---

Replicable for Current & Future Projects

Exploration Initiated by Aldershot’s wholly-owned subsidiary, Royal USA Inc.

Partnered 50/50 with Energy Fuels to Complete Exploration

Managed Project Through Exploration

Advanced Exploration Techniques

Sold to Energy Fuels

642,971 tons of measured and indicated resource *
0.22% uranium (eU3O8) *
1.39% vanadium (V2O5) *
≈2,833,795 lbs. uranium and 17,829,289 lbs. vanadium *
*See, Appendix below

---

Appendix

* NI 43-101 compliant historical resources on the Sage Plain Project, Utah are documented in a report by Douglas C. Peters, P.G., of Peters Geosciences dated Dec. 16, 2011 entitled Technical Report on Colorado Plateau Partners LLC. The Report can be found on Energy Fuels Inc.’s website: www.energyfuels.com.