or –US$0.01/share, in-line with consensus of –US$0.01/share.



Exhibit 11: Quarterly Summary for Paladin, including Previously Released Operational Results RJL Est.

PDN F4Q12 F1Q13 F2Q13 F3Q13 F4Q13 Chg Chg30-Jun-12 30-Sep-12 31-Dec-12 30-Mar-13 30-Jun-13 Q/Q Y/Y

Uranium Spot Price US$/lb 51.41 48.80 43.05 42.67 40.53 A -5% -21%Uranium Sell ing Price US$/lb 56.16 49.83 48.10 55.22 46.22 A -16% -18%% of Spot Achieved % 109% 102% 112% 129% 114% A -12% 4%

Production - Langer Heinrich lbs U3O8 1,322,480 1,290,462 1,418,583 1,230,081 1,353,348 A 10% 2%Production - Kayelekera lbs U3O8 726,299 638,950 772,280 761,992 789,430 A 4% 9%Production - Total lbs U3O8 2,048,779 1,929,412 2,190,863 1,992,073 2,142,778 A 8% 5%Pounds Sold lbs U3O8 2,240,867 1,224,477 2,783,424 1,920,230 2,325,000 A 21% 4% Chg Inventory lbs U3O8 -192,089 704,523 -592,424 71,843 -182,222 A -354% 5%Inventory (RJL Est.) lbs U3O8 2,865,618 3,570,141 2,977,717 3,049,560 2,867,338 -6% 0%

Revenues US$ mln 126.2 61.3 134.2 106.0 107.5 A 1% -15%

Cost of Sales (cash) US$ mln (103.6) (56.3) (116.3) (68.1) (74.7) E -10% 28%Cost of Sales per lb (implied) US$/lb 46.23 45.98 41.78 35.46 32.13 E -9% -30%Adj. Earnings (attrib. to shareholders) US$ mln (13.0) (23.0) 5.7 (15.4) (11.6) E 25% 11%Cash flow from Operations US$ mln (32.1) 54.8 (5.5) 167.6 (1.5) E -101% 95%Adj. EPS US$/sh (0.02) (0.03) 0.01 (0.02) (0.01) E 25% 11%Adj. CFPS US$/sh (0.00) 0.00 (0.00) 0.02 (0.00) E -109% nm

Note: "A" = Actual' "E" = RJ Estimate "PR" = Previously Released

RJL Est.

Source: Raymond James Ltd., Paladin Energy

Potential Upcoming Milestones. • Full financial results for F4Q13 and F2013 late August • Details on the potential sale of a stake in the Langer Heinrich mine in Namibia

to one of two ‘nuclear parties’ in mid/late-August. Proceeds are expected to be used to pay down debt – an overhang on the stock, in our view – and could potentially lead to a market re-rating of the stock

• Continued cost reduction on the operational and corporate levels, including installation of hydrosort to improve scrubbing efficiency at Langer in the September quarter (F1Q14), and at Kayelekera, nano-filtration/acid recycling in F1Q14 and Eskom grid power connection in F3Q14

Valuation. We are decreasing our target to $1.50 (from $1.60) and maintaining our Outperform rating. Our target is based on 1.0x P/NAV applied to our sum-of-the-parts NAVPS(8%) $1.54 (from $1.61). Our lower NAVPS estimate reflects our lower uranium price deck, which offsets the benefit of our weaker C$ assumption of US$0.96 (from US$0.98) and further tightens the company’s near-term liquidity concerns (absent an influx of cash from the Langer stake sale).

Exhibit 12: RJL NAV Summary for Paladin Energy Ltd. Valuation (Funded) C$ mln $/share % of NAVProjectsLanger Heinrich (DCF, 8%) $1,021 $1.06 69%Kayelekera (DCF, 8%) $523 $0.54 35%Aurora (DCF, 8%) $129 $0.13 9%Manyingee (DCF, 8%) $81 $0.08 5%Mount Isa ($/lb) $198 $0.21 13%Bigrlyi ($/lb) $18 $0.02 1%Niger Assets ($/lb) $16 $0.02 1%Angela and Pamela ($/lb) $28 $0.03 2%Other ($/lb) $50 $0.05 3%

$2,062 $2.14 139%CorporateWorking Capital (F4Q13E) $212 $0.22 14%Options & Warrants $0 $0.00 0%LT Liabilities (+PV of interest) ($687) ($0.71) -46%SG&A (NPV, 8%) ($99) ($0.10) -7%Future Equity Di lution $0 $0.00 0%

$1,488 $1.54 100%

Implied Target CurrentValuation Measures Multiple MultiplePrice/F2013E NAVPS (x) 1.0 0.6Price/F2015E CFPS (x) 10.5 6.5Target Price C$: C$ 1.50 Source: Raymond James Ltd., Paladin Energy Ltd.



Uranium One Inc. (UUU-TSX) Market Perform, $2.86 target.

We are leaving our valuation unchanged. Our C$2.86/share target is equal to ARMZ’ January 24, 2013 cash bid for the remaining 48.6% of Uranium One it does not already own, as approved by minority shareholders on March 7, 2013. We continue to expect the transaction to close sometime in 3Q13E, pending final approvals.

Uranium Juniors: Company Updates

Alpha Minerals Inc. (AMW-TSXV) Outperform, $7.80 target. Fission Uranium Corp. (FCU-TSXV) Outperform, $1.40 target.

Drilling Resumes at PLS. On July 9, the Patterson Lake South (PLS) JV (AMW 50% / FCU 50%) commenced a C$6.95 mln, 11,000 m summer drill program utilizing two diamond drill rigs and a RC rig. The current plan is to build upon the three previously discovered zones with 44 holes (R00E - 7 holes, R390E - 20 holes, R780E - 13 holes) and to test newly identified radon anomalies with the remaining holes, which should provide plenty of news flow over the next several months. Another diamond drill rig may be added later in the program to test land-based targets, for example, west of R00E zone.

Good Start to the Program. On July 18, the JV announced preliminary scintillometer results from hole 72, a 15 m step-out west of R390E zone. The hole cut 85.5m of broad mineralization including 19 m of 'off-scale' starting at 62 m core depth – a very good result at easily open-pittable depths, in our view. Notionally, if we assume a 15 m extension to the zone (and other inputs like width, thickness, density and grade are left unchanged), our calculated resource for R390E rises by 2.3 Mlbs to 12.5 Mlbs.

Balance Sheet Supports Strategy. We estimate current cash balances for Alpha and Fission stand at C$17 mln and C$16 mln respectively; providing the JV ample funding for continued drilling and overhead expenses well into 2014.


• Ongoing summer drilling at PLS with preliminary scintillometer results starting mid-July and continuing throughout the program.

• First chemical assay results likely by mid/late-August • Drilling will conclude in late September and final assay results are expected by

end of November. • We estimate a maiden resource estimate during 2014

Valuation. We are maintaining our $7.80 target for Alpha and $1.40 target for Fission, both with Outperform ratings. Our target prices are derived from PLS project value, for which we ascribe US$7.00/lb to our current notional resource of 60 Mlbs, for a total value of US$420 mln. Our $/lb multiple reflects a discount relative to recent M&A transactions of high-grade uranium projects in the Athabasca Basin – Roughrider, Waterbury Lake, and Millennium which were each acquired in the US$8-10/lb range. As the only high-grade, open-pittable uranium asset left unmined in the world, we believe PLS should command a premium.

Assuming a US$7/lb takeout value, and nil value for the companies’ secondary projects, we estimate the market is currently ascribing 40.5 Mlbs for PLS on a 100% basis – well below our 60 Mlbs notional resource target.



Exhibit 13: NAV Summary for Alpha Minerals (left) & Fission Uranium (right) Unfunded Valuation C$mln C$/share % of NAVPatterson Lake South - 50% ($/lb) $219 $6.97 89.5%Other Assets - various (Notional) $10 $0.31 3.9%Working Capital (F3Q13E) $17 $0.53 6.8%Options/warrants $14 $0.45 5.8%Debt (PV, incl. interest) $0 $0.00 0.0%Future Equity Issue $0 $0.00 0.0%SG&A (NPV, 8%) -$15 ($0.47) -6.0%NAV $245 $7.79 100.0%

Implied Target CurrentValuation Measures Multiple MultiplePrice/NAVPS (x) 1.0x 0.7x

Target Price C$: C$ 7.80

Unfunded Valuation C$mln C$/share % of NAVPatterson Lake South - 50% ($/lb) $219 $1.30 92.8%Other Assets - various (notional) $8 $0.05 3.3%Working Capital (F4Q13E) $16 $0.09 6.7%Options/warrants $10 $0.06 4.3%Debt (PV, incl. interest) $0 $0.00 0.0%Future Equity Issue $0 $0.00 0.0%SG&A (NPV, 8%) -$17 ($0.10) -7.0%NAV $236 $1.40 100.0%

Implied Target CurrentValuation Measures Multiple MultiplePrice/ NAVPS (x) 1.0x 0.7x

Target Price C$: C$ 1.40 Source: Raymond James Ltd., Company reports Denison Mines Corp. (DML-TSX) Outperform, $2.00 target.

