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1 ASX RELEASE 27 September 2013 UraniumSA Limited ( UraniumSA ) ASX Code: USA ABN Beulah Road Norwood SA 5067 Phone Fax executive@uraniumsa.com.au BOARD OF DIRECTORS Alice McCleary Chairman Russel Bluck Director & Geoscience Manager David Paterson Director & Acting CEO PROJECTS South Australia Samphire ELs 4979, 4242, 4804 Pine Hill EL 4787 Wild Horse Plains EL 4693 Muckanippie EL 4694 SAMPHIRE PROJECT UPDATE BLACKBUSH DEPOSIT Inferred Resource estimate updated to JORC Code The work was undertaken in-house by UraniumSA and externally audited. Uranium endowment maintained. Estimation gives information on uranium distribution, grade and cut-off grade attached text, figures and tables. BLACKBUSH UNCONFORMITY MINERALISATION UraniumSA s optimism for delineating new tonnages of higher grade uranium mineralisation at and below the Eocene unconformity supported by geological modelling and exploration. Detailed gravity is emerging as an effective targeting tool. SAMPHIRE GRANITE EXPLORATION Samphire batholith comprises fractionated A type Hiltaba suite granites, the major source of mineralisation across the Gawler Craton. The re-estimation of the Blackbush inferred resource confirms the widespread occurrence of uranium in clay-altered granite below the Eocene sediment pile. Samphire granite-hosted uranium mineralisation is known from holes targeting sediment-hosted mineralisation. Work is in progress to specifically target alteration/structural settings below the unconformity for high-grade mineralisation, and delineate fractionated/altered granites as targets for disseminated medium grade mineralisation. Drilling planned by the first quarter 2014 testing the above targets Schematic model of mineralisation styles Blackbush Deposit ISSUED CAPITAL Shares on Issue: 147,274,756 Quoted shares: 147,274,756 Unlisted Options: 8,668,833 INVESTOR INQUIRIES executive@uraniumsa.com.au Inquiries regarding this report and company business may be directed to: David Paterson Acting CEO VISIT OUR WEBSITE David Paterson Acting Chief Executive Officer UraniumSA Limited

2 BLACKBUSH DEPOSIT INFERRED RESOURCE ESTIMATE JORC Code, 2012 UraniumSA Limited (ASX USA ) has completed a re-estimation of the Blackbush deposit within its wholly owned Samphire uranium project on South Australia s Eyre Peninsula, 20km south of Whyalla. The re-estimation herein incorporates the results of drilling and exploration completed since the previous estimate dated 25 July 2012 (JORC Code, 2004). On a whole of deposit basis the Blackbush deposit is estimated to comprise some 64.5 million tonnes of mineralisation at a bulk grade of 230ppm containing 14,850 tonnes U 3 O 8 at a 100ppm eu 3 O 8 cut-off grade. Mineralisation has been estimated and is reported herein on the basis of the major hosting lithotypes (next page) which comprise the deposit across a range of possible cut-off grades. Uncertainties surrounding development timeframes, mining method for the Blackbush deposit, and the uranium market price mean that a most-probable cut-off grade has not been assumed. Cutoff grades have been applied at 100, 200, 300, 400, 500, 600, 800, 1,000, 1,500 and 2,000 ppm U 3 O 8 to facilitate the informal consideration of alternative development scenarios of mining and processing routes with uranium price. Blackbush deposit Inferred Resource Estimate. September 2013 Page 1 of 27

3 Weight t (Blue) Average Grade eu3o8 ppm (Red) The lithotype domains are (down section from shallowest to basement); Code Resource Subdomain Description MELS Melton Sand Lithotype Sand and clay, Miocene Melton Sand FGOR Kanaka Beds Lithotype Fine-grained/organic rich, Eocene Kanaka Beds SAND Kanaka Beds Lithotype Sand-dominant (incl. gravels), Eocene Kanaka Beds UNC Unconformity Zone Eocene unconformity, +1m to -1m SAPR Basement Lithotype Saprolite/saprock/clay altered basement granite Indicative tonnage-grade curves for Blackbush deposit estimates derived on a whole of deposit basis (all lithotypes, 40m and 70m block size) are: To use this graph. Choose a cut-off grade along the bottom axis and move up the chart, the blue line (which reads to the left-hand axis) shows the estimated contained tonne of U 3 O 8 and the red line (which reads to the right hand axis) shows the estimated bulk average grade of U 3 O 8 at the chosen cut-off grade. 16,000 15,000 14,000 13,000 12,000 11,000 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Blackbush Deposit Grade Tonnage 3,500 3,000 2,500 2,000 1,500 1, ,000 1,200 1,400 1,600 1,800 2,000 Grade Cut-off eu3o8 ppm Contained t - Block 40m Contained t - Block 70m Average Grade - Block 40m Average Grade - Block 70m The Blackbush deposit mineralisation is well delineated by drilling and is considered by the Competent Persons to have sound prospects for economic development. The last rounds of exploration drilling at Blackbush were in the West zone of the deposit and returned thick and high grade intersections (e.g. MRM 824, 25.3m at 1,570ppm eu 3 O 8, ASX 22 August 2012). Such intersections have a significant impact on the resource estimate and development options. Work on targeting more drilling in this area is well advanced. Blackbush deposit Inferred Resource Estimate. September 2013 Page 2 of 27

