RCR’s equity research report on global uranium companies August 26, 2009

Resource Capital Research (“RCR”), an equity research company which focuses on small and mid size resource companies, today launched its major quarterly research report covering 19 global uranium exploration and development companies.

The quarterly report typically reviews companies listed in Australia, Canada, USA and UK and active in established uranium districts globally, including Australia, Canada, USA, Argentina, Peru, Mongolia, Zambia, Tanzania and Namibia.

KEY POINTS

Uranium Market:

• The uranium spot price is currently trading at US$47.50/lb, down 8% from 3 months ago (US$52.00/lb).
• The Fund Implied Price (FIP), a key leading price indicator is currently US$47.50/lb (same as the spot price) indicating there is no significant price change anticipated by the market near term.
• Since the beginning of July, the FIP has traded in a range from ~US$44/lb to ~US$52/lb. This is up from US$35/lb at the end of March.
• Traders are focused on the uranium supply side with the possibility of increased DOE liquidations leading to modest downside pressure.
• The long term contract uranium price is US$65.00/lb down from US$70/lb Dec ’08, and relatively stable since peaking at US$95/lb from May ’07 to March ‘08.
• There are 413 new nuclear reactors planned or proposed globally as of Aug ’09, up from 318 (+95 units, +30%) Aug ‘08.
• There are 436 nuclear power reactors in operation and 49 under construction (4 more than last quarter).
• Strong uranium production increases continue in Namibia and Kazakhstan.

Uranium Companies:

• The Merrill Lynch Uranium Equity Index is down 4% over the past month, down 6% over 3 months and up 125% from the recent low reached 27 Oct ’08.
• The market valuation of Australian companies with one or more uranium projects is up 11% over the past month, up 24% over the past 3 months, and down 6% over the past 12 months.
• This compares with Canadian companies with one or more uranium projects, up 9% over the past month, up 19% over the past 3 months, and down 26% over the past 12 months.
• Australian uranium juniors are moving toward production 2H09 (White Canyon, ASX:WCU, Utah, USA) and 1Q10 (Alliance Resources, ASX:AGS, South Australia).

Click here to view the complete Media Release.

To access the free summary report or to purchase the complete 88 page comprehensive report, go to http://www.rcresearch.com.au/reports. RCR also publishes gold, iron ore, and tin-tungsten sector reports.

For further information, please contact:

John Wilson, Analyst, Resource Capital Research,
Phone: (+61- 2) 9252 9405
Email: johnwilson@rcresearch.com.au