Balance Sheet Sufficient to Support Aggressive Exploration. On May 28, Denison closed a private placement of 11.5 mln flow-through shares at C$1.30/share for gross proceeds of C$14.95 mln. Inclusive of these proceeds and recent cash burn on corporate overhead and exploration, we estimate current cash on hand and working capital to be ~US$32 mln. Even though Denison is the world’s most aggressive uranium exploration company with seven active projects this summer in the Athabasca Basin (including a C$3.4 mln summer program at flagship Wheeler River), the treasury should be sufficient for exploration and SG&A through 2014.

Potential Upcoming Milestones. • Initial processing of mineralized ores at the McClean Lake (JEB) mill (waste

processing is on-going) during 3Q13E • Final drill results from the Wheeler River summer drill program by 4Q13E • Processing of initial high-grade Cigar Lake ores in 4Q13E (important to Denison,

given their share of toll milling revenues, which should reach $8-10 mln per year when Cigar is fully ramped-up)

• Update on the McClean Lake underground project and SABRE research and development by year-end 2013E or early 2014E.

Valuation. We are maintaining our $2.00 target and Outperform rating. Our target is based on a 1.0x P/NAV applied to our sum-of-the-parts NAVPS (8%) of $2.06, which is unchanged due to a minimal component tied to the actual uranium price; the benefit of our weaker C$ assumption (US$0.96) is offset by the recent equity financing at C$1.30/share. Our target multiple is a discount to the company’s pre-Fukushima average of 1.2x. Denison trades at 0.67x P/NAV, in-line with the average of our covered uranium junior peers.

We continue to view Denison as one of the world’s premier uranium vehicles on its highly prospective exploration assets in Canada, including Wheeler River, a growing, extremely high-grade deposit easily within range of the Basin’s mills; minimal uncovered near-term funding requirements; our bullish uranium price outlook for 2014 and beyond; and high takeout potential on the quality and scarcity of its assets, most notably Wheeler, Waterbury Lake and a 22.5% stake in the McClean Lake milling facility – each of which, in our view, is coveted by the majors.



Exhibit 14: NAV Summary for Denison Mines Unfunded Valuation (C$) C$'000 $/share % of Total AssetsFinancialWorking Capital (2Q13E) 33.9 0.07 3.5%Additional Capital 11.2 0.02 1.2%LT Liabil ities (1.0) (0.00) -0.1%SG&A (38.4) (0.08) -4.0%

5.7 0.01 0.6%OperationalMcClean Lake Mill + Production (DCF; 8%) - 22.5% 213.8 0.45 22.0%Cigar Lake Toll Revenues (NPV; 8%) 55.6 0.12 5.7%Wheeler River ($/lb target res.) - 60% 338.0 0.72 34.8%Waterbury Lake ($/lb target res.) - 60% 80.0 0.17 8.2%Cdn Expl Assets ($/lb, cost) 131.0 0.28 13.5%Gurvan Saihan, Mongolia (DCF; 8%) - 100% 45.2 0.10 4.7%Mutanga, Zambia (DCF; 8%) - 100% 79.8 0.17 8.2%Environmental, UPC Mgmt (NPV; 8%) 20.9 0.04 2.2%NAV 970 2.06 99%

Implied Target CurrentValuation Measures Multiple MultiplePrice/NAVPS 1.0 0.7Price/2014E CFPS (x) nm nmTarget Price C$: C$ 2.00 Source: Raymond James Ltd., Denison Mines Corp. Kivalliq Energy Corp. (KIV-TSXV) Market Perform, $0.50 target.

Focus Switches to De-risking Path. In June, Kivalliq released final assay results from 2013 drilling at 100%-owned Angilak; the scaled-back program yielded more good results confirming another two new mineralized zones at the project – unsurprising given the mineral endowment now established at the property. We continue to believe the project has potential to host the pounds needed to justify a stand-alone mining operation; however, more drilling (and ideally, higher uranium prices) is required to clear that hurdle. For the time being, with equity financing conditions somewhat challenging, the company will turn its focus to refining targets for future drill campaigns with economical grassroots prospecting, soil sampling and other work, as well as further engineering studies (metallurgy, beneficiation, processing flow-sheets, etc.) pursuant to a PEA in 2014. Accordingly, moving forward, we expect the outcomes of these studies to comprise the bulk of Kivalliq’s headlines, rather than drilling, over the remainder of the year.

Balance Sheet OK for 2H13E. Switching the focus from drilling should reduce cash burn levels over the remainder of the year. We anticipate current working capital to reach ~C$2 mln at calendar year-end.

Potential Upcoming Milestones. • We expect an update on engineering studies and prospecting results at Angilak

by end of August • A maiden PEA during 2014E

Changes to Valuation. We are lowering our target to $0.50 (from $0.70) and rating to Market Perform (from Outperform) to reflect a moderation in the number of company milestones expected in the near-term, as well as the financing environment for junior exploration companies, which continues to be challenging. Our target is based on a sum-of-the-parts valuation of the company’s assets, including $/lb multiples applied to existing high-grade, 43-101 resources of 43.3 Mlbs and the upside to our notional target resource of 60 Mlbs (from 75 Mlbs). In the longer-term, we anticipate the property to host district-scale, i.e. >100 Mlbs uranium.



Exhibit 15: NAV Summary for Kivalliq Energy Unfunded Valuation C$mln C$/share % of NAVWorking Capital (F3Q13E) $3 $0.01 3.0%Options/warrants $15 $0.07 14.0%Debt (PV, incl. interest) $0 $0.00 0.0%Future Equity Issue $0 $0.00 0.0%SG&A (NPV, 8%) -$13 ($0.06) -11.8%Angilak Resources - 100% ($/lb) $90 $0.41 82.9%Angilak Upside - 100% ($/lb) $13 $0.06 12.0%NAV $109 $0.49 100.0%

Implied Target CurrentValuation Measures Multiple MultiplePrice/NAVPS (x) 1.0x 0.5xTarget Price C$: C$ 0.50 Source: Raymond James Ltd., Kivalliq Energy Corp. UEX Corp. (UEX-TSX) Market Perform, $0.80 target.

Drilling Underway. Drilling commenced at UEX’ flagship 49%-owned Shea Creek in mid/late-2Q13 and is on-going. Both phases of exploration – the Areva/UEX JV-funded ‘Joint Expenditures’ portion (C$3.1 mln, of which C$1.52 mln is funded by UEX) and the budgeted C$2.0 mln program dubbed ‘Additional Expenditures’ entirely funded by UEX. The JV drilling is slated to focus primarily on exploration south of Anne, where historic drilling and the southern portion of the Saskatoon Lake Conductor (SLC) each suggest a potential extension of high-grade Shea Creek mineralization south of the current resource area. Meanwhile, UEX’ program is largely focused on Kianna East, a new zone within the main resource. Given Kianna East sits off the SLC, on an entirely new conductor, it may presage a marked increase in resource pounds if proven-up along N-S trending strike. We expect initial results from the program by the end of 3Q13.

CEO Retiring. On July 26, the company announced that Graham Thody would be retiring from the positions of CEO and President, which he has held since Sep-2009, effective Jan-01-2014. Graham had been a Director with UEX since its 2002 inception, and will continue on as a Director and consultant to the company. The Board has commenced a search for a new CEO.

Potential Upcoming Milestones. • Release of initial results from drilling at Shea Creek during 3Q13 • 2014 exploration/development budgets, including Shea Creek and ‘Additional

Expenditures’, in November 2013 • Update on the on-going minor work at Hidden Bay by year-end

Changes to Valuation. We are lowering our target to $0.80 (from $1.20) and rating to Market Perform (from Outperform) to reflect the slow rate of exploration at Shea Creek, which in part appears a function of operator Areva’s protracted reticence to invest in exploration. Though some additional flexibility is now afforded to UEX via the Additional Expenditures option and the company has demonstrated proficiency at ‘stretching a dollar’ (cash is ~C$11.6 mln), the currently challenging junior financing environment may also inhibit the level of spending required to advance the project at an aggressive pace. Our target is based on sum-of-the-parts approach, including in-situ valuation of resources at Shea Creek: US$2.50/lb for UEX’s share of existing 43-101 resources of 96 Mlbs plus US$0.50/lb for UEX’s share of our notional resource upside of 25 Mlbs, albeit in the longer-term, we continue to see multi-hundred million pound potential at the project.