4 1 METHODOLOGY The work completed for the compilation of the estimate comprised: Constructing and verifying a 3D model of the geology and setting of the Blackbush uranium deposit and its immediate surrounds. Compiling grade and grade distribution data for uranium mineralisation within the Blackbush deposit utilising grade determined from natural gamma logs with appropriate levels of verification for the present purpose from chemical assay and PFN data. Partitioning mineralisation on the basis of dominant lithotype, constructing and interrogating 40m and 70m block models (the estimate adopted uses a 40m block). Completing a mineral resource estimate for the Blackbush uranium deposit using Ordinary Kriging. Estimating an Inferred Resource of uranium mineralisation for the Blackbush deposit at a range of cut-off grades. Confirming that the procedures and information used were appropriate in the context of the guidelines and check-lists provided in JORC. The work has been done by Competent Persons employed by UraniumSA and internally reviewed by UraniumSA management. Geos Mining Exploration Consultants (Geos), independent experts, audited UraniumSA s data, data processing and the assumptions and procedures employed in the estimation. 1.1 Limits of this estimation This report does not take account of possible development timeframes for the deposit. Time frame is a critical consideration in estimating the range of possible returns from potential product sales which flows through to all other development considerations. The SAND and to a lesser extent the FGOR lithotypes are considered potentially amenable to extraction using in-situ recovery (ISR) mining and tests and field trials are in progress. Knowledge of the deposit continues to evolve rapidly with consequent changes to the distribution, grade and bulk grade of mineralisation and the estimation does not take account of mining method. Potential mining methods are discussed below. At the time of this estimation the uranium spot price (which accounts for ~20% of volume) traded in the range ~US$35 - $40/lb with contracted supply price ~US$20 higher. The supply-demand settings are regarded as in-elastic with commentators anticipating spot prices in the range US$60 to US$80 over the next 1 to 3 years. Cost of new supply from mining is widely variable but there is a general consensus that new production is unlikely to come on stream until prices are sustainably above US$70/lb. The uncertainties surrounding product price, development timeframes and mining method mean that a most-probable cut-off grade has not been assumed. In this estimation, cut-off grades have been applied at 100, 200, 300, 400, 500, 600, 800, 1,000, 1,500 and 2,000 ppm U 3 O 8 to facilitate the informal consideration of alternative development scenarios of mining and processing routes. It is noted that over the last several years an arbitrary 100ppm cut-off grade has been used in the initial reporting of a wide variety of styles of uranium deposits in Australia and Internationally. This use of a common starting point has facilitated the comparison and overview of a very diverse range of deposits and discoveries, but there are no economic implication which can be drawn in the absence of detail regarding the geology and other attributes of the material. Blackbush deposit Inferred Resource Estimate. September 2013 Page 3 of 27

5 1.2 Mining methods The features of the Blackbush deposit which will ultimately determine the optimal mining method are not yet fully quantified. Presently recognised features which impact the consideration of mining method are: Across the Blackbush deposit mineralisation commences at the top of Eocene at a relatively consistent depth of 50-55m below surface. The mineralised section ranges up to and in excess of 20m thick (depending on cut-off grade) in localised areas. Initial geological appraisal of the engineering characteristics of the overburden is: o o o Overburden from surface to top of mineralisation forms an intact hydrogeological seal. It is potentially free-dig with some need for pre-rip in parts of the Melton limestone. Miocene and Eocene lithotypes are unconsolidated and unlithified with minimal mechanical strength. Basement clay altered materials are lithified with generally low mechanical strength. Uranium mineralisation is strata bound within geologically distinct horizons and laterally continuous at the scale of the present investigations. Mineralisation is partitioned into five lithotype/stratigraphic domains, each has distinct geological characteristics which will determine their mining and metallurgical characteristics. The sand lithotypes are potentially amenable to ISR extraction. High grades of mineralisation are associated with the unconformity zone. Knowledge of its geology and distribution is incomplete. The mining methods which are used for uranium mining and which are being evaluated for use at the Blackbush deposit are: ISR extraction of mineralisation in sand dominated lithotypes in the deposit. Open cut mining of overburden and mineralisation to extract all mineralised lithotypes in a manner analogous to a coal-mining operation. Open cut mining of overburden followed by dredge extraction of all mineralised lithotypes in a manner analogous to a heavy mineral sand operation. Bore-hole mining and underground mining are used in some uranium mines but on the information available they are unlikely to be suitable at Blackbush. ISR mining. Mineralisation in the SAND and FGOR lithotypes at Blackbush is potentially amenable to extraction using the in-situ recovery mining method. UraniumSA is actively investigating this mining method with the following work either completed or underway: UraniumSA has identified and successfully tested resins able to extract uranium from saline waters. Process development work is proceeding under a MOU with a major supplier to the uranium industry (ASX 4 October 2012). Hydrogeological stress testing has established that the targeted Eocene sediment formations are isolated from the surficial environments. A wellfield for a trial of in-situ recovery has been established in the central portion of the Blackbush deposit. Hydrogeological testing has confirmed its suitability for the next stages of work (ASX 21 December 2011). Blackbush deposit Inferred Resource Estimate. September 2013 Page 4 of 27

