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Statement of Identified Mineral Resources, Kvanefjeld Project, Independently Prepared By SRK Consulting (February, 2015)

12

Multi-Element Resources Classification, Tonnage and Grade

Contained Metal

Cut-off

Classification

M tonnes

TREO

2

U

3

O

8

LREO

HREO

REO

Y

2

O

3

Zn

TREO

HREO

Y

2

O

3

U

3

O

8

Zn

(U

3

O

8

ppm)

1

Mt

ppm

ppm

ppm

ppm

ppm

ppm

ppm

Mt

Mt

Mt

M lbs

Mt

Sørensen - March 2012

150

Inferred

242

11,000

304

9,700

398 10,100

895 2,602

2.67

0.10

0.22

162.18

0.63

200

Inferred

186

11,600

344 10,200

399 10,600

932 2,802

2.15

0.07

0.17

141.28

0.52

250

Inferred

148

11,800

375 10,500

407 10,900

961 2,932

1.75

0.06

0.14

122.55

0.43

300

Inferred

119

12,100

400 10,700

414 11,100

983 3,023

1.44

0.05

0.12

105.23

0.36

350

Inferred

92

12,400

422 11,000

422 11,400 1,004 3,080

1.14

0.04

0.09

85.48

0.28

Zone 3 - May 2012

150

Inferred

95

11,600

300 10,200

396 10,600

971 2,768

1.11

0.04

0.09

63.00

0.26

200

Inferred

89

11,700

310 10,300

400 10,700

989 2,806

1.03

0.04

0.09

60.00

0.25

250

Inferred

71

11,900

330 10,500

410 10,900 1,026 2,902

0.84

0.03

0.07

51.00

0.20

300

Inferred

47

12,400

358 10,900

433 11,300 1,087 3,008

0.58

0.02

0.05

37.00

0.14

350

Inferred

24

13,000

392 11,400

471 11,900 1,184 3,043

0.31

0.01

0.03

21.00

0.07

All Deposits – Grand Total

150

Measured

143

12,100

303 10,700

432 11,100

978 2,370

1.72

0.06

0.14

95.21

0.34

150

Indicated

308

11,100

253

9,800

411 10,200

899 2,290

3.42

0.13

0.28

171.97

0.71

150

Inferred

559

10,700

264

9,400

384

9,800

867 2,463

6.00

0.22

0.49

325.66

1.38

150

Grand Total

1010

11,000

266

9,700

399 10,100

893 2,397

11.14

0.40

0.90

592.84

2.42

1

There is greater coverage of assays for uranium than other elements owing to historic spectral assays. U

3

O

8

has therefore been used to define the cutoff grades to maximise the confidence in the resource calculations.

2

Total Rare Earth Oxide (TREO) refers to the rare earth elements in the lanthanide series plus yttrium.

Note: Figures quoted may not sum due to rounding.

-ENDS-