Exhibit 16: NAV Summary for UEX Corp. Unfunded Valuation C$mln C$/share % of NAVWorking Capital (2Q13E) $11 $0.05 5.9%Options/warrants $4 $0.02 2.0%Debt (PV, incl. interest) $0 $0.00 0.0%Future Equity Issue $0 $0.00 0.0%SG&A (NPV, 8%) -$12 ($0.05) -6.2%Hidden Bay - 100% (DCF; 8%) $63 $0.27 32.3%Shea Creek Resources - 49% ($/lb) $122 $0.52 62.7%Shea Creek Upside - 49% ($/lb) $6 $0.03 3.3%NAV $195 $0.84 100.0%

Implied Target CurrentValuation Measures Multiple MultiplePrice/2013E NAVPS (x) 1.0x 0.5x

Target Price C$: C$ 0.80 Source: Raymond James Ltd., UEX Corp. Uranium Participation Corp. (U-TSX) Outperform, $6.50 target.

Balance Sheet Resilient. Based on F1Q14 financials, Uranium Participation Corp. (UPC) had a cash balance of C$9.8 mln as of May-31-13. We anticipate this should sustain the company for approximately three years, assuming our corporate burn rate of ~C$3/year (mostly storage and management fees to Denison Mines) and no transaction fees.

Discount Closed, Near-term Spot View Tempered. Since the Fukushima accident, UPC’s share price has traded at a significant discount to its calculated NAV – an average of 12% and peaking at 28% in October-2011 – a far cry from its pre-Fukushima accident average of a 1% premium to NAV. However, with spot having tumbled 13% over the past three weeks (now sitting at US$34.50/lb, a 7.5-year low) and UPC’s relatively strong price performance over that time, this discount has been wiped out and the fund is trading in-line with its NAV as it did prior to the accident. In light of our view that spot prices could continue to face headwinds over the next several months (see page 1 of this report), we urge caution for investors with shorter term investment horizons; however, further out, UPC remains the premier vehicle for exposure to a potential rebound in spot prices during 2014E without the exploration, development and mining risks associated with other uranium equities.

Exhibit 17: Historic RJL P/NAV for Uranium Participation Corp.

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00

0.600.700.800.901.001.101.201.301.40

Jan-

08Ap

r-08

Jul-0

8O

ct-0

8Ja

n-09

Apr-

09Ju

l-09

Oct

-09

Jan-

10Ap

r-10

Jul-1

0O

ct-1

0Ja

n-11

Apr-

11Ju

l-11

Oct

-11

Jan-

12Ap

r-12

Jul-1

2O

ct-1

2Ja

n-13

Apr-

13Ju

l-13

RJ N

AV (C

$/sh

)

P/NA

V

RJL NAVPS P/NAVP/NAV avg. Jan-'08 to Fukushima (1.01x) P/NAV avg. since Fukushima (0.88x)

Trading above NAV for the first time since Fukushima

Source: Raymond James Ltd., UEX Corp.

Valuation. We are maintaining our Outperform rating and are lowering our target to $6.50 (from $7.00) to reflect our lower near-term uranium price deck. Our model is based on UPC’s current uranium inventory of 15.06 Mlbs U3O8eq (7.25 Mlbs U3O8 + 2.37 MkgU as UF6, converted at current UF6 and U3O8 prices) valued at our 1H14E uranium price forecast of US$45/lb (down from US$54/lb – our previous 1Q14 price forecast), net of current assets and liabilities. As of Friday’s closing price of C$5.12/share, we calculate the fund is implying a uranium price of US$34.54/lb, vs. the current UxC spot BAP of US$34.50/lb and long-term price of US$57/lb.



Ur-Energy Inc. (URE-TSX) Outperform, $1.80 target.

Production Imminent. We recently visited Ur-Energy’s flagship, 100%-owned Lost Creek (LC) ISR facility in Wyoming and came away impressed with the progress Ur-Energy has made since our visit only 12 months earlier. For additional details on our takeaways, refer to our July-12-2013 site visit Comment, price $1.30. LC requires only one final sign-off from the Nuclear Regulatory Commission (NRC) before production may commence and that inspection is expected by the end of July, providing significant comfort on our 4Q13E expectation for first uranium deliveries. Recall, we anticipate production of 0.1 Mlbs in 2013, 0.8 Mlbs in 2014, 1.0 Mlbs in 2015, and eventually reaching 2.0 Mlbs/year with start-up of a satellite facility at Shirley Basin in 2017E. We see low LOM cash costs of US$23/lb and, including capital, US$34/lb.

Exhibit 18: Modeled Lost Creek Production Profile

051015202530354045

0.000.250.500.751.001.251.501.752.002.25

2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E

Cost

s ($U

S/lb

)

Ura

nium

Out

put (

mln

lbs)

RJL Production PEA Production Cash Cost (RJL) Total Cost (RJL) Source: Raymond James Ltd., Ur-Energy Inc.


• We expect start-up of production at the company’s flagship, scalable, low opex Lost Creek ISR project in Wyoming during 3Q13, with delivery of first pounds during 4Q13

• Although difficult to time exactly due to the nature of US government programs, we anticipate receipt of US$34 mln in low interest Wyoming Industrial Development Bonds sometime during the next few months; we expect the bonds to be used to pay down higher interest RMB debt (US$20 mln at LIBOR+7.5%), as well as to cover our small future modeled funding shortfall of C$5 mln.

Valuation. We are lowering our rating to Outperform (from Strong Buy) and are maintaining our $1.80 target. Our reduced rating reflects URE’s recent share price appreciation; significant, positive near-term catalysts remain on both the corporate level and at Lost Creek over the remainder of 2013, however, since moving to a Strong Buy rating on the stock in July-2012, shares of URE have appreciated 99%, well ahead of the S&P/TSX Small Cap index which lost 2% in the same period.

Our target is based on a 0.9x P/NAV applied to our sum-of-the-parts NAVPS (8%) $1.90 (from $1.97). We have incorporated an additional, notional long-term contract into our realized pricing model to reflect management guidance on the percentage of future production contracted, which has a dilutive effect on our NAVPS, partially offset by our weaker C$ assumption of US$0.96 (from US$0.98). Our target multiple is below our covered producers average of 1.1x, and is at a slight premium to URE’s pre Fukushima average of 0.8x; however the premium is justified, in our view, given reduced development risk and shortened timeline to production.



Exhibit 19: NAV Summary for Ur-Energy Funded Valuation C$mln C$/share % of NAVWorking Capital (2Q13E) -$1 ($0.01) -0.3%Options/warrants $10 $0.07 3.9%Debt (PV, incl. interest) -$22 ($0.16) -8.5%Future Equity Issue $5 $0.04 2.0%SG&A -$22 ($0.16) -8.5%Lost Creek (DCF; 8%) $287 $2.12 111.4%NAV $257 $1.90 100.0%

Implied Target CurrentValuation Measures Multiple MultiplePrice/NAVPS (x) 0.9 0.7Price/2014E CFPS (x) 10.6 7.9

Target Price C$: C$ 1.80 Source: Raymond James Ltd., Ur-Energy Inc.

Uranium Price Scenarios

NAV Sensitivity. Looking at NAV sensitivity to changing uranium price assumptions, Paladin, UEX and Ur-Energy stand out; as expected, Cameco and Uranium Participation are notably insensitive. Flattening curves in a decreasing uranium price environment is a function of a significant component of $/lb methodology in valuation (UEX and DML). In terms of US$/C$, UEX and Paladin are the most sensitive to a changing FX assumption; our modeled C$ FX is US$0.96 (down from US$0.98).

Exhibit 20: RJL Model NAV Sensitivity to Changing Uranium Price (left) and US$ (right) Assumptions

0%

25%

50%

75%

100%

125%

150%

175%

200%

225%

250%

275%

300%

70% 80% 90% 100% 110% 120% 130% 140%

% C

hang

e in

NAV

PS

% Change in Uranium Price, Relative to RJL Price Deck

CCO

DML

PDN

UEX

URE

U

0%

25%

50%

75%

100%

125%

150%

175%

200%

225%

130% 120% 110% 100% 90% 80% 70% 60%

% C

hang

e in

NAV

PS

% Change in $US/CAD Exchange Rate, Relative to RJL Price Deck

CCO

DML

PDN

UEX

URE

U

Source: Raymond James Ltd., Company reports

As expected, Cameco trades at a premium to the other producers and currently implies a uranium price of ~$80/lb. Paladin and Ur-Energy are implying US$57/lb and US$60/lb respectively, with high sensitivity to changing prices. Uranium Participation Fund, with the lowest sensitivity to uranium prices, is also implying the lowest uranium price at US$34.54/lb.