6 An application for a Retention Lease has been lodged with the regulators. This has to be granted for the wellfield to be used for testing of reagents and the extraction of uranium (ASX 11 August 2011). Financial Models for a conceptual ISR operation to inform forward planning (ASX 19 September 2011) Open Cut Mining. The variations of the open cut mining scenarios outlined above are being examined in-house by UraniumSA. Independent experts will be retained. In South Australia in the late 1970 s to early 1980 s trial open pits into geologically similar sequences were excavated to extract samples of lignite for evaluation as power station feedstock. The Bowmans pit remains standing and a significant body of engineering and hydrogeological data is available. 1.3 Metallurgy Metallurgical samples were composited from three cored holes from the central and eastern areas of the deposit which represented low, medium and high grade mineralisation of SAND and FGOR lithotypes. Mineralogical investigations show mineralisation within the dominant SAND and FGOR lithotypes is uraninite and coffinite (ASX 3 September 2010). Metallurgical bottle-roll leach tests indicate uranium is readily extracted into an acidified sea water solution. There is no mineralogical or metallurgical information on the other lithotypes comprising the Blackbush deposit. Initial column leach trials (ASX 16 June 2011) using composites of SAND lithotypes from core drilling demonstrate that mineralisation is extracted into acidified saline solution within potentially permissive timeframe and reagent consumption. Formation water in the host Eocene sequence is saline to hypersaline. UraniumSA has conducted a successful research and testing programme to identify ion exchange resins which function effectively in such environments. This work has utilised hyper saline, acidic, pregnant leach liquors generated in the metallurgical investigations and a proof-of-concept process has been completed via: extracting uranium from core samples, loading uranium onto resins, stripping uranium from resins to eluate, and final precipitation or uranium from eluate. This test work has produced a high grade yellow cake product (ASX 12 August 2011). Sufficient metallurgical work has been completed to give confidence that the uranium mineralisation can be extracted from the dominant mineralised SAND and FGOR lithotypes in the Blackbush deposit and a potentially saleable product produced. 1.4 Community and Environmental Factors A Community Consultation process was completed ahead of the Application for a Retention Lease made by UraniumSA. A detailed consideration of the environmental impacts associated with an ISR operation was a part of the public domain documentation accompanying the application and consultation. The Samphire project is located on unimproved pastoral land used for grazing sheep for wool production. The Perpetual Leasehold title covering the Blackbush deposit was purchased by UraniumSA in 2011 and the land has since been de-stocked. Systematic flora and fauna surveys have been carried out since Vegetation is dominated by regionally prevalent native grass and saltbush species with localised wooded areas. Fauna are typical for the environment; bird species which have been recorded at the Samphire project and which are scheduled as threatened or endangered are prevalent across the district and are not specific to the Blackbush site. Small native animals, particularly rodents, are typical for the environment. Blackbush deposit Inferred Resource Estimate. September 2013 Page 5 of 27

7 Uranium mineralisation at the Blackbush deposit occurs at depths of ~50m and below a modern coastal plain which extends from coastal mangroves in the east ~5km west to the foot of a low north-south trending topographic escarpment. Elevation rises from sea level in the east to ~40m at the foot of the escarpment which itself is ~20m to 60m high. A tableland extends west of the escarpment rising to ~110m over the next ~9km. Ground water in the Samphire project area is saline to hypersaline and has no known domestic or pastoral use. Hydrogeological investigation has established a single interconnected basal Miocene-Eocene aquifer confined below regionally extensive upper Melton Limestone and Pliocene Gibbon Bed aquatards. Surficial ground waters in fluvial sequences above the Gibbon Beds extend part-way across the coastal plain at sea level. There is no hydrogeological connectivity between the Eocene-Miocene and surficial aquifers. 1.5 Information used The Blackbush deposit has been drilled by UraniumSA from discovery in November 2007 through to September The majority of drilling has used the rotary mud method; three holes have been cored through the mineralised Eocene section providing assay data and material for metallurgical evaluation; a number of holes targeting granite basement also drilled the lower part of the sediment section. Location diagrams, sections and other information relevant to this estimation are attached. A compilation of factors to be considered in the estimation (taken from JORC 2012) is in section 6 herein. 1.6 Compliance and audit This document is identified as Blackbush deposit Inferred Resource Estimate September 2013 and the estimates given herein comply to the guidelines of the Australasian Code for Reporting and Exploration Results, Mineral Resources and Ore Reserves of 2012 as prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Mineral Council of Australia (JORC Code, 2012 Edition). This estimate and report has been compiled and written by Marco Scardigno, UraniumSA Limited Resource Geologist at the time of writing, and by Russel Bluck, Geoscience Manager UraniumSA Limited, both of whom are Competent Persons for the purposes of evaluation of exploration results and estimation of Inferred Resources of sediment hosted uranium mineralisation. An audit of the data, data processing and the assumptions and procedures employed by UraniumSA in its estimation was conducted by Geos Mining Exploration Consultants. Geos was not commissioned to conduct modelling or estimation of mineralisation except as required for their evaluation and reporting and they have no responsibility for the resource estimations, comments or content of this document. This present document is considered by UraniumSA to take appropriate account of the insights and comments contained in the Geos report. Blackbush deposit Inferred Resource Estimate. September 2013 Page 6 of 27

8 2 LOCATION The Samphire project (100% UraniumSA) is located on the eastern Eyre Peninsula in South Australia, 230km northwest of Adelaide and 20km south of Whyalla. The Samphire project contains the Blackbush deposit (this estimate) and the Plumbush deposit (ASX 14 April 2011). Figure 1 Location of the Samphire project and land, with the Blackbush and Plumbush deposits shown. Blackbush deposit Inferred Resource Estimate. September 2013 Page 7 of 27

9 3 DRILLING A total of 397 holes have been drilled within the Blackbush Resource Area (identified as the BB1 bounding box), comprising 13 core holes and 384 rotary mud only holes (Figure 2). Of these 373 holes have been used in this estimate and details of these are in the attached table. Holes drilled for hydrogeological investigations and in establishing a wellfield and monitoring pattern for a proposed trial of the in-situ recovery extraction method have not been included. Figure 2 Blackbush deposit - rotary mud (blue) cored or partially cored holes (black) drill holes within the resource bounding box BB1 in blue. Eocene paleovalley mesh shaded. Blackbush deposit Inferred Resource Estimate. September 2013 Page 8 of 27

10 4 PLANS AND SECTIONS Figure 3 Regional Geology of the Samphire project area. Blackbush deposit Inferred Resource Estimate. September 2013 Page 9 of 27

11 Figure 4 Stratigraphic column for the Blackbush deposit area. Figure 5 Schematic model of mineralisation styles of the Blackbush deposit. Blackbush deposit Inferred Resource Estimate. September 2013 Page 10 of 27

12 Figure 6 Perspective view of BB (geological model area) and BB1 (resource estimation area) showing holes with gamma data used in this estimation (100ppm cut-off - red). Wireframe of the paleovalley surface is shaded. Blackbush deposit Inferred Resource Estimate. September 2013 Page 11 of 27

13 Figure 7 Section through the final resource model on which the block model is based, depicting mineralisation styles and dimensions. Figure 8 Section showing resource lithotypes at 1:1 scale. ~100m drill spacing (view north). Blackbush deposit Inferred Resource Estimate. September 2013 Page 12 of 27

14 Figure 9 Mineralisation distribution at 100ppm cut-off 40m blocks, Kanaka Beds basal unconformity shaded in behind the blocks. Figure 10 Mineralisation distribution at 200ppm (orange) cut-off and 1,000ppm (red) cut-off 40m blocks, Kanaka Beds basal unconformity shaded in behind the blocks. Figure 11 Mineralisation distribution at 400ppm (blue) cut-off and 1000ppm (red) cut-off 40m blocks, Kanaka Beds basal unconformity shaded in behind the blocks. Blackbush deposit Inferred Resource Estimate. September 2013 Page 13 of 27

15 5 GRADE Equivalent uranium derived from calibrated natural gamma sondes (eu 3 O 8 ) is used in this estimate. Natural gamma is an industry standard method and the results are subject to a range of variables in different geological settings. Sufficient investigation of the variables in the Blackbush deposit has been completed for the purposes of the present estimation. Approximately 37% of the drill holes included in this estimation have been surveyed with a Prompt Fission Neutron (PFN) tool in addition to natural gamma logging. Three fully cored holes through mineralised Eocene have provided 188 samples for assay. The following scatterplots are of gamma, PFN and equivalent interval chemical assay for the three core holes. Each of natural gamma, PFN, assay methods estimate grade in different material and in different volumes and the results are not directly comparable. The lowest certified grade available for building calibration algorithms for uranium is 540ppm U 3 O 8 and algorithms for both natural gamma and PFN tools are increasingly less reliable below that level. Gamma data is unreliable at grades below 100ppm, and limitations in tool count statistics mean that PFN data is increasingly unreliable below 300ppm. Figure 12 (group) Blackbush deposit Inferred Resource Estimate. September 2013 Page 14 of 27