Exhibit 21: RJL P/NAV Under Different Uranium Price Scenarios (left) and Implied Uranium Prices (right)

2.15

x

1.57

x

nm 1.14

x

1.96

x

1.48

x

5.56

x

0.86

x

1.65

x

1.24

x

1.88

x

0.69

x

1.37

x

0.91

x

1.01

x

0.57

x

1.17

x

0.59

x

0.69

x

0.49

x

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

CCO PDN URE U

P/NA

V

Long-Term $30 Long-Term $40 Long-Term $50 Long-Term $60 Long-Term $70

Cheaper $80

$60 $57

$35

$0

$20

$40

$60

$80

$100

CCO URE PDN U

US$/

lb

Cheaper

Source: Raymond James Ltd., Company reports



Below we look at realized price expectations under different uranium price scenarios and associated impact on earnings multiples. Cameco’s extensive portfolio of sales contracts and diversified operations make it the least sensitive producer to changing uranium prices; even using average spot prices of US$30/lb in 2014, we would expect Cameco to realize US$47/lb on their production. Paladin and Ur-Energy offer the best exposure to rising uranium prices, however with accompanied earnings risk during periods of weak uranium prices.

Exhibit 22: RJL Calculated Expected Realized Price (left) & FY’13E & FY’14E P/CF (right) Under Different Uranium Price Scenarios

$46

$44 $4

6

$47

$40

$46

$47 $4

9 $51

$48

$46

$51

$50

$55 nm

$52

$53 $5

7

$52

$60 $6

2

$56 $5

9 $62

$55

$65 $6

7

$60

$65 $6

7

$35

$45

$55

$65

$75

CCO PDN URE CCO PDN URE

2013E 2014E

Aver

age

Real

ized

Sal

e Pr

ice

(US$

/lb)

Spot $30 Spot $40 Spot $50 Spot $60 Spot $70

13.2

x

22.0

x

13.2

x

nm

16.0

x

13.1

x

22.0

x

13.2

x

nm

11.8

x

11.8

x

22.0

x

nm

11.8

x

26.6

x

9.1x10

.7x

22.0

x

10.7

x

11.6

x

7.4x9.

5x

22.0

x

9.5x

7.4x

6.3x

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

CCO PDN* URE CCO PDN* URE

2013E 2014E

P/CF

Spot $30 Spot $40 Spot $50 Spot $60 Spot $70

*PDN fiscal year end is June 30t Source: Raymond James Ltd., Company reports

Exhibit 23: RJL Covered Uranium Peer Group Market Statistics Market Statistics (in CAD$) David Sadowski, 604.659.8255 [email protected] Uranium Price (US$/lb) 34.50 RJL RJL RJL BasicSpot CAD/USD 1.03 Share Stock 6-12 Mo Target Shares Mkt Total WCap P/ EV/26-Jul-13 Price Rating Target Return O/S Cap Debt Cash EV per sh NAVPS NAV All Res.

Ticker (C$) (C$) (%) (C$mln) (C$mln) (C$mln) (C$mln)(C$mln) (C$) (C$) (x) (US$/lb)URANIUM PRODUCERSCameco Corporation CCO $21.89 2 $25.00 14% 395.4 8,655 1,511 504 9,662 2.60 $18.26 1.20 x 8.16Paladin Energy Ltd PDN $0.99 2 $1.50 52% 837.2 829 678 93 1,414 0.25 $1.54 0.64 x 2.54Uranium One Inc. UUU $2.72 3 $2.86 5% 957.2 2,604 862 468 2,997 0.74 $3.49 0.78 x 4.86Weighted Average 16% 14,072 1.05 x 6.89

URANIUM DEVELOPERS and EXPLORERSAlpha Minerals Inc. AMW $5.60 2 $7.80 39% 25.5 143 0 17 126 0.65 $7.79 0.72 x 12.85Denison Mines Corp. DML $1.37 2 $2.00 46% 461.3 632 2 33 601 0.08 $2.06 0.67 x 1.80Fission Uranium Corp. FCU $1.05 2 $1.40 33% 149.7 157 0 16 141 0.11 $1.40 0.75 x 14.40Kivall iq Energy Corp. KIV $0.25 3 $0.50 100% 189.1 47 0 4 43 0.02 $0.49 0.51 x 0.97UEX Corp. UEX $0.42 3 $0.80 93% 227.8 95 0 12 83 0.05 $0.84 0.50 x 0.93UR-Energy Inc. URE $1.33 2 $1.80 35% 121.4 161 20 4 177 -0.01 $1.90 0.70 x 2.61Weighted Average 47% 1,171 0.67 x 4.54

URANIUM FUNDSUranium Participation Corp. U $5.12 2 $6.50 27% 106.4 545 0 10 535 0.08 $5.11 1.00 x 34.54

Source: Company reports, UxC, Raymond James Ltd.Our $5.11 NAVPS for U-TSX is based on our current NAV, calculated at current spot uranium prices; our $6.50 target NAVPS is based on our 1Q14E price forecastEnterprise Value (EV) = market capitalization + net debtNet Asset Values based on 8% discount rate and fully diluted shares (where appropriate, adjusted for future equity requirements), in CDN dollarsNet Debt = (long term debt + short term debt) - (cash and cash equivalents)NAV and EV/lb average multiples weighted by EVNR = Not Rated; UR = Under Review; 1: Strong Buy; 2: Outperform; 3: Market Perform; 4: UnderperformUranium Price Forecast '09A=US$46.76/lb, '10A=US$46.37/lb, '11A=US$57.09/lb, '12A=US$48.77/lb, '13E=US$40.00/lb, '14E=US$52.00/lb, LT=US$70.00/lbUS$/C$ Price Forecast '09A=0.88, '10A=0.97, '11A=1.01, '12A=1.00, '13E=0.97, '14E=0.96, Long Term=0.96*AMW and FCU do not have 43-101 compliant resources; EV/lb valuations reflect RJL estimated resources of 19 Mlbs U3O8



Appendix 1: Revised RJL Global Uranium Supply/Demand Balance. 2012A 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2025E 2030E

Primary Supply (Mlbs U3O8)Olympic Dam 8.9 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 18.0 25.0Ranger 8.2 6.6 5.1 4.5 3.8 4.2 4.1 6.1 7.0 7.0 0.0Other Australia 1.2 1.4 2.0 3.1 3.7 4.5 5.3 5.3 9.2 22.1 20.2McArthur River 19.6 19.0 18.1 18.4 18.5 18.2 21.4 21.6 21.6 20.7 10.0Cigar Lake 0.0 0.2 2.9 10.0 15.0 15.7 16.7 17.2 17.1 17.1 0.0Other Canada 3.8 4.1 4.1 4.1 4.1 7.1 8.3 11.3 14.7 14.6 17.7U.S.A. 4.1 4.7 6.6 7.4 7.9 8.9 9.6 10.0 10.2 10.2 7.1Niger 12.1 11.6 12.9 13.2 13.2 14.7 16.2 18.4 21.0 15.2 9.5Namibia 11.7 12.0 12.9 13.5 15.1 17.1 19.1 21.6 24.1 22.8 18.5Other Africa 4.1 4.5 4.8 4.8 4.8 4.7 5.6 7.0 9.3 6.6 4.6Russia 7.5 7.8 8.6 9.4 9.7 10.9 11.6 11.7 11.7 11.7 9.9Other NIS 8.7 9.0 9.6 10.1 10.1 10.1 10.1 10.1 10.1 10.1 10.1Kazakhstan 55.5 57.0 57.1 59.4 61.2 64.3 64.3 64.3 64.3 64.3 64.3Other Countries 6.7 6.5 6.5 5.9 5.9 5.9 5.9 5.9 5.9 5.9 5.9

152.1 153.4 160.0 172.8 181.9 195.3 207.1 219.3 235.1 246.2 202.7

Existing Mines (2012) 152.1 153.1 155.6 159.8 161.6 164.7 167.1 167.3 166.2 141.6 0.0New Projects 0.0 0.2 4.4 13.0 20.3 30.6 40.0 52.0 68.9 104.6 202.7

Secondary Supply (Mlbs U3O8)Total Russian HEU Agreement 20.0 20.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Russian Gov't Stocks 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0Russian Tails Re-enrichment 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0Western Enricher Sales 3.9 3.4 2.9 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0US Gov't Stocks (DOE) 7.4 7.5 8.7 8.0 7.7 7.5 4.4 5.1 2.4 3.2 2.2Mox + RepU 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0

47.3 46.9 27.6 26.0 25.7 25.5 22.4 23.1 20.4 21.2 20.2

Total RJL Supply 199.4 200.3 187.6 198.8 207.6 220.8 229.4 242.4 255.5 267.4 222.9% Change y/y 0.5% -6.3% 5.9% 4.5% 6.3% 3.9% 5.7% 5.4%

2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2025E 2030EReactors (GW, Operating, EOP)China 12.9 18.3 28.6 39.0 43.5 48.9 54.9 62.1 69.2 106.7 146.7India 4.4 4.9 5.4 6.8 9.2 10.3 12.0 14.4 14.9 25.3 32.8Russia 24.2 27.4 29.7 26.8 29.0 33.4 33.5 37.0 40.6 51.4 54.9South Korea 20.8 22.1 23.5 23.5 23.5 24.2 25.6 26.9 28.3 31.0 38.5Japan 1.9 0.0 9.5 18.1 26.8 32.2 32.2 32.2 32.2 32.2 27.2U.S.A. 101.3 100.3 100.3 100.3 101.5 101.5 102.7 103.9 105.1 110.1 109.1Western Europe, Americas 132.0 132.7 132.7 132.7 137.5 137.5 137.0 135.5 134.0 121.5 110.5Rest of World 31.3 31.7 32.2 33.5 34.8 39.0 44.6 47.5 50.4 63.1 63.1