16 6 TABLES OF CONSIDERATIONS Sampling Techniques and Data Criteria Sampling Drilling Drill sample recovery Geological Logging Explanation The work is based on rotary mud drilling and all grade determinations are from down hole geophysical logging. Sondes are appropriately calibrated. Rotary mud samples are not suitable for assay for the determination of grade. Some 188 samples of core have been assayed in certified laboratories. Holes used in the resource estimate were drilled with industry standard rotary mud rigs and thirteen holes were drilled either core or a combination of rotary mud and core. Vertical rotary mud holes used industry standard bits and bit sizes. Mud was based on saline formation waters and very successfully facilitated hole stability and minimised collapse and wash out. Three vertical holes in the central and east of the deposit were fully cored through the mineralised Eocene sections (4 diameter custom barrel). Recovery through the target zones was good averaging over 90%. Following geological logging 188 samples of half-core were submitted for assay. Ten vertical PQ core holes targeted the western part of the deposit. There was moderate to good recovery of basement. Conventional PQ core barrels in the target Eocene section achieved minimal recovery. No samples were submitted for assay. During rotary mud drilling cuttings are collected at the stand-pipe over 2m or 1m intervals and laid out on black industrial plastic in a sample field. Every interval drilled is represented in an industry standard chip tray which is retained in secure storage. The end-of-hole sample is bagged in its entirety for possible geochemical assay. Rotary mud collar samples are not necessarily representative of the drilled interval and fines suspended in the return drill mud (density and viscosity modified saline formation waters) by-pass to the drilling sumps. The samples are not suitable for assay. Core recovery and sampling is considered above. The material laid out in sample fields is geologically logged by the Site Geologist or by a UraniumSA trained Geotechnician. A standardised log sheet for rotary mud drilling has been used for the project and records semiquantitative data. The level of detail is sufficient for the construction of geological models, the investigation of sedimentology and the sub-domaining of mineralisation employed in this estimation. Core from the 3 holes in the central and east of the deposit was geologically logged from the split, recovery measured and discrepancies accounted for, point radiometric readings taken every 10cm along the length, photographed, cut to 40cm lengths and photographed again, sealed to exclude air and frozen. After the completion of downhole logging the core was re-logged in detail by a Sedimentologist and, after detailed consideration of all the information, sampled with 188 half-cores taken and the balance resealed and returned to the freezer. The retained core is stored according to statute. The ten holes drilled in the west of the area did not recover sufficient sediment core to justify systematic investigations. Recovery of basement granites was good with cores retained in conventional trays and stored according to their radiation levels. Sub-sampling and sample preparation Frozen sediment core remains unconsolidated and soft and was cut by hand. Half core was collected and the balance retained for subsequent metallurgical testing. The core sampling was representative of the material available but potentially of insufficient mass to fully account for the nuggetty distribution of uranium. The density of core holes and samples across the deposit is sufficient for the present estimation. Rotary mud samples are collected at the stand pipe are not fully representative of the interval drilled and are not suitable for assay. Blackbush deposit Inferred Resource Estimate. September 2013 Page 15 of 27

17 Quality of assay data and laboratory tests Verification of sampling and assaying Location of data points Data spacing and distribution Orientation of data in relation to geological structure All drill holes used in the estimation have been logged with calibrated natural gamma sonde with raw data collected and field checked using industry standard WellCad software and verified material captured to database. Some 37% of drill holes have been logged with PFN and density tools by independent contractors. QA/QC control has been applied by the contractor and UraniumSA, calibration certificates are held for all tools. Individual tool identifications are recorded at the time of use and cross checked to ensure they have current calibration certificates. The 188 half-core samples collected were submitted to accredited laboratories for a range of assays and procedures to investigate the mineralisation. Industry standard QA/QC routines were applied by the laboratories. Because of the limited material available UraniumSA has not submitted duplicate samples. Composites based on assay intervals have been constructed for metallurgical purposes and the head assays compared back to the calculated grade of the individual samples. The results have been within the range of variation expected with the known nuggetty distribution of uranium in sediments. All holes used in the estimation were logged by UraniumSA calibrated natural gamma tools. Duplicate runs have been used to qualitatively investigate response variation with time arising from settling of material in the fluid column and bleeding of mineralisation from the drilled formations. No material variation was identified. Approximately 37% of the holes used in the estimation were logged under contract by Geoscience Associates Australia. The duplication of natural gamma logging by UraniumSA is the basis for QA/QC of gamma equivalent grade and depth. Natural gamma profiles are evaluated in the field by the Site Geologist or Geotechnician, intersections to standard assumptions calculated using certified algorithms and an in-house developed intercept calculator, then plotted against geology from cutting logging. Raw data, field estimations and plots are electronically delivered to the Adelaide office of UraniumSA where they are interrogated and checked by a Senior Geologist, corrected if necessary in consultation with the Site Geologist and captured to database. Mineralisation is known to be nuggetty and no hole twinning had been carried out. The investigation of in-ground variability has been partially investigated with relatively close spaced drilling in the wellfield array. Hand held GPS has been used for drill collar location. All sites used in the estimation were revisited, coordinates reacquired and adjusted if results were outside a nominated error range. Precision is sufficient for the present estimation. Every drill collar is marked with a steel start dropper driven in 10cm on the north side of the hole. The grid system is AMG94 Zone 53. Topographic control is from airborne survey flown at 25 meter line separation with elevation correct to 10cm. This is considered sufficient for the present estimation. Drill collar separation varies across the deposit with a basic 200m by 200m pattern infilled at a 100m by 100m separation delineating the limits of mineralisation with 50m by 50m patterns and closer spaced holes to investigate particular aspects of the deposit. The drilling has evidenced the lateral continuity of the stratigraphy at all hole separations at levels of confidence sufficient for this estimation. The drilling has evidenced the geologic control on mineralisation and its lateral continuity at all drill hole separation at levels of confidence sufficient for this estimation. UraniumSA has used an in-house written software to composite individual natural gamma data captured at 1cm intervals into 10cm composites for data manipulation, processing, modeling and estimation. The software has been extensively checked against data and is regarded as reliable and appropriate for the present estimate All drill holes are collared vertical. Downhole surveys are available for ~37% of holes and indicate end-of-hole drift in the range 1m to 5m which is within the error of GPS collar location. For the purpose of this estimation hole are regarded as vertical. Geological interpretation and core logging shows the sediment sequence is flat lying. 3D modelling shows mineralised structures in basement dip ~10 degrees from horizontal. For the purpose of this estimation hole widths are true widths. Blackbush deposit Inferred Resource Estimate. September 2013 Page 16 of 27

18 Sample security The principle grade estimation method is downhole geophysical logging. Data is electronically generated on the drill site, verified as useable and electronically transmitted to UraniumSA head office where it is secured in DataShed formats. Audits or reviews All data collected is subject to internal audit and ~37% of holes have been surveyed by both UraniumSA and contractors. Duplicate surveys are cross-collated to verify the data is comparable within limits of precision (raw count and depth). Reporting of Exploration Results Criteria Mineral tenement and land tenure status Explanation The Blackbush deposit estimated in this report is contained entirely within Exploration Licence 4949 granted 20 November 2011 for a term expiring The land above the mineralisation estimate is owned by Samphire Uranium Pty Ltd a wholly owned subsidiary of UraniumSA Limited under Crown Leases 10308, 10308A, 1039 and 1039A. The area of the estimate in covered by an Application for a Retention Lease lodged 16 August Exploration done by other parties Geology Drill hole Information Data aggregation methods Relationship between mineralisation widths and intercept lengths Diagrams Balanced reporting Other substantive exploration data Further work No material exploration relevant to the estimation has been carried out by other parties. Third party drilling is confined to one rotary mud hole for lignite exploration located to the southeast of the estimated area. Mineralisation is dominantly sediment hosted uranium within Eocene Kanaka Beds. Minor amounts of mineralisation are present in the overlying Miocene Melton sands (informal name) and underlying Samphire granite (informal name). A tabulation of all the drill holes used in the estimation are attached to this report. The tabulation provides easting and northing of the drill hole collars, elevation of the drill hole collar, dip and azimuth of the hole, hole depth, depth to top of mineralisation. Gamma data is collected downhole at 1cm intervals and aggregated to 10cm composites using inhouse developed software. Incepts are estimated assuming minimum parameters of 40cm above cut-off grade with a maximum of 10cm of internal dilution. These assumptions are regarded as appropriate for the present estimation. Grades above 7,000ppm are cut to that level. The mineralised widths are effective true widths. Drill holes are collared vertical and lateral drift at end-of-hole is within the error band of drill collar location. Core logging and geological modelling confirm the sediment sequence is flat lying. Scaled maps, sections and tabulations of intercepts are included in the body of the estimation documentation. Exploration results have been reported in prior announcements. The results of the estimation herein are sub-domained by host lithotype and at a range of cut-off grades. Limitations on data, data quality and potentially negative aspects of the geology, hydrogeology and metallurgy have been considered at levels of detail appropriate to the estimation. All meaningful and material results and observations relevant to the estimation have been considered at levels of detail appropriate to the estimation. The possible extension of mineralisation beyond the area estimated is considered and exploration is ongoing. Blackbush deposit Inferred Resource Estimate. September 2013 Page 17 of 27