328.7 337.5 361.9 380.6 405.9 427.1 442.5 459.5 474.8 541.4 583.0Demand (Mlbs U3O8)Annual Burn Only 163.8 155.3 159.4 170.9 179.8 191.7 201.7 209.0 217.0 251.1 271.1+ Initial Cores 4.0 13.8 17.6 15.4 19.5 18.7 18.8 21.9 19.8 14.0 15.4Burn + Cores 167.8 169.1 177.0 186.3 199.3 210.4 220.6 230.9 236.9 265.1 286.5+ Strategic Inventory Build 16.2 17.9 17.3 20.1 13.6 13.9 12.8 4.7 9.5 7.2 11.1Total RJL Demand 184.1 187.0 194.3 206.4 212.9 224.3 233.3 235.6 246.3 272.3 297.6% Change y/y 1.6% 3.9% 6.2% 3.1% 5.4% 4.0% 1.0% 4.6%

RJL Supply Balance (Mlbs U3O8) 15.3 13.3 (6.7) (7.7) (5.3) (3.6) (3.9) 6.8 9.2 (4.9) (74.7)

100

125

150

175

200

225

250

275

300

2012

E

2013

E

2014

E

2015

E

2016

E

2017

E

2018

E

2019

E

2020

E

2021

E

2022

E

2023

E

2024

E

2025

E

2026

E

2027

E

2028

E

2029

E

2030

E

Mlb

s/yr

U3O

8

Existing Mines New Mines Secondary Supply + Inventory Build (Total Demand) Burn + Cores Annual Burn Only

Source: Raymond James Ltd., UxC, WNA, NIW, Company reports



Uranium

Alpha Minerals, Inc. AMW-TSXV Rating: Outperform Suitability: Venture RiskCurrent Price (Jul-26-13) C$5.60 Target Price (6-12 mos) C$7.8052-Week Range C$5.60 - C$0.20 Total Return to Target 39%Market Capitalization (mln) C$143 Dividend/Yield C$0.00/0.0%Shares Outstanding (mln) 25.5 Current Net Debt (mln) -C$1710 Day Avg Daily Volume (000s) 209 Enterprise Value (mln) C$126

EPS 1Q 2Q 3Q 4Q Full Revenues NAV P/E P/NAV Jan Apr Jul Oct Year (mln)

2012A C$(0.04) C$(0.03) C$(0.03) C$(0.03) C$(0.13) C$0 NM Old 2013E (0.08)A (0.03) (0.03) (0.03) (0.14) 0 7.80

New 2013E (0.08)A (0.14)A (0.03) (0.03) (0.24) 0 7.79 NM 0.7x Old 2014E (0.03) (0.03) (0.03) (0.03) (0.11) 0

New 2014E (0.03) (0.03) (0.03) (0.03) (0.11) 0 NM NA

CFPS Cash Working Exploration Total Production &

Equivalents (C$ mln)

Capital (C$ mln)

Expense (C$ mln)

Debt (C$ mln)

(Mlbs)

2012A C$(0.07) C$0.2 C$0.1 C$(2.0) C$0.0 0.0 Old 2013E (0.08) 15.3 16.1 (6.5) 0.0 0.0

New 2013E (0.09) 16.0 14.4 (6.5) 0.0 0.0 Old 2014E (0.06) 3.8 4.6 (10.0) 0.0 0.0

New 2014E (0.06) 6.5 4.9 (10.0) 0.0 0.0 Source: Raymond James Ltd., Thomson One

Cameco Corp. CCO-TSX Rating: Outperform Suitability: Aggressive Growth

Current Price (Jul-26-13) C$21.89 Target Price (6-12 mos) C$25.0052-Week Range C$23.49 - C$16.50 Total Return to Target 14%Market Capitalization (mln) C$8,655 Dividend/Yield C$0.40/1.8%Shares Outstanding (mln, basic) 395.4 Current Net Debt (mln) C$1,00710 Day Avg Daily Volume (000s) 990 Enterprise Value (mln) C$9,662

EPS 1Q 2Q 3Q 4Q Full Revenue NAVPS P/E P/NAV Mar Jun Sep Dec Year (mln)

2012A C$0.31 C$0.16 C$0.13 C$0.60 C$1.20 C$2,322 18.2x Old 2013E 0.07A 0.22 0.28 0.48 1.05 2,501 17.09

New 2013E 0.07A 0.22 0.27 0.50 1.06 2,430 18.26 20.7x 1.2x Old 2014E 0.25 0.35 0.36 0.43 1.40 2,796 NA

New 2014E 0.22 0.31 0.35 0.42 1.30 2,676 NA 16.8x NA

CFPS Working Capex Long Production Cash Capital (mln) (mln) Term Debt

(mln) (Mlbs) Costs

(US$/lb)

2012A C$1.89 C$1,460.1 C$(733.6) C$1,292.4 21.9 US$28.3 Old 2013E 1.74 1,021.2 (750.5) 1,255.2 22.8 30.7

New 2013E 1.75 1,019.4 (754.4) 1,255.2 22.8 29.5 Old 2014E 2.08 1,136.2 (493.8) 1,205.2 24.8 35.5

New 2014E 1.99 1,102.0 (496.5) 1,205.2 24.8 33.6 Source: Raymond James Ltd., Thomson One



Denison Mines Corp. DML-TSX Rating: Outperform Suitability: Venture RiskCurrent Price (Jul-26-13) C$1.37 Target Price (6-12 mos) C$2.0052-Week Range C$1.68 - C$1.04 Total Return to Target 46%Market Capitalization (mln) C$632 Dividend/Yield nm/nmShares Outstanding (mln, basic) 461.3 Current Net Debt (mln) -US$3110 Day Avg Daily Volume (000s) 2,790 Enterprise Value (mln) C$602


2012A US$(0.02) US$0.00 US$(0.03) US$(0.01) US$(0.07) US$11 nm Old 2013E (0.02) (0.02) (0.02) (0.02) (0.07) 12 2.06

New 2013E (0.01)A (0.02) (0.02) (0.02) (0.07) 12 2.06 nm 0.7x Old 2014E (0.02) (0.02) (0.02) (0.02) (0.07) 13 NA

New 2014E (0.02) (0.02) (0.02) (0.02) (0.07) 13 NA nm NA


(mln) (Mlbs) Costs

(US$/lb)

2012A US$(0.02) US$35.3 US$(13.1) US$1.0 0.0 US$0.0 Old 2013E (0.06) 9.2 (1.0) 1.0 0.0 31.3

New 2013E (0.07) 22.6 (1.2) 1.0 0.0 30.6 Old 2014E (0.06) (2.9) 0.0 1.0 0.0 0.0

New 2014E (0.06) 0.7 0.0 1.0 0.0 0.0 Source: Raymond James Ltd., Thomson One

Fission Uranium Corp. FCU-TSXV Rating: Outperform Suitability: Venture RiskCurrent Price (Jul-26-13) C$1.05 Target Price (6-12 mos) C$1.4052-Week Range C$1.26 - C$0.34 Total Return to Target 33%Market Capitalization (mln) C$157 Dividend/Yield C$0.00/0.0%Shares Outstanding (mln, basic) 149.7 Current Net Debt (mln) -C$1610 Day Avg Daily Volume (000s) 1,089 Enterprise Value (mln) C$141

EPS 1Q 2Q 3Q 4Q Full Revenues NAV P/E P/NAV Sep Dec Mar Jun Year (mln)

2012A C$(0.01) C$(0.01) C$(0.01) C$(0.04) C$(0.08) C$0 NM Old 2013E (0.01)A (0.01)A (0.01) 0.00 (0.03) 0 1.38

New 2013E (0.01)A (0.01)A (0.01) 0.00 (0.03) 0 1.40 NM 0.7x Old 2014E (0.01) (0.01) (0.01) (0.01) (0.03) 0

New 2014E (0.01) (0.01) (0.01) (0.01) (0.03) 0 NM NA

CFPS Cash Working Exploration Total Production &

Equivalents (C$ mln)

Capital (mln) Expense (C$ mln)

Debt (C$ mln)

(Mlbs U3O8)

2012A C$(0.03) C$14.90 C$14.7 C$(12.7) C$0.0 0.0 Old 2013E (0.02) 16.20 16.0 (5.5) 0.0 0.0

New 2013E (0.02) 16.00 15.8 (5.5) 0.0 0.0 Old 2014E (0.02) 2.90 2.7 (10.0) 0.0 0.0

New 2014E (0.02) 2.70 2.4 (10.0) 0.0 0.0 Source: Raymond James Ltd., Thomson One



Kivalliq Energy Corp. KIV-TSXV Rating: Old: Outperform

New: Market Perform

Suitability: Venture Risk

Current Price (Jul-26-13) C$0.25 Target Price (6-12 mos) Old: C$0.70 New: C$0.5052-Week Range C$0.46 - C$0.23 Total Return to Target 100%Market Capitalization (mln) C$47 Dividend/Yield C$0.00/0.0%Shares Outstanding (mln, basic) 189.1 Current Net Debt (mln) -C$410 Day Avg Daily Volume (000s) 209 Enterprise Value (mln) C$43

EPS 1Q 2Q 3Q 4Q Full Revenues NAVPS P/E P/NAV Dec Mar Jun Sep Year (mln)

2012A C$0.00 C$(0.02) C$(0.01) C$(0.01) C$(0.04) C$0 nm Old 2013E 0.00 0.00 (0.01) (0.01) (0.02) 0 0.66

New 2013E 0.00 0.00 (0.01) (0.01) (0.02) 0 0.49 nm 0.5x Old 2014E (0.02) 0.00 0.00 0.00 (0.02) 0

New 2014E (0.02) 0.00 0.00 0.00 (0.02) 0 nm NA


(mln) (Mlbs U308) Costs

(US$/lb U308)

2012A C$0.00 C$6.20 C$0.00 C$0.00 0.00 US$0.00 Old 2013E (0.01) (0.70) 0.00 0.00 0.00 0.00

New 2013E (0.01) 6.40 0.00 0.00 0.00 0.00 Old 2014E (0.01) (0.70) 0.00 0.00 0.00 0.00

New 2014E (0.01) 0.50 0.00 0.00 0.00 0.00 Source: Raymond James Ltd., Thomson One

Paladin Energy PDN-TSX Rating: Outperform Suitability: High RiskCurrent Price (Jul-26-13) C$0.99 Target Price (6-12 mos) Old: C$1.60 New: C$1.5052-Week Range C$1.52 - C$0.75 Total Return to Target 52%Market Capitalization (mln) C$829 Dividend/Yield nm/nmShares Outstanding (mln, basic) 837.2 Current Net Debt (mln) US$56810 Day Avg Daily Volume (000s) 1,103 Enterprise Value (mln) C$1,414

EPS 1Q 2Q 3Q 4Q Full Revenue NAVPS P/E P/NAV Sep Dec Mar Jun Year (mln)

2012A US$(0.03) US$0.00 US$(0.02) US$(0.02) US$(0.06) US$367 nm Old 2013E (0.03)A 0.01A (0.02)A 0.00 (0.04) 401 1.61

New 2013E (0.03)A 0.01A (0.02)A (0.01) (0.05) 409 1.54 nm 0.6x Old 2014E (0.01) 0.00 0.00 0.01 0.01 470 NA

New 2014E (0.01) (0.01) (0.01) (0.01) (0.05) 414 NA nm NA


(mln) (Mlbs) Costs

(US$/lb)

2012A US$(0.15) US$137.7 US$(70.1) US$838.5 6.9 US$39.0 Old 2013E 0.03 214.7 (26.2) 658.0 8.0 34.4

New 2013E 0.02 203.5 (26.2) 658.0 8.3 33.5 Old 2014E 0.06 184.3 (20.5) 598.0 8.6 31.6

New 2014E 0.00 119.1 (20.8) 598.0 8.5 30.8 Source: Raymond James Ltd., Thomson One



UEX Corp. UEX-TSX Rating: Old: Outperform

New: Market Perform


Current Price (Jul-26-13) C$0.42 Target Price (6-12 mos) Old: C$1.20 New: C$0.8052-Week Range C$0.84 - C$0.38 Total Return to Target 93%Market Capitalization (mln) C$95 Dividend/Yield C$0.00/0.0%Shares Outstanding (mln, basic) 227.8 Current Net Debt (mln) -C$1210 Day Avg Daily Volume (000s) 410 Enterprise Value (mln) C$83

EPS 1Q 2Q 3Q 4Q Full Revenues NAVPS P/E P/NAV Mar Jun Sep Dec Year (mln)

2012A C$0.00 C$0.00 C$0.00 C$(0.01) C$(0.02) C$0 nm Old 2013E 0.00 0.00 0.00 0.00 (0.01) 0 1.27

New 2013E 0.00 0.00 0.00 0.00 (0.01) 0 0.84 nm 0.5x Old 2014E (0.01) 0.00 0.00 0.00 (0.01) NA NA

New 2014E (0.01) 0.00 0.00 0.00 (0.01) NA nm NA


(mln) (Mlbs U308) Costs

(US$/lb U308)

2012A C$(0.01) C$12.3 C$0.0 C$0.0 0.00 0.00 Old 2013E (0.01) 4.7 0.0 0.0 0.00 0.00

New 2013E (0.01) 9.0 0.0 0.0 0.00 0.00 Old 2014E (0.01) (0.2) 0.0 0.0 0.00 0.00

New 2014E (0.01) (0.2) 0.0 0.0 0.00 0.00 Source: Raymond James Ltd., Thomson One

Ur-Energy Inc. URE-TSX Rating: Old: Strong Buy

New: Outperform


Current Price (Jul-26-13) C$1.33 Target Price (6-12 mos) C$1.8052-Week Range C$1.38 - C$0.70 Total Return to Target 35%Market Capitalization (mln) C$161 Dividend/Yield nm/nmShares Outstanding (mln, basic) 121.4 Current Net Debt (mln) C$1610 Day Avg Daily Volume (000s) 202 Enterprise Value (mln) C$177


2012A C$(0.02) C$(0.02) C$(0.04) C$(0.03) C$(0.11) C$0 nm Old 2013E (0.03)A (0.02) (0.02) (0.02) (0.09) 3 1.97

New 2013E (0.03)A (0.02) (0.02) (0.02) (0.09) 3 1.90 nm 0.7x Old 2014E 0.00 0.01 0.03 0.04 0.08 54 NA

New 2014E 0.00 0.00 0.03 0.03 0.06 52 NA 21.9x NA


(mln) (Mlbs) Costs

(US$/lb)

2012A C$(0.09) C$15.6 C$(10.8) C$0.0 0.0 US$0.0 Old 2013E (0.03) (6.2) (23.4) 20.0 0.1 31.5

New 2013E (0.02) (5.1) (23.7) 20.8 0.1 31.5 Old 2014E 0.17 8.5 (6.0) 20.0 0.8 22.1

New 2014E 0.17 (0.9) (6.1) 10.4 0.8 22.1 Source: Raymond James Ltd., Thomson One.



Uranium One Inc. UUU-TSX Rating: Market Perform Suitability: High RiskCurrent Price (Jul-26-13) C$2.72 Target Price (6-12 mos) C$2.8652-Week Range C$2.82 - C$1.78 Total Return to Target 5%Market Capitalization (mln) C$2,604 Dividend/Yield nm/nmShares Outstanding (mln, basic) 957.2 Current Net Debt (mln) US$38210 Day Avg Daily Volume (000s) 976 Enterprise Value (mln) C$2,997


2012A US$0.02 US$0.01 US$0.01 US$0.04 US$0.07 US$563 39.2x Old 2013E 0.00 0.00 0.00 0.01 0.01 550 3.49

New 2013E 0.00A (0.01) (0.01) (0.01) (0.02) 507 3.49 nm 0.8x Old 2014E 0.01 0.02 0.03 0.05 0.12 763 NA

New 2014E (0.01) 0.00 0.02 0.04 0.05 645 NA 56.5x NA


(mln) (Mlbs) Costs

(US$/lb)

2012A US$0.21 US$656.1 US$(165.9) US$836.6 12.2 US$16.1 Old 2013E 0.14 201.3 (213.4) 1,286.6 12.5 19.9

New 2013E 0.10 201.3 (213.4) 1,286.6 12.5 19.9 Old 2014E 0.30 349.7 (149.8) 1,286.6 13.3 20.1

New 2014E 0.20 268.6 (149.8) 1,286.6 13.3 20.1 Source: Raymond James Ltd., Thomson One

Uranium Participation Corporation U-TSX Rating: Outperform Suitability: High RiskCurrent Price (Jul-26-13) C$5.12 Target Price (6-12 mos) Old: C$7.00 New: C$6.5052-Week Range C$5.80 - C$4.69 Total Return to Target 27%Market Capitalization (mln) C$545 Dividend/Yield nm/nmShares Outstanding (mln, basic) 106.4 Current Net Debt (mln) -C$1010 Day Avg Daily Volume (000s) 614 Enterprise Value (mln) C$535

EPS 1Q 2Q 3Q 4Q Full Revenue NAVPS P/E P/NAV May Aug Nov Feb Year (mln)

2012A NA C$(2.33) NA C$0.26 C$(2.09) C$1 nm Old 2013E NA (0.39)A NA (0.75) (1.14) 1 5.66

New 2013A NA (0.39) NA (0.51) (0.90) 1 5.11 nm 1.0x Old 2014E NA (0.52) NA 0.73 0.20 1 NA

New 2014E (0.19)A 0.02 (0.15) 0.23 (0.10) 1 NA nm NA

CFPS Working Capex Long U3O8e Capital (mln) (mln) Term Debt

(mln) Inventory

(Mlbs)

2012A C$(0.03) C$13.0 C$0.0 C$0.0 13 Old 2013E (0.03) 9.8 0.0 0.0 13

New 2013A (0.03) 9.7 0.0 0.0 14 Old 2014E (0.03) 6.8 0.0 0.0 13

New 2014E (0.03) 6.7 0.0 0.0 14 Source: Raymond James Ltd., Thomson One Note: Uranium Participation Corp. releases financial results biannually.