19 Criteria Database integrity Site visits Geological interpretation Estimation and Reporting of Mineral Resources Explanation The natural gamma data which is the basis of the estimation is generated and captured electronically at the drill site. Data profiles are reviewed at the time of acquisition in the field to ensure they are consistent with expectation and prior experience in the area. Once accepted as valid raw data is electronically delivered to the Site Geologist/Geotechnician and a further validation against logged geology completed. Raw data and initial interpretations and checks are sent electronically to the Adelaide office of UraniumSA where the data sets are captured to database with original data secured in a Datashed database. All work and processing is done on data copies. Cross checking and work on the data by individuals working on separate specific tasks throws up issues which are investigated against the secured data and leads to corrections to working sets as necessary. This estimate has been conducted by employees of UraniumSA whom are intimately familiar with the ground conditions, operating issues and data flow, control and processing. Oversight of field procedures and of the estimation process and procedures have been carried out internally by Senior Management of UraniumSA Limited and at request with input from professional persons with substantial specific experience in sediment hosted uranium. There is high confidence in the geological models used in the estimation which honour the information; the knowledge available on the sedimentology and distribution of mineralisation has determined the criteria used in modelling. Modelling and interpretation is based on systematic pattern drilling; targeted infill drilling which has confirmed interpretation from broader scale work; there has been a detailed examination of localised close spaced drilling. Three holes cored the Eocene sequence in their entirety with high core recovery providing confirmation of previous interpretations and contributing detailed sedimentology data. There have been a series of resource estimates conducted on the deposit as continuing exploration drilling has delivered more information. The sequential estimates have been consistent one with the other providing confidence in the underlying geological interpretations and models for the distribution and control on mineralisation and grade. Dimensions Estimation and modelling techniques Moisture and density Cut-off parameters The resource model and estimate is constrained within a bounding box extending from E/ N to E/ N, the envelope of mineralisation estimated is ~2.2km east-west and a similar extent north-south. The physical limits of the estimated mineralisation are well defined in the west and central portions by the edges of the basement incised palaeodrainage filled with Eocene sediments. Mineralisation estimated in the east is not laterally physically constrained and limits are determined by drill hole density and mineralised intercepts. Four estimates of mineralisation have been made since 2009 as drill hole density has increased and more mineralisation delineated. The initial estimate was made on the basis of a 200m by 200m pattern and this has since been significantly infilled and extended to the south and west. The estimate given herein has used Leapfrog 3D software and the techniques applied and assumptions made are adequately described herein. Comparison of the historic and current estimates gives significant confidence to the geological models applied and to the lateral continuity of host sediments and contained mineralisation. The deposit is uranium-only. Limited but sufficient geochemical assay of rotary mud drill cutting has not identified any other metals at potentially significant levels. Formation waters are hypersaline; metallurgical research and hydrogeological investigations have investigated appropriate solutions to these issues. Density estimations are natural moisture. A consideration of cut-off grade is in section 1.1 herein. Blackbush deposit Inferred Resource Estimate. September 2013 Page 18 of 27

20 Mining assumptions Metallurgical factors Environmental factors Density and bulk density Classification Audits or reviews Discussion of relative accuracy/ confidence A consideration of potential mining methods is contained in section1.2 herein. A consideration of metallurgical factors is contained in section 1.3 herein. A consideration of environmental factors is contained in section 1.4 herein. The average bulk densities used in the estimate are based on information from 138 drill holes with down hole density logs, and laboratory determinations on 11 drill core samples. The available core samples for SAND and FGOR subdomains show an excellent match to the corresponding density log data and the figures are considered appropriate for the purpose of this estimation, and rounded to one decimal place. The considerations and calculations carried out have taken appropriate account of all known relevant factors. The Competent Persons consider the Inferred Resource classification to be appropriate for the mineralisation estimated and for the deposit as it is presently known. A review and audit of the processes, procedures and results used by UraniumSA in this estimate was contracted to Geos Mining Minerals Consultants as discussed herein. The present estimation takes appropriate account of UraniumSA internal review and of the Geos Mining Exploration Consultants audit report. The data, data distribution, geological modeling, grade determination and statistical procedures employed are in the opinion of the Competent Persons appropriate to the confidence level required for the level of estimation. The estimate is specific to the Blackbush deposit and within the bounds of the BB1 area. Mineralisation extends outside the bounds of BB1 but it has not been estimated here. Blackbush deposit Inferred Resource Estimate. September 2013 Page 19 of 27