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Ratings and Definitions Raymond James Ltd. (Canada) definitions

Strong Buy (SB1) The stock is expected to appreciate and produce a total return of at least 15% and outperform the S&P/TSX Composite Index over the next six months. Outperform (MO2) The stock is expected to appreciate and outperform the S&P/TSX Composite Index over the next twelve months. Market Perform (MP3) The stock is expected to perform generally in line with the S&P/TSX Composite Index over the next twelve months and is potentially a source of funds for more highly rated securities. Underperform (MU4) The stock is expected to underperform the S&P/TSX Composite Index or its sector over the next six to twelve months and should be sold.

Raymond James & Associates (U.S.) definitions

Strong Buy (SB1) Expected to appreciate, produce a total return of at least 15%, and outperform the S&P 500 over the next six to 12 months. For higher yielding and more conservative equities, such as REITs and certain MLPs, a total return of at least 15% is expected to be realized over the next 12 months. Outperform (MO2) Expected to appreciate and outperform the S&P 500 over the next 12-18 months. For higher yielding and more conservative equities, such as REITs and certain MLPs, an Outperform rating is used for securities where we are comfortable with the relative safety of the dividend and expect a total return modestly exceeding the dividend yield over the next 12-18 months. Market Perform (MP3) Expected to perform generally in line with the S&P 500 over the next 12 months. Underperform (MU4) Expected to underperform the S&P 500 or its sector over the next six to 12 months and should be sold. Suspended (S) The rating and price target have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking services to the company. The previous rating and price target are no longer in effect for this security and should not be relied upon.

Raymond James Latin American rating definitions Strong Buy (SB1) Expected to appreciate and produce a total return of at least 25.0% over the next twelve months. Outperform (MO2) Expected to appreciate and produce a total return of between 15.0% and 25.0% over the next twelve months. Market Perform (MP3) Expected to perform in line with the underlying country index. Underperform (MU4) Expected to underperform the underlying country index. Suspended (S) The rating and price target have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking services to the company. The previous rating and price target are no longer in effect for this security and should not be relied upon.

Raymond James Euro Equities, SAS rating definitions Strong Buy (1) Expected to appreciate, produce a total return of at least 15%, and outperform the Stoxx 600 over the next 6 to 12 months. Outperform (2) Expected to appreciate and outperform the Stoxx 600 over the next 12 months. Market Perform (3) Expected to perform generally in line with the Stoxx 600 over the next 12 months. Underperform (4) Expected to underperform the Stoxx 600 or its sector over the next 6 to 12 months. Suspended (S) The rating and target price have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking services to the company. The previous rating and target price are no longer in effect for this security and should not be relied upon.

In transacting in any security, investors should be aware that other securities in the Raymond James research coverage universe might carry a higher or lower rating. Investors should feel free to contact their Financial Advisor to discuss the merits of other available investments.



Suitability Categories (SR) Total Return (TR) Lower risk equities possessing dividend yields above that of the S&P 500 and greater stability of principal.

Growth (G) Low to average risk equities with sound financials, more consistent earnings growth, at least a small dividend, and the potential for long-term price appreciation.

Aggressive Growth (AG) Medium or higher risk equities of companies in fast growing and competitive industries, with less predictable earnings and acceptable, but possibly more leveraged balance sheets.

High Risk (HR) Companies with less predictable earnings (or losses), rapidly changing market dynamics, financial and competitive issues, higher price volatility (beta), and risk of principal.

Venture Risk (VR) Companies with a short or unprofitable operating history, limited or less predictable revenues, very high risk associated with success, and a substantial risk of principal.

Rating Distributions

Coverage Universe Rating Distribution Investment Banking Distribution RJL RJA RJ LatAm RJEE RJL RJA RJ LatAm RJEE

Strong Buy and Outperform (Buy) 65% 50% 43% 45% 31% 25% 0% 0% Market Perform (Hold) 34% 43% 57% 34% 26% 8% 0% 0% Underperform (Sell) 1% 7% 0% 21% 0% 3% 0% 0% Raymond James Relationship Disclosures Raymond James Ltd. or its affiliates expects to receive or intends to seek compensation for investment banking services from all companies under research coverage within the next three months.

Company Name Disclosure Alpha Minerals, Inc. Raymond James Ltd - the analyst and/or associate has viewed the material operations of

Alpha Minerals, Inc.. Raymond James Ltd - within the last 12 months, Alpha Minerals, Inc. has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. Raymond James Ltd. has managed or co-managed a public offering of securities within the last 12 months with respect to Alpha Minerals, Inc.. Raymond James Ltd. has provided investment banking services within the last 12 months with respect to Alpha Minerals, Inc.. Raymond James Ltd. has received compensation for investment banking services within the last 12 months with respect to Alpha Minerals, Inc..

Cameco Corp. Raymond James Ltd - the analyst and/or associate has viewed the material operations of Cameco Corp.. Raymond James Ltd - within the last 12 months, Cameco Corp. has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate.



Company Name Disclosure Denison Mines Corp. Raymond James Ltd - the analyst and/or associate has viewed the material operations of

Denison Mines Corp.. Raymond James Ltd - within the last 12 months, Denison Mines Corp. has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. Raymond James Ltd. has managed or co-managed a public offering of securities within the last 12 months with respect to Denison Mines Corp.. Raymond James Ltd. has provided investment banking services within the last 12 months with respect to Denison Mines Corp.. Raymond James Ltd. has received compensation for investment banking services within the last 12 months with respect to Denison Mines Corp..

Fission Uranium Corp. Raymond James Ltd - the analyst and/or associate has viewed the material operations of Fission Uranium Corp.. Raymond James Ltd - within the last 12 months, Fission Uranium Corp. has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. Raymond James Ltd. has managed or co-managed a public offering of securities within the last 12 months with respect to Fission Uranium Corp.. Raymond James Ltd. has provided investment banking services within the last 12 months with respect to Fission Uranium Corp.. Raymond James Ltd. has received compensation for investment banking services within the last 12 months with respect to Fission Uranium Corp..

Kivalliq Energy Corp. Raymond James Ltd - the analyst and/or associate has viewed the material operations of Kivalliq Energy Corp.. Raymond James Ltd - within the last 12 months, Kivalliq Energy Corp. has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate.

Paladin Energy Raymond James Ltd. makes a market in the securities of Paladin Energy. UEX Corp. Raymond James Ltd - the analyst and/or associate has viewed the material operations of

UEX Corp.. Raymond James Ltd - within the last 12 months, UEX Corp. has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. Raymond James Ltd. has received compensation for investment banking services within the last 12 months with respect to UEX Corp..

Ur-Energy Inc. Raymond James Ltd - the analyst and/or associate has viewed the material operations of Ur-Energy Inc.. Raymond James Ltd - within the last 12 months, Ur-Energy Inc. has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. Raymond James Ltd. makes a market in the securities of Ur-Energy Inc..

Uranium One Inc. Raymond James Ltd - the analyst and/or associate has viewed the material operations of Uranium One Inc.. Raymond James Ltd - within the last 12 months, Uranium One Inc. has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. Raymond James Ltd. has provided non-investment banking securities-related services within the last 12 months with respect to Uranium One Inc.. Raymond James Ltd. has received compensation for services other than investment banking within the last 12 months with respect to Uranium One Inc..



Stock Charts, Target Prices, and Valuation Methodologies Valuation Methodology: The Raymond James methodology for assigning ratings and target prices includes a number of qualitative and quantitative factors including an assessment of industry size, structure, business trends and overall attractiveness; management effectiveness; competition; visibility; financial condition, and expected total return, among other factors. These factors are subject to change depending on overall economic conditions or industry- or company-specific occurrences.

Risk Factors General Risk Factors: Following are some general risk factors that pertain to the projected target prices included on Raymond James research: (1) Industry fundamentals with respect to customer demand or product / service pricing could change and adversely impact expected revenues and earnings; (2) Issues relating to major competitors or market shares or new product expectations could change investor attitudes toward the sector or this stock; (3) Unforeseen developments with respect to the management, financial condition or accounting policies or practices could alter the prospective valuation.

Uranium - Risk Factors Some of the risk factors that pertain to the projected 6-12 month stock price target for mining companies in our universe are as follows: Mining companies are subject to a range of risks, including, but not limited to: environmental risk, political risk, operational risk, financial risk, hedging risk, commodity price fluctuation risk, and currency risk. Any difference between our metal price forecasts and realized metal prices will likely have an impact on our earnings and valuation estimates for the mining companies in our research coverage universe. The operation of mines, and mills is complex and is exposed to a number of risks, most of which are beyond the company’s control. These include: regulatory or environmental compliance issues; personal accidents; metallurgical/other processing problems; unexpected rock formations; ground or slope failures; flooding or fires; earthquakes; rock bursts; equipment failures; consultant errors and, interruption due to inclement, weather conditions, road closures, and/or local protests. Other risks include, but are not limited to: uncertainties surrounding reclamation costs; aging equipment and facilities which could lead to increased costs; strikes; and, transportation disruptions. For exploration companies, risks to our targets include weaker-than-expected drill intervals, resource estimates, economic studies and other poor results that may not be easily anticipated based on publically-available information or the subjective nature of the inputs used. Risks to our uranium price forecasts include, but are not limited to: industry sentiment, lower-than- expected demand most critically in Asia, North America, and Western Europe, or higher-than-expected supply (for example, increased dispositions by the U.S. Department of Energy, Russian warhead stocks, or state-owned mining companies that do not release complete production data).



Mining - Risk Factors Some of the risk factors that pertain to the projected 6-12 month stock price target for mining companies in our universe are as follows: Mining companies are subject to a range of risks, including, but not limited to: environmental risk, political risk, operational risk, financial risk, hedging risk, commodity price fluctuation risk, and currency risk. Any difference between our metal price forecasts and realized metal prices will likely have an impact on our earnings and valuation estimates for the mining companies in our research coverage universe. The operation of mines, and mills is complex and is exposed to a number of risks, most of which are beyond the company’s control. These include: environmental compliance issues; personnel accidents; metallurgical/other processing problems; unexpected rock formations; ground or slope failures; flooding or fires; earthquakes; rock bursts; equipment failures; consultant errors and, interruption due to inclement weather conditions, road closures, and/or local protests. Other risks include, but are not limited to: uncertainties surrounding reclamation costs; aging equipment and facilities which could lead to increased costs; strikes; and, transportation disruptions.

Additional Risk and Disclosure information, as well as more information on the Raymond James rating system and suitability categories, is available for Raymond James at rjcapitalmarkets.com/Disclosures/index and for Raymond James Limited at www.raymondjames.ca/researchdisclosures.

International Disclosures For clients in the United States:

For clients in the United States: Any foreign securities discussed in this report are generally not eligible for sale in the U.S. unless they are listed on a U.S. exchange. This report is being provided to you for informational purposes only and does not represent a solicitation for the purchase or sale of a security in any state where such a solicitation would be illegal. Investing in securities of issuers organized outside of the U.S., including ADRs, may entail certain risks. The securities of non-U.S. issuers may not be registered with, nor be subject to the reporting requirements of, the U.S. Securities and Exchange Commission. There may be limited information available on such securities. Investors who have received this report may be prohibited in certain states or other jurisdictions from purchasing the securities mentioned in this report. Please ask your Financial Advisor for additional details and to determine if a particular security is eligible for solicitation in your state. Raymond James Ltd. is not a U.S. broker-dealer and therefore is not governed by U.S. laws, rules or regulations applicable to U.S. broker-dealers. Consequently, the persons responsible for the content of this publication are not licensed in the U.S. as research analysts in accordance with applicable rules promulgated by the U.S. Self Regulatory Organizations. Any U.S. Institutional Investor wishing to effect trades in any security should contact Raymond James (USA) Ltd., a U.S. broker-dealer affiliate of Raymond James Ltd.

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This document and any investment to which this document relates is intended for the sole use of the persons to whom it is addressed, being persons who are Eligible Counterparties or Professional Clients as described in “Code Monétaire et Financier” and Règlement Général de l’Autorité des Marchés Financiers. It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons and may not be relied upon by such persons and is therefore not intended for private individuals or those who would be classified as Retail Clients.

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RAYMOND JAMES LTD. CANADIAN INSTITUTIONAL EQUITY TEAM WWW.RAYMONDJAMES.CA EQUITY RESEARCH HEAD OF EQUITY RESEARCH

DARYL SWETLISHOFF, CFA 604.659.8246

CONSUMER CONSUMER & RETAIL

KENRIC TYGHE, MBA 416.777.7188 PARISA NAGHIBI, MBA (ASSOCIATE) 416.777.7060

ENERGY OIL & GAS ENERGY SERVICES, HEAD OF ENERGY RESEARCH

ANDREW BRADFORD, CFA 403.509.0503 NICK HEFFERNAN (ASSOCIATE ANALYST) 403.509.0511 TIM MONACHELLO (ASSOCIATE) 403.509.0562 ANA WESSEL 403.509.0541

OIL & GAS PRODUCERS KRISTOPHER ZACK, CA, CFA 403.221.0414 GORDON STEPPAN, CFA (ASSOCIATE) 403.221.0411

OIL SANDS | OIL & GAS PRODUCERS JUSTIN BOUCHARD, P.ENG, CFA 403.509.0523 VINCENT URNESS (ASSOCIATE) 403.509.0534

OIL & GAS PRODUCERS LUC MAGEAU, CFA 403.509.0505 DAVE NIELSEN (ASSOCIATE) 403.509.0518

INDUSTRIAL & TRANSPORTATION INDUSTRIAL | TRANSPORTATION, HEAD OF INDUSTRIAL RESEARCH

BEN CHERNIAVSKY 604.659.8244 THEONI PILARINOS, CFA (ASSOCIATE ANALYST) 604.659.8234 GREG JACKSON (ASSOCIATE) 604.659.8262

INFRASTRUCTURE & CONSTRUCTION FREDERIC BASTIEN, CFA 604.659.8232 BRIAN HIKISCH (ASSOCIATE) 604.659.8470

TRANSPORTATION | AGRIBUSINESS & FOOD PRODUCTS STEVE HANSEN, CMA, CFA 604.659.8208 DANIEL CHEW (ASSOCIATE) 604.659.8238

MINING BASE METALS & MINERALS | IRON ORE

ADAM LOW, CFA 416.777.4943 TRACY REYNOLDS (ASSOCIATE) 416.777.7042

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PRECIOUS METALS PHIL RUSSO 416.777.7084 TOM HALTON (ASSOCIATE) 416.777.6419

PRECIOUS METALS CHRIS THOMPSON, M.SC. (ENG), P.GEO 604.659.8439 BRIAN MARTIN (ASSOCIATE) 604.654.1236

URANIUM DAVID SADOWSKI 604.659.8255

FOREST PRODUCTS FOREST PRODUCTS

DARYL SWETLISHOFF, CFA 604.659.8246 DAVID QUEZADA, CFA (ASSOCIATE) 604.659.8257

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INSTITUTIONAL EQUITY SALESHEAD OF SALES

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TORONTO (CAN 1.888.601.6105 | USA 1.800.290.4847) LAURA ARRELL (U.S. EQUITIES) 416.777.4920 SEAN BOYLE 416.777.4927 JEFF CARRUTHERS, CFA 416.777.4929 RICHARD EAKINS 416.777.4926 JONATHAN GREER 416.777.4930 DAVE MACLENNAN 416.777.4934 ROBERT MILLS, CFA 416.777.4945 DOUG OWEN 416.777.4925 NICOLE SVEC-GRIFFIS, CFA (U.S. EQUITIES) 416.777.4942 NEIL WEBER 416.777.4931 CARMELA AVELLA (ASSISTANT) 416.777.4915 ORNELLA BURNS (ASSISTANT) 416.777.4928

VANCOUVER (1.800.667.2899) SCOT ATKINSON, CFA 604.659.8225 DOUG BELL 604.659.8220 TERRI MCEWAN (ASSISTANT) 604.659.8228

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TORONTO (CANADA 1.888.601.6105 | USA 1.800.290.4847) PAM BANKS 416.777.4923 ANTHONY COX 416.777.4922 OLIVER HERBST 416.777.4947 ANDY HERRMANN 416.777.4937 ERIC MUNRO, CFA 416.777.4983 JAMES SHIELDS 416.777.4941 BOB STANDING 416.777.4921 PETER MASON (ASSISTANT) 416.777.7195

VANCOUVER (1.800.667.2899) NAV CHEEMA 604.659.8224 FRASER JEFFERSON 604.659.8218 DEREK ORAM 604.659.8223

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canada research · with this report, we are rationalizing our 2h13 uranium price forecasts...

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