21 7 DRILL HOLES USED IN THIS ESTIMATION Hole ID Easting Northing Elevation RL Dip Azimuth Hole Length Interception Depth MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRI MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRI MRM MRM PMW MRM MRM MRM MRM MRM MRM PMW MRM MRM MRI MRE MRM MRC MRM MRM I MRM I MRM MRI MRM MRM MRM MRM Blackbush deposit Inferred Resource Estimate. September 2013 Page 20 of 27

22 DRILL HOLES USED IN THIS ESTIMATION Continued Hole ID Easting Northing Elevation RL Dip Azimuth Hole Length Interception Depth MRM MRM MRC MRM MRM MRM MRM MRM MRI MRM MRM MRM MRM MRM MRM MRM MRM714A MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRC MRM MRM MRM MRM MRI MRM MRM MRM MRM MRM MRM MRM MRH9C MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRH8C Blackbush deposit Inferred Resource Estimate. September 2013 Page 21 of 27

23 DRILL HOLES USED IN THIS ESTIMATION Continued Hole ID Easting Northing Elevation RL Dip Azimuth Hole Length Interception Depth MRM MRM MRM MRM MRM MRM MRM MRM MRM MRE MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM Blackbush deposit Inferred Resource Estimate. September 2013 Page 22 of 27

24 DRILL HOLES USED IN THIS ESTIMATION Continued Hole ID Easting Northing Elevation RL Dip Azimuth Hole Length Interception Depth MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRC MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRC MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM Blackbush deposit Inferred Resource Estimate. September 2013 Page 23 of 27

25 DRILL HOLES USED IN THIS ESTIMATION Continued Hole ID Easting Northing Elevation RL Dip Azimuth Hole Length Interception Depth MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRC007A MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRC MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRH1C MRM Blackbush deposit Inferred Resource Estimate. September 2013 Page 24 of 27

26 DRILL HOLES USED IN THIS ESTIMATION Continued Hole ID Easting Northing Elevation RL Dip Azimuth Hole Length Interception Depth MRM MRM MRE MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM602A No mineralisation MRM No Mineralisation MRM No mineralisation Blackbush deposit Inferred Resource Estimate. September 2013 Page 25 of 27

27 DRILL HOLES USED IN THIS ESTIMATION Continued Hole Length Interception Depth Hole ID Easting Northing Elevation RL Dip Azimuth MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation MRM No mineralisation Blackbush deposit Inferred Resource Estimate. September 2013 Page 26 of 27

28 About UraniumSA Limited UraniumSA is an Adelaide based explorer specialising in uranium mineralisation within a substantial portfolio of properties in South Australia s Gawler Craton. The Company has discovered sediment hosted uranium mineralisation within Exploration Licence 4979, Samphire, which is located 20km south of the industrial city of Whyalla on the eastern Eyre Peninsula in South Australia. The exploration Licence is owned and operated by Samphire Uranium Pty Ltd, a wholly owned subsidiary of UraniumSA Limited. The Samphire project contains the: Blackbush deposit with an estimated inferred resource 64.5 million tonnes of mineralisation at a bulk grade of 230ppm containing 14,850 tonnes U 3 O 8 at a 100ppm eu 3 O 8 cut-off grade (JORC 2012). Plumbush deposit with an estimated inferred resource 21.8 million tonnes of mineralisation at a bulk grade of 292ppm containing 6,300 tonnes U 3 O 8 at a 100ppm eu 3 O 8 cut-off grade (JORC 2004). The estimated mineralisation is predominantly sediment hosted in Eocene age Kanaka Beds. Exploration has discovered uranium mineralisation in other geological settings and exploration is continuing. An evaluation of mining methods to optimise the recovery of uranium from the identified resources of mineralisation is in progress. Application has been made for a Retention Lease for an in-situ recovery field trial at the Blackbush deposit. Consideration of open cut options for the sediment-hosted and granite basement hosted uranium mineralisation is underway. Through its own tenure and by joint venture UraniumSA has exploration control over what it considers the most prospective portions of the Pirie Basin. David Paterson Acting Chief Executive Officer UraniumSA Limited The exploration results and mineral resources reported herein, insofar as they relate to mineralisation, are based on information compiled by Mr Russel Bluck, Director and Geoscience Manager, UraniumSA Limited, and a Member of the Australian Institute of Geoscientists and by Mr Marco Scardigno, employed at the time of the estimation as Resource Geologist by UraniumSA Limited and a Member of the Australian Institute of Geoscientists, both of whom have sufficient experience relevant to the style of mineralisation and type of deposits being considered, and to the activity which is reported to qualify as a Competent Persons under the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2012 Edition). Mr Bluck and Mr Scardigno have consented in writing to the inclusion in the report of matters based on his information in the form and context in which it appears. Blackbush deposit Inferred Resource Estimate. September 2013 Page 27 of 27